SHANGHAI, Jan. 17,
2025 /PRNewswire/ -- Daqo New Energy Corp.
(NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading
manufacturer of high-purity polysilicon for the global solar PV
industry, today announced that its subsidiary Xinjiang Daqo New
Energy ("Xinjiang Daqo") has provided an estimate of its net loss
for the fiscal year ended December 31,
2024 to the Shanghai Stock Exchange.
Xinjiang Daqo estimates that under PRC GAAP, its net loss
attributable to Xinjiang Daqo's shareholders in FY2024 would be in
the range of RMB2.6~3.1 billion,
compared to net profit attributable to Xinjiang Daqo's shareholders
of RMB5.8 billion in FY2023. This
estimate includes losses related to provisions for inventory
impairment and fixed asset impairment.
Daqo New Energy currently beneficially owns approximately 72.4%
of Xinjiang Daqo's equity interest, and the majority of the
Company's revenue and net income are contributed by Xinjiang Daqo.
The estimated net loss described in this press release was prepared
solely for Xinjiang Daqo in RMB in accordance with PRC GAAP and is
subject to change upon completion of Xinjiang Daqo's internal
financial closing and reporting process. In contrast, the Company's
consolidated financial results are reported in U.S. dollars in
accordance with U.S. GAAP.
The estimated net loss described in this press release is based
solely on the information currently available to Xinjiang Daqo's
management. Its actual result could vary materially from this
preliminary estimate. Consequently, investors should exercise
caution in relying on this preliminary estimate and should not draw
any inferences from it regarding financial or operating data not
provided. The estimated net loss should not be viewed as a
substitute for full financial statements of Xinjiang Daqo prepared
in accordance with PRC GAAP. In addition, the estimated net loss is
not necessarily indicative of the results to be achieved by
Xinjiang Daqo in any future period.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a
leading manufacturer of high-purity polysilicon for the global
solar PV industry. Founded in 2007, the Company manufactures and
sells high-purity polysilicon to photovoltaic product
manufacturers, who further process the polysilicon into ingots,
wafers, cells and modules for solar power solutions. The Company
has a total polysilicon nameplate capacity of 305,000 metric tons
and is one of the world's lowest cost producers of high-purity
polysilicon.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "might," "guidance" and similar
statements. Among other things, the estimated net loss for the year
of 2024 contains forward-looking statements. The Company may also
make written or oral forward-looking statements in its reports
filed or furnished to the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, all of which
are difficult or impossible to predict accurately and many of which
are beyond the Company's control. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the demand for photovoltaic products and the development
of photovoltaic technologies; global supply and demand for
polysilicon; alternative technologies in cell manufacturing; the
Company's ability to significantly expand its polysilicon
production capacity and output; the reduction in or elimination of
government subsidies and economic incentives for solar energy
applications; the Company's ability to lower its production costs;
and changes in the regulatory environment. Further information
regarding these and other risks is included in the reports or
documents that the Company has filed with, or furnished to, the
U.S. Securities and Exchange Commission. All information provided
in this press release is as of the date hereof, and the Company
undertakes no duty to update such information or any
forward-looking statement, except as required under applicable
law.
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SOURCE Daqo New Energy Corp.
