Daqo New Energy's Subsidiary Xinjiang Daqo Provides Preliminary Estimate of Net Loss for FY2024

Source: www.gulfoilandgas.com 1/17/2025, Location: Asia

Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, 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.


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