Daqo New Energy Corp
dqsolar.comWhat Do They Do?
Manufactures and sells high-purity polysilicon to photovoltaic product makers, which use it to produce solar ingots, wafers, cells and modules.
20-F for FY2025, filed Apr 20, 2026
How Do They Make Money?
Photovoltaic product manufacturers buy polysilicon. Domestic orders are paid upon delivery; export orders are paid after customs clearance or delivery to the designated carrier.
20-F for FY2025, filed Apr 20, 2026
$665.4M
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20-F for FY2025, filed Apr 20, 2026
$665.4M ↗
Who Are Their Customers?
Sells polysilicon to China-based photovoltaic product manufacturers, including silicon wafer makers and vertically integrated solar manufacturers. The majority of sales are under framework contracts.
20-F for FY2025, filed Apr 20, 2026
20-F for FY2025, filed Apr 20, 2026
Total sales to the Group’s large customers whose sales constitute over 10% of revenue accounted for approximately 75%, 68% and 57% of…View ↗
Do Revenues Turn Into Profits?
No. It lost $170.5M in FY2025.
20-F for FY2025, filed Apr 20, 2026
−$270.2MView ↗
20-F for FY2025, filed Apr 20, 2026
−$170.5MView ↗
20-F for FY2025, filed Apr 20, 2026
−$123.3MView ↗
How Are They Changing?
Shrinking. Revenue fell 60% in 4 years, from $1.7B in FY2021 to $665.4M in FY2025, about 21% a year.
Who Do They Compete With?
Competes with Wacker, OCI, Hemlock, GCL-Poly, Xinte Energy, Tongwei Yongxiang, Asia Silicon, Xinjiang East Hope New Energy, Lihao Semiconductor, and Xinjiang Jingnuo New Energy
20-F for FY2025, filed Apr 20, 2026For our polysilicon business, our major international competitors include Wacker, OCI and Hemlock, and our major competitors in China…View ↗
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