Core Viewpoint - Daqo Energy's stock price increased by 6.83% to 34.39 yuan as of September 5, 2025, with a market capitalization of 73.774 billion yuan, ranking 4th in the photovoltaic equipment sector and 217th in the A-share market [1] Company Performance - In the first half of 2025, Daqo Energy reported revenue of 1.47 billion yuan and a net profit attributable to shareholders of -1.147 billion yuan, indicating challenges in the photovoltaic industry [1] - The company implemented a production reduction strategy, with second-quarter polysilicon production at 26,000 tons and sales at 18,000 tons, while total production for the first half was 51,000 tons and sales were 46,000 tons [1][2] - The unit cost of polysilicon in the second quarter was 58.15 yuan/kg, with a cash cost of 38.96 yuan/kg [1] Financial Health - As of June 30, 2025, Daqo Energy had total cash reserves of approximately 12.09 billion yuan, including 1.66 billion yuan in cash, 2.99 billion yuan in structured deposits, and 7.09 billion yuan in time deposits, with a current ratio of 4.91 and a debt-to-asset ratio of 8.04%, indicating a strong financial structure [1][3] - The company has no interest-bearing debt, showcasing its robust risk resistance capabilities [1][3] Market Strategy - Daqo Energy plans to continue its production reduction strategy in the third quarter, with expected polysilicon production 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 supports the photovoltaic industry's move away from "involution" and is committed to promoting healthy and orderly development within the sector [2][4] Share Buyback Program - Daqo Energy initiated a share buyback program with a budget of 50 million to 100 million yuan, set to run from April 21, 2025, to April 20, 2026, with a maximum buyback price of 44.00 yuan per share [6] - As of August 31, 2025, the company had repurchased 15,323 shares, accounting for 0.0007% of its total share capital, at a total cost of 290,753.82 yuan [6]

Group 1 - The core viewpoint of the news highlights the strong performance of the photovoltaic ETF (159857), which saw a 5.19% increase and significant trading volume, indicating robust investor interest in the sector [3] - The underlying index, the CSI Photovoltaic Industry Index (931151), also experienced a strong rise of 5.08%, with notable gains from constituent stocks such as Daqo New Energy (688303) up 15.30%, Sungrow Power Supply (300274) up 10.49%, and Tongwei Co., Ltd. (600438) up 10.00% [3] - Over the past week, the photovoltaic ETF has seen a substantial increase in scale by 64.87 million yuan and a growth of 19 million shares over the past two weeks, leading the market in similar products [3] Group 2 - The Ministry of Industry and Information Technology of China held a meeting on July 3, focusing on accelerating the high-quality development of the photovoltaic industry, emphasizing the need to eliminate low-price competition and enhance product quality [4] - The government aims to guide healthy competition and support the exit of outdated production capacity, positioning China as a global leader in photovoltaic technology and a key player in the low-carbon energy transition [4] - The CSI Photovoltaic Industry Index is currently valued at a historical low with a price-to-book ratio (PB) of 1.78, which is below 82.54% of the time over the past three years, indicating a favorable valuation for investors [4] Group 3 - The photovoltaic ETF closely tracks the CSI Photovoltaic Industry Index, which includes up to 50 representative companies involved in the photovoltaic industry chain, reflecting the overall performance of listed companies in this sector [5]