This round of photovoltaic cycle has lasted for three years. In the cold winter, all photovoltaic enterprises show their resilience and business wisdom.
On October 28, Daqo Energy disclosed its performance report for the third quarter of 2026. In the third quarter, the Company achieved a revenue of RMB1.326 billion, a quarter-on-quarter increase of 205.38% ; the net profit loss attributable to the parent company was approximately RMB411 million, a quarter-on-quarter decrease of 48.24% ; Net profit loss after deduction of non-attributable profit was approximately RMB411 million, representing a decrease in loss on a quarter-on-quarter basis. 48
. For the improvement in net profit attributable to the parent company in the third quarter, Daqo Energy said that it was mainly due to the increase in sales volume in the quarter and the slight increase in polysilicon prices at the end of the quarter.
It is worth noting that Daquan Energy also made provision for impairment of assets in the current period. If this part of the profit and loss is excluded, the repair of the company's current operating fundamentals is stronger than figures presented in the financial report.
More than 10 billion capital reserves, building a winter safety cushion
in the industry for nearly three years under the downward cycle, photovoltaic enterprises generally encounter cyclical pains. The author counted the net profit data of 11 photovoltaic head enterprises in the third quarter of 2023-2026. Under the background of the overall deep loss of the industry, the cumulative net profit of Daquan Energy is only 0.
Looking back on the past, the successful enterprises in each industry cycle have never relied on luck. It's a safety cushion built in advance.
Photovoltaic is a typical heavy asset and high leverage industry. From 2021 to 2022, when the industry was booming, many enterprises chose to increase and expand, and the asset-liability ratio of enterprises in the industry was generally above 60%. In this context, Daqo Energy has chosen a relatively stable business strategy- seize the opportunity to enrich the "family background" and build a strong line of defense for cash flow security.
As of the third quarter of 2026, the company's capital reserves, including monetary funds, time deposits, structured deposits and notes receivable, are still as high as 111. It also provides strong financial support for the company to grasp the future market opportunities.
In addition to high capital reserves, another bright indicator of Daquan Energy is its extremely low asset-liability ratio in the cold winter. By the end of September 2026, the company 's asset-liability ratio was only 10.27% . The current ratio has reached 4. Since 2022, Daqo Energy has controlled the asset-liability ratio below 15% for four consecutive years.
The financial structure of Daqo Energy is firmly in the first echelon of the industry-this balance sheet of "advance can be attacked, retreat can be defended" is the company's bottom line through the current cycle. Deep ploughing
inward, sticking to the steady road
, with the support of abundant capital reserves as a safety cushion, when many enterprises are looking for performance support outward, Daquan Energy chooses to sink down and plough inward- while consolidating the foundation of long-term development by reducing costs. On the other hand, we should increase R & D and broaden the growth boundary.
As the leading enterprise of silicon materials , Daqo Energy delivered a good cost-reduction answer sheet in the third quarter of this year: the unit cash cost of polysilicon dropped to 31.56 yuan/kg . Decreased by 8.87% on a year-on-year basis and 3% on a month-on-month basis.
At a time when the industry as a whole is tightening its capital and expenses, Daqo Energy has chosen to continue to increase its R & D investment against the trend. In the third quarter of this year, the R & D investment of Daqo Energy was about 64 million yuan, an increase of 56.85%； Total R & D investment accounted for 4.82% of business income, an increase of 2.
Just as Xu Xiang, vice chairman of Daqo Energy, accepted DataBM of digital new energy . Energy saving and carbon reduction is still one of the company's key objectives. The layout
of Daqo Energy has a strong long-term vision, which not only consolidates the company's core competitiveness, ensures that the company maintains its leading edge in the fierce competition in the current industry, but also reserves key capabilities for the company in the frontier areas.
Looking forward to the future market, with the implementation of the new energy consumption standard, the polysilicon industry is expected to usher in a round of accelerated capacity clearance, and the devices whose energy consumption does not meet the standard in the stock capacity will face shutdown and elimination. At the same time, with the issuance of unified cost accounting standards in the industry and the price compliance guidance carried out by the regulatory authorities, the competition order of the photovoltaic industry has gradually moved from relying on industry self-discipline to standardization and standardization. The yardstick of enterprise competition will also return to cost, energy consumption and financial strength, and the competitive pressure of enterprises with high cost, high energy consumption and high leverage in the market will be further increased.
In this context, Daquan Energy relies on the core competitive advantages of "one high, two low" - high quality, low energy consumption and low cost . It has more advantages in the shuffling of the current industry cycle, and also injects endogenous power into the company's long-term development in the future.
Betting on the future, Xu Li's second growth curve
has become a collective proposition for photovoltaic enterprises in recent years under the background that the industry continues to sink into the bottom cycle. Energy storage, as the amplifier of photovoltaic value, has become the preferred track for most photovoltaic enterprises to develop new performance growth points, while the layout of Daquan Energy is further. On June 4
this year, Daquan Energy announced that it would invest 6 billion yuan to build a manufacturing base of Daquan Intelligent Energy System in Kunshan, Jiangsu Province. The project is divided into two phases, the total investment of the first phase is about 2.1 billion yuan, and the second phase will be promoted after the project meets the relevant industrial policy conditions and investment conditions.
The project is mainly engaged in the R & D, manufacturing and sales of smart energy system solutions, solid-state transformers, solid-state circuit breakers and other products, aiming to build a next-generation power supply and distribution and smart energy integrated system manufacturing base serving the Intelligent Computing Center (AIDC).
It is not difficult to see that while Daquan Energy extends its business antenna to the field of energy storage, relying on the power technology gene precipitated by Daquan Group in the field of power electronics and system integration for more than 50 years, on the one hand, it promotes the diversified layout of the company in the new energy industry chain, enhances its comprehensive competitiveness, consolidates its position in the industry and promotes it. On the other hand, the mature power electronics technology capability of the brand will be transferred to the AIDC power supply and distribution track. In the
last
three years of cold winter in the photovoltaic industry, we have seen the risk of high leverage and the contraction of broken arms to survive. And the path of Daquan Energy is not fancy-saving money at a high point, lowering costs at a low point, and laying out the future at the bottom.
Looking back at the choice of Dadongyuan at each key node, the author sincerely laments its long-term management wisdom-not to be trapped by the market noise, every decision is focused on long-term, steady progress. This kind of long-term management is valuable, and it is also a solid support for enterprises to cross the cycle.
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