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MEXC Launches Campaign for ENA & USDe with $1,000,000 Rewards

VICTORIA, Seychelles, Feb. 27, 2025 /PRNewswire/ — MEXC, the world’s leading cryptocurrency trading platform, announced the listing of the Ethena USDe (USDE) in the Innovation Zone and open USDE-related trading pairs. To celebrate the launch, MEXC is introducing USDe & ENA-related events for all users with a $1,000,000 reward pool.

MEXC Launches Campaign for ENA & USDe with $1,000,000 Rewards PR Cover Image
MEXC Launches Campaign for ENA & USDe with $1,000,000 Rewards PR Cover Image

MEXC Backs Decentralized Stable Assets with USDe Listing

Since their inception, stablecoins have played an important role in the crypto ecosystem. However, many face limitations due to dependence on centralized custodians and traditional banking infrastructure. USDe, issued by the Ethereum-based DeFi platform Ethena (ENA), addresses these challenges. It is a fully decentralized synthetic USD asset that uses delta-neutral hedging to maintain a soft peg to the U.S. dollar without the need for overcollateralization or central custody. Unlike typical stablecoins, USDe employs smart contracts to automatically open and close perpetual short positions, ensuring scalability and stability.

As a global leader in digital asset trading, MEXC’s listing of USDe and USDE-related trading pairs highlights the growing importance of decentralized stable assets in the evolving DeFi landscape. This initiative reaffirms MEXC’s commitment to supporting innovative blockchain solutions and promoting decentralized finance. By providing strong liquidity and broad market coverage, MEXC creates the ideal environment for projects like USDe to thrive and unlock new possibilities in the digital economy. MEXC also offers users the chance to participate in a $1,000,000 reward pool through four major activities. This initiative enables users to engage with cutting-edge DeFi projects, explore innovative stable assets like USDe, and actively contribute to the growth of the broader DeFi ecosystem.

Celebrate the ENA & USDe Campaign with a $1,000,000 Prize Pool

MEXC, known for quickly listing trending tokens, expands its offerings with USDe (USDE). The USDE/USDT trading market officially launched in the Innovation Zone on February 27, 2025, at 10:00 (UTC), followed by ENA/USDE, BTC/USDE, ETH/USDE, SOL/USDE, and XRP/USDE at 11:00 (UTC).

To celebrate this significant listing, MEXC has designed a series of events that cater to both new and experienced traders. Users can enjoy zero-fee trading across select USDE and ENA trading pairs, creating an optimal environment for market participants to explore these assets. USDE holders can earn attractive yields of up to 10% APR simply by holding the token, with no additional staking or locking required. Meanwhile, new users joining the ENA staking program can enjoy up to 400% APR, further maximizing their earnings. The platform is also introducing exclusive staking pools, with particularly appealing rates for new users.

Additionally, active traders can participate in trading competitions with a substantial prize pool of 300,000 USDT in Futures bonuses, rewarding various levels of trading activity. In a move to further support stablecoin adoption, MEXC has also purchased $20 million in USDe, reinforcing its commitment to expanding the stablecoin ecosystem.

Beyond Trading: Earn Passive Income on MEXC

In addition to listing a wide range of tokens and trading pairs, MEXC provides various financial products designed to help crypto holders generate passive income. Flexible and fixed-term savings plans allow deposits of supported tokens to earn interest. Flexible savings incur no lock-up period and deliver daily interest, while fixed-term savings require a set commitment but offer higher potential returns. Through these offerings, MEXC continues to expand its ecosystem, providing a multifaceted approach to digital asset growth that caters to both new and experienced market participants.

Your Easiest Way to Trending Tokens 

MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 30 million by providing a diverse selection of tokens, high-frequency airdrops, and simple participation processes. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 32 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

MEXC Official Website X Telegram |How to Sign Up on MEXC

Inflation Rate Eases to 12.7% in February

Laos’ inflation rate dropped slightly in February to 12.7 percent, down from 15.5 percent in January, according to data from the National Statistics Bureau.

Daqo New Energy Announces Unaudited Fourth Quarter and Fiscal Year 2024 Results

SHANGHAI, Feb. 27, 2025 /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, today announced its unaudited financial results for the fourth quarter and fiscal year of 2024.

Fourth Quarter 2024 Financial and Operating Highlights

  • Total cash, short-term investments, bank note receivables and fixed term bank deposit balance was $2.2 billion at the end of Q4 2024, compared to $2.4 billion at the end of Q3 2024
  • Polysilicon production volume was 34,236 MT in Q4 2024, compared to 43,592 MT in Q3 2024
  • Polysilicon sales volume was 42,191 MT in Q4 2024, compared to 42,101 MT in Q3 2024
  • Polysilicon average total production cost(1) was $6.81/kg in Q4 2024, compared to $6.61/kg in Q3 2024
  • Polysilicon average cash cost(1) was $5.04/kg in Q4 2024, compared to $5.34/kg in Q3 2024
  • Polysilicon average selling price (ASP) was $4.62/kg in Q4 2024, compared to $4.69/kg in Q3 2024
  • Revenue was $195.4 million in Q4 2024, compared to $198.5 million in Q3 2024
  • Gross loss was $65.3 million in Q4 2024, compared to $60.6 million in Q3 2024. Gross margin was -33.4% in Q4 2024, compared to -30.5% in Q3 2024
  • Non-cash impairment charge related to long-lived assets amounted to $175.6 million in Q4 2024
  • Net loss attributable to Daqo New Energy Corp. shareholders was $180.2 million in Q4 2024, compared to $60.7 million in Q3 2024
  • Loss per basic American Depositary Share (ADS)(3) was $2.71 in Q4 2024, compared to $0.92 in Q3 2024
  • Adjusted net loss (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $170.7 million in Q4 2024, compared to $39.4 million in Q3 2024
  • Adjusted loss per basic ADS(3) (non-GAAP)(2) was $2.56 in Q4 2024, compared to $0.59 in Q3 2024
  • EBITDA (non-GAAP)(2) was –$236.5 million in Q4 2024, compared to –$34.3 million in Q3 2024. EBITDA margin (non-GAAP)(2) was -121.1% in Q4 2024, compared to -17.3% in Q3 2024

 

Three months ended

US$ millions

except as indicated otherwise

December.
31, 2024

September.
30, 2024

December.
31, 2023

Revenues

195.4

198.5

476.3

Gross (loss)/profit

(65.3)

(60.6)

87.2

Gross margin

(33.4) %

(30.5) %

18.3 %

(Loss)/income from operations

(300.9)

(98.0)

83.3

Net (loss)/income attributable to Daqo New Energy
Corp. shareholders

(180.2)

(60.7)

53.3

(Loss)/Earnings per basic ADS(3) ($ per ADS)

(2.71)

(0.92)

0.76

Adjusted net (loss)/income (non-GAAP)(2)
attributable to Daqo New Energy Corp. shareholders

(170.6)

(39.4)

74.3

Adjusted (loss)/earnings per basic ADS(3) (non-
GAAP)(2) ($ per ADS) 

(2.56)

(0.59)

1.06

EBITDA (non-GAAP)(2)

(236.5)

(34.3)

128.2

EBITDA margin (non-GAAP)(2)

(121.1) %

(17.3) %

26.9 %

Polysilicon sales volume (MT) 

42,191

42,101

61,014

Polysilicon average total production cost ($/kg)(1)

6.81

6.61

6.50

Polysilicon average cash cost (excl. dep’n) ($/kg)(1)

5.04

5.34

5.72

Full Year 2024 Financial and Operating Highlights

  • Polysilicon production volume was 205,068 MT in 2024, compared to 197,831 MT in 2023
  • Polysilicon sales volume was 181,362 MT in 2024, compared to 200,002 MT in 2023
  • Revenue was $1,029.1 million in 2024, compared to $2,307.7 million in 2023
  • Gross loss was $212.9 million in 2024, compared to gross profit of $920.7 million in 2023. Gross margin was -20.7% in 2024, compared to 39.9% in 2023
  • Net loss attributable to Daqo New Energy Corp. shareholders was $345.2 million in 2024, compared to net income attributable to Daqo New Energy Corp. shareholders of $429.5 million in 2023. Loss per basic ADS was $5.22 in 2024, compared to earnings per basic ADS of $5.75 in 2023
  • EBITDA (non-GAAP)(2) was –$338.8 million in 2024, compared to $918.6 million in 2023. EBITDA margin (non-GAAP)(2) was -32.9% in 2024, compared to 39.8% in 2023
  • Adjusted net loss (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $272.8 million in 2024, compared to adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders of $563.1 million in 2023
  • Adjusted loss per basic ADS(3) (non-GAAP)(2) was $4.12 in 2024, compared to adjusted earnings per basic ADS (non-GAAP) of $7.54 in 2023

Notes:

(1) Production cost and cash cost only refer to production in our polysilicon facilities. Production cost is calculated by the inventoriable costs relating to production of polysilicon divided by the production volume in the period indicated. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation and non-cash share-based compensation, divided by the production volume in the period indicated.

(2) Daqo New Energy provides EBITDA, EBITDA margins, adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic ADS on a non-GAAP basis to provide supplemental information regarding its financial performance. For more information on these non-GAAP financial measures, please see the section captioned “Use of Non-GAAP Financial Measures” and the tables captioned “Reconciliation of non-GAAP financial measures to comparable US GAAP measures” set forth at the end of this press release.

(3) ADS means American Depositary Share. One (1) ADS represents five (5) ordinary shares.

Management Remarks

Mr. Xiang Xu, Chairman and CEO of the Company, commented, “In 2024, we faced a challenging market environment with excess capacity in the solar PV industry leading to sharp price declines across the entire value chain. We proactively managed these difficulties by curtailing polysilicon production to reduce cash burn, particularly in the third and fourth quarters. Nevertheless, we reached an annual polysilicon production volume of 205,068 MT in 2024, meeting our guidance of 200,000 MT to 210,000 MT, which represented an increase of 3.7% year-over-year compared to 197,831 MT in 2023. Our N-type product mix increased significantly from approximately 40% of total production in 2023 to 70% in 2024. We sold 181,362 MT in 2024, ending the year at a reasonable inventory level. Despite solid growth in demand for solar PV products globally, the mismatch between demand and supply drove prices lower in 2024 even below cash cost. Overall, our polysilicon ASPs decreased significantly from $11.48/kg in 2023 to $5.66/kg in 2024. Revenue came in at $1.0 billion compared to $2.3 billion in 2023 as a result of lower ASPs as well as lower sales volume. As polysilicon ASPs fell below production cost starting in the second quarter of 2024, we recorded a non-cash provision for inventory impairment expense, with a negative gross margin of 20.7% for 2024. Due to the continuous negative gross margin, we recorded a non-cash long-lived assets impairment charge of $175.6 million for the quarter related to our older polysilicon production lines. Despite the losses, Daqo New Energy continued to maintain a strong balance sheet and ample cash reserves. At the end of 2024, the Company had a cash balance of $1.0 billion, short-term investments of $10 million, bank notes receivables of $55 million, and a fixed term bank deposit balance of $1.1 billion. Overall, the company maintains strong liquidity with a balance of quick assets of $2.2 billion, which can be readily converted to cash if needed. This solid financial position ensures we are well-equipped to navigate the market downturn and remain strategically resilient.”

“On the operational front, during the fourth quarter, the Company continued to operate at a lower utilization rate of 40%-50% of our nameplate capacity in light of weak market prices. The total production volume at our two polysilicon facilities for the quarter was 34,236 MT, further decreasing from the third quarter by 9,356 MT. Meanwhile, we intensified our efforts to reduce inventory, and our sales volume reached 42,191 MT in the fourth quarter, compared to 42,101 MT in the previous quarter. As the result of lower utilization, idle-facility related cost for the quarter was approximately $1.02/kg, which was primarily related to non-cash depreciation expense. Overall polysilicon unit production cost edged up 3% sequentially to an average of $6.81/kg. However, thanks to our relentless efforts to improve operational efficiency, our cash cost declined further to $5.04/kg, a 6% quarter-over-quarter decline compared to $5.34/kg in the third quarter.”

“Due to the current market pricing environment, we currently expect total polysilicon production volume in the first quarter of 2025 to be approximately 25,000 MT to 28,000 MT. We plan to maintain a relatively low utilization rate in 2025 until a turning point emerges in the sector. As a result, we currently anticipate full year production volume in 2025 to be approximately 110,000 MT to 140,000 MT.”

“Discussions on industry self-regulation measures have been ongoing since the fourth quarter. Meanwhile, the polysilicon market remained sluggish heading into the quarter as downstream customers continued drawing down accumulated inventory and coping with lower wafer capacity utilization rates of approximately 50%. Polysilicon pricing remained stable within this cyclical bottom range of RMB 36-42/kg throughout the quarter. In November and December, leading polysilicon producers reduced production to offset the higher hydro-electricity cost during the winter season and to mitigate inventory risks. As such, industry production of polysilicon continued to decline month-over-month. According to industry statistics, the total production volume in China descended to approximately 100,000 MT per month in December, the lowest level in the year. On December 26, polysilicon futures trading officially launched, with the initial benchmark price set at RMB 38.6/kg. Although some prices were quoted higher at RMB 42-43/kg, futures trading volumes remained small and had limited impact on spot pricing. On a positive note, new solar PV capacity in China reached a record high of 68 GW in December, which was beyond expectation and reinforced market confidence in the resilience of solar PV in the short run and market potential in the medium to long term.”

“Despite the significant challenges resulting from overcapacity in the solar PV industry, we have seen proactive initiatives to restore the industry’s healthy development. On December 6, 2024, led by the China Photovoltaic Industry Association (CPIA), our Company, along with other major solar PV manufacturers, have reached consensus that implementing self-discipline would be fundamental to mitigating the irrational competition amid falling prices and heightened global trade pressures. Moreover, the solar PV industry continued to show strong demand prospects. For the year of 2024, China’s newly installed solar PV capacity grew 28% year-over-year to 277 GW, which not only hit a record high but also exceeded market expectations. We remain optimistic that as supply adjusts to more rational levels, we will see a better balance between supply and demand this year. In the long run, as a renewable energy source and one of the lowest-cost sources of electricity worldwide, solar power will continue to be a key driver of the global energy transition and sustainable development. Looking ahead, Daqo New Energy will capitalize on the long-term growth in the global solar PV market and strengthen its competitive edge by enhancing its higher-efficiency N-type technology and optimizing its cost structure through digital transformation and AI adoption. As one of the world’s lowest-cost producers with the highest quality N-type product, a strong balance sheet and no financial debt, we believe we are well positioned to weather the current market downturn and emerge as one of the leaders in the industry to capture future growth.”

Outlook and guidance

The Company expects to produce approximately 25,000MT to 28,000MT of polysilicon during the first quarter of 2025. The Company expects to produce approximately 110,000MT to 140,000MT of polysilicon for the full year of 2025, inclusive of the impact of the Company’s annual facility maintenance.

This outlook reflects Daqo New Energy’s current and preliminary view as of the date of this press release and may be subject to changes. The Company’s ability to achieve these projections is subject to risks and uncertainties. See “Safe Harbor Statement” at the end of this press release.

Fourth Quarter 2024 Results

Revenues

Revenues were $195.4 million, compared to $198.5 million in the third quarter of 2024 and $476.3 million in the fourth quarter of 2023. The decrease in revenues compared to the third quarter of 2024 was primarily due to a decrease in ASP, mitigated by an increase in sales volume.

Gross (loss)/ profit and margin

Gross loss was $65.3 million, compared to $60.6 million in the third quarter of 2024 and gross profit of $87.2 million in the fourth quarter of 2023. Gross margin was -33.4%, compared to -30.5% in the third quarter of 2024 and 18.3% in the fourth quarter of 2023. The decrease in gross margin compared to the third quarter of 2024 was mainly due to the decrease in ASP.

Selling, general and administrative expenses

Selling, general and administrative expenses were $29.4 million, compared to $37.7 million in the third quarter of 2024 and $39.0 million in the fourth quarter of 2023. SG&A expenses during the fourth quarter of 2024 included $14.9 million in non-cash share-based compensation expense related to the Company’s share incentive plans, compared to $18.9 million in the third quarter of 2024.

Allowance for expected credit loss of receivables

The Company recognized $18.1 million non-cash expense related to allowance for expected credit loss of receivables in the fourth quarter, mainly due to uncertainty on the recoverability of long-aged receivables.

Long-lived assets impairment

The Company recognized a $175.6 million fixed assets impairment loss mainly related to its older polysilicon production facilities in the fourth quarter of 2024, mainly due to the continuous downward trend in the polysilicon selling prices that impaired the recoverability of carrying amounts of these assets.

Research and development expenses

Research and development (R&D) expenses were $0.4 million, compared to $0.8 million in the third quarter of 2024 and $3.3 million in the fourth quarter of 2023. Research and development expenses reflect R&D activities that take place during the quarter and can vary from period to period.

(Loss)/income from operations and operating margin

As a result of the abovementioned, loss from operations was $300.9 million, compared to $98.0 million in the third quarter of 2024 and income from operations of $83.3 million in the fourth quarter of 2023.

Operating margin was -154.0%, compared to -49.4% in the third quarter of 2024 and 17.5% in the fourth quarter of 2023.

Net (loss)/income attributable to Daqo New Energy Corp. shareholders and earnings/(loss) per ADS

As a result of the abovementioned, net loss attributable to Daqo New Energy Corp. shareholders was $180.2 million, compared to $60.7 million in the third quarter of 2024 and net income of $53.3 million in the fourth quarter of 2023.

Loss per basic American Depository Share (ADS) was $2.71, compared to $0.92 in the third quarter of 2024, and income per ADS of $0.76 in the fourth quarter of 2023.

Adjusted net (loss)/income (non-GAAP) attributable to Daqo New Energy Corp. shareholders and adjusted (loss)/earnings per ADS(non-GAAP)

As a result of the aforementioned, adjusted net loss (non-GAAP) attributable to Daqo New Energy Corp. shareholders, excluding non-cash share-based compensation costs, was $170.6 million, compared to $39.4 million in the third quarter of 2024 and adjusted net income of $74.3 million in the fourth quarter of 2023.

Adjusted loss per basic American Depository Share (ADS) was $2.56 compared to $0.59 in the third quarter of 2024, and adjusted earnings per basic ADS of $1.06 in the fourth quarter of 2023.

EBITDA (non-GAAP)  

EBITDA (non-GAAP) was –$236.5 million, compared to –$34.3 million in the third quarter of 2024 and $128.2 million in the fourth quarter of 2023. EBITDA margin (non-GAAP) was -121.1%, compared to -17.3% in the third quarter of 2024 and 26.9% in the fourth quarter of 2023.

Full Year 2024 Results

Revenues

Revenues were $1,029.1 million, compared to $2,307.7 million in 2023. The decrease was primarily due to much lower polysilicon ASPs, further compounded by lower sales volume.

Gross (loss)/ profit and margin

Gross loss was $212.9 million, compared to gross profit of $920.7 million in 2023. Gross margin was -20.7%, compared to 39.9% in 2023. The decrease in gross profit was primarily due to lower ASPs and inventory impairment. For the year of 2024, the company recorded $81.4 million in inventory impairment expenses, compared to $0.5 million in 2023.

Selling, general and administrative expenses

Selling, general and administrative expenses were $143.1 million, compared to $213.2 million in 2023. The decrease was primarily due to the reduction in non-cash share-based compensation cost related to the Company’s share incentive plan, which was $72.4 million and $121.0 million in 2024 and 2023, respectively.

Long-lived assets impairment

The Company recognized $175.6 million fixed assets impairment loss mainly related to its older polysilicon facilities in 2024, mainly due to the continuous downward trend of the polysilicon selling prices that impaired the recoverability of carrying amounts of these assets.

Research and development expenses

Research and development (R&D) expenses were $4.6 million, compared to $10.1 million in 2023. Research and development expenses reflect R&D activities that took place during the period and can vary from period to period.

(Loss)/income from operations and operating margin

As a result of the foregoing, loss from operations was $564.1 million, compared to income from operations of $783.4 million in 2023. Operating margin was -54.8%, compared to 33.9% in 2023.

Interest income, net

Interest income, net was $29.4 million, compared to $52.3 million in 2023. The decrease in interest income was due to lower cash at bank balance as well as lower bank interest rate.

Net (loss)/income attributable to Daqo New Energy Corp. shareholders and earnings/(loss) per ADS

Net loss attributable to Daqo New Energy Corp. shareholders was $345.2 million, compared to net income of $429.5 million in 2023. Loss per basic ADS were $5.22, compared to earnings per ADS of $5.75 in 2023.

Adjusted net (loss)/income (non-GAAP) attributable to Daqo New Energy Corp. shareholders and adjusted (loss)/earnings per ADS(non-GAAP)

Adjusted net loss (non-GAAP) attributable to Daqo New Energy Corp. shareholders was $272.8 million, compared to adjusted net income of $563.1 million in 2023. Adjusted loss per basic ADS (non-GAAP) were $4.12, compared to adjusted earnings per basic ADS (non-GAAP) $7.54 in 2023.

EBITDA (non-GAAP)

EBITDA (non-GAAP) was –$338.8 million, compared to $918.6 million in 2023. EBITDA margin (non-GAAP) was -32.9%, compared to 39.8% in 2023.

Financial Condition

As of December 31, 2024, the Company had $1,038.3 million in cash, cash equivalents and restricted cash, compared to $853.4 million as of September 30, 2024 and $3,048.0 million as of December 31, 2023. As of December 31, 2024, the notes receivable balance was $55.2 million, compared to $84.5 million as of September 30, 2024 and $116.4 million as of December 31, 2023. Notes receivable represents bank notes with maturity within six months. As of December 31, 2024, the balance of fixed term deposits within one year was $1,087.2 million, compared to $1,215.2 million as of September 30, 2024 and nil as of December 31, 2023.

Cash Flows

For the twelve months ended December 31, 2024, net cash used in operating activities was $437.7 million, compared to $1,616.0 million provided by operating activities in the same period of 2023. The decrease was primarily due to lower revenues and gross margin.

For the twelve months ended December 31, 2024, net cash used in investing activities was $1,478.5 million, compared to $1,196.0 million in the same period of 2023. The net cash used in investing activities in 2024 was primarily related to the capital expenditures on the Company’s 5A and 5B polysilicon expansion projects in Baotou City, Inner Mongolia and purchases of short-term investments and fixed term deposits.

For the twelve months ended December 31, 2024, net cash used in financing activities was $47.4 million, compared to $795.4 million in the same period of 2023. The net cash used in financing activities in 2024 was primarily related to $35.8 million in dividend payment made by the Company’s subsidiary, Xinjiang Daqo, to its minority shareholders.

Use of Non-GAAP Financial Measures

To supplement Daqo New Energy’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“US GAAP”), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most directly comparable GAAP measures including earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA margin; adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS. Our management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key element of the Company’s results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, our management believes that, used in conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information to assess the Company’s operating results in a manner that is focused on its ongoing, core operating performance. Our management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Given our management’s use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company’s operating results as seen through the eyes of our management. These non-GAAP measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures, and may be different from non-GAAP measures used by other companies.

The Company uses EBITDA, which represents earnings before interest, income taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS exclude costs related to share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, our management excludes this item from our internal operating forecasts and models. Our management believes that this adjustment for share-based compensation provides investors with a basis to measure the Company’s core performance, including compared with the performance of other companies, without the period-to-period variability created by share-based compensation.

A reconciliation of non-GAAP financial measures to comparable US GAAP measures is presented later in this document.

Conference Call

The Company has scheduled a conference call to discuss the results at 8:00 AM U.S. Eastern Time on February 27, 2025 (9:00 PM Beijing / Hong Kong time on the same day).

The dial-in details for the earnings conference call are as follows:

Participant dial in (U.S. toll free): +1-888-346-8982
Participant international dial in: +1-412-902-4272
China mainland toll free: 4001-201203
Hong Kong toll free: 800-905945
Hong Kong local toll: +852-301-84992

Please dial in 10 minutes before the call is scheduled to begin and ask to join the Daqo New Energy Corp. call.

Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Qk5TGKkD

A replay of the call will be available 1 hour after the conclusion of the conference call through March 6, 2025. The dial in details for the conference call replay are as follows:

U.S. toll free: +1-877-344-7529
International toll: +1-412-317-0088
Canada toll free: 855-669-9658
Replay access code: 3285522

To access the replay through an international dial-in number, please select the link below.
https://services.choruscall.com/ccforms/replay.html

Participants will be asked to provide their name and company name upon entering the call.

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 manufacturers, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 305,000 metric tons and is one of the world’s lowest cost producers of high-purity polysilicon.

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,” “guidance” and similar statements. Among other things, the outlook for the first quarter and the full year of 2025 and quotations from management in these announcements, as well as Daqo New Energy’s strategic and operational plans, contain 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; and changes in political and regulatory environment. 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.

Daqo New Energy Corp.

Unaudited Condensed Consolidated Statement of Operations

(US dollars in thousands, except ADS and per ADS data)

Three months ended

Year ended Dec 31

Dec 31,
2024

Sep 30,
2024

Dec 31,
2023

2024

2023

Revenues    

195,359

198,496

476,298

1,029,080

2,307,695

Cost of revenues

(260,622)

(259,090)

(389,102)

(1,242,012)

(1,387,045)

Gross (loss)/profit

(65,263)

(60,594)

87,196

(212,932)

920,650

Operating expenses

Selling, general and administrative
  expenses

(29,402)

(37,727)

(39,004)

(143,089)

(213,241)

Long-lived assets impairment

(175,627)

(175,627)

Allowance for expected credit loss

(18,072)

(18,072)

Research and development
  expenses

(372)

(813)

(3,250)

(4,559)

(10,116)

Other operating (expense)/income

(12,203)

1,092

38,349

(9,814)

86,137

Total operating expenses

(235,676)

(37,448)

(3,905)

(351,160)

(137,220)

(Loss)/income from operations

(300,939)

(98,042)

83,291

(564,092)

783,430

Interest income, net

6,761

1,604

13,772

29,364

52,302

Foreign exchange gain/(loss)

49

(752)

(796)

(2,378)

(17,367)

Investments income

3,644

8,253

253

19,046

109

(Loss)/Income before income taxes

(290,485)

(88,937)

96,520

(518,060)

818,474

Income tax benefit/(expense)

48,973

12,007

(18,352)

69,907

(165,588)

Net (loss)/income

(241,512)

(76,930)

78,168

(448,153)

652,886

Net (loss)/income attributable to
non-controlling interest

(61,330)

(16,206)

24,837

(102,938)

223,341

Net (loss)/income attributable to
  Daqo New Energy Corp.
  shareholders

(180,182)

(60,724)

53,331

(345,215)

429,545

(Loss)/earnings per ADS

(2.71)

(0.92)

0.76

(5.22)

5.75

  Basic

  Diluted

(2.71)

(0.92)

0.76

(5.22)

5.73

 

Weighted average ADS outstanding

Basic

66,609,799

66,306,870

69,862,986

66,158,657

74,717,201

Diluted

66,609,799

66,306,870

69,905,271

66,158,657

74,963,535

 

 

Daqo New Energy Corp.

Unaudited Condensed Consolidated Balance Sheets

(US dollars in thousands)

Dec. 31, 2024

Sep. 30, 2024

Dec. 31, 2023

ASSETS:

Current Assets:

Cash, cash equivalents and restricted cash

1,038,349

853,401

3,047,956

Short-term investments

9,619

244,982

Accounts and notes receivable

55,171

84,507

116,358

Inventories

149,939

206,877

173,271

Fixed term deposit within one year

1,087,210

1,215,165

Other current assets

291,259

292,610

238,993

Total current assets

2,631,547

2,897,542

3,576,578

Property, plant and equipment, net

3,499,210

3,903,436

3,626,423

Prepaid land use right

152,869

159,853

150,358

Fixed term deposit over one year

27,636

28,536

Other non-current assets

106,981

59,338

73,507

TOTAL ASSETS

6,418,243

7,048,705

7,426,866

Current liabilities:

Accounts payable and notes payable

33,270

40,860

92,879

Advances from customers-short term portion

37,192

56,240

148,984

Payables for purchases of property, plant and
  equipment

406,743

454,364

421,024

Other current liabilities

44,032

77,597

173,542

Total current liabilities

521,237

629,061

836,429

Advance from customers – long term portion

21,484

76,734

113,857

Other non-current liabilities

17,658

18,489

28,296

TOTAL LIABILITIES

560,379

724,284

978,582

 

EQUITY:

Total Daqo New Energy Corp.’s shareholders’
  equity

4,361,193

4,705,832

4,761,907

Non-controlling interest

1,496,671

1,618,589

1,686,377

Total equity

5,857,864

6,324,421

6,448,284

TOTAL LIABILITIES & EQUITY

6,418,243

7,048,705

7,426,866

 

 

Daqo New Energy Corp.

Unaudited Condensed Consolidated Statements of Cash Flows

(US dollars in thousands)

For the year ended December 31,

2024

2023

Operating Activities:

Net (loss)/income

(448,153)

652,886

Adjustments to reconcile net income to net cash provided by
operating activities

565,535

305,359

Changes in operating assets and liabilities

(555,102)

657,797

Net cash (used in)/provided by operating activities

(437,720)

1,616,042

Investing activities:

Purchases of property, plant and equipment

(356,777)

(1,110,738)

Purchases of land use right

(10,091)

(72,147)

Purchase and redemption of short-term investments and fixed-term
deposits

(1,111,615)

(13,070)

Net cash used in investing activities

(1,478,483)

(1,195,955)

Financing activities:

Net cash used in financing activities

(47,358)

(795,398)

Effect of exchange rate changes

(46,046)

(97,084)

Net decrease in cash, cash equivalents and restricted cash

(2,009,607)

(472,395)

Cash, cash equivalents and restricted cash at the beginning of the
period

3,047,956

3,520,351

Cash, cash equivalents and restricted cash at the end of the period

1,038,349

3,047,956

 

 

Daqo New Energy Corp.

Reconciliation of non-GAAP financial measures to comparable US GAAP measures

(US dollars in thousands)

Three months ended

Year ended Dec 31

Dec 31,
2024

Sep 30,
2024

Dec 31,
2023

2024

2023

Net (loss)/income

(241,512)

(76,930)

78,168

(448,153)

652,886

Income tax benefit/(expense)

(48,973)

(12,007)

18,352

(69,907)

165,588

Interest income, net

(6,761)

(1,604)

(13,772)

(29,364)

(52,302)

Depreciation & Amortization

60,740

56,218

45,455

208,585

152,454

EBITDA (non-GAAP)

(236,506)

(34,323)

128,203

(338,839)

918,626

EBITDA margin (non-GAAP)

-121.1 %

-17.3 %

26.9 %

-32.9 %

39.8 %

Three months ended

Year ended Dec 31

Dec 31,
2024

Sep 30,
2024

Dec 31,
2023

2024

2023

Net (loss)/income attributable to
  Daqo New Energy Corp.
  shareholders

(180,182)

(60,724)

53,331

(345,215)

429,545

Share-based compensation

9,532

21,312

20,927

72,382

133,520

Adjusted net (loss)/income
  attributable to Daqo New
  Energy Corp. shareholders
  (non-GAAP)

(170,650)

(39,412)

74,258

(272,833)

563,065

Adjusted (loss)/earnings per
  basic ADS (non-GAAP)

(2.56)

(0.59)

1.06

(4.12)

7.54

Adjusted (loss)/earnings per
  diluted ADS (non-GAAP)

(2.56)

(0.59)

1.06

(4.12)

7.51

 

 

Minesto publishes Year-End Report 2024

GOTHENBURG, Sweden, Feb. 27, 2025 /PRNewswire/ — CEO Dr. Martin Edlund: “Minesto has now demonstrated competitive renewable energy production from an untapped natural resource based on a truly novel and proprietary innovation.”

Significant events October – December 2024

Minesto’s work towards tidal energy buildout in the Faroe Islands continues. The Hestfjord Dragon Farm is a first-of-a-kind tidal energy array with Minesto Dragon 12-kites with a total capacity of 10 MW in a first phase. Following the successful utility-scale installation of the Dragon 12 in Vestmanna and corresponding interest by various parties in the technology, Minesto assigns strategic advisor Ernst & Young (EY) to the unique Dragon Farm Project, with focus on investments.

In December, Minesto announces completion of Hestfjord Dragon Farm specification based on Dragon 12 achievements. This refers to the overall design and technical specification of the upgraded Dragon 12 system targeting the first Dragon farm in Hestfjord (Phase 1: 10MW) in the Faroe Islands.

Minesto presents at one of the biggest international energy conferences, Enlit Europe in Milan. CEO Dr. Martin Edlund also presents at global climate change meeting COP29 in Baku, Azerbaijan where Minesto is hosting a session on the role and importance of innovation in tackling climate change.

The company arranges a well-attended capital market day at the company’s premises in Gothenburg, welcoming shareholders to experience the Minesto workshop and power plant components.

After the end of the period

In February, Minesto welcomes Faroese stakeholders, authorities as well as the public to a seminar at the Nordic House in Torshavn. CEO Martin Edlund presented the company’s vision for a sustainable energy system in the Faroe Islands, a 200MW buildout roadmap. There was a strong stakeholder engagement towards Minesto’s first tidal energy Dragon farm in Hestfjord, Faroe Islands.

An independent technical review of Minesto’s Dragon-class technology initiated in autumn 2024 is completed by DNV – a world leader in technology assessments and certifications in the energy & maritime sectors, incl. renewable energy solutions. The successfully completed review strengthens Minesto’s buildout investment case.

Group in summary 1 January-31 December 2024

1 January-31 December 2024

  • Total operating income in the end of the financial year amounted to SEK 33,035 thousand (45,590) and mainly included capitalised development work. Net sales amounted to SEK 75 thousand (391).
  • Operating loss, at the end of the financial year, amounted to SEK -37,345 thousand (-28,680). The negative result is largely attributable to business development and administration related to technology development.
  • At the end of the financial year, intangible assets amounted to SEK 544,924 thousand (492,928), of which capitalised development costs amounted to SEK 527,708 thousand (476,608) and capitalised patent expenses amounted to SEK 17,217 thousand (16,320).
  • Cash flow amounted to SEK 19,436 thousand (-20,015). At the end of the period, cash and cash equivalents amounted to SEK 34,890 thousand (15,160).
  • At the end of the financial year, equity amounted to SEK 568,649 thousand (522,746) divided into 194,116,040 shares (160,732,694), of which net loss for the year amounted to SEK -36,104 thousand (-27,123).

The Year-end Report is available to download at Minesto’s website:
www.minesto.com/investor/investor-information

CEO comment

Reinforcing Minesto as the World Leader in Ocean Renewables

2024 was a year of outstanding achievements for Minesto. The success of Dragon 12 puts us in a solid position to release the commercial potential of our unique ocean energy technology. 

Minesto has now demonstrated competitive renewable energy production from an untapped natural resource based on a truly novel and proprietary innovation. 

Backed up by performance and production data from installed devices, Minesto has assessed the cost of energy of its technology at lower levels than all other actors in ocean energy and most importantly, in our target markets, we offer the most viable or the only viable solution for an affordable energy transition. At last, the marine energy sector has a commercially viable energy generating technology ready for large scale buildout.

Ready for Dragon Farms

During 2024, all technical aspects of a commercial Dragon farm – a grid connected array of Dragon 12 units – have been successfully verified at the site in Vestmanna. Limited upgrades and customizations required are identified and in implementation for the first phase of Dragon Farm build outs.

It is important to underline that to commercialize the core Dragon-class technology, Minesto is relying on a wide range of unique and hard-earned technologies and competencies accumulated (internally and with partners) over more than a decade. So stating that we are “ready for farms” is not made lightly and implies that we are a master of all core activities such as: tidal site assessment, environmental consenting, production array design, infrastructure configuration, balance of plant, service procedures, offshore launch/recovery, grid connection, production monitoring, powerplant build and onshore testing, array installation management and power plant commissioning.

Most recently, the independent review of Minesto’s technology by DNV has been successfully completed. The review underlines the strength of our technology and our readiness to deploy at scale. It also supports our core arguments that our technology is generically cost effective.

Pushing for Business

During the year, Minesto has created energy project investment cases, initiated feasibility studies targeting specific production sites, hosted due diligence from potential customers and strengthened collaboration with our local partners around the world.

We have continued to nurture a strong relationship with the Faroe Islands’ business community and investor sphere. A renewed and updated power purchase agreement (PPA) with a price level to denote the total system value of tidal energy in the future renewable energy mix in the Faroe Islands is agreed in principle for the first phase of the Hestfjord buildout.

The Phase 1 Hestfjord Dragon Farm investment case is now open for business, the plan includes a newly established local project development company, Drekin Sp/f, where local investors can eventually become part owners of a 200MW tidal farm project in the Faroe Islands. The investment case includes the technical specification of the Phase 1 buildout, targeting the specific site conditions in Hestfjord, which is based on six customized Dragon 12 kites systems rated at 1.75MW, 10.5 MW in total.

In a number of markets around the world, Minesto has been asked to offer feasibility studies, project planning services, demo-installation projects and the creation of larger scale investment cases like Hestfjord. We are working with new and existing local market actors such as independent power producers and utilities. We believe that the novelty of the ocean energy industry and uniqueness of our products makes it necessary to offer customers and project investors flexible step in commercial involvement.

An important enabling factor in ongoing sales and project investment activities is public funding in different forms. The renewable energy transition is an area in focus for government grants, green electricity subsidies and soft loans. Our soft funding team is working together with our business development team to target application calls which directly support sales and project finance work. Minesto holds a broad application portfolio targeting programs that will be awarded during 2025.

We have strengthened our commercial team internally and have partnered up with internationally recognized advisory firm EY to support securing project financing and industrial partnerships. Minesto also receives valuable support from Business Sweden in Southeast Asia, via grant-funding from the Swedish Energy Agency.

It is worth noting that the volume of sales activities have significantly increased, driven by the level of maturity of our products and step change in global awareness of our innovation.

An Evolving Team

The collective knowledge, experience and capabilities in the Minesto team is at the core of the value of the company. Our intangible assets, built through technology investments, now reaches around 540 MSEK in accounting terms.

We have strengthened the organization regarding supply chain partnerships, operations in Vestmanna and through integration of product and business development in Sweden.

  • The management team is more commercially oriented and strengthened.
  • A ca 30% overall reduction in personnel costs (from 2023 to 2025) has been achieved.
  • A flexible operations team is in place in Vestmanna for the Faroe Island expansion.

Funding and cash flow

A combination of work streams to fund continued development and product delivery capacity are ongoing. We are not excluding any scenario in seeking the optimal way forward in creating industrial and shareholder value. The range of funding sources are sales of services and electricity, sales of microgrid hardware and installations, project finance with prepayments, soft funding, targeted new strategic investors/owners and issuance of securities.

Martin Edlund
CEO, Minesto AB

For additional information, please contact
Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58
ir@minesto.com

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/minesto-ab/r/minesto-publishes-year-end-report-2024,c4111631

The following files are available for download:

https://mb.cision.com/Main/14621/4111631/3287652.pdf

Minesto AB Year-End Report 2024

https://mb.cision.com/Public/14621/4111631/bf836eaf2b780ee4.pdf

PR 270225 Minesto publishes Year-End Report 2024

 

Beko Calls for a United Industrial Policy in Harmony with Climate Ambitions at Clean Industrial Deal Event

As the only signatory of the Antwerp declaration from the home appliances industry and the largest appliance manufacturer in Europe, Beko supports Europe’s quest for boosting manufacturing strength and driving competitiveness all while upholding sustainability

ISTANBUL, Feb. 27, 2025 /PRNewswire/ — As Europe moves toward a new era of industrial policy, Beko, the continent’s largest home appliance manufacturer, is making the case for a stronger, more unified approach. Attending the key event on the Deal, Beko emphasizes the urgent need to ensure that industries investing in decarbonization, energy efficiency, and innovation remain globally competitive.

 

Hakan Bulgurlu, Beko, CEO
Hakan Bulgurlu, Beko, CEO

 

Having built its success on energy efficiency, sustainability, and responsible innovation, Beko is advocating for a forward-looking industrial strategy that moves beyond regulation and toward meaningful investment in clean technology, resilient supply chains, and competitive manufacturing.

Commenting on the deal, Hakan Bulgurlu, CEO of Beko, stated: “Europe needs a bold, investment-driven industrial strategy and regulatory framework that allows companies to thrive. The Clean Industrial Deal marks a pivotal moment for Europe’s industrial future. But it must deliver on its promise of making Europe a leader in green and competitive industries—without risking our manufacturing base in the process. It is vital that the European Commission uses this opportunity to look across Europe’s industrial manufacturing landscape and recognize the role the home appliances sector can play as a strategic enabler of Europe’s climate and industrial ambition. Home appliances is a critical industry—not only as a major employer and driver of innovation but also as a key catalyst for supply chain resilience and a direct contributor to energy efficiency in every EU household. Energy-efficient appliances are one of the fastest and most cost-effective ways to cut emissions, lower energy bills, and support the clean energy transition. To accelerate progress toward climate neutrality, the EU should enhance support for the industry by mobilizing investment incentives and ensuring a level playing field in international trade.”

As one of the world’s largest manufacturers with scale and expertise, Beko acknowledges its vital position in advancing decarbonization efforts. Energy efficiency, often referred to as the “first fuel” in the clean energy transition, is therefore a top priority for Beko. Currently, energy-efficient appliances make up over 70% of units produced and drive the majority of the company’s revenue.

“While companies often choose between profit and responsibility, Beko is the living proof that a balanced approach makes good business sense. We have already demonstrated leadership in sustainable innovation—our products save energy, reduce waste, and align with the Green Deal. But we cannot succeed alone. We would like to see Europe shift from reactive policies to proactive investments in its industrial sector. Targeted incentives for renewable energy adoption, production infrastructure, and sustainable product development will play a critical role in securing the bloc’s competitive future,” concluded Bulgurlu.

ABOUT BEKO 

Beko is an international home appliance company with a strong global presence, operating through subsidiaries in more than 55 countries with a workforce of over 50,000 employees and production facilities spanning multiple regions—including Europe, Asia, Africa, and the Middle East. Beko has 22 brands owned or used with a limited license (Arçelik, Beko, Whirlpool*, Grundig, Hotpoint, Arctic, Ariston*, Leisure, Indesit, Blomberg, Defy, Dawlance, Hitachi*, Voltas Beko, Singer*, ElektraBregenz, Flavel, Bauknecht, Privileg, Altus, Ignis, Polar). Beko became the largest white goods company in Europe with its market share (based on volumes) and reached a consolidated turnover of 10.6 billion Euros in 2024. Beko’s 30 R&D and Design Centers & Offices across the globe are home to over 2,300 researchers and hold more than 3,500 international registered patent applications to date. The company has achieved the highest score in the S&P Global Corporate Sustainability Assessment (CSA) in the DHP Household Durables industry for the sixth consecutive year (based on the results dated 22 November 2024) and has been included in the Dow Jones Sustainability Indices for the eighth consecutive year.** Beko’s vision is ‘Respecting the World, Respected Worldwide.’

www.bekocorporate.com 

*Licensee limited to certain jurisdictions.
 **The data presented belongs to Arçelik A.Ş., a parent company of Beko. 

Antwerp 2025 Clean Industrial Deal family photo
Antwerp 2025 Clean Industrial Deal family photo

 

 

NTT Sparks Smart Building Revolution with New OCEAN Intelligence™ Platform in Hong Kong

Offering a Strategic Vision to Bring AI into Every Building, empowered with an Open Partner Ecosystem


HONG KONG SAR – Media OutReach Newswire – 27 February 2025 – As part of NTT Group, a world-leading telecommunications and ICT service provider, NTT Com Asia (NTT) today launched OCEAN Intelligence™ in Hong Kong, a ground-breaking AI-powered open platform set to transform smart building management. With the vision to “Bring AI into Every Building” with an open partner ecosystem approach, the new platform represents a game-changer for building management by fostering collaboration and open innovations.

The photo features Steven So, Senior Vice President, NTT Com Asia (left) and Stephen Tsang, Chief Revenue Officer, NTT Com Asia (right).
The photo features Steven So, Senior Vice President, NTT Com Asia (left) and Stephen Tsang, Chief Revenue Officer, NTT Com Asia (right).

At its core, OCEAN Intelligence™ makes AI accessible through three foundational pillars:

  • Openness – that breaks down proprietary barriers and data silos, and enable convergence of OT/IT/IoT;
  • Partner Ecosystem – an open partner ecosystem that enables innovation and collaboration among local and global technology providers to create new services;
  • Quality Data – leverage open hardware to allow cost effective control and collection of real-time high-density equipment data, together with digitization of operation data through automation of operation processes, this forms a superior data foundation for machine learning.

“OCEAN Intelligence™ unique strength lies in its ability to democratise AI, with data quality as its core foundation, making it accessible to every building.” said Steven So, Senior Vice President, NTT Com Asia. “Acting like human brain and central nervous system of smart buildings, the platform connects previously disparate systems and enables data intelligence to flow seamlessly throughout the entire infrastructure. Beyond AI, its modular design and strong open partner ecosystem enables quick deployment in existing environments and opens up possibilities to integrate with partners for new solutions.”

The platform builds upon the company’s commitment to open innovations driving smart building development. A thriving partner ecosystem brings in the latest technology from startups and industry partners to offer more choices to the market. For example, users can benefit Chiller Plant Energy Optimization solution from Carnot Innovations, a startup incubated from Hong Kong Science and Technology Parks, which uses AI to analyse operational data to maximise efficiency and reduce energy usage and costs. Through Carnot Innovations’ integration with OCEAN Intelligence, the chiller plant can be directly managed, breaking down data silos, and speeding up deployment under a single pane of glass.

“Openness and collaboration are essential in today’s complex building environments and fast-growing development of AI and IoT technologies, where the open partner ecosystem approach delivers far greater value than isolated technologies,” adds Steven. “With the global smart building market projected to reach USD 359 billion by 2035, growing at over 24% annually, we’re creating significant business opportunities for our partners across the ecosystem — from hardware manufacturers to specialized AI solution providers. This partner-centric approach creates mutual value: partners gain access to new markets and revenue streams, while customers benefit from best-in-class solutions tailored to their specific needs.”

“Today’s complex building challenges demand collaborative solutions. Carnot Innovations brings deep AI expertise and a proven track record, partnering with industry leaders like NTT. Our collaboration within the OCEAN Intelligence™ partner ecosystem allows us to address critical solution gaps with cutting-edge AI. Leveraging NTT’s resources, we provide enhanced support to local clients, ultimately delivering more choices, better integration, and a more streamlined smart building transformation journey,” said Ashish Jerry Justin, Co-founder and CEO, Carnot Innovations.

Phil McManus, Director, Business Innovations, NTT Com Asia (left), Jackie Yuen, Senior Director, System Design & Architecture, NTT Com Asia (middle), and Ashish Jerry Justin, Co-founder and CEO, Carnot Innovations (right) showcase the NTT OCEAN Intelligence™ and the Chiller Plant Energy Optimization, powered by Carnot Innovations.
Phil McManus, Director, Business Innovations, NTT Com Asia (left), Jackie Yuen, Senior Director, System Design & Architecture, NTT Com Asia (middle), and Ashish Jerry Justin, Co-founder and CEO, Carnot Innovations (right) showcase the NTT OCEAN Intelligence™ and the Chiller Plant Energy Optimization, powered by Carnot Innovations.

Leveraging NTT’s global R&D and local talents, the platform empowers businesses to achieve substantial cost efficiencies, optimize building operations, and enhance asset value. Already deployed in NTT facilities and customers in Hong Kong and other locations, OCEAN Intelligence™ is slated for further international rollout.

“With an investment of over HKD170 million into the research and development of the technology, it represents strategic expansion of our vision for AI and smart city,” said Stephen Tsang, Chief Revenue Officer, NTT Com Asia. “It aligns with the Hong Kong Government’s initiatives to establish the city as a leading Information and Technology hub in the region. By championing innovation in smart building management and supporting the development of critical facilities, we’re actively contributing to Hong Kong’s technological advancement and helping solidify its position as a pioneer in smart city development across Asia and globally.”

The launch is a key investment in the company’s series of strategic initiatives to accelerate Hong Kong’s digital transformation into a smart city. This launch follows the successful introduction of the NTT Innovation Alliance in April 2024, High-Performance Computing as-a-service with a Direct Liquid Cooling enabled AI-ready data centre in June 2024, and Private 5G service in September 2024, underscoring NTT’s commitment to delivering cutting-edge solutions for Hong Kong’s future.

OCEAN Intelligence™: Key Benefits

OCEAN Intelligence™ gathers and processes data from diverse building systems to optimise performance with unparalleled precision. User benefits include:

  • Predictive AI: The platform uses AI to automate tasks and provide real-time insights, leading to significant improvements in efficiency. It allows businesses to reduce maintenance downtime by up to 75%, speed up data provisioning for new buildings by 2X, and speed up decision making and incident root cause analysis by 5X.
  • Cost Optimisation: Users can achieve up to 30% savings on air-conditioning energy bills, reduce maintenance expenses by up to 50% through predictive maintenance, and lower data collection costs by 40% with open data collection hardware.
  • Customisable and Modular Agility: The platform is designed to be open and modular. This allows it to be deployed with existing platforms or solutions or integrated with current and future solutions from partners. This gives customers the freedom to build their platform, scale according to their business needs and add unique features and services to maximise the value of the building — all within a single platform.

For more information about OCEAN Intelligence™, please visit our website at www.oceanintels.ai.

Hashtag: #NTT

The issuer is solely responsible for the content of this announcement.

About OCEAN Intelligence™

Goes beyond simply collecting IoT and BIM data, it cultivates actionable insights in real-time, breaking down data silos providing a flexible modular design, and a suite of readily integrated solutions powered by an open partner ecosystem. From digital construction to digital operations, OCEAN Intelligence™ is the strategic partner for creating smarter, more sustainable, and truly intelligent buildings.

About NTT Com Asia

As part of NTT Group, a world-class leader in telecommunications and ICT services, NTT Com Asia Limited (“NTT”) is dedicated to delivering the best ICT infrastructure and disruptive technologies with the vision to enable a smarter world.

Riding on the leading enterprise mobile technology from docomo business in Japan, we are bringing cutting-edge and ready-to-market IoT, AI and other digital solutions to support enterprises in developing a mobile-first strategy in their digitalisation journey. For more information, please visit: .

About Carnot Innovations

Carnot Innovations is a pioneer of AI Energy Optimization Solution in Hong Kong. We make buildings smarter to perform better maintenance and energy saving. Our projects included grade A commercial buildings, premium shopping malls, infrastructures, and hospitals, etc. Everyday we are helping enterprises to reduce carbon to achieve their ESG target. We have deployed our AI in over 100 buildings in Hong Kong, Singapore, Thailand and Taiwan.

Kashgar’s First 220-kilovolt Power Grid Construction Project Resumes Operations

KASHGAR, China, Feb. 27, 2025 /PRNewswire/ — On February 25, the Kashgar region’s first 220 kV power grid construction project for 2025—the Shuleya Fuquan Photovoltaic Collection Station to Kashgar 220 kV Line Project—officially resumed operations. The total investment in this project is 215.95 million yuan, with a line length of 85.5 kilometers spanning across Kashgar City, Shule County, Jiashi County, and Yuepuhu County. Initiated in November 2024 and scheduled for full connection by the end of 2025, this project is one of the key initiatives in the power grid upgrade in Kashgar and represents the largest investment in new energy delivery projects by State Grid Kashgar Power Supply Company to date. Upon completion, it will meet the 750 MW photovoltaic demand of the Yafuquan area and Alafu Township in Shule County, promoting clean and low-carbon energy transformation and providing robust support for the region’s high-quality economic and social development during the “15th Five-Year Plan” period.

To ensure the smooth progress of the project, State Grid Kashgar Power Supply Company has developed a comprehensive resumption plan, clearly defining objectives, tasks, and responsibilities. Additionally, innovative measures have been introduced, including practical training sites for safety access skills and a three-dimensional assessment model combining theory, skill, and behavioral observation, thereby enhancing the passing rate of safety access assessments for construction personnel.

Moving forward, State Grid Kashgar Power Supply Company will further strengthen project management, optimize construction organization, strictly control safety and quality standards, and ensure timely and high-quality project completion. This will provide a strong power guarantee for the economic and social development of Kashgar.

Kempinski Hotels Sign Landmark Agreement to Manage Nymphenburg Palace Royal Residence

GENEVA, Feb. 27, 2025 /PRNewswire/ — Heralding the beginning of a new era, Kempinski Hotels have signed a landmark agreement to manage the Nymphenburg Palace Royal Residence. In partnership with HRH Prince Luitpold von Bayern and the Royal Family of Bavaria, Kempinski will manage the private residence exclusively from 1 March, 2025.

The people featured in the image are as follows (from left to right): Holger Schroth, Area General Manager, Hotel Vier Jahreszeiten Kempinski München, Kempinski Hotel Berchtesgaden, Kempinski Hotel Das Tirol; Barbara Muckermann, Group Chief Executive Officer, Kempinski Hotels; HRH Prince Luitpold von Bayern; Anders Thomas, CEO of Porzellan Manufaktur Nymphenburg;
The people featured in the image are as follows (from left to right): Holger Schroth, Area General Manager, Hotel Vier Jahreszeiten Kempinski München, Kempinski Hotel Berchtesgaden, Kempinski Hotel Das Tirol; Barbara Muckermann, Group Chief Executive Officer, Kempinski Hotels; HRH Prince Luitpold von Bayern; Anders Thomas, CEO of Porzellan Manufaktur Nymphenburg;

“We are truly honoured to take over management of the Nymphenburg Palace Royal Residence, a property with such rich history and a strong reputation for exceptional service. This partnership represents an exciting opportunity for Kempinski to elevate the guest experience in one of Europe’s most prestigious addresses. Our commitment is to preserve the legacy of Nymphenburg while introducing new dimensions of luxury, personalised service, and innovative hospitality for discerning guests around the world,” states Barbara Muckermann, Group Chief Executive Officer for Kempinski Hotels.

Located at the intersection of city and country, the Nymphenburg Palace Royal Residence boasts the most exclusive accommodation in Munich. Spread over three floors with a total of 836 square meters, the Royal Residence features four bedrooms, seven bathrooms, three living rooms, dining room, kitchen, fitness room, meeting space, home cinema and a wine cellar. Outdoors, the Royal Residence features a private garden with a majolica terrace with capacity for up to 100 guests.

In addition to offering the ultimate suite experience, the Nymphenburg Palace Royal Residence also acts as a showcase for Nymphenburg Porcelain. The Royal Residence includes art objects, animal figures and tableware from the manufacturer’s workshops in addition to numerous interior details that were specially made for the guest house in the bathrooms. Significant pieces by international artists including Damien Hirst and Nick Knight are displayed prominently in the Royal Residence, allowing guests to experience fine craftsmanship with priceless artwork throughout their stay.

Founded in 1747 by Maximilian III, elector of Bavaria, the Nymphenburg Porcelain Manufactory has occupied one of the Cavalier Houses since 1761. With royal patronage and the skills of ceramicist Joseph Jakob Ringler and sculptor Franz Anton Bustelli, the complex production of hard paste porcelain was perfected and refined over the years, culminating in a world-renowned family business three centuries later. Today, Nymphenburg Porcelain is one of the oldest porcelain manufacturers in the world, with each item still being made by hand and a complete devotion to exquisite craftsmanship and unparalleled level of detail.

Kempinski’s management of the Nymphenburg Palace Royal Residence further cements the long-established history and partnership between Europe’s oldest luxury hotel group and the Royal Family of Bavaria. Hotel Vier Jahreszeiten Kempinski Munich was built by HRH Prince Luitpold von Bayern’s great-great grandfather, King Maximilian II, in 1858.

“We are thrilled to announce the expansion of our long-standing collaboration with Kempinski, particularly with Hotel Vier Jahreszeiten Kempinski in Munich. As the hotel that hosts guests of the royal family next to the Residence, it has long served as a benchmark for luxury hospitality. The Nymphenburg Room in the Schwarzreiter restaurant exemplifies the finest porcelain craftsmanship combined with exceptional cuisine. We are now embarking on a new chapter of collaboration. Kempinski will take over the management of the Nymphenburg Palace Royal Residence, a uniquely beautiful house located within the grounds of the porcelain manufactory at the northern roundabout of Nymphenburg Palace. This venue is tailored for guests who expect the highest cultural standards. This partnership will also usher in a new era of outstanding hospitality within the ultra-luxury segment for Kempinski,” says HRH Prince Luitpold von Bayern.

Reservations for the Royal Residence at Nymphenburg Palace are available to book from March 1, 2025. Accommodation includes full access to the exclusive 836 square meter villa, daily breakfast, round-trip airport transfers, 24/7 butler service and a chauffeured limousine throughout the stay. Additionally, the Royal Residence can be booked for exclusive weddings, private meetings and events. Overnight accommodation in the Royal Residence starts from EUR 25,000 / USD 26,250 per night.

For more information regarding accommodation and booking enquiries, please contact: reservation.nymphenburg@kempinski.com 

About Kempinski: Created in 1897, Kempinski Hotels is Europe’s oldest luxury hotel group. Kempinski’s rich heritage of impeccable personal service and superb hospitality is complemented by the exclusivity and individuality of its properties. Today, the Kempinski Group operates 78 hotels and residences in 32 countries and has more than 31 prestigious projects currently under development around the globe. Each five-star hotel reflects the strength and success of the Kempinski brand without losing sight of its heritage; each one imbues the quality guests have come to expect from Kempinski while embracing the cultural traditions of its location. The portfolio comprises historic landmark properties, award-winning urban lifestyle hotels, outstanding resorts and prestigious residences. Kempinski is a founding member of the Global Hotel Alliance (GHA), the world’s largest alliance of independent hotel brands. www.kempinski.com  www.ghadiscovery.com  www.kempinski.com/loyalty

About Porzellan Manufaktur Nymphenburg: Nymphenburg is the last manufactory of its kind where everything is made entirely by hand. The fine art of porcelain production has been cultivated in the manufactory of the Bavarian royal family since it was founded in 1747. Here to this day, “Manu Factum” still means entirely made by hand using techniques that are passed on and preserved from generation to generation. The master workshops at the Nördliches Schlossrondell in Munich produce style-defining services and artefacts that are ahead of their time, as well as bespoke interior solutions – designed to this day by the most renowned artists, architects, and designers.

Media contact for further information:
Kristi Blake, Corporate Director Public Relations, North America 
Kempinski Hotels
kristi.blake@kempinski.com