大全能源(688303) 民生证券股份有限公司邓永康,王一如,林誉韬,朱碧野近期对大全能源进行研究并发布了研究报告《2025年半年报 点评：精细化管理有效降本，资金充足+低负债运营助力公司穿越周期》，给予大全能源买入评级。 事件 资金方面，截至25H1，公司货币资金、银行承兑票据、定期存款及结构性存款等资金储备余额合计120.9亿元， 资产负债率低至8.04%，无任何有息负债。充裕的资金储备与稳健的财务表现，不仅为公司安全穿越行业周期铸 就了坚实支撑，更为公司在周期底部提供了战略选择空间。 投资建议 预计公司25-27年营收分别为38.53/84.78/122.06亿元，归母净利润分别为-15.31/7.91/15.11亿元，对应8月27日收盘 价，26-27年PE为79x/42x，公司为硅料环节领先企业，良好的成本控制能力与资金实力有望帮助公司穿越周期， 维持"推荐"评级。 风险提示 下游需求不及预期，市场竞争加剧风险，库存资产减值风险等。 2025年8月26日，公司发布2025年半年报，根据公告，公司25H1实现营业收入14.70亿元，同比-67.93%；归母净 利润-11.47亿元，扣非归母净利润-11 ...

Core Viewpoint - Daqo Energy (688303) reported a significant decline in financial performance for the first half of 2025, with total revenue dropping by 67.93% year-on-year to 1.47 billion yuan and a net loss of 1.15 billion yuan, a 71.1% decrease compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.47 billion yuan, down from 4.58 billion yuan in 2024, reflecting a decrease of 67.93% [1] - The net profit attributable to shareholders was -1.15 billion yuan, compared to -670 million yuan in 2024, marking a decline of 71.1% [1] - Gross margin fell to -34.05%, a decrease of 1392.89% year-on-year, while net margin dropped to -78.0%, down 433.5% [1] - The total of selling, administrative, and financial expenses reached 159 million yuan, accounting for 10.82% of total revenue, an increase of 776.53% year-on-year [1] - Earnings per share were -0.53 yuan, a decrease of 70.97% from the previous year [1] Changes in Financial Items - Cash and cash equivalents decreased by 66.86% due to funds being allocated to time deposits and structured deposits [3] - Accounts receivable increased by 118.26% as the semiconductor business expanded [3] - Contract liabilities decreased by 44.64% due to falling prices and sales volumes of polysilicon [4] - Accounts payable rose by 267.9% as new bank acceptances were issued for operational expenses [3] Cost and Expense Analysis - Operating costs decreased by 55.84% due to lower sales volumes [4] - Selling expenses fell by 27.0% as overall spending decreased with reduced sales scale [4] - Administrative expenses decreased by 16.44% due to the expiration of employee stock incentives [5] - Financial expenses increased by 106.12% due to lower bank deposit balances and interest rates [6] - R&D expenses decreased by 61.12% as project scales were reduced [7] Cash Flow Analysis - Net cash flow from operating activities improved by 53.6% due to lower unit cash costs and reduced output [7] - Net cash flow from investing activities decreased by 83.15% as there were no new projects [7] - Net cash flow from financing activities decreased by 99.97% as there were no cash dividends due to last year's losses [7] Market Position and Future Outlook - Analysts expect Daqo Energy's performance for 2025 to be a net loss of 1.58 billion yuan, with an average earnings per share of -0.74 yuan [8] - The company's historical financial performance shows a median ROIC of 14.44%, but the worst year recorded a ROIC of -5.91%, indicating a fragile business model [7]

公司对未来光伏产业的整体发展及产品价格走势依然保持乐观。 光伏"反内卷"推进至此，产业链上游多晶硅（硅料）企业的减产进展备受关注。 多晶硅巨头大全能源（688303.SH）8月27日披露的半年报数据显示，今年上半年公司营业收入为14.7亿 元，同比减少67.93%；归属于母公司所有者的净亏损为11.47亿元，上年同期亏损6.70亿元，同比大幅 增亏。 大全能源主要产品为高纯多晶硅，目前已形成年产30.5万吨多晶硅产能。 据中国光伏行业协会数据，2025年上半年，我国国内多晶硅生产总量约59.6万吨，期间大全能源的多晶 硅产量为5.08万吨，占国内多晶硅产量的8.52%，规模在业内居第一梯队。 大全能源营收骤减、亏损加剧的"成绩单"是行业供需严重失衡的结果，也是所有同行多晶硅企业面临的 系统性困境。比如同样因光伏产业链价格下降，另一多晶硅龙头通威股份（600438.SH）上半年净亏损 49.55亿元，领亏其他光伏企业。 受政策利好影响，6月至8月期间，国内多晶硅价格经历了一轮明显的"触底反弹"过程。 根据中国有色金属工业协会硅业分会数据显示，7月底N型复投料均价为4.71万元/吨，较6月底的3.44万 元/吨拉 ...

中国经济网北京8月27日讯 大全能源(688303.SH)昨晚披露的2025年半年度报告显示，公司上半年实 现营业收入14.70亿元，同比下降67.93%；归属于上市公司股东的净利润-11.47亿元，上年同期为-6.70亿 元；归属于上市公司股东的扣除非经常性损益的净利润为-11.54亿元，上年同期为-6.94亿元；经营活动 产生的现金流量净额-16.08亿元，上年同期为-34.65亿元。 2024年，大全能源实现营业收入74.11亿元，同比下降54.62%；归属于上市公司股东的净利润-27.18 亿元，上年同期为57.63亿元；归属于上市公司股东的扣除非经常性损益的净利润-26.32亿元，上年同期 为57.76亿元；经营活动产生的现金流量净额-53.86亿元，上年同期为87.41亿元。 大全能源于2021年7月22日在上海证券交易所科创板上市，公开发行股份数为300,000,000股，发行 价格为21.49元/股，保荐机构（主承销商）为中国国际金融股份有限公司，保荐代表人为张志强、陈 玮。 大全能源首次公开发行股票募集资金总额为644,700.00万元，募集资金净额为606,719.18万元，较原 计划多1 ...

Core Points - Daqo Energy (688303.SH) announced an asset impairment provision of 674.86 million yuan for the first half of 2025, primarily due to inventory write-down losses [1] - This provision resulted in a reduction of the company's total profit by 69.33 million yuan for the same period [1] - During the period, the company reversed inventory impairment provisions amounting to 605.53 million yuan [1]

Core Viewpoint - The total margin balance of the STAR Market reached 216.09 billion yuan on August 26, showing an increase of 4.27 billion yuan from the previous trading day [1] Group 1: Margin Balance - The financing balance amounted to 215.35 billion yuan, increasing by 4.26 billion yuan from the previous trading day [1] - The margin trading balance was 7.44 billion yuan, with a slight increase of 0.05 billion yuan [1] Group 2: Stock Performance - On August 26, 357 stocks on the STAR Market experienced net financing inflows, with 23 stocks having net inflows exceeding 50 million yuan [1] - Cambricon Technologies led the net financing inflow with an amount of 593 million yuan, followed by SMIC, Haiguang Information, Dongxin Co., Jiewa Technology, Zhongwei Company, Huafeng Technology, and Daqo Energy, all exceeding 100 million yuan in net inflows [1]

智通财经APP讯，大全能源(688303.SH)披露2025年半年度报告，报告期公司实现营收14.7亿元，同比下 降67.93%;归母净利润亏损11.47亿元;扣非净利润亏损11.54亿元;基本每股收益-0.53元。 业绩亏损主要系报告期内受硅料市场供需不平衡影响，多晶硅价格大幅下跌所致。 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86.10) 8519.1300 传真：(86.10) 8519.1350 junhebj@junhe.com 北京市君合律师事务所 关于 新疆大全新能源股份有限公司 部分限制性股票作废事项 之 法律意见书 二零二五年八月 北京市君合律师事务所 目 录 关于新疆大全新能源股份有限公司 2022 年限制性股票激励计划 部分限制性股票作废事项 之法律意见书 致：新疆大全新能源股份有限公司 北京市君合律师事务所（以下简称"本所"）为在北京市司法局注册设立 并依法执业的律师事务所。 本所接受新疆大全新能源股份有限公司（以下简称"公司"、"上市公司" 或"大全能源"）的委托，担任大全能源 2022 年限制性股票激励计划（以下简 称"本次激励计划"）的专项法律顾问，根据《中华人民共和国公司法》（以下 简称《公司法》）、 本法律意见书仅依据中国现行有效的法律、法规和规范性文件的有关规定 发表法律意见，并不对境外法律发表法律意见。 本法律意见书仅供大全能源本次作废之目的使用，不得用作任何其他目的。 本所同意将本法律意见书作为大全能源本次作废所必备的法定 ...

Core Viewpoint - The company announced the cancellation of a portion of the restricted stock from the 2022 incentive plan that had been granted but not yet vested, following the approval of relevant meetings and compliance with legal requirements [1][2][3]. Group 1: Decision Process and Disclosure - The company held multiple board meetings to review and approve the cancellation of the unvested restricted stocks, ensuring compliance with legal and regulatory frameworks [1][2][3]. - Independent directors provided opinions affirming that the incentive plan aligns with the company's sustainable development and does not harm the interests of shareholders [1][2][7]. Group 2: Specifics of the Canceled Stocks - A total of 5.328 million shares of restricted stock were canceled due to the failure to meet performance targets set for the third vesting period, which required a revenue growth rate of no less than 170% compared to 2021 or a production of at least 220,000 tons of polysilicon in 2024 [5][6]. - The company's 2024 revenue was reported at 741.05 million yuan, with polysilicon production at 205,100 tons, both falling short of the established targets [5]. Group 3: Impact and Opinions - The cancellation of these restricted stocks is not expected to have a significant impact on the company's operations or the stability of its core management and employees [6][7]. - The supervisory board and independent directors unanimously agreed that the cancellation complies with relevant laws and regulations and does not adversely affect the company's financial status or shareholder interests [7][8].

Core Viewpoint - The report highlights a significant decline in revenue and net profit for Xinjiang Daqo New Energy Co., Ltd. in the first half of 2025, primarily due to a substantial drop in polysilicon prices and a strategic reduction in production to mitigate market pressures [3][5][6]. Financial Performance - The company reported a revenue of 147,011.27 million RMB, a decrease of 67.93% compared to the same period last year [3][5]. - The net profit attributable to shareholders was -114,667.36 million RMB, with a net profit of -115,409.83 million RMB after deducting non-recurring gains and losses [3][5]. - The operating cash flow was a net outflow of -160,780.47 million RMB, reflecting a significant decrease in cash flow compared to -346,531.43 million RMB in the previous year [3][4]. Production and Sales - The company's polysilicon production for the first half of 2025 was 50,821 tons, a year-on-year decrease of approximately 60% [5][7]. - The average selling price per kilogram of polysilicon was 31.20 RMB, down 33.63% from the previous year [7]. - The unit cash cost decreased to 37.66 RMB/kg, a reduction of 6.6% compared to the previous year [7][8]. Market Position and Strategy - The company maintained an 8.52% share of the domestic polysilicon production market, positioning itself among the top players in the industry [4][5]. - A strategic reduction in production was implemented to alleviate market supply pressure and avoid intense competition, demonstrating the company's adaptability [5][8]. - The company plans to continue its production reduction strategy in the third quarter, with an expected output of 27,000 to 30,000 tons of polysilicon [8]. Financial Health - As of June 30, 2025, the company had a total cash reserve of 12.09 billion RMB and a low debt ratio of 8.04%, indicating a strong financial position [6][8]. - The absence of any interest-bearing debt provides the company with a solid foundation to navigate industry cycles [6]. Research and Development - The company invested 12,428.35 million RMB in R&D during the reporting period, a decrease of 59.92% compared to the previous year [16]. - Continuous investment in R&D and technological innovation is emphasized as a core competitive advantage, with a focus on enhancing production efficiency and reducing costs [9][10][16]. Industry Context - The domestic polysilicon market experienced a rebound in prices from late June to August 2025, influenced by government policies aimed at reducing irrational competition and promoting sustainable development in the photovoltaic industry [8][9]. - The company remains optimistic about the future development of the photovoltaic industry and product price trends [8].