大全新能源 (DQ) 2025 Q4 法說會逐字稿

Good day, and welcome to the Daqo Energy New (sic - Daqo New Energy) fourth-quarter 2025 results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加大新能源2025年第四季業績電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Jesse Zhao, Investor Relations Director. Please go ahead.

現在我將把會議交給投資者關係總監趙傑西先生。請繼續。

Hello, everyone. I'm Jessie Zhao, the Investor Relations Director of Daqo New Energy. Thank you for joining our conference call today. Daqo New Energy just issued its financial results for the fourth quarter of 2025, which can be found on our website at www.dqsolar.com.

大家好。我是大全新能源投資者關係總監趙潔。感謝您今天參加我們的電話會議。大奇新能源剛剛發布了 2025 年第四季的財務業績，詳情請瀏覽我們的網站 www.dqsolar.com。

Today, attending the conference call, we have our Deputy CEO, Ms. Anita Xu; our CFO, Mr. Ming Yang; and myself. Our Chairman and CEO, Mr. Xiang Xu, is on a business trip now. So Ms. Anita Xu will deliver our management remarks on behalf of Mr. Xu.

今天參加電話會議的有：我們的副執行長徐安妮塔女士；我們的財務長楊明先生；以及我本人。我們的董事長兼執行長徐翔先生目前正在出差。因此，徐安妮塔女士將代表徐先生發表管理層演講。

Today's call will begin with an update from Ms. Xu on market conditions and company operations. And then, Mr. Yang will discuss the company's financial performance for the quarter. After that, we will open the floor to Q&A from the audience.

今天的電話會議將首先由徐女士介紹市場狀況和公司營運。接下來，楊先生將討論公司本季的財務表現。之後，我們將開放觀眾提問環節。

Before we begin the formal remarks, I would like to remind you that certain statements on today's call, including expected future operational and financial performance and industry growth, are forward-looking statements that are made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements involve inherent risks and uncertainties.

在正式發言之前，我想提醒各位，今天電話會議上的某些陳述，包括對未來營運和財務業績以及行業增長的預期，都是根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。這些聲明涉及固有的風險和不確定性。

A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in the reports or documents we have filed with or furnished to the Securities and Exchange Commission. These statements only reflect our current and preliminary view as of today and may be subject to change. Our ability to achieve these projections is subject to risks and uncertainties. All information provided in today's call is as of today, and we undertake no duty to update such information, except as required under applicable law.

許多因素可能導致實際結果與任何前瞻性聲明中包含的結果有重大差異。有關這些風險和其他風險的更多信息，請參閱我們向美國證券交易委員會提交或提供的報告或文件。這些聲明僅反映我們截至今日的初步觀點，可能會有所改變。我們實現這些預測的能力受到風險和不確定性的影響。本次電話會議中提供的所有資訊均截至今日，除適用法律要求外，我們不承擔更新此類資訊的義務。

Also, during the call, we will occasionally reference monetary amounts in US dollar terms. Please keep in mind that our functional currency is the Chinese RMB. We offer these translations into US dollars solely for the convenience of the audience.

此外，在通話過程中，我們偶爾會以美元提及金額。請注意，我們的功能貨幣是人民幣。我們提供這些美元譯本只是為了方便讀者。

Now, I will turn the call to our Deputy CEO, Ms. Anita Xu. Ms. Xu, please go ahead.

現在，我將把電話轉給我們的副執行長徐安妮女士。徐女士，請繼續。

Hello, everyone. This is Anita. Happy Year of the Horse, and I'll now deliver the remarks on behalf of our Chairman, Mr. Xu.

大家好。這是安妮塔。祝大家馬年快樂！現在我謹代表董事長徐先生致詞。

In 2025, China's Anti-Involution Initiative supported the solar PV industry's gradual emergence from a cyclical downturn. As a result, solar product market prices rebounded from the third quarter onward, with the polysilicon sector posting the most notable gains.

2025年，中國的反內捲化倡議支持太陽能光電產業逐步擺脫週期性低迷。因此，太陽能產品市場價格從第三季開始反彈，其中多晶矽產業漲幅最為顯著。

Following with this trend, our utilization rate increased from 33% in Q1 to 55% in Q4, bringing our annual production volume to 123,652 metric tons, in line with our guidance of 121,000 metric tons to 124,000 metric tons, representing a 39.7% year-over-year decrease from 205,068 metric tons in 2024. Furthermore, our 2025 sales volume reached 126,707 metric tons, exceeding production volume and reducing year-end inventory to a reasonable level.

順應這一趨勢，我們的產能利用率從第一季的 33% 提高到第四季度的 55%，使我們的年產量達到 123,652 公噸，符合我們 121,000 公噸至 124,000 公噸的指導目標，與 2024 年的 205%，同689%，同 689%。此外，我們 2025 年的銷售量達到 126,707 公噸，超過了生產量，並將年末庫存降低到合理水準。

In the second half of 2025, we strategically ramped up sales efforts to capitalize on favorable pricing dynamics. The strong market response highlighted growing customer confidence in our product quality and their continued preference for our brand in this new pricing environment. However, polysilicon ASPs decreased 7.2% from USD5.66 per kilogram in 2024 to USD5.25 per kilogram in 2025. This lower pricing combined with reduced sales volume resulted in revenue of USD665 million in 2025, compared to USD1 billion in 2024.

2025年下半年，我們策略性地加大了銷售力度，以利用有利的價格動態。強勁的市場反應凸顯了消費者對我們產品品質日益增長的信心，以及在新價格環境下他們對我們品牌的持續偏好。然而，多晶矽的平均售價從 2024 年的每公斤 5.66 美元下降到 2025 年的每公斤 5.25 美元，下降 7.2%。較低的定價加上銷售的減少，導致 2025 年的收入為 6.65 億美元，而 2024 年的收入為 10 億美元。

Despite the decline in our top line, we significantly narrowed our losses during the year as compared to 2024. In particular, EBITDA swung to a positive USD1.7 million in 2025, compared to a negative USD337.4 million in 2024, while net loss attributable to Daqo New Energy Corp., shareholders narrowed to USD170.5 million from USD345.2 million in 2024. Moreover, we generated USD56.1 million in positive operating cash flow in 2025, marking a notable debt turnaround from the USD435 million outflow recorded in 2024.

儘管我們的營收有所下降，但與 2024 年相比，我們今年的虧損額大幅減少。具體而言，2025 年 EBITDA 由 2024 年的負 3.374 億美元轉為正 170 萬美元，而歸屬於大新能源股份有限公司股東的淨虧損從 2024 年的 3.452 億美元收窄至 2025 年的 1.705 億美元。此外，我們在 2025 年產生了 5,610 萬美元的正經營現金流，與 2024 年記錄的 4.35 億美元債務流出相比，債務狀況發生了顯著改善。

We continued to maintain a strong balance sheet and ample cash reserves. At the end of 2025, we had a cash balance of USD980 million, short-term investments of USD114 million, bank notes receivable of USD136 million, and a fixed-term bank deposit balance of USD1 billion. In total, these highly liquid assets stood at USD2.27 billion, representing an increase of USD57 million compared to the end of the previous quarter. This solid financial foundation provides us with confidence and strategic flexibility to navigate the ongoing market recovery and capitalize on long-term opportunities.

我們繼續保持穩健的資產負債表和充足的現金儲備。截至 2025 年底，我們擁有現金餘額 9.8 億美元，短期投資 1.14 億美元，銀行應收票據 1.36 億美元，定期銀行存款餘額 10 億美元。這些高流動性資產總額為 22.7 億美元，比上一季末增加了 5,700 萬美元。穩固的財務基礎使我們有信心和戰略靈活性來應對持續的市場復甦，並掌握長期機會。

Operationally, we continued to implement proactive measures in the fourth quarter to mitigate market oversupply, including operating at a nameplate capacity utilization rate of 55%. Total polysilicon production for the fourth quarter was 42,181 metric tons, in line with our guidance range of 39,500 to 42,500 metric tons. And our sales volume for the quarter reached 38,167 metric tons.

在營運方面，我們在第四季度繼續採取積極措施來緩解市場供應過剩，包括以 55% 的名義產能利用率營運。第四季多晶矽總產量為 42,181 公噸，符合我們先前 39,500 至 42,500 公噸的預期範圍。本季我們的銷售量達到 38,167 公噸。

In addition, we comprehensively reduced our production costs through process improvements, manufacturing efficiency gains, and raw material cost optimization. Extending our ongoing cost reduction initiative, total production costs declined by 9% to USD5.83 per kilogram in Q4 2025 from USD6.38 per kilogram in Q3 2025. Total idle facility-related costs, which consists primarily of non-cash depreciation expenses, alongside approximately USD0.1 per kilogram in cash costs for maintenance, also fell to USD0.74 per kilogram in Q4 from USD1.18 per kilogram in Q3, driven by higher production levels.

此外，我們透過製程改善、提高生產效率和優化原料成本，全面降低了生產成本。為進一步推進成本削減計劃，2025 年第四季總生產成本較 2025 年第三季的每公斤 6.38 美元下降了 9%，至每公斤 5.83 美元。閒置設施相關總成本（主要包括非現金折舊費用，以及每公斤約 0.1 美元的現金維護成本）也從第三季的每公斤 1.18 美元降至第四季的每公斤 0.74 美元，這主要得益於產量的提高。

Notably, cash costs decreased by 2% from USD4.54 per kilogram in Q3 to a new record low of USD4.46 per kilogram in Q4. In light of current market conditions, we expect our total polysilicon production volume in the first quarter of 2026 to be approximately 35,000 metric tons to 40,000 metric tons and our full-year 2026 production volume to be in the range of 140,000 metric tons to 170,000 metric tons.

值得注意的是，現金成本從第三季的每公斤 4.54 美元下降了 2%，第四季創下每公斤 4.46 美元的新低點。鑑於目前的市場狀況，我們預計 2026 年第一季多晶矽總產量約為 35,000 公噸至 40,000 公噸，2026 年全年產量將在 140,000 公噸至 170,000 公噸之間。

Chinese authorities demonstrated strong resolve in tackling irrational competition and industry overcapacities, formally designating Anti-Involution as a national priority within China's 15th Five-Year Plan, and the solar PV industry was a key focus of these efforts. These initiatives have driven a structural shift from price-based competition to value-driven differentiation.

中國政府展現了打擊非理性競爭和產業產能過剩的堅定決心，正式將反產業內捲列為中國「十五」規劃中的國家優先事項，而太陽能光電產業是這些努力的重點。這些措施推動了從價格競爭轉變為價值差異化競爭的結構性。

To advance industry governance, authorities deployed targeted measures, including standards guidance, quality supervision, price enforcement, and promotion of technological progress. Specifically, this involved updating legislative frameworks, such as a revised Anti-Unfair Competition Law and the draft amendment to the Price Law, which mandate that sales shall not be below cost.

為推動產業治理，相關部門採取了有針對性的措施，包括標準指導、品質監管、價格執法和促進技術進步。具體而言，這涉及更新立法框架，例如修訂後的《反不正當競爭法》和《價格法》修正案草案，其中規定銷售價格不得低於成本。

Furthermore, a new mandatory national standard was drafted to set strict energy consumption limits for polysilicon production on a per-unit basis. Led by the China Photovoltaic Industry Association, major polysilicon manufacturers have proactively responded to these initiatives, enforcing self-discipline and exploring innovative market-oriented approaches to combat excess capacity and pricing violations.

此外，也制定了一項新的強制性國家標準，對多晶矽生產的單位能耗設定了嚴格的限制。在中國光電產業協會的領導下，主要多晶矽生產商積極響應這些倡議，加強自律，探索創新的市場導向方法來應對產能過剩和價格違規問題。

These coordinated efforts have yielded measurable results in curbing overcapacity. The overall production volume fell by 28.4% to 1.32 million metric tons in 2025, and market prices surged more than 50% from the mid- 2025 lows to RMB50 to RMB56 per kilogram by year-end. Looking ahead, we expect Anti-Involution Initiative will remain a central theme for the solar PV industry, supporting a more balanced supply and demand dynamic and driving higher-quality growth through 2026.

這些協調一致的努力在遏制產能過剩方面取得了可衡量的成果。2025 年總產量下降 28.4% 至 132 萬噸，市場價格從 2025 年年中的低點上漲 50% 以上，到年底達到每公斤 50 元至 56 元。展望未來，我們預期反內捲化倡議仍將是太陽能光電產業的核心主題，支持更平衡的供需動態，並在 2026 年之前推動更高品質的成長。

More broadly, the solar PV industry continues to exhibit compelling long-term growth prospects. In 2025, China's newly installed solar PV capacity grew 14% year over year to 317 gigawatts, setting yet another record high and proving that market potential continues to exceed expectations. As the global AI industry scales rapidly, space-based solar power is increasingly viewed as a vital solution to the immense and expanding energy demands of AI data centers, creating a significant new growth engine for the sector.

更廣泛地說，太陽能光電產業持續展現出令人矚目的長期成長前景。2025年，中國新增光電裝置容量年增14%，達317吉瓦，再創歷史新高，證明市場潛力持續超出預期。隨著全球人工智慧產業的快速發展，太空太陽能發電日益被視為滿足人工智慧資料中心龐大且不斷增長的能源需求的關鍵解決方案，為該產業創造了重要的全新成長引擎。

Looking ahead, as one of the world's lowest-cost producers of the highest-quality N-type polysilicon, with a strong balance sheet and no debt, we remain optimistic about the sector and believe we're ideally positioned to capitalize on the market recovery and these long-term growth opportunities. We will continue to strengthen our competitive edge through advancements in high-efficiency N-type technology and cost optimization via digital transformation and AI adoption. As the world accelerates its transition to clean energy, we are confident in our ability to play a leading role in powering the future.

展望未來，作為全球成本最低、品質最高的 N 型多晶矽生產商之一，我們擁有強勁的資產負債表且無債務，我們對該行業保持樂觀，並相信我們已做好充分準備，能夠把握市場復甦和這些長期增長機會。我們將繼續透過推動高效N型技術以及透過數位轉型和人工智慧的應用實現成本優化，從而增強我們的競爭優勢。隨著世界加速向清潔能源轉型，我們有信心在未來能源發展中發揮領導作用。

Now, I'll turn the call to our CFO, Mr. Ming Yang, who will discuss the company's financial performance for the quarter. Ming, please go ahead.

現在，我將把電話轉給我們的財務長楊明先生，他將討論公司本季的財務表現。明，請繼續。

Thank you, Anita, and hello everyone. This is Ming Yang, CFO of Daku New Energy.

謝謝你，安妮塔，大家好。這是大庫新能源的財務長楊明。

We appreciate you joining our earnings conference call today.

感謝您今天參加我們的財報電話會議。

I will now go over the company's 4th quarter 2025 financial performance.

接下來我將介紹公司 2025 年第四季的財務表現。

Revenues were 221.7 million compared to 244.6 million in the third quarter of 2025 and 195.4 million in the fourth quarter of 2024.

營收為 2.217 億美元，而 2025 年第三季為 2.446 億美元，2024 年第四季為 1.954 億美元。

The decrease in revenue compared to the 3rd quarter of 2025 was primarily due to a decrease in sales volume.

與 2025 年第三季相比，收入下降主要是因為銷售量下降。

Gross profit was 15.4 million compared to 9.7 million in the third quarter of 2025, and gross loss of 65.3 million in the fourth quarter of 2024.

毛利為 1,540 萬，而 2025 年第三季為 970 萬；2024 年第四季毛虧損為 6,530 萬。

Gross margin was 7% compared to 3.9% in the third quarter of 2025 and 33% in the fourth quarter of 2024.

毛利率為 7%，而 2025 年第三季為 3.9%，2024 年第四季為 33%。

The increase in growth margin compared to the third quarter of 2025 was primarily, due to the decrease in production costs.

與 2025 年第三季相比，成長利潤率的提高主要是由於生產成本的下降。

So in general and administrative expenses were 18.7 million compared to $32.3 million in the third quarter of 2025 and $29.4 million in the fourth quarter of 2024.

因此，一般及行政費用為 1,870 萬美元，而 2025 年第三季為 3,230 萬美元，2024 年第四季為 2,940 萬美元。

The decrease was primarily due to the reduction in non cashier based compensation costs related to the company's share incentive plan, which was zero for the fourth quarter and 18.6 million.

下降的主要原因是與公司股份激勵計劃相關的非出納員薪酬成本減少，第四季度為零，而第四季度為 1860 萬美元。

Now in the so it's quarter 2025.

現在是2025年第一季。

The company recognized $19.3 million in non-cash expense related to allowance for credit loss in the fourth quarter, mainly due to the uncertainty regarding the recoverability of long outstanding other receivables. And let me give a little more color on this. But during the early development stage of the company's Inner Mongolia Polysilicon project. Funds were lent to a local government affiliated industrial park development entity for supporting the infrastructure building and development of our Inner Mongolia Polysilicon site.

該公司第四季度確認了 1,930 萬美元的非現金支出，與信貸損失準備金有關，主要原因是長期未收回的其他應收款項的可收回性存在不確定性。讓我再補充一些細節。但在公司內蒙古多晶矽專案的早期開發階段。我們向當地政府下屬的工業園區開發實體提供了貸款，用於支持我們在內蒙古的多晶矽廠址的基礎設施建設和開發。

The local government affiliated entity will repay these funds later. However, due to an industry downturn that resulted in insufficient local tax revenue, the repayment has been delayed. As a result, we recorded an allowance for credit loss due to the delayed repayment of these funds.

當地政府附屬機構稍後將償還這些資金。然而，由於行業低迷導致地方稅收不足，還款被推遲了。因此，我們提列了因延遲償還這些資金而導致的信用損失準備金。

All amounts due has been deserved, then we do not expect any future related allowance for credit loss.

如果所有應付款項均已支付，則我們預計未來不會產生任何相關的信用損失準備金。

R&D expenses were 0.7 million compared to $0.6 million in the third quarter of 2025 and $0.4 million in the fourth quarter of 2024. R&D expenses can vary from peer to peer and reflect R&D activities that take place during the quarter.

研發費用為 70 萬美元，而 2025 年第三季為 60 萬美元，2024 年第四季為 40 萬美元。研發費用因公司而異，反映了當季進行的研發活動。

As a result, the foregoing lost on operations was 20.9 million compared to 20.3 million in the third quarter of 2025 and 300 million in the fourth quarter of 2024.

因此，上述營運虧損為 2,090 萬，而 2025 年第三季為 2,030 萬，2024 年第四季為 3 億。

Operating margin was 9.4% compared to 8.3% in the third quarter of 2025 and 154% in the fourth quarter of 2024.

營業利益率為 9.4%，而 2025 年第三季為 8.3%，2024 年第四季為 154%。

Net loss attributable to Dakonnergy shareholders was 7.3 million compared to 14.9 million in the third quarter of 2025 and 180 million in the fourth quarter of 2024.

歸屬於 Dakonnergy 股東的淨虧損為 730 萬，而 2025 年第三季為 1,490 萬，2024 年第四季為 1.8 億。

Loss per basic ADS was $0.11 compared to $0.22 in the third quarter of 2025 and $2.71 in the fourth quarter of 2024.

每股基本 ADS 虧損 0.11 美元，而 2025 年第三季虧損 0.22 美元，2024 年第四季虧損 2.71 美元。

Adjusted net loss attributable to Dakon Energy shareholders, excluding non-cashier based compensation costs was 7.3 million compared to adjusted net income attributable to Dakonnergy Corp shareholders of 3.7 million in the third quarter of 2025, and adjusted net loss.

歸屬於 Dakon Energy 股東的調整後淨虧損（不包括非現金支付的薪酬成本）為 730 萬美元，而 2025 年第三季歸屬於 Dakonnergy Corp 股東的調整後淨利潤為 370 萬美元，調整後淨虧損為 730 萬美元。

The 20 shareholders of $170.6 million in the fourth quarter of 2024.

2024 年第四季度，20 位股東共獲得 1.706 億美元。

Adjusted loss per basic ADS was $0.11 compared to adjusted earnings per basic ADS of $0.05 in the third quarter of 2025. Adjusted loss per basic ADS of $2.56 in the fourth quarter of 2024.

2025 年第三季度，經調整後每份基本 ADS 虧損 0.11 美元，而經調整後每份基本 ADS 收益為 0.05 美元。2024 年第四季度，經調整後每份基本 ADS 虧損 2.56 美元。

Lipi was 52 million compared to 45.8 million in the third quarter of 2025 and 235 million in the fourth quarter of 2024.

Lipi 為 5,200 萬，而 2025 年第三季為 4,580 萬，2024 年第四季為 2.35 億。

If the margin was 23.7% compared to 18.7% in the third quarter of 2025, then 120% in the fourth quarter of 2024.

如果 2025 年第三季的利潤率為 23.7%，而 2024 年第四季的利潤率為 120%。

Now I will go over the company's full year 2025 financial results.

接下來我將介紹公司 2025 年全年的財務表現。

Revenues were 665 million compared to 1.03 billion in 2024. The decrease was primarily due to lower sales volume, as well as lower prices and average selling prices. Gross loss was 137.9 million compared to 212.9 million in 2024.

2024 年的收入為 6.65 億美元，而預計為 10.3 億美元。下降的主要原因是銷售量下降，以及價格和平均售價下降。2024 年的總虧損為 1.379 億，而 2024 年的總虧損為 2.129 億。

Growth margin was 20.7% compared to 20.7% in 2024.

成長率為 20.7%，與 2024 年的成長率相同。

The decrease in gross loss was primarily due to lower revenue.

毛虧損減少主要是因為收入下降。

SG&A expenses were 118.2 million compared to 143 million in 2024. The decrease was primarily due to the reduction in non cash share based compensation costs related to the company's share incentive plan.

銷售、一般及行政費用為 1.182 億英鎊，而 2024 年為 1.43 億英鎊。下降的主要原因是公司股權激勵計劃相關的非現金股權激勵成本減少。

Which was 55.8 million and 72.4 million in 2025 and 2024 respectively.

2025 年和 2024 年分別為 5,580 萬和 7,240 萬。

R&D expenses were 2.6 million compared to 4.6 million in 2024. And the expenses reflect R&D activities that take place during the period.

研發費用為 260 萬，而 2024 年將達到 460 萬。這些費用反映了該期間進行的研發活動。

The result of the foregoing loss of operations was 270 million compared to 564 million in 2024. Operating margin was 40.6% compared to 54.8% in 2024.

上述營運損失導致2024年虧損2.7億，而2024年虧損額為5.64億。營業利益率為 40.6%，而 2024 年的營業利益率為 54.8%。

Net interest income was 9 million compared to 30.2 million in 2024. The decrease in interest income was due to lower cash bank balance as well as lower bank interest rate. In addition to the interest income, the company did record 24.1 million in gain on short-term investment for 2025 related to the purchase of bank short-term investment products.

淨利息收入為900萬，而2024年則為3020萬。利息收入減少是由於銀行現金餘額減少以及銀行利率下降所致。除了利息收入外，該公司還記錄了與購買銀行短期投資產品相關的 2025 年短期投資收益 2,410 萬。

The loss attributable to Dakon New Energy Corp shareholders was $170.5 million compared to $245 million in 2024. Loss per basic ADS was $2.53 compared to $5.22 in 2024.

歸屬於 Dakon New Energy Corp 股東的損失為 1.705 億美元，而 2024 年則為 2.45 億美元。每份基本 ADS 的虧損為 2.53 美元，而 2024 年則為 5.22 美元。

Assisted net loss to Dacon Energy shareholders was 114.7 million compared to $272 million in 2024. Adjusted loss per basic ADS was $1.70 compared to $4.12 in 2024.

預計 2024 年 Dacon Energy 股東的淨虧損為 1.147 億美元，而預計為 2.72 億美元。經過調整後，每份基本 ADS 的虧損為 1.70 美元，而 2024 年則為 4.12 美元。

EBITDA was 1.7 million compared to 33737 million in 2024. IDA margin was 0.3% compared to 32.8% in 2024. Now on the company's financial condition.

2024 年的 EBITDA 為 170 萬，而 2024 年則為 337.37 億。IDA利潤率為0.3%，而2024年則為32.8%。現在來說說公司的財務狀況。

As of December 31, 2025, the company had $980 million in cash equivalent and restricted cash compared to 551.6 million since September 30th, 2025 and 1.04 billion as of December 31, 2024.

截至 2025 年 12 月 31 日，該公司擁有 9.8 億美元的現金等價物和受限現金，而截至 2025 年 9 月 30 日為 5.516 億美元，截至 2024 年 12 月 31 日為 10.4 億美元。

And as of December 31st, 2025, short-term investment was 114 million compared to 31 million as of September 30th.

截至 2025 年 12 月 31 日，短期投資額為 1.14 億美元，截至 9 月 30 日為 3,100 萬美元。

2025 and 9.6 of December 31, 2024.

2025 年 9 月 6 日及 2024 年 12 月 31 日。

And as of December 31, 2025, no receivable balance was 135.5 million compared to 15, 157 million as of September 30, 2025 and 55.2 million as of December 31, 2024.

截至 2025 年 12 月 31 日，應收帳款餘額為 1.355 億，而截至 2025 年 9 月 30 日為 151.57 億，截至 2024 年 12 月 31 日為 5,520 萬。

No receivables represents bank notes with maturity within 6 months.

無應收帳款指6個月內到期的銀行票據。

As of December 31, 2025, a balance of 6 deposited within one year was 972.4 million compared to 1, 03 billion as of September 30th, 2025 and 1.08 as of December 31st.

截至 2025 年 12 月 31 日，一年內存入的 6 筆款項餘額為 9.724 億，而截至 2025 年 9 月 30 日為 10.3 億，截至 12 月 31 日為 10.8 億。

2024.

2024年。

Now on the company's cash flow.

現在來說說公司的現金流。

For the 12 months ended December 31, 2025, Netcash provided operating activities with 56.1 million compared to net cash used in operating activities of 435 million in the same period of 2024.

截至 2025 年 12 月 31 日的 12 個月內，淨現金流為經營活動提供了 5,610 萬，而 2024 年同期經營活動使用的淨現金為 4.35 億。

And for the 12 months end of December 3, 31st, 125, net cash used in investment activities was 140.7 million compared to 1.48 billion in the same period of 2024. The net cash used in investment activities in 2025 includes 179.5 million for the purchase of property, plants and equipment. Primarily related to the remaining capital expenditures of the company Inner Mongolia Posilon project.

截至 2012 年 12 月 3 日、31 日的 12 個月內，投資活動使用的淨現金為 1.407 億，而 2024 年同期為 14.8 億。2025 年投資活動所使用的淨現金包括用於購買物業、廠房和設備的 1.795 億。主要與公司內蒙古波西隆專案的剩餘資本支出有關。

For the year 2026, the company currently expects approximately 100 to $150 million of capital expenditures for the year.

該公司目前預計 2026 年的資本支出約為 1 億至 1.5 億美元。

Primarily related to the remaining payments for the Inner Mongolia project as well as maintenance.

主要與內蒙古項目剩餘款項及維護費用有關。

For the 12 months ended December 31, 2025, net cash using finance activities was 0.9 million compared to 47.4 million in the same period of 2024. The net cash using this finance activity in 2025 was related to 0.9 million in, stock repurchases made by the company's subsidiary Xinjiang Daco to its minority shareholders.

截至 2025 年 12 月 31 日的 12 個月內，使用融資活動的淨現金為 0.9 百萬，而 2024 年同期為 47.4 百萬。2025 年利用此融資活動所獲得的淨現金與公司子公司新疆達科向少數股東回購股票的 0.9 百萬有關。

And that concludes our prepared remarks. We will now open the call to Q&A from the audience. Operator, please begin.

我們的發言稿到此結束。現在我們將開放觀眾提問環節。操作員，請開始。

(Operator Instructions) Alan Hon, JPMorgan.

（操作說明）Alan Hon，摩根大通。

Thank you management for taking my questions and it's great to see like a recovery for the company. I mean, I have like, the first question I have is regarding like a potential buyback because like it's great to see we are finally generating operating positive operating cash flow for the full year last year and in in this sort of environment, like how should we think about like a buyback strategy.

感謝管理層回答我的問題，很高興看到公司出現復甦跡象。我的意思是，我的第一個問題是關於潛在的股票回購，因為很高興看到我們去年終於實現了全年正的經營現金流，在這種環境下，我們應該如何考慮股票回購策略？

Thank you, Alan, for raising the question. So, first, I would say that share repurchase is absolutely a topic that we'll be monitoring closely as part of our, capital allocation strategy. And we're taking a more prudent and informed approach, especially given the, evolving landscape around China's, anti-evolution policies in the solar sector. Well, we definitely see Tremendous value and in terms of valuing our shares, especially amid the current market dynamics. We believe it's essential to wait for more clarity on the policy implementation and also the outcomes before proceeding. Well, we believe that this wait and see plan would allow us to optimize the timing and also the impact of the repurchase program better.

謝謝你，艾倫，提出這個問題。首先，我想說，股票回購絕對是我們將密切關注的議題，也是我們資本配置策略的一部分。鑑於中國在太陽能領域反變革政策的不斷演變，我們正在採取更謹慎和明智的方法。嗯，我們確實看到了巨大的價值，尤其是在當前市場動態下，我們的股票估值非常高。我們認為，在進一步明確政策實施情況和結果之前，必須等待。我們認為，這種觀望計畫能讓我們更能優化回購計畫的時機和影響。

Mm thank you. And my next question is on the policy outlook, I guess we are aware that like a consultation platform was formed in December soon after, followed by like antitrust, I mean, questions by some of the regulators. I mean, can you give us like a color, I mean Do you think how the industry consolidation would happen? I mean, should we just like, discount the consolidation from the moment, or how should we think about that? And also, I just noticed like one of your peers has just conducted like M&A, I mean, on buying out some of the small plays. I mean, is that part of your strategy as well?

嗯，謝謝。我的下一個問題是關於政策前景的，我想我們都知道，在 12 月之後不久就成立了一個諮詢平台，隨後一些監管機構提出了反壟斷方面的問題。我的意思是，你能給我們描述一下嗎？例如，你認為產業整合會如何發生？我的意思是，我們應該從一開始就忽略整合嗎？還是該如何看待這個問題？另外，我注意到你們的一位同行最近進行了併購，我是說，收購了一些小型企業。我的意思是，這也是你們策略的一部分嗎？

Yeah, thank you, Alan. Maybe I'll answer it. I'll answer the question of the recent acquisition by our peers. First, and then move on to the anti-evolution dynamics. So, I would say that we see this as the individual players' strategic decision, especially, reflecting their confidence in the sector's future and also their determination to further strengthen their competitive positioning.

謝謝你，艾倫。或許我會回答這個問題。我將回答有關我們同行最近收購的問題。首先，然後再討論反演化動力學。因此，我認為這是我們個人所做的策略決策，尤其反映了他們對產業未來的信心，以及他們進一步加強自身競爭地位的決心。

For us, I would say we are completely open minded toward opportunities that could create value for the industry and also for our shareholders, and we do view such transactions as constructive that would drive the market consolidation, the national anti-evolution. Policy is designed to achieve, and direct acquisition or consolidation via the SPV that you mentioned are both forms toward, achieving the same goal essentially shifting toward a more, rational and a more efficient industry structure, something that we strongly support. That being said, I just want to reiterate that, the anti evolution is Designated as a national priority within China's next five-year plan and as one of the major players in industries, we are determined to address the overcapacity challenge, which we believe would ultimately become a value-driven game by innovations and also technological progresses instead of the current price-based competition. And lead to a more healthier and more sustainable industry.

就我們而言，我認為我們對能夠為行業和股東創造價值的機會持完全開放的態度，並且我們認為此類交易具有建設性意義，能夠推動市場整合，促進國家逆發展。政策旨在實現，而您提到的透過特殊目的公司進行的直接收購或整合都是實現同一目標的途徑，本質上都是朝著更加理性、更加高效的行業結構轉變，我們對此表示強烈支持。話雖如此，我只想重申，逆向發展已被列為中國下一個五年計劃的國家優先事項，作為行業主要參與者之一，我們決心應對產能過剩的挑戰，我們相信，這最終將演變為一場由創新和技術進步驅動的價值驅動型競爭，而不是目前基於價格的競爭。並最終打造一個更健康、更永續的產業。

And indeed, the SPV for consolidation that many of you might be aware was successfully established by the end of 2025 in December, which marks the first step and also signaling, our resolve to collaboratively tackle the overcapacity issue, but, of course it's not an easy task with lots of back and forth within the.

事實上，許多人可能已經知道，為整合而成立的特殊目的實體（SPV）已於 2025 年 12 月底成功成立，這標誌著第一步，也表明了我們合作解決產能過剩問題的決心，但當然，這並非易事，需要內部進行大量的反复磋商。

Participants and also with the government entities, but I want to say that discussions are actively ongoing with a strong emphasis on maintaining a more market oriented approach to ensure that we meet the competition and we are abiding by the guidelines, the regulatory guidelines and to provide more color.

參與者以及政府機構都在積極討論此事，但我想說的是，討論仍在積極進行中，重點是保持更加市場化的方法，以確保我們能夠應對競爭，遵守指導方針和監管準則，並提供更多細節。

We will approach this in a more well-defined phases, potentially with initial investment injections anticipated in the near term, which would lay the foundation of the, financial stability and also we, from there we will gradually move towards the consolidation, allowing for more efficient resource allocation and enhanced operational synergies across the value chain.

我們將分階段推進這項工作，預計近期將注入初始投資，這將奠定財務穩定的基礎，然後我們將逐步推進整合，從而實現更高效的資源配置和整個價值鏈的增強營運協同效應。

And we believe that this structured progression will not only align with the current regulatory guidelines but also position our company and the industry at large for longer-term resilience and profitability, so we're quite optimistic about these developments.

我們相信，這種有條不紊的推進不僅符合當前的監管準則，而且還將使我們公司和整個行業在長期發展中保持韌性和盈利能力，因此我們對這些進展相當樂觀。

Okay, thank you, for your, answer, and with that, I'll pass it on.

好的，謝謝你的回答，我會把你的訊息轉達出去。

Thank you, Alan.

謝謝你，艾倫。

Phil Shen, Roth Capital Partners.

Phil Shen，Roth Capital Partners。

Hey guys, thanks for taking my questions. As a follow-up to that last, question, from Alan, I was wondering if you might be able to share, what are some of the key milestones that we should be looking for in the coming quarters, that show progress, on, the mandatory national standard, there's a draft, but when does that become implemented, for example.

各位好，感謝你們回答我的問題。作為對艾倫最後一個問題的後續，我想請您分享一下，在接下來的幾個季度裡，我們應該關注哪些關鍵里程碑，以顯示強制性國家標準的進展？目前有一個草案，但例如，它何時才能實施？

And then with the anti unfair competition law and the draft amendments to the price law, like what are the milestones that we should be following so that we can see the progress in the industry structure, as well as the competition or the.

然後，關於反不正當競爭法和價格法修正案草案，我們應該關注哪些里程碑，才能看到產業結構以及競爭的進展？

The industry consolidated.

產業整合完成。

Thank you.

謝謝。

Thank you, Phil. I would say because, there's not much information and there's a lack of clar clarity and transparency in the current dynamics, it's difficult for us to say.

謝謝你，菲爾。我認為，由於資訊不多，而且當前情況缺乏清晰性和透明度，所以我們很難妄下斷言。

Exactly what you might be monitoring because not a lot of details are released until the policies land but prices we definitely see a pricing recovery and as part of the price loss sales should not be below the industry level cost so that that's a positive side but.

這正是您可能正在關注的，因為在政策出台之前不會公佈太多細節，但價格方面我們確實看到價格回升，而且作為價格損失的一部分，銷售額不應低於行業水平成本，所以這是一個積極的方面。

Yeah, I would say We would have to be a bit more patient with the policies, as the conversations are still ongoing.

是的，我認為我們應該對這些政策更有耐心一些，因為相關討論仍在進行中。

Okay, got it.

好的，明白了。

Thank you. And then, so.

謝謝。然後，就是這樣。

So this is me, let me just quickly follow-up. So I think there's a very high level like government meeting coming up that we'll discuss the next 5 year plan. As part of that, I think there's a presentation by a key government agency on the progress of anti-evolution. So I think after the top level central government meeting, then I think more policies will come forward. So that's something to monitor.

我是這個人，讓我簡單補充一下。所以我認為接下來會召開非常高階的政府會議，我們將討論下一個五年計畫。作為其中的一部分，我認為某個重要的政府機構會就反進化論的進展進行報告。所以我認為，在中央政府高層會議之後，將會推出更多政策。所以這是需要關注的面向。

Okay, great. Okay, thanks Ming and then shifting over to the price outlook, I know there's not as much clarity on the milestones, for a policy, but, what, what's your assumption.

好的，太好了。好的，謝謝明。接下來談談價格前景，我知道政策的具體里程碑還沒有那麼清晰，但是，你的假設是什麼？

For, poly prices in Q1 and Q2, and if you have a view for the rest of the year, that would be great, thanks.

請提供第一季度和第二季度的聚合物價格信息，如果您對今年剩餘時間的價格走勢也有預測，那就太好了，謝謝。

Okay, so, like I just said, so, as part of the pricing law, like sales are not, should not be below the industry level cost, so I would say.

好的，就像我剛才說的，作為定價法的一部分，銷售額不應該低於行業成本水平，我是這麼認為的。

The lower bound will be at least 53, 54 MB per kilogram, and we would remain around that level for the coming quarters and it's hard for us to say what where prices would go in the coming quarters because that would essentially depends on.

下限至少為每公斤 53、54 MB，未來幾季價格將維持在這個水平附近，我們很難預測未來幾季的價格走勢，因為這主要取決於…

How the SPV would evolve and what will be the pace of the consolidation.

特殊目的公司將如何發展，以及整合的速度會如何。

Okay, got it and then for the things that you guys can control, costs were down.

好的，明白了。至於你們能控制的那些因素，成本確實下降了。

And hit a record low in Q4. How much do you think you can lower your cash costs, by the end of 26?

第四季跌至歷史新低。你認為到26年底，你的現金支出可以降低多少？

Thanks.

謝謝。

Hi Phil, this is Ming. So I think we continue to make progress on both production costs, and cash cost. I think this quarter we benefited from a lower energy price or cost towards additional manufacturing efficiencies. I think we should continue to benefit.

嗨，菲爾，我是明。所以我認為我們在生產成本和現金成本方面都持續取得了進展。我認為本季我們受益於較低的能源價格或成本，從而提高了生產效率。我認為我們應該繼續從中受益。

I do think that, I, for probably Q1 and Q2, we're likely to see similar task costs to the Q4 level and then with further reduction in the second half.

我認為，第一季和第二季度，任務成本可能會與第四季的水平相當，然後在下半年進一步下降。

Great, okay, all right, Ming, Anita, thank you very much. I'll pass it on.

太好了，好的，明，安妮塔，非常感謝。我會轉達的。

Great.

偉大的。

Thank you.

謝謝。

Thank you too.

謝謝你。

Alan Lau, Jefferies.

艾倫·劉，傑富瑞集團。

Thank, thanks for taking my question. I think, it's a follow-up on the previous, question.

謝謝您回答我的問題。我認為這是對前一個問題的後續。

Basically, it's intertwined, like, if the price you have mentioned, it should be above RMB50, so the question here is, but if the price is not allowed to up to above RMB60, then, what is the incentive here for acquiring others capacities like the plan before? I don't know like who was the thinking behind or or the ecosys will happen like what your peers are doing, basically each company, having a standalone basis or like I don't know like how the whole coordination versus the price is coordinated.

基本上，這是相互關聯的，例如，如果你提到的價格高於人民幣 50 元，那麼問題就在於，如果價格不允許高於人民幣 60 元，那麼，像以前那樣收購其他產能的動力是什麼呢？我不知道是誰在背後考慮，也不知道生態系統會像你的同行們那樣發展，基本上每家公司都是獨立運作的，或者我不知道整個協調過程與價格是如何協調的。

Sorry, can you repeat the question again? I don't think I caught all the questions.

不好意思，您能再說一次問題嗎？我覺得我沒聽完所有問題。

Yes, so, I mean, previously, the incentive to my understanding is that you, the remaining players can push prices above RMB60, and then I think there was some, the window guidance from the regulatory kind of, saying that you cannot control prices. So if The industry or the major players are still going to acquire the smaller players, but then you can't push up the prices. Then what is the point of acquiring smaller players and how do you expect the price outlook going forward because like if you couldn't make money, then why would you acquire anyone?

是的，我的意思是，據我了解，之前的激勵機制是，剩下的玩家可以將價格推高到人民幣 60 元以上，然後我認為監管機構也給出了一些指導意見，說你們不能控制價格。所以，如果產業或主要參與者仍然會收購較小的參與者，那麼你就無法推高價格。那麼收購規模較小的公司有什麼意義呢？你對未來的價格前景有何預期？如果不能賺錢，那為什麼要收購呢？

Like I said, I think it would have to be done in phases, right? So first step is that, You're not allowed to be selling below the cost, and then, gradually you would move on to the consolidation, and phasing out the excess and outdated capacity, and it's hard for us to say how high prices can go because, we want to focus on a more market oriented approach to achieving this.

正如我所說，我認為這必須分階段進行，對吧？所以第一步是，不允許低於成本價銷售，然後逐步進行整合，淘汰過剩和過時的產能，我們很難說價格能漲到多高，因為我們希望專注於以更市場化的方式實現這一目標。

So do you mean like the acquisition or, what will happen in phases which probably last for a longer time.

所以你指的是像收購那樣直接完成，還是指分階段進行、可能持續更長時間的過程？

Yeah, I would say it would have to be done over a couple years like it won't be done like.

是的，我認為這件事需要幾年時間才能完成，不可能一下子就完成。

All at once.

一下子。

I see. So, and, I, I've noticed that, prices actually have gone down a little bit recently from around RMB60 to 50-ish.

我懂了。所以，我注意到，最近價格實際上有所下降，從大約人民幣 60 元降到了 50 元左右。

I think futures price is below 50 already. So, like how, what do you expect the price in 1st year and second quarter?

我認為期貨價格已經低於50了。那麼，你預計第一年和第二季的價格會是多少？

I think they also touched upon the pricing outlook for the first half of 2026, and I would say it would be at least, around 5,354.

我認為他們也談到了 2026 年上半年的價格前景，我認為至少會在 5,354 左右。

Given that's roughly the industry level cost currently.

鑑於這大致是目前行業平均成本。

Yeah, and moving forward it will really depends on the pace of the consolidation.

是的，接下來的發展將真正取決於整合的速度。

And that will determine.

這將決定一切。

.

。

Understood. And then in 4Q, results, if I simply divide the revenue by the, sales volume, apparently the ASP seems to be lower than the spot prices. What if there's some delayed recognition, that might be delayed the first quarter and support prices in third quarters or like why was that, the revenue in 4 Q appears to be slightly lower than the spot prices.

明白了。然後，在第四季度業績中，如果我簡單地將收入除以銷售量，顯然平均售價似乎低於現貨價格。如果存在一些延遲確認的情況，例如第一季延遲確認，以及第三季支撐價格的情況，或者為什麼第四季的收入似乎略低於現貨價格，那該怎麼辦？

Do you mean that the HP and 4G was below the spot price?

你的意思是說，HP 和 4G 的價格低於現貨價格嗎？

Okay, I think.

好的，我想是的。

In Q4 the.

第四季。

The mix is such that because we were ramping up additional volume right of production and the initial batch of production from from that initial ramp up, I think it's consistent with our past experience that, the qualities, were not that great.

由於我們當時正在加大生產力度，而最初的一批產品也是從最初的增產階段開始生產的，因此，我認為這與我們過去的經驗一致，即產品品質並不理想。

Okay, so those actually you know had a market discount, right? I think it's maybe December that we kind of normalized in terms of, product quality. So it's that factor that led to a slightly lower ASP overall ASP.

好的，所以你知道，那些商品實際上都有市場折扣，對吧？我認為大概從 12 月開始，產品品質就趨於正常化了。所以正是這個因素導致了平均售價整體略微下降。

I so could.

我完全可以。

Investors understand this as a factor that would be normalized in the 1st quarter, meaning that even if the stock market prices are marginally lower, the ASP of the company will probably be.

投資人認為這是一個會在第一季恢復正常的因素，這意味著即使股票市場價格略有下降，公司的平均售價也可能會下降。

More flatish than the decline in stock prices.

比股價下跌幅度更平緩。

Yes, I think we would expect that, yeah.

是的，我想我們應該會預料到這一點。

Thank you. I think, my last question is on the, more broader, perspective from the industry. So, like, would you consider, any, acquisition? I, I've noticed that any time I've mentioned you're open-minded, but are you liaising with any other specific player already or it's still not on the schedule yet?

謝謝。我認為，我的最後一個問題是從行業更廣泛的角度來提出的。那麼，你們會考慮任何收購嗎？我注意到，每次我提到你思想開放時，你都表現得很開明。但是，你目前是否已經與其他特定球員接觸，還是還沒有安排相關事宜？

Oh, thank you Alan. So, like I mentioned, at the beginning, so I think that we are open minded toward these different opportunities either via acquisition or consolidation, but as part of the STDs, we're quite confident that we'll see something.

哦，謝謝你，艾倫。所以，就像我一開始提到的那樣，我認為我們對這些不同的機會持開放態度，無論是透過收購還是整合，但作為短期發展協議的一部分，我們相當有信心會看到一些成果。

Information in the coming in the near term or in the coming quarter so that would be our primary focus for now however in the worst case.

近期或下一季將有相關資訊公佈，因此這將是我們目前的主要關注點，但最糟的情況是…

Of course acquisition acquiring directly would also be.

當然，直接收購也是一種收購方式。

Something that we could consider.

我們可以考慮一下。

I see, thanks, I'll pass on.

我明白了，謝謝，我會的。

Thank you.

謝謝。

Great, thanks, Helen.

太好了，謝謝你，海倫。

The next question comes from Mangun with Goldman Sachs.

下一個問題來自高盛的芒根。

Yeah, hello. Thanks management for taking my question. To follow-up to, I have two follow-up questions. The first is regarding to our MA target. I heard Anita, you say you are an open-minded for the, acquisition opportunities. So, could you elaborate?

是的，你好。感謝管理層解答我的問題。此外，我還有兩個後續問題。首先是關於我們的移動平均線目標。我聽安妮塔說過，你對收購機會持開放態度。那麼，您能詳細說明一下嗎？

Here, like, is there any, market share, target, for us, like from 10+ to further higher in the future, and, what kind of capacity, do we perform more in terms of acquisition on our own? That's my first question.

這裡，例如，我們是否有市佔率目標，例如從 10% 以上到未來更高？我們在自主收購方面擁有怎樣的能力？這是我的第一個問題。

So, also, thank you, Moen. So first, I think we, first I would say that we are, comfortable with where we are right now given the current market dynamics because essentially, none of the players is operating at full utilization rate. Of course, in the future, like our peers, if we want to further strengthen our positioning by grasping more market share. We don't have a specific number in mind as to how much we want.

所以，也謝謝你，摩恩。首先，我認為，鑑於目前的市場動態，我們對目前的狀況感到滿意，因為基本上沒有一家公司以滿載運作。當然，未來，像我們的同行一樣，如果我們想透過獲得更多市場份額來進一步鞏固我們的地位。我們還沒有具體的想法，不知道想要多少。

To Where we want to be, but I would say.

到達我們想去的地方，但我想說的是。

If it's aligned with the national anti-evolution initiative, it's something that we would consider to do in the future.

如果它與國家反進化論倡議相一致，那麼將來我們會考慮這樣做。

Yeah, sure.

當然可以。

Thank you. So that's, that follows my second question. Can you help us to understand a bit more like, based on our conversation with government and with the leading industry players, how, we should define the success of the anti-evolution in the poly sector from here because in the past we saw the one poly price increased to above our OP, cost, and then that could concludes the success of the anti-evolution and, it seems, poly price continue increasing and so a bit bumpy, and also, there's, some, ongoing acquisitions. So, what shall we look forward to in terms of the future, anti-evolution progress and, when we can call it a successful complete anti-evolution in our, po sector.

謝謝。所以，這就是我的第二個問題。您能否幫助我們更深入地了解一下，例如，根據我們與政府和主要行業參與者的對話，我們應該如何定義聚合物領域反進化的成功？因為過去我們看到單一聚合物的價格上漲到高於我們的營運成本，然後這可能就意味著反進化的成功，但聚合物價格似乎仍在繼續上漲，所以有點波動，而且，還有一些正在進行的收購。那麼，在未來，我們該期待什麼呢？反進化過程會取得怎樣的進展？以及，我們何時才能稱得上是我們在 po 領域中成功實現的徹底反進化？

Thank you.

謝謝。

So I, first I think that, for For the NT and evolution initiative, it would extend over a number of years given that this round the Excess problem is very deep rooted, so the input capacity of including everything, is more than 3 million metric tons, which is more than double the demand of now, so I would say.

所以，首先我認為，對於 NT 和進化計劃而言，鑑於這一輪的過剩問題根深蒂固，它將持續數年，因此包括所有在內的投入能力超過 300 萬噸，是目前需求的兩倍多，所以我會這麼說。

Until the more outdated and smaller players exit and prices.

直到那些過時的、規模較小的玩家退出市場，價格才會下降。

Restored to a more healthier level so that the industry As a whole, becomes profitable to support the overall renewable energy.

恢復到更健康的水平，使整個產業能夠獲利，從而支持整體再生能源的發展。

The goal.

目標。

Yeah, that's when we would say the anti-evolution.

沒錯，那就是我們所說的反進化論。

Is completed.

已完成。

Thank you, Anita. So can we, understand, in this way like, the key target for the anti-evolution is to sustain the po price at over current level at least and then, to help facilitate our data capacity exit and that will take longer time than expected, but ultimately, the key target going forward is to take the smaller players and offline. Is that correct?

謝謝你，安妮塔。所以，我們可以這樣理解：反進化的關鍵目標是至少將 po 價格維持在當前水平以上，然後幫助我們實現數據容量退出，這將比預期花費更長的時間，但最終，未來的關鍵目標是讓規模較小的參與者下線。是這樣嗎？

Yeah, I would say that's the aim.

是的，我認為這就是我們的目標。

Sure. So the total, outdated capacity, to go offline is still around 1 million to 1.5 million homes. Is that right?

當然。因此，即使按照過時的數據，總的離線容量仍約為 100 萬至 150 萬戶家庭。是這樣嗎？

Yeah, that's about the number.

是的，差不多就是這個數字。

Sure, thank you so much. That's all for me.

當然，非常感謝。我就說這些了。

Okay, thank you.

好的，謝謝。

Gordon Johnson, GLJ Research.

Gordon Johnson，GLJ Research。

Hey guys, thanks for taking the question, really appreciate it. So I guess piggybacking off of a question that was touched on earlier, it seems like in the stock market, polysilicon prices, had surged and now they've come off, and specifically when I talk about the stock market, I'm talking about the futures market, and it also seems like, due to the policy changes in China. Demand has been, I think somewhat subdued. So can you give us an outlook on what your expectations are with the puts and takes around anti-evolution, what your outlook is on polysilicon prices, in the first quarter and maybe the second quarter, and I have a follow-up.

各位，謝謝你們回答這個問題，非常感謝。所以，我想藉用之前提到的一個問題，股市上多晶矽的價格似乎飆升，現在又回落了，具體來說，當我談到股市時，我指的是期貨市場，而且這似乎也是由於中國的政策變化造成的。我認為需求一直比較低迷。那麼，您能否展望一下您對反進化策略的看跌和看漲期權的預期，以及您對第一季乃至第二季多晶矽價格的展望？我還有一個後續問題。

Thank you.

謝謝。

Thank you, Gordon. So you're asking about, first, the futures market and also the pricing outlook for the 1st and second quarter.

謝謝你，戈登。所以您首先問的是期貨市場，其次是第一季和第二季的價格前景。

Yes, please.

好的，謝謝。

Okay, so for the price outlook, I already answered, Bill and also Alan's question, but, I can repeat it again. So for the 1st and second quarter for pricing as mandated by the pricing law, sales should not be below the industry level cost. So, I would say it should be at least 53, RMB54 per kilogram in the coming quarters and, for the futures market.

好的，關於價格前景，我已經回答了比爾和艾倫的問題，但我可以再重複一次。因此，根據定價法的規定，第一季和第二季的定價，銷售量不應低於行業水準成本。因此，我認為在接下來的幾個季度裡，期貨市場的價格至少應該達到每公斤53元至54元。

I would say it's an area, with the potential for risk management and also pricing, stability in our industry.

我認為這是一個具有風險管理潛力，並且能夠為我們行業帶來定價穩定性的領域。

And we do see participation in the futures market as an extension of the current sales strategy, offering the chance to hedge against volatility, and also to secure some profitable margins, but, similar to our approach, share repurchases. I would say I we are prioritizing policy clarity around the anti-evolution dynamics in China before diving in the futures market.

我們認為參與期貨市場是當前銷售策略的延伸，它提供了對沖波動性的機會，也提供了確保一些獲利利潤的機會，但與我們的方法類似，我們也會進行股票回購。我認為，在進入期貨市場之前，我們應該優先考慮明確中國反進化動態方面的政策。

We would definitely employ a more disciplined strategy in the future, a strategy gathering a more. Insights as the policies unfold to ensure that our involvement is strategic and also value creative.

未來我們一定會採取更嚴謹的策略，一種能更有效整合資源的策略。隨著政策的逐步出台，我們將深入了解情況，以確保我們的參與具有戰略意義和創造性。

So that's helpful, but I guess, and I appreciate that. I didn't mean to re-ask the question, but looking at the futures price 46,315 right now and looking at the recent comments from the government on anti-evolution, is there any potential that prices could come in the first half below the 53 to 54 range you're targeting, or is that something that you're pretty certain of?

這很有幫助，我明白，我很感激。我無意重提這個問題，但鑑於目前的期貨價格為 46,315，再加上政府最近對反進化論的評論，價格是否有可能在上半場跌破您設定的 53 至 54 的目標區間？或者您對此非常有把握？

I think that's the industry level cost at the moment.

我認為這是目前行業層面的成本。

So, given that we're not.

所以，鑑於我們並非如此。

Supposed to be selling below the that cost due to the pricing law, I would say, it should be somewhat sustained at that level.

根據定價法，其售價應該低於成本價，我認為，價格應該在某種程度上維持在這個水準。

Helpful. And then the last question is you made significant improvement on your free cash flow. Congratulations in 2025. Do you have any thoughts on how you expect free cash flow to trend this year? And thanks for the questions.

很有幫助。最後一個問題是，您的自由現金流是否得到了顯著改善。恭喜您2025年！您對今年自由現金流的走勢有何預期？謝謝大家的提問。

Hi, Gordon. Let me answer that. This is Ming. Okay, thanks for your question.

你好，戈登。讓我來回答這個問題。這是明。好的，謝謝你的提問。

So yeah, I think free cash flow will turn positive, especially the second half of 2025. I think given our expectation for both volume and and average selling price to be held more steady as well as.

所以，我認為自由現金流將會轉正，尤其是在 2025 年下半年。我認為，鑑於我們對銷量和平均售價的預期都將保持更加穩定，

A cost to remain stable to lower. We do believe that, I think based on the Q4 level, free cash flow should, without, I mean, without giving specific number, free cash flow should improve further, I think from the Q4 level, going forward, for 2026.

維持穩定所需的成本降低。我認為，基於第四季度的水平，自由現金流應該會進一步改善，我的意思是，雖然不給出具體數字，但我認為，從第四季度的水平來看，到 2026 年，自由現金流將會改善。

Thanks.

謝謝。

Again.

再次。

For the question.

關於這個問題。

Great, thank you so much.

太好了，非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over for any closing remarks.

我們的問答環節到此結束。現在我把會議交還給各位，請大家作總結發言。

Thank you everyone again for participating in today's conference call. Should you have any further questions, please don't hesitate to contact us.

再次感謝各位參加今天的電話會議。如果您還有其他疑問，請隨時與我們聯繫。

Thank you and have an awesome day. Goodbye.

謝謝，祝您有美好的一天。再見。

The conference is now concluded.

會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。