一、基本情况概述 四川永祥股份有限公司（以下简称"永祥股份"）系通威股份全资子公司。 作为全球高纯晶硅龙头企业，永祥股份合计拥有高纯晶硅产能超过 90 万吨，连 续多年全球市场占有率稳居第一，具备包括规模、成本、技术、市场等多个方面 显著领先行业的竞争优势。为进一步增强永祥股份资本实力，优化公司财务结构， 并牢牢把握光伏产业发展机遇，持续巩固与提升公司在高纯晶硅产业领先的综合 竞争力，永祥股份拟引入战略投资者并实施增资扩股。 截至 2024 年 9 月 30 日，永祥股份经审计合并报表口径归属于母公司所有者 权益为 256.93 亿元。经以第三方评估机构出具的评估报告为基础，综合考虑永祥 股份市场竞争力以及增资扩股过渡期损益等因素，本次拟以增资扩股前永祥股份 股权估值 270 亿元，引入战略投资者，向永祥股份合计增资不超过 100 亿元，预 计合计取得永祥股份增资后的股权比例不超过 27.03%，增资款项主要用于永祥股 份偿还金融机构负债、补充流动资金等。增资扩股完成后，公司仍将直接与间接 持有永祥股份持股比例不低于 72.97%，永祥股份将继续纳入公司合并报表。 本次拟引入的战略投资者预计不涉及公司控股股东 ...

证券代码：600438 证券简称：通威股份 公告编号：2025-024 通威股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 （一）股东大会类型和届次 2025 年第一次临时股东大会 召开地点：成都市高新区天府大道中段 588 号"通威国际中心" （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 4 月 15 日 14 点 00 分 网络投票起止时间：自 2025 年 4 月 15 日 至 2025 年 4 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 股东大会召开 ...

股票代码：600438 股票简称：通威股份 公告编号：2025-023 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 第八届董事会第二十六次会议决议公告 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。 通威股份有限公司（以下简称"公司"）召开第八届董事会第二十六次会议，现将 会议的相关情况及会议决议公告如下： （二）本次会议的会议通知于 2025 年 3 月 26 日以书面、邮件和电话方式传达给公 司全体董事。 （三）本次会议以通讯表决的方式于 2025 年 3 月 28 日召开。会议应出席董事 9 人， 实际出席董事 9 人。 - 1 - （四）本次会议由董事长刘舒琪女士主持，公司监事会全体监事、财务总监、董事 会秘书及相关工作人员列席会议。 二、董事会会议审议情况： （一）本次会议共 4 项议案，均获除关联董事回避表决外全票通过。 （二）本次会议审议关联董事回避表决的情况：本次会议审议议案中，《关于变更 2021-2023 年员工持股计划资产管理机构的议案》关联董事严虎先生回避表决；《关于 2022- ...

每经记者 胥帅 每经编辑 梁枭 水产饲料"价格战"令行业十分"卷"，也让养殖户十分"受伤"。 张璐表示，"为了争夺销量而简单粗暴采取价格战的方式不可取"。他说，从历史经验来看，通过价格战，或过度强调促销来抢夺市场份额，往往产品质量难 以保障，最终伤害了养殖户的养殖效益，竞争不应以牺牲质量为代价。 3月26日，在2025第九届中国国际水产科技大会上，通威股份副总裁、通威农发总经理张璐在接受《每日经济新闻》记者采访时提到，近年来，水产品价格 持续低迷，水产饲料行业竞争加剧，为抢夺市场份额，行业中存在以牺牲产品质量为代价的"价格战"现象。 过度注重促销的活动最后往往保证不了养殖户的养殖效益，完全忽视了产品质量。站在这一角度，他提到，包括通威为主的龙头企业要公开承诺饲料的养殖 效果，以自身的实际行动确保养殖户的整体养殖收益可控。他认为，2025年，水产饲料市场容量会在前两年的基础上初步转暖。 饲料产品质量是基础 今年2月5日，通威股份管理层内部分工有变动。通威股份农牧总裁郭异忠兼任通威农业发展有限公司（以下简称通威农发）董事长，不再兼任通威农业发展 有限公司总经理职务。通威股份副总裁张璐兼任通威农业发展有限公司总经理 ...

Core Viewpoint - The 2025 Ninth China International Aquaculture Technology Conference emphasizes "technology leadership, innovation empowerment, and green development" as key themes for the aquaculture industry, highlighting the strategic importance of aquatic products in national food security [2][6]. Group 1: Industry Achievements - China's aquaculture industry has achieved significant milestones since the reform and opening up, with the total aquatic product output reaching 73.66 million tons in 2024, a 3.5% increase from the previous year, maintaining its position as the world's largest producer for over 30 years [3]. - The aquaculture production volume was 60.62 million tons in 2024, reflecting a year-on-year growth of 4.3% [3]. Group 2: Economic Contribution - The aquaculture sector provides one-third of the protein source for 1.4 billion Chinese people while utilizing only 7%-9% of the total feed production, showcasing its efficiency and contribution to food security [4]. Group 3: Challenges and Opportunities - The industry is transitioning from quantity to quality, facing challenges such as green development, quality safety, raw material shortages, and low levels of intelligence [5]. - Despite advancements in aquaculture technology, issues like resource depletion and low added value in the industry remain prominent, hindering high-quality development [5]. Group 4: Conference Highlights - The conference served as a platform to address industry challenges and promote high-quality development, unveiling the "2025 China Aquaculture Industry Top 100 Brands" list, which includes leading companies like Tongwei, Haida, and New Hope Liuhe [6]. - Five major initiatives were proposed to guide the industry towards high-quality development, focusing on policy guidance, technological support, green practices, intelligent development, and collaborative efforts [6]. Group 5: Company Strategies - Tongwei has launched the "Good Product Year" initiative in 2023, emphasizing stable raw materials and consistent quality, and plans to deepen this strategy in 2024 with the "Ten Thousand Households Grow Together" program [9][10]. - The company has prioritized product quality and technological content, reflecting its commitment to enhancing its competitive edge in both domestic and international markets [11].

Investment Rating - The report maintains a positive investment outlook for the renewable energy sector, particularly in solar and wind energy, highlighting strong demand and growth potential in both domestic and international markets [4][9][39]. Core Insights - The domestic solar installation in January-February 2025 reached 39.5GW, with an expected annual increase of 28% in total installations for 2024 [4][5][9]. - Global solar installation is projected to reach between 531GW and 583GW in 2025, with optimistic growth estimates of over 10% [28][39]. - The supply chain is showing signs of recovery, with prices stabilizing and a slight rebound in production across various segments, including polysilicon and solar modules [41][49]. Summary by Sections Domestic Market - In the first two months of 2025, China added 39.5GW of solar capacity, maintaining stable growth, with a total expected installation of 215-255GW for the year [4][6][9]. - The National Development and Reform Commission and the National Energy Administration have initiated reforms to enhance market-driven pricing for renewable energy [10][15]. International Market - The global demand for solar energy is steadily increasing, with significant installation plans emerging in regions like Latin America and the Middle East [18][28]. - In January 2025, India reported a substantial increase in solar installations, with a total capacity exceeding 100GW [31][34]. Supply Chain Dynamics - The polysilicon production in February 2025 was approximately 9.23 million tons, showing a slight decrease but expected to recover in March [49]. - Solar module prices have seen a minor increase due to rising demand from distributed energy projects, with significant players adjusting their production strategies accordingly [43][44]. Investment Recommendations - The report suggests focusing on high-growth areas such as inverter and racking systems, as well as leading solar manufacturers with cost advantages and strong distribution channels [4][39]. - Key companies to watch include LONGi Green Energy, Trina Solar, and various emerging technology leaders in the solar sector [4][39].

Investment Rating - The report indicates that the polysilicon industry is currently in an oversupply cycle, with prices continuously declining and significant pressure on corporate profitability. The industry is rated with caution, emphasizing the need to monitor future supply-demand mismatches and improvements [1][12]. Core Insights - The polysilicon industry has entered an oversupply cycle since 2024, leading to a continuous decline in prices and significant pressure on profitability. Some polysilicon manufacturers are responding by reducing production and conducting maintenance to alleviate market pressures. The acceleration of capacity clearance and inventory reduction is expected to support polysilicon prices in the short term. However, the return of prices to a reasonable range dominated by supply-demand fundamentals remains to be observed [1][12][16]. Policy Environment - Polysilicon is a key raw material for photovoltaic modules and is positioned at the upstream core of the industry chain. Recent national policies have shown positive support and increased regulation to guide and promote the healthy and sustainable development of the industry. The policies aim to improve the supply-demand structure and enhance capacity quality, ensuring high-quality development for the industry [2][3][5]. Industry Structure - The polysilicon industry has seen rapid capacity expansion, with effective capacity reaching 2.3 million tons per year by the end of 2023, a year-on-year increase of 97.2%. Despite this, the downstream demand growth has been relatively weak, leading to an oversupply situation. The top five polysilicon companies hold a market share exceeding 70%, indicating a high industry concentration [6][7][10]. Product Structure - The main product form of polysilicon is rod silicon, but granular silicon is rapidly expanding its market share due to cost reduction and efficiency improvements. The market is transitioning from P-type to N-type silicon, which offers higher photoelectric conversion efficiency. This shift is expected to dominate the polysilicon market in the future [11][10]. Profitability - Since 2023, polysilicon prices have been on a downward trend, significantly impacting the profitability of companies in the industry. However, with some manufacturers implementing production cuts and maintenance, inventory pressure is expected to ease, providing support for polysilicon prices in the short term. The industry is currently facing high inventory levels, with approximately 350,000 tons of polysilicon inventory by the second half of 2024 [12][14][16]. Future Outlook - The acceleration of capacity clearance and inventory reduction is expected to alleviate the oversupply situation in the short term. However, the return of polysilicon prices to a reasonable range dominated by supply-demand fundamentals remains uncertain, especially with potential new capacity releases and increased market supply in the future [16].

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。 通威股份有限公司（以下简称"公司"）第八届董事会第十次会议及 2022 年 年度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规模不超过（含）人民币 100 亿元的债务融资工具（DFI）， 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。 2023 年 8 月 16 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[2023]DFI42 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（2023 年 8 月 10 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 ...

| 回购方案首次披露日 | 2024/4/30 | | --- | --- | | 回购方案实施期限 | 2024/4/28~2025/4/27 | | 预计回购金额 | 200,000 万元~400,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 101,688,812 | | 累计已回购股数占总股本比例 | 2.2588% | | 累计已回购金额 | 万元 200,781.50 | | 实际回购价格区间 | 17.43 元/股~22.94 元/股 | 一、 回购股份的基本情况 公司于 2024 年 4 月 28 日召开第八届董事会第十八次会议，审议通过了《关于 以集中竞价交易方式回购公司股份的议案》。公司本次拟使用不低于人民币 20 亿 元（含）且不超过人民币 40 亿元（含）自有资金以集中竞价交易方式回购公司股 份，用于实施员工持股计划或股权激励。本次回购期限为自公司董事会审议通过回 购股份方案之日起 12 个月内。具体内容详见公司于 2024 年 4 月 30 日 ...

| 股票代码：600438 | 股票简称：通威股份 公告编号：2025-016 | | --- | --- | | 债券代码：110085 | 债券简称：通 22 转债 | 通威股份有限公司 关于异质结组件功率再次打破世界纪录的自愿性披露公告 在异质结技术领域，通威股份长期作为产业先行者，持续推动技术创新。2018 1 年通威股份于行业率先布局异质结技术；2021 年建成国内首条 GW 级异质结中试 线，并启动行业首例 210 半片异质结项目开发；2022 年 7 月，完成行业首条双面 微晶异质结电池研发线的开发。目前，通威股份已构建双面微晶技术、铜互连无 银金属化、0BB 组件技术三维度的"降本增效"生态链，并在铜互连技术方面形 成行业领先的可 GW 量产的整体方案。公司在异质结领域长期、深厚的技术积累 既为本次公司 THC 210 高效异质结组件功率再次打破世界纪录奠定坚实基础，未 来也将持续推动异质结规模化量产，引领光伏行业技术升级。 本次公司异质结组件功率再次打破世界纪录，体现了公司在以异质结技术为 代表的光伏产业各类前沿技术研发方面的深厚积累，有利于进一步强化公司在光 伏产业已建立的综合竞争能力，并 ...