大全能源：回应传闻及应对策略，二季度预计产2.5 - 2.8万吨

Core Viewpoint - Daqo Energy (688303) addresses industry concerns and outlines measures to cope with competitive pressures and price wars in the silicon material sector [1] Group 1: Company Response to Industry Developments - Daqo Energy acknowledges rumors of six leading silicon material companies collaborating to acquire additional production capacity, emphasizing the industry's commitment to healthy development [1] - The company is actively supporting various exploration plans proposed by regulatory bodies and industry associations, prioritizing shareholder interests [1] Group 2: Strategic Measures to Address Competition - The company plans to maintain financial stability, holding approximately 12.9 billion yuan in cash and a debt-to-asset ratio of 8.3% as of Q1 2025, enhancing its risk resilience [1] - Daqo Energy aims to deepen cost reduction and efficiency improvements through a collaborative approach of "technology + management + digitalization," establishing a digital system to foster an "innovation-driven cost reduction" cycle [1] - The company is committed to technological leadership, focusing on "technology-driven + digital empowerment + global layout," enhancing industry-academic-research cooperation to build long-term competitive advantages [1] Group 3: Production and Market Outlook - Daqo Energy forecasts a significant adjustment in the crystalline silicon industry, with production expected to be between 25,000 to 28,000 tons in Q2 and a total output of 110,000 to 140,000 tons by 2025 [1] - The company has a clear strategy for vertical integration and horizontal expansion, controlling upstream raw materials and expanding into semiconductor-grade polysilicon [1] - Daqo Energy is planning a 150,000 tons/year high-purity industrial silicon powder line in Inner Mongolia, with current maintenance of existing facilities [1] Group 4: Market Strategy and Future Plans - The company is in the verification phase for semiconductor-grade polysilicon products, with plans to be determined based on results [1] - While polysilicon futures serve as a supplement to spot sales, the company continues to prioritize spot sales, adjusting production models according to market conditions [1] - Daqo Energy is evaluating investment opportunities in the overseas silicon material market but currently has no specific plans for overseas capacity expansion [1]