Xinjiang Daqo New Energy Co., Ltd. (688303.SH) is a leading domestic enterprise engaged in the research, development, and production of high-purity polycrystalline silicon, positioned as “a provider of fundamental green energy materials” and specializing in the core upstream segment of the photovoltaic (PV) industrial chain. The Company’s primary business encompasses the R&D, production, and sales of solar-grade and semiconductor-grade polycrystalline silicon. Its products are widely applied in monocrystalline silicon wafer fabrication and the manufacturing of high-efficiency PV cells such as N-type TOPCon and HJT. In 2023, N-type silicon material shipments accounted for 72% of total shipments; concentrations of key impurities—including boron, phosphorus, and carbon—were stably controlled at ≤0.3 ppbw, fully satisfying mass-production requirements of mainstream N-type cells. The Company masters a fully closed-loop process system covering cold hydrogenation, distillation, reduction, and tail-gas recovery; it has independently achieved breakthroughs in critical technologies, including ultra-low-energy large-scale reduction furnace design, high-purity electronic-grade impurity control, and purification technology compatible with granular silicon. As of the end of 2023, the Company held a cumulative total of 297 authorized patents (including 112 invention patents) and either led or participated in formulating six national and industry standards. Regarding certifications, the Company has obtained ISO 9001, ISO 14001, and ISO 45001 management system certifications; holds a Work Safety Production License and a Pollutant Discharge Permit; and has been included in the Ministry of Industry and Information Technology’s (MIIT) “Announcement of Enterprises Complying with the Photovoltaic Manufacturing Industry Normative Conditions” and designated as a national-level green factory. Production bases span Shihezi, Xinjiang (Phases I–III) and Baotou, Inner Mongolia (commissioned in 2023). The Baotou base employs an advanced low-energy modified Siemens process coupled with intelligent control systems, with a designed annual capacity of 100,000 metric tons and a comprehensive electricity consumption lower than 58 kWh/kg. In 2023, the Company’s polycrystalline silicon output totaled approximately 152,000 metric tons, representing roughly 11.3% of global market share. Major customers include Tongwei Co., Ltd., LONGi Green Energy Technology Co., Ltd., JinkoSolar Co., Ltd., Trina Solar Co., Ltd., and TCL Zhonghuan Renewable Energy Technology Co., Ltd. Currently, the Company’s business is concentrated in the mainland China market; its products have been exported to South Korea, Vietnam, Malaysia, and other countries/regions, serving PV manufacturing enterprises, cell and module manufacturers, and new-materials R&D institutions. Collaborative opportunities include silicon feedstock supply, joint technology development, N-type compatibility verification, and low-carbon manufacturing solutions.