← Xinjiang Daqo New Energy overview

Xinjiang Daqo New Energy vs Tongwei: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Xinjiang Daqo New Energy Co Ltd (688303.CG)

Q3 2026
▼2▲1

Polysilicon price floor pledge vs widening losses and US tariff risk

  • Eight polysilicon makers pledge no below-cost sales Eight firms controlling over 90% of China's polysilicon capacity, including Daqo, signed a pledge to stop selling below cost. This could lift prices and help Daqo's thin margins, but enforcement is uncertain and downstream buyers still resist higher prices.

    This is the main positive force behind the stock, directly aimed at supporting polysilicon prices.

  • H1 2026 net loss of 1.595 billion yuan, Q2 loss widened Daqo reported a first-half net loss of 1.595 billion yuan, with revenue down 57.63% and the second-quarter loss widening from the first. This shows the company is still burning cash and under heavy financial pressure.

    It is the clearest evidence of how badly the downturn is hurting Daqo's finances.

  • Daqo raises output guidance and pivots to AI data centers Daqo raised its 2026 production target to 160,000–180,000 tons and plans to enter AI data center power gear by late 2026. Sales volume jumped in Q2, but average selling prices fell, so the pivot is a long-term bet, not an immediate fix.

    It shows management's response to weak prices and a potential new growth area, but near-term pricing still hurts.

  • US polysilicon price floor and tariffs threaten exports The US is preparing a price floor and tariffs on polysilicon to protect domestic producers, with Daqo cited as affected. This could limit its access to the US market and add another headwind on top of weak global prices.

    It is a new external risk that could reduce Daqo's sales and pressure the stock.

September 2026
▼2▲1

Polysilicon price floor pledge vs widening losses and US tariff risk

  • Eight polysilicon makers pledge no below-cost sales Eight firms controlling over 90% of China's polysilicon capacity, including Daqo, signed a pledge to stop selling below cost. This could lift prices and help Daqo's thin margins, but enforcement is uncertain and downstream buyers still resist higher prices.

    This is the main positive force behind the stock, directly aimed at supporting polysilicon prices.

  • H1 2026 net loss of 1.595 billion yuan, Q2 loss widened Daqo reported a first-half net loss of 1.595 billion yuan, with revenue down 57.63% and the second-quarter loss widening from the first. This shows the company is still burning cash and under heavy financial pressure.

    It is the clearest evidence of how badly the downturn is hurting Daqo's finances.

  • Daqo raises output guidance and pivots to AI data centers Daqo raised its 2026 production target to 160,000–180,000 tons and plans to enter AI data center power gear by late 2026. Sales volume jumped in Q2, but average selling prices fell, so the pivot is a long-term bet, not an immediate fix.

    It shows management's response to weak prices and a potential new growth area, but near-term pricing still hurts.

  • US polysilicon price floor and tariffs threaten exports The US is preparing a price floor and tariffs on polysilicon to protect domestic producers, with Daqo cited as affected. This could limit its access to the US market and add another headwind on top of weak global prices.

    It is a new external risk that could reduce Daqo's sales and pressure the stock.

Latest
▼2▲1

Polysilicon price floor pledge vs widening losses and US tariff risk

  • Eight polysilicon makers pledge no below-cost sales Eight firms controlling over 90% of China's polysilicon capacity, including Daqo, signed a pledge to stop selling below cost. This could lift prices and help Daqo's thin margins, but enforcement is uncertain and downstream buyers still resist higher prices.

    This is the main positive force behind the stock, directly aimed at supporting polysilicon prices.

  • H1 2026 net loss of 1.595 billion yuan, Q2 loss widened Daqo reported a first-half net loss of 1.595 billion yuan, with revenue down 57.63% and the second-quarter loss widening from the first. This shows the company is still burning cash and under heavy financial pressure.

    It is the clearest evidence of how badly the downturn is hurting Daqo's finances.

  • Daqo raises output guidance and pivots to AI data centers Daqo raised its 2026 production target to 160,000–180,000 tons and plans to enter AI data center power gear by late 2026. Sales volume jumped in Q2, but average selling prices fell, so the pivot is a long-term bet, not an immediate fix.

    It shows management's response to weak prices and a potential new growth area, but near-term pricing still hurts.

  • US polysilicon price floor and tariffs threaten exports The US is preparing a price floor and tariffs on polysilicon to protect domestic producers, with Daqo cited as affected. This could limit its access to the US market and add another headwind on top of weak global prices.

    It is a new external risk that could reduce Daqo's sales and pressure the stock.

Tongwei Co Ltd (600438.CG)

Q3 2026
▲2▼1

Tongwei's huge loss meets regulatory push to end price wars

  • First-half loss of 4.8–5.4 billion yuan Tongwei expects to lose 4.8–5.4 billion yuan in the first half, the largest loss among solar companies. This shows the core business is still burning cash, which weighs on the stock price.

    It is the single biggest company-specific fact and explains why the stock is under pressure.

  • Regulators move to stop below-cost selling China's market regulator is pushing solar firms to stop competing on price. New mandatory standards could remove 20–30% of old capacity by 2027. This helps Tongwei as a low-cost leader because it reduces destructive price wars.

    It is the main new force that could turn the industry around and directly lifted Tongwei's shares.

  • Eight polysilicon giants pledge not to sell below cost Eight firms controlling over 90% of China's polysilicon capacity, including Tongwei, signed a pledge not to sell below cost. This should support prices and ease the cash drain, though enforcement is still uncertain.

    It is a concrete new action that could directly improve Tongwei's pricing and margins.

  • Industry losses persist but early signs of a bottom Solar giants lost over 13 billion yuan combined in the first half, and new installations fell 66% year-on-year. Analysts see a policy bottom forming, but clearing the supply glut will take time, so the recovery is not guaranteed.

    It gives the essential counterweight: the industry is still deeply troubled and any turnaround will be slow.

July 2026
▲2▼1

Tongwei's huge loss meets regulatory push to end price wars

  • First-half loss of 4.8–5.4 billion yuan Tongwei expects to lose 4.8–5.4 billion yuan in the first half, the largest loss among solar companies. This shows the core business is still burning cash, which weighs on the stock price.

    It is the single biggest company-specific fact and explains why the stock is under pressure.

  • Regulators move to stop below-cost selling China's market regulator is pushing solar firms to stop competing on price. New mandatory standards could remove 20–30% of old capacity by 2027. This helps Tongwei as a low-cost leader because it reduces destructive price wars.

    It is the main new force that could turn the industry around and directly lifted Tongwei's shares.

  • Eight polysilicon giants pledge not to sell below cost Eight firms controlling over 90% of China's polysilicon capacity, including Tongwei, signed a pledge not to sell below cost. This should support prices and ease the cash drain, though enforcement is still uncertain.

    It is a concrete new action that could directly improve Tongwei's pricing and margins.

  • Industry losses persist but early signs of a bottom Solar giants lost over 13 billion yuan combined in the first half, and new installations fell 66% year-on-year. Analysts see a policy bottom forming, but clearing the supply glut will take time, so the recovery is not guaranteed.

    It gives the essential counterweight: the industry is still deeply troubled and any turnaround will be slow.

Latest
▲2▼1

Tongwei's huge loss meets regulatory push to end price wars

  • First-half loss of 4.8–5.4 billion yuan Tongwei expects to lose 4.8–5.4 billion yuan in the first half, the largest loss among solar companies. This shows the core business is still burning cash, which weighs on the stock price.

    It is the single biggest company-specific fact and explains why the stock is under pressure.

  • Regulators move to stop below-cost selling China's market regulator is pushing solar firms to stop competing on price. New mandatory standards could remove 20–30% of old capacity by 2027. This helps Tongwei as a low-cost leader because it reduces destructive price wars.

    It is the main new force that could turn the industry around and directly lifted Tongwei's shares.

  • Eight polysilicon giants pledge not to sell below cost Eight firms controlling over 90% of China's polysilicon capacity, including Tongwei, signed a pledge not to sell below cost. This should support prices and ease the cash drain, though enforcement is still uncertain.

    It is a concrete new action that could directly improve Tongwei's pricing and margins.

  • Industry losses persist but early signs of a bottom Solar giants lost over 13 billion yuan combined in the first half, and new installations fell 66% year-on-year. Analysts see a policy bottom forming, but clearing the supply glut will take time, so the recovery is not guaranteed.

    It gives the essential counterweight: the industry is still deeply troubled and any turnaround will be slow.

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