2024 Annual Report of Tongwei Co. Ltd.
Stock Code:600438 Short Name: Tongwei Co. Ltd
Tongwei Co. Ltd.2024 Annual Report
1 / 2692024 Annual Report of Tongwei Co. Ltd.
Important Notice
I. The board of directors supervisory committee as well as directors supervisors and senior managers
of the Company are responsible for the authenticity accuracy and completeness of the information
contained in this Annual Report without false records misleading statements or material omissions and
assume joint and several liability therefor.II. All directors of the Company have been present in the board meeting.III. Sichuan Huaxin (Group) CPA (Special General Partnership) has expressed a standard unqualified
opinion on the financial statements of the Company.IV. Liu Shuqi Head of the Company Zhou Bin Head of accounting affairs and Gan Lu Head of
accounting department represent that they are responsible for the authenticity accuracy and completeness
of the financial statements in this Annual Report.V. The proposal on profit distribution or the proposal on conversion of capital reserve to share capital
for current period resolved in the board meeting
After comprehensive evaluation of industry trends corporate developmental phase and actual operational performance
Tongwei’s Board has determined to retain 2024 earnings to safeguard long-term shareholder value and ensure sustainable
development capital requirements. The current profit allocation proposal involving neither cash dividends capital reserve
conversions nor bonus share distributions fully complies with regulatory requirements including the No. 3 Guideline for the
Supervision of Listed Companies – Cash Dividends of Listed Companies and the Tongwei’s Articles of Association.In accordance with pertinent regulations specifically the Rules for Repurchase of Shares by Listed Companies when cash
dividend distributions by listed companies include share repurchases conducted via offers or centralized competitive bidding these
repurchases executed with cash as the consideration are treated as cash dividends in relevant proportion calculations. In 2024 the
Company successfully repurchased 101360012 shares through centralized competitive trading amounting to a total of
2001014959.13 yuan exclusive of transaction fees such as stamp duty and trading commissions.
It is crucial to note that this profit distribution proposal has not been submitted to the general meeting of shareholders.VI. Cautionary note on forward-looking statement
√Applicable □Not Applicable
The forward-looking statements of the Company regarding its future development strategies and business plans do not constitute any
substantial commitment of the Company to investors; and investors should pay attention to risks
VII. Any funds possessed by the controlling shareholder and other related parties for non-operating
purposes
No
VIII. Any outward guarantee by the Company in violation of the prescribed decision-making procedures
No
IX. More than half of the directors cannot ensure the truthfulness accuracy and completeness of the
annual report disclosed by the Company
No
X. Notiece on material risksThe Company had detailed possible risks in this Report. Please refer to VI “discussion and analysis on the Company’s futuredevelopment” in Section III Management Discussion and Analysis for more information on possible risks and actions.XI. Others
□Applicable √Not Applicable
*The 2024 Annual Report of Tongwei Co. Ltd. was published both in Chinese and English. Where any discrepancy arises
between the English and the Chinese content the Chinese version shall prevail. The English version here was only used for investors’
reference.
2 / 2692024 Annual Report of Tongwei Co. Ltd.
Contents
Section I. Definitions .............................. 4
Section II. Company Profile and Major Financial In... 5
Section III. Management Discussion and Analysis ..... 8
Section IV. Company Governance ..................... 39
Section V. Environmental and Social Responsibility.. 58
Section VI. Important Matters ...................... 75
Section VII. Share Changes and Shareholders .........97
Section VIII.Preference Shares .................... 104
Section IX. Bonds ..................................105
Section X. Financial Report ....................... 114
Financial statements bearing the signatures and seals of the head of the Company the head of the accounting
affairs and the head of the accounting department.List of documents to
Original auditor's report bearing the seal of the accountant firm and the signatures of the CPAs.be checked
Formal copies of all Company documents and the original announcements publicly disclosed in websites
designated by the CSRC.
3 / 2692024 Annual Report of Tongwei Co. Ltd.
Section I. Definitions
I. Definitions
Unless otherwise indicated in the context the following terms shall have the following meanings in this Report:
Definitions of frequently used terms
Tongwei Company We or us refers to Tongwei Co. Ltd.Tongwei Group refers to Tongwei Group Co. Ltd.Yongxiang refers to Yongxiang Co. Ltd.Yongxiang Polysilicon refers to Sichuan Yongxiang Polysilicon Co. Ltd.Yongxiang New Energy refers to Sichuan Yongxiang New Energy Co. Ltd.Inner Mongolia Tongwei refers to Inner Mongolia Tongwei High-purity Crystalline Silicon Company
Yunnan Tongwei refers to Yunnan Tongwei High-purity Crystalline Silicon Company
Tongwei New Energy refers to Tongwei New Energy Co. Ltd.Hefei Solar refers to Tongwei Solar (Hefei) Co. Ltd.Anhui Solar refers to Tongwei Solar (Anhui) Co. Ltd.Chengdu Solar refers to Tongwei Solar (Chengdu) Co. Ltd.Meishan Solar refers to Tongwei Solar (Meishan) Co. Ltd.Tongyu Property refers to Chengdu Tongyu Property Management Co. Ltd.Tongwei Media refers to Chengdu Tongwei Culture Media Co. Ltd.Shuangliu 25GW TNC Project refers to Phase V 25 GW High-efficiency Cell Project of Chengdu Solar
The project with an annual capacity of 16 GW high-efficiency solar cells (Meishan
Meishan 16GW TNC Project refers to
Phase IV)
200000-ton High-purity
refers to Phase II 200000-ton High-Purity Polysilicon Project of Yunnan Tongwei
Polysilicon Project in Yunnan
200000-ton High-purity
Phase I 200000-ton High-Purity Polysilicon Project and Its Supporting Facilities of
Polysilicon Project in Inner refers to
Inner Mongolia Silicon Energy
Mongolia
refers to Phase I 120000-ton Industrial Silicon Project Powered by from Wind and Solar
Darhan-Muminggan Qi Phase I
Combined Green Electricity of Inner Mongolia Tongwei Green Substrate
Guangyuan Phase I refers to Phase I 180000-ton Green Substrate (Industrial Silicon) Project by Guangyuan
Sichuan Huaxin refers to Sichuan Huaxin (Group) CPA (Special General Partnership)
Ameasure that indicates the ability of solar cells to convert light energy into electrical
Energy conversion efficiency refers to
energy
Convertible bonds refers to Convertible corporate bonds
W refers to Watt the unit of power
KW、MW、GW refers to Units of power 1 KW = 1000 W 1 MW = 1000 KW and 1 GW = 1000 MW
High-purity Polysilicon refers to High-purity metal silicon with purity greater than 99.9999999%
A cell produced with M10 silicon wafer (with a length of 182 mm) whose area is
182 mm cell refers to 35.34% larger than that of a cell produced by the conventional M2 silicon wafer (with
a length of 156.75 mm).A cell produced with M12 silicon wafer (with a length of 210 mm) whose area is
210 mm cell refers to 80.5% larger than that of a cell produced by the conventional M2 silicon wafer (with
a length of 156.75 mm).Passivated Emitter and Rear Contact a high-efficiency crystalline silicon solar cell
structure where a passivation layer of AL2O3 or SiNx is added on the back side of
PERC Cell refers to the cell to deal with the high carrier recombination on the back side of all aluminum
back surface field solar cells and then the film will be opened to make the aluminum
back surface field effectively contact with the silicon substrate.Interdigitated Back Contact a high-efficiency solar cell structure. The front side only
has a passivation and anti-reflection coating without any grating electrodes with both
positive and negative poles crossed on the back side. The biggest feature of an IBC
IBC Cell refers to cell is that both the PN junction and metal contact are on the back side so that the
front side is protected against from the metal shading which provides more effective
power generation area and therefore helps increasing the energy conversion
efficiency.Tunnel Oxide Passivated Contact where an ultra-thin tunnel oxide and a heavily
doped polysilicon thin film are prepared on the surface of the cell to form a
TOPCon Cell refers to
passivation contact structure thus increasing the open-circuit voltage and short-circuit
current of the cell and then improving the energy conversion efficiency.
4 / 2692024 Annual Report of Tongwei Co. Ltd.
Hetero-junction with Intrinsic Thin-layer a high-efficiency crystalline silicon solar
cell structure a hybrid solar cell made of crystalline silicon substrate and amorphous
silicon thin film i.e. adding a non-doped (intrinsic) hydrogenated amorphous silicon
HJT Cell refers to thin film between P-type hydrogenated amorphous silicon and N-type hydrogenated
amorphous silicon and N-type silicon substrate. HJT cells are welcomed due to their
low process temperature good passivation effect high open-circuit voltage and high
bifacial rate.A dual-junction solar cell formed by stacking perovskite solar cells and crystalline
silicon solar cells maximizes the utilization of sunlight for higher conversion
efficiency because the wide-bandgap perovskite absorbs short to mid-wavelength
Perovskite/silicon stacked solar light while narrow-bandgap crystalline silicon absorbs mid to long-wavelength light.refers to
cell Through optimization in bandgap matching overall optical management carrier
exchange layers and other aspects the conversion efficiency of this dual-junction
solar cell can exceed the Shockley-Queisser limit of single-junction solar cells
achieving over 30%.The percentage of the total output power of the module to the cell power shows the
CTM value refers to degree of module power loss. A higher CTM value indicates a smaller degree of
module package power loss.TPC refers to Tongwei PERC Cell a Tongwei solar cell designed with PERC technology.Tongwei N-passivated Contact Cell an advanced solar cell utilizing type -n
TNC refers to passivated contact technology developed by Tongwei featuring Tongwei’s proprietary
PECVD polysilicon deposition technology to enhance conversion efficiency.Tongwei Back Contact Cell a Tongwei solar cell designed with back contact
TBC refers to
technology.THC refers to Tongwei HJT Cell a Tongwei solar cell designed with HJT technology.A large spanning support consisting of prestrained flexible rigging structures that can
Flexible support refers to
increase the land utilization.Novel busbars upgraded from conventional busbar structure by redesigning the
surface with V-grooves which allow incident light on the surface to be directionally
Reflective busbars refers to
reflected to the upper glass layer and further reflected onto the surface of the solar
cell thereby enhancing the utilization efficiency of light by the photovoltaic module.A global leader of research and consulting services in the renewable energy and
InfoLink Consulting refers to
technology sector
IRENA refers to International Renewable Energy Agency
CPIA refers to China Photovoltaic Industry Association
Antaike refers to Beijing Antaike Information Development Co. Ltd.CSRC refers to China Securities Regulatory Commission
SSE refers to Shanghai Stock Exchange
refers to China Securities Journal Shanghai Securities News Securities Daily STCN and
Designated Disclosure Media
Economic Information Daily
Reporting period refers to From January 1 2024 to December 31 2024
Note: Minor differences between subtotals and grand totals in tables as mentioned in this annual report are a result of rounding
adjustments
Section II.Company Profile and Major Financial Indicators
I. Company information
Full Chinese name 通威股份有限公司
Short Chinese name 通威股份
Full English name TONGWEI CO. LTD.Short English name TONGWEI CO. LTD.Legal representative Liu Shuqi
II. Contacts and contact details
Secretary of the Board of Directors Representative of Securities Affairs
Name Yan Ke Li Huayu
No. 588 Middle Section Tianfu Avenue High-Tech No. 588 Middle Section Tianfu Avenue High-Tech
Address
Zone Chengdu China (Sichuan) Pilot Free Trade Zone Zone Chengdu China (Sichuan) Pilot Free Trade Zone
Telephone 028-86168555 028-86168555
5 / 2692024 Annual Report of Tongwei Co. Ltd.
Fax 028-85199999 028-85199999
Email yank@tongwei.com lihy05@tongwei.com
III. Basic Information
No. 588 Middle Section Tianfu Avenue High-Tech Zone Chengdu China (Sichuan) Pilot
Registered address
Free Trade Zone
On November 16 2016 the Company’s registered address was changed from No. 11
Forth Section of South 2nd Ring Road High-tech Zone Chengdu to No. 588 Middle
Section Tianfu Avenue High-Tech Zone Chengdu. On May 16 2022 the Company’s
Changes of the registered address
registered address was changed from No. 588 Middle Section Tianfu Avenue High-Tech
Zone Chengdu to No. 588 Middle Section Tianfu Avenue High-Tech Zone Chengdu
China (Sichuan) Pilot Free Trade Zone.No. 588 Middle Section Tianfu Avenue High-Tech Zone Chengdu China (Sichuan) Pilot
Office address
Free Trade Zone
Post code 610041
Website http://www.tongwei.cn
Email zqb@tongwei.com
IV. Information disclosure and site
Media names and websites where the Company China Securities Journal Shanghai Securities News Securities Daily
disclose its annual reports STCN and Economic Information Daily
Stock exchange websites where the Company disclose
www.sse.com.cn
its annual reports
Location where the Company stores its annual report Securities Department
V. Stock information
Stock information
Stock type Stock exchange Stock name Stock code Previous stock name
A - share Shanghai Stock 通威股份 600438
Exchange
VI. Other information
Accountant firm Name Sichuan Huaxin (Group) CPA (Special General Partnership)
engaged by the Office location 28th Floor Jinmao Lidu South No. 18 Ximianqiao Street Chengdu
Company (domestic) Signatory accountants Li Wulin Tang Fangmo and Xia Hongbo
VII. Major accounting data and financial indicators within the latest three years
(I) Major accounting data
Unit:Yuan Currency:CNY
Major accounting data 2024 2023 YoY change (%) 2022
Operating revenue 91994404333.54 139104062084.52 -33.87 142422517994.99
Adjusted operating revenue after
revenue unrelated to principal
91572565115.77138580632526.78-33.92141829013095.00
business activities and transactions
without commercial substance
Net profit attributable to
-7038757392.5413573900132.37-151.8625733777019.25
shareholders of the listed company
Net profit net of non-recurring gain
and loss attributable to shareholders -7057321013.59 13613305529.94 -151.84 26554703512.74
of the listed company
Net cash flow generated from
1143735923.3730679303971.17-96.2743817909631.70
operating activities
2024 close 2023 close YoY change (%) 2022 close
Net assets attributable to 48455869630.76 61528838529.70 -21.25 60793209105.63
6 / 2692024 Annual Report of Tongwei Co. Ltd.
shareholders of the listed company
Total assets 195916763061.99 164363161459.66 19.20 145574988754.45
(II) Major financial indicators
Major financial indicators 2024 2023 YoY change (%) 2022
Basic earnings per share (yuan/share) -1.5790 3.0151 -152.37 5.7166
Diluted earnings per share (yuan/share) -1.5790 2.8737 -154.95 5.4905
Basic earnings per share net of non-recurring
-1.58323.0239-152.365.8989
gain and loss (yuan/share)
Weighted average return on net assets (%) -12.77 22.59 -35.36ppts 52.38
Weighted average return on net assets
-12.81 22.66 -35.47ppts 54.05
excluding of non-recurring gain and loss (%)
Note on major accounting data and financial indicators within the latest three years by the end of reporting
□Applicable √Not Applicable
VIII. Differences between accounting data under domestic and foreign accounting standards
(I) Difference in net profit and net assets attributable to shareholders of the listed company contained in the financial
statements disclosed simultaneously under International Accounting Standard and China Accounting Standard
□Applicable √Not Applicable
(II) Difference in net profit and net assets attributable to shareholders of the listed company contained in the financial
statements disclosed simultaneously under Foreign Accounting Standard and China Accounting Standard
□Applicable √Not Applicable
(III) Note on differences between China and foreign accounting standards:
□Applicable √Not Applicable
IX. 2024 major financial data by quarters
Unit:Yuan Currency:CNY
Q1 Q2 Q3 Q4
(Jan - Mar) (Apr - Jun) (Jul - Sept) (Oct - Dec)
Operating revenue 19570420152.69 24226695983.31 24475361167.36 23721927030.18
Net profit attributable to
shareholders of the listed -786737334.37 -2342713585.71 -843806175.83 -3065500296.63
company
Net profit net of non-recurring
gain and loss attributable to
-790179660.91-2388277631.03-859159161.72-3019704559.93
shareholders of the listed
company
Net cash flow generated from
-1393906280.022355203043.952027151610.25-1844712450.81
operating activities
Note on differences between these quarterly data and data contained in disclosed regular reports
□Applicable √Not Applicable
X. Items measured at fair value
□Applicable √Not Applicable
XI. Non-recurring gain and loss items and amounts
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Notes
Non-recurring gain and loss items 2024 2023 2022
(if applicable)
Gain or loss on from disposal of non-current assets
including the reversal of previously recognized 127776432.54 28747409.32 -12315759.20
impairment loss provision for assets
Government grants included in current profit or loss but
excluding government grants that are closely related to the 168150746.52 163223026.68 387940097.37
normal operating activities of the Company have a lasting
7 / 2692024 Annual Report of Tongwei Co. Ltd.
impact on the Company's profit or loss and to which the
Company is entitled under national policies and
regulations.In addition to the effective hedging business related to the
normal operating activities of the Company the fair value
gain and loss from held-for-trading financial assets and 9653755.30 17273678.45 -130149063.69
liabilities held by a non-financial company as well as gain
or loss on the disposal of financial assets and liabilities
Charges for money occupation levied on non-financial
6844182.25
institutions recognized in current profit or loss
The profit when the investment cost of acquiring
subsidiaries associates and joint ventures by a company
is less than the fair value of the identifiable net assets 1551526.45
acquired at the time of investment acquisition which the
investing entity is entitled to receive
Non-operating revenue and expenses other than
-265144269.89-240774570.85-1235055137.99
aforementioned items
Less: Effects of income tax 12260606.94 921933.88 -156512227.43
Effects of minority interest (after tax) 16456618.73 8504533.74 -12141142.59
Total 18563621.05 -39405397.57 -820926493.49
Where the Company defines an item and the item has a significant amount not listed in the Explanatory Announcement on
Information Disclosure for Companies Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items as a
recurring gain and loss item or defines an item listed in Explanatory Announcement on Information Disclosure for Companies
Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items as a recurring gain and loss items item notes
should be provided.。
□Applicable √Not Applicable
XII. Others
□Applicable √Not Applicable
Section III. Management Discussion and Analysis
I. Operation discussion and analysis
In 2024 the global economy exhibited a continuing yet fragile recovery characterized by increased growth disparities among
major economies. Geopolitical tensions persisted and there was a marked rise in protectionism and unilateralism leaving global
growth momentum lacking. However China’s proactive macroeconomic control measures and the swift implementation of targeted
policy packages ensured the stability of its domestic economy which achieved a historic GDP of over 130 trillion yuan reflecting a
year-on-year growth of 5%. Notably the country accelerated the transition from traditional to new growth drivers. Policy
interventions focused on advancing dual carbon goals and fostering high-quality development significantly enhanced the green and
intelligent transformation of the industrial sector. As a result green industries including solar energy and new energy vehicles
exhibited double-digit growth while the share of clean energy in the energy mix experienced substantial increases further solidifying
the “green element” in China’s economic development strategy.During the reporting period the global demand for the photovoltaic industry remained robust; however a significant imbalance
between supply and demand emerged leading to a notable decline in product prices year-over-year. The intensification of
international trade barriers further exacerbated operational pressures within the industry. For the first time in five years the total
output of the feed industry declined with aquatic feed production falling for two consecutive years resulting in increasingly fierce
market competition. In the context of these challenging industry dynamics the Company strategically maintained its focus on its two
core business segments: green agriculture and green energy. By executing a steady operational strategy the Company emphasized
technological research and development initiatives and production actions aimed at reducing production costs and enhancing
efficiency. These efforts not only bolstered the core competitive advantages across each business segment but also solidified the
Company’s position as an industry leader. The Company recorded an operating revenue of 91.994 billion yuan for the fiscal year.Nevertheless the photovoltaic sector faced a sharp decline in market prices which even dropped below the industry’s cash cost.Compounding this issue was an impairment and scrapping of long-term assets totaling 1.065 billion yuan. Consequently the net
profit attributable to shareholders of the listed company resulted in a loss of 7.039 billion yuan although operating cash flow
remained positive with a net inflow of 1.144 billion yuan. Despite the ongoing pressure from mismatched supply and demand and
periodic operational losses the Company remains firmly optimistic about the long-term prospects of the green energy and green food
sectors. Demonstrating unwavering confidence in its competitive positioning the Company has engaged in share repurchases totaling
over 2 billion yuan since 2024 acquiring 101688812 shares approximately 2.26% of the total share capital. Furthermore the
controlling shareholder has increased its stake in the Company by approximately 1.3 billion yuan resulting in an additional
62511972 shares acquired representing about 1.39% of the total share capital.
8 / 2692024 Annual Report of Tongwei Co. Ltd.
(I) Feed and industry chain
The Company stands as a global leader in the production of aquatic feed and a significant player in livestock and poultry feed
production. Notably aquatic feed being the Company’s core product has consistently ranked among the top in the industry for
several consecutive years. During the reporting period despite facing industry challenges including a contraction of the domestic
feed market and a decrease in aquatic feed output the Company remained steadfast in its commitment to quality. By effectively
implementing its Year of Good Products strategy the Company achieved results that significantly surpassed industry averages with a
year-on-year increase in aquatic feed sales. Overall the Company recorded a total feed sales volume of 6.8686 million tons marking
substantial progress in both food and industrialized aquaculture sectors. These accomplishments have unequivocally bolstered the
Company’s competitive advantages across its feed and industrial chain businesses.
1. Tongwei demonstrated operational resilience amid industry contraction with multi-category growth driven by
stringent quality protocols
In response to the challenges posed by declining quantity and prices within the feed industry in 2024 the Company remained
steadfast in its commitment to product quality diligently implementing its quality policy to achieve differentiation. The focus on
aquatic feed involved a strategic realignment toward core markets and key customers while enhancing the promotion of innovative
products including functional and premium feeds. Remarkably the sales volume of aquatic feed increased despite ongoing
industry-wide declines for the past two years. Notably the Company’s market share in common freshwater fish feeds and specialized
aquatic products—such as those for crayfish crab shrimp sea bass and snakehead fish—has established a dominant position within
the industry. Although the sales volume of common freshwater fish feeds demonstrated periodic fluctuations during the initial three
quarters due to overall industry conditions the Company capitalized on its competitive advantages resulting in a robust recovery in
the further quarter and harvesting a stable performance throughout the whole year. Furthermore the reporting period saw the sales
volume of the Company’s functional feeds reaching unprecedented levels with seedling feeds exhibiting a year-on-year growth of
10%. In the sphere of livestock and poultry feeds the Company navigated a challenging landscape characterized by a contraction in
the breeding scale among some strategic cooperative customers and individual farmer markets. Despite a corresponding year-on-year
decline in sales volume the Company made significant strides in optimizing its customer structure. The proportion of sales from
large-scale customers increased considerably particularly within the poultry feed sector which benefited from establishing industrial
clusters around large-scale demonstration bases. This has demonstrated the economies of scale from high-value-added products and
significantly higher capacity utilization at benchmark companies.
2. Tongwei advanced technological innovation and smart manufacturing establishing benchmark feed production
facilities
The Company has positioned itself as a pioneer in the feed industry by advocating for and implementing the digital and
intelligent transformation of feed production. In 2024 building on previous standardization efforts the Company refined 129
production business processes. It successfully launched a digital and intelligent manufacturing platform across 50 domestic
subsidiaries and deployed an Internet of Things (IoT) data collection system in 30 subsidiaries. By leveraging five key
modules—planning production materials quality and equipment—the Company has achieved comprehensive standardization
transparency and lean production in its feed operations. Moreover during the reporting period the Company has actively pursued
iterative advancements in feed production technologies enhancing the production capacities and material management efficiencies of
its subsidiaries. The organization has also completed multiple patent applications for cutting-edge feed production equipment. These
initiatives ensure that the Company maintains a leading edge in processing capabilities superior quality and consistency in product
efficacy.
3. Tongwei enhanced global raw material supply chain capabilities achieving industry-leading quality assurance supply
stability and cost efficiency
The Company has established a distinguished procurement team specializing in feed raw materials. In 2024 amidst challenging
market conditions—including declining prices of primary energy raw materials intensified procurement competition among industry
leaders and volatile prices for key animal proteins such as fish meal and chicken meal—the Company maintained rigorous quality
control measures. These efforts ensured that all purchased raw materials met stringent internal and market standards thereby
supporting the Company’s commitment to high-quality products during its designated Year of Good Products. Simultaneously the
Company expanded its global procurement channels enhancing its sourcing capabilities for Peruvian fish meal and increasing
imports of barley from Kazakhstan. This strategic diversification has strengthened the stability and resilience of the raw material
supply chain thereby improving both supply assurance and bargaining strength. Moreover during the reporting period the Company
leveraged its “digital and intelligent” procurement decision-making platform to identify favorable procurement opportunities and
effectively manage raw material inventory. As a result the overall procurement costs for major raw material categories were below
industry averages.
9 / 2692024 Annual Report of Tongwei Co. Ltd.
4. Tongwei received the fifth National Science and Technology Progress Award recognition validating technology-market
synergy in product development
In 2024 the Company adhering to its “quality policy” and the theme of the Year of Good Products adopted a strategic
integration of technological advancements and market insights. During the reporting period the Company realigned its research and
development (R&D) framework to focus on three primary product categories: common freshwater fish feeds specialized aquatic
feeds and livestock and poultry feeds. This has enhanced the precision and applicability of R&D initiatives facilitating the swift
transformation of innovations into market-ready products and thereby strengthening the Company’s competitive edge. Throughout
the year the agricultural and animal husbandry segment submitted 88 patent applications which included 22 inventions and
successfully secured 35 authorized patents with 3 classified as inventions. Notably in June 2024 the Company’s initiative
Construction of the Precision Nutrition Technology System for Marine Cultured Fishes and Its Industrial Application earned the
Second Prize of the National Science and Technology Progress Award. This recognition underscores the Company’s unparalleled
achievement as the only agricultural and animal husbandry enterprise in the nation to have received this award five times reflecting
its substantial commitment to and prowess in technological R&D.
5. Strategic emerging businesses maintained steady expansion generating sustainable growth momentum for
agricultural operations
During the reporting period the Company demonstrated stable growth in its feed business while leveraging its extensive
expertise in the agricultural and animal husbandry sectors. This strategic approach facilitated the robust development of two key
initiatives: the food business and the industrialized shrimp farming operations thereby generating innovative business models and
new highlights across the agricultural and animal husbandry industry chain. In response to the increasingly competitive landscape
within the domestic food industry Tongwei Food rigorously adhered to its high-quality development strategy guided by the
principles of maximizing advantages concentrating on core areas and effectively addressing weaknesses. As a result the total food
sales volume surged by 10.44% year-on-year with sales revenue witnessing an increase of 22.43% both reaching unprecedented
levels. Notably the Company sustained its leadership position in tilapia imports from the United States capturing a market share of
13%. The industrialized shrimp farming initiative envisioned as the Company’s forward-looking industrial deployment achieved full
production in both Phase I and Phase II projects by the conclusion of the reporting period. The breeding water body expanded to
25000 cubic meters resulting in annual shrimp output exceeding 1.5 million kilograms. This innovative project employed the
Company’s self-developed “internal and external dual-cycle water treatment process system” accomplishing zero sewage discharge
and maintaining a water resource utilization rate of over 95%. The production capacity per unit of water body was three times greater
than that of traditional farming methods. Furthermore a comprehensive digital management system was established to oversee the
entire breeding cycle utilizing Internet of Things (IoT) devices to collect real-time data on water quality parameters (such as pH
dissolved oxygen and temperature) shrimp growth status and equipment operation metrics. This initiative positions the Company as
the first shrimp farming enterprise in China to simultaneously obtain both the Best Aquaculture Practices (BAP) and Non-Antibiotic
(NSF) certifications establishing it as a flagship project in the domain of industrialized recirculating shrimp farming within China.(II) PV
The Company stands at the forefront of the global photovoltaic integration sector having established a comprehensive industrial
chain that encompasses everything from industrial silicon production to the development of terminal photovoltaic power plants. Its
competitive advantages are robust making it a leader in several key areas including production capacity technological research and
development cost control and brand quality. For consecutive years the Company has retained its top position in global market share
for high-purity polysilicon and solar cells while its module shipment volumes consistently rank among the top five worldwide.During the reporting period despite a high baseline the global photovoltaic power generation sector exhibited significant growth in
newly installed capacity. According to the China Photovoltaic Industry Association (CPIA) the global newly installed capacity
reached 530 GW representing an approximate year-on-year increase of 35.9%. In China newly installed capacity was reported at
277.6 GW marking a year-on-year rise of 28.3%. This growth underscores the ongoing momentum of energy transformation.
However challenges emerged due to periodic supply-demand imbalances intensifying industry competition and declining product
prices that fell below cash costs resulting in widespread financial losses for enterprises. In response to this complex market
environment the Company remains long-term optimistic about the photovoltaic industry’s potential and confident in its own business
competitiveness. It steadfastly pursues the strategic goal of becoming a world-class clean energy operator prioritizing technological
innovation cost reduction and efficiency improvements. By intensifying market expansion efforts and strengthening collaborations
with upstream and downstream partners the Company is enhancing its comprehensive competitiveness and solidifying its market
position.
1.High-purity polysilicon
In 2024 amidst imbalances in the supply and demand dynamics across the industrial chain the high-purity polysilicon segment
10 / 2692024 Annual Report of Tongwei Co. Ltd.
encountered persistent challenges. Polysilicon prices consistently fell below production costs exacerbating the issue of high industry
inventory levels. Nevertheless the Company remained steadfast in its strategic objectives anchored by the three core principles of
“safety and stability improvement and enhancement and team building”. Throughout the year the organization maintained safe and
stable production while enhancing both product quality and operational efficiency ultimately stabilizing its market share. Notably
the Company achieved a sales figure of 467600 tons of high-purity polysilicon—an increase of 20.76% compared to the previous
year. It accounted about 30% of the national annual production and sales volume and secured the first position in terms of market
share worldwide.During the reporting period the Company prioritized safe production as the cornerstone of its operations implementing a
comprehensive digital and intelligent management platform for dual prevention. It established a real-time risk monitoring system that
encompassed the entire production process. As a result the production facilities maintained stable operations throughout the year
providing a robust foundation for enhancing product quality and operational efficiency. In alignment with prevailing industry demand
the Company achieved an output with N-type products constituting over 90% of total production. Continued efforts to improve the
quality and efficiency of N-type silicon materials garnered widespread recognition from customers. Notably the stable supply of
electronic-grade polysilicon for the semiconductor industry was successfully achieved with four overseas customers recently
validating the quality of the product. This accomplishment underscores the successful implementation of the Tongwei Intelligent
Manufacturing initiative for electronic-grade polysilicon. Also the Company aggressively pursued cost reduction strategies. By
leveraging continuous process optimization and innovative management practices key equipment and technologies were introduced
including 60 pairs of rod reduction furnaces high-boiling pyrolysis systems and waste silicon powder recycling mechanisms. The
Company fostered a culture of participation encouraging all employees to contribute improvement proposals. This engagement led to
significant advancements in energy consumption reduction with comprehensive power consumption and silicon consumption
recently reduced to within 46 kWh and 1.04 kg per unit (kg) respectively. These figures are poised to decline further as operational
processes are upgraded thereby enhancing the Company’s core competitiveness in a challenging landscape. Despite challenges posed
by increased electricity costs at the Sichuan and Yunnan Bases during the dry season the Company adeptly monitored market
demand and dynamically optimized production configurations. Through the execution of various cost-saving and
efficiency-enhancing measures the Company’s operational costs remained at the forefront of the industry. Currently the production
cash cost at the Inner Mongolia Base has been reduced to below 27000 yuan per ton (excluding tax).During the reporting period the Company successfully completed the construction of its 200000-ton high-purity polysilicon
projects in both Phase II Baotou and Phase II Yunnan achieving operational production capacity within the subsequent month. This
accomplishment signifies a substantial advancement in China’s silicon material projects characterized by improvements in
single-unit scale investment cost efficiency production line automation and intelligent operational capabilities. These developments
highlight the Company’s robust expertise in the technology and operational management of high-purity polysilicon initiatives. To
enhance the supply chain resilience for raw materials the Company has strategically initiated green substrate material (industrial
silicon) projects in Inner Mongolia and Sichuan. The combined green substrate project which encompasses over 300000 tons of
capacity from both the Darhan-Muminggan Qi Phase I and Guangyuan Phase I projects has successfully commenced production.This strategic move facilitates the establishment of a more integrated and efficient industrial chain structure.
2. Solar cells
During the reporting period prices in the cells segment continued to decline due to an imbalance between supply and demand
occasionally dropping below production costs of leading enterprises. Concurrently N-type cell technologies particularly those
utilizing TOPCon experienced a significant expansion. Cell manufacturers faced considerable challenges related to production line
transitions cost reduction efficiency enhancements and product sales. In this context the Company has effectively solidified its
leading position in the global cell market through a comprehensive strategy. This includes accelerating the upgrade of existing PERC
production capacity enhancing the development of its R&D platform and strengthening lean production management practices. As a
result the Company achieved sales of 87.68 GW of solar cells (including self-consumption) marking an 8.70% year-on-year increase.According to InfoLink Consulting the Company has maintained its status as the top global shipper of solar cells for eight
consecutive years with a global market share of approximately 14% in 2024.During the reporting period the Company adeptly adapted to the advancements in N-type technology and rapidly optimized its
production capacity structure. Currently the production capacity for TNC cells stands at 150 GW. As a pioneer in the
industrialization of TOPCon PECVD technology the Company has effectively positioned PECVD as the industry’s predominant
choice achieving a market share exceeding 50%. Building on this foundation the Company has persistently focused on efficiency
enhancement and cost reduction associated with TNC technology. Through strategic initiatives such as optimizing production cycles
upgrading screen printing patterns recycling chemicals and utilizing domestic pastes the organization has established industry
benchmarks in key metrics including single-line production capacity grade A product rate conversion efficiency and non-silicon
11 / 2692024 Annual Report of Tongwei Co. Ltd.
costs. The Company also continues to innovate within the core processes of TNC technology. It has outlined integrated efficiency
improvement solutions for both cells and modules which encompass TPE edge passivation steel stencil printing backside
polysilicon gates the proprietary 908 technology (0BB technology-independently developed by Tongwei) and full-screen technology.These advancements are projected to elevate the mainstream power output of mass-produced TNC modules by over 25 W by 2025
further emphasizing the competitive edge of TNC products in power generation.In 2024 in terms of industry-university-research (IUR) collaboration the Tongwei Global Innovation R&D Center commenced
operations. This center is dedicated to exploring cutting-edge topics and fostering collaboration through IUR projects. It aims to
develop transformation bases for research achievements and training centers for engineering talent thereby delving into the complex
and often uncharted realms of technological innovation. The Company has also established the Sichuan Crystalline Silicon
Photovoltaic Industry Innovation Center in partnership with several leading enterprises in the sector. By integrating diverse resources
this initiative has successfully forged an industrial innovation ecosystem. Aligned with national strategic initiatives and international
technological benchmarks the center aspires to address critical “bottleneck” challenges in key areas and aims to create a
collaborative framework for innovation and R&D that is both multi-track and multi-dimensional. During the reporting period the
Company employed a parallel R&D strategy across multiple technical routes yielding significant advancements. Notably the launch
of the 1GW HJT pilot line in June 2024 represents a pioneering achievement being the industry’s first pilot line with a single-line
production capacity of 1GW. This facility is pivotal for validating cutting-edge HJT equipment and technical solutions. The pilot
initiative has already recorded remarkable successes; the HJT 210-66 format module has broken world power records nine times
consecutively achieving a peak output of 790.8W and an efficiency of 25.46%. Furthermore the Company has established a clear
roadmap for the copper interconnect 2.0 technical route introducing an industry-leading silver-free HJT solution. Moreover the
Company’s TBC products have successfully secured TUV Rheinland certification making them eligible for market shipment. The
batch power of the pilot line’s 210R-66 format has reached 660W positioning it within the industry’s highest echelon. Efforts to
explore base metals applications are also underway paving the way for future cost reduction initiatives. In the realm of advanced
technology the efficacy of the Company’s perovskite tandem cell has achieved 34.17%. The layout planning and equipment selection
for a megawatt-level test line have been completed. The Company places a strong emphasis on establishing a robust intellectual
property system continuously developing a protective matrix that encompasses core technological processes. Concurrently efforts to
enhance the overseas patent risk response system are underway reinforcing the Company’s competitive barriers in technology. Over
the past year authorized inventions for photovoltaic cells and modules (H01L patent classification) surged by 135.59% domestic
patent applications increased by 49.18% and overseas patent filings including international PCT patents rose by 30.09%.
3. Solar modules
In 2024 the Company’s module business firmly maintained its dual focus on technological innovation and market
advancements. It rapidly enhanced its high-end production capacity and marketing service network thereby reinforcing brand
competitiveness and channel effectiveness. This strategy culminated in a substantial market share expansion and an optimized
shipment structure with annual sales volume reaching 45.71 GW—a year-on-year increase of 46.93%. Leveraging the advantages of
a fully integrated industrial chain and advanced intelligent manufacturing capabilities the Company effectively promoted the
efficient operations at its production bases in Yancheng Jintang and Nantong. By upgrading intelligent and eco-friendly production
lines the organization ensured exceptional product quality and delivery capabilities. Its core products secured prestigious
certifications such as Tier 1 EcoVadis Gold Medal and PV Tech Bankability A-level confirming their excellence. Notably key cost
technical and reliability metrics consistently positioned the Company at the forefront of the industry. During the reporting period the
Company concentrated on the N-type TOPCon market while proactively preparing for differentiated technological pathways
including HJT and xBC. An efficient product matrix was developed to accommodate various scenarios encompassing both
centralized and distributed applications. Furthermore the introduction of specialized modules featuring anti-ash deposition and
enhanced weather resistance effectively addressed the diverse needs of global customers.The Company has strategically focused on enhancing its stratified- market operation strategy. In the domestic market the
approach combines both centralized and distributed models together with strengthening service capabilities across the entire product
lifecycle. In the centralized sector the Company capitalizes on the surge in new energy investments driven by state-owned
enterprises. This engagement has enabled active participation in the development of large-scale wind and solar power projects within
the country. Leveraging its robust collaborative advantages across the entire industrial chain the Company has successfully secured
bids for several key projects at the gigawatt level from state-owned enterprises while expanding partnerships with provincial energy
groups and high-quality private enterprises thereby achieving comprehensive coverage of centralized customers. Conversely in the
distributed market the Company adeptly aligns with demand rhythms and responds flexibly to customer requirements. Through
initiatives such as product co-creation resource integration and the development of government-enterprise partnerships the
Company has solidified its sales volume and market share ensuring a position within the industry’s top echelon. Internationally the
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Company has experienced remarkable growth deepening its presence in core markets including Europe Asia-Pacific the Middle
East and Africa. Significant project orders particularly at the gigawatt level in countries such as Saudi Arabia and Poland have been
successfully secured effectively dismantling collaboration barriers with major European energy groups. To further accelerate its
global strategy the establishment of a German subsidiary and European marketing center was undertaken. The Company has also
promoted beneficial trade mechanisms while implementing a blockchain traceability system and enhancing its ESG brand. As a
result customer engagement and distribution network density have markedly improved. Notably 16 new regional product
certifications were achieved encompassing over 70 countries and annual overseas sales surged by a 98.76% year-on-year.
4. Aquaculture-Photovoltaic Integration powerplants
During the reporting period the Company effectively leveraged the synergistic advantages of its core sectors—green energy and
green agriculture. By implementing the innovative “ecological aquaculture + green energy” model the Company successfully
advanced large-scale Aquaculture-Photovoltaic Integration power plant initiatives. Utilizing its systematic cost control capabilities
the Company constructed solar power generation systems over aquaculture water surfaces significantly enhancing the utilization of
water resources. This approach facilitated the transformation of traditional aquaculture into a large-scale intensive and specialized
and modernized industry yielding a triple benefit in fisheries electricity generation and environmental protection. Significantly
during the reporting period new Aquaculture-Photovoltaic Integration projects in locations such as Tangshan Hebei Province and
Liaocheng Shandong Province were connected to the grid contributing a combined capacity of 596.81 MW. As of the end of 2024
the Company operated 56 photovoltaic power plants primarily based on the Aquaculture-Photovoltaic integration model with a total
installed capacity of 4.67 GW. Additionally the annual electricity settlement volume reached 5.007 billion kWh resulting in a carbon
emissions reduction of 2.68 million tons.Through sustained investment in technological research and design innovation the applicability and economic efficiency of the
Company’s Aquaculture-Photovoltaic integration projects have been significantly enhanced. This initiative represents an organic
development model that seamlessly integrates primary industry aquaculture secondary industry photovoltaic power generation and
tertiary industry activities including scientific research and rural tourism. As a result it substantially increases industrial added value
and effectively contributes to the ambitious goal of rural revitalization. In June 2024 the Company commenced construction of the
Guigang Xinhe Smart Fishery Industrial Park project. During the reporting period the first phase of construction was completed.Upon initiation of operations this facility is expected to emerge as the largest green bullfrog aquaculture base in Guangxi
encompassing fry cultivation adult frog farming processing and sales on a national scale. This project stands as a prime example of
the Company's commitment to the “Tongwei Solution” which harmoniously integrates new fisheries renewable energy and rural
development initiatives.II. Industry overview during the reporting period
(I) Feed industry
The feed industry plays a crucial role in connecting various sectors including agriculture husbandry and food processing. It
stands as the most industrialized segment within China’s agricultural landscape serving as the foundational element for modern
husbandry development. This industry has made significant contributions to ensuring that people have access to sufficient and
high-quality food. Over the past four decades since the reform and opening-up China’s feed industry has evolved into a
comprehensive system characterized by a diverse array of products. It is transitioning toward large-scale intensive and high-quality
operations. The primary categories of feed include pig feed poultry feed aquatic feed ruminant feed and pet feed with the first
three accounting for approximately 95% of China’s total annual feed production. Reflecting on the developments in 2024 the feed
industry exhibited key trends including total volume contraction variety differentiation stable patterns and cost reduction. As the
demand for refined operations continues to grow the drive for innovation and development are deepened within the sector.
1. Poultry and pet feed segments demonstrated growth despite overall production volume declines
In 2024 the China Feed Industry Association reported a total industrial feed output of 315.031 million tons representing a
year-on-year decline of approximately 6.6 million tons or 2.1%. This marks the first decrease in total feed output in the latest five
years. The pig feed decrease was significantly influenced by a reduction in pig production capacity resulting in a decline of pig feed
output by 5.84 million tons or 3.9%. Additionally aquatic feed faced challenges due to decreasing fish stocks in ponds and adverse
weather conditions leading to a year-on-year reduction of 3.5%. Layer poultry feed and ruminant feed also experienced declines of
1.2% and 13.3% respectively reflecting sluggish performance in terminal farming. Conversely broiler poultry feed output increased
by 2.6% driven by the expansion of downstream farming operations. Notably pet feed continued its rapid growth supported by
emerging consumer trends with a growth rate of 9.3%.
2. Industry consolidation remained stable with top players controlling resource allocations
During the reporting period the competitive landscape of the feed industry maintained a stable profile with large-scale
13 / 2692024 Annual Report of Tongwei Co. Ltd.
enterprises continuing to dominate. Nationwide there were 1032 feed production plants with an output exceeding 100000 tons
collectively producing 194.683 million tons of feed which represented 61.8% of the national total—reflecting a 0.7 percentage
points increase from the previous year. Furthermore there were 34 feed enterprise groups with annual outputs surpassing one million
tons an increase of one relative to the prior year; however these groups’ total output accounted for 55.0% of the national feed
production marking a decrease of 1.2 percentage points year-on-year. Notably as competition intensified the industry witnessed a
notable frequency of mergers acquisitions and reorganizations. Leading enterprises capitalized on these trends achieving industrial
chain integration that not only consolidated their scale but also significantly enhanced their competitive advantages through
synergistic business strategies.
3. Fluctuating raw material costs coupled with downstream consumption softening elevated operational precision as the
critical competitive differentiator
In 2024 the prices of key raw materials for feed production—including corn soybean meal and fish meal—exhibited a
downward trajectory largely attributable to a well-supplied market. According to WIND data the spot price of corn fluctuated
significantly declining from over 2500 yuan per ton at the beginning of the year to a low of approximately 2100 yuan per ton
equating to a nearly 20% decrease. Similarly the price of soybean meal saw a substantial reduction falling from a peak of 3900
yuan per ton to around 2900 yuan per ton reflecting a decrease of about 25%. Furthermore the comprehensive price of fish meal
declined by approximately 3000 yuan per ton since the fourth quarter of 2023. This reduction in raw material costs contributed to an
overall year-on-year decrease in feed prices. However the downstream farming sector encountered considerable operational
challenges due to sluggish demand in the consumer market. Despite periodic rebounds in live pig prices throughout the year these
increases proved insufficient resulting in prices reverting to a narrow profit range by year-end. Additionally certain specialty aquatic
products such as snakehead fish crayfish and bullfrogs underwent significant price adjustments further dampening feeding
enthusiasm. These pressures from declining product prices and weakening downstream demand compelled feed enterprises to
enhance their operational efficiency through multiple strategies including maximizing the value of raw materials advancing
technological research and innovation and improving production efficiency.
4. Government-mandated grain substitution initiatives accelerated adoption of alternative ingredient formula
In 2024 guided by pivotal industrial policies such as the National Smart Agriculture Action Plan (2024-2028) and the
Three-Year Action Plan for Reducing and Replacing Feed Soybean Meal the feed industry made significant strides in grain reduction
substitution and innovation. According to the China Feed Industry Association soybean meal consumption by feed production
enterprises declined by 2.06 million tons reflecting a year-on-year decrease of 4.7%. Concurrently the consumption of wheat and
rice plummeted by 52.8% and 51.3% respectively while corn consumption rose by 7.93 million tons marking a 7.6% increase. As a
result the combined share of feed grains including soybean meal decreased to 59.5% a slight reduction of 0.3 percentage points
from the previous year. Furthermore the industry successfully introduced 11 new feed additive product certificates incorporated
three new feed raw materials into the Feed Ingredients Catalogue added one new variety to the Feed Additive Varieties Catalogue
and broadened the application scope of five existing feed additive varieties.(II) PV industry
The photovoltaic industry rooted in the photovoltaic effect plays a crucial role in the transition to sustainable energy solutions
by converting solar energy into electricity. Since its inception in the 1970s the industry has undergone a transformation from low
efficiency and high costs to high efficiency and decreased costs. According to the International Renewable Energy Agency’s (IRENA)
report titled Renewable Power Generation Costs in 2023 the global cost of solar photovoltaic power generation has fallen to 4.4 US
cents per kilowatt-hour representing a 56% reduction compared to the lowest weighted average levelized cost of electricity (LCOE)
from fossil fuel power generation. By the end of 2024 cumulative global installed photovoltaic capacity reached approximately
2000 gigawatts (GW) establishing it as the leading source of new energy generation. It is anticipated that by 2025 photovoltaic
capacity will surpass that of coal-fired power becoming the largest power source globally. Over the past decade Chinese enterprises
have emerged as leaders in this sector capturing over 80% of the global market share in photovoltaic products by the end of 2024
effectively delivering “a great gift from China to all mankind”. However the rapid expansion of production capacity over the past
years has led to a temporary imbalance in supply and demand resulting in a significant decline in product prices and placing
considerable operational pressure on companies within the industry. In response stakeholders in the photovoltaic sector are keenly
focused on addressing these challenges. By implementing policy guidance and fostering technological innovation they are
committed to steering the industry back towards a trajectory of sustainable and healthy development.
1. Global end-user installation demand maintained expansion while Chinese manufacturers dominated.
According to data from the China Photovoltaic Industry Association (CPIA) global photovoltaic power generation capacity saw
an increase in 2024 that reached 530 GW—a year-on-year growth of 35.9% signifying a sustained medium to high growth trajectory.The Chinese market driven by a significant decline in module prices and supportive policies such as the reduction in the upper limit
for new energy consumption and the “adjustable and controllable” framework for distributed photovoltaics contributed substantially
adding 277.6 GW of new capacity—an increase of 28.3% compared to the previous year. This growth accounted for more than 50%
of the global total expansion. Furthermore the overseas market experienced widespread expansion particularly in emerging markets.Approval processes for photovoltaic projects in the Middle East and Africa accelerated with countries like Pakistan and Türkiye
announcing clear capacity targets for 2030. On the manufacturing front Chinese enterprises retained their dominant global position
boasting production capacity and market share in key segments—from polysilicon to modules—exceeding 80%. Annual module
exports reached 235.93 GW reflecting a year-on-year increase of 13% thereby continuing to lead in the global industry's
development.
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2.The cyclical imbalance between supply and demand prompted an increase in product availability alongside a decrease
in prices and industry reshuffling enhanced market concentration.The rapid expansion of demand over consecutive years has propelled China’s photovoltaic industry to achieve a nominal
production capacity exceeding 1000 GW across all segments. This surge in production capacity has continuously stimulated output
growth throughout the supply chain. According to data from the Electronic Information Department of the Ministry of Industry and
Information Technology the output of the polysilicon segment surpassed 1.82 million tons in 2024 reflecting a year-on-year increase
of 23.6%. Similarly the output of silicon wafers reached 753 GW representing a 12.7% growth; cell production amounted to 654
GW marking a 10.6% increase; and module output achieved 588 GW with a year-on-year rise of 13.5%. Consequently the
industry’s total output value has maintained a scale in the trillions of yuan. However the cyclical imbalance between supply and
demand has resulted in significant price declines across key photovoltaic products. Data from InfoLink Consulting indicates that
annual price reductions for polysilicon silicon wafers cells and modules stood at 39% 50% 40% and 29% respectively. As a
result many segments are experiencing sustained losses exerting considerable operational pressure on the industry in the short term.Moreover intensified competition has compelled less resilient firms to gradually exit the market further consolidating resources
within leading enterprises characterized by advanced technology and solid financial structures. During the reporting period the
combined market share of the top five polysilicon manufacturers approached 80% while leading module producers also recorded
notable growth in both shipment volume and market share.
3.The N-type era is evident across all domains. This shift has intensified competition in intellectual property rights
through technological innovation and development.During the reporting period thanks to its cost efficiency TOPCon technology emerged as the dominant force in the photovoltaic
market achieving the product market share exceeding 70% year-on-year. This technology has established itself as the leading
next-generation solution driving the phasing out of P-type production capacity throughout the industry. Concurrently high-efficiency
photovoltaic pathways represented by BC and HJT technologies have displayed differentiated developmental trajectories. HJT
technology has benefited from the widespread adoption of the double-sided microcrystalline process and advancements in
metallization techniques such as silver-coated copper. These innovations have led to a rapid increase in production efficiency during
mass manufacturing. Furthermore HJT's attributes including reduced degradation rates and enhanced bifacial capabilities have
substantially improved its cost-effectiveness resulting in a more than threefold increase in bid-winning volumes year-on-year
(Solarzoom data). BC technology known for its high front-side efficiency and aesthetic appeal has rapidly expanded into distributed
and high-end applications with successful commercialization cases emerging. Both technologies have exhibited notable growth
during this period prompting leading enterprises to strategically enhance their investments across various dimensions including
patents production capacity and distribution channels. While these technological advancements create robust competitive barriers
they also intensify the competition surrounding intellectual property. The number of photovoltaic patent litigation cases has surged
globally with firms increasingly prioritizing and investing in intellectual property protection. Prominent companies have engaged in
strategic patent “offensive and defensive battles” to secure control over technological definitions and market narratives. This shift
transforms the industry focus from being solely cost-driven to fostering a more vibrant innovation-driven landscape.
4. The rise in trade barriers hampered overseas growth while the impetus for global expansion continued to intensify.
The international trade environment has further complicated. A series of policies aimed at “de-Chinaization” in international
markets has been rolled out. The United States has enacted anti-dumping and countervailing duties targeting four Southeast Asian
nations while the European Union’s Net Zero Industry Act mandates that 40% of manufacturing be sourced locally. Additionally
India’s Approved List of Manufacturers (ALMM) imposes strict restrictions. Consequently the export costs for Chinese photovoltaic
enterprises have risen elevating installation costs in local markets and stunting the growth of newly installed photovoltaic capacity
worldwide. In response to these international trade barriers and securing more incremental markets Chinese firms are adapting their
strategies to include exporting production capacity overseas technology licensing and co-developing local ecosystems thereby
accelerating their global footprint. During the reporting period numerous leading enterprises have demonstrated significant
advancements in their overseas production capacity initiatives. The industrial chain is expanding internationally with diverse
geographical destinations and varied forms of capital contribution.
5. Industrial policies regulated market dynamics and promoted the sustainable development of the industry.
In response to the prevailing supply-demand imbalance and intense profit pressures within the photovoltaic industry
stakeholders have sought to regulate market order and promote sustainable development. In May 2024 the China Photovoltaic
Industry Association under the guide of the Electronic Information Department of the Ministry of Industry and Information
Technology convened a Symposium on the High-Quality Development of the Photovoltaic Industry. This event underscored the
necessity of regulating local governments in their investment policies establishing robust intellectual property protections and
encouraging industry mergers and reorganizations. Subsequently in June the National Energy Administration underscored the
importance of consolidating the newly added photovoltaic power generation market. It emphasized the need to rationally guide the
construction and release of upstream photovoltaic production capacity averting the proliferation of low-end production capabilities.In July the Central Committee of the CPC held a Political Bureau meeting that highlighted the importance of preventing destructive
competition. The discussion focused on enhancing the destructive competition within the market and facilitating the exit of
inefficient and outdated production capacity thus charting a clear path for the photovoltaic industry to attain high-quality
development. Further reinforcing these commitments the Energy Law of the People's Republic of China was officially passed in
November delineating explicit goals and responsibilities for renewable energy development. This legislation encourages the diverse
utilization of renewable resources—including hydropower wind energy and solar energy—and fortifies the technical and
15 / 2692024 Annual Report of Tongwei Co. Ltd.
institutional frameworks necessary for a green energy transition. In tandem the Ministry of Industry and Information Technology
released the revised Standards for the Photovoltaic Manufacturing Industry (2024 Edition) which elevates the standards required for
new production capacity. With these continuous regulatory measures and strategic guidance the photovoltaic industry is poised to
emerge from its current challenges paving the way for sustainable and high-quality development.III. Businesses in the reporting period
Adhering to the vision of For Better Life and the corporate purpose of Striving for Excellence Contributing to Society the
Company mainly focuses on agriculture and new energy thus forming a business model of Agriculture (fishery) + PV integration and
synergy. Its main businesses and their positions in the industrial chain are shown in the figure below:
PV power
generation
Monocrystalline Monocrystalline
Polysilicon Monocrystalline Monocrystalline silicon cells silicon modules
silicon rods silicon wafers
Livestock and
poultry feed Aquaculture-Photovoltaic
Livestock and poultry babies Integration powerplantsLivestock and Livestock and
poultry husbandry poultry processing
Aquatic feed Aquatic processing
Aquatic seedlings Aquatic husbandry
Aquatic husbandry
Note: Core businesses of the Company are in the dashed boxes
(I) Main businesses and the operation models
In agriculture the Company is specialized in the research and development production and sales of aquatic feed livestock feed
and other products to meet the needs of aquatic animals and livestock for growth. Aquatic feed has always been the core product and
the main profit source of the Company in agriculture and animal husbandry business group. As of the end of the reporting period the
Company owned more than 80 subsidiaries and branches involved in feed business with a business model of adopting on-site
production and establishing a peripheral sales coverage while providing effective technical financial and other supporting services
to farmers. Around the feed business the Company was also actively engaged in seed breeding husbandry animal healthcare food
processing and trade which further completed the industry chain and enhanced its comprehensive strength.In new energy the Company focuses on the research production and sales of high-purity polysilicon and solar cells. As of the
end of the reporting period the Company had an annual capacity of over 900000 tons for high-purity polysilicon an annual capacity
of over 150 GW for solar cells and an annual capacity of over 90 GW for modules. The Company has manufacturing sites in Leshan
Baotou and Baoshan for producing high-purity polysilicon products with locally sourced raw materials which are delivered to
downstream manufacturers of silicon wafers. In recent years the Company has signed long-term sale contracts with silicon wafer
manufacturers. Regarding solar cells the manufacturing sites in cities such as Shuangliu Jintang Meishan and Hefei have their
production plans arranged directly according to the market demand with the products used for manufacturing of solar modules within
the Company and also sold to the both domestic and international manufacturers of modules. Leading technologies quality and cost
control have allowed the Company to serve top ten PV module manufacturers across the world and secure a long-term leading
position in the industry. In terms of modules relying on years of accumulation in technology and market and combined with the
synergy benefit from high-purity polysilicon and solar cells it has established a competitive and large-scale module business system
to provide high-quality Tongwei module products for centralized and distributed PV systems across the globe. Customers cover
major domestic central state-owned power generation groups and more than 70 countries and regions overseas.On the comprehensive application the Company focuses on the development and construction of large-scale
"Aquaculture-Photovoltaic Integration" bases strives to create a model of ecological farming coupled with green energy and
strengthens the coordinated development of industries. By screening high-quality water surfaces and for ensuring electricity
consumption the Company explores novel aquaculture ways with on-going advancements of the Aquaculture-Photovoltaic
Integration bases in terms of scale professionalism and intelligence which are expected to bring new profit sources for the Company
farmers and other partners.(II) Market positioning
16 / 2692024 Annual Report of Tongwei Co. Ltd.
In terms of agriculture and husbandry the Company focuses on the scale-based professional development of the feed business
with an annual feed capacity of over 10 million tons and its sales network covering most parts of the country and Southeast Asian
countries such as Vietnam Bangladesh and Indonesia. These make it a leading aquatic feed producer and an important livestock feed
producer in the world. Specifically the Company has been holding a leading position in the sale volume of aquatic feed i.e. its core
product. As a Key Leader in Agricultural Commercialization and a National Enterprise Technology Center the Company has
received honors like the Second Prize of National Scientific and Technological Progress Award China Well-Known Trademark and
China Quality Award Nomination Prize and others for five times successively. With high-quality products and efficient services for
years the Company is well recognized in the industry.In the field of photovoltaics the Company has a production capacity of over 900000 tons of high-purity polysilicon over 150
GW of solar cell capacity and over 90GW of module capacity with world-leading product cost quality and efficiency. It is an
important participant and driver in the global photovoltaic industry. As of now the Company’s high-purity polysilicon production has
ranked first in the world for several consecutive years. As a specialized solar cell producer the Company's cell shipments have been
the world's number one for 8 consecutive years since 2017 (according to InfoLink Consulting) and became the first company in the
industry to accumulate over 300GW of cell shipments. In terms of modules the Company's shipment volume ranked the global top
five serving clients that include major domestic state-owned power generation groups and numerous countries abroad. The
coordinated development and progress of all businesses will continue boosting the Company's industrial chain advantages and its
core competitiveness will be further enhanced contributing to the global effort into carbon neutrality.IV. Analysis of the core competitiveness in the reporting period
√Applicable □Not Applicable
(I) Clear strategic planning and positioning
The Company focuses on technological innovation and intelligent manufacturing in the main segments of PV industry advances
the large-scale application of clean energy with zero emission and zero pollution. It is also committed to creating a green and healthy
aquatic industrial chain to meet consumer demand for safe food as well as makes every effort to provide the public with high-quality
products in all industries closely related to human life and continuously improve the quality of human life. Based on the above
strategic positioning the long-term development goal of the Company is a world-class safe food supplier and a world-class clean
energy operator and the short and medium-term development plan is to build and consolidate the leading position of global
high-purity polysilicon solar cells and aquatic feed.(II) Leading capabilities of technical research and development
Regarding science and technology as the primary productive force the Company attaches great importance to technology
research and development. For each business group it has built a R&D team led by experts receiving State Council Special
Allowance and supported by increased investments i.e. over 11 billion yuan over the latest three years with plenty of achievements
applied in the market. This has helped the Company create value.The Company’s technology center in the agriculture and animal husbandry has a National Enterprise Technology Center
approved by five ministries and commissions including the National Development and Reform Commission and the Ministry of
Science and Technology. After years of development and operation the Center has established a complete organizational structure
and operating mechanism for technological research and innovation with specialization in animal nutrition and feed animal breeding
and cultivation animal health care automated farming facility project aquatic and livestock product processing and other research
and technology integration related to biotechnology. By transforming innovative research results into actual productivity the Center
provides a critical support for the Company's development. The aquatic product research institute special aquatic product research
institute livestock and poultry research institute animal health care research institute facility fishery engineering research institute
microalgae R&D department aquatic engineering center and testing center under the Center provide effective guide on innovations
with clear goals and detailed tasks and ensure the innovation results. As of the end of the reporting period the Company’s
agricultural and animal husbandry business group held a total of 762 valid patents comprising 138 inventions and three overseas
patents. It has taken a role in the formulation and revision of 33 standards including 16 national and eight industry standards.Furthermore it has been recognized with the Second Prize of the National Science and Technology Progress Award on five
consecutive occasions.The Company established a Photovoltaic Technology Center based on its research system in various photovoltaic sectors. The
center includes the branches of national technology centers at subsidiaries such as Tongwei Solar (Chengdu) Co. Ltd. and Yongxiang
Co. Ltd. It is supported by a research team primarily consisting of industry experts. The center coordinates the joint R&D and
integration of technologies in various parts of the industry chain having made technological achievements that rank the top level in
the industry. As of the end of the reporting period the Company held a total of 2675 authorized patents in its photovoltaic segment.In the domain of high-purity crystalline silicon the Company has made significant advancements over the years establishing a robust
portfolio of independent intellectual property rights in critical technical areas. These include cold hydrogenation large-scale
energy-saving distillation high-efficiency reduction exhaust gas recovery trichlorosilane synthesis and disproportionation processes.Notably all single consumption metrics are positioned at the industry’s leading levels with the shipment proportion and market share
of N-type materials setting the benchmark in the sector. In terms of solar cells the Company has achieved a number of proprietary
breakthroughs in key photovoltaic architectures including TNC and THC cells. Our independently developed cell technologies
consistently deliver industry-leading power conversion efficiencies across TNC THC and TBC platforms. Furthermore the
photovoltaic module sector witnessed the successful technical development and mass production launch of the original 908 module
17 / 2692024 Annual Report of Tongwei Co. Ltd.
interconnection technology platform. By integrating innovative processes advanced equipment and cutting-edge materials the
Company has enhanced both the power output and reliability of its modules. The continuous research and development efforts
centered on TNC and THC products have yielded a result that the average power outputs of THC modules surpassing 740W during
this reporting period.During the reporting period the Tongwei Global Innovation R&D Center has been fully operational strategically aligning its
focus with the Tongwei’s long-term development objectives. The center is dedicated to advancing high-efficiency crystalline silicon
cells and producing highly reliable module products. Its research initiatives encompass pivotal future photovoltaic technologies
including TNC THC and TBC cells and modules perovskite/silicon tandem solar cells/modules and innovative copper interconnect
metallization techniques. Such efforts provide critical technical support and impetus for the Company’s industrial advancement over
the next five years and beyond. Additionally the establishment of the Sichuan Crystalline Silicon Photovoltaic Industry Innovation
Center in collaboration with several leading firms across the industrial chain marks a significant move. This initiative has fostered
an industrial innovation ecosystem aimed at the high-quality development of the crystalline silicon photovoltaic sector. Aligning with
national strategic objectives and benchmarking against global technological advancements the center adeptly constructs a
collaborative innovation framework integrating government industry academia research institutions capital and practical
applications. This approach accelerates the transition of scientific research outcomes from prototypes to market-ready products
addressing critical challenges such as the “bottlenecks” in core technologies and the limitations within the industrial ecosystem. By
enhancing institutional frameworks to keep pace with industrial evolution Tongwei is poised to lead in the implementation of R&D
breakthroughs facilitating the healthy growth of the entire supply chain. Moving forward Tongwei will leverage technological
research and development as its driving force navigating the complex landscape of the photovoltaic industry. The Company is
committed to injecting dynamic momentum into both industry advancement and the global energy transition.(III) Scale and cost advantage
The Company is a national key leading enterprise in agricultural industrialization with presence across China and Southeast
Asia. With an annual feed capacity of more than 10 million tons the Company stands as a leading aquatic feed producer and an
important livestock feed manufacturer in the world. It has intensive advantages in raw material purchasing production organization
and market expansion. In the photovoltaic business group the Company has established an annual production capacity of over
900000 tons for high-purity polysilicon. The investment cost per ten thousand tons has decreased to around 500 million yuan and
consumption indicators have shown consistent reductions. In terms of solar cells through the upgrading of existing projects and the
introduction of new production capacities the production capacity of N-type solar cells has reached over 150GW which will bolster
the scale effect with further optimization of product technology and dimensional structure thereby fortifying the competitive
advantage in costs. In terms of solar modules the Company maintains a production capacity of over 90GW with all quality
indicators consistently leading the industry. Thanks to the dual drivers of comprehensive industrial support and technological
innovation our production costs remain at the forefront.(IV) Quality and brand advantages
Since its inception the Company has developed a series of formula feeds that can meet the needs of various aquatic animals through
continuous R&D and improvement. After years of tests in the market the feed quality and market services of the Company have been
highly recognized by farmers which has created one of the iconic brands in the domestic aquatic feed industry. At the same time the
Company has made great efforts to build a well-known fresh fish brand — Tongwei Fish and established aquatic and livestock food
processing bases in Hainan and Sichuan for processing food in strict accordance with the requirements of the HACCP quality
management system. As a result the full-cycle quality monitoring from source to dinner table has been realized which has
effectively enhanced the value and competitiveness of the industrial chain. The Company has improved the quality of its polysilicon
products by developing technologies for self-control of reduction processes multiphase flow cascaded utilization of reduction
thermal energy and boron/phosphorus/carbon impurity removal. Its product quality is top-notch in the industry. The conversion
efficiency yield rate chip rate CTM value and other indicators of solar cells from the Company are leading in the industry and have
been widely recognized by customers demonstrated by multiple professional certifications at home and abroad. In terms of the solar
modules Tongwei’s modules consistently maintain Tier 1 status in Bloomberg's New Energy Finance Global PV Module
Manufacturers list. Our products have obtained certifications across Europe South America the Middle East and the Asia-Pacific
region totaling 50 system/product certificates from authorities like TUV and CQC. Honored with the Platinum Award at the first
Taihu Awards for Green Excellence Tongwei is recognized as a leader in the photovoltaic module field for its Low Carbon
Contribution and Outstanding Quality. With our products reaching over 70 countries and regions worldwide including major
domestic state-owned power generation groups our brand value continues to shine.(V) Unique Aquaculture-Photovoltaic Integration model
Supported by the unique advantage of resource integration at the end customers the Company has created an innovative
development model where solar electricity is generated above the water and fish farmed under the water which allows the green
combination of intelligent fishery and clean energy generation. In terms of fishery the Company guides the intensive intelligent and
efficient development of aquaculture through effective water surface modification rational application of fishery facilities and
optimization and innovation of aquaculture models. In terms of PV power generation the Company adheres to the cost strategic
planning and continuously reduces the installed cost of PV systems through design optimization and technological innovation. The
Aquaculture-Photovoltaic Integration development model can promote the coordinated development of primary secondary and
tertiary sectors integrate and create a modern industrial park integrating new fishery new energy and new rural area advance
industrial transformation and upgrading and provide an effective way for the construction of new rural areas which has helped form
18 / 2692024 Annual Report of Tongwei Co. Ltd.
a unique competitive model for the Company.(VI) Corporate culture
An effective culture is an important support for the cohesion and creativity of the Company and an important part of the core
competitiveness of the Company. The Company has a powerful culture where Striving for Excellence Contributing to Society is the
purpose; For Better Life the vision which indicates the value and goals of the Company; Honesty Trust Fairness and Excellence the
management philosophy that is being sincere and candid winning trust by credibility running business with fairness and legitimacy
taking the lead with guaranteed excellence; Three Determines the important management principle of the Company that is efficiency
determines profit detail determines success speed determines life and death; Work hard; Work with intelligence; Work with the spirit
of seizing the day the code of conduct for employees. After years of development the spirit advocated by the culture closely
integrated with our business targets and daily work guides the benchmarking of all business groups branches and subsidiaries
continuously and deeply advances the fine-tuning of management and constantly boosts the high-quality development of various
business activities.V. Operations in the reporting period
Refer to “operation discussion and analysis” for details.(I) Analysis of main businesses
1. Analysis of changes in related items of the income statement and cash flow statement
Unit:Yuan Currency:CNY
Item Current period amount Last period amount Change (%)
Operating revenue 91994404333.54 139104062084.52 -33.87
Operating cost 86117213124.73 102714182767.86 -16.16
Sales expense 1854765489.15 1743802178.32 6.36
Management expense 4147411701.71 4727505222.51 -12.27
Financial expense 2002478504.24 580850749.32 244.75
R&D cost 1510114124.23 1189482199.88 26.96
Net cash flow generated from operating activities 1143735923.37 30679303971.17 -96.27
Net cash flow generated from investing activities -28520423571.27 -45039017153.91 36.68
Net cash flow generated from financing activities 27479977751.00 -6465142047.56 525.05
Note on the reasons for operating revenue change: mainly attributed to the expansion of the photovoltaic segment’s operational scale
which however fell short of compensating for the significant decline in product prices.Note on the reasons for operating cost change: mainly attributed to a substantial decrease in prices within the photovoltaic industry
chain.Note on the reasons for change in sales expense: mainly attributed to the business expansion of the solar modules.Note on the reasons for change in management expense: mainly attributed to decrease in employee payrolls.Note on the reasons for change in financial expense: mainly attributed to increase in the financing scale.Note on the reasons for change in the R&D cost: mainly attributed to the Company’s heightened investment in research and
development within the photovoltaic sector.Note on the reasons for change in the net cash flow generated from operating activities: mainly attributed to the reduction of net
profit.Note on the reasons for change in net cash flow generated from investing activities: mainly attributed to reduced investments into
projects within the PV segment.Note on the reasons for change in net cash flow generated from financing activities: mainly attributed to expanded financing and
reduced profit distribution.Detailed note on any significant change in the business type profit structure or profit source of the Company
□Applicable √Not Applicable
19 / 2692024 Annual Report of Tongwei Co. Ltd.
2. Revenue and cost analysis
√Applicable □Not Applicable
(1). Main businesses by industry product region and sale model
Unit:Yuan Currency:CNY
Main businesses by industry
YoY change of YoY change of YoY change of gross profit
Industry Operating revenue Operating cost Gross profit margin (%)
operating revenue (%) operating cost (%) margin (%)
Agriculture and animal husbandry 31740209174.56 28762433736.04 9.38 -10.56 -12.08 +1.57ppts
PV 59791868785.66 57000315539.29 4.67 -41.85 -17.42 -28.20 ppts
Main businesses by product
YoY change of YoY change of YoY change of gross profit
Product Operating revenue Operating cost Gross profit margin (%)
operating revenue (%) operating cost (%) margin (%)
Feed food and relevant activities 31740209174.56 28762433736.04 9.38 -10.56 -12.08 +1.57 ppts
Solar cells modules and relevant activities 41423237939.90 40918721867.00 1.22 -40.29 -32.38 -11.55 ppts
High-purity polysilicon chemical
engineering and associated business 19896991451.16 19498674397.02 2.00 -55.59 -6.87 -1.26 ppts
activities
PV power and related businesses 2043182220.25 1016243294.04 50.26 3.74 12.05 -3.69 ppts
Offset from consolidation -3571542825.65 -4433324018.77
Total 91532077960.22 85762749275.33 6.30 -33.82 -15.71 -20.14 ppts
Main businesses by region
YoY change of YoY change of YoY change of gross profit
Region Operating revenue Operating cost Gross profit margin (%)
operating revenue (%) operating cost (%) margin (%)
East China 40323284374.23 39116562651.60 2.99 -43.63 -40.60 -4.95 ppts
South China 14510302951.40 13796595154.77 4.92 -19.67 -15.06 -5.16 ppts
West China 39645016819.59 38205433077.31 3.63 -48.46 -29.29 -26.12 ppts
North China 15214905311.67 14294399742.00 6.05 -8.10 14.32 -18.43 ppts
Middle China 8721259339.70 8294618998.19 4.89 -22.33 -21.73 -0.72 ppts
Overseas 9450681810.22 9012156495.90 4.64 -16.72 -12.15 -4.97 ppts
Offset from consolidation -36333372646.59 -36957016844.44
Total after offset 91532077960.22 85762749275.33 6.30 -33.82 -15.71 -20.14 ppts
Main businesses by sale model
YoY change of YoY change of YoY change of gross profit
Sale model Operating revenue Operating cost Gross profit margin (%)
operating revenue (%) operating cost (%) margin (%)
Direct sale 66624039516.98 63193652202.73 5.15 -41.53 -20.72 -24.89ppts
Franchised dealership 24908038443.24 22569097072.60 9.39 2.20 2.45 -0.22ppts
Note on main businesses by industry product region and sale model
None
20 / 2692024 Annual Report of Tongwei Co. Ltd.
(2). Production and sale analysis
√Applicable □Not Applicable
YoY change of YoY change of YoY change of
Main products Unit Production Sale Inventory
production (%) sale (%) inventory (%)
Feed 10000 tons 688.43 686.86 9.92 -7.10 -7.35 0.92
High-purity
10000 tons 59.48 46.76 13.07 52.90 20.76 3634.29
polysilicon
Solar cells GW 89.06 87.68 3.21 10.18 8.70 71.66
Solar modules GW 45.95 45.71 2.12 47.89 46.93 2.91
100 million
PV Generation 50.18 50.07 / 11.07 12.97 /
kilowatt-hours
Note on production and sale volumes
The Company’s high-purity polysilicon and solar cell inventories have periodically risen due to significant fluctuations in supply and
demand within the industry.
(3). Fulfillment of major purchase contracts and sales contracts
√Applicable □Not Applicable
Fulfillment of major existing sales contracts as of the end of the reporting period
√Applicable □Not Applicable
Unit:100 million yuan Currency:CNY
Amount
fulfilled in
Total Amount Amount to Fulfillment or Note on
Subject matter Counterparty the
amount fulfilled be fulfilled not non-fulfillment
reporting
period
High-purity polysilicon Customer A / 462.80 59.15 / Yes
High-purity polysilicon Customer B / 86.24 13.15 / Yes
High-purity polysilicon Customer C / 21.12 0.79 / Yes
High-purity polysilicon Customer D / 107.82 14.26 / Yes
High-purity polysilicon Customer E / 35.75 5.83 / Yes
High-purity polysilicon Customer F / 180.27 20.04 / Yes
High-purity polysilicon Customer G / 66.88 15.66 / Yes
Note: * quantities are agreed in the above major sales contracts where prices are determined according to the market prices; *
above amounts include taxes.Fulfillment of major existing purchase contracts as of the end of the reporting period
□Applicable √Not Applicable
21 / 2692024 Annual Report of Tongwei Co. Ltd.
(4). Cost analysis
Unit:Yuan
Cost by industry
Current period
Last period amount YoY amount change
Industry Cost item Current amount amount to total Last period amount Remarks
to total cost (%) (%)
cost (%)
Raw materials 26906449760.75 93.55 31000483199.78 94.75 -13.21
Labour cost 524835991.13 1.82 404637640.51 1.24 29.71
Agriculture and animal husbandry
Manufacturing
1331147984.164.631310922642.404.011.54
expense
Raw materials 35143923933.47 61.66 49435269058.41 71.62 -28.91
Labour cost 2663851934.42 4.67 2770949010.31 4.01 -3.86
PV industry
Manufacturing 33.67 16819513017.54 24.37
19192539671.4014.11
expense
Cost by product
Current period
Last period amount YoY amount change
Product Cost item Current amount amount to total Last period amount Remarks
to total cost (%) (%)
cost (%)
Raw materials 26906449760.75 93.55 31000483199.78 94.75 -13.21
Labour cost 524835991.13 1.82 404637640.51 1.24 29.71
Feed food and relevant activities
Manufacturing
1331147984.164.631310922642.404.011.54
expense
Raw materials 7668828640.35 39.33 9340510249.53 44.61 -17.90
High-purity polysilicon chemical
Labour cost 622007713.26 3.19 592549742.35 2.83 4.97
engineering and associated business
activities Manufacturing 57.48 11005093448.00 52.5611207838043.41 1.84
expense
Raw materials 31908419311.89 77.98 53425242046.84 88.29 -40.27
Solar cells modules and relevant Labour cost 2041844221.16 4.99 2178399267.97 3.60 -6.27
activities Manufacturing
6968458333.9517.034907449462.008.1142.00
expense
Manufacturing 1016243294.04 100.00 906970107.54 100.00 12.05
PV power and relevant activities
expense
Other notes on cost analysis
The cost variations across industries and products represent the cost offsets in the consolidated financial statements.
22 / 2692024 Annual Report of Tongwei Co. Ltd.
(5). Changes in the scope of consolidation due to shareholding changes of main subsidiaries in the reporting period
□Applicable √Not Applicable
(6). Significant changes or adjustments in businesses products or services of the Company in the reporting period
□Applicable √Not Applicable
(7). Major customers and suppliers
A. Main customers
√Applicable □Not Applicable
The sales amount from top five customers was 15577243.1 thousand yuan accounting for 16.93% of the total sale amount; the sales
amount from related parties (in the sales amount from top five customers) was 0.00 accounting for 0.00 % of the total sale amount.The sale amount from a single customer was over 50% of the total sale amount and/or the top five customers include new customers
or the Company was heavily dependent on a small number of customers.□Applicable √Not Applicable
B. Major suppliers
√Applicable □Not Applicable
The purchase amount to top five suppliers was 17074452.7 thousand yuan accounting for 17.92% of the total purchase amount;
the purchase amount to related parties (in the purchase amount to top five suppliers) was 0.00 accounting for 0.00% of the total
purchase amount.The purchase amount to a single supplier was over 50% of the total purchase amount and/or the top five suppliers include new
suppliers or the Company was heavily dependent on a small number of suppliers.□Applicable √Not Applicable
Other notes:
The above-mentioned sales amount to customers exclude tax whereas purchase amount from suppliers include tax.
3. Expenses
□Applicable √Not Applicable
4. R&D cost
(1). R&D cost
√Applicable □Not Applicable
Unit:Yuan
R&D cost expensed in current period 2672542084.02
R&D cost capitalized in current period
Total R&D cost 2672542084.02
Total R&D cost to operating revenue (%) 2.91
Percent of capitalized R&D cost (%)
Note: The R&D cost mentioned above includes R&D expense and the cost formed by R&D activities corresponding to the products.Specifically R&D cost to operating revenue in terms of PV business is 4.13%.
(2). R&D personnel
√Applicable □Not Applicable
R&D employees 5277
R&D employees to total employees (%) 9.47
Education background of R&D employees
Education background Number of employees
Doctor degree 29
Master degree 516
Bachelor's degree 2474
Others 2258
Age groups of R&D employees
Age group Number of employees
Under 30 years old 2666
23 / 2692024 Annual Report of Tongwei Co. Ltd.
30 - 40 years old 1965
40 - 50 years old 511
50 - 60 years old 128
60 years old or above 7
(3). Note
√Applicable □Not Applicable
The Company has established a distinguished technology research team comprising experts who receive special allowances from the
State Council alongside other prominent figures. This team is dedicated to spearheading technological innovation and extensive
research and development with a commitment to continually augmenting investment in these areas. Over the years the Company has
amassed numerous significant scientific achievements effectively bolstering its core competitive advantages. By the close of the
reporting period the workforce included 5277 R&D personnel representing 9.47% of the total 55724 employees.
(4). Reasons for material changes in R&D staff structure and the impact on the Company’s future development
√Applicable □Not Applicable
As the end of the reporting period the Company had 5227 R&D employees marking an increase of 1120 individuals compared to
the previous year's 4157. As technical talent introduction and cultivation is important for the Company to keep core competitiveness
and in line with its development requirements in 2024 the Company further intensified the recruitment of outstanding R&D talents
in the photovoltaic industry both domestically and internationally with a significant increase in the number of R&D personnel
focused on cells and modules. The increase in R&D personnel helps with the advancement of R&D projects has boosted its R&D
capability and level for improving its sustainability on a long-term basis.
5. Cash flow
√Applicable □Not Applicable
Refer to the analysis of changes in related items of the income statement and cash flow statement in this Section.(II) Note on material change in profit caused by non-main operating activities
□Applicable √Not Applicable
24 / 2692024 Annual Report of Tongwei Co. Ltd.
(III) Analysis of assets and liabilities
√Applicable □Not Applicable
1. Assets and liabilities
Unit:Yuan
Closing balance Closing balance
Closing balance of Closing balance of
Item name to the total assets to the total YoY (%) Note
current period last period
(%) assets (%)
Notes receivable 1465325121.18 0.75 847559026.34 0.52 72.89 Primarily due to increased letters of credit.Receivables Primarily due to controlled bill pool size and reduced bank acceptance
7704206516.603.9313328061144.728.11-42.20
financing drafts.Inventories 12633286216.02 6.45 7788385427.12 4.74 62.21 Primarily due to business expansion and increased inventory goods.Other current assets 5882511042.81 3.00 2411612696.98 1.47 143.92 Primarily due to growth in retained input VAT credits.Long-term equity
2306695375.10 1.18 377318071.06 0.23 511.34 Primarily due to investment in Scigene Biotechnology Co. Ltd.
investments
Primarily due to completion and transfer of new high-purity
Fixed assets 100025332497.54 51.05 68269964227.96 41.54 46.51
polysilicon/module/cell projects.Construction in Primarily due to completion and transfer of new high-purity
7251108008.253.7014816515872.969.01-51.06
progress polysilicon/module/cell projects.Right-of-use assets 7048441533.59 3.60 3990842907.29 2.43 76.62 Primarily due to business scale expansion and increased finance leases.Other non-current
2956730320.49 1.51 5085435306.61 3.09 -41.86 Primarily due to decreased prepayments for engineering equipment.
assets
Short-term
1878224418.52 0.96 214016118.59 0.13 777.61 Primarily due to operational expansion and enlarged financing scale.
borrowings
Notes payable 15210730151.74 7.76 10173603651.18 6.19 49.51 Primarily due to expanded procurement activities from business growth.Non-current
liabilities due within 10725854956.38 5.47 2023498153.97 1.23 430.06 Primarily due to enhanced cash reserves and expanded financing.one year
Other current
1682671470.58 0.86 300433959.06 0.18 460.08 Primarily due to issuance of super & short-term commercial paper.
liabilities
Long-term
51244335868.59 26.16 28755180069.46 17.49 78.21 Primarily due to enhanced cash reserves and expanded financing.
borrowings
Bonds payable 15062229237.62 7.69 11175571706.57 6.80 34.78 Primarily due to medium-term note issuance.Long-term payables 1957365997.82 1.00 409160390.38 0.25 378.39 Primarily due to increased sale-leaseback transactions.Other notes:
25 / 2692024 Annual Report of Tongwei Co. Ltd.
2. Overseas assets
√Applicable □Not Applicable
(1) Assets
In which: The overseas assets were 3787912096.73 yuan accounting for 1.93% of the total assets.
(2) Note on the high ratio of overseas assets
□Applicable √Not Applicable
3. Main restricted assets at the end of the reporting period
√Applicable □Not Applicable
Unit: Yuan Currency: CNY
Items Closing carrying value Restriction reasons
Cash at bank and in hand 1987117932.06Deposit and frozen operating funds
Receivables financing 6834263706.08Provides pledges for the bank acceptance bills issued by the Company
Accounts receivable 1065405243.92Provide pledges for the Company's financing
Contract assets 466191548.52Provide pledges for the Company's financing
Fixed assets 4987681035.73Provide collaterals for financing of the Company
4152035504.62Machinery and equipment under finance lease with legal ownership vested
Right-of-use assets
in the lessor
Intangible assets 9176647.41Provide collaterals for financing of the Company
Construction in progress 145212591.15Sale and lease-back with restricted ownership
Held-for-trading financial
2000000000.00Provide collaterals for the Company's financing
assets
Total 21647084209.49
4. Other notes
□Applicable √Not Applicable
(IV) Industrial operation analysis
√Applicable □Not Applicable
The Company is involved in PV agriculture forestry livestock husbandry and fishery.
26 / 2692024 Annual Report of Tongwei Co. Ltd.
Analysis of operational information in the PV industry
1. PV equipment manufacturing
□Applicable √Not Applicable
2. Key technical indicators of PV products
√Applicable □Not Applicable
Product category Technical indicator
Solar energy-grade polysilicon: Output ratio of products at all levels Ratio of electricity cost to total product cost
Solar energy-grade polysilicon 100% 50.01%
Solar cells: Average energy conversion efficiency in mass production Maximum energy conversion efficiency in R&D stage
N-type TOPCon:26.86%
Monocrystalline silicon cells N-type TOPCon:26.55% N-type HJT:26.49%
N-type TBC:26.87%
Modules: Average module power in mass production Maximum module power in R&D stage
182-72 format TOPCon modules:613.2W
183-72 format TOPCon modules:585-590W
210R-66 format TOPCon modules:682.8W
Silicon solar cells 210R-66 format TOPCon modules:615-620W
210-66 format TOPCon modules:778.5W
210N-66 format TOPCon modules:710-715W
210-66 format HJT modules:790.8W
Indicator definitions and discussions: (1) Average conversion efficiency in mass production stage refers to the average conversion efficiency of cells in large-scale production; (2) Highest conversion
efficiency in research and development stage refers to the highest conversion efficiency of cells in research and development trials tested by third-party authoritative testing agencies;(3) Average module
power in mass production stage refers to the mainstream power of modules in mass production; and (4) Highest module power in research and development stage refers to the highest power of modules
in research and development trials tested by third-party authoritative testing agencies.
3. PV powerplants
√Applicable □Not Applicable
Unit:10000yuan Currency:CNY
Development of PV powerplants
Number of powerplants
Number of powerplants and total Number of powerplants and total
and total installed Total installed capacity Total price of powerplant Effect of powerplants sold in the period on
installed capacity held at the installed capacity held at the end
capacity sold in the approved projects sold the operational performance of the period
beginning of the period of the period
reporting period
Powerplants held: 54 Powerplants held: 56
Installed capacity with grid 0 Installed capacity with grid 5.51GW 0 No powerplant was sold in the period
connection:4.07GW connection: 4.67GW
√Applicable □Not Applicable
27 / 2692024 Annual Report of Tongwei Co. Ltd.
Unit:10000yuan Currency:CNY
Operation of PV powerplants in the year:
Installed capacity Power generation (10000 Grid connected power Price of grid connected Electricity
Region Settled power (10000 kWh) Subsidies
(MW) kWh) (10000 kWh) electricity (yuan/kWh) revenue
Centralized:
East China 1499.01 178096.12 174011.82 176106.74 0.39 56024.83 13213.74
South China 1476.67 56690.93 55980.49 55687.71 0.41 19035.55 3988.51
West China 602.81 15985.10 15701.27 15655.01 0.56 5049.00 3767.68
North China 162.47 164550.87 161818.00 161169.19 0.39 46675.23 15755.29
Middle China 818.43 82017.67 80301.89 77985.29 0.32 24330.26 854.03
Total 4559.39 497340.69 487813.47 486603.94 0.39 151114.87 37579.25
Distributed:
East China 32.54 4174.28 4118.74 4149.64 0.61 1469.23 1061.23
West China 62.84 8602.22 8394.40 8550.55 0.63 2736.24 2671.63
Middle China 18.22 1514.58 1447.66 1441.40 0.83 446.14 744.66
Total 113.60 14291.08 13960.80 14141.59 0.65 4651.61 4477.52
□Applicable √Not Applicable
28 / 2692024 Annual Report of Tongwei Co. Ltd.
4. PV products
(1). PV capacity in use and in construction
√Applicable □Not Applicable
Unit:10000yuan Currency:CNY
Total investment
Current investment (Expected)
Capacity Process route in in Process route in
Product category Yield in production lines Designed capacity completion
utilization operation production lines construction
in construction time
in construction
Solar cells:
Monocrystalline silicon cells 89.06GW 68.06% TOPCON 682277.73 621374.08 25GW / TOPCON
Modules:
High-efficiency High-efficiency
Silicon solar modules 45.95GW 57.26% 441887.69 132456.86 25GW /
modules modules
The reasons and impacts of significant variations in capacity utilization:
Note: (1) The total investment amount for the production lines in construction reflects the cumulative investment allocated to these projects;
(2) The capacity utilization rate for each segment is derived from the actual production capacity;
(3) Both the 25GW monocrystalline silicon cell project and the 25GW silicon solar module project listed in the above-mentioned table have been completed. These projects satisfied the criteria for
classification as fixed assets in the first quarter of 2025 and the transfer has been finalized.
(2). Major financial indicators of PV products
√Applicable □Not Applicable
Unit:10000yuan Currency:CNY
Sales revenue Gross profit margin (%)
Product category Sales-to-production ratio (%)
Domestic Overseas Domestic Overseas
Solar energy-grade polysilicon 78.61 1792227.72 / 3.14 /
Solar cells:
Monocrystalline silicon cells 98.45 567243.33 280304.99 -12.09 -0.71
Modules:
Silicon solar cells 99.48 2983626.09 299828.68 3.78 2.95
PV products sold overseas should be listed by country or region
√Applicable □Not Applicable
Unit:10000yuan Currency:CNY
Overseas sales of monocrystalline silicon cells
Country/region Sales revenue Gross profit margin (%)
Middle East and Africa 101942.97 -2.15
APAC 172637.22 0.14
29 / 2692024 Annual Report of Tongwei Co. Ltd.
Europe 4979.69 1.15
Americas 745.11 -11.11
Unit:10000yuan Currency:CNY
Overseas sales of monocrystalline solar modules
Country/region Sales revenue Gross profit margin (%)
Europe 200435.44 3.28
APAC 71261.50 3.63
Americas 19340.03 2.30
Middle East and Africa 8791.71 -8.75
(3). PV powerplant projects commissioned or developed
□Applicable √Not Applicable
5. Other notes
□Applicable √Not Applicable
30 / 2692024 Annual Report of Tongwei Co. Ltd.
(V) Investment analysis
Overall analysis of outward equity investments
□Applicable √Not Applicable
1. Significant equity investments
□Applicable √Not Applicable
2. Significant non-equity investments
√Applicable □Not Applicable
Unit:10000yuan Currency: CNY
Project name Opening investment Amount invested in the Cumulative Project Return realized in the Sources of
amount reporting period investment amount progress reporting period funds
Phase II 200000-ton High-purity Polysilicon Project of Yunnan
967750.60 171249.22 1138999.82 Completed -92301.31 Self funding
Tongwei
Phase III 120000-ton High-purity Polysilicon Project and its
3535.81 8948.04 12483.85 Preparation Self funding
Supporting Facilities of Yongxiang New Energy
Phase I 200000-ton High-Purity Polysilicon Project and Its Supporting
543925.56 536659.07 1080584.63 Completed -30713.60 Self funding
Facilities of Inner Mongolia Silicon Energy
Phase I 200000-ton High-Purity Polysilicon Project and Its Supporting
1285.92 1285.92 Preparation Self funding
Facilities in Ordos
Phase V 25 GW High-efficiency Cell Project of Chengdu Solar 60903.65 621374.08 682277.73 In progress Self funding
25 GW High-efficiency Modules Manufacturing Base Project of
309430.83 132456.86 441887.69 In progress Self funding
Nantong Solar
Note 1: During the reporting period the project was in the commissioning and ramp-up phase; however a decline in product prices resulted in financial losses.Note 2: On August 22 2023 the Company announced its plans for significant investments in two 16GW Rod Pulling and Cutting and Solar Cell Projects located in Wutongqiao District and Emeishan
City both in Leshan City. The objective is to complete construction and begin production by the end of 2024 with the aspiration to achieve full production capacity by the end of 2025. Nevertheless
given the current supply-demand imbalance in the photovoltaic industry coupled with a substantial drop in prices across the industrial chain the Company has prudently decided to postpone the launch
of these projects.
3. FVTPL financial assets
□Applicable √Not Applicable
Securities investments
□Applicable √Not Applicable
Notes on securities investments
□Applicable √Not Applicable
PE investments
31 / 2692024 Annual Report of Tongwei Co. Ltd.
□Applicable √Not Applicable
Derivatives investments
√Applicable □Not Applicable
(1). Derivative investments held for hedging in the reporting period
√Applicable □Not Applicable
Unit:10000yuan Currency:CNY
Ratio of closing
Current Cumulative Amount carrying value to
Amount sold in
Opening profit/loss from change in fair bought in the Closing the Company’s net
Derivatives investment type Initial investment amount the reporting
carrying value change in fair value recorded reporting carrying value assets at the end of
period
value into equities period the reporting
period (%)
Forward exchange contracts / 1020.86 560.66 454.98 66237.68 598109.83 1202.18 0.02
Total / 1020.86 560.66 454.98 66237.68 598109.83 1202.18 0.02
Accounting policies and principles for The Company has met the requirements for applying hedge accounting methods since January 1 2023 and has been employing hedge accounting since then.hedging activities in the reporting period The Company executes accounting treatment for hedging activities in accordance with the relevant provisions and guidelines of the Ministry of Finance
and any significant changes compared to including Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments No. 23 - Transfer of Financial
the previous reporting period Assets No. 24 - Hedge Accounting and No. 37 - Reporting for Financial Instruments.Note on the actual profit/loss in the In the reporting period the total amount reflected in the investment income and profit/loss from fair value change for the Company exchange hedging
reporting period schemes was 9.6538 million yuan.Through hedging activities the Company effectively mitigated risks associated with fluctuations in exchange rates raw material prices and finished product
Note on the effect of hedge activities prices. This strategy allowed the Company to secure production and operating costs maintain stable profit margins and enhance its sustained profitability
and overall competitiveness.Sources of funds for derivative investments The Company's own funds
(I) Trading risk analysis
The Company’s foreign exchange hedging operations are based on prudent practices without from speculative trading. All hedging activities are grounded in
normal production and operations supported by specific business ventures aimed at mitigating and avoiding exchange rate risks. However foreign exchange
hedging operations also entail certain risks:
1. The risk of significant fluctuations in exchange rates
Note on risk analysis and control measures
In times of substantial exchange rate volatility if the Company assesses that the direction of significant fluctuations diverges from that anticipated in the
for derivative holdings in the reporting
foreign exchange hedging contracts it will incur exchange losses. Likewise significant disparities between future exchange rate movements and the terms of
period (including but not limited to market
the hedging contracts will also result in exchange losses;
risk liquidity risk credit risk operational
2. Internal control risk
risk and legal risk)
Foreign exchange hedging operations require a high level of expertise and involve complexity which may lead to risks due to inadequate internal controls;
3. Trade default risk
If counterparties in foreign exchange hedging transactions default on their obligations to pay the Company its hedging profits as agreed the Company will be
unable to offset its actual exchange losses resulting in financial losses.(II) Risk control measures
32 / 2692024 Annual Report of Tongwei Co. Ltd.
1. The Company has developed the Foreign Exchange Hedging Business Management Policy which outlines specific regulations regarding foreign exchange
hedging operations organizational structure business procedures confidentiality measures and risk management measures;
2. To mitigate the risk of significant exchange rate fluctuations the Company will enhance its analysis of exchange rates closely monitor changes in the
international market in real-time adjust operational strategies as needed and minimize exchange losses;
3. To mitigate internal control risks the finance department is tasked with overseeing all aspects of the Company's foreign exchange hedging operations. It
rigorously adheres to the provisions outlined in the Foreign Exchange Hedging Business Management Policy thereby ensuring effective implementation of
the established regulations.
4. To manage the risk of transaction defaults the Company conducts its foreign exchange hedging activities solely with reputable and qualified financial
institutions such as major banks.The changes in prices or fair values of
derivatives held in the reporting period
specific methods and the settings of Foreign exchange forward contracts are initially measured at fair value on the day the contracts are entered into between the Company and commercial banks.relevant assumptions and parameters Subsequent measurements of their fair value are based on year-end valuation notices provided by respective commercial banks.should be disclosed for the analysis of the
fair values.Litigation (if applicable) Not applicable
The disclosure date for the board of
directors' announcement for the approval of December 26 2023
derivative investments (if any)
The disclosure date for the general
meeting's announcement for the approval Not applicable
of derivative investments (if any)
Note: The Company’s net assets at the end of the reporting period specifically denote the equity attributed to the parent company’s owners.
33 / 2692024 Annual Report of Tongwei Co. Ltd.
(2). Derivative investments held for speculation in the reporting period
□Applicable √Not Applicable
Other notes:
None
34 / 2692024 Annual Report of Tongwei Co. Ltd.
4. Progress of significant asset restructuring and integration in the reporting period
□Applicable √Not Applicable
(VI) Significant asset and equity sales
□Applicable √Not Applicable
(VII) Analysis of companies where the Company holds shares
√Applicable □Not Applicable
Unit:100 million yuan Currency: CNY
Business nature Registered Total Operating Operating Net
Full name of subsidiary Net assets
capital assets revenue profit income
Tongwei Solar Co. Ltd. (consolidated) PV industry 16.00 419.12 15.33 230.63 -39.99 -33.71
Yongxiang Co. Ltd. (consolidated) PV industry 10.61 706.44 320.97 196.69 -32.19 -28.11
Tongwei Solar Technology Co. Ltd.PV industry 1.00 161.71 -27.68 271.03 -11.13 -13.58
(consolidated)
Agriculture and
Tongwei Agriculture Development Co.animal husbandry 8.00 104.76 59.46 307.35 12.12 9.36
Ltd. (consolidated)
industry
(VIII) Structure entities controlled by the Company
□Applicable √Not Applicable
VI. Discussion and analysis on the Company's future development
(I) Industry pattern and trends
√Applicable □Not Applicable
1. Feed industry
Having evolved over four decades since the reform and opening-up China’s feed industry has transitioned from a phase of rapid
growth characterized by a focus on quantity to a high-quality development stage emphasizing excellence. The industry’s growth rate
has gradually moderated compelling enterprises to enhance their competitive capabilities across multiple dimensions including
procurement product research and development production operations and brand marketing. Leading companies leveraging robust
operational capabilities and scale-related cost advantages are rapidly advancing integrated operational models that intertwine feed
and breeding thereby capturing a larger market share. In contrast small and medium-sized enterprises are strategically honing in on
specific market needs refining their operations to foster differentiation and specialization. Furthermore in light of a saturated
domestic market coupled with heightened competition international expansion has emerged as a critical focus for many
organizations. Thus feed industry will witness the following patterns and trends in the coming years.
(1) Intelligence innovation modernization and sustainability will define future industry trends.
As the feed industry matures competition among enterprises has shifted from merely increasing production to emphasizing
comprehensive competitive capabilities. These capabilities include procurement power product research and development
production operations and brand marketing—each of which directly impacts the breeding outcomes of final products. Traditionally
inefficient and extensive operational modes are undergoing a transformation toward intelligence intensiveness and modernization.The integration of advanced technologies such as the Internet of Things big data analytics and artificial intelligence will
considerably enhance the efficiency and precision of feed production. These innovations will not only reduce production costs but
also ensure higher product quality. Additionally an intensive production model will facilitate optimal resource allocation
significantly improving operational efficiency. Modern management principles will empower feed enterprises to create more robust
systems for production operations and quality management thereby enhancing overall competitiveness. Concurrently the feed
formulation structure is rapidly evolving. The integration of novel raw materials—such as plant and insect proteins—along with the
emergence of circular agriculture models will propel the industry toward more resource-efficient and environmentally sustainable
practices. In summary the future of the feed industry will be characterized by intelligence intensiveness modernization and
sustainability positioning it for elevated levels of development and competitiveness.
(2) Leading enterprises will experience expansion while small and medium-sized businesses evolve distinctly resulting in
increased industry concentration.The feed industry has undergone significant maturation over the past few decades resulting in a well-defined industrial system
characterized by increased concentration toward leading enterprises. As the scale and consolidation of the downstream aquaculture
sector continue to evolve traditional marketing and channel advantages of feed companies are diminishing. In this context product
quality breeding outcomes and technical service capabilities are emerging as the primary indicators of competitiveness. Leading
feed enterprises backed by their robust procurement power advanced research and development capabilities and standardized
production processes are poised to capture larger market shares. Their comprehensive advantages in management capital and
human resources will further enhance market concentration within the industry. Conversely small and medium-sized enterprises may
strategically concentrate on niche market demands developing unique products that foster differentiated competitive advantages.
35 / 2692024 Annual Report of Tongwei Co. Ltd.
(3) The feed and breeding sectors will undergo vertical integration resulting in a continuous acceleration of the
industrial chain’s consolidation.As market competition intensifies leading feed and breeding enterprises are strategically expanding their operations across both
upstream and downstream segments of their industrial chains or establishing closer supply chain collaborations with other relevant
enterprises thereby accelerating the development of a collaborative operational model that integrates feed production and breeding
practices. Such integration is not only reshaping the feed sales landscape but also facilitating the continuous evolution of the
industrial chain. In the swine sector prominent breeding enterprises have largely established their own feed supply systems. Similarly
in the aquaculture industry leading feed companies are diligently exploring innovative breeding systems including industrialized
shrimp and eel farming. Looking ahead the integrated development of the feed and breeding industries along with associated sectors
such as seedling and animal health is poised to become an inevitable and transformative trend.
(4) The global market landscape will be further expanded positioning international markets as vital growth drivers.
In the context of intensifying domestic competition regions such as Southeast Asia and Africa demonstrate relatively nascent
feed industries and lower livestock farming technologies thereby presenting significant market opportunities for high-quality feed
products. Chinese feed enterprises equipped with advanced technologies superior product offerings and exceptional supply chain
integration and management capabilities are strategically positioned to swiftly penetrate these overseas markets establishing new
avenues for growth. Moreover as the trend toward collaborative industry globalization accelerates alongside the deepening
cooperation related to the Belt and Road Initiative China’s feed industry is poised to capitalize on expansive development prospects
in the international arena.
2. PV industry
Photovoltaic power serves as a cornerstone of the global clean energy transition showcasing distinct advantages in
cost-effectiveness energy security and environmental sustainability. This positions the sector for substantial growth aligned with
worldwide carbon neutrality objectives. Despite facing cyclical challenges such as supply-demand imbalances and escalating
competition China’s PV industry is well-equipped to navigate these obstacles. Sustained policy support and ongoing technological
innovation will drive orderly consolidation and resource optimization within the industry. The integration of solar generation with
energy storage systems and comprehensive development strategies heralds a new phase of high-quality growth with Chinese PV at
the forefront of global energy transformation. We believe that the industry will face the following landscape and trends:
(1) The current cyclical supply-demand imbalance does not alter the sector’s long-term growth potential with a new
phase of high-quality development expected post-industry consolidation.In 2024 the photovoltaic industry navigated significant cyclical supply-demand imbalances resulting in generally low-capacity
utilization rates and persistent price declines across the supply chain. Consequently some PV enterprises face heightened risks of
losses or potential bankruptcy. However this challenging landscape drives a necessary consolidation process within the industry.Firms characterized by weak financial resilience outdated technologies high energy consumption or non-compliance with
environmental standards will inevitably exit the market. In contrast industry leaders—armed with market advantages robust supply
chain management strong cash flows and advanced technological capabilities—are poised to capture a larger market share. Through
strategic mergers acquisitions and resource integration the sector will adopt a "survival of the fittest" approach cultivating a
healthier more orderly market structure that is essential for fostering a new phase of high-quality development.
(2) Technological innovation will remain the fundamental driver for leapfrog development throughout the industry’s
evolution.As a renewable energy sector continuously pursuing lower levelized costs of electricity achieving cost reduction and efficiency
improvement through technological innovation remains the perpetual objective of the photovoltaic industry. Currently TOPCon cell
technology has been progressively replacing P-type cells owing to its superior cost-performance ratio and more mature industrial
chain support. Meanwhile alternative technologies such as HJT and xBC continue to gain market share through their differentiated
competitive advantages. Cutting-edge technologies like perovskite and perovskite/crystalline silicon tandem cells are consistently
breaking efficiency records. As the PV industry transitions from cost-driven to innovation-driven development technological
innovation will persist as the fundamental driver enabling enterprises to achieve leapfrog growth throughout the industry's evolution.
(3) The new-type power system and grid-parity applications integrating solar with storage may catalyze another rapid
growth cycle for the PV sector.In recent years the decline in photovoltaic power generation costs has facilitated the achievement of grid parity in most global
markets. Nevertheless the inherent intermittency and variability of solar energy pose significant challenges to grid stability
underscoring the urgent need for integrating solar power with energy storage and developing innovative power systems. Major
economies are actively establishing and refining these mechanisms. In China pilot projects are successfully transforming PV power
stations from passive grid adaptors to active system builders exemplifying the accelerated adoption of integrated
generation-grid-load-storage solutions virtual power plants and multi-energy complementary models. The U.S. Inflation Reduction
Act (IRA) has stimulated storage pairing ratios of up to 1.5:1 while Europe’s Power Purchase Agreement (PPA) market is
introducing solar+-storage levelized cost mechanisms. Moreover ongoing advancements in solar-storage technologies are driving
down overall costs with innovations such as artificial intelligence enhancing grid intelligence. As new-type power systems advance
the integration of solar and storage solutions will likely accelerate stimulating demand for end-user installations and ushering in a
new phase of rapid expansion within the global PV market.
(4) China’s PV industry will maintain its global leadership in advancing the clean energy transition.
China’s photovoltaic industry maintains an unparalleled global leadership position. In terms of market share it accounts for over
36 / 2692024 Annual Report of Tongwei Co. Ltd.
80% of the worldwide market. Regarding production capacity China represents more than 95% of global high-purity polysilicon and
wafer output over 90% of solar cell production and exceeds 85% of module manufacturing. Chinese PV enterprises lead globally in
automation and intelligent manufacturing capabilities product quality standards and possess the world’s most competitive
manufacturing costs. The nation has ranked first globally in annual new installations for 12 consecutive years and maintained the top
position in cumulative installed capacity for a decade. Against the backdrop of global clean energy transition China’s PV industry
will continue its pioneering role through product exports technology transfers and capital cooperation - facilitating energy transition
and green development objectives across more countries and regions worldwide. This leadership will further optimize and upgrade
the global energy structure while making increasingly substantial contributions to achieving international carbon peaking and
neutrality goals.(II) Development strategy of the Company
√Applicable □Not Applicable
The Company's development strategy is to build a world-class safe food supplier and clean energy operator. Utilizing the
comprehensive strength and large-scale advantages accumulated for a long time in scientific research branding comprehensive
operations and other areas it adapts to industry development trends adheres to the specialization large-scale and industrialization
process of the PV business group and agriculture and animal husbandry business group and optimizes and improves their respective
industrial chain strives to promote the Company's sustainable and stable development by both endogenous and extensional
investment methods promotes the continuous and stable development and realizes the Company's vision of "For Better Life".
1. Agriculture and animal husbandry business group: a world-class safe food supplier
Feed industry: Adhering to Quality Policy and with a focus on the specialization and scale-up of the feed business the Company
tries to grow steadily by setting up facilities and M&A activities at home and abroad. While focusing on the aquatic feed business
the Company makes the most of the season-based cycle of the business by advancing the collaborative mode with large farming
companies in livestock and poultry feed a way to increase its feed business size and market share.Aquaculture: Based on the resources (aquaculture resources channel resources) gained over the past years and making use of
its unique Aquaculture-Photovoltaic Integration model for efficiency improvement the Company puts great efforts into the new
approach combining the Company with farmers and further explores and develops facility-based standard fishery where
factory-based farming targeting premium aquatic products represented by shrimps and special aquatic foods elevates the automation
intelligence and environmental standards for aquaculture advances the transformation from traditional to modern fishery and build
state-of-the-art production bases of safe aquatic products which can be fully tracked.Processing and trade activities: The Company accelerates the deep processing and trade of aquatic products and build a uniformindustry chain from farmers to consumers around the growth model of “three-fish one-prawn one brand one-platform andone-market”. Tongwei Fish the Company's green and safe food benchmark has been highly recognized in the regional market and
the successful model will be replicated in the future. At the same time it is actively applying big data to the sale of aquatic products
by combining an online e-commerce platform (Quan Nong Hui) with an offline aquatic wholesale market (San Lian Shui Chan Pin)
to create a circulation system. By giving full play to Tongwei Fish the Company focuses on the operation of key products like tilapia
mullet channel catfish and Yantian shrimp striving to cover the entire industry chain including farming production processing and
trade.
2. PV business group: create a world-class clean energy operator
As one of the leading manufacturers in the PV industry the Company will continue to enhance its advantage along the industry
chain and strengthen its leading positions in all parts and accelerate the Aquaculture-Photovoltaic Integration model to be a
world-class clean energy operator. Regarding PV manufacturing by giving full play to its capabilities of technology development and
cost control the Company is solidifying its leading position in this area. By continuously consolidating and enhancing its scale
technology and cost advantages that are leading in the high-purity polysilicon segment the Company strives to increase its market
share and secure a globally leading position in the segment. By continuously strengthening the research and development scale and
management advantages in the solar cell segment the Company tries to consolidate its core competitiveness and market share and
secure a globally leading position in the segment. By further increasing the market share in the module segment and improving
channel and brand advantages in multiple domestic and international markets the Company works to maintain its leadership in the
global module market. In the photovoltaic power generation segment the Company firmly advances the Aquaculture-Photovoltaic
Integration model through organic combination of its resources in agriculture and PV in order to create an Aquaculture-Photovoltaic
Coexistence economy where feed aquatic products and green energy are integrated thereby building a differentiated competitiveness
for the Company.(III) Business plan
√Applicable □Not Applicable
In 2025 with firm adherence to the business guidelines of focus execution and efficiency the Company continues securing its
advantages in aquatic feed high-purity polysilicon and solar cell while fully leveraging the synergy effect of PV business group to
further increase the brand impact and market share for the modules business. These are intended for increasing the Company's value
and returns to shareholders.(IV) Possible risks
37 / 2692024 Annual Report of Tongwei Co. Ltd.
√Applicable □Not Applicable
1. Feed industry
(1) Volatility of prices of main raw materials
The primary expense in feed production is attributed to the cost of raw materials. In recent years factors such as international
geopolitical conflicts extreme weather events and shifts in trade policies have led to significant fluctuations in the prices of essential
bulk agricultural products. Consequently feed companies must develop highly specialized procurement systems and robust cost
control capabilities to navigate these challenges effectively.Risk response measures: The Company has a professional procurement team which closely tracks changes in raw material
prices makes careful judgments on procurement timing adheres to the principles of long-term medium-term and short-term
procurement reasonably controls raw material inventory and effectively avoids large fluctuations in production costs. The Company
is also actively building data-driven systems such as self-service analysis platforms for market conditions and procurement execution
a management cockpit 4.0 and direct supplier data connection to assist the procurement team in making efficient and accurate
decisions. The procurement team works together with technology and quality control teams to actively develop alternative raw
materials with good quality cost-effectiveness and stable supply channels. The Company will adhere to its strategy of securing raw
materials to ensure stable and consistent quality of raw material supply. Additionally it will increase the recruitment and training of
outstanding talents to enhance the capabilities of the procurement team.
(2) Market demand volatility
Feed market demands are directly related to breeding industry’s scale in downstream which may be negatively impacted by
natural disasters extreme weather events the spread of diseases and policy changes thereby leading to fluctuations in feed demand
in some regions or periods.Risk response measures: The Company will strengthen the tracking and monitoring of natural disasters climate change and
animal diseases actively guide farmers to take risk prevention and control measures and provide timely assistance to restore normal
production for the best interest of “farmers”. It will also enhance animal immunity through developing immune-boosting products
promote standardized farming practices assist in building a high-standard epidemic prevention system and enhance farming benefits
to increase customer loyalty. With a wide range of product categories and subsidiaries properly distributed in major farming regions
the Company can effectively respond to risks caused by phased or regional market demand volatility. The Company also has
specialized strategic development teams and technical teams which continuously monitor industry policies technological trends and
other market changes. This enables timely adjustment of the Company's response strategies further enhancing risk management
capabilities.
(3) Exchange rate risk
The growing demand for international raw material trade and the expansion of overseas feed operations have significantly
intensified the effects of RMB exchange rate fluctuations on the Company's operating performance.Risk response measures: The Company closely monitors the economic and political situations and policies of major currency
countries to assess and choose more favorable settlement currencies and methods. It actively recruits and trains specialized personnel
to strengthen research and forecasting capabilities in the foreign exchange market enhance import and export management and
effectively mitigate exchange rate risks by flexibly utilizing forward foreign exchange contracts swaps options and other hedging
instruments.
(4) Policy risk
After policies including Environmental Protection Law of the People's Republic of China Animal Husbandry Law of the
People's Republic of China Regulations on Pollution Prevention and Control in Scaled Livestock Husbandry Action Plan for
Prevention and Control of Water Pollution and Guiding Opinions on Promoting the Optimization of Pig Breeding in the Southern
Water Network Region have been implemented regions across the country have set prohibition and restriction areas and boosted the
supervision and punishment on environmental violations in the livestock husbandry sector which has remarkably raised the access
threshold and free range farmers that do not meet the environmental protection provisions have been exiting the industry. In addition
China has launched comprehensive actions to reduce the use of antibiotics by replacing antibiotics or eliminating antibiotics in the
livestock industry. This combined with strong incentives for the development of large-scale farms in various regions is accelerating
the livestock industry to transform towards antibiotic-free green scalable and intelligent operations. This poses higher requirements
for the research production and management of feed companies. Failure to timely adapt to policy requirements may result in
operational risks for these companies.Risk response measures: Guided by the “Quality Policy” the Company relies on robust technological capability material
procurement systems and scalable and specialized production capability to provide customers with cost-effective feed products
achieve rapid development of large-scale farms and continuously optimize the customer structure. It assists financially capable
free-range farmers in establishing scaled farms that meet environmental protection standards and disease prevention and control
requirements promoting their smooth transition. The Company produces antibiotic-free feed and improves product formulations
production processes and farming models to enhance customer farming benefits while effectively meeting the needs for greener
livestock production leading to rapid growth in sales.
(5) Other risks from force majeure
In recent years there have been frequent occurrences of unexpected public health events natural disasters and geopolitical
conflicts. Similar force majeure events may continue to happen in the future posing risks to feed companies’ operations.Risk response measures: The Company will strengthen the analysis and prediction of force majeure risks and take necessary
38 / 2692024 Annual Report of Tongwei Co. Ltd.
measures to respond to adverse impacts on procurement production sales and other operations caused by such events.
2. PV industry
(1) Risk of intensified market competition
The photovoltaic supply chain currently faces significant supply-demand imbalances across all production segments leading to
irrational price declines that have dipped below industry average costs. This situation has heightened market competition and
rendered the elimination of obsolete production capacity unavoidable.Risk response measures: The Company will persist in optimizing processes and lean management while strengthening the
efficiency of integrated operations along the industrial chain to maintain cost leadership. Concurrently in response to changing
market application scenarios there will be sustained increases in R&D investments to ensure technological leadership across all
segments. The Company maintains strict control over capital expenditure pacing while ensuring consistently sufficient cash flow
reserves.
(2) Policy risk
To implement climate governance promote energy transformation improve the environment and promote economic
development countries are vigorously supporting the market development of the photovoltaic applications. Major economies in the
world are rolling out policy measures to support the development of local photovoltaic companies potentially intensifying global
competition in the photovoltaic industry. In China policies related to land used for photovoltaic powerplant projects and
market-based electricity trading may pose challenges in ensuring land availability and lower the profitability of photovoltaic
powerplants.Risk response measures: The Company will closely monitor changes in relevant policies boost cost reduction of products
enhance product competitiveness and secure its competitive position. It will also keep driving the healthy and orderly development
of the industry actively explore green certification and green electricity transactions to safeguard its profitability.
(3) Technology update risk
New cell technologies are evolving with conversion efficiency once again reaching a historic record. In 2024 TOPCon cells had
its position as the market leader with ongoing breakthroughs in next-generation crystalline silicon cell technologies such as HJT and
xBC. Concurrently non-crystalline silicon technologies like thin-film and perovskite were also advancing. With companies actively
driving R&D efforts the Company’s ability to sustain competitiveness may be compromised if it fails to keep pace with these
evolving technologies and industry shifts.Risk response measures: Relying on its global innovation R&D center the Company pursues concurrent R&D across multiple
technological routes including TOPCon HJT xBC perovskite and stacked cells. This approach has yielded numerous patents across
various technical domains placing the Company at the forefront in terms of conversion efficiency and cost-effectiveness. Guided by
first principles thinking the Company dynamically evaluates emerging technology trends across dimensions such as economic
viability reliability and market demand.
(4) International trade risk
The global trend towards globalization is decelerating accompanied by a resurgence in trade protectionism. Certain countries
are imposing import barriers on Chinese photovoltaic products along with establishing traceability and carbon footprint thresholds.The possibility of such events in the future cannot be ruled out potentially exerting an influence on China's photovoltaic industry.Risk response measures: The Company will continue to monitor international trade situation and develop strategies to address
trade barriers accelerate the feasibility of overseas expansion and broaden customer channels for solar modules overseas while
strengthening its core competitiveness in product scale technology and cost. This helps create higher value and provide more
efficient services for global customers as well as enhance its market share.
(5) Other risks from force majeure
In recent years there have been frequent occurrences of unexpected public health events natural disasters and geopolitical
conflicts which have resulted in disruptions in logistics and transportation prolonged installation and construction cycles and
mismatches in supply and demand within the industry chain. Similar force majeure events may continue to happen in the future
posing risks to photovoltaic companies’ operations.Risk response measures: The Company will strengthen the analysis and prediction of force majeure risks. By leveraging its
industry chain resources and core competitive advantages it will enhance supply chain collaboration boost customer development
and maintenance efforts and mitigate the adverse impact of force majeure risks on its operations.(V) Others
□Applicable √Not Applicable
VII. Note on the fact that the Company fails to disclose under standards due to inapplicability of the standards due to
inapplicability or national secrets and/or trade secrets and the reasons
□Applicable √Not Applicable
Section IV. Company Governance
I. Company governance
39 / 2692024 Annual Report of Tongwei Co. Ltd.
√Applicable □Not Applicable
In the reporting period the Company actively elevated its operation management level and improved its organizational
structure and governance structure and various internal systems and risk management given its actual conditions in strict accordance
with the Company Law Securities Law Code of Corporate Governance for Publicly Listed Companies and other legal requirements.The general meeting the board of directors the supervisory committee and the management under clear powers and responsibilities
have formed a procedure-based governance structure for the legal entity to ensure its smooth and efficient running in accordance with
regulations.（I）Controlling shareholder and its related parties and listed companies
The controlling shareholder of the Company behaved exercised rights and performed obligations under laws did not directly or
indirectly interfere with the Company's decision-making and business activities without the participation of the general meeting.Board of directors supervisory committee and the management performed independently and the Company had independent
businesses and was able to operate on its own. In the reporting period the Company did not provide any guarantee to its controlling
shareholder and/or its related parties and the controlling shareholder did not occupy any funds of the Company for non-operating
purposes. The related transactions were priced fairly without any influence on the Company's independence or harm to the listed
company.（II）Shareholders and general meeting
In the reporting period the Company held one annual general meeting. The procedures for the general meeting were in
compliance with the Company Law Securities Law Listing Rules of the Shanghai Stock Exchange Articles of Association and Rules
of Procedure for General Meeting and safeguarded the legitimate interests of the Company and its shareholders. The convening
holding voting and result disclosure were strictly implemented in accordance with the above rules which effectively ensured
shareholders’ right to information participate and vote on major matters of the Company as well as safeguarded the equal status and
legitimate rights and interests of shareholders.（III）Directors and board
During the reporting period the Company’s Board of Directors upheld high standards of compliance and operational efficiency.In alignment with applicable laws and regulatory guidelines the Company proactively revised its Articles of Association and the
Working Procedures for the President thereby strengthening its corporate governance practices and ensuring robust oversight. In the
reporting period the board held eight meetings. All directors attended the board meetings in accordance with the Company’s Articles
of Association and Rules of Procedure of the Board of Directors fully discussed various proposals achieved deeply discussions and
evaluations of all proposals and comprehensively expressed their opinions and recommendations. This ensures the efficient
standardized and effective operation of the board of directors. The board has four committees namely the Strategy and Sustainability
Committee Remuneration and Assessment Committee Nomination Committee and Audit Committee. In the reporting period the
four committees diligently and strictly fulfilled their duties in accordance with their respective responsibilities and meeting rules.They fully leveraged their professional capabilities to provide the board of directors with expert opinions and recommendations
ensuring the scientific and professional nature of board decisions.（IV）Supervisory committee and supervisors
In the reporting period the supervisory committee held six meetings and the supervisors strictly performed their duties in
accordance with relevant laws and regulations such as the Company Law Securities Law Listing Rules of the Shanghai Stock
Exchange Articles of Association and Rules of Procedure for Supervisory Committee. They exercised their powers independently in
accordance with the law and promoted the standard operation of the Company. The supervisory committee diligently carries out its
oversight responsibilities closely monitoring the performance of directors and senior executives. It oversaw various significant
matters concerning the Company's interests including external investments related-party transactions and external guarantees
ensuring the protection of the Company's interests and the rights of its shareholders.（V）Disclosure and transparency
The Company attaches great importance to information disclosure and strictly observes the provisions of Shanghai Stock
Exchange on information disclosure of listed companies as set forth in Securities Law. In the reporting period the Company
diligently fulfilled its disclosure obligations in accordance with relevant regulatory documents ensuring that the information
disclosed was truthful accurate and complete. The directors supervisors and senior management have carefully provided written
confirmation of their review of the Company's regular reports ensuring the timely and equitable disclosure of relevant information.The disclosed information was presented clearly and understandably without any false records misleading statements or significant
omissions. The Company received the best rating (Grade A) on information disclosure 2023 - 2024 from Shanghai Stock Exchange
for its great information disclosure.In the reporting period the Company managed insiders relating to periodical reporting and important issues through the
registration system in strict accordance with applicable regulations to ensure the fairness principle for information disclosure and
protect the legitimate rights and interests of shareholders.（VI）Investor relationship management
The Company attaches high importance to long-term and active communications with all kinds of investors. In the reporting
period the Company conveyed its operation philosophy results and strategic direction to investors through channels including
general meetings performance briefings and investor platforms. In addition it responded carefully and patiently to queries from
investors via phone calls emails visits and http://sns.sseinfo.com/ which helped investors understand and gain confidence in the
Company and protected the Company's image in the capital market. In 2024 the Company was recognized with numerous
40 / 2692024 Annual Report of Tongwei Co. Ltd.
prestigious awards including the China Securities Journal’s Golden Bull Award for Most Investment-Worthy Company and Golden
Bull Secretary of the Board was named among the Top 100 Most Valuable Main Board Listed Companies in China's Listed
Companies Value Ranking and honored with the Best Board of Directors Award by National Business Daily.（VII）Shareholder protection
The Company highly prioritizes the rights and interests of shareholders in particular the minority interest. The Company fully
safeguards shareholders' rights to exercise voting inquiry and proposal rights in accordance with the law and remains committed to
providing long-term dividends to shareholders. During the reporting period the Company reaffirmed its commitment to delivering
reasonable investment returns to shareholders by developing its Shareholder Dividend Distribution Plan for the Next Three Years
(2024-2026). This initiative follows the conclusion of the previous plan (2021-2023) and aims to enhance the transparency and
effectiveness of profit distribution decisions. On June 14 2024 the Company distributed annual cash dividends amounting to
4056115196.725 yuan enabling shareholders to partake in the Company’s growth and achievements.
During the reporting period the Company and its controlling shareholder demonstrated strong confidence in the Company’s
future- prospects by implementing substantial share repurchase plans of 2-4 billion yuan and 1-2 billion yuan respectively. The
controlling shareholder Tongwei Group successfully executed its share acquisition plan investing a total of 1299266.6 thousand
yuan. As of the most recent update the Company has effectively repurchased 101688812 shares amounting to a total transaction
value of approximately 2007815 thousand yuan (excluding transaction fees and commissions).Significant difference between the corporate governance and provisions of laws regulations and rules of the CSRC on listed
companies and the reasons
□Applicable √Not Applicable
II. Specific measures taken by the controlling shareholder and actual controller of the Company for ensuring the
Company’s independence in assets personnel financial affairs organizational structure and business activities as well as
solutions progress and work plan for influencing the Company’s independence
√Applicable □Not Applicable
The Company is strictly separated from its controlling shareholder and actual controller in terms of assets personnel financial
affairs organizational structure and business activities takes responsibilities and risks independently. No matters that impact the
Company's independence and that prevent it from being independent or keeping independent operation exist.（I）Asset independence
The Company owns a business system and a complete asset system with all relevant assets under its control and owned and
operated by the Company. The ownership between the Company and its controlling shareholder is clearly defined and the Company
has no assets or funds occupied by the controlling shareholder and is exposed to any other circumstance that harms the interests of
other shareholders of the Company.（II）Personnel independence
The Company has an independent system for personnel registration on boarding appointment dismissal and review as well as
an independent renumeration management and benefit system. Senior managers (CEO vice presidents board secretary and financial
principal etc.) serve the Company on a full-time basis and receive renumeration from the Company. No controlling shareholder
actual controller and/or businesses under their control assume positions other than directors and/or supervisor or receive payments
from the Company. No financial staff of the Company takes any part-time job in the controlling shareholder actual controller and/or
businesses under their control.（III）Financial independence
The Company has an independent finance and audit department and an independent accounting system and financial
management system being able to make financial decisions independently. As an independent taxpayer the Company makes tax
returns and pays taxes under laws. The Company has independent bank accounts and a special account for the use of funds raised for
projects. The Company does not share any bank account with its controlling shareholder actual controller and/or businesses under
their control.（IV）Structure independence
The Company has a completed governance structure consisting of general meeting board of directors and supervisory
committee with respective procedures. Furthermore the Company has developed a complete operation management system with
independence in power of management and not influenced by its controlling shareholder or actual controller and/or companies
controlled by them.（V）Business independence
The Company has the assets personnel qualifications and capabilities for independent business activities. The Company is
independent of its controlling shareholder actual controller and/or businesses controlled by them in terms of business activities; it is
not a competitor of its controlling shareholder actual controller and/or businesses controlled by them.Controlling shareholder actual controller and/or any other entity under their control is engaged in any business identical or similar to
the business of the Company and any impact of competition between the Company and its controlling shareholder actual controller
and/or any other entity under their control and any great change in such competition actions for resolving this impact that have been
taken the resolution progress and the plan for next steps
41 / 2692024 Annual Report of Tongwei Co. Ltd.
□Applicable √Not Applicable
42 / 2692024 Annual Report of Tongwei Co. Ltd.
III. Introduction to general meeting
Link to the designated
website where the
Session No. Session date Disclosure date Resolutions
published resolutions are
available
The meeting reviewed and approved the following proposals: the 2023
Board of Directors Work Report the 2023 Supervisory Committee Work
Report the 2023 Annual Report and its Summary the 2023 Financial
Final Accounts Report the 2023 Profit Distribution Plan the Proposal
on Directors' and Supervisors’ 2023 Compensation and Performance
Evaluation the Shareholder Dividend Distribution Plan for the Next
Annual shareholders
May 20 2024 http://www.sse.com.cn May 21 2024 Three Years (2024-2026) the Proposal on Reappointment of the
meeting 2023
Accounting Firm the Proposal on Mutual Guarantees Between the
Company and Its Subsidiaries in 2024 the Proposal on Providing
Guarantees for Company Clients in 2024 the Proposal on Applying for
Comprehensive Credit Facilities in 2024 the Proposal on Conducting
Bill Pool Business in 2024 and the Proposal on Amending the
Company’s Articles of Association and Its Appendices.Extraordinary general meetings requested by the preferred shareholders whose voting rights have been restored
□Applicable √Not Applicable
Note on general meeting
□Applicable √Not Applicable
IV. Information of directors supervisors and senior managers
(I) Shareholding changes and renumeration of directors supervisors and senior management currently in office and having left office in reporting period
√Applicable □Not Applicable
Unit: share
Total before-tax Whether
compensation receiving
Reason
Opening Change in from the compensation
Name Title Gender Age Start date End date Closing shares for
shares shares Company in the from related
change
reporting period parties of the
(in 10000 yuan) Company
Chair/CEO 2023-03-21 2025-05-15
Liu Shuqi Female 35 80000 80000 0 357.34 No
Director 2022-05-16 2025-05-15
43 / 2692024 Annual Report of Tongwei Co. Ltd.
Yan Hu Vice Chair Male 61 2016-05-09 2025-05-15 836650 836650 0 321.12 No
Liu Hanyuan Director Male 60 2000-10-23 2025-05-15 0 0 0 248.37 No
Ding Yi Director Female 60 2020-05-12 2025-05-15 0 0 0 8.00 No
Li Peng Director Male 43 2022-09-26 2025-05-15 0 0 0 - No
Song
Director Male 62 2023-05-16 2025-05-15 0 0 0 92.80 No
Dongsheng
Fu Daiguo Independent director Male 60 2019-05-08 2025-05-15 0 0 0 16.00 No
Jiang Yumei Independent director Female 61 2022-05-16 2025-05-15 0 0 0 16.00 No
Xu Yingtong Independent director Male 51 2023-05-16 2025-05-15 0 0 0 16.00 No
Chair of supervisory
Deng San Female 40 2017-05-05 2025-05-15 225880 225880 0 199.38 No
committee
Cui Yong Supervisor Male 42 2022-05-16 2025-05-15 0 0 0 5.00 Yes
Chen Pingfu Supervisor Male 59 2022-05-16 2025-05-15 469730 469730 0 123.27 No
Li Bin Senior manager Male 58 2022-05-16 2025-05-15 241888 241888 0 643.33 No
Senior manager Male 61 2022-05-16 2025-05-15 0 0 0 363.06 No
Guoqiang
Gan Jufu Senior manager Male 53 2022-05-16 2025-05-15 0 0 0 566.50 No
Guo Yizhong Senior manager Male 54 2013-05-07 2025-05-15 500450 500450 0 463.30 No
Zhang Lu Senior manager Male 46 2017-03-12 2025-05-15 281600 281600 0 280.63 No
Zhou Bin Senior manager Male 56 2019-05-08 2025-05-15 59043 59043 0 329.90 No
Yan Ke Senior manager Male 40 2019-05-08 2025-05-15 0 0 0 159.25 No
Total / / / / / 2695241 2695241 / 4209.25 /
44 / 2692024 Annual Report of Tongwei Co. Ltd.
Name Work experience
Male born in 1964 EMBA of Guanghua School of Management Peking University senior engineer. He was the chair of the first to sixth board of directors of the Company and a
member of the seventh board of the Company. He is the chair of the board of directors of Tongwei Group and a director of the 8th board of directors of the Company. Other social
Liu Hanyuan
positions include a member of the 11th Standing Committee of the CPPCC National Committee deputy to the NPC (National People's Congress) and vice chair of All-China Federation
of Industry and Commerce.Female born in 1989 in Meishan Sichuan the non-partisan executive bachelor's degree. She currently serves as Supervisor of Tongwei Group Chairwoman and CEO of Tongwei Co.Ltd. Vice Chair of the 15th Sichuan Youth Federation Vice Chair of the 13th Chengdu Federation of Industry and Commerce (General Chamber of Commerce) Vice Chair of China
Photovoltaic Industry Association President of Sichuan Chuanlian Photovoltaic Industry Chamber of Commerce and Vice President of Chengdu Entrepreneurs Federation. Previously
Liu Shuqi
serving as General Manager of Tongwei's PV Business Division she was honored as Torchbearer No. 57 in the Chengdu 2021 FISU World University Games torch relay. Her accolades
include Fortune China’s 2023 Most Powerful Women in Business Sichuan Outstanding Builder of Socialism with Chinese Characteristics 2023 Sichuan Top Ten Scientific Innovation
Leaders and recipient of the Sichuan May 1st Labor Medal.Male born in 1964 MBA of Guanghua School of Management Peking University senior accountant. He was the chief accountant of the Southwest Medical Equipment Co. Ltd. the
manager on behalf of the US party in the GE Healthcare China Southwest Branch financial director of Sichuan Zhongyuan Industries Company Limited executive deputy general
manager of Chengdu Yuanda Wheel and Rim Manufacturing Co. Ltd. vice president and financial director of South Hope Industrial Co. Ltd. director and financial director of New
Yan Hu Hope Group and the director of New Hope Co. Ltd. After joining the Company he has served as the chief accountant of Tongwei Group chief accountant president and secretary of
the board of directors of the Company and a director of the board of directors (1st 2nd 4th 5th 6th and 7th) of the Company. He is a director and the vice chair of the 8th board of
directors of the Company. His social titles also cover an executive member of China Association for Public Companies (CAPCO) the legal representative and vice-chair of Sichuan
Association for Listed Companies vice chair of Sichuan Enterprise Federation and Association of Entrepreneurs etc.Female born in 1964 a member of the Communist Party of China doctoral degree in economics from the Renmin University of China. She worked at Renmin University of China
Huaneng Power International and China Life Asset Management Co. Ltd. She served as the chair of Huaneng Capital Services Co. Ltd. Great Wall Securities and other companies.Ding Yi
She is a director of the 8th board of the directors of the Company and she also serves as an independent director of Huaxia Bank Co. Ltd Huatai Asset Management Co. Ltd. and S.F.Holding Co. Ltd.Male born in 1982 doctor's degree in finance from School of Economics Xiamen University. He served as a senior manager of investment banking at CITIC Securities and
successively took roles the vice president senior vice president and director of the energy and chemical industry group under the investment banking management committee at CITIC
Securities Co. Ltd; a senior researcher at the Innovation Business Division the director of the Innovation Business Division(alternative investments) the head of the Equity Investment
Li Peng
(secondary) and the Executive Director of the Innovation Investment Business Division(alternative investments) of China Life Asset Management Co. Ltd. He is a director of the 8th
board the Company and currently serves as the Deputy General Manager of the Innovation Investment Business Division of China Life Asset Management Co. Ltd. director of Beijing
Jingneng Power Co. Ltd. China Tea Co. Ltd. and Oriental Wisdom (Hebei) New Energy Co. Ltd.Male born in 1964 dean of the Western Business School of Southwestern University of Finance and Economics a professor of accounting doctoral supervisor and vice president of
Fu Daiguo Chengdu Accounting Society. He served as an independent director of several companies such as Sichuan Crun Co. Ltd. Lier Chemical Co. Ltd. Ingenic Semiconductor Inc Maccura
Biotechnology Co. Ltd. and others. He is an independent director of the 8th board of directors of the Company and an independent director of Anhui Xinke New Materials Co. Ltd.Female born in 1963 doctoral degree in Law a mentor of Ph. D candidates and a recipient of the Special Government Allowance granted by the State Council. She served as the
Deputy Director of the Law Department and Vice Dean of the Law School Deputy Director of the Graduate School and Executive Dean of the International Business School at
Southwestern University of Finance and Economics. Currently she serves as the Executive President of the Institute of Comprehensive Research on China (Sichuan) Pilot Free Trade
Zone at Southwestern University of Finance and Economics a member of the Advisory Committee for the Sichuan Provincial People’s Government and CPC Committee of Sichuan. a
Jiang Yumei
member of the National Steering Committee for the Education of Applied Graduates in International Business; Vice Chair of the China Cooperation Committee for International Trade
Discipline; Vice Chair of the China Association of Trade in Services; member of the Free Trade Zone and Port Committee of the China Academy of International Trade; Vice Chair of
Sichuan Business Economics Association; Expert of the Sichuan Trade Promotion Committee an independent director of the 8th board of directors of the Company; independent
director of Chengdu Xingrong Environment Co. Ltd. Chengdu YMK Technology Co. Ltd. and Liangshan Rural Commercial Bank Co. Ltd. and an external supervisor of Sichuan
45 / 2692024 Annual Report of Tongwei Co. Ltd.
Tianfu Bank Co. Ltd.Male born in 1962 with a master’s degree senior engineer recipient of the Special Government Allowance granted by the State Council and an arbitrator of the Beijing Arbitration
Commission. From 1981 to 1987 he worked in the Quality Section of the Technical Safety Division of the 11th Engineering and Construction Bureau of Sino-hydro Corporation
serving as a quality inspector and deputy section chief. From 1987 to 1991 he worked at Gu County Branch of the 11th Engineering and Construction Bureau of Sino-hydro
Corporation serving as deputy chief of Technical Safety Section a chief of Technology Section and a deputy director of Acceptance Office. From 1991 to 1995 he worked in the 11th
Engineering and Construction Bureau of Sino-hydro Corporation serving as a deputy head of the Technology Division and a director of the International Department. In 1996 he served
Song
as the Chinese representative and assistant project manager of the Xiaolangdi CGIC Joint Venture. From 1996 to 2004 he was the deputy head of the 11th Engineering and Construction
Dongsheng
Bureau of Sino-hydro Corporation. From 2004 to 2019 he worked for Sino-hydro Corporation Limited serving successively as deputy general manager general manager chairman of
its international company and general manager of the Sino-hydro Corporation Limited. From 2016 to 2019 he served as the general manager of Power China International chair of
Power China Trade vice president of China International Contractors Association and chair of the International New Energy Solution. He currently serves as a director of the
Company's 8th board of directors and served as an independent director of China Oil HBP Technology Co. Ltd. China National Complete Plant Import and Export Corporation Limited
and NORINCO International Cooperation Ltd.Male born in 1974 holds an MBA degree from Fudan University. He held positions such as PDT Manager of wireless products Section Chief of Wireless Software Platform Director
Xu Yingtong of Hangzhou Research Institute Wireless President of Intelligent Photovoltaic Business and President of Ascend AI Computing at Huawei Technologies Co. Ltd. Currently he serves
as the Chairman and CEO of Shanghai Sigenergy Technology Co. Ltd. and an independent director of the 8th board of directors of the Company.Female born in 1984 CPC member MBA of Sichuan University. She serves as representative of the 16th Congress of Chengdu Women's Federation. She was the head of the Secretary
Department of Tongwei Group assistant to the chair of the board of directors of Tongwei Group and the chair of the 6th and 7th supervisory committees of the Company. She is
Deng San
currently the Deputy Secretary of the Party Committee and Secretary of the Discipline Inspection Commission of Tongwei Group the chair of the 8th supervisory committee of the
Company.Male born in 1982 graduated from the School of Civil and Commercial Law Southwest University of Political Science qualified to law practice. He served as an inspector at the
Cui Yong Supervision and Inspection Department of Tongwei Group an assistant to the head of the Department a deputy head of the Department and the head of the Department. Now he is a
member of the 8th supervisory committee of the Company.Male born in 1965 EMBA CPA. He was the general manager of Sichuan Tongwei Sichuan areas，Vietnam Tongwei and overseas areas for the Company the general manager ofChen Pingfu Vietnam Tongwei 1st Area business the deputy general manager of the Company and a member of the 4th and 5th board of directors of the Company. He is a member of the 8th
supervisory committee of the Company.Male born in 1966 graduated from Chongqing University with a major in mining machinery MBA from Hong Kong Finance and Economics College. He is a member of the
Communist Party of China and a senior mechanical engineer. He is an outstanding high-level talent in Leshan City and has won honors such as the China Patent Excellence Award the
Sichuan Science and Technology Progress Award and National May Day Labor Medal. He is a vice president of the Company and the general manager of Yongxiang Co. Ltd. His social
positions include members of the Standing Committee of the 12th Executive Committee of the Sichuan Federation of Industry and Commerce (Chamber of Commerce) the 8th Party
Li Bin Representative of Leshan City a member of the Standing Committee of the 8th People's Congress of Leshan City and the Vice Chairman of the 7th Executive Committee of the Leshan
Federation of Industry and Commerce (Chamber of Commerce).His other social positions include the 8th Party Representative of Leshan City member of the Standing Committee of
the 8th People’s Congress of Leshan City vice chair of the 7th Executive Committee of the Leshan Federation of Industry and Commerce (Chamber of Commerce). He is a
representative of the 10th People’s Congress of Wutongqiao District Leshan City executive director of the Sichuan Strategic Emerging Industry Promotion Agency and graduate
student supervisor of the Power Engineering Department of the College of Chemical Engineering at Sichuan University.Male born in 1970 he previously served as the Company’s General Manager and Head of Agriculture & Animal Husbandry Business while concurrently serving as General Manager of
Tongwei Agriculture Development Co. Ltd. He currently holds the positions of Head of Agriculture &Animal Husbandry Business and Chair of Tongwei Agriculture Development Co.Guo Yizhong Ltd. Within the industry he has assumed multiple leadership roles including Vice President of China Fisheries Association Vice President of China Leading Agricultural
Industrialization Enterprises Association Vice President of China Association for the Promotion of International Agricultural Cooperation President of Sichuan Agricultural Industry
Development Association Vice President of the 7th Council of Sichuan Feed Industry Association Vice President of the 4th Council of Sichuan Animal Husbandry Association and
46 / 2692024 Annual Report of Tongwei Co. Ltd.
Vice Chairman of the 10th Council of Sichuan Fisheries Society.Male born in 1979 doctoral degree and a researcher. Recipient of the State Council Special Allowance recognized as an outstanding young talent by the Ministry of Agriculture and
Rural Affairs and an expert in the E’mei Plan of Sichuan Province. He is a vice chair of China Society of Fisheries vice chair of China Society of Forestry Animal Husbandry and
Fishery Economics director of the Key Laboratory of Nutrition and Health Aquaculture of the Ministry of Agriculture and Rural Affairs director of the Sichuan Provincial Key
Laboratory of Aquatic Animal Nutrition and Feed Science member of the National Feed Industry Standardization Technical Committee head of the Feed Detection Method
Standardization Working Group of the National Feed Industry Standardization Technical Committee deputy secretary-general of the Technical Committee on Aquatic Feed of the
National Feed Industry Standardization Technical Committee external supervisor of master candidates and guest professor at over ten universities including Ocean University of
Zhang Lu
China. He has led or participated in 17 national and provincial key R&D programs including National Key R&D Projects and Sichuan Provincial Key R&D Plans along with
ministerial-level scientific research initiatives. His contributions include developing 14 national and industry standards as either principal or participating drafter. With 98 authorized
patents (including 5 PCT patents). His research achievements have been honored with two Second Prizes of the National Science and Technology Progress Award two First Prizes of
the Sichuan Science and Technology Progress Award one First Prize of the Shandong Science and Technology Progress Award and seven other ministerial/provincial-level awards. He
previously served as Fish Feed Technology Director at Guangdong Yuehai Feed Group Co. Ltd. and currently holds the positions of Vice President of the Company General Manager of
Tongwei Agriculture Development Co. Ltd. and Technology Director.Male born in 1963 bachelor’s degree in physics from Peking University master’s degree in physics and doctor’s degree in chemistry from Rice University. He took part in a
post-doctoral program in the chemistry department of the Columbia University. He is selected into the Jiangsu High-level Program for Introducing Innovative and Entrepreneurial
Talent Sichuan “Tianfu E’mei Program” for Talents in Green and Low-carbon Industries and Chengdu “Rongpiao Program” for Leaders in Starting Green and Low-carbon Businesses.He holds over 150 patents either authorized in or outside China. He has won the first prize of Shanghai Science and Technology Progress Award the first prize of China Renewable
Energy Society Science and Technology Progress Award and the first prize of Jiangsu Science and Technology Award. He was selected for Jiangsu Province's High-Level Innovation
Xing Guoqiang
and Entrepreneurship Talent Program (Provincial Double Innovation Plan). His previous roles include serving as Principal Investigator/Chief Expert for the National 863 Program
Committee Member of the Photovoltaic Division at China Renewable Energy Society and Co-Chair of SEMI International Technology Roadmap for Photovoltaics (ITRPV). He
formerly held the position of Senior Vice President and Chief Technology Officer at Canadian Solar Inc. Currently he serves as Chief Technology Officer for Tongwei's PV Division
Director of the National-Level Technology Center at Tongwei Solar (Chengdu) Co. Ltd. and Chairman & General Manager of Sichuan Tongwei Crystalline Silicon Photovoltaic
Innovation Co. Ltd.Male born in 1971 MBA from Xi’an Jiaotong University. He is a member of the Communist Party of China and a senior chemical engineer. He is recognized as one of Sichuan
Province’s 12th Batch of Outstanding Experts with Distinguished Contributions honored as an Advanced Individual in the provincial science and technology system. His technical
research achievements as lead or key participant have earned one first-class and two second-class provincial/ministerial Science and Technology Progress Awards. With 113 patent
applications filed (73 authorized) his innovation portfolio includes six invention patents where he served as primary or secondary contributor. He held important positions in companies
Gan Jufu
such as E’mei 739 Xinguang Silicon Technology and Jiangsu Zhongneng. He joined the Company in June 2013 and has served as the chief engineer and deputy general manager of
Sichuan Yongxiang Polysilicon Co. Ltd. the general manager of Inner Mongolia Tongwei High-purity Crystalline Silicon Company. He is now the director of the Technology Center
(National) of Yongxiang Co. Ltd. the general manager of Sichuan Yongxiang Energy Technology Co. Ltd. the executive vice president and director of the Leshan West Silicon
Materials Photovoltaic and New Energy Industry Technology Research Center.Male born in 1968 bachelor degree in accounting from Shanghai University of Finance and Economics master degree from Southwest Jiaotong University MBA from University of
South Australia CPA (Certified Public Accountant) and CPV (Certified Public Valuer). He previously worked in MCCS Group Shanghai Corporation Limited and Zhongshen
Zhou Bin
Accounting Firm served as the legal representative of Sichuan Beite Certified Public Accounting Firm the general manager of Sichuan Zhongfa Certified Tax Accountant Firm and the
financial director of Yongxiang Co. Ltd. After he joined Tongwei he has served as the financial director of Yongxiang Co. Ltd. Now he is the financial director of the Company.Male born in 1985 bachelor degree in accounting from Southwest University of Finance and Economics. He served as the Company's securities affairs representative. He has been the
Yan Ke
board secretary of the Company since May 2019.Other notes
47 / 2692024 Annual Report of Tongwei Co. Ltd.
□Applicable √Not Applicable
48 / 2692024 Annual Report of Tongwei Co. Ltd.
(II) Other offices of directors supervisors and senior management currently in office and having left office in reporting
period
1. Offices in shareholders
√Applicable □Not Applicable
Name in office Shareholder name Title Start date End date
Chair of the board of
Liu Hanyuan Tongwei Group Co. Ltd. March 2008
directors
Liu Shuqi Tongwei Group Co. Ltd. Supervisor December 2019
Head of the Supervision
Cui Yong Tongwei Group Co. Ltd. April 2022
Department
Deputy General Manager
China Life Asset Management of the Innovation
Li Peng January 2024
Company Limited Investment Business
Division
Note on offices in
None
shareholders
2. Offices in other entities
√Applicable □Not Applicable
Name in office Entity name Title Start date End date
Southwestern University of Finance and
Professor December 2002
Fu Daiguo Economics
Anhui Xinke New Materials Co. Ltd. Independent director November 2024
Huaxia Bank Co. Ltd. Independent director September 2020
Huatai Asset Management Co. Ltd. Independent director September 2020
Ding Yi
S.F. Holding Co. Ltd. Independent director December 2022
Xi'an Togeek Information Technology Co. Ltd. Senior Advisor January 2022
China Oil HBP Technology Co. Ltd. Independent director September 2019
China National Complete Plant Import and Export
Song Dongsheng Independent director April 2020
Corporation Limited
NORINCO International Cooperation Ltd. Independent director September 2024
Oriental Wisdom (Hebei) New Energy Co. Ltd. Director February 2022
Li Peng Beijing Jingneng Power Co. Ltd. Director December 2022
China Tea Co. Ltd. Director December 2019
Executive President of the
Institute of
Southwestern University of Finance and
Comprehensive Research April 2017
Economics
on China (Sichuan) Pilot
Jiang Yumei Free Trade Zone
Chengdu Xingrong Environment Co. Ltd. Independent director August 2020
Chengdu YMK Technology Co. Ltd. Independent director May 2022
Liangshan Rural Commercial Bank Co. Ltd. Independent director December 2022
Sichuan Tianfu Bank Co. Ltd. External supervisor May 2022
Xu Yingtong Shanghai Sigenergy Technology Co. Ltd. Chair and CEO May 2022
Note on offices in
None
other entities
(III) Renumeration of directors supervisors and senior managers
√Applicable □Not Applicable
Under the relevant provisions of the Company Law Code of Corporate Governance for
Publicly Listed Companies the Articles of Association and the Detailed Rules of
Remuneration and Assessment Committee the Remuneration and Assessment Committee is
responsible for formulating and reviewing the compensation policies and schemes for directors
Procedures for determining the
and senior managers. It assesses the performance of directors and senior managers and
remuneration for directors
recommends their compensation allocation to the board of directors. The compensation
supervisors and senior managers
allocation for senior management of the Company is subject to review and approval by the board
of directors while the compensation allocation for directors is subject to review and approval by
the board of directors before being submitted to the general meeting for approval and
implementation. The supervisory Committee of the Company is responsible for exploring and
49 / 2692024 Annual Report of Tongwei Co. Ltd.
reviewing the compensation policies and schemes for supervisors assessing the performance of
supervisors and recommending their compensation allocation to the general meeting. The
compensation allocation is then subject to review and approval by the general meeting before
implementation.Whether directors should abstain
from discussions regarding their
Yes
own compensation matters during
board meetings
The specific details of
recommendations made by the On April 24 2025 the Remuneration and Assessment Committee reviewed and approved the
Remuneration and Assessment Proposal on Directors’ 2024 Compensation and Performance Evaluation and the Proposal on
Committee or a special meeting of Senior Management’s 2024 Compensation Assessment and 2025 Compensation Plan. The
independent directors regarding Committee determined that the 2024 compensation structure for directors and senior executives
compensation matters for directors effectively aligned with corporate strategic objectives while maintaining reasonable and
supervisors and senior performance-driven standards.management
1. The renumeration for directors. supervisors and senior managers who take specific roles in
production and operation of the Company consists of a base performance-based bonus and
allowances. The Company determines the compensation for directors supervisors and senior
managers based on job requirements responsibilities and performance in conjunction with the
Basis for the renumeration of
Company's performance and achievements within respective functional areas and business
directors supervisors and senior
groups. This determination is made in accordance with the Compensation Management Measures
managers
and the Performance Management Measures.
2. Directors and supervisors who do not hold full-time roles in the Company received fixed
allowances annually. Costs for performance of director and/or supervisor duties are from the
Company's annual funds of board of directors and/or funds of supervisory committee.In accordance with the Company's compensation management and distribution system the
Actual payments to directors compensation for directors supervisors and senior managers holding specific production and
supervisors and senior managers operational positions within the Company is partially paid in the current year with the remainder
deferred and gradually disbursed in future years.Total renumeration received by
directors supervisors and senior
42092500 yuan
managers as of the end of the
reporting period
(IV) Changes in directors supervisors and senior managers
□Applicable √Not Applicable
(V) Notes on penalties from securities regulators in recent three years
□Applicable √Not Applicable
(VI) Others
□Applicable √Not Applicable
V. Board of directors meetings held in the reporting period
Session No. Session date Resolutions
The 17th session
The meeting reviewed the Proposal on Providing Financial Assistance by a Controlled
of the 8th board of January 28 2024
Subsidiary.directors
The meeting reviewed and approved the following proposals: the 2023 Board of
Directors Work Report the 2023 President’s Work Report the 2023 Annual Report and
Summary the Proposal on 2023 Asset Impairment Provisions and Fixed Asset
Retirement the 2023 Financial Final Accounts Report the Special Report on 2023
The 18th session Raised Capital Storage and Usage the 2023 Internal Control Audit Report the 2023
of the 8th board of April 26 2024 Internal Control Evaluation Report the 2023 Profit Distribution Plan the 2023
directors Environmental Social and Governance Report the Proposal on Directors’ 2023
Compensation and Performance Evaluation the 2023 Assessment Report on the
Accounting Firm’s Performance the 2023 Report of the Audit Committee on Oversight of
the Accounting Firm the 2023 Report of the Audit Committee’s Performance the
Proposal on Reappointment of the Accounting Firm the 2024 Q1Report the Proposal on
50 / 2692024 Annual Report of Tongwei Co. Ltd.
Mutual Guarantees Between the Company and Its Subsidiaries in 2024 the Proposal on
Providing Guarantees for Company Clients in 2024 the Proposal on Applying for
Comprehensive Credit Facilities in 2024 the Proposal on Conducting Bill Pool Business
in 2024 the Proposal on Utilizing Short-Term Surplus Funds for Wealth Management in
2024 the Proposal on Estimated 2024 Routine Related-Party Transactions the
Shareholder Dividend Distribution Plan for the Next Three Years (2024-2026) the 2024
Quality Improvement Efficiency Enhancement and Shareholder Return Action Plan the
Proposal on Share Repurchases via Centralized Bidding the Proposal on Amending a
Series of Corporate Policies and the Proposal on Convening the 2023 Annual General
Meeting of Shareholders.The 19th session
The meeting reviewed the Proposal on Not Making Downward Adjustment to the
of the 8th board of May 28 2024
Conversion Price of Tong22 Convertible Bonds.directors
The 20th session
The meeting reviewed the Proposal on Signing a Letter of Intent for Capital Increase
of the 8th board of August 13 2024
with Jiangsu Runergy New Energy Technology Co. Ltd. and Relevant Parties.directors
The 21st session
The meeting reviewed the 2024 Semi-Annual Report and Summary along with the
of the 8th board of August 28 2024
Proposal on Asset Impairment Provisions for the First Half of 2024.directors
The meeting reviewed the 2024 Q3 Report the Proposal on Asset Impairment Provisions
The 22nd session
for the Q3 of 2024 the Proposal on Application for Registration and Issuance of Debt
of the 8th board of October 30 2024
Financing Instruments (DFI) and the Semi-Annual Assessment Report on the 2024
directors
Quality Improvement Efficiency Enhancement and Shareholder Return Action Plan.The 23rd session
The meeting reviewed the Proposal on Not Making Downward Adjustment to the
of the 8th board of December19 2024
Conversion Price of Tong22 Convertible Bonds.directors
The 14th session
The meeting reviewed the Proposal on Estimated Quota and Feasibility Analysis for
of the 8th board of December 30 2024
Hedging Operations in 2025.directors
VI. Performance of duties by directors
(I) Attendances at board of directors meetings and general meetings by director
Attendance at
Attendance at board of directors meetings
general meetings
Number of board
Director Independent of directors Number of
Name director Absence frommeetings the Number of general meetings
In person Virtual by proxy two consecutive
director should absences the director has
meetings
have attended in attended
the year
Liu Shuqi No 8 8 6 0 0 No 0
Yan Hu No 8 8 6 0 0 No 1
Liu Hanyuan No 8 7 6 1 0 No 1
Ding Yi No 8 8 7 0 0 No 1
Li Peng No 8 8 8 0 0 No 0
Song No
No 8 8 8 0 0 1
Dongsheng
Fu Daiguo Yes 8 8 6 0 0 No 0
Jiang Yumei Yes 8 8 7 0 0 No 1
Xu Yingtong Yes 8 8 7 0 0 No 1
Note on absence from two consecutive meeting
□Applicable √Not Applicable
Number of board of directors meetings held in the year 8
In which: Number of physical meetings 0
Number of virtual meetings 6
Number of virtual and physical combined meetings 2
(II) Director objections on issues of the Company
51 / 2692024 Annual Report of Tongwei Co. Ltd.
□Applicable √Not Applicable
(III) Others
□Applicable √Not Applicable
VII. Committees under the board of directors
√Applicable □Not Applicable
(I) Members of committees under the board of directors
Committee Members
Audit Committee Yan Hu Fu Daiguo Jiang Yumei
Nomination Committee Liu Shuqi Jiang Yumei Xu Yingtong
Remuneration and Assessment Committee Liu Shuqi Xu Yingtong Fu Daiguo
Strategy and Sustainability Committee Liu Shuqi Liu Hanyuan Yan Hu Li Peng Xu Yingtong
(II) Five meetings held by the Audit Committee in the reporting period
Session date Content Important opinions and recommendations Other
information on
performance of
duties
The meeting reviewed and approved 1.
1. Tongwei Co. Ltd. 2023 Annual Report Tongwei Co. Ltd. 2023 Annual Report
Work Summary Follow-up Plan and 2024 Work Summary Follow-up Plan and
March 20 2024 Accounting Firm Selection Proposal; and 2024 Accounting Firm Selection
2. Tongwei Co. Ltd. 2023 Internal Audit Proposal; and 2. Tongwei Co. Ltd. 2023
Work Report and 2024 Internal Audit Work Report and 2024
Internal Audit Work Plan.The meeting reviewed the following The meeting reviewed and approved the
matters: 1. the 2023 Annual Report and its following matters: 1. the 2023 Annual
Summary; 2. the Proposal on 2023 Asset Report and its Summary; 2. Proposal on
Impairment Provisions and Asset 2023 Asset Impairment Provisions and
Retirement; 3. the 2023 Financial Final Asset Retirement; 3. the 2023 Financial
Accounts Report; 4. Special Report on the Final Accounts Report; 4. Special Report
Deposit and Actual Utilization of Raised on the Deposit and Actual Utilization of
Funds for 2023; 5. the 2023 Internal Raised Funds for 2023; 5. the 2023
Control Audit Report; 6. the 2024 Q1 Internal Control Audit Report; 6. the
Report; 7. the 2023 Internal Control Audit 2024 Q1 Report; 7. the 2023 Internal
Report; 8. Review of Sichuan Huaxin Control Audit Report; 8. Review of
(Group) Accounting Firm’s Sichuan Huaxin (Group) Accounting
April 22 2024
Communication Letter with the Firm’s Communication Letter with the
Governance Level; 9. Assessment Report Governance Level; 9. Assessment Report
on the Accounting Firm’s Performance of on the Accounting Firm’s Performance of
Duties; 10. the 2023 Report of the Audit Duties; 10. the 2023 Report of the Audit
Committee on Oversight of the Accounting Committee on Oversight of the
Firm; 11. the 2023 Report of the Audit Accounting Firm; 11. the 2023 Report of
Committee’s Performance; 12. the Audit Committee’s Performance; 12.Competitive Bidding Report for the 2024 Competitive Bidding Report for the 2024
Financial Audit and Internal Control Financial Audit and Internal Control
Audit Service Providers; and 13. the Audit Service Providers; and 13. the
Proposal on Reappointment of the Proposal on Reappointment of the
Accounting Firm. Accounting Firm.All proposals were thoroughly reviewed
and approved confirming that the
The meeting reviewed: 1. the 2024
Company’s 2024 first-half year financial
Semi-Annual Report and Summary; and 2.August 23 2024 statements authentically and accurately
the Proposal on Asset Impairment
represent its true financial position and
Provisions for the First Half of 2024.operational performance for the first half
of 2024.The meeting reviewed: 1. the 2024 Q3 All proposals were thoroughly reviewed
October 28 2024
Report; and 2. the Proposal on Asset and approved confirming that the
52 / 2692024 Annual Report of Tongwei Co. Ltd.
Impairment Provisions for the Q3 of 2024. Company’s 2024 Q3 financial statements
authentically and accurately represent its
true financial position and operational
performance for the Q3 of 2024.The proposal was evaluated and
subsequently approved affirming that the
Company’s engagement in futures and
derivatives hedging activities effectively
mitigates the adverse effects of price
fluctuations in raw materials and finished
goods as well as volatility in interest and
exchange rates. This strategic approach
1.The meeting reviewed the Proposal on
significantly reduces overall business
December 24 2024 Estimated Quota and Feasibility Analysis
risks. Furthermore the Company has
for Hedging Operations in 2025.instituted comprehensive internal control
policies and robust risk management
systems specifically tailored to its
hedging operations. Notably all potential
investment losses from these activities
remain within the Company’s established
risk tolerance thresholds ensuring that
risk exposure remains manageable.(III) Two meetings held by the Strategy and Sustainability Committee in the reporting period
Other
information on
Session date Content Important opinions and recommendations
performance of
duties
The proposal has been thoroughly
reviewed and confidently approved
establishing that the Company’s 2023
The meeting reviewed the 2023 Environmental Social and Governance
April 22 2024 Environmental Social and Governance Report authentically and accurately
Report. depicts its commitment to social
responsibilities and the status of
sustainable development initiatives and
operations.
1.The meeting reviewed the Proposal on
Signing a Letter of Intent for Capital
August 13 2024 Increase with Jiangsu Runergy New This proposal was approved.Energy Technology Co. Ltd. and Relevant
Parties.(IV) 1 meeting held by the Remuneration and Assessment Committee in the reporting period
Other
information on
Session date Content Important opinions and recommendations
performance of
duties
The proposal underwent a comprehensive
review and received approval confirming
that the 2023 compensation evaluation
standards for directors were implemented
effectively. Executive directors in
The meeting reviewed the Proposal on
addition to their roles as board members
April 22 2024 Directors’ 2023 Compensation and
bear specific management responsibilities
Performance Evaluation.aligned with internal assignments. Their
total compensation excluding director
allowances is determined through a
unified assessment process governed by
the Company’s Compensation
53 / 2692024 Annual Report of Tongwei Co. Ltd.
Management Policy and Performance
Management Policy. Independent and
external directors receive fixed
allowances.(V) No meeting held by Nomination Committee
(VI) Specific circumstances where objections were raised
□Applicable √Not Applicable
VIII. Note on supervisory committee's findings of the Company's risks
□Applicable √Not Applicable
The supervisory committee raised no objections to the matters under its oversight during the reporting period.IX. Employees of the parent company and major subsidiaries at the end of the reporting period
(I) Employees
Number of active employees of the parent company 2016
Number of active employees of major subsidiaries 53708
Total employees 55724
Number of retirees for whom the parent and major subsidiaries must bear
33
relevant expenses
Profession structure
Profession Number of employees
Production 33199
Sales 3784
Technology 12397
Finance 792
Administration 5552
Total 55724
Education structure
Education background Number of employees
Master's degree or higher 1175
Bachelor's degree 13265
Lower than bachelor's degree 41284
Total 55724
(II) Compensation policy
√Applicable □Not Applicable
Following principles of responsibility and value while balancing external competitiveness and internal fairness the Company
has established an effective compensation-based incentive mechanism aimed at promoting Company growth and achieving
operational objectives. This mechanism ensures that employees' value contributions and rewards are closely aligned with the
Company's operational goals and long-term development. To promote high-quality development and keep new quality productivity
balancing internal fairness and external competitiveness through compensation the Company endeavors to attract top talent from
external sources while also motivating developing and retaining internal high-potential individuals. This approach serves to drive
and inspire employees towards self-development and advancement. Also guided by the performance-oriented strategy performance
is seamlessly integrated with compensation aligning employee income and individual performance with the Company's overall
operational success. This involves enhancing both existing fixed and long-term incentives to fully harness the motivating power of
compensation and enhance the Company's overall operational effectiveness.(III) Training projects
√Applicable □Not Applicable
Talent is the most essential resource in the process of Tongwei’s development and growth. Guided by the cultural values of
striving for excellence in everything the Company has established a comprehensive talent development system. Continuously efforts
into talent selection use development and retention and the deployment of effective incentive policies fully guarantee the retention
and personal development of talent. The talent development framework is horizontally organized around business divisions with
tailored training curriculum and internal instructor structure established within each main business group. This setup addresses
talent needs aligned with our operational strategies nurturing internal core talents and maximizing the value of our human resources.Vertically the emphasis is on cultivating talent pipelines continuously strengthening internal foundations refining effective
management methodologies and attracting high-quality external educational resources. By integrating internal and external resources
54 / 2692024 Annual Report of Tongwei Co. Ltd.
and drawing from advanced management practices and technologies we strive to build a talent pool with comprehensive
competitiveness. The Company also encourages employees to improve their work skills and proficiency and provides certain
economic incentives and support for their education and training. Talent is the key to the development of Tongwei whose future is
inseparable from talent. Tongwei will continue to innovate its talent development model optimize training methods and strengthen
its talent foundation providing a continuous driver for its high-quality development.(IV) Labor outsourcing
□Applicable √Not Applicable
X. Proposal on profit distribution or capital reserve converted to share capital
(I) Development execution or adjustments of cash dividend policy
√Applicable □Not Applicable
The Shareholder Distribution Plan 2024-2026 approved at the 18th meeting of the 8th board of directors and the 2023 annual
general meeting specified that the Company preferred the cash dividend policy with minimum dividend payout ratio to ensure the
execution of the profit distribution policy.The 2023 Profit Distribution Proposal was reviewed and approved at the 18th meeting of the 8th board of directors on April 28
2024 and approved at the 2023 annual general meeting on May 202024. The Company distributed a cash dividend of 9.05 yuan for
per ten shares (including tax) for a total cash distribution of 4056115196.725 yuan on June 14 2024.(II) Special note on cash dividend policy
√Applicable □Not Applicable
Compliance with provisions of the Articles of Association or resolutions of the general meeting "√Yes" "□ No"
Dividend standards and payout ratio are clear "√Yes" "□ No"
Relevant decision-making procedures and mechanism are complete "√Yes" "□ No"
Independent directors performed their duties and played their role "√Yes" "□ No"
Middle and small shareholders had opportunities to fully express their views and needs with their "√Yes" "□ No"
legitimate rights and interests fully protected
(III) The Company should disclose the reasons and the purposes and plan of these undistributed profit where the Company
achieved profits and the profit attributable to shareholders of the parent company was positive but no cash dividend
proposal was raised
□Applicable √Not Applicable
(IV) Proposal on the profit distribution and capital reserve converted to share capital in the reporting period
□Applicable √Not Applicable
(V) Cash dividend distributions for the latest three fiscal years
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Total cash dividends distributed (tax-inclusive) for the latest three fiscal years (1) 16922731815.49
Total share repurchase and cancellation amount for the latest three fiscal years (2) /
Aggregate amount of cash dividends and share repurchases & cancellations for the latest three fiscal
16922731815.49
years (3) = (1) + (2)
Annual average net profit for the latest three fiscal years (4) 10756306586.36
Cash dividend payout ratio for the latest three fiscal years（%）(5)=(3)/(4) 157.33
Net profit attributable to owners of ordinary shares of the listed company in the latest fiscal year's
-7038757392.54
consolidated financial statements
Retained earnings at year-end in the latest fiscal year's financial statements of the parent company 17406813312.13
Note: The net profit means the net profit attributable to owners of ordinary shares of the listed company
XI. The information of share incentive plan employee stock ownership plan and other employee incentive measures and their
impacts
(I) Where relevant incentive matters have been disclosed in extraordinary announcements without further progress or change
Item Overview Index
For details please refer to the following documents For details please refer to the following documents
Employee Stock disclosed by the Company on the Shanghai Stock disclosed by the Company on the Shanghai Stock
Ownership Plan Exchange website: Employee Stock Ownership Plan of Exchange website: Employee Stock Ownership Plan of
of Tongwei Co. Tongwei Co. Ltd. (2021-2023); Announcement on Tongwei Co. Ltd. (2021-2023); Announcement on
Ltd. (2021-2023) Resolutions of the 17th Session of the 7th Board of Resolutions of the 17th Session of the 7th Board of
Directors of Tongwei Co. Ltd. (No.: 2021-004); and Directors of Tongwei Co. Ltd. (No.: 2021-004); and
55 / 2692024 Annual Report of Tongwei Co. Ltd.
Announcement on Resolutions of the 2021 First Announcement on Resolutions of the 2021 First
Extraordinary General Meeting of Tongwei Co. Ltd. Extraordinary General Meeting of Tongwei Co. Ltd.(No.: 2021-011) (No.: 2021-011).Tongwei Co. Ltd. has completed the share purchases for
2021-2023 employee stock ownership plan. The plan For details please refer to the Announcement on
had a total scale of 2.7 billion yuan with a 36-month Completion of Share Purchases for Tongwei Co. Ltd.duration. It acquired 76499840 shares representing 2021-2023 Employee Stock Ownership Plan (No.:
1.70% of the Company's total share capital at an 2021-051) disclosed by the Company on the Shanghai
average price of 34.43 yuan per share. The lock-up Stock Exchange website.period was from May 21 2021 to May 20 2022.Extension of the duration of the employee stock
ownership plan for the period of 2021-2023 of Tongwei
Co. Ltd. In recognition of the Company’s robust
long-term development outlook and to protect the
interests of all holders of the Employee Stock For details please refer to the following announcements
Ownership Plan (ESOP) a significant decision has been disclosed by the Company on the Shanghai Stock
made. On December 24 2023 following a thorough Exchange website: Tongwei Co. Ltd. Announcement on
review and unanimous approval by the ESOP holders Extension of the 2021-2023 Employee Stock Ownership
for the 2021-2023 period the Remuneration and Plan (No.: 2023-098) Announcement on Resolutions of
Assessment Committee of the 8th Board of Directors the Second Holder Meeting of the 2021-2023 Employee
along with the 16th session of the 8th Board of Shre Plan (No.: 2023-096) and Announcement on
Directors has agreed to extend the duration of the ESOP Resolutions of the 16th Session of the 8th Board of
by 24 months. This extension shifts the plan’s end date Directors (No.: 2023-094).to February 24 2026. As of the close of this reporting
period the ESOP holds a total of 76499840 shares of
the Company’s stock representing 1.70% of the total
share capital.In response to the prevailing downward trend in overall
market interest rates the Company has strategically
transitioned the asset management of the Employee For details please refer to the Announcement on Change
Stock Ownership Plan (ESOP) to Shaanxi International of Asset Management Institution for Tongwei Co. Ltd.Trust Co. Ltd. This decision aims to optimize financing 2021-2023 Employee Stock Ownership Plan No.:
costs associated with the ESOP reflecting a thorough 2025-021) disclosed by the Company on the Shanghai
evaluation of the plan’s progress during the 2021-2023 Stock Exchange website.period. A new management account has also been
established.For details please refer to the following documents
The Company convened the 1st Session of the 8th Board disclosed by the Company on the Shanghai Stock
of Directors on May 16 2022 followed by the 2022 Exchange website: Tongwei Co. Ltd. 2022-2024
First Extraordinary General Meeting on June 1 2022 Employee Stock Ownership Plan; Announcement on
which reviewed and approved the Proposal on the Draft Resolutions of the 1st Session of the 8th Board of
Tongwei Co. Ltd. 2022-2024 Employee Stock Directors (No.: 2022-053); and Announcement on
Ownership Plan and Its Summary. Resolutions of the 2022 First Extraordinary General
Meeting (No.: 2022-059).Tongwei Co. Ltd. has completed share acquisitions for
its 2022-2024 Employee Stock Ownership Plan (ESOP)
Employee Stock
totaling 5.6 billion yuan and spanning 36 months. The For details please refer to the Announcement on
Ownership Plan
plan involved the purchase of 99278665 shares Completion of Share Purchases for Tongwei Co. Ltd.of Tongwei Co.constituting 2.21% of the Company’s total share capital 2022-2024 Employee Stock Ownership Plan (No.:
Ltd.at an average price of 55.28 yuan per share. The lock-up 2022-072) disclosed by the Company on the Shanghai
(2022-2024)
period commenced on July 6 2022 and concluded on Stock Exchange website.July 5 2023. As of the reporting period’s end the ESOP
retained its 2.21% equity stake in the Company.The 2022-2024 Employee Stock Ownership Plan
(ESOP) of Tongwei Co. Ltd. originally slated to For details please refer to the Announcement on
conclude on May 31 2025 has been extended for an Extension and Change of Asset Management Institution
additional 36 months now set to last until May 31 for Tongwei Co. Ltd. 2022-2024 Employee Stock
2028. This decision reflects the Company’s strong Ownership Plan (No.: 2025-022) disclosed by the
commitment to its long-term development and aims to Company on the Shanghai Stock Exchange website.protect the interests of all ESOP participants. The
56 / 2692024 Annual Report of Tongwei Co. Ltd.
extension was endorsed through a comprehensive
review process involving the holders of the 2022-2024
ESOP the Remuneration and Assessment Committee of
the 8th Board of Directors and the subsequent meeting
of the 8th Board of Directors. In light of the prevailing
trend of declining market interest rates the Company
has also taken proactive measures to minimize financing
costs associated with the ESOP. To address these
changes Tongwei has transitioned the asset
management responsibility for the ESOP to Shaanxi
International Trust Co. Ltd. Furthermore a new
management account has been established for the plan.√Applicable □Not Applicable
(II) Where relevant incentive matters were not disclosed in extraordinary announcements or further progress or change
occurred
Share incentive
□Applicable √Not Applicable
Other notes
□Applicable √Not Applicable
Employee stock ownership plan
□Applicable √Not Applicable
Other incentive measures
□Applicable √Not Applicable
(III) Share incentives granted to directors and senior managers in the reporting period
□Applicable √Not Applicable
(IV) Evaluation mechanism for senior managers in the reporting period and the development and execution of incentive
mechanism
√Applicable □Not Applicable
The board of directors has a Remuneration and Assessment Committee which is responsible for organizing the performance
evaluation of senior managers conducting assessments and recommending their compensation distribution.Given the development stages of the photovoltaic and agricultural industries and in alignment with the compensation levels of
senior managers in similar sectors the Company has established a performance evaluation and distribution mechanism for senior
managers to enhance overall operational quality and build external competitive advantages within the industry. The total
compensation for senior managers comprises a base salary and performance bonuses. The base salary is dependent of the value of the
corresponding position and the level of seniority. Performance bonuses aim to encourage senior managers to act as strategic advisors
and leaders in the Company's development. Assessment criteria are aligned with the functional areas and business groups they
oversee and primarily involves the evaluations of revenue and profit operational competitiveness indicators safety performance and
other factors. Additional incentives may be provided for outstanding contributions. According to the Company's performance
assessment scheme and compensation distribution system the compensation for senior managers in a given year may involve partial
payment for the current period with a portion reserved as medium to long-term incentives.XII. Development and implementation of internal controls in the reporting period
√Applicable □Not Applicable
Refer to the Internal Control Self-Assessment Report disclosed on http://www.sse.com.cn by the Company on April 30 2025.Note on significant discrepancies in internal controls in the reporting period
□Applicable √Not Applicable
XIII. Management and control over subsidiaries in the reporting period
√Applicable □Not Applicable
As of the end of 2024 the Company had 262 subsidiaries including 250 domestic companies and 12 overseas companies. The
Company held shares directly in 17 subsidiaries and indirectly in 245 subsidiaries.It has completed management and control policies over subsidiaries. Regarding operation and business control the Company
has clear strategic goals. With completed organizational structure and business processes it has effectively made subsidiaries organic
57 / 2692024 Annual Report of Tongwei Co. Ltd.
parts for its overall strategy for synergies in business operation and for the integration creation and sharing of resources. Also
subsidiaries submit production and operation statements to the Company as required so that it gains an understanding of and control
over the operation and management of subsidiaries. Regarding financial control the Company has created a powerful financial
control system consisting of clear policies and requirements on financial budgeting and execution funds with other parties loans and
guarantees. Subsidiaries have their financial affairs managed in strict accordance with the Company's financial management
requirements and policies. Regarding personnel management the Company sends directors supervisors and senior managers to
subsidiaries for which it is the controlling shareholder to effectively supervise them. At the same time the Company enhances the
performance review on subsidiaries to better motivate their employees drive their development and ensure their overall operational
targets are met.XIV. Note on relevant information on internal control audit report
√Applicable □Not Applicable
Sichuan Huaxin engaged by the Company has audited the Company's 2024 internal controls and issued a report with standard
unqualified opinion details of which are in the 2024 Internal Control Audit Report on Tongwei Co. Ltd. disclosed on http:
www.sse.com.cn on April 30 2025 by the Company.Whether the internal control audit report was disclosed:Yes
Type of audit opinion:Standard unqualified opinion
XV. Correction of problems identified in self-check for the governance of listed companies
Not Applicable
XVI. Others
□Applicable √Not Applicable
Section V. Environmental and Social Responsibility
I. Environmental information
Environmental protection mechanism developed or not Yes
Environmental protection investment in the reporting period (unit: 10000 yuan) 124514.46
(I) Note on the environmental protection by companies falling into the key waste discharge organizations published by the
environmental protection authority and their major subsidiaries
√Applicable □Not Applicable
I. Waste discharge
√Applicable □Not Applicable
(1) Sichuan Yongxiang Polysilicon Co. Ltd.
* Primary pollutants in wastewater: COD ammonia nitrogen pH.Discharge method: continuous and stable discharge.Number of outlets: 1 main discharge outlet.Discharge standards: Integrated Wastewater Discharge Standard (GB 8978-1996) Table 4 Class I: COD ≤ 100 mg/l; ammonia
nitrogen ≤ 15 mg/l; pH 6–9.Actual discharge concentrations (2024): COD: 12.572 mg/l; ammonia nitrogen: 0.523 mg/l; pH: 6–9 (All values comply with
national environmental emission standards).Approved annual discharge limits: COD: no limits set; ammonia nitrogen: no limits set.
2024 total discharges: COD: 8.79 tons; ammonia nitrogen: 0.36 tons.
* Primary pollutants in waste gas: hydrogen chloride (HCl) particulate matter.Emission method: continuous and stable emission.Number of outlets: 26 outlets.Emission standards: Integrated Emission Standard of Air Pollutants (GB 16297-1996) Table 2 Class II:
HCl ≤ 100 mg/m3; particulate matter ≤ 120 mg/m3.Actual emission concentrations (2024): HCl: 0.635 mg/m3; particulate matter: 2.29 mg/m3.Approved annual emission limits: HCl: no limits set; particulate matter: no limits set.
2024 total emissions: HCl: 0.013 tons; particulate matter: 0.534 tons (All values comply with environmental emission standards).
(2) Sichuan Yongxiang New Energy Co. Ltd.
* Primary pollutants in wastewater: COD ammonia nitrogen pH.Discharge method: continuous and stable emission.Number of outlets: 1 main discharge outlet.Discharge standards: Sichuan Province Minjiang and Tuojiang River Basin Water Pollutant Discharge Standard (DB51/2311-2016) -
Effluent Criteria for Industrial Park Centralized Wastewater Treatment Plants: COD ≤ 40 mg/l; ammonia nitrogen ≤ 3 mg/l; pH 6–9.
58 / 2692024 Annual Report of Tongwei Co. Ltd.
Actual discharge concentrations (2024): COD: 15.589 mg/l; ammonia nitrogen: 0.585 mg/l; pH: 6–9 (All values comply with
environmental emission standards).Approved annual discharge limits: COD: no limits set; ammonia nitrogen: no limits set.
2024 total discharges: COD: 8.856 tons; ammonia nitrogen: 0.29 tons (All values comply with environmental emission standards).
* Primary pollutants in waste gas: sulfur dioxide nitrogen oxides particulate matter.Emission method: continuous and stable emission.Number of outlets: 4 outlets.Emission standards: Emission Standard of Air Pollutants for Boilers (GB 13271-2014) Table 3 Special Emission Limits: sulfur
dioxide (SO?) ≤ 50 mg/m3; nitrogen oxides (NO?) ≤ 150 mg/m3 (or ≤ 80 mg/m3 per EIA requirements for specific boilers); particulate
matter ≤ 20 mg/m3.Approved annual emission limits per new discharge permit: sulfur dioxide (SO?): no limits set; nitrogen oxides (NO?): ≤16.4
tons/year; particulate matter (PM): no limits set.
2024 actual emissions: Boiler operations (limited runtime due to exemplary energy management during power restrictions) : PM:
0.0525 tons; NO?: 0.399 tons；SO?: 0.0281 tons. Natural gas-based hydrogen production: PM: 0.134 tons: NO?: 5.9633 tons: SO?:
0.3055 tons.
Other primary pollutants in waste gas: hydrogen chloride (HCl) particulate matter (PM).Emission method: continuous stable emission intermittent discharge.Number of outlets: HCl: 41 outlets; PM: 26 outlets.Emission standards: Integrated Emission Standard of Air Pollutants (GB 16297-1996) Table 2 Class II:
HCl ≤ 100 mg/m3; PM ≤ 120 mg/m3.Actual emission concentrations (2024): HCl: 1.20 mg/m3; PM: 3.34 mg/m3
Approved annual emission limits: HCl: no limits set; PM: no limits set.
2024 total emissions: HCl: 0.641 tons; PM: 1.904 tons (All values comply with environmental emission standards).
(3) Sichuan Yongxiang Energy Technology Co. Ltd.
* Primary pollutants in wastewater: COD ammonia nitrogen pH SS total phosphorus (TP).Discharge method: intermittent discharge.Number of outlets: 1 main discharge outlet
Discharge standards: Discharge Standard of Pollutants for Municipal Wastewater Treatment Plants (GB 18918-2022): COD ≤ 40
mg/l; ammonia nitrogen (NH?-N) ≤ 3(5) mg/l; pH 6–9; SS ≤ 10 mg/l; total phosphorus (TP) ≤ 1.5 mg/l.Actual discharge concentrations (2024): COD: 6 mg/l; ammonia nitrogen: 0.077mg/l; PH: 7.4-7.8; SS: 4mg/l; TP: 0.05mg/l.Approved annual discharge limits: COD: No limits set; ammonia nitrogen: no limits set; TP: No limits set.
2024 total discharges: COD: 4.46 tons; NH?-N: 0.15 tons; total nitrogen (TN): 2.03 tons.
* Primary pollutants in waste gas: hydrogen chloride (HCl) particulate matter nitrogen oxides.Emission method: continuous and stable emission.Number of outlets: 58 outlets.Emission standards: Integrated Emission Standard of Air Pollutants (GB 16297-1996) Table 2 Class II: HCl ≤ 100 mg/m3; particulate
matter ≤ 120 mg/m3; nitrogen oxides ≤240mg/m3.Actual emission concentrations (2024): HCl: 1.875 mg/m3; particulate matter: 3.503 mg/m3; nitrogen oxides: 5mg/m3.Approved annual emission limits: particulate matter: 10.48 tons/year; HCl: 0.695 tons/year; nitrogen oxides: 2.84 tons/year.
2024 total emissions: particulate matter: 1.278 tons; HCl: 0.347 tons; nitrogen oxides: 2.04 tons (All values comply with
environmental emission standards).
(4) Inner Mongolia Tongwei High-purity Crystalline Silicon Company
* Zero Liquid Discharge (ZLD) for waste water management.* Primary pollutants in waste gas: sulfur dioxide nitrogen oxides hydrogen chloride (HCl) particulate matter.Emission method: continuous and stable emission.Number of outlets: 37 outlets.Emission standards: Boilers - Emission Standard of Air Pollutants for Boilers (GB 13271-2014) Table 2 Emission Limits for New
Boilers: sulfur dioxide (SO?) ≤ 50 mg/m3; nitrogen oxides (NO?) ≤ 200 mg/m3; particulate matter ≤ 20 mg/m3. Natural Gas-Based
Hydrogen -Emission Standard for Inorganic Chemical Industry (GB 31573-2015) with Amendments - Special Emission Limits for
Air Pollutants: sulfur dioxide (SO?) ≤ 100 mg/m3; nitrogen oxides (NO?) ≤ 100 mg/m3: particulate matter ≤ 10 mg/m3. Other
Processes - Integrated Emission Standard of Air Pollutants (GB 16297-1996) Class II for new pollution sources: HCl ≤ 100 mg/m3;
particulate matter ≤ 120 mg/ m3.Emission concentrations: nitrogen oxides (NO?): 37.42mg/m3; sulfur dioxide: 0.85mg/m3; hydrogen chloride: 31.15mg/m3;
particulate matter: 4.39mg/m3.Approved annual emission limits: sulfur dioxide (SO?) ≤0.099 tons/year; nitrogen oxides ≤31.46 tons/year; particulate matter ≤1.612
tons/year.
2024 actual emissions: SO?: 0.066 tons; NO?: 0.881 tons; PM: 0.378 tons; HCl: 2.647 tons (All values comply with environmental
emission standards).
59 / 2692024 Annual Report of Tongwei Co. Ltd.
(5) Inner Mongolia Tongwei Silicon Energy Co. Ltd.
* Zero Liquid Discharge (ZLD) for waste water management.* Primary pollutants in waste gas: hydrogen chloride (HCl) particulate matter.Emission method: continuous and stable emission.Number of outlets: 54 outlets.Emission standards: Integrated Emission Standard of Air Pollutants (GB 16297-1996) Class II for new pollution sources: HCl ≤ 100
mg/m3; particulate matter ≤ 120 mg/m3.Actual emission concentrations: HCl: 30.15 mg/m3; particulate matter: 3.29 mg/m3.Approved annual emission limits: particulate matter: no limits set; HCl: no limits set.
2024 total emissions: The company commenced production in Q4 2024 with annual emissions as follows: particulate matter (PM):
0.06 tons; hydrogen chloride (HCl): 0.447 tons (All values comply with environmental emission standards).
(6) Yunnan Tongwei High-purity Crystalline Silicon Company
Waste water discharge
* Primary pollutants in wastewater: COD ammonia nitrogen pH SS.Discharge method: intermittent discharge.Number of outlets: 2 main discharge outlets
Discharge standards: Integrated Wastewater Discharge Standard (GB 8978-1996) Table 4 Class III: COD ≤ 500 mg/l; ammonia
nitrogen: no requirement; pH 6–9; SS ≤ 400 mg/l.Actual discharge concentrations (2024): COD: 59.86 mg/ L; SS: 9.73 mg/l; ammonia nitrogen: 1.86 mg/ L.Approved annual discharge limits: The waste water is discharge to the sewage treatment plant in the industrial park without total
limits approved.
2024 total discharges: COD: 82.85 tons; SS: 11.79 tons; NH?-N: 2.38 tons (All values comply with environmental emission
standards).* Primary pollutants in wastewater: HCl particulate matter.Discharge method: continuous and stable emission
Number of outlets: 129 outlets
Discharge standards: Integrated Emission Standard of Air Pollutants (GB 16297-1996) Table 2 Class II: hydrogen chloride (HCl) ≤
100 mg/m3; particulate matter (PM) ≤ 120 mg/m3; sulfuric acid mist ≤ 45 mg/m3. Emission Standards for Caustic Soda and Polyvinyl
Chloride Industry (GB 15581-2016) Table 3 (for caustic soda & HCl synthesis projects): chlorine (Cl?) ≤ 5 mg/m3; hydrogen chloride
(HCl) ≤ 20 mg/m3.Actual discharge concentrations (2024): HCl:14.8 mg/m3; PM: 6.82 mg/m3; Sulfuric acid mist: 2.09 mg/m3; chlorine: 1.67mg/m3
Approved annual discharge limits: PM: 4.712 tons/year; HCl: 22.941 tons/year.
2024 total discharges: PM: 1.36 tons; HCl: 5.96 tons; sulfuric acid mist: 0.004102 tons; Cl2: 0.006043 tons (All values comply with
environmental emission standards).
(7) Sichuan Yongxiang Resin Co. Ltd.
* Primary pollutants in wastewater: COD total nitrogen ammonia nitrogen total phosphorus.Discharge method: continuous and stable emission
Number of outlets: 1 main discharge outlet
Discharge standards: Emission Standards for Caustic Soda and Polyvinyl Chloride Industry (GB 15581-2016) Table 1: COD≤60mg/l;
total nitrogen≤20mg/l; ammonia nitrogen≤15mg/l; total phosphorus≤1mg/l; 6≤pH≤9.Actual discharge concentrations (2024): COD: 10.15mg/l；total nitrogen: 7.49mg/l; ammonia nitrogen:0.82 mg/l; total phosphorus:
0.14 mg/l (All values comply with environmental emission standards)
Approved annual discharge limits: COD≤39 tons/year total nitrogen≤13 tons/year; ammonia nitrogen≤9.75 tons/year; total
phosphorus≤0.65 tons/year.
2024 total discharges: COD: 1.65 tons; total nitrogen: 1.20 tons; ammonia nitrogen: 0.13 tons; total phosphorus: 0.025 tons (All
values comply with environmental emission standards).* Primary pollutants in waste gas: particulate matter (PM) non-methane total hydrocarbons (NMTHC) nitrogen oxides (NO?).Emission method: continuous and stable emission.Number of outlets: 9 outlets.Emission standards: PM & NMTHC—Emission Standard for Caustic Soda and Polyvinyl Chloride Industry (GB 15581-2016) Table
4: PVC drying process PM ≤ 60 mg/m3; calcium carbide crushing PM ≤ 50 mg/m3; NMTHC ≤ 20 mg/m3. NO? —Emission Standard
of Air Pollutants for Boilers (GB 13271-2014) Table 4 Stricter EIA-approved limit: NO? ≤ 80 mg/m3.Actual emission concentrations (2024): PM: 1.75mg/m3; NMTHC: 3.09mg/m3; NO?: 28.78mg/m3.Approved annual emission limits: PM: 60 tons/year; NMTHC: 50 tons/year NO?: 53.1 tons/year.
2024 total emissions: PM: 1.75 tons; NMTHC: 2.80 tons; NO?: 2.77 tons (All values comply with environmental emission
standards).
60 / 2692024 Annual Report of Tongwei Co. Ltd.
(8) Sichuan Yongxiang Polysilicon Co. Ltd (New Materials Facility)
* Primary pollutants in wastewater: COD ammonia nitrogen.Discharge method: continuous and stable discharge
Number of outlets: 1 main discharge outlet
Emission standards: Integrated Wastewater Discharge Standard (GB 8978-1996) Class I; COD ≤ 100 mg/l; ammonia nitrogen ≤ 15
mg/l.Actual discharge concentrations (2024): COD: 36.17mg/l; ammonia nitrogen: 1.42 mg/l (All values comply with environmental
emission standards).Approved annual discharge limits: COD: No limits set; ammonia nitrogen: No limits set.
2024 total discharges: COD: 0.155 tons; ammonia nitrogen: 0.0069 tons (All values comply with environmental emission standards).
* Primary pollutants in waste gas: PM SO2 NOx.Emission method: continuous and stable emission
Number of outlets: 2 outlets.Emission standards: Sichuan Emission Standard of Air Pollutants for Cement Industry (DB51/2864-2021). PM≤10mg/m3;
SO2≤35mg/m3: NOx≤100mg/m3.Actual emission concentrations (2024): average concentration of PM from kiln head: 2.79mg/m3; average concentration of PM from
kiln tail: 0.70mg/m3; average SO2 concentration: 1.27mg/m3; average NOx concentration: 33.76 mg/m3 (All values comply with
environmental emission standards).Approved annual emission limits: PM: 25.80 tons/year SO2: 52.5 tons/year NOx: 150 tons/year.
2024 total emissions: PM from kiln head: 4.09 tons; PM from kiln tail: 2.04 tons; SO2: 2.58 tons; Nox: 95.95 tons (All values comply
with environmental emission standards).
(9) Tongwei Solar (Chengdu) Co Ltd.
Huangjia Park:
* Primary pollutants in wastewater: General pollutants: COD ammonia nitrogen pH; Characteristic pollutants: fluoride.Discharge method: continuous and stable discharge
Number of outlets: 2 main discharge outlets
Discharge standards: Emission Standard of Pollutants for Battery Industry （GB30484-2013）Table 2 Indirect Emission Standard for
Solar Cells: COD≤150mg/l; ammonia nitrogen≤30mg/l; pH: 6-9; fluoride≤8mg/l.Actual discharge concentrations (2024): COD: 16.41mg/l; ammonia nitrogen: 1.76mg/l; pH: 7.81; fluoride: 4.18mg/l.Approved annual discharge limits: None.
2024 total discharges: COD: 40.68 tons; ammonia nitrogen: 3.91 tons (All values comply with environmental emission standards).
* Primary pollutants in waste gas: fluoride hydrogen chloride chlorine sulfuric acid mist ammonia particulate matter volatile
organic compounds; Characteristic pollutants: fluoride.Emission method: continuous and stable emission.Number of outlets: 28 outlets.Emission standards: Odorous Pollutants Emission Standard (GB 14554-1993) Table 2: ammonia (NH?) ≤14 kg/h. Sichuan Province
Fixed Pollution Source VOC Emission Standard (DB51/2377-2017) Table 3 (Electronics Manufacturing Sector): volatile organic
compounds (VOCs) ≤60 mg/m3. Pollutant Emission Standard for Battery Industry (GB 30484-2013) Table 5 (Solar Cell Production
Criteria): fluoride ≤3 mg/m3; chlorine (Cl?) ≤5 mg/m3; particulate matter (PM) ≤30 mg/m3; hydrogen chloride (HCl) ≤5 mg/m3;
nitrogen oxides (NO?) ≤30 mg/m3.Actual emission concentrations (2024): fluoride: 1.136 mg/m3; chlorine (Cl?): 0.1 mg/m3; particulate matter (PM): 3.310 mg/m3;
nitrogen oxides (NO?): 6.380 mg/m3; VOCs: 0.69 mg/m3; hydrogen chloride (HCl): 0.740 mg/m3; ammonia (NH?): 1.750 mg/m3 (All
values comply with environmental emission standards).Approved annual emission limits: None.
2024 total emissions: nitrogen oxides (NO?): 4.92 tons; VOCs: 1.68 tons (All values comply with environmental emission standards).
Industrial Park in the Comprehensive Bonded Zone:
* Primary pollutants in wastewater: General pollutants: COD ammonia nitrogen pH; Characteristic pollutants: fluoride.Discharge method: continuous and stable discharge
Number of outlets: 1 main discharge outlet
Discharge standards: Emission Standard of Pollutants for Battery Industry （GB30484-2013）Table 2 Indirect Emission Standard for
Solar Cells: COD ≤ 150 mg/l; ammonia nitrogen ≤ 30 mg/l; pH: 6-9; fluoride ≤ 8 mg/l.Actual discharge concentrations (2024): COD: 45mg/l; ammonia nitrogen: 14.1mg/l; pH: 8.175; fluoride: 6.06mg/l.Approved annual discharge limits: None.
2024 total discharges: COD: 57.61 tons; ammonia nitrogen: 18.05 tons (All values comply with environmental emission standards).
* Primary pollutants in waste gas: fluoride hydrogen chloride chlorine sulfuric acid mist ammonia particulate matter volatile
organic compounds;
Characteristic pollutants: fluoride.Emission method: continuous and stable emission.
61 / 2692024 Annual Report of Tongwei Co. Ltd.
Number of outlets: 24 outlets.Emission standards: Odorous Pollutants Emission Standard (GB 14554-1993) Table 2: ammonia (NH?) ≤14 kg/h. Sichuan Province
Fixed Pollution Source VOC Emission Standard (DB51/2377-2017) Table 3 (Electronics Manufacturing Sector): volatile organic
compounds (VOCs) ≤60 mg/m3. Pollutant Emission Standard for Battery Industry (GB 30484-2013) Table 5 (Solar Cell Production
Criteria) for Other Exhaust Gases: fluoride ≤3 mg/m3; chlorine (Cl?) ≤5 mg/m3; particulate matter (PM) ≤30 mg/m3; hydrogen
chloride (HCl) ≤5 mg/m3; nitrogen oxides (NO?) ≤30 mg/m3.Actual emission concentrations (2024): fluoride: 2.031 mg/m3; chlorine (Cl?): 0.185 mg/m3; particulate matter (PM): 0.500 mg/m3;
nitrogen oxides (NO?): 15.200 mg/m3; VOCs: 0.460 mg/m3; hydrogen chloride (HCl): 0.654 mg/m3; ammonia (NH?): 0.016 kg/h (All
values comply with environmental emission standards).Approved annual emission limits: None.
2024 total emissions: nitrogen oxides (NO?): 2.64 tons; VOCs: 0.50 tons.
(10) Tongwei Solar (Anhui) Co. Ltd.
* Primary pollutants in wastewater: General pollutants: COD ammonia nitrogen pH total nitrogen; Characteristic pollutants:
fluoride.Discharge method: continuous and stable discharge
Number of outlets: 1 outlet
Discharge standards: Emission Standard of Pollutants for Battery Industry – Indirect Emission Standard for Solar Cells and Hefei
Western Cluster Wastewater Treatment Plant Acceptance Standards: COD ≤ 150 mg/l; ammonia nitrogen ≤ 30 mg/l; pH: 6-9; total
nitrogen ≤ 40 mg/l; fluoride ≤ 8 mg/l.Actual discharge concentrations (2024): COD: 47mg/l; ammonia nitrogen: 2.38 mg/l; pH: 7.4; total nitrogen: 17.9 mg/l; fluoride:
5.80 mg/l (All values comply with environmental emission standards).
Approved annual discharge limits: COD ≤ 739.5 tons/year ammonia nitrogen ≤ 147.9 tons/year.
2024 total discharges: COD: 10.40 tons; ammonia nitrogen: 0.53 tons (All values comply with environmental emission standards).
* Primary pollutants in waste gas: General pollutants: chlorine particulate matter nitrogen oxides hydrogen chloride and volatile
organic compounds; Characteristic pollutants: fluoride.Emission method: continuous and stable emission.Number of outlets: 12 outlets.Emission standards: Pollutant Emission Standard for Battery Industry (GB 30484-2013) Table 5 (Solar Cell Production Criteria):
nitrogen oxides (NO?) ≤30 mg/m3; fluoride ≤3 mg/m3; chlorine (Cl?) ≤5 mg/m3; particulate matter (PM) ≤30 mg/m3; hydrogen
chloride (HCl) ≤5 mg/m3;
Volatile Organic Compounds – Shanghai Integrate Emission Standards of Air Pollutants (DB31/933-2015):
Limit ≤50 mg/m3.Actual emission concentrations (2024): nitrogen oxides (NO?): not detected; fluoride: 0.27 mg/m3; chlorine (Cl?): not detected;
particulate matter (PM): 27 mg/m3; hydrogen chloride (HCl):1.11 mg/m3; VOCs: 1.91 mg/m3 (All values comply with environmental
emission standards).Approved annual emission limits: None.
2024 total emissions: nitrogen oxides (NO?): 0; VOCs: 0.86 tons (All values comply with environmental emission standards).
(11) Tongwei Solar (Meishan) Co. Ltd.
* Primary pollutants in wastewater: General pollutants: COD ammonia nitrogen pH total nitrogen; Characteristic pollutants:
fluoride.Discharge method: continuous and stable discharge
Number of outlets: A total of 5 outlets located in south side and west side of plant area including 2 production wastewater outlets 1
general wastewater outlet 1 domestic sewage outlet and 1 combined general/domestic wastewater outlet.Discharge standards: Production Wastewater - Emission Standard of Pollutants for Battery Industry (GB 30484-2013) Table 2
Indirect Discharge Standard and all Pollutants & Chloride Compounds Meet Phase I Design Influent Standards of Ganmei Industrial
Park Xiuwen Town WWTP; Domestic Sewage & General Wastewater Comply with Phase II Design Influent Standards of the same
WWTP.Actual discharge concentrations (2024): COD: 36.315mg/l; ammonia nitrogen: 12.785 mg/l; total nitrogen: 16.68 mg/l pH: 7.69;
fluoride: 5.55 mg/l (All values comply with environmental emission standards).Approved annual discharge limits: COD≤2879.8 tons/year ammonia nitrogen ≤373.49 tons/year.
2024 total discharges: COD: 221.83 tons; ammonia nitrogen: 65.17 tons (All values comply with environmental emission standards).
* Primary pollutants in waste gas: General pollutants: chlorine particulate matter nitrogen oxides ammonia hydrogen chloride and
volatile organic compounds; Characteristic pollutants: fluoride.Emission method: continuous and stable emission.Number of outlets: 56 outlets.Emission standards: Pollutant Emission Standard for Battery Industry (GB 30484-2013) Table 5 (Solar Cell Production Criteria):
nitrogen oxides (NO?) ≤30 mg/m3; fluoride ≤3 mg/m3; chlorine (Cl?) ≤5 mg/m3; particulate matter (PM) ≤30 mg/m3; hydrogen
chloride (HCl) ≤5 mg/m3. Odorous Pollutants Emission Standard (GB 14554-1993): ammonia ≤ 15.2 kg/h ammonia ≤ 20 kg/h
62 / 2692024 Annual Report of Tongwei Co. Ltd.
ammonia ≤ 27 kg/h ammonia ≤ 14 kg/h; hydrogen sulfide ≤ 0.9 kg/h; odor concentration: 6000. Sichuan Province Fixed Pollution
Source VOC Emission Standard (DB51/2377-2017): VOCs ≤60 mg/m3.Actual emission concentrations (2024): fluoride: 0.68 mg/m3; chlorine (Cl?): 0.045mg/m3; particulate matter (PM): 2.08 mg/m3;
hydrogen chloride (HCl): 0.639 mg/m3; VOCs: 0.548 mg/m3; nitrogen oxides (NO?): 5.545 mg/m3; ammonia: 0.95kg/h; odor
concentration: 113.71.Approved annual emission limits: nitrogen oxides (NO?) ≤48.18 tons/year; VOCs ≤ 26.9676 tons/year.
2024 total emissions: nitrogen oxides (NO?): 8.072 tons; VOCs: 4.027 tons (All values comply with environmental emission
standards).
(12) Tongwei Solar (Jintang) Co. Ltd.
* Primary pollutants in wastewater: General pollutants: pH COD ammonia nitrogen; Characteristic pollutants: fluoride.Discharge method: continuous and stable discharge
Number of outlets:1 outlet.Discharge standards: Emission Standard of Pollutants for Battery Industry (GB30484-2013) Table 2 Indirect Discharge Standard:
6≤pH≤9; COD≤150mg/l; ammonia nitrogen≤30mg/l; fluoride≤8mg/l.
Actual discharge concentrations (2024): pH：6.8-7.6; COD: 129.25 mg/l; ammonia nitrogen: 15.81 mg/l; fluoride: 6.13 mg/l (All
values comply with environmental emission standards).Approved annual discharge limits: COD≤1006.9 tons/year ammonia nitrogen ≤201.4 tons/year.
2024 total discharges: COD: 517 tons; ammonia nitrogen: 63.24 tons (All values comply with environmental emission standards).
* Primary pollutants in waste gas: General pollutants: hydrogen chloride nitrogen oxides chlorine ammonia particulate matter and
volatile organic compounds; Characteristic pollutants: fluoride.Emission method: continuous and stable emission.Number of outlets: 16 outlets.Emission standards: Pollutant Emission Standard for Battery Industry (GB 30484-2013) Table 5 (Solar Cell Production Criteria):
fluoride ≤3 mg/m3; chlorine (Cl?) ≤5 mg/m3; particulate matter (PM) ≤30 mg/m3; hydrogen chloride (HCl) ≤5 mg/m3; nitrogen oxides
(NO?) ≤30 mg/m3; Odorous Pollutants Emission Standard (GB 14554-1993) Table 2: ammonia ≤ 20 kg/h; Sichuan Province Fixed
Pollution Source VOC Emission Standard (DB51/2377-2017): VOCs ≤60 mg/m3.Actual emission concentrations (2024): fluoride: 0.60 mg/m3; Chlorine (Cl?): 0.08 mg/m3; Particulate Matter (PM): 6.98 mg/m3;
Nitrogen Oxides (NO?): 9.87 mg/m3; VOCs: 0.71 mg/m3; Hydrogen Chloride (HCl): 0.69 mg/m3; Ammonia: 4.69 kg/h (All values
comply with environmental emission standards).Approved annual emission limits: Nitrogen Oxides (NO?) ≤17.7 tons/year; VOCs ≤ 17.8 tons/year.
2024 total emissions: Nitrogen Oxides (NO?): 5.429 tons; VOCs: 2.68 tons (All values comply with environmental emission
standards).
(13) Tonghe New Energy (Jintang) Co. Ltd.
* Primary pollutants in wastewater: General pollutants: pH COD ammonia nitrogen (NH?-N); Characteristic Pollutant: fluoride.Discharge method: continuous and stable discharge.Number of outlets: 2 main discharge outlets.Discharge standards: Battery Cell Project - Pollutant Emission Standards for Battery Industry (GB 30484): COD ≤150 mg/l; NH?-N
≤30 mg/l; 6≤pH≤9; SS ≤140 mg/l; TN ≤40 mg/l; fluoride ≤8 mg/l.Wafer Slicing Project - Electronic Industry Water Pollutant Discharge Standard (GB 39731-2020): COD ≤500 mg/l; NH?-N ≤45 mg/l;
6≤pH≤9; SS ≤140 mg/l; TN ≤70 mg/l; fluoride ≤20 mg/l.
Approved annual discharge limits:
Battery Cell Project - COD ≤852 tons/year; NH?-N ≤170 tons/year; TP ≤11 tons/year; F?≤39.2 tons/year.Wafer Slicing Project - COD ≤1526 tons/year; NH?-N ≤137 tons/year; TP ≤24 tons/year.
2024 total discharges: Battery Cell Project – COD: 114.78 tons/year; NH?-N: 12.61 tons/year; TP: 0.386 tons/year; F?: 6.38 tons/year
(All values comply with environmental emission standards).
Wafer Slicing Project – COD: 315.74 tons/year; NH?-N: 5.36 tons/year; TP: 0.236 tons/year (All values comply with environmental
emission standards).* Primary pollutants in waste gas: particulate matter nitrogen oxides and volatile organic compounds.Emission method: continuous and stable emission.Number of outlets: 18 outlets.Emission standards: Pollutant Emission Standard for Battery Industry (GB 30484-2013): fluoride ≤3 mg/m3; particulate matter (PM)
≤30 mg/m3; nitrogen oxides (NO?) ≤30 mg/m3; Sichuan Province Fixed Pollution Source VOC Emission Standard (DB51/2377-2017):
VOCs ≤60 mg/m3.Approved annual emission limits (Cells): nitrogen oxides (NO?) ≤25.56 tons/year; particulate matter (PM) ≤7.58 tons/year; VOCs ≤
36.38 tons/year.
Approved annual emission limits (Wafer Slicing): fugitive particulate matter (PM) ≤3.64 tons/year; VOCs ≤4.35tons/year.
2024 total emissions (Cells): nitrogen oxides (NO?): 1.79 tons; particulate matter (PM): 2.9 tons; VOCs: 3.85 tons (All values comply
with environmental emission standards).
63 / 2692024 Annual Report of Tongwei Co. Ltd.
2024 total emissions (Wafer Slicing): particulate matter (PM): 1.78 tons; VOCs: 0.168ns (All values comply with environmental
emission standards).
(14) Tongwei Solar (Pengshan) Co. Ltd.
* Primary pollutants in wastewater: COD ammonia nitrogen (NH?-N) pH fluoride.Discharge method: Continuous and stable discharge.Number of outlets: 1 main discharge outlet.Discharge standards: Pollutant Emission Standards for Battery Industry (GB 30484-2013) Table 2 Indirect Discharge Standard for
Solar Cells: CODcr≤150 mg/l; NH?-N ≤30 mg/l; 6≤pH≤9; SS ≤140 mg/l; fluoride ≤8 mg/l.Actual discharge concentrations (2024): COD: 84.69 mg/l; ammonia nitrogen: 7.83 mg/l; pH: 8.43; fluoride: 3.73 mg/l (All values
comply with environmental emission standards).Approved annual discharge limits: COD ≤939.11 tons/year; NH?-N ≤187.82 tons/year.
2024 total discharges: COD: 388.83 tons; NH?-N: 35.95 tons.
* Primary pollutants in waste gas: hydrogen chloride chlorine ammonia particulate matter nitrogen oxides volatile organic
compounds (VOCs) fluoride.Emission method: Continuous and stable emission.Number of outlets: 23 outlets.Emission standards: Pollutant Emission Standard for Battery Industry (GB 30484-2013) Table 5: fluoride ≤3 mg/m3; hydrogen
chloride ≤5mg/m3; chlorine≤5mg/m3; nitrogen oxides≤30mg/m3; particulate matter (PM) ≤30 mg/m3. Odorous Pollutants Emission
Standard (GB 14554-1993) Table 2: ammonia (NH?) ≤20 kg/h (30m) 14kg/h (25m). Sichuan Province Fixed Pollution Source VOC
Emission Standard (DB51/2377-2017) Table 3 for Electronic Manufacturing: VOCs ≤60 mg/m3.Actual emission concentrations: fluoride: 0.25 mg/m3; hydrogen chloride: 1.01 mg/m3; chlorine: 0.55 mg/m3; nitrogen oxides: 12.09
mg/m3; particulate matter: 9.75mg/m3; ammonia: 1.32kg/h; VOCs: 0.98mg/m3 (All values comply with environmental emission
standards).Approved annual emission limits: nitrogen oxides≤16.62 tons/year; VOCs≤9.12 tons/year.
2024 total emissions: nitrogen oxides: 10.475 tons; VOCs: 4.383 tons (All values comply with environmental emission standards).
(15) Zhongwei New Energy (Chengdu) Co. Ltd.:
* Primary pollutants in wastewater: COD SS pH NH3-N.Discharge method: Continuous and stable discharge.Number of outlets: 1 main discharge outlet.Discharge standards: Discharge Standard of Water Pollutants for Electronic Industry (GB 39731-2020): COD≤500 mg/l;
SS≤400mg/l: 6≤pH≤9; NH?-N ≤45 mg/l.Actual discharge concentrations (2024): COD: 165mg/l; SS: 7mg/l; pH: 7.4; NH?-N: 0.498mg/l (All values comply with
environmental emission standards).Approved annual discharge limits: COD ≤1083.6 tons/year; NH?-N ≤97.5 tons/year.
2024 total discharges: COD: 54.137 tons; NH?-N: 0.163 tons (All values comply with environmental emission standards).
* Primary pollutants in waste gas: particulate matter non-methane total hydrocarbons (NMTH).Emission method: continuous and stable emission.Number of outlets: 7 outlets.Emission standards: Integrated Emission Standard of Air Pollutants (DB51/2377-2017) Table 3: particulate matter (PM) ≤120 mg/m3.Sichuan Province Fixed Pollution Source VOC Emission Standard (DB51/2377-2017) Table 3: VOCs ≤60 mg/m3.Actual emission concentrations (2024): particulate matter: 20 mg/m3; VOCs: 2.13 mg/m3 (All values comply with environmental
emission standards).Approved annual emission limits: VOCs≤6.29 tons/year.
2024 total emissions: VOCs: 1.27 tons (All values comply with environmental emission standards).
(16) Chengdu Chunyuan Food Co. Ltd.
Waste water discharge:
* Primary pollutants in wastewater: COD NH3-N pH SS BOD animal and vegetable oils total phosphorus (TP) total nitrogen
(TN).Discharge method: intermittent discharge.Number of outlets: 1 outlet.Discharge standards: Discharge Standard of Water Pollutants for Meat Packing Industry (GB13457-92) Table 3 Tier 3 Emission
Standards for Livestock Slaughtering; COD: 500 mg/l; ammonia nitrogen: no concentration limit specified; pH: 6.0–8.5; suspended
solids (SS): 400 mg/l; biochemical oxygen demand (BOD): 300 mg/l; animal and vegetable oils: 60 mg/l; total phosphorus (TP): no
concentration limit specified; total nitrogen (TN): no concentration limit specified.Actual discharge concentrations (2024): COD: 44.25 mg/l; ammonia nitrogen: 15.04 mg/l; pH: 7.5; suspended solids (SS): 19.25
mg/l; biochemical oxygen demand (BOD): 13.58 mg/l; animal and vegetable oils: 0.45 mg/l; total phosphorus (TP): 6.75 mg/l; total
nitrogen (TN): 24.63 mg/l (All values comply with environmental emission standards).
64 / 2692024 Annual Report of Tongwei Co. Ltd.
Approved annual discharge limits: COD≤357.5 tons/years; no limits set for other pollutants.
2024 total discharges: COD: 8.60 tons less than the approved limit.
* The boiler is out of service with no exhaust gas emissions during the reporting period.
(17) Chengdu Xintaifeng Agriculture Development Co. Ltd.
Waste water discharge:
* Primary pollutants in wastewater: COD NH3-N pH SS BOD animal and vegetable oils total phosphorus (TP) total nitrogen
(TN).Discharge method: intermittent discharge.Number of outlets: 1 outlet.Discharge standards: Discharge Standard of Water Pollutants for Meat Packing Industry (GB13457-92) Table 3 Tier 3 Emission
Standards for Livestock Slaughtering; COD: 500 mg/l; pH: 6.0–8.5; suspended solids (SS): 300 mg/l; biochemical oxygen demand
(BOD5): 250 mg/l; animal and vegetable oils: 50 mg/l; total phosphorus (TP): no concentration limit specified; total nitrogen (TN):
no concentration limit specified.Actual discharge concentrations (2024): COD: 60 mg/l; ammonia nitrogen: 75 mg/l; pH: 7.6; suspended solids (SS): 22 mg/l;
biochemical oxygen demand (BOD5): 20.7 mg/l; animal and vegetable oils: 0.64 mg/l; total phosphorus (TP): 12.7 mg/l; total
nitrogen (TN): 91 mg/l (All values comply with environmental emission standards).Approved annual discharge limits: COD≤306 tons/years; no limits set for other pollutants.
2024 total discharges: COD: 3.78 tons less than the approved limit.
* The boiler is out of service with no exhaust gas emissions during the reporting period.
(18) Tongwei (Hainan) Aquatic Food Co. Ltd.
Waste water discharge:
* Primary pollutants in wastewater: COD NH3-N pH total phosphorus (TP) total nitrogen (TN).Discharge method: continuous and stable discharge.Number of outlets: 1 outlet.Discharge standards: Laocheng Wastewater Treatment Plant (West Zone) Effluent Discharge Standards: pH: 6–9; COD≤500mg/l;
NH3-N≤40mg/l; SS ≦400mg/l; TN≦40mg/l: TP≦6mg/l; BOD≦300mg/l.Actual discharge concentrations (2024): COD: 30 mg/l; NH3-N: 28.1 mg/l; TN: 37mg/l; TP: 12.9 mg/l (All values comply with
environmental emission standards).Approved annual discharge limits: No limits set for pollutants.
2024 total discharges: COD: 15.86 tons NH3-N: 18.54 tons; TP: 0.56 tons; TN: 21.65 tons (All less than the approved limits).
* The boiler is out of service with no exhaust gas emissions during the reporting period.
2. Construction and operation of pollution prevention and treatment facilities
√Applicable □Not Applicable
Each of the Company’s key polluting units has constructed environmental protection facilities in accordance with environmental
assessment and regulatory requirements. In the reporting period all facilities operated normally and environment staff performed
periodical inspections and maintenance of the facilities to ensure that pollutants were released in compliance with standards. Details
are as below:
High-purity polysilicon and chemical engineering business group:
(1) Wastewater control facilities include centrifuge mother liquor treatment station mercury-containing wastewater treatment station
domestic wastewater treatment device wastewater treatment station high-salinity wastewater condensation device all of which
operated normally;
(2) Waste gas treatment facilities include vinyl chloride pressure swing adsorption unit chlorine tail gas absorption unit PVC drying
cyclone dust collector calcium carbide crushing baghouse dust collector process waste gas scrubber and dedusting system. All of
them operate in good condition;
(3) Solid-waste facilities include slag shed and temporary storage room of hazardous wastes all of which were managed subject to
environmental protection requirements.
(4) Noise control facilities include mufflers and vibration absorbers for noise-generating equipment and mufflers set for vent ports
all of which operated normally.Solar cell business group:
(1) Wastewater control facilities include domestic wastewater treatment device sewage treatment stations multi-stage
physiochemical + biochemical pre-treatment + two stage A/O wastewater treatment system + wastewater collection device for gather
ammonium sulfate at elevated concentrations (for recycling and treatment by a third-party company) all of which operated normally.
(2) Waste gas control facilities include online combustion + low-temperature plasma + active carbon treatment system
reduction-based scrubber acid-alkali scrubber and combustion chamber all of which operated normally.
(3) Solid-waste facilities include solid waste warehouse domestic waste storage facility and hazardous waste warehouse all of
which were managed subject to environmental protection requirements.
65 / 2692024 Annual Report of Tongwei Co. Ltd.
(4) Noise control facilities include low-noise equipment mufflers and vibration absorbers used for noise-generating equipment and
mufflers and noise-isolation walls all of which operated normally.Solar module business group:
(1) Wastewater control facilities include domestic wastewater treatment stations which operated normally.
(2) Waste gas control facilities include: for waste gas from dicing processes a pulse-type dust collector is installed; for waste gas
from welding processes a pulse-type dust collector followed by a secondary activated carbon adsorption unit is installed; for waste
gas from junction box welding lamination cleaning and curing processes a pulse-type dust collector followed by a secondary
activated carbon adsorption unit is installed; for waste gas from the domestic sewage treatment station a water spray device is
installed. All environmental protection facilities for waste gas operated normally.
(3) Solid waste facilities include general solid waste warehouse and hazardous waste warehouse all of which were managed subject
to environmental protection requirements.
(4) Noise control facilities include measures such as factory sound insulation foundation shock absorption and equipment noise
reduction for all noise generating equipment and they operated normally.Agriculture animal husbandry and food business group:
(1) The primary wastewater treatment facility comprises a sewage treatment station that processes all domestic and production
wastewater. This facility ensures that treated effluent meets discharge standards before it enters the park’s pipeline network and is
subsequently routed to the local sewage treatment plant for final processing and discharge. The sewage treatment station operates
seamlessly. Specifically wastewater from tilapia production is integrated into the sewage system for biochemical treatment followed
by phosphorus removal. Once the effluent meets regulatory standards it undergoes centralized treatment at the municipal sewage
treatment plant. Additionally the sludge produced during treatment is efficiently processed by a filter press and disposed of in
compliance with regulations through a certified agricultural company.
(2) The boiler is out of operation and no waste gas treatment facilities are in place.
(3) The primary solid waste management facilities consist of a waste residue shed a temporary storage room for sludge a temporary
storage area for solid waste and a dedicated space for hazardous waste. These facilities operate in strict compliance with
environmental protection standards. The primary solid waste includes feces from the sedimentation tank sludge produced by the
sewage treatment station's sludge press and various hazardous wastes. All waste is entrusted to accredited institutions for safe and
responsible transfer and disposal.
(4) The primary noise treatment facilities incorporate effective strategies including noise reduction and shock absorption for each
piece of equipment all of which function optimally.
3. Environmental impact assessments and other administrative permits on construction projects
√Applicable □Not Applicable
High-purity polysilicon and chemical engineering business group:
(1) Sichuan Yongxiang New Energy Co. Ltd.: Yongxiang New Energy successfully completed its energy-saving and
efficiency-enhancing technical transformation project resulting in the acquisition of a new Pollution Discharge Permit on April 22
2024 under certificate number 91511112MA633M5847001U. Furthermore on April 26 2024 the Photovoltaic Silicon Material
Manufacturing Project specifically the third-phase high-purity polysilicon project received environmental impact assessment
approval with the document number LSHS [2024] No. 7.
(2) Inner Mongolia Tongwei High-purity Crystalline Silicon Company: The technical transformation project for silicon core drawing
received environmental impact assessment approval on May 13 2024 under document number BHGZ 150203 [2024] No. 007.
(3) Yunnan Tongwei High-purity Crystalline Silicon Company: The phase II project secured a pollution discharge permit from the
Baoshan Ecology and Environment Bureau on April 3 2024 and subsequently completed self-inspection and acceptance in
December 2024. The certificate is registered under number 91530524MA6PEG4C47002V.
(4) Sichuan Yongxiang Energy Technology Co. Ltd.: The phase I high-purity polysilicon project completed the self-inspection and
acceptance on environmental protection on November 3 2024.
(5) Sichuan Yongxiang Polysilicon Co. Ltd.: Environmental protection facilities have been upgraded and a new application for the
pollution discharge permit has been submitted. The permit replacement was successfully completed on November 29 2023 with
permit number 91511100660281872G001Q.
(6) Sichuan Yongxiang Resin Co. Ltd.: It fully obtained its pollution discharge permit from the Leshan Ecology and Environment
Bureau on December 20 2024 under certificate number 91511112MADG2674XL001V.
(7) Sichuan Yongxiang Polysilicon Co. Ltd. (New Materials Facility): The facility updated its pollution discharge permit receiving
official approval from the Leshan Ecology and Environment Bureau on November 22 2024. The certificate number is
91511100660281872G002P.
(8) Inner Mongolia Tongwei Silicon Energy Co. Ltd.: The company secured environmental impact assessment approval from the
Baotou Ecology and Environment Bureau on May 26 2023 (BHGZ150203 [2023] No. 010). Subsequently it obtained the pollution
discharge permit on June 12 2024 under certificate number 91150203MAC08DH30H001V.Solar cell business group:
66 / 2692024 Annual Report of Tongwei Co. Ltd.
(1) The high-efficiency crystalline silicon solar cell production line upgrade project at Tongwei Solar (Jintang) Co. Ltd. received
environmental impact assessment (EIA) approval from the Chengdu Municipal Ecology and Environment Bureau on April 7 2024
(Approval Document: CHS (CN) [2024] No. 9). Additionally the amendment of the Pollutant Discharge Permit was successfully
completed on October 16 2024.
(2) Tongwei Solar (Pengshan) Co. Ltd. successfully secured approval for its environmental impact assessment (EIA) report on the
2024 High-Efficiency Crystalline Silicon Solar Cell Capacity Expansion and Efficiency Improvement Technical Transformation
Project from the Meishan Municipal Ecology and Environment Bureau on July 2 2024 (Approval Document: MSHJT [2024] No. 11).Furthermore on September 6 2024 the company effectively renewed its Pollutant Discharge Permit retaining the original permit
number with an extended validity period until September 5 2029.
(3) Tongwei Solar (Chengdu) Co. Ltd. received approval for the environmental impact assessment (EIA) report concerning the
High-Efficiency Crystalline Silicon Cells Supporting 110kV Substation Project from the Chengdu Municipal Ecology and
Environment Bureau in August 2024 (Approval Document: CHS (F) [2024] No. 70). Subsequently in November 2024 the project
successfully passed a self-conducted acceptance inspection and completed online registration.
(4) Tongwei Solar (Meishan) Co. Ltd. achieved regulatory milestones for its Phase IV High-Efficiency Crystalline Silicon Solar Cell
Project. On January 3 2024 the Meishan Municipal Ecology and Environment Bureau granted approval for the environmental
impact assessment (EIA) of the 220kV substation construction project (Approval Document: MSHJH [2024] No. 1). Subsequently
on January 8 2024 the Bureau also approved the EIA report for the Phase IV project (Approval Document: MSHJH [2024] No. 6).Furthermore the company successfully renewed its Pollutant Discharge Permit retaining the original permit number
(91511400MA686MWR2C001Q) now valid until June 5 2029.
(5) On March 11 2024 Tongwei Solar (Meishan) Co. Ltd. secured approval from the Meishan Municipal Ecology and Environment
Bureau for the environmental impact assessment report pertaining to its Phase IV High-Efficiency Crystalline Silicon Solar Cell
Supporting Project (Approval Document: MSHJH [2024] No. 24).
(6) On January 16 2024 Tongwei Solar (Meishan) Co. Ltd. successfully filed its Meishan High-Efficiency Crystalline Silicon Solar
Cell Technology Upgrade Project with the Meishan Development and Reform Commission (Filing No.: [2401-511400-07-02-276646]
JXQB-0007). Subsequently on June 28 2024 the project received approval for its environmental impact assessment from the
Meishan Municipal Ecology and Environment Bureau (Approval Document: MSHJH [2024] No. 48). Additionally the company’s
renewed Pollutant Discharge Permit was approved maintaining the original permit number (91511400MA686MWR2C001Q) and
extending its validity to August 27 2029.
(7) Tongwei Solar (Meishan) Co. Ltd. successfully filed its Meishan High-Efficiency Crystalline Silicon Solar Cell Phase III
Expansion and Renovation Project with the Meishan Development and Reform Commission on June 17 2024 (Filing No.:
[2405-511400-04-01-587944] FGQB-0077). The project subsequently received approval for its environmental impact assessment
report from the Meishan Municipal Ecology and Environment Bureau on November 6 2024 (Approval Document: MSHJH [2024]
No. 97). Moreover the company’s revised Pollutant Discharge Permit was granted approval while retaining its original permit
number (91511400MA686MWR2C001Q) and maintaining its validity through August 27 2029.
(8) On July 4 2024 Tongwei Solar (Meishan) Co. Ltd. successfully submitted the investment filing for its Meishan High-Efficiency
Crystalline Silicon Solar Cell (Phase IV) Capacity Expansion and Upgrade Project to the Meishan Development and Reform
Commission (Filing No.: [2407-511400-04-01-647042] FGOB-0113).
(9) Tonghe New Energy (Jintang) Co. Ltd. obtained approval from Chengdu Municipal Ecology and Environment Bureau on
November 12 2024 for the environmental impact assessment report of its Tonghe 110kV Substation Expansion Project (Approval
Document: CHS(F) [2024] No. 93).
(10) On October 9 2024 Zhongwei New Energy (Chengdu) Co. Ltd. received approval from the Chengdu Municipal Ecology and
Environment Bureau for the environmental impact assessment (EIA) report pertaining to its Photovoltaic Monocrystalline Silicon
Wafer Smart Factory Construction Project (Phase I) (Approval Document: CHS(P) [2024] No. 58). Subsequently on October 21
2024 the company completed the registration for fixed pollution source discharge acquiring the necessary pollutant discharge
registration receipt.Solar module business group:
(1) Tongwei Solar (Hefei) Co. Ltd. renewed its Pollutant Discharge Permit in 2024 and obtained the permit issued by Hefei
Municipal Ecology and Environment Bureau with the permit number: 91340100560687779D001V.
(2) Tongwei Solar (Yancheng) Co. Ltd. obtained approval for the Environmental Impact Assessment Report Form for the New
Annual 1GW Photovoltaic Module Intelligent Manufacturing Technology Transformation Project on July 24 2024 (Approval
Document: YKXSHBF [2024] No. 19).
(3) Tongwei Solar (Yancheng) Co. Ltd. Tongwei Solar (Nantong) Co. Ltd. and Tongwei Solar (Sichuan) Co. Ltd. have completed
their pollutant discharge permit registrations.
4. Environmental-related emergency response plans
√Applicable □Not Applicable
To prevent and reduce environmental events standardize the emergency management and emergency response procedures of the
Company for environmental emergencies establish an emergency work mechanism that follows central commands takes
responsibilities at different levels and acts swiftly carry out emergency rescue work in a timely and effective manner and form a
67 / 2692024 Annual Report of Tongwei Co. Ltd.
coordinated and efficient environmental pollution emergency response system with strong prevention actions orderly commands the
Company and its subsidiaries have formulated emergency response plans for emergency events and have the plans registered in local
ecology bureaus. Current valid registration numbers of key polluting entities of the Company in the reporting period are as follows:
High-purity polysilicon and chemical engineering business group:
(1) Environmental Emergency Response Plan of Sichuan Yongxiang New Energy Co. Ltd.(511112－2024－021－H);
(2) Environmental Emergency Response Plan of Inner Mongolia Tongwei High-purity Crystalline Silicon
Company(150203-2024-055-H);
(3) Environmental Emergency Response Plan of Yunnan Tongwei High-purity Crystalline Silicon Company (530502-2024-041-H);
(4) Environmental Emergency Response Plan of Sichuan Yongxiang Energy Technology Co. Ltd.(511112-2023-014-H);
(5) Environmental Emergency Response Plan of Sichuan Yongxiang Polysilicon Co. Ltd. (511112-2024-022-H);
(6) Environmental Emergency Response Plan of Sichuan Yongxiang Resin Co. Ltd.(511112-2024-026-H);
(7) Environmental Emergency Response Plan of Sichuan Yongxiang Polysilicon Co. Ltd (New Materials Facility)
(511112-2024-031-M);
(8) Environmental Emergency Response Plan of Inner Mongolia Tongwei Silicon Energy Co. Ltd. (150203-2024-029-H).
Solar cell business group:
(1) Environmental Emergency Response Plan of Tongwei Solar (Jintang) Co. Ltd.（2023（01）version）(510121-2023-021-H);
(2) Environmental Emergency Response Plan of Tongwei Solar (Anhui) Co. Ltd. (340171-2023-043-M340171-2021-110-M and
340105-2019-026M);
(3) Factory-wide Environmental Emergency Response Plan of Tongwei Solar (Meishan) Co. Ltd. (51140020230005-M);
(4) Environmental Emergency Response Plan of Tongwei Solar (Meishan) Co. Ltd. (51140020210004-M);
(5) Environmental Emergency Response Plan for the Project of Application of Homemade Intelligent Equipment (System) from
Efficient Silicon Solar Cells with an Annual Capacity of 7.5 GW of Tongwei Solar (Meishan) Co. Ltd. (51140020200031-L);
(6) Environmental Emergency Response Plan of Tongwei Solar (Meishan) Co. Ltd.(2024version) (51140020240006-H)
(7) Environmental Emergency Response Plan of Tongwei Solar (Chengdu) Co. Ltd.(510122-20242432-M);
(8) Environmental Emergency Response Plan of Tonghe New Energy (Jintang) Co. Ltd. (preparation)(510121-2022-082-M)
(9) Environmental Emergency Response Plan of Tongwei Solar (Pengshan) Co. Ltd. (511403-2023-041-M);
(10) Environmental Emergency Response Plan of Zhongwei New Energy (Chengdu) Co. Ltd.(510122-2024-2470-M).
Solar module business group:
(1) Environmental Emergency Response Plan of Tongwei Solar (Hefei) Co. Ltd. (340171-2023-045-L);
(2) Environmental Emergency Response Plan of Tongwei Solar (Yancheng) Co. Ltd.(320961-2023-040-M);
(3) Environmental Emergency Response Plan of Tongwei Solar (Sichuan) Co. Ltd. (510121-2023-028-L);
(4) Environmental Emergency Response Plan of Tongwei Solar (Nantong) Co. Ltd. (320609-2024-15-L).
Agriculture animal husbandry and food business group:
(1) Environmental Emergency Response Plan of Chengdu Chunyuan Food Co. Ltd. (510183-2024-001-L);
(2) Environmental Emergency Response Plan of Chengdu Xintaifeng Agriculture Development Co. Ltd. (510183-2023-134-L);
(3) Environmental Emergency Response Plan for Deepen processing project of Tongwei (Hainan) Aquatic Products Co.
Ltd.(469027-2023-062-M).
5. Self-monitoring plans
√Applicable □Not Applicable
Major subsidiaries have established safety and environment departments or management teams equipped with sufficient
personnel and advanced monitoring equipment. Various methods such as real-time monitoring by environmental monitoring
equipment regular manual monitoring and third-party monitoring ensure the compliance with environmental management
requirements.
(1) High-purity polysilicon and chemical engineering business group:
The Company has established safety and environment departments with sufficient personnel and advanced monitoring
equipment. The discharge outlets are equipped with online monitoring devices for both wastewater and exhaust gases which comply
with regulations. These devices can continuously monitor parameters such as wastewater flow rate COD ammonia nitrogen total
nitrogen pH sulfur dioxide in wastewater and the nitrogen oxides and particles in exhaust gases. The monitored data is transmitted
in real-time to the pollution source monitoring platform. Environmental protection personnel conduct daily inspections of the online
monitoring devices at the discharge outlets. Qualified maintenance entities are commissioned to maintain the online monitoring
devices according to technical specifications ensuring the accuracy of data analysis and compliance with discharge standards for all
parameters. In accordance with the environmental impact assessment report and technical specifications for industry emission
permits we have prepared a self-monitoring plan. Testing agencies with qualifications have been commissioned to conduct
monitoring according to the plan.
(2) Solar cell business group:
68 / 2692024 Annual Report of Tongwei Co. Ltd.
Online testing devices are installed at general wastewater discharge outlets to detect pollutants like COD NH3-N and PH in a
real-time manner with detection data sent to the environmental protection information platform on a regular basis. The wastewater
treatment station is equipped with a wastewater testing laboratory where laboratory technicians conduct regular tests on various
stages of wastewater treatment to ensure that the discharged wastewater meets the required standards. In addition the Company has
developed an annual environmental monitoring plan. In accordance with the requirements of the environmental impact assessment
report and pollution discharge permit third-party testing agencies are commissioned to test the Company’s exhaust gas wastewater
noise plant boundary exhaust gas groundwater and other environmental aspects. The results are disclosed publicly.
(3) Solar module business group:
The Company has implemented robust self-monitoring standards. Each facility is equipped with online monitoring systems that
track wastewater and exhaust gas parameters including COD NH3-N pH and VOCs in real-time. Furthermore the Company
collaborates with third-party testing agencies to conduct comprehensive environmental assessments of exhaust gases wastewater
noise and fugitive emissions at facility boundaries with detailed test reports generated accordingly.
(4) Agriculture animal husbandry and food business group:
The Company monitors parameters such as COD ammonia nitrogen pH total phosphorus total nitrogen and flow rate in
wastewater in a real-time manner. All monitoring data is transmitted in real-time to the environmental authority’s pollution source
monitoring system. Additionally in accordance with the self-monitoring plan for the environment qualified third-party testing
agencies are regularly commissioned to test on parameters such as waste gas pH value and suspended solids in waste water plant
boundary noise and issue testing reports.
6. Other environmental information that should be disclosed
□Applicable √Not Applicable
7. Other environmental information that should be disclosed
□Applicable √Not Applicable
(II) Other environmental disclosure with reference to key pollutant discharge units
√Applicable □Not Applicable
1. Administrative penalties due to environmental problems
√Applicable □Not Applicable
During the reporting period Special Feed Branch of Wuxi Tongwei Biotechnology Co. Ltd. received a penalty for exceeding
regulated odor concentration emission limits. The company has successfully implemented all necessary corrective actions in response
to this administrative penalty. This incident is not anticipated to materially affect the company’s production or operations.
2. Other environmental disclosure with reference to key pollutant discharge units
√Applicable □Not Applicable
Tongwei Solar (Hefei) Co. Ltd. Tongwei Solar (Yancheng) Co. Ltd. Tongwei Solar (Sichuan) Co. Ltd. Tongwei Solar
(Nantong) Co. Ltd. and the company’s feed production facilities are not classified as key pollutant discharge units. Their primary
products include solar photovoltaic modules aquatic feed and livestock feed among others. The relevant environmental
management measures are as follows:
(1) Tongwei Solar (Hefei) Co. Ltd.
* Waste gas management
In the production of photovoltaic modules the primary exhaust emissions include non-methane total hydrocarbons (NMTH)
particulate matter and tin compounds. The company utilizes advanced pipeline collection and enclosed negative pressure systems to
effectively capture these emissions. Subsequently these pollutants undergo treatment via a pulse-jet dust removal system combined
with dual-stage activated carbon adsorption ensuring compliance with discharge standards.* Waste water management
The photovoltaic module production process does not generate industrial wastewater. The company's wastewater primarily
consists of domestic sewage and cafeteria wastewater. For this project cafeteria wastewater undergoes pretreatment in grease traps
while domestic sewage is treated in septic tanks. These streams are then combined with circulating cooling wastewater and reverse
osmosis concentrate from pure water preparation. The mixed wastewater is discharged into the municipal pipe network through the
company's domestic wastewater treatment station (after meeting discharge standards) and ultimately sent to the Western Cluster
Wastewater Treatment Plant for advanced treatment.* Solid waste management
During the production of photovoltaic modules the solid waste generated is classified into two main categories: general
industrial solid waste and hazardous waste. General industrial solid waste includes recyclables such as waste paper plastics glass
and scrap metal particularly soldering ribbons which are redirected to licensed recycling companies for repurposing. Non-recyclable
materials are responsibly disposed of in landfills or incinerated at waste-to-energy facilities. Hazardous waste is carefully managed in
dedicated temporary storage facilities and is periodically transferred to licensed third-party disposal providers that possess the
necessary hazardous waste treatment qualifications.* Noise management
69 / 2692024 Annual Report of Tongwei Co. Ltd.
The primary noise sources include compressors cooling towers fans and other equipment. Noise emissions are controlled
through optimized facility layout soundproofed buildings use of low-noise equipment and enhanced operational management
ensuring compliance with noise discharge requirements specified in each production base's environmental impact assessment.The company and its subsidiaries continue to strengthen standardized environmental management practices achieving
significant results in pollution control. No major environmental incidents or pollution accidents occurred during the reporting period.
(2) Tongwei Solar (Yancheng) Co. Ltd.
* Waste gas management
In the production of photovoltaic modules the primary exhaust emissions include non-methane total hydrocarbons (NMTH)
particulate matter and tin compounds. The company employs pipeline collection and enclosed negative pressure systems to capture
these emissions which are then treated through a dry filtration system + zeolite rotor concentration + ECO catalytic combustion
system to ensure compliant discharge before release.* Waste water management
During the production of photovoltaic modules the facility generates no industrial wastewater. The wastewater produced
primarily consists of domestic sewage and cafeteria runoff. Specifically cafeteria wastewater undergoes pre-treatment via an oil
interceptor while domestic sewage is processed in a septic tank. This wastewater is subsequently combined with circulating cooling
wastewater and concentrated water from pure water preparation. Ultimately all treated effluent is directed to Jiangsu Dongfang
Water Co. Ltd. for comprehensive treatment.* Solid waste management
During the production of photovoltaic modules the solid waste generated is classified into two main categories: general
industrial solid waste and hazardous waste. General industrial solid waste includes recyclables such as waste paper plastics glass
and scrap metal particularly soldering ribbons which are redirected to licensed recycling companies for repurposing. Non-recyclable
materials are responsibly disposed of in landfills or incinerated at waste-to-energy facilities. Hazardous waste is carefully managed in
dedicated temporary storage facilities and is periodically transferred to licensed third-party disposal providers that possess the
necessary hazardous waste treatment qualifications.* Noise management
The primary noise sources include compressors cooling towers fans and other equipment. Noise emissions are controlled
through optimized facility layout soundproofed buildings use of low-noise equipment and enhanced operational management
ensuring compliance with noise discharge requirements specified in each production base's environmental impact assessment.The company and its subsidiaries continue to strengthen standardized environmental management practices achieving
significant results in pollution control. No major environmental incidents or pollution accidents occurred during the reporting period.
(3) Tongwei Solar (Sichuan) Co. Ltd.
* Waste gas management
The production of photovoltaic modules generates waste gas primarily from welding laminating and curing processes. Key
pollutants in this waste gas include particulate matter volatile organic compounds (VOCs) tin and its compounds as well asisopropyl alcohol. To effectively mitigate these emissions the company employs five “zeolite rotary adsorption + electro-catalyticcombustion” units along with two “secondary activated carbon adsorption” systems ensuring thorough treatment prior to discharge.The company operates a raw material testing laboratory that generates waste gas containing primary pollutants specifically
volatile organic compounds (VOCs) and xylene. These emissions are managed through a secondary activated carbon adsorption
system prior to discharge.* Waste water management
During production the facility generates no industrial wastewater; it only produces domestic sewage from workshop cleaning
and employee activities. This sewage undergoes pretreatment in a septic tank rendering it compliant with the standards outlined in
Table 2 of the Integrated Wastewater Discharge Standard (GB8979-1996) and the influent parameters of the Tuojiang Protection and
Reclaimed Water Plant. Subsequently the treated effluent is connected to the municipal sewage pipeline network. It undergoes
further treatment at the downstream municipal sewage treatment plant before being safely discharged into the receiving water body.* Solid waste management
During the production of photovoltaic modules the solid waste generated is classified into two main categories: general
industrial solid waste and hazardous waste. General industrial solid waste includes recyclables such as waste paper plastics glass
and scrap metal particularly soldering ribbons which are redirected to licensed recycling companies for repurposing. Non-recyclable
materials are responsibly disposed of in landfills or incinerated at waste-to-energy facilities. Hazardous waste is carefully managed in
dedicated temporary storage facilities and is periodically transferred to licensed third-party disposal providers that possess the
necessary hazardous waste treatment qualifications.* Noise management
The primary noise sources include compressors cooling towers fans and other equipment. Noise emissions are controlled
through optimized facility layout soundproofed buildings use of low-noise equipment and enhanced operational management
ensuring compliance with noise discharge requirements specified in each production base's environmental impact assessment.The company and its subsidiaries continue to strengthen standardized environmental management practices achieving significant
results in pollution control. No major environmental incidents or pollution accidents occurred during the reporting period.
70 / 2692024 Annual Report of Tongwei Co. Ltd.
(4) Tongwei Solar (Nantong) Co. Ltd.
* Waste gas management
The waste gas emitted during photovoltaic module production primarily comprises non-methane total hydrocarbons particulate
matter xylene and tin and its compounds. The facility collects this waste gas through a comprehensive system utilizing pipelines and
closed negative pressure. It is subsequently treated using an integrated process of dry filtration a zeolite rotary concentrator and
ECO catalytic combustion ensuring compliance with environmental standards before discharge.* Waste water management
The company’s wastewater primarily consists of domestic sewage. Following pretreatment through a septic tank and an oil
interceptor the sewage is routed to the municipal pipeline network where it undergoes centralized advanced treatment at Nantong
Economic and Technological Development Zone Tongsheng Drainage Co. Ltd.* Solid waste management
During the production of photovoltaic modules the solid waste generated is classified into two main categories: general
industrial solid waste and hazardous waste. General industrial solid waste includes recyclables such as waste paper plastics glass
and scrap metal particularly soldering ribbons which are redirected to licensed recycling companies for repurposing. Non-recyclable
materials are responsibly disposed of in landfills or incinerated at waste-to-energy facilities. Hazardous waste is carefully managed in
dedicated temporary storage facilities and is periodically transferred to licensed third-party disposal providers that possess the
necessary hazardous waste treatment qualifications.* Noise management
The primary noise sources include compressors cooling towers fans and other equipment. Noise emissions are controlled
through optimized facility layout soundproofed buildings use of low-noise equipment and enhanced operational management
ensuring compliance with noise discharge requirements specified in each production base's environmental impact assessment.The company and its subsidiaries continue to strengthen standardized environmental management practices achieving significant
results in pollution control. No major environmental incidents or pollution accidents occurred during the reporting period.
(5) Feed producers
* Waste gas management
The waste gas generated in feed production mainly consists of dust and exhaust of high temperature high humidity and high
dust which is treated by cyclone dust collector and dust collection bags then treated by sprinkler-based oxidation equipment before
emitted.* Wastewater management
No wastewater or little wastewater is generated in feed production. The wastewater is mainly from the sprinkler system of
environmental equipment. This wastewater is processed by the AAO Process and circulated which will not cause secondary
pollution to environment. Domestic wastewater generated by employees is pre-treated by the septic tank and sent to the municipal
wastewater treatment plant via the municipal wastewater network for centralized treatment with the tail water meeting the Grade
One Type A standards in Discharge Standard of Pollutants for Municipal Wastewater Treatment Plant (GB18918-2002) discharged.No pollution will be caused.* Solid waste management
Common types of solid waste generated in feed production are general solid waste and hazardous solid waste. General solid
waste is comprehensively utilized by material recycling companies. Hazardous type is stored in a dedicated temporary room and sent
to qualified parties periodically for further treatment.* Noise management
Noise producers in feed production mainly include crushers mixers draught fans. We use low-noise equipment and have them
arranged properly so that noise attenuates to the largest extent over distance. High-noise equipment is enclosed with noise absorbing
walls.The Company and its subsidiaries have been strengthening the procedure-based environmental protection with significant effect. No
significant environmental event or pollution occurred in the reporting period.
3. Reason for non-disclosure of other environmental information
□Applicable √Not Applicable
(III) Information relating to protecting ecology preventing pollution and fulfilling environmental obligation
√Applicable □Not Applicable
The Company is firmly committed to the principles of green development and actively engages in the global sustainable
development agenda. In 2024 we embraced the central mission of Together to Win incorporating the United Nations Sustainable
Development Goals (SDGs) into our corporate strategy. This led to the establishment of a comprehensive management framework
characterized by three dimensions and nine systems designed to effectively operationalize sustainable development. This year
through sustained dialogue and enhanced collaboration with diverse stakeholders we successfully launched the Together to Win:
Global Sustainable Partnership Development Plan. This initiative expands our original four ESG strategic directions into six critical
pillars encompassing governance environment customers employees partners and society. By fostering an ethos of openness
71 / 2692024 Annual Report of Tongwei Co. Ltd.
inclusivity cooperation and shared purpose we are well-positioned to achieve a sustainable and prosperous future in collaboration
with partners across all sectors.During the reporting period the Company adopted a robust approach to address climate risks conducting carbon emission
accounting and verification including Scope 3 emissions across the value chain. This methodological rigor culminated in attaining an
ISO 14064-1 greenhouse gas verification statement from a recognized third-party authority. The Company strategically identified the
carbon reduction potential across the entire product lifecycle achieving 26 product carbon footprint and lifecycle assessment
certifications during this timeframe. These accomplishments established a solid foundation for the development of green low-carbon
products. In terms of waste emissions the Company meticulously managed exhaust gases wastewater solid waste and hazardous
materials adhering to national regulations such as the Environmental Protection Law and the Air Pollution Prevention and Control
Law. While fulfilling compliance obligations the Company actively explored various pathways for waste reduction and circular
utilization. These initiatives included self-monitoring of emissions classified waste disposal recycling and the strategic
lightweighting of packaging materials. Such measures effectively minimize waste generation and emissions at their source.During the reporting period the Company demonstrated a strategic approach to resource utilization and nature conservation
pursuing a model of harmonious coexistence between humans and the natural environment. In terms of water resource management
the Company implemented a comprehensive strategy that fostered innovation from both managerial and technological perspectives.This included enhancing control over critical water usage processes and continuously optimizing water-saving technologies ensuring
both efficient and intensive utilization of resources. In alignment with its environmental commitments the Company strictly adhered
to environmental laws and regulations across all operating countries and regions. By establishing green factories green supply chains
and sustainable product designs the Company successfully mitigated operational impacts on ecosystems. Additionally leveraging its
dual-core business advantages the Company pioneered the Fishery-Photovoltaic Integration system which simultaneously supports
ecological aquaculture and clean energy generation. This innovative model not only provides green electricity and sustainable
seafood but also yields significant environmental benefits culminating in a triple-win outcome. In recognition of its sustainability
excellence this initiative was selected as one of the UN Global Compact Top 20 ESG Cases of the Past Two Decades this year.(IV) Emission reduction actions in the reporting period and the effect
Carbon reduction measures taken or not Yes
Carbon emission reduction (tCO2e) 12945659
Types of carbon reduction actions (such as use clean energy for power
clean energy power generation and energy-saving projects
generation use decarbonization technologies in production process and
application
develop new products that help reduce carbon footprint)
Specific description
√Applicable □Not Applicable
The Company motivated by its strategic vision to become a world-class safe food supplier and a world-class clean energy
operator has established ambitious climate goals aimed at achieving carbon neutrality in its operations by 2030 alongside a
commitment to transition to 100% renewable electricity by the same year. In alignment with these targets the Company has devised
tailored climate action pathways emphasizing a coordinated approach between headquarters and local implementation. This strategy
not only facilitates centralized planning but also empowers production units to adopt targeted emission reduction measures ensuring
systematic progress towards its 2030 objectives.In 2024 the Company under the astute guidance of the Energy Management Committee initiated robust sustainability oversight
across its subsidiaries implementing comprehensive energy consumption control and carbon reduction strategies. By analyzing its
carbon emissions profile including its emission source structure and future trends in conjunction with the evolving landscape of
domestic and international low-carbon policies the Company has delineated precise action targets and strategic pathways across
three critical dimensions: operations value chain and products. The objective remains unequivocal: achieving operational carbon
neutrality by 2030. Implementation strategies emphasize the construction of phased zero-carbon factories ongoing carbon emissions
verification and comprehensive product carbon footprint certification—each enhancing the integrity of the carbon management
system. Simultaneously the Company is committed to developing green supply chains increasing the adoption of renewable energy
sources particularly green electricity and capitalizing on its technical expertise to foster innovation and collaboration in green
technologies.During the reporting period the Company has intensified its research and development efforts focused on energy-saving
technologies. Notable projects such as the Round Silicon Core Project and the Large-scale Energy-efficient Hydrogenation Furnace
Project have been pivotal in advancing resource circulation and energy efficiency. Major production facilities have also integrated
facility-wide vacuum systems and M3CDA technology implementing critical measures including vacuum pipeline leak detection
optimization of the PCW system zoned HVAC control and intermittent chiller operations during winter resulting in significant
enhancements in energy efficiency.Green development is the cornerstone of Tongwei’s growth strategy. The Company steadfastly adheres to its principles of
low-carbon and sustainable development implementing rigorous scientific management in all energy operations. We are committed
to achieving superior standards as a leader in clean production circular economy practices and energy efficiency thereby actively
contributing to global energy conservation objectives.
72 / 2692024 Annual Report of Tongwei Co. Ltd.
II. Social responsibility
(I) Separate disclosure of social responsibility report sustainability report or ESG report
√Applicable □Not Applicable
Refer to the 2024 Environmental Social and Governance Report of Tongwei Co. Ltd. disclosed on the website of Shanghai
Stock Exchange (http://www.sse.com.cn) on April 30 2025 for details.(II) Social responsibility practices
√Applicable □Not Applicable
Outward donations and public interest projects Amount/description Note
Total investment (10000 yuan) 297.70
In which: cash (10000 yuan) 253.25
In-kind donations (10000 yuan) 44.45
Number of benefited persons /
Specific notes
√Applicable □Not Applicable
The Company is dedicated to its corporate mission of Striving for Excellence Contributing to Society with a strong focus on
sustainable development as a cornerstone of its growth. Continuously refining and enhancing management systems and measures for
sustainability it actively collaborates with suppliers and partners to forge a path towards sustainable development aiming to share in
the rewards of a sustainable and improved future.In 2024 the Company launched the Together to Win - Global Sustainable Partnership Development Plan embracing an open
inclusive and collaborative framework for engaging with industry partners. By sharing our expertise and jointly addressing sector
challenges we contribute significantly to the sustainable advancement of the photovoltaic industry. As a Gold Member of the RE100
Initiative and a five-time participant in the UN Climate Change Conferences we are committed to delivering the Tongwei Solution to
promote global sustainability effectively.The Company adopts a rigorous approach to carbon management strategically prioritizing the reduction of greenhouse gas
emissions as a core objective. We have established ambitious emission reduction targets across both operational and value chain
levels seamlessly integrating these goals into our performance evaluations to enhance oversight and expedite implementation.Continuous carbon accounting covers Scope 3 emissions and we secure ISO 14064-1 greenhouse gas verification from reputable
third parties. During the reporting period we achieved 25 certifications for product carbon footprints and lifecycle assessments
solidifying our commitment to developing innovative low-carbon solutions.The Company adopts a comprehensive approach to energy conservation focusing on the synergy of energy efficiency carbon
reduction and cost optimization. By capitalizing on opportunities during the energy transition we enhance our energy management
strategy through electrification greening power usage and maximizing overall efficiency. As of the reporting period’s conclusion 15
subsidiaries achieved ISO 50001 energy management system certification. Furthermore we conducted 12 specialized energy
management meetings and executed over 100 technical projects to drive energy conservation initiatives.During the reporting period Tongwei Co. Ltd. garnered recognition through 31 prestigious ESG awards rankings and case
studies highlighting its exemplary sustainability performance. The Company was listed on the Fortune China ESG Impact List and
China ESG Pioneer 100 (Listed Companies) for two consecutive years. Additionally Tongwei received the 2024 Caijing Evergreen
Award for Sustainable Development Contribution and the 2024 NetEase Finance Annual Responsibility Pioneer Award for
Outstanding ESG Practices. Notably the Aqua-PV Integration Model was the sole case study from the photovoltaic manufacturing
sector featured in the UN Global Compact’s 20 Cases Examples for Private Sector Sustainable Development in China. Furthermore
Tongwei Solar (Hefei) Co. Ltd. achieved the prestigious Gold-level EcoVadis Sustainability Certification in 2024 becoming the first
company in the photovoltaic industry globally to receive EcoVadis’ Gold Medal for Corporate Social Responsibility.III. Work relating to poverty relief and rural revitalization
√Applicable □Not Applicable
Poverty-alleviation and rural revitalization projects Amount/description Note
Total investment (10000 yuan) 2188.97
In which: cash (10000 yuan) 2188.97
In-kind donations (10000 yuan) 0.00
Number of benefited persons /
Poverty relief forms (such as through industry development Industry development employment andemployment and education） education
Specific description
√Applicable □Not Applicable
The Company demonstrates a strong commitment to social welfare by implementing industrial poverty alleviation employment
support and educational assistance initiatives. In the reporting period we effectively advanced the Aqua-PV Integration power plant
projects utilizing existing photovoltaic poverty alleviation stations to ensure stable solar income and electricity access for
73 / 2692024 Annual Report of Tongwei Co. Ltd.
low-income households. This approach significantly enhances regional poverty eradication efforts.
74 / 2692024 Annual Report of Tongwei Co. Ltd.
Section VI. Important Matters
I. Fulfillment of commitments
(I) Commitments made by the Company its actual controller shareholders related parties and acquirers in or by the reporting period
√Applicable □Not Applicable
Fulfilled
Fulfillment Specific reasons
properly Next steps to
Commitment Commitment Commitment Commitment duration Commitment for
Background and in correct the
Type party Content time provided or duration non-fulfillment
time or non-fulfillment
not in time
not
The committing party affirms that apart from the target
company it has not invested in any company enterprise or
other business entity that engages in the same or similar line of
business. Furthermore the committing party does not operate or
facilitate any identical or similar business activities on behalf of
third parties outside the target company. There exists no
competitive business relationship between the target company
and any enterprises controlled by the committing party. The
committing party alongside its controlled enterprises is strictly
Commitment
Liu prohibited from engaging in any business activities—whether
related to Resolution of
Hanyuan identical similar or competitive to those of the target
significant competing May 2015 No Long term Yes Not applicable Not applicable
Tongwei company—in any capacity. This prohibition encompasses but is
asset businesses
Group not limited to establishing new entities making investments or
restructuring
acquiring or merging with domestic or international companies
that operate within the same or similar sectors as the target
company. Currently Leshan Polysilicon has no intentions to
resume its production operations. Moreover prior to the transfer
of equity ownership in Leshan Polysilicon from Tongwei Group
to an independent third party or to Tongwei Co. Ltd. Leshan
Polysilicon will not initiate any polysilicon projects or engage
in any businesses that are identical or similar to those of the
target company Tongwei Co. Ltd. or its subsidiaries.No manifestly unfair related-party transactions exist between
Commitment the committing party its controlled enterprises and the target
Liu
related to Resolution of company. Following completion of this transaction the
Hanyuan
significant competing committing party and its controlled enterprises shall minimize May 2015 No Long term Yes Not applicable Not applicable
Tongwei
asset businesses or avoid related-party transactions with the target company. For
Group
restructuring transactions that are unavoidable or reasonably justified the
parties shall execute standardized related-party agreements in
75 / 2692024 Annual Report of Tongwei Co. Ltd.
compliance with applicable laws regulations listing rules and
Tongwei Co. Ltd.’s articles of association and shall obtain all
required approvals. All transactions with Tongwei Co. Ltd. and
its subsidiaries shall be conducted at market fair value without
any actions that could harm their interests. The committing
party shall fulfill all disclosure obligations for related-party
transactions as required by laws regulations listing rules and
Tongwei Co. Ltd.’s articles of association. The committing
party guarantees strict adherence to these commitments. If any
violation causes damage to Tongwei Co. Ltd. or the target
company the committing party shall bear corresponding
liability for compensation in accordance with the law.The committing party will not jeopardize the independence of
Tongwei Co. Ltd. as a result of this restructuring. It will ensure
that Tongwei Co. Ltd. remains autonomous in terms of assets
personnel finances governance and business operations in
strict compliance with the China Securities Regulatory
Commission regulations regarding the independence of listed
Commitment
Liu companies. Moreover the committing party will refrain from
related to
Hanyuan misusing Tongwei Co. Ltd. to extend guarantees unlawfully
significant Others May 2015 No Long term Yes Not applicable Not applicable
Tongwei divert its funds or diminish its autonomy in any manner. This
asset
Group commitment shall endure for the entirety of Tongwei Co. Ltd.’s
restructuring
lawful existence as long as Liu Han Yuan continues as its
ultimate controlling shareholder and Tongwei Group remains its
controlling entity. In the event that any breach of these
commitments results in losses to Tongwei Co. Ltd. or its
shareholders the committing party shall assume full
responsibility for compensatory damages.The committing party will refrain from any unauthorized
use—be it compensated or uncompensated—of Tongwei Co.Commitment
Ltd.’s assets capital or resources. In instances of legitimate
related to
Tongwei financial transactions between Tongwei Group and Tongwei
significant Others May 2015 No Long term Yes Not applicable Not applicable
Group Co. Ltd. all parties will adhere strictly to relevant laws
asset
administrative regulations and the articles of association
restructuring
particularly provisions pertaining to related-party transactions
ensuring standardized operational practices.Commitment Resolution of Liu As of the date of this commitment letter neither I nor Tongwei
related to competing Hanyuan Group has invested in any company enterprise or business April 2016 No Long term Yes Not applicable Not applicable
significant businesses Tongwei entity engaged in the same or similar business as the target
76 / 2692024 Annual Report of Tongwei Co. Ltd.
asset Group company apart from the target itself. Furthermore we do not
restructuring operate or facilitate identical or similar business activities for
third parties outside of the target company. There exists no
competitive business between the target company and any
enterprises controlled by me or Tongwei Group. I along with
Tongwei Group and our controlled enterprises are committed to
refraining from engaging in any business activities—whether
identical similar or competitive to the target company’s
existing operations or products. This prohibition
comprehensively includes establishing new entities making
investments or acquiring or merging with both domestic and
international companies or economic organizations in
overlapping fields. We guarantee strict compliance with these
commitments. In the event of any violation by ourselves or our
controlled enterprises resulting in damages to Tongwei Co.Ltd. or the target company we acknowledge our obligation to
bear corresponding legal liability for compensation.As of the date of this commitment letter no manifestly unfair
related-party transactions exist between myself Tongwei
Group our controlled enterprises and the target company.Following completion of this transaction we shall minimize or
avoid related-party transactions with the target company. For
transactions that are unavoidable or reasonably justified we
shall execute standardized related-party agreements in
Commitment compliance with applicable laws regulations listing rules and
Liu
related to Resolution of Tongwei Co. Ltd.’s articles of association and shall obtain all
Hanyuan
significant related-party required approvals. All transactions with Tongwei Co. Ltd. and April 2016 No Long term Yes Not applicable Not applicable
Tongwei
asset transactions its subsidiaries shall be conducted at market fair value without
Group
restructuring any actions that could harm their interests. We shall fulfill all
disclosure obligations for related-party transactions as required
by laws regulations listing rules and Tongwei Co. Ltd.’s
articles of association. I and Tongwei Group guarantee strict
adherence to these commitments. Should any violation cause
damage to Tongwei Co. Ltd. or the target company we shall
bear corresponding liability for compensation in accordance
with the law.Resolution of The committing party along with its affiliated companies
Commitment Tongwei
competing unequivocally commits not to engage—either independently or Before IPO No Long term Yes Not applicable Not applicable
related to IPO Group
businesses collaboratively—with any individual firm or corporation—in
77 / 2692024 Annual Report of Tongwei Co. Ltd.
the development operation assistance participation or
engagement in any business that could directly or indirectly
compete with the core operations of Tongwei Co. Ltd.Furthermore the committing party acknowledges its
responsibility to compensate Tongwei Co. Ltd. for any losses
damages or expenses arising from a breach of this commitment.Resolution of Liu We will cease new equity investments in enterprises operating
Commitment
competing Hanyuan businesses related or similar to Tongwei Co. Ltd.’s core Before IPO No Long term Yes Not applicable Not applicable
related to IPO
businesses Guan Yamei operations.The committing party is obligated to immediately terminate all
unauthorized use—whether compensated or
uncompensated—of Tongwei Co. Ltd.'s assets capital or other
resources. Furthermore all legitimate financial transactions
Commitment Tongwei
Others between the affiliated group and Tongwei Co. Ltd. must strictly Before IPO No Long term Yes Not applicable Not applicable
related to IPO Group
adhere to applicable laws administrative regulations and the
Company’s constitutional documents particularly the
provisions governing related-party transactions thereby
ensuring the integrity of operations.The committing party intends to strategically increase its
shareholding in Tongwei Co. Ltd. utilizing the Shanghai Stock
Exchange trading system between February 1 2024 and
January 31 2025. This initiative will be executed through the The share
deployment of both personal funds and raised capital with a increase plan
targeted investment ranging from 1 billion to 2 billion yuan. implementation
Other Tongwei This investment represents a potential aggregate increase of up period runs
Others Jan.2024 Yes Yes Not applicable Not applicable
Commitment Group to 2% of Tongwei Co. Ltd.’s total shares. The committing party from February
is fully committed to adhering to the Company Law Securities 1 2024 to
Law and relevant regulations of the Shanghai Stock Exchange January 31
to ensure a seamless acquisition process within the designated 2025.timeframe. Furthermore it pledges to maintain its shareholding
during the purchase period for six months post-acquisition and
throughout any legally mandated intervals.(II) Where profit forecasts are made for assets or projects of the Company and the reporting period falls into the profit forecast period the Company should explain the reasons for whether
the assets and projects reach the profit forecasts
□Reached □Not Reached
(III) Completion of performance commitment and its effect on the goodwill impairment test
□Applicable √Not Applicable
78 / 2692024 Annual Report of Tongwei Co. Ltd.
II. Funds possessed by the controlling shareholder or other related parties for non-operating purposes
□Applicable √Not Applicable
III. Guarantees in violation of provisions
□Applicable √Not Applicable
79 / 2692024 Annual Report of Tongwei Co. Ltd.
IV. Note by the board of directors on non-standard audit report
□Applicable √Not Applicable
V. Analysis and note by the Company on reasons and effect of changes in accounting policies accounting estimates or
corrections of material accounting errors
(I) Analysis and note by the Company on reasons and effect of changes in accounting policies and accounting estimates
√Applicable □Not Applicable
（1）Significant changes in accounting policies
Changes and reasons Affected item Affected amount
In December 2024 the Ministry of Finance issued Accounting Standards for Business
Enterprises Interpretation No. 18 which stipulates that estimated liabilities arising from
assurance-type warranty obligations not classified as separate performance obligations
shall be recognized at determined amounts under Operating Costs or Non-operating Costs
accounts. This interpretation became effective immediately upon issuance with voluntary
Refer to Other
early adoption permitted in the release year. For initial implementation if assurance-type Refer to Other Notes
Notes
warranty obligations were previously recorded under Sales Expenses or similar accounts
enterprises must retrospectively adjust the relevant accounting entries and financial
statement presentations as an accounting policy change in accordance with Accounting
Standards for Business Enterprises No. 28 - Changes in Accounting Policies and
Estimates and Error Corrections and related provisions.Other notes:
The previously mentioned change in accounting policy does not affect the comparative financial statements of the parent company
for prior periods. However its impact on the comparative consolidated income statement for those periods is detailed as follows:
Unit:Yuan Currency:CNY
2023 change
Item
Before After Adjustment
Operating costs 102327943787.54 102714182767.86 386238980.32
Sales expenses 2130041158.64 1743802178.32 -386238980.32
No significant accounting policy changes took place during the reporting period aside from the previously mentioned modifications.
(2) Significant changes in accounting estimates
None
(II) Analysis and note by the Company on reasons and effect of corrections of material accounting errors
□Applicable √Not Applicable
(III) Communication with former accounting firm
□Applicable √Not Applicable
(IV) Approval procedures and other notes
□Applicable √Not Applicable
VI. Engagement and dismissal of accounting firm
Unit:10000yuan Currency:CNY
Engaged
Name of domestic accounting firm Sichuan Huaxin (Group) CPA (Special General Partnership)
Remuneration for domestic accounting firm 503
Audit period of domestic accounting firm 24 years
CPA names of domestic accounting firm Li Wulin Tang Fangmo and Xia Hongbo
Cumulative years of service provided by CPAs of the
4 years by Li Wulin 4 years by Tang Fangmo and 4 years by Xia Hongbo
domestic accounting firm
Name of overseas accounting firm /
Remuneration for overseas accounting firm /
Audit period of overseas accounting firm /
Name Remuneration
Internal control auditing firm Sichuan Huaxin (Group) CPA (Special General Partnership) 1.56million yuan
Sponsor China Securities Co. Ltd 0yuan
80 / 2692024 Annual Report of Tongwei Co. Ltd.
Note on engagement and dismissal of accounting firm
√Applicable □Not Applicable
As approved by the 2023 general meeting on May 20 2024 the Company renewed the appointment of Sichuan Huaxin to provide
2024 annual audit and internal control audit.
Note on engagement and dismissal of accounting firm
□Applicable √Not Applicable
Note on the decrease in audit fees by 20% or over compared to the previous year
□Applicable √Not Applicable
VII. Situations that cause suspension of trading risk
(I) Reasons for suspension of trading warning
□Applicable √Not Applicable
(II) Proposed actions by the Company
□Applicable √Not Applicable
(III) Situations and reasons for termination of trading
□Applicable √Not Applicable
VIII. Matters relating to bankruptcy and reorganization
□Applicable √Not Applicable
IX. Material litigation and arbitration matters
□Yes √No
X. Punishments on and corrections by the Company and/or its directors supervisors senior managers controlling
shareholder and actual controller
□Applicable √Not Applicable
XI. Note on the integrity status of the Company and its controlling shareholder and actual controller
□Applicable √Not Applicable
XII. Material related-party transactions
(I) Related-party transactions pertaining to everyday operation
1. Matters that have been disclosed in extraordinary announcements without further progress or change
□Applicable √Not Applicable
2. Matters that have been disclosed in extraordinary announcements with further progress or change
√Applicable □Not Applicable
Estimated amount Proportion of actual
Actual amount
Related-party transaction type Related party (10000 yuan) in amount similar business
(10000 yuan) in 2024
2024 category (%)
Related-party transaction type Tongyu Property Management 9500.00 11747.59 100
Receiving property management
Tongwei Media 6000.00 3934.77 100
services from the related party
Purchasing equipment from the
Xinrui Technology 11000.00 14647.65 100
related party
Leasing buildings/premises from
Tongwei Property 2000.00 2305.10 100
the related party
Providing food and catering Tongwei Group and its
300.00178.82100
services to related parties subsidiaries
Supplying equipment and
buildings/premises to the related Haozhuren Pet Food 600.00 569.25 100
party
Procuring goods from the related Tongwei Business
300.00271.36100
party Management
Providing buildings/premises to Tongwei Microelectronics 1000.00 445.15 100
81 / 2692024 Annual Report of Tongwei Co. Ltd.
the related party
Other incidental related-party Tongwei Group and its
167.80
transactions (receiving/providing) subsidiaries
Total / 30700.00 34267.49
Note: In 2024 the Company’s actual related-party transactions reached 342.6749 million yuan reflecting an increase of 35.6749
million yuan over the estimated amount. This variance primarily stems from an expanded operational scale resulting in heightened
procurement of equipment and services from related parties. Importantly this increase remains within 0.5% of the Company’s most
recent audited net assets.
3. Matters not disclosed in extraordinary announcements
□Applicable √Not Applicable
(II) Related-party transactions due to purchase or sale of assets or shares
1. Matters that have been disclosed in extraordinary announcements without further progress or change
□Applicable √Not Applicable
2. Matters that have been disclosed in extraordinary announcements with further progress or change
□Applicable √Not Applicable
3. Matters not disclosed in extraordinary announcements
□Applicable √Not Applicable
4. Performance achieved in the reporting period where performance agreement was involved
□Applicable √Not Applicable
(III) Material related-party transactions for joint outward investments
1. Matters that have been disclosed in extraordinary announcements without further progress or change
□Applicable √Not Applicable
2. Matters that have been disclosed in extraordinary announcements with further progress or change
□Applicable √Not Applicable
3. Matters not disclosed in extraordinary announcements
□Applicable √Not Applicable
(IV) Related-party debts and claims
1. Matters that have been disclosed in extraordinary announcements without further progress or change
□Applicable √Not Applicable
2. Matters that have been disclosed in extraordinary announcements with further progress or change
□Applicable √Not Applicable
3. Matters not disclosed in extraordinary announcements
□Applicable √Not Applicable
(V) Financial transactions between the Company and financial companies with which the Company has a relationship or
controlled by the Company and related parties
□Applicable √Not Applicable
(VI) Others
□Applicable √Not Applicable
XIII. Material contracts and their performance
(I) Custody contracting and lease matters
1. Custody
□Applicable √Not Applicable
2. Contracting
□Applicable √Not Applicable
3. Lease
□Applicable √Not Applicable
82 / 2692024 Annual Report of Tongwei Co. Ltd.
(II) Guarantee
√Applicable □Not Applicable
Unit:10000yuan Currency:CNY
Outward guarantees by the Company (excluding guarantees for subsidiaries)
Relation Date Guarantee Relation
Guarantee Guarantee Guarantee Related-party
between Guaranteed (agreement Guarantee Collateral fulfilled Overdue with the
Guarantor Guaranteed party the Maturity overdue Counter-guarantee guarantee or
guarantor and amount execution type (if any) completely amount related
guarantee date or not not
the Company date) or not party
Tongwei Joint and
Guarantor real
Agricultural several
Wholly-owned Downstream estate vehicles
Finance 35248.20 2017/9/15 2028/5/31 guarantee No Yes 812.21 No Others
subsidiary customers and farming
Guarantee
facilities etc
Co. Ltd.Joint and The parent
Tongwei several company
Agricultural Hubei Scigene guarantee Sciegene
Wholly-owned
Finance Swine Breeding & 900.00 2024/3/28 2025/3/28 No No Biotechnology Yes Associates
subsidiary
Guarantee Livestock Co. Ltd. assumes the
Co. Ltd. guarantee
liability.Joint and The parent
Tongwei several company
Agricultural Guigang Scigene guarantee Sciegene
Wholly-owned
Finance Biotechnology Co. 580.00 2024/3/28 2025/3/28 No No Biotechnology Yes Associates
subsidiary
Guarantee Ltd. assumes the
Co. Ltd. guarantee
liability.BioMar Tongwei Joint and
Tongwei Joint
Head office (Wuxi) Biotech 1000.00 2024/11/13 2025/2/20 several No No No Yes
Co. Ltd. venture
Co. Ltd. guarantee
Total guaranteed amount in the reporting period (excluding guarantees for subsidiaries) 174318.06
Total guaranteed amount at the end of the reporting period (A) (excluding guarantees for
37728.20
subsidiaries)
Guarantees by the Company and its subsidiaries for other subsidiaries
Total guaranteed amount for subsidiaries in the reporting period 3030788.82
Total guaranteed amount for subsidiaries at the end of the reporting period (B) 4048170.97
Total guaranteed amount by the Company (including guarantees for subsidiaries)
83 / 2692024 Annual Report of Tongwei Co. Ltd.
Total guaranteed amount (A+B) 4085899.17
Ratio of total guaranteed amount to net assets of the Company (%) 84.32
Including:
Amount for shareholders actual controller and its related parties (C) 0.00
Indirect or direct guaranteed amount for parties whose debt-ratio is over 70% (D) 2635795.40
Amount out of the total guaranteed amount that exceeds 50% of the net assets (E) 1663105.69
Total of the above three items (C+D+E) 4298901.09
Note on unexpired guarantees for which the Company may bear joint liability for
repayment
The overdue guaranteed amount means the unrecovered balance of repayments made for behalf of the
Note on guarantees
guaranteed parties at the end of the reporting period
Note: The Company’s net assets represent the equity assigned to the owners of the parent company.
84 / 2692024 Annual Report of Tongwei Co. Ltd.
(III) Entrusted wealth management
1. Entrusted wealth management
(1) Overview of entrusted wealth management products
√Applicable □Not Applicable
Unit:10000yuan Currency:CNY
Type Sources of funds Amount change Outstanding balance Unrecovered amount
Bank wealth products The Company's own funds 4612800.00 1079800.00
Brokerage wealth products The Company's own funds 366800.00 162368.32
Public offered funds products The Company's own funds 20000.00 20000.00
Others
□Applicable √Not Applicable
85 / 2692024 Annual Report of Tongwei Co. Ltd.
(2) Individual entrusted wealth management products
√Applicable □Not Applicable
Unit:10000yuan Currency:CNY
Amount of
Future
Statuary provision
Actual entrusted
Sources of Any Benefit Annualized Expectedreturn gain Amount not Unrecovered procedure forTrustee Type Amount Start date End date Purpose of funds rate of return wealthfunds restrictions method (If any) or loss due amount completed impairmentmanagement
or not reserve (if
plan or not
any)
The
Bank wealth Structured Floating
China Bohai Bank 50000.00 2024-10-21 2025-04-21 Company's No 1.50%-2.40% 50000.00 Yes
products deposits income
own funds
The
Bank wealth Structured Floating
China Bohai Bank 100000.00 2024-10-18 2025-04-21 Company's No 1.50%-2.40% 100000.00 Yes
products deposits income
own funds
The
Bank wealth Structured Floating
China Bohai Bank 50000.00 2024-07-19 2025-07-09 Company's No 1.65%-2.65% 50000.00 Yes
products deposits income
own funds
The
Bank wealth Structured Floating
Bank of Chengdu 30000.00 2024-10-15 2025-01-15 Company's No 1.54%-2.85% 30000.00 Yes
products deposits income
own funds
Redemption
depending on The Transferable
Bank wealth Floating
Huaxia Bank 1000.00 2024-12-16 the product's Company's certificates of No 3.15% 1000.00 Yes
products income
operation own funds deposit
status
Redemption
depending on The Transferable
Bank wealth Floating
Huaxia Bank 5000.00 2024-12-16 the product's Company's certificates of No 3.15% 5000.00 Yes
products income
operation own funds deposit
status
Redemption
depending on The Transferable
Bank wealth Floating
Huaxia Bank 1000.00 2024-06-06 the product's Company's certificates of No 3.10% 1000.00 Yes
products income
operation own funds deposit
status
Redemption The Transferable
Ping An Bank Co. Bank wealth Floating
8000.00 2024-07-30 depending on Company's certificates of No 3.10% 8000.00 Yes
Ltd. products income
the product's own funds deposit
86 / 2692024 Annual Report of Tongwei Co. Ltd.
operation
status
Redemption
depending on The Transferable
Ping An Bank Co. Bank wealth Floating
10000.00 2024-06-27 the product's Company's certificates of No 3.10% 10000.00 Yes
Ltd. products income
operation own funds deposit
status
Redemption
depending on The Transferable
Ping An Bank Co. Bank wealth Floating
12000.00 2024-06-24 the product's Company's certificates of No 3.15% 12000.00 Yes
Ltd. products income
operation own funds deposit
status
Redemption
depending on The Transferable
Ping An Bank Co. Bank wealth Floating
20000.00 2024-06-06 the product's Company's certificates of No 3.15% 20000.00 Yes
Ltd. products income
operation own funds deposit
status
Redemption
depending on The Transferable
Ping An Bank Co. Bank wealth Floating
10000.00 2024-05-30 the product's Company's certificates of No 3.15% 10000.00 Yes
Ltd. products income
operation own funds deposit
status
Redemption
depending on The Transferable
Shanghai Pudong Bank wealth Floating
10000.00 2024-09-27 the product's Company's certificates of No 3.20% 10000.00 Yes
Development Bank products income
operation own funds deposit
status
Redemption
depending on The Transferable
Shanghai Pudong Bank wealth Floating
10000.00 2024-09-27 the product's Company's certificates of No 3.20% 10000.00 Yes
Development Bank products income
operation own funds deposit
status
Redemption
depending on The Transferable
Shanghai Pudong Bank wealth Floating
30000.00 2024-06-04 the product's Company's certificates of No 2.60% 30000.00 Yes
Development Bank products income
operation own funds deposit
status
Shanghai Pudong Bank wealth Redemption The Transferable Floating
8800.00 2024-05-28 No 2.60% 8800.00 Yes
Development Bank products depending on Company's certificates of income
87 / 2692024 Annual Report of Tongwei Co. Ltd.
the product's own funds deposit
operation
status
Redemption
depending on The Transferable
Shanghai Pudong Bank wealth Floating
10000.00 2024-05-23 the product's Company's certificates of No 3.20% 10000.00 Yes
Development Bank products income
operation own funds deposit
status
Redemption
depending on The Transferable
Shanghai Pudong Bank wealth Floating
10000.00 2024-05-14 the product's Company's certificates of No 3.20% 10000.00 Yes
Development Bank products income
operation own funds deposit
status
Redemption
depending on The Transferable
Shanghai Pudong Bank wealth Floating
10000.00 2024-05-13 the product's Company's certificates of No 3.20% 10000.00 Yes
Development Bank products income
operation own funds deposit
status
Redemption
depending on The Transferable
Shanghai Pudong Bank wealth Floating
10000.00 2024-05-14 the product's Company's certificates of No 3.20% 10000.00 Yes
Development Bank products income
operation own funds deposit
status
Floating Calculated based
Redemption
income on changes in
depending on The
Industrial Bank Co. Bank wealth Fixed-income with the market interest
30000.00 2024-12-31 the product's Company's No 30000.00 Yes
Ltd. products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
Industrial Bank Co. Bank wealth Fixed-income with the market interest
20000.00 2024-12-31 the product's Company's No 20000.00 Yes
Ltd. products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Redemption Floating Calculated based
The
Industrial Bank Co. Bank wealth depending on Fixed-income income on changes in
50000.00 2024-11-28 Company's No 50000.00 Yes
Ltd. products the product's assets with the market interest
own funds
operation risk of rates and the actual
88 / 2692024 Annual Report of Tongwei Co. Ltd.
status principal operation of the
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
Industrial Bank Co. Bank wealth Fixed-income with the market interest
10000.00 2024-09-20 the product's Company's No 10000.00 Yes
Ltd. products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
Industrial Bank Co. Bank wealth Fixed-income with the market interest
15000.00 2024-09-20 the product's Company's No 15000.00 Yes
Ltd. products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
Industrial Bank Co. Bank wealth Fixed-income with the market interest
10000.00 2024-09-24 the product's Company's No 10000.00 Yes
Ltd. products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
Industrial Bank Co. Bank wealth Fixed-income with the market interest
4000.00 2024-09-12 the product's Company's No 4000.00 Yes
Ltd. products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
Industrial Bank Co. Bank wealth Fixed-income with the market interest
10000.00 2024-09-12 the product's Company's No 10000.00 Yes
Ltd. products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
Industrial Bank Co. Bank wealth Fixed-income with the market interest
10000.00 2024-08-23 the product's Company's No 10000.00 Yes
Ltd. products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Industrial Bank Co. Bank wealth 10000.00 2024-08-23 Redemption The Fixed-income No Floating Calculated based 10000.00 Yes
89 / 2692024 Annual Report of Tongwei Co. Ltd.
Ltd. products depending on Company's assets income on changes in
the product's own funds with the market interest
operation risk of rates and the actual
status principal operation of the
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
Industrial Bank Co. Bank wealth Fixed-income with the market interest
10000.00 2024-07-17 the product's Company's No 10000.00 Yes
Ltd. products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
Industrial Bank Co. Bank wealth Fixed-income with the market interest
5000.00 2024-06-13 the product's Company's No 5000.00 Yes
Ltd. products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
Industrial Bank Co. Bank wealth Fixed-income with the market interest
40000.00 2024-05-24 the product's Company's No 40000.00 Yes
Ltd. products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
China Merchants Bank wealth Fixed-income with the market interest
5000.00 2024-09-10 the product's Company's No 5000.00 Yes
Bank products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
China Merchants Bank wealth Fixed-income with the market interest
10000.00 2024-07-15 the product's Company's No 10000.00 Yes
Bank products assets risk of rates and the actual
operation own funds
principal operation of the
status
loss investment.Redemption
The Transferable
Bank wealth depending on Floating
CZBANk 10000.00 2024-04-28 Company's certificates of No 2.75% 10000.00 Yes
products the product's income
own funds deposit
operation
90 / 2692024 Annual Report of Tongwei Co. Ltd.
status
Redemption
Industry and depending on The Transferable
Bank wealth Floating
Commerce Bank of 10000.00 2024-12-12 the product's Company's certificates of No 3.10% 10000.00 Yes
products income
China operation own funds deposit
status
Redemption
Industry and depending on The Transferable
Bank wealth Floating
Commerce Bank of 30000.00 2024-05-31 the product's Company's certificates of No 2.35% 30000.00 Yes
products income
China operation own funds deposit
status
Redemption
Industry and depending on The Transferable
Bank wealth Floating
Commerce Bank of 30000.00 2024-05-24 the product's Company's certificates of No 2.35% 30000.00 Yes
products income
China operation own funds deposit
status
Redemption
Industry and depending on The Transferable
Bank wealth Floating
Commerce Bank of 150000.00 2024-04-30 the product's Company's certificates of No 2.35% 150000.00 Yes
products income
China operation own funds deposit
status
Floating Calculated based
Redemption
income on changes in
China Minsheng depending on The
Bank wealth Fixed-income with the market interest
Banking Corporation 10000.00 2024-09-14 the product's Company's No 10000.00 Yes
products assets risk of rates and the actual
Ltd. operation own funds
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
China Minsheng depending on The
Bank wealth Fixed-income with the market interest
Banking Corporation 10000.00 2024-09-14 the product's Company's No 10000.00 Yes
products assets risk of rates and the actual
Ltd. operation own funds
principal operation of the
status
loss investment.Redemption
depending on The Transferable
Agricultural Bank of Bank wealth Floating
5000.00 2024-12-25 the product's Company's certificates of No 2.35% 5000.00 Yes
China Co. Ltd. products income
operation own funds deposit
status
Agricultural Bank of Bank wealth 30000.00 2024-12-25 Redemption The Transferable No Floating 3.10% 30000.00 Yes
91 / 2692024 Annual Report of Tongwei Co. Ltd.
China Co. Ltd. products depending on Company's certificates of income
the product's own funds deposit
operation
status
Redemption
depending on The Transferable
Agricultural Bank of Bank wealth Floating
20000.00 2024-12-13 the product's Company's certificates of No 2.35% 20000.00 Yes
China Co. Ltd. products income
operation own funds deposit
status
Redemption
depending on The Transferable
Agricultural Bank of Bank wealth Floating
50000.00 2024-12-13 the product's Company's certificates of No 3.10% 50000.00 Yes
China Co. Ltd. products income
operation own funds deposit
status
Redemption
depending on The Transferable
Agricultural Bank of Bank wealth Floating
30000.00 2024-05-06 the product's Company's certificates of No 3.10% 30000.00 Yes
China Co. Ltd. products income
operation own fund deposit
status
Floating Calculated based
Redemption
income on changes in
depending on The
Bank wealth Fixed-income with the market interest
Bank of China 5000.00 2024-12-19 the product's Company's No 5000.00 Yes
products assets risk of rates and the actual
operation own fund
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
Postal Savings Bank Bank wealth Fixed-income with the market interest
5000.00 2024-01-31 the product's Company's No 5000.00 Yes
of China products assets risk of rates and the actual
operation own fund
principal operation of the
status
loss investment.Redemption
depending on The Transferable
China CITIC Bank Bank wealth Floating
10000.00 2024-09-11 the product's Company's certificates of No 3.10% 10000.00 Yes
Corporation Ltd. products income
operation own fund deposit
status
Redemption The Floating Calculated based
China CITIC Bank Bank wealth Fixed-income
25000.00 2024-03-15 depending on Company's No income on changes in 25000.00 Yes
Corporation Ltd. products assets
the product's own fund with the market interest
92 / 2692024 Annual Report of Tongwei Co. Ltd.
operation risk of rates and the actual
status principal operation of the
loss investment.Floating Calculated based
Redemption
income on changes in
depending on The
China CITIC Bank Bank wealth Fixed-income with the market interest
15000.00 2024-03-14 the product's Company's No 15000.00 Yes
Corporation Ltd. products assets risk of rates and the actual
operation own fund
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
Brokerage depending on The
CITIC Securities Fixed-income with the market interest
wealth 5000.00 2024-12-23 the product's Company's No 5000.00 Yes
Co. Ltd assets risk of rates and the actual
products operation own fund
principal operation of the
status
loss investment.Calculated based
Redemption
on changes in
Brokerage depending on The
CITIC Securities Broker income Floating market interest
wealth 2500.00 2024-12-24 the product's Company's No 2500.00 Yes
Co. Ltd voucher income rates and the actual
products operation own fund
operation of the
status
investment.Redemption
Brokerage depending on The
CITIC Securities Broker income Floating
wealth 2500.00 2024-12-24 the product's Company's No 1.00%-2.82% 2500.00 Yes
Co. Ltd voucher income
products operation own fund
status
Floating Calculated based
Redemption
income on changes in
Brokerage depending on The
CITIC Securities Fixed-income with the market interest
wealth 5000.00 2024-07-12 the product's Company's No 5000.00 Yes
Co. Ltd assets risk of rates and the actual
products operation own fund
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
Brokerage depending on The
CITIC Securities Fixed-income with the market interest
wealth 5000.00 2024-12-05 the product's Company's No 5000.00 Yes
Co. Ltd assets risk of rates and the actual
products operation own fund
principal operation of the
status
loss investment.CITIC Securities Brokerage 5000.00 2024-12-05 Redemption The Fixed-income No Floating Calculated based 5000.00 Yes
93 / 2692024 Annual Report of Tongwei Co. Ltd.
Co. Ltd wealth depending on Company's assets income on changes in
products the product's own fund with the market interest
operation risk of rates and the actual
status principal operation of the
loss investment.Floating Calculated based
Redemption
income on changes in
Brokerage depending on The
CITIC Securities Fixed-income with the market interest
wealth 20000.00 2024-12-15 the product's Company's No 20000.00 Yes
Co. Ltd assets risk of rates and the actual
products operation own fund
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
Brokerage depending on The
China Securities Co. Fixed-income with the market interest
wealth 10000.00 2024-10-14 the product's Company's No 10000.00 Yes
Ltd assets risk of rates and the actual
products operation own fund
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
Brokerage depending on The
China Securities Co. Fixed-income with the market interest
wealth 20000.00 2024-10-14 the product's Company's No 20000.00 Yes
Ltd assets risk of rates and the actual
products operation own fund
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
Brokerage depending on The
China Investment Fixed-income with the market interest
wealth 5000.00 2024-07-11 the product's Company's No 5000.00 Yes
Securities Co. Ltd. assets risk of rates and the actual
products operation own fund
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
Brokerage depending on The
Changjiang Fixed-income with the market interest
wealth 31900.00 2024-07-09 the product's Company's No 31900.00 Yes
Securities Co. Ltd. assets risk of rates and the actual
products operation own fund
principal operation of the
status
loss investment.Redemption Floating Calculated based
Brokerage The
Changjiang depending on Fixed-income income on changes in
wealth 19755.24 2024-05-28 Company's No 19755.24 Yes
Securities Co. Ltd. the product's assets with the market interest
products own fund
operation risk of rates and the actual
94 / 2692024 Annual Report of Tongwei Co. Ltd.
status principal operation of the
loss investment.Floating Calculated based
Redemption
income on changes in
Brokerage depending on The
Changjiang Fixed-income with the market interest
wealth 19713.08 2024-05-24 the product's Company's No 19713.08 Yes
Securities Co. Ltd. assets risk of rates and the actual
products operation own fund
principal operation of the
status
loss investment.Floating Calculated based
Redemption
income on changes in
Brokerage depending on The
Haitong Securities Fixed-income with the market interest
wealth 5000.00 2024-11-25 the product's Company's No 5000.00 Yes
Company Limited assets risk of rates and the actual
products operation own fund
principal operation of the
status
loss investment.Brokerage The
Haitong Securities Broker income Floating
wealth 6000.00 2024-10-25 2025-01-23 Company's No 1.90% 6000.00 Yes
Company Limited voucher income
products own fund
Floating Calculated based
Redemption
Red Earth income on changes in
Public offered depending on The
Innovation Fund Fixed-income with the market interest
funds 20000.00 2024-12-30 the product's Company's No 20000.00 Yes
Management Co. assets risk of rates and the actual
products operation own fund
Ltd. principal operation of the
status
loss investment.Total / 1262168.32 / / / / / 1262168.32 / /
Note: The above information about wealth management products only describes the outstanding balance in the reporting period.Others
□Applicable √Not Applicable
95 / 2692024 Annual Report of Tongwei Co. Ltd.
(3) Impairment reserve for entrusted wealth management
□Applicable √Not Applicable
2. Entrusted loans
(1) Overview of entrusted loans
□Applicable √Not Applicable
Others
□Applicable √Not Applicable
(2) Individual entrusted loans
□Applicable √Not Applicable
Others
□Applicable √Not Applicable
(3) Impairment reserve for entrusted loans
□Applicable √Not Applicable
3. Others
□Applicable √Not Applicable
(IV) Other material contracts
□Applicable √Not Applicable
XIV. Note on the use of the raised funds
□Applicable √Not Applicable
XV. Notes on material matters that have significant impact on value judgment and investment decisions of investors
□Applicable √Not Applicable
96 / 2692024 Annual Report of Tongwei Co. Ltd.
Section VII. Share Changes and Shareholders
I. Changes in share capital
(I) Share changes
1. Share changes
Unit: share
Before the change Change (+ -) After the change
Capital reserve
Percent New Bonus Percent
Number converted to Others Sub-total Number
(%) issue issue (%)
shares
I. Restricted shares
1. Shares held by the state
2. Shares held by the
state-owned legal entities
3. Shares held by other
domestic investors
Including shares held by
domestic investors other than
state-owned legal entities
Shares held by domestic natural
persons
4. Shares held by overseas
investors
Including shares held by
overseas legal entities
Shares held by overseas natural
persons
II. Floating shares 4501973746 100 0 0 0 11085 11085 4501984831 100
1. CNY common shares 4501973746 100 0 0 0 11085 11085 4501984831 100
2. Foreign shares listed in
Chinese mainland
3. Foreign shares listed outside
Chinese mainland
4. Others
III. Total shares 4501973746 100 0 0 0 11085 11085 4501984831 100
2. Notes on share changes
√Applicable □Not Applicable
On February 24 2022 the Company issued convertible bonds (“Tong22 Convertible Bonds”) which entered the conversion period on
September 2 2022. In 2024 a total of 11085 shares had been converted and the total share capital of the Company increased to
4501984831 shares at the end of the reporting period.
3. Impact of the share change on the earnings per share net assets per share and other financial indicators of the latest year
and the latest period (if any)
√Applicable □Not Applicable
In the reporting period due to the conversion of convertible bonds into shares the total share capital of the Company increased from
4501973746 shares to 4501984831 shares. This share capital change resulted in the dilution of earnings per share and net assets
per share attributable to the listed company in 2024.
4. Other disclosures the Company thinks necessary or required by the CSRC
□Applicable √Not Applicable
(II) Change in restricted shares
□Applicable √Not Applicable
II. Issuance and listing of securities
(I) Issuance in reporting period
√Applicable □Not Applicable
97 / 2692024 Annual Report of Tongwei Co. Ltd.
Unit:share Currency:CNY
Approved
Type of stock and its
Issue price (or quantity to Transaction
derivative Issue date Issue size Listing date
interest rate) trade on end date
securities
market
Convertible bonds detachable convertible bonds
1st year 0.20%
2nd year 0.40%
Tong22 Convertible 3rd year 0.60% 120 million 120 million February 23
February 24 2022 March 18 2022
Bonds 4th year 1.50% units units 2028
5th year 1.80%
6th year 2.00%
Bonds (including enterprise bonds corporate bonds and non-financial corporate debt financing instruments)
2023 Green Middle-Term
5 million 5 million
Note Series 1 (Sci-Tech 2023/10/18 3.10% 2023/10/18 2026/10/19
units units
Innovation Notes)
2024 Green Middle-Term
5 million 5 million
Note Series 1 (Sci-Tech 2024/1/31-2024/2/1 2.70% 2024/1/31-2024/2/1 2027/2/2
units units
Innovation Notes)
2024 Green Super &
Short-term Commercial 5 million 5 million
2024/2/22.52%2024/2/22024/6/4
Paper Series 1 (Sci-Tech units units
Innovation Notes)
2024 Green Middle-Term
5 million 5 million
Note Series 2 (Sci-Tech 2024/3/13-2024/3/14 2.60% 2024/3/13-2024/3/14 2027/3/15
units units
Innovation Notes)
2024 Green Middle-Term
5 million 5 million
Note Series 3 (Sci-Tech 2024/4/10-2024/4/11 2.55% 2024/4/10-2024/4/11 2027/4/12
units units
Innovation Notes)
2024 Green Super &
Short-term Commercial 5 million 5 million
2024/5/272.10%2024/5/272024/11/24
Paper Series 2 (Sci-Tech units units
Innovation Notes)
2024 Green Middle-Term
5 million 5 million
Note Series 4 (Sci-Tech 2024/6/6 2.38% 2024/6/6 2027/6/7
units units
Innovation Notes)
2024 Green Super &
Short-term Commercial 5 million 5 million
2024/6/252.06%2024/6/252024/12/23
Paper Series 1 (Sci-Tech units units
Innovation Notes)
2024 Green Middle-Term
5 million 5 million
Note Series 5 (Sci-Tech 2024/7/4 2.50% 2024/7/4 2027/7/5
units units
Innovation Notes)
2024 Green Middle-Term
5 million 5 million
Note Series 1 (Sci-Tech 2024/7/10-2024/7/11 2.75% 2024/7/10-2024/7/11 2029/7/12
units units
Innovation Notes)
2024 Green Super &
Short-term Commercial 5 million 5 million
2024/10/212.50%2024/10/212025/7/19
Paper Series 2 (Sci-Tech units units
Innovation Notes)
2024 Green Middle-Term
5 million 5 million
Note Series 6 (Sci-Tech 2024/11/25 2.95% 2024/11/25 2027/11/26
units units
Innovation Notes)
2024 Green Super &
Short-term Commercial 5 million 5 million
2024/12/262.36%2024/12/262025/9/22
Paper Series 3 (Sci-Tech units units
Innovation Notes)
Note on issuance of securities in the reporting period (bonds with different interest rates and within the duration should be specified
98 / 2692024 Annual Report of Tongwei Co. Ltd.
individually):
√Applicable □Not Applicable
Approved by the CSRC in the ZJXK [2021] No. 4028 on February 24 2022 the Company issued 120 million convertible bonds
publicly with the nominal value of each bond being 100 yuan for a total amount of 12 billion yuan. The duration of these convertible
bonds is 6 years from February 24 2022 to February 23 2028 the coupon rate is 0.20% in the 1st year 0.40% in the 2nd year 0.60%
in the 3rd year 1.50% in the 4th year 1.80% in the 5th year and 2.00% in the 6th year. One interest payment is made on Tong22
Convertible Bonds each year and the value date is the first day of the issuance (i.e. February 24 2022). Convertible bonds converted
into shares before (including) the record date for creditors are not entitled to interest for the current and subsequent interest
calculation years. According to the relevant provisions of the Listing Rules of the Shanghai Stock Exchange and the provisions of the
Prospectus for the Public Offering of Convertible Bonds by Tongwei Co. Ltd. the Tong22 Convertible Bonds issued by the Company
can be converted into shares from September 2 2022. The initial conversion price of Tong22 Convertible Bonds was 39.27 yuan per
share. In the reporting period due to the 20212022 and 2023 annual equity distribution of the Company the conversion price of
Tong22 Convertible Bonds was adjusted and the new price is 34.60 yuan per share.(II) Changes in total shares and shareholding structure and change in the asset-liability structure
√Applicable □Not Applicable
As of the end of the reporting period the Company has a total share capital comprising 4501984831 shares reflecting an increase
of 11085 shares throughout 2024. The controlling shareholder Tongwei Group maintained a significant equity stake of 44.91%. The
Company’s financial position is robust reporting total assets of 195.917 billion yuan and total liabilities of 137.998 billion yuan
resulting in a debt-to-asset ratio of 70.44%.(III) Current employee shares
□Applicable √Not Applicable
III. Shareholders and actual controller
(I) Total shareholders
Total common shareholders at the end of the reporting period 267962
Total common shareholders at the end of the month prior to the disclosure date of annual report 277906
Total preference shareholders at the end of the reporting period 0
Total preference shareholders with voting rights restored at the end of the month prior to the disclosure date
0
of annual report
(II) Top ten shareholders top ten floating shareholders (or non-restricted shareholders) at the end of the reporting period
Unit: share
Holdings by top ten shareholders (excluding the shares borrowed through “stock financing transfer”)
Pledge mark or freeze
Shareholder name Change in the Percent Restricted Shareholder
Closing shares
(Full name) reporting period (%) shares Share Number type
Status
Domestic
investor other
Tongwei Group Co. Ltd. 48000072 2022022587 44.91 0 Pledged 382260000 than
state-owned
legal entities
Hong Kong Securities
15861601 202184589 4.49 0 None Unknown
Clearing Company Ltd.China Life Asset
Management Company
Limited - Bank of China -
China Life Asset - 0 52099840 1.16 0 None Unknown
Advantage Select 2108
Insurance Asset
Management Fund
ICBC - Huatai - SSE 50
Trade Open-ended Index 17853359 50758754 1.13 0 None Unknown
Investment Fund
ICBC – Huatai PineBridge
SSE-SZSE 300 Exchange 26753522 46584339 1.03 0 None Unknown
Traded Fund (ETF)
China Construction Bank
24943835 32161331 0.71 0 None Unknown
-E-Fund SSE-SESE 300
99 / 2692024 Annual Report of Tongwei Co. Ltd.
ETF Sponsor-initiated Fund
Bank of China - Huatai
PineBridge Investments
Zhongzheng PV Industry -4146012 25268683 0.56 0 None Unknown
Trade Open-ended Index
Investment Fund
Yang Lin -6180000 25000000 0.56 0 None Unknown
China Life Asset
Management Company
Limited - Industrial Bank of
China - China Life Asset - 0 24400000 0.54 0 None Unknown
Advantage Select 2110
Insurance Asset
Management Fund
China Pacific Life Insurance
Co. Ltd. - Traditional - -1191900 22694764 0.50 0 None Unknown
Common Insurance Product
The top ten shareholders without restrictions on the sale of their shares (excluding those lent through securities lending for margin
trading and short selling)
Type and number of shares
Shareholder name Floating shares
Type Number
CNY common
Tongwei Group Co. Ltd. 2022022587 2022022587
share
Hong Kong Securities Clearing Company CNY common
202184589202184589
Ltd. share
China Life Asset Management Company
Limited - Bank of China - China Life Asset - CNY common
5209984052099840
Advantage Select 2108 Insurance Asset share
Management Fund
ICBC - Huatai - SSE 50 Trade Open-ended CNY common
5075875450758754
Index Investment Fund share
ICBC – Huatai PineBridge SSE-SZSE 300 CNY common
4658433946584339
Exchange Traded Fund (ETF) share
China Construction Bank -E-Fund SSE-SESE CNY common
3216133132161331
300 ETF Sponsor-initiated Fund share
Bank of China - Huatai PineBridge
CNY common
Investments Zhongzheng PV Industry Trade 25268683 25268683
share
Open-ended Index Investment Fund
CNY common
Yang Lin 25000000 25000000
share
China Life Asset Management Company
Limited - Industrial Bank of China - China CNY common
2440000024400000
Life Asset - Advantage Select 2110 Insurance share
Asset Management Fund
China Pacific Life Insurance Co. Ltd. - CNY common
2269476422694764
Traditional - Common Insurance Product share
By the end of the reporting period the special securities account for share repurchases
Explanation of the share repurchase accounts
at Tongwei Co. Ltd. had repurchased a cumulative total of 101360012 shares which
among the top 10 shareholders
constitutes 2.25% of the Company’s total share capital.Note on delegation of voting rights to or by
or wavier of voting rights by the said Not applicable
shareholders
No relationship exists between Tongwei Group and any of the other shareholders.China Life Asset Management - Bank of China- China Life Asset - Advantage Select
2108 Insurance Asset Management Product and China Life Asset Management -
Note on the said shareholders’ relationship or
Industrial Bank of China - China Life Asset - Advantage Select 2110 Insurance Asset
acting in concert
Management Fund Product are created for employee stock ownership plan and they
act in concert. Whether or not other shareholders have relationships or act in concert is
not known.
100 / 2692024 Annual Report of Tongwei Co. Ltd.
Note on preference shareholders with voting
rights restored and number of shares they Not applicable
hold
Note: In a clear demonstration of unwavering confidence in the Company’s developmental prospects and recognition of its long-term
investment value Tongwei Group strategically increased its shareholding by acquiring 62511972 shares through permitted methods
on the Shanghai Stock Exchange. This acquisition occurred between February 1 2024 and January 31 2025 with a substantial total
investment of 1299266.6 thousand yuan. For further details please refer to the Company’s announcement titled "Completion of
Share Increase Plan by Controlling Shareholder and Results of Share Increase" disclosed on February 6 2025 (Announcement No.:
2025-007).
Shareholding status of major shareholders (those holding 5% or more) top 10 shareholders and top 10 shareholders of unrestricted
circulating shares participating in securities lending business through the refinancing and securities lending program
√Applicable □Not Applicable
Unit: share
Shareholding status of major shareholders (those holding 5% or more) top 10 shareholders and top 10 shareholders of unrestricted
circulating shares participating in securities lending business through the refinancing and securities lending program
Opening shares lent Closing shares lent
Opening holdings in Closing holdings inthrough “share through “shareordinary account or credit ordinary account or creditShareholder name financing transfer” and financing transfer”account account
(full name) not yet returned and not yet returned
Percent Percent Percent Total Percent
Total shares Total shares Total shares
(%) (%) (%) shares (%)
Tongwei Group Co. Ltd. 1974022515 43.85 0 0 2022022587 44.91 0 0
Hong Kong Securities Clearing
1863229884.14002021845894.4900
Company Ltd.China Life Asset Management
Company Limited - Bank of
China - China Life Asset -
520998401.1600520998401.1600
Advantage Select 2108
Insurance Asset Management
Fund
ICBC - Huatai - SSE 50 Trade
Open-ended Index Investment 32905395 0.73 242000 0.0054 50758754 1.13 0 0
Fund
ICBC – Huatai PineBridge
SSE-SZSE 300 Exchange Traded 19830817 0.44 391100 0.0087 46584339 1.03 0 0
Fund (ETF)
China Construction Bank
-E-Fund SSE-SESE 300 ETF 7217496 0.16 278800 0.0062 32161331 0.71 0 0
Sponsor-initiated Fund
Bank of China - Huatai
PineBridge Investments
Zhongzheng PV Industry Trade 29414695 0.65 406700 0.0090 25268683 0.56 0 0
Open-ended Index Investment
Fund
Yang Lin 31180000 0.69 0 0 25000000 0.56 0 0
China Life Asset Management
Company Limited － Industrial
Bank of China － China Life
244000000.5400244000000.5400
Asset－ Advantage Select 2110
Insurance Asset Management
Product
China Pacific Life Insurance Co.Ltd. - Traditional - Common 23886664 0.53 0 0 22694764 0.50 0 0
Insurance Product
The changes in the top 10 shareholders and top 10 shareholders of unrestricted circulating shares attributed to securities lending and
return activities under the refinancing and securities lending program compared to the previous reporting period
□Applicable √Not Applicable
101 / 2692024 Annual Report of Tongwei Co. Ltd.
Number of restricted shares held by top ten restricted shareholders and the restrictions
□Applicable √Not Applicable
(III) Strategic investors or general legal entities which became top ten shareholders due to new bonus share
□Applicable √Not Applicable
IV. Controlling shareholder and actual controller
(I) Controlling shareholder
1. Legal entity
√Applicable □Not Applicable
Name Tongwei Group Co. Ltd.Person in charge or legal representative Guan Yamei
Date of incorporation October 14 1996
Wholesale and retail of goods; livestock husbandry; services for promoting and
applying technologies; services for software and information technology;
Main businesses development and operation of real properties; property management; lease;
advertising; PV generation (excluding items requiring prior licenses; items
requiring post licenses are subject to licenses or approvals)
Other companies listed within or outside Chinese
mainland that held shares in the Company in the None
reporting period
Other notes None
2. Natural Person
□Applicable √Not Applicable
3. Special note on the fact that the Company has no controlling shareholder
□Applicable √Not Applicable
4. Note on change of controlling shareholder in the reporting period
□Applicable √Not Applicable
5. Box diagram specifying the ownership and control relationship between the Company and its controlling shareholder
√Applicable □Not Applicable
Equity relationship of the Company and controlling
shareholder as of the disclosure date of the report
Tongwei Group Co. Ltd.Ownership interest 45.24%
Tongwei Co. Ltd.(II) Actual controller
1. Legal entity
□Applicable √Not Applicable
2. Natural person
√Applicable □Not Applicable
Name Liu Hanyuan
Nationality China
Residence right in other countries/regions No
Chair of the board of directors of Tongwei Group member of the 8th board of
Main professions and titles
directors of the Company member of the 11th Standing Committee of the CPPCC
102 / 2692024 Annual Report of Tongwei Co. Ltd.
National Committee deputy to the NPC vice-chair of Standing Committee of
All-China Federation of Industry and Commerce and others.Listed companies within and outside Chinese
mainland controlled by the actual controller in None
the latest 10 years
3. Special note on the fact that the Company has no actual controller
□Applicable √Not Applicable
4. Note on change of control of the Company in the reporting period
□Applicable √Not Applicable
5. Box diagram specifying the ownership and control relationship between the Company and its actual controller
√Applicable □Not Applicable
Equity relationship of the Company and actual controller as of the
disclosure date of the report
Liu Hanyuan
Ownership interest Ownership interest
80.00%80.00%
Tongwei Group Co. Ltd. Chengdu Xinde Investment
Co. Ltd.Ownership interest Ownership interest
45.24%0.02%
Tongwei Group Co. Ltd.
6. Actual controller controls the Company via trust or other asset management approaches
□Applicable √Not Applicable
(III) Other information about the controlling shareholder and actual controller
□Applicable √Not Applicable
V. The cumulative shares pledged by controlling shareholder or the largest shareholders and their persons acting in concert
account for over 80% of the total shares
□Applicable √Not Applicable
VI. Other legal entities holding over ten percent of the total shares
□Applicable √Not Applicable
VII. Note on restricting sale of shares
□Applicable √Not Applicable
VIII. Specific implementation of share repurchases in the reporting period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Tongwei Co. Ltd. Share Repurchase Plan Through Centralized Bidding
Share repurchase plan name
Transactions
Plan disclosure date April 30 2024
The proposed number of shares for repurchase and their
/
corresponding percentage of total share capital (%)
No less than 2 billion yuan (inclusive) and no more than 4 billion yuan
Proposed repurchase amount
(inclusive)
Proposed repurchase period April 28 2024 to April 27 2025
Repurpose For employee stock ownership plan or equity incentive
103 / 2692024 Annual Report of Tongwei Co. Ltd.
Repurchased number of shares 101360012
Percentage of shares repurchased relative to the total
target shares involved in the equity incentive plan (if /
applicable)
Progress on reducing repurchased shares through
/
centralized bidding transactions
Section VIII. Preference Shares
□Applicable √Not Applicable
104 / 2692024 Annual Report of Tongwei Co. Ltd.
Section IX. Bonds
I. Enterprise bonds corporate bonds and non-financial enterprise debt-financing instruments
√Applicable □Not Applicable
((I) Corporate bonds（including enterprise bonds）
□Applicable √Not Applicable
(II) Proceeds from corporate bond issuance
□Utilization of corporate bond proceeds or rectification during the reporting period
√None of the corporate bonds involved the use of proceeds or rectification during the reporting period
(III) Other disclosure requirements for special-type bonds
□Applicable √Not Applicable
(IV) Significant matters concerning corporate bonds during the reporting period
□Applicable √Not Applicable
105 / 2692024 Annual Report of Tongwei Co. Ltd.
(V) Non-financial enterprise debt-financing instruments in inter-bank bond market
√Applicable □Not Applicable
1. Basic information on non-financial enterprise debt-financing instruments
Unit:100 million yuan Currency:CNY
Investor Risk of
Bond name Short name Code Issue date Value date Maturity date Balance of Interest rate appropriatenessbonds (%) Payment method Trading venue arrangement (if Trading mechanism termination of
any) trading
2023 Green
Middle-Term 23 Tongwei
Note Series 1 GN001
Installment interest(Sci-Tech （Sci-Tech 132380075 2023/10/18 2023/10/19 2026/10/19 5.00 3.10payments and None No
Innovation Innovation
principal repaid onNotes maturityNotes) ）
2024 Green
Middle-Term 24 TongweiGN001 Installment interestNote Series 1(Sci-Tech （Sci-Tech 132480005 2024/1/31-2024/2/1 2024/2/2 2027/2/2 5.00 2.70payments and
Innovation principal repaid on
None No
Innovation maturityNotes) Notes）
2024 Green
Super &
Short-term 24 Tongwei
Commercial GN002
Interest is paidPaper Series 1 （Sci-Tech 132480007 2024/2/2 2024/2/5 2024/6/4 0.00 2.52together with the
Innovation principal in full at
None No(Sci-Tech Notes maturity Transactions areInnovation ） concluded with
Notes) counterparties trade by
2024 Green trade over the counter
Middle-Term 24 Tongwei Installment interest China InterbankGN003 Bond Market through the CNYNote Series 2 payments and trading system in(Sci-Tech （Sci-Tech 132480021 2024/3/13-2024/3/14 2024/3/15 2027/3/15 5.00 2.60 None NoInnovation Innovation
principal repaid on China ForeignNotes maturity Exchange TradeNotes) ） System
2024 Green
Middle-Term 24 TongweiGN004 Installment interestNote Series 3(Sci-Tech （Sci-Tech 132480034 2024/4/10-2024/4/11 2024/4/12 2027/4/12 5.00 2.55payments and
principal repaid on None NoInnovation InnovationNotes maturityNotes) ）
2024 Green
Super &
Short-term 24 TongweiGN005 Interest is paidCommercialPaper Series 2 （Sci-Tech 132480043 2024/5/27 2024/5/28 2024/11/24 0.00 2.10together with the
Innovation principal in full at
None No(Sci-Tech Notes maturityInnovation ）
Notes)
2024 Green 24Tongwei Installment interest
Middle-Term GN006 132480050 2024/6/6 2024/6/7 2027/6/7 5.00 2.38 payments and None NoNote Series 4 （Sci-Tech principal repaid on
106 / 2692024 Annual Report of Tongwei Co. Ltd.
(Sci-Tech Innovation maturityInnovation Notes）
Notes)
2024 Green
Super &
Short-term 24 Tongwei Interest is paid
Commercial SCP001Paper Series 1 （Sci-Tech 012481963 2024/6/25 2024/6/26 2024/12/23 0.00 2.06together with the None No
(Sci-Tech Innovation
principal in full at
maturityInnovation Notes）
Notes)
2024 Green
Middle-Term 24 Tongwei Installment interest
Note Series 5 GN007(Sci-Tech （Sci-Tech 132480060 2024/7/4 2024/7/5 2027/7/5 5.00 2.50payments and
principal repaid on None NoInnovation InnovationNotes maturityNotes) ）
2024 Green
Middle-Term 24 Tongwei
Note Series 1 MTN001
Installment interest(Sci-Tech （Sci-Tech 102482966 2024/7/10-2024/7/11 2024/7/12 2029/7/12 5.00 2.75payments and
Innovation principal repaid on
None NoInnovation Notes maturityNotes) ）
2024 Green
Super &
Short-term 24 Tongwei Interest is paid
Commercial SCP002Paper Series 2 （Sci-Tech 012483362 2024/10/21 2024/10/22 2025/7/19 5.00 2.50together with the None No
(Sci-Tech Innovation
principal in full atNotes maturityInnovation ）
Notes)
2024 Green
Middle-Term 24 Tongwei
Note Series 6 GN008
Installment interestSci-Tech 132480157 2024/11/25 2024/11/26 2027/11/26 5.00 2.95 payments and(Sci-Tech （Innovation principal repaid onNone No
Innovation maturityNotes) Notes）
2024 Green
Super & 24 Tongwei
Short-term GN009 Interest is paid
Commercial Super &
Paper Series 3 Short-term 132480175 2024/12/25 2024/12/26 2025/9/22 5.00 2.36
together with the None No(Sci-Tech （Sci-Techprincipal in full at
Innovation maturityInnovationNotes) Notes）
Response actions against risk of termination of trading
□Applicable √Not Applicable
Overdue bonds
□Applicable √Not Applicable
107 / 2692024 Annual Report of Tongwei Co. Ltd.
Interest payment and principal repayment on bonds in the reporting period
√Applicable □Not Applicable
Bond name Note on interest payment and principal repayment
2023 Green Middle-Term Note Series 1 (Sci-Tech Innovation Notes) Interest paid normally
2024 Green Middle-Term Note Series 1 (Sci-Tech Innovation Notes) Interest paid normally
2024 Green Super & Short-term Commercial Paper Series 1 (Sci-Tech Innovation Notes) Paid
2024 Green Middle-Term Note Series 2 (Sci-Tech Innovation Notes) Interest paid normally
2024 Green Middle-Term Note Series 3 (Sci-Tech Innovation Notes) Interest paid normally
2024 Green Super & Short-term Commercial Paper Series 2 (Sci-Tech Innovation Notes) Paid
2024 Green Middle-Term Note Series 4 (Sci-Tech Innovation Notes) Interest paid normally
2024 Green Super & Short-term Commercial Paper Series 1 (Sci-Tech Innovation Notes) Paid
2024 Green Middle-Term Note Series 5 (Sci-Tech Innovation Notes) Interest paid normally
2024 Green Middle-Term Note Series 1 (Sci-Tech Innovation Notes) Interest paid normally
2024 Green Super & Short-term Commercial Paper Series 2 (Sci-Tech Innovation Notes) Interest paid normally
2024 Green Middle-Term Note Series 6 (Sci-Tech Innovation Notes) Interest paid normally
2024 Green Super & Short-term Commercial Paper Series 3 (Sci-Tech Innovation Notes) Interest paid normally
108 / 2692024 Annual Report of Tongwei Co. Ltd.
2. Trigger and execution of the option clause for issuers or investors and the investor protection clause
□Applicable √Not Applicable
3. Intermediaries for services relating to bond issuing and bond duration
Intermediary name Office location Signatory accountants Contact Telephone
Industrial Bank Building No. 398 Middle Jiangbin Avenue Taijiang
Industrial Bank Co. Ltd. Li Jie and Fan Weikai 028-86054301
District Fuzhou Fujian
Minsheng Bank Building No. 2 Fuxingmen Inner Street Xicheng
China Minsheng Banking Corporation Ltd. Shu Chang and Yang Xi 010-58560666
District Beijing
0755-880262
China Merchants Bank Co. Ltd. CMB Shenzhen Branch Building No.2016 Shennan Avenue Shenzhen Luo Man and Wang Youyang
028-61817912
China CITIC Bank Corporation Ltd. Building.1 Yard 10 Guanghua Road Chaoyang District Beijing Wang Zhouyu 010-66636334
Shanghai Pudong Development Bank Co. Ltd. No.12 First Zhongshan East Road Shanghai China Fang Zhou 021-31882624
China Bohai Bank Co. Ltd. No. 218 Haidong East Road Hedong District Tianjin China Zhang Zengguang 022-58563212
Bank of Communications Co. Ltd. No. 188 Middle Yincheng Road Shanghai Free Trade Zone Liu Leng 021-38873252
Bank of China Co. Ltd. No.1 Fuxingmen Nei Avenue Xicheng District Beijing China Zhang Shun 010-66595482
Zheng Yarong Lei Lufan and 010-68857443
Postal Savings Bank of China Co. Ltd. No. 3 Financial Street Xicheng District Beijing China
LiJiejuan 010-68857440
10F Taikang Group Tower Building.1 Yard 16 Jinghui Street Chaoyang Li Puhai Pu Fei Yang Junwei
China Securities Co. Ltd 028-68850820
District Beijing and Wen Bingyi
Room 1603-1606 Building 1 International Financial Center No.1
Beijing Jindu (Chengdu) Law Firm Lu Yong and Liu Feng 028-86203818
Section 3 Hongxing Road Jinjiang District Chengdu Sichuan China
Li Wulin Tang
Sichuan Huaxin (Group) CPA (Special General
28/F Jinmao Lidu South No. 18 Ximianqiao Street Chengdu Sichuan Fangmo and Xia Zhang Lan 028-85560499
Partnership)
Hongbo
17th Floor Tower 2 2 Jianguomenwai Avenue Chaoyang District
United Credit Ratings Co. Ltd. Li Zeying 010-85679228
Beijing China
Lianhe Equator Environmental Assessment
Lianhe Credit Building 80 Qufu Road Heping District Tianjin China Wang Shunli 022-58356945
Co. Ltd.Shanghai Clearing House Co. Ltd. No.2 East Beijing Road Huangpu District Shanghai China Issuing Group 021-23198888
Beijing Financial Assets Exchange Co. Ltd. No. 17 B Financial Street Xicheng District Beijing China Issuing Department 010-57896722
Changes in the above intermediaries
□Applicable √Not Applicable
4. Use of raised funds at the end of the reporting period
√Applicable □Not Applicable
Unit:100 million yuan Currency:CNY
109 / 2692024 Annual Report of Tongwei Co. Ltd.
Compliance with
Operation of the special the purposes use
Amount Correction for non-conforming
Bond name Total amount raised Amount used account for raised funds schedule and other
unused use of the raised funds (if any)
(if any) covenants in the
prospectus
2023 Green Middle-Term Note Series 1 (Sci-Tech Innovation Notes) 5.00 5.00 0.00 Not applicable Not applicable Yes
2024 Green Middle-Term Note Series 1 (Sci-Tech Innovation Notes) 5.00 5.00 0.00 Not applicable Not applicable Yes
2024 Green Super & Short-term Commercial Paper Series 1 (Sci-Tech
5.00 5.00 0.00 Not applicable Not applicable Yes
Innovation Notes)
2024 Green Middle-Term Note Series 2 (Sci-Tech Innovation Notes) 5.00 5.00 0.00 Not applicable Not applicable Yes
2024 Green Middle-Term Note Series 3 (Sci-Tech Innovation Notes) 5.00 5.00 0.00 Not applicable Not applicable Yes
2024 Green Super & Short-term Commercial Paper Series 2 (Sci-Tech
5.00 5.00 0.00 Not applicable Not applicable Yes
Innovation Notes)
2024 Green Middle-Term Note Series 4 (Sci-Tech Innovation Notes) 5.00 2.33 2.69 Not applicable Not applicable Yes
2024 Green Super & Short-term Commercial Paper Series 1 (Sci-Tech
5.00 5.00 0.00 Not applicable Not applicable Yes
Innovation Notes)
2024 Green Middle-Term Note Series 5 (Sci-Tech Innovation Notes) 5.00 5.00 0.00 Not applicable Not applicable Yes
2024 Green Middle-Term Note Series 1 (Sci-Tech Innovation Notes) 5.00 5.00 0.00 Not applicable Not applicable Yes
2024 Green Super & Short-term Commercial Paper Series 2 (Sci-Tech
5.00 5.00 0.00 Not applicable Not applicable Yes
Innovation Notes)
2024 Green Middle-Term Note Series 2 (Sci-Tech Innovation Notes) 5.00 0.00 5.00 Not applicable Not applicable Yes
2024 Green Super & Short-term Commercial Paper Series 3 (Sci-Tech
5.00 0.00 5.00 Not applicable Not applicable Yes
Innovation Notes)
Note: The discrepancy between the horizontal sum of “amount used” and “amount unused" versus the “total amount raised" is attributable to interest income from bank deposits.Progress and benefits of construction projects where the raised funds were used
□Applicable √Not Applicable
110 / 2692024 Annual Report of Tongwei Co. Ltd.
Note on changes in the said purposes of funds raised through bond issuing in the reporting period
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
5. Credit rating adjustments
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
6. Execution and change of guarantees repayment schedules and other repayment protection measures in the reporting
period and their impact
□Applicable √Not Applicable
7. Note on other information about non-financial enterprise debt-financing instruments
□Applicable √Not Applicable
(VI) Loss from the scope of consolidation in the reporting period over 10% of the net assets at the end of the previous year
√Applicable □Not Applicable
Loss
See the Section III Management Discussion and
Reason for loss
Analysis
Impact on the Company’s operational activities and debt servicing capacity
(VII) Overdue interest-bearing debts other than bonds at the end of the reporting period
□Applicable √Not Applicable
(VIII) Impact on the rights and interest of bond investors by the Company's violations of laws regulations articles of
association information disclosure management policies as well as covenants or commitments made in the bond prospectus
□Applicable √Not Applicable
(IX) Accounting data and financial indicators within the latest two years at the end of the reporting period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Major indicators 2024 2023 Change YoY (%) Reason for change
See the Section III
Net profit net of non-recurring
Management
gain and loss attributable to -7057321013.59 13613305529.94 -151.84
Discussion and
shareholders of the listed company
Analysis
Current ratio 1.17 1.61 -27.33
Quick ratio 0.95 1.41 -32.62
L/A ratio (%) 70.44 55.08 +15.36ppts
Total debt/ EBITDA 0.03 0.69 -95.65
Interest coverage ratio -3.63 13.55 -126.79
Cash coverage ratio 2.33 39.77 -94.14
EBITDA coverage 1.20 18.58 -93.54
Repayment ratio (%) 100.00 100.00 0.00
Interest repayment ratio (%) 100.00 100.00 0.00
II. Convertible bonds
√Applicable □Not Applicable
(I) Offering of convertible bonds
√Applicable □Not Applicable
On February 21 2022 proposals including the Proposal on Clarifying the Plan for Public Offering A-share Convertible Bonds
were approved at the 24th meeting of the 7th board of directors where matters relating to the offering of convertible bonds werediscussed and decided. On February 24 2022 the Company publicly issued convertible bonds of 12 billion yuan (“Tong22Convertible Bonds” code 110085). The amount received net of undertaking and sponsorship costs (78 million yuan) (including tax)
111 / 2692024 Annual Report of Tongwei Co. Ltd.
is 11.922 billion yuan. Sichuan Huaxin issued the Capital Verification Report [2022] No.0009 that confirmed the raised funds were
in place. The funds raised net of issuing fee will be used for the renovation project for the manufacturing of PV silicon materials
(Yongxiang New Energy's Phase II 50000-ton High-purity Polysilicon Project) for the manufacturing project of PV silicon materials
(Inner Mongolia Tongwei’s Phase II 50000-ton High-purity Polysilicon Project) the 15 GW monocrystalline Rod Pulling andCutting Project as well as for supplementing current funds. On March 7 2022 the registration and custody procedures for “Tong22Convertible Bonds” were completed in CSDC Shanghai. On March 18 2022 “Tong22 Convertible Bonds” was listed in the bond
market. According to the relevant provisions of the Listing Rules of the Shanghai Stock Exchange and the provisions of the
Prospectus for the Public Offering of Convertible Bonds by Tongwei Co. Ltd. the Tong22 Convertible Bonds issued by the Company
can be converted into shares from September 2 2022 with an initial conversion price of 39.27 yuan per share. In the reporting period
due to the 20212022 and 2023 annual equity distribution of the Company the conversion price of Tong22 Convertible Bonds was
adjusted and the new price is 34.60 yuan per share.(II) Convertible bond holders and guarantors in the reporting period
√Applicable □Not Applicable
Name of convertible bond Tong22 Convertible Bonds
Number of holders at the period-end 27423
Guarantor of the Company's convertible bonds None
Top ten holders of convertible bonds:
Bonds held at the
Bond holding
Convertible bonds holders end of the period
percent (%)
(yuan)
Tongwei Group Co. Ltd. 3130210000 26.12
Haitong Securities Asset Management - CITIC Bank - Haitong Asset Management Ruifeng
8096900006.76
Huicheng No. 3 Collective Asset Management Plan
Bond Repurchase Pledge Special Accounts in Registration and Settlement System (ICBC) 607844000 5.07
China Merchants Bank Co. Ltd. - Bosera CSI Convertible Bond & Exchangeable Bond ETF 525568000 4.39
Bond Repurchase Pledge Special Accounts in Registration and Settlement System (Bank of
4897940004.09
China)
Bond Repurchase Pledge Special Accounts in Registration and Settlement System (China
3209000002.68
Construction Bank)
Bond Repurchase Pledge Special Accounts in Registration and Settlement System (China
1404940001.17
Minsheng Banking Corp. Ltd.)
Bond Repurchase Pledge Special Accounts in Registration and Settlement System (Industrial
1402450001.17
Bank Co. Ltd.)
China Merchants Bank Co. Ltd. – Hua’an Convertible Bond Fund 134000000 1.12
China Pacific Life Insurance Co. Ltd. - Traditional - Common Insurance Product 132325000 1.10
(III) Changes in convertible bonds in the reporting period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Change
Name of
Before the change After the change
convertible bond Converted to share Redemption Sell back
capital
Tong22
Convertible 11983692000 388000 11983304000
Bonds
Cumulative conversion to shares in the reporting period
√Applicable □Not Applicable
Name of convertible bond Tong22 Convertible Bonds
Amount converted in the reporting period (yuan) 388000
Shares converted in the reporting period 11085
Accumulated shares converted 436647
Ratio of accumulated shares converted to the total shares issued
0.0097
by the Company before the conversion (%)
Amount that has not converted (yuan) 11983304000
Ratio of balance convertible bonds to total convertible bonds
99.8609
issued (%)
112 / 2692024 Annual Report of Tongwei Co. Ltd.
(IV) Adjustments of conversion prices
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Name of convertible bond Tong22 Convertible Bonds
Conversion price after Description on price
Adjustment date Disclosure date Disclosure media
adjustment adjustment
China Securities Journal The Company paid cash
Shanghai Securities distribution of 9.12 yuan
May 30 2022 38.36 yuan/share May 31 2022
News Securities Daily for per 10 shares
and STCN (including tax)
China Securities Journal The Company paid cash
Shanghai Securities distribution of 28.58 yuan
May 31 2023 35.50 yuan/share May 24 2023
News Securities Daily for per 10 shares
and STCN (including tax)
China Securities Journal
The Company paid cash
Shanghai Securities
distribution of 9.05 yuan
June 14 2024 34.60 yuan/share June 7 2024 News Securities Daily
for per 10 shares
STCN and Economic
(including tax)
Information Daily
The latest conversion price as of the end of the
34.60yuan/share
reporting period
(V) Liabilities changes in creditworthiness and cash arrangements for debt repayment in the next year
√Applicable □Not Applicable
As of the end of the reporting period the Company's total liabilities amounted to 137.998 billion yuan with current liabilities of
56.538 billion yuan and non-current liabilities of 81.460 billion yuan. Of these liabilities bank borrowings due for repayment within
one year amounted to 10.493 billion yuan while bank borrowings repayable after more than one year totaled 51.244 billion yuan. OnJune 12 2024 United Credit Ratings Co. Ltd. issued the “Tong22 Convertible Bonds Credit Rating Report of Tongwei Co. Ltd.maintaining the Company's long-term credit rating at AAA and upgrading Tong22 Convertible Bonds’ credit rating to AAA with a
stable outlook. The Company has designated specific departments and personnel to monitor repayment arrangements ensuring the
timely payment of both principal and interest.(VI) Note on other information about the convertible bonds
√Applicable □Not Applicable
The Company’s raised funds intended for relevant projects were fully utilized. Given that the balance of the dedicated account
for raised funds is less than 5% of the net raised funds in compliance with the relevant provisions of the Shanghai Stock Exchange
Guide for Self-Regulation of Listed Companies No. 1—Standardized Operation the Company has completed the necessary approval
procedures to transfer the remaining balance of dedicated account for permanent supplementation of working capital. The
deregistration procedures for the said account have been duly completed. For detailed information please refer to the Special Report
on the Storage and Actual Use of Raised Funds in 2022 disclosed by the Company on April 25 2023 and the Announcement on the
Deregistration of Dedicated Account for Raised Funds (announcement number: 2023-049) disclosed by the Company on May 18
2023 on the website of the Shanghai Stock Exchange (www.sse.com.cn).
113 / 2692024 Annual Report of Tongwei Co. Ltd.
Section X. Financial Report
I. Financial Report
√Applicable □Not Applicable
The annual financial report of the Company has been audited by Li Wulin Tang Fangmo and Xia Hongbo accountants from Sichuan
Huaxin who have expressed an unqualified opinion.Auditor's Report
Sichuan Huaxin Audit (2025) No.0068
To all the shareholders of Tongwei Co. Ltd.:
I. Audit Opinion
We have audited the financial statements of Tongwei Co. Ltd. (“Tongwei”) which comprise the consolidated balance sheet and
the parent balance sheet as at 31 December 2024 the consolidated income statement and parent income statement the consolidated
cash flow statement and parent cash flow statement consolidated and parent statements of owner's equity and notes to the said
financial statements for the year 2024.In our opinion the attached financial statements prepared in accordance with Accounting Standards for Business Enterprises in
all material aspects give a true and fair view of the consolidated and parent financial positions as at 31 December 2024 and of the
consolidated and parent operation performance and cash flows for the year 2024.II. Basis forAudit Opinion
We conducted our audit in accordance with Practicing Standards on Chinese Certified Public Accountants (“PSCCPA”). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. In accordance with China Code of Ethics for Certified Public Accountants we are independent of Tongwei and
have performed other responsibilities respect to occupational ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.III. Key Audit Matters
Key audit matters (KAMs) are those matters that in the auditor’s professional judgment are of most significance in the audit of
the financial statements of the current period. Communicating KAM is in the context of us having formed an opinion on the financial
statements as a whole; and we do not issue separate audit opinions on these matters. We have determined the following key audit
matters to communicate in our report:
(I) Revenue recognition
Please refer to the “Operating revenue and operating cost” and “segments” in the Notes to Financial Statements.Reasons for being KAMs Measures taken in the audit and conclusions
1. Understand and test whether internal controls relating to sale and collection
are effectively designed and operated and evaluate the reasonableness of basis
for and timing of revenue recognition.
2. Perform the analysis process on sales revenue gross profit of sales and
receivables by industry including period-over-period comparison and product
category comparison to evaluate the reasonableness of relevant changes.
3. For key customers check their contracts purchase orders delivery notes
receipt notes and other documents and obtain written confirmations on
The consolidated operating revenue of Tongwei transaction amounts and closing balances for these customers to understand that
was 91.994 billion yuan for the year 2024 these transactions are true complete and accurate; for other customers perform a
including 59.792 billion yuan from the operating sampling check on contracts purchase orders delivery notes shipping notes
activities of PV business and 31.74 billion yuan payment notes receipt notes and other documents to verify the amount of sales
from the operating activities of agriculture and revenue is true complete and accurate.animal husbandry business. Operating revenue is a 4. According to the unit price set forth in the Power Purchase Agreement and
key performance indicator of Tongwei the inherent power generation subsidy documents and combining with the settled electricity
risk that the management manipulated the revenue and ancillary service charge confirmed by the statement provided by the State
recognition in order to reach a certain target or Grid Corporation of China re-calculate and check the revenue from PV
expectation exists therefore we identify revenue generation; and obtain written confirmation from State Grid for the settled
recognition as a key audit matter. electricity and settled price for desulfurization electricity.
5. Check shipment and custom declaration data relating to exports and get
written confirmations on balances of advances from customers to verify the
authentication completeness and accuracy of export-sale revenue.
6. Search business registration documents of key customers and talk with
relevant staff of Tongwei to check whether these customers are related parties of
Tongwei.
7. Perform a cut off test on sales revenue recognition before and on the balance
sheet date look for the receipt note dates and whether there are high-value
114 / 2692024 Annual Report of Tongwei Co. Ltd.
returns to verify whether the revenue is recorded into an appropriate period.
8. Focus on the compliance and appropriateness of disclosure of operating
revenue in the notes to financial statements.The evidence obtained through the execution of the above audit procedures
supports the management's assessment of revenue recognition at Tongwei Co.Ltd.(II) Impairment of long-term assets
Please refer to “fixed assets” “intangible assets” “goodwill” and “asset impairment loss” in the Notes to Financial Statements.Reasons for being KAMs Measures taken in the audit and conclusions
1. Understand and test whether the management’s design and operation of
internal control over the impairment testing of long-term assets are effective;
2. Understand and assess whether the management's identification process of
On December 31 2024 the aggregate carrying impairment indicators for long-term assets other than goodwill is reasonable;
value of fixed assets intangible assets and 3. Through the work of valuation professionals to understand and evaluate the
goodwill in the consolidated financial statements competence professionalism and objectivity of the independent appraisers;
amounted to 105.346 billion yuan. An impairment 4. Evaluate the types of valuation valuation methods the reasonableness of the
loss of 0.758 billion yuan was recognized on management's judgment of cash-generating units and assess the reasonableness
long-term assets for the year 2024. of key assumptions such as discount rates and profit margins used in impairment
Given the complex testing process in impairment assessment;
of long-term assets involving the management's 5. Perform sensitivity analysis on discount rates operational and financial
estimates of future market and economic assumptions in the impairment testing model and analyze and evaluate the
conditions as well as the selection of key potential impact on impairment amounts when these parameters and assumptions
parameters such as discount rates and profit vary within reasonable ranges;
margins we have identified the impairment of 6. Focus on the compliance and appropriateness of disclosure of impairment of
long-term assets as a key audit matter. long-term assets in the notes to financial statements.The evidence obtained through the execution of the above audit procedures
supports the management's assessment of impairment of long-term assets at
Tongwei Co. Ltd.IV. Other Information
The management of the Company is responsible for other information which includes all information contained in the 2024
annual report of the Company but excludes financial statements and our auditor's report.Our opinion on financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.Our responsibility is to express an opinion on these financial statements based on our audit. In doing so we considered whether
there is any material inconsistency between other information and the financial statements or any circumstance we have obtained in
the audit or whether there seems to have any material misstatement.If based on the work we have performed we conclude that there is a material misstatement of this other information we are
required to report that fact. We have nothing to report in this regard.V. Responsibilities of the Management and the Governance Body for the Financial Statements
The management of the Company is responsible for the preparation of the financial statements that give a true and fair view in
accordance with Accounting Standards for Business Enterprises and for design execution and maintenance of such internal control
as it determines is necessary to enable financial statements that are free from material misstatement whether due to fraud or error.In preparing the financial statements the management is responsible for assessing the Company's ability as a going-concern
disclosing matters related to going-concern (if applicable) and using the going-concern basis unless the management either intends
to liquidate the Company or to cease its operation or has no realistic alternative but to do so.The Governance Body is responsible for overseeing the Company's financial reporting process.VI. Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement whether due to fraud or error and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with Enterprise Accounting Standards will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually
or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.As part of an audit in accordance with Enterprise Accounting Standards we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design and
perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as
fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures.
115 / 2692024 Annual Report of Tongwei Co. Ltd.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the management.
(4) Conclude on the appropriateness of the management's use of the going concern basis of accounting. And also based on
obtained audit evidences we conclude on whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists we are
required to draw attention in
our auditor’s report to the related disclosures in the consolidated financial statements or if such disclosures are inadequate to
not express an unqualified opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.However future events or conditions may cause the Company to cease to continue as a going concern.
(5) Evaluate the overall presentation structure and content of the financial statements and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
(6) Obtain sufficient appropriate evidence about the financial information of entity or business activities of Tongwei on which to
base the auditor’s opinion on the financial statements. We are responsible for the direction supervision and performance of the group
audit engagement and completely for the auditor's opinion.We communicate with the governance body regarding among other matters the planned scope and timing of the audit and
significant audit findings including any significant deficiencies in internal control that the auditor identifies during the audit.We also provide the governance body with a statement that we have complied with relevant ethical requirements regarding
independence and communicates with them all relationships and other matters that may reasonably be thought to bear our
independence and where applicable related safeguards.From the matters communicated with the governance body we determine those matters that were of most significance in the
audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in the
auditor’s report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we
determine that a matter should not be communicated in the auditor’s report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.Sichuan Huaxin (Group) CPA China CPA: Li Wulin
(Special General Partnership) (Project Partner)
Chengdu China China CPA: Tang Fangmo
China CPA: Xia Hongbo
April 28 2025
II. Financial Statements
Consolidated balance sheet
December 31 2024
Prepared by: Tongwei Co. Ltd.Unit:Yuan Currency:CNY
Item Notes December 31 2024 December 31 2023
Current assets:
Cash at bank and on hand 16448454772.62 19418437782.89
Settlement provisions
Lending to banks and other financial
institutions
Held-for-trading financial assets 12869130833.91 10064061762.38
Derivative financial assets 15321594.19 5842475.20
Notes receivable 1465325121.18 847559026.34
Accounts receivable 6706811085.16 6987853078.62
Receivables financing 7704206516.60 13328061144.72
Prepayments 1085751229.38 1346330032.26
Premium receivable
Reinsurance receivable
Reinsurance contract reserve receivable
Other receivables 802476780.97 488199686.93
Including: Interest receivable
Dividend receivable
Buy-back of financial assets
Inventories 12633286216.02 7788385427.12
Including: Data resource
116 / 2692024 Annual Report of Tongwei Co. Ltd.
Contract assets 579643428.91 557823913.04
Assets held for sale
Non-current assets due within one year
Other current assets 5882511042.81 2411612696.98
Total current assets 66192918621.75 63244167026.48
Non-current assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 2306695375.10 377318071.06
Other equity investments 158373643.44 158611959.79
Other non-current financial assets 6271248.25 6271248.25
Investment properties 98457919.87 103085073.79
Fixed assets 100025332497.54 68269964227.96
Construction in progress 7251108008.25 14816515872.96
Productive biological assets 3438353.70 1806503.02
Oil and gas assets
Right-of-use assets 7048441533.59 3990842907.29
Intangible assets 4851075557.58 4721306525.81
Including: Data resource
R&D cost
Including: Data resource
Goodwill 469239983.23 477145263.78
Deferred expenses 492576899.04 280316186.83
Deferred tax assets 4056103100.16 2830375286.03
Other non-current assets 2956730320.49 5085435306.61
Total non-current assets 129723844440.24 101118994433.18
Total assets 195916763061.99 164363161459.66
Current liabilities:
Short-term borrowings 1878224418.52 214016118.59
Borrowings from central bank
Borrowings from banks and other
financial institutions
Held-for-trading financial liabilities 29573.07
Derivative financial liabilities 10616503.01 4844001.27
Notes payable 15210730151.74 10173603651.18
Accounts payable 19840037944.67 17375810492.74
Advances from customers 34366045.86 40457762.17
Contract liabilities 3138267719.06 3841372717.47
Sale of financial assets to be
repurchased
Inward deposits
Payments from sale and purchase of
securities on behalf of customers
Payments from underwriting securities
on behalf of customers
Employee benefits payable 2025362738.36 2758492594.40
Taxes payable 322065136.12 645414576.79
Other payables 1669848704.07 1962529948.17
Including: Interest payable
Dividend payable
Service charge and commission payable
Reinsurance receivable
Liabilities held for sale
Non-current liabilities due within one 10725854956.38 2023498153.97
year
117 / 2692024 Annual Report of Tongwei Co. Ltd.
Other current liabilities 1682671470.58 300433959.06
Total current liabilities 56538075361.44 39340473975.81
Non-current liabilities:
Reinsurance contract reserve
Long-term borrowings 51244335868.59 28755180069.46
Bonds payable 15062229237.62 11175571706.57
Including: Preference share
Perpetual bond
Lease liabilities 5294627751.60 3215951423.18
Long-term payables 1957365997.82 409160390.38
Long-term employee benefits payable 3956439305.87 4085174933.73
Estimated liabilities 999985012.93 559416370.93
Deferred income 888029384.86 960698361.51
Deferred tax liability 2056523642.53 2032149741.68
Other non-current liabilities
Total non-current liabilities 81459536201.82 51193302997.44
Total liabilities 137997611563.26 90533776973.25
Owners’ equity (or shareholders' equity)
Paid-up capital (or share capital) 4501984831.00 4501973746.00
Other equity instruments 1964851844.22 1964915462.95
Including: Preference share
Perpetual bond
Capital reserve 16138481842.10 16135933446.90
Less: Treasury shares 2001450171.83 -
Other comprehensive income -155861817.01 -135453858.15
Special reserve 138469397.69 97203438.14
Surplus reserve 4860447480.94 4303947104.83
General risk reserve
Undistributed profit 23008946223.65 34660319189.03
Total equity attributable to owners or 48455869630.76 61528838529.70
shareholders of parent company
Minority interest 9463281867.97 12300545956.71
Total owners’ equity (or shareholders' 57919151498.73 73829384486.41
equity)
Total liabilities and owners’ equity (or 195916763061.99 164363161459.66
shareholders' equity)
Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan
Lu
Parent balance sheet
December 31 2024
Prepared by: Tongwei Co. Ltd.Unit:Yuan Currency:CNY
Item Notes December 31 2024 December 31 2023
Current assets:
Cash at bank and on hand 14272119745.53 17732273408.97
Held-for-trading financial assets 12868798201.55 10064061762.38
Derivative financial assets 12873097.22
Notes receivable 153095463.15
Accounts receivable 1338514704.40 29256616.68
Receivables financing 1635648443.26 319324024.39
Prepayments 45006208.35 14436602.23
Other receivables 56101653734.88 34016452464.35
Including: Interest receivable
Dividend receivable
Inventories 335333431.13 53715887.88
118 / 2692024 Annual Report of Tongwei Co. Ltd.
Including: Data resource
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 95637486.94 47825.36
Total current assets 86858680516.41 62229568592.24
Non-current assets:
Debt investments
Other debt investments
Long-term receivables 3187749123.45 3187749123.45
Long-term equity investments 28811357779.14 26351615498.89
Other equity investments 158373643.44 158611959.79
Other non-current financial assets
Investment properties 31721152.68 33461812.80
Fixed assets 33533497.66 43265679.54
Construction in progress 22906923.52 14656718.38
Productive biological assets
Oil and gas assets
Right-of-use assets 47431745.34 40622011.65
Intangible assets 21979254.93 16966400.22
Including: Data resource
R&D cost
Including: Data resource
Goodwill
Deferred expenses 13294876.86 8957345.80
Deferred tax assets 13120235.02 11342167.02
Other non-current assets 17874406.55 237800.30
Total non-current assets 32359342638.59 29867486517.84
Total assets 119218023155.00 92097055110.08
Current liabilities:
Short-term borrowings 725621930.42
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 8161758457.98 493269837.95
Accounts payable 586066609.12 86108011.08
Advances from customers 153541.15 -
Contract liabilities 582219869.25 229005221.01
Employee benefits payable 239163116.62 186043453.22
Taxes payable 22181136.89 21344473.32
Other payables 21576629209.63 21316578473.04
Including: Interest payable
Dividend payable
Liabilities held for sale
Non-current liabilities due within one year 4222120119.31 228151955.54
Other current liabilities 1057110797.82 29764439.15
Total current liabilities 37173024788.19 22590265864.31
Non-current liabilities:
Long-term borrowings 21832500000.00 12647340000.00
Bonds payable 15062229237.62 11175571706.57
Including: Preference share
Perpetual bond
Lease liabilities 44505819.21 42192075.19
Long-term payables 875898885.36 875898885.36
Long-term employee benefits payable 334280127.54 381847429.39
Estimated liabilities
Deferred income
Deferred tax liability 48276602.33 48861999.07
119 / 2692024 Annual Report of Tongwei Co. Ltd.
Other non-current liabilities
Total non-current liabilities 38197690672.06 25171712095.58
Total liabilities 75370715460.25 47761977959.89
Owners’ equity (or shareholders' equity)
Paid-up capital (or share capital) 4501984831.00 4501973746.00
Other equity instruments 1964851844.22 1964915462.95
Including: Preference share
Perpetual bond
Capital reserve 17099082554.50 17098677750.95
Less: Treasury shares 2001450171.83 -
Other comprehensive income 15577843.79 11137961.60
Special reserve
Surplus reserve 4860447480.94 4303947104.83
Undistributed profit 17406813312.13 16454425123.86
Total owners’ equity (or shareholders' equity) 43847307694.75 44335077150.19
Total liabilities and owners’ equity (or shareholders'
119218023155.0092097055110.08
equity)
Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan
Lu
Consolidated Profit Statement
Jan to Dec 2024
Unit:Yuan Currency:CNY
Item Notes 2024 2023
I. Total operating revenue 91994404333.54 139104062084.52
Including: Operating revenue 91994404333.54 139104062084.52
Interest income
Earned premium
Service charge and commission income
II. Total operating cost 96074437398.68 111701279265.18
Including: Operating cost 86117213124.73 102714182767.86
Interest expense
Service charge and commission expense
Cash surrender value
Net claims paid
Net appropriation of insurance liability reserve
Policy dividend expense
Reinsurance expense
Tax and surcharge 442454454.62 745456147.29
Sales expense 1854765489.15 1743802178.32
Management expense 4147411701.71 4727505222.51
R&D cost 1510114124.23 1189482199.88
Financial expense 2002478504.24 580850749.32
Including: Interest expense 2259805051.33 1504553864.95
Interest income 343552023.56 954235676.99
Add: Other income 644860375.82 1233788381.77
Investment gain or loss (“-” for loss) 87491579.55 -177141496.24
Including: Gains or losses from investments into
-4460.01-34954050.97
associates and joint ventures
Gains from de-recognition of financial assets measured at
-25214695.94
amortized cost
Exchange gain or loss (“-” for loss)
Net exposure hedging gain or loss (“-” for loss)
Gain or loss from change in fair value (“-” for loss) 217850604.05 169783931.94
Credit impairment loss (“-” for loss) -88965142.89 -130023662.26
Asset impairment loss (“-” for loss) -5327210640.28 -6235601572.09
Gain or loss from disposal of assets (“-” for loss) 127834103.82 27254710.31
120 / 2692024 Annual Report of Tongwei Co. Ltd.
III. Operating profit (“-” for loss) -8418172185.07 22290843112.77
Add: Non-operating revenue 63178714.40 49082069.43
Less: Non-operating expense 328322984.29 288305113.83
IV: Total profit (“-” for loss) -8683316454.96 22051620068.37
Less: Income tax expense -574532383.25 3805456222.90
V. Net profit (“-” for net loss) -8108784071.71 18246163845.47
(I) By continuation
1. Going Concern profit (“-” for net loss) -8108784071.71 18246163845.47
2. Discontinuation profit (“-” for net loss)
(II) By ownership attribution
1. Net profit attributable to shareholders of the parent
-7038757392.5413573900132.37
company (“-” for net loss)
2. Gain or loss to minority shareholders (“-” for net loss) -1070026679.17 4672263713.10
VI. Other comprehensive income after tax -20738458.05 -26707221.48
(I) Other comprehensive income after tax attributable to
-20407958.86-26594054.86
owners of the parent company
1. Other comprehensive income that cannot be
-238316.354415402.51
reclassified into profit or loss
(1) Change from re-measurement of defined benefit plan
(2) Other comprehensive income that cannot be
converted to profit or loss under equity method
(3) Change in fair value of other equity investments -238316.35 4415402.51
(4) Change in fair value of the Company's own credit risk
2. Other comprehensive income that will be reclassified
-20169642.51-31009457.37
into profit or loss
(1) Other comprehensive income that can be converted to
-263407.00-191873.99
profit or loss under equity method
(2) Change in fair value of other debt investments
(3) Amount recorded into other comprehensive income
due to reclassification of financial assets
(4) Reserve for credit impairment of other debt
investments
(5) Cash flow hedge reserve 7393252.12 -2843418.59
(6) Foreign currency translation -27299487.63 -27974164.79
(7) Others
(II) Other comprehensive income after tax attributable to -330499.19 -113166.62
minority shareholders
VII. Total other comprehensive income -8129522529.76 18219456623.99
(I) Total other comprehensive income attributable to -7059165351.40 13547306077.51
owners of the parent company
(II) Total other comprehensive income attributable to -1070357178.36 4672150546.48
minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share (yuan/share) -1.5790 3.0151
(II) Diluted earnings per share (yuan/share) -1.5790 2.8737
The net income realized by the acquired business before business combinations under common control is 0.00 yuan the net income
realized by the acquired business in the previous period is: 0.00 yuan.Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan
Lu
Parent profit statement
Jan to Dec 2024
Unit:Yuan Currency:CNY
Item Notes 2024 2023
I. Operating revenue 15697505007.45 653574108.83
Less: Operating cost 15180855889.24 629930148.57
Tax and surcharge 29002304.52 6717247.71
Sales expense 678396157.49 89857444.85
121 / 2692024 Annual Report of Tongwei Co. Ltd.
Management expense 238143005.30 321792191.28
R&D cost 602292.32
Financial expense 1109775353.90 393266543.85
Including: Interest expense 1711695489.73 1635227250.57
Interest income 677582408.48 1268326374.19
Add: Other income 6411233.03 4111025.36
Investment gain or loss (“-” for loss) 7333036688.99 19753637612.07
Including: Gains or losses from investments into associates
-5860633.43-6751271.86
and joint ventures
Gains from de-recognition of financial assets measured at
-2846756.92
amortized cost
Net exposure hedging gain or loss (“-” for loss)
Gain or loss from change in fair value (“-” for loss) 219451080.59 170020238.47
Credit impairment loss (“-” for loss) -341724003.73 -15604887.24
Asset impairment loss (“-” for loss) -106221768.20 -120130962.36
Gain or loss from disposal of assets (“-” for loss) -588027.24 -301265.25
II. Operating profit (“-” for loss) 5571697500.44 19003140001.30
Add: Non-operating revenue 189003.43 3145007.14
Less: Non-operating expense 9246207.50 2842631.10
III. Total profit (“-” for loss) 5562640296.37 19003442377.34
Less: Income tax expense -2363464.74 38653657.49
IV. Net profit (“-” for net loss) 5565003761.11 18964788719.85
(I) Net going concern profit (“-” for net loss) 5565003761.11 18964788719.85
(II) Net discontinuation profit (“-” for net loss)
V. Other comprehensive income after tax 4439882.19 4223528.52
(I) Other comprehensive income that cannot be reclassified
-238316.354415402.51
into profit or loss
1. Change from re-measurement of defined benefit plan
2. Other comprehensive income that cannot be converted to
profit or loss under equity method
3. Change in fair value of other equity investments -238316.35 4415402.51
4. Change in fair value of the Company's own credit risk
(II) Other comprehensive income that will be reclassified
4678198.54-191873.99
into profit or loss
1. Other comprehensive income that can be converted to
-263407.00-191873.99
profit or loss under equity method
2. Change in fair value of other debt investments
3. Amount recorded into other comprehensive income due to
reclassification of financial assets
4. Reserve for credit impairment of other debt investments
5. Cash flow hedge reserve 4941605.54
6. Foreign currency translation
7. Others
VI. Total comprehensive income 5569443643.30 18969012248.37
VII. Earnings per share:
(I) Basic earnings per share (yuan/share)
(II) Diluted earnings per share (yuan/share)
Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan
Lu
Consolidated cash flow statement
Jan to Dec 2024
Unit:Yuan Currency:CNY
Item Notes 2024 2023
I. Cash flow generated from operating activities:
Cash received from sales of goods and rendering of services 85569173337.71 124243805359.37
Net increase in customer deposits and interbank deposits
122 / 2692024 Annual Report of Tongwei Co. Ltd.
Net increase in borrowings from central bank
Net increase in borrowings from other financial institutions
Cash received from premium receipts for original insurance
contracts
Net cash received from re-insurance service
Net increase in deposits and investments from policyholders
Cash received from interest service charge and commission
Net increase in borrowings from others
Net increase in repo service
Net cash received from sale and purchase of securities on
behalf of customers
Tax refunds received 737567627.43 1176039376.34
Other cash received relating to operating activities 1452972469.38 2780346469.24
Subtotal of cash inflows from operating activities 87759713434.52 128200191204.95
Cash paid for purchase of goods and services 72067730913.48 74223729677.48
Net increase in customer loans and advances
Net increase in deposits in central bank and other banks
Cash paid for claims of original insurance contracts
Net increase in lending to other banks
Cash paid for interest service charge and commission
Cash paid for policy dividend
Cash paid to and for employees 9117978398.61 8614626917.78
Taxes paid 2067777475.35 11956596665.24
Other cash paid relating to operating activities 3362490723.71 2725933973.28
Subtotal of cash outflows from operating activities 86615977511.15 97520887233.78
Net cash flow generated from operating activities 1143735923.37 30679303971.17
II. Cash flow generated from investing activities:
Cash received due to recovery of investments 50184552577.26 32195284626.69
Cash received from investment income 466972909.29 399222152.74
Net cash recovered from disposal of fixed assets intangible
608506929.0196836605.63
assets and other long-term assets
Net cash received from disposal of subsidiaries and other
16835710.86
operations
Other cash received relating to investing activities 711425434.96 1171988162.80
Subtotal of cash inflows from investing activities 51971457850.52 33880167258.72
Cash paid for acquisition or construction of fixed assets
28388183026.9436452219440.59
intangible assets and other long-term assets
Cash paid for investments 50835543434.33 41302360777.74
Net increase in pledge loans
Net cash paid by subsidiaries and other operations
Other cash paid relating to investing activities 1268154960.52 1164604194.30
Subtotal of cash outflows from investing activities 80491881421.79 78919184412.63
Net cash flow generated from investing activities -28520423571.27 -45039017153.91
III. Cash flow generated from financing activities:
Cash received from investors 737163762.07 1092000000.00
Including: Cash received by subsidiaries from minority
737163762.071092000000.00
shareholders
Cash received from borrowings 52206214106.66 23764519864.96
Other cash received relating to financing activities 3649021021.76 6809487.52
Subtotal of cash inflows from financing activities 56592398890.49 24863329352.48
Cash paid for debt repayment 16210603030.44 9762412196.60
Cash paid for dividend or profit distribution or interest
8097394150.0919705872472.95
payment
Including: Dividend and profit paid by subsidiaries to
2469288727.005888621400.23
minority shareholders
Other cash paid relating to financing activities 4804423958.96 1860186730.49
Subtotal of cash outflows from financing activities 29112421139.49 31328471400.04
Net cash flow generated from financing activities 27479977751.00 -6465142047.56
123 / 2692024 Annual Report of Tongwei Co. Ltd.
IV. Effect of exchange rate changes on cash and cash
-10774141.31-365522.04
equivalents
V. Net increase in cash and cash equivalents 92515961.79 -20825220752.34
Add: Opening cash and cash equivalents 14368820878.77 35194041631.11
VI. Closing cash and cash equivalents 14461336840.56 14368820878.77
Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan
Lu
Parent cash flow statement
Jan to Dec 2024
Unit:Yuan Currency:CNY
Item Notes 2024 2023
I. Cash flow generated from operating activities:
Cash received from sales of goods and rendering of services 12439037690.67 711054462.05
Tax refunds received 55472.12
Other cash received relating to operating activities 232848432.66 669445703.89
Subtotal of cash inflows from operating activities 12671886123.33 1380555638.06
Cash paid for purchase of goods and services 6715927433.15 120576649.07
Cash paid to and for employees 537123165.85 205476441.79
Taxes paid 137982912.32 29562022.95
Other cash paid relating to operating activities 1224664354.30 152702079.89
Subtotal of cash outflows from operating activities 8615697865.62 508317193.70
Net cash flow generated from operating activities 4056188257.71 872238444.36
II. Cash flow generated from investing activities:
Cash received due to recovery of investments 50184552577.26 32974076550.88
Cash received from investment income 7754948555.94 20181222152.74
Net cash recovered from disposal of fixed assets intangible
7626838.57838542.46
assets and other long-term assets
Net cash received from disposal of subsidiaries and other
operations
Other cash received relating to investing activities 300000.00
Subtotal of cash inflows from investing activities 57947427971.77 53156137246.08
Cash paid for acquisition or construction of fixed assets
50035104.9830420563.93
intangible assets and other long-term assets
Cash paid for investments 51041313434.33 46998235777.74
Net cash paid by subsidiaries and other operations
Other cash paid relating to investing activities 350000.00
Subtotal of cash outflows from investing activities 51091348539.31 47029006341.67
Net cash flow generated from investing activities 6856079432.46 6127130904.41
III. Cash flow generated from financing activities:
Cash received from investors
Cash received from borrowings 25188426769.48 11360000000.00
Other cash received relating to financing activities 5751437205.38 4499113013.98
Subtotal of cash inflows from financing activities 30939863974.86 15859113013.98
Cash paid for debt repayment 6873228000.00 5372198000.00
Cash paid for dividend or profit distribution or interest
4704258676.9413335600331.04
payment
Other cash paid relating to financing activities 30078144195.41 24823732958.22
Subtotal of cash outflows from financing activities 41655630872.35 43531531289.26
Net cash flow generated from financing activities -10715766897.49 -27672418275.28
IV. Effect of exchange rate changes on cash and cash
1766579.131076272.34
equivalents
V. Net increase in cash and cash equivalents 198267371.81 -20671972654.17
Add: Opening cash and cash equivalents 12699803310.93 33371775965.10
VI. Closing cash and cash equivalents 12898070682.74 12699803310.93
Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan Lu
124 / 2692024 Annual Report of Tongwei Co. Ltd.
125 / 2692024 Annual Report of Tongwei Co. Ltd.
Consolidated statement of owner's equity
Jan to Dec 2024
Unit:Yuan Currency:CNY
2024
Equity attributable to owners of parent company
Item
Other equity instruments Other Minority interest Total owner’s equity
Paid-up capital Less: Treasury
Capital reserve comprehensive Special reserve Surplus reserve Undistributed profit Others Subtotal
(or share capital) Preference Perpetual shares
Others income
share bond
I. Closing balance of the previous
4501973746.001964915462.9516135933446.90--135453858.1597203438.144303947104.8334660319189.0361528838529.7012300545956.7173829384486.41
year
Add: Changes in accounting
-
policies
Correction of previous errors -
Others -
II. Opening balance of the current
4501973746.001964915462.9516135933446.90--135453858.1597203438.144303947104.8334660319189.03-61528838529.7012300545956.7173829384486.41
year
III. Change in current period (“-”
11085.00-63618.732548395.202001450171.83-20407958.8641265959.55556500376.11-11651372965.38-13072968898.94-2837264088.74-15910232987.68
for decrease)
(I) Total comprehensive income -20407958.86 -7038757392.54 -7059165351.40 -1070357178.36 -8129522529.76
(II) Capital invested and decreased -2001097902.01 737163762.07 -1263934139.94
11085.00-63618.73404803.552001450171.83
by owners
1. Common shares invested by
737163762.07737163762.07
owners
2. Capital invested by holders of
11085.00-63618.73404803.55352269.82352269.82
other equity instruments
3. Amount of share payment
recorded into owner's equity
4. Others 2001450171.83 -2001450171.83 -2001450171.83
(III) Profit distribution - - - - - - 556500376.11 -4612615572.84 -4056115196.73 -2469288727.00 -6525403923.73
1. Withdrawal from surplus reserve 556500376.11 -556500376.11
2. Distribution to owners (or
-4056115196.73-4056115196.73-2469288727.00-6525403923.73
shareholders)
3. Others - -
(IV) Internal carryover of owner's
-
equity
1. Capital reserve converted to
capital (or share capital)
2. Surplus reserve converted to
capital (or share capital)
3. Surplus reserve offset loss
4. Change in defined benefit plan
converted to retained earnings
5. Other comprehensive income
126 / 2692024 Annual Report of Tongwei Co. Ltd.
converted to retained earnings
6. Others
(V) Special reserve - - - - - - - 41265959.55 - - - 41265959.55 -10015944.25 31250015.30
1. Withdrawal in current period 207991028.88 207991028.88 35133828.02 243124856.90
2. Use in current period 166725069.33 166725069.33 45149772.27 211874841.60
(VI) Others 2143591.65 2143591.65 -24766001.20 -22622409.55
IV. Closing balance of the current
4501984831.001964851844.2216138481842.102001450171.83-155861817.01138469397.694860447480.9423008946223.6548455869630.769463281867.9757919151498.73
period
2023
Equity attributable to owners of parent company
Item
Other equity instruments Less: Other Minority interest Total owner’s equity
Paid-up capital (or
Capital reserve Treasury comprehensive Special reserve Surplus reserve Undistributed profit Others Subtotal
share capital) Preference Perpetual
Others shares income
share bond
I. Closing balance of the previous
4501946097.001965085659.4316144302399.09--108859803.2933751973.142407355585.4535853681478.3960797263389.2112447970426.5573245233815.76
year
Add: Changes in accounting policies 112647.39 -4166930.97 -4054283.58 326208.04 -3728075.54
Correction of previous errors
Others
II. Opening balance of the current
4501946097.001965085659.4316144302399.09--108859803.2933751973.142407468232.8435849514547.4260793209105.6312448296634.5973241505740.22
year
III. Change in current period (“-” for
27649.00-170196.48-8368952.19--26594054.8663451465.001896478871.99-1189195358.39735629424.07-147750677.88587878746.19
decrease)
(I) Total comprehensive income -26594054.86 13573900132.37 13547306077.51 4672150546.48 18219456623.99
(II) Capital invested and decreased
27649.00-170196.481042242.42----899694.941092000000.001092899694.94
by owners
1. Common shares invested by
1092000000.001092000000.00
owners
2. Capital invested by holders of
27649.00-170196.481042242.42899694.94899694.94
other equity instruments
3. Amount of share payment
recorded into owner's equity
4. Others
(III) Profit distribution 1896478871.99 -14763095490.76 - -12866616618.77 -5888621400.23 -18755238019.00
1. Withdrawal from surplus reserve 1896478871.99 -1896478871.99
2. Distribution to owners (or
-12866616618.77-12866616618.77-5888621400.23-18755238019.00
shareholders)
3. Others
(IV) Internal carryover of owner's
equity
1. Capital reserve converted to
capital (or share capital)
127 / 2692024 Annual Report of Tongwei Co. Ltd.
2. Surplus reserve converted to
capital (or share capital)
3. Surplus reserve offset loss
4. Change in defined benefit plan
converted to retained earnings
5. Other comprehensive income
converted to retained earnings
6. Others
(V) Special reserve - - - - - - - 63451465.00 - - - 63451465.00 5232836.90 68684301.90
1. Withdrawal in the current period 226857050.61 226857050.61 37847676.48 264704727.09
2. Use in the current period 163405585.61 163405585.61 32614839.58 196020425.19
(VI) Others -9411194.61 -9411194.61 -28512661.03 -37923855.64
IV. Closing balance of the current
4501973746.001964915462.9516135933446.90--135453858.1597203438.144303947104.8334660319189.0361528838529.7012300545956.7173829384486.41
period
Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan
Lu
128 / 2692024 Annual Report of Tongwei Co. Ltd.
Parent statement of owner's equity
Jan to Dec 2024
Unit:Yuan Currency:CNY
2024
Other equity instruments
Item Paid-up capital (or Less: Treasury Other comprehensive Special
Preference Perpetual Capital reserve Surplus reserve Undistributed profit Total owner’s equityshare capital) Others shares income reserve
share bond
I. Closing balance of the
4501973746.001964915462.9517098677750.9511137961.604303947104.8316454425123.8644335077150.19
previous year
Add: Changes in
accounting policies
Correction of previous
errors
Others
II. Opening balance of the
4501973746.001964915462.9517098677750.9511137961.604303947104.8316454425123.8644335077150.19
current year
III. Change in current
11085.00-63618.73404803.552001450171.834439882.19556500376.11952388188.27-487769455.44
period (“-” for decrease)
(I) Total comprehensive
4439882.195565003761.115569443643.30
income
(II) Capital invested and
11085.00-63618.73404803.552001450171.83-2001097902.01
decreased by owners
1. Common shares
invested by owners
2. Capital invested by
holders of other equity 11085.00 -63618.73 404803.55 352269.82
instruments
3. Amount of share
payment recorded into
owner's equity
4. Others 2001450171.83 -2001450171.83
(III) Profit distribution - - - 556500376.11 -4612615572.84 -4056115196.73
1. Withdrawal from
556500376.11-556500376.11
surplus reserve
2. Distribution to owners
-4056115196.73-4056115196.73
(or shareholders)
3. Others
(IV) Internal carryover of
129 / 2692024 Annual Report of Tongwei Co. Ltd.
owner's equity
1. Capital reserve
converted to capital (or
share capital)
2. Surplus reserve
converted to capital (or
share capital)
3. Surplus reserve offset
loss
4. Change in defined
benefit plan converted to
retained earnings
5. Other comprehensive
income converted to
retained earnings
6. Others
(V) Special reserve
1. Withdrawal in current
period
2. Use in current period
(VI) Others
IV. Closing balance of the
4501984831.001964851844.2217099082554.502001450171.8315577843.794860447480.9417406813312.1343847307694.75
current period
2023
Other equity instruments Less:
Item Paid-up capital (or Other comprehensive Special
Preference Perpetual Capital reserve Treasury Surplus reserve Undistributed profit Total owner’s equityshare capital) Others income reserve
share bond shares
I. Closing balance of the
4501946097.00--1965085659.4317097876701.86-6914433.082407355585.4512251718068.2838230896545.10
previous year
Add: Changes in
112647.391013826.491126473.88
accounting policies
Correction of previous
errors
Others
II. Opening balance of the
4501946097.00--1965085659.4317097876701.86-6914433.08-2407468232.8412252731894.7738232023018.98
current year
130 / 2692024 Annual Report of Tongwei Co. Ltd.
III. Change in current
27649.00--170196.48801049.09-4223528.52-1896478871.994201693229.096103054131.21
period (“-” for decrease)
(I) Total comprehensive
4223528.5218964788719.8518969012248.37
income
(II) Capital invested and
27649.00--170196.481042242.42-----899694.94
decreased by owners
1. Common shares
invested by owners
2. Capital invested by
holders of other equity 27649.00 -170196.48 1042242.42 899694.94
instruments
3. Amount of share
payment recorded into
owner's equity
4. Others
(III) Profit distribution - - - - - - - 1896478871.99 -14763095490.76 -12866616618.77
1. Withdrawal from
1896478871.99-1896478871.99
surplus reserve
2. Distribution to owners
-12866616618.77-12866616618.77
(or shareholders)
3. Others
(IV) Internal carryover of
owner's equity
1. Capital reserve
converted to capital (or
share capital)
2. Surplus reserve
converted to capital (or
share capital)
3. Surplus reserve offset
loss
4. Change in defined
benefit plan converted to
retained earnings
5. Other comprehensive
income converted to
retained earnings
6. Others
131 / 2692024 Annual Report of Tongwei Co. Ltd.
(V) Special reserve
1. Withdrawal in current
period
2. Use in current period
(VI) Others -241193.33 -241193.33
IV. Closing balance of the
4501973746.001964915462.9517098677750.9511137961.604303947104.8316454425123.8644335077150.19
current period
Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan Lu
132 / 2692024 Annual Report of Tongwei Co. Ltd.
III. Company information
1. Company overview
√Applicable □Not Applicable
(1) History
Tongwei Co. Ltd. (the “Company”) is a stock limited company incorporated through the entire change of Sichuan Tongwei
Feed Co. Ltd. On October 21 2000 as approved by Sichuan People's Government’s Approval on the Incorporation of Sichuan
Tongwei Co. Ltd. (the Sichuan People's Government Letter [2000] No. 311) Sichuan Tongwei Feed Co. Ltd. was entirely changed
and then incorporated into Sichuan Tongwei Co. Ltd. The Company's total share capital was converted from 111.88 million yuan the
net assets of Sichuan Tongwei Feed Co. Ltd as of August 31 2000 as audited by Sichuan Huaxin (Group) Accounting Firm Co. Ltd.to 111.88 million shares with one yuan per share. On November 8 2000 the Company received the Business License from Sichuan
Bureau of Industry and Commerce (registration number: 5100001812986). On November 19 2001 the State Administration for
Industry and Commerce of the People's Republic of China approved the name change to Tongwei Co. Ltd. in its Notification on
Approval of Enterprise Name Change of (Guo) MCBH [2001] No.419.On February 16 2004 as approved by China Securities Regulatory Commission in the ZJXK [2004] No.10 the Company
publicly issued 60 million RMB common shares(A-share). All the shares were issued to investors in secondary market with a price of
7.50 yuan per share. The changed registered capital was 171880000.00 yuan. The plan for non-tradable share reform was approved
in the general meeting of Tongwei Co. Ltd. on non -tradable share reform on February 20 2006. According to the plan floating
shareholders would get a consideration of 1.5 shares from non-floating shareholders for each 10 floating shares they hold. As such
floating shareholders obtained 9 million shares as the consideration. The registration of shares as result of the reform was completed
on March 3 2006.On May 25 2006 the Company increased its share capital through capital reserve (5 shares per 10 shares) and share bonus (5
shares per 10 shares). As a result of the conversion and bonus the Company had a total of 343.76 million shares; on May 23 2007
the Company again increased its share capital through capital reserve (7 shares per 10 shares) and share bonus (3 shares per 10
shares) leading to a total of 687.52 million shares.On July 4 2013 the Company issued 129589632 shares to Tongwei Group Co. Ltd. After that the Company had a total of
817109600 shares.
With the approval of the Reply on Approving Tongwei Co. Ltd. to Purchase Assets and Raise Supporting Funds by Issuing
Shares to Entities including Tongwei Group Co. Ltd. (ZJXK [2016] No. 190) from the CSRC on January 27 2016 the Company
issued 238324880 RMB common shares to 17 legal persons such as Tongwei Group Co. Ltd. Sichuan Giastar Group Co. Ltd. and
29 natural persons such as Tang Guangyue the nominal value of each share was 1.00 yuan. After that the share capital was
1055434512 shares.
On May 19 2016 the Company increased its share capital through capital reserve (4 shares per 10 shares) and share bonus (6
shares per 10 shares). As a result of the conversion and bonus the Company had a total of 2110869.024 shares.On June 22 2016 the Company issued 350262697 shares to 8 institutions including Tianhong Fund Management Co. Ltd.After that the Company had a total of 2461131721 shares.With the approval of the Reply on Approving Tongwei Co. Ltd. to Purchase Assets and Raise Supporting Funds by Issuing
Shares to Tongwei Group Co. Ltd. (ZJXK [2016] No. 2054) from the CSRC on September 08 2016 the Company issued common
shares of 922901629 yuan to Tongwei Group Co. Ltd. The nominal value of each share was 1.00 yuan. After that the share capital
was 3384033350 shares.On December 23 2016 the Company issued 498338870 shares to 5 institutions including Essence Fund. After that the
Company had a total of 3882372220 shares.As approved in (ZJXK [2018] No. 1730) from the CSRC the Company issued 50 million convertible bonds of 5 billion yuan on
March 18 2019 with a term of 6 years; after approved in (ZLJGJDS [2019] No.052) from the Shanghai Stock Exchange the
convertible bonds were listed for trading on the Shanghai Stock Exchange from April 10 2019; the bonds are named as Tongwei
Convertible Bonds for short the bond code is 110054; the corporate stock was not lower than 130% (namely 15.96 yuan/share ) of
the current conversion price of Tongwei Convertible Bond for at least 15 trading days in 30 consecutive trading days from January 14
2020 to March 3 2020; the redemption clause of "Tongwei Convertible Bonds" has been triggered. The sixth meeting of the seventh
board of directors approved the Company to exercise the early redemption right to redeem all "Tongwei Convertible Bonds"
registered on the "Redemption Registration Date"; the deadline of the redemption registration date is March 16 2020; Tongwei
Convertible Bonds with a nominal value of 4979353000 yuan were converted into 405483464 company shares. After that the
Company had a total of 4287855684 shares.On November 20 2020 the Company issued 213692500 shares to 16 institutions including Changdu Tongrui Industrial
Partnership (Limited Partnership) Co. Ltd. After that the Company had a total of 4501548184 shares.As approved by CSRC in its ZJXK [2021] No. 4028 the Company publicly issued 120 million convertible bonds valued 12
billion yuan for a term of 6 years. As agreed by the Shanghai Stock Exchange in the Self-Discipline Regulation Decision [2022]No.61 the convertible bonds were listed on Shanghai Stock Exchange on March 18 2022. The short name of the bond is “Tong22Convertible Bonds” (code 110085). From September 2 2022 when Tong22 Convertible Bonds entered the conversion period to
December 31 2024 a total of 166960 Tong22 Convertible Bonds were converted into the Company's A shares with a cumulative
conversion of 16696000.00 yuan or 436647 shares. After the conversion the total number of shares is 4501984831.
(2) Registered address organizational form and headquarters address
133 / 2692024 Annual Report of Tongwei Co. Ltd.
The registered address of the Company is No. 588 Middle Section Tianfu Avenue High-Tech Zone Chengdu and its
organizational form is Limited Liability Company. Its headquarters is located at No. 588 Middle Section Tianfu Avenue High-Tech
Zone Chengdu.
(3) Business nature and main operating activities
1) Business nature
The Company is engaged in agriculture forestry livestock husbandry and fishery. After the combination of Yongxiang Co. Ltd.Tongwei New Energy Co. Ltd. and Tongwei Solar (Hefei) Co. Ltd. under common control in 2016 it added "PV business".
2) Main operating activities
Production and sale of high-purity polysilicon and chemical products silicon rods silicon wafers solar cells modules etc.;
solar power generation and related activities; production and sale of feed; aquaculture seed breeding food processing etc.
(4) Largest shareholder and actual controller
The largest shareholder is Tongwei Group Co. Ltd. (“Tongwei Group”) and the actual controller is Mr. Liu Hanyuan.
(5) Approver of financial report
The Company's financial report is approved by its board of directors. The financial report for the current period was approved
by the 27th meeting of the 8th board of directors on April 27 2025.IV. Basis of preparation for financial statements
1. Basis of preparation
The Company's financial statements are prepared based on the assumption of going concern and actual transactions and matters
in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and its supporting guidelines
as well as explanations (“ASBE”) and the disclosure provisions in the Rules for Preparation and Submission of Information
Disclosure by Companies that Offer Securities to the Public (No. 15)— General Rules on the Financial Statements revised by CSRC
in 2023.
2. Going concern
√Applicable □Not Applicable
The Company’s financial statements are prepared on a going concern basis. The Company's operating activities are adequately
supported by financial resources. To the best knowledge of the Company and considering the macro-policy risks market operation
risks current or long-term profitability solvency and financial resources support of the enterprise and other factors the Company
believes that there are no matters or situations that have serious doubts about the Company's going concern in the next 12 months
and it is reasonable to prepare financial statements on the basis of going concern.V. Significant accounting policies and accounting estimates
Notes to the specific accounting policies and accounting estimates:
√Applicable □Not Applicable
1. Statement of compliance
These financial statements prepared by the Company comply with the requirements set forth in Accounting Standards for
Business Enterprises and accurately and completely reflect the financial condition operation results cash flows and other necessary
information of the Company for the reporting period.
2. Accounting periods
Each accounting year starts from the January 1 to the December 31st of the same year.
3. Operating cycle
√Applicable □Not Applicable
The operating cycle is the average period of time required for the Company from purchase of assets used for processing to
realization of cash and cash equivalents. For the Company 12 months/year constitute an operating cycle which is used as a criterion
for determining the liquidity of assets and liabilities.
4. Reporting currency
The reporting currency used by the Company is CNY.
5. Methodology and criteria for determining materiality
√Applicable □Not Applicable
Item Materiality criteria
Written off of material receivables Written-off amount of individual receivable ≥ 50 million yuan
Recovery or reversal of bad debt provision for receivables ofRecovered or reversed amount of the bad debt provision for individual
material amounts receivable ≥ 50 million yuan
Individual construction in progress that meet any one of the following
Material construction in progress
conditions:
134 / 2692024 Annual Report of Tongwei Co. Ltd.
1) is related to projects funded through financing activities;
2) is a project formally announced by the Company to the public; or
3) ratio of the amount incurred or year-end balance for individual
construction in progress to total assets ≥ 1%
The ratio of individual advance to supplier with an age over 1 year to
Material advances to suppliers with an age over 1 year
the total assets ≥ 1%
The ratio of individual accounts payable with an age over 1 year to the
Material accounts payable with an age over 1 year
total assets ≥ 1%
The ratio of individual advance from customer with an age over 1 year
Material advances from customers with an age over 1 year
to the total assets ≥ 1%
The ratio of individual contract liability with an age over 1 year to the
Material contract liabilities with an age over 1 year
total assets ≥ 1%
The ratio of individual other payable with an age over 1 year to the
Other material payables with an age over 1 year
total assets ≥ 1%
Material cash flows generated from investing activities The ratio of individual cash flow to total assets ≥ 1%
One of the total assets operating income or total profits (or absolute
Material non-wholly-owned subsidiaries loss) of the non-wholly-owned subsidiary ≥10% of the corresponding
item in the consolidated financial statements
Investment income (or absolute loss) from the associate or joint
Material associates or joint ventures venture ≥10% of the net income in the consolidate financial
statements
6. Accounting for business combinations under common control and under different control
√Applicable □Not Applicable
A business combination is a transaction or other event in which two or more businesses are combined into one reporting entity.Business combinations are classified into “common control” and “not common control” types.
(1) Business combination under common control
A business combination is a common control combination if the combining entities are ultimately controlled by the same party
(or parties) both before and after the combination and common control is not transitory. For a business combination under common
control the entity that obtains the control of other combining entities on the acquisition date is called acquirer and other called
acquiree(s). Acquisition date is when the acquirer actually obtains the control of the acquiree.The share of owner’s equity of the acquiree in the carrying value recorded in the consolidated financial statements of the
ultimate controller is used to calculate the initial cost of long-term equity investment. An excess of consideration paid (or the total par
value of shares issued) for the combination over the carrying value of net assets obtained from the acquisition is allocated to capital
reserve (share premium) first with any remaining excess charged entirely to retained earnings.Expenses directly incurred by the acquirer that are attributed to the combination are carried into current profit or loss as
incurred.
(2) Business combination under different control
A business combination is not a common control combination if the combining entities are not ultimately controlled by the same
party (or parties) before and after the combination. For a business combination under different control the entity that obtains the
control of other combining entities on the acquisition date is called acquirer and other called purchased parties. Acquisition date is
when the acquirer actually obtains the control of the acquiree.For a business combination under different control the combination cost includes the fair value of assets paid liabilities
incurred or assumed and equity securities issued on the acquisition date by the acquirer for obtaining the control of the acquiree;
intermediary expenses including audit legal service and assessment and consulting services and other management expenses for the
combination are carried into current profit or loss as incurred. The transaction cost of issuing equity securities or debt securities for
the purpose of a business combination is carried into the initial recognition amount of such equity securities or debt securities.Contingent consideration is measured at fair value on acquisition date and when recognition criteria are met within 12 months after
the acquisition date it is treated as an adjustment to the cost of the combination with a corresponding effect on goodwill.Combination cost incurred to the acquirer and net identifiable assets obtained in the acquisition are measured at the fair value on the
acquisition date. The excess of the consideration paid for the combination over the fair value of net identifiable assets obtained from
the acquiree is recognized as goodwill. The excess of fair value of net identifiable assets obtained from the acquiree over the
consideration paid for the combination is carried into current profit or loss if the excess remains after the fair value of measurement
of all identifiable assets liabilities and contingent liabilities obtained from the acquiree as well as the combination cost is
re-reviewed.Where the deductible temporary difference obtained by the acquirer from the acquiree is not recognized due to its
non-compliance with criteria for the recognition of deferred tax assets at the acquisition date if any new or further evidence obtained
within 12 months after the acquisition date reveals that criteria was met at the acquisition date and it is expected that the economic
benefit brought by such deductible temporary difference on acquisition date can be realized relevant deferred income tax assets must
be recognized with goodwill decreased (where goodwill is insufficient to offset the balance must be recognized as current profit or
135 / 2692024 Annual Report of Tongwei Co. Ltd.
loss); all other deferred income tax assets recognized that are linked with business combination must be included in current profit or
loss.For a business combination under common control achieved in stages accounting for a package deal is similar to the accounting
for “long-term equity investments” in Notes; otherwise accounting is performed by separate financial statements and consolidated
financial statements.In separate financial statements the sum of carrying value of the equity investment in the acquiree held by the acquirer before
the acquisition date and the cost of investment newly added on the acquisition date shall be taken as initial investment cost of the
investment; where the equity held before the acquisition date involves other comprehensive income the investment and other
comprehensive incomes relating thereto shall be subject accounting treatment using the same basis on which the acquiree directly
disposes related assets or liabilities (namely except for the corresponding share in the change arising from the acquiree’s
re-measurement of net liabilities or net assets of defined benefit plan under equity method the rest will be carried into investment
income of current period).In consolidated financial statements the sum of carrying value of the equity investment in the acquiree held by the acquirer
before the acquisition date is remeasured at fair value at the acquisition date with the difference between fair value and carrying
value carried into current investment income; where the equity held before the acquisition date involves other comprehensive income
the investment and other comprehensive incomes relating thereto shall be subject accounting treatment using the same basis on which
the acquiree directly disposes related assets or liabilities (namely except for the corresponding share in the change arising from the
acquiree’s re-measurement of net liabilities or net assets of defined benefit plan under equity method the rest will be carried into
investment income of the period in which the acquisition data fall).
7. Control criteria and methods used for preparing consolidated financial statements
√Applicable □Not Applicable
(1) Control criteria
Control means the power of the Company over the investee; the Company is entitled to variable returns by participating in
related activities of the investee and able to influence the amount of return by exercising the power. When changes in relevant facts
and circumstances lead to changes in the elements involved in the definition of control the Company will perform a reassessment.The Company consolidates all controlled subsidiaries (including separately controlled entities) into the consolidated financial
statements including entities controlled by the Company separable portions of investees and structured entities
(2) Methods used for preparing consolidated financial statements
The consolidated financial statements are prepared based on the financial statements of the Company and its subsidiaries. When
preparing the consolidated financial statements the Company ensures consistency in accounting policies and accounting periods with
its subsidiaries and significant transactions and balances between relevant entities are offset.Subsidiaries and businesses acquired through business combinations under common control in the reporting period are deemed
to be included in the Company's consolidated scope from the date when they come under the ultimate control with their operating
results and cash flows included separately in the consolidated income statement and consolidated cash flow statement when they
come under the ultimate control.For subsidiaries and businesses acquired through business combinations not under common control in the reporting period for
the period from the acquisition date to the end of the reporting period their incomes expenses and profits are included into the
consolidated income statement and their cash flows are included in the consolidated cash flow statement.The portion of equity in subsidiaries not owned by the Company is presented separately as minority interests within the equity
item of the consolidated balance sheet. The share of net profit or loss attributable to minority interests in a subsidiary's current net
profit or loss is presented as “minority interest income” within the net profit item in the consolidated income statement. If the losses
incurred by the subsidiary attributable to minority interests exceed the minority shareholders' equity share in the subsidiary at the
beginning of the period the excess is still deducted from the minority interests.
(3) Purchase of minority shareholdings in subsidiaries
The capital reserve in the consolidated balance sheet is written down to the extent of the difference between the newly obtained
long-term equity investment from the purchase of minority shareholding and the Company's newly obtained share of the net asset of
the subsidiary since the acquisition date or combination date and if the capital reserve is insufficient the retained earnings are
adjusted accordingly.
(4) Treatment of loss of control in a subsidiary
If the Company loses control of a subsidiary due to partial disposal of the equity investment or other reasons the retained
interest is re-measured at fair value on the date of losing control for preparation of consolidated financial statements. The sum of
consideration received from disposal of investment and the fair value of retained interest less the net assets of the former subsidiary
that the Company would be entitled if the former shareholding percent was retained from the purchase date or acquisition date is
carried into the investment income of current period when the control is lost.Other comprehensive income and changes in equity related to equity investments in the subsidiary are transferred to current
profit or loss upon loss of control excluding other comprehensive income arising from remeasurement of the net liability or net asset
of defined benefit plans of the subsidiary.
8. Classification of joint arrangements and accounting for joint operations
136 / 2692024 Annual Report of Tongwei Co. Ltd.
√Applicable □Not Applicable
A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangements are classified into
joint operations and joint ventures depending on the rights and obligations of the Company under the arrangements. In a joint
operation the Company has rights to the assets and obligations for the liabilities relating to the arrangement. In a joint venture the
Company has rights to the net assets of the arrangement.Investments into joint ventures are treated under equity method in accordance with the accounting policies described in
“long-term equity investments” in Notes.For a joint operation assets held and liabilities assumed separately by the Company as well as joint assets and liabilities by the
Company's share are recognized; revenue generated from sale of the share of the Company in the output of the joint operation is
recognized; the revenue generated from the joint operation's sale of its products by the Company’s share is recognized; expenses
incurred separately by the Company as well as expenses incurred by the joint operation by the Company’s share are recognized.If the Company as a party to a joint operation invests or sells assets (except that the assets forms a business hereinafter the same)
into or purchases assets from the joint operation before such assets are sold to a third party by the joint operation the Company only
recognizes the share of profit or loss generated from such transaction that is attributable to other parties in the joint operation. Where
such assets suffer from impairment loss set forth in Accounting Standards for Business Enterprises No. 8 — Asset Impairment and
other relevant provisions the Company fully recognizes such loss if such assets are invested or sold by the Company into the joint
operation; the Company recognizes partial loss by its share in the joint operation if such assets are purchased from the joint operation
by the Company.
9. Criteria for cash and cash equivalents
Cash equivalents are defined as short-term investments held by the Company (not greater than three months between the
purchase date and the maturity date) that have strong liquidity are easy to be converted into cashes and are unlikely to subject to
value change risk.Restricted bank deposits are not considered cash and cash equivalents in the cash flow statement.For term deposits intended to be held to maturity and for which interest is accrued based on the term deposit interest rate such
deposits are not classified as cash and cash equivalents because the purpose of the Company holding such deposits is not to meet
short-term liquidity needs for external payments but rather to earn interest income.
10. Foreign currency transactions and foreign currency translation
√Applicable □Not Applicable
（1）Accounting for foreign currency transactions
Foreign currency transactions are initially recognized in RMB converted with an exchange rate approximate to the spot rate on
the transaction date. On the balance sheet date foreign currency monetary items are translated into RMB at the spot exchange rate on
the balance sheet date. Exchange differences arising from different exchange rates are recognized in current profit or loss except for
exchange differences related to foreign currency borrowings both principal and interest that meet the criteria for purchase or
construction of qualifying assets. Foreign non-monetary items measured at historical cost are still translated using the exchange rate
approximate to the transaction date's spot rate without changing their RMB amounts. Foreign non-monetary items measured at fair
value are translated using the spot exchange rate on the fair value determination date and the differences are recognized in current
profit or loss or other comprehensive income.
(2) Translation of foreign currency financial statements
Assets and liabilities on the balance sheet are converted at the spot exchange rate effective on balance sheet date; all items other
than undistributed profit in shareholders' equity are converted at the spot exchange rates effective on occurrence dates of these items.Income and expense items in the profit statement are converted at the exchange rate similar to the spot exchange rate of the current
period; the exchange differences so generated are presented in other comprehensive income under the shareholder's equity of the
balance sheet.
11. Financial instruments
√Applicable □Not Applicable
A financial instrument is defined as any contract that gives rise to a financial asset of one entity and a financial liability or equity
of another entity. When the Company becomes one party to a financial instrument contract the financial asset or financial liability in
respect to this financial instrument is recognized.
(1) Classification of financial assets
A regular way purchase or sale of financial assets shall be recognized and derecognized using trade date accounting. Financial
assets upon initial recognition are classified into: financial assets measured at amortized cost; financial assets measured at fair value
through other comprehensive income; financial assets measured at fair value through current profit or loss.Financial assets meeting the following conditions are classified into financial asset measured at amortized cost: 1) the business
model to manage the financial assets is to collect contractual cash flow; and 2) the contract terms for the financial assets provided for
that a cash flow generated on a certain date is only the payment for any principal or any interest on any outstanding principal.Financial assets meeting the following conditions are classified into financial asset measured at fair value through other
comprehensive income: 1) the business model to manage the financial assets is to collect contractual cash flow and sell financial
137 / 2692024 Annual Report of Tongwei Co. Ltd.
assets; and 2) the contract terms for the financial assets provided for that a cash flow generated on a certain date is only the payment
for any principal or any interest on any outstanding principal.Financial assets other than these measured at amortized cost and these assets measured at fair value through other
comprehensive income are classified into financial assets measured at fair value through current profit or loss. In order to eliminate
or significantly reduce accounting mismatches in initial recognition the Company may designate a financial asset as a financial asset
measured at fair value through current profit or loss. Such designation may not be revoked.
(2) Measurement of financial assets
Financial assets are measured at fair value upon initial recognition. For financial assets measured at fair value with changes in
fair value recognized into current profit or loss relevant transaction costs are directly carried into current profit or loss; for other
financial assets relevant transaction costs are carried into initial recognition amount. All accounts receivable or notes receivable
generated through sales of products or rendering of services which do not contain a significant financing component or for which the
significant financing component is not considered are measured at the considerations to which the Company expects to be entitled
upon initial recognition. Subsequent measurement of a financial instruments depends on its category.
1) assets measured at amortized cost
Financial assets measured at motorized cost are subsequently measured at amortized cost under effective interest method. A gain
or loss on a financial asset that is measured at amortized cost and is not part of a hedging relationship is carried into current profit or
loss when the financial asset is derecognized reclassified through the amortization process or in order to recognize impairment gains
or losses.
2) investments measured at fair value through other comprehensive income
Financial assets of this category are subsequently measured at fair value. A gain or loss on a financial asset of this category shall
be recognized in other comprehensive income except for interest calculated under effective interest method impairment gains or
losses and foreign exchange gains and losses. When the financial asset is derecognized the cumulative gain or loss previously
recognized in other comprehensive income is reclassified to current profit or loss.
3) held for trading equity investments measured at fair value through other comprehensive income
Financial assets of this category are subsequently measured at fair value. A gain or loss (including exchange gain or loss) on a
financial asset of this category shall be recognized in other comprehensive income and may not be reclassified to current profit or
loss subsequently except for dividend (except for recovered cost of investment). When the financial asset is derecognized the
cumulative gain or loss previously recognized in other comprehensive income is reclassified to current retained earnings.
4) assets measured at fair value through current profit or loss
A gain or loss arising from any change in the fair value of a financial asset of this category (except for relating to hedging
accounting) is carried into current profit or loss.
(3) Impairment of financial assets
Under the expected credit loss (ECL) approach the impairment provisions on financial assets measured at amortized cost and
financial assets measured at fair value through other comprehensive income are recognized.The Company recognizes the expected credit loss by calculating the probability weighted amount of the present value of the
difference between cash flow receivable and cash flow that are expected to be collected with default risk as the weight by
considering reasonable and supportable information including past events current conditions and forecasts.On each balance sheet date the Company measures the expected credit loss on financial instruments at each stage. Financial
instruments in relation to which credit risk has not been increased significantly since initial recognition are at the first stage for
which the Company measures a 12-month expected credit loss as impairment loss provision; financial instruments in relation to
which credit risk has been increased significantly since initial recognition but no credit impairment has occurred are at the second
stage for which the Company measures a life-time expected credit loss as impairment loss provision; financial instruments in
relation to which credit impairment has occurred since initial recognition are at the third stage for which the Company measures a
life-time expected credit loss as impairment loss provision.In relation to financial instruments with a lower credit risk at the balance sheet date the Company assumes that such credit risk
has not been increased significantly since initial recognition and measures a 12-month expected credit loss as impairment loss
provision.For a financial instrument at the first stage or at the second stage or with a lower credit risk the Company calculates its interest
income by using its book balance before impairment provision is deducted and the effective interest rate. For a financial instrument at
the third stage the Company calculates its interest income by using its book balance after impairment provision is deducted and the
effective interest rate.For notes receivable accounts receivable and receivables financing arising from sale of goods or rendering of services whether
or not containing a significant financing component the Company measures a life-time expected credit loss as the impairment loss
provision.If it is impossible to estimate the expected credit loss at reasonable cost on an individual financial asset the Company classifies
accounts receivable into several combinations by credit risk characteristics and calculate the expected credit loss on each
combination.The Company recognizes an impairment loss that has been provided or reversed into current profit or loss. Gains or losses from
debt investments measured at fair value through other comprehensive income are recognized into current profit or loss with the other
comprehensive income adjusted accordingly.
138 / 2692024 Annual Report of Tongwei Co. Ltd.
(4) Recognition basis for and measurement of financial asset transfers
A financial asset meeting any one of the following conditions is derecognized: 1) the contractual right to collect the financial
asset's cash flow has expired; or 2) if it has been transferred and the Company has transferred substantially all the risks and rewards
of ownership of the financial asset to the recipient; or 3) if it has been transferred and the Company has surrendered control over the
financial asset although it neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset.If the Company has neither retained nor transferred substantially all of the risks and rewards of the asset and has retained
control of the asset then the Company continues to recognize the asset to the extent to which it has a continuing involvement in the
asset and recognizes relevant liability. Continuing involvement in the asset means the risk level caused by the change in the asset
value to which the Company will be exposed.Where a transfer of financial asset in its entirety qualifies for derecognition the difference between (1) the carrying value of the
asset and (2) the consideration received for transfer and cumulative change in fair value previously recognized into other
comprehensive income is recognized into current profit or loss.Where a transfer of partial financial asset qualifies for derecognition the carrying value of the asset is split into derecognition
part and non-derecognition part by their relative fair values and the difference between (1) the consideration received for transfer and
cumulative change in fair value of derecognition part previously recognized into other comprehensive income and (2) the carrying
value of the asset is recognized into current profit or loss.Upon the de-recognition of a non-held-for-trading equity investment designated by the Company as measured at fair value
through other comprehensive income the cumulative gain or loss previously recognized in other comprehensive income is
reclassified to retained earnings.
(5) Classification and measurement of financial assets
1) liabilities measured at fair value through current profit or loss
Financial liabilities measured at fair value through profit or loss (FVTPL) include financial liabilities held for trading (including
derivative instruments that belong to financial liabilities) and financial liabilities designated as financial liabilities measured at fair
value through current profit. Financial liabilities measured at fair value through current profit or loss are subsequently measured at
fair value. A gain or loss arising from any change in the fair value of a financial liability of this category is carried into current profit
or loss.
2) other financial liabilities
Derivative financial liabilities that are linked to equity instruments that are not quoted in an active market and their fair values
cannot be reliably measured and must be settled through delivery of such equity instruments are subsequently measured at cost.Other financial liabilities are subsequently measured at amortized cost under effective interest method with gains or losses from
de-recognition or amortization recognized into current profit or loss.
(6) De-recognition of financial liabilities
When the present obligations for a financial liability have been wholly or partially discharged the Company de-recognizes the
financial liability or the part thereof. Where the Company (as a debtor) and a creditor sign an agreement under which an existing
financial liability is replaced by a new liability and the new financial liability and existing financial liability are different in
contractual terms in essence the existing financial liability is derecognized and the new financial one is recognized.Where a financial liability is de-recognized in whole or in party the difference between the carrying value of and the
consideration paid (including the non-cash asset transferred or the new financial liability assumed) for the de-recognized part is
carried into current profit or loss.
(7) Offsetting of financial assets and financial liabilities
A financial asset and a financial liability should be offset and the net amount reported when and only when the Company has a
legally enforceable right to set off the amounts and intends either to settle on a net basis or to realize the asset and settle the liability
simultaneously; the net amount after such offsetting is presented in the balance sheet. In all other circumstances financial assets and
financial liabilities are presented separately in the balance sheet.
(8) Determination of fair value of financial instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Quoted prices in an active market are used where they exist to measure the
financial instrument. Quoted prices are readily and regularly available from an exchange dealer industry group price service or
regulatory agency and those prices represent the actual and regularly occurring market transactions on an arm's length basis. If the
market for a financial instrument is not active the fair value of the financial instrument is established by a valuation technique.Valuation techniques include reference to the prices used by the well-briefed and willing-to-transact parties in the latest market
transactions reference to the current fair values of other financial instruments similar in nature discounted cash flow technique and
option pricing models.
12. Notes receivable
√Applicable □Not Applicable
Categories and determination criteria of combinations for which bad debt provisions are established via a combination of
risk characteristics
√Applicable □Not Applicable
If it is impossible to estimate the expected credit loss at a reasonable cost on an individual notes receivable the Company
139 / 2692024 Annual Report of Tongwei Co. Ltd.
classifies the notes receivable into several combinations by credit risk characteristics and calculate the expected credit loss on each
combination. The criteria for determining the combination:
Combination name Combination criteria Provision method
For this category which exhibits low credit risk by considering historical
experience current conditions and forecasts we calculate the expected
Letters of credit
credit loss on this combination to be 0.00% through credit risk exposure
and a 12-month or a lifetime expected credit loss.For this category which exhibits low credit risk by considering historical
Type of notes
experience current conditions and forecasts we calculate the expected
Banker's acceptances
credit loss of this combination to be 0.00% through credit risk exposure
and a 12-month or a lifetime expected credit loss.By considering historical experience current conditions and forecasts we
Commercial acceptances
calculate the expected credit loss.Age calculation method regarding the age based determination of the combination of risk characteristics
√Applicable □Not Applicable
The creation criteria for an individual bad debt provision
√Applicable □Not Applicable
For notes receivable with significantly different credit risk and risk combination the Company recognizes expected credit losses
on an individual basis. The Company determines the expected credit losses on individual notes receivable for which there is
sufficient evidence at the individual instrument level to assess expected credit losses at a reasonable cost.
13. Accounts receivable
√Applicable □Not Applicable
Categories and determination criteria of combinations for which bad debt provisions are established via a combination of
risk characteristics
√Applicable □Not Applicable
If it is impossible to estimate the expected credit loss at a reasonable cost on an individual accounts receivable the Company
classifies the accounts receivable into several combinations by credit risk characteristics and calculate the expected credit loss on
each combination. The criteria for determining the combination:
Combination Method for combined
Combination type Combination criteria
category provision for bad debts
There is sufficient evidence to indicate that the
Combination 1 accounts receivable is risk-free during the Payment type No provision
settlement period.Accounts receivable from relevant government Credit risk characteristics
Combination 2 Expected credit loss
departments (Note)
Accounts receivables from subsidiaries and from
Combination 3 joint ventures participating in the unified Payment type No provision
adjustment of the Company's operating funds
Credit risk characteristics
Combination 4 Accounts receivable other than above items Expected credit loss
(age)
Note: In terms of combination 2 for photovoltaic powerplants’ subsidies receivable from government-related departments for
electricity prices no provision for bad debts is established if the payments are expected to be recovered within one year after the
balance sheet date; the provision for bad debts is established as 5.00% of the balance receivable if the payments are expected to be
recovered after one year after the balance sheet date given the time value of asset; the provision for bad debts previously established
as 5.00% of the balance receivable is not reserved until the payments are recovered for prudential purpose.Age calculation method regarding the age based determination of the combination of risk characteristics
√Applicable □Not Applicable
Combination 4 is grouped by credit risk characteristics (age) for exhibiting identical risk characteristics. Age information
reflects the repayment ability of this combination and its accounts receivable at maturity. Based on all reasonable and substantiated
information including prospective data an estimation of the provision for bad debts for this combination of accounts receivable is
made.Age Provision (%)
Within 1 year 5.00
1 - 2 years 10.00
2 - 3 years 50.00
Over 3 years 100.00
140 / 2692024 Annual Report of Tongwei Co. Ltd.
Creation criteria for an individual bad debt provision
√Applicable □Not Applicable
For accounts receivable with significantly different credit risk and risk combination the Company recognizes expected credit
losses on an individual basis. The Company determines the expected credit losses on individual accounts receivable for which there
is sufficient evidence at the individual instrument level to assess expected credit losses at a reasonable cost.
14. Receivables financing
√Applicable □Not Applicable
Categories and determination criteria of combinations for which bad debt provisions are established via a combination of
risk characteristics
√Applicable □Not Applicable
If it is impossible to estimate the expected credit loss at reasonable cost on an individual receivables financing the Company
classifies the receivables financing into several combinations by credit risk characteristics and calculate the expected credit loss on
each combination. The criteria for determining the combination:
Combination name Combination criteria Provision method
For this category which exhibits low credit risk by considering
historical experience current conditions and forecasts we
Banker's acceptances Type of notes calculate the expected credit loss on this combination to be 0.00%
through credit risk exposure and a 12-month or a lifetime expected
credit loss.Age calculation method regarding the age based determination of the combination of risk characteristics
□Applicable √Not Applicable
The creation criteria for an individual bad debt provision
√Applicable □Not Applicable
For receivables financing with significantly different credit risk and risk combination the Company recognizes expected credit
losses on an individual basis. The Company determines the expected credit losses on individual receivables financing for which there
is sufficient evidence at the individual instrument level to assess expected credit losses at a reasonable cost.
15. Other receivables
√Applicable □Not Applicable
Categories and determination criteria of combinations for which bad debt provisions are established via a combination of
risk characteristics
√Applicable □Not Applicable
If it is impossible to estimate the expected credit loss at a reasonable cost on an individual other receivable the Company
classifies the receivable into several combinations by credit risk characteristics and calculate the expected credit loss on each
combination. The criteria for determining the combination:
Method for
Combination Combination
Combination type combined provision
category criteria
for bad debts
Performance bonds and deposits receivable during the settlement period;
use of petty cash by construction projects that will be reimbursed and
Combination 1 Payment type No provision
offset by project expenditure and other receivables for which sufficient
evidence showing no risk is available
Receivable from governments such as risk-free receivable including
Combination 2 Payment type No provision
government grants
Accounts receivable from related parties within the scope of
Combination 3 consolidation and accounts receivable from joint ventures temporarily Payment type No provision
formed for coordinated use of the Company's operating funds
Credit risk
Combination 4 Accounts receivable other than above items Expected credit loss
characteristics (age)
Age calculation method regarding the age based determination of the combination of risk characteristics
√Applicable □Not Applicable
Combination 4 is grouped by credit risk characteristics (age) for exhibiting identical risk characteristics. Age information
reflects the repayment ability of this combination and other receivable at maturity. Based on all reasonable and substantiated
information including prospective data an estimation of the provision for bad debts for this combination of other receivable is made.Age Provision (%)
Within 1 year 5.00
141 / 2692024 Annual Report of Tongwei Co. Ltd.
1 - 2 years 10.00
2 - 3 years 50.00
Over 3 years 100.00
Creation criteria for an individual bad debt provision
√Applicable □Not Applicable
For other receivables with significantly different credit risk and risk combination the Company recognizes expected credit
losses on an individual basis. The Company determines the expected credit losses on individual other receivables for which there is
sufficient evidence at the individual instrument level to assess expected credit losses at a reasonable cost.
16. Inventories
√Applicable □Not Applicable
Inventory categories inventory valuation methods inventory system amortization methods for low-value consumables and
packaging materials
√Applicable □Not Applicable
(1) Classification of inventories
Inventories are classified into: raw materials packaging materials work-in-process finished goods materials in transit
materials for repeated use (including packages low-value consumables scaffolding for construction projects) goods on consignment
goods in transit materials for processing on consignment consumable biological assets fulfillment costs and others.
(2) Inventory valuation methods
Inventory is recorded at the actual cost upon acquisition. The weighted average method is used for calculating for the costs of all
inventories except for materials for repeated use.
(3) Inventory system
Perpetual system is adopted.
(4) Amortization methods for low-value consumables and packaging materials
For PV companies one-time amortization is used for low-value consumables and packaging materials; for non- PV companies
the 50%-50% amortization method is used for low-value consumables and packaging materials that are of high-value (value above
500 yuan).
Recognition criteria and creation method for provision for obsolete inventory
√Applicable □Not Applicable
At the end of a period an inventory is measured at the lower of cost and net realizable value. Excess of cost over net realizable
value is recognized into current profit or loss and the provision for obsolete inventory allowance is established. For inventories
related to a product series produced and sold in the same area and for similar purposes or final applications and it is difficult to
distinguish them from other items related to the product series the provisions are established for these inventories as a whole; for
inventories large in quantities and low in price the provision is established by type of inventory.Materials held for production are measured at cost even if the realizable value of goods generated therefrom is higher than cost.Materials are measured at net realizable value when the decrease of material price indicates that the net realizable value of goods is
lower than cost.After the provision for obsolete inventory has been made if the factors previously causing the write-down of inventory value
have ceased to exist resulting in the net realizable value of the inventory being higher than its carrying value any reversal is
recorded within the original obsolete inventory provision with the amount reversed recognized in the current profit or loss.Categories and criteria for determining the provision for obsolete inventory by combination and the criteria for determining
the net realizable value of inventory for different categories
□Applicable √Not Applicable
Calculation method and criteria for determining the net realizable value of inventory for each age combination
□Applicable √Not Applicable
17. Contract assets
√Applicable □Not Applicable
Methods and criteria for recognition of contract assets
√Applicable □Not Applicable
A contract asset is defined as the Company’s right to consideration in exchange for goods or services that the Company has
transferred to a customer when that right is conditioned on something other than the passage of time. Contract assets and contract
liabilities under the same contract are presented on a netting basis; and contract assets and contract liabilities under different contracts
are presented separately.Categories and determination criteria of combinations for which bad debt provisions are established via a combination of
142 / 2692024 Annual Report of Tongwei Co. Ltd.
risk characteristics
√Applicable □Not Applicable
If it is impossible to estimate the expected credit loss at reasonable cost on an individual contract asset the Company classifies
contract assets into several combinations by credit risk characteristics and calculate the expected credit loss on each combination.The criteria for determining the combination:
Combination Method for combined provision for
Combination type Combination criteria
category bad debts
There is sufficient evidence to indicate that
Combination 1 the payments are risk-free during the Payment type No provision
settlement period.Accounts receivable from relevant Credit risk characteristics
Combination 2 Expected credit loss
government departments. (Note)
Receivables from subsidiaries and from joint
Combination 3 ventures participating in the unified Payment type No provision
adjustment of the Company's operating funds.Credit risk characteristics
Combination 4 Payment other than above items. Expected credit loss
(age)
Note: In terms of combination 2 for photovoltaic powerplants’ subsidies receivable from government-related departments for
electricity prices no provision for contract asset impairment is established if the payments are expected to be recovered within one
year after the balance sheet date; the provision is established as 5.00% of the balance receivable if the payments are expected to be
recovered after one year after the balance sheet date given the time value of asset; the provision previously established as 5.00% of
the balance receivable is not reserved until the payments are recovered for prudential purpose.Age calculation method regarding the age based determination of the combination of risk characteristics
√Applicable □Not Applicable
Combination 4 is grouped by credit risk characteristics (age) for exhibiting identical risk characteristics. Age information
reflects the repayment ability of this combination and the payments at maturity. Based on all reasonable and substantiated
information including prospective data an estimation of the provision for contract asset impairment for this combination is made.Age Provision (%)
Within 1 year 5.00
1 - 2 years 10.00
2 - 3 years 50.00
Over 3 years 100.00
Creation criteria for an individual bad debt provision
√Applicable □Not Applicable
For contract assets with significantly different credit risk and risk combination the Company recognizes expected credit losses
on an individual basis. The Company determines the expected credit losses on individual contract assets for which there is sufficient
evidence at the individual instrument level to assess expected credit losses at a reasonable cost.
18. Non-current assets for disposal group held for sale
√Applicable □Not Applicable
Recognition criteria and accounting for non-current assets for disposal group classified as held for sale
√Applicable □Not Applicable
A non-current asset or disposal group is classified as held for sale if most of its carrying value is expected to be recovered via
future cash flow from the sale (including non-monetary exchange with commercial substance) of the asset or disposal group rather
than future cash flow from use.The following conditions must be met for an asset or disposal group to be classified as held for sale:
(1) the asset or disposal group must be available for immediate sale in its present condition subject to terms that are usual and
customary for sales of such assets (or disposal groups); and
(2) the sale must be highly probable i.e. the Company has been committed to a plan to sell the asset or disposal group and
obtained a firm purchase commitment and the sale is expected to be completed within one year. Relevant approvals have been
obtained from relevant authorities or regulators.The Company measures a non-current asset (or disposal group) classified as held for sale at the lower of its carrying value and
fair value less costs to sell. Where the carrying value is higher than the fair value less costs to sell the carrying value is written down
to fair value less costs to sell and the written down amount is recognized into asset impairment loss and carried into current profit or
loss and the provision for the asset held-for-sale impairment loss is established accordingly. The Company recognizes a current gain
for any subsequent increase in fair value less costs to sell of an asset or disposal group held-for-sale but not in excess of the
cumulative impairment loss that has been recognized after the asset is classified into an asset held-for-sale. The carrying value of
143 / 2692024 Annual Report of Tongwei Co. Ltd.
goodwill of a disposal group held-for-sale that has been written down and the impairment loss of a non-current asset held-for-sale
recognized before it is classified into an asset held-for-sale may not be reversed.Non-current assets or disposal groups that are classified as held for sale are not depreciated or amortized. Interest and other
expenses attributable to the liabilities of a disposal group classified as held for sale shall continue to be recognized.A non-current asset or disposal group no longer classified as held for sale because it no longer meets the classification criteria
for held for sale or the asset is removed from the held for sale disposal group is measured at the lower of:
(1) carrying value before the asset (or disposal group) was classified as held for sale adjusted for any depreciation amortization
or impairment that would have been recognized had the asset (or disposal group) not been classified as held for sale.
(2) recoverable amount.
Criteria for determining and reporting discontinued operations
√Applicable □Not Applicable
A discontinued operation is an identifiable component of the Company that meets one of the following conditions and either has
been disposed of or is classified as held for sale:
(1) represents a separate major line of business or geographic area of operations;
(2) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations
(3) is a subsidiary acquired exclusively with a view to resale.
The non-current assets held for sale or assets for a disposal group held for sale are presented separately from other assets in the
balance sheet. The liabilities of a disposal group held for sale are presented separately from other liabilities in the balance sheet.Non-current assets held for sale or assets for a disposal group held for sale do not offset the liabilities for a disposal group held for
sale they are presented as current assets and current liabilities respectively.The Company separately presents profit/loss from continuing operations and profit/loss from discontinued operations in the
income statement. For the discontinued operations reported in current period the Company reclassifies the information previously
reported as the profit/loss from continuing operations as profit/loss from discontinued operations for comparable accounting periods.If discontinued operations no longer meet the criteria for classification as held for sale in the current financial statements the
Company reclassifies the information previously reported as the profit/loss from discontinued operations as profit/loss from
continuing operations for comparable accounting periods.
19. Long-term equity investments
√Applicable □Not Applicable
Long-term equity investments are equity investments under which investors impose control and significant influence over
investees and the equity investments into their joint ventures.
(1) Determination of investment cost
For a long-term equity investment generated from a business combination for example the long-term equity investment
obtained from a business combination under common control the share of owner’s equity of the acquiree in the carrying value
recorded in the consolidated financial statements of the ultimate controller is used to calculate the initial cost of the long-term equity
investment. For a long-term equity investment obtained from a business combination under different control the combination cost
includes the fair value of assets paid liabilities incurred or assumed and equity securities issued on the acquisition date by the
acquirer for obtaining the control of the acquiree; intermediary expenses including audit legal service and assessment and consulting
services and other management expenses for the combination are carried into current profit or loss as incurred; transaction expenses
of equity or debt securities issued by the acquirer as the consideration for the business combination are accounted for as the initial
recognition of these equity or debt securities.An equity investment other than a long-term equity investment obtained from a business combination is initially measured at
cost. The cost is determined depending on the way in which the long-term equity investment is obtained by the actual cash payment
paid by the Company fair value of equity securities issued by the Company value agreed in the investment contract or agreement
fair value or original carrying value of the asset exchanged for a non-monetary asset or fair value of the long-term equity investment.Expenses tax and other necessary expenditure directly relating to obtaining the long-term equity investment is also recorded into the
investment cost.
(2) Subsequent measurement and profit or loss recognition
A long-term equity investment under which the Company has joint control (except for a joint operation) or significant influence
on the investee is accounted under equity method. Long-term equity investments under which the Company has control over
investees are accounted under cost method.
1) Cost-method accounting of long-term share investments
Under the cost method of accounting a long-term equity investment is measured at initial investment cost except for the
actually paid price for obtaining the investment or any cash dividend or profit declared but not distributed that is included into the
actually paid price or consideration upon investment current investment income is recognized as the cash dividend or profit that has
been declared by the investee to which the Company is entitled.
2) Equity method accounting of long-term share investments
Under the equity method of accounting when the initial investment cost is greater than the Company's share of the fair value of
net identifiable assets of the investee upon investment the initial investment cost of the long-term equity investment is not adjusted;
144 / 2692024 Annual Report of Tongwei Co. Ltd.
when the initial investment cost is smaller than the Company's share of the fair value of the net identifiable assets of the investee
upon investment such difference shall be carried into current profit/loss and the cost of the long-term equity investment is adjusted.Under the equity method of accounting the current investment income shall be the Company's share of the net profit or loss
realized by the investee during the year. The fair value of net identifiable assets of the invested upon investment is the basis for
recognition of the Company's share of the net profit/loss of the investee and such recognition is performed after the net profit of the
investee is adjusted in accordance with Company's accounting policies and for the applicable accounting period. Unrealized profits
and losses resulting from transactions between the Company and its associate and joint venture are eliminated to the extent of the
Company's interest in the associate or joint venture and then the investment profit or loss is recognized. However unrealized losses
between the Company and the investee are not eliminated to the extent that such losses is a result of the impairment of the assets
transferred in accordance with Accounting Standards for Business Enterprises No. 8 - Asset Impairment. The Company's share of
other comprehensive income of the investee is recognized as other comprehensive income with the carrying value of the long-term
equity investment adjusted accordingly. Any change in the owner's equity of the investee other than net profit or loss other
comprehensive income and profit distribution is recorded into shareholders’ equity with the carrying value of the long-term equity
investment adjusted accordingly. Upon subsequent disposal of the long-term equity investment the amount recorded into
shareholders’ equity shall be re-classified into investment income in share or in full.The Company's share of net loss of the investee is recognized to the extent that carrying value of the long-term equity
investment and other long-term equity that constitutes of the Company's net interest in the investee is written down to zero. If the
Company still has to assume additional obligations such expected obligations are recognized as expected liabilities and carried into
current investment loss. When the investee realizes any net profit in a subsequent period the Company's share of net loss is
eliminated and its share of net profit is then reversed (if possible).
3) Disposal of long-term equity investments
After a partial disposal of a long-term equity investment while the control is retained in the consolidated financial statements
the difference between the disposal price and the Company's share of the net asset of the subsidiary in respect of the disposed part is
recorded into shareholders’ equity. After a partial disposal of a long-term equity investment that leads to control loss refer to relevant
accounting policies described in Notes “control criteria and methods for preparing consolidated financial statements”.For a disposal of a long-term equity investment in any other circumstance the difference between carrying value and the
actually obtained price is recognized as current profit or loss; for a long-term equity investment accounted under the equity method
the share of other comprehensive income that has been recorded into shareholders’ equity is subject to the accounting treatment on
the same basis as the investee's direct disposal of relevant assets or liabilities. The remaining interest is recognized as a long-term
equity investment or other financial liability at its carrying value and subject to subsequent measurement according to the aforesaid
accounting policies for long-term equity investments or financial assets. Retroactive adjustments are made under relevant provisions
if the accounting treatment for the remaining interest shifts from cost method to equity method.
20. Investment properties
(1) Measured at cost:
Depreciation or amortization method
An investment property is real estate property that has been purchased with the intention of earning a return on the investment
either through rental income the future resale of the property or both. Investment properties include leased land use rights land use
rights held and prepared for transfer after they are appreciated and leased building.
(1) Initial measurement
An investment property is initially measured at cost if rent income or added value that are associated with the investment
property will flow to the Company and the cost of the investment property can be measured reliably.The cost of an investment property purchased from other parties includes the purchase price and relevant taxes directly
attributable to the asset. The cost of an investment property constructed by the Company consists of necessary expenditure incurred
before the asset reaches expected usable condition. The cost of an investment property obtained in another way is recognized under
applicable accounting standards.
(2) Subsequent measurement
Generally subsequent expenditures on an investment property are measured at cost in subsequent periods. An investment
property is depreciated or amortized under accounting policies that the Company applies to fixed assets or intangible assets.An investment property is subsequently measured at fair value if conclusive evidence indicates that the fair value of the
investment property can be reliably obtained on an ongoing basis. An investment property measured subsequently at fair value may
not be depreciated or amortized; its carrying value is adjusted to the fair value on balance sheet date and the difference between fair
value and original carrying value is carried into current profit or loss.
(3) An investment property which the Company has changed its purpose is reclassified into other properties.
21. Fixed assets
(1) Recognition criteria
√Applicable □Not Applicable
Fixed assets refer to property plant and equipment with a useful life of over one year held for use in the production or supply
of goods or services rental to others or administrative purposes. When economic benefits relating to a fixed asset are likely to flow
145 / 2692024 Annual Report of Tongwei Co. Ltd.
into the Company and its costs can be reliably measured the fixed asset is recognized.
(2) Depreciation method
√Applicable □Not Applicable
Residual value Annual depreciation rate
Category Depreciation method Useful life (years)
rate (%) (%)
Premises and buildings Straight-line method 5—35 5 19—2.71
Including: overseas
No amortization Long term
private land (note)
Machinery equipment Straight-line method 5—12 5 19—7.92
PV generation
Straight-line method 25 5 3.8
equipment
Transportation
Straight-line method 4—5 5 23.75—19
equipment
Office equipment Straight-line method 4—5 5 23.75—19
Note: The Company holds a permanent title over overseas private lands purchased for constructing plants (such as in
Bangladesh); these lands are for long-term use and not amortized. An impairment test is performed at the end of each reporting
period.For a fixed asset for which a provision for impairment has been established its depreciation rate and depreciate amount shall be
re-calculated according to its carrying value (i.e. the original cost less cumulative depreciation and provision for impairment) and its
remaining useful life.A fixed asset is measured at the lower of its carrying value and its recoverable amount on the balance sheet date.
22. Construction in progress
√Applicable □Not Applicable
(1) Measurement of construction in progress
A construction in progress is measured at cost which includes borrowing interest and expense incurred before the end of a
construction period that should be capitalized.When a construction in progress reaches its intended purpose and is delivered for use a fixed asset is recognized at actual cost;
for construction in progress that has been delivered but the final account is not performed a fixed asset is recognized at the estimated
cost of construction budget costing or actual construction cost with depreciation established. After the final account is completed the
original estimate and depreciation are adjusted accordingly.A construction in progress is measured at the lower of its carrying value and its recoverable amount on the balance sheet date.
(2) Provision for impairment of construction in progress
A provision for impairment of a construction in progress is established at carrying value less recoverable amount at the end of
the construction period if one or more of the following circumstances exist. Once recognized the impairment loss will not be
reversed in subsequent periods.
1) the construction is suspended for a long term and the suspension is expected to remain in next 3 years;
2) the construction has been outdated in performance and technology and the economic benefits brought to the Company is
largely uncertain;
3) other circumstance that indicate the construction in progress has been impaired.
23. Borrowing costs
√Applicable □Not Applicable
Borrowing costs that incur during the capitalization period and may be directly attributable to capitalization criteria are
capitalized. Capitalization starts when all three conditions are met: 1) expenditures are incurred 2) borrowing costs are incurred and
3) the activities necessary to prepare the asset for its intended use or sale are in progress; and ends when the fixed asset reaches its
intended use. The capitalization should be suspended during periods in which acquisition or construction of the fixed asset is
interrupted for over consecutive three months; in this case the borrowing costs are recognized as current expense.The method for calculating cost to be capitalized is as follows. To the extent that the Company borrows funds specifically for
the purpose of obtaining a qualifying asset it is calculated as the actual borrowing costs incurred on that borrowing during the period
less the interest on unused borrowings deposited in banks or any investment income on the temporary investment of those
borrowings. To the extent that the Company uses funds from general borrowings for the purpose of obtaining a qualifying asset it is
calculated by the weighted average of the excess of cumulative asset expenditure over the asset expenditure from special borrowings
multiplied the capitalization rate applicable to used general borrowings. The capitalized interest in each period is limited to the actual
interest on relevant borrowings that incurs in the period. The discount or premium of borrowings that should be amortized in each
accounting period is measured under effective interest method with the interest in each period adjusted accordingly. An ancillary cost
incurred in connection with funds borrowed specifically for the purpose of obtaining a qualifying asset is capitalized as incurred if it
incurs before the asset reaches its intended use or sale and recognized as expense and carried into current profit or loss if it incurs
after the asset reaches its intended use or sale.
146 / 2692024 Annual Report of Tongwei Co. Ltd.
24. Biological assets
√Applicable □Not Applicable
(1) Classification of productive biological assets
Productive biological assets of the Company include pigs for breeding ducks for breeding fishes for breeding (and prawns for
breeding) and others.
(2) Initial measurement of productive biological assets
1) Cost for purchasing a productive biological asset includes the purchase price relevant tax transportation cost insurance cost
and all other expenditures that are directly attributable to purchase of the asset.
2) Cost for constructing or generating a productive biological asset includes the feed cost labor cost indirect expense that
should be amortized and other necessary expenditures before the asset reaches its intended production/operation (mature age).
(3) Subsequent measurement of productive biological assets
Depending on the nature use and expected realization of relevant economic benefits of productive biological assets the useful
life residual value rate and depreciation rate of each productive biological asset are determined as follows:
Category Useful life Residual value rate (%) Annual depreciation rate (%)
Fishes for breeding 3years 5 31.67
7 months 0 Amortization completed in the
Prawn for breeding
breeding season
Productive biological assets is measured at the lower of its carrying value and its recoverable amount on the balance sheet date.
25. Oil and gas assets
□Applicable √Not Applicable
26. Intangible assets
(1) Useful life and its determination criteria estimation amortization method or review procedures
√Applicable □Not Applicable
An intangible asset is measured at cost upon initial recognition. An acquired intangible asset is recognized at cost comprising the
actual purchase price and related expenses. An intangible asset contributed by an investor is recognized at its actual cost based on the
value stipulated in the investment contract or agreement or based on fair value if the agreed value in the contract or agreement is not
fair. The cost of an internally generated intangible asset comprises all directly attributable costs incurred to create produce and
prepare the asset for its intended use. In a business combination under different control an intangible asset obtained from the
acquiree but not recognized in its financial statements is initially recognized at fair value by the acquirer as intangible asset.Subsequent measurement of intangible assets: 1) An intangible asset with a finite useful life is amortized using the straight-line
method. The useful life and amortization method of the intangible asset is reviewed at the end of each year and adjustments are made
if there are differences from the original estimates. 2) An intangible asset with an indefinite useful life is not amortized but its useful
life is reviewed at the end of each year. When there is substantial evidence indicating that the intangible asset has a finite useful life
the useful life is estimated and the intangible asset is amortized using the straight-line method.An intangible asset is measured at the lower of its carrying value and its recoverable amount on the balance sheet date.
(2) Scope of and accounting treatment for research and development expenditures
√Applicable □Not Applicable
The specific criteria for categorizing internal research and development expenditures into research stage and development stage
expenditures as follows. Research is the planned investigation undertaken with the hope of gaining new technology or knowledge
characterized by its planned and exploratory nature. The stage where research outcomes or other knowledge are applied to a specific
plan or design before commercial production or use resulting in the production of new or substantially improved materials devices
or products is the development stage characterized by its targeted nature and a higher likelihood of achieving results.All expenditure incurred at the research stage should be carried into current profit or loss when incurred. Expenditure incurred at
the development stage is recognized as an intangible asset if the following conditions are met or recorded into current profit or loss
when incurred:
1) the technical feasibility of completing the intangible asset (so that it will be available for use or sale);
2) intention to complete and use or sell the asset;
3) the intangible asset will generate probable future economic benefits including the Company can demonstrate the existence of
a market for the output of the intangible asset or the intangible asset itself or if it is used internally the usefulness of the intangible
asset;
4) availability of adequate technical financial and other resources to complete the development and to use or sell the intangible
asset;
5) expenditure attributable to the intangible asset during its development stage can be reliably measured.
27. Impairment of long-term assets
The Company assesses at each balance sheet date whether there is an indication of impairment for fixed assets right-of-use
147 / 2692024 Annual Report of Tongwei Co. Ltd.
assets construction in progress intangible assets with finite useful lives investment properties measured at cost and non-current
assets such as long-term equity investments into subsidiaries joint ventures and associates. If any such indication exists the
Company estimates the recoverable amount of the asset and performs an impairment test. Goodwill or indefinite-lived intangible
assets whether or not such indication of impairment exists must receive at least one impairment test per year.If the impairment test indicates that book value of an asset is greater than its recoverable amount an impairment provision
equaling to the difference of the two shall be established and recorded into impairment loss. Recoverable amount of an asset is the
greater of fair value less cost of disposal and the present value of future cash flow expected to be derived from the asset. Fair value of
an asset is based on the price set forth in the sale agreement entered in a fair transaction; if no such sale agreement exists but an
active market for the asset exists the fair value is based on the offer given by the buyer; if neither of the two exists the fair value is
estimated according to the best knowledge. Costs of disposal include legal costs relevant taxes and handling costs relating to
disposal of an asset and all direct expenses incurred to bring an asset into condition for its sale. The present value of expected future
cash flow of an asset is calculated as the expected future cash flow to be deprived from continuing use and disposal of the asset
properly discounted. Impairment provision is calculated and recognized for each individual asset. If it is difficult to estimate the
recoverable amount of an individual asset recoverable amount of the cash-generating unit (CGU) to which the asset belongs is
determined. A CGU is the minimum unit of assets that can generate cash inflows.In impairment test the carrying value of goodwill which is separately listed in the financial statements is shared among the
CGU or the group of CGUs which are expected to be benefited from synergies of business combination. If the impairment test
indicates that book value of a CGU or a group of CGUs which takes a share of the goodwill is greater than its recoverable amount
the corresponding impairment loss is recognized. An impairment loss amount calculated for a CGU or a group of CGUs should be
allocated to the CGU or the group's individual assets - first of all to goodwill allocated to the CGU or the group and then to the other
assets of the CGU on a pro rata basis according to the book amount of each asset in the CGU or the group.If fair value of an impaired goodwill recovers after an impairment has been recognized the impairment may not be reversed in a
subsequent period.
28. Deferred expenses
√Applicable □Not Applicable
A deferred expense is recognized as incurred and amortized over the benefit period or specified amortization period with
straight-line method. If a deferred expense cannot bring benefits to subsequent accounting period the amortized value is recognized
into current profit or loss.
29. Contract liabilities
√Applicable □Not Applicable
A contract liability is the Company’s obligation to transfer goods or services to a customer for which it has received
consideration from the customer. If a customer pays consideration or the Company has a right to an amount of consideration that is
unconditional before the Company transfers a good or service to the customer the Company shall present the payment as a contract
liability when the payment is made or the payment is due (whichever is earlier). Contract assets and contract liabilities under the
same contract are presented on a netting basis; and contract assets and contract liabilities under different contracts are presented
separately.
30. Employee benefits
(1) Accounting of short-term employee benefits
√Applicable □Not Applicable
Short-term employee benefits include salaries bonuses allowances and subsidies benefit expense medical insurance costs
maternity insurance costs work injury insurance costs house provident fund expenses labor union expense and education expense
and non-monetary benefits. The Company recognizes the short-term employee benefits that are incurred during an accounting period
in which the corresponding services are rendered as liabilities and carry them into current profit/loss or relevant cost of an asset. All
non-monetary benefits are measured at fair value.
(2) Accounting of post-employment benefits
√Applicable □Not Applicable
1) Defined contribution plans
The Company contributes to employees' basic pension insurance and unemployment insurance in accordance with local
government regulations. During the accounting period in which corresponding services are rendered by employees the amount
payable is calculated based on the local regulations for contribution base and rates recognized as liabilities and carried into current
profit or loss or costs of relevant assets.
2) Defined benefit plans
The Company uses the projected unit credit method to attribute the benefit obligation from a defined benefit plan to the periods
over which employees provide services and record them into current profit or loss or costs of relevant assets.The deficit or surplus i.e. the present value of the defined benefit obligation less the fair value of plan assets is recognized as a
net defined benefit liability or asset. When the Company has a surplus in a defined benefit plan it measures the net defined benefit
148 / 2692024 Annual Report of Tongwei Co. Ltd.
asset at the lower of the surplus in the defined benefit plan and the asset ceiling.All defined benefit obligations including obligations expected to be settled within 12 months after the end of the annual
reporting period in which employees provide services are discounted using the market yields on government bonds or high-quality
corporate bonds that match the defined benefit obligations in terms of term and currency at the balance sheet date.The service costs of a defined benefit plan and the net interest on the net defined benefit liability or asset is recognized as
current profit or loss or costs of relevant assets. The changes from remeasurements of the net defined benefit liability or asset are
recognized in other comprehensive income and will not be reclassified to profit or loss in a subsequent period.For the settlement of a defined benefit plan the gain or loss on settlement is recognized as the difference between the present
value of the defined benefit obligation being settled as determined on the date of settlement and the settlement price.
(3) Accounting of termination benefits
√Applicable □Not Applicable
Termination benefits are compensations provided for employees to terminate employment before expiry or to encourage
employees to leave service voluntarily. Termination benefits are carried into employee benefits liability and into current profit or loss
when paid. Termination benefits expected not to be fully settled within 12 months after the end of the annual reporting period are
treated as other long-term employee benefits.The Company provides social insurance and life allowances for internal retirees before they are formally retired. The internal
retirement plan is subject to the same principle as the said termination benefits. Salaries and social insurance premiums to be paid by
the Company for employees subject to internal retirement plan from the date when they stop rendering services to the date when they
reach legal retirement ages are recognized as liabilities and recorded into current profit or loss (termination benefits) if the criteria
for recognition of expected liabilities are met.
(4) Accounting of other long-term employee benefits
√Applicable □Not Applicable
Other long-term employee benefits are all employee benefits other than short-term employee benefits post-employment benefits
and termination benefits.Other long-term employee benefits provided for employees are subject to accounting treatment for defined contribution plans if
they meet the defined contribution plan criteria and subject to the accounting treatment for defined benefit plans if they meet the
defined benefit plan criteria.
31. Estimated liabilities
√Applicable □Not Applicable
An estimated liability is recognized when an obligation occurs with respect to a contingency and meets the following three
criteria.
(1) It is a present obligation of the Company;
(2) Its performance probably causes outflow of economic benefits;
(3) The amount of the obligation can be reliably measured.
If the payment needed for an estimated liability is expected to be compensated wholly or partially by a third party or other
parties or when the Company basically ascertains that the compensation can be received the compensation is recognized as an asset
to the extent that the amount is not higher than the carrying value of the recognized liability.On the balance sheet date the Company reviews the carrying value of an estimated liability and adjust the carrying value at the
current best estimate if conclusive evidence indicates that the carrying value cannot truly reflect the current best estimate.Quality guarantee deposit for module products
A product quality guarantee deposit refers to a commitment that services will be provided for customers after products are
delivered or services are rendered. Within the agreed period if quality issues or other related problems occur to products or services
within the normal scope during regular usage the Company is responsible for replacing products providing free or cost-only repair
services etc. A quality guarantee deposit is recognized as an estimated liability if it meets the above recognition criteria for estimated
liabilities.Given that the Company has planned to expand its module business in order to provide assured after-sales service for module
customers the production bases of the Company provide module quality guarantee deposit at 1% of module sales revenue in
accordance with the relevant provisions of Accounting Standard for Business Enterprises No. 13 - Contingencies and with reference
to practices of major peer companies.
32. Share-based payment
√Applicable □Not Applicable
(1) Types of share-based payments
Share-based payments are classified into equity-settled share-based payments and cash-settled share-based payments.
(2) Methods for determining the fair value of equity instruments
Equity-settled share-based payments are measured at the fair value of the equity instruments granted to employees; cash-settled
share-based payments are measured at the fair value of the liability calculated based on shares or other equity instruments assumed
149 / 2692024 Annual Report of Tongwei Co. Ltd.
by the Company.In measuring the fair value of granted stock options an option pricing model is employed incorporating several critical factors:
the current price of the underlying shares the exercise price of the options the risk-free interest rate over the option term the
duration of the options and the expected volatility of the share price.
(3) Basis for determining the best estimate of exercisable equity instruments
Equity-settled share-based payments that are immediately exercisable upon grant are recognized at the fair value of the equity
instruments on the grant date with corresponding amounts recorded as relevant costs or expenses and an increase in capital reserve.The grant date refers to the date when the share-based payment agreement receives approval.Equity-settled share-based payments requiring the completion of a service period or satisfaction of specified performance
conditions are accounted for at each balance sheet date during the vesting period. Based on the best estimate of the number of
exercisable equity instruments the services received during the current period are recognized as relevant costs or expenses and
capital reserve measured at the fair value on the grant date. Subsequent changes in fair value are not recognized. At each balance
sheet date during the service period the Company revises its best estimate of the number of exercisable equity instruments based on
the latest available information such as changes in the number of employees eligible to exercise the rights. On the vesting date the
final estimated number of exercisable equity instruments shall equal the actual number of instruments exercised.
(4) Accounting treatment for implementation modification and termination of share-based payment plans
For equity-settled share-based payments no adjustments are made to recognized costs expenses or total equity following the
vesting date. On the exercise date the Company recognizes share capital and share premium based on the actual exercises and
transfers the capital reserve accumulated during the vesting period.Regardless of any changes to the terms and conditions of the granted equity instruments or their cancellation and settlement the
Company continues to measure the services received based on the grant-date fair value of the original equity instruments. However
if vesting conditions (excluding market conditions) are not met no expense is recognized for forfeited instruments.
33. Other financial instruments including preference share and perpetual bond
√Applicable □Not Applicable
In accordance with Accounting Standards for Business Enterprises No. 22 – Recognition and Measurement of Financial
Instruments the Regulations on the Classification of Financial Liabilities and Equity Instruments and Related Accounting Treatments
(CK [2019] No. 13) and the Accounting Treatment Provisions for Perpetual Bonds (CK [2019] No. 2) the Company classifies issued
financial instruments such as convertible corporate bonds based on the contractual terms and their underlying economic substance
rather than solely their legal form. By applying the definitions of financial assets financial liabilities and equity instruments the
Company initially categorizes these financial instruments or their components as financial assets financial liabilities or equity
instruments.At the balance sheet date financial instruments classified as equity are treated distinctly. Interest expenses or dividend
distributions are recognized as profit distributions by the Company while repurchases or cancellations are recorded as changes in
equity. Conversely for instruments categorized as financial liabilities interest expenses or dividends are considered borrowing costs
and any gains or losses from repurchases or redemptions are recognized in the current period profit or loss.
34. Revenue
(1) Accounting policies for revenue recognition and measurement by business type
√Applicable □Not Applicable
1) General principles for recognition of revenues
Revenue is the total inflow of economic benefits formed in the daily operating activities of the Company which will lead to the
increase of owner's equity and is not related to the capital invested by owners.The Company recognizes a revenue when it satisfies the performance obligation in the contract i.e. the customer obtains
control of the good or service.Where two or more performance obligations are included in the contract the Company allocates the transaction price to each
performance obligation on the basis of the relative stand-alone selling prices of each distinct good or service promised in the contract
and then measures revenue at the transaction price allocated to each performance obligation.The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring
promised goods or services to a customer excluding amounts collected on behalf of third parties. The Company recognizes the
transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not
occur when the uncertainty associated with the variable consideration is subsequently resolved. Amounts expected to be refunded to a
customer is not included into the transaction price. For a contract with a significant financing component the Company calculates the
transaction price as the amounts payable in cash by the customer when it would obtain control of the good or service. The difference
between such amount and the contract consideration is amortized over the contract term with effective interest method. The
significant financing component is not considered if on the start date of the contract Company expects that the period from the
customer obtains control over the good or service to the customer pays the price is not longer than one year.A performance obligation is satisfied over a period if one of the following criteria is met otherwise it is satisfied at a point of
time:
* customer receives and consumes the economic benefits from the Company's satisfaction of the performance obligation as it is
150 / 2692024 Annual Report of Tongwei Co. Ltd.
satisfied by the Company;
* customer is able to control work-in-process created by the Company in satisfying the performance obligation;
* goods created by the Company during the obligation performance does not have an alternative use and the Company has an
enforceable right to payment for performance completed to date.For a performance obligation satisfied over a period of time the Company recognizes the revenue based on the performance
progress over the period. If no reasonable and reliable measure of progress can be made revenue is generally recognized to the extent
of costs incurred until a reasonable method can be determined if the costs incurred are expected to be compensated.The Company recognizes a revenue when it satisfies the performance obligation at the point in time when control of the good or
service is transferred to the customer. A customer obtains control of a good or service if the following indicators are met:
* the Company presents right to payment for the good or service;
* the Company has transferred physical possession of the good or service to the customer;
* the Company has transferred to the customer the significant risks and rewards of ownership of the good;
* customer has accepted the good or services.The Company’s unconditional right (only conditional on the passage of time) to consideration is presented as an account
receivable. The Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer
when that right is conditioned on something other than the passage of time is presented as a contract asset; a provision for impairment
on a contract asset is established at the expected credit loss. The Company’s obligation to transfer goods or services to a customer
when it has received the consideration is presented as a contract liability.
2) Accounting policies for revenue recognition and measurement by business type
The Company adopt the following accounting policies for revenue recognition and measurement by business type:
* Revenue from sale of goods
A revenue is recognized when control of goods is transferred to a customer.The Company mainly produces and sells high-purity polysilicon cells and modules polyvinyl chloride sodium hydroxide and
cement feed fish pigs ducks and other products which belong to the performance obligations satisfied at a point in time.Criteria for revenue recognition for products sold in Chinese mainland: the Company has delivered products to the purchaser
under the contract and the products have been received via signature by the purchaser or the shipping company engaged by the
purchase; the sale amount is determined; the collection has occurred or the Company has received the certificate of right to collect;
relevant inflow economic benefits are probable; and the cost of products can be reliably measured.Criteria for revenue recognition for products sold outside Chinese mainland: under International Rules for the Interpretation of
Trade Term and given revenue recognition principles and the Civil Code a revenue is recognized at the point in time when control of
the products is transferred to a customer.The Company sells electricity generated by PV powerplants and recognizes a revenue when the electricity connected to the grid
is confirmed with the grid company.* Revenue from rendering of services
The Company renders services including construction and equipment installation that fall into the scope of performance
obligations over a period of time. The Company recognizes revenue over time by measuring the progress toward complete
satisfaction of that performance obligation with the progress calculated at the percent of costs incurred to the budget costs. Revenue
should be recognized only to the extent of costs incurred are expected to be compensated. Otherwise the costs incurred are carried
into current profit or loss.* Revenue from transfer of right-of-use assets
The revenue is recognized over the period of a right-of-use asset under the straight-line method.
(2) Different revenue recognition and measurement methods for the same business type if different operation models are
involved
□Applicable √Not Applicable
35. Contract costs
√Applicable □Not Applicable
Contract costs are classified into costs to obtain a contract and costs to fulfill a contract.
(1) Costs to fulfill a contract
The costs to fulfill a contract is recognized as an asset when the following criteria are met:
1) The costs relate directly to a contract or an anticipated contract including direct labor direct materials manufacturing costs
(or similar costs) costs that are explicitly chargeable to the customer under the contract and other costs that are incurred only because
the Company entered into the contract.
2) The costs enhance resources of the Company that will be used in satisfying performance obligations in the future.
3) The costs are expected to be recovered.
The asset is presented in either inventories or other current assets depending on whether the amortization period determined
upon initial recognition is over a normal operating cycle.
(2) Costs to obtain a contract
The costs of obtain a contract is recognized as an asset if the Company expects to recover the incremental costs of obtaining a
contract.
151 / 2692024 Annual Report of Tongwei Co. Ltd.
The incremental costs are those costs that the Company incurs to obtain a contract with a customer that it would not have
incurred if the contract had not been obtained (for example a sales commission). The costs are carried into current profit or loss
when incurred if the amortization period is not over a year.
(3) Amortization of contract costs
The asset recognized for contract costs is amortized on a systematic basis consistent with the pattern of the transfer of the goods
or services to which the asset relates at the point in time or over a period of time and carried into current profit or loss.
(4) Impairment on contract costs
The Company shall recognize an impairment loss in profit or loss to the extent that the carrying value of an asset relating to
contract costs exceeds: the amount of consideration that the Company expects to receive in the future and that the Company has
received but not yet recognized as revenue in exchange for the goods or services to which the asset relates ("the consideration") less
the costs that relate directly to providing those goods or services and that have not been recognized as expenses and further considers
whether it is necessary to establish an estimated liability relating to a contract that leads to loss:
1) the amount of consideration that the Company expects to receive in the future and that the Company has received but not yet
recognized as revenue in exchange for the goods or services to which the asset relates;
2) the costs that relate directly to providing those goods or services and that have not been recognized as expenses.
After the impairment provision is established if change in impairment factors from the previous period causes that the
difference between the above two amounts is higher than the carrying value of the asset the impairment provision is reversed and
carried into current profit or loss to the extent that the carrying value after the reversal does not exceed its carrying value on the
reversal date should the provision was not established.
36. Government grants
√Applicable □Not Applicable
(1) Judgment basis for and accounting treatment for grants related to assets
Grants related to assets are government grants which the Company obtains to purchase construct or otherwise acquire long-term
assets; if the subjects of a grant are not explicitly stated in the government document the basis for classifying the grant into a grant
related to assets or a grant related to income is explained in sub items.Accounting treatment: The Company recognizes the grant as deferred income that is evenly carried into current profit or loss
over the useful life of the asset (i.e. the depreciation and amortization period) from the asset reaches the its intended use condition.The remaining deferred income is recognized into current profit or loss if the asset is disposed before its useful life expires. But a
grant measured at its nominal amount is directly recognized into current profit or loss.
(2) Judgment basis for and accounting treatment for grants related to income
Grants related to income are government grants other than those related to assets.Accounting treatment:
1) Grants related to income are recognized as deferred income if they are used to compensate relevant expenses or losses to be
incurred; and they are carried into current profit or loss or to write down relevant costs when relevant expenses are recognized.
2) Grants related to income are directly carried into current profit or loss or to write down relevant costs if they are used to
compensate relevant expenses or losses that the Company has incurred.
3) When should grants are recognized
A government grant is recognized when the Company complies with the conditions attaching to it and the grant will be received.
4) Measurement of grants
If a grant is a monetary asset it is measured at the amount received or receivable; if a government grant is a non-monetary asset
it is measured at fair value or at nominal value if the fair value cannot be obtained reliably.
37. Deferred tax assets/ deferred tax liabilities
√Applicable □Not Applicable
Income tax is accounted for under the balance sheet liability method.A deferred tax asset is recognized for deductible temporary differences to the extent that it is probable that such temporary
differences will reverse in the foreseeable future and that taxable profit will be available against which the temporary difference will
be utilized.On balance sheet date current tax assets and tax liabilities for the current and prior periods are measured at the amount expected
to be paid to (recovered from) taxation authorities; deferred tax assets and deferred tax liabilities are measured on the balance sheet
date at tax rates applicable to the periods during which such assets are expected to be recovered or such liabilities are expected to be
discharged.The carrying values of deferred tax assets and deferred tax liabilities are reviewed on the balance sheet date. Current and
deferred tax is recognized as income or expense and included in profit or loss for the period except to the extent that the tax arises
from transactions or events that are recognized directly in owner's equity and business combinations.
38. Lease
√Applicable □Not Applicable
Determination criteria and accounting treatment methods for lessees to use the simplified approach for short-term leases and
152 / 2692024 Annual Report of Tongwei Co. Ltd.
low-value leases
√Applicable □Not Applicable
A short-term lease is a lease that at the date of commencement has a term of 12 months or less and does not contain any
purchase option; a low-value lease is a lease for which the underlying asset when new is less than 50000.00 yuan. If the Company
sub-leases or expects to sub-lease an asset then the head lease does not qualify as a lease of a low-value item.For all short-term leases and low-value leases the Company recognizes lease payments on a straight-line basis over the lease
term into costs of relevant assets or current profit or loss.Except for the short-term leases and low-value leases treated with the simplified approach a right-of-use asset and lease liability
is recognized on the commencement date of the lease.
1) Right-of-use assets
A right-of-use asset is initially measured at cost which comprises of : * the amount of the initial measurement of the lease
liability; * lease payments (if any) made at or before the commencement date of the lease less any lease incentives received; * any
initial direct costs incurred by the lessee; * an estimate of costs to be incurred by the lessee when dismantling and removing the
lease asset restoring the site of the lease asset or restoring the lease asset to its contractual state.The depreciation for a right-of-use asset is established using the straight-line method. Depreciation for a lease asset is provided
over remaining useful life of the asset if the Company is able to reasonably determine that it will obtain the ownership of the asset
upon the lease term expires. Otherwise the depreciation is provided over the shorter of the remaining useful life and the lease term.
2) Lease liabilities
On the commencement date of a lease the Company recognizes a lease liability at the present value of the lease payments that
are not paid at that date. In calculating the present value of lease payments the Company uses the interest rate implicit in the lease as
the discount rate; if the rate cannot be determined the Company uses its incremental borrowing rate. The difference between lease
payments and their present value is unrecognized financing costs. Interest expense is recognized over the lease term using the
discount rate used to determine the present value of lease payments and is recorded in the current profit or loss. The variable lease
payments not included into the measurement of a lease liability measurement is included into current profit or loss when incurred.After the commencement date of lease the Company will re-measure the lease liability at the present value of changed lease
payments in the event of any change in-substance fixed payments change in the amounts expected to be payable under residual value
guarantees the index or rate used for determining the lease payments the assessment result or actual exercise of purchase option
renewal option or termination option and the carrying value of the right-of-use asset is adjusted accordingly; if the carrying value is
reduced to zero and further adjustment is needed for the lease liability the remaining amount of the remeasurement is recognized in
current profit or loss.Classification criteria of and accounting for lessor
√Applicable □Not Applicable
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership on the
commencement date of the lease; and otherwise classified as an operating lease.
1) Operating lease
The Company recognizes lease income on a straight-line basis over the lease term; initial direct costs are capitalized and
amortized over the lease term on the same basis as the lease income and recorded into current profit or loss. Variable lease payments
not included into the lease payments that are related to an operating lease are included into current profit or loss when incurred.
2) Finance lease
The Company recognizes a net investment in the lease (the sum of the unguaranteed residual value and the present value of the
lease payments not received at the commencement date as discounted using the rate implicit in the lease) at the commencement date
and derecognizes the underlying asset. Over the lease term the Company calculates and recognizes interest income based on the rate
implicit in the lease.The variable lease payments not included into the measurement of the net investment in a lease is included into current profit
and loss when incurred.
39. Other significant accounting policies and accounting estimates
√Applicable □Not Applicable
(1) Hedge accounting
1) Types of hedge accounting
The Company manages cash flow risks resulting from exchange rate fluctuations through forward exchange contracts. The
Company applies hedge accounting to “foreign exchange risks of firm commitments” if all hedge accounting criteria are met and
classifies it to cash flow hedge.
2) Hedging instruments and hedged items
* Hedging instruments
A hedging instrument is a financial instrument designated by the Company for hedging purposes with its fair value or expected
cash flow changes offsetting the fair value or cash flow changes of the hedged item.The Company uses forward exchange contracts as its hedging instrument.* Hedged items
153 / 2692024 Annual Report of Tongwei Co. Ltd.
A hedged item is an item that exposes the Company to fair value or cash flow variability designated as the object of the hedge
and can be reliably measured.The Company identifies the foreign exchange risk of export or import orders priced in foreign currency as the hedged item
namely “foreign exchange risk of firm commitment” as the hedged item.
3) Hedge relationship assessment
At the beginning of a hedge relationship the Company officially designates the hedge relationship and prepares a formal
written documentation on the hedge relationship risk management objectives and risk management strategies. This documentation
states the hedging instrument hedged item the nature of the hedged risk and the Company's approach to assess the hedge
effectiveness. Hedge effectiveness is defined as the extent to which changes in the fair value or cash flows of the hedging instrument
offset changes in the fair value or cash flows of the hedged item. Both initial and subsequent prospective hedge effectiveness
assessments reveal that such hedges meet the effective requirements.The Company discontinues the hedge accounting if the hedging instrument has expired is sold terminated or exercised (the
replacement or rollover of a hedging instrument into another hedging instrument is not an expiration or termination if such
replacement or rollover is part of the documented hedging strategy) or if the hedge relationship no longer meets the risk management
objective because risk management objective for a hedge relationship has changed or if the hedging relationship no longer meets the
qualifying criteria or if the effect of credit risk dominates the value changes resulting from the economic relationship or if the hedge
no longer meets other conditions for hedge accounting.The Company re-balances the hedging relationship if the risk management objective has not changed but the hedging
relationship would fail the effectiveness assessment due to hedge ratio issue.
4) Recognition and measurement
The Company accounts for the “foreign exchange risk of firm commitment” using cash flow hedge accounting provided that
the conditions for applying hedge accounting are met. Specifically:
The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognized in other
comprehensive income as cash flow hedge reserve and the portion of the gain or loss that is hedge ineffectiveness (other gain or loss
net of other comprehensive income) is recognized in current profit or loss. The cash flow hedge reserve is the lower of the following
two absolute amounts: * the cumulative gain or loss on the hedging instrument from inception of the hedge; * the cumulative
change in present value of the hedged item from inception of the hedge.The cash flow hedge reserve recognized in other comprehensive income is reclassified into current profit or loss in the same
period or periods during which the hedged expected future cash flows affect profit or loss e.g. when the sales are made.
(2) Work safety expenses
Work safety expenses are funds that an entity extracts according to specified standards which are accounted for as costs
(expenses) and specifically used to enhance and improve the workplace safety conditions of the entity or its project. When the
Company makes provision for work safety expenses these are accounted for either as part of the costs associated with relevant
products or recognized in the current profit or loss with an equivalent amount added to a special reserve. When the Company utilizes
the extracted work safety expenses the expenditures classified as expenses are directly deducted from the special reserve;
expenditures classified as capital expenditures are initially accumulated through costs incurred in construction in progress upon
completion of the safety project to the intended usable state recognized as a fixed asset the costs of the asset is deducted from the
special reserve according and an equivalent amount of accumulated depreciation is recognized. No depreciation for the fixed asset is
provided in subsequent period.The Company performs the provision for work safety expenses in accordance with the regulations outlined in the notice issued
by the Ministry of Finance and the Ministry of Emergency Management on November 21 2022 titled Management Measures for the
Extraction and Utilization of Enterprise Work Safety Expenses (CZ [2022] No. 136). The specific provision rates are as follows:
No. Provision basis Provision（%）
I. Companies producing or storing dangerous goods
1 Main business revenue for the previous year (10 million yuan and lower) 4.5
Main business revenue for the previous year (the portion between 10 million yuan and 100 million yuan
22.25
(inclusive))
Main business revenue for the previous year (the portion between 100 million yuan and 1 billion yuan
30.55
(inclusive))
4 Main business revenue for the previous year (the portion higher than 1 billion yuan) 0.2
II. PV generation companies
1 Main business revenue for the previous year (10 million yuan or lower) 3
Main business revenue for the previous year (the portion between 10 million yuan and 100 million yuan
21.5
(inclusive))
Main business revenue for the previous year (the portion between 100 million yuan and 1 billion yuan
31
(inclusive))
Main business revenue for the previous year (the portion between 1 billion yuan and 5 billion yuan
40.8
(inclusive))
Main business revenue for the previous year (the portion between 5 billion yuan and 10 billion yuan
50.6
(inclusive))
154 / 2692024 Annual Report of Tongwei Co. Ltd.
6 Main business revenue for the previous year (the portion higher than 10 billion yuan) 0.2
III. Construction companies
1 The construction and installation cost of building engineering 3
2 The construction and installation cost of power engineering 2.5
For an entity that extracts work safety expenses based on the previous year's operating revenue and has newly constructed or
started production for less than one year the actual work safety expenses are presented as incurred for the current year and the
provision for work safety expenses is performed based on the current year's operating revenue according to the prescribed standards.If the beginning-of-month balance of work safety expenses reaches three times or more of the amount that should be provided in the
previous year the entity suspends the extraction of work safety expenses from that month until the balance falls below three times the
amount that should be provided in the previous year at which point the extraction resumes.
(3) Unexpired liability reserve/guarantee compensation reserve
Unexpired liability reserve is created at 50% of the guarantee income and reversed after the guarantee liability is discharged
upon expiry.Guarantee compensation reverse is created at 1% of the balance of guaranteed amount at the end of the year and difference
extraction is performed when the cumulative reserve reaches 10% of the balance of guaranteed amount.The applicable scope of guarantee compensation reverse: unrecoverable guarantee compensation loss.
40. Changes in significant accounting policies and accounting estimates
(1) Changes in significant accounting policies
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Items materially
Changes in accounting policies and reasons Effect
affected
In December 2024 the Ministry of Finance promulgated Accounting Standards for Business
Enterprises Interpretation No. 18. This mandates the recognition of estimated liabilities
associated with assurance-type warranties—those not deemed separate performance
obligations—under the Operating Costs or Non-operating Costs accounts. The interpretation
took effect immediately upon issuance allowing for early adoption in the fiscal year of its Refer to other Refer to other notes
release. Upon initial implementation an enterprise that previously categorized assurance-type notes for details for details
warranty costs under Sales Expenses must retrospectively adjust its accounting treatment in
accordance with Accounting Standards for Business Enterprises No. 28 – Changes in
Accounting Policies and Estimates Error Corrections treating the modification of relevant
accounting entries and financial statement presentation as a change in accounting policy.Other notes:
The above-mentioned change in accounting policy does not affect the prior-period comparative financial statements of the parent
company. However its impact on the prior-period comparative consolidated income statement is as follows
Unit:Yuan Currency:CNY
2023amount
Item
Before adjustment After adjustment Adjustment
Operating cost 102327943787.54 102714182767.86 386238980.32
Sales amount 2130041158.64 1743802178.32 -386238980.32
(2) Changes in significant accounting estimates
□Applicable √Not Applicable
(3) Adjustments of financial statements at the beginning of the year for which new accounting standards or interpretations
are applied for the first time in 2024
□Applicable √Not Applicable
41. Others
□Applicable √Not Applicable
VI. Taxes
1. Major tax types and tax rates
Major tax types and tax rates
√Applicable □Not Applicable
Tax type Tax basis Tax rate
VAT Sales amount 13% 9% 6% 5% 3% tax exemption
155 / 2692024 Annual Report of Tongwei Co. Ltd.
Urban construction and maintenance tax Turnover tax payable 1%-7%
Education surcharge Turnover tax payable 3%
Local education surcharge Turnover tax payable 2%
Land use tax Area of used land Local provisions
Self-used property: original value×70% 1.2%
Property tax
Rental property: rent 12%
Enterprise income tax Taxable income 15% 16.5% 17% 20% 25%
Disclose the circumstance when different corporate income tax payers exist
□Applicable √Not Applicable
2. Tax preferences
√Applicable □Not Applicable
(1) VAT
Sales of feed by domestic companies is exempted from value added tax under the CS [2001] No. 121 document from the
Ministry of Finance and the State Taxation Administration.Sales of agricultural products directly produced by agricultural producers are exempted from value-added tax under the
Temporary Regulations on VAT of the People’s Republic of China (No. 538 order from the State Council) and the Implementation
Rules on the Temporary Regulations on VAT of the People's Republic of China (No. 50 order from the Ministry of Finance and the
State Taxation Administration). This policy extends to revenue generated from agricultural production activities such as
aquaculture conducted by affiliated entities of the Company.The transfer of the right-of-use of land to agricultural producers for the purpose of agricultural production is exempted from
value added tax from May 1 2016 under the CS [2016] No. 36 document from the Ministry of Finance and the State Taxation
Administration. This policy extends to transfer of the right-of-use of land to aquaculture enterprises for agricultural production by
affiliated entities of the Company.
(2) Corporate income tax
1) Units under tax consolidation policyUnites covered by the tax consolidation policy for corporate income tax in respect of the parent company are “unifiedcalculations tiered administration local prepayments consolidated clearing and treasury adjustment” in accordance with the
Corporate Income Tax Law and the Procedures for Collection of Consolidated Corporate Income Tax for Cross-region Operations
((2012) No. 57 Announcement of the State Taxation Administration): the parent company (including the administration headquarters
and all branches) Tongwei Agriculture Development Co. Ltd. (including the headquarters and all branches).
2) Units entitled to corporate income tax preference for enterprises for China Western Development
The Announcement on Continuing the Corporate Income Tax for Enterprises for China Western Development ((2020) No.23
Announcement of the National Development and Reform Commission) jointly released by the Ministry of Finance the State
Taxation Administration and the National Development and Reform Commission provided for that enterprises in encouraged
industries established in west China are entitled to income tax rate of 15% from January 1 2021 to December 31 2030. This policy
applies to agricultural and animal husbandry subsidiaries such as Chongqing Tongwei Feed Co. Ltd. and photovoltaic power plant
subsidiaries and PV powerplant companies such as Yunnan Tongwei High-purity Crystalline Silicon Company in West China.
3）Units approved as high-tech enterprises are entitled to corporate income tax rate of 15%
No. High-tech enterprise name Approval date Certificate No.
1 Jieyang Tongwei Feed Co. Ltd. 2024 GR202444002517
2 Guangdong Tongwei Feed Co. Ltd. 2023 GR202344000790
3 Sichuan Willtest Technology Co. Ltd. 2024 GR202451003910
4 Tongwei Agriculture Development Co. Ltd. 2024 GR202451001606
5 Sichuan Fusion Link Co. Ltd. 2023 GR202351002052
6 Tongwei New Energy Engineering Design Sichuan Co. Ltd. 2023 GR202351000783
4) Subsidiaries engaged in seawater mariculture and inland aquaculture with entitlement in 50% reduction of income tax
The Article 86 of the Implementation Regulations on the Enterprise Income Tax of the People's Republic of China issued on
December 6 2007 the income from in mariculture and inland aquaculture is subject to 50% reduction in income tax. This policy
extends to units including Hainan Haiyi Aquatic Seed Co. Ltd. and others.
5) Overseas subsidiaries entitled to tax preferences
The 218/2013/N-CP document issued by the Government of Vietnam on December 26 2013 the statutory rate of corporate
income tax in Vietnam was reduced to 20% from January 1 2016. The tax preferences to which Heping Tongwei Co. Ltd. is entitled:
a 10-year preference period for its feed business from the start of the production and operation exemption from income tax for two
years and 50% income tax for four years from the start of the profitability period. The tax preferences to which Qianjiang Tongwei
Co. Ltd. is entitled: a 15-year preference period for its feed business from the start of the production and operation during which the
tax rate is 10% exemption from income tax for four years and 50% income tax for nine years from the start of the profitability period.The tax preferences to which Haiyang Tongwei Co. Ltd. is entitled: a preferential tax rate of 10% during the tax incentive period for
newly invested aquatic feed businesses.For Tongwei Feed Mill Bangladesh Ltd. the interest income on bank deposits out of its total profit is subject to an income tax
156 / 2692024 Annual Report of Tongwei Co. Ltd.
rate of 35% (10% is withheld by banks) net income from non-operating activities is subject to an income tax rate of 35%. The profit
net of interest income and non-operating income is subject to multi-level income tax rate: 0% for the amount less than (including) 1
million BDT; 5% for the amount between 1 and 2 million BDT (including 2 million); 10% for the amount between 2 million and 3
million BDT (including 3 million); and 15% for the amount over 3 million BDT.
6) Tax preferences for public infrastructure projects with key national supports
According to the Notice of the Ministry of Finance of the People's Republic of China and State Taxation Administration on
Relevant Issues Concerning the Implementation of the Preferential Catalog of Enterprise Income Tax for Public Infrastructure
Projects (CS [2008] No.46) the income from investment and operation of enterprises engaged in public infrastructure projects
supported by the State are exempt from enterprise income tax from the first to the third year starting from the tax year in which the
first production and operation income of the project is obtained and the enterprise income tax is halved from the fourth to the sixth
year.According to the provisions of CS [2008] No. 116 new solar power generation projects approved by the competent investment
department of the government are public infrastructure projects. Now new PV powerplants of the subsidiaries of Tongwei New
Energy Co. Ltd. have been connected to the grid for power generation are entitled to the three-year exemption and three-year 50%
reduction of income tax.
3. Others
□Applicable √Not Applicable
VII. Notes to items in consolidated financial statements
1. Cash at bank and on hand
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Cash in hand 160649.66 590810.25
Cash at bank 14455021275.39 19405930550.81
Other cash at bank and on hand 1993272847.57 11916421.83
Total 16448454772.62 19418437782.89
Including: total deposits overseas 459598105.43 362506221.95
Other notes:
None
2. Held-for-trading financial assets
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance Designation reason and basis
Financial assets measured at fair value /
12869130833.9110064061762.38
through current profit or loss
In which:
Debt investments 12861667567.35 10054851638.72 /
Equity instrument investments 146539.06 /
Derivative financial assets 7316727.50 9210123.66
Total 12869130833.91 10064061762.38 /
Other notes:
√Applicable □Not Applicable
Note 1: Debt instrument investments refer to structured bank deposits and wealth management products purchased by the Company.Note 2: Equity instrument investments are equity investments that the Company holds for immediate trading.Note 3: Derivative financial assets are paper gains on undelivered foreign exchange derivatives not meeting the criteria for applying
hedge accounting or with hedge ineffectiveness.
3. Derivative financial assets
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Forward exchange contracts 15321594.19 5842475.20
Total 15321594.19 5842475.20
Other notes:
157 / 2692024 Annual Report of Tongwei Co. Ltd.
Note: Derivative financial assets are unrealized gains on designated and effective hedging instruments namely foreign exchange
forward contracts.
4. Notes receivable
(1) Presentations of notes receivable
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Commercial acceptance bill
Letters of credit 1465325121.18 847559026.34
Total 1465325121.18 847559026.34
(2) Notes receivable pledged by the Company as of the end of the period
□Applicable √Not Applicable
(3) Notes receivable endorsed or discounted by the Company as of the end of the period that have not been due on the balance
sheet date
□Applicable √Not Applicable
(4) Disclosure by how bad debt provision is created
□Applicable √Not Applicable
Individual bad debt provision:
□Applicable √Not Applicable
Combined provision for bad debts:
□Applicable √Not Applicable
Provision for bad debts under the general model for expected credit loss
□Applicable √Not Applicable
Stage criteria and bad debt provision rate
Note on significant changes in balances of notes receivable for which their provisions were changed in current period:
□Applicable √Not Applicable
(5) Provision for bad debts
□Applicable √Not Applicable
Significant amounts recovered or reversed in current period:
□Applicable √Not Applicable
Other notes:
None
(6) Notes receivable written off in current period
□Applicable √Not Applicable
Significant notes receivable written off:
□Applicable √Not Applicable
Notes on write-off of notes receivable:
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
5. Accounts receivable
(1) Disclosure by age
√Applicable □Not Applicable
158 / 2692024 Annual Report of Tongwei Co. Ltd.
Unit:Yuan Currency:CNY
Age Closing book balance Opening book balance
Within 1 year 5214723527.94 6095340261.80
Subtotal within one year 5214723527.94 6095340261.80
1- 2 years 801997281.59 420182205.23
2- 3 years 326292145.88 344585435.99
Over 3 years 838210025.29 549816615.25
Total 7181222980.70 7409924518.27
159 / 2692024 Annual Report of Tongwei Co. Ltd.
(2) Disclosure by how bad debt provision is created
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Category Book balance Provision for bad debts Carrying Book balance Provision for bad debts Carrying
Amount Percent (%) Amount Provision (%) value Amount Percent (%) Amount Provision (%) value
Individual bad debt
228354051.363.1848088728.4121.06180265322.95112052269.471.511120522.681.00110931746.79
provision
Combined provision
6952868929.3496.82426323167.136.136526545762.217297872248.8098.49420950916.975.776876921331.83
for bad debts
Including:
Combination 2 2033282283.22 28.31 95209831.81 4.68 1938072451.41 1806530865.66 24.38 79383533.10 4.39 1727147332.56
Combination 3 25100.00 25100.00
Combination 4 4919586646.12 68.51 331113335.32 6.73 4588473310.80 5491316283.14 74.11 341567383.87 6.22 5149748899.27
Total 7181222980.70 100.00 474411895.54 6.61 6706811085.16 7409924518.27 100.00 422071439.65 5.70 6987853078.62
160 / 2692024 Annual Report of Tongwei Co. Ltd.
Individual bad debt provision:
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance
Name
Book balance Provision for bad debts Provision (%) Provision reason
Price of feed delivered to overseas
137548300.54 1375483.00 1.00 Note 1
customers secured by banks
Tech-bank’s swine breeding
89748910.82 45656405.41 50.87 Note 2
affiliates
Others 1056840.00 1056840.00 100.00
Total 228354051.36 48088728.41 21.06
Note on individual bad debt provision:
√Applicable □Not Applicable
Note 1: Price of feed delivered to overseas customers are fully secured by local banks. The security banks will make payments
unconditionally when the payments are due which are at a low risk the provision percentage is set as 1% accordingly.Note 2: In regards to receivables from Tech-bank's swine breeding affiliates pertaining to feed and animal health products we
have established a targeted bad debt provision. This decision is informed by our comprehensive understanding of their operational
status and the guarantees provided by Tech-Bank in adherence to the prudence principle.Combined provision for bad debts:
√Applicable □Not Applicable
Combined provision: Combination 2
Unit:Yuan Currency:CNY
Closing balance
Name
Accounts receivable Provision for bad debts Provision (%)
Power supply companies (desulfurization 185810404.50 -
electricity price)
Electricity price subsidies 1847471878.72 95209831.81 5.15
Total 2033282283.22 95209831.81 4.68
Note: The desulfurization electricity prices are recovered within the settlement period for no risk no provision for bad debts is
created; electricity price subsidies have been included into the national subsidy catalog the subsides that have not been included into
the catalog are presented in contract assets.Notes on combined provision for bad debts:
□Applicable √Not Applicable
Combined provision: Combination 4
Unit:Yuan Currency:CNY
Closing balance
Name
Accounts receivable Provision for bad debts Provision (%)
Within 1 year 4444056579.90 222202829.00 5.00
1- 2 years 392641759.08 39264175.91 10.00
2- 3 years 26483953.47 13241976.74 50.00
Over 3 years 56404353.67 56404353.67 100.00
Total 4919586646.12 331113335.32 6.73
Notes on combined provision for bad debts:
□Applicable √Not Applicable
Provision for bad debts under the general model for expected credit loss
□Applicable √Not Applicable
Stage criteria and bad debt provision rate
Notes on significant changes in balances of accounts receivable for which their provisions were changed in current period:
□Applicable √Not Applicable
(3) Provision for bad debts
√Applicable □Not Applicable
161 / 2692024 Annual Report of Tongwei Co. Ltd.
Unit:Yuan Currency:CNY
Change in current period
Category Opening balance Recovered Charged off or Closing balance
Provision or Other changes
written off
reversed
Individual provision 1120522.68 46968205.73 48088728.41
Risk combination 420950916.97 13188064.30 11373987.91 3558173.77 426323167.13
Total 422071439.65 60156270.03 11373987.91 3558173.77 474411895.54
Note: Other changes are from three sources: the bad debt provision of 3765393.64 yuan due to contract assets transferred to
accounts receivables; foreign currency translation difference of -242219.87 yuan and the recovery of previously written-off
accounts receivable of 35000.00 yuan.Significant amounts recovered or reversed in current period:
□Applicable √Not Applicable
Other notes:
None
(4) Accounts receivable written off in current period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Written off amount
Accounts receivable written off 11373987.91
Significant accounts receivable written off
□Applicable √Not Applicable
Note on write-off of accounts receivable:
□Applicable √Not Applicable
(5) Top five debtor entities in accounts receivable and contract assets at the end of the current period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Percent of total
closing balance
Closing balance of
Closing balance of Closing balance of accounts Closing balance of
Entity name accounts receivable
accounts receivable of contract assets receivable and bad debt provision
and contract assets
contract assets
(%)
Entity 1 497847174.12 497847174.12 6.39 26636333.14
Entity 2 404691677.99 404691677.99 5.19 23683569.98
Entity 3 404090737.52 404090737.52 5.19 20204536.88
Entity 4 386732355.35 386732355.35 4.96 23183924.95
Entity 5 352032322.73 352032322.73 4.52 22673443.28
Total 2045394267.71 2045394267.71 26.25 116381808.23
Other notes:
None
Other notes:
□Applicable √Not Applicable
162 / 2692024 Annual Report of Tongwei Co. Ltd.
6. Contract assets
(1) Contract assets
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Item
Book balance Provision for bad debts Carrying value Book balance Provision for bad debts Carrying value
Electricity price subsidies 610521737.15 30878308.24 579643428.91 587706065.73 29882152.69 557823913.04
Total 610521737.15 30878308.24 579643428.91 587706065.73 29882152.69 557823913.04
Note: Presentation in the contract assets are subsidies that have not been included into the national subsidy catalog the subsides that have been included into the catalog are presented in accounts
receivable.
(2) Significant changes in carrying values in the reporting period and reasons for the changes
□Applicable √Not Applicable
(3) Disclosure by how bad debt provision is created
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Category Book balance Provision for bad debts Book balance Provision for bad debts
Percent Carrying value Percent Provision Carrying value
Amount Amount Provision (%) Amount Amount
(%)(%)(%)
Individual bad debt
provision
Combined provision for
610521737.15100.0030878308.245.06579643428.91587706065.73100.0029882152.695.08557823913.04
bad debts
Combination 2 610521737.15 100.00 30878308.24 5.06 579643428.91 587706065.73 100.00 29882152.69 5.08 557823913.04
Total 610521737.15 100.00 30878308.24 5.06 579643428.91 587706065.73 100.00 29882152.69 5.08 557823913.04
163 / 2692024 Annual Report of Tongwei Co. Ltd.
Individual bad debt provision:
□Applicable √Not Applicable
Note on creation of individual provision for bad debts:
□Applicable √Not Applicable
Combined provision for bad debts:
√Applicable □Not Applicable
Combined provision: Combination 2
Unit:Yuan Currency:CNY
Closing balance
Name
Contract assets Provision for bad debts Provision (%)
Electricity price subsidies 610521737.15 30878308.24 5.06
Total 610521737.15 30878308.24 5.06
Notes on combined provision for bad debts
□Applicable √Not Applicable
Provision for bad debts under the general model for expected credit loss
□Applicable √Not Applicable
Stage criteria and bad debt provision rate
Notes on significant changes in book balances of contract assets for which their provisions were changed in current period:
□Applicable √Not Applicable
(4) Bad debt provision for contract assets in current period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Change in current period
Recovered or Charged
Item Opening balance Created in reversed in off/written-o Other Closing balance Reason
current period current period ff in current changes
period
Electricity price
29882152.694761549.19-3765393.6430878308.24
subsidies
Total 29882152.69 4761549.19 -3765393.64 30878308.24
Note: Other changes are from the bad debt provision charged off due to contract assets transferred to accounts receivable.Significant amounts recovered or reversed in current period:
□Applicable √Not Applicable
Other notes:
None
(5) Contract assets written off in current period
□Applicable √Not Applicable
Significant contract assets written off
□Applicable √Not Applicable
Other notes on contract assets:
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
7. Receivables financing
(1) Receivables financing presented by category
√Applicable □Not Applicable
164 / 2692024 Annual Report of Tongwei Co. Ltd.
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Banker's acceptances 7704206516.60 13328061144.72
Total 7704206516.60 13328061144.72
(2) Receivables financing pledged by the Company as of the end of the period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing pledge amount
Banker's acceptances 6298698917.99
Total 6298698917.99
(3) Receivables financing endorsed or discounted by the Company as of the end of the period that have not been due on the
balance sheet date
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Amount de-recognized at the Amount not derecognized at
Item
end of the period the end of the period
Banker's acceptances (endorsed but not yet matured as of the balance
7903864801.82
sheet date)
Banker's acceptances (endorsed but not yet matured as of the balance
4691885068.83
sheet date)
Total 12595749870.65
(4) Disclosure by how bad debt provision is created
□Applicable √Not Applicable
Individual bad debt provision:
□Applicable √Not Applicable
Note on individual bad debt provision:
□Applicable √Not Applicable
Combined provision for bad debts:
□Applicable √Not Applicable
Provision for bad debts under the general model for expected credit loss
□Applicable √Not Applicable
Stage criteria and bad debt provision rate
Note on significant changes in book balances of receivables financing for which their provisions were changed in the current period:
□Applicable √Not Applicable
(5) Provision for bad debts
□Applicable √Not Applicable
Significant amounts recovered or reversed in current period:
□Applicable √Not Applicable
Other notes:
None
(6) Receivables financing written off in current period
□Applicable √Not Applicable
Significant receivables financing written off:
□Applicable √Not Applicable
Notes on the write-off:
165 / 2692024 Annual Report of Tongwei Co. Ltd.
□Applicable √Not Applicable
(7) Change in receivables financing and change in fair value in current period:
□Applicable √Not Applicable
(8) Other notes
□Applicable √Not Applicable
8. Prepayments
(1) Prepayments by age
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Age
Amount Percent (%) Amount Percent (%)
Within 1 year 1001253405.93 92.22 1329468865.85 98.75
1- 2 years 80133707.50 7.38 14418596.47 1.07
2- 3 years 3838441.48 0.35 1250479.77 0.09
Over 3 years 525674.47 0.05 1192090.17 0.09
Total 1085751229.38 100.00 1346330032.26 100.00
Note on the reason for significant prepayments over 1 year:
None
(2) Top five entities in prepayments at the end of the current period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Percent in the total advances at the end of
Entity name Closing balance
the period (%)
Entity 1 372128320.47 34.27
Entity 2 166705030.61 15.35
Entity 3 106092943.48 9.77
Entity 4 56000000.00 5.16
Entity 5 19536439.34 1.80
Total 720462733.90 66.35
Other notes:
None
Other notes:
□Applicable √Not Applicable
9. Other receivables
Presentation of items
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Interest receivable
Dividend receivable
Other receivables 802476780.97 488199686.93
Total 802476780.97 488199686.93
Other notes:
□Applicable √Not Applicable
Interest receivable
(1) Types of interest receivable
□Applicable √Not Applicable
(2) Significant overdue interest
□Applicable √Not Applicable
166 / 2692024 Annual Report of Tongwei Co. Ltd.
(3) Disclosure by how bad debt provision is created
□Applicable √Not Applicable
Individual bad debt provision:
□Applicable √Not Applicable
Note on creation of individual provision for bad debts:
□Applicable √Not Applicable
Combined provision for bad debts:
□Applicable √Not Applicable
(4) Provision for bad debts under the general model for expected credit loss
□Applicable √Not Applicable
Stage criteria and bad debt provision rate
Notes on significant changes in book balances of interest receivable for which their provisions were changed in current period:
□Applicable √Not Applicable
(5) Provision for bad debts
□Applicable √Not Applicable
Significant amounts recovered or reversed in current period:
□Applicable √Not Applicable
Other notes:
None
(6) Interest receivable written off in current period
□Applicable √Not Applicable
Significant interest receivable written off:
□Applicable √Not Applicable
Notes on the write-off:
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
Dividends receivable
(1) Dividends receivable
□Applicable √Not Applicable
(2) Significant dividends receivable aged over 1 year
□Applicable √Not Applicable
(3) Disclosure by how bad debt provision is created
□Applicable √Not Applicable
Individual bad debt provision:
□Applicable √Not Applicable
Note on creation of individual provision for bad debts:
□Applicable √Not Applicable
Combined provision for bad debts:
□Applicable √Not Applicable
167 / 2692024 Annual Report of Tongwei Co. Ltd.
(4) Provision for bad debts under the general model for expected credit loss
□Applicable √Not Applicable
Stage criteria and bad debt provision rate:
Notes on significant changes in book balances of dividends receivable for which their provisions were changed in current period:
□Applicable √Not Applicable
(5) Provision for bad debts
□Applicable √Not Applicable
Significant amounts recovered or reversed in current period:
□Applicable √Not Applicable
Other notes:
None
(6) Dividends receivable written off in current period
□Applicable√Not Applicable
Significant dividends receivable written off
□Applicable √Not Applicable
Notes on the write-off:
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
Other receivables
(1) Disclosure by age
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Age Closing book balance Opening book balance
Within 1 year 586176700.95 364409243.30
Subtotal within one year 586176700.95 364409243.30
1- 2 years 146217736.83 45396370.76
2- 3 years 45013603.62 47168842.69
Over 3 years 124692704.13 113586637.23
Total 902100745.53 570561093.98
(2) Classification by nature of payment
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Payment type Closing book balance Opening book balance
Performance bond 481397455.72 435121576.24
Advances 86731493.15 55512719.30
Insurance claims 35868471.62 33541.12
Borrowings 200000000.00
Others 98103325.04 79893257.32
Total 902100745.53 570561093.98
(3) Provision for bad debts
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Stage I Stage II Stage III
Provision for bad debts 12-Month expected Lifetime expected Lifetime expected credit Total
credit loss credit loss (without loss (with credit
168 / 2692024 Annual Report of Tongwei Co. Ltd.
credit impairment) impairment)
Balance on January 01 2024 9425526.26 72935880.79 82361407.05
The Jan 1 2024 balance
during current period
-- converted into stage II
-- converted into stage III -11546267.67 11546267.67
-- reversed into stage II
-- reversed into stage I
Created in current period 12732893.05 16075979.81 28808872.86
Reversed in current period
Charged off in current
period
Written off in current period 11546267.67 11546267.67
Other changes -47.68 -47.68
Balance on December 31
22158371.6377465592.9399623964.56
2024
Note 1: Other changes are of foreign currency translation difference of -47.68yuan.Stage criteria and bad debt provision rate
Refer to Notes V “financial instruments” and “other receivables”.Note on significant changes in book balances of other receivables for which their provisions were changed in current period:
□Applicable √Not Applicable
Provisions for bad debts and basis for determining significant increases in credit risks of financial instruments for the current period:
□Applicable √Not Applicable
(4) Provision for bad debts
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Change in current period
Category Opening balance Recovered Charged off or Other Closing balance
Provision
or reversed written off changes
Other
82361407.0528808872.86-11546267.67-47.6899623964.56
receivables
Total 82361407.05 28808872.86 - 11546267.67 -47.68 99623964.56
Significant amounts recovered or reversed in current period:
□Applicable √Not Applicable
Other notes:
None
(5) Other receivables written off in current period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Written off amount
Other receivables written off in current period 11546267.67
Significant receivable written off:
□Applicable √Not Applicable
Note on write-off of other receivables:
□Applicable √Not Applicable
(6) Top five entities in other receivables at the end of the current period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Percent in the total other Provision for bad
Entity name Closing balance Payment type Age
receivables at the end of debts
169 / 2692024 Annual Report of Tongwei Co. Ltd.
the period (%) Closing balance
Entity 1 200000000.00 22.17 Borrowings Note1 Within 1 year 10000000.00
Entity 2 125169200.00 13.88 Performance bond Note 2 -
Entity 3 89764617.31 9.95 Performance bond Note 3 -
Entity 4 35821771.62 3.97 Insurance claims Within 1 year 1791088.58
Entity 5 30000000.00 3.33 Performance bond Over 3 years -
Total 480755588.93 53.30 / / 11791088.58
Note 1: Following approval from the 17th session of the 8th Board of Directors and the 14th session of the 8th Supervisory
Committee Yunnan Tongwei High-purity Crystalline Silicon Company (hereafter referred to as “Yunnan Tongwei”) was poised to
enter a loan agreement with Baoshan Changmao Industry Development Co. Ltd. (“Changmao Industry”). Under the terms of this
agreement Yunnan Tongwei will provide an interest-bearing loan amounting to 200 million yuan to Changmao Industry. The funds
will be exclusively dedicated to supporting critical infrastructure development notably the construction of a 220 kV substation
integral to 200000-ton High-purity Polysilicon Project in Yunnan. The loan with a maximum tenure of two years will accrue
interest at a rate of 4.2% per annum. Repayment will be sourced from a range of avenues including proceeds from land transfers
financing initiatives rental income from standardized factory buildings and funds associated with the Green Silicon
Deep-Processing Industrial Park infrastructure project. To further secure this agreement joint and several liability guarantees will be
provided by Baoshan Chuangyue Industry Co. Ltd. and Changning County Jiayang Urban Construction Investment Co. Ltd. These
guarantees encompass full repayment of principal and interest as well as liabilities arising from any defaults under the loan
agreement. The guarantee period will extend for five years following the loan’s maturity date.Note 2: The closing balance for entity 2: 103289200.00 yuan within 1 year and 21880000.00 yuan between 1 and 2 years.Note 3: The closing balance for entity 3: 38066141.77 yuan within 1 year and 32255776.77 yuan between 1 and 2 years and
19442698.77 yuan between 2 and 3 years.
(7) Items presented in other receivables due to centralized management of funds
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
170 / 2692024 Annual Report of Tongwei Co. Ltd.
10. Inventories
(1) Classification of inventories
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Provision for obsolete
Item Provision for obsolete inventory/provision for
Book balance inventory/provision for Carrying value Book balance Carrying value
impairment on fulfillment
impairment on fulfillment costs
costs
Raw materials 4643583459.64 59201152.29 4584382307.35 3530159824.77 21356856.17 3508802968.60
Goods in process 666505311.46 33159753.55 633345557.91 507162477.00 507162477.00
Packing materials 62196038.49 62196038.49 60118727.31 60118727.31
Goods in stock 6252742901.67 345953853.01 5906789048.66 1546834493.23 51234006.89 1495600486.34
Materials for repeated use 28155175.26 28155175.26 63911188.65 63911188.65
Consumable biological
35044854.427843337.7227201516.7035024084.717843337.7227180746.99
assets
Materials in transit 2512948.36 2512948.36 7206009.05 7206009.05
Materials for processing
156575267.582943729.95153631537.63192945303.298511117.63184434185.66
on consignment
Costs to fulfill contracts 85369097.38 85369097.38 378443450.87 378443450.87
Goods in transit 1192431744.65 42728756.37 1149702988.28 1589281670.61 33756483.96 1555525186.65
Total 13125116798.91 491830582.89 12633286216.02 7911087229.49 122701802.37 7788385427.12
171 / 2692024 Annual Report of Tongwei Co. Ltd.
(2) Data resources recognized as inventory
□Applicable √Not Applicable
(3) Provision for obsolete inventory and provision for impairment on fulfillment costs
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Current increase Current decrease
Opening
Item Reversed or Closing balancebalance Provision Others Others
carryforward
Raw materials 21356856.17 96380446.56 58536150.44 59201152.29
Goods in process 33159753.55 - 33159753.55
Goods in stock 51234006.89 3586257562.57 3291537716.45 345953853.01
Consumable biological assets 7843337.72 - 7843337.72
Materials for processing on
8511117.6349194488.2454761875.922943729.95
consignment
Goods in transit 33756483.96 798961072.84 789988800.43 42728756.37
Total 122701802.37 4563953323.76 4194824543.24 491830582.89
Reasons for reversal or carryforward of provision for obsolete inventory in current period
√Applicable □Not Applicable
The carryforward of provision for obsolete inventory in current period is caused by consumption of inventory in production and sale
of inventory.Combined provision for obsolete inventory
□Applicable √Not Applicable
Criteria for combined provision for obsolete inventory
√Applicable □Not Applicable
Item Basis for provision of inventory write-down
Raw materials Estimated net realizable value
Goods in process Estimated net realizable value
Goods in stock Estimated net realizable value
Consumable biological assets Estimated net realizable value
Goods in transit Estimated net realizable value
Materials for processing on consignment Estimated net realizable value
(4) Capitalized amount of borrowing costs contained in closing balance of inventories and its calculation criteria and basis
□Applicable √Not Applicable
(5) Note on amount of fulfillment costs amortized in current period
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
11. Assets held for sale
□Applicable √Not Applicable
12. Non-current assets due within one year
□Applicable √Not Applicable
Debt investments due within one year
□Applicable √Not Applicable
Other debt investments due within one year
□Applicable √Not Applicable
Other notes on non-current assets due within one year:
172 / 2692024 Annual Report of Tongwei Co. Ltd.
None
13. Other current assets
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Corporate income tax prepayment 5692050559.70 2331977496.99
Other tax prepayments 142939453.74 63114608.15
Corporate income tax prepayment 1302256.22 16520591.84
Deferred expenses 46218773.15
Total 5882511042.81 2411612696.98
Other notes:
None
14. Debt investments
(1) Debt investments
□Applicable √Not Applicable
Changes in impairment provision for debt investments in current period
□Applicable √Not Applicable
(2) Significant debt investments at the end of the period
□Applicable √Not Applicable
(3) Impairment provision
□Applicable √Not Applicable
Stage criteria and impairment provision rate:
None
Note on significant changes in book balances of debt investments for which their provisions were changed in the current period:
□Applicable √Not Applicable
Impairment provisions created in current period and basis for determining significant increases in credit risks of financial instruments
□Applicable √Not Applicable
(4) Debt investments written off in current period
□Applicable √Not Applicable
Significant debt investments written off
□Applicable √Not Applicable
Note on the write-off of debt investments:
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
15. Other debt investments
(1) Other debt investments
□Applicable √Not Applicable
Changes in impairment provision for other debt investments in current period
□Applicable √Not Applicable
(2) Other significant debt investments at the end of the current period
□Applicable √Not Applicable
(3) Impairment provision
173 / 2692024 Annual Report of Tongwei Co. Ltd.
□Applicable √Not Applicable
Stage criteria and impairment provision rate:
None
Note on significant changes in book balances of other debt investments for which their provisions were changed in the current period:
□Applicable √Not Applicable
Impairment provisions created in current period and basis for determining significant increases in credit risks of financial instruments
□Applicable √Not Applicable
(4) Other debt investments written off in current period
□Applicable √Not Applicable
Significant other debt investments written off
□Applicable √Not Applicable
Note on the write-off of other debt investments:
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
16. Long-term receivables
(1) Long-term receivables
□Applicable √Not Applicable
(2) Disclosure by how bad debt provision is created
□Applicable √Not Applicable
Individual bad debt provision:
□Applicable √Not Applicable
Note on creation of individual provision for bad debts:
□Applicable √Not Applicable
Combined provision for bad debts:
□Applicable √Not Applicable
(3) Provision for bad debts under the general model for expected credit loss
□Applicable √Not Applicable
Stage criteria and bad debt provision rate
None
Notes on significant changes in book balances of long-term receivables for which their provisions were changed in current period
□Applicable √Not Applicable
Provisions for bad debts and basis for determining significant increases in credit risks of financial instruments for the current period
□Applicable √Not Applicable
(4) Provision for bad debts
□Applicable √Not Applicable
Significant amounts recovered or reversed in current period:
□Applicable √Not Applicable
Other notes:
None
174 / 2692024 Annual Report of Tongwei Co. Ltd.
(5) Long-term receivables written off in current period
□Applicable √Not Applicable
Significant long-term receivables written off
□Applicable √Not Applicable
Note on write-off of long-term receivables:
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
175 / 2692024 Annual Report of Tongwei Co. Ltd.
17. Long-term equity investments
(1) Long-term equity investments
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Change in current period
Opening Adjustment of
Closing balance
Investee Investment gain Declared cash
Closing
balance Additional Decreased other Other changes in Impairment
of impairment
or loss under dividend or Others balance
investments investments comprehensive equity provision provision
equity method profit
income
I. Joint ventures
BioMar Tongwei
(Wuxi) Biotech Co. 109840291.07 - - 14413012.83 - - 5000000.00 - - 119253303.90 -
Ltd.Subtotal 109840291.07 - - 14413012.83 - - 5000000.00 - - 119253303.90 -
II. Associates
Bohai Aquaculture
93947580.92---5860633.43-263407.00----87823540.49-
Co. Ltd.Haimao Seed Industry
----------59072119.96
Technology Co. Ltd.Anhui Tech-bank
Biotechnology Co. 23261133.73 - - -23494.95 - - - - - 23237638.78 -
Ltd.Anhui Tech-bank Feed
60319549.85--643948.48-----60963498.33-
Technology Co. Ltd.Scigene
Biotechnology Co. 1650000000.00 - 167174.69 - - - - - 1650167174.69 -
Ltd.Datang Huayin
Changde New Energy 41730000.00 -1332109.16 40397890.84
Co. Ltd.Suzhou Taiyangjing
76362967.17-9058213.80-10415171.0577719924.42
New Energy Co. Ltd.Sichuan Haicheng
Carbon Products Co. 13586548.32 - - 1110775.02 - - - - - 14697323.34 -
Ltd.Inner Mongolia
Beiliandian
2500000.00-------2500000.00-
Yongxiang New
Energy Co. Ltd.
176 / 2692024 Annual Report of Tongwei Co. Ltd.
Inner Mongolia
Huadian Huayong 217500000.00 - - - - - - - 217500000.00 -
New Energy Co. Ltd.Boyang Industrial Co.
12500000.00--64919.69-----12435080.31-
Ltd.Huaxiang New Energy
----------
(Changning) Co. Ltd.
Subtotal 267477779.99 1924230000.00 - -14417472.84 -263407.00 10415171.05 - - - 2187442071.20 59072119.96
Total 377318071.06 1924230000.00 - -4460.01 -263407.00 10415171.05 5000000.00 - - 2306695375.10 59072119.96
(2) Impairment test of long-term equity investments
□Applicable √Not Applicable
Other notes:
None
177 / 2692024 Annual Report of Tongwei Co. Ltd.
18. Other equity investments
(1) Other equity investments
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Change in current period
Accumulated
Losses Dividend Accumulated
Gains recognized losses Reasons for designation asincome gains recognized
Opening recognized inin other Closing recognized in measurement at fair valueItem Additional Decreased other recognized in otherbalance comprehensive Others balance other through other comprehensive
investments investments comprehensive in current comprehensive
income in current comprehensive income
income in current period income
period income
period
Chengdu Tongwei
158611959.79 238316.35 158373643.44 11685843.44 Management mode
Property Co. Ltd.Total 158611959.79 238316.35 158373643.44 11685843.44 /
(2) De-recognition in current period
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
178 / 2692024 Annual Report of Tongwei Co. Ltd.
19. Other non-current financial assets
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Sichuan Electricity Trading Center Co. Ltd. 6271248.25 6271248.25
Total 6271248.25 6271248.25
Other notes:
□Applicable √Not Applicable
20. Investment properties
Measurement models for investment properties
(1) Investment properties measured at cost
Unit:Yuan Currency:CNY
Premises and Construction in
Item Land use rights Total
buildings progress
I. Original carrying value
1. Opening balance 162080432.71 21630000.00 183710432.71
2. Current increase
3. Current decrease
4. Closing balance 162080432.71 21630000.00 183710432.71
II. Accumulated depreciation and accumulated amortization
1. Opening balance 40301104.41 10631689.31 50932793.72
2. Current increase 3963317.64 663836.28 4627153.92
(1) Depreciation or amortization 3963317.64 663836.28 4627153.92
3. Current decrease
4. Closing balance 44264422.05 11295525.59 55559947.64
III. Impairment provision
1. Opening balance 29692565.20 29692565.20
2. Current increase
3. Current decrease
4. Closing balance 29692565.20 29692565.20
IV. Carrying value
1. Closing carrying value 88123445.46 10334474.41 98457919.87
2. Opening carrying value 92086763.10 10998310.69 103085073.79
(2) Investment properties for which title certificates are not obtained
□Applicable √Not Applicable
(3) Impairment test of investment properties measured at cost
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
179 / 2692024 Annual Report of Tongwei Co. Ltd.
21. Fixed assets
Presentation of items
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Fixed assets 100024626791.62 68269937695.31
Disposal of fixed assets 705705.92 26532.65
Total 100025332497.54 68269964227.96
Other notes:
□Applicable √Not Applicable
Fixed assets
(1) Fixed assets
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Premises and buildings Machinery equipment PV generation equipment Transportation vehicles Office equipment Total
I. Original carrying value:
1. Opening balance 22524300591.99 54270618798.48 14435216164.44 532141778.32 427348699.72 92189626032.95
2. Current increase 8570236318.63 30855519833.08 2136702454.23 118265028.32 143479398.24 41824203032.50
(1) Purchase - 2465675885.21 - 118777350.94 66484095.93 2650937332.08
(2) Conversion from construction in
8689159326.0328265597537.452171808152.2771895339.4839198460355.23
progress
(3) Adjustment from final accounts of
-108337335.36133479631.24-35105698.04-5339515.99-4623886.17
construction completion
(4) Effect of foreign currency
-10585672.04-9233220.82--512322.62-239553.16-20570768.64
translation
3. Current decrease 242422886.37 5266532803.80 151032232.94 33459095.51 19651015.38 5713098034.00
(1) Disposal or scrap 242422886.37 5261873273.15 151032232.94 33459095.51 19651015.38 5708438503.35
(2) Conversion to construction in
-4659530.65---4659530.65
progress
4. Closing balance 30852114024.25 79859605827.76 16420886385.73 616947711.13 551177082.58 128300731031.45
II. Accumulated depreciation
1. Opening balance 3518306196.38 12339154263.28 2048109187.83 241569517.00 235686350.91 18382825515.40
2. Current increase 886034898.37 6648978307.67 559825160.69 96001635.36 73434788.89 8264274790.98
(1) Provision 897088701.67 6643741499.12 562118262.56 96227489.77 69506277.37 8268682230.49
(2) Adjustment from final accounts of
-7249911.0510869388.29-2293101.87-4092173.025418548.39
construction completion
(3) Effect of foreign currency -3803892.25 -5632579.74 - -225854.41 -163661.50 -9825987.90
180 / 2692024 Annual Report of Tongwei Co. Ltd.
translation
3. Current decrease 118134715.13 1520369547.97 13411454.18 25260546.51 15481802.09 1692658065.88
(1) Disposal or scrap 118134715.13 1519937689.01 13411454.18 25260546.51 15481802.09 1692226206.92
(2) Conversion to construction in
-431858.96---431858.96
progress
4. Closing balance 4286206379.62 17467763022.98 2594522894.34 312310605.85 293639337.71 24954442240.50
III. Impairment provision
1. Opening balance 147384490.44 4318474344.24 1070965951.11 8388.29 29648.16 5536862822.24
2. Current increase 39722713.39 1048717755.04 - - - 1088440468.43
(1) Provision 39722713.39 709724315.04 - - - 749447028.43
(2) Conversion to construction in
-338993440.00---338993440.00
progress
3. Current decrease - 3303558080.50 74822.55 8388.29 - 3303641291.34
(1) Disposal or scrap - 3303450115.76 74822.55 8388.29 - 3303533326.60
(2) Conversion to construction in
-107964.74---107964.74
progress
4. Closing balance 187107203.83 2063634018.78 1070891128.56 - 29648.16 3321661999.33
IV. Carrying value
1. Closing carrying value 26378800440.80 60328208786.00 12755472362.83 304637105.28 257508096.71 100024626791.62
2. Opening carrying value 18858609905.17 37612990190.96 11316141025.50 290563873.03 191632700.65 68269937695.31
181 / 2692024 Annual Report of Tongwei Co. Ltd.
(2) Fixed assets in temporary idleness
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Original carrying Accumulated Impairment
Item Carrying value Notes
value depreciation provision
Premises and
33321867.0424526766.288795100.76
buildings
Machinery
31732230.5527576940.394155290.16
equipment
Transportation
1565298.501458485.62106812.88
equipment
Office equipment 1571021.83 1491096.56 79925.27
Total 68190417.92 55053288.85 13137129.07
(3) Fixed assets leased out by operating lease
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing carrying value
Premises and buildings 23609991.74
Machinery equipment 5810143.38
Transportation equipment 105600.12
Office equipment 58694.34
Total 29584429.58
(4) Fixed assets for which title certificates are not obtained
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Reason for not obtaining title
Item Carrying value
certificate
Premises of Tongwei Solar (Hefei) Co. Ltd. 6992155.82 In progress
Premises of Tongwei Solar (Yancheng) Co. Ltd. 1586549503.85 In progress
Premises of Tongwei Solar (Nantong) Co. Ltd. 1401040558.90 In progress
Premises of Tongwei Solar (Sichuan) Co. Ltd. 720905985.87 In progress
Premises of Sichuan Yongxiang New Energy Co. Ltd. 192922326.28 In progress
Premises of Inner Mongolia Tongwei High-purity Crystalline Silicon
66228829.63 In progress
Company
Premises of Yunnan Tongwei High-purity Crystalline Silicon Company 2396125290.36 In progress
Premises of Sichuan Yongxiang PV Technology Co. Ltd. 794491351.18 In progress
Premises of Sichuan Yongxiang Energy Technology Co. Ltd. 730882356.06 In progress
Premises of Yongxiang Silicon Materials Co. Ltd. 70642878.18 In progress
Premises of Inner Mongolia Silicon Energy Co. Ltd. 1576063940.58 In progress
Premises of Tongwei Solar (Chengdu) Co. Ltd. 1953374464.91 In progress
Premises of Tongwei Solar (Meishan) Co. Ltd. 1643698840.64 In progress
Premises of Tongwei Solar (Jintang) Co. Ltd. 671990076.14 In progress
Premises of Tongwei Solar (Pengshan) Co. Ltd. 678810488.56 In progress
Premises of Tonghe New Energy (Jintang) Co. Ltd. 855352325.24 In progress
Premises of Hainan Haiyi Aquatic Products Feed Co. Ltd. 3205304.49 In progress
Premises of Huaian Tongwei Feed Co. Ltd. 767263.76 In progress
Premises of Huizhou Tongwei Biotechnology Co. Ltd. 7348911.32 In progress
Premises of Nanchang Tongwei Biotechnology Co. Ltd. 1912902.92 In progress
Premises of Deyang Branch Tongwei Agriculture Development Co. Ltd. 2136028.22 In progress
Premises of Qingdao Qihao Biotechnology Co. Ltd. 21749023.84 In progress
Premises of Xiamen Tongwei Feed Co. Ltd. 680100.86 In progress
Premises of Fuzhou Tongwei William Feed Co. Ltd. 112328066.02 In progress
Premises of Nantong Bada Feed Co. Ltd. 33217145.36 In progress
Premises of Hainan Tongwei Biotechnology Co. Ltd. 1268218.77 In progress
Premises of Qianxi Tongwei Feed Co. Ltd. 3977329.68 In progress
Premises of Jiangsu Tongwei Biotechnology Co. Ltd. 51722230.16 In progress
182 / 2692024 Annual Report of Tongwei Co. Ltd.
Premises of Shashi Tongwei Feed Co. Ltd. 875372.42 In progress
Total 15587259270.02
(5) Impairment test of fixed assets
√Applicable □Not Applicable
Net recoverable amount determined as the fair value less cost of disposal
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
How to determine Basis for
Impairment
Item Carrying value Recoverable amount fair value and cost Key parameters determining key
amount
of disposal parameters
The fair value is
determined based on
market quotations
and selling prices of
Estimated
Machinery similar assets while Fair value and
776091315.04 66367000.00 709724315.04 according to
equipment disposal costs are disposal cost
quotations
determined based on
tax rate and
quotations of the
Company.Total 776091315.04 66367000.00 709724315.04 / / /
The recoverable amount is determined by the present value of expected future cash flow
□Applicable √Not Applicable
Reason for the significant discrepancy between the foregoing information and the information used in impairment tests in
previous years or external information
□Applicable √Not Applicable
Reason for the significant discrepancy between the information used in impairment tests in previous years and the
information about the current year
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
Disposal of fixed assets
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Disposal of fixed assets 705705.92 26532.65
Total 705705.92 26532.65
Other notes:
None
22. Construction in progress
Presentation of items
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Construction in progress 7025558584.31 14087203416.77
Construction materials 225549423.94 729312456.19
Total 7251108008.25 14816515872.96
Other notes:
□Applicable √Not Applicable
183 / 2692024 Annual Report of Tongwei Co. Ltd.
Construction in progress
(1) Construction in progress
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Item Impairment Impairment
Book balance Carrying value Book balance Carrying value
provision provision
Phase I 200000-ton High-Purity Polysilicon Project and Its Supporting
2380645957.952380645957.95
Facilities of Inner Mongolia Silicon Energy
Phase II 200000-ton High-purity Polysilicon Project of Yunnan Tongwei 6970733610.79 6970733610.79
Phase III 120000-ton High-purity Polysilicon Project and Its Supporting
41551218.0941551218.0931983082.5631983082.56
Facilities of Yongxiang New Energy
15 GW Monocrystalline Rod Pulling and Cutting Project of Yongxiang PV
15928143.9615928143.9634170812.9934170812.99
Technology
Phase I 200000-ton High-Purity Polysilicon Project in Ordos 11339935.56 11339935.56
Phase I 180000-ton Green Substrate (Industrial Silicon) Project by
1570728938.051570728938.0513683193.8813683193.88
Guangyuan
Phase I 120000-ton Industrial Silicon Project Powered by from Wind and
Solar Combined Green Electricity of Inner Mongolia Tongwei Green 1371860332.67 1371860332.67 168596606.21 168596606.21
Substrate
25 GW High-efficiency Modules Manufacturing Base Project of Yancheng
27658363.2427658363.24
Solar
25 GW High-efficiency Modules Manufacturing Base Project of Nantong
256840179.75256840179.75879328054.02879328054.02
Solar
Sichuan Solar High-Efficiency Silicon PV Module Smart Factory Project 49214098.10 49214098.10
Phase V 25 GW High-efficiency Cell Project of Chengdu Solar 1779346653.01 1779346653.01 183356702.60 183356702.60
Phase III 9 GW High-efficiency Cell Project of Meishan Solar 193974872.39 193974872.39
Phase I 16 GW High-efficiency Cell Project of Pengshan Solar 18929755.32 18929755.32 16958086.14 16958086.14
Phase II Project of Chengdu Solar R&D Center 438511225.93 438511225.93 87065164.08 87065164.08
Other constructions 1520630166.71 107964.74 1520522201.97 3388828251.82 338993440.00 3049834811.82
Total 7025666549.05 107964.74 7025558584.31 14426196856.77 338993440.00 14087203416.77
(2) Changes in significant construction in progress in current period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Cumulat Including: Interest
Amount converted Cumulative
Budget Opening Other current Closing ive cost Construction interest capitaliz Sources of
Project name Current increase to fixed assets in interest
(10000yuan) balance decreases balance to progress (%) capitalized in ation funds
current period capitalized
budget current period rate in
184 / 2692024 Annual Report of Tongwei Co. Ltd.
(%) current
period
(%)
Phase I 200000-ton High-Purity Polysilicon Project Self funding
and Its Supporting Facilities of Inner Mongolia 968778.00 2380645957.95 7568266801.34 9899611706.14 49301053.15 102.70 100.00 59094100.62 58109001.69 2.87
Silicon Energy
Phase II 200000-ton High-purity Polysilicon Project Self funding
1007941.006970733610.792553573455.149488070550.3836236515.5594.49100.0086972424.6752285969.782.81
of Yunnan Tongwei
Phase III 120000-ton High-purity Polysilicon Project Self funding
and Its Supporting Facilities of Yongxiang New 600000.00 31983082.56 9568135.53 41551218.09 0.69 Preparation
Energy
Raising fund
15 GW Monocrystalline Rod Pulling and Cutting
410392.96 34170812.99 93264714.28 105318704.25 6188679.06 15928143.96 85.06 99.00 and self funding
Project of Yongxiang PV Technology
Phase I 200000-ton High-Purity Polysilicon Project in Self funding
1000000.00 - 11339935.56 11339935.56 0.11 Preparation
Ordos
Phase I 180000-ton Green Substrate (Industrial Self funding
291000.0013683193.881557045744.171570728938.0556.3160.005515774.195515774.192.92
Silicon) Project by Guangyuan
Phase I 120000-ton Industrial Silicon Project Self funding
Powered by from Wind and Solar Combined Green
167867.06168596606.211203263726.461371860332.6787.8090.00
Electricity of Inner Mongolia Tongwei Green
Substrate
25 GW High-efficiency Modules Manufacturing Base Self funding
571913.0027658363.2439473266.0656481203.4210650425.88-100.36100.00
Project of Yancheng Solar
25 GW High-efficiency Modules Manufacturing Base Self funding
499216.00879328054.02926024962.041542884197.445628638.87256840179.7577.2680.00
Project of Nantong Solar
Sichuan Solar High-Efficiency Silicon PV Module Self funding
250000.0049214098.10107893170.32152615382.754491885.6799.39100.00
Smart Factory Project
Phase V 25 GW High-efficiency Cell Project of Self funding
980000.00183356702.605258442591.113662012102.02440538.681779346653.0155.5360.00
Chengdu Solar
Phase III 9 GW High-efficiency Cell Project of Self funding
310000.00193974872.39109402340.29301289261.582087951.1098.20100.00
Meishan Solar
Phase I 16 GW High-efficiency Cell Project of Self funding
600000.0016958086.14358146466.89356174797.7118929755.3291.0199.00
Pengshan Solar
Phase II Project of Chengdu Solar R&D Center 198000.00 87065164.08 1434001962.99 1082555901.14 438511225.93 76.82 75.00 Self funding
Other constructions 3388828251.82 10782338668.13 12551446548.40 99090204.84 1520630166.71 117102871.25 15080934.44
Total 14426196856.77 32012045940.31 39198460355.23 214115892.80 7025666549.05 268685170.73 130991680.10
Note 1: In the current period the “other decreases” account is 214115892.80 yuan which consists of the following allocations: 100249680.55 yuan transferred to long-term deferred expenses
105333544.25 yuan designated for intangible assets and 8532668.00 yuan allocated to administrative expenses.
185 / 2692024 Annual Report of Tongwei Co. Ltd.
Note 2: The budgeted amount refers to the approved investment budget for the project. The actual expenditure-to-budget ratio represents the cumulative project expenditure as a percentage of the total
budget where cumulative expenditure includes amounts already transferred to fixed assets in prior years.Note 3: The budget adjustment for the Phase III 9 GW High-efficiency Cell Project of Meishan Solar necessitated by an expansion in investment and construction scale.Note 4: The actual investment for Phase I 200000-ton High-Purity Polysilicon Project and Its Supporting Facilities of Inner Mongolia Silicon Energy exceeded the budget primarily due to additional
investments in production equipment such as cold hydrogenation units and substations which were implemented to enhance overall project operational efficiency during construction.Note 5: The overall construction progress of 15 GW Monocrystalline Rod Pulling and Cutting Project of Yongxiang PV Technology has reached 99% with remaining work primarily involving final
commissioning of some production lines.
(3) Impairment provision for construction in progress in current period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Opening balance Current increase Current decrease Closing balance Provision reason
Other constructions 338993440.00 107964.74 338993440.00 107964.74 Note
Total 338993440.00 107964.74 338993440.00 107964.74 /
Note: The increase in impairment provisions for construction in progress during the current period resulted from the transfer of fixed asset impairment reserves to construction in progress during
technical upgrades. The decrease in impairment provisions reflects the transfer of these reserves to fixed assets upon completion of the upgrade projects.
(4) Impairment test of construction in progress
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
186 / 2692024 Annual Report of Tongwei Co. Ltd.
Construction materials
(1) Construction materials
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Item Impairment Impairment
Book balance Carrying value Book balance Carrying value
provision provision
Special 89168396.28 89168396.28 618380.56 618380.56
equipment
Special 136381027.66 136381027.66 728694075.63 728694075.63
materials
Total 225549423.94 225549423.94 729312456.19 729312456.19
Other notes:
None
23. Productive biological assets
(1) Productive biological assets measured at cost
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Aquaculture
Item Total
Fishes for breeding Prawns for breeding
I. Original carrying value
1. Opening balance 11515.07 47199938.12 47211453.19
2. Current increase 39659164.90 39659164.90
(1) Purchased 39659164.90 39659164.90
3. Current decrease 11515.07 24691234.28 24702749.35
(1) Disposal 11515.07 24691234.28 24702749.35
4. Closing balance - 62167868.74 62167868.74
II. Accumulated depreciation
1. Opening balance 10939.36 45394010.81 45404950.17
2. Current increase 38026738.51 38026738.51
(1) Provision 38026738.51 38026738.51
3. Current decrease 10939.36 24691234.28 24702173.64
(1) Disposal 10939.36 24691234.28 24702173.64
4. Closing balance - 58729515.04 58729515.04
III. Impairment provision
1. Opening balance
2. Current increase
3. Current decrease
4. Closing balance
IV. Carrying value
1. Closing carrying value - 3438353.70 3438353.70
2. Opening carrying value 575.71 1805927.31 1806503.02
(2) Impairment test of productive biological assets measured at cost
□Applicable √Not Applicable
(3) Productive biological assets measured at fair value
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
24. Oil and gas assets
187 / 2692024 Annual Report of Tongwei Co. Ltd.
(1) Oil and gas assets
□Applicable √Not Applicable
(2) Impairment test of oil and gas assets
□Applicable √Not Applicable
Other notes:
None
25. Right-of-use assets
(1) Right-of-use assets
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Premises and
Item Machinery equipment Land and water surface Total
buildings
I. Original carrying value
1. Opening balance 226453613.07 1267458837.87 3553527650.87 5047440101.81
2. Current increase 71682663.27 3280375854.97 366403930.40 3718462448.64
(1) Leased-in in current period 68708935.53 3282277611.42 378199583.53 3729186130.48
(2) Adjustment from
modifications of terms of lease 2973727.74 -1901756.45 -11795653.13 -10723681.84
contracts
3. Current decrease 18075706.17 110788.15 166305842.11 184492336.43
(1) Written-off upon lease
13875122.35-110596498.38124471620.73
expiry
(2) Scrap or disposal 4200583.82 110788.15 55709343.73 60020715.70
4. Closing balance 280060570.17 4547723904.69 3753625739.16 8581410214.02
II. Accumulated depreciation
1. Opening balance 50608628.15 64430285.21 908271418.84 1023310332.20
2. Current increase 28189755.74 354450084.55 245766431.49 628406271.78
(1) Provision 28189755.74 354450084.55 245766431.49 628406271.78
3. Current decrease 15068561.45 18777.70 136947446.72 152034785.87
(1) Written-off upon lease
13875122.35-110596498.38124471620.73
expiry
(2) Scrap or disposal 1193439.10 18777.70 26350948.34 27563165.14
4. Closing balance 63729822.44 418861592.06 1017090403.61 1499681818.11
III. Impairment provision
1. Opening balance 11025146.55 22261715.77 33286862.32
2. Current increase
3. Current decrease
4. Closing balance 11025146.55 22261715.77 33286862.32
IV. Carrying value
1. Closing carrying value 216330747.73 4117837166.08 2714273619.78 7048441533.59
2. Opening carrying value 175844984.92 1192003406.11 2622994516.26 3990842907.29
(2) Impairment test of right-of-use assets
□Applicable √Not Applicable
Other notes:
None
188 / 2692024 Annual Report of Tongwei Co. Ltd.
26. Intangible assets
(1) Intangible assets
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Non-patented Right to use Use right of sea
Item Land use rights Software Trademarks Patent technology Franchises Total
technology transmission lines area
I. Original carrying value
1. Opening balance 4623455073.90 244854245.60 97333717.50 149693999.97 193889298.16 56765278.17 77187812.00 5443179425.30
2. Current increase 129183970.35 108240256.28 - 34999997.76 - 2463174.25 50277084.21 35931746.84 361096229.69
I. Purchase 132547182.30 2852708.82 - 34999997.76 - 2463174.25 50277084.21 35931746.84 259071894.18
(2) Conversion from
construction in - 105333544.25 - - - - - 105333544.25
progress
(3) Adjustment from
final accounts of
-39725.66------39725.66
construction
completion
(4) Effect of foreign
-3363211.9514277.55-------3348934.40
currency translation
3. Current decrease 32378262.01 11995270.23 - 20040000.00 - - - - 64413532.24
(1) Disposal 3648257.05 11995270.23 - 20040000.00 - - - - 35683527.28
(2) Decrease in
28730004.96-------28730004.96
subsidiaries
4. Closing balance 4720260782.24 341099231.65 97333717.50 164653997.73 193889298.16 59228452.42 127464896.21 35931746.84 5739862122.75
II. Accumulated amortization
1. Opening balance 381867981.29 114419898.21 93691875.83 36224423.95 76484341.25 12521151.10 6663227.86 721872899.49
2. Current increase 96984544.58 42562266.46 590690.00 11064679.80 19680879.69 2379217.74 4841698.09 3158180.06 181262156.42
(1) Provision 97649002.29 42547202.67 590690.00 11064679.80 19680879.69 2379217.74 4841698.09 3158180.06 181911550.34
(2) Adjustment from
final accounts of
-786.24------786.24
construction
completion
(3) Effect of foreign
-664457.7114277.55-------650180.16
currency translation
3. Current decrease 4041203.71 4678369.31 - 7038002.24 - - - - 15757575.26
(1) Disposal 1665801.31 4678369.31 - 7038002.24 - - - - 13382172.86
(2) Decrease in
2375402.40-------2375402.40
subsidiaries
4. Closing balance 474811322.16 152303795.36 94282565.83 40251101.51 96165220.94 14900368.84 11504925.95 3158180.06 887377480.65
189 / 2692024 Annual Report of Tongwei Co. Ltd.
III. Impairment provision
1. Opening balance
2. Current increase - 1409084.52 - - - - - - 1409084.52
(1) Provision - 1409084.52 - - - - - - 1409084.52
3. Current decrease - - - - - - - - -
4. Closing balance - 1409084.52 - - - - - - 1409084.52
IV. Carrying value
1. Closing carrying
4245449460.08187386351.773051151.67124402896.2297724077.2244328083.58115959970.2632773566.784851075557.58
value
2. Opening carrying
4241587092.61130434347.393641841.67113469576.02117404956.9144244127.0770524584.144721306525.81
value
Intangible assets generated from internal research and development accounts for 0.00% of the closing balance of intangible assets.
(2) Data resources recognized as intangible assets
□Applicable √Not Applicable
190 / 2692024 Annual Report of Tongwei Co. Ltd.
(3) Land use rights for which title certificates are not obtained
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Carrying value Reason for not obtaining title certificate
Land used by Huaian Tongwei Feed Co. Ltd. 546238.56 In progress
Land used by Huizhou Tongwei Biotechnology Co. Ltd. 6597042.53 In progress
Land used by Xiamen Tongwei Feed Co. Ltd. 3450061.85 In progress
Land used by Sichuan Yongxiang Energy Technology Co. Ltd. 1517466.67 In progress
Land used by Tongwei Green Substrate (Guangyuan) Co. Ltd. 57654972.08 In progress
(3) Impairment test of intangible assets
√Applicable □Not Applicable
Net recoverable amount determined as the fair value less cost of disposal
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Basis for
Carrying Recoverable Impairment How to determine fair value and Key
Item determining
value amount amount cost of disposal parameters
key parameters
The fair value is determined based
on market quotations and selling
Fair value Estimated
prices of similar assets while
Software 1409084.52 1409084.52 and disposal according to
disposal costs are determined based
cost quotations
on tax rate and quotations of the
Company.Total 1409084.52 1409084.52 / / /
The recoverable amount is determined by the present value of expected future cash flow
□Applicable √Not Applicable
Reason for the significant discrepancy between the foregoing information and the information used in impairment tests in
previous years or external information
□Applicable √Not Applicable
Reason for the significant discrepancy between the information used in impairment tests in previous years and the
information about the current year
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
191 / 2692024 Annual Report of Tongwei Co. Ltd.
27. Goodwill
(1) Original carrying value of goodwill
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Current
Current decrease
increase
Investee or event generating goodwill Opening balance Closing balance
From business
Disposal
combination
Goodwill of Tongwei Solar 591542868.55 591542868.55
Goodwill of Tech-bank Feed Company 142833083.90 317577.63 142515506.27
Goodwill of Hainan Haiyi 22461157.77 22461157.77
Goodwill of Zhuhai Haiyi 21814691.67 21814691.67
Goodwill for which impairment provision
22284806.121486979.1220797827.00
has been fully created in previous years
Total 800936608.01 1804556.75 799132051.26
(2) Impairment provision for goodwill
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Investee or event generating Current increase Current decrease
Opening balance Closing balance
goodwill Provision Disposal
Goodwill of Tongwei Solar 228105368.55 228105368.55
Goodwill of Tech-bank Feed
73401169.567639654.3851951.4680988872.48
Company
Goodwill for which impairment
provision has been fully created 22284806.12 1486979.12 20797827.00
in previous years
Total 323791344.23 7639654.38 1538930.58 329892068.03
Note: Goodwill Reduction – Tech-bank Feed Company: The decline in the carrying amount and impairment provision for goodwill is
attributed to the disposal of equity interests in Dongying Tech-bank Feed Technology Co. Ltd. a subsidiary. Goodwill Reduction –
Fully Impaired Assets: The reduction in the carrying amount and impairment provision for goodwill previously fully impaired in
prior years is a direct consequence of the liquidation of Sichuan Chunyuan Ecological Farming Co. Ltd. another subsidiary.
(3) Information relating to asset group or combination of asset groups where the goodwill belongs
√Applicable □Not Applicable
Composition of asset group or combination of
Consistent with
Name asset groups and the criteria for such group or Segment and criteria
previous years
combination
Combination of asset groups Operating long-lived assets and goodwill
PV segment; internal
relating to goodwill of Tongwei allocated to such asset group; minimum unit of Yes
organizational structure
Solar assets that can independently generate cash flows
Combination of asset groups Operating long-lived assets and goodwill Agriculture and animal
relating to goodwill of allocated to such asset group; minimum unit of husbandry segment; internal Yes
Tech-bank Feed Company assets that can independently generate cash flows organizational structure
Operating long-lived assets and goodwill Agriculture and animal
Asset group relating to
allocated to such asset group; minimum unit of husbandry segment; internal Yes
goodwill of Hainan Haiyi
assets that can independently generate cash flows organizational structure
Combination of asset groups Operating long-lived assets and goodwill Agriculture and animal
relating to goodwill of Zhuhai allocated to such asset group; minimum unit of husbandry segment; internal Yes
Haiyi assets that can independently generate cash flows organizational structure
Changes in asset group or combination of asset groups
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
192 / 2692024 Annual Report of Tongwei Co. Ltd.
(4) Determination of recoverable amount
Net recoverable amount determined as the fair value less cost of disposal
□Applicable√Not Applicable
The recoverable amount is determined by the present value of expected future cash flow
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Impairment Years of forecast Key parameters for forecast
Basis for Key parameters for stable Basis for
Item Carrying value Recoverable amount amount period period (growth rate profit
determining key
parameters for period (growth rate profit
determining key
margin etc.) forecast period margin discount rate etc.)
parameters for
stable period
Combination of asset Based on With reference to
groups relating to Profit margin: -48.68% to
goodwill of Tongwei 5725566373.56 16578222900.00 - 5 31.35%
company Profit margin:13.09% to the last year
discount rate:9.12% planning and 31.35% discount rate:9.12% within forecastSolar industry situation period
Asset group relating to Based on With reference to
goodwill of Tech-bank
Feed Company - core 5216861.65 7413800.00 - 5
Profit margin:1.42% to company Profit margin:8.30% the last year
8.59% discount rate:8.31% planning and discount rate:8.31% within forecast
goodwill industry situation period
Based on the
Combination of asset remaining
groups relating to amortization years
goodwill of Tech-bank 68736303.04 61096648.66 7639654.38 for the value Not applicable Not applicable Not applicable Not applicable
Feed Company - increment during
non-core goodwill asset valuation at
acquisition
Asset group relating to Based on With reference to
goodwill of Hainan 56917499.16 80462600.00 - 5 Profit margin:1.55% to company Profit margin:3.22% the last year
Haiyi 3.22% discount rate:9.09% planning and discount rate:9.09% within forecastindustry situation period
Combination of asset Based on With reference to
groups relating to Profit margin:1.38% to company Profit margin:2.18% to the last year
goodwill of Zhuhai 191515561.91 387663500.00 - 5 2.50% discount rate:10.09% planning and 2.34% discount rate:10.09% within forecast
Haiyi industry situation period
Total 6047952599.32 17114859448.66 7639654.38 / / / / /
193 / 2692024 Annual Report of Tongwei Co. Ltd.
Reason for the significant discrepancy between the foregoing information and the information used in impairment tests in previous
years or external information
□Applicable √Not Applicable
Reason for the significant discrepancy between the information used in impairment tests in previous years and the information about
the current year
□Applicable√Not Applicable
(5) Performance commitment and goodwill impairment
Performance commitment exists when the goodwill is generated and the reporting period or its previous period is within the
performance commitment period
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
28. Long-term deferred expenses
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Amortization in
Item Opening balance Current increase Other decrease Closing balance
current period
Expense for
improvements of 70979015.13 225301048.39 69514686.93 - 226765376.59
long-term assets
Decoration expense 177362409.12 124129689.43 70392822.03 - 231099276.52
Others 31974762.58 22140171.31 19402687.96 - 34712245.93
Total 280316186.83 371570909.13 159310196.92 - 492576899.04
Other notes:
None
29. Deferred tax assets/deferred tax liabilities
(1) Deferred tax assets not offset
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference Assets difference Assets
Provision for asset
3334927804.54616472868.134267342966.77707622828.65
impairment
Decrease in depreciation
due to decreased provision -302248583.68 -43746116.34 -141007380.68 -19713458.07
for asset impairment
Depreciation of fixed
assets greater than the 65294517.87 9794177.68 74861128.38 11229169.26
depreciation under tax laws
Unrealized gain on internal
1572821668.66235923250.301990284375.60299401102.00
transactions
Deductible loss 13832318057.83 2081742377.92 3779245821.93 610985287.81
Claims reserve 15600020.48 3900005.12 15075970.09 3768992.52
Employee benefits 3711520496.12 671851440.21 4092475573.26 624429860.62
Paper loss on derivative
7664968.811290454.52198032.7029704.91
financial instruments
Estimated liabilities - - 559416370.93 126171661.24
Deferred income 394707421.97 60935148.13 642675382.87 109584776.40
Deduction of gain at
consolidation on increase 19555645.27 2933346.79 20241808.27 3036271.24
in assessed value of land
194 / 2692024 Annual Report of Tongwei Co. Ltd.
Effect of lease liabilities 2117597721.96 414998754.43 1754598793.62 348969222.40
Other deductible temporary
29573.077393.2732399113.704859867.05
difference
Total 24769789312.90 4056103100.16 17087807957.44 2830375286.03
(2) Deferred tax liabilities not offset
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
difference liabilities difference liabilities
Increase in assessed value
from business
293426387.5567241618.14327549705.7576003913.37
combinations under
different control
Effects of one-time pre-tax
deduction for equipment
10216876808.851547783815.879624686890.671458288721.14
and appliance less than 5
million yuan
Amortization of fixed
assets less than the
410397579.3061559636.89706442012.89105966301.93
amortization under tax
laws
Paper gain on
held-for-trading financial 132987660.04 33246915.02 154825984.64 38706496.16
assets
Effect of right-of-use assets 1711145298.54 343004838.33 1784176785.48 352134403.45
Paper gain on derivative
15321594.193686818.285215688.461049905.63
financial instruments
Total 12780155328.47 2056523642.53 12602897067.89 2032149741.68
(3) Net amount after offsetting deferred tax assets or liabilities
□Applicable √Not Applicable
(4) Details of un-recognized deferred tax assets
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Deductible temporary difference 3289639601.61 3024659728.32
Deductible loss 9570335999.48 7041320277.88
Total 12859975601.09 10065980006.20
(5) Deductible losses on deferred tax assets not recognized that will be due in the following years
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Year Closing amount Opening amount Notes
2024163010299.74
2025215659040.49345949479.77
2026912416324.041128121023.35
2027772239777.132804921937.52
20282081969852.201575064004.83
2029 and later 5588051005.62 1024253532.67
Total 9570335999.48 7041320277.88 /
Other notes:
□Applicable √Not Applicable
195 / 2692024 Annual Report of Tongwei Co. Ltd.
30. Other non-current assets
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Item Impairment Impairment
Book balance Carrying value Book balance Carrying value
provision provision
Input tax credit
996169385.62996169385.62563569669.95563569669.95
under VAT
Prepayments
for engineering 1880621402.12 1880621402.12 4512356553.23 4512356553.23
equipment
Land
79427789.3179427789.318884267.698884267.69
prepayments
Others 511743.44 511743.44 624815.74 624815.74
Total 2956730320.49 2956730320.49 5085435306.61 5085435306.61
Other notes:
Input tax credit under VAT whose deduction is expected to be within a year is presented under other non-current assets.
196 / 2692024 Annual Report of Tongwei Co. Ltd.
31. Assets with restricted ownership or use right
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing Opening
Item Restriction
Book balance Carrying value Restriction type Restriction description Book balance Carrying value Restriction description
type
Deposit and frozen operating
Cash at bank and on hand 1987117932.06 1987117932.06 Others Deposit and frozen operating funds 20180579.81 20180579.81 Others
funds
Provides pledges for the bank Provides pledges for the bank
Receivables financing 6834263706.08 6834263706.08 Pledge acceptance bills issued by the 10290501471.18 10290501471.18 Pledge acceptance bills issued by the
Company Company
Provide pledges for the Company’s Provide pledges for the
Accounts receivable 1115419533.81 1065405243.92 Pledge 695031196.37 662393867.47 Pledge
financing Company’s financing
Provide pledges for the Company’s Provide pledges for the
Contract assets 490727945.82 466191548.52 Pledge 318623720.81 304252258.14 Pledge
financing Company’s financing
Provide collaterals for financing of Provide collaterals for
Fixed assets 6748718148.42 4987681035.73 Collateral 3867904301.98 2580050636.19 Collateral
the Company financing of the Company
Machinery and equipment
Machinery and equipment acquired
acquired through a finance
Right-of-use assets 4570508609.12 4152035504.62 Others through a finance lease where legal 1265862757.43 1190775692.05 Others
lease where legal ownership
ownership remains with the lessor
remains with the lessor
Provide collaterals for financing of Provide collaterals for
Intangible assets 9788460.00 9176647.41 Collateral 271337614.83 206797418.39 Collateral
the Company financing of the Company
Sale and lease-back with restricted
Construction in progress 145212591.15 145212591.15 Others
ownership
Held-for-trading financial Provide pledges for the Company’s
2000000000.00 2000000000.00 Pledge
assets financing
Provide collaterals for
Investment properties 122407976.93 69623260.99 Collateral
financing of the Company
Total 23901756926.46 21647084209.49 16851849619.34 15324575184.22 / /
Other notes:
None
197 / 2692024 Annual Report of Tongwei Co. Ltd.
32. Short-term borrowings
(1) Classification of short-term borrowings
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Guarantee borrowings 1365725901.32
Mortgage borrowings 1959519.77
Pledge borrowings 60008333.33
Credit borrowings 334897053.19 140965950.06
Guarantee + pledge borrowings 117593130.68 71090648.76
Total 1878224418.52 214016118.59
Note on classification of short-term borrowings:
（1）Guarantees provided by Tongwei Group for the Company are detailed in “related-party guarantees”.
（2）Guarantees provided by the Company for its subsidiaries:
Unit: Yuan Currency: CNY
Guarantee Guarantee expiry
Guarantor Guaranteed party Guaranteed amount
commencement date date
The Company Vietnam Tongwei Co. Ltd. 6176284.87 2024/12/25 2025/3/25
The Company Haiyang Tongwei Co. Ltd. 1979950.33 2024/12/3 2025/3/3
The Company Haiyang Tongwei Co. Ltd. 4104793.77 2024/12/6 2025/3/6
The Company Haiyang Tongwei Co. Ltd. 2581507.96 2024/12/13 2025/3/13
The Company Heping Tongwei Co. Ltd. 395791.30 2024/10/10 2025/1/7
The Company Heping Tongwei Co. Ltd. 467869.65 2024/11/8 2025/2/5
The Company Heping Tongwei Co. Ltd. 1560233.51 2024/11/14 2025/2/11
The Company Heping Tongwei Co. Ltd. 1088949.71 2024/11/19 2025/2/16
The Company Heping Tongwei Co. Ltd. 879637.88 2024/11/21 2025/2/18
The Company Heping Tongwei Co. Ltd. 1691452.40 2024/11/26 2025/2/23
The Company Heping Tongwei Co. Ltd. 960942.34 2024/12/3 2025/3/2
The Company Heping Tongwei Co. Ltd. 699627.48 2024/12/5 2025/3/4
The Company Heping Tongwei Co. Ltd. 1615950.13 2024/12/10 2025/3/9
The Company Heping Tongwei Co. Ltd. 451034.46 2024/12/12 2025/3/11
The Company Heping Tongwei Co. Ltd. 403994.00 2024/12/17 2025/3/16
The Company Heping Tongwei Co. Ltd. 1450060.07 2024/12/24 2025/3/23
The Company Heping Tongwei Co. Ltd. 606692.19 2024/12/24 2025/3/23
The Company Heping Tongwei Co. Ltd. 1789292.82 2024/12/26 2025/3/25
The Company Heping Tongwei Co. Ltd. 867451.90 2024/12/30 2025/3/29
The Company Qianjiang Tongwei Co. Ltd. 1780322.33 2024/11/6 2025/1/3
The Company Qianjiang Tongwei Co. Ltd. 2271826.92 2024/11/15 2025/1/13
The Company Qianjiang Tongwei Co. Ltd. 2522156.56 2024/11/18 2025/2/14
The Company Qianjiang Tongwei Co. Ltd. 975500.97 2024/11/27 2025/2/25
The Company Qianjiang Tongwei Co. Ltd. 1579132.21 2024/12/11 2025/3/11
The Company Qianjiang Tongwei Co. Ltd. 1250314.74 2024/12/24 2025/3/24
The Company Qianjiang Tongwei Co. Ltd. 1718907.33 2024/12/30 2025/3/28
The Company Vietnam Tech-bank Feed Co. Ltd. 1672574.14 2024/11/20 2025/2/18
The Company Vietnam Tech-bank Feed Co. Ltd. 1467603.01 2024/11/26 2025/2/24
The Company Vietnam Tech-bank Feed Co. Ltd. 1087724.07 2024/12/18 2025/3/18
The Company Vietnam Tech-bank Feed Co. Ltd. 941152.23 2024/12/20 2025/3/20
The Company Vietnam Tech-bank Feed Co. Ltd. 1390976.72 2024/12/27 2025/3/27
The Company Vietnam Tech-bank Feed Co. Ltd. 1352915.69 2024/12/30 2025/3/30
The Company Tongwei Solar (Meishan) Co. Ltd. 950329680.54 2024/4/26 2025/4/25
The Company Tongwei (Hainan) Aquatic Products Co. Ltd. 117593130.68 2024/8/30 2024/6/13
(2) Overdue short-term borrowings
□Applicable √Not Applicable
Significant overdue short-term borrowings:
□Applicable √Not Applicable
198 / 2692024 Annual Report of Tongwei Co. Ltd.
Other notes:
□Applicable √Not Applicable
33. Held-for-trading financial liabilities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Designation reason and
Item Opening balance Closing balance
basis
Held-for-trading financial liabilities 29573.07 /
Including:
Derivative financial liabilities 29573.07 /
Total 29573.07 /
Note: The derivative financial liabilities represent floating losses associated with undelivered foreign exchange derivatives that fail to
comply with the necessary criteria for hedge accounting and that lead to hedging ineffectiveness.Other notes:
□Applicable √Not Applicable
34. Derivative financial liabilities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Forward exchange contracts 10616503.01 4844001.27
Total 10616503.01 4844001.27
Note: Derivative financial liabilities are unrealized losses on designated and effective hedging instruments namely foreign exchange
forward contracts.Other notes:
35. Notes payable
(1) Presentation of notes payable
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Type Closing balance Opening balance
Commercial acceptances
Banker's acceptances 12785220699.12 10170942576.98
Letters of credit 2425509452.62 2661074.20
Total 15210730151.74 10173603651.18
Total amount of overdue notes payable as of the end of the period is 0.00 yuan. The reason for overdue is: not applicable.
36. Accounts payable
(1) Presentation of accounts payable
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Within 1 year 15878584125.34 16191341671.93
1- 2 years 3490146638.47 847309341.65
2- 3 years 334072286.21 240435056.89
Over 3 years 137234894.65 96724422.27
Total 19840037944.67 17375810492.74
(2) Material accounts payable with an age over 1 year or overdue
□Applicable √Not Applicable
Other notes:
√Applicable □Not Applicable
Classification by nature of payment:
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
199 / 2692024 Annual Report of Tongwei Co. Ltd.
Accounts payable for operating activities 4560334614.51 5295595683.44
Accounts payable for non-operating activities 15279703330.16 12080214809.30
Total 19840037944.67 17375810492.74
37. Advances from customers
(1) Presentation of advances from customers
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Within 1 year 28291211.36 38153564.66
1- 2 years 5525267.73 1270471.14
2- 3 years 12357.19 394422.39
Over 3 years 537209.58 639303.98
Total 34366045.86 40457762.17
(2) Significant advances from customers with an age over 1 year
□Applicable √Not Applicable
(3) Significant changes in carrying values in the reporting period and reasons for the changes
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
38. Contract liabilities
(1) Contract liabilities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Customer advances 3138267719.06 3841372717.47
Total 3138267719.06 3841372717.47
(2) Material contract liabilities with an age over 1 year
□Applicable √Not Applicable
(3) Significant changes in carrying values in the reporting period and reasons for the changes
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
39. Employee benefits payable
(1) Presentation of employee benefits payable
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Opening balance Current increase Current decrease Closing balance
I. Short-term benefits 2758492594.40 8150419084.04 8883745306.83 2025166371.61
II.Post-employment benefits -
512130641.33512130641.33-
defined contribution plans
III. Termination benefits 57433772.39 57237405.64 196366.75
Total 2758492594.40 8719983497.76 9453113353.80 2025362738.36
Note: The balance of accrued salaries bonuses allowances and subsidies comprises accrued annual bonuses and delayed December
salaries which are scheduled for payment in the following month with no instances of default in employee remuneration.
(2) Presentation of short-term benefits
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Opening balance Current increase Current decrease Closing balance
I. Salaries bonuses allowances and subsidies 2648168095.22 7112494701.90 7819968229.91 1940694567.21
200 / 2692024 Annual Report of Tongwei Co. Ltd.
II. Employee benefit expense 450684940.71 450684940.71 -
III. Social insurance expense 264483652.79 264483652.79 -
Including: Medical insurance expense 241462074.54 241462074.54 -
Work injury insurance expense 18476048.43 18476048.43 -
Maternity insurance expense 4545529.82 4545529.82 -
IV. House provident fund 186507441.01 186507441.01 -
V. Union funds and education expense 110324499.18 136248347.63 162101042.41 84471804.40
VI. Short-term paid leave
VII. Short-term profit sharing plan
Total 2758492594.40 8150419084.04 8883745306.83 2025166371.61
(3) Presentation of defined contribution plans
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Opening balance Current increase Current decrease Closing balance
1. Basic pension insurance 494364877.01 494364877.01
2.Unemployment insurance expense 17765764.32 17765764.32
3.Enterprise annuity expense
Total 512130641.33 512130641.33
Other notes:
□Applicable √Not Applicable
40. Taxes payable
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Corporate income tax 155835206.23 479180892.86
VAT 37957082.93 59011385.15
Personal income tax 53151151.17 33399765.54
Stamp duty 25097043.49 35532037.78
Property tax 30167397.27 18589489.50
Land use tax 7552628.10 7787139.03
Urban construction and maintenance tax 4319500.76 4389327.30
Others 7985126.17 7524539.63
Total 322065136.12 645414576.79
Other notes:
None
41. Other payables
(1) Presentation of items
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Interest payable
Dividend payable
Other payables 1669848704.07 1962529948.17
Total 1669848704.07 1962529948.17
Other notes:
□Applicable √Not Applicable
(2) Interest payable
Presentation by category
□Applicable √Not Applicable
Material interest payable overdue
□Applicable √Not Applicable
201 / 2692024 Annual Report of Tongwei Co. Ltd.
Other notes:
□Applicable √Not Applicable
(3) Dividend payable
Presentation by category
□Applicable √Not Applicable
(4) Others payables
Other payable by nature
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Current accounts with related-parties 8341139.93 11831187.35
Performance bond 1419763568.34 1728465784.16
Expenses payable 65091663.17 54295184.67
Temporary receipts and withholding payments 48835074.08 46864665.90
Poverty alleviation expense 60972560.94 46032900.00
Others 66844697.61 75040226.09
Total 1669848704.07 1962529948.17
Material other payable with an age over 1 year or overdue
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
42. Liabilities held for sale
□Applicable √Not Applicable
43. Non-current liabilities due within one year
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Long-term borrowings due within 1 year 8614714936.70 1223353444.70
Bonds payable due within 1 year 115631096.11 43045640.01
Long-term accounts payable due within 1 year 731005462.43 198231549.50
Lease liabilities due within 1 year 1264503461.14 558867519.76
Total 10725854956.38 2023498153.97
Other notes:
（1）Long-term borrowings due within one year
Item Closing balance Opening balance
Credit borrowings 1391687125.23 71296779.83
Guarantee borrowings 6702076450.55 671072128.93
Mortgage borrowings 161944.44
Pledge + guarantee borrowings 301443074.86 262414577.45
Mortgage + pledge + guarantee borrowings 219508286.06 218408014.05
Total 8614714936.70 1223353444.70
Note 1: Guarantees provided by Tongwei Group for the Company are detailed in notes “related-party guarantees”.Note 2: Guarantees provided by the Company for its subsidiaries:
Unit:Yuan Currency:CNY
Guarantee Guarantee
Guarantor Guaranteed party Guaranteed amount
commencement date expiry date
Yunnan Tongwei High-purity Crystalline Silicon
The Company 160680555.56 2024/2/5 2029/8/5
Company
Yunnan Tongwei High-purity Crystalline Silicon
The Company 321361111.11 2024/2/26 2029/8/26
Company
202 / 2692024 Annual Report of Tongwei Co. Ltd.
Yunnan Tongwei High-purity Crystalline Silicon
The Company 192900000.00 2024/4/29 2029/10/18
Company
The Company Sichuan Yongxiang PV Technology Co. Ltd. 339000.00 2024/11/22 2027/11/21
The Company Sichuan Yongxiang Energy Technology Co. Ltd 873025568.14 2023/3/1 2028/2/26
The Company Inner Mongolia Tongwei Silicon Energy Co. Ltd. 818813644.94 2024/4/30 2029/5/13
The Company Inner Mongolia Tongwei Green Substrate Co. Ltd. 62902777.77 2024/11/26 2029/6/28
The Company Inner Mongolia Tongwei Green Substrate Co. Ltd. 37548333.33 2024/12/30 2029/6/28
The Company Tonghe New Energy (Jintang) Co. Ltd. 144968841.60 2022/8/31 2027/8/30
The Company Tongwei Solar (Chengdu) Co. Ltd. 346250.00 2024/12/23 2027/12/22
The Company Tongwei Solar (Jintang) Co. Ltd. 6264250.00 2024/3/27 2027/3/26
The Company Tongwei Solar (Jintang) Co. Ltd. 84020435.49 2023/3/27 2028/3/28
The Company Tongwei Solar (Jintang) Co. Ltd. 427611.11 2024/12/20 2027/12/19
The Company Tongwei Solar (Meishan) Co. Ltd. 126333.34 2024/11/13 2027/11/12
The Company Tongwei Solar (Meishan) Co. Ltd. 60160633.33 2022/12/23 2027/12/22
The Company Tongwei Solar (Meishan) Co. Ltd. 25066930.55 2023/3/22 2027/6/21
The Company Tongwei Solar (Meishan) Co. Ltd. 40107088.89 2023/11/16 2027/6/21
The Company Tongwei Solar (Meishan) Co. Ltd. 40133116.16 2022/12/27 2029/12/26
The Company Tongwei Solar (Meishan) Co. Ltd. 48159739.40 2023/3/17 2029/11/21
The Company Tongwei Solar (Meishan) Co. Ltd. 21324555.55 2024/3/28 2027/3/27
The Company Tongwei Solar (Pengshan) Co. Ltd. 70189638.88 2023/6/30 2030/6/27
The Company Tongwei Solar (Pengshan) Co. Ltd. 72236986.20 2023/6/30 2030/6/29
The Company Tongwei Solar (Pengshan) Co. Ltd. 54177739.65 2023/9/22 2030/9/21
The Company Tongwei Solar (Pengshan) Co. Ltd. 125411434.38 2023/11/10 2028/6/29
The Company Tongwei Solar (Pengshan) Co. Ltd. 75246860.64 2023/12/13 2028/6/29
The Company Tongwei Solar (Pengshan) Co. Ltd. 276972.22 2024/12/20 2027/12/19
The Company Tongwei Solar (Pengshan) Co. Ltd. 92084061.76 2023/9/12 2030/6/27
The Company Tongwei Solar (Pengshan) Co. Ltd. 73667249.41 2024/2/28 2030/6/27
The Company Tongwei Solar (Pengshan) Co. Ltd. 18416812.36 2024/3/5 2030/6/27
The Company Tongwei Solar (Hefei) Co. Ltd. 1002940.97 2022/3/31 2028/3/30
The Company Tongwei Solar (Hefei) Co. Ltd. 2047177.78 2023/1/1 2027/12/28
The Company Tongwei Solar (Hefei) Co. Ltd. 5117944.44 2023/2/28 2027/12/28
The Company Tongwei Solar (Nantong) Co. Ltd. 51370527.78 2024/8/30 2031/6/21
The Company Tongwei Solar (Sichuan) Co. Ltd. 44779777.79 2024/3/27 2031/3/27
The Company Tongwei Solar (Yancheng) Co. Ltd. 5035994.45 2023/6/29 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 35251961.12 2023/7/3 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 20143977.78 2023/8/30 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 30215966.67 2024/1/1 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 7050392.22 2024/2/1 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 3021596.66 2023/6/29 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 41105955.64 2023/6/27 2030/6/26
The Company Tongwei Solar (Yancheng) Co. Ltd. 11392650.55 2023/8/30 2030/6/5
The Company Tongwei Solar (Yancheng) Co. Ltd. 17969321.58 2023/8/31 2030/6/5
The Company Tongwei Solar (Yancheng) Co. Ltd. 28187171.11 2023/11/29 2030/11/28
The Company Tongwei Solar (Yancheng) Co. Ltd. 42280756.67 2024/9/24 2030/6/5
The Company Qinzhou Tongwei Huijin New Energy Co. Ltd. 12559675.01 2021/10/27 2032/10/27
Huineng Weisheng Clean Energy Co. Ltd in
The Company 60598125.00 2023/3/30 2039/3/29
Fengnan District Tangshan
Binzhou Zhanhua Tonghui Marine Technology Co.The Company 48802703.62 2023/12/25 2032/12/3
Ltd.The Company Binyang Jingchuang New Energy Co. Ltd. 23221591.83 2021/12/10 2036/12/8
The Company Xide Tongwei Huijin New Energy Co. Ltd. 9697881.67 2022/12/23 2035/12/5
The Company Panzhihua Tongwei Huijin New Energy Co. Ltd. 12031900.00 2019/6/28 2027/6/10
The Company Aohanqi Xinhuo New Energy Co. Ltd. 40250136.09 2020/3/27 2030/3/26
Tongwei Fishery-PV Technology (Jiangmen) Co.The Company 27360615.55 2022/10/28 2037/10/28
Ltd.The Company Tianmen Tongli Fishery-PV Technology Co. Ltd. 80817812.27 2022/12/27 2042/12/26
Zhaoyuan Tongwei New Energy Technology Co.The Company 19905386.02 2022/5/27 2037/5/25
Ltd.
203 / 2692024 Annual Report of Tongwei Co. Ltd.
The Company Changde Dingcheng Tongwei New Energy Co. Ltd. 23306222.78 2020/9/11 2032/8/10
The Company Bengbu Tongwei New Energy Co. Ltd. 47874554.86 2021/3/11 2031/12/29
The Company Tianjin Binhai Tongli New Energy Co. Ltd. 30727783.96 2020/6/30 2032/6/10
The Company Sihong Tongli New Energy Co. Ltd. 65670095.55 2019/10/20 2031/4/20
The Company Xichang Tongwei New Energy Co. Ltd. 6649888.06 2020/9/27 2033/9/27
The Company Dongying Tongli New Energy Co. Ltd. 57819763.89 2021/3/4 2031/2/21
Lianjiang Tongwei Fishery-PV Technology Co.The Company 29211166.10 2022/10/25 2034/10/25
Ltd.The Company Gong’an Tongwei Fishery-PV Technology Co. Ltd. 25118983.33 2021/3/26 2029/9/21
The Company Tongwei New Energy Co. Ltd. 7321871.00 2019/3/18 2036/3/18
Note3: Guarantees from external entities:
Unit:Yuan Currency:CNY
Guarantee
Guarantor Guaranteed party Guaranteed amount Guarantee expiry date
commencement date
Ping An Bank Co. Ltd. The Company 497617751.39 2022/9/26 2025/8/19
Total 497617751.39
Note 4: Pledges and collaterals are detailed in “assets with restricted ownership or use right”.Note 5: There are no overdue long-term borrowings due within one year.
44. Other current liabilities
Other current liabilities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Output VAT to be converted 164243137.40 285357988.97
Reserve established by guarantor 15600020.48 15075970.09
Including: undue claims reserve 5291220.23 2564384.99
Compensation reserve established by guarantor 10308800.25 12511585.10
Short-term bonds payable 1002618306.04
Short-term lease liabilities (sale-and-leaseback transactions not qualifying
500210006.66
as sales)
Total 1682671470.58 300433959.06
Note: As of December 31 2024 the net amount of short-term lease liabilities arising from sale-and-leaseback financing by Sichuan
Yongxiang New Energy Co. Ltd. totaled 500210066.66 yuan for which the Company has provided joint and several liability
guarantees.
204 / 2692024 Annual Report of Tongwei Co. Ltd.
Increase/decrease in short-term bonds:
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Interest Amortization of
Nominal Coupon Bond Opening Current Current Closing Default or
Bond name Issue date Issue amount established by premium or
value rate (%) duration balance New repayment balance not
nominal value discount
2024 Green Super &
Short-term Commercial
100 2.52 2024/2/2 120 days 500000000.00 500000000.00 4131147.54 157169.81 504288317.35 No
Paper Series 1 (Sci-Tech
Innovation Notes)
2024 Green Super &
Short-term Commercial
100 2.10 2024/5/27 180 days 500000000.00 500000000.00 5178082.19 236454.74 505414536.93 No
Paper Series 2 (Sci-Tech
Innovation Notes)
2024 Green Super &
Short-term Commercial
100 2.36 2024/12/25 270 days 500000000.00 500000000.00 193442.64 500193442.64 No
Paper Series 3 (Sci-Tech
Innovation Notes)
2024 Green Super &
Short-term Commercial
100 2.06 2024/6/25 180 days 500000000.00 500000000.00 5079452.05 236454.72 505315906.77 No
Paper Series 1 (Sci-Tech
Innovation Notes)
22024 Green Super &
Short-term Commercial
100 2.50 2024/10/21 270 days 500000000.00 500000000.00 2424863.40 354682.10 354682.10 502424863.40 No
Paper Series 1 (Sci-Tech
Innovation Notes)
Total / / / / 2500000000.00 2500000000.00 17006987.82 984761.37 1515373443.15 1002618306.04 /
Other notes:
□Applicable √Not Applicable
205 / 2692024 Annual Report of Tongwei Co. Ltd.
45. Long-term borrowings
(1) Classification of long-term borrowings
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Guarantee borrowings 32476869771.33 16722973735.50
Mortgage borrowings 200000000.00
Pledge + guarantee borrowings 2601164450.77 2898119455.82
Mortgage +pledge + guarantee borrowings 1636581646.49 1428486878.14
Credit borrowings 14529720000.00 7505600000.00
Total 51244335868.59 28755180069.46
Note on classification of long-term borrowings:
（1）Refer to notes “related-party guarantees” for details on guarantees provided by Tongwei Group for the Company.
（2）Guarantees provided by the Company for its subsidiaries are as below:
Unit:Yuan Currency:CNY
Guaranteed Guarantee Guarantee expiry
Guarantor Guaranteed party
amount commencement date date
Yunnan Tongwei High-purity Crystalline Silicon
The Company 840000000.00 2024/2/5 2029/8/5
Company
Yunnan Tongwei High-purity Crystalline Silicon
The Company 1680000000.00 2024/2/26 2029/8/26
Company
Yunnan Tongwei High-purity Crystalline Silicon
The Company 1008000000.00 2024/4/29 2029/10/18
Company
The Company Sichuan Yongxiang PV Technology Co. Ltd. 359980000.00 2024/11/22 2027/11/21
The Company Sichuan Yongxiang Energy Technology Co. Ltd. 1568749999.99 2023/3/1 2028/2/26
The Company Inner Mongolia Tongwei Silicon Energy Co. Ltd. 2914062500.00 2024/4/30 2029/5/13
The Company Inner Mongolia Tongwei Green Substrate Co. Ltd 437500000.00 2024/11/26 2029/6/28
The Company Inner Mongolia Tongwei Green Substrate Co. Ltd 262500000.00 2024/12/30 2029/6/28
The Company Tongwei Green Substrate (Guangyuan) Co. Ltd. 550000000.00 2024/11/20 2031/10/30
The Company Tonghe New Energy (Jintang) Co. Ltd. 300800000.00 2022/8/31 2027/8/30
The Company Tongwei Solar (Chengdu) Co. Ltd. 1340000000.00 2024/12/16 2031/12/12
The Company Tongwei Solar (Chengdu) Co. Ltd. 560000000.00 2024/12/17 2031/12/12
The Company Tongwei Solar (Chengdu) Co. Ltd. 300000000.00 2024/12/26 2031/12/12
The Company Tongwei Solar (Chengdu) Co. Ltd. 449980000.00 2024/12/23 2027/12/22
The Company Tongwei Solar (Jintang) Co. Ltd. 291000000.00 2024/3/27 2027/3/26
The Company Tongwei Solar (Jintang) Co. Ltd. 216340000.00 2023/3/27 2028/3/28
The Company Tongwei Solar (Jintang) Co. Ltd. 459980000.00 2024/12/20 2027/12/19
The Company Tongwei Solar (Meishan) Co. Ltd. 119980000.00 2024/11/13 2027/11/12
The Company Tongwei Solar (Meishan) Co. Ltd. 108000000.00 2022/12/23 2027/12/22
The Company Tongwei Solar (Meishan) Co. Ltd. 45000000.00 2023/3/22 2027/6/21
The Company Tongwei Solar (Meishan) Co. Ltd. 72000000.00 2023/11/16 2027/6/21
The Company Tongwei Solar (Meishan) Co. Ltd. 170000000.00 2022/12/27 2029/12/26
The Company Tongwei Solar (Meishan) Co. Ltd. 204000000.00 2023/3/17 2029/11/21
The Company Tongwei Solar (Meishan) Co. Ltd. 970000000.00 2024/3/28 2027/3/27
The Company Tongwei Solar (Pengshan) Co. Ltd. 190000000.00 2023/6/30 2030/6/27
The Company Tongwei Solar (Pengshan) Co. Ltd. 292000000.00 2023/6/30 2030/6/29
The Company Tongwei Solar (Pengshan) Co. Ltd. 219000000.00 2023/9/22 2030/9/21
The Company Tongwei Solar (Pengshan) Co. Ltd. 312500000.00 2023/11/10 2028/6/29
The Company Tongwei Solar (Pengshan) Co. Ltd. 187500000.00 2023/12/13 2028/6/29
The Company Tongwei Solar (Pengshan) Co. Ltd. 289980000.00 2024/12/20 2027/12/19
The Company Tongwei Solar (Pengshan) Co. Ltd. 374950000.00 2023/9/12 2030/6/27
The Company Tongwei Solar (Pengshan) Co. Ltd. 299960000.00 2024/2/28 2030/6/27
The Company Tongwei Solar (Pengshan) Co. Ltd. 74990000.00 2024/3/5 2030/6/27
The Company Tongwei Solar Hong Kong Co. Ltd 570863896.62 2024/8/30 2027/9/13
The Company Tongwei Solar Hong Kong Co. Ltd 1213085780.28 2024/6/3 2027/9/13
The Company Tongwei Solar (Hefei) Co. Ltd. 2500000.00 2022/3/31 2028/3/30
The Company Tongwei Solar (Hefei) Co. Ltd. 56000000.00 2023/1/1 2027/12/28
206 / 2692024 Annual Report of Tongwei Co. Ltd.
The Company Tongwei Solar (Hefei) Co. Ltd. 130000000.00 2023/2/28 2027/12/28
The Company Tongwei Solar (Nantong) Co. Ltd. 570000000.00 2024/8/29 2031/8/28
The Company Tongwei Solar (Nantong) Co. Ltd. 559170000.00 2024/8/30 2031/6/21
The Company Tongwei Solar (Sichuan) Co. Ltd. 836000000.00 2024/3/27 2031/3/27
The Company Tongwei Solar (Yancheng) Co. Ltd. 42500000.00 2023/6/29 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 297500000.00 2023/7/3 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 170000000.00 2023/8/30 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 255000000.00 2024/1/1 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 59500000.00 2024/2/1 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 25500000.00 2024/2/2 2030/6/25
The Company Tongwei Solar (Yancheng) Co. Ltd. 291667000.00 2023/6/27 2030/6/26
The Company Tongwei Solar (Yancheng) Co. Ltd. 80833000.00 2023/8/30 2030/6/5
The Company Tongwei Solar (Yancheng) Co. Ltd. 127500000.00 2023/8/31 2030/6/5
The Company Tongwei Solar (Yancheng) Co. Ltd. 200000000.00 2023/11/29 2030/11/28
The Company Tongwei Solar (Yancheng) Co. Ltd. 300000000.00 2024/9/24 2030/6/5
The Company Qinzhou Tongwei Huijin New Energy Co. Ltd. 90400000.00 2021/10/27 2032/10/27
Huineng Weisheng Clean Energy Co. Ltd in
The Company 810000000.00 2023/3/30 2039/3/29
Fengnan District Tangshan
Binzhou Zhanhua Tonghui Marine Technology Co.The Company 338875444.00 2023/12/25 2032/12/3
Ltd.The Company Binyang Jingchuang New Energy Co. Ltd. 193338529.00 2021/12/10 2036/12/8
The Company Xide Tongwei Huijin New Energy Co. Ltd. 97180000.00 2022/12/23 2035/12/5
The Company Panzhihua Tongwei Huijin New Energy Co. Ltd. 24000000.00 2019/6/28 2027/6/10
The Company Aohanqi Xinhuo New Energy Co. Ltd. 180000000.00 2020/3/27 2030/3/26
Tongwei Fishery-PV Technology (Jiangmen) Co.The Company 338868750.00 2022/10/28 2037/10/28
Ltd.The Company Tianmen Tongli Fishery-PV Technology Co. Ltd. 1406668844.44 2022/12/27 2042/12/26
Zhaoyuan Tongwei New Energy Technology Co.The Company 250666666.65 2022/5/27 2037/5/25
Ltd.The Company Changde Dingcheng Tongwei New Energy Co. Ltd. 174179575.75 2020/9/11 2032/8/10
The Company Bengbu Tongwei New Energy Co. Ltd. 301150186.49 2021/3/11 2031/12/29
The Company Tianjin Binhai Tongli New Energy Co. Ltd. 215265000.00 2020/6/30 2032/6/10
The Company Sihong Tongli New Energy Co. Ltd. 391988327.37 2019/10/20 2031/4/20
The Company Xichang Tongwei New Energy Co. Ltd. 49700000.00 2020/9/27 2033/9/27
The Company Dongying Tongli New Energy Co. Ltd. 316250000.00 2021/3/4 2031/2/21
Lianjiang Tongwei Fishery-PV Technology Co.The Company 226850908.00 2022/10/25 2034/10/25
Ltd.The Company Gong’an Tongwei Fishery-PV Technology Co. Ltd. 93000000.00 2021/3/26 2029/9/21
The Company Tongwei New Energy Co. Ltd. 72160000.00 2019/3/18 2036/3/18
The Company Zibo Huxiang New Energy Co. Ltd. 170000000.00 2024/12/31 2035/12/21
The Company Gaotang Tongwei New Energy Co. Ltd. 215000000.00 2024/11/29 2035/10/21
（3）Guarantees from external entities
Unit:Yuan Currency:CNY
Guarantee
Guaranteed Guarantee expiry
Guarantor Guaranteed amount commencement
party date
date
Ping An Bank Co. Ltd. The Company 200000000.00 2023/1/12 2026/1/5
（4）Pledges and collaterals are detailed in “assets with restricted ownership or use right”.
Other notes:
□Applicable √Not Applicable
46. Bonds payable
(1) Bonds payable
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Tong22 Convertible Bond 11129932372.45 10716483560.35
207 / 2692024 Annual Report of Tongwei Co. Ltd.
2023 Green Middle-Term Note Series 1 (Sci-Tech Innovation Notes) 502305910.29 502133786.23
2024 Green Middle-Term Note Series 1 (Sci-Tech Innovation Notes) 511611065.44
2024 Green Middle-Term Note Series 2 (Sci-Tech Innovation Notes) 509603803.23
2024 Green Middle-Term Note Series 3 (Sci-Tech Innovation Notes) 508407830.37
2024 Green Middle-Term Note Series 4 (Sci-Tech Innovation Notes) 505507170.11
2024 Green Middle-Term Note Series 5 (Sci-Tech Innovation Notes) 504842332.64
2024 Green Middle-Term Note Series 6 (Sci-Tech Innovation Notes) 500465130.63
2024 Green Middle-Term Note Series 1 (Sci-Tech Innovation Notes) 505184718.57
Less: Bonds payable due within one year 115631096.11 43045640.01
Total 15062229237.62 11175571706.57
208 / 2692024 Annual Report of Tongwei Co. Ltd.
(2) Description of bonds payable: (excluding other financial instruments such as preference share and perpetual bond classified as financial liabilities)
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Nominal Interest Amortization of
Coupon New Bond New Opening Current Current Closing Default
Bond name value established by premium or
rate (%) date duration amount balance New repayment balance or not（Yuan） nominal value discount
Tong22 Convertible
100 Note 1 2022/2/24 6 years 12000000000.00 10716483560.35 67905628.00 393865932.10 48322748.00 11129932372.45 No
Bond
2023 Green
Middle-Term Note 2+1
100 3.10 2023/10/18 500000000.00 502133786.23 15500000.04 172124.02 15500000.00 502305910.29 No
Series 1 (Sci-Tech years
Innovation Notes)
2024 Green
Middle-Term Note 2+1
100 2.70 2024/1/31-2024/2/1 500000000.00 500000000.00 12336206.90 220677.48 945818.94 511611065.44 No
Series 1 (Sci-Tech years
Innovation Notes)
2024 Green
Middle-Term Note 2+1
100 2.60 2024/3/13-2024/3/14 500000000.00 500000000.00 10344085.99 232626.68 972909.44 509603803.23 No
Series 2 (Sci-Tech years
Innovation Notes)
2024 Green
Middle-Term Note 2+1
100 2.55 2024/4/10-2024/4/11 500000000.00 500000000.00 9172916.67 180732.64 945818.94 508407830.37 No
Series 3 (Sci-Tech years
Innovation Notes)
2024 Green
Middle-Term Note
100 2.38 2024/6/6 3 years 500000000.00 500000000.00 6743333.35 182565.18 1418728.42 505507170.11 No
Series 4 (Sci-Tech
Innovation Notes)
2024 Green
Middle-Term Note
100 2.50 2024/7/4 3 years 500000000.00 500000000.00 6115591.41 199650.71 1472909.48 504842332.64 No
Series 5 (Sci-Tech
Innovation Notes)
2024 Green
Middle-Term Note 2+1
100 2.95 2024/11/25 500000000.00 500000000.00 1434027.78 16203.06 985100.21 500465130.63 No
Series 6 (Sci-Tech years
Innovation Notes)
2024 Green
3+1+1
Middle-Term Note 100 2.75 2024/7/10-2024/7/11 500000000.00 500000000.00 6468413.96 189214.07 1472909.46 505184718.57 No
years
Series 1 (Sci-Tech
209 / 2692024 Annual Report of Tongwei Co. Ltd.
Innovation Notes)
Total / / / / 16000000000.00 11218617346.58 3500000000.00 136020204.10 395259725.94 72036942.89 15177860333.73 /
Note 1: The annual coupon rate for the first year to the sixth year is 0.20% 0.40% 0.60% 1.50% 1.80% and 2.00% respectively.
210 / 2692024 Annual Report of Tongwei Co. Ltd.
Note2: The composition of the amortization of premium or discount on Tong22 Convertible Bonds is as follows:
Unit:Yuan Currency:CNY
Amortization amount of premium or
Composition of the amortization of premium or discount
discount
Amortized interest adjustment amount for Tong22 Convertible Bonds in the current period 393831218.42
Interest adjustment amount for the conversion and cancellation of Tong 22 Convertible Bonds 34713.68
Total 393865932.10
Note3: Details of bonds payable reclassified to non-current liabilities due within one year at period-end:
Unit:Yuan Currency:CNY
Presented as
non-current Presented as bonds
Item Book balance
liabilities due within payable
one year
Tong22 Convertible Bond 11129932372.45 59916520.00 11070015852.45
2023 Green Middle-Term Note Series 1 (Sci-Tech Innovation
502305910.293100000.05499205910.24
Notes)
2024 Green Middle-Term Note Series 1 (Sci-Tech Innovation
511611065.4412336206.90499274858.54
Notes)
2024 Green Middle-Term Note Series 2 (Sci-Tech Innovation
509603803.2310344085.99499259717.24
Notes)
2024 Green Middle-Term Note Series 3 (Sci-Tech Innovation
508407830.379172916.67499234913.70
Notes)
2024 Green Middle-Term Note Series 4 (Sci-Tech Innovation
505507170.116743333.35498763836.76
Notes)
2024 Green Middle-Term Note Series 5 (Sci-Tech Innovation
504842332.646115591.41498726741.23
Notes)
2024 Green Middle-Term Note Series 6 (Sci-Tech Innovation
500465130.631434027.78499031102.85
Notes)
2024 Green Middle-Term Note Series 1 (Sci-Tech Innovation
505184718.576468413.96498716304.61
Notes)
Total 15177860333.73 115631096.11 15062229237.62
Note 4: During the current period the repayment of the Tong 22 Convertible Bond was executed through equity conversion. A total
of 3880 bonds were successfully converted into the Company’s A-share stock culminating in a total conversion value of 388000.00
yuan.
(3) Description of convertible corporate bonds
√Applicable □Not Applicable
Item Conversion criteria Conversion date
Tong22 Convertible Bond The initial conversion price of Tong22 Convertible Can be converted to the Company's shares
Bonds was 39.27 yuan per share; adjusted to 38.36 from September 2 2022 to February 23
yuan per share from May 30 2022 to 35.50 yuan per 2028.share from May 31 2023 and to 34.60 yuan per share
from June 14 2024 due to the annual equity
distribution implemented by the Company.Conversion accounting and criteria
□Applicable √Not Applicable
(4) Note on other financial instruments classified as financial liabilities
Basic information of other financial instruments (including preference share and perpetual bond) outstanding as of the end of the
period
□Applicable √Not Applicable
Changes in other financial instruments (including preference share and perpetual bond) outstanding as of the end of the period
□Applicable √Not Applicable
Note on basis for classification of other financial instruments as financial liabilities
□Applicable √Not Applicable
211 / 2692024 Annual Report of Tongwei Co. Ltd.
Other notes:
□Applicable √Not Applicable
212 / 2692024 Annual Report of Tongwei Co. Ltd.
47. Lease liabilities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Lease liabilities 6559131212.74 3774818942.94
Less: Lease liabilities due within one year 1264503461.14 558867519.76
Total 5294627751.60 3215951423.18
Other notes:
Note 1: Information regarding the Company’s lease arrangements as a lessee is detailed in the “leases” note to the financial
statements.Note 2: Guarantees provided by the company for its subsidiaries are as follows:
(1) The net amount of finance lease liabilities for Sichuan Yongxiang Energy Technology Co. Ltd. Yunnan Tongwei High-purity
Crystalline Silicon Company and Inner Mongolia Tongwei Silicon Energy Co. Ltd. totals 1214251069.80 yuan for which the
Company has provided guarantees.
(2) The net amount of finance lease liabilities for Tongwei Solar (Jintang) Co. Ltd and Tongwei Solar (Meishan) Co. Ltd. totals
2321914429.03 yuan for which the Company has provided guarantees.
(3) The net amount of finance lease liabilities for Dongxing Tonghui New Energy Co. Ltd and Suihua Tongli Fishery-PV Technology
Co. Ltd. totals 256084756.67 yuan for which the Company has provided guarantees.
48. Long-term payables
Presentation of items
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Long-term payables 1956515997.82 408310390.38
Special payables 850000.00 850000.00
Total 1957365997.82 409160390.38
Other notes:
□Applicable √Not Applicable
Long-term payables
(1) Presentation of other payable by nature
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Finance lease payments payable (sale and leaseback does not constitute of a
1925244978.15408310390.38
sale)
Long-term installment payables for acquired assets 31271019.67
Total 1956515997.82 408310390.38
Other notes:
Note 1: As of December 31 2024 the net amount of finance lease liabilities arising from sale-and-leaseback financing by Tongwei
Solar (Nantong) Co. Ltd. totaled 670947062.85 yuan for which the Company has provided joint and several liability guarantees.Note 2: As of December 31 2024 the net amount of finance lease liabilities arising from sale-and-leaseback financing by Tongwei
Solar (Meishan) Co. Ltd. totaled 137272530.76 yuan for which the Company has provided joint and several liability guarantees.Note 3: As of December 31 2024 the net finance lease liabilities associated with sale-and-leaseback arrangements from the
Company’s photovoltaic power plant subsidiaries amounted to 1036091581.27 yuan. These liabilities are robustly supported by a
combination of guarantees from the Company under joint and several liability collateralization through pledges of electricity revenue
rights from the subsidiaries mortgages on the underlying leased assets and share pledges from the shareholders of the subsidiaries.Note 4: As of December 31 2024 the net amount of finance lease liabilities arising from sale-and-leaseback financing by Sichuan
Yongxiang New Energy Co. Ltd. and Tongwei Green Substrate (Guangyuan) Co. Ltd. totaled 810335760.49 yuan for which
Tongwei Co. Ltd. has provided joint and several liability guarantees.Special payables
(2) Presentation of special payables by nature
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
213 / 2692024 Annual Report of Tongwei Co. Ltd.
Current Current
Item Opening balance Closing balance Reason
increase decrease
Special funds used as guarantees by Tongwei
850000.00 850000.00 Note
Agriculture Financing Guarantee
Total 850000.00 850000.00 /
Other notes:
Note: The special funds used as guarantees by Tongwei Agriculture Financing Guarantee (a subsidiary of the Company) are
2480000.00 yuan consisting of risk support funds (1630000.00 yuan) and funds for reward in place of subsidy (850000.00 yuan).
The use of these funds is subject to Sichuan Management Procedures on Provincial-level Special Fiscal Subsidy for
Agriculture-related Credit Guarantee issued by the Department of Finance of Sichuan province on August 28 2012. Article 18 of the
Procedures provides for that: funds for reward in place of subsidy are injected as state-owned capital to increase the registered capital
of the guarantor; every time when the cumulative funds for reward in place of subsidy received by the guarantor is or over 10 million
yuan the guarantor must timely report to relevant authority under relevant provisions for approval and then complete the change
registration of its registered capital. Risk support funds are to compensate the loss from guarantee risk if the risk reserve created by
the guarantor is insufficient to compensate the loss; the balance of the risk support funds (if any) is carried over to the next year. The
funds received by the Company were used in 2018 to compensate a loss of 1630000.00 yuan resulted from unrecovery of
repayments made for behalf of the guaranteed parties with a balance of 850000.00 yuan.
49. Long-term employee benefits payable
√Applicable □Not Applicable
(1) Long-term employee benefits payable
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
I. Post-employment benefits - net defined benefit liability
II. Termination benefits
III. Other long-term benefits 3956439305.87 4085174933.73
Total 3956439305.87 4085174933.73
Note: Other long-term employee benefits refer to the bonus to be paid one year later.
(2) Change in defined benefit plan
Present value of defined benefit plan:
□Applicable √Not Applicable
Plan asset:
□Applicable √Not Applicable
Net defined benefit liability (net asset)
□Applicable √Not Applicable
Note on the defined benefit plan and risks relating thereto and their impact on the Company's future cash flow time and uncertainty:
□Applicable √Not Applicable
Note on significant actuarial assumptions for defined benefit plan and result of sensitivity analysis
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
50. Estimated liabilities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance Reason
Outward guarantee
Pending litigation 807560.45
Product warranty 999177452.48 559416370.93
Reorganization obligation
Loss contracts to be enforced
214 / 2692024 Annual Report of Tongwei Co. Ltd.
Sale returns payable
Others
Total 999985012.93 559416370.93 /
Other notes including key assumptions and estimates for significant provisions:
None
51. Deferred income
Deferred income
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Opening balance Current increase Current decrease Closing balance Reason
Received fiscal
Government grants 960698361.51 303313800.00 375982776.65 888029384.86
appropriation
Total 960698361.51 303313800.00 375982776.65 888029384.86 /
Other notes:
□Applicable √Not Applicable
52. Other non-current liabilities
□Applicable √Not Applicable
53. Share capital
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Change (+ -)
Opening balance Capital reserveNew Closing balance
Bonus issue Converted to share Others Sub-total
issue
capital
Total shares 4501973746 11085 11085 4501984831
Other notes:
Other increase is caused by the conversion of Tong22 Convertible Bonds to shares in current period.
54. Other equity instruments
(1) Basic information of other financial instruments (including preference share and perpetual bond) outstanding as of the
end of the period
√Applicable □Not Applicable
Approved by the CSRC in the ZJXK [2021] No. 4028 on February 24 2022 the Company issued convertible bonds publicly valued
12 billion yuan for a term of 6 years. The coupon rate arrangements for these convertible bonds: 0.20% in the 1st year 0.40% in the
2nd year 0.60% in the 3rd year 1.50% in the 4th year 1.80% in the 5th year and 2.00% in the 6th year. Interest payments are made
annually and the principal and interest for the last year will be paid on maturity.
(2) Changes in other financial instruments (including preference share and perpetual bond) outstanding as of the end of the
period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Financial Opening Current increase Current decrease Closing
instruments Carrying Carrying
outstanding Number Carrying value Number Number Number Carrying valuevalue value
Tong22
Convertible 119836920 1964915462.95 3880 63618.73 119833040 1964851844.22
Bonds
Total 119836920 1964915462.95 3880 63618.73 119833040 1964851844.22
Note: The current decrease is due to the conversion of Tong22 Convertible Bonds issued by the Company to the Company’ shares
and the conversion of other equity instruments into capital reserve.Changes in other equity instruments during the current period explanations for such changes and the basis for relevant accounting
treatments:
215 / 2692024 Annual Report of Tongwei Co. Ltd.
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
55. Capital reserve
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Opening balance Current increase Current decrease Closing balance
Capital premium (share premium) 16112902457.39 6511059.42 14377835.27 16105035681.54
Other capital reserves 23030989.51 10415171.05 33446160.56
Total 16135933446.90 16926230.47 14377835.27 16138481842.10
Other notes including changes in current period and reasons:
Note 1: Current change in capital reserve is from:
Unit:Yuan Currency:CNY
Item Current increase Current decrease
I. Share premium 6511059.42 14377835.27
1. “Tong22 Convertible Bonds” converted to share capital 404803.55
2. Equity transactions with minority interest (Note 2) 6106255.87 14377835.27
II. Other capital reserves 10415171.05
Changes in other equity of associates 10415171.05
Total 16926230.47 14377835.27
Note 2: Equity transactions with minority interest are detailed in Notes “equity in other entities”. The share premium is adjusted as
below according to the difference between the Company’s share of the net assets of the investee and the acquisition
consideration/disposal consideration:
Unit:Yuan Currency:CNY
Change in equity percentage before
Share capital premium adjustment
and after the transaction
No. Investee Shareholding
Before percentage After
Current increase Current decrease
transaction under transaction
transaction
1 Chengdu Ronglai Tongwei Feed Co. Ltd. 80.00 20.00 100.00 29469.22
2 Tongwei Huijin New Energy Co. Ltd. 96.025 3.975 100.00 5582792.40
3 Tongwei New Energy (Beijing) Co. Ltd. 96.775 3.225 100.00 14348366.05
4 Tongwei New Energy (Shenzhen) Co. Ltd. 99.225 0.775 100.00 523463.47
Total 6106255.87 14377835.27
56. Treasury shares
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Opening balance Current increase Current decrease Closing balance
Share repurchases 2001450171.83 2001450171.83
Total 2001450171.83 2001450171.83
Other notes including changes in current period and reasons:
Note: On April 28 2024 the Company convened the 18th Session of the 8th Board of Directors which reviewed and approved the
Proposal on Share Repurchase via Centralized Bidding. The Company plans to use no less than 2 billion yuan and no more than 4
billion yuan of its own funds to repurchase shares through centralized bidding transactions with the repurchased shares to be used for
employee stock ownership plans (ESOP) or equity incentive programs.As of December 31 2024 the Company cumulatively repurchased 101360012 shares via the Shanghai Stock Exchange’s
centralized bidding system representing 2.2515% of the Company’s total outstanding shares (4501984831 shares). The total
expenditure amounted to 2001450171.83 yuan (including transaction commissions and related fees).
216 / 2692024 Annual Report of Tongwei Co. Ltd.
57. Other comprehensive income
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Current period amount
Less: amount
Less: amount
carried into other
carried into other After-tax
Opening comprehensive Less:comprehensive After-tax income income ClosingItem
balance Current period income in prior Incomeincome in prior attributable to the attributable to balance
amount before tax periods that is tax
periods that is parent company minority
converted into expense
converted into shareholders
current profit or
retained earnings
loss
I. Other comprehensive income that cannot be
11924159.79-238316.35-238316.3511685843.44
reclassified into profit or loss
Change in fair value of other equity investments 11924159.79 -238316.35 -238316.35 11685843.44
II. Other comprehensive income that will be
-147378017.94-20500141.70-20169642.51-330499.19-167547660.45
reclassified into profit or loss
Including: other comprehensive income that can be
-1053353.49-263407.00-263407.00-1316760.49
converted into profit or loss under equity method
Cash flow hedge reserve -2843418.59 7317235.57 7393252.12 -76016.55 4549833.53
Foreign currency translation -143481245.86 -27553970.27 -27299487.63 -254482.64 -170780733.49
Total other comprehensive income -135453858.15 -20738458.05 -20407958.86 -330499.19 -155861817.01
Other notes including the adjustment of the gain or loss on the effective portion of cash flow hedges to the initial recognition amount of hedged items:
None
217 / 2692024 Annual Report of Tongwei Co. Ltd.
58. Special reverse
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Opening balance Current increase Current decrease Closing balance
Work safety expense 97203438.14 207991028.88 166725069.33 138469397.69
Total 97203438.14 207991028.88 166725069.33 138469397.69
Other notes including changes in current period and reasons:
None
59. Surplus reserve
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Opening balance Current increase Current decrease Closing balance
Statutory surplus
4303947104.83556500376.114860447480.94
reserve
Total 4303947104.83 556500376.11 4860447480.94
Note on surplus reserve including current change and the reason of the change:
None
60. Undistributed profit
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current period Prior period
Unadjusted undistributed profit at the end of the
34660319189.0335853681478.39
prior period
Total adjustment of opening undistributed profit (+
-4166930.97
for increase and - for decrease)
Adjusted opening undistributed profit 34660319189.03 35849514547.42
Add: net current profit attributable to owners of
-7038757392.5413573900132.37
parent company
Less: withdrawal from statutory surplus 556500376.11 1896478871.99
Common dividend payable 4056115196.73 12866616618.77
Closing undistributed profit 23008946223.65 34660319189.03
Note: Approved at the 2023 Annual General Meeting of Shareholders held on May 20 2024 the Company distributed a cash
dividend of 9.05 yuan for per ten shares (including tax) based on the adjusted share capital of 4481895245 shares calculated as the
total shares outstanding before the distribution (4501977571 shares) minus repurchased shares (20082326 shares). The total cash
dividend payout amounted to 4056115196.73 yuan (including tax).Details on adjustment of opening undistributed profit:
1. Retrospective adjustment made under the Accounting Standard for Business Enterprises and relevant new provisions had an effect
of 0 yuan on the opening undistributed profit.
2. Changes in accounting policies had an effect of 0 yuan on the opening undistributed profit.
3. Corrections of material accounting errors had an effect of 0 yuan on opening undistributed profit.
4. Change in the scope of the consolidation due to business combination under common control had an effect of 0 yuan on the
opening undistributed profit.
5. The total effect of other adjustments on the opening undistributed profit was 0 yuan.
61. Operating revenue and operating cost
(1) Operating revenue and operating cost
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Current amount Prior amount
Item
Revenue Cost Revenue Cost
Main operating activities 91532077960.22 85762749275.33 138317231233.43 102128013549.29
Other operating activities 462326373.32 354463849.40 786830851.09 586169218.57
Total 91994404333.54 86117213124.73 139104062084.52 102714182767.86
218 / 2692024 Annual Report of Tongwei Co. Ltd.
(2) Table of deductions from operating revenue
Unit:10000yuan Currency:CNY
Item Current year Deduction Previous year Deduction
Operating revenue amount 9199440.43 13910406.21
Total deduction amount 42183.91 52342.95
Proportion of total deduction amount to the operating
0.46%/0.38%/
revenue (%)
I. Non-operating revenue
It includes sales revenue of materials amounting to It includes sales revenue of materials amounting to
Non-operating revenue such as income generated from
136.2781million yuan rental income such as fixed 149.4145million yuan rental income such as fixed
leasing fixed assets inangible assets or packaging
asset leasing intangible asset leasing water surface asset leasing intangible asset leasing water surface
materials; the sale of raw materials; non-monetary asset
42183.91 subleasing and land subleasing totaling 52342.95 subleasing and land subleasing totaling
exchanges; entrusted management operations; and revenue
230.2042million yuan service revenue of 34.0103 256.9533million yuan service revenue of 65.5331
categorized as Operating Revenue yet derived from
million yuan and other non-operating revenue of million yuan and other non-operating revenue of
activities outside the Company's core business operations.
21.3465 million yuan. 51.5286 million yuan.
Subtotal non-operating revenue 42183.91 52342.95
II. Revenue lacking commercial substance
III.Non-operating revenue or revenue lacking
commercial substance
After-deduction amount 9157256.52 13858063.26
219 / 2692024 Annual Report of Tongwei Co. Ltd.
(3) Breakdown of operating revenue and operating cost
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Agriculture and animal husbandry PV Total
Contract category
Operating revenue Operating cost Operating revenue Operating cost Operating revenue Operating cost
I. Type of goods
1. Main operating activities 31740209174.56 28762433736.04 59791868785.66 57000315539.29 91532077960.22 85762749275.33
(1) Feed food and relevant
31740209174.5628762433736.0431740209174.5628762433736.04
products
(2) PV and relevant products 59791868785.66 57000315539.29 59791868785.66 57000315539.29
2. Other operating activities 229499221.83 163210254.79 232827151.49 191253594.61 462326373.32 354463849.40
Total 31969708396.39 28925643990.83 60024695937.15 57191569133.90 91994404333.54 86117213124.73
II. By operating region
1. Main operating activities 31740209174.56 28762433736.04 59791868785.66 57000315539.29 91532077960.22 85762749275.33
(1) Domestic 28578665410.64 26010662360.76 53502730739.36 50739930418.67 82081396150.00 76750592779.43
(2) Overseas 3161543763.92 2751771375.28 6289138046.30 6260385120.62 9450681810.22 9012156495.90
2. Other operating activities 229499221.83 163210254.79 232827151.49 191253594.61 462326373.32 354463849.40
Total 31969708396.39 28925643990.83 60024695937.15 57191569133.90 91994404333.54 86117213124.73
220 / 2692024 Annual Report of Tongwei Co. Ltd.
Other notes:
□Applicable √Not Applicable
(4) Note on performance obligations
□Applicable √Not Applicable
(5) Note on allocation to remaining performance obligations
□Applicable √Not Applicable
(6) Material contract changes or material adjustments of transaction prices
□Applicable √Not Applicable
Other notes:
None
62. Tax and surcharge
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Property tax 212010594.86 132765591.00
Stamp duty 93440333.26 131924105.00
Land use tax 73042214.31 59280945.25
Urban construction and maintenance tax 28896096.98 221024321.60
Education surcharge 13759365.58 109866317.82
Local education surcharge 9199148.42 73246513.76
Others 12106701.21 17348352.86
Total 442454454.62 745456147.29
Other notes:
Note: The standards for calculating and paying various taxes are outlined in the note titled “taxes”.
63. Sales expense
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Employee benefits 954661322.98 758608368.53
Advertising and promotion costs 306168205.12 434758538.48
Business travel cost 219198154.44 160290131.33
Consulting fee 85943035.61 103479513.47
Depreciation of fixed assets 86146972.92 14130545.99
Warehousing fee 47409548.50 150089207.72
Others 155238249.58 122445872.80
Total 1854765489.15 1743802178.32
Other notes:
None
64. Management expense
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Employee benefits 2318650383.96 3040018816.68
Depreciation expense 475066027.84 248919981.52
Work safety expense 118524701.65 158360436.63
Consulting expense (including advisory expense) 143618701.07 113646988.84
Property management fee 99515646.41 80942365.81
Property insurance expense 74906097.77 100271837.55
Business travel cost 82837508.27 68929350.56
Others 834292634.74 916415444.92
221 / 2692024 Annual Report of Tongwei Co. Ltd.
Total 4147411701.71 4727505222.51
Other notes:
None
65. R&D cost
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Labor cost 504255246.90 403040886.44
Depreciation and fuel cost 445350481.72 230938375.66
Costs of materials 368326197.49 364877555.48
Other expense 192182198.12 190625382.30
Total 1510114124.23 1189482199.88
Other notes:
None
66. Financial expense
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Interest expense 1983485509.80 1236013721.51
Less: Fiscal interest subsidy 879000.00
Less: Interest income 343552023.56 954235676.99
Add: Exchange loss 233167194.39 586128016.51
Less: Exchange gain 230000062.85 585762494.47
Add: Amortization of unrecognized financing costs 163973264.62 159497237.54
Add: Long-term interest on employee benefits payable 113225276.91 109042905.90
Add: Financial institution fees 83058344.93 30167039.32
Total 2002478504.24 580850749.32
Other notes:
None
67. Other income
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Classification by nature Current amount Prior amount
Government grants relating to everyday activities 544305765.22 1009448724.69
Other income including VAT marked-up deduction and direct reduction 100554610.60 224339657.08
or exemption
Total 644860375.82 1233788381.77
Other notes:
None
68. Investment gain
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Gain on long-term equity investment under equity method -4460.01 -34954050.97
Gains on derecognition of receivables from non-recourse disposals/factoring -25214695.94
Gain on disposal of long-term equity investment -57671.28 1492699.01
Gain on wealth management products purchased from banks 144812045.57 89025440.92
Gain on forward exchange settlement (not meeting hedging accounting and
4047202.903305732.14
hedging ineffectiveness)
Discount interest on receivable financing -36090841.69 -236011317.34
Total 87491579.55 -177141496.24
222 / 2692024 Annual Report of Tongwei Co. Ltd.
Other notes:
(1) Gain on long-term equity investment under equity method
Unit:Yuan Currency:CNY
Investee Current amount Prior amount
BioMar Tongwei (Wuxi) Biotech Co. Ltd. 14413012.83 7681447.27
Bohai Aquaculture Co. Ltd. -5860633.43 -6751271.86
Haimao Seed Industry Technology Co. Ltd. - -19888422.82
Anhui Tech-bank Biotechnology Co. Ltd. -23494.95 -480489.79
Anhui Tech-bank Feed Technology Co. Ltd. 643948.48 -831802.78
Scigene Biotechnology Co. Ltd. 167174.69
Datang Huayin Changde New Energy Co. Ltd. -1332109.16
Suzhou Taiyangjing New Energy Co. Ltd. -9058213.80 -16718532.86
Sichuan Haicheng Carbon Products Co. Ltd. 1110775.02 2035021.87
Boyang Industrial Co. Ltd. -64919.69
Total -4460.01 -34954050.97
(2) Gain on disposal of long-term equity investment
Unit:Yuan Currency: CNY
Investee Current amount Prior amount
Dongying Tech-bank Feed Technology Co. Ltd. -57671.28
Zibo Tongwei Food Co. Ltd. 1242964.46
Maoming Tongwei Jiuding Feed Co. Ltd. 249734.55
Total -57671.28 1492699.01
69. Gain on hedge of net exposure
□Applicable √Not Applicable
70. Fair value gain
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Source of gains Current amount Prior amount
Held-for-trading financial assets 217850604.05 169783931.94
Including: Gain on change in fair value of derivative
5606552.4013967946.31
financial instruments
Gain on change in fair value of structured deposits and
212244051.65155815985.63
wealth management products
Held-for-trading financial liabilities
Investment properties measured at fair value
Total 217850604.05 169783931.94
Other notes:
None
71. Credit impairment loss
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Bad debt loss from accounts receivable -60156270.03 -134704178.67
Bad debt loss from other receivables -28808872.86 4680516.41
Total -88965142.89 -130023662.26
Other notes:
None
72. Asset impairment loss
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
223 / 2692024 Annual Report of Tongwei Co. Ltd.
Item Current amount Prior amount
Obsolete inventory loss -4563953323.76 -1305024755.64
Impairment loss from fixed assets -749447028.43 -4390850203.52
Goodwill impairment loss -7639654.38 -125861229.24
Impairment loss from contract assets -4761549.19 -7186486.20
Impairment loss from intangible assets -1409084.52
Impairment loss from construction in progress
-338993440.00
(technical improvement project)
Impairment loss from long-term equity investments -34398595.17
Impairment loss from right-of-use assets -33286862.32
Total -5327210640.28 -6235601572.09
Other notes:
None
73. Gain on asset disposal
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Gain on disposal of fixed assets 126757924.10 -4481104.43
Gain on disposal of right-of-use assets 3060635.44 32224704.86
Gain on disposal of intangible assets -1984455.72
Gain on disposal of construction in
-517018.44
progress
Gain on disposal of productive biological
28128.32
assets
Total 127834103.82 27254710.31
Other notes:
None
74. Non-operating revenue
Non-operating revenue
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Amount carried into current non-recurring gain
Item Current amount Prior amount
or loss
Gains from non-current assets scrap 6484609.71 3667238.31 6484609.71
In which: Gains from fix assets scrap 6484609.71 3667238.31 6484609.71
Income relating to damages for breach 42067352.95 33703651.07 42067352.95
Payables that cannot be paid 12101670.95 9043551.97 12101670.95
Others 2525080.79 2667628.08 2525080.79
Total 63178714.40 49082069.43 63178714.40
Other notes:
□Applicable √Not Applicable
75. Non-operating cost
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Amount carried into current non-recurring
Item Current amount Prior amount
gain or loss
Total loss on disposal of non-current assets 306792479.81 255627392.92 306792479.81
In which: Loss on disposal of fixed assets 302995328.39 252327241.80 302995328.39
Loss on disposal of intangible assets 3796575.71 2812111.37 3796575.71
Scrap loss from construction in progress 473212.50
Scrap loss from construction materials 14827.25
Scrap loss from productive biological assets 575.71 575.71
Donations 2977018.05 7417488.00 2977018.05
224 / 2692024 Annual Report of Tongwei Co. Ltd.
Damages 5870246.45 7247716.90 5870246.45
Others 12683239.98 18012516.01 12683239.98
Total 328322984.29 288305113.83 328322984.29
Other notes:
None
76. Income tax expense
(1) Income tax expense
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Current income tax 626300694.39 4236133470.11
Deferred income tax -1200833077.64 -430677247.21
Total -574532383.25 3805456222.90
(2) Adjustment of accounting profit and income tax expense
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount
Total profit -8683316454.96
Income tax expense under legal/applicable tax rate -2170829113.74
Effect of different tax rates applied to subsidiaries 442193873.22
Effect of periods prior to adjustment 123420952.76
Effect of non-taxable income -105349152.50
Effect of non-deductible cost expense and loss 58657265.07
Effect of use of deductible loss/deductible temporary difference from prior unrecognized deferred tax assets -274853845.12
Effect of deductible loss/deductible temporary difference from deferred tax assets not recognized in current
1287091922.37
period
Effect of recognition of deferred tax asset in current period for the deductible loss/deductible temporary
-150793476.04
difference from deferred tax assets not recognized in prior period
Effect of the reversal of deductible loss/deductible temporary difference from prior recognized deferred tax
324588410.98
assets
Effects of income tax preference -102128012.97
Deferred income tax expense impacted by changes in tax rates -6531207.28
Total -574532383.25
Other notes:
□Applicable √Not Applicable
77. Other comprehensive income
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
1. Other comprehensive income attributable to owners of the parent company -20407958.86 -26594054.86
In which: Change in fair value of other equity investments -238316.35 4415402.51
Other comprehensive income that can be converted to profit or loss under equity method -263407.00 -191873.99
Cash flow hedge reserve 7393252.12 -2843418.59
Foreign currency translation -27299487.63 -27974164.79
2. Other comprehensive income attributable to minority shareholders -330499.19 -113166.62
In which: Change in fair value of other equity investments
Other comprehensive income that can be converted to profit or loss under equity method
Cash flow hedge reserve -76016.55 52765.05
Foreign currency translation -254482.64 -165931.67
Total -20738458.05 -26707221.48
78. Cash flow statement
(1) Cash relating to operating activities
225 / 2692024 Annual Report of Tongwei Co. Ltd.
Other cash received relating to operating activities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Government grants 472515788.57 1102616889.70
Interest on bank deposits 277744972.38 682821814.40
Performance bond and deposits received 607024224.75 882750470.46
Insurance claims 11110922.52 32496181.22
Damages for breach 28707056.32 18525956.58
Others 55869504.84 61135156.88
Total 1452972469.38 2780346469.24
Note on other cash received relating to operating activities:
None
Other cash paid relating to operating activities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Other cash paid relating to operating activities 1502199553.34 1369031736.42
Performance bond and deposits paid 1858209636.35 1354439739.05
Cash paid for prepaid profit sharing of photovoltaic power plant plants 2462497.81
2081534.02
for poverty alleviation
Total 3362490723.71 2725933973.28
Note on other cash paid relating to operating activities:
None
(2) Cash relating to investing activities
Cash received relating to material investing activities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Cash received from material investment recovery - cash received from
50184552577.2632190000000.00
recovery of wealth management products and term deposits
Total 50184552577.26 32190000000.00
Notes on cash received relating to material investing activities
None
Cash paid relating to material investing activities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
I. Cash paid for acquisition or construction of material fixed assets intangible assets
19584061134.8020144833274.87
and other long-term assets
In which: Phase II 200000-ton High-purity Polysilicon Project of Yunnan Tongwei 3104689248.68 5032152538.08
Phase I 16 GW High-efficiency Cell Project of Pengshan Solar 976832193.96 4093104292.98
Phase I 120000-ton High-purity Polysilicon Project of Yongxiang Energy
969695513.983380028032.25
Technology
25 GW High-efficiency Modules Manufacturing Base Project of Yancheng Solar 1284920824.83 3067702633.05
Phase I 200000-ton High-Purity Polysilicon Project and Its Supporting Facilities of
5962600897.292091036748.80
Inner Mongolia Silicon Energy
Phase I 180000-ton Green Substrate (Industrial Silicon) Project by Guangyuan 1265163771.10 52298976.05
Phase III and Phase IV High-Efficiency Solar Cell Projects of Meishan Solar 2607708142.39 2248464214.77
Phase V 25 GW High-efficiency Cell Project of Chengdu Solar and the PV
3412450542.57180045838.89
Technology Center Project
II. Cash paid for material investments - cash paid for investment into wealth
48911313434.3341239235777.74
management products and term deposits
Total 68495374569.13 61384069052.61
226 / 2692024 Annual Report of Tongwei Co. Ltd.
Note on cash paid relating to material investing activities
None
Other cash received relating to investing activities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Construction bid bonds 704170601.77 1171988162.80
Borrowing interest received from Baoshan Changmao Industry Development
7254833.19
Co. Ltd.Total 711425434.96 1171988162.80
Notes on other cash received relating to investing activities:
None
Other cash paid relating to investing activities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Refunded construction bid bonds 1060004084.46 1152806883.33
Borrowing paid to Baoshan Changmao Industry Development Co.
200000000.00
Ltd.Reclamation deposit paid 8095811.30 11797310.97
Net cash paid regarding a subsidiary disposal 55064.76
Total 1268154960.52 1164604194.30
Notes on other cash paid relating to investing activities:
None
(3) Cash relating to financing activities
Other cash received relating to financing activities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Cash received from sale and leaseback 2302653805.07
Cash received from banks through discounting of acceptance bills issued by
internal affiliates 1323067216.69
Funds coordinated to joint ventures 23300000.00 4009487.52
Cash received for disposal of equities in subsidiaries to minority interest (not lost 2800000.00
control)
Total 3649021021.76 6809487.52
Notes on other cash received relating to financing activities:
None
Other cash paid relating to financing activities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Cash paid to repurchase share 2001450171.83
Lease payments 1430463514.11 1420154822.89
In which: Lease payments for sale and leaseback (which does not constitute of a
402320085.97580152141.88
sale)
Cash repaid to banks for financing obtained through discounting of acceptance
1260666836.79
bills issued by internal affiliates
Finance lease risk reserve 57710458.54 22462062.54
Purchase of minority shareholding 29832977.69 48482662.31
227 / 2692024 Annual Report of Tongwei Co. Ltd.
Funds coordinated to joint ventures 24300000.00 4009487.52
Principal repayment for interest-free debts - 185087917.38
Debt principal and interest paid to minority interest - 179989777.85
Total 4804423958.96 1860186730.49
Note on other cash paid relating to financing activities:
None
228 / 2692024 Annual Report of Tongwei Co. Ltd.
Changes in liabilities arising from financing activities
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Current increase Current decrease
Item Opening balance Non-cash Closing balance
Cash changes Non-cash changes Cash changes
changes
Short-term borrowings 214016118.59 5920917189.94 39537461.16 4296246351.17 1878224418.52
Long-term borrowings (including the portion due within one year) 29978533514.16 40294495872.98 1466038063.57 11880016645.42 59859050805.29
Bonds payable (including the portion due within one year and
11218617346.585990801043.74549236965.551577823429.78353286.3216180478639.77
short-term bonds payable)
Lease liabilities (including the portion due within one year) 3774818942.94 3800120697.64 1015808427.84 6559131212.74
Long-term payables (including the portion due within one year and
606541939.882302653805.07680855807.93402320085.973187731466.91
short term financing for sale and leaseback)
Total 45792527862.15 54508867911.73 6535788995.85 19172214940.18 353286.32 87664616543.23
229 / 2692024 Annual Report of Tongwei Co. Ltd.
(4) Note on presentation of net cash flows
□Applicable √Not Applicable
(5) Significant activities that are not related to current cash inflows or outflows but affect the financial position of the business
or may impact future cash flows as well as the financial impacts
□Applicable √Not Applicable
79. Additional information on cash flow statement
(1) Additional information on cash flow statement
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Additional information Current amount Prior amount
1.Net profit adjusted as cash flow from operating activities:
Net income -8108784071.71 18246163845.47
Add: provision for asset impairment 5327210640.28 6235601572.09
Credit impairment loss 88965142.89 130023662.26
Depreciation of fixed assets oil and gas assets and productive biological assets 8311336122.92 6106950302.76
Amortization of right-of-use assets 628406271.78 318475971.00
Amortization of intangible assets 181911550.34 141861104.33
Amortization of long-term prepaid expenses 159310196.92 125156574.05
Loss from disposal of fixed assets intangible assets and other long-term assets (“-” for
-127834103.82-27254710.31
gain)
Loss from scrap of fixed assets (“-” for gain) 296510718.68 248660003.49
Loss from change in fair value (“-” for gain) -217850604.05 -169783931.94
Financial expense (“-” for gain) 2092425864.55 1124462618.50
Investment loss (“-” for gain) -87491579.55 177141496.24
Decrease in deferred tax assets (“-” for increase) -1225727814.13 -905414429.54
Increase in deferred tax liabilities (“-” for decrease) 24894736.49 474737182.33
Decrease in inventories (“-” for increase) -9408854112.66 1909238925.62
Decrease in operating receivables (“-” for increase) 561026272.95 -5626011723.33
Increase in operating receivables (“-” for decrease) 2648280691.49 2169295508.15
Others
Net cash flow generated from operating activities 1143735923.37 30679303971.17
2．Significant investing and financing activities not related to cash receipt and payment:
Debt-equity swap (conversion of Tong22 Convertible Bonds to shares) 353286.32 901443.64
Convertible bonds due within one year
Fixed assets acquired by finance lease
3．Net changes in cash and cash equivalents:
Closing balance of cash 14461336840.56 14368820878.77
Less: Opening balance of cash 14368820878.77 35194041631.11
Add: Closing balance of cash equivalents
Less: Opening balance of cash equivalents
Net increase in cash and cash equivalents 92515961.79 -20825220752.34
(2) Net cash paid by subsidiaries in current period
□Applicable √Not Applicable
(3) Net cash received in current period for disposal of subsidiary
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Amount
Cash or cash equivalent received in current period for current subsidiary disposal
Less: Cash and cash equivalent held by subsidiary on the day when the Company loses 55064.76
control
Add: Cash or cash equivalent received in current period for prior subsidiary disposal
Net cash received for subsidiary disposal -55064.76
Other notes:
None
230 / 2692024 Annual Report of Tongwei Co. Ltd.
(4) Components of cash and cash equivalents
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
I. Cash 14461336840.56 14368820878.77
Including: Cash on hand 160649.66 590810.25
Bank deposits available for payment 14454979275.39 14358597172.96
Other cash available for payment 6196915.51 9632895.56
II. Cash equivalents
Including: Bond investments due within three months
III. Closing cash and cash equivalents 14461336840.56 14368820878.77
Including: Restricted cash and cash equivalents available
for use by parent company or subsidiaries
(5) Presentation of restricted cash as cash or cash equivalents
□Applicable √Not Applicable
(6) Cash at bank and in hand not classified as cash or cash equivalents
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount Reason
1987117932.06 20180806.08 Performance
Restricted cash at bank and in hand
bond
Term deposits（Non-restricted ） 5029436098.04 Note
Total 1987117932.06 5049616904.12 /
Note: At the opening such deposits are not classified as cash or cash equivalents because the purpose of the Company holding such
deposits is not to meet short-term liquidity needs for external payments but rather to earn interest income.Other notes:
√Applicable □Not Applicable
80. Notes to statement of owner's equity
Note on “other” items and adjusted amounts for adjustment of closing balance of prior period: □Applicable √Not Applicable
81. Foreign currency monetary items
(1) Foreign currency monetary items
√Applicable □Not Applicable
Unit:Yuan
Closing foreign currency Exchange rates for Closing converted CNY
Item
balance translation balance
Cash at bank and in hand - -
Including: USD 46239997.93 7.1884 332391571.63
VND 968931087206.02 0.0002856 276679350.99
BDT 1372398572.92 0.0599032 82211061.30
IDR 40615547788.51 0.0004517 18344872.53
EUR 21249654.57 7.5257 159918525.41
HKD 2298896.72 0.9260400 2128866.73
Notes receivable - -
Including: USD 143964745.97 7.1884 1034876179.89
EUR 1302282.99 7.5257 9800591.10
Accounts receivable
Including: USD 44860469.60 7.1884 322474975.57
VND 462082405101.79 0.0002856 131948145.37
IDR 143560210117.50 0.0004517 64842009.99
EUR 67912435.08 7.5257 511088612.67
VND 70524987.42 0.0599032 4224672.17
Other receivables
VND 1922526292.86 0.0002856 548979.52
231 / 2692024 Annual Report of Tongwei Co. Ltd.
BDT 1700000.00 0.0599032 101835.43
IDR 1167749999.60 0.0004517 527439.03
EUR 31566.48 7.5257 237559.86
Short-term borrowings
Including: USD 16358735.00 7.1884 117593130.68
VND 261500017901.16 0.0002856 74671621.33
Notes payable
Including: USD 482480.00 7.1884 3468259.23
EUR 118420.00 7.5257 891193.39
Accounts payable
Including: USD 9009079.84 7.1884 64760869.63
VND 113096431419.71 0.0002856 32294860.48
BDT 525524388.57 0.0599032 31480590.68
IDR 34069095934.28 0.0004517 15388028.88
EUR 39593022.45 7.5257 297965209.06
GBP 5017.00 9.0765 45536.80
Employee benefits payable
Including: VND 17172407473.00 0.0002856 4903600.07
BDT 120042138.50 0.0599032 7190907.80
Taxes payable
Including: VND 44086847665.14 0.0002856 12589048.45
IDR 48991260.50 0.0004517 22127.94
BDT 71581034.42 0.0599032 4287932.77
Other payables
Including: USD 83789059.11 7.1884 602309272.51
VND 28759855235.33 0.0002856 8212408.67
BDT 718487.77 0.0599032 43039.71
IDR 4940334321.00 0.0004517 2231406.65
EUR 59111.88 7.5257 444858.27
Long-term borrowings
Including: USD 248170618.90 7.1884 1783949676.90
Other notes:
None
(2) Note on overseas operating entities including for important overseas operating entities the principal business locations
overseas reporting currencies and basis as well as reasons for changes in reporting currencies
√Applicable □Not Applicable
Principal business
Entity name Reporting currency Basis for reporting currency
location
Currency for main operating
Tongwei Holdings PTE. Ltd. Singapore USD
activities
Currency for main operating
Tongwei Solar (Singapore) PTE. Ltd. Singapore USD
activities
Tongwei Feed Mill Bangladesh Ltd. Bangladesh BDT Local main currency
Vietnam Tongwei Co. Ltd. Vietnam VND Local main currency
Haiyang Tongwei Co. Ltd. Vietnam VND Local main currency
Heping Tongwei Co. Ltd. Vietnam VND Local main currency
PT Tongwei Indonesia Indonesia IDR Local main currency
Qianjiang Tongwei Co. Ltd. Vietnam VND Local main currency
Tongta Tongwei Co. Ltd. Vietnam VND Local main currency
Vietnam Tech-bank Feed Co. Ltd. Vietnam VND Local main currency
Currency for main operating
Tongwei Solar Hong Kong Co. Ltd. Hong Kong USD
activities
Tongwei Solar (Germany) GmbH Germany EUR Local main currency
232 / 2692024 Annual Report of Tongwei Co. Ltd.
82. Lease
(1) Company as lessee
√Applicable □Not Applicable
Variable lease payments not included into the measurement of lease liabilities
□Applicable √Not Applicable
Lease payments for short-term leases and low-value leases under a simplified approach
√Applicable □Not Applicable
The lease expenses for short-term leases and leases of low-value assets that are simplified in current period amounted to
44578043.58 yuan.
Sale and leaseback transaction and criteria
√Applicable □Not Applicable
In the current period the amount of cash inflow resulting from the sale and leaseback transactions was 2302653805.07 yuan
and the amount of cash outflow resulting from the existing sale and leaseback transactions was 402320085.97 yuan.The total cash outflows associated with leases amounted to 1028143428.14 yuan. This figure excludes expenses linked to sale and
leaseback transactions that do not qualify as sales.The maturity analysis of lease liabilities is detailed in the note titled “Risks Related to Financial Instruments”.
(2) Company as lessor
Operating lease - lessor
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
In which: Income relating to variable lease
Item Lease income payments not included into the
measurement of lease liabilities
Lease 230204199.29
Total 230204199.29
Finance lease - lessor
□Applicable √Not Applicable
Reconciliation of undiscounted lease payments to the net investment in the lease
□Applicable √Not Applicable
Present value of lease payments for the next five years
□Applicable √Not Applicable
(3) Selling profit or loss recognized under finance lease - producer or dealer
□Applicable √Not Applicable
Other notes:
None
83. Data resource
□Applicable √Not Applicable
84. Others
□Applicable √Not Applicable
VIII. R&D cost
1. Presentation by nature
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Labor cost 504255246.90 403040886.44
Costs of materials 368326197.49 364877555.48
Depreciation and fuel cost 445350481.72 230938375.66
233 / 2692024 Annual Report of Tongwei Co. Ltd.
Other expense 192182198.12 190625382.30
Total 1510114124.23 1189482199.88
In which: Expensed R&D cost 1510114124.23 1189482199.88
Capitalized R&D cost
Other notes:
None
2. R&D cost eligible for capitalization
□Applicable √Not Applicable
Material capitalized R&D projects
□Applicable √Not Applicable
Impairment provision for R&D cost
□Applicable √Not Applicable
Other notes:
None
3. Material purchased in-process R&D projects
□Applicable √Not Applicable
IX. Changes in the scope of consolidation
1. Business combinations under different control
□Applicable √Not Applicable
2. Business combinations under common control
□Applicable √Not Applicable
3. Reverse acquisition
□Applicable √Not Applicable
234 / 2692024 Annual Report of Tongwei Co. Ltd.
4. Subsidiary disposal
Transactions or events in current period that resulted in the loss of control over subsidiaries
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Amount of
other
Method and key
Difference comprehensiv
Fair value of assumptions for
between Carrying value e income
remaining determining fair
disposal price Remaini of remaining relating to
Disposal equity on Fair value value of
Disposal and share of ng equity equity on equity
percent control loss re-measurement remaining
Control loss Disposal price at method at Basis for determining the subsidiary's on control loss investment in
Subsidiary name at control date at the gain or loss on equity on
point control loss point control loss control loss point net assets at the control date at the level former
loss level of remaining control loss
point level of loss date of consolidated subsidiary
point (%) consolidated equity date at the level
consolidated (%) financial converted to
financial of consolidated
financial statements investment
statements financial
statements gain or loss or
statements
retained
earnings
On the control loss The
date the transfer determination is
Dongying Outward
agreement had been based on the
Tech-bank Feed transfer of Not
2024/3/31 3590206.98 49.00 signed and the other -55409.66 2.00 148800.68 146539.06 -2261.62 transaction
Technology Co. equity applicable
party actually had price of the
Ltd. interest
controlled the equity disposed
disposed subsidiary of
Other notes:
□Applicable √Not Applicable
Disposal of the investment in subsidiary through multiple transactions with loss of control in current period
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
5. Changes in scope of consolidation for other reasons
Note on changes in scope of consolidation for other reasons (such as new subsidiary or liquidation of subsidiary) and relevant circumstances:
√Applicable □Not Applicable
(1) In the current period three first-level subsidiaries including Zaozhuang Tongwei Feed Co. Ltd. Sichuan Chunyuan Ecological Farming Co. Ltd. and Ningxia Yinchuan Tongwei Feed Co. Ltd were
235 / 2692024 Annual Report of Tongwei Co. Ltd.
de-registered.
(2) In the current period Tongwei Solar (Anhui) Co Ltd a second-level subsidiary was transferred into a first-level subsidiary.
6. Others
□Applicable √Not Applicable
236 / 2692024 Annual Report of Tongwei Co. Ltd.
X. Interest in other entities
1. Interest in subsidiaries
(1) Corporate group structure
√Applicable □Not Applicable
Unit:10000yuan Currency:CNY
Subsidiary Principal Registered Registered Equity percent (%) Obtaining
Business nature
name business location capital location Direct Indirect method
Chemical Business
Yongxiang Co. Ltd. Leshan 106086.69 Leshan engineering and 99.9999 0.0001 combination under
PV common control
Production and Business
Tongwei Solar Co. Ltd. Chengdu 160000.00 Chengdu operation of 100 combination under
solar cells common control
Production and Business
Tongwei Solar (Anhui) Co.Hefei 80000.00 Hefei operation of 80 20 combination under
Ltd.solar cells common control
Production and Business
Tongwei Solar (Hefei) Co.Hefei 215000.00 Hefei operation of 100 combination under
Ltd.solar modules common control
Business
Tongwei New Energy Co. Chengdu PV power
120000.00 Chengdu 100 combination under
Ltd. operation
common control
Tongwei Solar Technology Chengmai Chengmai Establishment
10000.00 Sale of modules 100
Co. Ltd. County Hainan County Hainan through investment
Tongwei Solar (Singapore) Establishment
Singapore USD100 Singapore Sale of modules 100
PTE. Ltd. through investment
Establishment
Tongwei Food Co. Ltd. Chengdu 10000.00 Chengdu Food processing 72.16
through investment
Sichuan Tongwei Crystal
Technical Establishment
Silicon Photovoltaic Chengdu 10000.00 Chengdu 51
services through investment
\Industry Innovation Co. Ltd
Tongwei Smart Energy Establishment
Chengdu 50000.00 Chengdu Power supply 100
(Sichuan) Co. Ltd through investment
Chemical
Sichuang Yongxiang Resin Establishment
Leshan 36000.00 Leshan engineering and 99.9999 0.0001
Co. Ltd. through investment
PV
Tongwei Agriculture Feed production Establishment
Chengdu 80000.00 Chengdu 100
Development Co. Ltd. and operation through investment
Panzhihua Tongwei Feed Feed production Establishment
Panzhihua 2000.00 Panzhihua 100
Co. Ltd. and operation through investment
Nanning Tongwei Feed Co. Feed production Establishment
Nanning 2800.00 Nanning 100
Ltd. and operation through investment
Qianxi Tongwei Feed Co. Feed production Establishment
Qianxi 3000.00 Qianxi 100
Ltd. and operation through investment
Sichuan Fusion Link Co. Establishment
Chengdu 1000.00 Chengdu Others 60
Ltd. through investment
Foshan Nanhai Tongwei
Establishment
Aquatic Products Technology Guangzhou 4000.00 Guangzhou Farming 100
through investment
Co. Ltd.Note on equity percent different from voting right percent:
None
Basis for cases when the Company has control of investee in which it only holds 50% or less voting rights and when the Company
has no control of investee in which it holds over 50% voting rights:
None
Basis for the Company's control of important structured entities included into scope of consolidation:
None
237 / 2692024 Annual Report of Tongwei Co. Ltd.
Basis for determining whether the Company is the agent or truster:
None
Other notes:
The following 20 first-level subsidiaries were consolidated in the current period with the number of their respective subsidiaries
listed as follows:
Number of Shareholding
Voting
No. Subsidiary name Short name its percentage Notes
interest (%)
subsidiaries (%)
1 Yongxiang Co. Ltd. Yongxiang 16 100 100
2 Tongwei Solar Co. Ltd. Tongwei Solar 7 100 100
3 Tongwei Solar（Anhui）Co. Ltd. Anhui Solar 100 100
4 Tongwei Solar (Hefei) Co. Ltd. Hefei Solar 100 100
5 Tongwei Solar Technology Co. Ltd. Solar Technology 4 100 100
6 Tongwei Solar (Singapore) PTE. Ltd. Singapore Solar 5 100 100
7 Tongwei New Energy Co. Ltd. Tongwei New Energy 116 100 100
8 Tongwei Food Co. Ltd. Tongwei Food 11 72.16 72.16
Newly
Sichuan Tongwei Crystal Silicon Photovoltaic Industry established in
9 Tongwei PV Innovation 51 51
Innovation Co. Ltd the current
period
Newly
established in
10 Tongwei Smart Energy (Sichuan) Co. Ltd Tongwei Smart Energy 100 100
the current
period
Newly
established in
11 Sichuang Yongxiang Resin Co. Ltd. Yongxiang Resin 100 100
the current
period
12 Qianxi Tongwei Feed Co. Ltd. Qianxi Feed 100 100
13 Nanning Tongwei Feed Co. Ltd. Nanning Feed 100 100
14 Panzhihua Tongwei Feed Co. Ltd. Panzhihua Tongwei 100 100
Foshan Nanhai Tongwei Aquatic Products Technology
15 Foshan Technology 100 100
Co. Ltd.
16 Sichuan Fusion Link Co. Ltd. Sichuan Fusion Link 60 60
17 Tongwei Agriculture Development Co. Ltd. Tongwei AD 86 100 100
De-registered in
18 Zaozhuang Tongwei Feed Co. Ltd. Zaozhuang Feed 100 100 the current
period
De-registered in
19 Sichuan Chunyuan Ecological Farming Co. Ltd. Chunyuan Farming 100 100 the current
period
De-registered in
20 Ningxia Yinchuang Tongwei Feed Co. Ltd. Yinchuang Feed 100 100 the current
period
Total 245
(2) Important non-wholly-owned subsidiaries
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Minority Current profit or loss Current dividend
Closing minority interest
Subsidiary name equity attributable to minority declared to monitory
balance
Percentage shareholders shareholders
Sichuan Yongxiang New Energy Co. Ltd. 15.00 16982878.55 750000000.00 1148207212.72
Inner Mongolia Tongwei High-purity
20.00100472968.741002617000.001165202923.81
Crystalline Silicon Company
Yunnan Tongwei High-purity Crystalline
49.00-484221269.05686000000.003368485140.16
Silicon Company
238 / 2692024 Annual Report of Tongwei Co. Ltd.
Note on minority shareholders’ equity percent is different from their percent of voting rights:
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
239 / 2692024 Annual Report of Tongwei Co. Ltd.
(3) Main financial information of important non-wholly owned subsidiaries
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Subsidiary Closing balance Opening balance
name Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities
Sichuan
Yongxiang
4666220622.325514182555.1010180403177.42902146384.471602924297.592505070682.069940875559.175888849693.5615829725252.73938200092.432337840261.153276040353.58
New Energy
Co. Ltd.Inner
Mongolia
Tongwei
High-purity 4988783890.44 6766661179.03 11755445069.47 4167684979.33 1231342699.28 5399027678.61 4739998298.31 7175748042.63 11915746340.94 1251093786.01 1691618161.42 2942711947.43
Crystalline
Silicon
Company
Yunnan
Tongwei
High-purity
5792982359.6514846580875.7120639563235.368920475097.174833883851.3713754358948.542083348496.9213307356187.9615390704684.885658644911.371844266396.807502911308.17
Crystalline
Silicon
Company
Current amount Prior amount
Subsidiary name Total comprehensive Cash flow from operating Total comprehensive Cash flow from operating
Operating revenue Net income Operating revenue Net income
income activities income activities
Sichuan Yongxiang New Energy Co. Ltd. 4335906311.02 121647596.21 121647596.21 995639643.80 14602965410.19 7741219596.60 7741219596.60 6402263420.25
Inner Mongolia Tongwei High-purity
4706002714.06452247198.19452247198.19189436429.3914136692519.266388068567.496388068567.497302704030.13
Crystalline Silicon Company
Yunnan Tongwei High-purity Crystalline
4225392058.64-977461854.43-977461854.43-2379615767.327355260762.033099931537.643099931537.644118902225.70
Silicon Company
Other notes:
None
240 / 2692024 Annual Report of Tongwei Co. Ltd.
(4) Significant restrictions on use of group assets and service of group liabilities
□Applicable √Not Applicable
(5) Financial or other supports provided for structured entities within the scope of consolidation
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
2. Transactions resulting in changes in ownership interest without loss of control
√Applicable □Not Applicable
(1) Notes on changes in equity interest in subsidiaries
√Applicable □Not Applicable
In June 2024 the acquisition of a 20.00% equity stake held by minority shareholders in Chengdu Ronglai Tongwei Feed Co.Ltd. increased the Company’s ownership interest from 80.00% to 100.00%.In June 2024 the acquisition of a 3.975% equity stake held by minority shareholders in Tongwei Huijin New Energy Co. Ltd.increased the Company’s ownership interest from 96.025% to 100.00%.In October 2024 the acquisition of a 3.225% equity stake held by minority shareholders in Tongwei New Energy Technology
(Beijing) Co. Ltd. increased the Company’s ownership interest from 96.775% to 100.00%.
In September 2024 the acquisition of a 0.775% equity stake held by minority shareholders in Tongwei New Energy (Shenzhen)
Co. Ltd. increased the Company’s ownership interest from 99.225% to 100.00%.
(2) Effects of transactions on minority interest and interest attributable to owners of parent company
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Chengdu Ronglai Tongwei Feed Co. Ltd.Acquisition cost/disposal consideration 5962600.00
--Cash 5962600.00
--Fair value of non-cash assets
Total acquisition cost/disposal consideration 5962600.00
Less: Share of subsidiary's net assets based on the ownership
5933130.78
interest acquired or disposed
Difference 29469.22
Including: Adjustment of capital reserve -29469.22
Adjustment of surplus reserve
Adjustment of undistributed profit
Unit:Yuan Currency:CNY
Tongwei Huijin New Energy Co. Ltd.Acquisition cost/disposal consideration 13215063.64
--Cash 13215063.64
--Fair value of non-cash assets
Total acquisition cost/disposal consideration 13215063.64
Less: Share of subsidiary's net assets based on the ownership
18797856.04
interest acquired or disposed
Difference -5582792.40
Including: Adjustment of capital reserve 5582792.40
Adjustment of surplus reserve
Adjustment of undistributed profit
Unit:Yuan Currency:CNY
Tongwei New Energy（Beijing）Co. Ltd.Acquisition cost/disposal consideration 7292673.00
--Cash 7292673.00
--Fair value of non-cash assets
Total acquisition cost/disposal consideration 7292673.00
Less: Share of subsidiary's net assets based on the ownership -7055693.05
interest acquired or disposed
241 / 2692024 Annual Report of Tongwei Co. Ltd.
Difference 14348366.05
Including: Adjustment of capital reserve -14348366.05
Adjustment of surplus reserve
Adjustment of undistributed profit
Unit:Yuan Currency:CNY
Tongwei New Energy（Shenzhen）Co. Ltd.Acquisition cost/disposal consideration 3362641.05
--Cash 3362641.05
--Fair value of non-cash assets
Total acquisition cost/disposal consideration 3362641.05
Less: Share of subsidiary's net assets based on the ownership interest acquired 3886104.52
or disposed
Difference -523463.47
Including: Adjustment of capital reserve 523463.47
Adjustment of surplus reserve
Adjustment of undistributed profit
Other notes:
□Applicable √Not Applicable
3. Interest in joint ventures or associates
√Applicable □Not Applicable
(1) Important joint ventures or associates
□Applicable √Not Applicable
(2) Main financial information of important joint ventures
□Applicable √Not Applicable
(3) Main financial information of associates
□Applicable √Not Applicable
(4) Aggregated financial information of non-important joint ventures and associates
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance / Current amount Opening balance / Prior amount
Joint ventures:
Total carrying value 119253303.90 109840291.07
Totals by ownership interest percentage:
--Net profit 14413012.83 7681447.27
—Other comprehensive income
—Other equity changes
—Cash dividends or profits declared for distribution 5000000.00
—Total comprehensive income 14413012.83 7681447.27
Associates:
Total carrying value 2187442071.20 267477779.99
Totals by ownership interest percentage:
--Net profit -14417472.84 -42635498.24
—Other comprehensive income -263407.00 -191873.99
—Other equity changes 10415171.05
—Cash dividends or profits declared for distribution
—Total comprehensive income -14680879.84 -42827372.23
Other notes:
None
(5) Note on significant limitations on the ability of joint ventures or associates to transfer funds to the Company
□Applicable √Not Applicable
242 / 2692024 Annual Report of Tongwei Co. Ltd.
(6) Excess losses by joint ventures or associates
□Applicable √Not Applicable
(7) Unconfirmed commitments relating to joint venture investments
□Applicable √Not Applicable
(8) Contingent liabilities relating to joint venture or associate investments
□Applicable √Not Applicable
4. Important joint operations
□Applicable √Not Applicable
5. Interest in structured entities outside of the scope of consolidation
Note on structured entities outside of the scope of consolidation:
□Applicable √Not Applicable
6. Others
□Applicable √Not Applicable
XI. Government grants
1. Government grants recognized as receivables at the end of the reporting period
□Applicable √Not Applicable
Reasons for not receiving the expected amount of government grants at the anticipated timing
□Applicable √Not Applicable
2. Liability items involving government grants
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Amount
Other
carried into
Amount carried changes
Increased grant non-operating Relating to
Item Opening balance into other income in Closing balance
in current period revenue in asset/income
in current period current
current
period
period
Deferred 955248361.58 303313800.00 374732776.72 883829384.86 Relating to
income asset
Deferred 5449999.93 1249999.93 4200000.00 Relating to
income income
Total 960698361.51 303313800.00 375982776.65 888029384.86 /
3. Government grants carried into current gain or loss
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Type Current amount Prior amount
Relating to asset 374732776.72 224693098.22
Relating to income 170451988.50 784755626.47
Total 545184765.22 1009448724.69
Other notes:
None
XII. Risks relating to financial instruments
1. Risks of financial instruments
√Applicable □Not Applicable
(1) Credit risk
Credit risk is the risk of one party to the financial instrument incurs a loss due to the non-performance of the other party. The
243 / 2692024 Annual Report of Tongwei Co. Ltd.
main credit risk to which the Company is exposed to the customer credit risk due to selling on credit. Before signing a new contract
the Company assesses the credit risk of the new customer including its external credit rating and in some cases the creditworthiness
certificate from bank (when available). The Company sets a credit limit for each customer; this is the maximum limit that requires no
additional approval. On each balance sheet date the carrying value of receivables of the Company presents the maximum credit
exposure
By applying credit monitoring and managing accounts receivable via aging analysis for existing customers with weekly reports
on changes in accounts receivable from key customers submitted by the Financial Department the Company ensures the overall
credit risk within a controllable range. Customers are grouped by their credit feature when the Company monitors their credit risks.“High-risk” customers are placed into the list of restricted customers who are required to make advances.In addition the Company creates adequate provision for expected credit loss depending on the recovery of accounts receivable
on each balance sheet date. As such the Company management believes that the credit risk the Company bears has been reduced
hugely.Current funds of the Company are placed into banks with high credit rating and therefore exposed to a low credit risk.The Company's credit exposure covers customers a variety of contract parties and customers from different regions relating to
PV generation silicon materials and wafers solar cells modules and relevant chemical engineering feed and food processing. No
systematic risk is detected in these industries. Therefore the Company is not exposed to significant concentrated credit risk. On
December 31 2024 the balance of accounts receivable (including contract assets) from top five customers was 2045394300yuan
accounting for 26.25 % of the period-end total balance of accounts receivable (including contract assets).
(2) Market risk
It is the risk that fair value of future cash flow of financial instrument volatilizes due to changes in market price including
foreign exchange risk interest rate risk and other price risks.
1) Interest rate risk
It is the risk that fair value of future cash flow of financial instrument volatilizes due to changes in market interest rate. The
main interest rate risk to which the Company is exposed is from bank borrowings.The Company keeps a good credit status in banks and effectively controls its interest rate risk by controlling its debt structure
with funds from domestic branches and subsidiaries coordinated by the head office enhancing the liquidity and eliminating overdue
borrowings.
2) Foreign exchange risk
It is the risk that fair value of future cash flow of financial instrument volatilizes due to changes in exchange rates. The
Company spares no effort to match its foreign currency income with foreign currency expenditure to lower this risk. The main
exchange risks for the Company are mainly from financial assets and financial liabilities denominated in foreign currencies such as
the USD VND BDT INR SGD EUR and HKD. The amounts translated from foreign currency assets and foreign currency
liabilities into CNY are detailed in Notes “foreign currency monetary items”.
(3) Liquidity risk
It is the risk of incurring losses resulting from the inability to meet payment obligations via delivery of cash or other financial
assets. The Company follows a policy to ensure it has adequate cash to pay debts when they become due. Liquidity risk is centrally
managed by the Company's Financial Department. By monitoring cash balance marketable securities readily for realization and the
12-month rolling forecast of cash flow the Financial Department ensures the Company keeps adequate cash to pay debts under all
reasonably expected conditions.As of December 31 2024 the expiry dates of financial liabilities held by the Company by undiscounted remaining contract
obligations are as below:
Unit:10000yuan Currency: CNY
Item Within 1 year 1- 2 years 2- 3 years Over 3 years Total
Short-term borrowings 187822.44 187822.44
Notes payable 1521073.02 1521073.02
Accounts payable 1984003.79 1984003.79
Other payables 166984.87 166984.87
Other current liabilities 150282.83 150282.83
Long-term borrowings 351306.77 696317.23 602173.27 4801617.13 6451414.40
Bonds payable 17954.98 78739.96 330784.95 1275047.01 1702526.90
Lease liabilities 141264.07 158381.87 126798.19 355587.49 782031.62
Long-term payables 131726.56 70411.50 68555.87 77876.47 348570.40
Total 4652419.33 1003850.56 1128312.28 6510128.10 13294710.27
2. Hedge
(1) Risk management for hedging activities by the Company
√Applicable □Not Applicable
Risk management Qualitative and Economic Effective Impact of hedging
Item strategy and quantitative relationship between achievement of activities on risk
objective information about the hedged item and expected risk exposure
244 / 2692024 Annual Report of Tongwei Co. Ltd.
the risk being the hedging management
hedged instrument objective
By hedging through The Company's
The Company's
forward exchange The Company has hedging activities
foreign currency
contracts the firm commitments are limited to firm The cash flow from
denominated firm
Company can denominated in commitments for forward exchange
commitments and
prudently mitigate foreign currency for sales and purchase contracts offsets the
cash flows from
the impact of both sales and denominated in cash flow of foreign
forward exchange
Forward exchange exchange rate purchases and the foreign currency. currency-denominated
contracts exhibit
contracts fluctuations on cash exchange rate risk The hedging ratio firm commitments
opposite movements
flows enhancing associated with these complies with mitigating the risk
due to facing the
risk management commitments effectiveness associated with the cash
same exchange rate
capabilities and fluctuates with standards flow fluctuations of
risk thereby
stabilizing changes in forward effectively meeting these commitments.creating a risk
production and exchange rates. the hedging
hedging relationship.operations. objective.Other notes:
□Applicable √Not Applicable
(2) The Company conducts eligible hedging activities and applies hedging accounting
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Cumulative adjustments
Carrying value associated to fair value of hedged Hedge effectiveness and Effects of hedge
Item with hedged item and item contained in the the source of the portion accounting on the
hedging instrument recognized carrying value of ineffectiveness financial statements
of hedged item
Hedge risk type
The hedging ratio
At the end of the period complies with the The amount (operating
the balance of assets effectiveness revenue and financial
Hedging exchange risk
formed by forward requirements. expense) of cash flow
on firm commitments
foreign contracts was Ineffectiveness arises hedge reserve converted
through cash flow hedge -
15.3216 million yuan from firm sales or to profit or loss in current
via forward exchange
while the liability balance purchase commitments period was 11.5165
contracts
formed was 10.6165 being canceled without a million yuan. (positive
million yuan. hedge relationship figures mean credit items)
designated.Other notes:
□Applicable √Not Applicable
(3) The Company conducts hedging activities for risk management and expects to achieve the risk management objective
without hedge accounting applied
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
3. Transfer of financial assets
(1) Classification of transfer methods
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Nature of transferred Amount of transferred
Transfer method De-recognition Criteria for de-recognition
financial asset financial asset
The acceptors are banks with a
very low possibility of
Receivables financing Banker's acceptances 12595749870.65De-recognition
non-performance and a very
low possibility of recourse so
245 / 2692024 Annual Report of Tongwei Co. Ltd.
these banker's acceptances
have been derecognized.The banks independently
assume the credit risk
Notes receivable Letters of credit 177962400.00De-recognition associated with the letters of
credit with both risk and
reward transferred
Total 12773712270.65 /
(2) Financial assets de-recognized due to transfer
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Amount of financial assets
Item Transfer method Gain or loss on de-recognition
de-recognized
Banker's acceptances Note endorsement 7903864801.82
Banker's acceptances Note discounting 4691885068.83 36090841.69
Letters of credit Note discounting 177962400.00 2427771.06
Total 12773712270.65 38518612.75
(3) Continuing involvement with transferred financial assets
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
XIII. Fair value disclosure
1. Closing fair value of assets and liabilities measured at fair value
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing fair value
Item Level 1 Level 2 Level 3
fair value fair value fair value Total
measurement measurement measurement
I. Continuous measurement at fair value
(I) Held-for-trading financial assets 12869130833.91 12869130833.91
1. Financial assets measured at fair value through
12869130833.9112869130833.91
current profit or loss
(1) Debt investments 12861667567.35 12861667567.35
(2) Equity investments 146539.06 146539.06
(3) Derivative financial assets 7316727.50 7316727.50
(II)Derivative financial assets 15321594.19 15321594.19
(III)Receivables financing 7704206516.60 7704206516.60
(IV) Other equity investments 158373643.44 158373643.44
(V) Other non-current financial assets 6271248.25 6271248.25
Total assets continuously measured at fair value 15321594.19 20737982242.20 20753303836.39
(VI) Trading financial liabilities 29573.07 29573.07
1. Financial liabilities measured at fair value through
29573.0729573.07
current profit or loss
(1) Derivative financial liabilities 29573.07 29573.07
(VII) Derivative financial liabilities 10616503.01 10616503.01
Total liabilities continuously measured at fair value 10616503.01 29573.07 10646076.08
2. The basis for recognizing the market value of items measured at first-level fair value on a continuing and non-continuing
basis
□Applicable √Not Applicable
246 / 2692024 Annual Report of Tongwei Co. Ltd.
3. Qualitative and quantitative information on valuation techniques and important parameters for items measured at
second-level fair value on a continuing and non-continuing basis
√Applicable □Not Applicable
For derivative financial assets and derivative financial liabilities the market value of level 2 items measured at fair value on a
continuing and non-continuing basis is recognized based on the gain or loss calculated according to the observable parameters
published by the banks with which the contracts are signed.
4. Qualitative and quantitative information of valuation techniques and important parameters used for level 3 items
continuously and non-continuously measured at fair value
√Applicable □Not Applicable
Debt instruments investments are structured deposits and wealth management products purchased by the Company. The market
value of level three items measured at fair value on a continuing and non-continuing basis is recognized based on the value calculated
according to the yield estimated by banks.For derivative financial assets in trading financial liabilities and trading financial assets the market value of level three items
measured at fair value on a continuing and non-continuing basis is recognized based on the gain or loss calculated according to the
non-observable parameters published by banks. Remaining term of receivables financing is short which means its carrying value is
close to the fair value therefore the carrying value is used as fair value.For other equity investments the closing net assets of investee is used as the important basis for its fair value valuation. Where
certain valuation techniques are used to determine fair value the important parameters include interest rate that cannot be directly
observed.The investment costs of other non-current financial assets are used as their fair values because no significant changes occurred
in the operating environment operation and financial status of the investees and these amounts are not significant.
5. Reconciliation between opening and closing carrying values and sensitivity analysis for unobservable parameters for level 3
items continuously and non-continuously measured at fair value
□Applicable √Not Applicable
6. Reasons for and policies at level conversion for items continuously measured at fair value
□Applicable √Not Applicable
7. Changes in valuation techniques and reason
□Applicable √Not Applicable
8. Fair value of financial assets and financial liabilities not measured at fair value
□Applicable √Not Applicable
9. Others
□Applicable √Not Applicable
XIV. Related parties and related-party transactions
1. Parent company
√Applicable □Not Applicable
Unit:10000yuan Currency:CNY
Parent’s ownership Parent's voting right
Registered
Parent company name Business nature Registered capital percentage in the percentage in the
location
Company (%) Company (%)
Tongwei Group Co.Sichuan Mixed operation 20000.00 44.91 44.91
Ltd.Description of the Company’s parent company
Tongwei Group Co. Ltd. is a limited liability company whose registered office and business office are both at No. 588 Middle
Section Tianfu Avenue High-Tech Zone Chengdu legally represented by Guan Yamei with a registered capital of 200 million yuan.Scope of activities: (The following items do not include those requiring prior licenses items requiring post licenses are subject to
licenses or approvals) Feed processing; manufacturing of equipment specially for electronic industry; manufacturing of PV
equipment and components; cell manufacturing; manufacturing of gas-fired solar and similar-fueled home appliances; aquaculture
(the above items are limited to branches and subsidiaries); wholesale and retail of goods; livestock husbandry; services for promoting
and applying technologies; services for software and information technology; import and export; development and operation of real
properties; property management; lease; advertising; PV generation. (Any activity that requires approval under laws may not be
conducted until such approval is obtained from relevant authorities).
247 / 2692024 Annual Report of Tongwei Co. Ltd.
The ultimate controller of the Company is Liu Hanyuan.Other notes:
None
2. Subsidiaries of the Company
Details of subsidiaries are in Notes “interest in other entities”.□Applicable √Not Applicable
3. Joint ventures and associates
Details of important joint ventures and associates are in Notes.□Applicable √Not Applicable
Other joint ventures or associates that concluded related-party transactions with the Company in current period or in prior periods
that had caused balances
√Applicable □Not Applicable
Name of joint venture or associate Relationship with the Company
BioMar Tongwei (Wuxi) Biotech Co. Ltd. Joint venture
Anhui Tech-bank Feed Technology Co. Ltd. Associate
Anhui Tech-bank Biotechnology Co. Ltd. Associate
Bohai Aquaculture Co. Ltd. Associate
Suzhou Taiyangjing New Energy Co. Ltd. Associate
Sichuan Haicheng Carbon Products Co. Ltd. Associate
Haimao Seed Industry Technology Co. Ltd. Associate
Scigene Biotechnology Co. Ltd. Associate
Huaxiang New Energy (Changning) Co. Ltd. Associate
Boyang Industrial Co. Ltd. Associate
Other notes:
□Applicable √Not Applicable
4. Other related parties
√Applicable □Not Applicable
Name Relationship with the Company
Chengdu Haozhuren Pet Food Co. Ltd. Common ultimate control
Chengdu Tongwei Culture Media Co. Ltd. Common ultimate control
Chengdu Tongwei Property Co. Ltd. Common ultimate control
Chengdu Tongyu Property Management Co. Ltd. Common ultimate control
Chengdu Xinrui Technology Development Co. Ltd. Common ultimate control
Meishan Tongwei Property Co. Ltd. Common ultimate control
Chengdu Low-carbon Urban Investment Co. Ltd. Common ultimate control
Chengdu Tongwei Business Management Co. Ltd. Common ultimate control
Sichuan Tongwei Shidi Property Co. Ltd. Common ultimate control
Tongwei Microelectronics Co. Ltd. Common ultimate control
The wholly-owned subsidiary of BioMar Tongwei (Wuxi)
Zhuhai Haiwei Feed Co. Ltd.Biotech Co. Ltd. the Company's joint venture
Other notes:
None
5. Related-party transactions
(1) Related-party transactions on sale and purchase of goods and rendering and receipt of services
Purchase of goods/receipt of services
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Related-party Approved Exceed
Related party Current amount Prior amount
transaction transaction limit or
248 / 2692024 Annual Report of Tongwei Co. Ltd.
limit (if not (if
applicable) applicable)
Machinery equipment
Chengdu Xinrui Technology Development
raw materials and 146476462.38 No 178757626.01
Co. Ltd.others
Anhui Tech-bank Feed Technology Co. Raw materials feed
140064983.95 No 241644851.60
Ltd. and others
Feed packaging
Zhuhai Haiwei Feed Co. Ltd. 127896816.29 No 86814312.02
materials and other
Chengdu Tongyu Property Management Property management
110075198.98 No 86509597.87
Co. Ltd. and service fees
Equipment raw
Suzhou Taiyangjing New Energy Co. Ltd. 67307464.18 No 8409233.21
materials and others
Sichuan Haicheng Carbon Products Co.Graphite products 44888595.59 No 21379938.06
Ltd.Tongwei Newspaper
Chengdu Tongwei Culture Media Co.goods and media 39347653.33 No 73467684.41
Ltd.equipment
Raw materials feed
Anhui Tech-bank Biotechnology Co. Ltd. 29377285.36 No 43695354.90
and others
Feed pre-mixed feed
BioMar Tongwei (Wuxi) Biotech Co. Ltd. 26794040.00 No 897289.62
and others
Chengdu Tongwei Business Management Spirits and beverages
2713602.19 No 2492939.83
Co. Ltd. gifts
Bohai Aquaculture Co. Ltd. and its Shrimp seed electricity
1716502.85 No 120736.29
subsidiaries bill etc.Haimao Seed Industry Technology Co. Raw materials feed
571268.12 No 3227717.67
Ltd. and its subsidiaries and others
Tongwei Group Co. Ltd. Others 142298.64 No
Chengdu Haozhuren Pet Food Co. Ltd. Feed and pet supplies 50420.65 No 25237.71
Chengdu Tongwei Property Co. Ltd. Others No 11428.56
Sale of goods/rendering of services
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Related party Related-party transaction Current amount Prior amount
Feed animal protection and
Scigene Biotechnology Co. Ltd. and its subsidiaries 238944742.28 16493806.41
others
Zhuhai Haiwei Feed Co. Ltd. Feed pre-mixed feed and others 36363597.05 8865360.44
BioMar Tongwei (Wuxi) Biotech Co. Ltd. Feed pre-mixed feed and others 23379874.45 27343702.39
Bohai Aquaculture Co. Ltd. and its subsidiaries Feed pre-mixed feed and others 5140726.65 20192606.40
Suzhou Taiyangjing New Energy Co. Ltd. Cells raw materials and others 4884866.64
Anhui Tech-bank Feed Technology Co. Ltd. Raw materials feed and others 1971164.70 5559066.35
Chengdu Haozhuren Pet Food Co. Ltd. Feed pre-mixed feed and others 1036364.93 361872.16
Tongwei Group Co. Ltd. Accessories food and others 902021.77 1601723.64
Huaxiang New Energy (Changning) Co. Ltd. Modules 840417.54
Chengdu Tongwei Business Management Co. Ltd. Accessories food and others 400903.21 201475.61
Tongwei Microelectronics Co. Ltd. Accessories food and others 369455.54 2927397.96
Chengdu Tongwei Culture Media Co. Ltd. Accessories food and others 114396.23 128240.57
Sichuan Tongli Construction Engineering Co. Ltd. Modules 112191.19
Raw materials equipment and
Chengdu Xinrui Technology Development Co. Ltd. 30657.45
others
Haimao Seed Industry Technology Co. Ltd. and its
Aquatic products 21000.00 7500.00
subsidiaries
Tongwei Group Co. Ltd and its subsidiaries Others 7748.49 49348.18
Sichuan Tongwei Shidi Property Co. Ltd. Accessories food and others 1422.32 4560.40
Meishan Tongwei Property Co. Ltd. Food and coupon cards 33981.61
Anhui Tech-bank Biotechnology Co. Ltd. Feed 655.75
249 / 2692024 Annual Report of Tongwei Co. Ltd.
Note: In 2024 Tongwei Agriculture Development Co. Ltd. successfully acquired a 30.00% equity stake in Scigene Biotechnology
Co. Ltd. Consequently Scigene Biotechnology is recognized as an affiliated entity of Tongwei Co. Ltd.Note on related-party transactions on sale and purchase of goods and rendering and receipt of services
□Applicable √Not Applicable
(2) Related-party management/entrusted management and contract-based operation/outsourcing
Entrusted management/contract-based operation by the Company:
□Applicable √Not Applicable
Note on related-party management/contract-based operation
□Applicable √Not Applicable
Entrusted management/contract-based operation from the Company
□Applicable √Not Applicable
Note on related-party management/contract-based operation for the Company
□Applicable √Not Applicable
(3) Related-party leases
The Company as lessor:
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Lease income Lease income
Lessee name Type of leased asset recognized in current recognized in prior
period period
Premises buildings and machinery
Chengdu Haozhuren Pet Food Co. Ltd. 4656182.36 5032148.40
equipment
Tongwei Microelectronics Co. Ltd. Premises and buildings 4451474.95 4255997.92
Chengdu Tongwei Business Management Co.Premises and buildings 68821.10
Ltd.
250 / 2692024 Annual Report of Tongwei Co. Ltd.
The Company as lessee:
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Variable lease
Lease payments for short-term payments not
leases and low-value leases included into the Interest expense on lease
Paid rents (including tax) Increased right-of-use assets
Type of under a simplified approach (if measurement of liabilities
Lessor name
leased asset applicable) lease liabilities (if
applicable)
Current Current Prior Current
Prior amount Current amount Prior amount Prior amount Current amount Prior amount
amount amount amount amount
Chengdu Tongwei Property Premises and
2612100.565763709.4520438911.8616713678.935384418.244884203.4910899453.67
Co. Ltd. buildings
Chengdu Tongyu Property Premises and
3594013.934589002.803806714.774861488.37
Management Co. Ltd. buildings
Bohai Aquaculture Co. Ltd. Premises and
2517369.352517369.35
and its subsidiaries buildings
Chengdu Tongwei Culture Premises and
68959.5973097.17
Media Co. Ltd. buildings
Haimao Seed Industry Premises and
Technology Co. Ltd. and its buildings 544120.83 2571326.87 2000000.00
subsidiaries
Premises and
Tongwei Group Co. Ltd. 61217.82 18365.72 1204675.97 1121075.99 122653.10 168245.56 171796.41 1881515.27
buildings
Note on related-party leases
□Applicable √Not Applicable
251 / 2692024 Annual Report of Tongwei Co. Ltd.
(4) Related-party guarantees
The Company as guarantor
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Guarantee
Guarantee expiry Guarantee fulfilled
Guaranteed party Guaranteed amount commencement
date completely or not
date
BioMar Tongwei (Wuxi) Biotech Co. Ltd. 10000000.00 2024/11/13 2025/2/20 No
Hubei Scigene Swine Breeding & Livestock Co. Ltd. 9000000.00 2024/3/28 2025/3/28 No
Guigang Scigene Biotechnology Co. Ltd. 5800000.00 2024/3/28 2025/3/28 No
Note 1: The Company has provided a guarantee limited to 50 million yuan for the debt of BioMar Tongwei (Wuxi) Biotech Co.Ltd. (one of its joint ventures) made from HSBC Bank (China) Co. Ltd. As of December 31 2024 the guarantee balance for the
borrowings from HSBC Bank (China) Co. Ltd. was 10 million yuan.Note 2: Tongwei Agricultural Finance Guarantee Co. Ltd. (a subsidiary of Tongwei Co. Ltd.) provided guarantees for the feed
purchasing operations of its associates Hubei Scigene Swine Breeding & Livestock Co. Ltd. and Guigang Scigene Biotechnology
Co. Ltd. As of December 31 2024 the total balance of these guarantee liabilities reached 14.80 million yuan.As of December 31 2024 aside from the above-mentioned guarantees for Tongwei Bioma (Wuxi) Biotechnology Co. Ltd. a
joint venture Hubei Scigene Swine Breeding & Livestock Co. Ltd. and Guigang Scigene Biotechnology Co. Ltd. (its associates)
and the financing guarantees extended to other subsidiaries Tongwei Co. Ltd. did not issue guarantees to any additional affiliated
parties.The Company as guaranteed party
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Guarantee
Guarantee expiry Guarantee fulfilled completely or
Guarantor Guaranteed amount commencement
date not
date
Short-term borrowings
Tongwei Group Co. Ltd. 365613597.09 2024/12/23 2025/12/25 No
Subtotal 365613597.09
Long-term borrowings due within
one year
Tongwei Group Co. Ltd. 170000000.00 2022/8/26 2025/2/26 No
Tongwei Group Co. Ltd. 390000000.00 2023/9/27 2025/9/27 No
Tongwei Group Co. Ltd. 40498194.44 2024/3/26 2026/3/26 No
Tongwei Group Co. Ltd. 9200000.00 2024/3/25 2027/3/25 No
Tongwei Group Co. Ltd. 21035880.01 2024/12/13 2027/12/13 No
Tongwei Group Co. Ltd. 99960000.00 2023/1/1 2025/11/28 No
Tongwei Group Co. Ltd. 10000000.00 2023/3/29 2026/3/26 No
Tongwei Group Co. Ltd. 50847882.78 2023/5/29 2026/5/18 No
Tongwei Group Co. Ltd. 40000000.00 2023/12/27 2026/8/20 No
Tongwei Group Co. Ltd. 580000000.00 2022/8/5 2025/7/29 No
Tongwei Group Co. Ltd. 261263874.94 2022/9/26 2025/9/26 No
Tongwei Group Co. Ltd. 5000000.00 2023/3/29 2026/3/28 No
Tongwei Group Co. Ltd. 10000000.00 2024/9/27 2027/9/29 No
Tongwei Group Co. Ltd. 200000.00 2023/9/27 2026/9/26 No
Tongwei Group Co. Ltd. 200000.00 2024/2/1 2027/1/31 No
Tongwei Group Co. Ltd. 200000.00 2024/3/18 2027/3/17 No
Tongwei Group Co. Ltd. 20988888.88 2023/12/31 2026/12/28 No
Tongwei Group Co. Ltd. 20000000.00 2024/3/22 2027/3/21 No
Tongwei Group Co. Ltd. 7400000.00 2024/12/28 2027/12/27 No
Tongwei Group Co. Ltd. 1255751.45 2023/1/30 2026/1/29 No
Tongwei Group Co. Ltd. 10798187.49 2024/3/25 2027/3/25 No
Tongwei Group Co. Ltd. 460417722.27 2022/10/19 2025/10/18 No
Sub-total 2209266382.26
Long-term borrowings:
Tongwei Group Co. Ltd. 160000000.00 2024/3/26 2026/3/26 No
Tongwei Group Co. Ltd. 446200000.00 2024/3/25 2027/3/25 No
Tongwei Group Co. Ltd. 980000000.00 2024/12/13 2027/12/13 No
252 / 2692024 Annual Report of Tongwei Co. Ltd.
Tongwei Group Co. Ltd. 84990000.00 2023/3/29 2026/3/26 No
Tongwei Group Co. Ltd. 424990000.00 2023/5/29 2026/5/18 No
Tongwei Group Co. Ltd. 340000000.00 2023/12/27 2026/8/20 No
Tongwei Group Co. Ltd. 287500000.00 2023/3/29 2026/3/28 No
Tongwei Group Co. Ltd. 490000000.00 2024/9/27 2027/9/29 No
Tongwei Group Co. Ltd. 100000000.00 2023/6/29 2026/6/28 No
Tongwei Group Co. Ltd. 599600000.00 2023/9/27 2026/9/26 No
Tongwei Group Co. Ltd. 299700000.00 2024/2/1 2027/1/31 No
Tongwei Group Co. Ltd. 299700000.00 2024/3/18 2027/3/17 No
Tongwei Group Co. Ltd. 660000000.00 2023/12/31 2026/12/28 No
Tongwei Group Co. Ltd. 470000000.00 2024/3/22 2027/3/21 No
Tongwei Group Co. Ltd. 252600000.00 2024/12/28 2027/12/27 No
Tongwei Group Co. Ltd. 297500000.00 2023/1/30 2026/1/29 No
Tongwei Group Co. Ltd. 985000000.00 2024/3/25 2027/3/25 No
Subtotal 7177780000.00
Note on related-party guarantees
□Applicable √Not Applicable
(5) Related-party lending
□Applicable √Not Applicable
(6) Related-party asset transfer and debt restructuring
□Applicable √Not Applicable
(7) Key management personnel compensation
√Applicable □Not Applicable
Unit:10000yuan Currency:CNY
Item Current amount Prior amount
Key management personnel compensation 4209.25 6613.69
(8) Other related-party transactions
□Applicable √Not Applicable
6. Unsettled receivables from and payables to related parties
(1) Receivable
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Item name Related party Provision for bad Provision for bad
Book balance Book balance
debts debts
Accounts Scigene Biotechnology Co. Ltd. and its
2240479.42112023.97
receivable subsidiaries
Accounts Huaxiang New Energy (Changning) Co.
949671.8447483.59
receivable Ltd.Accounts
Tongwei Group Co. Ltd. 5642.95 282.15
receivable
Accounts
Zhuhai Haiwei Feed Co. Ltd. 25100.00
receivable
Accounts
Bohai Aquaculture Co. Ltd. 585270.40 29263.52
receivable
Prepayments Zhuhai Haiwei Feed Co. Ltd. 2870.98
Prepayments Anhui Tech-bank Feed Technology Co.
214.008679587.14
Ltd.Prepayments Sichuan Haicheng Carbon Products Co.
32801900.4038717457.00
Ltd.Haimao Seed Industry Technology Co.Other receivable 500000.00
Ltd. and its subsidiaries
Other non-current Boyang Industrial Co. Ltd. 221875000.00
253 / 2692024 Annual Report of Tongwei Co. Ltd.
assets
Other non-current
Chengdu Tongwei Culture Media Co. Ltd. 1025000.00
assets
(2) Payable
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Name Related party Closing book balance Opening book balance
Accounts payable Chengdu Tongyu Property Management Co. Ltd. 744684.82 222500.00
Accounts payable Anhui Tech-bank Biotechnology Co. Ltd. 214020.30 647468.60
Accounts payable Anhui Tech-bank Feed Technology Co. Ltd. 429261.00
Accounts payable Chengdu Tongwei Culture Media Co. Ltd. 19160368.04 29608632.07
Accounts payable Chengdu Xinrui Technology Development Co. Ltd. 73878577.18 55617781.83
Accounts payable Suzhou Taiyangjing New Energy Co. Ltd. 21480450.67 3088878.01
Accounts payable Anhui Tech-bank Feed Technology Co. Ltd. 302964.00
Accounts payable Haimao Seed Industry Technology Co. Ltd. and its
9000.00
subsidiaries
Accounts payable Chengdu Tongwei Business Management Co. Ltd. 170484.58
Contract liabilities Meishan Tongwei Property Co. Ltd. 8717.00 12385.00
Contract liabilities Chengdu Low-carbon Urban Investment Co. Ltd. 814.00 814.00
Contract liabilities Anhui Tech-bank Feed Technology Co. Ltd. 88843.13 88843.13
Contract liabilities Scigene Biotechnology Co. Ltd. and its
8101218.85
subsidiaries
Contract liabilities Tongwei Group Co. Ltd. 4567.50
Contract liabilities Bohai Aquaculture Co. Ltd. and its subsidiaries 110.00
Other payables BioMar Tongwei (Wuxi) Biotech Co. Ltd. 799.36
Other payables Zhuhai Haiwei Feed Co. Ltd. 1000000.00
Other payables Chengdu Tongwei Culture Media Co. Ltd. 4757480.29 3757458.04
Other payables Chengdu Tongyu Property Management Co. Ltd. 44372.00 68575.26
Other payables Chengdu Xinrui Technology Development Co. Ltd. 2930350.00 5001546.05
Other payables Chengdu Tongwei Business Management Co. Ltd. 3608.00
Other payables Suzhou Taiyangjing New Energy Co. Ltd. 2000000.00
Other payables Tongwei Microelectronics Co. Ltd. 608138.28
Lease liabilities
(including those due Chengdu Tongwei Property Co. Ltd. 150614142.07 148196417.77
within one year)
Lease liabilities
(including those due Tongwei Group Co. Ltd. 2489393.81 4076452.87
within one year)
(3) Other items
□Applicable √Not Applicable
7. Related-party commitments
□Applicable √Not Applicable
8. Others
□Applicable √Not Applicable
XV. Share-based payment
1. Equity instruments
□Applicable √Not Applicable
Outstanding stock options or other equity instruments at the end of the period
□Applicable √Not Applicable
2. Equity-settled share-based payments
□Applicable √Not Applicable
254 / 2692024 Annual Report of Tongwei Co. Ltd.
3. Cash-settled share-based payments
□Applicable √Not Applicable
4. Share-based payments in current period
□Applicable √Not Applicable
5. Modification and termination of share-based payments
□Applicable √Not Applicable
6. Others
□Applicable √Not Applicable
XVI. Commitments and contingencies
1. Important commitments
□Applicable √Not Applicable
2. Contingencies
(1) Important contingencies on balance sheet date
√Applicable □Not Applicable
As of December 31 2024 the Company had the following outward guarantees:
（1）Guarantees provided for downstream customers:
Guarantee
Guarantee expiry Guaranteed amount Post-date repayment or
Item commencement
date (Yuan) recovery (Yuan)
date
Tongwei Agricultural Finance Guarantee Co.Ltd. provided guarantees for customers who 2017/9/15 2028/5/31 352481977.64 238.319.552.80
borrowed money from financial institutions
Note: (1) As of December 31 2024 the balance of repayment made by Tongwei Agricultural Finance Guarantee Co. Ltd. for behalf
of guaranteed parties was 8122127.81yuan. It is trying to recover the balance.
(2) The details of the guarantees provided for associates and joint ventures can be found in the note “Related Parties and RelatedParty Transactions”.
(2) Note on no important contingencies that require disclosure:
□Applicable √Not Applicable
3. Others
□Applicable √Not Applicable
XVII. Post balance sheet events
1. Important non-adjusting events
□Applicable √Not Applicable
2. Profit distribution
□Applicable √Not Applicable
3. Sales return
□Applicable √Not Applicable
4. Note on other post balance sheet events
√Applicable □Not Applicable
1. A subsidiary’s capital increase and share expansion after the reporting period
Yongxiang Co. Ltd. (“Yongxiang”) operates as a wholly-owned subsidiary of the Company. On March 28 2025 during the
26th session of the 8th board of directors the Company deliberated upon and approved the Proposal concerning the Introduction of
Strategic Investors and the Implementation of Capital Increase and Share Expansion for Yongxiang. The equity valuation of
Yongxiang prior to this capital initiative was established at 27 billion yuan. The capital increase was capped at 10 billion yuan with
the expectation that the total equity stake acquired would not exceed 27.03%. The funds generated from this capital increase are
predominantly earmarked for the repayment of financial institution liabilities and the replenishment of working capital.Post-completion of the capital increase and share expansion the Company would maintain direct and indirect ownership of no less
than 72.97% of Yongxiang’s shares ensuring its continued inclusion in the Company’s consolidated financial statements. As of April
27 2025 Yongxiang has successfully secured 3.946 billion yuan in capital from strategic investors.
255 / 2692024 Annual Report of Tongwei Co. Ltd.
As of April 27 2025 the company has no additional post-reporting period matters requiring disclosure beyond the
abovementioned.XVIII. Other important matters corrections
1. Correction of prior period accounting errors
(1) Retrospective restatement
□Applicable √Not Applicable
(2) Prospective application
□Applicable √Not Applicable
2. Significant debt restructuring
□Applicable √Not Applicable
3. Asset exchange
(1) Non-monetary exchange
□Applicable √Not Applicable
(2) Other asset exchange
□Applicable √Not Applicable
4. Annuity plan
□Applicable √Not Applicable
5. Discontinued operations
□Applicable √Not Applicable
6. Segments
(1) Basis for determining reporting segments and accounting policies applicable to reporting segments
√Applicable □Not Applicable
The Company classifies operating segments given its organizational structure management requirements and internal reporting
policies. An operating segment is a component that meets the following conditions: * it can earn revenues and incur expenses in
daily activities; * its operating results are reviewed regularly by the management to make decisions about resources to be allocated
to the component and assess its performance; * accounting information relating to financial position operating results and cash flow
about the component are available to the Company through analysis. Two or more operating segments that bear similar economic
characteristics and meet certain conditions can be combined into one operating segment.The Company classifies reporting segments based on operating segments with operating revenue operating cost assets and
liabilities classified by the same type of operating entities.
256 / 2692024 Annual Report of Tongwei Co. Ltd.
(2) Financial information of reporting segments
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Agriculture and animal
Item Management head office PV Offset among segments Inter-segment offset Aggregate after offset
husbandry
Operating revenue 31740209174.56 59791868785.66 91532077960.22 91532077960.22
Operating cost 28762433736.04 57000315539.29 85762749275.33 85762749275.33
Total assets 115771285948.31 11387851724.05 161471150145.46 288639152528.92 -92851638092.30 195916763061.99
Total liabilities 71394118555.09 5420237487.53 126750689422.73 203565860167.58 -65578954754.36 137997611563.26
(3) Note on reasons why the Company has no reporting segments or cannot disclose the total assets and total liabilities of each reporting segment
□Applicable √Not Applicable
(4) Other notes
□Applicable √Not Applicable
7. Important transactions or events with influence on decisions of investors
□Applicable √Not Applicable
8. Others
□Applicable √Not Applicable
257 / 2692024 Annual Report of Tongwei Co. Ltd.
XIX. Notes to main items of parent's financial statements
1. Accounts receivable
(1) Disclosure by age
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Age Closing book balance Opening book balance
Within 1 year 1392661843.27 30796438.61
Subtotal within one year 1392661843.27 30796438.61
Total 1392661843.27 30796438.61
258 / 2692024 Annual Report of Tongwei Co. Ltd.
(2) Disclosure by how bad debt provision is created
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Category Book balance Provision for bad debts Book balance Provision for bad debts
Percent Provision Carrying value Carrying value
Amount Amount Amount Percent (%) Amount Provision (%)
(%)(%)
Individual bad debt provision
Combined provision for bad
1392661843.27100.0054147138.873.891338514704.4030796438.61100.001539821.935.0029256616.68
debts
Including:
Combination 3 309719065.97 22.24 309719065.97
Combination 4 1082942777.30 77.76 54147138.87 5.00 1028795638.43 30796438.61 100.00 1539821.93 5.00 29256616.68
Total 1392661843.27 100.00 54147138.87 3.89 1338514704.40 30796438.61 100.00 1539821.93 5.00 29256616.68
Individual bad debt provision:
□Applicable √Not Applicable
259 / 2692024 Annual Report of Tongwei Co. Ltd.
Combined provision for bad debts:
√Applicable □Not Applicable
Combined provision:Combination 3
Unit:Yuan Currency:CNY
Closing balance
Name
Accounts receivable Provision for bad debts Provision (%)
Entity1 309707405.57
Entity 2 11660.40
Total 309719065.97
Notes on combined provision for bad debt:
√Applicable □Not Applicable
Note: The Company systematically allocates financial resources among its subsidiaries. The above-mentioned funds present no risk
of non-recovery and thus no provisions for bad debts are established.Combined provision:Combinaton 4
Unit:Yuan Currency:CNY
Closing balance
Name
Accounts receivable Provision for bad debts Provision (%)
Within 1 year 1082942777.30 54147138.87 5.00
Total 1082942777.30 54147138.87 5.00
Notes on combined provision for bad debts:
□Applicable √Not Applicable
Provision for bad debts under the general model for expected credit loss
□Applicable √Not Applicable
Stage criteria and bad debt provision rate
Notes on significant changes in balances of accounts receivable for which their provisions were changed in current period:
□Applicable √Not Applicable
(3) Provision for bad debts
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Change in current period
Opening Closing
Category
balance Recovered or Charged off or OtherProvision balance
reversed written off changes
Bad debt provision for accounts 1539821.93 52607316.94 54147138.87
receivable
Total 1539821.93 52607316.94 54147138.87
Significant amounts recovered or reversed in current period:
□Applicable √Not Applicable
Other notes:
None
(4) Accounts receivable written off in current period
□Applicable √Not Applicable
Significant accounts receivable written off
□Applicable √Not Applicable
Note on write-off of accounts receivable:
□Applicable √Not Applicable
(5) Top five debtor entities in accounts receivable and contract assets at the end of the current period
√Applicable □Not Applicable
260 / 2692024 Annual Report of Tongwei Co. Ltd.
Unit:Yuan Currency:CNY
Percent of total
Closing balance of closing balance of Closing balance of
Closing balance of Closing balance of
Entity name accounts receivable accounts receivable provision for bad
accounts receivable contract assets
and contract assets and contract assets debts
(%)
Entity 1 309707405.57 309707405.57 22.24
Entity 2 257443426.14 257443426.14 18.49 12872171.31
Entity 3 184061697.60 184061697.60 13.22 9203084.88
Entity 4 110001863.97 110001863.97 7.90 5500093.21
Entity 5 106975607.45 106975607.45 7.68 5348780.37
Total 968190000.73 968190000.73 69.53 32924129.77
Other notes:
None
Other notes:
□Applicable √Not Applicable
2. Other receivables
Presentation of items
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Closing balance Opening balance
Interest receivable
Dividend receivable
Other receivables 56101653734.88 34016452464.35
Total 56101653734.88 34016452464.35
Other notes:
□Applicable √Not Applicable
Interest receivable
(1) Types of interest receivable
□Applicable √Not Applicable
(2) Significant overdue interest
□Applicable √Not Applicable
(3) Disclosure by how bad debt provision is created
□Applicable √Not Applicable
Individual bad debt provision:
□Applicable √Not Applicable
Note on creation of individual provision for bad debt:
□Applicable √Not Applicable
Combined provision for bad debts:
□Applicable √Not Applicable
(4) Provision for bad debts under the general model for expected credit loss
□Applicable √Not Applicable
Stage criteria and bad debt provision rate
Notes on significant changes in book balances of interest receivable for which their provisions were changed in current period:
□Applicable √Not Applicable
(5) Provision for bad debts
□Applicable √Not Applicable
261 / 2692024 Annual Report of Tongwei Co. Ltd.
Significant amounts recovered or reversed in current period:
Other notes:
None
(6) Interest receivable written off in current period
□Applicable √Not Applicable
Significant interest receivable written off
□Applicable √Not Applicable
Notes on the write-off:
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
Dividend receivable
(1) Dividend receivable
□Applicable √Not Applicable
(2) Significant interest receivable over 1 year
□Applicable √Not Applicable
(3) Disclosure by how bad debt provision is created
□Applicable √Not Applicable
Individual bad debt provision:
□Applicable √Not Applicable
Note on individual bad debt provision:
□Applicable √Not Applicable
Combined provision for bad debts:
□Applicable √Not Applicable
(4) Provision for bad debts under the general model for expected credit loss
□Applicable √Not Applicable
Stage criteria and bad debt provision rate
Notes on significant changes in book balances of dividends receivable for which their provisions were changed in current period:
□Applicable √Not Applicable
(5) Provision for bad debts
□Applicable √Not Applicable
Significant amounts recovered or reversed in current period:
□Applicable √Not Applicable
Other notes:
None
(6) Dividends receivable written off in current period
□Applicable √Not Applicable
Significant dividends receivable written off
□Applicable √Not Applicable
262 / 2692024 Annual Report of Tongwei Co. Ltd.
Notes on the write-of:
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
Other receivables
(1) Disclosure by age
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Age Closing book balance Opening book balance
Within one year 57216118175.46 34842404091.06
Subtotal within one year 57216118175.46 34842404091.06
1- 2 years 203000.00
2- 3 years
Over 3 years 153982.00 157882.00
Total 57216475157.46 34842561973.06
(2) Classification by nature of payment
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Payment type Closing book balance Opening book balance
Current accounts with related parties 57189875081.39 34839618360.74
Performance bond 24976820.43 1506982.00
Others 1623255.64 1436630.32
Total 57216475157.46 34842561973.06
(3) Provision for bad debts
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Stage I Stage II Stage III
Provision for bad debts 12-Month Lifetime expected credit Lifetime expected credit Total
expected credit loss (without credit loss (with credit
loss impairment) impairment)
Balance on January 1 2024 826105608.71 3900.00 826109508.71
The Jan 1 2024 balance
during current period
-- converted into stage II
-- converted into stage III -404772.92 404772.92
-- reversed into stage II
-- reversed into stage I
Created in current period 288715813.87 400872.92 289116686.79
Reversed in current period
Charged off in current period
Written off in current period 404772.92 404772.92
Other changes
Balance on December 31
1114821422.581114821422.58
2024
Stage criteria and bad debt provision rate
Note on significant changes in book balances of other receivables for which their provisions were changed in current period:
□Applicable √Not Applicable
Provisions for bad debts and basis for determining significant increases in credit risks of financial instruments for the current period:
□Applicable √Not Applicable
(4) Provision for bad debts
√Applicable □Not Applicable
263 / 2692024 Annual Report of Tongwei Co. Ltd.
Unit:Yuan Currency:CNY
Change in current period
Category Opening balance Recovered or Charged off or Other Closing balance
Provision
reversed written off changes
Other receivables 826109508.71 289116686.79 404772.92 1114821422.58
Total 826109508.71 289116686.79 404772.92 1114821422.58
Significant amounts recovered or reversed in current period:
□Applicable √Not Applicable
Other notes:
None
(5) Other receivables written off in current period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Amount written off
Other receivables written off 404772.92
Significant receivable written off:
□Applicable √Not Applicable
Note on write-off of other receivable:
□Applicable √Not Applicable
(6) Top five entities in other receivables at the end of the current period
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Percent in the total other Provision for bad
Entity name Closing balance receivables at the end of Payment type Age debts
the period (%) Closing balance
Current accounts with
Entity 1 10622270907.28 18.57 Within 1 year
related parties
Current accounts with
Entity 2 5880657412.20 10.28 Within 1 year
related parties
Current accounts with
Entity 3 5037414874.15 8.80 Within 1 year
related parties
Current accounts with
Entity 4 4570590926.37 7.99 Within 1 year
related parties
Current accounts with
Entity 5 4513497681.79 7.89 Within 1 year 759652067.08
related parties
Total 30624431801.79 53.53 / / 759652067.08
(7) Items presented in other receivables due to centralized management of funds
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
3. Long-term equity investments
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Closing balance Opening balance
Item Impairment Impairment
Book balance Carrying value Book balance Carrying value
provision provision
Investments
into 28955579607.20 232045368.55 28723534238.65 26489713286.52 232045368.55 26257667917.97
subsidiaries
264 / 2692024 Annual Report of Tongwei Co. Ltd.
Investments
into associates
87823540.4987823540.4993947580.9293947580.92
and joint
ventures
Total 29043403147.69 232045368.55 28811357779.14 26583660867.44 232045368.55 26351615498.89
265 / 2692024 Annual Report of Tongwei Co. Ltd.
(1) Investments into subsidiaries
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Opening balance of Change in current period
Opening balance Closing balance Closing balance of
Investee impairment
carrying value Additional Decreased Impairment（ ） Others （carrying value） impairment provisionprovision investments investments provision
Zaozhuang Tongwei Feed
18987038.5818987038.58
Co. Ltd.Nanning Tongwei Feed Co.
28978368.6328978368.63
Ltd.Panzhihua Tongwei Feed Co.
20000000.0020000000.00
Ltd.Qianxi Tongwei Feed Co.
30000000.0030000000.00
Ltd.Ningxia Yinchuan Tongwei
30000000.0030000000.00
Feed Co. Ltd.Foshan Nanhai Tongwei
Aquatic Products Technology 6060000.00 3940000.00 30000000.00 36060000.00 3940000.00
Co. Ltd.Tongwei Food Co. Ltd. 70000000.00 70000000.00
Yongxiang Co. Ltd. 12620060739.07 2239000000.00 359999640.00 14499061099.07
Tongwei Solar (Hefei) Co.
1230550779.5415220627.421230550779.5415220627.42
Ltd.Sichuan Fusion Link Co. Ltd. 1200000.00 1200000.00
Tongwei New Energy Co.
4090851240.764090851240.76
Ltd.Sichuan Chunyuan Ecological
15146640.7415146640.74
Farming Co. Ltd.Tongwei Agriculture
4963391837.204963391837.20
Development Co. Ltd.Tongwei Solar Technology
100000000.00100000000.00
Co. Ltd.Tongwei Solar Co. Ltd. 3032441273.45 212884741.13 3032441273.45 212884741.13
Tongwei Solar (Anhui) Co.
160000000.00160000000.00
Ltd.Sichuang Yongxiang Resin
359999640.00359999640.00
Co. Ltd.Tongwei Smart Energy
50000000.0050000000.00
(Sichuan) Co. Ltd.
266 / 2692024 Annual Report of Tongwei Co. Ltd.
Sichuan Tongwei Crystal
Silicon Photovoltaic Industry 51000000.00 51000000.00
Innovation Co. Ltd.Total 26257667917.97 232045368.55 2889999640.00 424133319.32 28723534238.65 232045368.55
(2) Investments into associates and joint ventures
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Change in current period
Closing balance of
Investment Opening Investment gain or Other Declared cash Closing
Unit balance Additional Decreased Adjustment of other Impairment
impairment
loss under equity changes in dividend or Others balance
investments investments comprehensive income provision provision
method equity profit
I. Joint ventures
II. Associates
Bohai Aquaculture
93947580.92-5860633.43-263407.0087823540.49
Co. Ltd.Subtotal 93947580.92 -5860633.43 -263407.00 87823540.49
Total 93947580.92 -5860633.43 -263407.00 87823540.49
267 / 2692024 Annual Report of Tongwei Co. Ltd.
(3) Impairment test of long-term equity investments
□Applicable √Not Applicable
Other notes:
None
4. Operating revenue and operating cost
(1) Operating revenue and operating cost
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Current amount Prior amount
Item
Revenue Cost Revenue Cost
Main operating activities 15682823418.83 15173331950.93 643141289.78 627389617.57
Other operating activities 14681588.62 7523938.31 10432819.05 2540531.00
Total 15697505007.45 15180855889.24 653574108.83 629930148.57
(2) Breakdown of operating revenue and operating cost
□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
(3) Note on performance obligations
□Applicable √Not Applicable
(4) Note on allocation to remaining performance obligations
□Applicable √Not Applicable
(5) Material contract changes or material adjustments of transaction prices
□Applicable √Not Applicable
Other notes:
None
5. Investment gain
√Applicable □Not Applicable
Unit:Yuan Currency:CNY
Item Current amount Prior amount
Long-term equity investment gains under cost method 7292975646.65 19782000000.00
Gain on long-term equity investment under equity method -5860633.43 -6751271.86
Gain on disposal of long-term equity investment -88796444.61 -38280035.72
Gain on forward exchange settlement (not meeting hedging
6758190.84132795.99
accounting and hedging ineffectiveness)
Gain on wealth management products purchased from banks 144812045.57 89025440.92
Discount interest on receivable financing -14005359.11 -72489317.26
Gains on derecognition of receivables from non-recourse
-2846756.92
disposals/factoring
Total 7333036688.99 19753637612.07
Other notes:
None
6. Others
□Applicable √Not Applicable
XX. Additional information
1. Current non-recurring gains and losses
√Applicable □Not Applicable
268 / 2692024 Annual Report of Tongwei Co. Ltd.
Unit:Yuan Currency:CNY
Item Amount Remarks
Gain or loss on from disposal of non-current assets including the reversal of
127776432.54
previously recognized impairment loss provision for assets
Government grants included in current profit or loss but excluding government
grants that are closely related to the normal operating activities of the Company
168150746.52
have a lasting impact on the Company's profit or loss and to which the Company is
entitled under national policies and regulations.In addition to the effective hedging business related to the normal operating
activities of the Company the fair value gain and loss from held-for-trading 9653755.30
financial assets and liabilities held by a non-financial company as well as gain or
loss on the disposal of financial assets and liabilities
Charges for money occupation levied on non-financial institutions recognized in
6844182.25
current profit or loss
Non-operating revenue and expenses other than aforementioned items -265144269.89
Other non-recurring gain and loss items
Less: Effects of income tax 12260606.94
Effects of minority interest (after tax) 16456618.73
Total 18563621.05
Where the Company defines an item and the item has a significant amount not listed in the Explanatory Announcement on
Information Disclosure for Companies Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items as a
recurring gain and loss item or defines an item listed in Explanatory Announcement on Information Disclosure for Companies
Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items as a recurring gain and loss items item notes
should be provided.□Applicable √Not Applicable
Other notes:
□Applicable √Not Applicable
2. Net yield on assets and earnings per share
√Applicable □Not Applicable
Earnings per share
Weighted average return on net
Profit in reporting period
assets (%) Basic earnings per Diluted earnings
share per share
Net profit attributable to common shareholders of the
-12.77-1.5790-1.5790
Company
Net profit excluding non-recurring profits and losses
-12.81-1.5832-1.5832
attributable to common shareholders of the Company
3. Differences between accounting data under domestic and foreign accounting standards
□Applicable √Not Applicable
4. Others
□Applicable √Not Applicable
Chair: Liu Shuqi
Submission date: April 27 2024
Revision
□Applicable √Not Applicable
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