股票代码：600438 股票简称：通威股份 公告编号：2025-088 通威股份有限公司（以下简称"公司"）第八届董事会第二十二次会议及 2025 年第一次临时股东大会审议通过了《关于申请注册发行债务融资工具（DFI） 的议案》，准许公司根据公司实际资金需求情况，在中国银行间市场交易商协会 注册有效期内择机一次或分期发行债务融资工具，具体内容详见公司在上海证券 交易所网站（www.sse.com.cn）披露的相关公告。 2025 年 4 月 28 日，公司收到中国银行间市场交易商协会（以下简称"交 易商协会"）下发的《接受注册通知书》（中市协注[2025]DFI27 号）。《接受 注册通知书》中明确：交易商协会决定接受公司债务融资工具注册；注册自通知 书落款之日（2025 年 4 月 28 日）起 2 年内有效；公司在注册有效期内可分期 发行超短期融资券、短期融资券、中期票据、永续票据、资产支持票据、绿色债 务融资工具等产品，也可定向发行相关产品；每期发行时应确定当期主承销商、 发行产品、发行规模、发行期限等要素。具体内容详见公司于 2025 年 4 月 30 日在上海证券交易所网站（www.sse.com. ...

Core Viewpoint - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd. with a registered capital of 3 billion yuan is seen as a significant move towards creating a "polysilicon storage platform" in the photovoltaic industry, backed by major players and the China Photovoltaic Industry Association [1][5][10]. Group 1: Company Formation and Shareholders - Guanghe Qiancheng Company was registered on December 9, with a capital of 30 billion yuan and is located in Chaoyang District, Beijing [1]. - The company has 10 shareholders, including major polysilicon and photovoltaic firms such as Tongwei, GCL, Daqo Energy, and Xinte Energy, indicating strong industry backing [2][3]. - The shareholding structure reveals that Tongwei holds 30.35%, GCL 16.79%, and other significant shares are distributed among leading companies in the polysilicon sector [3][5]. Group 2: Industry Context and Price Trends - Polysilicon prices have dramatically decreased from a peak of 300,000 yuan per ton in 2022 to around 35,000 yuan per ton, causing financial strain on many companies [7]. - As of December 3, 2025, polysilicon prices have stabilized around 50,000 yuan per ton, with N-type reconstituted material averaging 53,200 yuan per ton [7][8]. - The industry is experiencing a "反内卷" (anti-involution) movement aimed at stabilizing prices and ensuring that sales do not fall below production costs [7][11]. Group 3: Strategic Initiatives and Concerns - The polysilicon storage plan involves major companies forming an operational entity to manage capacity and stabilize market prices, although there are concerns from downstream companies about potential price increases [10]. - Industry leaders emphasize the need for capacity integration to balance supply and demand across the photovoltaic supply chain, which is heavily concentrated in China [11].

Core Viewpoint - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd. marks a significant development in the photovoltaic industry, potentially serving as a platform for the integration and acquisition of polysilicon production capacity, although details remain unclear [1][10]. Company Overview - Guanghe Qiancheng is a limited liability company with a registered capital of 3 billion yuan, focusing on technology services, consulting, and management [2][10]. - The company is located in a relatively quiet area of Beijing, with limited visibility and presence in its office building [2][4]. Shareholder Structure - Guanghe Qiancheng has ten shareholders, predominantly from the polysilicon sector, with the largest shareholder being Tongwei Group's Tongwei Photovoltaic Technology, holding 30.35% [10][11]. - Other significant shareholders include GCL-Poly Energy and Shanghai Dongfang Hope New Energy, indicating strong backing from leading companies in the polysilicon market [10][11]. Industry Context - The formation of Guanghe Qiancheng is seen as part of a broader strategy among leading polysilicon companies to consolidate production capacity and optimize costs amid a challenging market environment [1][17]. - The current market for polysilicon remains under pressure, with prices stabilizing at low levels due to weak supply and demand dynamics [17].

Core Viewpoint - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd. marks a significant step in the solar industry, particularly in the context of the silicon material storage plan, which aims to address supply-demand imbalances in the market by consolidating production capacity among leading silicon material companies [1][9]. Group 1: Company Formation and Structure - Beijing Guanghe Qiancheng Technology Co., Ltd. was officially established on December 9, 2025, and is recognized as a silicon material storage platform enterprise [1][3]. - The company has a registered capital of 3 billion yuan and includes 10 shareholders, primarily consisting of leading silicon material companies such as Xinte Energy, Daqo Energy, Tongwei Co., Ltd., and others [7][8]. - The management team includes representatives from the participating companies, with the legal representative being Hou Yicong and the chairman being Qian Cheng [8][9]. Group 2: Industry Context and Implications - The silicon material storage plan is a self-rescue initiative launched by the solar industry to mitigate the oversupply of silicon materials, which has been a pressing issue since May of this year [9]. - The plan aims to create a holding platform by leading silicon material companies to acquire excess production capacity from other firms, thereby stabilizing the supply chain [9]. - Despite the optimism surrounding the storage plan, there are complexities due to the conflicting interests of various stakeholders within the industry [9]. Group 3: Market Dynamics - In November, China's polysilicon production was approximately 114,900 tons, reflecting a significant month-on-month decrease of 15.9%, primarily due to planned reductions and maintenance by major companies [10]. - The current market is characterized by weak supply and demand, with high inventory pressures, but the actual shipment strategies of companies are expected to influence price trends more than basic supply-demand fundamentals [10].

Core Viewpoint - The establishment of a long-awaited silicon material storage platform company named "Beijing Guanghe Qiancheng Technology Co., Ltd." has been confirmed, with a registered capital of 3 billion yuan [1] Group 1: Company Formation - Guanghe Qiancheng was registered on December 9, with its registered capital set at 3 billion yuan and located in Chaoyang District, Beijing [1] - The company’s shareholder structure includes ten entities, with major shareholders being Tongwei Photovoltaic Technology (Emei Mountain) Co., Ltd. (30.35%), GCL-Poly Energy Holdings Limited (16.79%), and others [2][3] - The last shareholder, Beijing Zhongguang Tonghe Energy Technology Co., Ltd., is fully owned by the China Photovoltaic Industry Association, indicating industry association involvement [3] Group 2: Market Reaction - Following the announcement of Guanghe Qiancheng's establishment, the stock prices of several participating silicon material companies, including Tongwei and GCL-Poly, fell by over 3% on December 10 [5] - In contrast, the prices of polysilicon futures increased by over 1% on the same day [5] Group 3: Industry Context - The establishment of the storage platform is part of a broader effort to consolidate silicon material production capacity amid industry challenges [4] - Current average transaction prices for domestic N-type polysilicon materials have seen significant increases, with prices rising by 28.19%, 34.69%, and 30.15% for different types of materials compared to the beginning of the year [4]

21财经·南财快讯记者以投资者身份致电通威股份，公司工作人员指出，目前产能整合相关事宜仍在评 估当中，并未达成实质性结论，光和谦成的成立，"主要为这个行业内主要企业探索潜在的战略合作机 会，比如像市场拓展，产能和成本优化等等方面去成立了这样一家公司，也是着眼于长期的这样的一个 大家协同的发展。" （文章来源：21世纪经济报道） 12月10日，21财经·南财快讯记者注意到，企查查APP显示，12月9日，被业内称为"多晶硅平台公司"的 北京光和谦成科技有限责任公司（简称"光和谦成"）正式登记成立。 企查查股权穿透显示，光和谦成的持股股东包含多家上市公司，其中通威股份（600438.SH）旗下通威 光伏科技（峨眉山）有限公司持股30.35%，大全能源（688303.SH）持股11.13%、新特能源 （01799.HK）持股10.12%。 ...

Core Viewpoint - Beijing Guanghe Qiancheng Technology Co., Ltd. has been established with a registered capital of 3 billion yuan, focusing on technology services and consulting in the photovoltaic industry [1][5]. Group 1: Company Overview - Guanghe Qiancheng is recognized as a "polysilicon platform company" and has a registered capital of 30 billion yuan [1]. - The company is backed by several major shareholders, including Tongwei Co., Ltd. (30.35%), GCL-Poly Energy Holdings Limited (11.13%), and Xinte Energy Co., Ltd. (10.12%) [4][6]. Group 2: Industry Context - The establishment of Guanghe Qiancheng is seen as a strategic move to explore collaboration opportunities within the photovoltaic industry, focusing on market expansion, capacity optimization, and cost reduction [5]. - Tongwei Co., Ltd. reported a polysilicon sales volume of 161,300 tons in the first half of 2025, holding a global market share of approximately 30% [5]. - GCL-Poly has an annual production capacity of 305,000 tons of high-purity polysilicon, contributing to 8.52% of China's total polysilicon production in the first half of 2025 [6].

Core Viewpoint - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd. marks a strategic move in the photovoltaic industry, aiming to explore potential collaboration opportunities among major companies in the sector [1][4]. Company Overview - Beijing Guanghe Qiancheng has a registered capital of 3 billion yuan and focuses on technology services, development, consulting, and management [1]. - Major shareholders include Tongwei Co., Ltd. (30.35%), Daqo New Energy (11.13%), and Xinte Energy (10.12%) [4]. Industry Context - The formation of Guanghe Qiancheng is seen as a response to the industry's "anti-involution" efforts, with aims to enhance strategic cooperation in technology upgrades, market expansion, and cost optimization [4]. - Tongwei Co., Ltd. reported a sales volume of 161,300 tons of polysilicon in the first half of 2025, holding a 30% global market share, while also leading in battery sales with 49.89 GW [5]. - Daqo New Energy has established an annual production capacity of 305,000 tons of high-quality polysilicon, contributing 8.52% to China's total polysilicon production in the first half of 2025 [5]. - Xinte Energy produced 33,600 tons of polysilicon in the same period, implementing cost-reduction measures that decreased production costs by approximately 18% year-on-year [5]. Application and Production - High-purity polysilicon is primarily used in the photovoltaic industry, serving as a key upstream component in the production of solar cells [6].

作者 | 第一财 经 陆如意 日前注册成立、被业内称为"多晶硅平台公司"的北京光和谦成科技有限责任公司（下称"光和谦 成"），今日在企业信息查询平台更新了股东信息。 2025.12. 10 本文字数：1034，阅读时长大约2分钟 实际上，大半年以来，通威股份、协鑫科技等硅料头部厂商及行业协会已开始牵头推进业内简称 为"收储"的产能整合计划，拟通过筹集资金、承债式收购等方式，整合并淘汰行业过剩及落后产能， 进而稳定多晶硅市场供需结构。 而近两日，光和谦成公司的注册成立或意味着光伏产能整合和"反内卷"的持续深入和取得阶段性成 果。此外，随着"反内卷"的持续推进，多晶硅价格已从今年7月的低点回调约50%。 微信编辑 | 夏木 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 第一财经记者日前从知情人士处了解到："该注册企业主要为探索行业内潜在战略合作机会，如技术 升级、市场拓展、产能与成本优化。" 12月10日，第一财经记者查阅企查查 ...

Core Viewpoint - The photovoltaic stocks continue to decline, with significant drops in share prices for major companies in the sector, amidst news of a newly established polysilicon capacity integration acquisition platform [1] Group 1: Stock Performance - New Energy (01799) fell by 3.84%, trading at 7.26 HKD [1] - Xinyi Solar (00968) decreased by 3.21%, trading at 3.02 HKD [1] - Flat Glass (601865) dropped by 2.4%, trading at 9.77 HKD [1] Group 2: Industry Developments - A new company named Beijing Guanghe Qiancheng Technology Co., Ltd. has been established with a registered capital of 3 billion CNY for polysilicon capacity integration [1] - Tongwei Co., Ltd. holds a 30.35% stake in Guanghe Qiancheng, while GCL-Poly Energy holds 16.79%, and other stakeholders include Dongfang Hope, Daqo New Energy, New Energy, and Asia Silicon with stakes ranging from 7.79% to 11.3% [1] Group 3: Market Data - In October, China's newly installed photovoltaic capacity was 12.6 GW, representing a year-on-year decline of 38.3% but a month-on-month increase of 30.4% [1] - According to SMM, the overall production of photovoltaic modules in November decreased by 2.43% compared to October [1] - InfoLink indicates that while there is a significant reduction in battery cell production, the issue of weak terminal demand remains unresolved, leading to a cautious market outlook [1]