Daqo New Energy Corp.

The grade, in three tenses

Headline 4.2 out of ten, 8 of 9 metrics filed and 1 estimated: past 6.3 out of ten, present 4.0 out of ten, future 1.8 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 4.2 out of ten. +14.5% a year over 10 filed years; profitable in 8 of 10. 41st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 7.7 out of ten. Share count shrank 4.5% a year. 40% of cash flow returned. Insiders: 0 sales, 0 purchases. 77th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 4.5 out of ten. ROE -3%: lost 3¢ per shareholder dollar. Leverage 8%: owes 8¢ per asset dollar. 46th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 2.5 out of ten. bottom 25% of 97 in its family; net margin -25.6%. 25th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Room to expand (future): 2.2 out of ten. bottom 22% of 94 in its family for room to expand. 22nd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 0.3 out of ten. bottom 3% of 93 in its family for growth drivers. 3rd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 3.0 out of ten. bottom 30% of 88 in its family for expectations against reality. 30th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-04-20 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 6-K, 2026-08-20. Filings on record since 2010. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-04-20.

The people

Daqo New Energy is run by the family behind Daqo Group, which the filing describes as a leading maker of electrical systems in China. Xiang Xu has been chairman and chief executive since August 2023. He is also president of Daqo Group and a director of 25 of its subsidiaries, and from January 2000 to May 2006 he was general manager of one of them, Jiangsu Changjiang Electric. He succeeded his father, Guangfu Xu, as chairman. The father chaired the company from its incorporation in November 2007 until August 2023, has chaired Daqo Group since January 1984, and joined its forerunner, Xinba General Company, in 1966, building it up from a small township and village enterprise. He remains a director. [1, 2, 3, 4, 5]

A third generation is in management. Xiaoyu Xu, the chief executive's daughter, joined in May 2023 as head of investor relations and board secretary, became a director that November and deputy chief executive in October 2024; before that she worked in the corporate and investment bank of J.P. Morgan. The chief financial officer since July 2015 is Ming Yang, a former McKinsey & Company consultant who specialized in clean technology and solar from May 2012, and before that vice president of business development and corporate communications at JA Solar, a Chinese solar manufacturer, from 2009 to 2012. [5, 6, 7, 8, 9]

The board has eleven directors. Besides the three members of the Xu family, two more hold posts at Daqo Group: Dafeng Shi, its vice president for finance since January 2006, and Fei Ge, its executive president for technology innovation and digitalized manufacturing. The other six are independent, among them Fumin Zhuo, a director since November 2009, and Rongling Chen, a director since October 2010 and a vice president of Applied Materials from 2010 to 2012. Guangfu Xu beneficially owns 18.4% of the shares and Xiang Xu 11.4%; directors and officers together hold 36.1%. On the record this site holds, all twelve directors and officers filed their first insider reports with the SEC in March 2026. [10, 11, 12, 13, 14, 15, 16, 17, 18]

At the end of 2025 Daqo counted 3,842 employees, down from 4,749 a year earlier and 5,765 at the end of 2023. Nearly two in three, 2,451 people, work in manufacturing and quality assurance; 968 in research and development; 357 in general administration; 38 in purchasing; and just 28 in sales and marketing. All of them work at its sites in Chongqing, Shanghai, Xinjiang and Inner Mongolia, in China. [19, 20]

How it operates

Daqo makes one product, high-purity polysilicon: the refined silicon that solar manufacturers turn into ingots, wafers, cells and finally modules, the finished panels. It uses the modified Siemens process, a form of chemical vapor deposition in which a purified silicon-bearing gas is fed into reactors and deposited as ultra-pure rods, and it runs the process as a closed loop, recovering hydrogen, hydrogen chloride and chlorosilanes from the exhaust and recycling each. Its plants can make 305,000 metric tons a year: 105,000 in Xinjiang, in the northwest, and 200,000 in Inner Mongolia. It quit wafer making in Chongqing in 2018, and polysilicon is now its only business that brings in revenue. [21, 22, 23, 24, 25, 26]

It sells to China-based makers of solar products; at the end of 2025 its major customers were the operating companies of large silicon wafer producers and of vertically integrated solar manufacturers, which carry out several stages of production themselves. A few buyers take most of the output: in 2025 its three largest customers took 38.9%, 18.1% and 6.5% of revenue, 63.5% together, against 53.8% in 2024. Most sales run under framework contracts that bind the volumes a customer takes, while the price is set at the prevailing market rate when each order is placed. A sales team in China, each member assigned a region, handles the accounts. [27, 28, 29, 30, 31]

Its main raw materials are metallurgical grade silicon, 95% to 99% pure, and liquid chlorine, which it makes itself. Electricity is a significant cost, and that is why the plants are where they are: abundant coal makes power in Xinjiang and Inner Mongolia much cheaper than on China's coast or in developed countries, and Shihezi, home of the Xinjiang plants, has a further advantage in its own regional grid. [32, 33, 34]

The listed company is a holding company domiciled in the Cayman Islands, with its principal executive offices in Shanghai. Its main operating company, Xinjiang Daqo, has been listed on the STAR Market of the Shanghai Stock Exchange since July 2021, when it raised net proceeds of about 6.07 billion yuan. Xinjiang Daqo in turn wholly owns Inner Mongolia Daqo New Energy, the polysilicon maker in Inner Mongolia, and has its own board and officers; the parent held 72.8% of it at the end of March 2026. Daqo reports in US dollars and prepares its accounts under US GAAP, the American accounting rules, while its Chinese subsidiaries keep their books in renminbi (RMB, the Chinese yuan), their working currency. It does not hedge the exchange rate between the two. [35, 36, 37, 38, 39, 40, 41, 42]

The specifics

The company began as Mega Stand International, incorporated in the Cayman Islands in November 2007 and renamed Daqo New Energy in August 2009. Its first polysilicon plant began commercial production in July 2008, and its American depositary shares have been listed on the New York Stock Exchange since October 2010. It sold its module business to Daqo Group in 2012 and grew its polysilicon capacity step by step: from 6,150 metric tons a year in early 2014 to 105,000 in January 2022 and 305,000 in May 2024, when the second phase of its Baotou plant, in Inner Mongolia, began production. Daqo Group has agreed, for an indefinite term, not to make or sell polysilicon or any other solar product anywhere in the world without the company's consent, which was given for Daqo Group to enter solar cell manufacturing in China. [43, 44, 45, 46, 47, 48, 49, 50, 51, 52]

Part of its process is licensed. In August 2011 it licensed GTAT Corporation's hydrochlorination technology, the step that feeds unreacted by-products back into the loop, along with its chlorosilane recovery technology, for its current and future plants, and it finished paying for the license in January 2016. At the end of 2025 it held 510 patents, with 179 more pending, and it registered 99 new patents in China during the year, but it relies heavily on process know-how and trade secrets that patents do not cover. Its research team counts 968 researchers and engineers, who completed 68 process improvement projects in 2025, yet research spending was only 2.6 million dollars that year, against 10.1 million in 2023. [53, 54, 55, 56, 57, 58, 59]

It names its rivals: Wacker, OCI and Hemlock abroad; GCL-Poly, Xinte Energy, Tongwei Yongxiang, Asia Silicon and Xinjiang East Hope New Energy in China; and newcomers such as Lihao Semiconductor and Xinjiang Jingnuo New Energy. Solar cell and module makers that might build polysilicon plants of their own are competition too. Daqo says it sets itself apart on cost and price, product quality and manufacturing efficiency. At home, the government has made anti-involution, its campaign against irrational competition and overcapacity, a national policy priority in the 15th Five-Year Plan, and a proposed mandatory national standard would impose strict limits on the energy used per unit of polysilicon produced. [60, 61, 62, 63, 64]

US trade rules reach it through its Xinjiang subsidiary. In June 2021 the Commerce Department put Xinjiang Daqo on its Entity List, which limits the American goods, software and technology it can obtain. In June 2022 the Department of Homeland Security added it to the list kept under the Uyghur Forced Labor Prevention Act, a law that bars goods made wholly or partly in Xinjiang from entering the United States unless customs officials find they were not made with forced labor. Daqo says it does not usually sell to the United States directly, but some of its major customers likely sell products containing its polysilicon there, and those products are likely to be barred. [65, 66, 67]

What drives growth, line by line

Revenue fell 35.3% in 2025 to 665.4 million dollars, the third yearly decline in a row from 4.6 billion in 2022. The company puts it down to both volume and price: it sold 30.1% less polysilicon, 126,707 metric tons against 181,362, at an average selling price 7.3% lower, 5.25 dollars a kilogram against 5.66. [59, 68, 69]

Sales swung through the year: 28,008 tons in the first quarter and 18,126 in the second, then 42,406 and 38,167 in the second half. Production fell to 123,652 tons in 2025 from 205,068 in 2024, from plants able to make 305,000 a year. [70, 71, 22]

Prices fell for a third year, but by less. The average selling price dropped 66.7% in 2023 and 50.7% in 2024 on new capacity and oversupply; in 2025 it fell 7.3%, a decline the company says was softened by China's anti-involution initiatives in the second half, after which polysilicon prices rebounded substantially from the third quarter. [72, 73]

Costs did not fall with volume. The production cost per kilogram rose to 6.61 dollars in 2025 from 6.44, because lower use of capacity raised the depreciation each kilogram carries, which left it above the average selling price. Gross margin stayed at negative 20.7%, a gross loss of 137.9 million dollars. The net loss attributable to shareholders roughly halved, to 170.5 million from 345.2 million, helped by the absence of the 175.6 million dollar impairment on older plants booked in 2024; the company says none was needed in 2025 because polysilicon prices rebounded. [74, 75, 59, 76, 77]

What comes next, in the company's own words: it anticipates that the Chinese initiatives against irrational competition and overcapacity will continue, though overcapacity and high inventories could still weigh on the industry in 2026. It has no ramp-up schedule for its newest Baotou plant, Phase 5B, or for its polysilicon project for the semiconductor industry, and it does not expect material capital spending in the near future. Its risk discussion refers to expected increases in the portion of N-type products, a higher-purity grade, in 2026. At the end of 2025 it held 980.3 million dollars in cash, cash equivalents and restricted cash and 1,035.6 million in fixed-term deposits, with no bank borrowings. [73, 78, 79, 50, 80, 81, 82, 83]

What the desk infers (inferred, not filed)

• Daqo is running as a much smaller company than its plants: in 2025 it made about two fifths of what its capacity allows, and the cost of carrying idle plant, not raw materials or power, is what pushed its cost per kilogram up. Because: Its plants can make 305,000 metric tons a year, but it produced 123,652 tons in 2025, down from 205,068 in 2024. [22, 71] Its production cost per kilogram rose in 2025 because lower use of capacity raised depreciation, even as its raw materials cost less. [74, 84] It has no ramp-up schedule for its newest plant, Phase 5B, citing adverse market conditions. [79] In 2024 it temporarily shut its older production lines and booked a 175.6 million dollar impairment, mainly on its older facilities. [74, 76] Confidence 80 of 100. Wrong if: A filing showing that the 305,000 ton capacity includes lines already closed or written off, so that the lines actually running were near full use in 2025.
• Daqo takes the market's price rather than setting its own: its contracts lock in how much customers buy but not what they pay, so its revenue follows the polysilicon market in China and, since the second half of 2025, the Chinese government's campaign against overcapacity. Because: Framework contracts bind the volumes customers take; prices are set at prevailing market prices when each order is placed. [30] Its average selling price fell 66.7% in 2023 and 50.7% in 2024, both times on oversupply in the market. [72] Prices rebounded substantially from the third quarter of 2025 after the Chinese authorities moved against irrational competition and overcapacity, and the company credits that rebound for needing no impairment in 2025. [73, 77] Its buyers are China-based solar manufacturers, and three of them took 63.5% of its 2025 revenue. [27, 28] Confidence 85 of 100. Wrong if: A filing showing contracts that fix Daqo's prices ahead of delivery, or a year in which its average selling price moved against the direction of polysilicon prices in China.
• Since 2021 the group has raised the money for its new plants in China, through the Shanghai-listed Xinjiang Daqo, rather than through the parent listed in New York, and that is how outside shareholders came to own more than a quarter of its main operating company. Because: Xinjiang Daqo raised about 6.07 billion yuan when it listed on the STAR Market in July 2021, and in 2022 sought up to 11 billion yuan more in a private offering for the 100,000 ton Baotou project. [37] It completed that private offering in June 2022. [85] The polysilicon maker in Inner Mongolia is wholly owned by Xinjiang Daqo, and the Baotou projects had cost 19.6 billion yuan by the end of 2025. [38, 86] The parent held 72.8% of Xinjiang Daqo at the end of March 2026, and the filing warns that the minority shareholders' interests may diverge from its own. [37, 87] By contrast, the parent's April 2018 follow-on offering of American depositary shares brought in net proceeds of 106.6 million dollars. [88, 89] Confidence 70 of 100. Wrong if: A filing showing that the Inner Mongolia plants were paid for mainly with money raised or lent by the Cayman parent rather than money Xinjiang Daqo raised in China.

Sources

1. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Mr. Xiang Xu is the chairman of our board of directors and our chief executive officer. He is also the president of Daqo Group and currently holds directorship positions at 25 subsidiaries of Daqo Group.”
2. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Mr. Xu has served as the chairman of our board of directors and our chief executive officer since August 2023. Mr. Xu served as the general manager of Jiangsu Changjiang Electric Co., Ltd., a subsidiary of Daqo Group, from January 2000 to May 2006.”
3. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Mr. Xu has been the chairman of Daqo Group since January 1984 and currently holds directorship positions with 30 subsidiaries and affiliated entities of Daqo Group. Mr. Xu served as chairman of our board of directors from our incorporation in November 2007 to August 2023.”
4. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Mr. Xu joined Xinba General Company, the predecessor entity of Daqo Group, in 1966 and has been instrumental in building Daqo Group from a small township and village enterprise to a leading manufacturer of electrical systems in China.”
5. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Mr. Guangfu Xu is the father of Mr. Xiang Xu.”
6. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Ms. Xu has served as our director since November 2023 and our deputy chief executive officer since October 2024. Ms. Xu joined the Company in May 2023 as the investor relations head and board secretary. She previously worked at J.P. Morgan in the Corporate and Investment Bank department.”
7. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Ms. Xiaoyu Xu is the daughter of Mr. Xiang Xu.”
8. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Mr. Ming Yang is our chief financial officer. Mr. Yang has served as our chief financial officer since July 2015. Prior to joining us, Mr. Yang served as a management consultant at McKinsey & Company since May 2012, where he specialized in the cleantech and solar sectors”
9. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Prior to McKinsey & Company, Mr. Yang was vice president of business development and corporate communications at JA Solar Holdings Co., Ltd., a leading manufacturer of solar products based in China from 2009 to 2012”
10. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Our board of directors consists of eleven directors.”
11. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Mr. Shi has been the vice president for finance of Daqo Group since January 2006”
12. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “He is also the executive president of Daqo Group responsible for technology innovation and digitalized manufacturing.”
13. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Fumin Zhuo 74 Independent director Rongling Chen 84 Independent director Minsong Liang 57 Independent director Shuming Zhao 73 Independent director Arthur Wong 66 Independent director Guoqing Chen 61 Independent director”
14. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Mr. Fumin Zhuo is one of our independent directors. Mr. Zhuo has served as our director since November 2009.”
15. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Mr. Rongling Chen is one of our independent directors. Mr. Chen has served as our director since October 2010. He served as Senior Advisor for ASML China from May 2015 to December 2021 and an independent director to a Shenzhen Stock Exchange-listed company, TCL Zhonghuan, from 2012 to 2024. Between 2010 and 2012 Mr. Chen was a vice president of Applied Materials and chief administration officer of Applied Materials China.”
16. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Guangfu Xu(1) 62,201,150 18.4 Xiang Xu(2) 38,667,215 11.4”
17. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “All directors and executive officers as a group 122,270,854 36.1”
18. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
19. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “As of December 31, 2025, we had 3,842 employees, including 2,451 in manufacturing and quality assurance, 38 in purchasing, 968 in research and development, 28 in sales and marketing and 357 in general and administrative.”
20. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “All of these employees and independent contractors are located at our facilities in Chongqing, Shanghai, Xinjiang and Inner Mongolia, China. We had a total of 5,765, 4,749 and 3,842 employees as of December 31, 2023, 2024 and 2025, respectively.”
21. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We are a leading high-purity polysilicon manufacturer based in China. We utilize the chemical vapor deposition process, or the “modified Siemens process,” with upgraded Hydrochlorination technology, to produce polysilicon, and have fully implemented the closed loop system to produce high-quality polysilicon cost-effectively.”
22. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We manufacture and sell high-purity polysilicon to photovoltaic product manufacturers, who further process our polysilicon into ingots, wafers, cells and modules for solar power solutions. Currently, our annual production capacity for polysilicon is 305,000 MT, including 105,000 MT of production capacity in Xinjiang and 200,000 MT of production capacity in Inner Mongolia.”
23. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “The purified TCS is vaporized, blended with purified hydrogen gas and DCS at a controlled ratio, and fed into the deposition reactor for vapor-phase deposition to form ultra-pure polysilicon rods.”
24. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Off-gas from the reduction reaction is processed through condensation, compression, absorption, desorption, and adsorption to recover high-purity hydrogen, HCl and chlorosilanes, each of which is recycled separately.”
25. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Following our discontinuation in September 2018 of our wafer manufacturing operations in Chongqing, we focused on our operations in Xinjiang in northwestern China and then gradually expanded to Inner Mongolia.”
26. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Since our discontinuation of the wafer manufacturing business, we have focused on our core business of polysilicon manufacturing, which is currently the only segment to generate revenue.”
27. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We currently sell polysilicon to China-based photovoltaic product manufacturers. As of December 31, 2025, our major polysilicon customers included operating entities of major silicon wafer producers and vertical integrated solar manufacturers.”
28. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In 2025, our top three customers accounted for approximately 38.9%, 18.1% and 6.5% of our revenues, respectively, and the three customers in aggregate accounted for approximately 63.5% of our revenues.”
29. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In 2024, our top three customers accounted for approximately 21.5%, 16.3% and 16.0% of our revenues, respectively, and the three customers in aggregate accounted for approximately 53.8% of our revenues.”
30. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “The majority of our polysilicon sales are made under framework contracts. The framework contracts typically provide binding terms for the sales volumes of our polysilicon. The pricing terms are typically agreed upon between us and our customers based on the prevailing market prices when specific sales orders are made.”
31. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We have established nationwide marketing capability through our sales team in China. Each member of our sales team is dedicated to a particular region.”
32. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Raw materials required for our polysilicon manufacturing process primarily include metallurgical grade silicon, which is silicon of 95% to 99% purity, and liquid chlorine”
33. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We produce liquid chlorine in our in-house facilities.”
34. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “The costs of electricity are significant in the production of polysilicon. The electricity costs in Xinjiang and Inner Mongolia are significantly lower than those in coastal areas of China and in developed countries due to their abundant coal resources. Shihezi, where our Xinjiang polysilicon facilities are located, enjoys additional advantages in the costs of electricity due to the independent regional electricity grid.”
35. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We are a company limited by shares domiciled in the Cayman Islands.”
36. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Our principal executive offices are located at 29th Floor, Huadu Mansion, 838 Zhangyang Road, Shanghai, People’s Republic of China”
37. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In July 2021, Xinjiang Daqo completed its initial public offering and listing on the STAR Market and raised net proceeds of approximate RMB6.07 billion in this offering. In February 2022, Xinjiang Daqo applied with the Shanghai Stock Exchange to conduct a private offering to qualified institutional investors, intending to raise up to RMB11 billion from this private offering for our 100,000 metric tons of polysilicon expansion project in Baotou, Inner Mongolia, China, and to supplement our working capital. As of March 31, 2026, we beneficially own a 72.8% equity interest in Xinjiang Daqo.”
38. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In October 2021, Inner Mongolia Daqo New Energy Co., Ltd., which is 100% owned by Xinjiang Daqo, was incorporated in Inner Mongolia Autonomous Region, China. The subsidiary primarily focuses on manufacturing of polysilicon.”
39. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Our company retained majority ownership of Xinjiang Daqo after the STAR Listing, but Xinjiang Daqo has since been managed by a separate board of directors and officers”
40. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We prepare our consolidated financial statements in accordance with U.S. GAAP”
41. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Our financial statements are expressed in U.S. dollars, which is our reporting currency.”
42. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “The financial records of our PRC subsidiaries are maintained in RMB, which is their functional currency. We are therefore exposed to fluctuations in the exchange rate between the U.S. dollar and RMB. We do not currently hedge, and have not historically hedged, our operational exposure to this foreign currency fluctuation.”
43. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Our company was incorporated in the Cayman Islands as Mega Stand International Limited in November 2007. We changed our corporate name to Daqo New Energy Corp. in August 2009.”
44. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We commenced commercial production at the Phase 1 polysilicon facilities in July 2008.”
45. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “On October 7, 2010, we listed our ADSs, each representing five ordinary shares of Daqo New Energy Corp., on the NYSE under the symbol “DQ” in connection with an initial public offering.”
46. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In September 2012, to focus on our core businesses of polysilicon and wafer production, we sold our 100% equity interest in our module business to Daqo Group for a consideration of $9.9 million.”
47. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Following the completion of our Phase 2A and our capacity enhancement project for Phase 2A, we fully ramped up our nameplate polysilicon production capacity to 6,150 MT per annum in the first quarter of 2014.”
48. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We ramped it up to its full capacity of 35,000 MT and increased our total annual production capacity to 105,000 MT in January 2022.”
49. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We began the construction of our Phase 5B project in March 2023 and began production in May 2024, which increased our total annual production capacity to 305,000 MT.”
50. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Our Phase 5A, Phase 5B and semi-grade polysilicon facilitates are located in Baotou, Inner Mongolia”
51. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Under a non-competition agreement with us, Daqo Group has agreed not to engage in the business of manufacturing, marketing or distributing polysilicon or any other solar power products anywhere in the world or compete in any manner with our businesses without our consent for an indefinite term.”
52. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “With the approval of our Audit Committee, we gave our consent to Daqo Group to enter the photovoltaic cell manufacturing business in China.”
53. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In August 2011, Chongqing Daqo entered into a Technology License and Transfer Agreement with GTAT Corporation, a Delaware company, under which GTAT granted us a license to use its Hydrochlorination TCS Production Technology and Chlorosilane Recovery/Waste Neutralization Technology for our current polysilicon production and future polysilicon production expansions. We had paid off the consideration for the transfer of this technology in January 2016.”
54. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Unreacted STC, HCl and hydrogen are separated and recycled back into the hydrochlorination loop.”
55. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “As of December 31, 2025, we held 510 patents and had 179 additional pending patent applications covering different aspects of the polysilicon and wafer manufacturing process.”
56. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We also rely heavily on a combination of proprietary process engineering, trade secrets and employee contractual protections to establish and protect our intellectual property, as we believe that many crucial elements of our production processes involve proprietary know-how, technology or data that are not covered by patents or patent applications”
57. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Our research and development team consists of 968 experienced researchers and engineers.”
58. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In 2025, we completed 68 research and technology or process improvement projects to enhance our polysilicon manufacturing process, and successfully registered 99 patents with the State Intellectual Property Office of the PRC.”
59. The record on this page: the filed annual figures (EDGAR's company facts)
60. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “For our polysilicon business, our major international competitors include Wacker, OCI and Hemlock, and our major competitors in China include GCL-Poly, Xinte Energy, Tongwei Yongxiang, Asia Silicon, and Xinjiang East Hope New Energy. There are also new entrants into the polysilicon manufacturing market in China, such as Lihao Semiconductor and Xinjiang Jingnuo New Energy.”
61. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In addition, some solar cell and module manufacturers might have the intention of establishing polysilicon production or affiliate relationships with manufacturers of polysilicon.”
62. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We believe we differentiate ourselves from our competitors and capture market share in the polysilicon markets through our cost and price competitiveness, product quality, and manufacturing technologies and efficiency.”
63. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In addition, the PRC government has formally designated anti-involution as a national policy priority in China’s 15th Five-Year Plan. Following this policy, relevant authorities have deployed targeted regulatory measures to address irrational competition and overcapacity”
64. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “a new mandatory national standard has been proposed that would impose strict energy consumption limits on polysilicon production on a per-unit-output basis.”
65. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In June 2021, our subsidiary Xinjiang Daqo was included in the entity list by the Bureau of Industry and Security of the U.S. Department of Commerce, or the Entity List. This designation limits Xinjiang Daqo’s ability to obtain certain commodities, software and technologies subject to the U.S. Department of Commerce’s Export Control Regulations, or the EAR.”
66. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “The U.S. President signed the Uyghur Forced Labor Prevention Act, or the UFLP Act, into law in December 2021. The UFLP Act prohibits all goods manufactured wholly or in part in Xinjiang from entering the United States unless U.S. Customs and Border Protection, or CBP, determines that the goods have not been manufactured by forced labor.”
67. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In June 2022, our subsidiary Xinjiang Daqo was added to the UFLP Act entity list by the U.S. Department of Homeland Security. Although we typically do not sell our polysilicon to the U.S. market directly and our customers typically serve the global solar market, some of our major customers likely sell their products containing our polysilicon to the U.S. market. These products are likely to be prohibited from export to the United States”
68. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Revenue. The revenue was $665.4 million in 2025, representing a 35.3% decrease from $1,029.1 million in 2024, primarily due to lower sales volume and lower polysilicon ASPs.”
69. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Our sales volume decreased by 30.1% from 181,362 MT in 2024 to 126,707 MT in 2025. Our annual average selling prices decreased by 7.3% from $5.66/kg in 2024 to $5.25/kg in 2025.”
70. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Polysilicon (MT) 28,008 18,126 42,406 38,167 126,707”
71. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Our actual production volume of polysilicon in 2024 and 2025 was 205,068 MT and 123,652 MT, respectively.”
72. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In 2023, the annual average selling price decreased by 66.7% as compared to 2022, primarily due to new production capacities and oversupply of polysilicon in the market. In 2024, the annual average selling price decreased by 50.7% as compared to 2023, primarily due to the continued oversupply in the market. In 2025, the annual average selling price decreased by 7.3% as compared to 2024, primarily due to the continued market oversupply, although this decline was mitigated by China’s anti-involution initiatives since the second half of 2025.”
73. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In 2025, polysilicon prices rebounded substantially since the third quarter of 2025 after the Chinese authorities took initiatives to tackle irrational competition and industry overcapacity.”
74. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “During 2024, our production cost decreased to $6.44/kg as compared to 2023, primarily due to continued improvement in our operational efficiency, lower cost of raw materials, and temporary shut-down of our older production lines in light of market downturns. Our production cost increased from 2024 to $6.61/kg in 2025, primarily due to higher depreciation resulting from the decrease in the capacity utilization rate.”
75. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Our gross margin was 39.9%, negative 20.7% and negative 20.7% in 2023, 2024 and 2025 respectively.”
76. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “While we did not have this item in 2023, we had long-lived assets impairment of $175.6 million in 2024, mainly related to our older polysilicon facilities.”
77. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We had long-lived assets impairment decreased from $175.6 million in 2024 to nil in 2025, mainly because the polysilicon selling prices rebounded substantially in 2025, which enhanced the recoverability of the carrying amount of our long-lived assets.”
78. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “For 2026, the industry could continue to be impacted by overcapacity and pressure from high inventory level, but we anticipate that these initiatives will continue.”
79. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We currently do not have an expected ramp-up schedule for our Phase 5B facilities or our polysilicon project for the semiconductor industry, primarily due to adverse market conditions.”
80. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “Given adverse market conditions, we currently do not expect to incur material capital expenditures in the near future.”
81. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We cannot assure you that we can continue to maintain the current level of high quality polysilicon production for mono-wafer applications or achieve the expected increases in the portion of N-type products in 2026.”
82. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “an accelerated transition to N-type products which required higher purity polysilicon products.”
83. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “As of December 31, 2025, we had cash, cash equivalents and restricted cash of $980.3 million and fixed-term deposits of $1,035.6 million. We did not have any bank borrowings as of the same date.”
84. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “The decrease in cost of revenue from product sales was primarily attributable to lower sales volume, our continued improvement in operational efficiency and production process, and the cost reduction of raw materials.”
85. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In June 2022, Xinjiang Daqo completed its follow-on private offering in China.”
86. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “As of December 31, 2025, we had spent a total of RMB19.6 billion ($2.8 billion) on the above projects”
87. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “This minority interest in Xinjiang Daqo increases subsequent to the completion of the STAR Listing and any follow-on offering by Xinjiang Daqo, and the interests in Xinjiang Daqo of these minority shareholders may diverge from the interests of our company and our other subsidiaries in the future.”
88. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “In April 2018, we completed a follow-on public offering of 2,064,379 ADSs, representing 51,609,475 ordinary shares”
89. Daqo New Energy Corp., Form 20-F filed 2026-04-20: “We received net proceeds of $106.6 million from this offering.”

Who runs it

Xu, Xiang (Chief Executive Officer); Xu, Xiaoyu (Deputy Chief Executive Officer); Yang, Ming-Rain (Chief Financial Officer); Chen, Guoqing (director); Chen, Rong Ling (director); Ge, Fei (director); Liang, Minsong (director); Shi, Dafeng (director); Wong, Arthur Lap Tat (director); Xu, Guangfu (director); and 2 more. 12 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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