During the first half of 2025, market prices across the entire silicon industry chain witnessed a sustained decline, dipping below production costs and consequently leading to widespread losses for businesses. Polysilicon, industrial silicon, and silicon wafer prices experienced sharp drops, while operational rates plummeted to historic lows. In an effort to redress the imbalance between supply and demand, companies took measures to scale back production and reduce operating loads. As a result, polysilicon achieved a notable equilibrium between production and sales, accompanied by a modest reduction in inventories.