According to EnergyTrend, Daqo Energy released an announcement on February 26, disclosing its 2025 operating results and 2026 polysilicon production forecast.
2025 Performance: Sales Exceed Production
The announcement shows that in 2025, Daqo Energy produced 123,652 metric tons of polysilicon and sold 126,707 metric tons, with sales volume exceeding output. Year-end inventory returned to a reasonable level.
Affected by the industry cycle, the company’s annual capacity utilization rate improved from 33% in Q1 to 55% in Q4.
In terms of revenue, Daqo Energy achieved RMB 4.839 billion in total revenue in 2025, down 34.71% year-on-year. Net loss attributable to parent company shareholders was RMB 1.129 billion, significantly narrowed compared with 2024. Net cash flow from operating activities reached USD 56.1 million, turning positive from negative.
In addition, costs continued to improve. In Q4 2025, the unit manufacturing cost of polysilicon was USD 5.83/kg, down 9% month-on-month; unit cash manufacturing cost was USD 4.46/kg, down 2% month-on-month. The full-year cash cost remained stable at RMB 35.53/kg, further consolidating the company’s leading cost advantage.
2026 Forecast: Output Expected at 140,000–170,000 Metric Tons
According to the announcement, Daqo Energy’s polysilicon output in Q1 2026 is expected to reach 35,000–40,000 metric tons. Considering annual maintenance, full-year 2026 output is projected at 140,000–170,000 metric tons. Looking ahead to 2026, Daqo Energy’s capacity expansion will be in line with the improvement of industry supply and demand.
The polysilicon industry went through a deep adjustment in 2025. Relying on its cost advantage and flexible production and sales strategies, Daqo Energy narrowed losses, turned cash flow positive, normalized inventory levels, and completed operational recovery. In the short term, the pace of industry recovery and the execution of downstream orders will remain key factors determining the implementation of Daqo’s capacity expansion.
Source：EnergyTrend
