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    Mengwen Wang

    securities representative and analyst at Goldman Sachs

    Mengwen Wang is a securities representative and analyst at Goldman Sachs (Asia) L.L.C., specializing in advising on and dealing in securities since 2018. She has provided research coverage on companies such as Daqo New Energy, recently issuing recommendations and contributing to investment outlooks for clients. Since joining Goldman Sachs in October 2018, she has maintained SFC licensing in Hong Kong and has not disclosed prior firm experience publicly. Mengwen Wang holds valid professional credentials for advising on and dealing in securities as registered with the Hong Kong Securities and Futures Commission.

    Mengwen Wang's questions to DAQO NEW ENERGY (DQ) leadership

    Mengwen Wang's questions to DAQO NEW ENERGY (DQ) leadership • Q2 2025

    Question

    Mengwen Wang of Goldman Sachs asked for clarity on the benchmark production costs used to determine policy-regulated pricing. She also inquired about the company's strategy for balancing price and inventory if high prices lead to a decline in shipment volume.

    Answer

    CFO Ming Yang explained that the company believes prices must remain above the industry's average production cost, which he estimated to be in the mid-40s RMB range. He noted that industry policies would help balance supply with demand to support this price level. Deputy CEO Anita Zhu added that the company will manage utilization rates to control inventory and has used the futures market to hedge risk.

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    Mengwen Wang's questions to DAQO NEW ENERGY (DQ) leadership • Q4 2024

    Question

    Mengwen Wang of Goldman Sachs inquired about the specific market "turning point" needed to increase production, the basis for the 2025 production guidance, and the current utilization rates at the Xinjiang and Inner Mongolia facilities.

    Answer

    Deputy CEO Anita Zhu explained that a clear turning point is difficult to predict due to massive industry overcapacity. She stated the 2025 production target is a strategic decision to limit cash burn while adhering to industry self-regulation measures. Zhu confirmed both facilities remain operational for strategic and social responsibility reasons, though utilization could be reduced further if market conditions deteriorate.

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