DAQO NEW ENERGY Business Summary

Daqo New Energy Corp. (DQ) generates revenue through the large-scale manufacture and direct sale of high-purity polysilicon to downstream photovoltaic (PV) product manufacturers. The company operates primarily through its polysilicon segment, maintaining a total nameplate capacity of 305,000 metric tons as of early 2026. Its business model relies on multi-year supply agreements with major industry players such as JinkoSolar, LONGi Green Energy, and Shuangliang Eco-Energy, focusing on high-efficiency N-type polysilicon to meet the demands of next-generation solar cells. Daqo competes directly with global leaders like GCL Technology, Tongwei Co., Ltd., and Wacker Chemie; it distinguishes itself as one of the world's lowest-cost producers, leveraging strategic manufacturing facilities in Xinjiang and Inner Mongolia to maintain a competitive cash-cost advantage. Founded in 2007 by Guangfu Xu, who remains a key strategic director, the company is currently led by Chairman and CEO Xiang Xu, who assumed the role in August 2023 after serving as a director since the company's IPO. The leadership team includes CFO Ming Yang, a former McKinsey & Company consultant with deep expertise in cleantech, and Deputy CEO Xiaoyu Xu, a Wharton MBA and former J.P. Morgan investment banker who was promoted to the role in October 2024. The board features seasoned members such as Fumin Zhuo and Guoqing Chen, while institutional backing is provided by major investors including Vanguard, BlackRock, and Polunin Capital Partners. This leadership structure combines decades of industrial experience with high-level financial pedigree to navigate the volatile solar materials market.