SHANGHAI, July 8, 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") has
provided estimates of its net profit in the first half of 2022 to
the Shanghai Stock Exchange.
Xinjiang Daqo estimates that under PRC GAAP, its net profit
attributable to Xinjiang Daqo's shareholders in the first half of
2022 would be in the range of RMB 9.4
- 9.6 billion, representing a 335.03%~344.28% increase as compared
to net profit attributable to Xinjiang Daqo's shareholders of
RMB 2.16 billion in the first half of
2021. Xinjiang Daqo has already reported its net profit
attributable to Xinjiang Daqo's shareholders of RMB 4.31 billion in the first quarter of
2022.
A majority of Daqo New Energy'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 first half of 2022 ended
June 30, 2022.
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
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
second quarter of 2022 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.
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SOURCE Daqo New Energy Corp.