Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [10][22]. Core Views - The company is experiencing significant losses due to the downturn in the polysilicon industry, with projected net losses for 2024 ranging from 2.6 billion to 3.1 billion yuan [6][9]. - The polysilicon industry is entering a capacity reduction cycle, with expectations of a slow recovery in 2025 as supply and demand dynamics improve [9]. - The company demonstrates strong cost control capabilities and robust financial strength, which are crucial for navigating the industry's downturn [9][10]. Summary by Sections Company Performance - The company reported a substantial loss in Q4 2024, with losses estimated between 1.5 billion to 2 billion yuan, primarily due to oversupply and significant price declines in the polysilicon market [9]. - For the first three quarters of 2024, the company recorded asset impairment losses of 1.367 billion yuan, with further impairments expected in Q4 [9]. Industry Outlook - The polysilicon industry is facing a supply surplus, leading to a drastic reduction in production from a peak of 189,500 tons to 103,800 tons by December 2024, a decrease of 45.22% [9]. - The industry is expected to operate at less than 50% capacity, with many major manufacturers reducing output [9]. Financial Projections - The company forecasts net profits of -2.701 billion yuan for 2024, with a recovery to 1.413 billion yuan in 2025 and 3.227 billion yuan in 2026 [10][12]. - The projected earnings per share (EPS) are -1.26 yuan for 2024, 0.66 yuan for 2025, and 1.50 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 31.26 and 13.69 for 2025 and 2026, respectively [10][12].

Financial Performance Forecast - The company expects a net loss attributable to shareholders of the parent company for 2024 to be between CNY 260 million and CNY 310 million, compared to a net profit of CNY 576.27 million in the same period last year [5][8]. - The expected net loss attributable to shareholders after deducting non-recurring gains and losses is projected to be between CNY 255 million and CNY 305 million [5][7]. - The total profit for the previous year was CNY 686.94 million, with a net profit attributable to shareholders of CNY 576.27 million [8]. Market Conditions - The decline in performance is primarily due to a mismatch in supply and demand in the domestic polysilicon market, leading to a significant drop in product prices [10]. - The company has recognized asset impairment losses due to the continuous decline in polysilicon product prices, impacting the current year's performance [11]. Financial Health and Strategy - The company has maintained a healthy financial status with ample cash reserves, which provides a solid foundation to withstand industry cyclical fluctuations [10]. - The company plans to enhance cost reduction, efficiency improvement, and quality enhancement through continuous technological innovation in 2025 [11]. - The company aims to diversify its supply chain and sales channels to stimulate new productive forces and improve operational performance [11]. Forecast Reliability - The performance forecast has not been audited by registered accountants, and the company assures that there are no significant uncertainties affecting the accuracy of the forecast [12]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change upon the release of the audited annual report [13].

Investment Rating - The investment rating for Daqo New Energy ADR/A (DQ/688303.SS) is "Buy" based on the belief that the current valuation overly reflects concerns about the decline in polysilicon prices and that the company will maintain its industry-leading position in the medium to long term [6]. Core Insights - Daqo New Energy has reduced its production capacity utilization to 35%-40% in Q4 2024 to match downstream demand and has successfully lowered its inventory to a healthy level of one month [2][3]. - The company is experiencing a continuous decrease in cash costs due to falling industrial polysilicon and electricity prices, as well as optimization of production capacity structure [2]. - Management confirmed the implementation of an industry production quota mechanism, which is expected to last at least until mid-2025 [2][3]. - If polysilicon prices rise above RMB 50 per kilogram, the company may increase its capacity utilization, with an expected monthly demand increase of 50,000-100,000 tons [3]. - The company plans to execute a $100 million ADR buyback only after reaching cash cost breakeven, which is above RMB 45 per kilogram for polysilicon [3]. Summary by Sections Production and Inventory Management - As of the end of 2024, Daqo New Energy's inventory has been reduced to one month, down from a peak of two months, while production capacity utilization has decreased to 35%-40% from 50% in Q3 2024 [2]. Cost Structure - The management anticipates a reduction in cash costs in Q4 2024 due to lower prices for industrial polysilicon and electricity, alongside the closure of older production lines in Xinjiang [2][3]. Industry Mechanisms - The production quota mechanism led by the China Photovoltaic Industry Association is primarily based on self-discipline among companies, with no substantial penalties for violations [2]. Price Sensitivity - The management indicated that if polysilicon prices remain below RMB 55 per kilogram, the likelihood of resuming second and third-tier production capacity is low, as this price point corresponds to the EBITDA breakeven level for marginal capacities [3]. Financial Strategy - The company is waiting to reach cash cost breakeven before considering the execution of its ADR buyback plan, which is contingent on polysilicon prices exceeding RMB 45 per kilogram [3].

第三届董事会第十五次会议决议公告 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（以下简称"公司"）于 2024 年 12 月 30 日在 上海市浦东新区张杨路 838 号华都大厦 29 楼 A/J 座会议室以现场结合通讯方式召 开第三届董事会第十五次会议。会议通知及会议材料于 2024 年 12 月 27 日以邮件 方式送达全体董事。本次会议应到董事 9 名，实到董事 9 名。会议由董事长徐广 福先生召集并主持。 证券代码：688303 证券简称：大全能源 公告编号：2025-004 新疆大全新能源股份有限公司 三、审议通过《关于公司 ESG 战略规划及重大性议题的议案》 一、审议通过《关于变更公司注册资本、修订<公司章程>并办理相应工商变更登 记的议案》 表决结果：同意 9 票、反对 0 票、弃权 0 票 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）上披露 的《新疆大全新能源股份有限公司关于变更注册资本、修订<公司章程>并办理工 商变更登记的公告》（公告编号：20 ...

新疆大全新能源股份有限公司 第三届监事会第十四次会议决议公告 本公司监事会及全体监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（以下简称"公司"）第三届监事会第十四次会 议于 2024 年 12 月 30 日以通讯会议方式召开。会议通知及会议材料已于 2024 年 12 月 27 日以电子邮件形式送达全体监事。会议应到监事 3 名，实到监事 3 名。会 议由监事会主席阚桂兵先生主持。 本次会议的召集、召开程序均符合《中华人民共和国公司法》等相关法律法 规和《新疆大全新能源股份有限公司章程》的规定。全体与会监事经认真审议， 一致通过以下决议： 证券代码：688303 证券简称：大全能源 公告编号：2025-003 表决结果：同意 3 票、反对 0 票、弃权 0 票 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）上披露 的《新疆大全新能源股份有限公司关于募投项目结项暨节余募集资金永久补充流 动资金并注销募集资金专户的公告》（公告编号：2025-002）。 特此公告。 新疆大全新能源股份有限公 ...

新疆大全新能源股券有限公司 章 程 | 第一章 | 总则 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………- 1- | | --- | --- | | 第二章 | 经营宗旨和范围………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 2 - | | 第三章 | 股份 … | | 第一节 | 股份发行 | | 第二节 | 股份增减和回购 . | | 第三节 | 股份转让 . | | 第四章 > 股东和股东大会 | | | 第一节 | 股东 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 5 - | | 第二节 | 股东大会的一般规定 . | | 第三节 | ...

证券代码：688303 证券简称：大全能源 公告编号：2024-066 新疆大全新能源股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 法定代表人：徐广福 注册资本：贰拾壹亿肆仟肆佰玖拾参万柒仟柒佰壹拾伍人民币元整 成立日期：2011 年 02 月 22 日 经营范围：许可项目:危险化学品生产；危险化学品经营；特种设备安装改造 修理(依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目 以相关部门批准文件或许可证件为准) 新疆大全新能源股份有限公司（以下简称"公司"）分别于 2024 年 8 月 26 日、 2024 年 9 月 11 日召开公司第三届董事会第十二次会议、2024 年第一次临时股东 大会，审议通过了《关于变更公司经营范围、注册地址并修订<公司章程>的议案》， 并授权公司相关人员前往市场监督管理部门申请并办理变更公司经营范围及《公 司章程》备案等事项。具体内容详见公司于 2024 年 8 月 27 日披露于上海证券交 易所网站（www.sse. ...

第一条 为适应建立现代企业制度的需要，规范新疆大全新能源股份有限公 司（以下简称"公司"）的组织和行为，维护公司、股东和债权人的合法权益， 特根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券 法》（以下简称《证券法》）、《上海证券交易所科创板股票上市规则》《上市公司 章程指引》《上市公司治理准则》和其他有关法律、法规、规范性文件的规定， 制订本章程。 第二条 公司系依照《公司法》和其他法律、法规和规范性文件规定成立的 外商投资股份有限公司。 | 第一章 | 总则 - | 1 - | | --- | --- | --- | | 第二章 | 经营宗旨和范围 - | 2 - | | 第三章 | 股份 - | 2 - | | 第一节 | 股份发行 - | 2 - | | 第二节 | 股份增减和回购 - | 3 - | | 第三节 | 股份转让 - | 4 - | | 第四章 | 股东和股东大会 - | 5 - | | 第一节 | 股东 - | 5 - | | 第二节 | 股东大会的一般规定 - | 7 - | | 第三节 | 股东大会的召集 | - 11 - | | 第四节 | 股东大会的提案 ...

FANGDA PARTNERS http://www.fangdalaw.com 邮政编码：200041 传 真 Fax: 86-21-5298-5599 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: 86-21-2208-1166 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai 200041, PRC 上海市方达律师事务所 2024 年第二次临时股东大会的法律意见书 致：新疆大全新能源股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法 律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席新疆大全 新能源股份有限公司（以下简称"公司"）2024 年第二次临时股东大会（以下简 称"本次股东大会"），并就本次股东大会的召集和召开程序、参与表决和召集 会议人员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 ...

证券代码：688303 证券简称：大全能源 公告编号：2024-065 新疆大全新能源股份有限公司 2024 年第二次临时股东大会决议公告 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。 （一） 股东大会召开的时间：2024 年 12 月 10 日 （二） 股东大会召开的地点：上海市浦东新区张杨路 838 号华都大厦 29 层 A/J 座会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 2、 本公告所有数据比例保留四位小数，若出现算术结果与所列数字计算所得不符，均为四 舍五入所致。 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 345 | | --- | --- | | 普通股股东人数 | 345 | | 2、出席会议的股东所持有的表决权数量 | 1,626,330,905 | | 普通股股东所持有表决权数量 | 1,626,330,9 ...