Core Viewpoint - Tongwei Co., Ltd. reported a decline in revenue and net profit for the first three quarters of 2025, with a focus on its agricultural and renewable energy sectors, particularly in high-purity silicon and solar cell production [1][2][3] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 64.6 billion yuan, a year-on-year decrease of 5.38%, and a net profit attributable to shareholders of -5.27 billion yuan, down 32.64% [1] - In Q3 2025, the company recorded revenue of 24.09 billion yuan, a decline of 1.57% year-on-year, but net profit attributable to shareholders increased by 62.69%, resulting in a loss of 315 million yuan [1] Business Operations - Tongwei operates primarily in agriculture and renewable energy, integrating resources in "agriculture (aquaculture) + photovoltaics" for synergistic development [1] - The company has established a production capacity of over 900,000 tons of high-purity silicon, over 150 GW of solar cells, and over 90 GW of modules as of mid-2025 [1] Market Position - Tongwei's high-purity silicon production has ranked first globally for four consecutive years, holding approximately 30% of the global market share [2] - The company has been the leading solar cell producer for eight years, with cumulative shipments exceeding 300 GW [2] - The module business has rapidly developed since the second half of 2022, entering the global top five in shipment volume [2] Industry Outlook - The global photovoltaic installation scale continues to grow, but the supply-demand imbalance remains unresolved, leading to further price declines across the industry [2] - In September 2025, the company noted a recent price recovery in the photovoltaic industry, suggesting potential improvement in overall operating conditions [3] - The company plans to focus on its core businesses of photovoltaics and agriculture, increasing R&D investment and digital upgrades to strengthen operational advantages [3]

Group 1 - The core point of the article is that Tongwei Co., Ltd. announced the extension of its employee stock ownership plan during its board meeting held on October 24, 2025, via telecommunication voting [1] - For the first half of 2025, Tongwei's revenue composition was 66.85% from the photovoltaic business and 33.15% from the agriculture and animal husbandry business [1] - As of the report date, Tongwei's market capitalization was 100 billion yuan [1]

Investment Announcements - Yueda Investment has established a joint venture with China Resources Power and others to invest in offshore wind power projects, holding a 20% stake in a 308MW project and a 30% stake in a 407MW project, with total investments of 200 million yuan and 390 million yuan respectively [3] - Shannon Chip has announced significant stock price volatility, with a cumulative deviation of over 200% in closing prices over 30 trading days, indicating potential irrational speculation and high trading risks [4] - Cambridge Technology has set the final price for its H-share issuance at HKD 68.88, with plans to list on the Hong Kong Stock Exchange on October 28, 2025 [5] - Hunan Development plans to invest approximately 2.4 billion yuan in a photovoltaic power generation project in Jiahe County, with a planned capacity of 800MW, to be constructed in phases from 2026 to 2029 [6] - Changjiang Electric Power's controlling shareholder has received a loan commitment of up to 7.2 billion yuan for stock repurchase, with plans to buy back shares worth between 4 billion and 8 billion yuan over the next 12 months [7] - Huitong Co. plans to invest 81 million yuan in a high-temperature nylon and PEEK polymer project, leasing a facility in Shanghai for the project [8] - Weston plans to acquire a 36.7483% stake in Liangtou Technology and invest an additional 53.27 million yuan, resulting in a total investment of 160 million yuan, making Liangtou a subsidiary [9] - Huamai Technology has terminated plans for a change in control and will resume trading on October 27 [10] Financial Performance - Jincai Hulin reported a net profit increase of 1697.84% year-on-year for the first three quarters, with a net profit of 57.52 million yuan despite a revenue decline of 17.32% [13] - Morning Light Bio's net profit increased by 385.3% year-on-year for the first three quarters, with a net profit of 304 million yuan despite a slight revenue decline [14] - Donggang Co. reported a net profit increase of 373.51% year-on-year for the third quarter, with a net profit of 44.63 million yuan [15] - Xinjiang Tianye's net profit increased by 363.19% year-on-year for the third quarter, with a net profit of 15.76 million yuan [16] - Jinkai Biotechnology reported a net profit increase of 339.92% year-on-year for the third quarter, with a net profit of 31.67 million yuan [17] - Antong Holdings reported a net profit increase of 311.77% year-on-year for the first three quarters, with a net profit of 664 million yuan [18] - Wentai Technology reported a net profit increase of 265.09% year-on-year for the first three quarters, with a net profit of 1.513 billion yuan [19] - Pinming Technology reported a net profit increase of 267.42% year-on-year for the first three quarters, with a net profit of 48.43 million yuan [21] - Chahua Co. reported a revenue increase of 240.5% year-on-year for the third quarter, with a net profit of 9.55 million yuan [22] - Chuangyao Technology reported a net profit increase of 208.96% year-on-year for the third quarter, with a net profit of 36.82 million yuan [23] - Yueda Investment reported a net profit increase of 200.05% year-on-year for the first three quarters, with a net profit of 75.55 million yuan [24] - Chifeng Gold reported a net profit increase of 140.98% year-on-year for the third quarter, with a net profit of 951 million yuan [25] - Xiamen Tungsten reported a net profit increase of 109.85% year-on-year for the third quarter, with a net profit of 810 million yuan [26] - Luoyang Molybdenum reported a net profit increase of 72.61% year-on-year for the first three quarters, with a net profit of 14.28 billion yuan [27] - CITIC Securities reported a net profit increase of 37.86% year-on-year for the first three quarters, with a net profit of 23.16 billion yuan [28] - Hualuo Co. reported a net profit decline of 35.35% year-on-year for the first three quarters, with a net profit of 329 million yuan [29] - Quartz Co. reported a net profit decline of 56.81% year-on-year for the first three quarters, with a net profit of 135 million yuan [30] - Beiqi Blue Valley reported a loss of 3.43 billion yuan for the first three quarters [31] - Juxing Agriculture reported a loss of 74.02 million yuan for the third quarter [32] - Tongwei Co. reported a loss of 5.27 billion yuan for the first three quarters [33] Strategic Partnerships - Greeenmei has signed a strategic cooperation framework agreement with Xiamen Tungsten New Energy for the supply of advanced battery raw materials, with an expected supply of 150,000 tons annually from 2026 to 2028, totaling 450,000 tons [35]

| 股票代码：600438 | 股票简称：通威股份 | | | 公告编号：2025-078 | | --- | --- | --- | --- | --- | | 债券代码：110085 | 债券简称：通 | 22 | 转债 | | 通威股份有限公司关于 "通 22 转债"预计满足转股价格修正条件的提示性公告 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。 一、"通 22 转债"发行上市概况 经中国证券监督管理委员会证监许可[2021]4028 号文核准，公司于 2022 年 2 月 24 日公开发行了 12,000 万张可转换公司债券，每张面值 100 元，共计 120 亿元。本次可转债期限 6 年，自 2022 年 2 月 24 日起至 2028 年 2 月 23 日止， 票面利率为第一年 0.20%、第二年 0.40%、第三年 0.60%、第四年 1.50%、第 五年 1.80%、第六年 2.00%。 经上海证券交易所自律监管决定书[2022]61 号文同意，公司本次发行的 1,200,000.00 万元可转换公司债券于 ...

通威股份有限公司 关于 2021-2023 年员工持股计划存续期展期的公告 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。 | 股票代码：600438 | 股票简称：通威股份 | | 公告编号：2025-080 | | --- | --- | --- | --- | | 债券代码：110085 | 债券简称：通 转债 | 22 | | 二、本次员工持股计划展期情况 鉴于本员工持股计划即将于 2026 年 2 月 24 日存续期到期，基于对公司长期发展 的坚定信心，为维护员工持股计划全体持有人的权益，经本员工持股计划持有人会议、 第九届董事会薪酬与考核委员会、第九届董事会第四次会议审议通过，本员工持股计 划存续期拟展期 36 个月，即存续期延长至 2029 年 2 月 24 日。 特此公告。 通威股份有限公司 董事会 2025 年 10 月 25 日 通威股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第九届董事 会第四次会议审议通过了《关于 2021-2023 年员工持股计划存续期展期的议案》，现 将具体 ...

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 "本员工持股计划"）第四次持有人会议于 2025 年 10 月 21 日以通讯方式召开，本 次会议通知已于 2025 年 10 月 16 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的相关规定。会议以记名投票表决方 式，审议并通过以下议案： 一、审议通过《关于 2021-2023 年员工持股计划存续期展期的议案》 股票代码：600438 股票简称：通威股份 公告编号：2025-079 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 2021-2023 年员工持股计划第四次持有人会议决议公告 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 ...

股票代码：600438 股票简称：通威股份 公告编号： 2025-081 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 第九届董事会第四次会议决议公告 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。 （三）本次会议以通讯表决的方式于 2025 年 10 月 24 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 2 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，《2025 年第三季度报告》《关于 2021-2023 年员工持股计划 存续期展期的议案》已分别经董事会审计委员会、薪酬与考核委员会事前审议并获 得全体委员一致通过。 （二）本次董事会会议关联董事回避表决情况说明 本次会议议案中，《关于 2021-2023 年员工持股计划存续期展期的议案》关联 - 1 - 通威股份有限公司（以下简称"公司"）召开第九届董事会第四次会议，现将会 议的相关情况及会议决议公告如下： 一、董事会会议召开情况 （ ...

Financial Performance - Total revenue for Q3 2025 was approximately ¥24.09 billion, a decrease of 1.57% year-over-year[5] - Net profit attributable to shareholders was approximately -¥314.80 million, a decline of 62.69% compared to the same period last year[5] - The total profit for the period was approximately -¥118.80 million, representing a significant increase in loss of 92.38% year-over-year[5] - Basic and diluted earnings per share were both -¥0.0699, a decrease of 62.92% year-over-year[6] - Total operating revenue for the first three quarters of 2025 was CNY 64.60 billion, a decrease of 5.5% compared to CNY 68.27 billion in the same period of 2024[20] - The net profit for the first three quarters of 2025 was -6,372,125,004.69 RMB, compared to -4,770,402,028.25 RMB in the same period of 2024, representing an increase in net loss of approximately 33.5%[21] - The total comprehensive income attributable to the parent company was -5,296,679,092.61 RMB for the first three quarters of 2025, compared to -3,989,458,720.95 RMB in 2024, indicating a worsening of approximately 32.8%[22] - The total operating profit for the first three quarters of 2025 was -6,803,377,099.39 RMB, compared to -5,200,074,332.23 RMB in 2024, indicating a worsening of approximately 30.8%[21] Cash Flow and Assets - Cash flow from operating activities for the year-to-date was approximately ¥2.83 billion, down 5.46% compared to the previous year[5] - The company's cash and cash equivalents amounted to ¥20,547,325,282.00 as of September 30, 2025, compared to ¥16,448,454,772.62 at the end of 2024, reflecting a growth of approximately 24.8%[14] - The total cash and cash equivalents at the end of the period were 18,246,033,816.58 RMB, an increase from 14,826,227,029.32 RMB at the end of 2024, reflecting a growth of approximately 22.5%[24] - Operating cash flow for the first three quarters of 2025 was 2,825,402,944.50 RMB, down from 2,988,448,374.18 RMB in 2024, reflecting a decrease of about 5.5%[23] - Cash inflow from investment activities was 20,694,028,417.50 RMB in 2025, significantly lower than 40,526,385,542.91 RMB in 2024, marking a decline of approximately 48.9%[24] - The net cash flow from financing activities for the first three quarters of 2025 was 10,806,631,392.27 RMB, compared to 19,841,834,928.03 RMB in 2024, a decrease of about 45.4%[24] Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥201.32 billion, an increase of 2.76% from the end of the previous year[6] - The company's total assets reached CNY 201.32 billion, up from CNY 195.92 billion, indicating a growth of 2.7%[16] - Total liabilities increased to CNY 144.85 billion from CNY 137.99 billion, marking a rise of 5.4%[16] - Shareholders' equity attributable to the parent company was approximately ¥43.71 billion, a decrease of 9.80% compared to the previous year-end[6] - The equity attributable to shareholders decreased to CNY 43.71 billion from CNY 48.46 billion, a decline of 9.0%[16] Expenses - Management expenses decreased by 34.47% year-to-date, primarily due to a reduction in employee compensation[10] - Financial expenses increased by 57.06% year-to-date, mainly due to an expansion in bank borrowing[10] - Research and development expenses decreased to CNY 815.98 million in 2025 from CNY 1.06 billion in 2024, a decline of 23.1%[20] - Financial expenses increased significantly to CNY 2.07 billion in 2025 from CNY 1.32 billion in 2024, representing a rise of 56.5%[20] Shareholder Information - The total number of common shareholders at the end of the reporting period was 283,610[12] - Tongwei Group Co., Ltd. holds 2,036,534,487 shares, representing 45.24% of total shares[13] - The company repurchased a total of 101,688,812 shares, accounting for 2.26% of the total share capital[13] - The number of shares held by the top ten shareholders does not include any shares lent through margin trading[14] - The company has no known related party transactions among the top shareholders[13] - The company has not reported any significant changes in the participation of major shareholders in margin trading or securities lending activities[14] Future Outlook - The company reported a net profit margin decline due to increased financial costs and reduced revenue[20] - The company plans to focus on market expansion and new product development in the upcoming quarters[20]

Core Viewpoint - Tongwei Co., Ltd. reported a decline in revenue and a net loss for the third quarter of 2025, indicating ongoing financial challenges for the company [1] Financial Performance - In Q3 2025, the company achieved a revenue of 24.091 billion yuan, representing a year-on-year decrease of 1.57% [1] - The net profit for Q3 2025 was a loss of 315 million yuan [1] - For the first three quarters of 2025, the total revenue was 64.6 billion yuan, down 5.38% year-on-year [1] - The net profit for the first three quarters of 2025 amounted to a loss of 5.27 billion yuan [1]

Core Insights - The company reported a revenue of 24.091 billion yuan for the third quarter, representing a decline of 1.57% [1] - The net profit for the third quarter was a loss of 315 million yuan, a decrease of 62.69% [1] - For the first three quarters, the total revenue was 64.6 billion yuan, down 5.38% year-on-year [1] - The net profit for the first three quarters showed a loss of 5.27 billion yuan, which is a decline of 32.64% [1]