Core Viewpoint - The multi-crystalline silicon market remains stable with slight price fluctuations, while supply and demand fundamentals have not significantly improved, leading to a reliance on market expectations for price increases [1]. Price Summary - The transaction price range for n-type re-investment materials is between 46,000 to 51,000 yuan/ton, with an average transaction price of 47,900 yuan/ton, remaining flat week-on-week [1][2]. - The average transaction price for n-type granular silicon is 47,000 yuan/ton, reflecting a week-on-week increase of 2.17% [1][2]. - The main order prices for rod silicon remain stable, while other small orders and granular silicon prices have increased by 1 yuan per kilogram [1]. Market Dynamics - The number of main signing enterprises in the multi-crystalline silicon market has decreased to 3-4, indicating a reduction in market activity [1]. - One new silicon material enterprise has resumed production, bringing the total number of operating multi-crystalline silicon enterprises in China to 10 [1]. - Companies are implementing self-reduction in production and controlling sales, while downstream demand for inventory has increased, contributing to a bullish sentiment in the industry [1]. Production and Supply Outlook - The expected production volume for September is around 125,000 to 130,000 tons, down from an original planned production of 140,000 tons [1]. - Silicon wafer companies are also planning to reduce their operating rates to alleviate supply-demand pressure in the silicon wafer segment [1]. - The multi-crystalline silicon sector continues to face inventory accumulation risks, indicating that the supply-demand fundamentals have not yet formed substantial improvement [1].

Financial Performance - In the first half of 2025, the company reported operating revenue of 1.47 billion, a year-on-year decrease of 67.93% [1] - The net profit attributable to shareholders was -1.15 billion, compared to -670 million in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -1.15 billion, down from -694 million year-on-year [1] - The net cash flow from operating activities was -1.61 billion, an improvement from -3.47 billion in the previous year [1] - For 2024, the company achieved operating revenue of 7.41 billion, a year-on-year decrease of 54.62% [1] - The net profit attributable to shareholders for 2024 was -2.72 billion, compared to 5.76 billion in the previous year [1] - The net cash flow from operating activities for 2024 was -5.39 billion, down from 8.74 billion year-on-year [1] Fundraising Activities - The company raised a total of 6.45 billion through its initial public offering, with a net amount of 6.07 billion, exceeding the original plan by 1.07 billion [2] - The initial plan was to raise 5 billion for projects including the production of high-purity semiconductor materials and polycrystalline silicon [2] - The total issuance costs for the IPO were 379.81 million, with underwriting fees amounting to 344.32 million [2] Stock Issuance - In 2022, the company issued A-shares to specific investors, raising a total of approximately 10.99 billion, with a net amount of about 10.94 billion after deducting issuance costs [3] - The issuance price was set at 51.79 per share, with a total of 212,396,215 shares issued [3] - As of December 31, 2023, the company had utilized approximately 10.95 billion of the raised funds, with all funds from the 2022 issuance fully utilized [3] - The current stock price is below the issuance price [3] Total Fundraising - The total amount raised by the company from both fundraising activities is 17.447 billion [4]

1. Report Industry Investment Ratings No specific industry - wide investment ratings are provided in the given report. 2. Core Viewpoints of the Report - The short - term macro upward drive is marginally strengthening, with the market focusing on domestic incremental stimulus policies and easing expectations. Attention should be paid to the progress of Sino - US trade negotiations and the implementation of domestic incremental policies [2][3]. - Different asset classes are expected to show short - term range - bound trends, and specific investment strategies vary according to different sectors. 3. Summary by Relevant Catalogs Macro Finance - Overseas: The attempt to remove Fed Governor Cook has raised concerns about central bank independence, leading to a decline in the US dollar index and US Treasury yields, and an increase in global risk appetite. - Domestic: China's economic data in July slowed down and fell short of expectations. Policy stimulus has been strengthened, and the short - term external risk uncertainty has decreased while domestic easing expectations have increased, resulting in an overall increase in domestic risk appetite. - Asset Recommendations: Stocks are expected to oscillate strongly at a high level in the short term, and short - term cautious long positions are recommended; bonds are expected to oscillate at a high level, and cautious observation is advised; commodities in different sectors are generally expected to oscillate in the short term, and cautious observation is recommended [2]. Stock Index - Affected by sectors such as rare earth concepts, biomedicine, and small metals, the domestic stock market declined slightly. - With the strengthening of policy stimulus, the reduction of short - term external risk uncertainty, and the increase in domestic easing expectations, the short - term macro upward drive is marginally strengthening. Short - term cautious long positions are recommended [3]. Precious Metals - Gold prices are supported in the short term due to increased concerns about independence, rising risk of stagflation, and strengthened rate - cut expectations. However, attention should be paid to the Fed's attitude changes, and the market focus is on the upcoming US PCE data [4][5]. Black Metals - **Steel**: The spot and futures markets of steel continued to be weak. Demand was weak, inventory increased, and supply was expected to decline in the future. With strong cost support, a range - bound approach is recommended in the short term [6]. - **Iron Ore**: The spot and futures prices of iron ore declined. With strong northern production - restriction expectations, cautious procurement by steel mills, and increasing supply pressure, a range - bound approach is expected in the short term [6]. - **Silicon Manganese/Silicon Iron**: The spot prices were flat, and the futures prices declined slightly. Supply in some regions was increasing, but there were potential production - cut plans. A range - bound approach is recommended in the short term [7][8]. - **Soda Ash**: There is a situation of high supply, high inventory, and weak demand. The supply - side contradiction is the core factor suppressing prices. It is expected to oscillate in a range in the short term [9]. - **Glass**: Supply is stable, demand is difficult to increase significantly, and it is expected to oscillate in a range in the short term under the boost of real - estate news [9]. Non - ferrous Metals and New Energy - **Copper**: The impact of Trump's attempt to remove Cook on the copper market is expected to be small in the short term, and domestic demand is expected to weaken marginally [10][11]. - **Aluminum**: The price declined slightly. The fundamentals changed little, and it is expected to oscillate in the short term with limited upward space [11]. - **Aluminum Alloy**: The supply of scrap aluminum is tight, production costs are rising, and demand is weak. It is expected to oscillate slightly stronger in the short term with limited upward space [11]. - **Tin**: Supply is expected to be relatively loose in the long term, and demand is weak. It is expected to oscillate in the short term, with limited upward space [12]. - **Lithium Carbonate**: After the previous sentiment subsided, it is expected to oscillate in a wide range, with a short - term bearish and long - term bullish outlook [13]. - **Industrial Silicon**: It is expected to oscillate in a range, considering the high - level oscillation of black metals and polysilicon [13]. - **Polysilicon**: It is facing a game between strong expectations and weak reality, and is expected to oscillate at a high level in the short term [14]. Energy and Chemicals - **Crude Oil**: Concerns about the Fed's independence and the potential impact of US tariffs on India's oil imports have affected oil prices. There is still some support for oil prices in the near term [16]. - **Asphalt**: Supported by anti - involution in the petrochemical industry and rising crude oil prices, but with limited inventory reduction, it is expected to remain weakly oscillating in the near term [16]. - **PX**: It is in a tight situation in the short term and is expected to oscillate while waiting for changes in PTA device operations [16]. - **PTA**: Driven by capacity adjustments and increased downstream demand, it is expected to maintain a relatively strong oscillating pattern in the short term [17]. - **Ethylene Glycol**: Port inventory has decreased slightly. Supported by downstream demand recovery, but facing supply pressure, short - term buying on dips should pay attention to crude oil cost fluctuations [18][19]. - **Short - fiber**: Driven by sector resonance, its price increased slightly. It is expected to follow the polyester sector and may be shorted on rallies in the medium term [19]. - **Methanol**: The fundamentals are showing marginal improvement, but the oversupply situation remains. It is expected to oscillate in price [19]. - **PP**: Supply pressure is increasing, but there is policy support. The 09 contract is expected to oscillate weakly, and the 01 contract should focus on peak - season inventory - building [19]. - **LLDPE**: Supply pressure remains, and demand shows signs of turning. The 09 contract is expected to oscillate weakly, and the 01 contract should focus on demand and inventory - building [19]. Agricultural Products - **US Soybeans**: The selling pressure of US Treasuries has increased, and the weakening of the US dollar has provided some support to commodities. The expected Sino - US trade negotiations have boosted the export sales expectations of US soybeans [20]. - **Soybean and Rapeseed Meal**: The pressure of continuous inventory accumulation of domestic soybean and soybean meal in oil mills has eased. Rapeseed meal still has the basis for upward fluctuations. Attention should be paid to the development of Sino - Canadian trade relations [21]. - **Oils**: Rapeseed oil inventory is decreasing, and the supply is expected to shrink; soybean oil is expected to have a low - valuation price - increase market; palm oil is expected to enter an oscillating phase [21]. - **Corn**: The national corn price is running weakly. The futures price has entered a relatively low - valuation range, and there is a low possibility of breaking through the previous range [21]. - **Pigs**: The weight of pigs has declined, and the second - fattening market is cautious. The market's pessimistic sentiment about the fourth - quarter outlook has increased [22].

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]

Core Viewpoint - The company, Xinjiang Daqo New Energy Co., Ltd., is actively implementing a "quality improvement and efficiency enhancement" action plan to optimize operations, governance, and investor returns, aiming to boost market confidence and support high-quality economic development [1]. Group 1: Industry Actions and Strategies - The company is leading the industry's "anti-involution" initiative by proactively reducing production, achieving a multi-crystalline silicon output of 50,821 tons, a year-on-year decrease of approximately 60%, which alleviates market supply pressure and avoids harmful competition [1][2]. - The company has successfully implemented cost control measures, with unit cash costs decreasing to 37.66 yuan/kg, reflecting a significant reduction during the production cut period [2]. Group 2: Technological and Financial Position - The company maintains a strong focus on technology-driven development, with a total of 475 patents as of June 30, 2025, an increase of 92 patents from the previous year, representing a 71% year-on-year growth. R&D investment accounted for 8.45% of revenue, up by 1.69 percentage points year-on-year [2][3]. - The company has a robust financial strategy, with total cash reserves, including bank acceptance bills and deposits, amounting to a significant buffer, ensuring stability during market downturns [2][3]. Group 3: Investor Relations and Communication - The company emphasizes high-quality information disclosure, maintaining an A-level rating in information disclosure evaluation by the Shanghai Stock Exchange, and actively engages with investors through various communication channels [3][5]. - The company has initiated a share repurchase plan, buying back 15,323 shares at an average price of 18.79 yuan/share, totaling approximately 290,753.82 yuan, to enhance investor confidence and provide long-term returns [5][6]. Group 4: Commitment to Sustainability and Social Responsibility - The company adheres to a sustainable development philosophy, promoting green operations and environmental protection initiatives, while also focusing on rural revitalization and ecological protection [6]. - The company has established a three-pronged approach in its production bases in Xinjiang and Inner Mongolia, integrating industry support, ecological revitalization, and employee participation to effectively connect poverty alleviation efforts with rural revitalization strategies [6].

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].