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]