Core Viewpoint - The implementation of the "double anti" tariffs in Southeast Asia does not have a direct impact on the photovoltaic business of Tongwei Co., Ltd. [1] Group 1: Financial Performance - In 2024, Tongwei Co., Ltd. reported its first annual net loss since its listing, with revenue of approximately 91.994 billion yuan, a year-on-year decrease of 33.87%, and a net loss of 7.039 billion yuan [1] - As of March 2025, the company's total liabilities exceeded 150 billion yuan, with a debt-to-asset ratio of 72.25% [2] Group 2: Strategic Considerations - The company emphasizes the importance of local industrial support, production stability, and policy continuity when considering overseas factory locations, prioritizing partnerships with strategic allies or local capital [2] - The introduction of strategic investors for its wholly-owned subsidiary Yongxiang Co., Ltd. aims to enhance financial flexibility and prepare for long-term development opportunities [2] Group 3: Debt Management and Capital Expenditure - Despite a high debt ratio, the company maintains that its photovoltaic manufacturing sector's debt level is within a safe range, with approximately 40 billion yuan in cash and financial assets and a bank credit limit exceeding 140 billion yuan [3] - The company plans to focus on existing project payments and technological improvements in its capital expenditure strategy for 2025, expecting a significant reduction in capital spending compared to 2024 [3]