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| Hoshine |
Hoshine silicon output fell sharply in 2025 as weaker photovoltaic demand weighed on China’s largest silicon metal producer. The company produced around 1.45mn t of silicon metal during the year, down 22.3% from 2024.
Hoshine silicon output declined as downstream polysilicon and photovoltaic markets lost momentum. Sales also fell by 10.1% on the year to 1.11mn t, reflecting softer consumption from key solar supply-chain customers.
Hoshine silicon output remains important because the company is a major force in China’s silicon metal market. Its production trends provide a clear signal for supply conditions across aluminium alloys, organosilicon, polysilicon and photovoltaic materials.
China’s wider silicon metal production also weakened. National output fell by 11% on the year to around 4.20mn t in 2025, showing that the slowdown was not limited to one producer.
Polysilicon Weakness Hits Silicon Metal Demand
Polysilicon production fell sharply in 2025, reducing one of the key demand channels for silicon metal. China produced around 1.33mn t of polysilicon during the year, down 27.8% from 2024.
This decline reflects pressure across the solar manufacturing chain. Photovoltaic growth continued, but the pace slowed compared with the previous year.
China’s newly installed photovoltaic capacity reached around 31.7GW in 2025, up 14% from a year earlier. However, this was well below the 28% growth recorded in 2024.
That slowdown matters for silicon producers. Silicon metal is a critical feedstock for polysilicon, which is then used in solar wafers, cells and modules.
When polysilicon output falls, demand for silicon metal weakens quickly. Producers then face lower sales, inventory pressure and weaker pricing power.
Hoshine’s 2025 results show how tightly silicon metal is linked to solar-sector cycles. Even large producers with scale advantages are exposed when downstream photovoltaic demand slows.
Capacity Remains Large Despite Softer Market Conditions
Hoshine still operated at high capacity utilisation despite lower output. The company has 1.22mn t/yr of designed silicon metal capacity, with utilisation reaching 119.2% in 2025.
This indicates that Hoshine continued producing above nameplate capacity, even as output fell from the previous year. The company remains a dominant supplier in China’s silicon metal market.
Hoshine also had 1.73mn t/yr of designed organosilicon capacity by the end of 2025. Organosilicon remains another major downstream channel for silicon metal, serving construction, electronics, automotive, industrial and consumer applications.
The company also had 50,000 t/yr of polysilicon capacity and a further 350,000 t/yr under construction. This shows that Hoshine is still investing in downstream integration despite short-term market weakness.
The expansion strategy carries both opportunity and risk. Integrated silicon-to-polysilicon capacity can improve value capture when solar demand recovers. However, it can also increase exposure to oversupply if polysilicon markets remain weak.
For China’s silicon industry, the key issue is balance. Producers must manage large capacity bases while downstream photovoltaic growth becomes less explosive than in previous years.
The Metalnomist Commentary
Hoshine’s lower silicon output shows that solar-sector growth is no longer strong enough to absorb every upstream expansion. China’s silicon market now faces a more selective phase where cost control, downstream integration and demand timing will determine profitability.
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