Core Viewpoint - The company remains optimistic about the overall development of the photovoltaic industry and product price trends despite facing significant challenges in the current market environment [1]. Group 1: Company Performance - In the first half of 2025, the company reported a revenue of 1.47 billion yuan, a year-on-year decrease of 67.93%, and a net loss attributable to shareholders of 1.147 billion yuan, compared to a loss of 670 million yuan in the same period last year, indicating a substantial increase in losses [1]. - The company's main product is high-purity polysilicon, with an annual production capacity of 305,000 tons. In the first half of 2025, the company's polysilicon output was 50,821 tons, accounting for 8.52% of the domestic total of 596,000 tons, ranking it among the top tier in the industry [1][2]. - The company implemented a proactive production reduction strategy, resulting in a 60% year-on-year decrease in polysilicon output, which, while impacting unit costs, is expected to alleviate market supply pressure in the long term [2]. Group 2: Cost and Financial Management - The unit cost of production increased by approximately 19.80% year-on-year to 55.07 yuan per kilogram, up from 45.97 yuan per kilogram in the previous year, due to fixed costs associated with idle production lines [2]. - The company managed to reduce its cash cost to 37.66 yuan per kilogram, a decrease of 6.6% year-on-year, indicating improved cash flow management despite the overall losses [2]. - As of June 30, 2025, the company had a strong financial position with total cash reserves of 12.09 billion yuan and an asset-liability ratio of 8.04%, with no interest-bearing debt, contrasting sharply with the industry average [3]. Group 3: Market Outlook - The company plans to continue its production reduction strategy in the third quarter, with expected polysilicon output between 27,000 to 30,000 tons, and a total annual production forecast of 110,000 to 130,000 tons for 2025 [3]. - The company maintains a positive outlook on the future development of the photovoltaic industry, citing recent policy measures aimed at eliminating irrational competition and addressing capacity mismatches [3]. - From June to August, domestic polysilicon prices experienced a significant rebound, with the average price of N-type recycled material rising nearly 36.9% from 34,400 yuan per ton at the end of June to 47,100 yuan per ton by the end of July [3].

Financial Performance - In the first half of 2025, the company reported operating revenue of 1.47 billion, a year-on-year decrease of 67.93% [1] - The net profit attributable to shareholders was -1.15 billion, compared to -670 million in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -1.15 billion, down from -694 million year-on-year [1] - The net cash flow from operating activities was -1.61 billion, an improvement from -3.47 billion in the previous year [1] - For 2024, the company achieved operating revenue of 7.41 billion, a year-on-year decrease of 54.62% [1] - The net profit attributable to shareholders for 2024 was -2.72 billion, compared to 5.76 billion in the previous year [1] - The net cash flow from operating activities for 2024 was -5.39 billion, down from 8.74 billion year-on-year [1] Fundraising Activities - The company raised a total of 6.45 billion through its initial public offering, with a net amount of 6.07 billion, exceeding the original plan by 1.07 billion [2] - The initial plan was to raise 5 billion for projects including the production of high-purity semiconductor materials and polycrystalline silicon [2] - The total issuance costs for the IPO were 379.81 million, with underwriting fees amounting to 344.32 million [2] Stock Issuance - In 2022, the company issued A-shares to specific investors, raising a total of approximately 10.99 billion, with a net amount of about 10.94 billion after deducting issuance costs [3] - The issuance price was set at 51.79 per share, with a total of 212,396,215 shares issued [3] - As of December 31, 2023, the company had utilized approximately 10.95 billion of the raised funds, with all funds from the 2022 issuance fully utilized [3] - The current stock price is below the issuance price [3] Total Fundraising - The total amount raised by the company from both fundraising activities is 17.447 billion [4]

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]

Core Viewpoint - Daqo New Energy (688303.SH) reported a significant decline in financial performance for the first half of 2025, primarily due to the imbalance in supply and demand in the silicon material market, leading to a sharp drop in polysilicon prices [1] Financial Performance - The company achieved a revenue of 1.47 billion yuan, representing a year-on-year decrease of 67.93% [1] - The net profit attributable to shareholders was a loss of 1.147 billion yuan [1] - The non-recurring net profit also showed a loss of 1.154 billion yuan [1] - Basic earnings per share were reported at -0.53 yuan [1]

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].

Core Points - The report indicates a significant decline in the company's financial performance, with total revenue dropping by 67.93% to 147,011.27 million RMB compared to the previous year [1] - The net profit attributable to shareholders also saw a substantial loss, amounting to -114,667.36 million RMB, reflecting a worsening financial situation [1] - The total assets of the company decreased by 4.01% to 4,242,659.59 million RMB at the end of the reporting period [1] Financial Summary - Total revenue for the reporting period was 147,011.27 million RMB, down from 458,378.56 million RMB, marking a decrease of 67.93% [1] - The total profit for the period was -129,490.50 million RMB, compared to -73,416.02 million RMB in the previous year [1] - The net profit attributable to shareholders was -114,667.36 million RMB, worsening from -67,016.21 million RMB year-on-year [1] - The net cash flow from operating activities was -160,780.47 million RMB, an improvement from -346,531.43 million RMB in the previous year [1] - The basic and diluted earnings per share were both -0.53 RMB, compared to -0.31 RMB in the previous year [2] Shareholder Information - The total number of shareholders as of the reporting period was 35,062 [2] - Daqo New Energy Corp. holds a significant stake of 71.40% in the company, with 1,531,718,500 shares [2] - Other notable shareholders include various investment funds and individuals, with the top ten shareholders holding a combined significant percentage of the company's shares [2][3]

Core Viewpoint - The board of directors of Xinjiang Daqo New Energy Co., Ltd. held its 19th meeting of the third session, where several key resolutions were unanimously passed, including the approval of the 2025 semi-annual report and the special report on the use of raised funds [1][2][3][4]. Group 1 - The board approved the 2025 semi-annual report and its summary with a unanimous vote of 9 in favor [1]. - The board approved the special report on the storage and actual use of raised funds for the first half of 2025, also with a unanimous vote of 9 in favor [2]. - The board approved the revision of the company's articles of association, pending approval from the shareholders' meeting, with a unanimous vote of 9 in favor [2][3]. - The board approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement Return" action plan for 2025, with a unanimous vote of 9 in favor [3]. - The board agreed to annul 5.328 million shares of restricted stock from the 2022 incentive plan that were granted but not vested, due to not meeting performance assessment requirements, with a unanimous vote of 9 in favor [3]. - The board proposed to convene the first temporary shareholders' meeting of 2025, with a unanimous vote of 9 in favor [4].