Core Viewpoint - Daqo New Energy (688303.SH) reported a significant decline in financial performance for the first half of 2025, primarily due to the imbalance in supply and demand in the silicon material market, leading to a sharp drop in polysilicon prices [1] Financial Performance - The company achieved a revenue of 1.47 billion yuan, representing a year-on-year decrease of 67.93% [1] - The net profit attributable to shareholders was a loss of 1.147 billion yuan [1] - The non-recurring net profit also showed a loss of 1.154 billion yuan [1] - Basic earnings per share were reported at -0.53 yuan [1]

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86.10) 8519.1300 传真：(86.10) 8519.1350 junhebj@junhe.com 北京市君合律师事务所 关于 新疆大全新能源股份有限公司 部分限制性股票作废事项 之 法律意见书 二零二五年八月 北京市君合律师事务所 目 录 关于新疆大全新能源股份有限公司 2022 年限制性股票激励计划 部分限制性股票作废事项 之法律意见书 致：新疆大全新能源股份有限公司 北京市君合律师事务所（以下简称"本所"）为在北京市司法局注册设立 并依法执业的律师事务所。 本所接受新疆大全新能源股份有限公司（以下简称"公司"、"上市公司" 或"大全能源"）的委托，担任大全能源 2022 年限制性股票激励计划（以下简 称"本次激励计划"）的专项法律顾问，根据《中华人民共和国公司法》（以下 简称《公司法》）、 本法律意见书仅依据中国现行有效的法律、法规和规范性文件的有关规定 发表法律意见，并不对境外法律发表法律意见。 本法律意见书仅供大全能源本次作废之目的使用，不得用作任何其他目的。 本所同意将本法律意见书作为大全能源本次作废所必备的法定 ...

Core Viewpoint - The company announced the cancellation of a portion of the restricted stock from the 2022 incentive plan that had been granted but not yet vested, following the approval of relevant meetings and compliance with legal requirements [1][2][3]. Group 1: Decision Process and Disclosure - The company held multiple board meetings to review and approve the cancellation of the unvested restricted stocks, ensuring compliance with legal and regulatory frameworks [1][2][3]. - Independent directors provided opinions affirming that the incentive plan aligns with the company's sustainable development and does not harm the interests of shareholders [1][2][7]. Group 2: Specifics of the Canceled Stocks - A total of 5.328 million shares of restricted stock were canceled due to the failure to meet performance targets set for the third vesting period, which required a revenue growth rate of no less than 170% compared to 2021 or a production of at least 220,000 tons of polysilicon in 2024 [5][6]. - The company's 2024 revenue was reported at 741.05 million yuan, with polysilicon production at 205,100 tons, both falling short of the established targets [5]. Group 3: Impact and Opinions - The cancellation of these restricted stocks is not expected to have a significant impact on the company's operations or the stability of its core management and employees [6][7]. - The supervisory board and independent directors unanimously agreed that the cancellation complies with relevant laws and regulations and does not adversely affect the company's financial status or shareholder interests [7][8].

Core Viewpoint - The report highlights a significant decline in revenue and net profit for Xinjiang Daqo New Energy Co., Ltd. in the first half of 2025, primarily due to a substantial drop in polysilicon prices and a strategic reduction in production to mitigate market pressures [3][5][6]. Financial Performance - The company reported a revenue of 147,011.27 million RMB, a decrease of 67.93% compared to the same period last year [3][5]. - The net profit attributable to shareholders was -114,667.36 million RMB, with a net profit of -115,409.83 million RMB after deducting non-recurring gains and losses [3][5]. - The operating cash flow was a net outflow of -160,780.47 million RMB, reflecting a significant decrease in cash flow compared to -346,531.43 million RMB in the previous year [3][4]. Production and Sales - The company's polysilicon production for the first half of 2025 was 50,821 tons, a year-on-year decrease of approximately 60% [5][7]. - The average selling price per kilogram of polysilicon was 31.20 RMB, down 33.63% from the previous year [7]. - The unit cash cost decreased to 37.66 RMB/kg, a reduction of 6.6% compared to the previous year [7][8]. Market Position and Strategy - The company maintained an 8.52% share of the domestic polysilicon production market, positioning itself among the top players in the industry [4][5]. - A strategic reduction in production was implemented to alleviate market supply pressure and avoid intense competition, demonstrating the company's adaptability [5][8]. - The company plans to continue its production reduction strategy in the third quarter, with an expected output of 27,000 to 30,000 tons of polysilicon [8]. Financial Health - As of June 30, 2025, the company had a total cash reserve of 12.09 billion RMB and a low debt ratio of 8.04%, indicating a strong financial position [6][8]. - The absence of any interest-bearing debt provides the company with a solid foundation to navigate industry cycles [6]. Research and Development - The company invested 12,428.35 million RMB in R&D during the reporting period, a decrease of 59.92% compared to the previous year [16]. - Continuous investment in R&D and technological innovation is emphasized as a core competitive advantage, with a focus on enhancing production efficiency and reducing costs [9][10][16]. Industry Context - The domestic polysilicon market experienced a rebound in prices from late June to August 2025, influenced by government policies aimed at reducing irrational competition and promoting sustainable development in the photovoltaic industry [8][9]. - The company remains optimistic about the future development of the photovoltaic industry and product price trends [8].

Fundraising Overview - The company raised a total of RMB 6,447,000,000.00 from the issuance of 30 million shares at a price of RMB 21.49 per share, with a net amount of RMB 6,067,191,792.45 after deducting issuance costs [1] - As of June 30, 2025, the company has utilized RMB 5,988,460,123.88 of the raised funds, including RMB 1,782,167,500.00 for replacing self-raised funds and RMB 492,850,221.22 for supplementing working capital [1] Fund Management - The company has established dedicated accounts for the management of raised funds, complying with relevant regulations [1] - A tripartite supervision agreement was signed with various banks to ensure proper management of the funds [1] - The initial amount deposited in the dedicated accounts was RMB 6,104,068,000.00, with differences attributed to prepaid underwriting and other issuance costs [1] Fund Usage - During the reporting period, the company did not use raised funds to replace self-raised funds or temporarily supplement working capital [2] - There were no instances of using idle raised funds for cash management or to repay bank loans [2] - The company has completed the transfer of surplus raised funds to working capital and closed the relevant dedicated accounts [1][2] Project Investment Status - The company has completed the investment projects as planned, with the "Annual Production of 35,000 Tons of Polysilicon Project" and "Annual Production of 1,000 Tons of High-Purity Semiconductor Materials Project" reaching their intended operational status [3] - The polysilicon project generated an annual revenue of RMB 51,325.32 million, which was below the expected revenue due to market factors [3] - The high-purity semiconductor materials project is currently in the verification stage and has not yet achieved the expected benefits [4]

新疆大全新能源股份有限公司 估报告 为贯彻中央经济工作会议、中央金融工作会议精神，落实以投资者为本的 理念，推动上市公司持续优化经营、规范治理和积极回报投资者，大力提高上 市公司质量，助力信心提振、资本市场稳定和经济高质量发展。新疆大全新能 源股份有限公司（以下简称"大全能源"或"公司"）结合自身发展战略、经营 情况及财务状况，基于对公司未来发展前景的信心及价值的认可，于 2025 年 4 月 30 日披露了《新疆大全新能源股份有限公司 2024 年度"提质增效重回报" 行动方案评估报告暨 2025 年度"提质增效重回报"行动方案》。2025 年上半年， 公司根据行动方案内容，积极开展和落实各项工作，现将行动方案的实施和效 果评估情况报告如下： 一、领衔行业"反内卷"行动，推动产能结构优化 底。作为行业深度参与者，公司积极响应业内"反内卷"号召，率先实施了减产。 实现多晶硅产量 50,821 吨，同比下降约 60%。公司的这一战略性减产举措虽在 短期内对产出造成了影响，但却有效缓解了市场的供给压力，既有助于避免公 司参与同质化恶性竞争，同时也体现了公司维护行业健康发展的责任意识。 公司多晶硅产品 二、彰显行业 ...

Core Viewpoint - The company, Daqo Energy, reported a significant decline in revenue and increased losses in the first half of the year due to falling polysilicon prices and a strategic production cut to address market oversupply [1][2]. Group 1: Financial Performance - Daqo Energy's revenue for the first half of the year was 1.47 billion yuan, a substantial decrease of 67.93% year-on-year [1]. - The average selling price of polysilicon dropped by 33.63%, from 47.01 yuan/kg to 31.20 yuan/kg [1]. - The company's production volume decreased by 60.06% to 50,800 tons, with sales volume down by 52.47% to 46,100 tons [1][2]. - The company incurred a loss of 1.147 billion yuan, which is a larger loss compared to the previous year's loss of 670 million yuan [1][3]. Group 2: Operational Strategy - The company adopted a "production control price" strategy to respond to industry competition and reduce inefficient capacity [2]. - The product structure has been optimized, with N-type monocrystalline silicon wafer materials accounting for over 70% of the total, aligning with the industry's shift towards N-type technology [2]. - The company achieved mass production of 400 tons/year of electronic-grade polysilicon, filling a gap in the domestic high-end silicon material market [2]. Group 3: Research and Development - Daqo Energy invested 124 million yuan in R&D, a decrease of 59.92% due to project adjustments, but the R&D intensity increased to 8.45% of revenue [2]. - The company has applied for a total of 710 patents, including 161 invention patents, and has obtained 475 patents, which supports product premium and cost advantages [2]. Group 4: Business Expansion and Future Outlook - The company is focusing on dual development in semiconductor materials and green manufacturing, with a 1,000-ton high-purity semiconductor material project entering the verification stage [3]. - The company plans to continue its production cut strategy, expecting polysilicon production of 27,000 to 30,000 tons in Q3 and a total annual production of 110,000 to 130,000 tons [3]. - Daqo Energy's MSCI ESG rating remains at "BBB," aligning with the low-carbon development trend in the renewable energy industry [3].

3. 截至发稿，WTI原油跌1.73%，报63.68美元/桶。布伦特原油跌1.55%，报67.16美元/桶。 | ■ WTI原油 | 2025年10月 | 63.68 | 64.77 | 63.59 | -1.12 | -1.73% | | --- | --- | --- | --- | --- | --- | --- | | 謡 倫敦布倫特原油 | 2025年11月 | 67.16 | 68.20 | 67.08 | -1.06 | -1.55% | 市场消息 特朗普政府27日零时起对印度征50%重税。特朗普政府在周一发布的一份通知草案中概述了对印度产品征收50%关税的计划，此举成为 白宫拟推进更高额关税政策的最新信号。当前正值俄乌和平协议斡旋工作似乎陷入停滞之际。美国国土安全部发布的通知称，提高后的 关税将针对"2025年8月27日美东夏令时凌晨12点01分及之后进口供消费、或从仓库提取供消费的印度产品"。美国总统特朗普本月早些 时候宣布，因印度购买俄罗斯石油，计划将印度商品的关税从25%提高一倍至50%，希望借此向俄罗斯总统普京施压，迫使其回到谈判 桌前，结束对乌克兰的军事行动。 美国机构建议将铜和钾肥 ...

Core Viewpoint - Daqo Energy (688303) reported a significant decline in revenue and an increase in net loss for the first half of 2025, indicating ongoing challenges in the high-purity polysilicon market [1] Financial Performance - For the first half of 2025, Daqo Energy achieved a revenue of approximately 1.47 billion yuan, representing a year-on-year decrease of 67.93% [1] - The company recorded a net loss attributable to shareholders of about 1.147 billion yuan, which is a worsening from a net loss of 670 million yuan in the same period last year [1] Market Activity - On August 26, 2025, Daqo Energy's stock price increased by 2.31%, closing at 30.5 yuan per share, with a total market capitalization of 65.43 billion yuan [1]

Group 1: Company Performance - Daqo Energy reported a revenue of 1.47 billion yuan for the first half of the year, a year-on-year decline of 67.93% [1] - The company experienced a net loss attributable to shareholders of 1.147 billion yuan, which is an increase in losses compared to the previous year [1] - This marks the worst mid-year performance for Daqo Energy since 2015, with a previous high net profit of 9.525 billion yuan in the same period last year [1] Group 2: Market Conditions - The decline in performance is attributed to an imbalance in supply and demand in the silicon material market, leading to a significant drop in polysilicon prices [1] - Polysilicon spot prices fell from 40,600 yuan per ton at the beginning of the year to 34,400 yuan per ton by the end of June, a decrease of 15.3% [1] - Industrial silicon prices also dropped from 11,697 yuan per ton to 8,743 yuan per ton, a decline of 25.3% [1] Group 3: Production Strategy - In response to the ongoing price decline and industry-wide losses, Daqo Energy implemented a production reduction strategy, resulting in a 60% year-on-year decrease in polysilicon production to 50,800 tons [1] - The company plans to continue this reduction strategy into the third quarter, with expected polysilicon production between 27,000 to 30,000 tons [2] - For the full year of 2025, the company anticipates a total production of 110,000 to 130,000 tons [2] Group 4: Market Outlook - Despite the current challenges, Daqo Energy remains optimistic about the overall development of the photovoltaic industry and product price trends [2] - Since July, following the government's "anti-involution" policy, the domestic silicon market has seen a rapid rebound in futures prices, positively impacting spot prices [2] - As of August 26, Daqo Energy's stock price increased by 2.31%, reaching 30.50 yuan per share, with a market capitalization of 65.429 billion yuan [3]