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SUNHOME Expands Globally with Thailand Launch, Bringing Smart Residential Energy System to Households Worldwide

BANGKOK, Feb. 27, 2025 /PRNewswire/ — SUNHOME, a global pioneer in smart residential energy systems, has officially launched its international expansion from Thailand under the theme “Bright Tomorrow Starts Today.” This milestone event gathered industry experts and key stakeholders, reinforcing SUNHOME’s commitment to making sustainable, intelligent energy systems accessible worldwide.

Smarter, Greener Energy System for Every Home

SUNHOME’s innovative Smart Energy System—featuring Oasis Home, Woods Home, and Moss Home—seamlessly combines Photovoltaic (PV) technology, Energy Storage, EV Charging, and Energy Management to optimize solar energy usage. Designed for various residences, from villas to apartments, it supports both rooftop and balcony solar installations, catering to diverse household energy needs.

At its core lies SUNHOME’s proprietary ‘Power-Magic Cube’ Renewable Energy Power Plant Technology Platform, engineered to reduce electricity costs and enable up to 100% renewable energy self-consumption. This platform is built on three core pillars: Ultimate Cube focuses on efficient power generation and utilization; Agile Cube incorporates digital intelligent optimization technology; Harmonious Cube brings in scene-based integration technology.

To ensure a seamless user experience, SUNHOME offers comprehensive lifecycle services, encompassing design, financing, installation, maintenance, and upgrades.

Global Ecosystem, Localized Vision

“Families are the foundation of society, and home energy plays a pivotal role in achieving global carbon neutrality,” said Winson Jiao, President of SUNHOME Global. “At SUNHOME, we are committed to pushing the boundaries of home energy technology and empowering households with greater energy independence and efficiency.”

To accelerate the transition to sustainable energy worldwide, the company has built a strong strategic partnership ecosystem, including an MOU with ICBC (Thai) as a financial partner, along with key sales partners, expanding access to smart energy solutions through innovative financing, localized market expertise, and a comprehensive service network on a global scale.

About SUNHOME

Founded in 2013, SUNHOME is a technology brand in global residential smart energy sector, offering residential smart energy system integrating photovoltaic, energy storage, EV charger, and energy management.

As a pioneer with over a decade of expertise in home energy field, we focus on full-stack self-developed power station technology as our core innovation. This enables us to build a comprehensive service system covering solar power generation, smart energy storage, efficient charging, and energy management, empowering households worldwide to seamlessly embrace a green and smart energy lifestyle.

For more information, visit www.sunhomeplant.com or contact: marketing@sunhome.com 

 

Educational CSR Initiatives: APP Group Fosters Sustainability Awareness Among Japanese Students

JAKARTA, Indonesia, Feb. 27, 2025 /PRNewswire/ — In August 2024, students from Sakado University of Tsukuba High School and Ehime University High School in Japan made a study visit to APP Group’s operations in Riau, Indonesia. This initiative is part of an ongoing collaboration aimed at providing Japanese youth with a comprehensive understanding of sustainable practices in the forestry and pulp & paper industries.

During their visit, the students observed key stages of production, from planting to papermaking, gaining firsthand insight into APP Group’s sustainable operations. They also actively participated in tree-planting activities and learned about APP Group’s social programs, which reinforce the company’s commitment to environmental stewardship and community engagement.

This annual educational initiative reflects APP Group’s dedication to fostering sustainability education and environmental awareness among younger generations. The collaboration with educational institutions such as Sakado University and Ehime University aligns with Japan’s emphasis on responsible industry practices and environmental education.

Yu Yamazaki, Manager of Sustainability and Corporate Communications for APP Japan, remarked, “These students are the leaders of tomorrow. I believe this experience will enable them to drive positive impacts in the relationship between Japan and Indonesia, particularly in fostering sustainable business practices.”

The students expressed enthusiasm and gratitude, noting that the visit broadened their perspectives on the paper industry and highlighted the importance of forest conservation. For many, the hands-on experience reinforced the critical role of sustainability in shaping the future of global industries.

This initiative reflects the long-term collaboration between APP Group and key stakeholders in Japan, aimed at fostering deeper understanding and connections through immersive learning experiences. By championing environmental education and sustainable practices, APP Group continues to build meaningful bridges between nations.

Through programs like these, APP Group reinforces its position as a leader in sustainability, empowering future generations with the knowledge and inspiration needed to drive positive change toward a greener and more responsible world.

About APP Group

APP is a leading pulp, paper, and forestry company based in Indonesia, supplying high-quality tissue, packaging, and paper to over 150 countries. With operations in Indonesia and China, we prioritize sustainability, ethical practices, and the well-being of our employees, society, and the environment. Our Sustainability Roadmap Vision 2030, aligned with ESG principles, guides our efforts in environmental protection, community support, biodiversity preservation, and carbon neutrality.

So-Young Receives Approval to Transfer to Nasdaq Capital Market and Extension of Minimum Bid Price Compliance Period

BEIJING, Feb. 27, 2025 /PRNewswire/ — So-Young International Inc. (NASDAQ: SY) (“So-Young” or the “Company”), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced that on February 25, 2025, the Listing Qualifications department of the Nasdaq Stock Market LLC (“Nasdaq”) approved the Company’s request to transfer the listing of the Company’s American depositary shares (ADSs), with every 13 ADSs representing 10 Class A ordinary shares, from The Nasdaq Global Market to The Nasdaq Capital Market. The transfer is expected to take effect at the opening of business on February 27, 2025. The transfer of the Company’s listing to the Nasdaq Capital Market is not expected to have any impact on trading in the Company’s ADSs. The Company’s ADSs will continue to trade uninterruptedly under the symbol “SY.” The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market, and companies on the Nasdaq Capital Market must meet certain financial and corporate governance requirements to qualify for continued listing.

As previously disclosed, on August 29, 2024, the Company received a notification letter from Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(1), as the closing bid price of the ADSs had been below US$1.00 per ADS for the previous 30 consecutive business days. The Company was given a period of 180 calendar days, or until February 24, 2025, to regain compliance with the minimum bid price requirement. In response, the Company submitted an application to transfer the listing of its ADSs from The Nasdaq Global Market to The Nasdaq Capital Market.

In conjunction with the transfer approval to the Nasdaq Capital Market, Nasdaq also granted the Company an additional period of 180 calendar days, or until August 25, 2025, to regain compliance with the minimum bid price requirement for continued listing. To regain compliance, the closing bid price of the Company’s ADSs must meet or exceed US$1.00 per ADS for a minimum of 10 consecutive business days.

The Company intends to continue actively monitoring the closing bid price of its ADSs and will consider other options to cure the deficiency and regain compliance.

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) is the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry. The Company presents users with reliable information through offering high quality and trustworthy content together with a multitude of social functions on its platform, as well as by curating medical aesthetic service providers that are carefully selected and vetted. Leveraging So-Young’s strong brand image, extensive audience reach, trust from its users, highly engaging social community and data insights, the Company is well-positioned to expand both along the medical aesthetic industry value chain and into the massive, fast-growing consumption healthcare service market.

For more information, please contact:

So-Young

Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com

Christensen

In China
Ms. Dee Wang
Phone: +86-10-5900-1548
E-mail: dee.wang@christensencomms.com 

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com 

Cyberport and International Organisations Co-host “AI Safety, Trust, and Responsibility” Forum

WDTA APAC Institute Inaugurated to Lead AI Governance and Standards Development


HONG KONG SAR – Media OutReach Newswire – 27 February 2025 – Cyberport, the World Digital Technology Academy (WDTA) and the International Academicians Science & Technology Innovation Centre (IASTIC) co-organised the “AI Safety, Trust, and Responsibility (AI STR)” Forum. This event served as the Hong Kong session of the recently concluded AI Action Summit 2025 in Paris, France. The forum convened leading international and local academicians, scholars, industry leaders, and experts to share insights on the risks and challenges in AI development and application, and to discuss strategies for balancing innovation with security governance. Prof Sun Dong, Secretary for Innovation, Technology and Industry; Prof Yale Li, Executive Chairman of WDTA; Prof C.C. Chan, Founder of IASTIC, joined Simon Chan, Chairman of Cyberport, and Dr Rocky Cheng, CEO of Cyberport, in delivering keynote addresses and sharing their perspectives on the future of AI.

Cyberport, the World Digital Technology Academy (WDTA) and the International Academicians Science & Technology Innovation Centre (IASTIC) co-organise the “AI Safety, Trust, and Responsibility (AI STR)” Forum. The forum convened international and local experts to discuss the strategies for balancing innovation with security governance.
Cyberport, the World Digital Technology Academy (WDTA) and the International Academicians Science & Technology Innovation Centre (IASTIC) co-organise the “AI Safety, Trust, and Responsibility (AI STR)” Forum. The forum convened international and local experts to discuss the strategies for balancing innovation with security governance.

Prof Sun Dong, Secretary for Innovation, Technology and Industry, remarked, “To provide the most conducive environment for AI development, Cyberport, being Hong Kong’s digital tech hub, established the AI Supercomputing Centre last year, which will provide high-performance computing power of 3,000 petaFLOPS to support impactful R&D projects on AI. As announced yesterday by the Financial Secretary in the 2025-26 Budget, to establish the Hong Kong AI R&D Institute. A dedicated, public mission-driven undertaking, the institute will spearhead AI development and industry application in Hong Kong, promote cross-sectoral collaboration, and add another exciting chapter in our AI history book. We are mindful of the safety, responsibility and trust issues that beset the AI explorers and users. We could only harness the full power and potentials of AI by addressing these contentious issues proactively.”

Simon Chan, Chairman of Cyberport, expressed, “We are delighted to bring together prominent industry experts and leaders from around the world at Cyberport to explore the establishment of a trustworthy and responsible AI ecosystem. This will ensure the controllable, balanced, and sustainable development of this transformative technology. As Hong Kong’s digital tech hub and AI accelerator, Cyberport has achieved significant milestones in building a thriving AI ecosystem over the past year. These include Cyberport’s AI Supercomputing Centre, currently the largest in Hong Kong, and Cyberport’s AI Lab, which unites local AI ecosystem partners and talents to facilitate R&D and collaboration. We look forward to continuing our collaboration across sectors to strengthen Hong Kong’s AI ecosystem and promote AI for good.”

During the forum, WDTA announced the establishment of the “WDTA Asia-Pacific Institute (preparatory)” (The Institute) at Cyberport, marked by an official plaque unveiling ceremony. The Institute will spearhead the development of regional AI safety standards and related initiatives, promote innovation in digital technologies, cultivate scientific and industrial talent, and foster global collaboration in the digital era.

Prof. Yale Li, Executive Chairman of WDTA, addresses the forum, highlighting WDTA’s recent accomplishments and emphasising the importance of a human-centric and safety-based approach to AI. He outlined three core initiatives: First, to build a “safety-native” technological framework by embedding security throughout the entire AI lifecycle and promoting algorithm transparency and data provenance certification. Second, to establish a “human-oriented” value system that ensures technology addresses social needs, such as equitable healthcare and SME transformation. Finally, WDTA is committed to “responsible innovation” globally, with its AI committee addressing challenges like deepfakes and data misuse within the United Nations Sustainable Development Goals framework.

Prof. Li officially launched two WDTA certification programs for AI professionals: the “Certified Large Language Model Application Engineer (LLMAE)” and the “Certified Large Language Model Technical Expert (LLMTE)”. These programs are designed to accelerate the training of the next generation of AI professionals, equipping them with both technical expertise and a sense of social responsibility to promote the safety, trust, and responsible development of AI. Prof. Li emphasized, “These certification programs represent a significant step by WDTA to advance global AI talent development. We must establish technical standards and cultivate professionals who embody the principles of ‘human-oriented and safety-based’ to ensure that technological advancements truly benefit society.”

Prof. Ching-chuen Chan, Founder of IASTIC, stated, “As a global innovation hub, Hong Kong is an ideal platform to advance AI governance and collaboration. The WDTA will adhere to the core principles of ‘Speed, Safety, and Sharing’, and leverage The Institute to accelerate collaboration among governments, industries, and academia in the APAC. This will facilitate the formulation of digital technology standards and the transformation of cutting-edge research into practical applications. We will lead the establishment of AI STR standards and certification systems, enhancing the international framework for AI governance and security. By working together across industries and borders, we can achieve an inclusive digital future where no one is left behind.”

At the forum, Cyberport signed a Memorandum of Understanding (MoU) with WDTA and IASTIC, under which the three parties will join hands to promote best practices in AI STR testing and evaluation. They will work together to actively cultivate AI talent and explore collaboration in the development of AI testing infrastructure. Cyberport also signed MoUs with five local tertiary institutions: the University of Hong Kong (HKU), the City University of Hong Kong (CityUHK), the Hong Kong Metropolitan University (HKMU), the Technological and Higher Education Institute of Hong Kong (THEi), and the Hong Kong Institute of Information Technology (HKIIT). These partnerships aim to foster AI-related applied research and talent development. These partnerships will provide students at the partner institutions with internships and employment opportunities, injecting new forces into Hong Kong’s AI industry and accelerating its growth.

In addition to leading AI academics and experts, the forum also brought together leaders from Hong Kong’s public, financial, and healthcare sectors to share their valuable insights and practical experiences on topics such as cross-industry AI transformation and balancing AI innovation with risk. They discussed how to leverage AI to enhance efficiency, improve service quality, and address emerging challenges in their respective fields, while ensuring the responsible use of AI.

As Hong Kong’s digital tech hub and AI accelerator, Cyberport is committed to building a thriving local AI ecosystem. The Cyberport’s Artificial Intelligence Supercomputing Centre (AISC), the largest of this kind in Hong Kong, and the AI Lab, officially commenced operations last year, bringing together talents and innovation resources from mainland and overseas to support innovative R&D and applications across the AI value chain, driving industrialisation. The Government has allocated $3 billion to Cyberport for the launch of a three-year AI Subsidy Scheme to support local institutions, R&D centres and enterprises in utilising the AISC computing power to achieve scientific breakthroughs and accelerate the commercialisation of I&T. Cyberport is home to over 350 start-ups specialising in AI and big data, and has attracted leading AI enterprises to combine their R&D capabilities in computing power development, large model construction, algorithms, and data science, to promote AI-driven innovation and application.

Hashtag: #Cyberport

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

About Cyberport

Cyberport is Hong Kong’s digital technology flagship and incubator for entrepreneurship with over 2,200 members including over 900 onsite and over 1,200 offsite start-ups and technology companies. It is managed by Hong Kong Cyberport Management Company Limited, wholly owned by the Hong Kong Special Administrative Region Government, and committed to the vision to inject new impetus into digital economy and smart city development through innovation and technology, and to connect enterprises to Mainland China and overseas markets. Cyberport strives to nurture a vibrant tech ecosystem by cultivating talents, promoting entrepreneurship among the youth, supporting start-ups, fostering technology industry development by promoting strategic collaboration with local, Mainland Chinese and international partners, and integrating new and traditional economies by accelerating digital transformation in public and private sectors.

For more information, please visit

About World Digital Technology Academy (WDTA)

The World Digital Technology Academy (WDTA) is an innovative, international research organization (NGO) established in April 2023 under the auspices of the United Nations. WDTA is dedicated to driving transformative progress in digital technology worldwide, building a safer, more efficient, and collaborative global digital ecosystem. We aim to accelerate the development of the digital economy and ensure that digital technologies benefit all of humanity. WDTA has released three AI STR standards, including the “Safety Testing Standard for Generative AI Applications,” the “Safety Testing Method for Large Language Models,” and “Supply Chain Security Requirements for Large Models.”

For more information, please visit

About International Academicians Science & Technology Innovation Centre (IASTIC)

The International Academicians Science & Technology Innovation Centre (IASTIC) was co-founded in Hong Kong by Professor C.C. Chan, a distinguished figure as an Academician of the Chinese Academy of Engineering, a Fellow of the Royal Academy of Engineering, and the Founding and Rotating Chairman of the World Electric Vehicle Association. He was joined by several Nobel laureates and numerous leading international and Chinese academicians. Over the past eight years, IASTIC has expanded its global reach, establishing eight branch centres in countries including Germany, Canada, Sweden, Turkey, Israel, South Korea, Japan, and the United States.

IASTIC’s approach is built on a philosophy of innovation that integrates diverse technologies, complementary business models across industries, and multi-faceted research and development. Our mission is to foster a global ecosystem for scientific and technological innovation, creating an international hub where industry, academia, and research converge. We aim to establish market-driven operations with synergistic business models and promote sustainable, green development worldwide, fostering harmony between people and the environment.

Hang Lung Announces Official Name of “Xi Zhe Wuxi, Curio Collection by Hilton” at Center 66, Set to Open in Q4 2025

Enriching the Complex’s Cultural Landscape and Status as a Benchmark for Urban Excellence


HONG KONG SAR, SHANGHAI & WUXI, CHINA – Media OutReach Newswire – 27 February 2025 – Hang Lung Properties Limited (SEHK stock code: 00101) (the “Company” or “Hang Lung”) today announced the official name of its new lifestyle hotel at Center 66 – Xi Zhe Wuxi, Curio Collection by Hilton (“Xi Zhe”; 無錫錫喆寓,希爾頓格芮精選酒店). The name’s Chinese meaning is a nod to the hotel’s geographical location and brand philosophy of blending heritage and innovation. Scheduled to open in the fourth quarter of 2025, Xi Zhe is a key component of the second phase of the Center 66 development in Wuxi, and will greatly enhance the complex’s offerings of retail, office, and residential spaces to deliver holistic experiences, reinforcing its positioning as a premier destination for shoppers, business professionals, and visitors alike.

Xi Zhe’s Chinese name elegantly embodies the hotel’s geographical location and its brand philosophy of harmonizing heritage with innovation
Xi Zhe’s Chinese name elegantly embodies the hotel’s geographical location and its brand philosophy of harmonizing heritage with innovation

Xi Zhe blends Wuxi’s rich cultural heritage with modern design, providing 105 elegantly appointed rooms across a seven-floor tower and the adjacent three-story former residence of Zhang Xiaocheng (張效程), an architectural gem built in 1933, now nearing its centennial. Demonstrating its commitment to heritage preservation, Hang Lung meticulously restored this historic landmark—designated a cultural heritage protection unit at the Wuxi municipal level—ensuring its original charm and significance are preserved. By seamlessly integrating history with contemporary luxury, Xi Zhe offers a distinctive lifestyle experience.
This unique offering is amplified by Center 66’s prime location in Wuxi’s central business district. Phase One, which opened in 2013, features a world-class shopping mall with over 200 retail brands—about half of them are first-in-market—alongside two office towers and the self-operated multifunctional workspace HANGOUT. Phase Two, launching in stages from 2025, will introduce the prestigious Center Residences and the highly anticipated Xi Zhe, further elevating Center 66’s portfolio and driving commercial synergies.

Xi Zhe features 105 elegantly designed rooms across a seven-story tower and the adjacent historic residence of Zhang Xiaocheng, a three-story architectural gem
Xi Zhe features 105 elegantly designed rooms across a seven-story tower and the adjacent historic residence of Zhang Xiaocheng, a three-story architectural gem

Mr. Herman Chui, Senior Director – Office, Hotel & Residence of Hang Lung, said, “Xi Zhe embodies our commitment to elevating Center 66’s prominence and enriching the broader community, aligning with Hang Lung’s long-term vision for both the complex and Wuxi’s development. The second phase of this project, long embedded in our strategic plan, is set to be a transformative force for the Liangxi District’s urban renewal. The hotel will be a must-visit destination for travelers seeking the perfect blend of Wuxi’s historical charm and modern vibrancy, enticing cross-city consumers of the Yangtze Delta, and strengthening Hang Lung’s market presence.”
Curio Collection by Hilton is a global set of individually remarkable hotels hand-picked to immerse guests in one-of-a-kind moments in the world’s most sought-after destinations. Each hotel in the Curio Collection evokes a bespoke story through distinctive architecture and design, world-class food & beverage, and curated experiences, while providing the benefits of Hilton and its award-winning guest loyalty program Hilton Honors.

Xi Zhe’s lobby, where elegance meets modern design
Xi Zhe’s lobby, where elegance meets modern design


Note to Editor – Key Offerings of Center 66, Wuxi:

Year of Opening/Scheduled Completion and Gross Floor Area
Offerings
Phase One
Phase Two
Retail Mall
2013

Approx. 122,000 sq. m.
Office
2014 (Tower 1) and
2019 (Tower 2)
Approx. 138,000 sq. m.
in total
Xi Zhe Wuxi, Curio Collection by Hilton
Scheduled to open in Q4 2025
7,165 sq. m.
encompassing 105 guestrooms, two restaurants, a lobby lounge, a bespoke event space, an indoor pool and a fitness center

Center Residences
Scheduled for completion from 2025 onwards
Two towers comprising
573 units and spanning approx. 100,000 sq. m.
in total

(Remarks: the images are artist’s impression for reference only)

Hashtag: #HangLungProperties

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

About Hang Lung Properties

Hang Lung Properties Limited (SEHK stock code: 00101) creates compelling spaces that enrich lives. Headquartered in Hong Kong, Hang Lung Properties develops and manages a diversified portfolio of world-class properties in Hong Kong and the nine Mainland cities of Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan and Hangzhou. With its luxury positioning under the “66” brand, the company’s Mainland portfolio has established its leading position as the “Pulse of the City”. Hang Lung Properties is also recognized for leading the way in enhancing sustainability initiatives in the real estate industry, all the while pursuing sustainable growth by connecting customers and communities.

At Hang Lung Properties – We Do It Well.

For more information, please visit .

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