大全能源上半年净亏11.47亿元，创十年来最差中期业绩

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]