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 ...

Core Viewpoint - The company, Xinjiang Daqo New Energy Co., Ltd., is actively implementing a "quality improvement and efficiency enhancement" action plan to optimize operations, governance, and investor returns, aiming to boost market confidence and support high-quality economic development [1]. Group 1: Industry Actions and Strategies - The company is leading the industry's "anti-involution" initiative by proactively reducing production, achieving a multi-crystalline silicon output of 50,821 tons, a year-on-year decrease of approximately 60%, which alleviates market supply pressure and avoids harmful competition [1][2]. - The company has successfully implemented cost control measures, with unit cash costs decreasing to 37.66 yuan/kg, reflecting a significant reduction during the production cut period [2]. Group 2: Technological and Financial Position - The company maintains a strong focus on technology-driven development, with a total of 475 patents as of June 30, 2025, an increase of 92 patents from the previous year, representing a 71% year-on-year growth. R&D investment accounted for 8.45% of revenue, up by 1.69 percentage points year-on-year [2][3]. - The company has a robust financial strategy, with total cash reserves, including bank acceptance bills and deposits, amounting to a significant buffer, ensuring stability during market downturns [2][3]. Group 3: Investor Relations and Communication - The company emphasizes high-quality information disclosure, maintaining an A-level rating in information disclosure evaluation by the Shanghai Stock Exchange, and actively engages with investors through various communication channels [3][5]. - The company has initiated a share repurchase plan, buying back 15,323 shares at an average price of 18.79 yuan/share, totaling approximately 290,753.82 yuan, to enhance investor confidence and provide long-term returns [5][6]. Group 4: Commitment to Sustainability and Social Responsibility - The company adheres to a sustainable development philosophy, promoting green operations and environmental protection initiatives, while also focusing on rural revitalization and ecological protection [6]. - The company has established a three-pronged approach in its production bases in Xinjiang and Inner Mongolia, integrating industry support, ecological revitalization, and employee participation to effectively connect poverty alleviation efforts with rural revitalization strategies [6].

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]

Core Viewpoint - The article highlights the resilience of Daqo New Energy in the face of a challenging market environment, showcasing its strategic adjustments and strong financial position amid a downturn in the polysilicon industry. Group 1: Company Performance - Daqo New Energy reported a significant decline in revenue, achieving 1.47 billion yuan and a net loss of 1.147 billion yuan due to an imbalance in the polysilicon market supply and demand [1] - The company's polysilicon production decreased by approximately 60% year-on-year to 50,821 tons, a strategic reduction aimed at alleviating market supply pressure and avoiding vicious competition [2] - The unit cash cost decreased to 37.66 yuan per kilogram, a 6.6% year-on-year decline, indicating improved operational efficiency [2] Group 2: Financial Position - As of the end of the reporting period, Daqo New Energy's cash reserves, including bank acceptance bills and structured deposits, totaled 12.09 billion yuan, with a low debt-to-asset ratio of 8.04% and no interest-bearing debt [2] - The company's robust financial performance provides a solid foundation for navigating industry cycles and offers strategic options at the bottom of the cycle [2] Group 3: Industry Context - The Chinese government has shown a strong commitment to eliminating irrational competition and addressing capacity mismatches in the polysilicon industry, providing important policy guidance for the "anti-involution" initiative [2] - The polysilicon price has experienced a notable rebound, with the average price of N-type raw materials maintaining at 47,900 yuan per ton as of August 20 [2] - Daqo New Energy remains optimistic about the future development of the polysilicon industry and product price trends, planning to dynamically assess cost and revenue balance in response to market changes [3]

Group 1: Company Performance - Daqo Energy reported a revenue of 1.47 billion yuan for the first half of the year, a year-on-year decline of 67.93% [1] - The company experienced a net loss attributable to shareholders of 1.147 billion yuan, which is an increase in losses compared to the previous year [1] - This marks the worst mid-year performance for Daqo Energy since 2015, with a previous high net profit of 9.525 billion yuan in the same period last year [1] Group 2: Market Conditions - The decline in performance is attributed to an imbalance in supply and demand in the silicon material market, leading to a significant drop in polysilicon prices [1] - Polysilicon spot prices fell from 40,600 yuan per ton at the beginning of the year to 34,400 yuan per ton by the end of June, a decrease of 15.3% [1] - Industrial silicon prices also dropped from 11,697 yuan per ton to 8,743 yuan per ton, a decline of 25.3% [1] Group 3: Production Strategy - In response to the ongoing price decline and industry-wide losses, Daqo Energy implemented a production reduction strategy, resulting in a 60% year-on-year decrease in polysilicon production to 50,800 tons [1] - The company plans to continue this reduction strategy into the third quarter, with expected polysilicon production between 27,000 to 30,000 tons [2] - For the full year of 2025, the company anticipates a total production of 110,000 to 130,000 tons [2] Group 4: Market Outlook - Despite the current challenges, Daqo Energy remains optimistic about the overall development of the photovoltaic industry and product price trends [2] - Since July, following the government's "anti-involution" policy, the domestic silicon market has seen a rapid rebound in futures prices, positively impacting spot prices [2] - As of August 26, Daqo Energy's stock price increased by 2.31%, reaching 30.50 yuan per share, with a market capitalization of 65.429 billion yuan [3]