daqo

Third-quarter results show a clear split in the fortunes of China’s leading polysilicon and module producers, writes Carrie Xiao.

Daqo New Energy has posted gross losses of US$81.5 million, and a gross margin of -65.8% in the first quarter of 2025.

Daqo New Energy posted losses of US$65.3 million in the fourth quarter of 2024, and end-of-year losses of US$212.9 million.

Daqo New Energy's polysilicon average selling price dropped from US$7.66/kg in Q1 2024 to US$5.12/kg in Q2 2024, while its average production cost sat at US$6.19/kg.

Major Chinese polysilicon producer Daqo New Energy saw both production and sales of polysilicon increase by around 50% in 2023 compared with 2022, whilst the dramatic drop in polysilicon prices slashed revenues from US$4.6 billion to US$2.3 billion over the same period.

Xinjiang Daqo, the Chinese subsidiary of polysilicon manufacturer Daqo New Energy, has signed an investment agreement to build a new silicon-based facility in China.

Decreasing polysilicon average selling price (ASP) has reduced by a third China-based polysilicon manufacturer Daqo New Energy’s revenue in the third quarter of 2023.

The continued decrease in polysilicon prices has halved Daqo New Energy's revenues during the second quarter of 2023.

Lower average selling price (ASP) and polysilicon volume sales have dented the revenue of Daqo New Energy in the opening quarter of 2023.

Higher polysilicon average selling prices (ASP) have led polysilicon producer Daqo New Energy to register a record US$4.6 billion in revenue in 2022.