大全新能源 (DQ) 2023 Q4 法說會逐字稿

Good day, and welcome to the Daqo New Energy fourth quarter and fiscal year 2023 results conference call.

大家好，歡迎參加大全新能源第四季及 2023 財年業績電話會議。

All participants will be in the listen-only mode.

所有參與者將處於僅聽模式。

(Operator Instructions).

（操作員說明）。

Please note that this event it is being recorded.

請注意，該事件正在被記錄。

I would now like to turn the conference over to Ms. Anita Zhu.

現在請朱女士主持會議。

Please go ahead.

請繼續。

Thank you.

謝謝。

Hello, everyone, I'm Anita Zhu, the investor relations Daqo New Energy.

大家好，我是大全新能源投資人關係朱安妮。

Thank you for joining our conference call today.

感謝您今天參加我們的電話會議。

Daqo New Energy just issued its financial results for the fourth quarter and fiscal year 2023, which can be found on our website at www.dqsolar.com. Today attending the conference call, we have our Chairman and CEO, Mr. Xiang Xu; our CFO, Mr. Ming Yang and myself.

大全新能源剛剛發布了第四季度和2023財年的財務業績，您可以在我們的網站www.dqsolar.com上找到該業績。今天出席電話會議的有我們的董事長兼執行長徐翔先生；我們的財務長楊明先生和我自己。

The call today will begin with an update from Mr. Xu, our market conditions and company operations.

今天的電話會議首先由徐先生介紹我們的市場狀況和公司營運的最新情況。

And then Mr. Yang, will discuss the company's financial performance for the quarter and the year.

然後楊先生將討論公司本季和全年的財務表現。

After that, we'll open the floor to Q&A from the audience.

之後，我們將開始觀眾問答。

Before we begin the formal remarks, I would like to remind you that certain statements on today's call, including expected future operational and financial performance and industry growth are forward-looking statements that are made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995.

在我們開始正式發言之前，我想提醒您，今天電話會議中的某些陳述，包括預期的未來營運和財務業績以及行業增長，都是根據美國私人證券訴訟改革的安全港條款做出的前瞻性陳述1995 年法案。

These statements involve inherent risks and uncertainties.

這些陳述涉及固有風險和不確定性。

A number of factors could cause actual results to differ materially from those contained in any forward-looking statement.

許多因素可能導致實際結果與任何前瞻性聲明中包含的結果有重大差異。

Further information regarding these and other risks is included in the reports or documents we have filed with or furnished to the Securities and Exchange Commission.

有關這些風險和其他風險的更多資訊包含在我們向美國證券交易委員會提交或提供的報告或文件中。

These statements only reflect our current and preliminary view as of today and may be subject to change.

這些陳述僅反映我們截至今天的當前和初步觀點，可能會發生變化。

Our ability to achieve these projections is subject to risks and uncertainties.

我們實現這些預測的能力受到風險和不確定性的影響。

Our information provided in today's call is as of today, and we undertake no duty to update such information except as required under applicable law.

我們在今天的電話會議中提供的資訊截至今天，我們不承擔更新此類資訊的義務，除非適用法律要求。

Also, during this call, we'll occasionally newly reference monetary amounts in US dollar terms.

此外，在這次電話會議中，我們偶爾會新引用以美元計價的貨幣金額。

Please keep in mind that our functional currency is the Chinese RMB.

請記住，我們的功能貨幣是人民幣。

We offer these translations into US dollars solely for the convenience of the audience.

我們將這些翻譯成美元只是為了方便觀眾。

So Mr. Xu will make his remarks regarding current market conditions and company performance in Chinese, which I'll translate into English after he finishes.

那麼徐先生將以中文就當前的市場狀況和公司業績發表講話，他講完後我會將其翻譯成英文。

Now I'll turn the call to our CEO.

現在我將把電話轉給我們的執行長。

Hello, everyone.

大家好。

This is Anita.

這是安妮塔。

I'll now translate our CEO, Mr. Xu remarks.

我現在翻譯一下我們的執行長徐先生的發言。

(interpreted) 2023 was a year of unforeseen developments and challenges in the solar industry with record installation volume worldwide, but also record low prices at the end of the year, thanks to the dedication and valuable contribution of our team, we reached an annual look polysilicon production volume of 197,831 metric tons in 2023, meeting our guidance of 196,000 to 199,000 metric tons, and representing a 47.8% year over year growth rates compare to 133,812 metric ton produced in 2022.

（解讀）2023年是太陽能產業不可預見的發展和挑戰的一年，全球安裝量創歷史新高，但年底價格也創歷史新低，感謝我們團隊的奉獻和寶貴貢獻，我們實現了年度展望2023 年多晶矽產量為197,831 噸，符合我們196,000 至199,000 噸的指導，與2022 年產量133,812 噸相比，年成長率為47.8%。

We sold 200,002 metric tons, 50.5% higher than a 132,909 metric tons in 2022, despite robust demand growth for solar PV product globally in 2023, the high poly prices driven by capacity mismatches between upstream and downstream players and the resulting supply shortages that we have seen in 2022 were alleviated by early 2023.

儘管2023年全球太陽能光電產品需求強勁成長，但由於上下游產能不匹配導致多晶矽價格高企以及供應短缺，我們的銷量為200,002噸，比2022年的132,909噸高出50.5% 2022 年出現的情況到2023年初有所緩解。

As a result, poly ASPs declined significantly for the year to $11 per kilo from $32.54 per kilogram in 2022 Our revenue was $2.3 billion 2023 compared to $4.6 billion in 2022 due to much lower ASPs.

因此，今年聚 ASP 大幅下降，從 2022 年每公斤 32.54 美元降至 11 美元。由於 ASP 大幅降低，我們的收入 2023 年為 23 億美元，而 2022 年為 46 億美元。

The decline was partially offset by the higher sales volume.

銷量的增加部分抵消了下降幅度。

Despite the challenging market conditions, gross margin still came in strong at 39.9% for 2023.

儘管市場環境充滿挑戰，2023 年毛利率仍強勁，達到 39.9%。

The company generate a very strong operating cash flow of approximately USD1.6 billion for the year and continue to maintain a healthy balance sheet with no financial debt.

該公司全年產生約 16 億美元的強勁營運現金流，並繼續保持健康的資產負債表，沒有任何財務債務。

By the end of the year, the company had a cash balance of USD3 billion and a combined cash and bank note receivable balance of $3.2 billion.

截至年底，公司現金餘額為30億美元，應收現金及銀行票據餘額為32億美元。

During the fourth quarter, continued optimization of operations and improvements in yield and throughput at our two poly facilities resulted in total production volume of 61,014 metric tons, an increase of 3,350 metric tons compared to the previous quarter.

第四季度，我們的兩個多晶矽工廠持續優化營運並提高產量和吞吐量，總產量達到 61,014 噸，比上一季增加 3,350 噸。

Q4 saw solid demand from customers were high quality and high poly.

第四季客戶對高品質和高多邊形的需求強勁。

And as a result, our finished goods inventory was at a very low level, of which will have allowed us to effectively hedge against downside risks during the off-season period, close to the end of the year.

因此，我們的成品庫存處於非常低的水平，這將使我們能夠在接近年底的淡季期間有效對沖下行風險。

In Q4 as new capacity was released the prices disparity became more apparent between high-quality manufacturers and new entrants.

第四季度，隨著新增產能的釋放，優質廠商與新進業者之間的價格差距更加明顯。

Despite fierce market conditions due to the addition of poly supply, we continue to maintain our leadership in both cost and quality.

儘管由於多晶矽供應增加而導致市場形勢嚴峻，我們仍繼續保持在成本和品質方面的領先地位。

Compared to the end of last year our production cost trended down quarter over quarter, reducing by approximately $1.2 per kilo from Q4 of 2022 compared to that in Q4 of 2023.

與去年年底相比，我們的生產成本逐季下降，與 2023 年第四季相比，2022 年第四季每公斤降低約 1.2 美元。

During the month of December, our entire product mix reached approximately 60%.

12 月份，我們的整個產品組合達到了約 60%。

Overall, we maintain profitable despite the challenging market conditions generating $128 million in EBITDA for Q4 and maintain a strong cash flow.

總體而言，儘管市場條件充滿挑戰，我們仍保持盈利，第四季度 EBITDA 為 1.28 億美元，並保持強勁的現金流。

We expect our first quarter 2021 total poly production volume to be approximately 60,000 metric tons to 62,000 metric tons.

我們預計 2021 年第一季的多晶矽總產量約為 60,000 噸至 62,000 噸。

Similar to that for fourth quarter 2023, as the company maintains full production.

與 2023 年第四季類似，公司保持滿載生產。

We plan to begin initial production at our new Inner Mongolia 5B facility in the second quarter of 2024.

我們計劃於 2024 年第二季在新的內蒙古 5B 工廠開始初始生產。

And as such, we anticipate full year 2024 production volume to be approximately 280,000 metric tons to 300,000 metric tons, approximately 40% to 50% higher than in 2023.

因此，我們預計 2024 年全年產量約為 28 萬噸至 30 萬噸，比 2023 年增加約 40% 至 50%。

With more than a decade of experience in poly production as well as a fully digitalized and integrated production system that optimizes operational efficiency will further increase N-type production in the product mix.

憑藉十多年的多晶生產經驗以及優化營運效率的全數位化整合生產系統，將進一步增加產品組合中的N型生產。

The briefing on the industry, poly prices in the fourth quarter declined from approximately RMB87 per kilo for monogolia poly in September to approximately RMB65 per kilo in December, primarily due to seasonally lower demand.

產業簡報顯示，第四季聚價格從9月的單聚價格約每公斤87元人民幣下降至12月份的每公斤約65元人民幣，主要是因為季節性需求下降。

On the demand side in October, the ingot segment reduced utilization rates due to accumulated inventory and lower wafer prices.

10月需求方面，由於庫存累積和矽片價格下跌，鑄錠部分利用率降低。

In November, N-type module prices dropped below RMB1 per watt for the first time as solar cell manufacturers can hardly make a profit.

11月份，N型組件價格首次跌破1元/瓦，電池片廠商獲利困難。

On the supply side, poly production volumes in China continued to increase on a month-over-month basis in Q4, and Tier 2 and Tier 3 manufacturers, including new engines, contributed most of the growth in poly supply.

供應方面，第四季度中國多晶矽產量較上季持續成長，其中包括新引擎在內的二、三級製造商貢獻了大部分多晶矽供應量的成長。

However, leading high-quality manufacturers produce less than anticipated, widening the price gap between high quality manufacturers and two -- and Tier 2 companies.

然而，領先的優質製造商的產量低於預期，擴大了優質製造商與二級公司和二級公司之間的價格差距。

Near the end of December and have a P-type poly prices came in at around RMB65 to RMB68 per kilogram and RMB55 to RMB62 per kilogram, respectively.

接近12月底，P型多晶價格分別為每公斤65至68元和每公斤55至62元左右。

Going into the first quarter of 2024, we expect poly prices to rebound slightly in Q1, seasonally affected by the Chinese New Year and then stabilize in Q2.

進入2024年第一季度，我們預計，受春節季節性影響，多晶矽價格將在第一季小幅反彈，然後在第二季度趨於穩定。

The market transition to N-type products have been accelerating.

市場向N型產品的轉變正在加速。

Our downstream producers continue to switch to N-type products, driven by the higher price premium for N-type TOPCon products over P-type PERC products.

由於 N 型 TOPCon 產品相對於 P 型 PERC 產品的溢價較高，我們的下游生產商繼續轉向 N 型產品。

We expect trend to continue throughout 2024 with strong demand for higher-purity N-type poly in a market with tight supply.

我們預計這一趨勢將持續到 2024 年，供應緊張的市場對高純度 N 型多晶矽的需求強勁。

Overall 2023 was an unprecedented year, marking a step change for renewable energy growth.

總體而言，2023 年是史無前例的一年，標誌著再生能源成長發生了階段性變化。

The global acceleration in the transition to renewable energy was primarily driven by China's booming solar market with new solar PV capacity reaching record high, up to 216.88 gigawatts, a 148% year-over-year growth.

全球加速向再生能源轉型主要得益於中國蓬勃發展的太陽能市場，太陽能光電新增裝置容量創歷史新高，達216.88吉瓦，較去年同期成長148%。

This surge was particularly evident in December when China added 53 gigawatts, which is roughly a quarter of the entire year's additional capacity.

這種激增在12月份尤其明顯，當時中國新增了53吉瓦裝置容量，大約相當於全年新增裝置容量的四分之一。

So as we become one of the most competitive forms of power generation, the continuous cost reduction in solar PV products and the associated reduction in solar energy generation costs are expected to create substantial additional growing energy demand.

因此，隨著我們成為最具競爭力的發電形式之一，太陽能光電產品成本的持續降低以及太陽能發電成本的相應降低預計將創造大量額外增長的能源需求。

So with 2023 is setting the stage for gradually phasing out P-type products, we believe that 2024 will mark the year when untied products dominate the industry.

因此，隨著2023年P型產品逐步淘汰，我們相信2024年將是非捆綁產品主導產業的一年。

We are optimistic that we'll capture the long-term benefit of the growing global solar PV market and maintaining our competitive advantage by enhancing our higher efficiency and high-tech technology and optimizing our cost structure through digital transformation.

我們樂觀地認為，我們將獲得不斷增長的全球太陽能光伏市場的長期利益，並透過提高效率和高科技技術以及透過數位轉型優化我們的成本結構來維持我們的競爭優勢。

In 2023 alone, we collected more than 20 billion manufacturing process data points at each of our poly production facilities.

光是 2023 年，我們就在每個多晶矽生產工廠收集了超過 200 億個製造流程數據點。

We believe that we have one of the largest pools of collected and stored POLICY production data amongst our peers in China.

我們相信，我們是中國同業中收集和儲存的政策生產資料最大的資料庫之一。

So we have begun to apply AI to this vast amount of data to help increase the proportion of N-type in our product mix and reduce our production costs by identifying relationships across the street processes and ultimately predicting the optimal input parameters that will yield the best production results.

因此，我們開始將人工智慧應用於大量數據，透過識別整個流程中的關係並最終預測產生最佳結果的最佳輸入參數，幫助提高 N 型產品在我們產品組合中的比例，並降低生產成本。生產成果。

We expect that as we collect more data and further leverage our AI-powered analytics to provide additional insights, we'll be able to further reduce costs, achieve higher efficiency and increase productivities.

我們預計，隨著我們收集更多數據並進一步利用人工智慧驅動的分析來提供更多見解，我們將能夠進一步降低成本，實現更高的效率並提高生產力。

So now I'll turn the call to our CFO Mr. Ming Yang, who will discuss the company's financial performance for the quarter.

現在我將把電話轉給我們的財務長楊明先生，他將討論公司本季的財務表現。

Ming, please go ahead.

明，請繼續。

Thank you, Anita.

謝謝你，安妮塔。

Hello, everyone, Ming Yang, CFO, Daqo New Energy, we appreciate you joining our earnings conference call today.

大家好，大全新能源財務長楊明，非常感謝您今天參加我們的財報電話會議。

I'll first go over the company's fourth quarter 2023 financial performance, then follow with our full year 2023 financial results.

我將首先介紹公司 2023 年第四季的財務業績，然後介紹我們 2023 年全年的財務業績。

Revenue for the fourth quarter of 2023 were $477 million compared to $484.8 million in the third quarter of 2023 and $864.3 million in the fourth quarter of 2022.

2023 年第四季的營收為 4.77 億美元，而 2023 年第三季的營收為 4.848 億美元，2022 年第四季的營收為 8.643 億美元。

The decrease in revenue compared to the third quarter of 2023 was primarily due to decrease in sales volume mitigated by increasing ASP.

與 2023 年第三季相比，營收下降主要是由於平均售價增加緩解了銷量下降。

As Mr. Xu mentioned earlier, it's Daqo Q4 was $7.90 per kilogram, which was 3.8% above Q3 ASP of $7.68 per kilogram.

正如徐先生先前提到的，大全第四季的價格為每公斤7.90美元，比第三季每公斤7.68美元的平均售價高出3.8%。

Gross profit was $87.2 million compared to $67.8 million in the third quarter of 2023 as $669 million in the fourth quarter of 2022.

毛利為 8,720 萬美元，而 2023 年第三季的毛利為 6,780 萬美元，2022 年第四季的毛利為 6.69 億美元。

Gross margin was 18.3% compared to 14% of third quarter of 2023 and 77% in the fourth quarter of 2022.

毛利率為 18.3%，而 2023 年第三季為 14%，2022 年第四季為 77%。

The increase in gross margin compared to the third quarter of 2023 was primarily due to higher average selling price and lower production costs.

與 2023 年第三季相比，毛利率的成長主要是由於平均售價較高和生產成本較低。

Despite an 8% increase in silicon metal procurement costs in Q4 compared to Q3, we managed to reduce costs slightly due to improvements in utilization as well as other improvements in manufacturing efficiency.

儘管第四季度金屬矽採購成本比第三季增加了 8%，但由於利用率的提高以及製造效率的其他提高，我們成功地略微降低了成本。

SG&A expenses were $39 million compared to $89.7 million in the third quarter of 2023 and $44 million in the fourth quarter of 2022.

SG&A 費用為 3,900 萬美元，而 2023 年第三季為 8,970 萬美元，2022 年第四季為 4,400 萬美元。

SG&A expenses during the fourth quarter includes $19.6 million in non-cash share-based compensation expense related to the company's share incentive plan compared to $46.3 million in the third quarter of 2023.

第四季的銷售、管理和行政費用包括與公司股權激勵計畫相關的 1,960 萬美元非現金股票補償費用，而 2023 年第三季為 4,630 萬美元。

R&D expenses were $3.3 million compared to $2.8 million in the third quarter of 2023 and $2.7 million in the fourth quarter of 2022.

研發費用為 330 萬美元，而 2023 年第三季為 280 萬美元，2022 年第四季為 270 萬美元。

R&D expenses can vary from period to period and reflect R&D activities that take place during the quarter.

研發費用可能因時期而異，並反映該季度發生的研發活動。

R&D activities for the quarter were primarily related to quality improvements and type product research.

本季度的研發活動主要與品質改進和類型產品研究有關。

Foreign exchange loss was $0.8 million compared to a gain of $3.1 million in Q3 2023 and attributed to the volatility and fluctuation in the USD per CNY exchange rate during the quarter.

外匯損失為 80 萬美元，而 2023 年第三季則為 310 萬美元的收益，歸因於該季度美元兌人民幣匯率的波動和波動。

Income from operations was $83.3 million compared to $22.5 million in the third quarter of 2023 and $623 million in the fourth quarter of 2022.

營運收入為 8,330 萬美元，而 2023 年第三季為 2,250 萬美元，2022 年第四季為 6.23 億美元。

Operating margin was 17.5% compared to 4.6% in the third quarter of 2023 and 72.1% in the fourth quarter of 2022.

營業利益率為 17.5%，而 2023 年第三季為 4.6%，2022 年第四季為 72.1%。

Net income attributable to Daqo New Energy shareholders was $44.9 million compared to net loss of $6.3 million in the third quarter of 2023, and net income of $332.7 million in the fourth quarter of 2022.

歸屬於大全新能源股東的淨利為4,490萬美元，而2023年第三季的淨虧損為630萬美元，2022年第四季的淨利為3.327億美元。

Earnings per basic ADS was $0.64 compared to loss per basic ADS of $0.09 in the third quarter and earnings per basic ADS of $4.26 in the fourth quarter of 2022.

每基本 ADS 收益為 0.64 美元，而第三季每基本 ADS 虧損為 0.09 美元，2022 年第四季每基本 ADS 收益為 4.26 美元。

Just adjusted net income attributable to Daqo New Energy shareholders, which excludes non-cash share-based compensation costs was $66 million, which compared to $44 million in the third quarter of 2023 and $363 million in the fourth quarter of 2022.

剛調整後的大全新能源股東淨利（不含非現金股份補償成本）為6,600萬美元，而2023年第三季為4,400萬美元，2022年第四季為3.63億美元。

Adjusted earnings per basic ADS was $0.94 compared to $0.59 in the third quarter of 2023 and $4.65 in the fourth quarter of 2022.

調整後每基本 ADS 收益為 0.94 美元，而 2023 年第三季為 0.59 美元，2022 年第四季為 4.65 美元。

EBITDA was $128.2 million compared to $70 million in the third quarter of 2023, $649 million in the fourth quarter of 2022.

EBITDA 為 1.282 億美元，而 2023 年第三季為 7,000 萬美元，2022 年第四季為 6.49 億美元。

EBITDA margin was 26.9% compared to 14.5% in the third quarter of 2023 and 75% of fourth quarter of 2022.

EBITDA 利潤率為 26.9%，而 2023 年第三季為 14.5%，2022 年第四季為 75%。

Now I will go over the company's full year 2023 financial results.

現在我回顧一下公司2023年全年的財務表現。

Revenue for 2023 was $2.3 billion compared to $4.6 billion in 2022.

2023 年的營收為 23 億美元，而 2022 年為 46 億美元。

The decrease was primarily due to lower polysilicon average selling prices and partially mitigated by higher sales volume.

下降的主要原因是多晶矽平均售價下降，但銷量增加部分緩解了這種影響。

Gross profit was $920.7 million for 2023 compared to $3.4 billion in 2022.

2023 年毛利為 9.207 億美元，而 2022 年為 34 億美元。

Gross margin was 39.9% compared to 74% in 2022.

毛利率為 39.9%，而 2022 年為 74%。

The decrease in gross profit was primarily due to lower average selling price.

毛利下降主要是由於平均售價下降。

SG&A expenses were $213 million compared to $154 million in 2022.

SG&A 支出為 2.13 億美元，而 2022 年為 1.54 億美元。

The decrease was primarily related to a reduction in noncash share-based compensation costs related to the company's share incentive plan.

這項減少主要與公司股權激勵計畫相關的非現金股權激勵成本減少有關。

R&D expenses in 2023 were $10 million compared to $10 million in 2022.

2023 年的研發費用為 1,000 萬美元，而 2022 年為 1,000 萬美元。

An Income operation was $783.4 million compared to $3 billion in 2022.

收入業務為 7.834 億美元，而 2022 年為 30 億美元。

Operating margin was 33.9% compared to 66% in 2022.

營業利益率為 33.9%，而 2022 年為 66%。

Net interest income was $52.3 million compared to $14.5 million in 2022.

淨利息收入為 5,230 萬美元，而 2022 年為 1,450 萬美元。

The increase in interest income for 2023 was due to the company's higher cash balance at Banks.

2023年利息收入增加是由於該公司在銀行的現金餘額較高。

Income tax expense was $174 million compared to $587 million in 2022.

所得稅費用為 1.74 億美元，而 2022 年為 5.87 億美元。

Net income attributable to Daqo New Energy shareholders for the full year of 2023 was $421 million compared to $1.8 billion in 2022.

2023年全年歸屬於大全新能源股東的淨利為4.21億美元，2022年為18億美元。

Earnings per basic ADS were $5.64 compared to $24 in 2022, non-GAAP adjusted net income attributable to Daqo New Energy shareholders was $554 million compared to $2.1 billion in 2022.

每份基本美國存託憑證收益為 5.64 美元，而 2022 年為 24 美元；非 GAAP 調整後歸屬於大全新能源股東的淨利潤為 5.54 億美元，而 2022 年為 21 億美元。

Adjusted earnings per basic ADS were $7.42 in 2023 compared to $27.97 in 2022.

2023 年調整後每股基本 ADS 收益為 7.42 美元，而 2022 年為 27.97 美元。

EBITDA was $918.6 million compared to $3.15 billion in 2022.

EBITDA 為 9.186 億美元，而 2022 年為 31.5 億美元。

EBITDA margin was 39.8% compared to 68.4% in 2022.

EBITDA 利潤率為 39.8%，而 2022 年為 68.4%。

And now on the company's financial condition.

現在談談公司的財務狀況。

As of December 31, 2023, the company had $3 billion in cash, cash equivalents and restricted cash compared to $3.28 billion as of September 30, 2023, and $3.5 billion as of December 31, 2022.

截至2023年12月31日，該公司擁有30億美元的現金、現金等價物和限制性現金，而截至2023年9月30日為32.8億美元，截至2022年12月31日為35億美元。

At the end of 2023 bank notes receivable balance was $116 million compared to $275.8 million as of September 30, 2023, and $1.13 billion as of December 31, 2022.

截至2023年底，應收銀行票據餘額為1.16億美元，截至2023年9月30日為2.758億美元，截至2022年12月31日為11.3億美元。

Notes receivable represent bank notes with maturity within six months.

應收票據是指六個月內到期的銀行票據。

Now on the company's cash flow.

現在談談公司的現金流。

For the 12 months ended December 31, 2023, net cash provided by operating activities was $1.61 billion compared to $2.46 billion in the same period of 2022.

截至2023年12月31日的12個月，經營活動提供的現金淨額為16.1億美元，而2022年同期為24.6億美元。

And for the 12 months ended December 31, 2023, net cash used in investing activities was $1.19 billion compared to $998 million in the same period of 2022 Net cash used in investing activities in 2023 was primarily there to the company's capital expenditures on the company's 5A and 5B polysilicon expansion projects in Baotou City, Inner Mongolia.

截至2023年12月31日的12個月，投資活動所使用的現金淨額為11.9億美元，而2022年同期為9.98億美元。2023年投資活動所使用的現金淨額主要用於公司5A項目的資本支出內蒙古包頭市5B多晶矽擴建工程。

And for the 12 months ended December 31, 2023, net cash used in financing activities was $795 million compared to $1.47 billion of net cash provided by financing activities in the same period of 2022.

截至2023年12月31日的12個月，融資活動所使用的現金淨額為7.95億美元，而2022年同期融資活動提供的現金淨額為14.7億美元。

The net cash used to invest in finance activity in 2023 was primarily related to $486 million in share repurchases and $303 million in dividend payments made by the company subsidiary, Xinjiang Daqo, to its minority shareholders on the China's Asia market.

2023年用於投資金融活動的淨現金主要與公司子公司新疆大全向中國亞洲市場少數股東支付的4.86億美元股票回購和3.03億美元股利支付有關。

And that concludes our prepared remarks.

我們準備好的發言就到此結束。

We will now open the call to Q&A from the audience.

我們現在將開始觀眾問答環節。

Operator, please begin.

接線員，請開始。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Philip Shen, ROTH MKM.

菲利普·沉，羅斯 MKM。

First one is on the outlook for price.

第一個是價格前景。

You said in your prepared remarks that poly prices could rebound in Q1 and then stabilize in Q2.

您在準備好的發言中表示，多晶矽價格可能會在第一季反彈，然後在第二季穩定下來。

Can you quantify what N-type and P-type pricing could be in Q1 and when you say rebound slightly, what does that mean?

您能否量化第一季 N 型和 P 型定價的情況​​？當您說小幅反彈時，這意味著什麼？

And then would you expect that to just be flat in Q2?

那麼您是否認為第二季會持平？

And then if you have any view on what poly pricing does in the back half of '24, that would be very helpful.

如果您對 24 年下半年的保利定價有何看法，那將非常有幫助。

Thanks

謝謝

(spoken in foreign language)

（用外語說）

(interpreted) So based on our understanding of the market supply and demand and our own forecast, we expect that in the first half, N-type will range between RMB70 to RMB73 per kilogram, while P-type will be around RMB65 per kilogram.

（解讀）所以根據我們對市場供需的了解以及我們自己的預測，我們預計上半年N型的價格會在70-73元/公斤之間，P型會在65元/公斤左右。

And in the second half, depending on demand, whether it will exhibit a slight recovery in growth.

而下半年，要看需求是否會呈現小幅復甦的成長。

We expect that and N-type might rebalance to RMB80 per kilogram and P-type around RMB75 per kilogram.

我們預期 N 型可能會重新平衡至 80 元/公斤，P 型可能會重新平衡至 75 元/公斤左右。

And can you explain the dynamics for what's going on and why there could be the expansion of price?

您能解釋一下正在發生的事情以及為什麼價格會上漲嗎？

Is it on have you seen and from an industry structure standpoint, have you seen many players exit or shut down?

您是否看到，從行業結構的角度來看，您是否看到許多參與者退出或關閉？

And or do you expect utilization and to be lower?

或者您預計利用率會降低嗎？

I tried to say as a result having limited supply or do you expect that demand to be on the offsetting of factor resulting in on the higher price.

我試圖說，結果是供應有限，還是您預計需求會抵消因素導致價格上漲。

Thanks

謝謝

(spoken in foreign language)

（用外語說）

I'll fill for Mr. Xu.

我來代替徐先生。

Okay, in terms of dynamic, right?

好吧，就動態而言，對吧？

So if we look at the current market, we are actually in a period of relatively low-end market demand.

所以如果我們看現在的市場，我們其實是處於一個市場需求比較低階的時期。

We think the current end market movements in terms of module production is finalization is probably only 60% to 70% compared to say the September level of last year.

我們認為目前終端市場的組件產量變動可能僅為去年 9 月水準的 60% 至 70%。

So and this already brings us to N-type poly in the RMB70 to RMB73 range and P-type and the RMB60's range, a much improvement from the December level of pricing.

因此，這已經讓我們看到 N 型多晶矽的價格在 70 至 73 元人民幣之間，P 型多晶矽的價格在 60 元人民幣之間，比 12 月的定價水準有了很大的提高。

So we do think going into the summer when the demand level recovers?

那麼我們確實認為進入夏季需求水準會恢復嗎？

Well, let's say that we can recover to the level that we saw in the August September timeframe that certainly we think in N-type can easily go back to the RMB80 level, while P-type pounding the RMB70 level.

好吧，假設我們可以恢復到 8 月 9 月時間範圍內看到的水平，當然我們認為 N 型可以輕鬆回到 80 元的水平，而 P 型則衝擊 70 元的水平。

And in terms of what we're seeing in the market, where overall we are seeing a relative oversupply of poly relative to demand.

就我們在市場上看到的情況而言，總體而言，我們看到多晶矽的供應相對於需求而言相對過剩。

But specifically, we look at the N-type, Holly, we based our industry statistics, we think there's only around 60,000 to 70,000 metric ton of supply per month, while the demand, we think actually exceeds 100,000 metric tons a month based on the amount of N-type cell capacity that has been put it in place in the market.

但具體來說，我們看看 N 型，Holly，我們根據我們的行業統計數據，我們認為每月只有大約 60,000 到 70,000 公噸的供應，而根據已投放市場的 N 型電池容量。

So we do believe we will continue to see a very strong demand, robust demand for N-type in a tight supply market going forward.

因此，我們確實相信，在供應緊張的市場中，我們將繼續看到對 N 型的強勁需求。

And actually, that's what we're seeing today in our N-type products.

事實上，這就是我們今天在 N 型產品中看到的情況。

Great, thank you.

太好了謝謝。

Ming.

明。

Do you think from a capacity standpoint for N-type?

您從容量的角度考慮N型嗎？

I do see others trying to ramp up that N-type poly capacity.

我確實看到其他人試圖提高 N 型多晶矽產能。

And do you think they can be successful trying to close the gap or do you expect to this difference between supply and demand and understanding on the undersupply situation?

您認為他們能夠成功地縮小差距，還是您期望這種供需之間的差異以及對供應不足情況的理解？

How long could that last?

這能持續多久？

Could that last about a year or do you think it's and maybe just six months or could last for a number of years?

這會持續大約一年嗎？或者你認為可能只有六個月，或者可能持續幾年？

(spoken in foreign language)

（用外語說）

(interpreted) So our N-type production in a product mix has been between 60% to 70% as of now and based on our awareness, our peers on the top players like Tongwei, it's somewhat similar to our N-type production level.

（解釋）所以我們的N型生產在產品結構中目前已經在60%到70%之間，並且根據我們的認識，我們的同行在像通威這樣的頂級企業中，這與我們的N型生產水平有些相似。

But for the new players, they are almost incapable of producing not untied, but the current stage.

但對新人來說，他們幾乎沒有能力產出不解不開的，而是現階段的。

So we believe that this year it will still be a market where there's tight and tight N-type supply.

所以我們認為今年仍將是N型供應偏緊、偏緊的市場。

Okay, great.

好的，太好了。

Thank you.

謝謝。

One last one and then I'll pass it on.

最後一張，然後我會把它傳下去。

The stock is down 30% year to date.

該股今年迄今已下跌 30%。

What's your view or thinking around another buyback program, could you and add more to the program or restarted?

您對另一個回購計劃有何看法或想法，您能否為該計劃添加更多內容或重新啟動？

And is that something that you're interested in doing?

這是你有興趣做的事情嗎？

Thanks

謝謝

(spoken in foreign language)

（用外語說）

(interpreted) So thank you.

（解釋）所以謝謝你。

Thank you, Phil.

謝謝你，菲爾。

So we are first of all, we are very confident in our company's operations, and we have sufficient cash flows that Ming have mentioned previously.

所以我們首先對我們公司的營運非常有信心，我們有足夠的現金流，正如Ming之前提到的。

However, as the market is currently undergoing tremendous challenges and there are a lot of unforeseeable market dynamics happening the board is keeping a close eye on the current market conditions and see how it evolves as time goes.

然而，由於市場目前正面臨巨大的挑戰，並且發生了許多不可預見的市場動態，董事會正在密切關注當前的市場狀況，並了解其隨著時間的推移如何演變。

And we believe that we still want to maintain a very healthy balance sheet to survive in this market and to undergo the current conditions.

我們相信，我們仍然希望保持非常健康的資產負債表，以便在這個市場中生存並承受當前的狀況。

And that being said, we have we are still considering the share repurchase plan, but that will be contingent upon are the A-share dividend plan, which the A-share Board will discuss.

儘管如此，我們仍在考慮股票回購計劃，但這取決於A股股息計劃，A股董事會將討論該計劃。

And oppose they decide on the Asia dividend plan for 2023.

並反對他們決定2023年的亞洲股利計畫。

We believe that we award back to our investors about whether we'll release another share repurchase program or via other method to increase shareholder confidence like dividends.

我們相信，我們會回饋投資者，決定我們是否會發布另一次股票回購計劃，或透過股息等其他方式來增強股東信心。

Okay.

好的。

Thank you very much.

非常感謝。

I'll pass it on.

我會把它傳遞下去。

Okay.

好的。

Thanks.

謝謝。

Phil.

菲爾.

Alan Lau, Jefferies.

劉艾倫，杰弗里斯。

Thanks a lot for taking my question.

非常感謝您提出我的問題。

And actually the 4Q results is decent amid the challenging market situation.

事實上，在充滿挑戰的市場狀況下，第四季的業績還算不錯。

So a couple of questions.

有幾個問題。

So first of all, what is the CapEx plan for 2024?

首先，2024 年的資本支出計畫是什麼？

Hey, Alan.

嘿，艾倫。

This is Ming. so regarding the CapEx plan this year.

這是明。關於今年的資本支出計畫。

So you look at our ongoing CapEx projects price.

所以你看看我們正在進行的資本支出項目的價格。

So primarily this year will be for the Inner Mongolia Phase 2.

因此，今年主要是內蒙古第二階段。

That's where we're spending most of our CapEx as well as some of the remaining payments on the Inner Mongolia Phase 1.

這是我們大部分資本支出以及內蒙古第一期專案剩餘部分付款的地方。

And there is some small payments on the semiconductor project that's expected to start production this year and then our silicon metal projects in both Inner Mongolia, Inner Mongolia and Xinjiang.

今年投產的半導體項目以及我們在內蒙古、內蒙古和新疆的金屬矽項目預計都有一些小額付款。

So from that perspective, our current CapEx budget for the year is around and RMB8 billion to RMB9 billion for 2024 to implement the above projects, and we're expecting that.

所以從這個角度來看，我們目前2024年的資本支出預算約為80億元至90億元人民幣來實施上述項目，我們對此是有預期的。

So in terms of USD, roughly USD1.1 billion to USD1.3 billion and certainly the CapEx fully funded.

因此，以美元計算，大約為 11 億美元至 13 億美元，而且資本支出肯定是全額資助的。

Thanks a lot.

多謝。

So following the question from Phil, because some of the investors are also asking us to there's $200 million, we mainly are from $700 million buyback program last week.

因此，根據菲爾的問題，因為一些投資者也要求我們提供 2 億美元，所以我們主要來自上週的 7 億美元回購計畫。

So this amount of cash is sitting offshore ready and it's not contingent on any of the distribution from A-share level?

那麼這筆現金已經在海外準備好了，並且不依賴A股層級的任何分配？

So is there any preliminary plans like if dividend, this is open for consideration because some of the key is some of the ADRs have also announced a dividend payout, which has resulted in the good reaction from market.

那麼有沒有一些初步的計劃，例如是否派息，這個可以考慮，因為其中一些關鍵是一些ADR也宣布了派息，這引起了市場的良好反應。

(spoken in foreign language)

（用外語說）

(interpreted) Regarding the $200 million remaining of our $700 million share repurchase program announced like Mr. Xu has mentioned previously that will be discussed after the A-share dividend plan is set in stone, and we will definitely consider whether to give us dividends or to roll out another share repurchase.

（解讀）關於我們先前宣布的7億美元股票回購計劃中剩下的2億美元，就像徐先生之前提到的，將在A股股息計劃確定後討論，我們一定會考慮是否給我們股息或推出另一次股票回購。

We believe that we will definitely consider the plan to increase confidence in our company and our management team.

我們相信，我們一定會考慮該計劃，以增強對我們公司和管理團隊的信心。

This is Xu, as also a Board Member in [Zhonghuan] mentioned on Daqo and the payout ratio for 2023 has still not decided yet as they have not convinced to have the Board meeting for the A-share.

我是徐，也是大全提到的【中環】董事會成員，2023年的股利比例還沒決定，因為他們還沒說服A股召開董事會。

And given that we cannot say for sure on what program we are going to roll out, or what the amounts will be, but we hope that our investors could understand and one thus in Zhonghuan Daqo announces, their dividend plan for the year, we will announce at the same time and our Board will discuss around this topic

鑑於我們不能確定我們將推出什麼計劃，或者金額是多少，但我們希望我們的投資者能夠理解，因此中環大全宣布了他們今年的股息計劃，我們將同時宣布，我們的董事會將圍繞該主題進行討論

Yeah, I've got this right clear.

是的，我已經說得很清楚了。

So switching gears to some of the technical questions.

因此，我們轉向一些技術問題。

Since recently, there's some trial in the downstream players in regard to cauliflower type anti-poly.

近期以來，下游廠商對於菜花型反聚有所嘗試。

So I wonder if that may help to be our shortage in N-type poly oral and also our new players are able to achieve on that type of purity even for the cauliflower type poly?

所以我想知道這是否有助於解決我們 N 型聚口服的短缺問題，而我們的新玩家即使對於花椰菜型聚也能夠達到這種純度？

Thanks.

謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) So we have been talking with our downstream players like PCL last year, very fervently are based on our understanding.

（解釋）所以我們去年一直在和PCL這樣的下游廠商進行非常熱烈的交談，這是基於我們的理解。

There's still it's still very difficult to produce on time with other, let's say, cauliflower on high poly, there's still a very high barrier to tackle and we are keeping an eye on the new technology.

仍然很難按時生產其他產品，比如說高聚花椰菜，仍然有一個非常高的障礙需要解決，我們正在密切關注新技術。

But based on our understanding there's still a huge step toward making untied with cauliflower poly

但根據我們的理解，用花椰菜聚來解開束縛仍然是一個巨大的進步

Thank you.

謝謝。

That's very clear.

這非常清楚。

And my last question is in regard to the power tariffs, because I think quite a lot of investors have inquired the power tariff hike in

我的最後一個問題是關於電價的問題，因為我想很多投資者都問今年電價的上漲情況。

[Sichuan].

[四川].

And actually, that's a general situation in China.

事實上，這也是中國的普遍情況。

The power prices have been increasing, so I would like to know in relation to our deal in India and also our power prices in the Mongolia were our view on that, and we'll defer to will there be risk of further power tariff hike and will that lead to increasing production costs?

電價一直在上漲，所以我想知道我們在印度的交易以及我們在蒙古的電價是我們對此的看法，我們將推遲是否存在進一步電價上漲的風險以及這會導致生產成本增加嗎？

Thanks.

謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) We are aware of the electricity cost increases in China are harder because the Chinese State grid and the local government had limited power on the electricity costs.

（解讀）我們知道中國的電費上漲比較困難，因為中國國家電網和地方政府對電費的控制有限。

And based on our information the increase in electricity costs will increase production costs for players located in that region, up by RMB7,000.

根據我們的訊息，電費上漲將使該地區企業的生產成本增加7,000元。

However for -- per ton.

然而對於——每噸。

Yes RMB7,000 per tonne.

是的，每噸7000元人民幣。

So fiber for us, actually, John, it uses local grid and we signed an exclusive supply agreement with the government.

所以對我們來說，光纖實際上，約翰，它使用當地電網，我們與政府簽署了獨家供應協議。

We are not very worried about electricity cost.

我們不太擔心電費。

Similarly, for Inner Mongolia, they rely on local grid as well.

同樣，對內蒙古來說，他們也依賴當地電網。

Actually, the primary reason why we chose these two locations at the first place was because they use local grid.

實際上，我們首先選擇這兩個地點的主要原因是因為它們使用本地電網。

So we can enjoy the preferential electricity agreement and the lower electricity cost.

這樣我們就可以享受優惠的用電協議和更低的電費。

Thanks a lot, Mr. Xu, Anita and Ming.

非常感謝徐先生、Anita 和 Ming。

Wery clear answer, I'll pass it on thanks.

答案很明確，我會轉告的，謝謝。

Thank you, Alan.

謝謝你，艾倫。

Thank you.

謝謝。

The next question comes from [Andrew Carpet] with private investor.

下一個問題來自[Andrew Carpet]和私人投資者。

So alone from So my question is when is exactly the Xinjiang A-type dividend declared?

那我的問題是，新疆A型股利到底什麼時候宣派？

Like what month this year?

例如今年幾月？

Is it may, is it April, July?

是五月還是四月、七月？

This is my first question.

這是我的第一個問題。

(spoken in foreign language)

（用外語說）

(interpreted) So based on the Asia regulation and disclosure requirements, we expect to announce some time near the end of March and after, as we have said previously, after the Asia Xinjiang Daqo announces their dividend plan for the year, we will discuss among our Board, again, whether to roll out another share repurchase program or to distribute dividend.

（解讀）所以根據亞洲的監管和披露要求，我們預計會在3月底左右的某個時間公佈，就像我們之前說過的，在亞洲新疆大全公佈了今年的分紅計劃之後，我們會和大家討論一下。我們的董事會再次決定是否推出另一項股票回購計畫或分配股利。

So like in March, April, we should hear also from the Daqo New York Stock Exchange listed company a response on the dividend or the extended buyback or special dividend from the cash balance or something like that?

那麼就像3月、4月一樣，我們是否也應該聽到大全紐約證券交易所上市公司對股利或延長回購或現金餘額特別股利或類似的回應？

So April, let's say April start to mid-April.

所以四月，假設四月開始到四月中旬。

Yeah, that will be the likely timeline after Asia down their dividend level.

是的，這可能是亞洲降低股息水準後的時間表。

Okay.

好的。

Thank you very much.

非常感謝。

Also, I wanted to congratulate you for the increasing production.

另外，我想祝賀你們產量的增加。

I think it was 50%, 60%, I remember and also the guidance, very great well, whilst also decreasing the cost.

我記得是 50%、60%，還有指導，非常好，同時也降低了成本。

So very great result.

所以結果非常好。

My last question is on for 2025 CapEx investments are there any how much would CapEx be in 2025?

我的最後一個問題是關於 2025 年資本支出投資，2025 年資本支出是多少？

So in 2024, we have RMB8 billion to RMB9 billion.

所以到2024年，我們有80億到90億人民幣。

So $1.1 billion or $1.2 billion whatever.

所以 11 億美元或 12 億美元無論如何。

So what would be 2025?

那麼2025年會是什麼樣子呢？

Would you expect to be increased CapEx to have huge products late this year or lower CapEx $500 million downwards?

您是否希望在今年稍後增加資本支出以推出大型產品，或將資本支出降低 5 億美元？

Okay.

好的。

So also those main.

那些主要的也是如此。

So I will address the CapEx issue to one, the unknown incidences.

因此，我將針對一個未知事件來解決資本支出問題。

So I think 2025 CapEx, this will be mostly the remaining payments on the Inner Mongolia Phase 2 and then some of the many payments on our silicon metal project, the current estimate is roughly three to RMB4 billion.

所以我認為2025年的資本支出，這將主要是內蒙古二期的剩餘付款，然後是我們金屬矽項目的眾多付款中的一部分，目前的估計約為3至40億元。

So I think that's maybe USD400 million to USD600 million?

所以我認為這可能是 4 億到 6 億美元？

Yes.

是的。

Yes.

是的。

So Ming.

故明。

And considering this, so at the end of 2024, because you build your training at a quick ratio of 5 or 4.5. I don't know if it decreased a bit because your some of your cash that's a huge quick ratio you never had a quick ratio is high.

考慮到這一點，所以在 2024 年底，因為您以 5 或 4.5 的速動比率進行訓練。我不知道它是否減少了一點，因為你的一些現金是一個巨大的速動比率，你從未有過速動比率很高。

So my question is, after this $1.1 billion in CapEx in 2024, would the cash decrease, let's say we're staying at current prices or at your current forecast, polysilicon will not increase either at 50% or something.

所以我的問題是，在 2024 年資本支出達到 11 億美元之後，現金是否會減少，假設我們保持當前價格或按照您當前的預測，多晶矽不會增加 50% 或其他水平。

So bad because the current prices, how much would cash equivalent and equivalents decreased this year to $2.5 billion.

如此糟糕，因為目前的價格，現金等價物和等價物今年會減少到 25 億美元。

So now they're $3 billion, right to $2.5 billion or $2.1 billion.

現在是 30 億美元，甚至是 25 億美元或 21 億美元。

And after of the $1.1 billion in CapEx this year.

繼今年 11 億美元的資本支出之後。

Yeah, there's going to be a really rough almost a mechanism, very much subject to your pricing any of the year leading us to move operating leases and cash flow should be in the range of maybe four to of RMB4 billion to RMB4.5 billion, something above par.

是的，將會有一個非常粗略的機制，很大程度上取決於您在任何一年中的定價，導致我們轉移經營租賃，現金流應該在大約四到四十億到四十五億人民幣的範圍內，高於標準桿的東西。

So we should be close to say RMB2.51 billion a US dollar actually USD2.5 billion in cash, something on that range.

因此，我們應該可以說 25.1 億人民幣兌 1 美元實際上是 25 億美元現金，在這個範圍內。

Okay.

好的。

Okay.

好的。

And considering the discount from Shanghai listed Daqo, which we own 72.45% if I remember, 73%,

考慮到上海上市大全的折扣，如果我記得的話，我們擁有 72.45％，73％，

Yes, that's correct.

對，那是正確的。

You're repurchasing, did you continue it in Q1?

您正在回購，第一季繼續回購嗎？

Like I know we are in February 28, so 60 days past.

據我所知，現在是 2 月 28 日，已經過去 60 天了。

Did you repurchase any shares in the current Daqo prices.

您是否以目前大全的價格回購了任何股票？

So that's $21, $24 today.

所以今天是 21 美元、24 美元。

For the US share?

為了美國的份額？

For Q1, yes, US share.

對於第一季度，是的，美國份額。

Did you repurchase.

回購了嗎。

So our repurchase program ended at the end of last year, end of 2023.

所以我們的回購計畫在去年年底、2023年底就結束了。

So we don't have a repurchase plan right now, but I think the Board is considering a repurchase plan for the full year.

所以我們現在沒有回購計劃，但我認為董事會正在考慮全年的回購計劃。

So that's why we would want to see what the dividend looks like from Xinjiang Daqo.

所以這就是為什麼我們想看看新疆大全的股利是什麼樣的。

So once that comes out

所以一旦出來

--

--

I throught you had 20% left or 30% left out of the first of the $700 billion.

我認為這 7,000 億美元中的第一筆還剩下 20% 或 30%。

I throught you had $200 billion as the other the first analyst said?

我記得你像第一位分析師所說的擁有 2000 億美元嗎？

Yes.

是的。

Regarding the share repurchase plan, while I was announced in November in 2022, the expiration date of this program is until the December 31, 2023?

關於股票回購計劃，雖然我是在2022年11月宣布的，但是這個計劃的到期日是到2023年12月31日？

Yes

是的

So that means because of the date, of the program ended in 2023.

這意味著該計劃將於 2023 年結束。

And as we have completed the plan for the $700 million shares replace program.

我們已經完成了 7 億美元的股票置換計畫。

Can repeat again, you have completed.

可以再重複一遍，你已經完成了。

Before the program expires by the end of 2023.

該計劃將於 2023 年底到期。

We have completed our summer of roughly 70% of the entire program.

我們已經完成了整個暑期計畫的大約 70%。

Okay, and I think just so investors know, I think this was due to not being able to buy more at current prices because you are limited like you can buy only 25% of the volume on your sufficient.

好吧，我想投資者知道，我認為這是因為無法以當前價格購買更多，因為你的數量有限，例如你只能購買足夠數量的 25%。

I think you could have had that you stock exchange, I think.

我認為你可以擁有股票交易所。

You couldn't have bought more, right?

你不可能買更多，對吧？

Yes, primarily.

是的，主要是。

Okay.

好的。

Last question let's actually recommendation would be if you could do a special dividend or a dividend yield or maybe it will attract investors.

最後一個問題，我們實際上的建議是，您是否可以派發特別股息或股息收益率，或者也許它會吸引投資者。

I think Daqo very underpriced considering you have net debt zero and you own the Shanghai listed shares as a dividend.

考慮到你的淨債務為零，並且你擁有上海上市股票作為股息，我認為大全的價格非常低估。

The big dividend with a big yield like 10%, 20% special dividend or a normal dividend I think it would attract investors, yes, does addressing Okay.

像10%、20%的特別股息或普通股息這樣的大股息和高收益率我認為這會吸引投資者，是的，確實可以解決。

After what was recent from the Shanghai.

最近從上海回來之後。

Okay.

好的。

And that's well notice.

這是很值得注意的。

We'll share that with our Board as well.

我們也將與董事會分享這一點。

Yes, okay.

是的，好的。

Because you're trading at 0.3 price-to-book, so and you're increasing revenue by 40%, 50%, actually volume.

因為你的本益比是 0.3，所以你的收入增加了 40%、50%，實際上是成交量。

So you should issue a big dividend to attract investors.

所以你應該派發大額股息來吸引投資人。

Thank you very much and have a wonderful year and continue doing what you do.

非常感謝您，祝您度過美好的一年，並繼續做您所做的事情。

Great.

偉大的。

Thank you so much.

太感謝了。

Thank you for your interest in the company.

感謝您對公司的興趣。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference over back to Ms. Anita Zhu for any closing remarks.

我想將會議轉回朱女士做閉幕致詞。

Thank you, everyone again, for participating in today's conference call.

再次感謝大家參加今天的電話會議。

Should you have any further questions, please do not hesitate to contact.

如果您還有任何疑問，請隨時與我們聯繫。

Thank you and I have an awesome day.

謝謝你，我度過了愉快的一天。

Good night.

晚安。

Good night.

晚安。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。

The interpreter was provided by the company sponsoring this event.

口譯員由贊助本次活動的公司提供。