When it comes to Daquan Energy, in my impression, it is like a super scholar sitting in the corner of the class at school. He usually keeps a low profile, but always moves forward steadily according to his own rhythm. He is also calm in the face of the big exam.
On October 27, Daquan Energy released its performance report for the third quarter of this year. The company achieved revenue of 1.773 billion yuan in the third quarter, up 24.75% year-on-year and 214.92% year-on-year ; Net profit of 73 million yuan, deducting non-net profit of 0.
So far, Daquan Energy has ended five consecutive quarters of losses. Become a " At present, the photovoltaic industry is experiencing a dramatic phase of accelerated liquidation, but Daqo Energy is the first to profit from the signal. The author believes that the calm and pragmatic "survival philosophy" behind it is worth learning and learning from many enterprises.
Among them, the price of silicon materials has rebounded most obviously. According to Digital New Energy DataBM.
Enterprises in all links should first maintain " rationality ".
As we all know, one of the main reasons for the current development dilemma of photovoltaic industry is the "involution" vicious competition. Therefore, since last year, the photovoltaic industry has been calling on enterprises from top to bottom to be self-disciplined and rational, to reduce production and control production appropriately, and not to compete viciously at low prices. But in the end, the leading enterprises in the silicon material sector took the lead in carrying the banner and responding positively. In December 2024
, Daquan Energy took the initiative to start the phased overhaul of polysilicon production lines in Xinjiang and Inner Mongolia production bases, and orderly reduced production and controlled production of some production lines. Data show that in the fourth quarter of 2024, the operating rate of Daqo Energy was only 40% , while in the first half of this year, the operating rate was only 30% . All
enterprises take the pursuit of profit as the first priority, but Chinese enterprises attach importance to "righteousness" in addition to "profit". The strategic reduction of production of leading silicon materials such
as Daqo Energy and Tongwei Stock has effectively alleviated the pressure of market supply, helped the industry to return to a rational level of supply and demand, and also led to the collective recovery of the entire photovoltaic industry chain.
Ultimate Philosophy: Extreme "Internal Strength Training"
"Cost Reduction and Efficiency Increase" These four words can be said to be engraved in the bones of Chinese enterprises. As the head enterprise of silicon materials, Daqo Energy also handed in satisfactory answers in cost reduction in the third quarter. In the third quarter of this year, the unit cash cost of Daquan Energy polysilicon was 34.63 yuan/kg , down 11 from the same period last year . For enterprises, the most solid path to reduce costs is technological innovation. Previously, Xu Xiang, Vice Chairman of Daqo Energy, and DataBM , Digital New Energy, said that in the next 3-5 years, enterprises in the polysilicon industry could focus on energy saving and consumption reduction . On September 16 this year, the National Standards Committee issued a draft of the National Standard for Energy Consumption Quota per Unit Product of Silicon Polycrystalline and Germanium. Among them, the new national standard intends to set the energy consumption limit values of grade 1, grade 2 and grade 3 of trichlorosilane method (rod silicon) as 5kgce/kg, 5.5kgce/kg and 6.4kgce/kg respectively. Compared with the current standards of 7.5kgce/kg, 8.5kgce/kg and 10. The power consumption corresponding to Level 1-3 energy consumption to be specified in the new national standard is 40.7 kWh/kg, 44.8kWh/kg and 52. According to the Silicon Branch, after the implementation of the standard of "Energy Consumption Quota per Unit Product of Silicon Polycrystalline and Germanium", enterprises whose energy consumption per unit product of polysilicon does not meet the benchmark requirement (6.4 kgce/kg) will be rectified within a time limit. Failure to make corrections within the time limit or failure to reach the access value after rectification (5. With the strict implementation of the standard, the Silicon Branch expects that the effective production capacity of polysilicon in China will be reduced to about 2.4 million tons per year. As a result, the supply and demand pattern of polysilicon will be substantially improved. Steady and far-reaching, the most "shouldering" " as of the end of the third quarter of 2025, The company's cash reserves, including monetary funds, time deposits, structured deposits and notes receivable, amounted to 130. By the end of September 2025, the asset-liability ratio of Daquan Energy was only 8.2% . Year-on-year decline 23. It is worth noting that in the balance sheet, Daqo Energy's bank loans, short-term loans and long-term loans are still blank. People familiar with the industry know that photovoltaic is a highly leveraged industry, and the debt ratio of enterprises is generally above 60%. But Daqo keeps a tight grip on its cash flow. As can be seen from the figure below, the asset-liability ratio of Daquan Energy has declined sharply in recent years, and will remain stable within 10% after 2024, becoming an "outstanding" in the photovoltaic industry. In the enterprise of Daqo Energy, the author feels a typical Chinese management wisdom- living within one's means, going steadily and far . This simple business idea may seem conservative in the heyday of the industry; however, when the tide recedes, it is precisely the restraint of not chasing the wind that has become the most reliable force for enterprises to cross the cycle.
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