股票代码：600438 股票简称：通威股份 公告编号：2025-086 | 债券名称 | 通威股份有限公司 2025 年度第三期绿色科技创新 | | | | 债券简称 | 25 通威 | | | GN003(科创债) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 债券 | | | | | | | | | | 代码 | 132580125 | | | | 期限 | 年 1+1 | | | | | 起息日 | 2025 11 19 | 年 | 月 | 日 | 兑付日 | 年 2027 | 11 | 月 | 日 19 | | 计划发行总 | 50,000.00 | | | | 实际发行总额 | 50,000.00 | | | | | 额(万元) | | | | | (万元) | | | | | | 发行利率 | 2.02% | | | | 发行价(百元面值) | 100.00 | | | | | | | | 中国银行股份有限公司 | | --- | --- | --- | --- | | 主承销商 | 兴业银行股份有限公司 | ...

通威股份公告称，公司已完成2025年度第三期绿色科技创新债券发行工作。债券简称"25通威GN003(科 创债)"，代码132580125，期限1+1年，起息日和兑付日分别为2025年11月19日、2027年11月19日。计划 和实际发行总额均为50000.00万元，发行利率2.02%，发行价100.00（百元面值）。主承销商为兴业银 行，联席主承销商为中国银行和中信银行。募集资金已于11月19日全额到账。 ...

截至11月19日收盘，预制菜概念上涨1.05%，位居概念板块涨幅第10，板块内，44股上涨，国联水产、 益客食品等20%涨停，獐子岛、大湖股份、天马科技等涨停，盖世食品、ST岭南、通威股份等涨幅居 前，分别上涨8.03%、4.30%、4.14%。跌幅居前的有大东方、永辉超市、三江购物等，分别下跌 7.35%、5.02%、4.86%。 今日涨跌幅居前的概念板块 | 品 | | --- | | 002321 | 华英农 | 10.03 | 5.95 | 5613.18 | 12.96 | | --- | --- | --- | --- | --- | --- | | | 业 | | | | | | 002696 | 百洋股 | 10.01 | 9.67 | 5233.75 | 21.34 | | | 份 | | | | | | 002069 | 獐子岛 | 10.10 | 12.47 | 3937.57 | 10.26 | | 000798 | 中水渔 | 9.96 | 2.31 | 3926.43 | 37.30 | | | 业 | | | | | | 002702 | 海欣食 | 2.57 | 19.32 | ...

作为中国乃至全球前三的光储国际盛会，11月18日，2025第八届中国国际光伏与储能产业大会在成都世纪城新国际会展中心隆重举行。十一届、十二届全国 人大常委会副委员长陈昌智出席大会并宣布开幕。成都市委副书记、市长王凤朝出席大会并致辞。重要领导、全球光储行业权威专家学者、领军企业家、光 储企业代表齐聚一堂，汇智聚力，持续助力世界绿色可持续发展。 嘉宾云集 汇聚全球合力 构建清洁美丽世界 十一届、十二届全国人大常委会副委员长陈昌智，成都市委副书记、市长王凤朝，十三届全国政协经济委员会副主任、工业和信息化部原副部长苏波，中国 能源研究会理事长史玉波，四川省政协原副主席罗布江村，全国人大代表、全国工商联副主席、通威集团董事局刘汉元主席，中关村智慧能源产业联盟名誉 理事长李小琳，乐山市委书记赵波，眉山市委书记黄河，广元市委书记何树平，成都市人民政府副市长许兴国，乐山市委副书记、市长赵迎春，包头市委副 书记、市长孟庆维，宜宾市人民政府副市长刘勇，成都市人民政府秘书长陈茂禄，四川省科技厅一级巡视员陈学华，四川省经信厅副厅长张勇，四川省能源 局副局长曾光，"世界太阳能之父"、澳大利亚新南威尔士大学教授马丁·格林，中国能源研究会 ...

通威股份 光伏事业部总裁陈星宇在2025中 国新能源 产业高质量发展论坛表示，过去光伏平价是说在当 地光伏发电已经优于低于火电燃煤。作为参照，而现在的话，正在逐渐走向我们的光伏加 储能 ，也就 是光储平价。在很多地方，目前的光伏加储能的话，已经和当地的燃煤电价有足够的一定的竞争能力 了。在未来5到十年，可能在全国几乎所有的地方都能够实现光储平价。 ...

Core Viewpoint - The solar photovoltaic (PV) industry in China has made significant advancements in domestic production capabilities, transitioning from 100% reliance on imported equipment to complete domestic manufacturing within a decade [1] Group 1: Technological Advancements - The production equipment for solar cells has evolved to the point where there is no visible difference between domestic and imported equipment, indicating a high level of technological parity [1] - The purity of polysilicon produced by Tongwei has improved dramatically, achieving a purity level of 11 nines (99.999999999%) from an initial level of 2 nines (99%) [1] Group 2: Production Capacity and Cost Reduction - Tongwei's polysilicon production has scaled from 1,000 tons to nearly 1 million tons, showcasing substantial growth in production capacity over the years [1] - The cost of polysilicon has decreased from 1 million yuan per ton to 30,000 yuan per ton, representing a reduction to 3% of the original production cost [1]

Core Viewpoint - Tongwei Co., Ltd. has experienced a decline in stock price and significant changes in shareholder structure, alongside a decrease in revenue and net profit for the first nine months of 2025 [1][2][3]. Financial Performance - As of October 20, 2025, Tongwei Co., Ltd. reported a revenue of 646.00 billion yuan, a year-on-year decrease of 5.38% [2]. - The company recorded a net profit attributable to shareholders of -52.70 billion yuan, reflecting a year-on-year decrease of 32.64% [2]. Stock Market Activity - On November 19, 2025, Tongwei's stock price fell by 2.01%, trading at 24.38 yuan per share with a total market capitalization of 1097.59 billion yuan [1]. - The stock has increased by 10.27% year-to-date, but has seen a decline of 2.87% over the last five trading days [1]. Shareholder Structure - As of October 20, 2025, the number of shareholders decreased to 249,200, a reduction of 12.13% from the previous period [2]. - The average number of circulating shares per shareholder increased by 13.81% to 18,065 shares [2]. Dividend Distribution - Since its A-share listing, Tongwei has distributed a total of 251.92 billion yuan in dividends, with 169.23 billion yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 136 million shares, a decrease of 27.91 million shares from the previous period [3]. - Other notable institutional shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, both of which have also seen reductions in their holdings [3].

Core Insights - The photovoltaic industry is experiencing significant price declines due to excessive competition, leading to a focus on "anti-involution" as a key theme for 2023 [1][5][6] - The energy storage sector is showing signs of recovery, partly driven by falling prices in the photovoltaic supply chain, although some industry players remain cautious about market conditions [3][4][10] Industry Overview - The "2025 8th China International Photovoltaic and Energy Storage Industry Conference" highlighted the need for companies to maintain a broader perspective while competing, ensuring the overall health of the industry ecosystem [3][6] - The photovoltaic industry is currently facing a supply-demand imbalance, with prices for polysilicon, silicon wafers, batteries, and modules dropping approximately 10%, 20%, 15%, and 2% respectively since the beginning of the year [5][12] Company Strategies - Companies are focusing on cost reduction and efficiency improvements while also increasing innovation to survive in a challenging market [4][11] - The production capacity of major companies, such as Meike Co., is currently at 60 GW, primarily in the silicon wafer sector, indicating a supply surplus [4] Market Dynamics - The energy storage market is experiencing high demand, particularly for lithium iron phosphate batteries, driven by changes in clean energy integration costs [10][11] - The anticipated growth in energy storage installations is significant, with projections indicating that by the end of 2024, new energy storage installations will reach 73.76 million kW, accounting for over 40% of global installations [11] Technological Advancements - New technologies in photovoltaic cells, such as perovskite and various combinations of existing technologies, are being explored, with the next five years seen as critical for assessing their viability [9][12] - The industry is urged to focus on core technology independence to enhance competitiveness and ensure sustainable growth [12][13] Future Outlook - The photovoltaic industry is expected to evolve towards a more integrated energy system, combining generation, storage, and consumption, particularly in regions with high renewable energy output [15] - The establishment of a fair and efficient market mechanism for energy resources is deemed essential for the sustainable development of the industry [13][15]

Summary of Tongwei (600438.SS) Conference Call Company Overview - **Company**: Tongwei - **Industry**: Solar Energy and Polysilicon Production - **Market Position**: Largest polysilicon producer globally with a capacity of 900,000 MT and over 30% market share; also the largest solar cell supplier with 150 GW capacity [doc id='26'][doc id='27']. Key Financial Insights - **2023 Financials**: Net profit of Rmb 13,574 million, diluted EPS of Rmb 3.015, with a significant decline in profitability expected in 2024 and 2025 [doc id='5']. - **2025 Estimates**: Expected net loss of Rmb 5,958 million, with diluted EPS of Rmb -1.323, but a projected recovery in 2026 with a reduced loss of Rmb 2,155 million and EPS of Rmb -0.479 [doc id='5'][doc id='13']. - **2026 Projections**: Anticipated return to profitability in 2027 with a net profit of Rmb 2,365 million and EPS of Rmb 0.525 [doc id='5']. Market Dynamics - **Polysilicon Pricing**: Current average selling price (ASP) for polysilicon is above Rmb 50/kg, with expectations for further increases in 2026 [doc id='3'][doc id='4']. - **Production Costs**: Competitive production costs at Rmb 30/kg on a cash basis and below Rmb 50/kg on a total cost basis [doc id='4']. - **Sales Volume**: Anticipated decline in polysilicon shipment volume in 4Q25 due to weak demand, despite profitability in the polysilicon segment [doc id='3']. Strategic Outlook - **Anti-Involution Efforts**: Management indicated that the industry trough may be over, with potential positive catalysts from government policies aimed at reducing excessive production capacity [doc id='2'][doc id='12']. - **Global Solar Installation Forecast**: Tongwei forecasts global solar installations of 560 GW in 2025, with a conservative estimate of 520 GW in 2026, reflecting a potential decline in domestic demand [doc id='12']. - **Investment Strategy**: Rated as a "Buy" with a target price of Rmb 30.00/share, based on expected benefits from supply-side reforms and a competitive cost structure [doc id='27'][doc id='28']. Risks and Challenges - **Downside Risks**: Potential risks include unexpected provincial government support for less efficient solar manufacturers and higher-than-expected solar installations in China [doc id='29']. - **Operational Challenges**: Production lines in Sichuan and Yunnan have been suspended, impacting overall production capacity [doc id='3']. Conclusion - **Investment Recommendation**: The company is positioned to benefit from market reforms and is expected to return to profitability by 2027, making it a compelling investment opportunity in the solar energy sector [doc id='27'][doc id='28'].

Core Viewpoint - Tongwei Co., Ltd. has experienced a decline in stock price and significant changes in shareholder structure, alongside a decrease in revenue and net profit for the first nine months of 2025 [1][2]. Financial Performance - As of October 20, 2025, Tongwei Co., Ltd. reported a revenue of 646.00 billion yuan, a year-on-year decrease of 5.38% - The company recorded a net profit attributable to shareholders of -52.70 billion yuan, representing a year-on-year decrease of 32.64% [2]. Stock Market Activity - On November 18, 2025, Tongwei's stock price fell by 2.02%, trading at 24.71 yuan per share with a total transaction volume of 12.33 billion yuan - The stock has increased by 11.76% year-to-date, but has seen a decline of 7.52% over the past five trading days [1]. Shareholder Structure - As of October 20, 2025, the number of shareholders decreased to 249,200, a reduction of 12.13% - The average number of circulating shares per shareholder increased by 13.81% to 18,065 shares [2]. Dividend Distribution - Since its A-share listing, Tongwei has distributed a total of 251.92 billion yuan in dividends, with 169.23 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, major institutional shareholders have reduced their holdings, with Hong Kong Central Clearing Limited holding 136 million shares, down by 27.91 million shares from the previous period [3].