20, Daquan Energy released the half year of 2026. In the first half of this year, Daqo Energy achieved an operating income of 623 million yuan, a year-on-year decrease of 57.63%; a net profit loss of 1.595 billion yuan, a year-on-year loss expansion; a non-net profit loss of 1.619 billion yuan. In the first quarter of
this year, the company realized a revenue of 189 million yuan, a net profit loss of 801 yuan, and a non-net profit loss of 814 million yuan. According to this calculation, in the second quarter, the company realized a revenue of 443 million yuan, a net profit loss of 794 million yuan and a non-net profit loss of 805 million yuan.
As for the change of performance in the first half of the year, Daqo Energy said that it was mainly due to the periodic weakness of market demand and the price game in the industrial chain during the reporting period, resulting in the decline of sales and prices. The company further explained that, firstly , the deep adjustment of the polysilicon market price led to the narrowing of the gross profit of the main business; secondly, based on the principle of prudence, the company made a depreciation reserve of 1,025.5148 million yuan for the ending inventory, which further expanded the loss margin. On the whole, the triple factors of sales contraction, sales price decline and asset impairment provision resonate, which makes the company's current performance face certain challenges.
Despite the pressure on performance, the financial chassis of Daqo Energy is still solid. As of the first half of this year, the fund reserve balance of Daqo Energy was 10.419 billion yuan , and the asset-liability ratio was 7.87% . And the company has no interest-bearing liabilities. In the
first half of this year, the polysilicon output of Daqo Energy was about 87,100 tons, with a year-on-year increase of 71.3%; the sales volume was 19,700 tons, with a year-on-year decrease of 57.4%; the unit price was 30.63 yuan/kg, with a year-on-year decrease of 1.8%; the unit cost was 60.69 yuan/kg, with a year-on-year increase of 10.2%; The unit cash cost was RMB34.75/kg, representing a year-on-year decrease of 7.7%.
As for the increase of unit cost, Daqo Energy said that it was affected by the contraction of sales volume, and the increase of fixed cost allocation such as depreciation of fixed assets, maintenance and labor related to the production line, which pushed up the overall unit cost. However, in this context, the company continued to deepen the cost control of all aspects of production and manufacturing, relying on process optimization and lean management of the whole process to tap the potential of cost reduction, and the unit cash cost declined against the trend. In the
first half of this year, in order to promote the photovoltaic industry to return to the track of rational development, various favorable policies and new national standards were introduced at the national level-eliminating backward production capacity on the supply side and stimulating growth on the demand side. With the landing of the policy, it marks that the photovoltaic industry has entered the stage of standardized supervision and law enforcement from industry self-discipline to curb low-price competition.
Daqo Energy expects that with the accelerated withdrawal of backward production capacity and the formal reconstruction of price order, the polysilicon industry is expected to usher in a substantial improvement in the supply-demand relationship, and the price of polysilicon is expected to achieve a moderate repair in the fourth quarter.
In addition, Daqo Energy predicts that the output of polysilicon in the third quarter will be 40,000 tons to 45,000 tons, and the annual output in 2026 is expected to be 160,000 tons to 180,000 tons.
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