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]

Market Overview - The Shanghai Composite Index rose by 0.71% on October 24, with 16 out of 28 sectors experiencing gains. The top-performing sectors were Communication and Electronics, with increases of 4.73% and 4.72% respectively. The Power Equipment sector also saw a rise of 2.20% [1]. Power Equipment Sector - The Power Equipment sector had a net inflow of 3.707 billion yuan, with 363 stocks in the sector. Out of these, 246 stocks rose, including one that hit the daily limit, while 110 stocks declined [1]. - Among the stocks with net inflows, 175 saw capital inflows, with 16 stocks receiving over 100 million yuan. The top stock for net inflow was Sungrow Power Supply, with an inflow of 1.423 billion yuan, followed by Ocean Motor and EVE Energy with inflows of 359 million yuan and 318 million yuan respectively [1]. - The stocks with the highest outflows included Longi Green Energy, Tongwei Co., and New Strong Link, with outflows of 273 million yuan, 258 million yuan, and 141 million yuan respectively [2]. Top Gainers in Power Equipment Sector - The top gainers in the Power Equipment sector included: - Sungrow Power Supply: +7.48%, turnover rate 5.73%, net inflow 1.422 billion yuan - Ocean Motor: +7.91%, turnover rate 21.37%, net inflow 358.98 million yuan - EVE Energy: +2.24%, turnover rate 3.75%, net inflow 317.68 million yuan [1]. Top Losers in Power Equipment Sector - The top losers in the Power Equipment sector included: - Longi Green Energy: -1.05%, turnover rate 1.88%, net outflow -272.58 million yuan - Tongwei Co.: -2.89%, turnover rate 2.47%, net outflow -257.57 million yuan - New Strong Link: +0.77%, turnover rate 15.09%, net outflow -141.50 million yuan [2].

Group 1 - The core viewpoint of the news highlights the strong performance of the new energy sector, with significant increases in stock prices and ETF values, indicating robust market interest and investment potential [1][2]. - As of October 23, 2025, the New Energy ETF has seen a net value increase of 54.16% over the past six months, ranking 341 out of 3777 index stock funds, placing it in the top 9.03% [1]. - The New Energy ETF has experienced a monthly return of 25.07% at its peak since inception, with an average monthly return of 8.85% during its rising months [1]. Group 2 - In the first nine months of 2025, China's new energy storage sector achieved a total of 214.7 GWh in new overseas orders and collaborations, marking a year-on-year growth of 131.75% [2]. - The cost advantages of Chinese energy storage cells and systems are enabling companies to win large projects abroad with lower Levelized Cost of Energy (LCOE) [2]. - By 2030, China's energy storage industry chain and supply chain output value is expected to reach between 2 to 3 trillion yuan, with cumulative installed capacity projected to exceed 300 GW [2]. Group 3 - As of September 30, 2025, the top ten weighted stocks in the China New Energy Index include CATL, Sungrow Power, and EVE Energy, collectively accounting for 45.2% of the index [4].

Core Viewpoint - The solar cell industry in China is experiencing significant growth, with a reported production increase of 16.8% year-on-year as of August 2025, indicating a robust market trend and investment potential in this sector [1]. Industry Summary - As of August 2025, China's solar cell (photovoltaic cell) production reached 69.86 million kilowatts, reflecting a year-on-year growth of 16.8% [1]. - Cumulative production from January to August 2025 totaled 547.32 million kilowatts, also showing a cumulative growth of 16.8% [1]. - The report by Zhiyan Consulting outlines the competitive landscape and investment recommendations for the solar cell industry in China from 2025 to 2031, emphasizing the importance of market insights for investment decisions [1]. Company Summary - Key listed companies in the solar energy sector include Longi Green Energy (601012), Tongwei Co., Ltd. (600438), Sungrow Power Supply Co., Ltd. (300274), JA Solar Technology Co., Ltd. (002459), Trina Solar Limited (688599), TBEA Co., Ltd. (600089), Chint Electric Co., Ltd. (601877), and TCL Zhonghuan Renewable Energy Technology Co., Ltd. (002129) [1].

Core Insights - The 2025 Sichuan Top 100 Enterprises list was released, showing a total of 8 companies with revenues exceeding 100 billion yuan, an increase of 3 from 2024 [1] - Tongwei Group Limited topped the list with revenues surpassing 200 billion yuan, marking its first time at the top [1] - Sichuan Energy Development Group and Qiya Group entered the 100 billion yuan revenue club for the first time [1] Company Rankings - Tongwei Group Limited: Revenue of 24,137,998 million yuan [2] - Sichuan Yibin Wuliangye Group Limited: Revenue of 19,529,677 million yuan [2] - Sichuan Changhong Electronics Holding Group Limited: Revenue of 15,267,474 million yuan [2] - Sichuan Energy Development Group Limited: Revenue of 11,745,767.72 million yuan [2] - Qiya Group Limited: Revenue of 11,035,872.53 million yuan [2] - New Hope Liuhe Co., Ltd.: Revenue of 10,306,296.23 million yuan [2] - Luzhou Laojiao Group Limited: Revenue of 10,045,283.6 million yuan [2] - Sichuan Huaxi Group Limited: Revenue of 10,010,347.8 million yuan [2] Additional Rankings - Sichuan Chuanwei Group Limited: Revenue of 8,871,760 million yuan [4] - China National Petroleum Corporation Sichuan Sales Branch: Revenue of 8,830,342.77 million yuan [4] - China Wuyi Group Limited: Revenue of 8,003,938.45 million yuan [4] - Blue Run Group Limited: Revenue of 7,855,709.32 million yuan [4] - China Dongfang Electric Group Limited: Revenue of 7,555,541.23 million yuan [4]

Core Viewpoint - The photovoltaic equipment sector experienced a 1.07% increase on October 23, with DeYe Co., Ltd. leading the gains. The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% [1]. Group 1: Stock Performance - DeYe Co., Ltd. (605117) closed at 76.88, up 4.61%, with a trading volume of 180,900 shares and a transaction value of 1.361 billion yuan [1]. - Tongling Co., Ltd. (301168) saw a closing price of 41.00, increasing by 3.96%, with a trading volume of 24,800 shares and a transaction value of 99.1422 million yuan [1]. - Yangguang Electric (300274) closed at 153.52, up 2.81%, with a trading volume of 566,900 shares and a transaction value of 8.573 billion yuan [1]. - Other notable performers included Hengdian East Magnetic (002056) at 20.88 (+2.65%) and Yuan Tewei (688516) at 43.10 (+2.06%) [1]. Group 2: Fund Flow Analysis - The photovoltaic equipment sector saw a net inflow of 69.21 million yuan from institutional investors, while retail investors experienced a net inflow of 10.01 million yuan [2]. - Conversely, speculative funds recorded a net outflow of 79.22 million yuan [2]. - The detailed fund flow for key stocks showed that Yangguang Electric had a net inflow of 447 million yuan from institutional investors, while Longi Green Energy (601012) had a net inflow of 164 million yuan [3].

Market Overview - The photovoltaic equipment sector experienced a decline of 1.67% on October 22, with Gaoce Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included: - *ST Mu Bang: Closed at 8.19, up 5.00% with a trading volume of 119,100 shares [1] - Zhibang New Materials: Closed at 38.70, up 4.51% with a trading volume of 78,500 shares [1] - Dike Co., Ltd.: Closed at 64.87, up 2.30% with a trading volume of 111,600 shares [1] - Major decliners included: - Gaoce Co., Ltd.: Closed at 11.18, down 6.29% with a trading volume of 562,200 shares [3] - Yicheng New Energy: Closed at 5.53, down 4.98% with a trading volume of 1,231,000 shares [3] - Aisheng Co., Ltd.: Closed at 15.57, down 3.35% with a trading volume of 502,900 shares [3] Capital Flow - The photovoltaic equipment sector saw a net outflow of 2.17 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.328 billion yuan [4] - Key stocks with significant capital flow included: - Hongyuan Green Energy: Net inflow of 23.39 million yuan from institutional investors [4] - International Industry: Net inflow of 17.44 million yuan from institutional investors [4] - Gaoce Co., Ltd.: Net outflow of 6.96 million yuan from institutional investors [4] ETF Information - The Huaxia Sci-Tech 100 ETF (Product Code: 588800) tracks the Shanghai Stock Exchange Sci-Tech 100 Index and has seen a recent decline of 0.61% over the past five days [6] - The ETF's current price-to-earnings ratio stands at 277.84, with a total of 2.03 billion shares, reflecting an increase of 2.5 million shares and a net inflow of 8.399 million yuan [6]