Daqo Energy(688303)2024-10-30 12:08Financial Performance - The company's operating revenue for Q3 2024 was CNY 142,093.27 million, a decrease of 60.01% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was a loss of CNY 42,901.05 million, representing a decline of 162.27% year-over-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was a loss of CNY 47,699.75 million, down 214.47% from the previous year[2]. - The basic earnings per share for Q3 2024 was -CNY 0.20, a decline of 162.50% compared to the same period last year[3]. - The weighted average return on net assets was -1.02%, a decrease of 2.63 percentage points year-over-year[3]. - The total comprehensive income for the third quarter of 2024 was a loss of CNY 1,099,172,599.27, compared to a gain of CNY 5,115,066,876.18 in the same period of 2023[23]. Assets and Liabilities - The company's total assets at the end of Q3 2024 were CNY 4,692,122.13 million, a decrease of 7.44% compared to the end of the previous year[3]. - The company's total assets decreased to CNY 46,921,221,323.28 from CNY 50,695,054,524.79 year-over-year, indicating a decline of 7.4%[20]. - The company's total liabilities decreased to CNY 5,010,288,361.03 from CNY 6,815,809,416.00 year-over-year, representing a reduction of 26.5%[20]. - The total equity attributable to shareholders was CNY 41,910,932,962.25, down from CNY 43,879,245,108.79 in the previous year, reflecting a decrease of 4.5%[20]. Cash Flow - The net cash flow from operating activities for the year-to-date period was -CNY 440,118.76 million, a decline of 143.57% compared to the same period last year[5]. - The company reported a net cash flow from operating activities of -303.25 million RMB after adjustments, indicating challenges in cash generation[16]. - The net cash flow from operating activities for the first three quarters of 2024 is -4,401,187,570.07 RMB, compared to 10,100,526,621.66 RMB in the same period of 2023, indicating a significant decline[25]. - Total cash inflow from operating activities is 3,099,120,601.93 RMB, down from 17,177,695,772.53 RMB year-on-year[25]. - Cash outflow from operating activities increased to 7,500,308,172.00 RMB, compared to 7,077,169,150.87 RMB in the previous year[25]. - The ending balance of cash and cash equivalents is 3,528,959,224.85 RMB, down from 20,654,019,497.56 RMB at the end of the previous year[27]. Production and Sales - In Q3 2024, the company produced 44,000 tons of polysilicon with a sales volume of 42,000 tons, achieving a production and sales rate of 96.6%, a quarter-on-quarter increase of 30.3 percentage points[12]. - The N-type polysilicon production reached 33,000 tons, accounting for 75.1% of total production, with sales also at 33,000 tons, representing 79.4% of total sales[13]. - For the first three quarters of 2024, the total polysilicon production was 170,831 tons, a year-on-year increase of 24.86%, while total sales were 139,170 tons, a slight decrease of 0.66%[14]. Costs and Expenses - Research and development expenses for Q3 2024 amounted to CNY 5,965.05 million, a decrease of 87.42% year-over-year[3]. - Research and development expenses for the first three quarters of 2024 were CNY 30,113,660.01, a decrease of 37.5% compared to CNY 48,216,990.30 in the same period of 2023[21]. - The unit cost of production was 48.83 RMB/kg, a quarter-on-quarter increase of 6.3%, while the unit cash cost decreased by 3.1% to 38.93 RMB/kg due to improved production efficiency[12]. - The average selling price per kilogram (excluding tax) was 33.62 RMB, a decrease of 52.93% compared to the same period last year[14]. Shareholder Information - Daqo New Energy Corp. holds 1,531,718,500 shares, representing 71.41% of total shares[7]. - The company has a total of 41,026 common shareholders at the end of the reporting period[7]. - The top three shareholders hold a combined total of 1,631,341,043 shares, which is approximately 77.03% of the total shares[8]. - The company plans to repurchase shares with a total fund of no less than RMB 200 million and no more than RMB 400 million, with a maximum repurchase price of RMB 50 per share[11]. - As of August 21, 2024, the company repurchased a total of 10,293,488 shares, accounting for 0.48% of the total share capital[11]. - The average repurchase price was RMB 30.58 per share, with a total payment of RMB 314,823,317.17[11]. Other Information - The company attributed the decline in revenue and profit primarily to the continuous drop in polysilicon prices due to supply and demand mismatches[5]. - The total non-recurring gains and losses for Q3 2024 amounted to CNY 4,798.70 million, with significant contributions from the disposal of non-current assets and government subsidies[4]. - The company has not disclosed any related party transactions among the top shareholders[9]. - The repurchase plan is set to be completed within 12 months from the board's approval date[11]. - The company has not participated in any margin trading or securities lending activities during the reporting period[9].