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RELATED PARTY TRANSACTIONS AND BALANCES

12 Months Ended

Dec. 31, 2024

RELATED PARTY TRANSACTIONS AND BALANCES

RELATED PARTY TRANSACTIONS AND BALANCES

11. RELATED PARTY TRANSACTIONS AND BALANCES

(a)The relationships between the Group and major related parties are as follows:

​

Name of the related parties		Relationship
Daqo Group Co., Ltd. (“Daqo Group”)		Daqo Group and the Group are controlled by same group of shareholders
Daqo New Material Co., Ltd. (“Daqo New Material”)		An affiliated company controlled by Daqo Group
Chongqing Daqo Tailai Electric Co., Ltd. (“Chongqing Daqo Tailai”)		An affiliated company controlled by Daqo Group
Nanjing Daqo Transformer Systems Co., Ltd. (“Nanjing Daqo Transformer”)		An affiliated company controlled by Daqo Group
Jiangsu Daqo Changjiang Electric Co., Ltd. (“Jiangsu Daqo”)		An affiliated company controlled by Daqo Group
Nanjing Daqo Electric Co., Ltd. (“Nanjing Daqo Electric”)		An affiliated company controlled by Daqo Group
Zhenjiang Electric Equipment Co., Ltd. (“Zhenjiang Electric”)	​	An affiliated company controlled by Daqo Group
Zhenjiang Moeller Electric Appliance Co., Ltd.(“Zhenjiang Moeller”)	​	An affiliated company controlled by Daqo Group
Zhenjiang Daqo Intelligent Electric Co., Ltd (“Zhenjiang Daqo Intelligent”)	​	An affiliated company controlled by Daqo Group
Nanjiang Daqo Electric Institute Co.,Ltd.(“Electric Institute”)	​	An affiliated company controlled by Daqo Group
Nanjing Daqo Automation Technology Co.,Ltd.(“Nanjing Daqo Automation”)	​	An affiliated company controlled by Daqo Group
Zhenjiang Klockner-Moeller Electrical Systems Co., Ltd. (“Zhenjiang Moeller”)	​	An affiliated company controlled by Daqo Group
Jiangsu Daqo Enclosed Busbar Systems Co.,Ltd.(“Jiangsu Daqo Busbar”)	​	An affiliated company controlled by Daqo Group

​

(b)Related party balances:

The balances due from related parties–short-term portion are as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
​		2023			2024
Amounts due from related parties-short term		​			​
Nanjing Daqo Transformer	​	$	32	​	$	—
Others	​		2	​		—
Total	​	$	34	​	$	—

​

The balances due from related parties– long-term portion are as follows:

​

​	​	​	​	​	​	​
​		December 31,
​	​	2023		​	2024
Amounts due from related parties-long term	​	​	​	​	​	​
Chongqing Daqo Tailai	​	$	14,696	​	$	—
Jiangsu Daqo	​		6,500	​		9
Nanjing Daqo Electric	​		2,085	​		391
Zhenjiang Moeller	​		990	​		20
Zhenjiang Daqo Intelligent	​	​	62	​	​	66
Others	​		700	​		59
Total	​	$	25,033	​	$	545

​

The balances due to related parties – short-term portion are as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
​		2023			2024
Amounts due to related parties – short term portion		​			​
Daqo New Material	​	$	4,044	​	$	4,069
Electric Institute	​	​	3,485	​	​	1,193
Zhenjiang Electric	​	​	2,575	​	​	42
Nanjing Daqo Transformer	​	​	265	​	​	614
Jiangsu Daqo	​	​	4	​	​	435
Nanjing Daqo Automation	​	​	—	​	​	229
Chongqing Daqo Tailai	​	​	—	​	​	3,388
Others	​	​	283	​	​	240
Total	​	$	10,656	​	$	10,210

​

(c)Related party transactions:

The material transactions with the Group’s related parties were as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Year Ended December 31,
Name of Related parties	​	Transaction Nature	​	2022		​	2023		​	2024
Nanjing Daqo Transformer		Purchase-Fixed assets	​	$	29,874	​	$	23,760	​	$	12,130
​		Purchase-Raw material	​		39	​	​	47	​	​	—
Chongqing Daqo Tailai		Purchase-Fixed assets	​		22,511	​	​	28,252	​	​	28,670
Jiangsu Daqo Busbar		Purchase-Fixed assets	​		—	​	​	—	​	​	671
Jiangsu Daqo		Purchase-Fixed assets	​		—	​	​	—	​	​	7,847
Nanjing Daqo Electric	​	Purchase-Fixed assets	​		8,209	​	​	12,526	​	​	559
​		Purchase-Raw material	​		—	​	​	—	​	​	1,372
Zhenjiang Electric	​	Purchase-Fixed assets	​	​	—	​	​	1,505	​	​	20
​	​	Purchase-Raw material	​	​	4,241	​	​	5,017	​	​	—
Zhenjiang Moeller	​	Purchase-Fixed assets	​	​	9,331	​	​	8,755	​	​	630
Zhenjiang Daqo Intelligent	​	Purchase-Fixed assets	​	​	6,271	​	​	4,991	​	​	83
Electric Institute	​	Purchase-Fixed assets	​	​	593	​	​	7,107	​	​	997
Nanjing Daqo Automation		Purchase-Fixed assets	​	​	—	​	​	2,210	​	​	945
Total	​	Purchase-Fixed assets	​	$	76,789	​	$	89,106	​	$	52,552
​	​	Purchase-Raw material	​	$	4,280	​	$	5,064	​	$	1,372

​

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- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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