硅料巨头大全能源2025年净亏损收窄至11亿，同比减亏16亿

Core Viewpoint - Daqo Energy reported a significant reduction in net losses for 2025, despite a decline in revenue, indicating improved operational efficiency and reduced production costs in a challenging market environment [1][3]. Financial Performance - In 2025, Daqo Energy achieved a revenue of 4.839 billion yuan, a year-on-year decrease of 34.71% [1]. - The net loss attributable to shareholders was 1.129 billion yuan, a reduction of 15.89% compared to the previous year's loss of 2.718 billion yuan [1]. - The unit cash cost for production was 35.53 yuan per kilogram, down 8.5% from 38.82 yuan per kilogram in the previous year [1]. Industry Context - The polysilicon industry is facing challenges such as high inventory and weak demand, despite a recovery in polysilicon prices starting from the third quarter of 2025 [1]. - Daqo Energy is among the few companies in the polysilicon sector that reported a narrowing of net losses, contrasting with other major players like Tongwei Co. and Hoshine Silicon Industry, which experienced larger losses [3]. - Approximately 60% of companies in the solar industry reported continued losses in 2025, although half showed signs of performance recovery [3]. Market Trends - The solar industry is witnessing a shift towards mergers and acquisitions as a response to overcapacity and ongoing price wars, with major players like Tongwei Co. planning significant acquisitions [4].