Financial Data and Key Metrics Changes - In Q3 2022, revenue reached $1.22 billion, with a gross profit of $979 million and a net income attributable to shareholders of $323.4 million [5][11] - Adjusted net income attributable to shareholders was $590 million, with an adjusted earnings per basic ADS of $7.81 [14] - Operating cash flow for the first nine months of 2022 was $1.7 billion, and the cash position combined with bank note receivables reached $4.6 billion at the end of Q3 [6][15] Business Line Data and Key Metrics Changes - Polysilicon production volume was 333,401 metric tons, with sales volume of 33,126 metric tons in Q3 2022, reflecting an 11.8% decline in sales volume compared to Q2 2022 [6][11] - The average selling price (ASP) of polysilicon increased by 10% compared to the previous quarter, contributing to improved gross margin, which reached 80% [7][12] - SG&A expenses were $280 million, primarily due to non-cash share-based compensation costs related to the company's incentive plan [13] Market Data and Key Metrics Changes - Demand for solar PV products increased significantly, particularly in China, Europe, Southeast Asia, and Brazil, driven by rising global energy prices [7] - China installed 52.6 gigawatts of solar PV projects in the first three quarters of 2022, a 106% increase compared to the same period last year [9] - Current polysilicon ASPs remain high at approximately $36 to $38 per kg, with expectations for module prices to support polysilicon ASPs [9][20] Company Strategy and Development Direction - The company aims to maintain its position as a leading low-cost and high-quality polysilicon provider, benefiting from the long-term trend of renewable energy displacing fossil fuels [10] - The company plans to produce approximately 30,000 to 32,000 metric tons of polysilicon in Q4 2022 and 130,000 to 132,000 metric tons for the full year [10] - The company is exploring dual listing in Hong Kong to address potential delisting risks and has engaged with the Hong Kong Stock Exchange [45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strong demand for polysilicon, with expectations that polysilicon will remain a bottleneck in the value chain due to slower expansion compared to downstream sectors [21][24] - The company anticipates that N-type technology will gain significant market share, positioning Daqo favorably due to its capability to produce ultra-high purity polysilicon [24][41] - Management noted that the COVID situation in Xinjiang has posed challenges but has not significantly impacted production [47] Other Important Information - The company completed a share repurchase program, spending $119.9 million to repurchase approximately 1.88 million ADRs [8] - The company expects to recognize approximately $7.3 million of non-cash share-based compensation expenses monthly from October 2022 through September 2025 [13] Q&A Session Summary Question: Outlook for polysilicon pricing with new capacity coming online - Management indicated that polysilicon ASP is currently high and expected to remain stable through Q4, with strong demand supporting prices [20][21] Question: Share-based compensation details - Management clarified that the share-based compensation plan is for at least three years and is separate from the share buyback program [25][26] Question: Construction progress in Mongolia - Management reported that construction is progressing smoothly, with over 50% completion and expectations for pilot production by the end of Q1 2023 [32][33] Question: Q4 production guidance - Management explained that the slight decrease in Q4 production guidance is due to maintenance schedules being pushed back [36] Question: N-type technology and market share - Management noted that while N-type market share is currently small, it is expected to grow rapidly, with Daqo well-positioned to benefit [41][42] Question: COVID impact on production and supply - Management acknowledged that COVID-related logistics challenges have affected deliveries but emphasized that operations are running normally [47]

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