Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫科技) discussed the integration of polysilicon capacity and the industry's future outlook during its 2025 semi-annual performance briefing, indicating that significant price increases above 100,000 yuan/ton are unlikely, with expectations of prices fluctuating between 60,000 yuan/ton and 80,000 yuan/ton [1][3]. Group 1: Industry Reform and Financial Management - The overall reform plan for the polysilicon industry is not yet finalized, and GCL-Poly may need to allocate cash to support the reform once the plan is established [2][3]. - The company is cautious in managing its finances, considering a share buyback or dividend plan for 2024-2026, but decisions will depend on the clarity of the reform plan [2][3]. Group 2: Polysilicon Pricing and Production Costs - Current polysilicon prices have fallen to near the industry's average cost line, with slight increases expected due to changes in operating rates and inventory levels, but significant price hikes are deemed unlikely [3][4]. - As of Q2 2025, the average cash production cost of granular silicon has decreased to 25.31 yuan/kg, down 6.5% from Q1 2025, with sales prices consistently exceeding cash costs since Q4 2024 [4]. Group 3: Future Industry Outlook - The Ministry of Industry and Information Technology is advancing energy efficiency assessments for enterprises, which will establish a quantitative evaluation system and become a significant industry entry barrier by January 2026 [4]. - Despite a 35.3% year-on-year revenue decline to 5.735 billion yuan in H1 2025, GCL-Poly reported a significant EBITDA increase of 325.8% to approximately 380 million yuan [4].