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Previsión del GBP: Cómo los vientos políticos y la política del Banco de Inglaterra dan forma al camino crítico de la libra
bitcoinworldhace 43d

Previsión del GBP: Cómo los vientos políticos y la política del Banco de Inglaterra dan forma al camino crítico de la libra

Pronóstico BitcoinWorldGBP: Cómo los vientos políticos y la política del Banco de Inglaterra dan forma al camino crítico de la libra LONDRES, abril de 2025 – La libra esterlina británica (GBP) navega por un panorama financiero complejo, donde los acontecimientos políticos internos y la postura de política monetaria del Banco de Inglaterra (BoE) sirven como guías principales. Según un análisis reciente de Mitsubishi UFJ Financial Group (MUFG), una de las instituciones financieras más grandes del mundo, estas dos fuerzas crean un [...] Esta publicación Pronóstico del GBP: cómo los vientos políticos y la política del Banco de Inglaterra dan forma al camino crítico de la libra apareció por primera vez en BitcoinWorld.

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en_prnasisahace 43d

Vipshop informa resultados financieros no auditados del cuarto trimestre y del año completo 2025

Conference Call to Be Held at 7:00 A.M. U.S. Eastern Time on February 26, 2026 GUANGZHOU, China, Feb. 26, 2026 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced its unaudited financial results for the quarter and full year ended December 31, 2025. Fourth Quarter and Full Year 2025 Highlights Total net revenues for the fourth quarter of 2025 were RMB32.5 billion (US$4.6 billion), compared with RMB33.2 billion in the prior year period. Total net revenues for the full year of 2025 were RMB105.9 billion (US$15.1 billion), compared with RMB108.4 billion in the prior year. GMV[1] for the fourth quarter of 2025 increased by 0.6% year over year to RMB66.6 billion from RMB66.2 billion in the prior year period. GMV for the full year of 2025 increased by 2.0% year over year to RMB213.5 billion from RMB209.3 billion in the prior year. Gross profit for the fourth quarter of 2025 was RMB7.4 billion (US$1.1 billion), compared with RMB7.6 billion in the prior year period. Gross profit for the full year of 2025 was RMB24.5 billion (US$3.5 billion), compared with RMB25.5 billion in the prior year. Net income attributable to Vipshop's shareholders for the fourth quarter of 2025 increased by 5.8% year over year to RMB2.6 billion (US$370.3 million) from RMB2.4 billion in the prior year period. Net income attributable to Vipshop's shareholders for the full year of 2025 was RMB7.2 billion (US$1.0 billion), compared with RMB7.7 billion in the prior year. Non-GAAP net income attributable to Vipshop's shareholders[2] for the fourth quarter of 2025 was RMB2.9 billion (US$408.7 million), compared with RMB3.0 billion in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders for the full year of 2025 was RMB8.7 billion (US$1.3 billion), compared with RMB9.0 billion in the prior year. The number of active customers[3] for the fourth quarter of 2025 was 45.3 million, compared with 45.7 million in the prior year period. The number of active customers for the full year of 2025 was 84.8 million, compared with 84.7 million in the prior year. Total orders[4] for the fourth quarter of 2025 were 206.0 million, compared with 217.5 million in the prior year period. Total orders for the full year of 2025 were 732.4 million, compared with 757.5 million in the prior year. Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "In 2025, we navigated a dynamic landscape by focusing on strategic realignment and ensuring operational resilience, which lays a strong foundation for long-term quality growth. Throughout the year, leveraging the agility inherent in our off-price retailer model, we enhanced our merchandising capabilities while deepening customer engagement and loyalty. Notably, AI-driven enhancements delivered greater operational efficiency while enabling a more engaging customer experience. Building on this, we are now dedicated to strengthening our growth flywheel by sharpening our excellence across merchandising, customer engagement and operations, while embedding AI deeper into our core operations. We expect this to drive sustainable and profitable growth in 2026 and beyond." Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, "We concluded 2025 with stable topline performance and robust profitability, demonstrating clear financial resilience. This provides the flexibility to both reinvest strategically in the business and return meaningful capital to shareholders, as evidenced by the US$944.1 million returned in 2025 through dividends and share repurchases. Looking ahead, we are steadily rebuilding business momentum with continued focus on quality growth and disciplined investment. This positions us confidently for sustained growth and value creation in the future." Fourth Quarter 2025 Financial Results REVENUES Total net revenues for the fourth quarter of 2025 were RMB32.5 billion (US$4.6 billion), compared with RMB33.2 billion in the prior year period. GROSS PROFIT Gross profit for the fourth quarter of 2025 was RMB7.4 billion (US$1.1 billion), compared with RMB7.6 billion in the prior year period. Gross margin for the fourth quarter of 2025 was 22.9%, compared with 23.0% in the prior year period. OPERATING EXPENSES Total operating expenses for the fourth quarter of 2025 decreased by 3.7% year over year to RMB4.9 billion (US$697.7 million) from RMB5.1 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2025 decreased to 15.0% from 15.2% in the prior year period. Fulfillment expenses for the fourth quarter of 2025 decreased by 1.0% year over year to RMB2.4 billion (US$348.6 million) from RMB2.5 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the fourth quarter of 2025 were 7.5%, compared with 7.4% in the prior year period. Marketing expenses for the fourth quarter of 2025 decreased by 6.1% year over year to RMB873.7 million (US$124.9 million) from RMB930.3 million in the prior year period. As a percentage of total net revenues, marketing expenses for the fourth quarter of 2025 decreased to 2.7% from 2.8% in the prior year period. Technology and content expenses for the fourth quarter of 2025 decreased by 9.3% year over year to RMB425.5 million (US$60.8 million) from RMB469.2 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the fourth quarter of 2025 decreased to 1.3% from 1.4% in the prior year period. General and administrative expenses for the fourth quarter of 2025 decreased by 5.2% year over year to RMB1.1 billion (US$163.4 million) from RMB1.2 billion in the prior year period. As a percentage of total net revenues, general and administrative expenses for the fourth quarter of 2025 decreased to 3.5% from 3.6% in the prior year period. INCOME FROM OPERATIONS Income from operations for the fourth quarter of 2025 increased by 1.7% year over year to RMB2.90 billion (US$414.5 million) from RMB2.85 billion in the prior year period. Operating margin for the fourth quarter of 2025 increased to 8.9% from 8.6% in the prior year period. Non-GAAP income from operations[5] for the fourth quarter of 2025, which excluded share-based compensation expenses, was RMB3.2 billion (US$462.6 million), compared with RMB3.4 billion in the prior year period. Non-GAAP operating margin[6] for the fourth quarter of 2025 was 10.0%, compared with 10.2% in the prior year period. NET INCOME Net income attributable to Vipshop's shareholders for the fourth quarter of 2025 increased by 5.8% year over year to RMB2.6 billion (US$370.3 million) from RMB2.4 billion in the prior year period. Net margin attributable to Vipshop's shareholders for the fourth quarter of 2025 increased to 8.0% from 7.4% in the prior year period. Net income attributable to Vipshop's shareholders per diluted ADS[7] for the fourth quarter of 2025 increased to RMB5.12 (US$0.73) from RMB4.69 in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders for the fourth quarter of 2025, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, was RMB2.9 billion (US$408.7 million), compared with RMB3.0 billion in the prior year period. Non-GAAP net margin attributable to Vipshop's shareholders[8] for the fourth quarter of 2025 was 8.8%, compared with 9.0% in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS[9] for the fourth quarter of 2025 was RMB5.66 (US$0.81), compared with RMB5.70 in the prior year period. For the quarter ended December 31, 2025, the Company's weighted average number of ADSs used in computing diluted income per ADS was 505,342,970. BALANCE SHEET AND CASH FLOW As of December 31, 2025, the Company had cash and cash equivalents and restricted cash of RMB24.1 billion (US$3.4 billion) and short term investments of RMB5.8 billion (US$826.1 million). For the quarter ended December 31, 2025, net cash generated from operating activities was RMB5.5 billion (US$781.9 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows: For the three months ended Dec 31, 2024 RMB'000 Dec 31, 2025 RMB'000 Dec 31, 2025 US$'000 Net cash generated from operating activities 8,893,726 5,467,910 781,901 Reconciling items: Net impact from internet financing activities[11] 107,166 9,784 1,399 Capital expenditures (588,841) (497,006) (71,071) Free cash inflow 8,412,051 4,980,688 712,229 Full Year 2025 Financial Results Total net revenues for the full year of 2025 were RMB105.9 billion (US$15.1 billion), compared with RMB108.4 billion in the prior year. Gross profit for the full year of 2025 was RMB24.5 billion (US$3.5 billion), compared with RMB25.5 billion in the prior year. Gross margin for the full year of 2025 was 23.1%, compared with 23.5% in the prior year. Income from operations for the full year of 2025 was RMB8.1 billion (US$1.2 billion), compared with RMB9.2 billion in the prior year. Operating margin for the full year was 7.7%, compared with 8.5% in the prior year. Non-GAAP income from operations for the full year of 2025, which excluded share-based compensation expenses, was RMB9.9 billion (US$1.4 billion), compared with RMB10.7 billion in the prior year. Non-GAAP operating margin for the full year of 2025 was 9.3%, compared with 9.9% in the prior year. Net income attributable to Vipshop's shareholders for the full year of 2025 was RMB7.2 billion (US$1.0 billion), compared with RMB7.7 billion in the prior year. Net margin attributable to Vipshop's shareholders for the full year of 2025 was 6.8%, compared with 7.1% in the prior year. Net income attributable to Vipshop's shareholders per diluted ADS for the full year of 2025 was RMB14.15 (US$2.02), compared with RMB14.35 in the prior year. Non-GAAP net income attributable to Vipshop's shareholders for the full year of 2025, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, was RMB8.7 billion (US$1.3 billion), compared with RMB9.0 billion in the prior year. Non-GAAP net margin attributable to Vipshop's shareholders for the full year of 2025 was 8.3%, which remained stable as compared with that in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS for the full year of 2025 increased to RMB17.08 (US$2.44), compared with RMB16.75 in the prior year. For the full year of 2025, the Company's weighted average number of ADSs used in computing diluted earnings per ADS was 511,919,450. For the full year of 2025, net cash generated from operating activities was RMB7.5 billion (US$1.1 billion), and free cash flow, a non-GAAP measurement of liquidity, was as follows: For the trailing twelve months ended Dec 31, 2024 RMB'000 Dec 31, 2025 RMB'000 Dec 31, 2025 US$'000 Net cash generated from operating activities 9,128,983 7,454,245 1,065,943 Reconciling items: Net impact from internet financing activities 55,593 (35,074) (5,016) Capital expenditures (3,562,586) (2,066,537) (295,511) Free cash inflow 5,621,990 5,352,634 765,416 Share Repurchase Program During the quarter ended December 31, 2025, the Company repurchased US$305.4 million of its ADSs under its current US$1.0 billion share repurchase program, which is effective through February 2027. As of December 31, 2025, the Company had an unutilized amount of US$316.0 million under this program. Declaration of 2025 Dividend The Company's board of directors has approved and declared an annual cash dividend for fiscal year 2025 in the amount of US$3.10 per ordinary share, or US$0.62 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 10, 2026. The payment date is expected to be on April 24, 2026. Holders of the Company's ADSs will receive the cash dividends through the depositary, Deutsche Bank Trust Company Americas, subject to the terms of the deposit agreement. Business Outlook For the first quarter of 2026, the Company expects its total net revenues to be between RMB26.3 billion and RMB27.6 billion, representing a year-over-year increase of approximately 0% to 5%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which is subject to change. Exchange Rate The Company's business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency translations of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the effective noon buying rate on December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 31, 2025 or at any other rate. Conference Call Information The Company will hold a conference call on Thursday, February 26, 2026 at 7:00 am U.S. Eastern Time, 8:00 pm Beijing Time to discuss the financial results. All participants wishing to join the conference call must pre-register online using the link provided below. Registration Link:https://register-conf.media-server.com/register/BId8a721cb0cc8420cab7858dc569d1e68 Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code. A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/iotntvhn/. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com. About Vipshop Holdings Limited Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop's strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Vipshop's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop's goals and strategies; Vipshop's future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop's ability to attract customers and brand partners and further enhance its brand recognition; Vipshop's expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Use of Non-GAAP Financial Measures The condensed consolidated financial information is derived from the Company's unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that comparative consolidated statements of income and cash flows for the period presented and the detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting ("ASC270") have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop's shareholders, non-GAAP net income attributable to Vipshop's shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop's shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop's shareholders is net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop's shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop's shareholders is non-GAAP net income attributable to Vipshop's shareholders as a percentage of total net revenues. Free cash flow is net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure, technology platform, and Shan Shan Outlets. Share-based compensation expenses have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results" at the end of this release. Investor Relations Contact Tel: +86 (20) 2233-0732Email: IR@vipshop.com [1] "Gross merchandise value (GMV)" is defined as the total value of all products and services sold through the Company's online channels, Shan Shan Outlets, and other offline stores during the given period, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party platforms, Shan Shan Outlets, and other offline stores, which were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the orders were placed and canceled pre-shipment and only included orders that left the Company's or other third-party vendors' warehouses. [2] Non-GAAP net income attributable to Vipshop's shareholders is a non-GAAP financial measure, which, for the periods presented in this press release, is defined as net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. [3] "Active customers" is defined as registered members who have purchased from the Company's Vipshop mobile app, vip.com website and Vipshop WeChat Mini-Program at least once during the relevant period. [4] "Total orders" is defined as the total number of orders placed during the given period, including the orders for products and services sold through the Company's online channels, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party platforms (excluding, for the avoidance of doubt, orders from the Company's offline stores and outlets), net of orders returned. [5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses. [6] Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues. [7] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share. [8] Non-GAAP net margin attributable to Vipshop's shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, as a percentage of total net revenues. [9] Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS. [10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. [11] Net impact from internet financing activities represents net cash flow relating to the Company's financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers. Vipshop Holdings Limited Unaudited Condensed Consolidated Statements of Income and Comprehensive Income (In thousands, except for share and per share data) Three Months Ended Twelve Months Ended December 31,2024 December 31,2025 December 31,2025 December 31,2024 December 31,2025 December 31,2025 RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000 Product revenues 30,889,540 29,945,173 4,282,103 100,734,550 97,398,826 13,927,847 Other revenues (1) 2,334,302 2,528,606 361,586 7,686,282 8,520,720 1,218,447 Total net revenues 33,223,842 32,473,779 4,643,689 108,420,832 105,919,546 15,146,294 Cost of revenues (25,596,304) (25,029,580) (3,579,182) (82,951,178) (81,429,230) (11,644,225) Gross profit 7,627,538 7,444,199 1,064,507 25,469,654 24,490,316 3,502,069 Operating expenses: Fulfillment expenses (2) (2,460,984) (2,437,532) (348,562) (8,346,864) (8,291,670) (1,185,693) Marketing expenses (930,293) (873,714) (124,939) (2,979,654) (2,988,995) (427,421) Technology and content expenses (469,223) (425,462) (60,840) (1,892,434) (1,755,123) (250,979) General and administrative expenses (1,205,101) (1,142,656) (163,398) (3,992,657) (4,374,425) (625,534) Total operating expenses (5,065,601) (4,879,364) (697,739) (17,211,609) (17,410,213) (2,489,627) Other operating income 289,291 334,011 47,763 915,208 1,055,843 150,984 Income from operations 2,851,228 2,898,846 414,531 9,173,253 8,135,946 1,163,426 Investment gain and revaluation of investments 72,649 23,155 3,311 148,170 144,723 20,695 Impairment loss of investments (3,000) - - (61,246) (15,450) (2,209) Interest expense (17,560) (29,882) (4,273) (57,676) (90,037) (12,875) Interest income 227,427 191,864 27,436 809,792 801,587 114,625 Exchange gain (loss) 138,633 (17,132) (2,450) (24,813) (62,086) (8,878) Income before income tax expense and share of income of equity method investees 3,269,377 3,066,851 438,555 9,987,480 8,914,683 1,274,784 Income tax expenses (816,363) (583,042) (83,374) (2,315,515) (1,798,963) (257,248) Share of income of equity method investees 32,799 167,582 23,964 166,980 293,919 42,030 Net income 2,485,813 2,651,391 379,145 7,838,945 7,409,639 1,059,566 Net income attributable to non-controlling interests (39,134) (62,172) (8,890) (99,010) (167,149) (23,902) Net income attributable to Vipshop's shareholders 2,446,679 2,589,219 370,255 7,739,935 7,242,490 1,035,664 Shares used in calculating earnings per share (3): Weighted average number of Class A and Class B ordinary shares: —Basic 102,688,899 97,833,086 97,833,086 106,074,914 100,072,178 100,072,178 —Diluted 104,300,280 101,068,594 101,068,594 107,855,806 102,383,890 102,383,890 Net earnings per Class A and Class B ordinary share Net income attributable to Vipshop's shareholders——Basic 23.83 26.47 3.79 72.97 72.37 10.35 Net income attributable to Vipshop's shareholders——Diluted 23.46 25.62 3.66 71.76 70.74 10.12 Net earnings per ADS (1 ordinary share equals to 5 ADSs) Net income attributable to Vipshop's shareholders——Basic 4.77 5.29 0.76 14.59 14.47 2.07 Net income attributable to Vipshop's shareholders——Diluted 4.69 5.12 0.73 14.35 14.15 2.02 (1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan ShanOutlets ,fees charged to third-party merchants which the Company provides platform access for sales of their products, revenue from third-party logistics services, loan facilitation service income and membership fee income. (1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan Shan Outlets ,fees charged to third-party merchants which the Company provides platform access for sales of their products, revenue from third-party logistics services, loan facilitation service income and membership fee income. (2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.8 billion and RMB 1.7 billion in the three month periods ended December 31,2024 and December 31,2025, respectively. (2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 5.9 billion and RMB 5.8 billion in the twelve month periods ended December 31,2024 and December 31,2025, respectively. (3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder vote. (3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder vote. Three Months Ended Twelve Months Ended December 31,2024 December 31,2025 December 31,2025 December 31,2024 December 31,2025 December 31,2025 RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000 Share-based compensation expenses are included in the operating expenses as follows: Fulfillment expenses 22,747 15,862 2,268 84,079 68,092 9,737 Marketing expenses 8,295 12,332 1,763 31,215 52,074 7,446 Technology and content expenses 97,919 73,189 10,466 382,308 309,364 44,238 General and administrative expenses 410,126 234,871 33,586 1,040,138 1,301,533 186,117 Total 539,087 336,254 48,083 1,537,740 1,731,063 247,538 Vipshop Holdings Limited Unaudited Condensed Consolidated Balance Sheets (In thousands, except for share and per share data) December 31,2024 December 31,2025 December 31,2025 RMB'000 RMB'000 USD'000 ASSETS CURRENT ASSETS Cash and cash equivalents 26,352,161 22,990,435 3,287,588 Restricted cash 602,342 1,132,729 161,978 Short term investments 1,872,756 5,777,222 826,132 Accounts receivable, net 915,158 889,220 127,157 Amounts due from related parties,net 548,145 762,781 109,076 Other receivables and prepayments,net 2,473,050 2,860,301 409,018 Loan receivables,net 6,878 9,166 1,311 Inventories 5,032,069 5,153,413 736,928 Total current assets 37,802,559 39,575,267 5,659,188 NON-CURRENT ASSETS Property and equipment, net 18,292,771 18,311,533 2,618,514 Deposits for property and equipment 164,955 6,420 918 Land use rights, net 10,686,400 10,426,682 1,490,996 Intangible assets, net 327,844 324,067 46,341 Investment in equity method investees 2,002,043 3,136,784 448,554 Other investments 3,355,489 4,800,356 686,442 Other long-term assets 434,206 351,085 50,204 Goodwill 755,213 755,213 107,994 Deferred tax assets, net 681,029 757,113 108,266 Operating lease right-of-use assets 433,617 398,798 57,027 Total non-current assets 37,133,567 39,268,051 5,615,256 TOTAL ASSETS 74,936,126 78,843,318 11,274,444 LIABILITIES AND EQUITY CURRENT LIABILITIES Short term loans 2,399,629 5,844,620 835,770 Accounts payable 15,190,560 12,536,639 1,792,716 Advance from customers 2,035,184 1,890,586 270,350 Accrued expenses and other current liabilities 9,663,421 9,941,146 1,421,565 Amounts due to related parties 104,187 101,782 14,555 Deferred income 476,796 520,853 74,481 Operating lease liabilities 57,224 47,458 6,786 Total current liabilities 29,927,001 30,883,084 4,416,223 NON-CURRENT LIABILITIES Deferred tax liability 783,863 707,322 101,146 Deferred income-non current 2,084,038 2,252,797 322,146 Operating lease liabilities 591,995 556,951 79,643 Total non-current liabilities 3,459,896 3,517,070 502,935 TOTAL LIABILITIES 33,386,897 34,400,154 4,919,158 EQUITY: Total shareholders' equity (US$0.0001 par value, 500 million shares authorized, 110 million shares issued, and 95.8 million shares outstanding as of December 31, 2025) (4) 39,968,813 41,004,749 5,863,599 Non-controlling interests 1,580,416 3,438,415 491,687 Total shareholders' equity 41,549,229 44,443,164 6,355,286 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 74,936,126 78,843,318 11,274,444 (4) The number of treasury stock as of December 31, 2025 was 14.3 million, all of which are Class A ordinary shares repurchased under the share repurchase program. Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results Three Months Ended Twelve Months Ended December 31,2024 December 31,2025 December 31,2025 December 31,2024 December 31,2025 December 31,2025 RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000 Income from operations 2,851,228 2,898,846 414,531 9,173,253 8,135,946 1,163,426 Share-based compensation expenses 539,087 336,254 48,083 1,537,740 1,731,063 247,538 Non-GAAP income from operations 3,390,315 3,235,100 462,614 10,710,993 9,867,009 1,410,964 Net income attributable to Vipshop's shareholders 2,446,679 2,589,219 370,255 7,739,935 7,242,490 1,035,664 Share-based compensation expenses 539,087 336,254 48,083 1,537,740 1,731,063 247,538 Impairment loss of investments 3,000 - - 61,246 15,450 2,209 Investment gain and revaluation of investments excluding dividends (72,130) (23,155) (3,311) (147,651) (143,865) (20,572) Reconciling items on the share of equity method investments(5) 101,478 (5,423) (775) 31,753 89,639 12,818 Tax effects on non-GAAP adjustments (44,446) (38,864) (5,557) (190,476) (189,651) (27,120) Non-GAAP net income attributable to Vipshop's shareholders 2,973,668 2,858,031 408,695 9,032,547 8,745,126 1,250,537 (5) To exclude the GAAP to non-GAAP reconciling items relating to investment gain and revaluation of investments on the share of equitymethod investments. Shares used in calculating earnings per share: Weighted average number of Class A and Class B ordinary shares: —Basic 102,688,899 97,833,086 97,833,086 106,074,914 100,072,178 100,072,178 —Diluted 104,300,280 101,068,594 101,068,594 107,855,806 102,383,890 102,383,890 Non-GAAP net income per Class A and Class B ordinary share Non-GAAP net income attributable to Vipshop's shareholders——Basic 28.96 29.21 4.18 85.15 87.39 12.50 Non-GAAP net income attributable to Vipshop's shareholders——Diluted 28.51 28.28 4.04 83.75 85.42 12.21 Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs) Non-GAAP net income attributable to Vipshop's shareholders——Basic 5.79 5.84 0.84 17.03 17.48 2.50 Non-GAAP net income attributable to Vipshop's shareholders——Diluted 5.70 5.66 0.81 16.75 17.08 2.44

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en_prnasisahace 43d

Daqo New Energy anuncia resultados no auditados del cuarto trimestre y del año fiscal 2025

SHANGHAI, Feb. 26, 2026 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025. Fourth Quarter 2025 Financial and Operating Highlights Total cash, short-term investments, bank notes receivable and fixed term bank deposit balance was $2.27 billion at the end of Q4 2025, compared to $2.21 billion at the end of Q3 2025 Polysilicon production volume was 42,181 MT in Q4 2025, compared to 30,650 MT in Q3 2025 Polysilicon sales volume was 38,167 MT in Q4 2025, compared to 42,406 MT in Q3 2025 Polysilicon average total production cost(1) was $5.83/kg in Q4 2025, compared to $6.38/kg in Q3 2025 Polysilicon average cash cost(1) was $4.46/kg in Q4 2025, compared to $4.54/kg in Q3 2025 Polysilicon average selling price (ASP) was $5.83/kg in Q4 2025, compared to $5.80/kg in Q3 2025 Revenue was $221.7 million in Q4 2025, compared to $244.6 million in Q3 2025 Gross profit was $15.4 million in Q4 2025, compared to $9.7 million in Q3 2025; gross margin was 7.0% in Q4 2025, compared to 3.9% in Q3 2025 Net loss attributable to Daqo New Energy Corp. shareholders was $7.3 million in Q4 2025, compared to $14.9 million in Q3 2025; loss per basic American Depositary Share (ADS)(3) was $0.11 in Q4 2025, compared to $0.22 in Q3 2025 Adjusted net loss (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $7.3 million in Q4 2025, compared to adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders of $3.7 million in Q3 2025 Adjusted loss per basic ADS(3) (non-GAAP)(2) was $0.11 in Q4 2025, compared to adjusted earnings per basic ADS(3) (non-GAAP)(2) of $0.05 in Q3 2025; EBITDA (non-GAAP)(2) was $52.5 million in Q4 2025, compared to $45.8 million in Q3 2025; EBITDA margin (non-GAAP)(2) was 23.7% in Q4 2025, compared to 18.7% in Q3 2025 Three months ended US$ millions except as indicated otherwise Dec. 31, 2025 Sep. 30, 2025 Dec. 31, 2024 Revenues 221.7 244.6 195.4 Gross profit/(loss) 15.4 9.7 (65.3) Gross margin 7.0 % 3.9 % (33.4) % Loss from operations (20.9) (20.3) (300.9) Net loss attributable to Daqo New Energy Corp. shareholders (7.3) (14.9) (180.2) Loss per basic ADS(3) ($ per ADS) (0.11) (0.22) (2.71) Adjusted net (loss)/income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders (7.3) 3.7 (170.6) Adjusted (loss)/earnings per basic ADS(3) (non-GAAP)(2) ($ per ADS) (0.11) 0.05 (2.56) EBITDA (non-GAAP)(2) 52.5 45.8 (235.1) EBITDA margin (non-GAAP)(2) 23.7 % 18.7 % (120.3) % Polysilicon sales volume (MT) 38,167 42,406 42,191 Polysilicon average total production cost ($/kg)(1) 5.83 6.38 6.81 Polysilicon average cash cost (excl. dep'n) ($/kg)(1) 4.46 4.54 5.04 Full Year 2025 Financial and Operating Highlights Polysilicon production volume was 123,652 MT in 2025, compared to 205,068 MT in 2024 Polysilicon sales volume was 126,707 MT in 2025, compared to 181,362 MT in 2024 Revenue was $665.4 million in 2025, compared to $1,029.1 million in 2024 Gross loss was $137.9 million in 2025, compared to $212.9 million in 2024; gross margin was -20.7% in 2025, compared to -20.7% in 2024 Net loss attributable to Daqo New Energy Corp. shareholders was $170.5 million in 2025, compared to $345.2 million in 2024. Loss per basic ADS was $2.53 in 2025, compared to $5.22 in 2024 EBITDA (non-GAAP)(2) was $1.7 million in 2025, compared to -$337.4 million in 2024; EBITDA margin (non-GAAP)(2) was 0.3% in 2025, compared to -32.8% in 2024 Adjusted net loss (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $114.7 million in 2025, compared to $272.8 million in 2024 Adjusted loss per basic ADS(3) (non-GAAP)(2) was $1.70 in 2025, compared to $4.12 in 2024 Notes: (1) Production cost and cash cost only refer to production in our polysilicon facilities. Production cost is calculated by the inventoriable costs relating to production of polysilicon divided by the production volume in the period indicated. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation cost and non-cash share-based compensation cost, divided by the production volume in the period indicated. (2) Daqo New Energy provides EBITDA, EBITDA margins, adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic ADS on a non-GAAP basis to provide supplemental information regarding its financial performance. For more information on these non-GAAP financial measures, please see the section captioned "Use of Non-GAAP Financial Measures" and the tables captioned "Reconciliation of non-GAAP financial measures to comparable US GAAP measures" set forth at the end of this press release. (3) ADS means American Depositary Share. One (1) ADS represents five (5) ordinary shares. Management Remarks Mr. Xiang Xu, CEO of Daqo New Energy, commented, "In 2025, China's anti-involution initiatives supported the solar PV industry's gradual emergence from a cyclical downturn. As a result, solar product market prices rebounded from the third quarter onward, with the polysilicon sector posting the most notable gains. Following with this trend, our utilization rate increased from 33% in Q1 to 55% in Q4, bringing our annual production volume to 123,652 MT in line with our guidance of 121,000 MT to 124,000 MT, representing a 39.7% year-over-year decrease from 205,068 MT in 2024. Furthermore, our 2025 sales volume reached 126,707 MT, exceeding production volume and reducing year-end inventory to a reasonable level. "In the second half of 2025, we strategically ramped up sales efforts to capitalize on favorable pricing dynamics. The strong market response highlighted growing customer confidence in our product quality and their continued preference for our brand in this new pricing environment. However, polysilicon ASPs decreased 7.2% from $5.66/kg in 2024 to $5.25/kg in 2025. This lower pricing, combined with reduced sales volumes, resulted in revenue of $665 million in 2025, compared to $1.0 billion in 2024. Despite the decline in our top-line, we significantly narrowed our losses during the year as compared to 2024. In particular, EBITDA swung to a positive $1.7 million in 2025, compared to negative $337.4 million in 2024, while net loss attributable to Daqo New Energy Corp. shareholders narrowed to $170.5 million from $345.2 million in 2024. Moreover, we generated a $56.1 million in positive operating cash flow in 2025, marking a notable turnaround from the $435 million outflow recorded in 2024." "We continued to maintain a strong balance sheet and ample cash reserves. At the end of 2025, we had a cash balance of $980 million, short-term investments of $114 million, bank notes receivable of $136 million, and a fixed term bank deposit balance of $1.0 billion. In total, these highly liquid assets stood at $2.27 billion, representing an increase of $57 million compared to the end of the previous quarter. This solid financial foundation provides us with confidence and strategic flexibility to navigate the ongoing market recovery and capitalize on long-term opportunities." "Operationally, we continued to implement proactive measures in Q4 to mitigate market oversupply, including operating at a nameplate capacity utilization rate of 55%. Total polysilicon production for the fourth quarter was 42,181 MT, in line with our guidance range of 39,500 to 42,500 MT, and our sales volume for the quarter reached 38,167 MT. In addition, we comprehensively reduced our production costs through process improvements, manufacturing efficiency gains, and raw material cost optimization. Extending our ongoing cost reduction initiatives, total production costs declined by 9% to $5.83/kg in Q4 2025 from $6.38/kg in Q3 2025. Total idle facility-related costs, which consist primarily of non-cash depreciation expenses alongside approximately $0.10/kg in cash costs for maintenance, also fell to $0.74/kg in Q4 from $1.18/kg in Q3, driven by higher production levels. Notably, cash costs decreased by 2% from $4.54/kg in Q3 to a new record low of $4.46/kg in Q4." "In light of current market conditions, we expect our total polysilicon production volume in the first quarter of 2026 to be approximately 35,000 MT to 40,000 MT, and our full year 2026 production volume to be in the range of 140,000 MT to 170,000 MT." "Chinese authorities demonstrated strong resolve in tackling irrational competition and industry overcapacity, formally designating anti-involution as a national priority within China's 15th Five-Year Plan, and the solar PV industry was a key focus of these efforts. These initiatives have driven a structural shift from price-based competition to value-driven differentiation. To advance industry governance, authorities deployed targeted measures including standards guidance, quality supervision, price enforcement, and promotion of technological progress. Specifically, this involved updating legislative frameworks, such as the revised Anti-Unfair Competition Law and the draft amendment to the Price Law, which mandate that sales shall not be below cost. Furthermore, a new mandatory national standard was drafted to set strict energy consumption limits for polysilicon production on a per unit basis." "Led by the China Photovoltaic Industry Association, major polysilicon manufacturers have proactively responded to these initiatives, enforcing self-discipline and exploring innovative, market-oriented approaches to combat excess capacity and pricing violations. These coordinated efforts have yielded measurable results in curbing overcapacity. The overall production volumes fell by 28.4% to 1.32 million MT in 2025, and market prices surged more than 50% from the mid-2025 lows to RMB50–56/kg by year-end. Looking ahead, we expect anti-involution initiatives will remain a central theme for the solar PV industry, supporting a more balanced supply and demand dynamic and driving higher-quality growth through 2026." "More broadly, the solar PV industry continues to exhibit compelling long-term growth prospects. In 2025, China's newly installed solar PV capacity grew 14% year-over-year to 317 GW, setting yet another record high and proving that market potential continues to exceed expectations. As the global AI industry scales rapidly, space-based solar power is increasingly viewed as a vital solution to the immense and expanding energy demands of AI data centers, creating a significant new growth engine for the sector. Looking ahead, as one of the world's lowest-cost producers of the highest-quality N-type polysilicon with a strong balance sheet and no debt, we remain optimistic about the sector and believe we are ideally positioned to capitalize on the market recovery and these long-term growth opportunities. We will continue to strengthen our competitive edge through advancements in high-efficiency N-type technology and cost optimization via digital transformation and AI adoption. As the world accelerates its transition to clean energy, we are confident in our ability to play a leading role in powering that future." Outlook and guidance The Company expects to produce approximately 35,000 MT to 40,000 MT of polysilicon during the first quarter of 2026. The Company expects to produce approximately 140,000 MT to 170,000 MT of polysilicon for the full year of 2026, inclusive of the impact of the Company's annual facility maintenance. This outlook reflects Daqo New Energy's current and preliminary view as of the date of this press release and may be subject to changes. The Company's ability to achieve these projections is subject to risks and uncertainties. See "Safe Harbor Statement" at the end of this press release. Fourth Quarter 2025 Results Revenues Revenues were $221.7 million, compared to $244.6 million in the third quarter of 2025 and $195.4 million in the fourth quarter of 2024. The decrease in revenues compared to the third quarter of 2025 was primarily due to a decrease in sales volume. Gross profit/(loss) and margin Gross profit was $15.4 million, compared to $9.7 million in the third quarter of 2025 and gross loss of $65.3 million in the fourth quarter of 2024. Gross margin was 7.0%, compared to 3.9% in the third quarter of 2025 and negative 33.4% in the fourth quarter of 2024. The increase in gross margin compared to the third quarter of 2025 was primarily because of a decrease in production cost. Selling, general and administrative expenses Selling, general and administrative (SG&A) expenses were $18.7 million, compared to $32.3 million in the third quarter of 2025 and $29.4 million in the fourth quarter of 2024. The decrease was primarily due to the reduction in non-cash share-based compensation cost related to the Company's share incentive plan, which was nil and $18.6 million in the fourth quarter and the third quarter of 2025, respectively. Allowance for credit loss The Company recognized $19.3 million in non-cash expenses related to an allowance for credit losses in the fourth quarter, mainly due to uncertainty regarding the recoverability of long-outstanding other receivables. Research and development expenses Research and development (R&D) expenses were $0.7 million, compared to $0.6 million in the third quarter of 2025 and $0.4 million in the fourth quarter of 2024. R&D expenses can vary from period to period and reflect R&D activities that take place during the quarter. Loss from operations and operating margin As a result of the foregoing, loss from operations was $20.9 million, compared to $20.3 million in the third quarter of 2025 and $300.9 million in the fourth quarter of 2024. Operating margin was negative 9.4%, compared to negative 8.3% in the third quarter of 2025 and negative 154.0% in the fourth quarter of 2024. Net loss attributable to Daqo New Energy Corp. shareholders and loss per ADS As a result of the foregoing, net loss attributable to Daqo New Energy Corp. shareholders was $7.3 million, compared to $14.9 million in the third quarter of 2025 and $180.2 million in the fourth quarter of 2024. Loss per basic ADS was $0.11, compared to $0.22 in the third quarter of 2025 and $2.71 in the fourth quarter of 2024. Adjusted net income/(loss) (non-GAAP) attributable to Daqo New Energy Corp. shareholders and adjusted earnings/(loss) per ADS (non-GAAP) Adjusted net loss (non-GAAP) attributable to Daqo New Energy Corp. shareholders, excluding non-cash share-based compensation costs, was $7.3 million, compared to adjusted net income (non-GAAP) attributable to Daqo New Energy Corp. shareholders of $3.7 million in the third quarter of 2025 and adjusted net loss (non-GAAP) attributable to Daqo New Energy Corp. Shareholders of $170.6 million in the fourth quarter of 2024. Adjusted loss per basic ADS was $0.11, compared to adjusted earnings per basic ADS of $0.05 in the third quarter of 2025 and adjusted loss per basic ADS of $2.56 in the fourth quarter of 2024. EBITDA EBITDA (non-GAAP) was $52.5 million, compared to $45.8 million in the third quarter of 2025 and negative $235.1 million in the fourth quarter of 2024. EBITDA margin (non-GAAP) was 23.7%, compared to 18.7% in the third quarter of 2025 and negative 120.3% in the fourth quarter of 2024. Full Year 2025 Results Revenues Revenues were $665.4 million, compared to $1,029.1 million in 2024. The decrease was primarily due to lower sales volume, further compounded by lower polysilicon ASPs. Gross loss and margin Gross loss was $137.9 million, compared to $212.9 million in 2024. Gross margin was negative 20.7%, compared to negative 20.7% in 2024. The decrease in gross loss was primarily due to lower revenue. Selling, general and administrative expenses Selling, general and administrative (SG&A) expenses were $118.2 million, compared to $143.1 million in 2024. The decrease was primarily due to the reduction in non-cash share-based compensation cost related to the Company's share incentive plan, which was $55.8 million and $72.4 million in 2025 and 2024, respectively. Research and development expenses Research and development (R&D) expenses were $2.6 million, compared to $4.6 million in 2024. R&D expenses reflect R&D activities that took place during the period and can vary from period to period. Loss from operations and operating margin As a result of the foregoing, loss from operations was $270.2 million, compared to $564.1 million in 2024. Operating margin was negative 40.6%, compared to negative 54.8% in 2024. Interest income, net Interest income, net was $9.0 million, compared to $30.2 million in 2024. The decrease in interest income was due to lower cash at bank balance as well as lower bank interest rate. Net loss attributable to Daqo New Energy Corp. shareholders and loss per ADS Net loss attributable to Daqo New Energy Corp. shareholders was $170.5 million, compared to $345.2 million in 2024. Loss per basic ADS were $2.53, compared to $5.22 in 2024. Adjusted net loss (non-GAAP) attributable to Daqo New Energy Corp. shareholders and adjusted loss per ADS (non-GAAP) Adjusted net loss (non-GAAP) attributable to Daqo New Energy Corp. shareholders was $114.7 million, compared to $272.8 million in 2024. Adjusted loss per basic ADS (non-GAAP) were $1.70, compared to $4.12 in 2024. EBITDA (non-GAAP) EBITDA (non-GAAP) was $1.7 million, compared to negative $337.4 million in 2024. EBITDA margin (non-GAAP) was 0.3%, compared to negative 32.8% in 2024. Financial Condition As of December 31, 2025, the Company had $980.3 million in cash, cash equivalents and restricted cash, compared to $551.6 million as of September 30, 2025 and $1,038.3 million as of December 31, 2024. As of December 31, 2025, short-term investment was $114.0 million, compared to $431.3 million as of September 30, 2025 and $9.6 million as of December 31, 2024. As of December 31, 2025, the notes receivable balance was $135.5 million, compared to $157.0 million as of September 30, 2025 and $55.2 million as of December 31, 2024. Notes receivable represents bank notes with maturity within six months. As of December 31, 2025, the balance of fixed term deposit within one year was $972.4 million, compared to $1,034.5 million as of September 30, 2025 and $1,087.2 million as of December 31, 2024. Cash Flows For the twelve months ended December 31, 2025, net cash provided by operating activities was $56.1 million, compared to net cash used in operating activities of $435.4 million in the same period of 2024. For the twelve months ended December 31, 2025, net cash used in investing activities was $140.7 million, compared to $1,480.8 million in the same period of 2024. The net cash used in investing activities in 2025 was primarily related to the capital expenditures on the Company's 5B polysilicon expansion projects in Baotou City, Inner Mongolia. For the twelve months ended December 31, 2025, net cash used in financing activities was $0.9 million, compared to $47.4 million in the same period of 2024. The net cash used in financing activities in 2025 was primarily related to $0.9 million in stock repurchases made by the Company's subsidiary, Xinjiang Daqo, to its minority shareholders. Use of Non-GAAP Financial Measures To supplement Daqo New Energy's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("US GAAP"), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most directly comparable GAAP measures including earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA margin; adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS. Our management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key element of the Company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, our management believes that, used in conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information to assess the Company's operating results in a manner that is focused on its ongoing, core operating performance. Our management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Given our management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's operating results as seen through the eyes of our management. These non-GAAP measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures, and may be different from non-GAAP measures used by other companies. The Company uses EBITDA, which represents earnings before interest, taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS exclude costs related to share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, our management excludes this item from our internal operating forecasts and models. Our management believes that this adjustment for share-based compensation provides investors with a basis to measure the Company's core performance, including compared with the performance of other companies, without the period-to-period variability created by share-based compensation. A reconciliation of non-GAAP financial measures to comparable US GAAP measures is presented later in this document. Conference Call The Company has scheduled a conference call to discuss the results at 8:00 AM U.S. Eastern Time on Thursday, February 26, 2026 (9:00 PM Beijing / Hong Kong time on the same day). The dial-in details for the earnings conference call are as follows: Participant dial in (U.S. toll free): +1-888-346-8982 Participant international dial in: +1-412-902-4272 China mainland toll free: 4001-201203 Hong Kong toll free: 800-905945 Hong Kong local toll: +852-301-84992 Please dial in 10 minutes before the call is scheduled to begin and ask to join the Daqo New Energy Corp. call. Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=ba7I5r8H A replay of the call will be available 1 hour after the conclusion of the conference call through March 5, 2026. The dial-in details for the conference call replay are as follows: U.S. toll free: +1-877-344-7529 International toll: +1-412-317-0088 Canada toll free: 855-669-9658 Replay access code: 6386934 To access the replay through an international dial-in number, please select the link below. https://services.choruscall.com/ccforms/replay.html Participants will be asked to provide their name and company name upon entering the call. About Daqo New Energy Corp. Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufacturers, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 305,000 metric tons and is one of the world's lowest cost producers of high-purity polysilicon. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "guidance" and similar statements. Among other things, the outlook for the first quarter and the full year of 2026 and quotations from management in these announcements, as well as Daqo New Energy's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company's ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company's ability to lower its production costs; and changes in political and regulatory environment. Further information regarding these and other risks is included in the reports or documents the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law. Daqo New Energy Corp. Unaudited Condensed Consolidated Statement of Operations (US dollars in thousands, except ADS and per ADS data) Three months ended Year ended Dec 31, 2025 Sep 30, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Revenues 221,711 244,601 195,359 665,415 1,029,080 Cost of revenues (206,272) (234,949) (260,622) (803,266) (1,242,012) Gross profit/(loss) 15,439 9,652 (65,263) (137,851) (212,932) Operating expenses Selling, general and administrative expenses (18,730) (32,287) (29,403) (118,224) (143,089) Long-lived asset impairment - - (175,627) - (175,627) Allowance for credit loss (19,294) - (18,072) (19,294) (18,072) Research and development expenses (722) (559) (372) (2,584) (4,559) Other operating income/(expense) 2,418 2,890 (12,202) 7,718 (9,813) Total operating expenses (36,328) (29,956) (235,676) (132,384) (351,160) Loss from operations (20,889) (20,304) (300,939) (270,235) (564,092) Interest income, net 1,821 2,944 7,620 9,029 30,223 Foreign exchange gain/(loss) 3 3 49 31 (2,378) Gain on short-term investments 5,658 5,471 2,784 24,058 18,186 Loss before income taxes (13,407) (11,886) (290,486) (237,117) (518,061) Income tax benefit/(expense) 3,546 (2,958) 48,973 21,034 69,907 Net loss (9,861) (14,844) (241,513) (216,083) (448,154) Net (loss)/income attributable to non- controlling interest (2,581) 74 (61,331) (45,569) (102,939) Net loss attributable to Daqo New Energy Corp. shareholders (7,280) (14,918) (180,182) (170,514) (345,215) Loss per ADS Basic (0.11) (0.22) (2.71) (2.53) (5.22) Diluted (0.11) (0.22) (2.71) (2.53) (5.22) Weighted average ADS outstanding Basic 67,666,301 67,547,032 66,615,174 67,351,208 66,160,008 Diluted 67,666,301 67,547,032 66,615,174 67,351,208 66,160,008 Daqo New Energy Corp. Unaudited Condensed Consolidated Balance Sheets (US dollars in thousands) Dec. 31, 2025 Sep. 30, 2025 Dec. 31, 2024 ASSETS: Current Assets: Cash, cash equivalents and restricted cash 980,292 551,564 1,038,349 Short-term investments 113,979 431,341 9,619 Accounts and notes receivable 135,518 156,994 55,171 Inventories 169,103 121,437 149,939 Fixed term deposit within one year 972,358 1,034,472 1,087,210 Other current assets 321,138 317,988 291,259 Total current assets 2,692,388 2,613,796 2,631,547 Property, plant and equipment, net 3,399,055 3,409,878 3,499,210 Prepaid land use right 155,576 154,163 152,869 Fixed term deposit over one year 63,212 33,944 27,636 Other non-current assets 135,305 130,443 106,981 TOTAL ASSETS 6,445,536 6,342,224 6,418,243 Current liabilities: Accounts payable and notes payable 129,663 83,259 33,270 Advances from customers - short term portion 45,433 24,221 37,192 Payables for purchases of property, plant and equipment 278,957 312,170 406,743 Other current liabilities 43,780 42,695 44,030 Total current liabilities 497,833 462,345 521,235 Advance from customers - long term portion 13,208 16,916 21,484 Other non-current liabilities 18,180 18,084 17,658 TOTAL LIABILITIES 529,221 497,345 560,377 EQUITY: Total Daqo New Energy Corp.'s shareholders' equity 4,406,727 4,353,992 4,361,192 Non-controlling interest 1,509,588 1,490,887 1,496,674 Total equity 5,916,315 5,844,879 5,857,866 TOTAL LIABILITIES & EQUITY 6,445,536 6,342,224 6,418,243 Daqo New Energy Corp. Unaudited Condensed Consolidated Statements of Cash Flows (US dollars in thousands) For the year ended December 31, 2025 2024 Operating Activities: Net loss (216,083) (448,154) Adjustments to reconcile net income to net cash provided by operating activities 345,666 568,101 Changes in operating assets and liabilities (73,459) (555,370) Net cash provided by/(used in) operating activities 56,124 (435,423) Investing activities: Purchases of property, plant and equipment (179,469) (358,828) Purchases of land use right - (10,091) Purchase of short-term investments and fixed term deposits (4,614,457) (4,203,694) Redemption of short-term investments and fixed term deposits 4,653,240 3,091,833 Net cash used in investing activities (140,686) (1,480,780) Financing activities: Net cash used in financing activities (850) (47,356) Effect of exchange rate changes 27,355 (46,048) Net decrease in cash, cash equivalents and restricted cash (58,057) (2,009,607) Cash, cash equivalents and restricted cash at the beginning of the year 1,038,349 3,047,956 Cash, cash equivalents and restricted cash at the end of the year 980,292 1,038,349 Daqo New Energy Corp. Reconciliation of non-GAAP financial measures to comparable US GAAP measures (US dollars in thousands) Three months ended Year ended Dec 31, 2025 Sep 30, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Net loss (9,861) (14,844) (241,513) (216,083) (448,154) Income tax (benefit)/expense (3,546) 2,958 (48,973) (21,034) (69,907) Interest income, net (1,821) (2,944) (7,620) (9,029) (30,223) Depreciation & Amortization 67,776 60,595 63,036 247,869 210,881 EBITDA (non-GAAP) 52,548 45,765 (235,070) 1,723 (337,403) EBITDA margin (non-GAAP) 23.7 % 18.7 % (120.3) % 0.3 % (32.8) % Three months ended Year ended Dec 31, 2025 Sep 30, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Net loss attributable to Daqo New Energy Corp. shareholders (7,280) (14,918) (180,182) (170,514) (345,215) Share-based compensation - 18,605 9,532 55,817 72,382 Adjusted net (loss)/profit (non- GAAP) attributable to Daqo New Energy Corp. shareholders (7,280) 3,687 (170,650) (114,697) (272,833) Adjusted (loss)/profit per basic ADS (non-GAAP) (0.11) 0.05 (2.56) (1.70) (4.12) Adjusted (loss)/profit per diluted ADS (non-GAAP) (0.11) 0.05 (2.56) (1.70) (4.12)

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TACKS DE BRASS: Un boletín de calificaciones del embudo legislativo
clintonheraldhace 43d

TACKS DE BRASS: Un boletín de calificaciones del embudo legislativo

El 20 de febrero se produjo la aprobación del primer embudo legislativo. Esta es una fecha límite que los legisladores fijaron para reducir los proyectos de ley elegibles para su consideración durante el resto de la sesión. No se aplica a las facturas de gastos, pero hace un buen trabajo...

#ECONOMY