olivLaw · US equity research
Daqo New Energy Corp. DQ
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Daqo New Energy Corp. is one of the largest high-purity polysilicon producers in China, selling the material to photovoltaic module makers. The company reported net losses in 2024 and 2025 amid industry oversupply, while Chinese government measures against irrational competition have created a context of possible price recovery with a high degree of uncertainty. Revenue in 2025 was 665.4 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Daqo New Energy Corp. (DQ) stock was 12.02 USD (+9.87% on the day), with market capitalisation 4.1 bn USD, beta 1.24, 52-week range 10.08–35.69 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 61.5
- strong (55–70)
- Bollinger (20, 2)
- 9.74 – 11.64
- above the upper band · %B 1.20 · band width 17.8%
- SMA 50 / 200
- 11.44 / 16.84
- mixed trend
- MACD (12, 26, 9)
- -0.07 / -0.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.9% | −1.1% | +10.0 pp | — |
| 3 months | −9.5% | −0.5% | −9.0 pp | — |
| 6 months | −37.9% | +4.4% | −42.3 pp | — |
| Year to date | −59.3% | +12.3% | −71.6 pp | — |
| 1 year | −61.6% | +13.5% | −75.2 pp | +35.9% |
| 3 years | −54.0% | +76.4% | −130.4 pp | +30.5% |
| 5 years | −81.8% | +63.7% | −145.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 301.6 m | 350.0 m | 675.6 m | 1.7 bn | 4.6 bn | 2.3 bn | 1.0 bn | 665.4 m |
| Revenue YoY | −6.7% | +16.0% | +93.0% | +148.5% | +174.5% | −49.9% | −55.4% | −35.3% |
| Net income | 38.1 m | 29.5 m | 129.2 m | 748.9 m | 1.8 bn | 429.5 m | -345.2 m | -170.5 m |
| Net income YoY | −58.9% | −22.6% | +337.6% | +479.7% | +143.0% | −76.4% | −180.4% | unavailable |
| Diluted EPS | 0.12 | 0.08 | 0.34 | 1.95 | 4.67 | 1.15 | -1.04 | -0.51 |
| Diluted EPS YoY | −64.7% | −33.3% | +325.0% | +473.5% | +139.5% | −75.4% | −190.4% | unavailable |
| net % | 12.6% | 8.4% | 19.1% | 44.6% | 39.5% | 18.6% | -33.5% | -25.6% |
| Free cash flow | -47.5 m | -98.1 m | 91.4 m | 140.5 m | 1.3 bn | 505.3 m | -794.3 m | -123.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 856.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 5.9 bn USD
- Total assets
- 6.4 bn USD
- Debt / equity
- unavailable
- Current ratio
- 5.37x
- ROE
- -2.9%
- ROA
- -2.7%
- FCF margin
- -18.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 675.6 m | 1.7 bn | 4.6 bn | 2.3 bn | 1.0 bn | 665.4 m | SEC (XBRL)· 20 Apr 2026verified |
| Cost of revenue | 441.6 m | 581.6 m | 1.2 bn | 1.4 bn | 1.2 bn | 803.3 m | SEC (XBRL)· 20 Apr 2026verified |
| Gross profit | 234.0 m | 1.1 bn | 3.4 bn | 920.7 m | -212.9 m | -137.9 m | SEC (XBRL)· 20 Apr 2026verified |
| Research & development | 6.9 m | 6.5 m | 10.0 m | 10.1 m | 4.6 m | 2.6 m | SEC (XBRL)· 20 Apr 2026verified |
| SG&A | 39.5 m | 39.9 m | 354.1 m | 213.2 m | 143.1 m | 118.2 m | SEC (XBRL)· 20 Apr 2026verified |
| Operating income | 187.9 m | 1.1 bn | 3.0 bn | 783.4 m | -564.1 m | -270.2 m | SEC (XBRL)· 20 Apr 2026verified |
| Interest expense | 25.7 m | 20.5 m | — | — | — | — | SEC (XBRL)· 30 Mar 2022verified |
| Pre-tax income | 162.1 m | 1.0 bn | 3.1 bn | 818.5 m | -518.1 m | -237.1 m | SEC (XBRL)· 20 Apr 2026verified |
| Income tax | 28.2 m | 170.1 m | 577.2 m | 165.6 m | -69.9 m | -21.0 m | SEC (XBRL)· 20 Apr 2026verified |
| Net income | 129.2 m | 748.9 m | 1.8 bn | 429.5 m | -345.2 m | -170.5 m | SEC (XBRL)· 20 Apr 2026verified |
| Diluted EPS | 0.34 | 1.95 | 4.67 | 1.15 | -1.04 | -0.51 | SEC (XBRL)· 20 Apr 2026verified |
| Weighted average diluted shares | 375.0 m | 383.8 m | 386.5 m | 374.8 m | 330.8 m | 336.8 m | SEC (XBRL)· 20 Apr 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 76.6 m | 723.8 m | 3.5 bn | 3.0 bn | 1.0 bn | 856.1 m | SEC (XBRL)· 20 Apr 2026verified |
| Receivables | 0 | 0 | 0 | — | — | — | SEC (XBRL)· 27 Apr 2023verified |
| Inventories | 42.2 m | 327.8 m | 169.5 m | 173.3 m | 149.9 m | 169.1 m | SEC (XBRL)· 20 Apr 2026verified |
| Current assets | 180.3 m | 1.7 bn | 4.9 bn | 3.6 bn | 2.6 bn | 2.7 bn | SEC (XBRL)· 20 Apr 2026verified |
| Property, plant & equipment, net | 1.0 bn | 1.6 bn | 2.6 bn | 3.6 bn | 3.5 bn | 3.4 bn | SEC (XBRL)· 20 Apr 2026verified |
| Total assets | 1.2 bn | 3.3 bn | 7.6 bn | 7.4 bn | 6.4 bn | 6.4 bn | SEC (XBRL)· 20 Apr 2026verified |
| Accounts payable | 19.0 m | 81.5 m | 81.9 m | 92.9 m | 26.4 m | 26.6 m | SEC (XBRL)· 20 Apr 2026verified |
| Short-term debt | 70.4 m | 0 | — | — | — | — | SEC (XBRL)· 30 Mar 2022verified |
| Long-term debt | 123.2 m | 0 | — | — | — | — | SEC (XBRL)· 30 Mar 2022verified |
| Current liabilities | 284.1 m | 550.5 m | 736.5 m | 836.4 m | 521.2 m | 501.6 m | SEC (XBRL)· 20 Apr 2026verified |
| Total liabilities | 440.2 m | 679.8 m | 989.5 m | 978.6 m | 560.4 m | 533.0 m | SEC (XBRL)· 20 Apr 2026verified |
| Equity | 798.9 m | 2.7 bn | 6.6 bn | 6.4 bn | 5.9 bn | 5.9 bn | SEC (XBRL)· 20 Apr 2026verified |
| Shares outstanding at year end | 365.2 m | 372.5 m | 391.0 m | 328.5 m | 333.8 m | 338.3 m | SEC (XBRL)· 20 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 209.7 m | 639.0 m | 2.5 bn | 1.6 bn | -435.4 m | 49.7 m | SEC (XBRL)· 20 Apr 2026verified |
| Capex | 118.3 m | 498.5 m | 1.2 bn | 1.1 bn | 358.8 m | 173.0 m | SEC (XBRL)· 20 Apr 2026verified |
| Free cash flow | 91.4 m ≈ | 140.5 m ≈ | 1.3 bn ≈ | 505.3 m ≈ | -794.3 m ≈ | -123.3 m ≈ | SEC (XBRL)· 20 Apr 2026derived |
| Investing cash flow | -118.5 m | -781.9 m | -998.4 m | -1.2 bn | -1.5 bn | -134.2 m | SEC (XBRL)· 20 Apr 2026verified |
| Financing cash flow | -95.5 m | 736.2 m | 1.5 bn | -795.4 m | -47.4 m | -850.0 k | SEC (XBRL)· 20 Apr 2026verified |
| Share repurchases | — | — | 124.9 m | 485.9 m | 5.0 m | — | SEC (XBRL)· 29 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.1 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | -20.7% | 0 (on a fixed band) | 14% |
| EBIT margin · Quality | -40.6% | 14 (vs peers) | 11% |
| FCF margin · Quality | -18.5% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -47.5% | 0 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | -35.3% | 5 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.4x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.0% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.1% | 35 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth2/100 · 2/2 factors with a value
- Quality4/100 · 3/3 factors with a value
- Returns35/100 · 1/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DAQO NEW ENERGY CORP. (DQ). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 665.4 m USD in 2025; YoY growth -35.3%; net margin -25.6%; ROE -3.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.4x
What contradicts it
- Gross margin: -20.7%
- EBIT margin: -40.6%
- FCF margin: -18.5%
- Revenue CAGR 3Y: -47.5%
- Revenue growth (YoY): -35.3%
- FCF yield: -3.0%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NVDANvidia Corp | 4,823.1 bn | 25.3 | 117.2% | 63.7% | +65.5% | +13% / +328% |
| AVGOBroadcom Inc. | 1,553.7 bn | 41.6 | 44.2% | 42.9% | +23.9% | −19% / +252% |
| MUMicron Technology, Inc. | 899.7 bn | 10.7 | 88.3% | 63.8% | +256.3% | +236% / +945% |
| AMDAdvanced Micro Devices, Inc | 801.6 bn | 106.3 | 11.8% | 16.8% | +34.3% | +125% / +303% |
| INTCIntel Corporation | 309.7 bn | — | -10.9% | -20.1% | −0.5% | +44% / +30% |
| AMATApplied Materials Inc | 293.2 bn | 31.9 | 41.1% | 30.1% | +4.4% | +46% / +147% |
| TXNTexas Instruments Inc | 284.6 bn | 40.4 | 39.7% | 34.3% | +13.0% | +85% / +104% |
| ARMArm Holdings PLC | 204.1 bn | 225.6 | 12.0% | 18.4% | +22.8% | +41% / +212% |
| ADIAnalog Devices Inc | 196.8 bn | 48.2 | 12.2% | 29.8% | +16.9% | +53% / +122% |
| MRVLMarvell Technology, Inc | 140.1 bn | 52.8 | 16.5% | 27.9% | +42.1% | +79% / +187% |
| NXPINXP Semiconductors N.V. | 66.8 bn | 20.8 | 29.2% | 23.4% | −2.7% | +36% / +30% |
| MPWRMonolithic Power Systems, Inc. | 61.5 bn | 69.5 | 25.1% | 23.9% | +26.4% | +36% / +130% |
| MCHPMicrochip Technology Incorporated | 40.9 bn | 104.2 | 7.2% | 9.3% | +7.1% | +41% / −10% |
| ALABAstera Labs, Inc. | 39.0 bn | 89.0 | 28.2% | 29.6% | +115.1% | +42% / unavailable |
| ONOn Semiconductor Corp | 27.7 bn | 41.4 | 8.9% | 10.8% | −15.3% | +42% / −0% |
| CRDOCredo Technology Group Holding Ltd | 25.7 bn | 48.7 | 30.7% | 33.8% | +205.7% | −23% / +662% |
| QQnity Electronics, Inc. | 24.8 bn | 42.0 | 7.6% | 11.5% | +9.7% | +46% / unavailable |
| FSLRFirst Solar, Inc. | 20.9 bn | 11.3 | 18.7% | 37.1% | +24.1% | −29% / +23% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 17.8 bn | 74.6 | 17.2% | 20.7% | +32.6% | +33% / +178% |
| AMKRAmkor Technology, Inc. | 8.8 bn | 14.4 | 13.6% | 8.3% | +6.2% | −2% / +27% |
| ALGMAllegro Microsystems, Inc. | 5.8 bn | 209.1 | 3.2% | 3.1% | +22.8% | +17% / +15% |
| CRUSCirrus Logic, Inc. | 5.8 bn | 14.6 | 19.5% | 20.2% | +5.3% | −4% / +53% |
| MXLMaxLinear, Inc. | 5.2 bn | — | -5.9% | -4.4% | +29.7% | +265% / +204% |
| AAOIApplied Optoelectronics, Inc. | 5.0 bn | — | -5.4% | -9.6% | +82.8% | +121% / +347% |
| SYNASYNAPTICS Inc | 4.6 bn | — | -42.2% | -41.0% | +11.4% | +71% / +16% |
1- and 3-year price returns: for DQ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (13 Oct 2026), 6-K (20 Aug 2026), 6-K (06 Aug 2026), 6-K (03 Jun 2026), 6-K (29 Apr 2026).
In brief
Daqo New Energy Corp. is one of the largest high-purity polysilicon producers in China, selling the material to photovoltaic module makers. The company reported net losses in 2024 and 2025 amid industry oversupply, while Chinese government measures against irrational competition have created a context of possible price recovery with a high degree of uncertainty. Revenue in 2025 was 665.4 million USD 1.
SWOT
Strengths
- Competitive production costs due to location in regions with cheap electricity and high operating efficiency 1.
- Large-scale production capacity that allows economies of scale compared with smaller producers 1.
- Product quality is recognized as among the best in China, supported by strict quality control 1.
Weaknesses
- Net losses in 2024 and 2025 and a negative gross margin, which limit self-financing capacity 1.
- Customer concentration, with a large share of revenue coming from a few customers, raises the risk of payment delays or order cuts 1.
- Reliance on framework contracts with prices set per order makes revenue vulnerable to market price swings 1.
Opportunities
- A recovery in polysilicon prices, if anti-involution policies reduce oversupply, could improve margins 1.
- The semiconductor polysilicon project opens a market less sensitive to photovoltaic prices 1.
- Global growth in solar installations could support demand over the medium term if subsidies remain adequate 1.
Threats
- The phased removal of export VAT rebates could reduce competitiveness in foreign markets 1.
- Reduced or eliminated subsidies for solar energy could slow demand for polysilicon 1.
- Tensions between the United States and China could affect access to capital and the continued listing of shares on the New York exchange 1.
Risks
- Oversupply and price pressurehigh
If demand does not absorb polysilicon supply, prices could decline and weigh on profitability 1.
- Repeated losseshigh
The company reported net losses in 2024 and 2025, and a recovery depends on market conditions that are not assured 1.
- Customer concentrationmedium
A small number of customers generate most of the revenue, which could cause difficulties if one of them reduces orders 1.
- Significant capital needsmedium
Capacity expansion and research require substantial funding, and access to capital is not certain 1.
- US-China relationsmedium
Changes in relations between the United States and China could affect the listing of shares and access to external financing 1.
Investment thesis
What would need to be true (bull case)
- If anti-involution policies in China reduce oversupply, polysilicon prices could keep recovering and margins could return to positive territory.
- Low electricity costs in the production regions may offer a lasting advantage over producers in developed countries.
- Expansion into semiconductor polysilicon could open new revenue streams less exposed to photovoltaic prices.
What would break the thesis
- If oversupply persists, the price recovery could prove temporary and losses could continue.
- Removal of export VAT rebates and reduced subsidies could weaken demand and competitiveness.
- Customer concentration and geopolitical tensions could amplify revenue shocks and financing difficulties.
What to watch
- Evolution of polysilicon prices and gross marginQ1 2027
- Implementation of anti-involution measures and their effect on oversupply2027
- Capacity utilization rate and production cost per kilogramnext 10-K
- Revenue concentration by customer and any changes in contractsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (13 Oct 2026), 6-K (20 Aug 2026), 6-K (06 Aug 2026), 6-K (03 Jun 2026), 6-K (29 Apr 2026).
The business
Daqo New Energy Corp. (ticker DQ) is a company incorporated in the Cayman Islands with its principal executive offices in Shanghai, producing high-purity polysilicon through the modified Siemens process with upgraded hydrochlorination technology 1. It sells to China-based photovoltaic manufacturers, who process the material into ingots, wafers, cells and modules. Sales are mainly made under framework contracts with prices set when each order is placed, which makes revenue sensitive to market prices 1. Total annual capacity is 305000 MT, located in Xinjiang and Inner Mongolia, regions with lower electricity costs than coastal areas 1.
The production business has been restricted to polysilicon after the company discontinued wafer manufacturing in Chongqing in 2018; polysilicon is currently the only revenue-generating segment 1. Major customers are operating entities of large silicon wafer producers and vertically integrated solar manufacturers 1. In 2025 the three largest customers together accounted for 63.5% of revenues, indicating high customer concentration 1.
The company holds a 72.8% equity interest in Xinjiang Daqo, the subsidiary listed on the STAR Market in Shanghai, and is developing polysilicon, silicon metal and silicone projects in Baotou, Inner Mongolia, including a 1000 MT project for the semiconductor industry 1. Production cost was 6.61 USD/kg in 2025, up from 2024, due to higher depreciation from lower capacity utilization 1.
Segments
Semiconductor polysilicon
A 1000 MT project for the semiconductor industry began trial production in May 2024, extending use of the material beyond the photovoltaic market 1. Its contribution to revenue is not broken out separately in the analyzed source.
Market context
Global photovoltaic installations totaled approximately 580 GW in 2025, a 9.4% increase from 2024, and China remains the largest market 1. Polysilicon demand, however, also depends on government subsidies and the cost of energy, and the company expects global installations in 2026 of 500 to 667 GW 1.
The polysilicon industry has gone through cycles of volatile prices: prices fell under pressure from new capacity, then rebounded from the third quarter of 2025 after Chinese authorities acted against irrational competition and overcapacity 1. The outcome of these policies remains uncertain, as market conditions could develop differently from the company's expectations 1.
Trends
- Anti-involution policies in Chinatailwind
Chinese authorities have taken steps against irrational competition and overcapacity, which supported polysilicon prices in the second half of 2025. The company expects these initiatives to continue, but there is no guarantee of their effect on prices 1.
- Lower export VAT rebatesheadwind
Export VAT rebates on photovoltaic products fall from 9% to 6% from April 2026 and are due to be abolished from January 2027, which could affect the competitiveness of Chinese exports 1.
- Move to market-based power pricingmixed
From June 2025 all electricity generated by China's new energy projects must participate in the power market and trade at market prices, which could change demand for solar installations 1.
- Persistent polysilicon oversupplyheadwind
New production capacity has created oversupply and high inventories, and the company warns that if demand does not absorb supply, prices could decline again 1.
Competitive position
The company competes with other polysilicon producers, both in China and abroad, in an industry where capacity has grown rapidly. Its cost advantage comes from locating in regions with cheaper electricity than developed-country or coastal Chinese producers 1.
Competitive pressure is amplified by new capacity entering the market and high inventory levels, which can keep prices under pressure even as demand rises 1. The analyzed source does not provide a detailed list of competitors with market shares.
- Chinese polysilicon producers
Chinese competitors supplying the same products to photovoltaic manufacturers, many with new capacity that contributed to oversupply 1.
- Producers in developed countries
Producers outside China with higher electricity and raw material costs, which the company views as less advantaged 1.
- Integrated silicon wafer producers
Customers that could also become competitors if vertical integration expands in-house polysilicon production 1.
- Vertically integrated photovoltaic manufacturers
Companies that produce their own polysilicon or wafers, representing part of the company's customer base 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Daqo (DQ) Has $1.9B in Liquidity and a Negative Gross Margin. Which Number Matters More?Yahoo Finance — News · 25 Aug 2026 · EN
The latest news item in our archive is from 25 Aug 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)03 Jun 2026
- Current report (foreign issuer)29 Apr 2026
- Annual report (foreign issuer)20 Apr 2026
- Current report (foreign issuer)15 Apr 2026
- Current report (foreign issuer)02 Mar 2026
- Current report (foreign issuer)12 Feb 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Daqo New Energy Corp. · 20 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.