Daqo NEW Energy Corp. DQ

What this company does

Daqo New Energy Corp. manufactures and sells high-purity polysilicon to photovoltaic product manufacturers, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. It uses the chemical vapor deposition process, known as the modified Siemens process, with upgraded Hydrochlorination technology to produce polysilicon, and has implemented a closed loop production system. Its annual production capacity for polysilicon is 305,000 MT, including 105,000 MT of production capacity in Xinjiang and 200,000 MT of production capacity in Inner Mongolia. Its top three customers in aggregate accounted for 64.4%, 53.8% and 63.5% of its continuing operations' total revenues in 2023, 2024 and 2025, respectively. As of December 31, 2025, it held 510 patents and had 179 additional pending patent applications covering different aspects of the polysilicon and wafer manufacturing process. Its research and development team consisted of 968 researchers and engineers.

Written from the business description in DAQO NEW ENERGY CORP.'s annual report to the U.S. Securities and Exchange Commission, filed 20 April 2026. Every sentence was checked against that document before publication.