中国国际金融股份有限公司 关于新疆大全新能源股份有限公司首次公开发行并上市 及 2022 年度向特定对象发行股票的持续督导保荐总结报告书 经中国证券监督管理委员会证监许可20212110 号文《关于同意新疆大全新 能源股份有限公司首次公开发行股票注册的批复》核准，新疆大全新能源股份有 限公司（以下简称"公司"）实际已向社会公众公开发行人民币普通股（A 股）股 票 30,000 万股（每股面值人民币 1.00 元），发行价格为 21.49 元/股。公司本次发 行 募 集 资 金 总 额 为 人民 币 6,447,000,000.00 元 ， 扣 除 本 次 发 行费 用 人 民 币 相关增值税进项税额）。上述资金于 2021 年 7 月 19 日全部到账，并经德勤华永 会计师事务所（特殊普通合伙）验证并出具德师报（验）字（21）第 00348 号验 资报告。 截至 2024 年 12 月 31 日止，公司累计使用募集资金人民币 5,988,460,123.88 元(含募集资金置换预先投入的自筹资金人民币 1,782,167,500.00 元，超募资金永 久补充流动资金人民币 492,850,221.22 元)， ...

中国国际金融股份有限公司 关于新疆大全新能源股份有限公司首次公开发行并上市 及 2022 年度向特定对象发行股票的持续督导保荐总结报告书 经中国证券监督管理委员会证监许可[2021]2110 号文《关于同意新疆大全新 能源股份有限公司首次公开发行股票注册的批复》核准，新疆大全新能源股份有 限公司（以下简称"公司"）实际已向社会公众公开发行人民币普通股（A 股）股 票 30,000 万股（每股面值人民币 1.00 元），发行价格为 21.49 元/股。公司本次发 行募集资金总额为人民币 6,447,000,000.00 元，扣除本次发行费用人民币 379,808,207.55 元，募集资金净额为人民币 6,067,191,792.45 元（不包括发行费用 相关增值税进项税额）。上述资金于 2021 年 7 月 19 日全部到账，并经德勤华永 会计师事务所（特殊普通合伙）验证并出具德师报（验）字（21）第 00348 号验 资报告。 截至 2024 年 12 月 31 日止，公司累计使用募集资金人民币 5,988,460,123.88 元(含募集资金置换预先投入的自筹资金人民币 1,782,167,500.00 ...

中国国际金融股份有限公司 关于新疆大全新能源股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中国国际金融股份有限公司（以下简称"中金公司"或"保 荐机构"）作为新疆大全新能源股份有限公司（以下简称"大全能源"、"公司"） 持续督导工作的保荐机构，出具本持续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对 | 保荐机构已建立并有效执行了持续督导制 | | | 具体的持续督导工作制定相应的工作计划 | 度，并制定了相应的工作计划 | | | 根据中国证监会相关规定，在持续督导工作开始 前，与上市公司或相关当事人签署持续督导协 | 保荐机构已与大全能源签订《保荐协议》， | | 2 | 议，明确双方在持续督导期间的权利义务，并报 | 该协议明确了双方在持续督导期间的权利和 | | | | 义务，并报上海证券交易所备案 | | | ...

Group 1 - A significant rumor in the silicon material industry suggests that six companies, including GCL-Poly Energy (03800.HK) and Tongwei Co., Ltd. (600438.SH), are planning to establish a large fund of 70 billion yuan to acquire and integrate silicon material production capacity [2][4] - The authenticity of the rumor remains unverified, with industry insiders indicating that it is still in a discussion phase and lacks concrete details [2][4] - There are indications that the six companies have begun joint operations to formulate a plan within three months, aiming to raise silicon material prices to 60,000 yuan per ton [3][4] Group 2 - The silicon material market has experienced a continuous decline in prices for five weeks, attributed to high inventory levels and a rapid drop in downstream product prices [5][6] - Current market conditions show that the production capacity utilization rate has significantly decreased to a range of 30% to 40%, with some companies planning to reduce production further [6][7] - The overall supply of silicon material is currently exceeding demand, with an estimated production capacity of around 3 million tons against a demand of approximately 2 million tons [6][7] Group 3 - The silicon material industry is facing severe losses, with major companies collectively reporting losses exceeding 18.4 billion yuan last year due to supply-demand imbalances and intense competition [7] - Recommendations for addressing the industry's challenges include strict adherence to production limits, collaboration between upstream and downstream companies, and participation in capacity replacement plans to eliminate outdated production capacity [7]

Investment Rating - The report maintains a "BUY" rating for Daqo New Energy with a target price of RMB 20.64, reflecting a potential upside of 2% from the closing price of RMB 20.22 as of May 15, 2025 [7]. Core Insights - Daqo New Energy reported a significant decline in revenue and net profit for 2024, with revenue at RMB 741 million and a net loss of RMB 272 million, representing year-on-year changes of -54.6% and -147.2% respectively. The fourth quarter of 2024 saw a revenue of RMB 141 million, down 59.3% year-on-year [2]. - The first quarter of 2025 continued to show weak performance, with revenue dropping to RMB 91 million, a decrease of 69.6% year-on-year, while the net loss narrowed to RMB 56 million, a year-on-year decline of 268.8% [2]. - The report anticipates that industry policies will be more effective than market expectations, potentially alleviating supply-demand imbalances in the future [2]. - Daqo New Energy is positioned as a leading player in the domestic silicon material sector, demonstrating cyclical resilience due to its strong liquidity buffer [2]. Financial Performance - The company experienced a significant drop in production and sales volumes in early 2025, with production falling to 250,000 tons and sales to 280,000 tons in the first quarter, reflecting a 27.5% and 33.6% decline respectively [3]. - The average selling price (ASP) of polysilicon increased to RMB 35.9 per kilogram in the first quarter of 2025, up 8.2% from the previous quarter, driven by increased downstream installation demand [3]. - As of the end of the first quarter of 2025, Daqo held RMB 3.1 billion in cash and cash equivalents, along with RMB 1.22 billion in trading financial assets, totaling RMB 4.32 billion, with no short-term or long-term debt [4]. Profit Forecast and Valuation - Due to ongoing supply-demand imbalances, the report has lowered its expectations for 2025 polysilicon ASP, shipment volumes, and gross margins. However, it anticipates a recovery in profitability by 2026 as industry conditions normalize [5]. - The projected net profits for 2025, 2026, and 2027 are RMB -489.67 million, RMB 2.76 billion, and RMB 3.11 billion respectively, with significant improvements expected in 2026 [5]. - The report assigns a price-to-earnings (PE) ratio of 16 times for 2026, reflecting a premium over the industry average of 11.72 times, with a revised target price of RMB 20.64 [5].

新疆大全新能源股份有限公司 关于参加新疆辖区上市公司 2025 年投资者 证券代码：688303 证券简称：大全能源 公告编号：2025-027 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 5 月 23 日（周五）15:00-17:30。届时公 司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、 股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 特此公告。 新疆大全新能源股份有限公司董事会 2025 年 5 月 16 日 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，新疆大全新能源股份有限公司（以下简 称"公司"）将参加由新疆上市公司协会根据新疆证监局工作部署，联合深圳市全 景网络有限公司举办的"2025 年新疆辖区上市公司投资者网上集体接 ...

Group 1 - Daqian Energy's stock closed at 21.11 yuan, with a decline of 5.12%, resulting in a total market capitalization of 45.285 billion yuan [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 22, 2021, with an initial public offering (IPO) of 300 million shares at a price of 21.49 yuan per share [1] - The total funds raised from the IPO amounted to 644.7 million yuan, with a net amount of 606.719 million yuan, exceeding the original plan by 106.719 million yuan [1] Group 2 - In 2022, Daqian Energy issued A-shares to specific investors, raising a total of approximately 10.999 billion yuan at a price of 51.79 yuan per share [2] - The net amount raised from this issuance, after deducting issuance costs, was approximately 10.937 billion yuan, which was fully utilized by the end of 2022 [2] - The stock price is currently below the issuance price [2] Group 3 - Daqian Energy's total fundraising from both IPO and subsequent issuance amounts to 17.447 billion yuan [3] - For the year 2023, the company reported a revenue of approximately 741.052 million yuan, a year-on-year decline of 54.62%, and a net profit attributable to shareholders of -271.813 million yuan [3] - In the first quarter of 2025, the company reported a revenue of approximately 90.725 million yuan, a year-on-year decline of 69.57%, with a net profit of -55.802 million yuan [3]

新疆大全新能源股份有限公司 2 0 2 4 年年度股东会会议资料 证券代码：688303 证券简称：大全能源 新疆大全新能源股份有限公司 2024 年年度股东会 会议资料 2025 年 5 月 | 1 | œ | y | P | | 1 | | | --- | --- | --- | --- | --- | --- | --- | | . | | | | | | | | | | 新疆大全新能源股份有限公司 2 0 2 4 年年度股东会会议资料 2024 年年度股东会会议须知 为维护广大投资者的合法权益，确保股东在本次股东会期间依法行使权利， 根据《中华人民共和国公司法》、中国证券监督管理委员会颁布的《上市公司股 东会规则》和公司制定的《股东会议事规则》等有关规定，特制定本会议须知： 一、公司负责本次股东会的议程安排和会务工作，为确认出席大会的股东 或其代理人或其他出席者的出席资格，会议工作人员将对出席会议者的身份进 行必要的核对工作，请被核对者给予配合。 二、出席现场会议的股东及股东代理人须在会议召开前半小时到会议现场 办理签到手续，并按规定出示证券账户卡、身份证明文件或营业执照/注册证书 复印件（加盖公章） ...

Group 1 - A major rumor about a joint production cut by leading silicon material companies led to a temporary surge in the silicon material sector on May 13, but enthusiasm quickly faded on May 14, with significant stock price declines for major companies [1] - The rumored production cut plan is still in the discussion phase, with no official confirmation from the companies involved, indicating uncertainty about whether an agreement can be reached [1][2] - The proposed plan aims for six leading companies to reduce production and "store" capacity from smaller firms, targeting a price of 45,000 to 50,000 yuan per ton for silicon material, while current prices are around 35,000 yuan per ton [1][2] Group 2 - The current production cut proposal is seen as idealistic, as it requires unanimous agreement among the top six companies, which may be difficult without strong government intervention [2] - The upstream silicon material sector has fewer companies compared to downstream segments like batteries and modules, and the financial stability of these companies is under threat due to ongoing losses, with major firms collectively losing over 18 billion yuan last year [2] - Most silicon material companies are currently operating at reduced capacity due to declining prices in the downstream solar industry, leading to a reluctance to lower prices further [3]

Core Viewpoint - The solar photovoltaic sector experienced significant stock price increases due to rumors of a potential "storage plan" aimed at reducing production and stabilizing prices in the silicon material industry [2][5][6]. Group 1: Market Reaction - On May 13, several solar companies, including Tongwei Co., Ltd. and Daqo New Energy Corp., saw their stock prices surge, with Tongwei reaching a limit up and Daqo increasing by over 19% [2]. - The Wind photovoltaic index rose by 1.40%, contrasting with the overall flat performance of the A-share market on the same day [5]. - The rumors of a "storage plan" were circulated on social media, suggesting that leading companies in the silicon material sector were discussing significant production cuts to stabilize prices [5][6]. Group 2: Industry Dynamics - Industry insiders confirmed that discussions about production cuts and price stabilization were indeed taking place among leading silicon material manufacturers, although the specifics of the "storage plan" remained unclear [6][7]. - The China Nonferrous Metals Industry Association's silicon division reported that the average operating rate of silicon material companies had dropped to below 40%, marking a historical low [8]. - Despite efforts to reduce production, the inventory levels in the silicon material sector remained high, with approximately 391,800 tons of inventory reported as of March 2025 [8]. Group 3: Price Trends - The average transaction price for silicon materials fell to 41,600 yuan per ton in the first quarter, with a year-on-year decrease exceeding 44% in production [8]. - The market for silicon materials has been under pressure, with prices declining due to high inventory levels and a lack of demand following the end of a "rush installation" effect [8][9]. - The industry is facing challenges in balancing supply and demand, with concerns about how to fill the demand gap as the "rush installation" effect fades [8].