SHANGHAI, Jan. 24, 2022 /PRNewswire/ -- 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.
For more information, please visit www.dqsolar.com
Daqo New Energy Corp.
Investor Relations
Email: dqir@daqo.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
rvanguestaine@christensenir.com
In the U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@Christensenir.com
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "might," "guidance" and similar
statements. Among other things, the financial estimate for the full
year of 2021 contains forward-looking statements. The Company may
also make written or oral forward-looking statements in its reports
filed or furnished to the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, all of which
are difficult or impossible to predict accurately and many of which
are beyond the Company's control. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the demand for photovoltaic products and the development
of photovoltaic technologies; global supply and demand for
polysilicon; alternative technologies in cell manufacturing; the
Company's ability to significantly expand its polysilicon
production capacity and output; the reduction in or elimination of
government subsidies and economic incentives for solar energy
applications; the Company's ability to lower its production costs;
changes in the political and regulatory environment; and the
duration of COVID-19 outbreaks in China and many other countries and the impact
of the outbreaks and the quarantines and travel restrictions
instituted by relevant governments on economic and market
conditions, including potentially weaker global demand for solar PV
installations that could adversely affect the Company's business
and financial performance. Further information regarding these and
other risks is included in the reports or documents the Company has
filed with, or furnished to, the U.S. Securities and Exchange
Commission. All information provided in this press release is as of
the date hereof, and the Company undertakes no duty to update such
information or any forward-looking statement, except as required
under applicable law.
View original
content:https://www.prnewswire.com/news-releases/daqo-new-energys-subsidiary-xinjiang-daqo-provides-preliminary-estimates-of-net-profit-for-full-year-2021-301466374.html
SOURCE Daqo New Energy Corp.