Daqo New Energy reported first-half 2026 revenue of 623 million yuan ($92.7 million), down 57.63% from a year earlier, and a net loss attributable to shareholders of 1.595 billion yuan ($237.3 million). The loss was driven by falling polysilicon prices, weak demand, elevated industry inventories and a 1.026 billion yuan ($152.7 million) inventory write-down. Polysilicon sales fell 57.4% to 19,700 tonnes even as production rose 71.3% to 87,100 tonnes, highlighting a severe supply-demand imbalance. Unit cash costs declined 7.73% to 34.75 yuan per kilogram, while operating cash outflow widened to 2.243 billion yuan. The company is pursuing a dual-track strategy spanning high-purity polysilicon and computing-power distribution equipment, while maintaining 10.419 billion yuan in cash reserves, zero interest-bearing debt and a 7.87% debt-to-asset ratio. A contract dispute involving claims of 743 million yuan remains under second-instance review. Daqo’s shares closed at 17.86 yuan on Aug. 20, giving it a market capitalization of 38.09 billion yuan. A separate unaudited quarterly release previously cited in the topic reported second-quarter revenue of $62.7 million and a net loss of $81.2 million, figures that differ from the Chinese interim report’s 434 million yuan revenue and 794 million yuan loss; the discrepancy is retained because the available materials do not reconcile the reporting bases.