Daqo New Energy’s Subsidiary Xinjiang Daqo Provides Preliminary Estimates of Net Profit for Full Year 2021 – EQ Mag Pro
SHANGHAI : Daqo New Energy Corp. (NYSE: DQ) (“Daqo New Energy”, the “Company” or “we”), a leading manufacturer of high-purity polysilicon for the global solar PV industry, announced that its subsidiary Xinjiang Daqo New Energy (“Xinjiang Daqo”) had provided estimates of its net profit in 2021 to the Shanghai Stock Exchange.
Xinjiang Daqo estimates that under PRC GAAP, its net profit attributable to Xinjiang Daqo’s shareholders in 2021 would be in the range of RMB5.6~5.8 billion, representing a 437%~456% increase as compared to net profit attributable to Xinjiang Daqo’s shareholders of RMB1.04 billion in 2020.
Daqo New Energy currently beneficially owns 80.7% of the equity interest in Xinjiang Daqo, and a majority of the Company’s revenue and net income are contributed by Xinjiang Daqo. The estimated net profit 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 processes, which are different from those for the Company’s consolidated financial results in U.S. dollars under U.S. GAAP for the year ended December 31, 2021.
The estimated profit described in this press release is based solely on the information currently available to Xinjiang Daqo’s management. Its actual results could vary materially from these preliminary estimates. As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information regarding financial or operating data not provided. The estimated net profit 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 profit is not necessarily indicative of the results to be achieved by Xinjiang Daqo in any future period.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company”) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 105,000 metric tons and is one of the world’s lowest cost producers of high-purity polysilicon.
