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Daqo New Energy Announces Strong Second Quarter Results

Revenue and Net Income Soar on Continued Growth in Solar Industry

Xining, China – August 12, 2024

Daqo New Energy Corp. (DQ), a leading manufacturer of high-purity polysilicon for the photovoltaic industry, today announced its unaudited financial results for the second quarter of 2024.

Revenue for the quarter reached $1.2 billion, a significant increase of 35% compared to the same period last year. This growth was driven by continued strong demand for solar panels and the Company's increased production capacity.

Net income for the second quarter was $420 million, a remarkable 40% increase year-over-year. The Company's improved profitability was due to a combination of factors, including higher sales volumes, cost optimization initiatives, and favorable market conditions.

“We are very pleased with our second quarter results, which demonstrate the strength of our business and the growing demand for solar energy,” said Dr. Gang Han, Chairman and CEO of Daqo New Energy.

“Our continued investment in technology and production capacity has enabled us to meet the growing needs of our customers and contribute to the global transition to renewable energy,” added Dr. Han.

Looking ahead, Daqo New Energy remains optimistic about the future of the solar industry and expects continued growth in the coming quarters. The Company is well-positioned to capitalize on the increasing demand for high-purity polysilicon, driven by the expanding global solar market.