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Core Viewpoint - Tongwei Co., Ltd. is planning to acquire 100% equity of Qinghai Lihua Qingneng Co., Ltd. through a combination of share issuance and cash payment, while also raising supporting funds [1]. Group 1: Acquisition Details - The acquisition will not lead to a change in the controlling shareholder or actual controller of the company and is not considered a related party transaction, thus not constituting a major asset reorganization [3]. - Trading of Tongwei's stocks and convertible bonds will be suspended starting February 25, 2026, for a period not exceeding 10 trading days to ensure fair information disclosure and protect investor interests [3]. Group 2: Company Profile of Lihua Qingneng - Lihua Qingneng, established in April 2021, focuses on the R&D, production, and sales of photovoltaic-grade high-purity silicon and electronic-grade polysilicon, and is a key project for investment attraction in Qinghai Province [3]. - The company is located in the Nanchuan Industrial Park of Xining Economic and Technological Development Zone, covering an area of 2,600 acres, with a planned total investment of 20 billion yuan, aiming for an annual production capacity of 200,000 tons of photovoltaic-grade high-purity silicon and 2,000 tons of electronic-grade high-purity silicon, expected to generate an annual output value of approximately 20 billion yuan and create over 3,000 jobs [3]. Group 3: Company Performance and Industry Context - Tongwei has developed a business model integrating "Agriculture (Aquaculture) + Photovoltaics," focusing on the R&D, production, and sales of aquaculture and livestock feed, as well as high-purity silicon and solar products [4]. - The company anticipates a net loss attributable to shareholders of approximately 9 billion to 10 billion yuan for the fiscal year 2025, with losses expected to widen due to industry challenges such as supply surplus, declining operating rates, rising core material prices, and falling product prices [4]. - As of February 24, 2026, Tongwei's stock price was 18.16 yuan per share, with a total market capitalization of 81.756 billion yuan [5].