first half of 2025, the four polysilicon giants (Tongwei Stock, Xiexin Science and Technology, Xinte Energy and Daqo Energy) have published their interim performance reports, and all of them are still losing money, with a total loss of 8.134 billion yuan, compared with 6.166 billion yuan in the same period last year, which is further enlarged. Among them, Tongwei shares lost 4.955 billion yuan, continuing to rank first, accounting for 60%, followed by Xiexin Technology lost 1.776 billion yuan, Daquan Energy lost 1.147 billion yuan, and Xinte Energy lost 256 million yuan. Except for the loss reduction of Xinte Energy, the losses of the other three companies increased.
Figure 1: In the first half of 2025, the net profit attributable to the parent company of the four polysilicon giants continued to lose money
across the board. Data source: the company announced that the comprehensive capacity utilization rate of the digital new energy DataBM. Com
dropped to the bottom, and the new capacity was zero
. The total production capacity of silicon materials of the four polysilicon enterprises reached 1.985 million tons, an increase of 310,000 tons over the same period last year, which was the same as that at the end of 2024, and no new production capacity was released from January to June 2025. In the first half of the year, the comprehensive capacity utilization rate of the four enterprises was only 20.56%, down 19.78 percentage points from 40.43% in the same period last year, with a total production of 408,200 tons of polysilicon, down 39.7% from the same period last year, accounting for 66.79% of the total output of the country, and the output concentration has recovered. From the perspective of capacity utilization rate, among the four enterprises, Xinte Energy has the lowest capacity utilization rate, only 11.2%, and Xiexin Technology has the highest capacity utilization rate, reaching 30.2%. In the first half of the year, the overall capacity utilization rate of the national polysilicon industry was around 37%, a new low since 2008. In the first half of the year, the sales volume of silicon wafers and silicon materials declined year on year. In order to control or reduce losses, enterprises lowered the operating rate, maintained low-load operation, and reduced the utilization rate of production capacity.
Table 1: Production capacity, output and capacity utilization rate
of the four polysilicon giants Source: Announcement of the Company Digital New Energy DataBM. Com
Xinte Energy Sales fell the most GCL grew
against the trend in the first half of the year. Four polysilicon companies sold 368,800 tons of polysilicon, down 37.4% year on year. Among them, Tongwei shares achieved 161300 tons of polysilicon sales, N-type silicon exports accounted for more than 90%, silicon consumption dropped to 1.04 kg/kg. Si, global market share reached 30%, continued to rank first, silicon company Yongxiang shares consolidated business revenue of 6.158 billion yuan, the proportion of the company's business dropped to 15.2%, the company's total revenue of 6.158 billion yuan. The proportion of revenue from module battery business increased to more than 60%; GCL Technology ranked second in terms of sales volume, achieving sales volume of 131,400 tons, market share of 24%, silicon material business revenue of 3.964 billion yuan, and carbon footprint of silicon particles of only 41 kgCO2e/kg; The sales volume of Daqo Energy reached 46,000 tons, ranking third, and the revenue of silicon material business was RMB 1.964 billion; Xinte Energy ranked fourth, and the sales volume of silicon material was about 30,000 tons, and the revenue of silicon material business was RMB 998 million, and the comprehensive power consumption per unit of the company decreased by 7% compared with the end of 2024. The production and sales rate of the four enterprises is about 90%, and the comprehensive production and sales rate is 89.91%.
From the perspective of sales growth, except that the sales of Xiexin Science and Technology continued to grow further, the sales of the other three enterprises all declined, especially Xinte Energy, whose sales fell by 78% year on year. In the first half of the year, the enterprises reduced production, promoted cost reduction, realized loss reduction, and the proportion of silicon business revenue also declined sharply.
Table 2: Sales volume and production and sales rate
of the four polysilicon giants in the first half of 2025 Source: Announcement of the Company. DataBM. Com
of Digital New Energy Table 3: Revenue and Proportion
in Revenue of Silicon Material Business of the Four Polysilicon Giants in the First Half of 2025 Data Source: Announcement of the Company, Digital New Energy DataBM. Com. * The consolidated income
and cost of Yongxiang shares continued to decline, and the cash cost of Daqo Energy was the highest
. According to the public information and the market exchange of digital new energy DataBM. Com, in the first half of the year, among the four polysilicon enterprises, the cash cost of Daqo Energy was the highest, reaching 37700 yuan/ton. The unit cost of freight and depreciation is as high as 55100 yuan/ton, the new special energy is 305-31500 yuan/ton, the cash cost of Tongwei shares is less than 29000 yuan/ton, and its Inner Mongolia base has been reduced to 27000 yuan/ton (excluding tax), which has cost advantages in rod-shaped silicon enterprises, and the cash cost of Xiexin technology granular silicon has been reduced to 26000 yuan/ton. The granular silicon still has a significant cost advantage ov that rod-shaped silicon. Overall, the cost of each company continued to decline year on year.
Table 4: Cash cost of the four polysilicon giants in the first half of 2025 (excluding tax)
Data source: company announcement, digital new energy DataBM. Com
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