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Good morning. My name is Ashley and I will be your conference operator today. At this time, I would like to welcome everyone to Q2 2012 Daqo New Energy Corp. earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.
Mr. Bing Sun, CFO of Daqo New Energy Corp. you may begin your conference.
Thank you. Thanks everyone for joining us today for Daqo New Energy’s second quarter 2012 financial results conference call. Daqo New Energy issued its financial results for the second quarter earlier today. To facilitate today’s conference call we put together a PPT presentation which can be found on the company’s website. Today attending the conference call, we have Dr. Gongda Yao, our CEO and myself. The call will feature a remark from Dr. Yao, covering business and operational developments and then I will take you through a discussion of the company’s financial performance.
With no further delay, I will turn the call over to Dr. Yao.
Thank you, Bing. In the second quarter of 2012, we were running our Wanzhou polysilicon plant smoothly at full capacity. We have also successfully reduced our production costs thanks to several technology improvements and the lower seasonal electricity rate. We exceeded our shipment guidance for polysilicon; nevertheless for wafer and modules we have not met the upward set in the last quarter.