Company Reports

Daqo New Energy's second-quarter revenue fell 23% year on year, driven by a 16% drop in shipments and a 9% decline in average selling price. The company continued to post deep losses, with net margin at negative 183%.

Data from China's National Energy Administration suggests that domestic solar installations fell 13% year on year in June and 66% in the first half of 2026.

The Chinese solar producers under our coverage—Jinko Solar, LONGi, JA Solar, Trina Solar, TCL Zhonghuan, Tongwei, and Daqo—remained loss-making through 2025 and into the first quarter of 2026.

Daqo is one of the four major polysilicon producers in China. As of 2025, the company had established an annual capacity of 305,000 metric tons, accounting for about 9% of global polysilicon capacity.

Daqo's fourth-quarter revenue rose by 14% year on year, driven by a 25% increase in selling prices, which offset the 10% shipment decline. Loss narrowed year on year, with net margin improving to negative 4% this quarter.

Daqo is one of the four major polysilicon producers in China. As of 2025, the company had established an annual capacity of 305,000 metric tons, accounting for about 9% of global polysilicon capacity.

China's solar photovoltaic sector rallied on Feb. 4 following media reports that delegations associated with Elon Musk recently visited several Chinese solar PV companies, spanning equipment, silicon wafers, cells, and modules.

Daqo's third-quarter revenue rose by 25% year on year and more than tripled sequentially. The company returned to profitability after a stretch of losses since second quarter last year.

Daqo is one of the four major polysilicon producers in China. By 2024, the company had established an annual capacity of 305,000 metric tons, accounting for about 11% of global polysilicon capacity and ranking third worldwide.

We are initiating coverage of Daqo New Energy, a leading polysilicon producer in China.