2025 年第一次临时股东大会会议资料 通威股份有限公司 2025 年第一次临时股东大会会议资料 资料汇编 二〇二五年四月 | 年第一次临时股东大会会议议程 2025 3 | | --- | | 关于申请注册及发行债务融资工具(DFI)的议案 4 | 2025 年第一次临时股东大会会议资料 通威股份有限公司 2025 年第一次临时股东大会会议议程 会议时间：2025 年 4 月 15 日下午 14:00 四、投票表决 1、股东及股东代表对审议议案进行投票表决（本次会议采取现场投票与网络投票 相结合的表决方式） 会议地点：成都市高新区天府大道中段 588 号"通威国际中心" 会议主持人：严虎 副董事长 会议议程： 一、主持人宣布参会人员情况 1、介绍现场参加会议的股东和股东代表及所代表的股份总数，介绍参加会议的董 事、监事、高管人员和中介机构代表 2、介绍会议议题，表决方式 3、推举计票、监票人员和见证律师 1、审议《关于申请注册及发行债务融资工具（DFI）的议案》 2、表决情况汇总并宣布表决结果 3、律师宣读法律意见 4、全体到会董事、监事和高级管理人员在会议记录和决议上签字 五、股东及股东代表提问 六、主持 ...

Core Insights - The article discusses the challenges faced by Tongwei Co., Ltd. and its subsidiary Yongxiang Co., which has been a leader in the silicon industry but is now experiencing significant financial difficulties due to market adjustments in the photovoltaic sector [1][2][4]. Company Performance - Yongxiang Co. reported a revenue of 45 billion yuan and a profit of 22.6 billion yuan in 2023, showcasing its dominance in the market [2]. - However, in the first three quarters of 2024, Yongxiang Co. faced a revenue drop to 16.4 billion yuan and a loss of 1.948 billion yuan, indicating a drastic decline in performance [2]. Industry Trends - The photovoltaic industry is undergoing a significant adjustment period, with pressures affecting the entire supply chain, particularly starting from silicon materials [4]. - The article raises questions about the duration and severity of this adjustment period and whether new strategies will emerge to replace existing leaders like Longi Green Energy and Tongwei [4][6]. Strategic Insights - The success of Tongwei's integrated strategy was highlighted during a booming phase for silicon materials, but the current market conditions are challenging this approach [4]. - The article suggests that the rapid increase in production capacity without mature technology may lead to instability in the industry, with new entrants potentially adopting more aggressive strategies than established leaders [4][6]. Market Dynamics - The article emphasizes the importance of a unified domestic market strategy in light of the current challenges faced by the photovoltaic sector [5]. - It also notes that traditional leaders in the industry have struggled to navigate market cycles, often leading to the emergence of new dominant players [6].

Company Overview - Tongwei Co., Ltd. announced a significant plan to introduce strategic investors and implement capital increase and share expansion for its wholly-owned subsidiary, Sichuan Yongxiang Co., Ltd. [1] - The pre-investment valuation of Yongxiang Co., Ltd. is set at 27 billion yuan, with strategic investors expected to contribute up to 10 billion yuan, acquiring a stake of no more than 27.03% post-expansion [1] - After the capital increase, Tongwei Co., Ltd. will maintain a direct and indirect ownership of at least 72.97% in Yongxiang Co., Ltd., which will continue to be included in the consolidated financial statements [1] Financial Performance - Yongxiang Co., Ltd. has a high-purity silicon production capacity exceeding 900,000 tons and has maintained the largest global market share for several consecutive years [1] - In 2023, Yongxiang Co., Ltd. achieved a revenue of 45.03 billion yuan and a total profit of 22.64 billion yuan, although its performance has faced pressure since 2024 [1] Strategic Implications - The funds from the capital increase will primarily be used to repay financial institution debts and supplement working capital [2] - The introduction of strategic investors is expected to enhance Tongwei Co., Ltd.'s financial strength and consolidate its competitive advantages in the industry [2] - Market analysts view this move positively, indicating it reflects Tongwei Co., Ltd.'s thoughtful capital operations and strategic planning [2] Industry Outlook - The overall development prospects for the photovoltaic industry remain positive, driven by the growing global demand for clean energy [3] - The industry's self-regulatory actions are expected to improve market order and shift competition from price to technology and quality, promoting R&D investment and product efficiency [3] - The integration of energy storage technology with the photovoltaic industry is anticipated to create new opportunities and expand application scenarios [3] - The competition within the photovoltaic sector is expected to intensify, with mergers, resource integration, and a focus on technological innovation and cost control becoming the norm [3]

消息一出即引起市场关注，当前光伏洗牌行情下，各企业多数应对周期波动自顾不暇，业界再融资基本 停摆，此次引入百亿战投增资永祥股份，不仅是市场和机构以真金白银对公司投出"信任票"，更在应对 周期"持久战"中为公司输送能量，有利于公司进一步巩固经营韧性，为后续发力提供弹药支持。 储备过冬粮草：优化资本结构与增强抗风险能力的双重考量 3月28日晚间，通威股份（600438）发布公告称，公司子公司永祥股份拟引入战略投资者暨实施增资扩 股，战略投资者合计向永祥股份增资不超过100亿元，合计取得永祥股份增资后的股权比例不超过 27.03%。增资扩股完成后，公司仍将直接与间接持有永祥股份不低于72.97%的股份，永祥股份将继续 纳入公司合并报表。 公司的成本控制能力同样出色，2023年高纯晶硅平均生产成本已降至4.2万元/吨以内，显著低于行业平 均水平，即使在硅料价格下行周期仍保持单吨净利润超4.5万元，在24年上半年N型硅料占比大幅提升的 背景下，永祥股份单位综合电耗降至50度以下，硅耗已低至1.04kg/Kg-Si以内,成本优势始终是公司穿越 周期的关键支撑。 永祥股份全球市占率超25%，在光伏产业链上游形成强势话语权， ...

Group 1 - The photovoltaic industry is facing challenges due to excess capacity and slowing demand, leading to significant losses among silicon material companies [1][3] - Tongwei Co., Ltd. announced plans to introduce strategic investors for its subsidiary, Yongxiang Co., Ltd., to enhance capital strength and optimize financial structure [1][2] - Yongxiang Co., Ltd. has over 900,000 tons of high-purity silicon capacity and has maintained the largest global market share for several years [1] Group 2 - The strategic investors primarily consist of financial institutions, with agreements signed with several asset management companies [2] - The estimated valuation for Yongxiang Co., Ltd. before the capital increase is 27 billion yuan, with a maximum capital increase of 10 billion yuan [1][2] - The photovoltaic industry chain is experiencing a price decline, with significant drops in silicon material prices throughout 2024 [2] Group 3 - Companies in the silicon material sector are reporting substantial losses, with Tongwei Co., Ltd. expected to incur a net loss of 7 to 7.5 billion yuan in 2024 [3] - Yongxiang Co., Ltd. reported a net loss of 990 million yuan in the first three quarters of the previous year, despite a profit of 15.18 billion yuan for the entire year [3] - The net asset value of Yongxiang Co., Ltd. decreased from 41.91 billion yuan at the end of 2023 to 33.32 billion yuan by September 30, 2024 [3]

Core Viewpoint - The integration of technological innovation and industrial innovation is essential for transforming scientific advancements into productive capabilities, particularly in the photovoltaic (PV) component sector [2][3]. Group 1: Technological Innovations - The company has upgraded its TNC1.0 product to TNC2.0, achieving a power increase of over 20W while maintaining the same component size, and reducing system costs by 1.0 to 2.9 cents/W [2][4]. - TNC2.0 incorporates four new technologies: 908 busbar technology, steel mesh printing technology, EPT passivation technology, and Poly tech technology, which collectively enhance efficiency and reduce costs [4][6]. - The company aims to further improve component power and reduce customer system costs through additional technological applications and mass production [4][6]. Group 2: Market Position and Performance - The company is the first and only photovoltaic enterprise in the Fortune Global 500, with a global workforce of nearly 60,000 and over 200 subsidiaries [4][5]. - The company has achieved the highest global shipment volume of high-purity crystalline silicon for four consecutive years and high-efficiency cells for eight consecutive years [5]. - In 2024, the company ranked first in domestic component shipments, reaching a new high of over 46GW, with a compound annual growth rate of 169% in component shipments over the past three years [5]. Group 3: Research and Development - The company maintains an open and inclusive approach to R&D, with the largest global photovoltaic innovation R&D center located in Chengdu, focusing on current and future mainstream technologies [6]. - The company recently achieved a record of 790.8W in heterojunction-related products [6].

Core Viewpoint - Tongwei Co., Ltd. plans to introduce strategic investors for its subsidiary, Yongxiang Co., Ltd., aiming to raise up to 10 billion yuan through a capital increase, which will enhance its capital structure and support high-quality development [1][2]. Group 1: Strategic Investment Details - Yongxiang Co., Ltd. intends to raise no more than 10 billion yuan from strategic investors, who will collectively hold no more than 27.03% of the company post-investment [2]. - The investment is based on an asset-based valuation method, with Yongxiang's total equity valued at 28.215 billion yuan as of September 30, 2024, reflecting a 9.82% appreciation [2]. - The strategic investors primarily consist of financial institutions, with a complete list expected by April [3]. Group 2: Financial Performance and Projections - Yongxiang Co., Ltd. reported a net profit loss in the first three quarters of 2023, despite a positive operating cash flow [4]. - As of December 31, 2023, Yongxiang's total assets were 66.48 billion yuan, with total liabilities of 24.57 billion yuan [4]. - Tongwei Co., Ltd. anticipates a net loss of approximately 7 to 7.5 billion yuan for 2024 due to significant price declines in the photovoltaic industry and long-term asset impairments [4]. Group 3: Competitive Position - Yongxiang Co., Ltd. is a leading global producer of high-purity silicon, with a production capacity exceeding 900,000 tons and a consistent market share leadership [5]. - The company has achieved a reduction in comprehensive electricity consumption to below 50 kWh and silicon consumption to 1.04 kg/kg-Si [6]. - The average production cost of high-purity silicon products for 2023 has decreased to below 42,000 yuan per ton, maintaining a competitive edge in the industry [6].

| 股票代码：600438 | 股票简称：通威股份 | | 公告编号：2025-019 | | --- | --- | --- | --- | | 债券代码：110085 | 债券简称：通 22 | 转债 | | 表决结果：同意 40,500 万份，占出席持有人会议的持有人所持份额总数的 100%； 反对 0 份；弃权 0 份。 特此公告。 通威股份有限公司 2021-2023 年员工持股计划第三次持有人会议决议公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 通威股份有限公司（以下简称"公司"）2021-2023 年员工持股计划（以下简称"员工持 股计划"）第三次持有人会议于 2025 年 3 月 27 日以通讯方式召开，本次会议通知已于 2025 年 3 月 22 日以书面方式送达至全体持有人。会议由员工持股计划管理委员会召 集，管理委员会委员严虎先生主持，本次会议出席的持有人代表共 10 人，代表员工持 股计划份额 40,500 万份，占公司本次员工持股计划总份额的 30%。会议的召集、召开和 表决程序符合员工持股计划 ...

| 股票代码：600438 | 股票简称：通威股份 | | 公告编号：2025-022 | | --- | --- | --- | --- | | 债券代码：110085 | 债券简称：通 22 | 转债 | | 通威股份有限公司 关于 2022-2024 年员工持股计划展期暨变更资产管理机构的公告 通威股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召开第八届董事会第 二十六次会议审议通过了《关于 2022-2024 年员工持股计划展期暨变更资产管理机构的 议案》，现将具体情况公告如下： 一、本次员工持股计划基本情况 公司分别于 2022 年 5 月 16 日召开第八届董事会第一次会议，于 2022 年 6 月 1 日 召开 2022 年第一次临时股东大会，审议通过了《关于<通威股份有限公司 2022-2024 年 员工持股计划（草案）及其摘要>的议案》，同意实施 2022-2024 年员工持股计划，并授 权公司董事会办理 2022-2024 年员工持股计划相关事宜。公司于 2022 年 7 月 7 日发布 《关于 2022-2024 年员工持股计划完成股票购买的公告》，本次员工持股计划累 ...

| 股票代码：600438 | 股票简称：通威股份 | | 公告编号：2025-021 | | --- | --- | --- | --- | | 债券代码：110085 | 债券简称：通 22 | 转债 | | 通威股份有限公司 关于变更 2021-2023 年员工持股计划资产管理机构的公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 通威股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召开第八届董事会第 二十六次会议审议通过了《关于变更 2021-2023 年员工持股计划资产管理机构的议案》， 现将具体情况公告如下： 一、本次员工持股计划基本情况 本次变更员工持股计划管理机构对员工持股计划正常存续不构成影响；上述变更 完成后，本期员工持股计划持有公司股份数量亦不会发生变化，公司将与原 2021-2023 年持股计划产品管理人、托管人协商终止各方已签订的员工持股计划资产管理合同。 三、审议程序 公司 2021-2023 年员工持股计划持有人会议、第八届董事会薪酬与考核委员会、第 八届董事会第二十六次会议分 ...