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Polysilicon producer for solar panels, the China operating unit tied to Nasdaq-listed Daqo New Energy.
Polysilicon producer for solar panels, the China operating unit tied to Nasdaq-listed Daqo New Energy.
Sells polysilicon, the base material for solar wafers, to a few large wafer makers, so a handful of customers account for most sales and revenue follows polysilicon market prices. All production sits in Xinjiang, where cheap power lowers cost. It went public on Shanghai's STAR Market in 2021.
Moat: narrow (scale, cost advantage). Large-scale, low-cost polysilicon production using low-cost Xinjiang power, though overcapacity has hurt pricing.
Headquarters: Shihezi, Xinjiang, China · Founded: 2006 · Employees: 3,831
Size Xinjiang Daqo New Energy (688303.SS) is a China Materials company (Other Metals/Minerals) with a market value of $5.69B, the 438th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.78 on 6 Nov 2026.
Performance Over six months the shares fell 20.1%, against -20.7% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 23.4% over the last twelve months (peer median +30.5%); the operating margin is -62.3% (peer median 27.3%).
Valuation It trades at 1.03× book value against a peer median of 2.52× (2nd cheapest of 21).
Price implies The share price implies a return on equity of about 10.5%; Xinjiang Daqo New Energy delivers -5.4%, so the price asks more than the business earns today.
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.54B | CN¥4.83B | CN¥7.41B | CN¥16.2B | CN¥30.6B |
| Revenue growth | — | -35% | -54% | -47% | — |
| Gross profit | CN¥309M | -CN¥158M | CN¥31.3M | CN¥6.43B | CN¥22.8B |
| EBITDA | n/a | CN¥336M | -CN¥609M | CN¥7.02B | CN¥23.1B |
| Net income | -CN¥2.06B | -CN¥1.13B | -CN¥2.72B | CN¥5.76B | CN¥19.1B |
| Free cash flow | -CN¥2.39B | -CN¥1.59B | -CN¥5.80B | CN¥3.52B | CN¥6.87B |
| Capital expenditure | CN¥160M | CN¥167M | CN¥527M | CN¥5.22B | CN¥8.52B |
| Total debt | CN¥1.06B | CN¥723M | CN¥49.8M | CN¥0 | CN¥356M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Xinjiang Daqo New Energy 688303.SS | $5.69B | -20% | -23% | -5% | 1.03× | 10.5% |
| GCL Technology 3800.HK | $2.71B | -30% | +25% | -9% | 0.50× | 5.5% |
| Tongwei 600438.SS | $8.27B | -29% | -12% | -29% | 1.68× | 14.1% |
| Wacker Chemie WCH.DE | $4.42B | -24% | -5% | -20% | 0.98× | 6.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688303.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.0% | -13.9% | highest of 21 |
| 6-month return | -20.1% | -20.7% | 11th highest of 21 |
| Return on equity | -5.4% | 14.5% | 2nd lowest of 21 |
| Price / book | 1.03× | 2.52× | 2nd cheapest of 21 |
| ROE the price implies | 10.5% | 24.7% | 2nd least demanding of 21 |
| ROE delivered | -5.4% | 13.7% | 2nd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Xinjiang Daqo New Energy 688303.SS | China | $5.69B | -20% | -23% | -5% | 1.03× | 10.5% | -5.4% |
| Yunnan Tin 000960.SZ | China | $5.66B | -34% | +19% | 13% | 1.75× | 20.8% | 13.3% |
| China Nonferrous Mining 1258.HK | Hong Kong | $5.73B | -19% | +11% | 22% | 2.08× | 16.1% | 22.4% |
| Yunnan Chihong Zinc & Germanium 600497.SS | China | $5.76B | -15% | +29% | 11% | 2.10× | 19.8% | 11.5% |
| NexGen Energy NXE.TO | Canada | $5.57B | -31% | n/a | -18% | 4.23× | 41.6% | -17.7% |
| Baiyin Nonferrous 601212.SS | China | $5.49B | -35% | 0% | 1% | 2.24× | 25.0% | 1.1% |
| Nanya New Material Technology 688519.SS | China | $5.90B | -5% | +104% | 36% | 6.84× | 97.5% | 36.3% |
| Capstone Copper CS.TO | Canada | $6.01B | -8% | +30% | 9% | 1.60× | 22.0% | 9.1% |
| Sandfire Resources SFR.AX | Australia | $6.20B | -4% | +32% | 17% | 2.79× | 30.6% | 17.4% |
| Inner Mongolia Xingye Silver and Tin Mining 000426.SZ | China | $6.23B | -42% | +38% | 28% | 3.78× | 35.7% | 27.6% |
| MP Materials MP | United States | $6.31B | -47% | +72% | -4% | 3.22× | 42.2% | -3.6% |
| PLS PLS.AX | Australia | $6.33B | -56% | +152% | 14% | 2.24× | 22.7% | 13.8% |
| Asia-Potash International Investment (Guangzhou) 000893.SZ | China | $5.08B | -32% | +40% | 15% | 2.22× | 11.6% | 15.2% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 39% | 8.72× | 106.4% | 38.8% |
| Yunnan Copper 000878.SZ | China | $5.01B | -28% | +10% | 14% | 1.74× | 17.2% | 13.6% |
| Luoyang Shenglong Mining 001257.SZ | China | $5.00B | -19% | +22% | 17% | 4.19× | 24.4% | n/a |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 100% | 14.29× | 74.1% | 100.2% |
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 23% | 1.82× | 23.8% | n/a |
| Grinm Advanced Materials 600206.SS | China | $4.85B | +40% | +23% | 6% | 7.24× | 99.3% | 6.5% |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 18% | 1.02× | 8.8% | 18.3% |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 12% | 29.02× | 320.1% | 11.5% |