Xinjiang Daqo New Energy (688303) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 4.84 billion, down 34.7% year-over-year due to lower prices and sales volume.

• Net loss attributable to shareholders narrowed to RMB -1.13 billion, a 58.5% improvement from 2024.

• Gross margin turned negative at -2.13%, reflecting industry-wide price declines and cost pressures.

• The company maintained a strong cash position and low leverage, with no interest-bearing debt.

Financial highlights

• Operating cash outflow improved to RMB -1.58 billion, a 70.7% reduction from the prior year.

• Basic and diluted EPS were both -0.53, up from -1.27 in 2024.

• R&D investment was RMB 218.9 million, 4.52% of revenue.

• Total assets at year-end were RMB 42.7 billion; equity attributable to shareholders was RMB 39.0 billion.

• Cash and equivalents plus term deposits totaled RMB 13.2 billion.

Outlook and guidance

• The company expects continued industry consolidation and price pressure in 2026, with policy-driven capacity reductions.

• Strategic focus remains on cost leadership, N-type silicon technology, and digital manufacturing.

• Plans include further R&D in high-end silicon materials and digital transformation of HR and supply chain.