Group 1 - The legal opinion letter confirms that the procedures for convening and holding the annual general meeting of Tongwei Co., Ltd. on May 20, 2025, comply with relevant laws and regulations [1][2][3] - The meeting was held at Tongwei International Center, Tianfu Avenue, and was presided over by the vice chairman [3][4] - A total of 2,544 participants attended the meeting, representing 46.2820% of the total voting shares [4][5] Group 2 - The voting took place both on-site and through an online system, with the online voting period from 9:15 AM to 3:00 PM on May 20, 2025 [4][5] - The meeting's voting results showed that the majority of the proposals were approved, with votes in favor reaching as high as 99.8939% for some resolutions [6][7][8] - The legal opinion confirms that the voting procedures and results are valid and comply with the relevant laws and regulations [12][13]

Core Viewpoint - The company acknowledges challenges in the photovoltaic and feed industries due to supply-demand imbalances and intensified competition, but remains committed to its core businesses and strategic focus [1][3]. Group 1: Company Performance - The company maintained strategic determination amidst pressure, achieving growth in aquatic feed and reinforcing its core competitiveness in the photovoltaic sector [3]. - In 2024, the company added 16 new regional product certifications and secured GW-level project orders from countries like Saudi Arabia and Poland, with overseas sales increasing by 98.76% year-on-year [3]. Group 2: Market Strategy - The company is cautious about overseas investments, focusing on its main businesses of photovoltaic and feed, while being aware of the risks associated with unrelated business ventures in a volatile geopolitical environment [3]. - The company emphasizes the importance of the global clean energy transition and the dual carbon goals, expressing confidence in the industry's growth potential and its competitive advantages [3].

Group 1 - The company held its first meeting of the ninth board of directors, chaired by Liu Shuqing, and all resolutions were passed unanimously [1][2] - The meeting included the election of Liu Shuqing as the chairperson and Yan Hu as the vice chairperson of the ninth board [2] - The board established four specialized committees, with Liu Shuqing leading the Strategy and Sustainable Development Committee [2] Group 2 - Liu Shuqing was appointed as the CEO, and other key appointments included Zhang Lu as Vice President and Zhou Bin as Chief Financial Officer [2] - The meeting confirmed the appointment of the board secretary and the representative for securities affairs [2][7] - The board's decisions were made with full attendance, with all votes in favor and no opposition [2]

Core Viewpoint - The photovoltaic industry is currently experiencing a phase of pain, but companies with core technology and strong cost control will see improvement by spring 2025 [1][4][5]. Industry Overview - In 2024, the photovoltaic industry faced significant challenges, with over 60 listed companies reporting total revenue of 931.1 billion yuan, a decrease of 22.4% year-on-year, and a total net loss of 29.8 billion yuan [4]. - The industry is characterized by a mismatch in supply and demand due to excessive capacity from previous investments, leading to a "winter" period for many companies [4][5]. - The price of photovoltaic components has dropped significantly, with costs falling from 2 yuan/W to 0.6-0.7 yuan/W, resulting in the potential elimination of older, high-cost production capacities by the end of the year [4]. Company Performance - Tongwei Co., Ltd. reported sufficient cash flow and is committed to unlimited R&D investment to enhance battery efficiency [5]. - As of the end of Q1 2024, the company had approximately 40 billion yuan in cash and financial assets, with bank credit exceeding 140 billion yuan [5]. Silicon Material Capacity Integration - Tongwei has established a high-purity crystalline silicon production capacity exceeding 900,000 tons, while other major players have a combined capacity of around 1.98 million tons [6]. - The industry demand for silicon materials is estimated to be between 1.5 million to 1.6 million tons, making the resolution of oversupply a critical factor for improving industry conditions [7]. Market Dynamics - There are no current signs of photovoltaic manufacturing returning to Europe and the U.S., as overseas companies cannot compete with Chinese manufacturing costs [9][10]. - Tongwei's overseas revenue reached 9.45 billion yuan in 2024, with a notable 98.76% year-on-year increase in overseas sales, supported by enhanced distribution networks and product certifications [11].

证券代码：600438 证券简称：通威股份 公告编号：2025-055 通威股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 5 月 20 日 (二) 股东大会召开的地点：成都市高新区天府大道中段 588 号"通威国际中心" (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 2,544 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,292,126,234 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 52.0903 | | 份总数的比例（%） | | 注：截至本次股东大会股权登记日 2025 年 5 月 15 日，公司总股本为 4,501,985,805 股,由 于公司存在股份回购计划，公司回购专用证券账户股份不享有本次会议表决权的情况，无表 决权 ...

股票代码：600438 股票简称：通威股份 公告编号：2025-056 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 第九届董事会第一次会议决议公告 （一）本次董事会会议由董事长刘舒琪女士主持，会议的召开符合《公司法》《公 司章程》及其它相关法律、法规及规章的规定。 （二）经全体董事一致同意，本次会议召开豁免提前发出会议通知时限要求。 （三）本次会议以通讯表决的方式于 2025 年 5 月 20 日召开。会议应出席董事 9 人，实际出席董事 9 人。 （四）本次会议共 3 项议案，均获全票通过。 二、董事会会议审议情况： （一）本次董事会会议独立董事专门会议及董事会专门委员会审议情况说明 本次会议议案中，《关于聘任公司经营管理层的议案》中人员名单已经董事会提名 委员会事前审议并获得全体委员一致通过；其中提请聘任周斌先生为公司财务总监同时 经董事会审计委员会事前审议并获得全体委员一致通过。 （二）议案审议情况说明 1、审议通过了《关于选举公司董事长及副董事长的议案》 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 ...

北京金杜（成都）律师事务所 关于通威股份有限公司 2024 年年度股东大会之 法律意见书 致：通威股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受通威股份有限公司（以 下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 （以下简称中国证监会）《上市公司股东会规则（2025 年修订）》（以下简称《股 东会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目 的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有 效的法律、行政法规、规章、规范性文件和现行有效的公司章程有关规定，指派 律师出席了公司于 2025 年 5 月 20 日召开的 2024 年年度股东大会（以下简称本 次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年年度股东大会审议通过的《通威股份有限公司章程》（以 下简称《公司章程》）； 2. 公司 2025 年 4 月 30 日刊登于上海证券交易所网站等中国证监会指 ...

Core Viewpoint - On May 19, 39 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kun Pharmaceutical Group, Yongxi Electronics, and Taotao Vehicle, reflecting significant growth potential in the traditional Chinese medicine, semiconductor, and motorcycle industries respectively [1][2]. Group 1: Target Price Increases - Kun Pharmaceutical Group saw a target price increase of 55.14%, with a latest rating of "Buy" from Huatai Financial Holdings (Hong Kong) [2]. - Yongxi Electronics experienced a target price increase of 47.45%, rated "Buy" by CITIC Securities [2]. - Taotao Vehicle's target price rose by 46.25%, also rated "Buy" by Huatai Financial Holdings (Hong Kong) [2]. Group 2: Brokerage Recommendations - A total of 86 listed companies received brokerage recommendations on May 19, with Tongwei Co. receiving recommendations from 4 brokerages, and Huasheng Group and Kunlun Wanwei each receiving 2 recommendations [2]. - The highest number of recommendations indicates strong interest and confidence in these companies within their respective sectors [2]. Group 3: Rating Adjustments - On May 19, there was one upgrade in ratings, with Huachuang Securities raising the rating for Tianwei Food from "Recommended" to "Strongly Recommended" [3]. - There were two downgrades, including Huachuang Securities lowering the rating for BioShares from "Strongly Recommended" to "Recommended," and Huatai Securities downgrading Tongwei Co. from "Buy" to "Increase" [3]. Group 4: First-Time Coverage - On May 19, 12 companies received first-time coverage, including Semir Apparel and Bright Dairy, which were rated "Increase" by Industrial Securities [4]. - Other companies like Wens Foodstuffs received a "Buy" rating, indicating a positive outlook for these newly covered firms [4].

伴随着西部A股上市公司披露了2024年年报，高管的薪酬情况随之曝光。 黄桷树财经整理了西部A股上市公司的10位"打工皇帝"。 第一位是创维数字（000810.SZ）副总经理张恩利。 张恩利，男，1979年出生，空军工程大学电力电子与电力传动专业硕士研究生学历，高级工程师，深圳市高层次后备级人才。 2024年，张恩利从创维数字获得的税前报酬总额为890.53万元。截至2024年末，张恩利持有2.5万股创维数字。 值得一提的是，张恩利虽然位列榜首，但他惨遭大幅降薪，2023年他的税前报酬是1482.2万元，2024年的税前报酬实际上降幅为40%。 第二位是重庆啤酒（600132.SH）总裁Lee Chee Kong（中文名：李志刚）。 Lee Chee Kong，男，53岁，马来西亚国籍，毕业于马来西亚北方大学工商管理专业。 在任职于嘉士伯前，Lee Chee Kong曾担任希丁安亚洲区总裁并兼任中国区董事总经理。更早前，他曾担任亨氏中国董事总经理职位，并且在高露洁棕榄 中国及亚太地区长时间从事管理工作。 2024年，龚晖从隆鑫通用获得税前报酬总额为639.91万元。截至2024年末，龚晖持有142.925万股隆 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 25.37 CNY [6][13]. Core Views - The company has a solid industry position, and as the industry stabilizes, its performance is expected to improve. The first quarter losses have narrowed, and both the battery and polysilicon businesses are enhancing quality and efficiency [3][13]. - The company achieved a revenue of 91.994 billion CNY in 2024, a year-on-year decrease of 33.9%, with a net profit attributable to the parent company of -7.039 billion CNY [5][13]. - The company is the top seller of battery cells, with a sales volume of 87.68 GW in 2024, an increase of 8.7% year-on-year, and has maintained its position as the global leader in shipment volume for eight consecutive years [13]. Financial Summary - Revenue is projected to recover to 97.675 billion CNY in 2025, with a growth rate of 6.2% [5][14]. - The net profit attributable to the parent company is expected to improve to -2.745 billion CNY in 2025, with a significant recovery forecasted in subsequent years [5][14]. - The company's cash cost of production for polysilicon has decreased to 27,000 CNY per ton (excluding tax) [13]. Operational Highlights - The company has successfully integrated key equipment and technologies, leading to a reduction in comprehensive electricity consumption and silicon consumption [13]. - The company is advancing its technology roadmap, with plans to enhance the efficiency of its products and maintain a multi-technology development strategy [13].