Daqo New Energy Corporation (NYSE:DQ) Q2 2023 Earnings Conference Call August 3, 2023 8:00 AM ET Company Participants Longgen Zhang - CEO & Director Ming Yang - CFO Conference Call Participants Philip Shen - ROTH MKM Partners Alan Lau - Jefferies Ji Chao - Goldman Sachs Group Operator Good day, and welcome to the Daqo New Energy Second Quarter 2023 Results Conference Call. [Operator Instructions]. I'd like to turn the call over to Ms. [indiscernible], Investor Relations Director. Please go ahead. Unidentifi ...

Exhibit 99.1 1 Daqo New Energy Announces Unaudited Second Quarter 2023 Results Shanghai, China—August 3, 2023—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 second quarter of 2023. Second Quarter 2023 Financial and Operating Highlights · Polysilicon production volume was 45,306 MT in Q2 2023, compared to 33,848 MT in Q1 2023 · Polysilicon s ...

Financial Data and Key Metrics - Q1 2023 production volume was 33,848 metric tons, with a 5.5% decrease in production cost in RMB terms due to lower procurement costs of metallurgical-grade silicon powder [6] - EBITDA for Q1 2023 was $490 million, with a cash balance of $4.1 billion and combined cash and bank note receivable balance reaching $4.9 billion [6] - Q1 2023 revenue was RMB709.8 million, down from RMB864.3 million in Q4 2022, primarily due to lower average selling prices [19] - Gross margin for Q1 2023 was 71.4%, down from 77% in Q4 2022, but still significantly higher than many competitors [9] - Net income attributable to shareholders was RMB278.8 million, with earnings per basic ADS at $3.56 [21] Business Line Data and Key Metrics - Phase 5A polysilicon project in Inner Mongolia was completed in April 2023, with initial production started and full capacity expected by June 2023, bringing total nameplate capacity to 205,000 metric tons per annum [7] - Semiconductor-grade polysilicon project with 1,000 metric tons annual capacity is expected to be completed and start pilot production by September 2023 [8] - Q2 2023 production volume is expected to be 44,000 to 46,000 metric tons, a 30% to 36% increase compared to Q1 2023 [7] - Full-year 2023 production volume is expected to be 193,000 to 198,000 metric tons, a 44% to 48% increase compared to 2022 [8] Market Data and Key Metrics - Polysilicon demand was weak in January 2023 due to seasonal slowdown but recovered in February due to lower module prices [9] - Polysilicon ASPs declined in March and April due to increased supplies and constrained short-term demand for wafers [9] - The ASP gap between high-quality and lower-quality polysilicon is widening, with increasing demand for high-quality N-type products [10] - Q2 2023 shipment volume is expected to be 59,000 to 61,000 metric tons, a 133% to 141% increase compared to Q1 2023 [11] Company Strategy and Industry Competition - The company aims to differentiate itself through high-quality, low-cost polysilicon production, particularly for N-type technology [10] - The company plans to reduce inventory to 5,000 metric tons by the end of Q2 2023 [11] - A $700 million share repurchase program was approved in November 2022, with $85.1 million already spent as of April 2023 [12] - The company expects to receive a dividend distribution of approximately RMB4.96 billion in May 2023, which could be used for the share repurchase program [12] Management Commentary on Operating Environment and Future Outlook - The company believes the solar PV industry is entering a new era, with continuous cost reductions expected to drive substantial additional green energy demand [13] - The company expects the overall demand for solar PV to continue growing, with downstream manufacturers' capacity expansions leading to further increases in polysilicon demand [10] - The company anticipates stable ASPs in Q3 2023, with potential declines in Q4 due to seasonal factors [30] Other Important Information - The company's cash flow from operating activities in Q1 2023 was RMB807 million, compared to RMB231 million in the same period of 2022 [23] - Capital expenditure for Q1 2023 was approximately $277 million, primarily related to polysilicon projects in Inner Mongolia [18] - The company's cash and cash equivalents and restricted cash balance was RMB4.13 billion as of March 31, 2023, up from RMB3.52 billion at the end of 2022 [22] Q&A Session Summary Question: Why were shipment volumes low in Q1 2023? - Shipment volumes were low due to the Chinese New Year and reduced downstream wafer producer capacity in late 2022 [27] Question: Outlook for polysilicon pricing in Q2, Q3, and 2024? - Q2 2023 ASP is expected to slightly decline, with stable pricing in Q3 and potential declines in Q4 due to seasonal factors [29] - The company expects to achieve a premium pricing advantage due to high-quality N-type polysilicon production [31] Question: Timing and details of the share repurchase program? - The company plans to complete the $700 million share repurchase program by the end of 2023, with timing dependent on market conditions [41] Question: Long-term strategy for maintaining market share? - The company will adjust capacity expansion plans based on market conditions and focus on maintaining high-quality, low-cost production [45] Question: Cost reduction potential with internal raw material production? - The company expects to reduce cash costs by RMB7 to RMB8 per kg once its silicon metal plant is operational [51]

Table of Contents | --- | --- | --- | |-------|-------------------------------------------------------------------------|-------| | | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | | | | FORM 20-F | | (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTI ...

Production and Capacity - Polysilicon production volume was 33,848 MT in Q1 2023, a slight increase from 33,702 MT in Q4 2022[2] - The company expects to produce approximately 44,000 MT to 46,000 MT of polysilicon in Q2 2023, a 30% to 36% increase compared to Q1 2023[8] - The total polysilicon production forecast for 2023 is approximately 193,000 MT to 198,000 MT, representing a 44% to 48% increase compared to 2022[8] - The company has a total polysilicon nameplate capacity of 205,000 metric tons, positioning it as one of the world's lowest-cost producers[23] - Daqo New Energy Corp. plans to continue focusing on expanding its production capacity and reducing costs amid fluctuating market conditions[24] Financial Performance - Revenue for Q1 2023 was $709.8 million, down 17.8% from $864.3 million in Q4 2022[9] - Gross profit decreased to $506.7 million in Q1 2023, resulting in a gross margin of 71.4%, compared to 77.4% in Q4 2022[10] - Net income attributable to shareholders was $278.8 million in Q1 2023, down from $332.7 million in Q4 2022[12] - Adjusted net income (non-GAAP) was $310.2 million in Q1 2023, compared to $363.1 million in Q4 2022[13] - EBITDA (non-GAAP) for Q1 2023 was $490.2 million, with an EBITDA margin of 69.1%, down from 75.0% in Q4 2022[14] - Revenues for Q1 2023 were $709.834 million, a decrease of 18% from $864.251 million in Q4 2022 and a decrease of 44.5% from $1.280 billion in Q1 2022[27] - Gross profit for Q1 2023 was $506.732 million, down from $668.883 million in Q4 2022 and $813.556 million in Q1 2022, reflecting a significant decline in profitability[27] - Net income attributable to Daqo New Energy Corp. shareholders for Q1 2023 was $278.804 million, compared to $332.733 million in Q4 2022 and $535.843 million in Q1 2022, indicating a year-over-year decline of 48%[27] - Basic earnings per ADS for Q1 2023 were $3.56, down from $4.26 in Q4 2022 and $7.17 in Q1 2022[27] - Adjusted net income attributable to Daqo New Energy Corp. shareholders was $310.205 million for the three months ended March 31, 2023, compared to $363.109 million in the previous quarter and $538.200 million in the same quarter last year[35] - Adjusted earnings per basic ADS (non-GAAP) decreased to $3.96 for the three months ended March 31, 2023, from $4.65 in the previous quarter and $7.20 in the same quarter last year[35] - Adjusted earnings per diluted ADS (non-GAAP) was $3.93 for the three months ended March 31, 2023, down from $4.60 in the previous quarter and $7.02 in the same quarter last year[35] - EBITDA (non-GAAP) for the three months ended March 31, 2023, was $490.214 million, a decrease from $648.522 million in the previous quarter and $826.786 million in the same quarter last year[34] - EBITDA margin (non-GAAP) was 69.1% for the three months ended March 31, 2023, compared to 75.0% in the previous quarter and 64.6% in the same quarter last year[34] Cash and Assets - Cash balance improved to $4.1 billion as of March 31, 2023, compared to $3.5 billion at the end of 2022[16] - Cash, cash equivalents, and restricted cash increased to $4.131 billion as of March 31, 2023, up from $3.520 billion at the end of 2022[29] - Net cash provided by operating activities for Q1 2023 was $807.039 million, a significant increase compared to $231.344 million in Q1 2022[31] - Total assets as of March 31, 2023, were $8.190 billion, up from $7.594 billion at the end of 2022[29] - Total liabilities increased to $1.207 billion as of March 31, 2023, compared to $989.490 million at the end of 2022[29] Shareholder Actions - The company has initiated a $700 million share repurchase program, with $85.1 million spent to date[7]

Daqo New Energy Corp. (NYSE:DQ) Q4 2022 Earnings Conference Call February 28, 2023 8:00 AM ET Company Participants Kevin He - Investor Relations Longgen Zhang - CEO Ming Yang - Chief Financial Officer Conference Call Participants Philip Shen - ROTH Capital Partners Alan Lau - Jefferies Gary Zhou - Credit Suisse Alan Hon - JPMorgan Chase & Co. Operator Good day, and welcome to the Daqo New Energy Fourth Quarter and Fiscal Year 2022 Results Conference Call. All participants will be in a listen-only-mode. [Ope ...

Q4 and Fiscal Year 2022 Results Presentation February 28, 2023 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 quart ...

Production and Capacity - Polysilicon production volume reached 33,702 MT in Q4 2022, up from 33,401 MT in Q3 2022[2] - The company expects to produce approximately 31,000 MT to 32,000 MT of polysilicon in Q1 2023 and 190,000 MT to 195,000 MT for the full year 2023[9] - The company plans to complete construction of its Phase 5A 100,000 MT polysilicon capacity expansion project by June 2023[8] - The company has a total polysilicon nameplate capacity of 105,000 metric tons, positioning it as one of the world's lowest cost producers[32] Financial Performance - Revenue for Q4 2022 was $864.3 million, a decrease from $1,219.7 million in Q3 2022[3] - Full year 2022 revenue was $4,608.3 million, a 175% increase from $1,678.8 million in 2021[4] - Revenues for 2022 were $4,608.3 million, a significant increase from $1,678.8 million in 2021, driven by higher polysilicon ASPs and sales volume[17] - Revenues for the year ended December 31, 2022, were $4,608,349, a significant increase from $1,678,793 in 2021, representing a growth of 174%[36] Profitability - Gross profit in Q4 2022 was $668.9 million, with a gross margin of 77.4%, down from 80.2% in Q3 2022[3] - Gross profit reached $3,407.9 million with a gross margin of 74.0%, up from 65.4% in 2021, attributed to increased sales volume and ASPs[18] - Net income attributable to shareholders was $372.9 million in Q4 2022, compared to $323.4 million in Q3 2022[3] - Net income for the year ended December 31, 2022, reached $2,519,777, compared to $864,847 in 2021, marking an increase of 191%[42] - The adjusted net income attributable to Daqo New Energy Corp. shareholders for the year ended December 31, 2022, was $2,162,453, compared to $759,001 in 2021, indicating a growth of 185%[45] Earnings and Margins - Adjusted net income (non-GAAP) for Q4 2022 was $403.3 million, down from $590.4 million in Q3 2022[3] - Adjusted net income (non-GAAP) was $2,162.5 million, with adjusted earnings per basic ADS of $28.50, compared to $10.28 in 2021[21] - EBITDA (non-GAAP) for Q4 2022 was $648.5 million, with an EBITDA margin of 75.0%[3] - EBITDA for the year ended December 31, 2022, was $3,150,732, up from $1,132,796 in 2021, representing an increase of 178%[44] Cash Flow and Assets - Cash and cash equivalents as of December 31, 2022, totaled $3,520.4 million, an increase from $724.0 million at the end of 2021[24] - Net cash provided by operating activities was $2,466.9 million, significantly higher than $639.0 million in the same period of 2021[25] - The company reported a net cash provided by operating activities of $2,466,927 for the year ended December 31, 2022, compared to $638,989 in 2021, indicating a significant increase of 286%[42] - The company’s total assets as of December 31, 2022, were $7,592,982, compared to $3,343,651 at the end of 2021, showing a growth of 127%[38] Shareholder Returns - Net income attributable to shareholders was $1,860.0 million, compared to $748.9 million in 2021, resulting in earnings per basic ADS of $24.51, up from $10.14[21] - Basic earnings per ADS for the year ended December 31, 2022, were $24.51, compared to $10.14 in 2021, reflecting an increase of 142%[36] - The total equity of Daqo New Energy Corp. increased to $6,644,744 as of December 31, 2022, from $2,663,830 in 2021, marking a growth of 149%[39] Future Outlook - The company plans to discuss its future outlook and operational strategies in a conference call scheduled for February 28, 2023[30]

Daqo New Energy Corp. (NYSE:DQ) Q3 2022 Earnings Conference Call October 27, 2022 8:00 AM ET Company Participants Kevin He - Investor Relations Ming Yang - Chief Financial Officer Conference Call Participants Philip Shen - ROTH Capital Partners Gary Zhou - Credit Suisse Alan Lau - Jefferies Operator Good day, and welcome to the Daqo New Energy Third Quarter 2022 Results Conference Call. All participants will be in listen-only-mode. [Operator Instructions] Please note, this event is being recorded. I would n ...