Financial Performance - The total operating revenue for the year ended December 31, 2025, was RMB 2,905,052,655.48, a decrease of approximately 11.3% compared to RMB 3,276,220,087.81 in 2024[9]. - The net loss attributable to shareholders for the year was RMB 3,483,511,129.21, compared to a net loss of RMB 2,923,171,081.15 in 2024, indicating a worsening of approximately 19.2%[8]. - The total comprehensive income for 2025 was RMB -634.77 million, compared to RMB -322.80 million in 2024, indicating a significant decline in overall financial performance[12]. - Basic and diluted earnings per share for 2025 were both RMB -3.1779, worsening from RMB -2.1322 in 2024[12]. - The company generated a net cash flow from operating activities of RMB -58.35 million in 2025, reflecting ongoing financial challenges[18]. Assets and Liabilities - The total assets as of December 31, 2025, amounted to RMB 8,313,359,091.81, down from RMB 8,775,270,835.89 in 2024, reflecting a decrease of about 5.3%[5][8]. - The total liabilities increased to RMB 7,471,653,518.48 as of December 31, 2025, compared to RMB 7,298,790,640.87 in 2024, representing an increase of approximately 2.4%[7][8]. - The total current liabilities decreased to RMB 4,888,506,043.32 as of December 31, 2025, from RMB 5,278,197,075.01 in 2024, a reduction of approximately 7.4%[6]. - The long-term borrowings rose to RMB 2,239,187,459.44 in 2025, compared to RMB 1,648,971,583.00 in 2024, an increase of about 35.7%[7]. Accounts Receivable - The accounts receivable increased significantly to RMB 1,177,797,144.97 in 2025, compared to RMB 608,085,903.10 in 2024, reflecting an increase of about 93.5%[4]. - The accounts receivable aging report shows that receivables within one year increased significantly to approximately ¥1.15 billion in 2025 from ¥598.19 million in 2024[169]. - The accounts receivable balance as of December 31, 2025, is 1,192,576,563.23, with 764,867,405.81 being non-overdue and 294,615,726.14 overdue but not impaired[176]. - The provision for bad debts as of December 31, 2025, was approximately ¥14.78 million, with a bad debt ratio of 1.24%[170]. - The provision for bad debts for overdue accounts is 133,093,431.28, indicating a significant risk exposure[176]. Research and Development - Research and development expenses for 2025 were RMB 96,860,776.42, down from RMB 120,809,395.32 in 2024, a decrease of about 19.8%[9]. - There is a commitment to increase R&D efforts, focusing on new materials, technologies, and product innovations to drive high-quality development[21]. - The company’s subsidiaries Hefei Photovoltaic, Yan'an New Energy, and Jiangxi Photovoltaic are eligible for additional tax deductions on R&D expenses, allowing for 100% pre-tax deductions starting January 1, 2023[165]. Market Strategy - The company aims to expand and solidify its domestic and international markets through differentiated competitive strategies and deeper customer collaboration[21]. - The company has implemented a strategy to enhance its market presence through technological advancements and tax incentives for R&D activities[165]. Financial Support and Compliance - The company has received financial support commitments from China Electronics and has access to significant unused credit facilities from banks, ensuring operational funding for the next 12 months[19]. - The financial statements of the company comply with the requirements of the "Enterprise Accounting Standards," reflecting the financial position as of December 31, 2025, and the operating results and cash flows for the year 2025[22]. Inventory and Fixed Assets - Inventory is classified into categories such as raw materials, work in progress, and finished goods, with costs including purchase costs and processing costs[76]. - The company uses a perpetual inventory system for inventory tracking[78]. - Fixed assets are recognized when they are held for production, service provision, leasing, or management, and have a useful life exceeding one accounting year[94]. - The company uses the straight-line method for depreciation of fixed assets, with a depreciation rate of 3.23% for buildings and 5.39% to 16.17% for machinery and equipment[97]. Taxation - The company has a corporate income tax rate of 15% for enterprises in encouraged industries located in the western region, effective from January 1, 2021, to December 31, 2030[163]. - The company recognizes deferred tax assets related to temporary differences and tax losses when it is probable that sufficient taxable income will be available[158]. Lease Accounting - The company recognizes right-of-use assets for leases, excluding short-term leases and low-value asset leases, and depreciates these assets using the straight-line method[143]. - Initial measurement of lease liabilities includes the present value of unpaid lease payments, adjusted for any lease incentives received[144]. Financial Instruments - Financial instruments are recognized when the company becomes a party to a financial asset, financial liability, or equity instrument[45]. - The company classifies financial assets at initial recognition into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[46].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 二零二六年三月十七日 彩虹集團新能源股份有限公司 IRICO GROUP NEW ENERGY COMPANY LIMITED* 董事會會議通告 彩 虹 集 團 新 能 源 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈， 董 事 會 將 於 二 零 二 六 年 三 月 二 十 五 日（星 期 三）舉 行 董 事 會 會 議，藉 以（其 中 包 括）批 准 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 的 年 度 業 績 及 考 慮 派 發 末 期 股 息（如 有）之 建 議。 承董事會命 彩虹集團新能源股份有限公司 楊 樺 董事長 中華人民共和國陝西省 於本公告刊發日期，公司董事會由楊樺女士及高鋒安先生擔任執行董事， 由 方 忠 喜 先 生 擔 任 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 董 事 會 謹 此 對 吳 先 生 在 任 期 間 為 本 公 司 作 出 的 貢 獻 致 以 誠 摯 謝 意。 承董事會命 彩虹集團新能源股份有限公司 彩虹集團新能源股份有限公司 IRICO GROUP NEW ENERGY COMPANY LIMITED* 公 告 副總經理退任 彩 虹 集 團 新 能 源 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈， 由於吳文超先生已 到 法 定 退 休 年 齡，彼 不 再 擔 任 本 公 司 副 總 經 理 職 務。 於本公告刊發日期，公司董事會由楊樺女士及高鋒安先生擔任執行董事， 由 方 忠 喜 先 生 擔 任 非 執 行 董 事，由 蘇 坤 先 生、李 勇 先 生 及 郝 梅 平 女 士 擔 任 獨 立 非 執 行 董 事，及 由 姚 瑞 先 生 擔 任 職 工 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00438 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 96,248,670 | RMB | | 1 RMB | | 96,248,670 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 96,248,670 | RMB | | 1 RMB | | 96,248,670 | 本月底法定/註冊股本總額： RMB 176,322,070 FF301 第 1 頁 共 10 頁 v 1.2.0 致：香港交易及結算所有限公司 公司名稱: 彩虹集團新能源股份有限公司 呈交日期: 20 ...

Core Viewpoint - Tongwei Co., Ltd. is planning to acquire 100% equity of Qinghai Lihua Qingneng Co., Ltd. through a combination of share issuance and cash payment, while also raising supporting funds [1]. Group 1: Acquisition Details - The acquisition will not lead to a change in the controlling shareholder or actual controller of the company and is not considered a related party transaction, thus not constituting a major asset reorganization [3]. - Trading of Tongwei's stocks and convertible bonds will be suspended starting February 25, 2026, for a period not exceeding 10 trading days to ensure fair information disclosure and protect investor interests [3]. Group 2: Company Profile of Lihua Qingneng - Lihua Qingneng, established in April 2021, focuses on the R&D, production, and sales of photovoltaic-grade high-purity silicon and electronic-grade polysilicon, and is a key project for investment attraction in Qinghai Province [3]. - The company is located in the Nanchuan Industrial Park of Xining Economic and Technological Development Zone, covering an area of 2,600 acres, with a planned total investment of 20 billion yuan, aiming for an annual production capacity of 200,000 tons of photovoltaic-grade high-purity silicon and 2,000 tons of electronic-grade high-purity silicon, expected to generate an annual output value of approximately 20 billion yuan and create over 3,000 jobs [3]. Group 3: Company Performance and Industry Context - Tongwei has developed a business model integrating "Agriculture (Aquaculture) + Photovoltaics," focusing on the R&D, production, and sales of aquaculture and livestock feed, as well as high-purity silicon and solar products [4]. - The company anticipates a net loss attributable to shareholders of approximately 9 billion to 10 billion yuan for the fiscal year 2025, with losses expected to widen due to industry challenges such as supply surplus, declining operating rates, rising core material prices, and falling product prices [4]. - As of February 24, 2026, Tongwei's stock price was 18.16 yuan per share, with a total market capitalization of 81.756 billion yuan [5].

Core Viewpoint - Tongwei Co., Ltd. is planning to acquire 100% equity of Qinghai Lihua Qingneng Co., Ltd. through a combination of share issuance and cash payment, while also raising matching funds [1]. Group 1: Acquisition Details - The acquisition will not lead to a change in the controlling shareholder or actual controller of Tongwei, and it is not considered a related party transaction or a major asset restructuring [3]. - Trading of Tongwei's stock and convertible bonds will be suspended starting February 25, 2026, for a period not exceeding 10 trading days to ensure fair information disclosure [3]. Group 2: Company Profile - Lihua Qingneng, established in April 2021, focuses on the R&D, production, and sales of photovoltaic-grade high-purity silicon and electronic-grade polysilicon, and is a key investment project in Qinghai Province [4]. - The company is located in the Nanchuan Industrial Park of Xining Economic and Technological Development Zone, covering an area of 2,600 acres, with a planned total investment of 20 billion yuan, aiming for an annual production capacity of 200,000 tons of photovoltaic-grade high-purity silicon and 2,000 tons of electronic-grade high-purity silicon, expected to generate an annual output value of approximately 20 billion yuan and create over 3,000 jobs [4]. Group 3: Financial Performance - Tongwei expects a net loss attributable to shareholders of the parent company in the range of 9 billion to 10 billion yuan for the year 2025, indicating an increase in losses [5]. - The losses are attributed to a slowdown in the growth of new photovoltaic installations in the second half of the year, ongoing supply surplus issues, declining operating rates across the industry, rising prices of core raw materials, and a year-on-year drop in product prices [5]. Group 4: Stock Information - As of February 24, 2026, Tongwei's stock price closed at 18.16 yuan per share, with a total market capitalization of 81.756 billion yuan [6]. - The stock has experienced a 52-week high of 27.75 yuan and a low of 14.89 yuan, indicating significant volatility in its trading performance [7].

Core Viewpoint - Tongwei Co., Ltd. is planning to acquire 100% equity of Qinghai Lihua Qingneng Co., Ltd. to enhance its semiconductor business, leading to a temporary suspension of its stock trading [2][4]. Group 1: Acquisition Details - The acquisition will be executed through a combination of issuing shares and cash payments, along with raising matching funds [2]. - The transaction is not expected to change the controlling shareholder or actual controller of the company and does not constitute a related party transaction or a major asset restructuring [4]. Group 2: Company Background - Lihua Qingneng, established in April 2021, focuses on the R&D, production, and sales of photovoltaic-grade high-purity silicon and electronic-grade polysilicon, with a planned total investment of 20 billion yuan [5]. - The company aims to achieve an annual production value of approximately 20 billion yuan and create over 3,000 jobs [5]. Group 3: Financial Performance - Tongwei Co., Ltd. is projected to report a net loss attributable to shareholders of approximately 9 billion to 10 billion yuan for the year 2025, indicating an increase in losses [5]. - The losses are attributed to a slowdown in the growth of new photovoltaic installations, industry supply surplus, rising core material prices, and declining product prices [6]. - As of February 24, the company's stock price was 18.16 yuan per share, with a total market capitalization of 81.756 billion yuan [7].

Group 1 - Tongwei Co., Ltd. is planning to acquire 100% equity of Qinghai Lihua Qingneng Co., Ltd. through a combination of issuing shares and cash payment, while also raising matching funds [1][7] - The acquisition is not expected to change the controlling shareholder or actual controller of Tongwei, nor is it classified as a related party transaction or a major asset restructuring [3][8] - Trading of Tongwei's stock and convertible bonds will be suspended starting February 25, 2026, for a period not exceeding 10 trading days to ensure fair information disclosure [3][8] Group 2 - Lihua Qingneng, established in April 2021, focuses on the research, production, and sales of photovoltaic-grade high-purity silicon and electronic-grade polysilicon, with a planned total investment of 20 billion yuan and an expected annual output value of approximately 20 billion yuan [9] - Tongwei has developed a business model integrating agriculture (aquaculture) and photovoltaic resources, focusing on the development of "fishing and solar integration" bases to enhance industry synergy [4][9] - The company anticipates a net loss of approximately 9 to 10 billion yuan for the fiscal year 2025, attributed to a slowdown in the growth of new photovoltaic installations and ongoing industry pressures [4][10]

Core Viewpoint - Tongwei Co., Ltd. (stock code: 600438) announced a significant acquisition plan to purchase 100% equity of Qinghai Lihua Qingneng Co., Ltd. through a combination of share issuance and cash payment, along with raising supporting funds [1][8]. Group 1: Acquisition Details - The acquisition will not lead to a change in the company's controlling shareholder or actual controller, and it is not considered a related party transaction or a major asset restructuring [3][11]. - The company's stock and convertible bonds will be suspended from trading starting February 25, 2026, with an expected suspension period of no more than 10 trading days [3][11]. Group 2: Target Company Overview - Lihua Qingneng was established in April 2021 and is involved in the manufacturing, sales, and research of electronic materials, semiconductor devices, and photovoltaic equipment [5][13]. - The company is located in the Nanchuan Industrial Park of Xining Economic and Technological Development Zone, covering an area of 2,600 acres, with a planned total investment of 20 billion yuan to build a production project for 200,000 tons of photovoltaic-grade high-purity silicon and 2,000 tons of electronic-grade high-purity silicon, expected to generate an annual output value of approximately 20 billion yuan and create over 3,000 jobs [5][13]. Group 3: Company Achievements - In February, Lihua Qingneng's chairman announced that the company ranked 25th in the "2025 Top 50 Enterprises in Qinghai" with a sales revenue of 3.954 billion yuan, and it was recognized as one of the "2025 Global Unicorn Enterprises Top 500" [6][14].

Group 1 - The top-performing stock among state-owned enterprises is Tianye Water Conservation, with a price increase of 22.22% [1] - On February 20, Tianye Water Conservation opened at HKD 0.248, reached a high of HKD 0.248, and closed at HKD 0.231 [1] - The stock's previous closing price was HKD 0.189, indicating a significant rise [2] Group 2 - The second highest increase was Shanghai Qingpu Fire Protection, with a price increase of 20.00%, closing at HKD 15.000 [2] - Tianjie Environment ranked third with a 12.17% increase, closing at HKD 2.120 [2] - Other notable performers include China Railway with an 8.48% increase, and Binhai Teda Logistics with a 7.69% increase [2]