Recently, the three announcements of Daqo Energy (688303.) Are put together to show the combined actions of a leading polysilicon enterprise to actively adjust the operation rhythm, prudently revalue the assets, optimize the capital structure and maintain the return of shareholders during the industry downturn.
On the surface, the company's net profit in the first quarter was -8. However, further disassembly shows that most of the performance pressure in the current period is due to inventory depreciation reserve. The company's announcement shows that the provision for inventory impairment in the first quarter is 685 million yuan . The impact on the total profit of the consolidated statement is about 681 million yuan ; If we make an approximate reduction from the income statement, after excluding the impact of this impairment, the net profit of the current period is about -1.
What's more, the company has no interest-bearing liabilities 
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Flush By the end of 2025, The company holds 4.53 billion yuan of monetary capital , 7.03 billion yuan of time deposits , 720 million yuan of negotiable certificates of deposit , The bank acceptance bill is 950 million yuan , and the total capital reserve is about 132.
For upstream silicon enterprises, the most important test at the bottom of the cycle is not the single-quarter profit. It is the resilience of the balance sheet. The continuous decline of asset-liability ratio, no interest-bearing liabilities and sufficient capital reserves mean that the company has more room to move in the low price and the seesaw of supply and demand. Before the industry liquidation is completed, the core of enterprise competition is cost, cash flow and endurance. Also
noteworthy is the "unit cost 88" disclosed in the financial report. According to the relevant industry sources, there is no significant fluctuation in the actual manufacturing cost of Daqo energy production. The data listed in the financial report is not a sharp rise in manufacturing costs in the production sector, but a result based on the calculation of sales caliber.
Although the company's polysilicon output in the first quarter was 43,400 tons, an increase of 74% over the same period last year, the unit cost was calculated by the sales caliber in the financial report, and the sales volume in the first quarter was 0.
in the case of intensified price game and weak downstream demand, insisting on not selling below cost price will sacrifice revenue scale and sales performance in the short term. However, it helps to avoid the industry continuing to fall into the vicious circle of "selling more and losing more".The core contradiction of the
photovoltaic industry is that the long-term demand is still growing, while the short-term supply is seriously excessive. Data from the National Energy Administration show that in the first quarter of 2026, 41.19 million kilowatts of photovoltaic power were added to the grid, and by the end of March, the installed capacity of photovoltaic power generation reached 1.240 billion kilowatts, an increase of 31.20% over the same period last year; The cumulative photovoltaic power generation was 275.90 billion kWh, an increase of 18. This shows that the terminal
Daquan Energy insists on selling at no less than cost price, sacrificing the scale of statements in the short run and participating in the reconstruction of industry order with the financial discipline of leading enterprises in the long run.
Inventory impairment should also be viewed within this framework. Provision made by the Company in the first quarter 6. If the inventories with provision for impairment are sold in the future, such losses may still be reversed, which has been reversed in the first quarter 333. The announcement of the Company clearly States that the provision will not affect the normal operation, and the final data is still subject to the annual audit confirmation results.
Buyback cancellation releases another layer of signals. The company intends to repurchase 1276 shares in the special securities account. After the cancellation, the total share capital of the company will be reduced from 2.145 billion shares to 21. This is aimed at safeguarding the interests of investors and enhancing investor confidence. After the cancellation, it is conducive to increasing earnings per share and improving shareholders'return on investment. It will not affect the ability to perform debts and continue to operate .
the company still has the ability to respond to market concerns through capital structure management on the basis of continuous decline in asset-liability ratio, no interest-bearing liabilities and relatively sufficient funds. For cyclical stocks, whether management is willing to buy back and cancel shares at the undervalued stage is itself an expression of long-term value.
Overall, the first quarterly report of Daqo Energy is not easy, but the pressure is still in a controllable range . The periodic performance pressure was mainly affected by the decline in sales volume, the decline in price and the impairment of inventories. The unit cost of sales was disturbed by the factors of sales volume and apportionment, and the real manufacturing cost was basically similar to the previous one.
. For Daqo Energy, it is more important to support the direction of anti-involution and anti-price war in the industry, resolutely avoid selling below cost price, and maintain the healthy clearance of the industrial chain with financial discipline. The cycle trough is often cold, but the real leader usually opens the gap in the trough.
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