Group 1 - The third meeting of the supervisory board of Xinjiang Daqo New Energy Co., Ltd. was held on August 26, 2025, with all three supervisors present, and the meeting complied with relevant laws and regulations [1][2] - The supervisory board unanimously approved the company's 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's financial status and operating results [1][2] - The supervisory board also approved a special report on the management and actual use of the funds raised in the first half of 2025, with all votes in favor [2] - The board agreed to annul part of the restricted stock incentive plan from 2022 that had been granted but not yet vested, stating that this decision would not materially impact the company's financial status or harm the interests of shareholders [2]

Fundraising Overview - The company raised a total of RMB 6,447,000,000.00 from the issuance of 30 million shares at a price of RMB 21.49 per share, with a net amount of RMB 6,067,191,792.45 after deducting issuance costs [1] - As of June 30, 2025, the company has utilized RMB 5,988,460,123.88 of the raised funds, including RMB 1,782,167,500.00 for replacing self-raised funds and RMB 492,850,221.22 for supplementing working capital [1] Fund Management - The company has established dedicated accounts for the management of raised funds, complying with relevant regulations [1] - A tripartite supervision agreement was signed with various banks to ensure proper management of the funds [1] - The initial amount deposited in the dedicated accounts was RMB 6,104,068,000.00, with differences attributed to prepaid underwriting and other issuance costs [1] Fund Usage - During the reporting period, the company did not use raised funds to replace self-raised funds or temporarily supplement working capital [2] - There were no instances of using idle raised funds for cash management or to repay bank loans [2] - The company has completed the transfer of surplus raised funds to working capital and closed the relevant dedicated accounts [1][2] Project Investment Status - The company has completed the investment projects as planned, with the "Annual Production of 35,000 Tons of Polysilicon Project" and "Annual Production of 1,000 Tons of High-Purity Semiconductor Materials Project" reaching their intended operational status [3] - The polysilicon project generated an annual revenue of RMB 51,325.32 million, which was below the expected revenue due to market factors [3] - The high-purity semiconductor materials project is currently in the verification stage and has not yet achieved the expected benefits [4]

新疆大全新能源股份有限公司 关于 2025 年半年度计提资产减值准备的公告 证券代码：688303 证券简称：大全能源 公告编号：2025-037 三、本次计提资产减值准备对公司的影响 公司 2025 年半年度计提的各项减值准备总额约为 67,485.85 万元，对公司合 并报表 2025 年半年度利润总额的影响数为 6,932.91 万元（包括存货跌价的核销， 利润总额未考虑所得税影响）。公司本次计提各项减值准备符合《企业会计准则》 和公司相关政策的规定，能够真实、公允地反映公司经营成果，不影响公司的正 常经营。本次计提资产减值损失的数据未经审计，实际金额以会计师事务所年度 审计确认的财务数据为准。 四、其他说明 本次计提减值准备符合《企业会计准则》及公司会计政策的相关规定，能够 真实客观反映公司截至 2025 年 6 月 30 日的财务状况和 2025 年上半年的经营成果， 符合相关法律法规的规定和公司实际情况，不会影响公司正常经营。敬请广大投 资者注意投资风险。 特此公告。 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任 ...

新疆大全新能源股份有限公司 估报告 为贯彻中央经济工作会议、中央金融工作会议精神，落实以投资者为本的 理念，推动上市公司持续优化经营、规范治理和积极回报投资者，大力提高上 市公司质量，助力信心提振、资本市场稳定和经济高质量发展。新疆大全新能 源股份有限公司（以下简称"大全能源"或"公司"）结合自身发展战略、经营 情况及财务状况，基于对公司未来发展前景的信心及价值的认可，于 2025 年 4 月 30 日披露了《新疆大全新能源股份有限公司 2024 年度"提质增效重回报" 行动方案评估报告暨 2025 年度"提质增效重回报"行动方案》。2025 年上半年， 公司根据行动方案内容，积极开展和落实各项工作，现将行动方案的实施和效 果评估情况报告如下： 一、领衔行业"反内卷"行动，推动产能结构优化 底。作为行业深度参与者，公司积极响应业内"反内卷"号召，率先实施了减产。 实现多晶硅产量 50,821 吨，同比下降约 60%。公司的这一战略性减产举措虽在 短期内对产出造成了影响，但却有效缓解了市场的供给压力，既有助于避免公 司参与同质化恶性竞争，同时也体现了公司维护行业健康发展的责任意识。 公司多晶硅产品 二、彰显行业 ...

Group 1 - The company will participate in the 2025 semi-annual performance briefing for the new energy industry on September 3, 2025, from 15:00 to 17:00 [1][2] - The briefing will be held in an online interactive format, allowing investors to engage and ask questions [1][2] - Investors can submit questions from August 27, 2025, to September 2, 2025, before 16:00, through the Shanghai Stock Exchange Roadshow Center or via the company's email [2][3] Group 2 - Key personnel attending the briefing include the General Manager, Secretary of the Board, Independent Director, and Vice General Manager [2] - The briefing will be accessible through the Shanghai Stock Exchange Roadshow Center website [3][4] - After the briefing, investors can view the main content and outcomes of the event on the same website [4]

Group 1 - The company has decided to amend its Articles of Association, eliminating the supervisory board and transferring its powers to the audit committee of the board of directors [1][2] - The amendments are in accordance with the latest regulations of the Company Law, Securities Law, and relevant guidelines for listed companies [2] - The company will no longer have a supervisory board, and the rules governing the supervisory board meetings will be abolished [1][3] Group 2 - The revised Articles of Association will include changes to the terminology, such as changing "shareholders' meeting" to "shareholders' assembly" [2] - The company aims to protect the legal rights of the company, shareholders, and creditors through these amendments [2] - The amendments will also address the rights and obligations of shareholders, ensuring equal rights for shareholders of the same class of shares [4][8] Group 3 - The company will establish a shareholder register based on the certificates provided by the securities registration agency, which serves as proof of share ownership [7] - Shareholders holding more than 3% of the company's shares for over 180 days can request to inspect the company's accounting books and records [9][10] - The company will ensure that shareholders can exercise their rights to dividends and other forms of profit distribution according to their shareholding [8][9] Group 4 - The company will implement stricter regulations regarding the transfer of shares, ensuring compliance with legal and regulatory requirements [20][21] - The amendments will also clarify the procedures for convening and conducting shareholder meetings, including provisions for electronic voting [22][23] - The company will maintain transparency and accountability in its operations, particularly regarding the actions of major shareholders and the board of directors [20][21]

Core Viewpoint - The company, Daqo Energy, reported a significant decline in revenue and increased losses in the first half of the year due to falling polysilicon prices and a strategic production cut to address market oversupply [1][2]. Group 1: Financial Performance - Daqo Energy's revenue for the first half of the year was 1.47 billion yuan, a substantial decrease of 67.93% year-on-year [1]. - The average selling price of polysilicon dropped by 33.63%, from 47.01 yuan/kg to 31.20 yuan/kg [1]. - The company's production volume decreased by 60.06% to 50,800 tons, with sales volume down by 52.47% to 46,100 tons [1][2]. - The company incurred a loss of 1.147 billion yuan, which is a larger loss compared to the previous year's loss of 670 million yuan [1][3]. Group 2: Operational Strategy - The company adopted a "production control price" strategy to respond to industry competition and reduce inefficient capacity [2]. - The product structure has been optimized, with N-type monocrystalline silicon wafer materials accounting for over 70% of the total, aligning with the industry's shift towards N-type technology [2]. - The company achieved mass production of 400 tons/year of electronic-grade polysilicon, filling a gap in the domestic high-end silicon material market [2]. Group 3: Research and Development - Daqo Energy invested 124 million yuan in R&D, a decrease of 59.92% due to project adjustments, but the R&D intensity increased to 8.45% of revenue [2]. - The company has applied for a total of 710 patents, including 161 invention patents, and has obtained 475 patents, which supports product premium and cost advantages [2]. Group 4: Business Expansion and Future Outlook - The company is focusing on dual development in semiconductor materials and green manufacturing, with a 1,000-ton high-purity semiconductor material project entering the verification stage [3]. - The company plans to continue its production cut strategy, expecting polysilicon production of 27,000 to 30,000 tons in Q3 and a total annual production of 110,000 to 130,000 tons [3]. - Daqo Energy's MSCI ESG rating remains at "BBB," aligning with the low-carbon development trend in the renewable energy industry [3].

Group 1 - The State Council emphasizes increasing financial and fiscal support for the artificial intelligence (AI) sector, aiming for over 70% penetration of new intelligent terminals and agents by 2027 [2][3] - By 2030, AI is expected to significantly contribute to high-quality economic development, with over 90% penetration of new intelligent applications [2] - The government plans to enhance the legal and regulatory framework for AI, including risk management and investment exit mechanisms [2][4] Group 2 - The National Development and Reform Commission (NDRC) will coordinate efforts to implement the AI action plan, ensuring local adaptation and avoiding superficial compliance [4] - The NDRC aims to foster a complete AI application service chain and promote the development of intelligent native technologies and services [4] - The NDRC will also support open-source ecosystem development to enhance international influence [4] Group 3 - The National Energy Administration acknowledges that the rapid growth of electric vehicle and AI sectors is driving increased electricity demand, which is reshaping energy consumption patterns [5][6] - Data indicates a 34.3% year-on-year increase in electricity consumption for new energy vehicle manufacturing in 2024, and a 20.5% increase for internet and related services [5][6] Group 4 - The new generation of the Chinese operating system, Galaxy Kirin V11, has been officially released, featuring significant improvements in architecture, security, and ecosystem compatibility [6] - Galaxy Kirin has achieved over 16 million deployments and is compatible with major domestic CPUs and GPUs, supporting various national projects [6] Group 5 - ByteDance has raised its option price to $200.41 per share, marking a significant increase from $189.9 earlier this year, reflecting a fivefold increase since 2019 [6] Group 6 - Aliyun's Baolian has announced a price reduction for certain model context caching, lowering the cost from 40% to 20% of the input token price when cache hits occur [7] Group 7 - Union Medical has received a medical device registration certificate for China's first photon counting spectral CT, marking a significant advancement in medical technology [8] - Nanjing New Pharmaceutical plans to acquire assets from Future Medicine for up to 480 million yuan, which is expected to constitute a major asset restructuring [9] - Biyimi plans to acquire 100% of Shanghai Xingan Semiconductor for 295 million yuan to enhance its core business and technology capabilities [10]

Core Viewpoint - The report highlights the challenges faced by Daqo Energy in the polysilicon market due to supply-demand imbalance, resulting in significant revenue decline and net losses, while also showcasing the company's strategic adjustments and strong cash reserves amid industry pressures [2][3][4]. Group 1: Company Performance - Daqo Energy reported a revenue of 1.47 billion yuan and a net loss of 1.15 billion yuan for the first half of 2025, primarily due to the sharp decline in polysilicon prices [2]. - The company's polysilicon production decreased by approximately 60% year-on-year to 50,821 tons, a strategic move to alleviate market supply pressure and avoid vicious competition [3]. - The unit cash cost decreased to 37.66 yuan per kilogram, a 6.6% year-on-year reduction, indicating improved operational efficiency [3]. Group 2: Financial Position - As of the end of the reporting period, Daqo Energy's total cash reserves, including bank acceptance bills and structured deposits, amounted to 12.09 billion yuan, with a low debt-to-asset ratio of 8.04% and no interest-bearing debt [3]. - The strong financial position provides a solid foundation for the company to navigate through industry cycles and offers strategic options at the bottom of the cycle [3]. Group 3: Industry Context - The Chinese government has shown a stronger commitment to eliminating irrational competition and addressing capacity mismatches in the polysilicon industry, which supports the "anti-involution" initiatives [3][4]. - The average price of N-type polysilicon has stabilized at 47,900 yuan per ton as of August 20, indicating a potential recovery in pricing due to the industry's response to policy changes [3]. - Daqo Energy remains optimistic about the future development of the photovoltaic industry and will dynamically assess production plans based on market conditions and polysilicon price trends [4].

Core Viewpoint - Daqo Energy (688303) reported a significant decline in revenue and an increase in net loss for the first half of 2025, indicating ongoing challenges in the high-purity polysilicon market [1] Financial Performance - For the first half of 2025, Daqo Energy achieved a revenue of approximately 1.47 billion yuan, representing a year-on-year decrease of 67.93% [1] - The company recorded a net loss attributable to shareholders of about 1.147 billion yuan, which is a worsening from a net loss of 670 million yuan in the same period last year [1] Market Activity - On August 26, 2025, Daqo Energy's stock price increased by 2.31%, closing at 30.5 yuan per share, with a total market capitalization of 65.43 billion yuan [1]