DQ on NYSE

DAQO

Chinese company

Daqo New Energy Corp. is a Chinese company engaged in the manufacture of monocrystalline silicon (mono-Si) and polysilicon (poly-Si), primarily for use in solar photovoltaic systems. The company operates a mono-Si and poly-Si manufacturing facility located in Shihezi, Xinjiang Province, China. Daqo formerly manufactured silicon wafers at a facility in Chongqing, China (discontinued in 2018) and photovoltaic modules at a facility in Nanjing, China (discontinued in 2012).3 Its shares trade on NYSE under the symbol DQ.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 20, 2026.

Overview

$665.4MRevenue, fiscal 20254
-$170.5MNet income, fiscal 20254
2008Founded1

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  • TickerDQ on NYSE1
  • Industryphotovoltaics1
  • HeadquartersShanghai1
  • Websitewww.dqsolar.com
  • Incorporated inCayman Islands5
  • Business address666 Longdu Avenue, Wanzhou, Chongqing5
  • Filer categoryLarge accelerated filer5

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Daqo New Energy Corp. is a Chinese company engaged in the manufacture of monocrystalline silicon (mono-Si) and polysilicon (poly-Si), primarily for use in solar photovoltaic systems. The company operates a mono-Si and poly-Si manufacturing facility located in Shihezi, Xinjiang Province, China. Daqo formerly manufactured silicon wafers at a facility in Chongqing, China (discontinued in 2018) and photovoltaic modules at a facility in Nanjing, China (discontinued in 2012).3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-20.7%Gross margin4
-40.6%Operating margin4
-25.6%Net margin4
-35.3%Revenue growth, 20254
-3.9%Return on equity4
-$123.3MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue85¢$803.3M
  • Research and development0¢$2.6M
  • Selling, general and admin13¢$118.2M
  • Income tax2¢$21.0M

Out of $665.4M in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$173.0M

Out of $49.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4

Financial statements

Revenue78910114$665.4M in 2025+121% since 2018
0$2.0B$4.0B$6.0B2018: $301.6M$301.6M20182019: $350.0M$350.0M2019+16%2020: $675.6M$675.6M2020+93%2021: $1.7B$1.7B2021+148%2022: $4.6B$4.6B2022+175%2023: $2.3B$2.3B2023−50%2024: $1.0B$1.0B2024−55%2025: $665.4M$665.4M2025−35%
Gross profit78910114-$137.9M in 2025
-$1.0B0$1.0B$2.0B$3.0B$4.0B2018: $98.1M$98.1M20182019: $80.1M$80.1M2019−18%2020: $234.0M$234.0M2020+192%2021: $1.1B$1.1B2021+369%2022: $3.4B$3.4B2022+211%2023: $920.6M$920.6M2023−73%2024: -$212.9M-$212.9M20242025: -$137.9M-$137.9M2025−35%
Operating income78910114-$270.2M in 2025
-$1.0B0$1.0B$2.0B$3.0B$4.0B2018: $81.2M$81.2M20182019: $47.5M$47.5M2019−42%2020: $187.9M$187.9M2020+296%2021: $1.1B$1.1B2021+460%2022: $3.0B$3.0B2022+189%2023: $783.4M$783.4M2023−74%2024: -$564.1M-$564.1M20242025: -$270.2M-$270.2M2025−52%
Net income78910114-$170.5M in 2025
-$1.0B0$1.0B$2.0B2018: $38.1M$38.1M20182019: $29.5M$29.5M2019−23%2020: $129.2M$129.2M2020+338%2021: $748.9M$748.9M2021+480%2022: $1.8B$1.8B2022+143%2023: $429.5M$429.5M2023−76%2024: -$345.2M-$345.2M20242025: -$170.5M-$170.5M2025−51%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Revenues$665.4M$1.0B$2.3B
Cost of revenues-$803.3M-$1.2B-$1.4B
Gross profit (loss)-$137.9M-$212.9M$920.6M
Selling, general and administrative expenses-$118.2M-$143.1M-$213.2M
Research and development expenses-$2.6M-$4.6M-$10.1M
Long-lived assets impairment-$175.6M
Allowance for expected credit loss$18.5M$18.1M
Other operating income (expense), net$6.9M-$9.8M$86.1M
Total operating expenses, net-$132.4M-$351.2M-$137.2M
Income (expense) from operations-$270.2M-$564.1M$783.4M
Interest income, net$9.0M$30.2M$52.3M
Exchange (loss) gain$31.0K-$2.4M-$17.4M
Investment income$24.1M$18.2M$109.0K
Income (loss) before income taxes-$237.1M-$518.1M$818.5M
Income tax (expense) benefit$21.0M$69.9M-$165.6M
Net income (loss)-$216.1M-$448.2M$652.9M
Net income (loss) attributable to non-controlling interest-$45.6M-$102.9M$223.3M
Net income (loss) attributable to Daqo New Energy Corp. ordinary shareholders-$170.5M-$345.2M$429.5M
Basic-ordinary shares-$0.51-$1.04$1.15
Diluted-ordinary shares-$0.51-$1.04$1.15
Basic-ordinary shares336.8M shares330.8M shares373.6M shares
Diluted-ordinary shares336.8M shares330.8M shares374.8M shares

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Corporate structure

DAQO sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of DAQO

  • CONTINENTAL GENERAL INSURANCE CO Filed SCHEDULE 13G/A on DAQO, latest Nov 13, 2025 (3 filings since Mar 25, 2024)
  • BlackRock Filed SC 13G/A on DAQO, latest Nov 20, 2024
  • Gold Intellect Ltd Filed SC 13D on DAQO, latest Aug 19, 2022 (2 filings since Feb 14, 2022)
  • Plenty China Ltd Filed SC 13G/A on DAQO, latest Feb 14, 2022
  • Invesco Filed SC 13G/A on DAQO, latest Jan 31, 2022
  • Ninety One UK Ltd Filed SC 13G on DAQO, latest Nov 17, 2021
  • DAQO Shanghai

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What DAQO reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$3.4B4 Dec 31, 2025$3.5B4 Dec 31, 2024−2.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$856.1M4 Dec 31, 2025$1.0B4 Dec 31, 2024−15.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$169.1M4 Dec 31, 2025$149.9M4 Dec 31, 2024+12.8%
Raw materials$50.1M4 Dec 31, 2025$15.3M4 Dec 31, 2024+226.1%
Work in process$26.7M4 Dec 31, 2025$20.6M4 Dec 31, 2024+29.2%
Finished goods$92.4M4 Dec 31, 2025$113.9M4 Dec 31, 2024−18.9%

Leadership

Who has led DAQO, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Xiang Xu2026–now
2010201520202025
  • Chief executive officerXiang Xu Mar 13, 2026 to now13
Board members and other officers (9)

Products and brands

  • polycrystalline silicon

Listed on Wikidata.1

Monocrystalline and polycrystalline silicon production

Daqo produces its mono-Si and poly-Si using a chemical vapor deposition process in closed-loop reactors.

From its inception through 2012, Daqo's silicon manufacturing was performed in its Chongqing facility. The Chongqing facility ended its production of silicon in December 2012, while the Xinjiang facility began production of silicon in Q2 2013. Some of the equipment from the Chongqing facility has been relocated from Chongqing to Xinjiang.

The Xinjiang facility has been expanded several times, increasing its annual silicon production capacity. As of 2018, an expansion (Phase 3B) is currently underway, which will bring the facility's annual production capacity to 30,000 MT.

In Q1 2018, 60% of Daqo's production consisted of monocrystalline silicon and 40% consisted of polycrystalline silicon. Expansions 3B, 4A, and 4B will produce exclusively monocrystalline silicon.

Read the full text

Silicon wafer production

Daqo's Chongqing facility began production of silicon wafers in 2011. In 2017, the company sold 98 million pieces, up from 82.8 million pieces in 2016. Daqo used silicon from its Xinjiang facility to create its wafers, an example of vertical integration.

Daqo discontinued its wafer manufacturing operations in September 2018 in response to "increasingly challenging market conditions."

Photovoltaic module production

Daqo formerly produced photovoltaic modules at a facility in Nanjing. Daqo sold this business in 2012.

From Wikipedia’s article on Daqo New Energy, shared under CC BY-SA 4.0.6

Timeline

  1. Mar 13, 2026New chief executive Xiang Xu becomes CEO13
  2. 2008Founded Founded1

Calendar

Coming up

  1. Oct 27, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($0.22) a share, on Oct 27, 2025.22

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

129 filings to the SEC since October 2021: 5 annual reports, 12 insider forms, 15 large holders, 97 other. The latest 20:

  1. Oct 13, 20266-K EDGAR
  2. Aug 20, 20266-K EDGAR
  3. Aug 6, 20266-K EDGAR
  4. Jun 3, 20266-K EDGAR
  5. Apr 29, 20266-K EDGAR
  6. Apr 20, 202620-F EDGAR
  7. Apr 15, 20266-K EDGAR
  8. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  9. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  10. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  11. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  12. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  13. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  14. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  15. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  16. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  17. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  18. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  19. Mar 13, 20263 OWNERSHIP DOCUMENT EDGAR
  20. Mar 2, 20266-K EDGAR

The 129 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Continental General Insurance Co6,644,786$89.0M18.6%No change
Morgan Stanley2,725,456$36.5M0.0%+1,667,936
Invesco Ltd.2,289,105$30.7M0.0%+265,342
Vanguard Capital Management LLC1,374,647$18.4M0.0%+19,897
Mackenzie Financial Corp1,273,491$17.1M0.0%−102,984
Franklin Resources Inc1,256,475$16.8M0.0%−380,330
State Street Corp1,179,532$15.8M0.0%+410,819
BlackRock, Inc.988,969$13.2M0.0%−272,385
Ariose Capital Management Ltd953,974$12.8M5.5%+496,819
FIL Ltd832,085$11.1M0.0%+238,052
Fmr LLC602,818$8.1M0.0%+602,758
Arrowstreet Capital, Limited Partnership583,662$7.8M0.0%−210,487
Citadel Advisors LLC573,966$7.7M0.0%+400,460
Charles Schwab Investment Management Inc555,615$7.4M0.0%−27,503
Bnp Paribas Financial Markets546,875$7.3M0.0%−21,800
Marshall Wace, Llp507,341$6.8M0.0%+1,750
IMC-Chicago, LLC473,416$6.3M0.1%+461,956
UBS Group AG426,619$5.7M0.0%+278,227
Two Sigma Investments, LP420,250$5.6M0.0%−603,936
Allianz Asset Management GmbH245,469$5.2M0.0%No change
Vanguard Fiduciary Trust Co366,910$4.9M0.0%+7,253
American Century Companies Inc363,150$4.9M0.0%+22,964
Aviva PLC316,006$4.2M0.0%−23,138
Renaissance Technologies LLC290,924$3.9M0.0%+136,503
Boothbay Fund Management, LLC266,062$3.6M0.1%+169,552

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Apr 3, 2023Tommy TubervilleRepublican, SenateSale$1,001 - $15,000+165.5%Report
Oct 6, 2022Tommy TubervilleRepublican, SenateBuy$1,001 - $15,000−187.0%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How DAQO is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDAQO NEW ENERGY CORP.2
  • CIK0001477641
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company29
  • Incorporated inCayman Islands29
  • Fiscal year endsDecember 312
  • Industry code (SIC)3674 Semiconductors & Related Devices2
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance2
  • Business address666 Longdu Avenue, Wanzhou, Chongqing, China2
  • Phone(86-23) 6486-66662
  • Shares outstanding338,330,684 shares as of Dec 31, 202529
  • AuditorDeloitte Touche Tohmatsu Certified Public Accountants LLP, Shanghai, China PCAOB ID 1113; it also attests to the company’s internal control over financial reporting29
  • On EDGAR sinceJan 12, 20102
  • Filings373 in all: 6-K (219), SC 13G/A (46), SC 13G (18), 20-F (16), 3 (12), F-1/A (9), UPLOAD (7), 424B5 (6)2
    All 26 form types

    144 (5), CORRESP (5), EFFECT (5), S-8 (4), F-3 (3), F-6 POS (3), 20-F/A (2), CERTNYS (2), SC 13D (2), 424B4 (1), 8-A12B (1), 8-A12B/A (1), CT ORDER (1), F-1 (1), F-6 (1), F-6/A (1), FWP (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (20-F) Apr 20, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares, each representing5 ordinary sharesDQNew York Stock Exchange
Ordinary shares, par value US$0.0001 per share

From the cover page of the 20-F filed Apr 20, 2026 (Section 12(b) of the Exchange Act).29

Sources

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