3 6 Ke·2025-10-19 23:43Core Viewpoint - The article discusses the journey of Daqo Energy, highlighting the contrasting paths of its founders, Xu Guangfu and Shi Zhengrong, in the photovoltaic industry, emphasizing Daqo's resilience and strategic management despite facing significant challenges in recent years [1][2]. Company Background - Xu Guangfu, the founder of Daqo Energy, has a humble educational background and built his wealth through hard work and prudent financial management, maintaining a debt ratio below 10% [1][2]. - Daqo Energy has evolved into one of the "four major silicon material leaders" in the photovoltaic industry, demonstrating strong growth and stability compared to its competitors [11][13]. Recent Challenges - Daqo Energy has faced continuous losses for six consecutive quarters as of mid-2023, with significant executive turnover and ongoing legal disputes with suppliers [2][14]. - The company reported a revenue decline of nearly 50% and a profit drop of nearly 70% in 2023, with further losses projected for 2024 [14][16]. Financial Performance - Daqo Energy's revenue and net profit have fluctuated significantly over the years, with a peak in 2022 when net profit reached approximately 19.12 billion yuan, translating to over 50 million yuan in daily profit [12][16]. - The company has maintained a strong cash reserve, with total liquid assets exceeding 120.9 billion yuan as of mid-2025, positioning it favorably against competitors with higher debt levels [15][16]. Strategic Management - Daqo Energy's management strategy focuses on cautious expansion and maintaining a strong balance sheet, which has allowed it to navigate industry downturns effectively [17][20]. - The company has implemented cost-cutting measures across various departments, reducing management, research, and sales expenses significantly in response to market conditions [19][20]. Future Outlook - Despite current challenges, Daqo Energy's leadership believes in the long-term potential of the photovoltaic industry and aims to leverage its core competencies to weather economic cycles [20].