Xinjiang Daqo New Energy (688303) Q3 2025 earnings summary

Executive summary

• Third quarter revenue reached RMB 1,772.64 million, up 24.75% year-over-year, with net profit attributable to shareholders at RMB 73.48 million, marking a return to profitability for the quarter.

• For the first nine months, revenue was RMB 3,242.76 million, down 46% year-over-year, and net loss attributable to shareholders was RMB -1,073.19 million, though losses narrowed compared to the prior year.

• The company responded to polysilicon market recovery by adjusting production and sales strategies, achieving a sales-to-production ratio of 138% in Q3.

Financial highlights

• Q3 net profit attributable to shareholders was RMB 73.48 million, with basic and diluted EPS of RMB 0.03.

• Nine-month net loss attributable to shareholders was RMB -1,073.19 million, with basic and diluted EPS of RMB -0.50.

• Operating cash flow for the first nine months was RMB -1,552.29 million, but after adjusting for bank acceptance bills, net cash outflow narrowed to RMB -711 million.

• R&D investment in Q3 was RMB 40.74 million, down 31.71% year-over-year; nine-month R&D spending was RMB 165.02 million, down 55.37% year-over-year.

Outlook and guidance

• Q4 polysilicon production is expected at 39,500–42,500 tons, with full-year output forecast at 121,000–124,000 tons.