Daqo New Energy

Daqo New Energy Announces Unaudited Fourth Quarter and Fiscal Year 2023 Results

Retrieved on: 
Wednesday, February 28, 2024

Revenues were $477.1 million, compared to $484.8 million in the third quarter of 2023 and $864.3 million in the fourth quarter of 2022.

Key Points: 
  • Revenues were $477.1 million, compared to $484.8 million in the third quarter of 2023 and $864.3 million in the fourth quarter of 2022.
  • Gross margin was 18.3%, compared to 14.0% in the third quarter of 2023 and 77.4% in the fourth quarter of 2022.
  • Operating margin was 17.5%, compared to 4.6% in the third quarter of 2023 and 72.1% in the fourth quarter of 2022.
  • EBITDA margin (non-GAAP) was 26.9%, compared to 14.5% in the third quarter of 2023 and 75.0% in the fourth quarter of 2022.

Daqo New Energy to Announce Unaudited Results for the Fourth Quarter and Fiscal Year 2023 on February 28, 2024

Retrieved on: 
Tuesday, February 20, 2024

SHANGHAI, Feb. 20, 2024 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" or the "Company"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced it plans to release its unaudited financial results for the fourth quarter and fiscal year of 2023 ended December 31, 2023 before U.S. markets open on Wednesday, February 28, 2024.

Key Points: 
  • SHANGHAI, Feb. 20, 2024 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" or the "Company"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced it plans to release its unaudited financial results for the fourth quarter and fiscal year of 2023 ended December 31, 2023 before U.S. markets open on Wednesday, February 28, 2024.
  • The Company has scheduled a conference call to discuss the results at 8:00 AM U.S. Eastern Time on February 28, 2024 (9:00 PM Beijing / Hong Kong time on the same day).
  • The dial-in details for the earnings conference call are as follows:
    Please dial in 10 minutes before the call is scheduled to begin and ask to join the Daqo New Energy Corp. call.
  • A replay of the call will be available 1 hour after the conclusion of the conference call through March 6, 2024.

Daqo New Energy's Subsidiary Xinjiang Daqo Provides Preliminary Estimate of Net Profit for FY2023

Retrieved on: 
Tuesday, January 30, 2024

Xinjiang Daqo estimates that under PRC GAAP, its net profit attributable to Xinjiang Daqo's shareholders in FY2023 would be in the range of RMB5.7~5.8 billion, representing a 69.7%~70.2% year-over-year decrease compared to net profit attributable to Xinjiang Daqo's shareholders of RMB19.12 billion in FY2022.

Key Points: 
  • Xinjiang Daqo estimates that under PRC GAAP, its net profit attributable to Xinjiang Daqo's shareholders in FY2023 would be in the range of RMB5.7~5.8 billion, representing a 69.7%~70.2% year-over-year decrease compared to net profit attributable to Xinjiang Daqo's shareholders of RMB19.12 billion in FY2022.
  • Daqo New Energy currently beneficially owns approximately 72.4% of Xinjiang Daqo's equity interest, and the majority of the Company's revenue and net income are contributed by Xinjiang Daqo.
  • The estimated net profit should not be viewed as a substitute for full financial statements of Xinjiang Daqo prepared in accordance with PRC GAAP.
  • In addition, the estimated net profit is not necessarily indicative of the results to be achieved by Xinjiang Daqo in any future period.

Daqo New Energy Provides Update on Share Repurchase Program

Retrieved on: 
Thursday, January 11, 2024

SHANGHAI, Jan. 11, 2024 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today provided an update on its US$700 million share repurchase program approved in 2022 and effective from November 7, 2022 to December 31, 2023.

Key Points: 
  • SHANGHAI, Jan. 11, 2024 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today provided an update on its US$700 million share repurchase program approved in 2022 and effective from November 7, 2022 to December 31, 2023.
  • By the end of 2023, the Company had repurchased 14.55 million ADSs (representing 72.75 million ordinary shares) at an average price of $33.71 per ADS for a total of approximately $491 million, representing approximately 70.1% of the US$700 million maximum amount of the share repurchase program.
  • Xiang Xu, Chairman and CEO of the Company, commented, "We are pleased to report that under our previously announced share repurchase program, Daqo New Energy has repurchased 14.55 million ADSs, representing 18.6% of the Company's total shares outstanding at the end of 2022.
  • The share repurchases demonstrate our belief that our shares are undervalued, particularly with regard to the Company's robust balance sheet and liquidity position.

Daqo New Energy's Subsidiary Xinjiang Daqo Announces Investment Agreement to Establish Polysilicon and Silicon Metal Project to Integrate Upstream Supply

Retrieved on: 
Wednesday, December 13, 2023

The first phase of the project consists of 150,000MT of silicon metal production, 50,000MT of polysilicon, and 1.2 million pieces of silicon seed rod, with an anticipated investment of approximately RMB7.5 billion.

Key Points: 
  • The first phase of the project consists of 150,000MT of silicon metal production, 50,000MT of polysilicon, and 1.2 million pieces of silicon seed rod, with an anticipated investment of approximately RMB7.5 billion.
  • The second phase of the project consists of 150,000MT of silicon metal production, 50,000MT of polysilicon, and 1.0 million pieces of silicon seed rod, with an anticipated investment of approximately RMB7.5 billion.
  • In particular, the silicon metal project is strategically important to the Company's ability to deliver sustainable growth.
  • We are confident that the upstream supply chain integration will enable us to capture additional market opportunities and strengthen our leadership position in the polysilicon industry."

Daqo New Energy Announces Appointment of First Female Director

Retrieved on: 
Tuesday, November 14, 2023

SHANGHAI, Nov. 14, 2023 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy," the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced the appointment of Ms. Xiaoyu Xu as a director of the Company, effective November 13, 2023.

Key Points: 
  • SHANGHAI, Nov. 14, 2023 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy," the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced the appointment of Ms. Xiaoyu Xu as a director of the Company, effective November 13, 2023.
  • Ms. Xiaoyu Xu joined the Company in May 2023 as Investor Relations Director and Board Secretary.
  • Ms. Xiaoyu Xu is the daughter of Mr. Xiang Xu, Chairman and CEO of Daqo New Energy.
  • Mr. Xiang Xu, Chairman and CEO of Daqo New Energy commented, "We are pleased to welcome Ms. Xiaoyu Xu to our Board as our first female board member.

Under 1% of unicorns are profiting at scale with true business success despite $1 billion-plus valuations--Bain & Company analysis

Retrieved on: 
Thursday, November 9, 2023

Of some 225,000 companies founded during the past 20 years, only around 2,500 have achieved $1 billion market valuations (including public and private businesses).

Key Points: 
  • Of some 225,000 companies founded during the past 20 years, only around 2,500 have achieved $1 billion market valuations (including public and private businesses).
  • And just 15 companies generate more than $1 billion in cash and revenues – a tiny subset of unicorns that have transformed their marketplaces.
  • The 15 established and scale insurgent businesses that have achieved this status make up just 0.7% of the total number of unicorns.
  • They are focused on rapidly scaling a powerful customer franchise and building a cash generative business that can sustain itself.

Daqo New Energy Announces Unaudited Third Quarter 2023 Results

Retrieved on: 
Monday, October 30, 2023

Revenues were $484.8 million, compared to $636.7 million in the second quarter of 2023 and $1,219.7 million in the third quarter of 2022.

Key Points: 
  • Revenues were $484.8 million, compared to $636.7 million in the second quarter of 2023 and $1,219.7 million in the third quarter of 2022.
  • Gross margin was 14.0%, compared to 40.7% in the second quarter of 2023 and 80.2% in the third quarter of 2022.
  • Operating margin was 4.6%, compared to 33.6% in the second quarter of 2023 and 56.8% in the third quarter of 2022.
  • EBITDA margin (non-GAAP) was 14.5%, compared to 36.1% in the second quarter of 2023 and 59.0% in the third quarter of 2022.

Daqo New Energy to Announce Unaudited Results for the Third Quarter of 2023 on October 30, 2023

Retrieved on: 
Monday, October 16, 2023

SHANGHAI, Oct. 16, 2023 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" or the "Company"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced it plans to release its unaudited financial results for the third quarter of 2023 ended September 30, 2023 before U.S. markets open on Monday, October 30, 2023.

Key Points: 
  • SHANGHAI, Oct. 16, 2023 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" or the "Company"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced it plans to release its unaudited financial results for the third quarter of 2023 ended September 30, 2023 before U.S. markets open on Monday, October 30, 2023.
  • The Company has scheduled a conference call to discuss the results at 8:00 AM U.S. Eastern Time on October 30, 2023 (8:00 PM Beijing / Hong Kong time on the same day).
  • The dial-in details for the earnings conference call are as follows:
    Please dial in 10 minutes before the call is scheduled to begin and ask to join the Daqo New Energy Corp. call.
  • A replay of the call will be available 1 hour after the conclusion of the conference call through November 6, 2023.

Daqo New Energy Releases Labor Due Diligence Report

Retrieved on: 
Wednesday, September 27, 2023

SHANGHAI, Sept. 27, 2023 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced that it has released a labor due diligence report ("Labor Due Diligence Report") based on a labor audit conducted by an independent third-party legal advisor.

Key Points: 
  • SHANGHAI, Sept. 27, 2023 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced that it has released a labor due diligence report ("Labor Due Diligence Report") based on a labor audit conducted by an independent third-party legal advisor.
  • The report is the result of a compliance assessment by the legal advisor of labor practices and records at Xinjiang Daqo New Energy Co., Ltd. ("Xinjiang Daqo"), Daqo New Energy, Chongqing Daqo New Energy Co., and other affiliated companies and organizations of Xinjiang Daqo (collectively referred as the "Daqo Companies").
  • Ming Yang, CFO of Daqo New Energy, commented: "We are very pleased that this extensive review of our labor practices confirms that the Daqo Companies' labor practices have been sound and in compliance with all applicable laws and regulations.
  • Key highlights of the Labor Due Diligence Report include:
    A sound labor management structure runs across the entire human resources management structure of the Daqo Companies.