daqo new energy

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.

Preliminary financial results from three Chinese manufacturers show a downward trend across the solar manufacturing industry over 2024.

Tongwei Solar and Daqo New Energy have announced that, to minimise price competition, they will reduce and control polysilicon production.

The results continue the downward trend in polysilicon manufacturers’ fortunes as the market faces oversupply, cutthroat competition and prices below the cost of production.

According to Bernreuter Research, Tongwei Solar, GCL Technology, Daqo New Energy, and Xinte Energy all posted net losses in H1 2024.

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.

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.