大全新能源 (DQ) 2026 Q2 法說會逐字稿

Welcome to the Daqo New Energy second quarter 2026 results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Jessie Zhao, Investor Relations Director. Please go ahead.

歡迎參加大全新能源 2026 年第二季業績電話會議。(接線員指示) 請注意，本次活動將被錄音。現在我想把會議交給投資者關係總監 Jessie Zhao。請開始。

Hello, everyone. I am 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 second quarter of 2026, which can be found on our website at www.dqsolar.com.

各位好。我是 Jessie Zhao，大全新能源投資者關係總監。感謝各位參加今天的電話會議。大全新能源剛剛發布了 2026 年第二季財務業績，相關內容可於我們網站 www.dqsolar.com 查閱。

Today attending the conference call, we have our Chairman and CEO, Mr. Xiang Xu, our Deputy CEO, Ms. Anita Zhu, our CFO, Mr. Ming Yang, and myself. Today's call will begin with an update from Mr. Xu on market conditions and company operations, followed by a translation from Ms. Zhu for Mr. Xu, 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.

今天出席電話會議的有：董事長兼執行長徐翔先生、副執行長朱安妮女士、財務長楊明先生，以及我本人。今天的會議將先由徐先生就市場狀況與公司營運作更新，接著由朱女士為徐先生進行翻譯，然後由楊先生說明公司本季的財務表現。之後我們將開放現場問答。

Before we begin the formal remarks, I want 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 U.S. Private Securities Litigation Reform Act of 1995. These statements involve inherent risks and uncertainties. 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.

在開始正式發言前，我想提醒各位，今天電話會議中的某些陳述（包括對未來營運與財務表現以及產業成長的預期）屬於前瞻性陳述，並依據 1995 年《美國私人證券訴訟改革法案》的「安全港」條款作出。這些陳述包含固有風險與不確定性。多項因素可能導致實際結果與任何前瞻性陳述所載內容存在重大差異。關於上述及其他風險的更多資訊，已載於我們向美國證券交易委員會提交或提供的報告或文件中。

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.

這些陳述僅反映我們截至今日的當前與初步觀點，且可能隨時變更。我們達成這些預測的能力受風險與不確定性影響。今天電話會議所提供的所有資訊均以今日為準；除適用法律要求外，我們不承擔更新該等資訊的義務。

Also, during the call, we will occasionally reference monetary amounts in U.S. dollar terms. Please keep in mind that our functional currency is the Chinese RMB. We will offer these translations into U.S. dollars solely for the convenience of the audience. Now I will turn the call to our Chairman and CEO, Mr. Xiang Xu. Mr. Xu, please go ahead.

此外，在會議過程中，我們將不時以美元口徑提及金額。請注意，我們的功能性貨幣為人民幣。我們提供美元換算僅為方便聽眾參考。現在我把電話交給董事長兼執行長徐翔先生。徐先生，請開始。

(spoken in foreign language)

(以外語發言)

Hello, everyone. This is Anita, and I'll now translate our Chairman, Mr. Xu's remarks. In the second quarter of 2026, market sentiment across the solar PV industry remained cautious amid weak domestic demand and elevated inventory levels, which drove prices lower across the solar value chain. Despite these headwinds, we resumed sales in June, delivering a sequential increase in revenue and a narrowing of our quarterly operating and net losses.

各位好。我是 Anita，現在我將翻譯我們董事長徐先生的發言。2026 年第二季，在國內需求疲弱與庫存水位偏高的背景下，整個太陽能光伏產業的市場情緒仍然審慎，並帶動太陽能產業鏈各環節價格走低。儘管面臨這些逆風，我們於 6 月恢復銷售，使營收較上季成長，且本季營業與淨虧損均有所收斂。

Throughout this period, we continued to maintain a robust and healthy balance sheet with zero debt. As of June 30, 2026, we held a cash balance of $555.3 million, short-term investments of $250 million, bank deposits and vaults of $71.7 million, held-to-maturity investments of $51 million, and fixed-term bank deposit balance of $994.8 million. Together, these readily convertible assets totaled $1.9 billion, providing us with ample liquidity, confidence, and strategic flexibility to navigate the current market downturn.

在此期間，我們持續維持穩健健康的資產負債表，且零負債。截至 2026 年 6 月 30 日，我們持有現金 5.553 億美元、短期投資 2.5 億美元、銀行存款及庫存現金 7,170 萬美元、持有至到期投資 5,100 萬美元，以及定期銀行存款餘額 9.948 億美元。合計上述可迅速變現的資產總額達 19 億美元，為我們在當前市場下行週期中提供充足流動性、信心與策略彈性。

On the operational front, we continued to take proactive measures to navigate challenging market conditions with our nameplate capacity utilization rate operating at approximately 57% during the period. Total production volume at our two polysilicon facilities was 43,675 metric tonnes for the quarter, exceeding our guidance range of 35,000 metric tonnes to 40,000 metric tonnes.

在營運方面，我們持續採取積極措施以因應嚴峻的市場環境，本期名義產能利用率約為 57%。本季我們兩座多晶矽工廠的總產量為 43,675 公噸，超出我們先前指引的 35,000 至 40,000 公噸區間。

Polysilicon market prices remaining below production costs since the first quarter of 2026. We initially refrained from engaging in below-cost sales in line with Chinese self-regulation guidelines and adopted a disciplined wait-and-see approach pending further implementation of the national anti-involution policies.

自 2026 年第一季以來，多晶矽市場價格一直低於生產成本。我們起初依循中國自律規範，避免進行低於成本的銷售，並在等待國家「反內卷」政策進一步落地的同時，採取審慎觀望的策略。

However, after an extended period without clear policy updates, we adjusted our sales and pricing strategies toward a more market-oriented approach in June. As a result, our sales volume increased from 4,482 metric tonnes last quarter to 15,190 metric tonnes, with average selling price falling to $4.04 per kg.

然而，在一段較長時間內政策未有明確更新後，我們於 6 月調整銷售與定價策略，轉向更市場化的做法。因此，我們的銷售量由上季的 4,482 公噸提升至 15,190 公噸，平均售價降至每公斤 4.04 美元。

Our polysilicon transaction and shipment volumes have continued to pick up in the third quarter, reflecting increased confidence in the quality and an ongoing preference for product from customers. On the cost side, solar production costs remained flat sequentially at $5.95 per kg, with cash costs edging down by 0.4% to $4.57 per kg, and manufacturing costs in R&D terms declining slightly.

進入第三季後，我們的多晶矽成交與出貨量持續回升，反映客戶對產品品質的信心提升，以及對我們產品的持續偏好。在成本方面，太陽能級多晶矽生產成本較上季持平，為每公斤 5.95 美元；現金成本小幅下降 0.4% 至每公斤 4.57 美元；以研發口徑計的製造成本亦略有下降。

In light of the current market dynamics, we expect total polysilicon production volume third quarter 2026 to be approximately 40,000 metric tonnes to 45,000 metric tonnes. For the full year of 2026, we expect production volume to be in the range of 160,000 metric tonnes ro 180,000 metric tonnes.

鑑於目前的市場態勢，我們預期 2026 年第三季多晶矽總產量約為 40,000 至 45,000 公噸。對於 2026 年全年，我們預期產量將落在 160,000 公噸至 180,000 公噸之間。

Polysilicon market prices came under further downward pressure during the second quarter, with untied polysilicon prices falling from RMB35 to RMB37 per kg at the end of the first quarter to RMB31 to RMB34 per kilogram at the end of the second quarter. Amid subdued demand, depressed pricing, and accumulating industry-wide inventories, polysilicon producers operated at low utilization rates, with aggregate outputs of 5,308 thousand metric tonnes in the first half of 2026, representing a 9.8% year-on-year decrease.

2026 年第二季，多晶矽市場價格承受進一步下行壓力，未綁定多晶矽價格由第一季末每公斤人民幣 35 至 37 元，降至第二季末每公斤人民幣 31 至 34 元。在需求低迷、價格承壓以及全行業庫存累積的情況下，多晶矽生產商以低開工率運行；2026 年上半年行業合計產量為 530.8 萬公噸，年減 9.8%。

As we make our way through the third quarter, the continued roll-out of anti-involution measures is gaining momentum. In July, a series of mandatory national standards were issued for energy consumption and product efficiency across the solar PV value chain, including the final official version of a new standard setting energy consumption limits per unit of polysilicon output, which will take effect on January 1, 2027.

隨著我們進入第三季，「反內卷」措施的持續推進正逐步加速。7 月，針對太陽能光伏產業鏈的能源消耗與產品效率，發布了一系列強制性國家標準，其中包括一項新標準的最終正式版本，規定每單位多晶矽產量的能耗限額，並將於 2027 年 1 月 1 日起生效。

Polysilicon manufacturers whose unit energy consumption exceeds 6.3 kg of coal equivalent per kilogram must complete a corrective improvement by that date or face the risk of plant shutdown. Notably, the threshold of 6.3 per kg is stricter than the 6.4 kg proposed in the draft, signaling regulators' commitment to accelerating the phase-out of inefficient capacity.

單位能耗超過每公斤多晶矽 6.3 公斤標準煤當量的多晶矽製造商，必須在該日期前完成整改提升，否則將面臨停產風險。值得注意的是，每公斤 6.3 的門檻較草案中提出的 6.4 公斤更為嚴格，顯示監管部門致力於加速淘汰低效率產能。

On July 27th, the China Photovoltaic Industry Association issued the General Principles for Cost Accounting Models in the Photovoltaic Industry, an initiative to regulate market competition and advance standardized industry governance to lay the foundation for price regulation enforcement. On July 31st, the State Administration for Market Regulation issued price compliance guidance for the solar PV sector, promoting a structural shift from price competition to value-driven differentiation.

7 月 27 日，中國光伏行業協會發布《光伏行業成本核算模型通則》，旨在規範市場競爭、推動行業治理標準化，為價格監管執法奠定基礎。7 月 31 日，國家市場監督管理總局發布光伏行業價格合規指引，推動行業由價格競爭轉向以價值驅動的差異化競爭。

The SAMR emphasized that solar PV companies must conduct price compliance self-reviews and curb irrational low-price competition, and that CPIA should strengthen industry self-regulation, promote the General Principles, and guide companies away from illegal pricing practices such as below-cost dumping. The SAMR also indicated that it will take enforcement action against non-compliant entities.

市場監管總局強調，光伏企業必須開展價格合規自查，遏制非理性低價競爭；同時，中國光伏行業協會應加強行業自律，推廣《通則》，引導企業遠離低於成本傾銷等違法定價行為。市場監管總局亦表示，將對不合規主體採取執法行動。

Together with seven other polysilicon manufacturers, we jointly signed an initiative to eliminate below-cost sales and fully comply with energy consumption standards on August 6th. As a result of these selective measures, polysilicon prices are beginning to show signs of recovery, with spot prices stabilizing and forward prices rebounding by more than 10% from their recent lows. We are also diversifying beyond our core polysilicon business to hedge against solar PV cyclicality, targeting the fast-growing AIDC power infrastructure market.

我們與另外七家多晶矽製造商於8月6日共同簽署倡議，承諾杜絕低於成本的銷售，並全面遵守能源消耗標準。受這些選擇性措施影響，多晶矽價格開始出現回升跡象，現貨價格趨於穩定，遠期價格自近期低點反彈逾10%。我們也正從核心多晶矽業務延伸多元化布局，以對沖太陽能光伏產業的週期性，鎖定快速成長的AIDC電力基礎設施市場。

On June 3rd, 2026, we announced the signing of an investment agreement to establish a manufacturing base focused on the R&D, manufacturing, and sale of next-generation energy solutions and related equipment for AIDCs. This includes energy storage systems, solid-state transformers, and solid-state circuit breakers. These technologies support the industry's transition to high-voltage direct current architecture, such as the 800 V DC standard advanced by NVIDIA and other leading AI infrastructure providers.

2026年6月3日，我們宣布簽署投資協議，設立一個製造基地，聚焦於面向AIDC的下一代能源解決方案及相關設備的研發、製造與銷售。其中包括儲能系統、固態變壓器以及固態斷路器。這些技術支援產業向高壓直流架構轉型，例如由NVIDIA及其他領先AI基礎設施供應商推動的800V直流標準。

The platform is anchored by Daqo Group, our affiliated entity under common beneficial ownership with Daqo New Energy, which brings over 40 years of power equipment manufacturing expertise, established technology, deep talent, and customer relationships to accelerate our entry into the segment. We view AIDC power infrastructure as a structural growth opportunity that complements our core business and broadens our earnings base. Consistent with our strong track record, having navigated several polysilicon cycles, we intend to pursue this expansion in a disciplined manner that preserves our balance sheet strength.

該平台以大全集團為依託；大全集團為與大全新能源同屬共同實益擁有人控制之關聯實體，具備逾40年的電力設備製造專業、成熟技術、深厚人才與客戶關係，可加速我們切入該細分領域。我們將AIDC電力基礎設施視為結構性成長機會，可與核心業務形成互補並拓寬獲利來源。延續我們在多次多晶矽景氣循環中成功應對的良好紀錄，我們將以審慎自律的方式推進此項擴張，以維持資產負債表的穩健。

Despite a challenging environment, the solar PV industry continues to exhibit compelling long-term growth prospects. Growing vulnerabilities in global energy markets have sparked widespread concerns about national energy security, in which the solar PV and renewable energy sectors can play a crucial role.

儘管環境充滿挑戰，太陽能光伏產業仍展現出具吸引力的長期成長前景。全球能源市場日益脆弱，引發各界對國家能源安全的廣泛關切，而太陽能光伏與再生能源產業可在其中扮演關鍵角色。

As one of the world's lowest-cost producers of the highest quality N-type polysilicon, backed by a robust balance sheet and zero debt, we remain optimistic about the sector and are well-positioned to capitalize on anticipated market recovery and long-term growth opportunities. We'll 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're confident in our ability to play a leading role in shaping that future.

作為全球成本最低且可生產最高品質N型多晶矽的製造商之一，並擁有穩健的資產負債表與零負債，我們對該產業仍保持樂觀，並已做好準備把握預期的市場復甦與長期成長機會。我們將持續透過高效率N型技術的進步，以及藉由數位轉型與導入AI進行成本優化，來強化競爭優勢。隨著全球加速邁向潔淨能源轉型，我們有信心在塑造未來中扮演領導角色。

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.

接下來我把電話會議交給我們的財務長楊明先生，他將說明公司本季的財務表現。明，請開始。

Thank you, Anita, and hello, everyone. This is Ming Yang, CFO of Daqo New Energy. We appreciate you joining on our new conference call today. I will now go over the company's second quarter 2026 financial performance.

謝謝你，Anita，各位大家好。我是大全新能源的財務長楊明。感謝各位今天參加我們的電話會議。我現在將回顧公司2026年第二季的財務表現。

Revenues were $62.7 million, compared to $26.7 million in the first quarter of 2026 and $75 million in the second quarter of 2025. The increase in revenue compared to the first quarter of 2026 was primarily driven by higher sales volume. The company resumed normal sales activities starting in June, following a prolonged period with no new policy developments.

營收為6,270萬美元，相較於2026年第一季的2,670萬美元，以及2025年第二季的7,500萬美元。與2026年第一季相比的營收成長，主要由較高的銷售量所帶動。在一段較長時間未有新的政策動向後，公司自6月起恢復正常銷售活動。

Gross loss was $82.7 million, compared to $139 million in the first quarter of 2026 and $81.4 million in the second quarter of 2025. Gross margin was negative 132%, compared to negative 520% in the first quarter of 2026 and negative 108% in the second quarter of 2025. The sequential improvement in group gross margin was primarily due to a decrease in provisions for inventory impairment, which was $55.7 million in the second quarter of 2026, compared to $98.9 million in the first quarter of 2026.

毛損為8,270萬美元，相較於2026年第一季的1.39億美元，以及2025年第二季的8,140萬美元。毛利率為負132%，相較於2026年第一季的負520%以及2025年第二季的負108%。集團毛利率的環比改善主要由存貨減損準備下降所致；2026年第二季存貨減損準備為5,570萬美元，相較於2026年第一季的9,890萬美元。

The SG&A expenses were $13.8 million, compared to $12.2 million in the first quarter of 2026 and $32 million in the second quarter of 2025. The sequential increase was primarily due to higher sales volume in the second quarter of 2026. The year-over-year decrease was also due to the companies recognizing $18.6 million in non-cash share-based compensation costs related to its share incentive plan in the second quarter of 2025.

銷售、一般及行政（SG&A）費用為1,380萬美元，相較於2026年第一季的1,220萬美元，以及2025年第二季的3,200萬美元。環比增加主要由2026年第二季較高的銷售量所致。同比下降亦因公司於2025年第二季就其股權激勵計畫確認了1,860萬美元的非現金股份基礎補償成本。

R&D expenses were $1.6 million, compared to $0.8 million in the first quarter of 2026 and $0.8 million in the second quarter of 2025. The increase is primarily due to R&D of next-generation energy solutions for AIDC power infrastructure. R&D expenses can vary from period to period and reflect R&D activities that take place during the quarter.

研發費用為160萬美元，相較於2026年第一季的80萬美元，以及2025年第二季的80萬美元。增加主要由面向AIDC電力基礎設施的下一代能源解決方案研發所致。研發費用可能因期間而異，並反映該季度內進行的研發活動。

Loss from operations was $98 million, compared to $160.8 million in the first quarter of 2026 and $115 million in the second quarter of 2025. Operating margin was negative 156%, compared to negative 560% in the first quarter of 2026 and negative 152% in the second quarter of 2025.

營運虧損為9,800萬美元，相較於2026年第一季的1.608億美元，以及2025年第二季的1.15億美元。營運利潤率為負156%，相較於2026年第一季的負560%以及2025年第二季的負152%。

Net loss attributable to Daqo New Energy Corp shareholders was $81 million, compared to $88 million in the first quarter of 2026 and $76.5 million in the second quarter of 2025. Loss per basic ADS was $1.20, compared to $1.31 in the first quarter of 2026 and $1.14 in the second quarter of 2025.

歸屬於大全新能源公司股東的淨虧損為8,100萬美元，相較於2026年第一季的8,800萬美元，以及2025年第二季的7,650萬美元。每股基本ADS虧損為1.20美元，相較於2026年第一季的1.31美元，以及2025年第二季的1.14美元。

Adjusted net loss attributable to Daqo New Energy shareholders, excluding non-cash share-based compensation cost, was $81 million, compared to $88.4 million in the first quarter of 2026 and $67.9 million in the second quarter of 2025. Adjusted loss per basic ADS was $1.20, compared to $1.31 in the first quarter of 2026 and $0.86 in the second quarter of 2025.

剔除非現金股份基礎補償成本後，歸屬於大全新能源股東的調整後淨虧損為8,100萬美元，相較於2026年第一季的8,840萬美元，以及2025年第二季的6,790萬美元。每股基本ADS調整後虧損為1.20美元，相較於2026年第一季的1.31美元，以及2025年第二季的0.86美元。

EBITDA was negative $29 million, compared to negative $83 million in the first quarter of 2026 and negative $48 million in the second quarter of 2025. EBITDA margin was negative 46.8%, compared to negative 311% in the first quarter of 2026, and negative 64% in the second quarter of 2025.

EBITDA為負2,900萬美元，相較於2026年第一季的負8,300萬美元，以及2025年第二季的負4,800萬美元。EBITDA利潤率為負46.8%，相較於2026年第一季的負311%，以及2025年第二季的負64%。

Now on the company's financial condition. As of June 30, 2026, the company had $555 million in cash and cash equivalents, compared to $559.4 million as of March 31, 2026, and $598.6 million as of June 30, 2025. As of June 30, 2026, short-term investment was $215 million, compared to $288 million as of March 31st, 2026, and $118 million as of June 30th, 2025.

接下來談公司的財務狀況。截至2026年6月30日，公司持有的現金及現金等價物為5.55億美元，相較於截至2026年3月31日的5.594億美元，以及截至2025年6月30日的5.986億美元。截至2026年6月30日，短期投資為2.15億美元，相較於截至2026年3月31日的2.88億美元，以及截至2025年6月30日的1.18億美元。

As of June 30th, 2026, note receivable balance was $71.7 million, compared to $20.8 million as of March 31st, 2026, and $49 million as of June 30th, 2025. Note receivable balance, which represent bank notes with maturity within six months.

截至2026年6月30日，應收票據餘額為7,170萬美元，相較於截至2026年3月31日的2,080萬美元，以及截至2025年6月30日的4,900萬美元。應收票據餘額代表到期日在六個月內的銀行承兌匯票。

As of June 30th, 2026, held-to-maturity investment was $51 million, compared to $50.3 million as of March 31st, 2026, and zero as of June 30th, 2025. As of June 30th, 2026, the balance of fixed-term deposits within one year was $928.9 million, compared to $1 billion as of March 31st, 2026, and $960.7 million as of June 30, 2025.

截至2026年6月30日，持有至到期投資為5,100萬美元，相較於截至2026年3月31日的5,030萬美元，以及截至2025年6月30日的零。截至2026年6月30日，一年內的定期存款餘額為9.289億美元，相較於截至2026年3月31日的10億美元，以及截至2025年6月30日的9.607億美元。

Now on the company's cash flows. For the six months ended June 30, 2026, net cash used in operating activities was $276 million, compared to $105 million in the same period of 2025. For the six months ended June 30, 2026, net cash used in investing activities was $169.6 million compared to $342.7 million in the same period of 2025. Net cash used in investing activities in 2026 was primarily related to the purchase of short-term investments and fixed-term deposits.

現在談談公司的現金流。截至2026年6月30日止六個月，經營活動所用淨現金為2.76億美元，較2025年同期的1.05億美元增加。截至2026年6月30日止六個月，投資活動所用淨現金為1.696億美元，較2025年同期的3.427億美元減少。2026年投資活動所用淨現金主要與購買短期投資及定期存款有關。

For the six months ended June 30, 2026, net cash used in financing activities was $7.8 million, compared to $32,000 in the same period of 2025. Net cash used in financing activities in 2026 was primarily related to $7.8 million in stock purchases made by the company's subsidiary, Xinjiang Daqo, from its minority shareholders. That concludes our prepared remarks. We will now open the call to Q&A from the audience. Operator, please begin.

截至2026年6月30日止六個月，融資活動所用淨現金為780萬美元，較2025年同期的3.2萬美元增加。2026年融資活動所用淨現金主要與公司子公司新疆大全向其少數股東進行的780萬美元股票回購有關。以上為我們的準備發言。接下來我們將開放聽眾提問。接線員，請開始。

(Operator Instructions) Philip Shen, ROTH Capital Partners.

(接線員指示) Philip Shen，ROTH Capital Partners。

This is (inaudible) for Phil. Can you hear me okay?

我是代替Phil的（聽不清）。你們聽得到我嗎？

Yes, you're loud and clear.

是的，很清楚。

Okay. I have two questions. First question is on government support on poly pricing. Even with the recent 10% rebound in forward prices, poly ASP remained below industry production costs since late Q1. How would you characterize the central government stance on supply rationalization? Are you anticipating any incremental regulatory support that could help establish a sustainable price floor in the near term? I have a follow-up.

好的。我有兩個問題。第一個問題是關於政府對多晶矽定價的支持。即使近期遠期價格反彈10%，自第一季末以來，多晶矽平均售價（ASP）仍低於行業生產成本。你們如何描述中央政府在供給理性化方面的立場？你們是否預期近期會有任何額外的監管支持，有助於建立可持續的價格底部？我還有一個追問。

Okay. We're going to translate your question.

好的。我們將翻譯你的問題。

(spoken in foreign language)

(以外語發言)

I will translate for our CEO, Mr. Xu. On August 6th, led by the China Photovoltaic Industry Association, there is a strong initiative for self-discipline. Based on the CPIA cost model, the industry average production cost is estimated to be around RMB50,000 per ton, so about RMB50 per kg.

我來為我們的執行長徐先生翻譯。8月6日，在中國光伏行業協會牽頭下，行業發起了強有力的自律倡議。根據中光協（CPIA）的成本模型，行業平均生產成本估計約為每噸人民幣5萬元，即約每公斤人民幣50元。

Due to the current market environment where demand activity is relatively low and there's still approximately 500,000 tonnes to 600,000 tonnes of poly inventory in the industry, we think this price recovery might take a little bit longer than anticipated. There is strong consensus within the industry for self-discipline and also with the urging of the government and the related departments that the industry consensus is that it's no longer viable to sell below cost.

由於目前市場環境下需求活躍度相對較低，且行業仍有約50萬噸至60萬噸的多晶矽庫存，我們認為這次價格回升可能會比預期需要更長時間。在政府及相關部門的推動下，行業內對自律有強烈共識，並且行業共識是以低於成本的價格銷售已不再可行。

What we are seeing in the market is that the quotations for polysilicon pricing from different manufacturers have already exceeded about RMB40 per kg. We are optimistic about the current policy development, and we are waiting to see how the policies may be enforced going forward.

我們在市場上看到，不同廠商對多晶矽的報價已經超過約每公斤人民幣40元。我們對目前政策進展持樂觀態度，並在觀察後續政策將如何落實執行。

(spoken in foreign language)

(以外語發言)

Let me translate for Mr. Xu. Right now, the industry in terms of the value chain between the buyers and sellers of polysilicon. Some of the buyers are still observing the market and the policy development. They are taking a wait-and-see approach. But in terms of the polysilicon manufacturers are expecting a reasonable price where they would not be selling at a loss or below their cost.

我來為徐先生翻譯。目前在多晶矽買賣雙方的產業鏈價值鏈上，部分買方仍在觀察市場與政策進展。他們採取觀望態度。但就多晶矽製造商而言，他們期望一個合理的價格，不會以虧損或低於成本出售。

There is still some, you can call it a wait-and-see between the polysilicon manufacturers and the downstream. But we do believe that the past industry practice of selling below cost, especially in the first six months of this year, is likely to end, where the government is very adamant about preventing dumping of the products and selling below cost.

多晶矽製造商與下游之間仍存在一些所謂的觀望。但我們確實相信，過去行業低於成本銷售的做法——尤其是今年上半年——很可能會結束，因為政府非常堅決要防止產品傾銷以及低於成本銷售。

Within the law framework for price laws and for the anti-involution, our expectation is that this is likely to move forward optimistically over the next several months. We know that over the past few years, the polysilicon manufacturers or the whole industry in general have seen significant losses, and we do not think that this is long-term sustainable. In fact, it is very unsustainable, and this is likely to lead to the industry in trouble.

在價格法以及「反內卷」的法律框架下，我們預期未來幾個月有望以較樂觀的態勢推進。我們知道過去幾年，多晶矽製造商或整個行業普遍出現重大虧損，我們不認為這在長期是可持續的。事實上，這非常不可持續，並可能使行業陷入困境。

If we look at DQ, especially in December of last year, when the anti-involution policy was more successful, right, DQ had no cash loss in Q4 of 2025. We were able to achieve a positive operating cash flow during that period. We think that that is a more sustainable timing or framework going forward.

如果看大全（DQ），尤其是去年12月，當時反內卷政策更為成功，對吧，大全在2025年第四季沒有現金虧損。我們在那段期間實現了正向的經營現金流。我們認為這是未來更可持續的節奏或框架。

Thank you for the color, Mr. Xu and Mr. Yang. My second question is on the self-discipline agreement signed in August. Previous rounds of sale regulation kind of struggled to maintain compliance once prices fluctuated. Just wondering what makes this framework structurally distinct from past attempts? Regarding the energy consumption requirements, what is your estimate of total industry capacity that could be phased out?

感謝徐先生與楊先生提供的補充說明。我的第二個問題是關於8月簽署的自律協議。以往幾輪銷售管制在價格波動後往往難以維持遵循。想請教這次的框架在結構上與過去嘗試有何不同？關於能耗要求，你們估計全行業有多少產能可能會被逐步淘汰？

Alan Lau, Jefferies.

Alan Lau，Jefferies。

We are still answering, not translating. Hold on. Okay. Give us a minute.

我們還在回答，尚未翻譯。請稍等。好的。給我們一分鐘。

All right. We have Philip Shen back on the podium. My apologies.

好的。Philip Shen 回到發言台了。抱歉。

(spoken in foreign language)

(以外語發言)

Okay. Let me translate for Mr. Xu. Okay. We believe that the current round of anti-involution policy and with the price law enforcement is likely to sustain. What we saw in the previous round was that there was this proposal for the industry consolidation platform to accelerate the exit of excess capacity.

好的。我來為徐先生翻譯。好的。我們認為本輪反內卷政策以及價格法的執法力度有望持續。我們在上一輪看到的是，曾提出建立行業整合平台，以加速過剩產能退出。

But the State Administration for Market Regulation stepped in because they were very worried about anti-monopoly practices between the leading manufacturers. So they were worried that this would bring non-market activities or behaviors by the main manufacturers. But this time, the current effort is led by the State Administration for Market Regulation, and this is bringing self-discipline forward.

但國家市場監督管理總局介入，因為他們非常擔心龍頭廠商之間的反壟斷問題。因此他們擔心這會導致主要廠商出現非市場化的活動或行為。但這一次，目前的行動是由國家市場監督管理總局主導，並推動自律向前。

Also, there is no coordination between the manufacturers on pricing or allocation of sales volume, for example. This time, it is really based on each individual manufacturer's own production costs, in terms of their manufacturing efficiencies, and for them to sell products based on their ability to produce product at a lower cost. We think that this time it is actually much more sustainable and is being supported by the government.

此外，廠商之間也沒有在定價或銷售量分配等方面進行協調。這一次真正是基於各家廠商自身的生產成本、製造效率，並依其以更低成本生產產品的能力來銷售產品。我們認為這次其實更可持續，並且得到政府支持。

We think that through these two efforts, one is by being one of the lowest cost producers within the industry, as well as with the regulations on energy usage. We think that this time it will promote a more market-oriented approach to both capacity exits and to the selling of products at reasonable price. This is all under the current legal framework brought forward by the government.

我們認為透過這兩項努力：一是成為行業內最低成本生產者之一；二是能耗使用方面的監管，我們認為這次將推動更市場化的方式來促進產能退出，以及以合理價格銷售產品。這一切都在政府提出的現行法律框架之下進行。

Alan Lau, Jefferies.

Alan Lau，Jefferies。

My first question is a follow-up on the overall initiative to avoid selling below cost. My understanding is that current inventory in the industry is at quite a high level, and the end demand is also quite weak at the same time. When would you expect the polysilicon price, for example, you mentioned their price quotes at above RMB40 per kilogram?

我的第一個問題是追問整體避免低於成本銷售的倡議。我的理解是，目前行業庫存處於相當高的水位，同時終端需求也相當疲弱。你們預期多晶矽價格何時會回升？例如，你們提到目前報價在每公斤人民幣40元以上？

But given that their inventory at the wafer players and demand is not that strong, when would you expect the first batch of transaction at a higher price to happen? Because in the past two weeks all the data have halted. I would like to know when we would expect the real transaction is coming out.

但考量到晶圓端的庫存以及需求並不算強勁，您預期第一批以較高價格成交的交易會在什麼時候出現？因為過去兩週所有數據都停滯了。我想了解我們預期真正的成交何時會出來。

Okay. Let me translate for Mr. Xu. Give us a minute.

好的。我先替徐先生翻譯一下。請給我們一分鐘。

Okay.

好的。

(spoken in foreign language)

（以外語發言）

Okay, let me translate for Mr. Xu. Okay. I think he's seeing in the market that there is some transactions happening at roughly RMB40,000 per ton or about RMB40 per kg, although there's a very low volume of transactions right now. Even though the overall demand is relatively weak, there are some wafer producers in the industry that have a very low to no inventory where they are procuring to production. And so right now, we are seeing some transactions, although not very high.

好的，我來替徐先生翻譯。好的。我想他在市場上看到，大約以每噸人民幣40,000元、或約每公斤人民幣40元的價格，已經有一些交易在發生，雖然目前成交量非常低。儘管整體需求相對疲弱，產業內仍有一些晶圓廠商庫存很低甚至沒有庫存，因此他們會為了生產而採購。所以目前我們確實看到一些交易，但量並不大。

What we're seeing is some manufacturers are testing the market. Although the full cost model would stipulate around RMB50 per kg, some producers are right now testing the market and selling at approximately RMB40 per kg right now.

我們看到的是，有些製造商正在試探市場。雖然按全成本模型推算大約應在每公斤人民幣50元左右，但有些生產商目前正在試水溫，並以約每公斤人民幣40元的價格出售。

And so it's been about two weeks since the announcement of the manufacturers and the guidance from the government. We do think that going forward, we are likely to see more and more transactions happen at this new price range.

因此，距離製造商的公告以及政府的指導意見發布，已經大約兩週。我們認為，往後很可能會看到越來越多交易在這個新的價格區間內發生。

Understood. Strictly based on the production cost, probably polysilicon price would be higher than that. Given that in this round of the anti-involution initiative, there is not an acquisition plan afterwards. If prices goes up to RMB40 or maybe RMB45 or RMB50 per kg, what do you think would happen? Because effectively this will reach to the cost level of more players. Who would be able to sell their products? What do you think the end game of this round of initiative? If there are some capacities will be shut down because of the higher energy consumption requirement or how do you see this?

了解。若嚴格以生產成本來看，多晶矽價格可能會高於這個水準。鑑於這一輪「反內捲」倡議之後並沒有後續的收購計畫。如果價格上升到每公斤人民幣40元，或可能到45元或50元，您認為會發生什麼？因為這實際上會達到更多業者的成本水準。哪些人能夠賣出他們的產品？您認為這一輪倡議的最終結果會是什麼？是否會因更高的能耗要求而有部分產能被關停，或您怎麼看？

Let me translate for Mr. Xu first. Just a minute.

我先替徐先生翻譯一下。請稍等。

(spoken in foreign language)

（以外語發言）

Let me translate for Mr. Xu. He thinks that the recent energy quota policy from the government, where there is different energy usage requirements for the industry, he thinks this will lead to a forced exit of a significant amount of capacity that have a significant or higher energy usage. We are likely to see that happen pretty soon.

我來替徐先生翻譯。他認為，政府近期的能耗配額政策（對產業有不同的能耗使用要求）將導致一大部分能耗較高的產能被迫退出。我們很可能很快就會看到這種情況發生。

Also the industry self-discipline, there is a commitment from the various manufacturers that there should be a voluntary reduction of capacity or production. Also there is a commitment that manufacturers should not be selling at below production cost. We think that both of these are likely to happen starting the second half of this year.

另外，產業自律方面，各家製造商承諾應自願減少產能或產量。也承諾製造商不應以低於生產成本的價格銷售。我們認為這兩點都很可能從今年下半年開始發生。

There is also the issue that not that many producers actually have the capability to produce, especially now that the industry is running at a fairly low utilization level. A lot of manufacturers have let go significant number of people. There is actually a lack of employees and also lack of training and time. A lot of capacity that have been shut down is unlikely to restart going forward. Even now, we think that, for example, the effective capacity within the industry, even though close to 3 million tonnes have been built, the effective capacity is already less than 2 million tonnes right now, and likely to go lower as well.

還有一個問題是，實際上並沒有那麼多生產商具備生產能力，尤其是在目前產業處於相當低的產能利用率水準之下。許多製造商已裁撤了大量人員。實際上存在員工短缺，也缺乏培訓與時間。許多已關停的產能，未來不太可能重新啟動。即便現在，我們認為例如產業的有效產能，雖然已建成接近300萬噸，但目前有效產能已低於200萬噸，且很可能還會進一步下降。

Thank you. My last question is about AIDC initiative as a second growth driver of the company. I wonder if there is all the backlog or progress to share on this new business?

謝謝。我最後一個問題是關於AIDC倡議，作為公司第二成長動能。想請問這項新業務是否有任何在手訂單或進展可以分享？

Let me translate. Okay, hold on.

我來翻譯。好的，請稍等。

(spoken in foreign language)

（以外語發言）

Let me translate for Mr. Xu. We do see that the AIDC related power infrastructure and equipment market is actually a very viable sector where it is going to be a significant growth driver for the company, and it is the second sector that the company is entering into. I think most investors are probably aware that we do think that the growth for the polysilicon market going forward is likely to be relatively low in terms of volume demand as well as for solar. The company is actively looking for other areas of growth because Daqo Group has more than 40 years of experience in the power equipment sector, and being one of the leading manufacturer and supplier of high and low voltage power equipment such as transformer and circuit breakers.

我來替徐先生翻譯。我們確實看到，AIDC相關的電力基礎設施與設備市場是一個非常可行的領域，將成為公司重要的成長驅動力，也是公司正在進入的第二個領域。我想多數投資人可能也知道，我們認為未來多晶矽市場的成長（無論是需求量或太陽能端）都可能相對偏低。公司正積極尋找其他成長領域，因為大全集團在電力設備領域有超過40年的經驗，並且是變壓器、斷路器等高低壓電力設備的領先製造商與供應商之一。

Daqo Group is seeing a very strong demand, especially in AI data center related power equipment demand. We do think this is a very significant and real opportunity for the company. Daqo Group brings many years of experience and advantage in manufacturing, in R&D, in technology capability.

大全集團看到非常強勁的需求，尤其是AI資料中心相關的電力設備需求。我們認為這對公司而言是一個非常重大且真實的機會。大全集團在製造、研發與技術能力方面具備多年經驗與優勢。

In terms of products as well, with the growing AI power demand, and especially for the next generation power infrastructure for IDC, where led by NVIDIA, there is this future development of a new next generation of equipment under the 800V DC infrastructure. We are targeting initially in the solid-state transformer and solid-state circuit breaker market.

在產品方面，隨著AI用電需求成長，特別是下一代IDC電力基礎設施（由NVIDIA帶動），未來將在800V直流（DC）基礎設施下發展新一代設備。我們初期鎖定固態變壓器與固態斷路器市場。

The industry is starting in 2027, next year, and then we expect to see very significant growth from 2028 to 2030 with power demand from these new AI data centers based on a new 800V DC technology. With Daqo Group, it brings significant experience and advantage, at the same time matching with Daqo New Energy's strong balance sheet and capital position, to capture this growth driver.

這個產業將在2027年開始（也就是明年），之後我們預期在2028年至2030年，基於新的800V直流技術之新AI資料中心帶來的用電需求，將出現非常顯著的成長。大全集團具備顯著的經驗與優勢，同時結合大全新能源強健的資產負債表與資本實力，以把握這個成長動能。

Now we have built an R&D team in Shanghai, and we expect to have an initial product ready by year-end. Then with prototypes and then by achieving sales starting in 2027, and then capturing the growth opportunity 2028 to 2030, and our goal to become an industry leader within this IDC power equipment sector by being a Tier 1, both in terms of product and the team. That is our current end goal right now.

目前我們已在上海建立研發團隊，並預期在年底前完成首個產品。之後會先有原型機，並在2027年開始實現銷售，接著把握2028年至2030年的成長機會；我們的目標是在IDC電力設備領域成為產業領導者，成為一線（Tier 1）廠商，無論在產品或團隊方面皆是如此。這就是我們目前的最終目標。

Mengwen Wang, Goldman Sachs.

高盛，王夢雯。

I have two questions. One is related to the poly business and another to the AIDC business. First, in terms of the poly business, I think you just mentioned currently the industry upstream and downstream players is kind of wait and see, and given the downstream inventory is at a relatively higher level. I am not sure what is the outcome do you expect for after the wait and see period?

我有兩個問題。一個與多晶矽業務相關，另一個與AIDC業務相關。首先，就多晶矽業務而言，我想您剛才提到目前產業上下游有點在觀望，而下游庫存處於相對較高水準。我不確定您預期觀望期結束後會出現什麼結果？

Particularly, we had this kind of self-display in first half, like we uphold our pricing and then we record a lower shipment. I am wondering, do you have any shipment guidance then towards the end of the year? What is our priority going forward? Will we uphold the pricing to the higher level, like RMB50,000 per ton? Or we are kind of want to reach the balance between price or shipments. Want to hear more about the poly business operations strategy.

特別是上半年我們有點像是自我約束：例如我們堅持價格，然後出貨量較低。我想請問，您對年底前的出貨量是否有任何指引？我們接下來的優先順序是什麼？我們會把價格維持在較高水準，例如每噸人民幣50,000元嗎？還是我們希望在價格與出貨量之間取得平衡？想多聽一些多晶矽業務的營運策略。

Okay. Thank you, Mengwen. Let me translate your question for Mr. Xu, and then he will respond. Just a minute.

好的。謝謝你，夢雯。我先把你的問題翻譯給徐先生，然後他會回覆。請稍等。

(spoken in foreign language)

(以外語發言)

Let me translate for Mr. Xu. In the second half, what we believe is that because Daqo New Energy, we have a superior quality of product in the market. Selling and shipping our product is really not an issue.

我來替徐先生翻譯。我們認為在下半年，因為大全新能源，我們在市場上擁有更優異的產品品質。銷售與出貨我們的產品其實不是問題。

I think the question is really price. In the first half, because we adhere to self-discipline, we did not sell as much products as our normal market share because our competitors were engaged in low-cost sales practices. But if we look at our market share in the past, we believe that we can achieve approximately 15% market share within the industry, and we continue to expect that going forward.

我認為問題其實在於價格。上半年，因為我們堅持自律，當競爭對手採取低價銷售做法時，我們的銷量沒有達到我們正常的市占水準。但如果回顧我們過去的市占，我們相信在產業內可達到約15%的市占率，且我們對未來仍持續抱持這樣的期待。

Our target is to sell at an appropriate price or a reasonable price, be fully compliant with the government guidance and the price law. What we expect is that, say, in the next six to 18 months, we are likely to see a forced exit or a market-based exit of manufacturers with high production costs or manufacturers with poor cash positions or poor cash flow. Companies with not a good balance sheet are likely to continue to struggle going forward.

我們的目標是以適當或合理的價格銷售，並完全遵循政府指導與價格法。我們預期在未來6到18個月內，生產成本高、現金部位不佳或現金流不佳的製造商，可能會出現被迫退出或市場化退出。資產負債表不夠健全的公司，未來很可能仍將持續面臨困境。

While Daqo New Energy with our cash position and our strong balance sheet, also our high product quality and low cost, we expect that we are likely to do better and to do well in the market. Especially in 2027, where we expect to see a much improved and better market environment. Then we expect to continue to lower our inventory going forward to relatively low inventory levels. That is our target.

而大全新能源憑藉我們的現金部位與強健的資產負債表，以及高產品品質與低成本，我們預期在市場上會有更好的表現並且做得很好。尤其是在2027年，我們預期將看到市場環境明顯改善、變得更好。接著我們也預期未來將持續降低庫存至相對較低的水準。這就是我們的目標。

Okay. Can I conclude that we will hold up the price in your turn, and we will wait the rest of the marginal players to exit, and then at that time, we will see fast inventory depletion and the recovery of the shipment is likely to occur in the next six to 18 months?

好的。我是否可以總結為：你們會在你們這邊撐住價格，等待其餘邊際玩家退出，然後在那個時點，我們將看到庫存快速去化，而出貨回升很可能在未來6到18個月內發生？

I think in terms of pricing, we cannot sell below cost. We're going to adhere to that. At the same time, we'll look for opportunities to sell at a reasonable price, then wait for the market to have additional capacity exits.

我認為就定價而言，我們不能低於成本銷售。我們會堅持這一點。同時，我們也會尋找以合理價格銷售的機會，並等待市場出現更多產能退出。

Okay, that's super clear. My second question about AIDC, I think we have put out announcements like we have RMB6 billion total investment, RMB2 billion in the first phase. You just mentioned we will have sales volume reported in next year. Just wondering, can you share a bit more about the plan for the AIDC business, specifically like our CapEx timeline and the source of capital for this RMB6 billion or RMB2 billion investments? What's our expected payback duration for the first phase of the production phase? What's the normalized profitability from this business do we expect we'll achieve? Also for other operating metrics, will we have more other sources allocated for this new business development or we can use some of the synergies from our Daqo Group, the aligned company? So a lot of details about can you share a bit more regarding to these metrics.

好的，非常清楚。我的第二個問題是關於AIDC。我想我們已發布公告，例如總投資人民幣60億元，第一期人民幣20億元。你剛提到我們明年會有銷售量揭露。想請問能否多分享一些AIDC業務的規劃，特別是我們的資本支出（CapEx）時程，以及這人民幣60億元或20億元投資的資金來源？第一期生產階段的預期回收期是多久？我們預期這項業務的常態化獲利能力（normalized profitability）可達到什麼水準？另外在其他營運指標方面，我們是否會為這個新業務開發配置更多其他資源，或是可以利用我們大全集團（關聯公司）的協同效應？所以有很多細節，能否就這些指標再多分享一些？

Okay. Let me translate your question first quickly. Okay, hold on.

好的。我先快速把你的問題翻譯一下。好的，稍等。

(spoken in foreign language)

(以外語發言)

Let me translate for Mr. Xu. I think first of all, let me just clarify on the investments involved. Even though the total project anticipated investment is RMB6 billion, we are only committing the first phase right now, which is about RMB2 billion, which will cover all of solid-state transformer, solid-state circuit breaker, and also our E-House total solution for AI power infrastructure and also some related to energy storage. The remaining RMB4 billion is not committed as of today, and will be planned sometime in the future.

我來替徐先生翻譯。我想首先先釐清一下相關投資。雖然整個專案預計總投資為人民幣60億元，但我們目前只承諾第一期，約人民幣20億元，將涵蓋固態變壓器、固態斷路器，以及我們用於AI電力基礎設施的E-House整體解決方案，並包含部分與儲能相關的內容。其餘人民幣40億元截至目前尚未承諾，將在未來某個時間再行規劃。

Then in terms of our strategy, we are focusing on AIDC-related power infrastructure or equipment. Then we expect to have three primary products. One is a total solution or a package solution which is going to be a plug-and-play kind of solution for AI power infrastructure, which has all the related power equipment.

在策略方面，我們聚焦於AIDC相關的電力基礎設施或設備。我們預期會有三項主要產品。其中之一是AI電力基礎設施的整體解決方案或套裝方案，將是一種即插即用（plug-and-play）的方案，包含所有相關電力設備。

Then also our solid-state transformers and solid-state circuit breakers, and so it includes the related software and control. There is very significant synergy with Daqo Group because of Daqo Group's experience and know-how and also their position within the market, we think that actually we can receive significant orders from customers.

另外還有我們的固態變壓器與固態斷路器，並包含相關軟體與控制系統。這與大全集團具有非常顯著的協同效應，因為大全集團的經驗與專業能力，以及其在市場中的地位，我們認為實際上可以從客戶那裡獲得可觀的訂單。

We are now in the phase of doing R&D and also the building of related manufacturing facilities. The R&D team is now in place, and we continue to expect to have our prototype ready by year-end and getting these products.

我們目前正處於研發以及建置相關製造設施的階段。研發團隊已經到位，我們仍預期在年底前完成原型機，並推出這些產品。

In terms of 2026 and 2027 is really a preparation period and introduction of the products into the market. We think that the market will see a high growth phase from 2028 to 2030, and where we do expect a significant ramp-up of revenue during this period for these related products and business.

就2026年與2027年而言，主要是準備期以及將產品導入市場。我們認為市場在2028年至2030年將進入高速成長階段，並且我們確實預期在此期間，相關產品與業務的營收將顯著爬升。

Just one last very small question. For the RMB2 billion committed investment, we will extend in 2026, right?

最後一個很小的問題。對於已承諾的人民幣20億元投資，我們會延伸到2026年，對嗎？

Over the next two years. This year is only about, I think, it is only maybe $30 million to $40 million this year. The remaining will be over the next two years, actually.

在接下來兩年內。今年大概只有，我想今年可能只有3,000萬到4,000萬美元左右。其餘部分實際上會在接下來兩年投入。

Sure. That is all from me.

好的。我這邊就到這裡。

Our CEO will make additional comment.

我們的執行長會再補充一些評論。

(spoken in foreign language)

(以外語發言)

Mr. Xu will provide an update on our semiconductor polysilicon business, where the company has spent a total investment, including land and related equipment facility of about RMB1.2 billion into the business. We have been doing product trial production and also in terms of qualification with our customers. The qualification cycle has been much longer than we anticipated, but we are continuing to do this.

徐先生將就我們的半導體多晶矽業務提供最新進展；公司在該業務上的總投資（包含土地與相關設備設施）約為人民幣12億元。我們一直在進行產品試產，以及與客戶端的認證。認證週期比我們原先預期的要長得多，但我們仍在持續推進。

He is very optimistic that he is looking at very significant market demand, where the expected demand for semiconductor poly is roughly 75,000 tonnes per year, while right now the current industry production for semiconductor poly is only about 57,000 tonnes per year. He is expecting a very significant growth for this product, this market sector. We are going to wrap up and reinvigorate our activities for this.

他對市場需求非常樂觀；預期半導體級多晶矽的需求約為每年75,000噸，而目前產業的半導體級多晶矽產量僅約每年57,000噸。他預期這項產品、這個市場領域將有非常顯著的成長。我們將收尾並重新振作、加強推進這方面的工作。

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

以上為我們的問答環節。我想把電話會議交回給趙潔西（Jessie Zhao），請她做結語。

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

再次感謝各位參與今天的電話會議。若您還有任何進一步問題，歡迎隨時與我們聯繫。謝謝，祝各位今天一切順利。再見。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議到此結束。感謝您參加今天的簡報。您現在可以掛線。