Daqo Energy(SH:688303) Zheng Quan Shi Bao Wang·2025-08-26 12:28Core Viewpoint - The article highlights the resilience of Daqo New Energy in the face of a challenging market environment, showcasing its strategic adjustments and strong financial position amid a downturn in the polysilicon industry. Group 1: Company Performance - Daqo New Energy reported a significant decline in revenue, achieving 1.47 billion yuan and a net loss of 1.147 billion yuan due to an imbalance in the polysilicon market supply and demand [1] - The company's polysilicon production decreased by approximately 60% year-on-year to 50,821 tons, a strategic reduction aimed at alleviating market supply pressure and avoiding vicious competition [2] - The unit cash cost decreased to 37.66 yuan per kilogram, a 6.6% year-on-year decline, indicating improved operational efficiency [2] Group 2: Financial Position - As of the end of the reporting period, Daqo New Energy's cash reserves, including bank acceptance bills and structured deposits, totaled 12.09 billion yuan, with a low debt-to-asset ratio of 8.04% and no interest-bearing debt [2] - The company's robust financial performance provides a solid foundation for navigating industry cycles and offers strategic options at the bottom of the cycle [2] Group 3: Industry Context - The Chinese government has shown a strong commitment to eliminating irrational competition and addressing capacity mismatches in the polysilicon industry, providing important policy guidance for the "anti-involution" initiative [2] - The polysilicon price has experienced a notable rebound, with the average price of N-type raw materials maintaining at 47,900 yuan per ton as of August 20 [2] - Daqo New Energy remains optimistic about the future development of the polysilicon industry and product price trends, planning to dynamically assess cost and revenue balance in response to market changes [3]