Xinjiang Daqo New Energy (688303) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB 7,410.52 million, down 54.62% year-over-year due to a sharp decline in polysilicon prices and industry-wide losses.

• Net loss attributable to shareholders was RMB -2,718.13 million, a decrease of 147.17% compared to the previous year.

• Production and sales of polysilicon reached 205,068 tons and 181,362 tons, respectively, with N-type silicon ratio rising from 40% to 70%.

Financial highlights

• Operating profit was RMB -3,084.79 million, down 144.69% year-over-year.

• Total assets at year-end were RMB 44,200.25 million, down 12.81% from the start of the year.

• Shareholders' equity was RMB 40,157.74 million, down 8.48% year-over-year.

• Basic EPS was -1.27 yuan, down 147.04% year-over-year.

• Weighted average ROE was -6.48%, down 19.78 percentage points year-over-year.

Segment performance

• Average sales price of polysilicon for the year was RMB 40.68/kg, with Q4 price at RMB 33.18/kg.

• Unit cash cost for polysilicon was RMB 38.82/kg for the year, showing a steady decline due to cost control measures.