Core Viewpoint - The company, Tongwei Co., Ltd., is set to hold an investor briefing on November 3, 2025, to discuss its Q3 2025 performance and financial results, allowing for interactive communication with investors [2][3][4]. Group 1: Meeting Details - The investor briefing will take place on November 3, 2025, from 13:00 to 14:00 [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The meeting will be conducted in an interactive online format, enabling real-time engagement with investors [3][4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [5]. - A pre-question submission period is available from October 27 to October 31, 2025, allowing investors to submit questions via the Roadshow Center or the company's email [5]. Group 3: Company Representatives - Key representatives attending the briefing include the Chairwoman and CEO Liu Shuqin, Independent Director Chen Lei, CFO Zhou Bin, and Board Secretary Yan Ke [4]. Group 4: Contact Information - For inquiries, investors can contact the company via phone at 028-86168555 or email at zqb@tongwei.com [6]. Group 5: Post-Meeting Access - After the briefing, investors can access the meeting details and main content through the Shanghai Stock Exchange Roadshow Center [7].

Summary of Tongwei Co. Ltd. Conference Call Company Overview - **Company**: Tongwei Co. Ltd. - **Ticker**: 600438.SS - **Industry**: China Utilities - **Market Cap**: Rmb99,989.1 million - **Current Share Price**: Rmb22.21 (as of October 24, 2025) - **Price Target**: Rmb21.85 - **52-Week Range**: Rmb32.05 - Rmb14.89 - **Average Daily Trading Value**: Rmb1,517 million Key Financial Highlights - **3Q25 Performance**: - Reported a net loss of Rmb315 million, a significant improvement from losses of Rmb2.4 billion in 2Q25 and Rmb2.6 billion in 1Q25 [3][8] - Revenue remained stable at Rmb24.1 billion, slightly down from Rmb24.6 billion in 2Q25 [3] - Gross margin improved to 7.2%, up from 2.0% in 2Q25 and -2.9% in 1Q25, attributed to the recovery in polysilicon prices [3][8] - EBIT turned to a mild profit of Rmb88 million in 3Q25 after consecutive losses since 1Q24 [8] Industry Context - **Polysilicon Price Recovery**: The recovery in polysilicon prices since early July has positively impacted Tongwei's gross profit margin and reduced asset impairment [8] - **Asset Impairment**: Reduced to Rmb247 million in 3Q25 from -Rmb1.6 billion in 2Q25 and -Rmb796 million in 1Q25, indicating improved inventory management and market conditions [3][8] Investment Thesis - **Market Outlook**: The overall industry view is considered attractive, with expectations of meaningful upside in the next 12 months [2][5] - **Consensus EPS Direction**: Financial results are seen as aligning with or exceeding consensus expectations, leading to a revision of earnings forecasts higher [2] Risks and Considerations - **Upside Risks**: - Higher-than-expected photovoltaic (PV) installations globally - Less-than-expected new polysilicon capacity from new entrants - Higher-than-expected polysilicon prices - Faster development in next-generation solar cell technologies [11] - **Downside Risks**: - Lower-than-expected PV installations worldwide - Intensified competition and pricing pressures across the supply chain - Slower overseas market exploration for its module business - Intensified trade tensions [11] Valuation Methodology - **Valuation Approach**: Price target derived from discounted cash flow (DCF) methodology, capturing long-term cash flows for 2026-2036 with a WACC of 9.5% [9] Conclusion - **Investment Rating**: Equal-weight, indicating a neutral stance on the stock with potential for moderate returns in line with industry performance [5][29]

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company significantly reduced its losses in Q3 2025, with notable improvement in polysilicon profitability due to price increases and cost reductions during the wet season [2][3] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 908.33 billion, 1074.77 billion, and 1201.88 billion respectively, and a return to profitability by 2026 [3][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 646.00 billion, a year-on-year decrease of 5.38%, and a net loss attributable to shareholders of 52.70 billion, which is an increase in losses compared to the previous year [1] - In Q3 2025, the company achieved revenues of 240.91 billion, a decrease of 1.57% year-on-year and 1.97% quarter-on-quarter, with a net loss of 3.15 billion, showing a significant reduction in losses compared to previous quarters [1] Polysilicon Market Dynamics - The polysilicon prices saw a substantial increase from the low point in June 2025, with N-type and granular silicon prices rising by 55% and 51% respectively by the end of September 2025 [2] - The improvement in profitability for polysilicon is attributed to the "anti-involution" measures in the photovoltaic sector, which led to price adjustments above the comprehensive cost line [2] Cash Flow and Operational Efficiency - The company reported a positive operating cash flow of 47.76 billion in Q3 2025, indicating a significant improvement in operational quality [3] Future Projections - The company forecasts a return to profitability with net profits of -57.91 billion in 2025, 30.50 billion in 2026, and 60.25 billion in 2027, with corresponding PE ratios of 34X and 17X for 2026 and 2027 respectively [3][5]

证券代码：600438 证券简称：通威股份 公告编号：2025-083 通威股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本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。 重要内容提示： 通威股份有限公司（以下简称"公司"）已于 2025 年 10 月 25 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地 了解公司 2025 年前三季度经营成果、财务状况，公司计划于 2025 年 11 月 3 日 （星期一） 13:00-14:00 举行 2025 年第三季度业绩说 明会，就投资者关心的问题进行交流。 一、 说明会类型 会议召开时间：2025 年 11 月 3 日（星期一） 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 27 日 （星期一） 至 10 月 31 日 （星 期五）16:00 ...

Company Performance - In Q3 2025, the company achieved revenue of 24.09 billion yuan, with a year-on-year and quarter-on-quarter decrease of 1.6% and 2.0% respectively, and a net profit attributable to shareholders of -0.31 billion yuan, improving from losses of 0.53 billion yuan and 2.05 billion yuan in the previous periods [1] - The company's operating cash flow significantly improved, reaching 4.78 billion yuan in Q3 2025, indicating a notable enhancement in operational quality [1] - As of the end of Q3 2025, the company had sufficient cash reserves, with total cash and financial assets amounting to 34.77 billion yuan, an increase of 4.6% quarter-on-quarter [1] Silicon Material Business - The profitability of the silicon material business showed significant recovery in Q3, driven by the ongoing "anti-involution" efforts, which are expected to lead to a continuous recovery in silicon material prices [1][2] - As of the end of September 2025, the average price of N-type dense silicon material was 49,700 yuan per ton, a 56% increase from the end of June 2025, aiding in the recovery of previous inventory losses [1][2] - The reduction in electricity prices during the abundant water period in regions like Yunnan and Sichuan, along with production process optimizations, is expected to further lower production costs [1] Industry Outlook - The silicon material sector is viewed as a key focus for the photovoltaic "anti-involution" strategy, which aims to eliminate outdated production capacity through energy consumption control and capacity storage [2] - The National Standardization Administration's draft on energy consumption limits for polysilicon and germanium products indicates tightening energy consumption standards, which may support the structural adjustment of polysilicon capacity [2] - The domestic photovoltaic market saw a total of 240.27 GW of new installations in the first nine months of 2025, a year-on-year increase of 49%, although Q3 2025 installations dropped by 52% due to weakened demand following a rush to install [2] Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at -6.182 billion yuan, 3.571 billion yuan, and 5.132 billion yuan respectively, with corresponding EPS of -1.37, 0.79, and 1.14 yuan [3] - The company is expected to benefit from the ongoing supply-side reforms in the silicon material sector, with a stable dual leadership position in silicon material and battery production [3] - A target price of 31.66 yuan is set for 2026, based on a price-to-earnings ratio of 40.08x, reflecting an increase from the previous target of 25.39 yuan [3]

Market Overview - The photovoltaic equipment sector rose by 0.97% on October 27, with Canadian Solar leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers in Photovoltaic Equipment Sector - Canadian Solar (688472) closed at 12.88, up 6.10% with a trading volume of 1.0315 million shares and a transaction value of 1.318 billion [1] - Micro導Nano (688147) closed at 56.46, up 5.85% with a trading volume of 119,300 shares and a transaction value of 659 million [1] - Hongyuan Green Energy (603185) closed at 22.95, up 5.23% with a trading volume of 208,800 shares and a transaction value of 472 million [1] - Other notable gainers include ST Quanwei (300716), Dike Co., Ltd. (300842), and Tongwei Co., Ltd. (600438) with respective increases of 5.18%, 4.30%, and 3.24% [1] Top Losers in Photovoltaic Equipment Sector - Zhonglai Co., Ltd. (300393) closed at 5.93, down 6.17% with a trading volume of 577,500 shares and a transaction value of 34.6 million [2] - ST Muban (603398) closed at 7.65, down 4.85% with a trading volume of 289,400 shares and a transaction value of 223 million [2] - Jing Sheng Mechanical and Electrical (300316) closed at 40.15, down 4.59% with a trading volume of 430,500 shares and a transaction value of 174.2 million [2] Fund Flow Analysis - The photovoltaic equipment sector experienced a net outflow of 690 million from institutional investors, while retail investors saw a net inflow of 377 million [2] - Notable net inflows from retail investors were observed in stocks like Canadian Solar and Micro導Nano, while institutional investors showed significant outflows from Tongwei Co., Ltd. and TCL Zhonghuan [3]

Group 1 - Deutsche Bank upgraded Tongwei Co., Ltd. to a "Buy" rating [1] - The target price for Tongwei Co., Ltd. is set at 30 RMB [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 31.66 [6]. Core Views - The company reported a significant reduction in losses in Q3 2025, with a net profit of -3.1 billion RMB, improving from losses of 5.3 billion RMB year-on-year and 20.5 billion RMB quarter-on-quarter, primarily due to rising silicon material prices and a decrease in electricity prices during the wet season [1][2]. - The company's operating cash flow turned positive at 47.8 billion RMB in Q3 2025, indicating a substantial improvement in operational quality [1]. - The company has sufficient cash reserves, with total cash and financial assets amounting to 34.77 billion RMB as of the end of Q3 2025, reflecting a 4.6% increase [1]. Summary by Sections Silicon Material Business - Q3 2025 saw a significant recovery in profitability for the silicon material business, with the average price of N-type dense silicon reaching 49,700 RMB per ton by the end of September 2025, a 56% increase from June 2025 [2]. - The decrease in electricity prices during the wet season in regions like Yunnan and Sichuan, combined with production process optimizations, is expected to lead to a continued decline in production costs [2]. - The report emphasizes that silicon materials are a key focus of the photovoltaic "anti-involution" strategy, which aims to eliminate outdated production capacity through energy consumption control and capacity storage [2]. Battery Component Business - The battery component business faced operational pressure in Q3 2025, with a year-on-year decline in new installations of photovoltaic systems by 52% in Q3 2025, leading to a potential decrease in the company's battery and component shipments [3]. - Due to declining returns from downstream power plants, there is limited room for price increases in battery components, which may continue to pressure profitability [3]. - The report remains optimistic about long-term demand driven by quality requirements for battery components and projects like large-scale wind and solar bases, photovoltaic desertification, and green electricity connections [3]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are -6.18 billion RMB, 3.57 billion RMB, and 5.13 billion RMB, respectively, with corresponding EPS of -1.37, 0.79, and 1.14 RMB [4]. - The report highlights the company's strong position in both silicon materials and batteries, benefiting from ongoing supply-side reforms and the anti-involution trend [4]. - The target price is set at 31.66 RMB, based on a PE ratio of 40.08x for 2026, reflecting a positive outlook compared to the previous target of 25.39 RMB [4].

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Views - The main sectors are experiencing sustained prosperity, with energy storage demand exceeding expectations, optimistic guidance for wind energy, and a critical window for photovoltaic (PV) sector recovery [15][16] Summary by Sections 1. Photovoltaic - The "14th Five-Year Plan" emphasizes the need to address "involution" in competition, with ongoing consolidation in silicon material and energy consumption standards expected to support price stability [20][37] - Major companies like Tongwei Co. and GCL-Poly Energy are showing signs of recovery in Q3 profits, with Tongwei's revenue at CNY 24.09 billion, down 1.57% year-on-year, and GCL-Poly turning a profit of CNY 0.96 billion in Q3 [21][40] - The report recommends stocks benefiting from the anti-involution trend, including Tongwei Co., GCL-Poly, and LONGi Green Energy [15][39] 2. Energy Storage - The energy storage sector is entering a phase of increased volume and profitability, with a total of 3.45 GW/7.425 GWh of new projects announced in Sichuan [44] - The report highlights the positive outlook for large-scale storage systems and recommends leading companies like CATL and Aiko Solar [15][42] - The demand for household storage remains stable, with expectations for growth in overseas commercial storage markets [15][42] 3. Lithium Battery - The lithium battery sector is seeing an upward adjustment in demand expectations, with a focus on stable companies with price elasticity in battery and anode segments [15][16] - Key recommendations include CATL, EVE Energy, and companies involved in solid-state battery technologies [15][39] 4. Wind Energy - The wind energy sector is entering a new cycle of prosperity, with a focus on turbine and component leaders [15][16] - Companies like Goldwind and Mingyang Smart Energy are highlighted for their recovery in profitability and export potential [15][39] 5. Power Equipment - The report notes the approval of new ultra-high voltage projects and the growth of digitalization in the power grid, with recommendations for companies like Sifang Co. and XJ Electric [15][39] - The sector is expected to benefit from ongoing technological advancements and project approvals [15][39] 6. New Directions - The report emphasizes the potential in AIDC and robotics sectors, with companies like Sihai Technology and Megmeet Electric highlighted for their growth prospects [15][39] - The focus is on technological advancements and market opportunities in these emerging fields [15][39]

Group 1: New Energy ETF Performance - The New Energy ETF has seen a turnover of 3.36% during trading, with a transaction volume of 46.41 million yuan [3] - The ETF's scale has increased by 19.18 million yuan over the past week, and its shares have grown by 18.8 million since the beginning of the month, ranking first among comparable funds [3] - The latest net inflow into the ETF is 12.67 million yuan, accumulating a total of 129 million yuan over the last 12 trading days [3] - As of October 24, the ETF's net value has risen by 57.63% over the past six months, placing it in the top 10.58% among index equity funds [3] - The ETF has achieved a maximum monthly return of 25.07% since its inception, with the longest streak of monthly gains being five months and an overall increase of 62.44% [3] Group 2: Battery Industry Growth - The power battery industry is experiencing steady growth, driven by strong sales of new energy vehicles, which has bolstered demand for upstream lithium batteries [3] - In the first half of 2025, China's total installed capacity of power batteries reached 299.6 GWh, marking a year-on-year increase of 47.3% [3] - The total installed capacity of power batteries is expected to exceed 600 GWh for the entire year of 2025, supported by the continuous rise in new energy vehicle production and sales, as well as explosive growth in the energy storage market [3] Group 3: Energy Storage Policies - Several provinces, including Inner Mongolia, Hebei, Gansu, Ningxia, and Shandong, have introduced capacity pricing and compensation policies, providing strong baseline returns for energy storage [4] - The capacity pricing policy, combined with market-based peak and valley arbitrage, has significantly improved the economic viability of independent energy storage [4] - There is strong demand for large-scale and commercial energy storage in overseas markets such as Europe, the United States, and Southeast Asia, with various countries implementing energy storage subsidy policies [4] Group 4: Top Weight Stocks in New Energy Index - As of September 30, 2025, the top ten weighted stocks in the China Securities New Energy Index include CATL, Sungrow Power, EVE Energy, Longi Green Energy, Huayou Cobalt, TBEA, China Nuclear Power, Ganfeng Lithium, Lead Intelligent, and Three Gorges Energy, collectively accounting for 45.2% of the index [6]