股票代码：600438 股票简称：通威股份 公告编号：2025-053 债券代码：110085 债券简称：通 22 转债 通威股份有限公司关于 召开 2024 年度暨 2025 年第一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： ?会议召开时间：2025 年 5 月 16 日（星期五）下午 15:00-16:30 ?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：上证路演中心视频直播和网络互动 ?投资者可于 2025 年 5 月 9 日（星期五）至 5 月 15 日（星期四）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@tongwei.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 通威股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发布公司 2024 年度报告及 2025 年第一季 ...

股票代码：600438 股票简称：通威股份 公告编号：2025-053 债券代码：110085 债券简称：通 22 转债 通威股份有限公司关于 投资者可于 2025 年 5 月 9 日（星期五）至 5 月 15 日（星期四）16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 zqb@tongwei.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 通威股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发布公司 2024 年度报告及 2025 年第一季度报告，为便于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 16 日（星期五）15:00-16:30 举行 2024 年度暨 2025 年第一季度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频直播和网络互动方式召开，公司将针对 2024 年度 及 2025 年第一季度的经营成果及财务指标的具体情况与投资者进行互动交流和 沟通，在信息披露 ...

Report Investment Rating The report does not mention the investment rating for the polysilicon industry. Core Views - **Strategy**: For the 2506 contract, it is advisable to be cautiously bullish. When the market rebounds above 40,000 yuan/ton, producers can consider selling hedging at high prices. In the short term, conduct a positive spread arbitrage between the 06 and 07 contracts. If the warehouse receipt volume starts to increase rapidly, switch to a reverse spread arbitrage. There are no strategies for cross - variety and spot - futures operations. For options, sell near - month deep out - of - the - money put options and buy call options [6][7][69]. - **Industry Situation**: The polysilicon upstream and downstream industries have high concentration, with leading enterprises having a large share of production capacity. Most enterprises are currently in a state of losing cash costs, and several polysilicon listed companies reported losses in the first quarter. Some enterprises have shut down for a long time, and most have reduced production loads. The number of polysilicon types and grades is large, and it is subject to brand - based delivery. The standard delivery product on the market is n - type dense material, with relatively high delivery requirements and large discounts for alternative delivery products. The amount of warehouse receipts registered by manufacturers at the current market price is expected to be very small [9][70]. Summary by Directory 1. Polysilicon Production Overview - **Production Enterprises**: The polysilicon industry has high concentration, with the top four enterprises (Tongwei Co., Ltd., GCL Technology, Daqo New Energy, and Xinte Energy) having a combined market share of over 60%. Each of these enterprises has its own development strategy and production characteristics [14][15]. - **Capacity and Output**: By the end of 2024, the polysilicon production capacity reached about 2.86 million tons, a year - on - year increase of 42%, but the capacity utilization rate was only about 30%. Leading enterprises are still expanding production capacity. Due to industry self - restraint on production, the production enthusiasm of enterprises is limited, and the output is expected to decline slightly. The industry has been in a de - stocking pattern since 2025, but the high total inventory has a large inhibitory effect on the spot market [18]. - **Downstream Enterprises**: The downstream of polysilicon is also highly concentrated. According to the 2024 production capacity statistics, the top 5 enterprises account for nearly 53% of the production capacity, and the top 2 account for 33% [23]. - **Cost**: The production cost of polysilicon mainly consists of raw material cost, electricity cost, labor cost, depreciation cost, and technological differences. The raw material, electricity, and depreciation costs account for about 80% of the total cost. Leading enterprises have different production costs due to differences in electricity cost ratios and technological routes [26]. 2. Polysilicon Classification - **Physical Form**: Polysilicon can be classified into block silicon and granular silicon. Block silicon has a stable quality and can be stored for a long time, while granular silicon can avoid the crushing step but is easily contaminated [28]. - **Purity**: It can be divided into metallurgical - grade polysilicon (MG - Si), solar - grade polysilicon (SOG - Si), and electronic - grade polysilicon (SEG - Si) in descending order of purity [33]. - **Downstream Doping and Conductivity Type**: Solar - grade polysilicon is mainly divided into N - type and P - type, depending on the type of doping impurities [34]. - **Surface State**: Block silicon can be further divided into dense material, cauliflower - like material, and coral - like material. Dense material is mainly used for pulling single - crystal silicon, while cauliflower - like and coral - like materials are mainly used for making poly - silicon wafers [35]. 3. Polysilicon Delivery Rules Interpretation - **Brand Delivery System**: Polysilicon futures implement a brand - based delivery system. The delivery products must be from registered brands approved by the exchange. Registered brand products can be warehoused without inspection if the owner can provide relevant quality certificates. There are 7 enterprises with 12 production plants in the first batch of registered brands [41][42]. - **Delivery Details**: The delivery area covers 8 provinces (autonomous regions), and there is no premium or discount between regions. The delivery unit is 30 tons per lot. The warehouse receipt has a 6 - month validity period, and products with a production date over 90 days cannot be registered as warehouse receipts. The delivery methods include one - time delivery, rolling delivery, and futures - to - cash transactions [49][50][53]. - **Delivery Requirements**: The benchmark delivery product is N - type block silicon, and the alternative is P - type block silicon with a discount of 12,000 yuan/ton. Strict quality indicators are specified, and packaging and storage requirements are also defined. There are also position - limit and risk - control measures [58][63][64]. 4. Polysilicon Delivery and Recent Market Analysis and Outlook - **Delivery Situation**: The current market price is expected to result in a very small amount of warehouse receipts. The recent market has seen continuous increases in positions and price declines, with low trading volume. The 2506 contract is expected to rise in the short term, and it is estimated that the market price needs to be above 39,000 yuan/ton for warehouse receipt registration to be cost - effective, and above 40,000 yuan/ton for producers to have a strong willingness to register [66][67]. 5. Summary - **Industry Status**: The polysilicon upstream and downstream industries are highly concentrated, and most enterprises are in a state of loss. There are many types and grades of polysilicon, and the delivery requirements are high. The amount of warehouse receipts registered at the current market price is expected to be small [70]. - **Strategy**: The same as the core strategy, including unilateral, cross - period, cross - variety, spot - futures, and option strategies [69].

导语 ：以技术护城河、财务韧性、全球化战略三大支柱"逆周期蓄力"，通威股份的突围路径， 既是中国光伏产业转型升级的缩影，也为全球能源转型提供了"中国方案"。 刚刚过去的4月底，通威股份发布了2024年年度和2025年一季度报告。 财报数据显示，2024年全年以及2025年一季度，通威股份营业收入分别为919.94亿元和159.33亿 元，同比下降33.87%和18.58%。 这在很大程度上说明，光伏行业仍在调整期探索。包括硅料、硅片、电池、组件在内的产业链上下 游各环节的产品价格，近期一直在底部区间震荡。 逆周期蓄力 也因此，市场对包括通威在内的光伏龙头的业绩表现，早有预期。 财报发布后，通威股份股价一度触及低点后，连续四个交易日上涨。 这背后，出货量这一关键指标扮演了重要角色。产能过剩背景下，通威股份核心产品销量持续增 长，且市场占有率保持领先。 2024年，高纯晶硅销量46.76万吨，同比增长20.76%；产销量约占全国30%，市占率位居全球第 一。 同期，太阳能电池销量87.68GW，同比增长8.70%，连续八年蝉联全球电池出货量榜首，全球市占 率约为14%。 组件方面，公司2024年光伏组件销量为45 ...

Core Viewpoint - The performance of photovoltaic companies has been significantly impacted by the decline in industry chain prices, leading to increased losses among major players while some equipment and storage companies have shown resilience and growth [1][2][5]. Group 1: Industry Performance - In Q1 2025, among 67 listed companies in the photovoltaic equipment sector, 30 companies reported revenue growth year-on-year, accounting for approximately 44.77% [1]. - 34 companies experienced losses, representing about 50% of the total, with major integrated companies like Tongwei Co., TCL Zhonghuan, and Longi Green Energy reporting significant losses [2]. - Tongwei Co. reported a revenue of 15.933 billion yuan, down 18.58% year-on-year, with a net loss of 2.593 billion yuan, a decline of 229.56% [2]. - TCL Zhonghuan's revenue fell to 6.101 billion yuan, down 38.58%, with a net loss of 1.906 billion yuan, worsening by 116.67% compared to the previous year [3]. Group 2: Segment Analysis - The battery segment is facing intense price competition, with JunDa Co. reporting a revenue decline of 49.52% and a net loss of 106 million yuan, a drop of 636.04% year-on-year [3]. - Major component manufacturers like JA Solar and Trina Solar have also shifted from profit to loss, with JA Solar reporting a revenue of 13.843 billion yuan, down 40.03%, and a net loss of 1.39 billion yuan [3][4]. - Trina Solar's revenue decreased by 21.48% to 14.335 billion yuan, with a net loss of 1.32 billion yuan compared to a profit of 516 million yuan in the previous year [4]. Group 3: Resilient Companies - In contrast, companies in the energy storage and equipment sectors have shown strong performance, with Sungrow Power achieving a revenue of 19.036 billion yuan, up 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [5]. - DeYe Co. also reported a revenue increase of 36.24% to 2.566 billion yuan, with a net profit of 706 million yuan, up 62.98% [6]. - JinkoSolar and other equipment manufacturers have also reported significant revenue growth, with Jiejia Weichuang achieving a revenue of 4.099 billion yuan, up 58.95% [6]. Group 4: Global Expansion - Companies are increasingly focusing on international markets, with Hengdian East Magnetic reporting a revenue of 5.222 billion yuan, up 23.25%, and a net profit of 458 million yuan, up 29.65% [8]. - DeYe Co. has expanded its overseas sales significantly, with foreign sales revenue increasing by 83.2% [9]. - The global clean energy transition is expected to drive long-term growth in the photovoltaic industry, with a reported 59.71 GW of new photovoltaic installations in Q1 2025, a year-on-year increase of 30.5% [10].

Group 1 - The core viewpoint of the article highlights the significant growth and favorable valuation of the New Energy ETF, which has seen a notable increase in trading volume and fund size, indicating strong investor interest [3] - The New Energy ETF has a turnover rate of 2.42% during trading, with a transaction volume of 22.09 million yuan, and an average daily transaction volume of 36.57 million yuan over the past year, ranking it among the top two comparable funds [3] - The fund's size has increased by 42.11 million yuan in the past month, and its shares have grown by 51 million in the last six months, demonstrating substantial growth [3] Group 2 - The underlying index tracked by the New Energy ETF, the CSI New Energy Index, is currently valued at a historical low with a price-to-book ratio (PB) of 1.99, which is below 87.04% of the time over the past three years, indicating attractive valuation [3] - In the first quarter, China's newly installed photovoltaic capacity reached 59.71 GW, representing a year-on-year growth of 30.5%, with March alone seeing an installation of 20.24 GW, a remarkable increase of 124.39% year-on-year [3] - Analysts suggest that the photovoltaic sector is poised for a recovery in fundamentals, driven by a gradual rebound in demand and supply-side constraints, alongside potential benefits from upcoming reform policies [3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the CSI New Energy Index include CATL, LONGi Green Energy, Sungrow Power Supply, China National Nuclear Power, Three Gorges Energy, TBEA, Eve Energy, Huayou Cobalt, Tongwei Co., and Ganfeng Lithium, collectively accounting for 44.26% of the index [3]

出品 | 搜狐财经 作者 | 王泽红 年报季结尾，新能源企业又进入业绩盘点时刻。 回顾2024年，光伏行业洗牌加剧，组件价格大幅下降，造成主产业链企业普遍亏损，但储能业务成为新增长点，整体呈喜忧参半局面。 光伏业务占比较大的企业，即便储能成新增长曲线，但也未能扭转业绩下滑局面，如隆基绿能、通威股份、TCL中环等，去年均亏损。 业务布局以动力电池系统、储能电池系统为主的企业，去年利润则呈增长态势，典型如宁德时代、国轩高科、亿纬锂能等。 在此背景下，新能源企业的人均薪酬和高管薪酬，也随企业业绩上涨或下跌，上下起伏，尤其是高管薪酬的变化，亏损或业绩下滑严重的企业，高管报酬集 体削减呈普遍现象。 搜狐财经以储能为主线，选取了A股40家上市企业，从数据层面管窥新能源行业2024年的风云变化，瑞浦兰钧、中创新航和海辰储能等港股上市企业，并未 列入对比。 此外，比亚迪7771亿元的营收构成中，汽车、汽车相关产品及其他产品营收占比为79.45%，光伏、储能业务均被包含在内，在年报中并未进一步细分。但 从储能电芯销量看，比亚迪处在行业前三之列，所以也被纳入统计。 27家年薪上涨：天齐锂业人均报酬46.87万 40家企业中，有2 ...

转自：前瞻产业研究院 饲料行业主要上市公司：新希望(000876)、海大集团(002311)、通威股份(600438)、大北农(002385)、粤 海饲料(001313)、神农集团(605296)、唐人神(002567)、金新农(002548)、天康生物(002100)、禾丰股份 (603609)等 本文核心数据：中国饲料行业投融资规模;中国饲料行业投融资轮次;中国饲料行业投融资区域;中国饲料 行业投资主体分布 1、饲料行业投融资规模大 根据IT桔子数据库，2015年以来，我国饲料行业投融资数量以及投融资金额波动较大。2024年我国饲料 投融资数量最多，达7起;2022年我国饲料投融资金额最高，为30亿元。 注：上述统计时间截止2025年2月5日，下同。 2、饲料行业投融资处于发展阶段 2014-2024年我国饲料行业投融资单笔融资金额呈波动变化，2023年单笔最大融资金额达30亿元，2017 年最大单标投资金额为16.2亿元，排名第二。 3、饲料行业投融资集中在北京、广东和上海 从饲料行业的企业融资区域来看，目前广东、北京和江苏的融资数量最多，广东投融资数量累计达到11 起，北京和江苏投融资数量分别为7件。 ...

重要内容提示： 被担保人名称： 2025 年 4 月 1 日—2025 年 4 月 30 日期间（以下简称"本次期间"）公司担保事 项被担保人均为非上市公司关联人。被担保人如下：公司下属 8 家全资子公司：内蒙 古通威硅能源有限公司、通威太阳能（眉山）有限公司、高唐通威新能源有限公司、 海阳通威有限责任公司、和平通威有限责任公司、同塔通威有限责任公司、前江通威 有限责任公司、越南通威有限责任公司；公司下属 2 家控股子公司：越南天邦饲料有 限公司、通威（海南）水产食品有限公司；公司 2 家联营公司：贵港史记生物技术有 限公司、湖北史记种猪畜牧有限公司；公司部分客户。 本次期间担保金额及已实际为其提供的担保余额： 本次期间，公司及下属子公司相互提供担保金额为 7.98 亿元；公司及子公司为联 营公司提供担保金额为 0.12 亿元；公司子公司通威农业融资担保有限公司（以提供担 保为主营业务的持有金融牌照的公司子公司，以下简称"农业担保公司"）为客户提 供担保的担保责任金额为 1.29 亿元。 股票代码：600438 股票简称：通威股份 公告编号：2025-052 债券代码：110085 债券简称：通 22 转债 ...

Core Viewpoint - The photovoltaic industry is facing significant challenges in 2024, with a price drop exceeding 29% for major materials, leading to substantial losses for many companies, including leading firms like LONGi Green Energy [2][3] Group 1: Industry Performance - Nearly half of the 80 listed photovoltaic manufacturing companies in A-shares are experiencing losses, with LONGi Green Energy describing 2024 as its most difficult year since its listing [2] - Major integrated companies like JinkoSolar and LONGi Green Energy have seen revenue declines of over 20%, with JinkoSolar's net profit plummeting by 98.67% and LONGi Green Energy reporting a net loss of 8.618 billion [3][6] - The top 10 photovoltaic companies show a mixed performance, with only Sungrow Power Supply achieving growth in both revenue and net profit [3][4] Group 2: Employment Trends - Many A-share photovoltaic companies are reducing their workforce, with ST Lingda cutting 86.67% of its staff, and other companies like ST Quan reducing their workforce by nearly 52% [2] - LONGi Green Energy has the highest total number of layoffs at 49.57%, reducing its workforce from approximately 75,000 to under 38,000 [3][5] - The reduction in workforce is correlated with the companies' financial performance, with those experiencing significant profit declines also showing higher layoff rates [2][4] Group 3: Cost Management - LONGi Green Energy's reduction in workforce has led to a 7.16% decrease in direct labor costs, while total employee compensation dropped by 33.53% to 1.574 billion [6] - The company has also seen a significant reduction in management expenses by 30.22%, although R&D expenses have decreased by 20.48% [6][7] - The overall trend indicates that while companies are cutting costs, the speed of cost reduction is not keeping pace with the decline in prices and revenues [6][7] Group 4: Future Outlook - Despite the current challenges, some companies are beginning to show signs of recovery in early 2025, although concerns remain about potential demand weakness in the latter half of the year [9] - The international trade environment is becoming increasingly challenging, particularly for companies with overseas operations, as tariffs and trade barriers impact their business [9][10] - Companies are likely to continue optimizing their workforce to maintain competitiveness in a rapidly changing market [7][9]