2025 Annual Report of Tongwei Co. Ltd.

Stock Code:600438 Short Name: Tongwei Co. Ltd

Tongwei Co. Ltd.2025 Annual Report

1/2732025 Annual Report of Tongwei Co. Ltd.

Important Notice

I. The board of directors as well as directors 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 2025 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 Articles of Association

of Tongwei Co. Ltd.It is crucial to note that this profit distribution proposal has not been submitted to the general meeting of

shareholders.Uncovered losses of the parent company as well as its impact on the Company’s dividend

distribution and other matters by the end of the reporting period

□ Applicable √ Not Applicable

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.

2/2732025 Annual Report of Tongwei Co. Ltd.

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. Notice on material risksThe Company had detailed possible risks in this Report. Please refer to VI “discussion and analysison the Company’s future development” in Section III Management Discussion and Analysis for more

information on possible risks and actions.XI. Others

□ Applicable √ Not Applicable

*The 2025 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.

3/2732025 Annual Report of Tongwei Co. Ltd.

Contents

Section I Definition ................................ 5

Section II Company Profile and Major Financial Ind... 7

Section III Management Discussion and Analysis ......12

Section IV Company governance Environmental and So.. 47

Section V Important Matters .........................71

SectionVI Share Changes and Shareholders ........... 90

Section VII Bonds .................................. 99

Section VIII Financial Report ..................... 109

Financial statements bearing the signatures and seals of the head of the Company the head of

List of documents to the accounting affairs and the head of the accounting department.be checked Original auditor's report bearing the seal of the accountant firm and the signatures of the CPAs.Formal copies of all Company documents and the original announcements publicly disclosed in

websites designated by the CSRC.

4/2732025 Annual Report of Tongwei Co. Ltd.

Section I Definition

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.refers to Inner Mongolia Tongwei High-purity Crystalline Silicon

Inner Mongolia Tongwei

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

Meishan 16GW TNC Project refers to

solar cells (Meishan Phase IV)

200000-ton High-purity Polysilicon Phase II 200000-ton High-Purity Polysilicon Project of Yunnan

refers to

Project in Yunnan Tongwei

200000-ton High-purity Polysilicon Phase I 200000-ton High-Purity Polysilicon Project and Its

refers to

Project in Inner Mongolia Supporting Facilities of Inner Mongolia Silicon Energy

Sichuan Huaxin refers to Sichuan Huaxin (Group) CPA (Special General Partnership)

A measure that indicates the ability of solar cells to convert light

Energy conversion efficiency refers to

energy into electrical energy

Convertible bonds refers to Convertible corporate bonds

W refers to Watt the unit of power

refers to Units of power 1 KW = 1000 W 1 MW = 1000 KW and 1 GW =

KW MW 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

182 mm cell refers to mm) whose area is 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

210 mm cell refers to mm) whose area is 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 the cell to deal with the high

PERC Cell refers to 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

IBC Cell refers to poles crossed on the back side. The biggest feature of an IBC 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

5/2732025 Annual Report of Tongwei Co. Ltd.

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

TOPCon Cell refers to the surface of the cell to form a passivation contact structure thus

increasing the open-circuit voltage and short-circuit current of the

cell and then improving the energy conversion efficiency.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 light

while narrow-bandgap crystalline silicon absorbs mid to

Perovskite/silicon stacked solar cell refers to

long-wavelength light. 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

CTM value refers to power shows the degree of module power loss. A higher CTM

value indicates a smaller degree of module package power loss.Tongwei N-passivated ContactCell an advanced solar cell

utilizing type -n passivated contact technology developed by

TNC refers to

Tongwei featuring Tongwei’s proprietary PECVD polysilicon

deposition technology to enhance conversion efficiency.Tongwei Back Contact Cell a Tongwei solar cell designed with

TBC refers to

back contact technology.Tongwei HJT Cell a Tongwei solar cell designed with HJT

THC refers to

technology.A global leader of research and consulting services in the

InfoLinkConsulting refers to

renewable energy and technology sector

IRENA refers to International Renewable Energy Agency

CPIA refers to China Photovoltaic Industry Association

CSRC refers to China Securities Regulatory Commission

SSE refers to Shanghai Stock Exchange

refers to China Securities Journal Shanghai Securities News Securities

Designated Disclosure Media

Daily STCN and Economic Information Daily

Reporting period refers to From January 1 2025 to December 31 2025

6/2732025 Annual Report of Tongwei Co. Ltd.

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 No. 588 Middle Section Tianfu Avenue

Address High-Tech Zone Chengdu China (Sichuan) High-Tech Zone Chengdu China (Sichuan) Pilot

Pilot Free Trade Zone Free Trade Zone

Telephone 028-86168555 028-86168555

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

Registered address

(Sichuan) Pilot 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

Changes of the registered address 2022 the Company’s 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

Office address

(Sichuan) Pilot 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 disclose China Securities Journal Shanghai Securities News Securities

its annual reports Daily 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

600438

Exchange 通威股份

7/2732025 Annual Report of Tongwei Co. Ltd.

VI． Other information

Sichuan Huaxin (Group) CPA (Special General

Name

Partnership)

Accountant firm engaged by the Company 28th Floor Jinmao Lidu South No. 18 Ximianqiao

Office location

(domestic) Street Chengdu

Signatory

Li Wulin Tang Fangmo

accountants

VII． Major accounting data and financial indicators within the latest three years

(I.) Major accounting data

(II.) Unit: Yuan Currency: CNY

Major accounting data 2025 2024 YoY change (%) 2023

Operating revenue 84128281703.14 91994404333.54 -8.55 139104062084.52

Adjusted operating

revenue after revenue

unrelated to principal

83775934838.9891572565115.77-8.51138580632526.78

business activities and

transactions without

commercial substance

Total profit -11670943654.43 -8683316454.96 -34.41 22051620068.37

Net profit attributable to

shareholders of the listed -9553425884.06 -7038757392.54 -35.73 13573900132.37

company

Net profit net of

non-recurring gain and

loss attributable to -9874556383.96 -7057321013.59 -39.92 13613305529.94

shareholders of the listed

company

Net cash flow generated

1379185344.611143735923.3720.5930679303971.17

from operating activities

2025 close 2024 close YoY change (%) 2023 close

Net assets attributable to

shareholders of the listed 38883862844.82 48455869630.76 -19.75 61528838529.70

company

Total assets 187779256397.63 195916763061.99 -4.15 164363161459.66

(III.) Major financial indicators

Unit:Yuan Currency:CNY

Major financial indicators 2025 2024 YoY change (%) 2023

Basic earnings per share (yuan/share) -2.1222 -1.5790 -34.40 3.0151

Diluted earnings per share (yuan/share) -2.1222 -1.5790 -34.40 2.8737

Basic earnings per share net of non-recurring -2.1935 -1.5832 -38.55 3.0239

gain and loss (yuan/share)

Weighted average return on net assets (%) -21.95 -12.77 -9.18ppts 22.59

Weighted average return on net assets -22.68 -12.81 -9.87ppts 22.66

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

8/2732025 Annual Report of Tongwei Co. Ltd.

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． 2025 major financial data by quarters

Unit:Yuan Currency:CNY

Q1 Q2 Q3 Q4

(Jan - Mar) (Apr - Jun) (Jul - Sept) (Oct - Dec)

Operating revenue 15933400532.91 24575407623.78 24090912049.15 19528561497.30

Net profit attributable to

shareholders of the listed -2592750476.39 -2362619008.26 -314795428.36 -4283260971.05

company

Net profit net of

non-recurring gain and

loss attributable to -2607694943.81 -2421107117.02 -442226391.22 -4403527931.91

shareholders of the listed

company

Net cash flow generated

-1456552356.06-494328417.954776283718.51-1446217599.89

from operating activities

Note on differences between these quarterly data and data contained in disclosed regular reports

□ Applicable √ Not Applicable

X． Non-recurring gain and loss items and amounts

√Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Non-recurring gain and loss items 2025 Notes(if applicable) 2024 2023

Gain or loss on from disposal of

non-current assets including the reversal

of previously recognized impairment loss 3091594.98 28747409.32127776432.54

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 have a lasting impact on the 286855879.16 163223026.68168150746.52

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 289463444.39 9653755.30 17273678.45

gain and loss from held-for-trading

financial assets and liabilities held by a

9/2732025 Annual Report of Tongwei Co. Ltd.

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

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 aforementioned items -144954118.75 -265144269.89 -240774570.85

Less: Effects of income tax 86088729.17 12260606.94 921933.88

Effects of minority interest (after tax) 27237570.71 16456618.73 8504533.74

Total 321130499.90 18563621.05 -39405397.57

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

10/2732025Annual Report of Tongwei Co. Ltd.

XI． Statement of operating revenue deductions

Unit:10000 Yuan Currency:CNY

Item 2025 Deduction detail 2024 Deduction details

Operating revenue 8412828.17 9199440.43

Total amount of revenue deduction items 35234.69 42183.91

Proportion of total revenue deduction items to operating revenue

(%)0.42%0.46%

I. Non-operating revenue

This includes income from This includes income from

sales of materials of 93.483 sales of materials of 136.2781

1. Other income derived from non-core activities. Such as million yuan rental income million yuan rental income

revenue from asset leasing intangible asset sales packaging from fixed assets and other from fixed assets and other

material transactions material exchanges entrusted management

services and other principal operations-generated income. This 35234.69 leasing of 209.2365 million 42183.91 leasing of 230.2042 million

income while classified as revenue diverges from the yuan service income of yuan service income of

Company's primary business activities. 36.5854 million yuan and 34.0103 million yuan and

other income of 13.0420 other income of 21.3465

million yuan. million Yuan.Subtotal of non-operating revenue 35234.69 42183.91

II. Revenue lacking commercial substance

III. Non-operating revenue or revenue lacking commercial

substance

Income after deductions 8377593.48 9157256.52

11/2732025 Annual Report of Tongwei Co. Ltd.

XII． A company with equity incentive or employee stock ownership plans may choose to

disclose net profit after deducting the impact of share-based payments.□Applicable √ Not Applicable

XIII． Items measured at fair value

□Applicable √ Not Applicable

XIV． Others

□Applicable √ Not Applicable

Section III Management Discussion and Analysis

I. Operation discussion and analysis 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

Metal silicon Monocrystalline MonocrystallinePolysilicon silicon rods silicon wafers Monocrystallinesilicon cells silicon modules

Aquaculture-Photovoltaic

Integration powerplants

Livestock and

poultry feed

Livestock and poultry Livestock and Livestock andpoultry husbandry

babies poultry processing

Aquatic

Aquatic husbandry

Aquatic seedlings Aquatic processing husbandry

Aquatic feed

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. In terms of high-purity polysilicon the Company has manufacturing sites in

12/2732025 Annual Report of Tongwei Co. Ltd.

Leshan Baotou and Baoshan with locally sourced raw materials which are delivered to downstream

manufacturers of silicon wafers. Regarding solar cells the manufacturing sites in cities such as

Shuangliu Jintang and Meishan 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 80

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

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 about 13 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 the Second Prize of National Scientific and

Technological Progress Award for five times successively and honors like China Well-Known

Trademark and China Quality Award Nomination Prize and others. With high-quality products and

efficient services for years the Company is well recognized in the industry.In terms of photovoltaics The Company has built a full industrial chain business layout ranging

from industrial silicon in the upstream to end photovoltaic powerplants. It has achieved comprehensive

competitive advantages in cost quality and efficiency with a leading global position in major industrial

links and has become an important participant and promoter in the global photovoltaic industry. As of

now the Company’s high-purity polysilicon production has ranked the first in the world for several

consecutive years and its domestic market share has exceeded over 30%. As a specialized solar cell

producer the Company's cell shipments have been the world's number one for 9 consecutive years since

2017 (according to InfoLink Consulting) and became the first company in the industry to accumulate

over 400GW 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.Notes on new material non-core businesses in the reporting period

□ Applicable √ Not Applicable

II. Overview of Industries During the Reporting Period

(I) Feed Industry

The feed industry serves as a pivotal hub connecting crop farming animal husbandry food

processing and other sectors. It boasts the highest level of industrialization within China’s agriculture

acts as the material foundation for the development of modern animal husbandry and makes a

significant contribution to providing humans with sufficient and high-quality food. With more than 40

years of development since the reform and opening-up China’s feed industry has established a complete

industrial system covering full categories and entered a stage of large-scale intensive and high-quality

development. Leveraging its remarkable first-mover advantages the industry is gradually expanding into

emerging overseas markets. Classified by feeding objects the main products of the feed industry are

13/2732025 Annual Report of Tongwei Co. Ltd.

divided into pig feed poultry feed aquatic feed ruminant feed pet feed and other feeds. Among them

pig poultry and aquatic feed together account for approximately 95% of China’s total annual feed output.Looking back at 2025 China’s feed industry achieved simultaneous growth in output value and

production volume. The pace of industrial innovative development accelerated further grain-saving

achievements were steadily consolidated the scale and market concentration of enterprises continued to

rise and remarkable progress was made in the development of overseas markets.

1. Driven by the scale of downstream farming the domestic feed industry’s total output value

increased modestly while total production reached a record high.According to data from the China Feed Industry Association China’s feed industry generated a

total output value of RMB 1290.96 billion in 2025 representing a year-on-year increase of 2.3%.Industrial feed production reached 342.253 million tons up 8.6% year on year and marking a record

high. Driven by the expansion of hog production capacity and slaughter volumes pig feed output rose

15.6% year on year to 166.394 million tons. Supported by larger breeding scales and periodic price

increases for certain aquatic products aquatic feed output increased by 2.7% to 23.231 million tons.Poultry feed output totaled 133.797 million tons while ruminant feed output reached 14.758 million tons

up 3.0% and 1.8% respectively. In terms of sales structure bulk feed continued to gain share with total

volume reaching 170.458 million tons an 18.0% increase year on year. It accounted for 53.4% of total

compound feed output up 4.1 percentage points from the previous year.

2. The pace of innovation in the industry further accelerated and progress in grain

conservation was steadily consolidated.In 2025 the feed industry recorded a substantial increase in newly approved products. During the

year Yarrowia lipolytica protein was reviewed and approved as a new feed raw material. In addition ten

products were approved as new feed additives including sodium ferric ethylenediaminetetraacetate

sodium isochlorogenate betaine phosphate quinic acid derived from ginkgo leaves Bacillus velezensis

(CGMCC24752) green coffee bean extract (with chlorogenic acid and its analogues as active

ingredients) sucralose cholesterol derived from lanolin Atractylodes macrocephala extract (with

Atractylodes polysaccharide as the active ingredient) and iron dextran. Corresponding new product

certificates were issued. Three additional feed raw materials were added to the Catalog of Feed Raw

Materials the approved application scope of ten feed additive varieties was expanded and production

process modifications for two feed additives were authorized. Guided by policies such as the National

Smart Agriculture Action Plan (2024–2028) and the Three-Year Action Plan for the Reduction and

Substitution of Feed Soybean Meal and supported by enterprise-led technological innovation feed

manufacturers continued to consolidate progress in grain-saving practices. Nationwide the proportion of

soybean meal in compound feed and concentrated feed remained at 13.4% unchanged from the previous

year. Meanwhile the use of alternative protein meals such as rapeseed meal and cottonseed meal

increased by 3.0% year on year. As a result feed formulation structures became more diversified while

the use of rice barley and sorghum declined significantly.

3. The scale of organizations and industry concentration continued to increase with leading

companies actively competing for emerging overseas markets.The trend toward large-scale operations and industrial consolidation among feed companies

continued to strengthen during the reporting period. By the end of the reporting period there were 1127

feed manufacturers nationwide with an annual output exceeding 100000 tons an increase of 95 from the

previous year. Their combined feed output reached 223.146 million tons representing a year-on-year

increase of 14.6% and accounting for 65.2% of total national feed output up 3.4 percentage points from

the previous year. In addition 17 manufacturers recorded annual output above 500000 tons a net

increase of six year on year and the maximum output of a single plant reached 1.32 million tons. The

number of feed company groups with annual output exceeding 1 million tons also rose to 37 an increase

of three companies from the previous year. Collectively these groups accounted for 57.0% of national

feed output up 2 percentage points year on year including seven company groups with annual output

exceeding 10 million tons. At the same time while strengthening their domestic market positions

leading companies leveraged their advantages in technology management and supply chains. Supported

by policies such as the Belt and Road Initiative they expanded integrated industrial chain operations into

emerging markets in Southeast Asia Africa Latin America and other regions achieving notable growth.(II) PV Industry

The photovoltaic industry is an emerging sector built on the photovoltaic effect converting solar

energy into electricity and offering green and sustainable energy solutions for human society. Since its

development began in the 1970s photovoltaic power generation has progressed from low efficiency and

14/2732025 Annual Report of Tongwei Co. Ltd.

high cost to high efficiency and low cost. According to IRENA’s Renewable Power Generation Costs

2024 report released in July 2025 the weighted average levelized cost of electricity for newly

commissioned global PV projects in 2024 was approximately 4.3 U.S. cents per kilowatt-hour

significantly below the cost of the cheapest fossil-fuel-based power generation. Owing to its strong

contribution to energy security and economic efficiency global cumulative installed PV capacity reached

approximately 2900 GW by the end of 2025 surpassing coal-fired power to become the world’s largest

installed power source while maintaining a growth rate far higher than that of other energy forms. Over

more than a decade of industry development Chinese companies have evolved from followers to leaders

and now hold a globally leading position. Currently Chinese products account for more than 85% of the

global market share across all major segments of the photovoltaic industrial chain. China’s cumulative

grid-connected PV installed capacity is approximately 1200 GW making the photovoltaic sector a

significant contribution that China has made to the global community. Nevertheless against the

backdrop of concentrated overcapacity resulting from years of rapid industry expansion along with

transitional challenges associated with the pursuit of high-quality development China’s photovoltaic

industry exhibited a complex pattern of simultaneous growth and adjustment in 2025.

1. Global newly installed capacity continued to grow but it still took time for the

supply-demand imbalance to ease and business operations remained under pressure.In 2025 global newly installed photovoltaic capacity exceeded 600 GW sustaining robust

year-on-year growth with China remaining the world’s largest market for new photovoltaic installations.Internationally growth in the U.S. and European markets slowed significantly while emerging markets

in Southeast Asia the Middle East Africa and other regions became new engines of expansion. Despite

steady growth in market demand the industry as a whole continued to face oversupply. Output across

the photovoltaic value chain declined moderately or remained largely stable: China’s polysilicon output

reached approximately 1.34 million tons in 2025 down 26.4% year on year; silicon wafer output was

about 680 GW a decrease of 9.7%; solar cell output reached 660 GW up 0.9%; and crystalline silicon

module output totaled 620 GW representing a 5.5% increase. Although product prices rebounded

intermittently due to market fluctuations and policy support a sustained correction in the industry’s

supply-demand imbalance will require more time. Meanwhile sharp increases in the prices of key raw

materials such as silver together with significant shifts in the global trade environment during the

reporting period kept operational pressure on companies at an elevated level.

2. Supply-side reform entered a critical phase and policies guided the industry toward deeper

high-quality development.During the reporting period the photovoltaic industry continued to face a persistent supply-demand

imbalance and challenging operating conditions. In response Chinese authorities introduced a set of

coordinated policies aimed at curbing excessive internal competition regulating production capacity

improving product quality and expanding domestic demand. Through the implementation of a series of

laws and policy initiatives the government effectively guided the photovoltaic sector toward deeper

high-quality development. Notably the revision of the Anti-Unfair Competition Law of the People’s

Republic of China and the public consultation on the mandatory standard Energy Consumption Quota

per Unit Product of Polysilicon and Germanium helped constrain disorderly competition from both legal

and technical perspectives. These measures accelerated the phase-out of outdated capacity and

established a more favorable long-term environment for high-quality companies. In addition the Notice

on Deepening the Market-Oriented Reform of On-Grid Tariffs for New Energy and Promoting

High-Quality Development of New Energy (Document No. 136) together with time-of-use tariff

adjustment policies effectively ended the traditional fixed on-grid tariff model for photovoltaic power

generation and further improved the market-oriented pricing mechanism for PV electricity. The

adjustment of the VAT export rebate policy for photovoltaic products also accelerated the industry’s

transition from scale expansion to technological upgrading and refined cost control encouraging

enterprises to shift from price-based competition toward competition centered on technology and brand

value. Meanwhile the Measures for the Administration of the Development and Construction of

Distributed Photovoltaic Power Generation and the Ten Thousand Households Solar Energy Initiative

continued to broaden application scenarios for distributed photovoltaics. Under the sustained regulatory

guidance of relevant policies product prices across all segments of the industry gradually reached a

bottom and rebounded moderately in the second half of the year. Looking ahead the industry is expected

to continue advancing along a more orderly and sustainable development path.

3. Technological development advanced rapidly as the industry entered an N-type-dominated

phase and continuously explored cutting-edge pathways.

15/2732025 Annual Report of Tongwei Co. Ltd.

Despite a challenging industrial operating environment technological progress across all segments

of the photovoltaic sector remained rapid during the reporting period. The industry has fully entered a

new stage dominated by N-type products. Mass-production efficiency for TOPCon technology continued

to improve and it has secured a dominant market position because of its strong cost-performance

advantage. Meanwhile HJT (heterojunction) technology continued to achieve breakthroughs in wafer

thinning silver consumption reduction and high-power output with industrialization advancing steadily.BC (Back Contact) batteries also gained increasing penetration in the residential distributed market due

to their strong front-side power generation performance. Emerging technologies such as

perovskite/crystalline silicon tandem cells maintained vigorous R&D momentum with laboratory

conversion efficiency repeatedly reaching new records. The commissioning of successive

megawatt-level pilot production lines has laid a solid foundation for next-generation technological

reserves. Technological competition has expanded from simple efficiency improvement to multiple

dimensions including reliability economic efficiency degradation rate and carbon footprint.Intellectual property planning and protection have also become essential for enterprises seeking to

establish differentiated competitive barriers. Rapid technological iteration and continuous cost reduction

have not only accelerated the phase-out of outdated capacity but have also driven the industry to shift its

core competitive focus from homogeneous price wars toward a more sustainable development path

centered on technological innovation and value creation.

4. As globalization encountered new challenges photovoltaic companies increasingly shifted

from product exports to localized operations.In 2025 the international trade environment became increasingly complex. Countries in Europe and

the United States tightened local manufacturing requirements and raised trade barriers through measures

such as the Net-Zero Industry Act and the Big Beautiful Bill. Emerging markets including India and

Turkey also introduced protectionist policies with greater frequency. These actions placed sustained

pressure on China’s photovoltaic product exports and increased the cost of photovoltaic installations

worldwide. In response the global strategy of Chinese photovoltaic enterprises shifted from simple

product exports to a more integrated model centered on overseas capacity deployment technology

licensing and joint development of local industrial ecosystems. Leading companies accelerated the

establishment of localized production capacity in Southeast Asia the Middle East North America and

other regions extending their overseas presence from modules to cells silicon wafers and even

upstream segments of the industrial chain. At the same time photovoltaic enterprises established

overseas branches marketing centers and localized teams to build a global operating system spanning

research and development production sales and after-sales service. This approach enabled them to

adapt more effectively to regional market rules respond quickly to customer demand and mitigate trade

risks. Global competition has therefore evolved beyond manufacturing capacity alone into a broader

contest of resource integration and localized operational capability.III. Operation discussion and analysis

In 2025 the global geopolitical landscape exhibited heightened tensions concurrently precipitating

profound transformations within the international economic and trade milieu. The ascendancy of

unilateralism and protectionist policies engendered sustained pressure on economic growth as quantified

by the International Monetary Fund (IMF) which projected a modest global expansion of approximately

3.2%. Concurrently China's economic trajectory confronted structural impediments notably the

insufficient growth impetus for consumption and investment amidst its ongoing transformation process.In response to this China intensified its counter-cyclical macroeconomic policy adjustments fully

harnessing the potential of existing policy instruments. The economy maintained relative stability with a

year-on-year GDP growth of 5% culminating in an annual GDP exceeding 140 trillion yuan.Noteworthy advancements were observed in the cultivation of new quality productive forces as the

industrial structure underwent a profound shift towards greener and higher-quality development

paradigms. The proportion of clean energy power generation ascended while the output of green

industries such as new energy vehicles exhibited robust growth trajectories. Energy consumption per

unit of GDP declined by 5.1% underscoring China's remarkable achievements in the realm of green

development transformation.The photovoltaic sector in which the Company operates demonstrated an upward trajectory in

newly installed capacity during the reporting period with global installations surpassing 600 GW.However the challenge of supply-demand imbalance persisted. Industry-wide segment operating rates

declined product prices experienced a year-on-year decrease while the prices of critical raw materials

16/2732025 Annual Report of Tongwei Co. Ltd.

notably silver exhibited a rising trend thereby imposing significant operational pressures on companies

within the sector. Concurrently the feed industry exhibited steady growth with total industry output

value increasing modestly. This growth was propelled by a substantial rise in pig feed production

resulting in a record-high total feed production of 342.253 million tons reflecting an 8.6% year-on-year

increase. Business scaling and industry concentration intensified. The Company maintained a steadfast

focus on its core businesses-agriculture and photovoltaics-while investing in technology R&D cost

reduction initiatives efficiency enhancements lean management strategies and dynamic optimization of

operating rates. This multifaceted approach facilitated the Company's ability to flexibly adjust its

business strategies thereby consolidating its competitive advantages in technology cost and

management. Throughout the year the Company maintained its position as the world's leading supplier

of high-purity polysilicon and solar cells and secured a top-five ranking in module shipments globally.This strategic positioning enabled the company to achieve significant growth in overseas markets.However the overall industry operating environment compounded by the impact of long-term asset

impairments and write-offs resulted in a net profit attributable to shareholders of -9.553 billion yuan

despite the Company's robust operational revenue of 84.128 billion yuan and net operating cash inflow

of 1.379 billion yuan.(I) Feed and Industrial Chain Business

The Company a globally prominent producer of aquatic feed and a significant contributor to the

livestock and poultry feed sectors boasts an annual feed production capacity of approximately 13

million tons. As a cornerstone product aquatic feed has consistently ranked among the industry's top

performers in terms of production and sales volume for consecutive years. In 2025 the Company

steadfastly adhered to its long-standing Quality Policy strategy attaining a remarkable 100% external

random inspection pass rate for over a decade. The Company's resolute focus on the maximizing farming

returns objective underscores its dedication to enhancing product competitiveness redefining service

capabilities and fortifying operational quality. This unwavering commitment has yielded robust

operating results and solidified the Company's core competitiveness in the dynamic landscape of the

feed industry.During the reporting period the Company's aquatic feed division demonstrated a steadfast

commitment to quality and innovation. By prioritizing high-quality and premium products the division

effectively enhanced customer stickiness and the sales proportion of products rose to nearly 40%. The

“sharp products” encompassing high-end seedling feed experienced a year-on-year growth of 32%. In

strategic species markets such as crab shrimp and crayfish feeds the company solidified its position as

an absolute market leader in key regional territories. Within the livestock and poultry feed sector the

company persistently pursued cost competitiveness deepened customer-centric service offerings and

established expansive production facilities. This strategic focus yielded significant sales growth for

high-value products including creep feed sow feed piglet feed concentrate feed and young poultry

feed. Overseas expansion efforts characterized by management reforms and localization of raw material

procurement product design and team building contributed to record-breaking sales volumes and

profits. The Company's total feed sales volume for the full year reached an impressive 6.5317 million

tons with self-operated sales accounting for 6.5195 million tons marking a 4.22% year-on-year increase

and establishing a new historical benchmark.During the reporting period the Company's strategic focus on technology procurement and

production has solidified its core competitive advantages. In R&D the Company has demonstrated an

approach by targeting market frontiers with a particular emphasis on raw material substitution formula

optimization and the development of digital nutrition systems. This strategic emphasis is evidenced by

the initiation of 35 projects 18 of which were successfully accepted 44 patents filed and 58 patents

granted. The Company's leadership in national and industry standards with 4 national standards and 2

industry standards to its credit. The Research and Application of Key Technologies for Precise Feeding

of Major Freshwater Fish was recognized with the First Prize of the Hubei Provincial Science and

Technology Award in 2025. In procurement the Company has adopted a market-oriented approach

analyzing trends for core raw materials seizing procurement opportunities and driving continuous cost

optimization. The strategic channel cooperation in raw material procurement reached 76% and the

bulk-to-pack ratio reached 70% both of which are industry-leading metrics. In production the Company

has embraced digital and intelligent transformation with the digital manufacturing platform fully

operational. Key functionalities such as automatic formula decomposition and one-click startup of

production sections have been realized resulting in an 80% reduction in manual intervention and a 30%

increase in efficiency. This technological advancement has laid a robust foundation for feed quality

17/2732025 Annual Report of Tongwei Co. Ltd.

stability and cost reduction earning the Company the 2025 IDC China Future Digital Industry Navigator

award from the International Data Corporation (IDC).The Company's strategic focus on its food business coupled with its proactive exploration of

downstream aquaculture operations has yielded impressive results during the reporting period. The

return on equity (ROE) for the food business reached 42.57% while net profit increased by 14.16%

year-on-year marking a record high. Furthermore the Company's leadership in the US market for tilapia

imports with a market share exceeding 10%. The recognition of Tongwei Food as the 2025 Top 100

Enterprise in the Catering Supply Chain at the 5th China Catering Industry Red Bull Awards and the

"2025 China Catering Industry ESG Excellence Case award at the 3rd China Catering Industry Social

Responsibility Conference further solidify the Company's reputation as a leader in sustainable and

responsible food production. Additionally the Company's forward-looking industrial initiative for the

shrimp business which emphasizes the translation of pilot-scale results into production applications

building sales channels and developing brand value highlights its commitment to innovation and

sustainability. The full-chain upgrade of recirculating aquaculture technology resulting in precision

multi-feed feeding and automatic shrimp shell collection coupled with the establishment of an

equipment control platform and mobile management system exemplifies the Company's commitment to

intelligent management and operational efficiency. The grant of 22 patents for core processes and

equipment further attests to the company's innovative prowess. The achievement of the Raw-Edible

Product Certification from the China Quality Certification Center (CQC) and the strategic shift towards

branded retail channels such as e-commerce and supermarkets positioning Tongwei's Clearwater Shrimp

as antibiotic-free selenium-rich and raw-edible further reinforce the Company's commitment to quality

and consumer health.(II) Polysilicon and Upstream Business

The Company's dominance in the global high-purity polysilicon market is underscored by its

consistent No.1 market share leadership over successive years. This position is fortified by the

Company's robust production capabilities superior product quality advanced technological proficiency

effective cost management and strategic partnerships with key customers. In 2025 the polysilicon

industry experienced its first annual decline following a 12-year growth with supply-demand

imbalances and record-low prices observed in the first half of the year. However the consensus towards

“anti-involution” measures prompted companies to adopt self-disciplined production cuts resulting in a

subsequent recovery in product prices during the second half of the year. In response to the national

“anti-involution” initiative the Company strategically adjusted its shipment and sales strategies leading

to a decrease in its high-purity polysilicon sales volume to 384800 tons for the full year marking a

17.71% year-on-year decline. Despite this decline the Company's domestic market share expanded to

exceed 30% a 2 percentage points increase year-on-year. The top five external customers accounted for

over 60% of the Company's sales demonstrating the strength of its customer relationships and strategic

positioning within the market.During the reporting period the Company's high-purity polysilicon business demonstrated

resilience and adaptability amidst a challenging market environment. By focusing on internal

capabilities innovation and management optimization the Company effectively fortified its competitive

position within the industry downturn. In production the Company maintained unwavering commitment

to quality consistently outperforming industry benchmarks. Key production indicators including silicon

consumption (1.03 kg/kg.si) hydrogen consumption (below 100 Nm3/t.si) and chlorine consumption

(below 0.05 t/t.si) actual conversion rate of cold hydrogenation (up to 32.5%) and the power

consumption for reduction (below 40 kWh/kg) were met with remarkable efficiency. The Company's

commitment to innovation was evident through the initiation of 699 projects acceptance of 576

innovations filing of 477 patents and the granting of 297 patents positioning it as an industry leader.Employee-driven rationalization initiatives generated 140000 suggestions yielding a cumulative benefit

of 150 million yuan. The Company's strategic engagement in the development of 3 national 6 industry

and 9 group standards significantly bolstered its industry influence underscoring its commitment to

excellence and leadership within the sector. Furthermore the Company's strategic partnerships with

overseas customers in the semiconductor-grade high-purity polysilicon sector were characterized by

unwavering product quality recognition.(III) Solar Cell Business

The Company's global leadership in solar cell manufacturing is evidenced by its nine consecutive

years as the world's leading cell shipper and seven consecutive years as the top exporter. During the

reporting period the Company achieved a remarkable 103.03 GW in cell sales marking a year-on-year

18/2732025 Annual Report of Tongwei Co. Ltd.

increase of 17.51% and securing approximately 15% of the global market share. Notably overseas sales

surged to 16.73 GW reflecting a 73% year-on-year growth.During the reporting period the solar cell manufacturing sector experienced a pronounced

downward trend in cell prices primarily attributable to supply-demand imbalances which precipitated

near-universal losses for enterprises. Several companies were compelled to suspend production or exit

the market due to insurmountable financial constraints. However the industry consensus on

“anti-involution” emerged as a pivotal factor in the second half of the reporting period catalyzing a

significant rebound in cell prices. Meanwhile upstream wafer prices and the price of silver a critical

raw material surged thereby sustaining a predominantly loss-making environment for cell

manufacturers. By the conclusion of the reporting period industry operating rates exhibited a continued

decline. In this challenging market context the Company's cell manufacturing business prioritized two

core objectives: cost reduction and efficiency enhancement complemented by the fortification of digital

governance mechanisms. Consequently key production consumption indicators experienced further

reductions while product efficiency indicators exhibited a steady upward trajectory. The establishment

of the photovoltaic cell industry's inaugural “lighthouse factory” exemplifies the Company's

commitment to pioneering advancements in smart manufacturing. By employing state-of-the-art

technologies including machine learning generative AI and the Industrial Internet of Things (IIoT) the

Company has effectively augmented product conversion efficiency and quality thereby solidifying its

position at the vanguard of global smart manufacturing. By the end of the reporting period the

Company's comprehensive electricity consumption per cell was recorded at 41900 kWh/MW

representing a year-on-year decrease of 13% while comprehensive water consumption plummeted to

196 tons/MW reflecting a year-on-year reduction of 23%. These metrics are 40% and 67% lower

respectively than the stipulated standards outlined in the Ministry of Industry and Information

Technology's Photovoltaic Manufacturing Industry Standard Conditions (2024 Edition). Excluding the

impact of rising silver prices average non-silicon costs for the full year experienced a year-on-year

decrease of 14%. Despite these cost-reduction measures the Company's product quality remained

unrivaled within the industry. The factory efficiency of TNC products increased by approximately 0.38

percentage points year-on-year and the A-grade rates for various cell types significantly surpassed

industry benchmarks. Furthermore the UV60 and CTM metrics underwent continuous optimization.The Company's strategic investment in R&D has been instrumental in fortifying its competitive

position within the solar cell manufacturing sector. During the reporting period the Tongwei Global

Innovation R&D Center achieved a milestone by becoming one of the inaugural national-level pilot

platforms and the first entity in the photovoltaic industry to attain this distinction. The center's

multidisciplinary R&D initiatives encompass a range of cutting-edge technologies including TOPCon

HJT XBC and perovskite yielding promising outcomes. In the TOPCon pathway the Company has

integrated efficiency-enhancing technologies into both cells and modules such as steel plate printing

photolithography and Poly Tech. This strategic approach culminated in the launch of TNC 3.0 module

products with a mass production power of up to 650W. Concurrently the Company's pioneering efforts

in the HJT pathway have led to the development of a third-cut cell manufacturing technology which has

propelled the industry's leading 780W HJT mass production route. This innovation has resulted in a

remarkable reduction of silver consumption to below 4 mg/W while addressing the challenges

associated with damp heat and high UV degradation in packaging solutions. Furthermore the

Company's focus on the XBC pathway has yielded substantial breakthroughs in key technologies such

as high bifaciality for bifacial cells (BC) and copper plating. The development of two pilot lines—TBC

and HTBC—has maintained an average power level for pilot mass production at industry-leading levels.Additionally the Company has undertaken the construction of the industry's first fully automated 5 MW

perovskite-silicon tandem cell pilot line which has achieved a small-area tandem cell efficiency of

34.94%. As of the end of 2025 the Company's cell division has amassed a total of 1840 valid patents

further solidifying its technological moat.(IV) Solar Module Business

In 2022 the Company intensified its focus on the module business resulting in a surge in

shipments that propelled it into the global top five. By the end of the reporting period the Company's

products had secured distribution across more than 80 countries with the domestic market firmly

entrenched in the industry's first tier while overseas markets exhibited robust growth. In 2025 the

Company achieved a module sales volume of 43.25 GW with overseas market sales accounting for 9.52

GW representing a year-on-year increase of 164%. Concurrently the Company's commitment to

excellence was underscored by the acquisition of multiple prestigious certifications including Tier 1 and

19/2732025 Annual Report of Tongwei Co. Ltd.

EcoVadis Gold Medal.During the reporting period the Company demonstrated a steadfast commitment to enhancing its

module business resulting in a marked improvement in production metrics. The A-grade rate for

mainstream products reached 99.93% while the breakage rate reduced to 0.12% underscoring the

Company's superior performance within the industry. The non-silicon cost per watt experienced a 14%

year-on-year reduction. The Company's level of automation and intelligence remains unparalleled

positioning it at the forefront of global technological advancements. Significant strides were made in the

expansion of the Company's overseas market presence for modules. Sales in the Middle East and Africa

surged by an astounding 370% year-on-year while the Asia-Pacific market expanded by 279% and the

European market grew by 129%. The Company's market share reached the top 3 in Poland Romania

and Ireland and claimed the number one position in South Korea. Notably the Company secured the

ACWA1.86 GW project and completed over ten landmark projects exceeding 100 MW each in countries

such as Romania Ireland Spain and Australia. In the domestic market the Company's concentrated

power generation business deepened its collaboration with major state-owned power development

enterprises collectively known as the Five Big and Six Small groups. This strategic partnership

facilitated breakthroughs in national-level large base projects including the Jinshang Clean Energy Base.Furthermore the distributed business recorded annual shipments among the top performers in the

industry with its distributed platform business securing the first position in China.(V) PV Powerplants and Related Business

During the reporting period the Company demonstrated a resolute commitment to the synergistic

development of its dual core businesses—green energy and green agriculture. This strategic approach

facilitated the construction of large-scale Aquaculture-Photovoltaic Integration powerplants underpinned

by the development model of ecological aquaculture coupled with green energy. By taking systematic

cost control measures and constructing solar power systems on aquaculture water surfaces the Company

effectively optimized water surface resource utilization. This strategy supports the transformation of

traditional aquaculture towards scale intensification specialization and modernization thereby

achieving the triple operational outcomes of fishery electricity generation and environmental protection.Consequently the Company has made significant contributions to China's rural revitalization efforts.During the reporting period the Company connected approximately 440 MW of projects to the grid

encompassing the Guangdong Liantang project the Hubei Tianmen Phase II capacity expansion project

the Shandong Gaoqing Luhu project and the Shandong Dongying Phase II project. By the end of the

reporting period the Company's cumulative installed grid-connected capacity reached an impressive

5.11 GW with an annual settled electricity generation of 4.939 billion kWh. This substantial output

enabled an estimated carbon emission reduction of 3.2426 million tons.In addition to its core Aquaculture-Photovoltaic Integration powerplant business the Company has

actively expanded into source-grid-load-storage integrated projects with a focus on promoting the

construction and operation of energy storage projects on the power generation side. The Company has

built energy storage projects at some of its production bases and Aquaculture-Photovoltaic Integration

powerplants reducing electricity costs on the production side and creating new profit growth drivers.During the reporting period power source and storage projects were implemented at multiple Tongwei

bases including Jintang Shuangliu and Meishan. By adopting a two-cycle charge/discharge

strategy—charging during off-peak and shoulder periods and discharging during peak and super-peak

periods—the Company reduced production-side electricity costs. Energy storage projects at the

Company's Tianmen powerplant and Binyang powerplant achieved full grid connection effectively

reducing photovoltaic curtailment losses and capturing peak-to-valley price spread arbitrage. As a

leading enterprise covering both photovoltaic manufacturing and power generation the company has

established a coordinated synergy across the entire chain of power generation power sales and power

consumption in manufacturing. Leveraging its scale advantage in the electricity market during the

reporting period the company achieved electricity cost savings of 26 million yuan through market-based

power trading and drove the consumption of 220 million kWh of green electricity demonstrating its

commitment to green and low-carbon development through concrete actions.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

20/2732025 Annual Report of Tongwei Co. Ltd.

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 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 596 valid patents comprising 156 inventions and 7

overseas patents. It has taken a role in the formulation and revision of 61 standards including 39

national and 10 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 accumulatively held a

total of 3322 valid 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. It independently

developed cell technologies consistently deliver industry-leading power conversion efficiencies across

TNC THC and TBC. In terms of modules the Company on the basis of the original 908 module

interconnection technology platform integrated innovative processes advanced equipment and

cutting-edge materials enhanced both the power output and reliability of its modules and continued to

research and develop TNC and THC products. Tested by international authoritative certification

institution TüV the THC-G12 heterojunction module achieved a maximum power of 790.8W(standard

module dimension: 2384×1303 mm) and an overall module efficiency of 25.46%.During the reporting period the Tongwei Global Innovation R&D Center continuously aligns 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

technology advancement over the next five or ten years and beyond. Additionally the establishment of

the Sichuan Crystalline Silicon Photovoltaic Industry Innovation Center in collaboration with several

21/2732025 Annual Report of Tongwei Co. Ltd.

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 about 13 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 about

900000 tons for high-purity polysilicon. The investment cost per ten thousand tons decreased to about

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 about 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 fresh Tongwei Fish and Clearwater Shrimp brand featuring

antibiotic-free selenium-rich and raw-edible 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 95 system/product certificates from authorities like TüV 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 80 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

22/2732025 Annual Report of Tongwei Co. Ltd.

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 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 84128281703.14 91994404333.54 -8.55

Operating cost 81856406510.25 86117213124.73 -4.95

Sales expense 1505481767.54 1854765489.15 -18.83

Management expense 3422422421.22 4147411701.71 -17.48

Financial expense 2717686625.59 2002478504.24 35.72

R&D cost 1106164996.59 1510114124.23 -26.75

Net cash flow generated from

operating activities 1379185344.61 1143735923.37 20.59

Net cash flow generated from

investing activities -13100925945.19 -28520423571.27 54.06

Net cash flow generated from

financing activities 12015696164.71 27479977751.00 -56.27

Note on the reasons for operating revenue change: mainly attributed to a decline in prices within the

photovoltaic industry chain.Note on the reasons for operating cost change: mainly attributed to a decline in prices within the

photovoltaic industry chain.Note on the reasons for change in sales expense: mainly attributed to decrease in employee payrolls and

advertisement fees.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 decline in prices of R& D raw

materials.Note on the reasons for change in the net cash flow generated from operating activities: mainly

attributed to the response to the national call of anti-involution. The Company proactively reduced

factory operating rates and controlled inventory levels resulting in a year-on-year decrease in net

inventory increase.

23/2732025 Annual Report of Tongwei Co. Ltd.

Note on the reasons for change in net cash flow generated from investing activities: mainly attributed to

the reduction in investment expenditure for project construction. The net cash flow generated from

investing activities in the reporting period was negative primarily due to the payment of progress

payments and final payments for projects that have been put into production.Note on the reasons for change in net cash flow generated from financing activities: mainly attributed to

the repayment of loans during this period.Detailed note on any significant change in the business type profit structure or profit source of the

Company

□Applicable √ Not Applicable

24/2732025 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

Industry Operating revenue Operating cost Gross profit

YoY change of

operating YoY change of YoY change of gross profitmargin (%) revenue (%) operating cost (%) margin (%)

Agriculture and animal husbandry 29258809444.75 26487872784.29 9.47 -7.82 -7.91 +0.09ppts

PV 54138155120.72 54745070240.73 -1.12 -9.46 -3.96 -5.79 ppts

Main businesses by product

Product Operating revenue Operating cost Gross profit

YoY change of

margin (%) operating

YoY change of YoY change of gross profit

revenue (%) operating cost (%) margin (%)

Feed food and relevant activities 29258809444.75 26487872784.29 9.47 -7.82 -7.91 +0.09 ppts

Solar cells modules and relevant

activities 39560181374.11 39712257284.84 -0.38 -4.50 -2.95 -1.60 ppts

High-purity polysilicon chemical

engineering and associated business 15988761991.96 16848635024.84 -5.38 -19.64 -13.59 -7.38 ppts

activities

PV power and related businesses 2021468352.16 1001472628.98 50.46 -1.06 -1.45 +0.20 ppts

Offset from consolidation -3432256597.51 -2817294697.93

Total 83396964565.47 81232943025.02 2.59 -8.89 -5.28 -3.71 ppts

Main businesses by region

YoY change of

Region Operating revenue Operating cost Gross profitmargin (%) operating

YoY change of YoY change of gross profit

revenue (%) operating cost (%) margin (%)

East China 37785795743.38 37590889770.82 0.52 -6.29 -3.90 -2.47 ppts

South China 9859777329.70 9122285595.75 7.48 -32.05 -33.88 +2.56 ppts

West China 33047375020.14 33512666506.32 -1.41 -16.64 -12.28 -5.04 ppts

North China 15424449963.00 14831645054.07 3.84 1.38 3.76 -2.21 ppts

Middle China 5608273065.36 5349785591.49 4.61 -35.69 -35.50 -0.28 ppts

Overseas 14247743234.45 13942603731.67 2.14 50.76 54.71 -2.50 ppts

Offset from consolidation -32576449790.56 -33116933225.10

25/2732025 Annual Report of Tongwei Co. Ltd.

Total after offset 83396964565.47 81232943025.02 2.59 -8.89 -5.28 -3.71 ppts

Main businesses by sale model

Sale model Operating revenue Operating cost Gross profit

YoY change of YoY change of YoY change of gross profit

margin (%) operatingrevenue (%) operating cost (%) margin (%)

Direct sale 62186079292.73 61573655897.77 0.98 -6.66 -2.56 -4.17 ppts

Franchised dealership 21210885272.74 19659287127.25 7.32 -14.84 -12.89 -2.07 ppts

Note on main businesses by industry product region and sale model

None

26/2732025 Annual Report of Tongwei Co. Ltd.

(2). Production and sale analysis

√Applicable □ Not Applicable

YoY change YoY change

YoY change

Main products Unit Production Sale Inventory of production of inventory

of sale (%)

(%)(%)

Feed 10000 tons 662.85 653.17 10.22 -3.72 -4.90 3.02

High-purity

10000 tons 46.54 38.48 20.70 -21.76 -17.71 58.38

polysilicon

Solar cells GW 102.35 103.03 2.18 14.92 17.51 -32.09

Solar modules GW 44.89 43.25 3.72 -2.31 -5.38 75.47

100 million

PV Generation 48.07 49.39 / -4.20 -1.36 /

kilowatt-hours

Note on production and sale volumes

In response to the national “anti-involution” initiative the Company has timely adjusted its production configuration and

controlled the shipment resulting in a temporary increase in the inventory of high-purity polysilicon and solar modules.

(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

Total Amount fulfilled in Amount to Fulfillment Note on

Subject matter Counterparty

amount fulfilled the reporting be fulfilled or not non-fulfillment

period

High-purity

Customer A / 493.93 31.13 / Yes

polysilicon

High-purity

Customer B / 94.87 8.63 / Yes

polysilicon

High-purity

Customer C / 22.01 0.90 / Yes

polysilicon

High-purity

Customer D / 112.00 4.18 / Yes

polysilicon

High-purity

Customer E / 38.07 2.32 / Yes

polysilicon

High-purity

Customer F / 203.79 23.52 / Yes

polysilicon

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

27/2732025Annual Report of Tongwei Co. Ltd.

(4). Cost analysis

Unit:Yuan Currency:CNY

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 24769987418.97 93.51 26906449760.75 93.55 -7.94

Agriculture and animal husbandry Labour cost 417806281.43 1.58 524835991.13 1.82 -20.39

Manufacturing expense 1300079083.89 4.91 1331147984.16 4.63 -2.33

Raw materials 34839075831.17 63.64 35143923933.47 61.66 -0.87

PV industry Labour cost 2548692019.78 4.66 2663851934.42 4.67 -4.32

Manufacturing expense 17357302389.78 31.71 19192539671.40 33.67 -9.56

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 24769987418.97 93.51 26906449760.75 93.55 -7.94

Feed food and relevant activities Labour cost 417806281.43 1.58 524835991.13 1.82 -20.39

Manufacturing expense 1300079083.89 4.91 1331147984.16 4.63 -2.33

High-purity polysilicon chemical Raw materials 5487525325.35 32.57 7668828640.35 39.33 -28.44

engineering and associated business Labour cost 933407082.36 5.54 622007713.26 3.19 50.06

activities Manufacturing expense 10427702617.13 61.89 11207838043.41 57.48 -6.96

Raw materials 32168845203.75 81.00 31908419311.89 77.98 0.82

Solar cells modules and relevant

Labour cost 1615284937.42 4.07 2041844221.16 4.99 -20.89

activities

Manufacturing expense 5928127143.67 14.93 6968458333.95 17.03 -14.93

PV power and relevant activities Manufacturing expense 1001472628.98 100.00 1016243294.04 100.00 -1.45

Other notes on cost analysis

The cost variations across industries and products represent the cost offsets in the consolidated financial statements.

28/2732025 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

Customers or suppliers under the purview of the same controller shall be treated as a singular entity for consolidated

reporting purposes with the exception of those directly controlled by the same state-owned asset management authority.The following customer and supplier data is consolidated under the common control concept.A. Major customers and major suppliers

√Applicable □ Not Applicable

The sales amount from top five customers was 10497441.2 thousand yuan accounting for 12.48% of

the total sales 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 sales amount.The purchase amount to top five suppliers was 15188130.2 thousand yuan accounting for 11.95% 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.B. The sales amount from a single customer was over 50% of the total sales 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

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

C. The Company's stock was subject to delisting risk warning or other risk warnings during the

reporting period

Top five customers

□ Applicable √ Not Applicable

Top five suppliers

□ Applicable √ Not Applicable

D. The Company had revenue from trading business during the reporting period

□Applicable √ Not Applicable

The top five customers whose trade business accounts for more than 10% of operating revenue

□Applicable √ Not Applicable

The top five suppliers whose trade business accounts for more than 10% of operating revenue

□Applicable √ Not Applicable

Other notes:

None

3. Expenses

□Applicable √ Not Applicable

4. R&D cost

(1).R&D cost

√ Applicable □ Not Applicable

29/2732025 Annual Report of Tongwei Co. Ltd.

Unit:Yuan Currency:CNY

R&D cost expensed in current period 2206852631.27

R&D cost capitalized in current period /

Total R&D cost 2206852631.27

Total R&D cost to operating revenue (%) 2.62

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 3.75%.

(2).R&D personnel

√Applicable □ Not Applicable

R&D employees 4404

R&D employees to total employees (%) 9.83

Education background of R&D employees

Education background Number of employees

Doctor degree 46

Master degree 570

Bachelor's degree 2164

Three-year college 1248

High school and below 376

Age groups of R&D employees

Age group Number of employees

Under 30 years old 1694

30 ≤Age＜ 40 years old 1932

40≤Age＜50 years old 633

50≤Age＜ 60 years old 140

60 years old or above 5

(3).Note

□Applicable √ Not Applicable

(4).Reasons for material changes in R&D staff structure and the impact on the Company’s future

development

□Applicable √ Not Applicable

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

30/2732025 Annual Report of Tongwei Co. Ltd.

(III.) Analysis of assets and liabilities

√Applicable □ Not Applicable

1. Assets and liabilities

Unit:Yuan Currency:CNY

Closing

Closing balance

Closing balance of Closing balance of last balance to the

Item name to the total assets YoY (%) Note

current period period total assets

(%)

(%)

Receivables Primarily due to controlled bill pool size and reduced bank

4841105874.662.587704206516.603.93-37.16

financing acceptance drafts.Accounts payable 543320003.86 0.29 1085751229.38 0.55 -49.96 Primarily due to a decrease in prepayments for raw materials.Primarily due to the inclusion of state subsidies receivable for

Contract assets 403899001.17 0.22 579643428.91 0.30 -30.32 powerplants into the subsidy catalog and the corresponding

amounts being transferred to accounts receivable.Primarily due to the completion and transfer of new

Construction in

2014635545.42 1.07 7251108008.25 3.70 -72.22 construction projects for industrial silicon modules and

progress

cells.Other non-current Primarily due to an increase in excess input VAT credits that

3940680286.982.102956730320.491.5133.28

assets cannot be offset within one year.Short-term Primarily due to an increase in capital reserves and an

7702135271.214.101878224418.520.96310.08

borrowings expansion in financing scale.Non-current

Primarily due to an increase in long-term borrowings due

liabilities due 14848205537.78 7.91 10725854956.38 5.47 38.43

within one year.within one year

Long-term Primarily due to an increase in sale-and-leaseback

2655366740.031.411957365997.821.0035.66

payables transactions.Other notes: None

31/2732025 Annual Report of Tongwei Co. Ltd.

2. Overseas assets

√Applicable □ Not Applicable

(1). Assets

In which: The overseas assets were 4271672677.45 yuan accounting for 2.27% 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 2199660424.82 Notes deposit

hand

Provides pledges for the bank acceptance bills issued by the

Receivables financing 3417568485.59

Company

Notes receivable 601552800.00 Provide pledges for the Company's financing

Accounts receivable 2944406883.83 Provide pledges for the Company's financing

Contract assets 301391685.42 Provide pledges for the Company's financing

5836188661.14 Provide collaterals for financing of the CompanyFixed assets

Sale and lease-back with restricted ownership

3230503858.58 Machinery and equipment under finance lease with legalRight-of-use assets

ownership vested in the lessor

Intangible assets 5965202.52 Provide collaterals for financing of the Company

Held-for-trading 1204621666.67 Provide pledges for the Company's financing

financial assets

Total 19741859668.57

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.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

Technical indicator

category

Solar

energy-grade Output ratio of products at all levels Ratio of electricity cost to total product cost

polysilicon:

Solar

energy-grade 100% 30%

polysilicon:

Solar

energy-grade Average energy conversion efficiency in mass Maximum energy conversion efficiency in

polysilicon production R&D stage

Solar cells: N-type TOPCon:26.74%

N-type TOPCon:26.86%

N-type HJT:26.49%

32/2732025 Annual Report of Tongwei Co. Ltd.

N-type TBC:27.21%

Thin-Film and Perovskite/Crystalline Silicon TandemSolar Cells:

other new types / Small size（d.a. 1.07cm2）:34.94%

of solar cells Large size（t.a. 210 half-cell）:31.11%

Modules: Average module power in mass production Maximum module power in R&D stage

TNC1.0:

183-72 format TOPCon modules:585-590W 182-72 format TOPCon modules:613.2W

Silicon solar 210R-66 format TOPCon modules:620-625W 210R-66 format TOPCon modules:682.8W210N-66 format TOPCon modules:715-720W 210-66 format TOPCon modules:778.5W

cells TNC2.0: 210-66 format HJT modules:790.8W

210R-66 format TOPCon modules:630-635W 210R-66 format BC modules:685.4W

210N-66 format TOPCon modules:725-730W

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.

33/2732025 Annual Report of Tongwei Co. Ltd.

3. PV powerplants

√Applicable □ Not Applicable

Unit:10000 Yuan Currency:CNY

Development of PV powerplants

Number of powerplants

Number of powerplants and total Number of powerplants and Total price of Effect of powerplants sold in

and total installed Total installed capacity

installed capacity held at the total installed capacity held at powerplant projects the period on the operational

capacity sold in the approved

beginning of the period the end of the period sold performance of the period

reporting period

Powerplants held:56 Powerplants held: 56

No powerplant was sold in the

Installed capacity with grid 0 Installed capacity with grid 5.67GW 0

period

connection: 4.67GW connection:5.11GW

√Applicable □ Not Applicable

Unit:10000 Yuan Currency:CNY

Operation of PV powerplants in the year:

Installed capacity Power generation Grid connected power Settled power (10000 Price of grid connected Electricity

Region Subsidies

(MW) (10000 kWh) (10000 kWh) kWh) electricity (yuan/kWh) revenue

Centralized:

East China 1851.22 167845.53 163611.55 165781.93 0.39 52358.58 12488.20

South China 602.81 46291.77 45655.64 46992.20 0.40 15441.12 3400.26

West China 162.97 15299.83 14827.87 14572.68 0.56 4319.47 3901.87

North China 1498.31 166588.31 164217.87 165457.93 0.44 46673.24 26463.11

Middle China 882.62 78155.87 77675.97 86256.60 0.28 24557.36 -109.32

Total 4997.93 474181.31 465988.90 479061.34 0.40 143349.77 46144.12

Distributed:

East China 32.57 4353.56 4295.90 4477.78 0.61 1510.65 1209.00

South China 1.67 306.35 170.51 169.00 0.47 80.14 0.00

West China 62.83 8754.49 8560.89 8492.34 0.62 2637.44 2656.04

Middle China 18.12 1722.18 1662.92 1702.52 0.81 527.17 846.31

Total 115.19 15136.58 14690.22 14841.64 0.64 4755.40 4711.35

□ Applicable √ Not Applicable

34/2732025Annual Report of Tongwei Co. Ltd.

4. PV products

(1). PV capacity in use and in construction

□Applicable √ Not Applicable

(2). Major financial indicators of PV products

√ Applicable □ Not Applicable

Unit:10000 Yuan Currency:CNY

Sales-to-production Sales revenue Gross profit margin (%)

Product category

ratio (%) Domestic Overseas Domestic Overseas

Solar energy-grade polysilicon 82.68 1336808.33 / -4.03 /

Solar cells:

Monocrystalline silicon cells 100.66 862387.82 435792.69 -3.24 -4.52

Modules:

Silicon solar cells 96.35 1985850.03 655123.42 0.95 0.90

PV products sold overseas should be listed by country or region

√ Applicable □ Not Applicable

Unit:10000 Yuan Currency:CNY

Overseas sales of monocrystalline silicon cells

Country/region Sales revenue Gross profit margin (%)

Middle East and Africa 1639.76 -3.07

APAC 349176.75 -5.10

Americas 84976.18 -2.19

Unit:10000 Yuan Currency:CNY

Overseas sales of monocrystalline solar modules

Country/region Sales revenue Gross profit margin (%)

Europe 375986.54 1.83

APAC 221323.82 -0.20

Americas 23048.72 -1.65

Middle East and Africa 34764.34 -0.36

(3). PV powerplant projects commissioned or developed

□Applicable √ Not Applicable

35/2732025Annual Report of Tongwei Co. Ltd.

5. Other notes

□ Applicable √ Not Applicable

36/2732025 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:10000 Yuan Currency: CNY

Cumulative

Opening investment Amount invested in Project Return realized in the Sources of

Project name investment

amount the reporting period progress reporting period funds

amount

Phase V 25 GW High-efficiency Cell Project of

682277.73 89808.44 772086.17 Completed -52033.11 Self funding

Chengdu Solar

25 GW High-efficiency Modules Manufacturing Base

441887.69 20065.23 461952.92 Completed -400.02 Self funding

Project of Nantong Solar

Note: Considering the evolving market dynamics within the photovoltaic sector the Company has decided to suspend the construction of several previously planned projects

namely the Ordos green substrate materials integration project the Leshan 120000 tons/year high-purity polysilicon and supporting facilities project the Leshan City

Wutongqiao District 16GW ingot pulling wafer slicing and cell project and the Emeishan City 16GW ingot pulling wafer slicing and cell project. This decision is

contingent upon a comprehensive evaluation of the company's internal and external operating conditions as well as the guidance provided by national industrial policy.

3. FVTPL financial assets

□Applicable √ Not Applicable

Securities investments

□ Applicable √ Not Applicable

Notes on securities investments

□ Applicable √ Not Applicable

PE investments

□ Applicable √ Not Applicable

Derivatives investments

√ Applicable □ Not Applicable

37/2732025 Annual Report of Tongwei Co. Ltd.

(1). Derivative investments held for hedging in the reporting period

√Applicable □ Not Applicable

Unit:10000 Yuan Currency:CNY

Ratio of closing

Cumulative Amount carrying value

Initial Opening Current Amount sold to the

Derivatives investment type investment carrying profit/loss

change in fair bought in

value the in the

Closing Company’s net

amount value from change recorded into reporting reporting

carrying assets at the

in fair value equities period period

value end of the

reporting

period (%)

Forward exchange contracts / 1202.18 -2231.05 -686.05 0.00 815611.82 -363.69 -0.01

Commodity futures / 0.00 0.00 0.00 490.25 6033.12 0.00 0.00

Total / 1202.18 -2231.05 -686.05 490.25 821644.94 -363.69 -0.01

The Company has met the requirements for applying hedge accounting methods since January 1 2023 and has been employing

Accounting policies and principles for hedging activities hedge accounting since then. The Company executes accounting treatment for hedging activities in accordance with the relevant

in the reporting period and any significant changes provisions and guidelines of the Ministry of Finance including Accounting Standards for Business Enterprises No. 22 -

compared to the previous reporting period Recognition and Measurement of Financial Instruments No. 23 - Transfer of Financial Assets No. 24 - Hedge Accounting and

No. 37 - Reporting for Financial Instruments.In the reporting period the total amount reflected in the investment income and profit/loss from fair value change for the Company

Note on the actual profit/loss in the reporting period

commodity and exchange hedging schemes was-15.7784 million yuan.Through hedging activities the Company effectively mitigated risks associated with fluctuations in exchange rates raw material

Note on the effect of hedge activities prices and finished product 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:

Note on risk analysis and control measures for derivative

1. The risk of significant fluctuations in exchange rates

holdings in the reporting period (including but not limited

In times of substantial exchange rate volatility if the Company assesses that the direction of significant fluctuations diverges from

to market risk liquidity risk credit risk operational risk

that anticipated in the foreign exchange hedging contracts it will incur exchange losses. Likewise significant disparities between

and legal risk)

future exchange rate movements and the terms of the hedging contracts will also result in exchange losses;

2. Internal control risk

Foreign exchange hedging operations require a high level of expertise and involve complexity which may lead to risks due to

inadequate internal controls;

38/2732025 Annual Report of Tongwei Co. Ltd.

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

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

Foreign exchange forward contracts are initially measured at fair value on the day the contracts are entered into between the

the reporting period specific methods and the settings of

Company and commercial banks. Subsequent measurements of their fair value are based on year-end valuation notices provided by

relevant assumptions and parameters should be disclosed

respective commercial banks.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 derivative investments December 30 2025

(if any)

The disclosure date for the general meeting's

announcement for the approval of derivative investments Not applicable

(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.

(2). Derivative investments held for speculation in the reporting period

□Applicable √ Not Applicable

Other notes:

None

4. Progress of significant asset restructuring and integration in the reporting period

□Applicable √ Not Applicable

39/2732025 Annual Report of Tongwei Co. Ltd.

(VI.) Significant asset and equity sales

□Applicable √ Not Applicable

(VII.) Analysis of companies where the Company holds shares

√ Applicable □ Not Applicable

Major subsidiaries and associated companies with more than 10% impact on the Company's net profit

√ Applicable □ Not Applicable

Unit:100 million yuan Currency:CNY

Registered Operating Operating Net

Company name Company nature Main business Total assets Net assets

capital revenue profit income

Tongwei Solar Co. Ltd. (consolidated) Subsidiary PV manufacturing 16.00 399.08 158.93 252.47 -43.44 -46.29

Yongxiang Co. Ltd. (consolidated) Subsidiary PV manufacturing 12.54 677.12 336.98 155.15 -37.32 -33.16

The information of acquiring and disposing of subsidiaries during the reporting period

□ Applicable √ Not Applicable

Other notes

□ Applicable √ Not Applicable

(VIII.) Structure entities controlled by the Company

□Applicable √ Not Applicable

40/2732025 Annual Report of Tongwei Co. Ltd.

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. Relying on the first-mover competitive advantage of the

domestic feed industry and the guidance of the 'Belt and Road' initiative overseas emerging markets will

become a new blue ocean. The Company believes that the feed industry will present the following

patterns and trends:

(1) The domestic market's increasingly maturation characterized by enterprises' pursuit of

differentiated development concurrently positions overseas markets as a promising new blue

ocean

With decades of high-speed development the maturation of China's domestic feed industry

characterized by a robust industrial system and a discernible competitive landscape heralds a strategic

shift towards overseas markets. This transition is underpinned by evolving domestic population

dynamics consumption patterns and the consolidation within downstream aquaculture and livestock

sectors. Consequently competition within the domestic feed market is anticipated to stabilize fostering

an environment conducive to the dominance of leading group-level enterprises. These entities

leveraging their formidable procurement leverage advanced R&D capabilities standardized production

capacities and comprehensive management capital and talent advantages are poised to further

augment and secure their market share. Conversely small and medium-sized enterprises may capitalize

on differentiated development strategies targeting niche markets or innovating unique product offerings.Concurrently the competitive intensity within the domestic market catalyzes Chinese feed companies to

explore vast growth prospects in emerging overseas markets. Their technological prowess superior

product portfolios integrated supply chains and management acumen bolstered by supportive policies

from the Belt and Road Initiative position them favorably to capitalize on these international

opportunities.

(2) Intelligence innovation modernization Grain-saving Substitution and sustainability will

be a long-term industry trend

As the feed industry matures competition among enterprises has shifted from merely increasing

production to emphasizing comprehensive competitive capabilities. These capabilities include supply

chain management 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 and raw materials purchase. 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. Under the guidance of

documents such as the Suggestions of the CPC Central Committee on Formulating the 15th Five-Year

Plan for National Economic and Social Development accelerating the iteration of feed formula

structures promoting the reduction and substitution of feed grains and encouraging the breeding

industry to save grains and reduce consumption will become long-term trends in the feed industry. The

integration of novel raw materials—such as plant and insect proteins—along with the emergence of

41/2732025 Annual Report of Tongwei Co. Ltd.

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.

(3) The feed and breeding sectors will undergo vertical integration resulting in a continuous

acceleration of the industrial chain’s consolidation

As market competition of feed and breeding being increasingly mature 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.

2. Photovoltaic-based New Energy Industry

The PV as a cornerstone of the global clean energy transition exhibits remarkable attributes of

cost-efficiency safety and environmental sustainability. These attributes coupled with the overarching

dual-carbon objectives position PV technology as a promising avenue for future development. Despite

the cyclical challenges currently confronting China's PV manufacturing landscape such as

supply-demand imbalances and escalating competition the global PV end-use applications are projected

to expand. This expansion is underpinned by the emergence of new markets and the persistent upward

trajectory of demand which remains a steadfast certainty. Furthermore China's PV industry maintains

an unformidable global leadership in technological innovation scale and cost-effectiveness. The

industry's trajectory is poised to transition from a phase of distorted competition to one of high-quality

development propelled by sustained industrial policy support and corporate technological advancements.The convergence of PV and energy storage sectors coupled with China's inherent advantages in energy

security and cost-efficiency will facilitate the industry's progression towards sustainable high-quality

growth. Consequently the PV industry is anticipated to display distinct patterns and trends in the

forthcoming years.

(1) Despite periodic supply-demand imbalances the photovoltaic industry's vast long-term

potential remains. The advent of emerging sectors such as artificial intelligence is poised to

catalyze further advancements in photovoltaic technology

The PV as the most prominent form of clean energy has demonstrated a remarkable trajectory

characterized by a significant reduction in the levelized cost of energy (LCOE) relative to fossil fuels.This trend is further underscored by the consistent outpacing of annual new installed capacity by all

other energy sources for an extended period. Even amidst a complex and severe global trade policy and

supply chain environment the PV sector achieved a record high in global newly installed capacity in

2025. This resilience is particularly noteworthy in emerging markets such as India the Middle East

Africa and Southeast Asia which have exhibited robust growth momentum. The PV industry's enduring

market potential is underpinned by its exceptional attributes including superior energy security

cost-effectiveness environmental sustainability and favorable construction and maintenance cost

profiles. As such the PV sector remains poised for substantial long-term growth. Also the burgeoning

global artificial intelligence (AI) and data center industries have precipitated a surge in energy

consumption by computing infrastructure. This development presents a compelling opportunity for the

PV industry as the integration of PV power generation with energy storage systems can furnish clean

and reliable energy solutions for large power consumers such as data centers and computing centers.This synergy is anticipated to catalyze a significant growth pole within the “PV+” model. Moreover the

emergence of frontier fields such as commercial space and space-based AI computing is expanding the

horizons for high-performance technologies like HJT and perovskite tandem cells. These innovative

technologies are likely to serve as novel application platforms. Consequently the PV industry's

trajectory is poised to accelerate in tandem with advancements in social technology and industry.

(2) The industry's concentration trajectory is poised for acceleration as the sector transitions

towards high-quality development emphasizing technological innovation and superior product

quality

42/2732025 Annual Report of Tongwei Co. Ltd.

The photovoltaic industry's trajectory is on an upward trajectory propelled by technological

advancements and the global energy transition. This sector's burgeoning potential and lucrative returns

have engendered a surge in entrants both domestic and foreign intensifying production capacity. As

supply-demand dynamics persist companies with inadequate core competitiveness are poised for exit

catalyzing industry consolidation and market concentration. Additionally market mechanisms policy

regulation and legal frameworks compel the industry to embrace high-quality development and healthy

competition through sustained R&D investment and management enhancements. This strategic pivot

engenders differentiated competitive advantages in technology quality and brand.

(3) China's preeminent position in the global photovoltaic sector is secure with the

international enterprise landscape poised for a transformative evolution

China's PV industry has firmly established itself as a global leader characterized by an unparalleled

market share of over 85% and a commanding production capacity that exceeds 95% for high-purity

polysilicon 95% for wafer production 90% for cell manufacturing and 85% for module fabrication.Meanwhile Chinese PV companies are distinguished by their advanced automation intelligence and

superior product quality coupled with the most competitive manufacturing costs worldwide. This

industry's dominance is further underscored by its consistent No.1 leadership in annual new installed

capacity for the past 12 years and cumulative installed capacity for the past 10 years. As the world

transitions towards clean energy China's PV sector is poised to maintain its pivotal role. Concurrently

the evolving international trade landscape and the strategic emphasis of numerous nations on bolstering

local supply chains are prompting a strategic pivot within Chinese PV companies. This shift is

increasingly focusing on localized production capacity complemented by comprehensive outputs in

technology management and capital. This strategic transformation not only bolsters China's global

competitiveness but also significantly contributes to the global dual-carbon objectives thereby

amplifying the sector's positive impact on worldwide energy transition and sustainable development

efforts.(II.) Development strategy of the Company

√ Applicable □ Not Applicable

Agriculture and animal husbandry business group: a world-class safe food supplier

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".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 uniform industry chain from farmers to consumers around the growth model of

“three-fish one-prawn one brand one-platform and one-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.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

43/2732025 Annual Report of Tongwei Co. Ltd.

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 profitability 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 2026 the Company will continue to adhere to its business policy of focus execution and

efficiency. Based on a profound understanding of industry development trends it will further optimize

business strategies strengthen risk management and strive to achieve high-quality and sustainable

development. Moreover the Company will focus on two core areas- improving order quality and

optimizing cash flow management promoting the steady operation of various business segments and

enhancing corporate value.(IV.) Possible risks

√ 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

the prices of some major agricultural products which serve as the main raw material sources for feed

have undergone a sharp rise followed by a continuous decline with huge fluctuations putting significant

pressure on feed companies' procurement. At the same time the prices of various raw materials may also

be affected by international geopolitical conflicts extreme weather trade policies and other factors

resulting in large fluctuations and posing challenges to feed companies' procurement and cost control.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 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 sales are directly related to breeding activities 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

44/2732025 Annual Report of Tongwei Co. Ltd.

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

Exchange rates are comprehensively influenced by various factors such as the economic

development of countries fiscal and monetary policies international trade conditions and the

geopolitical environment. With the continuous turbulence in the global economy and political situation

the risk of exchange rate fluctuations has increased. With the Company's growing demand for

international raw material trade and the expansion of its overseas feed business the frequent two-way

fluctuations of the RMB exchange rate will have a relatively significant impact on the Company's

operations.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 response 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 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

Currently the production capacity of various segments in the main PV industry chain still shows a

significant periodic surplus relative to market demand. 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 improving the efficiency of integrated operations along the industrial chain to maintain cost

45/2732025 Annual Report of Tongwei Co. Ltd.

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. In terms of the

capacity release pace the Company dynamically adjusts according to market demand and combined

with its own competitive advantages ensuring the release of more advanced capacity.

(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

In 2025 the technology in all segments of photovoltaics continues to develop rapidly. The industry

has fully entered a new phase dominated by N-type products. The mass production efficiency of

TOPCon technology keeps improving while new generation crystalline silicon cell technologies such as

HJT and xBC also achieved breakthroughs. Amorphous silicon technologies such as thin films and

perovskite are developing simultaneously. 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 and continues to conquer the pains and difficulties in advanced cell technologies. 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

increase in trade cost 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

46/2732025 Annual Report of Tongwei Co. Ltd.

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 Environmental and Social

I. Company governance

√ 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 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 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

During the reporting period the Company undertook a comprehensive review and enhancement of

its Articles of Association and related normative documents in strict adherence to pertinent legal

frameworks regulatory requirements and industry best practices. This strategic initiative aimed to refine

the governance structure surrounding the general meeting of shareholders with a particular focus on

delineating the roles and responsibilities of the controlling shareholder and the actual controller. The

primary revisions encompassed the introduction of a dedicated section delineating the duties and

obligations of these key stakeholders thereby fostering a clearer understanding of their respective

obligations. Furthermore the Company amended provisions pertaining to the convening and chairing of

the general meeting as well as derivative actions. Notably the shareholding ratio threshold for

shareholders proposing interim motions was lowered. Additionally the company optimized the

methodologies for convening the general meeting and the voting procedures. Throughout the reporting

period the Company convened two general meetings each adhering to the stipulations outlined in the

Company Law Securities Law Shanghai Stock Exchange Listing Rules Articles of Association and

Rules of Procedure for General Meetings. This unwavering commitment to compliance not only

underscores the Company's dedication to upholding the legitimate rights and interests of its shareholders

but also serves as a testament to its robust governance framework. The procedural integrity of these

meetings was maintained through rigorous adherence to the afore-mentioned provisions thereby

ensuring the transparent disclosure of results and safeguarding the shareholders' fundamental rights to

know participate and vote on matters of substantive importance to the Company.(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. The Company’s

initiative to refine its related normative documents focused on optimizing the operation of the Board of

Directors. This endeavor encompassed the introduction of a dedicated section delineating the

composition and responsibilities of the board's special committees with a particular emphasis on the

Audit Committee's assumed functions previously held by the Supervisory Committee. Furthermore the

Company adhered to new regulatory requirements by enhancing the independence and qualification

criteria for independent directors as well as standardizing the system of special meetings tailored to their

47/2732025 Annual Report of Tongwei Co. Ltd.

unique needs. Additionally the Company introduced provisions concerning director qualifications the

establishment of employee directors and the liability of directors and senior management for breaches

of fiduciary duties thereby refining the overarching governance framework. Throughout the reporting

period the Board of Directors convened a total of nine meetings with each participant diligently

adhering to the stipulations outlined in the Articles of Association and the Rules of Procedure for the

Board of Directors. This commitment to procedural integrity was manifested in the thorough

deliberations and evaluations of each proposal ensuring that professional opinions and

recommendations were fully articulated and considered.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 2 meetings before the reform 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 and Articles of

Association. 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. In adherence to the stipulations outlined in the China Securities

Regulatory Commission's (CSRC) Transitional Arrangements for the Implementation of Supporting

Rules and Systems under the New Company Law and other pertinent regulations the Company

convened its 2024 Annual General Meeting on May 20 2025. During this meeting amendments to the

Articles of Association and the restructuring of the Supervisory Committee were approved. The

resolution mandates that the Audit Committee shall assume the statutory functions previously held by

the Supervisory Committee.(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 2024-2025 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 2025 the Company was awarded

the 'Golden Information Disclosure Award' of the Golden Bull Awards for listed companies by China

Securities Journal the 'Outstanding Secretary to the Board Award' and 'Outstanding IR Team Award' of

the Investor Relations Gold Awards by Panorama Network and the 'Excellent Secretary to the Board

Award' of the Golden Dawn Awards by Securities Market Weekly.(VII) Shareholder protection

48/2732025 Annual Report of Tongwei Co. Ltd.

The Company highly prioritizes the rights and interests of shareholders particularly 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 and its controlling shareholders have completed

the planned implementation of the scheme to repurchase its shares of 2-4 billion yuan and to increase

their holdings by 1-2 billion yuan. The controlling shareholder Tongwei Group invested a total of

1299266.6 thousand yuan accumulatively. 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 remuneration 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 remuneration 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

49/2732025 Annual Report of Tongwei Co. Ltd.

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

□ Applicable √ Not Applicable

50/2732025 Annual Report of Tongwei Co. Ltd.

III. Information of directors supervisors and senior managers

(I.) Shareholding changes and remuneration of directors and senior management currently in office and having left office in reporting period

√ Applicable □ Not Applicable

Unit:Share

Whether

Total before-tax remuneration receiving

Change

Opening Closing Reason for from the Company in the remuneration

Name Title Gender Age Start date End date in

shares shares change reporting period (in 10000 from related

shares

yuan) parties of the

Company

Chair/CEO 2023-03-21 2028-05-20

Liu Shuqi Female 36 80000 80000 0 310.45 None

Director 2022-05-16 2028-05-20

Yan Hu Vice Chair Male 62 2016-05-09 2028-05-20 836650 836650 0 252.09 None

Liu Hanyuan Director Male 61 2000-10-23 2028-05-20 0 0 0 228.38 None

Ding Yi Director Female 61 2020-05-12 2028-05-20 0 0 0 8.00 None

Wang Jin Director Male 59 2025-05-20 2028-05-20 10000 10000 0 4.97 None

Employee

2025-04-242028-05-20

Director

Deng San Chair of Female 42 225880 225880 0 183.86 None

supervisory 2017-05-05 2025-04-23

committee

Independent

Jiang Yumei Female 62 2022-05-16 2028-05-20 0 0 0 16.00 None

Director

Independent

Chen Lei Male 42 2025-05-20 2028-05-20 0 0 0 9.94 None

Director

Independent

Xu Yingtong Male 51 2023-05-16 2028-05-20 0 0 0 16.00 None

Director

Song

Dongsheng Director Male 63 2023-05-16 2025-05-20 0 0 0 39.03 None（remove）

Li Peng

Director Male 44 2022-09-26 2025-05-20 0 0 0 0.00 None（remove）

Fu Daiguo Independent

Male 61 2019-05-08 2025-05-20 0 0 0 6.06 None（remove） Director

51/2732025 Annual Report of Tongwei Co. Ltd.

Zhang Lu Senior manager Male 47 2017-03-12 2028-05-20 281600 281600 0 323.98 None

Zhou Bin Senior manager Male 58 2019-05-08 2028-05-20 59043 59043 0 223.40 None

Yan Ke Senior manager Male 41 2019-05-08 2028-05-20 0 0 0 142.94 None

Li Bin

Senior manager Male 59 2022-05-16 2025-05-20 241888 241888 0 65.68 None（remove）

Xing Guoqiang

Senior manager Male 60 2022-05-16 2025-05-20 0 0 0 89.35 None（remove）

Gan Jufu

Senior manager Male 54 2022-05-16 2025-05-20 0 0 0 67.93 None（remove）

Guo Yizhong

Senior manager Male 55 2022-05-16 2025-05-20 500450 500450 0 97.50 None（remove）

Total / / / / / 2235511 2235511 0 / 2085.56 /

Note: During the reporting period the Company successfully concluded the election and appointment of the members of the 9th board of directors and senior

management. Upon the expiration of their respective terms the original board members vacated their positions. Subsequently the 2024 Annual General Meeting

approved amendments resulting in the re-election of certain board members who continued their service. Concurrently a subset of senior managers having

relinquished their roles retained their positions within the organization assuming responsibilities in technical research and development as well as management.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 and eighth board of the Company. He is the chair of the board of directors of Tongwei Group and a director of the 9th board of directors of the

Liu Hanyuan

Company. Other social 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. a director of the 9th board of directors of the Company 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

Liu Shuqi Chamber of Commerce and Vice President of Chengdu Entrepreneurs Federation. 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. In 2025 she won the 'ESG 2024 Annual Golden Dawn Award -

Leadership Award' and was recognized as an 'Outstanding Model of Chengdu's Bright Undertakings'.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.Yan Hu director and financial director of New 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 7th and 8th) of the

Company. He is a director and the vice chair of the 9th 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

52/2732025 Annual Report of Tongwei Co. Ltd.

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

Ding Yi

other companies. She is a director of the 9th 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. possessing in-depth experience in financial management and risk control.Male born in 1966 holds Chinese nationality without permanent residency abroad and possesses a Ph.D. in Economics coupled with extensive academic and professional

experience. Having served as a professor at Renmin University of China and Shanghai University he has also held significant roles at the State Planning Commission of

China the International Energy Research Institute of the International Cooperation Center of the National Development and Reform Commission (NDRC) Emory

Wang Jin

University Georgia College Georgia Office of Public Affairs and the Federal Reserve Bank. Since March 2016 he has assumed the position of Dean at the Guohe Energy

Research Institute. Since July 2018 he has served as the main initiator and Executive Vice Chairman of the International Investment Alliance for Renewable Energy.Furthermore he holds directorships on the Company's 9th Board of Directors and as an independent director of Chengdu Guibao Science and Technology Co. Ltd.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 7th and 8th supervisory committees of

Deng San the Company. She is currently the Deputy Secretary of the Party Committee and Secretary of the Discipline Inspection Commission of Tongwei Group and an employee

director of the 9th board of directors of the Company having extensive experience in risk management and audit supervision in the agriculture animal husbandry and

photovoltaic industries.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

Jiang Yumei Government and CPC Committee of Sichuan. a 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 9th board of directors of the Company; independent director of Chengdu YMK Technology Co. Ltd. and Liangshan Rural Commercial Bank

Co. Ltd. and an external supervisor of Sichuan Tianfu Bank Co. Ltd.Male born in 1983 holds nationality without permanent residency abroad and possesses a Ph.D. From 2012 to 2014 he held a postdoctoral research position within the

Department of Accounting at the prestigious London School of Economics and Political Science (LSE). Subsequently he has held successive academic roles serving as an

assistant professor associate professor and professor at Southwestern University of Finance and Economics while concurrently supervising doctoral candidates. Currently

Chen Lei

he assumes the position of Director of Scientific Research and Social Affairs at the School of Accounting. Now he serves as an independent director on the Company's 9th

Board of Directors and as an independent director for Chengdu UESTC Optical Communications Corporation. as well as a director for Sichuan Changhong Electronic

Holding Group Co. 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

Xu Yingtong Platform Director 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 of Shanghai Sigenergy Technology Co. Ltd. and an independent director of the 9th board of directors of the Company.Fu Daiguo Male born in 1964 currently holds the position of Executive Dean at the Shenzhen Advanced Research Institute of Southwestern University of Finance and Economics. He(remove） serves as a Professor of Accounting and a dedicated doctoral supervisor. His extensive experience extends to serving as a Vice President of the Chengdu Accounting Society.

53/2732025 Annual Report of Tongwei Co. Ltd.

Furthermore he served as an independent director for various organizations including CRUN Ltd. Lier Chemical Co. Ltd. and Ingenic Semiconductor Co. Ltd. Presently

he continues to contribute to the financial sector as an independent director for Anhui Xinke New Materials Co. Ltd. and Sichuan Tianfu Trust Co. Ltd. while also

maintaining his previous role on the Company's 7th and 8th Boards of Directors.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

Song

and a director of the International Department. In 1996 he served as the Chinese representative and assistant project manager of the Xiaolangdi CGIC Joint Venture. From

Dongsheng

1996 to 2004 he was the deputy head of the 11th Engineering and Construction Bureau of Sino-hydro Corporation. From 2004 to 2019 he worked for Sino-hydro

(remove)

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.Since September 2019 he 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. He has ever served as a director of the

Company’s board of directors.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)

Li Peng

the head of the Equity Investment (secondary) and the Executive Director of the Innovation Investment Business Division(alternative investments) of China Life Asset

(remove)

Management Co. Ltd. He now 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. He has served as a director of the Company’s board of

directors.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 deputy director of the Agricultural Industry Branch of the Chinese Society of Agronomy director of the Key Laboratory of

Nutrition and Health Aquaculture of the Ministry of Agriculture and Rural Affairs 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

Zhang Lu universities including Ocean University of China. He has led or participated in 20 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 21 national and industry standards as

either principal or participating drafter. With 36 authorized patents as the first completeor and 51 papers as the first and corresponding author. 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 one First Prize of the Hebei 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.Zhou Bin Male born in 1968 bachelor degree in accounting from Shanghai University of Finance and Economics master degree from Southwest Jiaotong University MBA from

54/2732025 Annual Report of Tongwei Co. Ltd.

University of South Australia CPA (Certified Public Accountant) and CPV (Certified Public Valuer). He previously worked in MCCS Group Shanghai Corporation Limited

and Zhongshen 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

Yan Ke

has been the board secretary of the Company since May 2019.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 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

Li Bin

8th Party 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

(remove)

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

Guo Yizhong Agriculture Development Co. Ltd. Within the industry he has assumed multiple leadership roles including Vice President of China Fisheries Association Vice President of

(remove) 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 Vice Chairman of the 10th Council of Sichuan Fisheries Society.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

Xing Guoqiang 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

(remove) 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 and Entrepreneurship Talent Program (Provincial Double Innovation Plan) and high-end talents in key industries and

key areas of Chengdu's manufacturing industry in 2024. 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 a professional within the realm of chemical engineering holding a senior engineering position with a positive level designation. A member of the

Communist Party of China his extensive career spans over three decades of research and development in high-purity polysilicon coupled with profound expertise in

chemical production process technology advancement and management. His accolades are numerous including recognition as one of the 12 outstanding experts with

Gan Jufu

notable contributions in Sichuan Province and the title of Advanced Technology Individual from the Sichuan Provincial Department of Science and Technology. In recent

(remove)

years he has spearheaded two major engineering construction projects and one science and technology project at a provincial or higher level as well as participating in three

significant engineering endeavors. The outcomes of these initiatives have resulted in 71 granted patents comprising 20 inventions and 51 utility models with one

achievement attaining an internationally leading status and three embodying an internationally advanced level. His scholarly contributions have been further recognized

55/2732025 Annual Report of Tongwei Co. Ltd.

through 13 professional awards at the provincial second prize level or above encompassing two China Patent Excellence Awards a First Prize of the Sichuan Provincial

Patent Award a Sichuan Provincial Patent Award Innovation and Entrepreneurship Award four awards at the provincial second prize level or higher of the Science and

Technology Progress Awards a China Construction Engineering Luban Prize two National Quality Engineering Awards and two Chemical Excellence Project Awards.Currently he serves as the Director of the Yongxiang Co. Ltd. Technology Center (a national-level institution) and General Manager of Sichuan Yongxiang Energy

Technology Co. Ltd.Other notes

□ Applicable √ Not Applicable

56/2732025 Annual Report of Tongwei Co. Ltd.

(II.)Other offices of directors 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

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

Professor August 2014

Finance and Economics

Chengdu Uestc Optical

Chen Lei Independent director April 2023

Communications Corp.Sichuan Changhong Electronic

Director January 2023

Holding Group Co. Ltd.State Nuclear Energy Research

President March 2016

Institute

Major initiator

International Investment Alliance

Wang Jin executive vice July 2018

for Renewable Energy

president

Chengdu Guibao Science and

Independent director May 2022

Technology Co. Ltd.Huaxia Bank Co. Ltd. Independent director September 2020

Ding Yi Huatai Asset Management Co. Ltd. Independent director September 2020

S.F. Holding Co. Ltd. Independent director December 2022

Executive President

of the Institute of

Southwestern University of Comprehensive

April 2017

Finance and Economics Research on China

(Sichuan) Pilot Free

Trade Zone

Jiang Yumei Chengdu Xingrong Environment Independent director SeptemberSeptember 2019

Co. Ltd. 2025

Chengdu YMK Technology Co. Independent director

May 2022

Ltd.Liangshan Rural Commercial Bank Independent director

December 2022

Co. Ltd.Sichuan Tianfu Bank Co. Ltd. External supervisor May 2022

Shanghai Sigenergy Technology

Xu Yingtong Executive director May 2022

Co. Ltd.Southwestern University of

Professor December 2002

Finance and Economics

Fu Daiguo Anhui Xinke New Materials Co. Independent director

November 2024

Ltd.Sichuan Tianfu Trust Co. Ltd. Independent director December 2025

Oriental Wisdom (Hebei) New

Director February 2022

Li Peng Energy Co. Ltd.Beijing Jingneng Power Co. Ltd. Director December 2022

57/2732025 Annual Report of Tongwei Co. Ltd.

China Tea Co. Ltd. Director December 2019

China Oil HBP Technology Co. Independent director

September 2019

Ltd.China National Complete Plant Independent director

Song Dongsheng Import and Export Corporation April 2020

Limited

NORINCO International Independent director

September 2024

Cooperation Ltd.Note on offices in

None

other entities

(III.) remuneration of directors 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

Procedures for determining the remuneration policies and schemes for directors and senior managers. It assesses

remuneration for directors and the performance of directors and senior managers and recommends their

senior managers remuneration allocation to the board of directors. The remuneration allocation for

senior management of the Company is subject to review and approval by the board

of directors while the remuneration 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.Whether directors should abstain

from discussions regarding their

Yes

own remuneration matters during

board meetings

The specific details of On April 24 2026 the Remuneration and Assessment Committee reviewed and

recommendations made by the approved the Proposal on Directors’ 2025 remuneration and Performance

Remuneration and Assessment Evaluation and the Proposal on Senior Management’s 2025 remuneration

Committee or a special meeting of Assessment and 2026 remuneration Plan. The Committee determined that the 2025

independent directors regarding remuneration structure for directors and senior executives effectively aligned with

remuneration matters for directors corporate strategic objectives while maintaining reasonable and

and senior management performance-driven standards.

1. The remuneration 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

remuneration for directors and senior managers based on job requirements

responsibilities and performance in conjunction with the Company's performance

Basis for the remuneration of

and achievements within respective functional areas and business groups and

directors supervisors and senior

sustainable development targets progress. This determination is made in

managers

accordance with the remuneration Management Measures 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.In accordance with the Company's remuneration management and distribution

Actual payments to directors and system the remuneration for directors and senior managers holding specific

senior managers production and operational positions within the Company is partially paid in the

current year with the remainder deferred and gradually disbursed in future years.Total remuneration received by

directors and senior managers as of 20855600 yuan

the end of the reporting period

Basis for assessment and The remuneration structure for the Company's internal directors is designed and

completion status of the actual implemented in accordance with the Company's comprehensive remuneration

58/2732025 Annual Report of Tongwei Co. Ltd.

remuneration received by all management policy performance assessments and incentive schemes tailored to

directors and senior management as their respective roles. Internal directors are additionally entitled to a fixed director

of the end of the reporting period allowance. Conversely external non-independent directors who do not assume any

managerial responsibilities within the Company or its controlling subsidiaries and

who refrain from engaging in the Company's day-to-day operational management

are similarly compensated with a fixed director allowance. The annual allowance

for independent directors is set at 160000 yuan (pre-tax). The remuneration of

senior management is judiciously determined considering a multitude of factors

including the Company's industry geographical location scale operational

performance and performance evaluations aligned with operational metrics and

sustainable development objectives.In accordance with pertinent legal and regulatory frameworks the Company has

instituted a deferred payment mechanism. External directors are compensated

Deferred payment arrangement for

through allowances and are exempt from the Company's deferred payment

the actual remuneration received by

provisions. Conversely internal directors who assume internal management

all directors and senior

functions are subject to the Company's senior management remuneration policy.management as of the end of the

Under this mechanism both internal directors and senior management receive

reporting period

deferred remuneration for each subsequent year following the confirmation of their

performance assessments.Clawback of remuneration actually In alignment with pertinent legal and regulatory frameworks the Company has

received by all directors and senior instituted a clawback mechanism. As of the end of the reporting period no

management as of the end of the clawback of remuneration has been conducted for any director or senior

reporting period management member.(IV.) Changes in directors and senior managers

√ Applicable □ Not Applicable

Name Position Change Reason

Fu Daiguo Independent director Remove Renewal

Li Peng Director Remove Renewal

Song Dongsheng Director Remove Renewal

Li Bin Senior manager Remove Renewal

Xing Guoqiang Senior manager Remove Renewal

Gan Jufu Senior manager Remove Renewal

Guo Yizho Senior manager Remove Renewal

Wang Jin Director Election Renewal

Chen Lei Independent director Election Renewal

Deng San Employee director Election Renewal

(V.) Notes on penalties from securities regulators in recent three years

□Applicable √ Not Applicable

(VI.) Others

□Applicable √ Not Applicable

IV. Performance of duties by directors

1. Attendances at board of directors meetings and general meetings by director

Attendance at

Attendance at board of directors meetings general

meetings

Director Independent

Name director Number of Number Number ofNumber Absence from

board of of general general

Virtual by proxy of two consecutive

directors meetings meetings the

absences meetings

meetings the the director has

59/2732025 Annual Report of Tongwei Co. Ltd.

director director attended

should have has

attended in attended

the year

Liu Shuqi No 9 9 8 0 0 No 1

Yan Hu No 9 9 8 0 0 No 2

Liu Hanyuan No 9 8 8 1 0 No 0

Ding Yi No 9 9 8 0 0 No 2

Wang Jin No 6 6 6 0 0 No 0

Deng San No 6 6 6 0 0 No 0

Jiang Yumei Yes 9 9 8 0 0 No 2

Xuu Yingtong Yes 9 9 9 0 0 No 2

Chen Lei Yes 6 6 6 0 0 No 0

Fu Daiguo Yes 3 3 2 0 0 No 1

Li Peng No 3 3 3 0 0 No 1

Song

No 3 3 3 0 0 No 2

Dongsheng

Note on absence from two consecutive meeting

□ Applicable √ Not Applicable

Number of board of directors meetings held in the year 9

In which: Number of physical meetings 0

Number of virtual meetings 8

Number of virtual and physical combined meetings 1

2. Director objections on issues of the Company

□Applicable √ Not Applicable

3. Others

□Applicable √ Not Applicable

V. Committees under the board of directors

√ Applicable □ Not Applicable

(I) Members of committees under the board of directors

Committee Members

Audit Committee Chen Lei Jiang Yumei Deng San

Nomination Committee Jiang Yumei Xu Yingtong Liu Shuqi

Remuneration and Assessment Committee Xu Yingtong Chen Lei Liu Shuqi

Strategy and Sustainability Committee Liu Shuqi Liu Hanyuan Yan Hu Xu Yingtong

(II) Six meetings held by the Audit Committee in the reporting period

Other

Session information on

Content Important opinions and recommendations

date performance of

duties

Review the Tongwei Co. Ltd. 2024 Reviewed and passed the Tongwei Co.2025/1/17 Annual Performance Forecast. Ltd. 2024 Annual PerformanceForecast.

2025/4/22 1. Review the 2024 Annual Report 1.Reviewed and passed the 2024and Annual Report Summary; Annual Report and Annual Report

60/2732025 Annual Report of Tongwei Co. Ltd.

2.Review the 2024 Final Accounts Summary;

Report; 2.Reviewed and passed the 2024 Final

3.Review the Proposal on Accrual of Accounts Report;

Asset Impairment Provisions and 3.Reviewed and passed the Proposal

Asset Write-offs for the Q4-2024; on Accrual of Asset Impairment

4.Review the Q1-2025 Report; Provisions and Asset Write-offs for the

5.Review the Sichuan Huaxin Q4-2024;

(Group) CPA Firm's Communication 4.Reviewed and passed the Q1-2025

Letter to the Management Level; Report;

6.Review the 2024 Auditor’s Report 5.Reviewed and passed the Sichuan

on Internal Control; Huaxin (Group) CPA Firm's

7.Review the 2024 Evaluation Communication Letter to the

Report on Internal Control; Management Level;

8.Review the 2024 Assessment 6.Reviewed and passed the 2024

Report on the Performance of the Auditor’s Report on Internal Control;

Accounting Firm; 7.Reviewed and passed the 2024

9.Review the Report of the Audit Evaluation Report on Internal Control;

Committee of the Board of Directors 8.Reviewed and passed the 2024

on its Oversight of the Accounting Assessment Report on the Performance

Firm's Performance of Supervisory of the Accounting Firm;

Duties in 2024; 9.Reviewed and passed the Report of

10.Review the 2024 Performance the Audit Committee of the Board of

Report of the Audit Committee of the Directors on its Oversight of the

Board of Directors; Accounting Firm's Performance of

11.Review the Report on the Supervisory Duties in 2024;

Selection of Finance Auditing Firm 10. Reviewed and passed the 2024

and Internal Control Auditing Firm Performance Report of the Audit

for 2025; Committee of the Board of Directors;

12.Review the Proposal on the 11. Reviewed and passed the Report on

Re-appointment of the Accounting the Selection of Finance Auditing Firm

Firm. and Internal Control Auditing Firm for

2025;

12. Reviewed and passed the Proposal

on the Re-appointment of the

Accounting Firm.Review the Proposal on the Reviewed and passed the Proposal on

2025/5/19 Appointment of the Company's Chief the Appointment of the Company's

Finance Officer. Chief Finance Officer.All proposals have been approved

1. Review the 2025 Half-year Report affirming that the Company's half-year

and Half-year Report Summary; financial accounting report for 2025

2. Review the Proposal on the accurately and comprehensively

2025/8/21 Accrual of Asset Impairment reflects the organization's financial

Provisions and Asset Write-offs for position and actual operating and

the First Half of 2025. development results for the first half of

2025.

The Q3/2025 Report has been

approved affirming that the

Company’s financial accounting report

for the third-quarter of 2025 accurately

2025/10/23 Review the Q3/2025 Report. and comprehensively reflects the

organization's financial position and

actual operating and development

results for the first three quarters of the

year.Review the Proposal on the Limit Reviewed and passed the Proposal on

2025/12/26 and Feasibility Analysis of Hedging the Limit and Feasibility Analysis of

Business for the Year 2026. Hedging Business for the Year 2026.

61/2732025 Annual Report of Tongwei Co. Ltd.

(III) Three meetings held by the Remuneration and Assessment Committee in the reporting period

Other

information

Session date Content Important opinions and recommendations on

performance

of duties

1. Review the Proposal on Changing 1. Reviewed and passed the Proposal on

the Asset Management Firm for the Changing the Asset Management Firm

2021-2023 Employee Stock for the 2021-2023 Employee Stock

2025/3/28 Ownership Plan; Ownership Plan;2. Review the Proposal on the 2. Reviewed and passed the Proposal on

Extension and Change of the Asset the Extension and Change of the Asset

Management Firm for the 2022-2024 Management Firm for the 2022-2024

Employee Stock Ownership Plan. Employee Stock Ownership Plan.

1. Review the Proposal on the

Remuneration and Assessment of 1. Reviewed and passed the Proposal on

Directors for 2024; the Remuneration and Assessment of

2. Review the Proposal on the Directors for 2024;

Remuneration and Assessment of 2. Reviewed and passed the Proposal on

2025/4/24 Senior Management for 2024 and the

the Remuneration and Assessment of

Remuneration Assessment Plan for Senior Management for 2024 and the

2025; Remuneration Assessment Plan for

3. Review the Proposal on the 2025;

Remuneration Plan for Directors of 3. Reviewed and passed the Proposal on

the Company's 9th Board of the Remuneration Plan for Directors of

Directors. the Company's 9th Board of Directors.Review the Proposal on Extending Reviewed and passed the Proposal on

2025/10/23 the Duration of the 2021-2023 Extending the Duration of the

Employee Stock Ownership Plan. 2021-2023 Employee Stock OwnershipPlan.(IV) Two meetings held by the Audit Committee in the reporting period

Other

information

Session

Content Important opinions and recommendations on

date

performance

of duties

Review the Proposal on the Reviewed and passed the Proposal on

2025/4/22 Nomination of Candidates for the Nomination of Candidates forMembers of the Company's 9th Board Members of the Company's 9th Board of

of Directors. Directors.Review the Proposal on the Reviewed and passed the Proposal on

2025/5/19 Nomination of Members of the the Nomination of Members of the

Company's Management Team. Company's Management Team.(V) One meeting held by the Strategy and Sustainability Committee in the reporting period

Other

information

Session

Content Important opinions and recommendations on

date

performance

of duties

Review the 2024 Environmental Reviewed and passed the2024

2025/4/24 Social and Governance (ESG) and Environmental Social and Governance

Sustainability Report. (ESG) and Sustainability Report.

62/2732025 Annual Report of Tongwei Co. Ltd.

(VI) Specific circumstances where objections were raised

□Applicable √ Not Applicable

VI. Note on Audit committee's findings of the Company's risks

□Applicable √ Not Applicable

The audit committee raised no objections to the matters under its oversight during the reporting period.VII. 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 3608

Number of active employees of major subsidiaries 41190

Total employees 44798

Number of retirees for whom the parent and major

25

subsidiaries must bear relevant expenses

Profession structure

Profession Number of employees

Production 25217

Purchase 472

Sales 3826

Technology 9846

Finance 805

Administration 4632

Education structure Number of employees

Below bachelor 31848

Bachelor 11675

Master 1216

PH. D 59

Total 44798

(II) Remuneration policy

√ Applicable □ Not Applicable

Following principles of responsibility and value while balancing external competitiveness and

internal fairness the Company has established an effective remuneration-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 remuneration 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 remuneration 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 remuneration 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

63/2732025 Annual Report of Tongwei Co. Ltd.

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 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

VIII. Proposal on profit distribution or capital reserve converted to share capital

(I) Development execution or adjustments of cash dividend policy

□Applicable √ Not Applicable

(II) Special note on cash dividend policy

□Applicable √ Not Applicable

(III) The Company should disclose the reasons and the purposes and plan of this 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

4056115196.725

fiscal years (1)

Total share repurchase and cancellation amount for the latest three

/

fiscal years (2)

Aggregate amount of cash dividends and share repurchases &

4056115196.725

cancellations for the latest three fiscal years (3) = (1) + (2)

Annual average net profit for the latest three fiscal years (4) -1006094381.41

Cash dividend payout ratio for the latest three fiscal years（%）

Not Applicable

(5)=(3)/(4)

Net profit attributable to owners of ordinary shares of the listed

company in the latest fiscal year's consolidated financial -9553425884.06

statements

Retained earnings at year-end in the latest fiscal year's financial

15630799051.04

statements of the parent company

64/2732025 Annual Report of Tongwei Co. Ltd.

Note: The net profit means the net profit attributable to owners of ordinary shares of the listed company

IX. 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

√ Applicable □ Not Applicable

Overview Index

The proposed extension of the Employee Stock Ownership For comprehensive information refer

Plan (ESOP) to February 24 2029 aligns with the to the Company's announcements on

Company's unwavering confidence in its long-term the Shanghai Stock Exchange website:

development trajectory. This extension spanning an Announcement No. 2025-080 regarding

additional 36 months beyond the original expiration date of the Extension of the 2021-2023

February 24 2026 is contingent upon the endorsement of Employee Stock Ownership Plan and

the holders' meeting the Remuneration and Assessment Announcement No. 2025-081 on the

Committee of the 9th Board of Directors and the 4th Resolutions from the 4th Meeting of

meeting of the 9th Board of Directors. the 9th Board of Directors of TongweiCo. Ltd.Considering the prevailing downward trajectory in overall

market interest rates the Company has decided to modify

the asset management firm of the Employee Stock

Ownership Plan (ESOP) to Shaanxi International Trust Co.Ltd. This decision is predicated upon pertinent legal

frameworks including Guidelines of Self-regulation For comprehensive information refer

of Companies Listed on Shanghai Stock Exchange No. 1 – to the Company's announcements on

Standard Operation and is informed by the empirical the Shanghai Stock Exchange website:

performance of the 2021-2023 ESOP. The transition to Announcement No. 2025-021 regarding

Shaanxi International Trust Co. Ltd. will be facilitated the Asset Management Firm Change

through the establishment of a corresponding new for the 2021-2023 Employee Stock

management account the Shaanxi International Ownership Plan and Announcement

Trust-Tongwei Co. Ltd. 2021-2023 Employee Stock No. 2025-023 on the Resolutions from

Ownership Collective Fund Trust Plan. the 26th Meeting of the 8th Board of

This change is anticipated to maintain the continuity of the Directors of Tongwei Co. Ltd.ESOP ensuring that the number of shares held by the plan

remains unaltered. Subsequently the Company will engage

in negotiations with the original product manager and

custodian of the 2021-2023 ESOP to terminate the existing

asset management contracts.For comprehensive information refer

to the Company's announcements on

Given the Company's confidence in the long-term viability the Shanghai Stock Exchange website:

of the Employee Stock Ownership Plan (ESOP) and the Announcement No. 2025-022 regarding

imperative to safeguard the rights and interests of all the Extension and Change of Asset

stakeholders it is proposed that the ESOP's duration be Management Firm for the 2022-2024

extended by 36 months commencing from its current Employee Stock Ownership Plan and

expiration date of May 31 2025. This strategic extension Announcement No. 2025-023 on the

set to conclude on May 31 2028. Resolutions from the 26th Meeting of

the 8th Board of Directors of Tongwei

Co. Ltd.

65/2732025 Annual Report of Tongwei Co. Ltd.

In light of the prevailing downward trajectory in overall

market interest rates the Company has decided to modify

the asset management firm of the Employee Stock

Ownership Plan (ESOP) to Shaanxi International Trust Co.Ltd. This decision is predicated upon pertinent legal For comprehensive information refer

frameworks including Guidelines of Self-regulation to the Company's announcements on

of Companies Listed on Shanghai Stock Exchange No. 1 – the Shanghai Stock Exchange website:

Standard Operation and is informed by the empirical Announcement No. 2025-022 regarding

performance of the 2022-2024 ESOP. The transition to the Extension and Change of Asset

Shaanxi International Trust Co. Ltd. will be facilitated Management Firm for the 2022-2024

through the establishment of a corresponding new Employee Stock Ownership Plan and

management account the SITIC · Tongwei 2022-2024 Announcement No. 2025-023 on the

Employee Stock Ownership Collective Fund Trust Plan. Resolutions from the 26th Meeting of

This change is anticipated to maintain the continuity of the the 8th Board of Directors of Tongwei

ESOP ensuring that the number of shares held by the plan Co. Ltd.remains unaltered. Subsequently the Company will engage

in negotiations with the original product manager and

custodian of the 2022-2024 ESOP to terminate the existing

asset management contracts.(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 remuneration distribution.Given the development stages of the photovoltaic and agricultural industries and in alignment with

the remuneration 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 remuneration 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

66/2732025 Annual Report of Tongwei Co. Ltd.

Company's performance assessment scheme and remuneration distribution system the remuneration 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.X. 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 2026.Note on significant discrepancies in internal controls in the reporting period

□ Applicable √ Not Applicable

XI. Management and control of subsidiaries in the reporting period

√ Applicable □ Not Applicable

As of the end of 2025 the Company had 240 subsidiaries including 228 domestic companies and 12

overseas companies. The Company held shares directly in 18 subsidiaries and indirectly in 222

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 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.Risk warning of abnormal management control over subsidiaries

□ Applicable √ Not Applicable

XII. Note on relevant information on internal control audit report

√ Applicable □ Not Applicable

Whether the internal control audit report was disclosed:Yes

Type of audit opinion:Standard unqualified opinion

Whether a non-standard internal control audit opinion was issued in the reporting period or the previous

year

□ Yes √ No

XIII. Correction of problems identified in self-check for the governance of listed companies

Not Applicable

XIV.Environmental Information of Listed Companies and Their Major Subsidiaries Included in

the List of Enterprises Required to Disclose Environmental Information According to Law

√ Applicable □ Not Applicable

Number of enterprises included in the mandatory environmental

22

information disclosure list

No. Environmental information disclosure report

Enterprise name

query index

1 Sichuan Yongxiang Resin Co. Ltd.

2 Sichuan Yongxiang Polysilicon Co. Ltd（. Mew Materials Branch）

67/2732025 Annual Report of Tongwei Co. Ltd.

3 Sichuan Yongxiang New Energy Co. Ltd.

4 Sichuan Yongxiang Polysilicon Co. Ltd.

5 Sichuan Yongxiang Polysilicon Co. Ltd.

6 Tongwei Solar (Chengdu) Co. Ltd. The company has disclosed relevant

7 Tongwei Solar (Meishan) Co. Ltd. environmental information on Sichuan Corporate

8 Tongwei Solar (Pengshan) Co. Ltd. Environmental Information Disclosure System in

9 Tongwei Solar (Jintang) Co. Ltd. accordance with the law:

10 Tonghe New Energy (Jintang) Co. Ltd. https://103.203.219.138:8082/eps/index/enterpris

11 Zhongwei New Energy (Chengdu) Co. Ltd. e-search

12 Chengdu Xintaifeng Agricultural Development Co. Ltd.

13 Chengdu Chunyuan Food Co. Ltd

14 Yunnan Tongwei High-purity Crystalline Silicon Company The company has disclosed relevant

15 Inner Mongolia Tongwei Silicon Energy Co. Ltd. environmental information on Inner Mongolia

Corporate Environmental Information Disclosure

16 Inner Mongolia Tongwei Green Substrate Co. Ltd System in accordance with the law:

https://sthjt.nmg.gov.cn/sjkf/

The company has disclosed relevant

environmental information on Yunnan Corporate

Environmental Information Disclosure System in

17 Yunnan Tongwei High-purity Crystalline Silicon Company

accordance with the law:

http://183.224.17.39:10097/ynyfpl/frontal/index.html#/home/index

The company has disclosed relevant

environmental information on Hainan Corporate

18 Tongwei (Hainan) Aquatic Products Co. Ltd. Environmental Information Disclosure System in

accordance with the law:

https://hnsthb.hainan.gov.cn/yfpl/#/gkwz/jcym

The company has disclosed relevant

environmental information on Anhui Corporate

Environmental Information Disclosure System in

19 Tongwei Solar (Hefei) Co. Ltd.

accordance with the law:

http://112.27.211.30:18900/st_yfpl_html/dist/#/h

ome

The company has disclosed relevant

20 Tongwei Solar (Yancheng) Co. Ltd. environmental information on Jiangsu Corporate

Environmental Information Disclosure System in

21 Tongwei Solar (Nantong) Co. Ltd. accordance with the law:

http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-

webapp/web/viewRunner.htmlviewId=./sps/vie

22 Wuxi Tongwei Biotech Co. Ltd. ws/yfpl/views/yfplHomeNew/index.js

Other notes

□ Applicable √ Not Applicable

XV. Social responsibility

(I) Separate disclosure of social responsibility report sustainability report or ESG report

√ Applicable □ Not Applicable

Refer to the 2025 Environmental Social and Governance (ESG) and Sustainability Report of

Tongwei Co. Ltd. disclosed on the website of Shanghai Stock Exchange (http://www.sse.com.cn) on

April 30 2026 for details.(II) Social responsibility practices

√ Applicable □ Not Applicable

Outward donations and public interest projects Amount/description Note

68/2732025 Annual Report of Tongwei Co. Ltd.

Total investment (10000 yuan) 429.79

In which: cash (10000 yuan) 420.93

In-kind donations (10000 yuan) 8.86

Number of benefited persons /

Notes on details

√ Applicable □ Not Applicable

In 2025 the Company steadfastly adhered to the Together to Win sustainability strategy focusing

on its three sustainability missions and four sustainability visions. The Company systematically

enhanced its nine sustainability management systems spanning the critical dimensions of Strategy –

Stewardship – Solution. This concerted effort catalyzed the transition from conceptual advocacy to

robust governance and value creation capabilities thereby fortifying the Company's internal momentum

for enduring stable development and its industrial influence. Notably Tongwei achieved a milestone by

becoming the first Chinese private enterprise to join the World Wildlife Fund (WWF) Arctic

Conservation Project. This alliance underscores the Company's commitment to bolstering the resilience

of the Arctic ecosystem while simultaneously pioneering the integration of renewable energy

development with biodiversity protection.In compliance management the Company has demonstrated unwavering commitment to robust

governance practices. The establishment of a dedicated Compliance Management Committee coupled

with the implementation of a comprehensive compliance defense line has engendered a culture of full

participation process coverage and chain coordination. This approach has culminated in the attainment

of ISO 37301 compliance management certification by eight subsidiaries thereby providing a solid

foundation for the Company's stable development.Through the integration of climate resilience into the development of its core businesses namely

green energy and green agriculture the Company has achieved significant progress in carbon

management. The completion of Scope 1 2 and 3 carbon inventories and verifications for three

consecutive years coupled with the receipt of greenhouse gas emission verification statements from

authoritative third parties underscores the Company's dedication to environmental stewardship.Furthermore the seamless incorporation of low-carbon concepts into all operational processes coupled

with the execution of energy-saving and carbon-reduction measures has facilitated the promotion of

green and low-carbon development through standardized carbon management practices. Concurrently

the Company's steadfast commitment to full-lifecycle environmental management is exemplified by the

completion of 56 product carbon and environmental footprint assessments resulting in certifications

under multiple international standards including IEC 62994 EPD and ISO 14067.The Company’s engagement in the development of domestic sustainable initiatives and coalitions

underscores its unwavering commitment to fostering a resilient and competitive supply chain ecosystem.In a demonstration of leadership the Company jointly issued the Global Solar Sustainable Alliance

(GSSA) and the Supply Chain ESG Stewardship Initiative (SCSI) in April and June of the current

reporting period in collaboration with multiple industry partners. This collaborative endeavor

underscores the Company's dedication to advancing a supply chain ecosystem featuring sustainability

resilience and competitiveness.During the reporting period Tongwei Co. Ltd. achieved a feat by securing or being selected for 29

ESG awards rankings and case studies both domestically and internationally. The Company's

consistent recognition is exemplified by its inclusion on the Fortune China ESG Impact List for the third

consecutive year as well as its receipt of the 2024-2025 Forbes China Sustainable Development

Industrial Enterprises award the China Enterprise ESG Jinze Award and the Southern Weekend Annual

Climate Action Pioneer Enterprise award. The Company's ESG ratings have demonstrated a steady

upward trajectory over the past three years culminating in its inclusion in the S&P Global Sustainability

Yearbook (China Edition) 2025. Notably Tongwei Solar (Meishan) Co. Ltd. a demonstration enterprise

for Digital Manufacturing and Industry 4.0 has been recognized as the world's first Lighthouse Factory

in the photovoltaic cell manufacturing sector.XVI. Work relating to poverty relief and rural revitalization

√ Applicable □ Not Applicable

Poverty-alleviation and rural revitalization projects Amount/description Note

69/2732025 Annual Report of Tongwei Co. Ltd.

Total investment (10000 yuan) 2536.28

In which: cash (10000 yuan) 2536.28

In-kind donations (10000 yuan) 0.00

Number of benefited persons /

Poverty relief forms (such as through industry Industry development employment anddevelopment employment 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 Aquaculture-Photovoltaic Integration powerplant projects utilizing existing

photovoltaic poverty alleviation stations to ensure stable solar income and electricity access for

low-income households. This approach significantly enhances regional poverty eradication efforts.XVII. Others

□Applicable √ Not Applicable

70/2732025 Annual Report of Tongwei Co. Ltd.

Section V 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

Fulfillment Fulfilled Specific

Next steps to

Commitment Commitment Commitment Commitment duration Commitment properly reasons for

Background correct the

Type party Content time provided or duration and in time non-fulfillment

non-fulfillment

not or not in time

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

Commitment the target company and any enterprises

related to Resolution of Liu Hanyuan controlled by the committing party. The

significant competing Tongwei committing party alongside its controlled May 2015 No Long term Yes Not applicable Not applicable

asset businesses Group enterprises is strictly prohibited from

restructuring engaging in any business

activities—whether identical similar or

competitive to those of the target

company—in any capacity. This prohibition

encompasses but is not limited to

establishing new entities making

investments or 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

71/2732025 Annual Report of Tongwei Co. Ltd.

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 the committing

party its controlled enterprises and the

target company. Following completion of

this transaction the committing party and

its controlled enterprises shall minimize or

avoid related-party transactions with the

target company. For transactions that are

unavoidable or reasonably justified the

parties shall execute standardized

related-party agreements in compliance

with applicable laws regulations listing

Resolution of Liu Hanyuan rules and Tongwei Co. Ltd.’s articles of

competing Tongwei association and shall obtain all required May 2015 No Long term Yes Not applicable Not applicable

businesses Group 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

72/2732025 Annual Report of Tongwei Co. Ltd.

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

companies. Moreover the committing party

will refrain from misusing Tongwei Co.Liu Hanyuan

Ltd. to extend guarantees unlawfully divert

Others Tongwei May 2015 No Long term Yes Not applicable Not applicable

its funds or diminish its autonomy in any

Group

manner. This commitment shall endure for

the entirety of Tongwei Co. Ltd.’s 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. Ltd.’s

assets capital or resources. In instances of

Tongwei legitimate financial transactions between

Others May 2015 No Long term Yes Not applicable Not applicable

Group Tongwei Group and Tongwei Co. Ltd. all

parties will adhere strictly to relevant laws

administrative regulations and the articles

of association particularly provisions

pertaining to related-party transactions

73/2732025 Annual Report of Tongwei Co. Ltd.

ensuring standardized operational practices.As of the date of this commitment letter

neither I nor Tongwei Group has invested in

any company enterprise or business entity

engaged in the same or similar business as

the target company apart from the target

itself. Furthermore we do not 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

Resolution of Liu Hanyuan

Group and our controlled enterprises are

competing Tongwei April 2016 No Long term Yes Not applicable Not applicable

committed to refraining from engaging in

businesses Group

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

74/2732025 Annual Report of Tongwei Co. Ltd.

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 compliance with applicable

laws regulations listing rules and Tongwei

Co. Ltd.’s articles of association and shall

Resolution of Liu Hanyuan

obtain all required approvals. All

related-party Tongwei April 2016 No Long term Yes Not applicable Not applicable

transactions with Tongwei Co. Ltd. and its

transactions Group

subsidiaries shall be conducted at market

fair value without 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.The committing party along with its

Resolution of

Commitment Tongwei affiliated companies unequivocally

competing Before IPO No Long term Yes Not applicable Not applicable

related to IPO Group commits not to engage—either

businesses

independently or collaboratively—with any

75/2732025 Annual Report of Tongwei Co. Ltd.

individual firm or corporation—in 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.We will cease new equity investments in

Resolution of

Liu Hanyuan enterprises operating businesses related or

competing Before IPO No Long term Yes Not applicable Not applicable

Guan Yamei similar to Tongwei Co. Ltd.’s core

businesses

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

Tongwei transactions between the affiliated group

Others Before IPO No Long term Yes Not applicable Not applicable

Group and Tongwei Co. Ltd. must strictly 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

Within the

strategically increase its shareholding in

implementation of

Tongwei Co. Ltd. utilizing the Shanghai

the share increase

Other Tongwei Stock Exchange trading system between

Others Jan.2024 Yes plan and within Yes Not applicable Not applicable

commitment Group February 1 2024 and January 31 2025.the time limit

This initiative will be executed through the

stipulated by laws

deployment of both personal funds and

and regulations.raised capital with a targeted investment

76/2732025 Annual Report of Tongwei Co. Ltd.

ranging from 1 billion to 2 billion yuan.This investment represents a potential

aggregate increase of up to 2% of Tongwei

Co. Ltd.’s total shares. The committing

party is fully committed to adhering to the

Company Law Securities Law and relevant

regulations of the Shanghai Stock Exchange

to ensure a seamless acquisition process

within the designated timeframe.Furthermore it pledges to maintain its

shareholding during the purchase period

for six months post-acquisition and

throughout any legally mandated intervals.

77/2732025 Annual Report of Tongwei Co. Ltd.

(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) Performance commitment

□Applicable √ Not Applicable

Performance commitment change

□Applicable √ Not Applicable

Other notes

□ Applicable √ Not Applicable

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

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

(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:10000 Yuan Currency:CNY

Engaged

Name of domestic accounting firm Sichuan Huaxin (Group) CPA (Special General

Partnership)

Remuneration for domestic accounting firm 503

78/2732025 Annual Report of Tongwei Co. Ltd.

Audit period of domestic accounting firm 25 years

CPA names of domestic accounting firm Li Wulin Tang Fangmo

Cumulative years of service provided by CPAs of the

5 years by Li Wulin 5 years by Tang Fangmo

domestic accounting firm

Name Remuneration

Sichuan Huaxin (Group) CPA (Special

Internal control auditing firm 1.56million yuan

General Partnership)

Note on engagement and dismissal of accounting firm

√ Applicable □ Not Applicable

As approved by the 2024 general meeting on May 20 2025 the Company renewed the appointment of

Sichuan Huaxin to provide 2025 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

□ Have √ Not Have

X. Punishments on and corrections by the Company and/or its directors 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

79/2732025 Annual Report of Tongwei Co. Ltd.

2. Matters that have been disclosed in extraordinary announcements with further progress or change

√Applicable □ Not Applicable

Estimated amount Actual amount Proportion of actual

Related-party transaction

Related party (10000 yuan) (10000 yuan) amount similar

type

in 2025 in 2025 business category (%)

Tongyu Property

12000.0010850.9712.32

Receiving services from Management

the related party Tongwei Media 5500.00 5262.04 5.97

Tongwei Property 2500.00 2422.05 2.75

Xinrui Technology 10000.00 9038.12 0.13

Purchasing products from

the related party Tongwei Business 300.00 88.34 0.001

Management

Tongwei Group and its

300.00231.411.73

subsidiaries

Providing services to

Tongwei

related parties 1300.00 460.14 3.43

Microelectronics

Haozhuren Pet Food 600.00 792.77 5.91

Other incidental

Tongwei Group and its

related-party transactions / 203.20 /

subsidiaries

(receiving/providing)

Total / 32500.00 29349.04 /

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

80/2732025 Annual Report of Tongwei Co. Ltd.

(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

81/2732025 Annual Report of Tongwei Co. Ltd.

(II) Guarantee

√Applicable □ Not Applicable

Unit:10000 Yuan Currency:CNY

Outward guarantees by the Company (excluding guarantees for subsidiaries)

Relation

Date Guarantee Related-par Relation

between Guarantee Guarantee Guarantee

Guaranteed Guaranteed (agreement Guarantee Collateral fulfilled Overdue Counter-gu ty with the

Guarantor guarantor the Maturity overdue or

party amount execution type (if any) completely amount arantee guarantee related

and the guarantee date not

date) or not or not party

Company

Guarantor

Tongwei real estate

Agricultural Wholly-ow Joint and vehicles

Downstream

Finance ned 59346.05 2017/9/15 2028/5/31 several No Yes 458.95 and No Others

customers

Guarantee Co. subsidiary guarantee farming

Ltd. facilities

etc

Total guaranteed amount in the reporting period (excluding guarantees for subsidiaries) 298548.58

Total guaranteed amount at the end of the reporting period (A) (excluding guarantees for

59346.05

subsidiaries)

Guarantees by the Company and its subsidiaries for other subsidiaries

Total guaranteed amount for subsidiaries in the reporting period 2042149.46

Total guaranteed amount for subsidiaries at the end of the reporting period (B) 4417837.06

Total guaranteed amount by the Company (including guarantees for subsidiaries)

Total guaranteed amount (A+B) 4477183.11

Ratio of total guaranteed amount to net assets of the Company (%) 115.14%

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) 3133413.78

Amount out of the total guaranteed amount that exceeds 50% of the net assets (E) 2532989.97

Total of the above three items (C+D+E) 5666403.75

Note on unexpired guarantees for which the Company may bear joint liability for repayment

82/2732025 Annual Report of Tongwei Co. Ltd.

The overdue guaranteed amount means the unrecovered balance of repayments made for behalf

Note on guarantees

of the 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.(III) Entrusted wealth management

1. Entrusted wealth management

(1). Overview of entrusted wealth management products

√Applicable □ Not Applicable

Unit:10000 Yuan Currency:CNY

Type Risk level Amount change Outstanding balance Unrecovered amount

Bank wealth products Low 311400.00 1256000.00

Brokerage wealth products Low 3885800.00 100131.58

Public offered funds products Low 30000.00 10000.00

Trust wealth products Low 3000.00 3000.00

Total 4230200.00 1369131.58

Others

□Applicable √ Not Applicable

(2). Individual entrusted wealth management products

√Applicable □ Not Applicable

Unit:10000 Yuan Currency:CNY

Actual

Any Amount not Unrecovered

Trustee Type Amount Start date End date Purpose of funds gain or

restrictions loss due amount

Bank wealth Redemption depending on the Transferable

China CITIC Bank 8000.00 2025/12/12 No 8000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

China CITIC Bank 2000.00 2025/12/12 No 2000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the

China CITIC Bank 20000.00 2025/6/18 Fixed-income assets No 20000.00

products product's operation status

Bank wealth Redemption depending on the

China CITIC Bank 10000.00 2025/6/16 Fixed-income assets No 10000.00

products product's operation status

Bank wealth

China CITIC Bank 25000.00 2025/3/18 2026/3/16 Fixed-income assets No 25000.00

products

China CITIC Bank Bank wealth 10000.00 2025/2/19 Redemption depending on the Fixed-income assets No 10000.00

83/2732025 Annual Report of Tongwei Co. Ltd.

products product's operation status

Bank wealth Redemption depending on the Transferable

Agricultural Bank of China 20000.00 2025/12/26 No 20000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Agricultural Bank of China 10000.00 2025/12/10 No 10000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Agricultural Bank of China 10000.00 2025/12/10 No 10000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Agricultural Bank of China 20000.00 2025/11/20 No 20000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Agricultural Bank of China 2000.00 2025/11/14 No 2000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Agricultural Bank of China 10000.00 2025/11/10 No 10000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Agricultural Bank of China 10000.00 2025/10/27 No 10000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Agricultural Bank of China 30000.00 2025/5/29 No 30000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Agricultural Bank of China 1000.00 2025/4/1 No 1000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Agricultural Bank of China 10000.00 2025/4/1 No 10000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Agricultural Bank of China 5000.00 2025/4/1 No 5000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

China Minsheng Bank 1000.00 2025/7/18 No 1000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the

China Construction Bank 20000.00 2025/5/15 Fixed-income assets No 20000.00

products product's operation status

Industry and Commerce Bank Bank wealth

100000.00 2025/12/30 2026/1/13 Structured deposits No 100000.00

of China products

Industry and Commerce Bank Bank wealth Redemption depending on the Transferable

10000.00 2025/11/17 No 10000.00

of China products product's operation status certificates of deposit

Industry and Commerce Bank Bank wealth Redemption depending on the Transferable

30000.00 2025/6/5 No 30000.00

of China products product's operation status certificates of deposit

Industry and Commerce Bank Bank wealth Redemption depending on the Transferable

10000.00 2025/5/20 No 10000.00

of China products product's operation status certificates of deposit

84/2732025 Annual Report of Tongwei Co. Ltd.

Industry and Commerce Bank Bank wealth Redemption depending on the Transferable

10000.00 2025/5/15 No 10000.00

of China products product's operation status certificates of deposit

Industry and Commerce Bank Bank wealth Redemption depending on the Transferable

10000.00 2025/5/14 No 10000.00

of China products product's operation status certificates of deposit

Industry and Commerce Bank Bank wealth Redemption depending on the Transferable

10000.00 2025/5/16 No 10000.00

of China products product's operation status certificates of deposit

Industry and Commerce Bank Bank wealth Redemption depending on the Transferable

10000.00 2025/4/25 No 10000.00

of China products product's operation status certificates of deposit

Industry and Commerce Bank Bank wealth Redemption depending on the Transferable

60000.00 2025/4/18 No 60000.00

of China products product's operation status certificates of deposit

Industry and Commerce Bank Bank wealth Redemption depending on the Transferable

10000.00 2025/4/23 No 10000.00

of China products product's operation status certificates of deposit

Industry and Commerce Bank Bank wealth Redemption depending on the Transferable

10000.00 2025/4/22 No 10000.00

of China products product's operation status certificates of deposit

Industry and Commerce Bank Bank wealth Redemption depending on the Transferable

40000.00 2025/4/18 No 40000.00

of China products product's operation status certificates of deposit

Bank wealth Redemption depending on the

China Merchants Bank 10000.00 2025/12/11 Fixed-income assets No 10000.00

products product's operation status

Bank wealth Redemption depending on the

China Merchants Bank 20000.00 2025/11/21 Fixed-income assets No 20000.00

products product's operation status

Bank wealth Redemption depending on the

China Merchants Bank 15000.00 2025/7/4 Fixed-income assets No 15000.00

products product's operation status

Bank wealth Redemption depending on the

China Merchants Bank 5000.00 2025/6/17 Fixed-income assets No 5000.00

products product's operation status

Bank wealth Redemption depending on the Transferable

Industrial Bank 20000.00 2025/11/25 No 20000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the

Industrial Bank 5000.00 2025/11/13 Fixed-income assets No 5000.00

products product's operation status

Bank wealth Redemption depending on the

Industrial Bank 20000.00 2025/10/30 Fixed-income assets No 20000.00

products product's operation status

Bank wealth Redemption depending on the Transferable

Industrial Bank 3000.00 2025/10/13 No 3000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Industrial Bank 4000.00 2025/9/28 No 4000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Industrial Bank 8000.00 2025/7/1 No 8000.00

products product's operation status certificates of deposit

85/2732025 Annual Report of Tongwei Co. Ltd.

Bank wealth

Industrial Bank 5000.00 2025/6/6 2026/3/17 Fixed-income assets No 5000.00

products

Bank wealth Redemption depending on the Transferable

Industrial Bank 30000.00 2025/5/20 No 30000.00

products product's operation status certificates of deposit

Bank wealth Transferable

Bank of Tianjin 50000.00 2025/1/3 2026/1/3 No 50000.00

products certificates of deposit

Shanghai Pudong Bank wealth Redemption depending on the

40000.00 2025/12/2 Fixed-income assets No 40000.00

Development Bank products product's operation status

Shanghai Pudong Bank wealth Redemption depending on the

40000.00 2025/12/2 Fixed-income assets No 40000.00

Development Bank products product's operation status

Shanghai Pudong Bank wealth Redemption depending on the

30000.00 2025/12/2 Fixed-income assets No 30000.00

Development Bank products product's operation status

Shanghai Pudong Bank wealth Redemption depending on the

40000.00 2025/11/12 Fixed-income assets No 40000.00

Development Bank products product's operation status

Shanghai Pudong Bank wealth Redemption depending on the Transferable

20000.00 2025/10/20 No 20000.00

Development Bank products product's operation status certificates of deposit

Shanghai Pudong Bank wealth Redemption depending on the

15000.00 2025/7/29 Fixed-income assets No 15000.00

Development Bank products product's operation status

Shanghai Pudong Bank wealth Redemption depending on the

15000.00 2025/7/29 Fixed-income assets No 15000.00

Development Bank products product's operation status

Shanghai Pudong Bank wealth Redemption depending on the Transferable

10000.00 2025/5/30 No 10000.00

Development Bank products product's operation status certificates of deposit

Shanghai Pudong Bank wealth Redemption depending on the Transferable

10000.00 2025/5/30 No 10000.00

Development Bank products product's operation status certificates of deposit

Shanghai Pudong Bank wealth Redemption depending on the Transferable

10000.00 2025/5/30 No 10000.00

Development Bank products product's operation status certificates of deposit

Shanghai Pudong Bank wealth Redemption depending on the Transferable

10000.00 2025/5/30 No 10000.00

Development Bank products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Ping An Bank 8000.00 2025/8/7 No 8000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Ping An Bank 10000.00 2025/7/7 No 10000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Ping An Bank 12000.00 2025/7/3 No 12000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the Transferable

Ping An Bank 20000.00 2025/6/11 No 20000.00

products product's operation status certificates of deposit

86/2732025 Annual Report of Tongwei Co. Ltd.

Bank wealth Redemption depending on the Transferable

Ping An Bank 10000.00 2025/6/6 No 10000.00

products product's operation status certificates of deposit

Bank wealth

Bank of Communications 60000.00 2025/11/19 2026/2/12 Structured deposits No 60000.00

products

Bank wealth

Bank of Communications 20000.00 2025/11/19 2026/5/22 Structured deposits No 20000.00

products

Bank wealth

Bank of Communications 10000.00 2025/9/3 2026/3/5 Fixed-income assets No 10000.00

products

Bank wealth Redemption depending on the Transferable

Hua Xia Bank 6000.00 2025/12/29 No 6000.00

products product's operation status certificates of deposit

Bank wealth Redemption depending on the

Hua Xia Bank 10000.00 2025/8/6 Fixed-income assets No 10000.00

products product's operation status

Bank wealth Redemption depending on the Transferable

Hua Xia Bank 1000.00 2025/5/30 No 1000.00

products product's operation status certificates of deposit

Bank wealth

China Bohai Bank 20000.00 2025/11/28 2026/5/27 Structured deposits No 20000.00

products

Bank wealth

China Bohai Bank 100000.00 2025/10/24 2026/4/22 Structured deposits No 100000.00

products

CITIC Securities Co. Ltd. Brokerage wealth Redemption depending on the

2500.00 2025/7/3 Fixed-income assets No 2500.00

Sichuan Branch products product's operation status

CITIC Securities Co. Ltd. Brokerage wealth Redemption depending on the

5000.00 2025/5/9 Fixed-income assets No 5000.00

Sichuan Branch products product's operation status

CITIC Securities Co. Ltd. Brokerage wealth Redemption depending on the

5000.00 2025/6/23 Fixed-income assets No 5000.00

Sichuan Branch products product's operation status

CITIC Securities Co. Ltd. Brokerage wealth Redemption depending on the

5000.00 2025/7/14 Fixed-income assets No 5000.00

Sichuan Branch products product's operation status

Brokerage wealth Redemption depending on the

China Securities Co. Ltd. 5000.00 2025/10/20 Fixed-income assets No 5000.00

products product's operation status

Brokerage wealth Redemption depending on the

China Securities Co. Ltd. 2000.00 2025/11/11 Fixed-income assets No 2000.00

products product's operation status

Brokerage wealth Redemption depending on the

China Securities Co. Ltd. 5000.00 2025/7/17 Fixed-income assets No 5000.00

products product's operation status

Brokerage wealth Redemption depending on the

China Securities Co. Ltd. 10000.00 2025/10/14 Fixed-income assets No 10000.00

products product's operation status

Changjiang Securities Co. Brokerage wealth Redemption depending on the

30000.00 2025/8/12 Fixed-income assets No 30000.00

Ltd. Fujian Branch products product's operation status

87/2732025 Annual Report of Tongwei Co. Ltd.

Changjiang Securities Co. Brokerage wealth Redemption depending on the

1952.84 2025/6/4 Fixed-income assets No 1952.84

Ltd. Fujian Branch products product's operation status

Changjiang Securities Co. Brokerage wealth Redemption depending on the

2937.17 2025/6/4 Fixed-income assets No 2937.17

Ltd. Fujian Branch products product's operation status

Changjiang Securities Co. Brokerage wealth Redemption depending on the

4899.65 2025/6/4 Fixed-income assets No 4899.65

Ltd. Fujian Branch products product's operation status

Changjiang Securities Co. Brokerage wealth Redemption depending on the

9841.92 2025/6/4 Fixed-income assets No 9841.92

Ltd. Fujian Branch products product's operation status

Guotai Haitong Securities Co. Brokerage wealth

6000.00 2025/11/10 2026/5/11 Fixed-income assets No 6000.00

Ltd. Sichuan Branch products

Guotai Haitong Securities Co. Brokerage wealth

5000.00 2025/12/1 2026/6/8 Fixed-income assets No 5000.00

Ltd. Sichuan Branch products

Huaneng Guicheng Trust Co. Trust wealth Redemption depending on the

3000.00 2025/5/12 Fixed-income assets No 3000.00

Ltd. products product's operation status

Red Earth Innovation Fund Public offering Redemption depending on the

10000.00 2025/12/29 Fixed-income assets No 10000.00

Management Co. Ltd. funds product's operation status

Total / 1369131.58 / / 1369131.58

Note: The above information about wealth management products only describes the outstanding balance in the reporting period.Others

□Applicable √ Not Applicable

(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

88/2732025 Annual Report of Tongwei Co. Ltd.

(3). Impairment reserve for entrusted loans

□Applicable √ Not Applicable

3. Others

□Applicable √ Not Applicable

(IV) Other material contract

□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

89/2732025 Annual Report of Tongwei Co. Ltd.

SectionVI Share Changes and Shareholders

I. Changes in share capital

(I) Share changes

1. Share changes

Unit:Share

Before the change Change (+ -) Before the change

Capital

Percent New Bonus reserve

Number Others Sub-total Number Percent (%)

(%) issue issue converted

to 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 4501984831 100 0 0 0 5258 5258 4501990089 100

1. CNY common

4501984831100000525852584501990089100

shares

2. Foreign shares

listed in Chinese

mainland

3. Foreign shares

listed outside Chinese

mainland

4. Others

III. Total shares 4501984831 100 0 0 0 5258 5258 4501990089 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 2025 a total of 5258 shares had been

converted and the total share capital of the Company increased to 4501990089 shares at the end of

90/2732025 Annual Report of Tongwei Co. Ltd.

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 4501984831 shares to4501990089 shares. This share capital change

resulted in the dilution of earnings per share and net assets per share attributable to the listed company in

2025.

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

Unit:Share Currency:CNY

Approved

Type of stock and its Issue price quantity to Transaction

Issue date Issue size Listing date

derivative securities (or interest rate) trade on end date

market

Convertible bonds detachable convertible bonds

1st year 0.20%

2nd year 0.40%

120120

February 3rd year 0.60% March 18 February 23

Tong22 Convertible Bonds million million

24 2022 4th year 1.50% 2022 2028

units units

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

2024/1/31-2 5 million 2024/1/31- 5 million

Note Series 1 (Sci-Tech 2.70% 2027/2/2

024/2/1 units 2024/2/1 units

Innovation Notes)

2024 Green Middle-Term

2024/3/13-2 5 million 2024/3/13- 5 million

Note Series 2 (Sci-Tech 2.60% 2027/3/15

024/3/14 units 2024/3/14 units

Innovation Notes)

2024 Green Middle-Term

2024/4/10-2 5 million 2024/4/10- 5 million

Note Series 3 (Sci-Tech 2.55% 2027/4/12

024/4/11 units 2024/4/11 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 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

2024/7/10-2 5 million 2024/7/10- 5 million

Note Series 1 (Sci-Tech 2.75% 2029/7/12

024/7/11 units 2024/7/11 units

Innovation Notes)

2024 Green Super & 2024/10/21 2.50% 5 million 2024/10/21 5 million 2025/7/19

91/2732025 Annual Report of Tongwei Co. Ltd.

Short-term Commercial units units

Paper Series 2 (Sci-Tech

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

2024/12/252.36%2024/12/252025/9/22

Paper Series 3 (Sci-Tech units units

Innovation Notes)

2024 Green Super &

Short-term Commercial 5 million 5 million

2025/3/102.60%2025/3/102025/12/5

Paper Series 2 (Sci-Tech units units

Innovation Notes)

2025 Sci-Tech Innovation 5 million 5 million

2025/5/122.32%2025/5/122026/2/6

Bonds Series 2 units units

2025 Sci-Tech Innovation 5 million 5 million

2025/6/172.20%2025/6/172025/12/16

Bonds Series 3 units units

2025 Green Sci-Tech 5 million 5 million

2025/7/292.20%2025/7/292026/4/25

Innovation Bonds Series 1 units units

2025 Green Sci-Tech 5 million 5 million

2025/9/162.10%2025/9/162026/6/14

Innovation Bonds Series 2 units units

2025 Green Sci-Tech 5 million 5 million

2025/11/182.02%2025/11/182027/11/19

Innovation Bonds Series 3 units units

2025 Green Sci-Tech 5 million 5 million

2025/12/92.07%2025/12/92027/12/10

Innovation Bonds Series 4 units units

Note on issuance of securities in the reporting period (bonds with different interest rates and within the

duration should be specified individually):

□ Applicable √ Not Applicable

(II) Adjustments to the credit rating results on the Company or its bonds made by credit

rating agencies in the reporting period

√ Applicable □ Not Applicable

As of the end of the reporting period the Company has a total share capital comprising 4501990089

shares reflecting an increase of 5258 shares throughout 2025. The controlling shareholder Tongwei

Group maintained a significant equity stake of 45.24%. The Company’s financial position is robust

reporting total assets of 187.779 billion yuan and total liabilities of 136.391 billion yuan resulting in a

debt-to-asset ratio of 72.63%.(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 297704

Total common shareholders at the end of the month prior to the disclosure

340747

date of annual report

Total preference shareholders at the end of the reporting period 0

Total preference shareholders with voting rights restored at the end of the

0

month prior to the disclosure date of annual report

92/2732025 Annual Report of Tongwei Co. Ltd.

(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”)

Change in the Restricted Restricted shares

Shareholder name Percent

reporting Closing shares shares Restricted shares

(Full name) (%) Share

period NumberStatus

Domestic investor

Tongwei Group

14511900 2036534487 45.24 0 Pledged 577560000 other than state-owned

Co. Ltd.legal entities

Shaanxi

International Trust

Co. Ltd. –

SITIC ·Tongwei

2022–2024 99278665 99278665 2.21 0 None Unknown

Employee Stock

Ownership

Collective Fund

Trust Plan (Note)

Hong Kong

Securities

-103767547 98417042 2.19 0 None Unknown

Clearing Company

Ltd.Shaanxi

International Trust

Co. Ltd. –

SITIC ·Tongwei

2021–2023 76499840 76499840 1.70 0 None Unknown

Employee Stock

Ownership

Collective Fund

Trust Plan (Note)

ICBC – Huatai

PineBridge

SSE-SZSE 300 -2031325 44553014 0.99 0 None Unknown

Exchange Traded

Fund (ETF)

China

Construction Bank

-E-Fund

SSE-SESE 300 -341611 31819720 0.71 0 None Unknown

ETF

Sponsor-initiated

Fund

Bank of China -

Huatai PineBridge

Investments

Zhongzheng PV 1186445 26455128 0.59 0 None Unknown

Industry Trade

Open-ended Index

Investment Fund

ICBC － Huaxia

SSE-SESE 300

Trade Open-ended 2900001 24283185 0.54 0 None Unknown

Index Investment

Fund

93/2732025 Annual Report of Tongwei Co. Ltd.

China Pacific Life

Insurance Co.Ltd. - Traditional - 1500000 24194764 0.54 0 None Unknown

Common

Insurance Product

Bank of China－

Jiashi SSE-SESE

300 Trade 679500 20938840 0.47 None Unknown

Open-ended Index

Investment Fund

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. 2036534487 2036534487

share

Shaanxi International Trust Co.Ltd. – SITIC·Tongwei 2022–2024 CNY common99278665 99278665

Employee Stock Ownership share

Collective Fund Trust Plan (Note)

Hong Kong Securities Clearing CNY common

9841704298417042

Company Ltd. share

Shaanxi International Trust Co.Ltd. – SITIC ·Tongwei 2021–2023 CNY common76499840 76499840

Employee Stock Ownership share

Collective Fund Trust Plan（Note）

ICBC – Huatai PineBridge

CNY common

SSE-SZSE 300 Exchange Traded 44553014 44553014

share

Fund (ETF)

China Construction Bank -E-Fund

CNY common

SSE-SESE 300 ETF 31819720 31819720

share

Sponsor-initiated Fund

Bank of China - Huatai

PineBridge Investments

CNY common

Zhongzheng PV Industry Trade 26455128 26455128

share

Open-ended Index Investment

Fund

ICBC － Huaxia SSE-SESE 300 CNY common

Trade Open-ended Index 24283185 24283185

share

Investment Fund

China Pacific Life Insurance Co.CNY common

Ltd. - Traditional - Common 24194764 24194764

share

Insurance Product

Bank of China－Jiashi SSE-SESE CNY common

300 Trade Open-ended Index 20938840 20938840

share

Investment Fund

Explanation of the share By the end of the reporting period the special securities account for share repurchases at

repurchase accounts among the Tongwei Co. Ltd. had repurchased a cumulative total of 101688812 shares which

top 10 shareholders constitutes 2.26% of the Company’s total share capital.Note on delegation of voting

rights to or by or wavier of voting Not applicable

rights by the said shareholders

94/2732025 Annual Report of Tongwei Co. Ltd.

No relationship exists between Tongwei Group and any of the other shareholders.Shaanxi International Trust Co. Ltd. – SITIC·Tongwei 2022–2024 Employee Stock

Note on the said shareholders’ Ownership Collective Fund Trust Plan and Shaanxi International Trust Co. Ltd. –

relationship or acting in concert SITIC · Tongwei 2021–2023 Employee Stock Ownership Collective Fund Trust Plan 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.Note on preference shareholders

with voting rights restored and Not applicable

number of shares they hold

Note: With the approval by the Holder Meetings of Tongwei 2021–2023 and 2022–2024 Employee

Stock Ownership Plans the Remuneration and Assessment Committee of the 8th Board of Directors and

the 26th Meeting of the 8th Board of Directors the Company has designated Shaanxi International Trust

Co. Ltd. (SITIC) as the new asset management institution for the aforesaid 2021–2023 and 2022–2024

Employee Stock Ownership Plans and established corresponding dedicated management accounts

respectively: SITIC · Tongwei 2021–2023 Employee Stock Ownership Collective Fund Trust Plan and

SITIC·Tongwei 2022–2024 Employee Stock Ownership Collective Fund Trust Plan. The normal

continuance of the Employee Stock Ownership Plans will not be influenced by this change. Upon

completion of the above change the asset management contracts for the Employee Stock Ownership

Plans signed by the Company with the original product manager and custodian shall terminate. The

number of the Company’s shares held by the respective Employee Stock Ownership Plans shall remain

unchanged because of the aforesaid adjustment.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

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

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

Feed processing; manufacturing of specialized equipment for the

electronics industry; manufacturing of photovoltaic equipment and

components; cell manufacturing; manufacturing of household appliances

Main businesses using gas solar energy and similar energy sources; aquaculture (the above

projects are limited to operations by branch offices)；Wholesale and retail

of goods; livestock husbandry; services for promoting and applying

technologies; services for software and information technology;

95/2732025 Annual Report of Tongwei Co. Ltd.

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 None

Company in the 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

(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 9th board

Main professions and titles

of directors of the Company member of the 11th Standing Committee of

96/2732025 Annual Report of Tongwei Co. Ltd.

the CPPCC 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 None

controller in 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

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

97/2732025 Annual Report of Tongwei Co. Ltd.

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

Share repurchase plan name

Centralized Bidding 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

Proposed repurchase amount

4 billion yuan (inclusive)

Proposed repurchase period April 28 2024 to April 27 2025

Repurpose For employee stock ownership plan or equity incentive

Repurchased number of shares 101688812

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 /

IX. Preference shares

□Applicable √ Not Applicable

98/2732025 Annual Report of Tongwei Co. Ltd.

Section VII 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

(1). Funds raised for specific projects

□Applicable √ Not Applicable

(III.) Other disclosure requirements for special-type bonds

□Applicable √ Not Applicable

(IV.) Significant matters concerning corporate bonds during the reporting period

□Applicable √ Not Applicable

99/2732025 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

Interest

Balance Trading appropriateness terminati

Bond name Short name Code Issue date Value date Maturity date rate Payment method Trading mechanism

of bonds venue arrangement on of

(%)

(if any) trading

Installment

23 Tongwei GN001

2023 Green Middle-Term Note Series interest payments

（ Sci-Tech Innovation 132380075 2023/10/18 2023/10/19 2026/10/19 0.00 3.10 None No

1 (Sci-Tech Innovation Notes) and principalNotes）

repaid on maturity

Installment

24 Tongwei GN001

2024 Green Middle-Term Note Series 2024/1/31-2024/ interest payments

（ Sci-Tech Innovation 132480005 2024/2/2 2027/2/2 5.00 2.70 None No

1 (Sci-Tech Innovation Notes) 2/1 and principalNotes）

repaid on maturity

Installment

24 Tongwei GN003

2024 Green Middle-Term Note Series 2024/3/13-2024/ interest payments Transactions are

（ Sci-Tech Innovation 132480021 2024/3/15 2027/3/15 5.00 2.60 None No

2 (Sci-Tech Innovation Notes) 3/14 and principal concluded withNotes）

repaid on maturity China counterparties trade by

Installment Interbank trade over the counter24 Tongwei GN004

2024 Green Middle-Term Note Series 2024/4/10-2024/ interest payments through the CNY

（ Sci-Tech Innovation 132480034 2024/4/12 2027/4/12 5.00 2.55 Bond None No

3 (Sci-Tech Innovation Notes) 4/11 and principal Market trading system inNotes）

repaid on maturity China Foreign

Installment Exchange Trade

24Tongwei GN006

2024 Green Middle-Term Note Series interest payments System

（ Sci-Tech Innovation 132480050 2024/6/6 2024/6/7 2027/6/7 5.00 2.38 None No

4 (Sci-Tech Innovation Notes) and principalNotes）

repaid on maturity

Installment

24 Tongwei GN007

2024 Green Middle-Term Note Series interest payments

（ Sci-Tech Innovation 132480060 2024/7/4 2024/7/5 2027/7/5 5.00 2.50 None No

5 (Sci-Tech Innovation Notes) and principalNotes）

repaid on maturity

24 Tongwei MTN001 Installment

2024 Green Middle-Term Note Series 2024/7/10-2024/

（ Sci-Tech Innovation 102482966 2024/7/12 2029/7/12 5.00 2.75 interest payments None No

1 (Sci-Tech Innovation Notes) 7/11Notes） and principal

100/2732025 Annual Report of Tongwei Co. Ltd.

repaid on maturity

Interest is paid

2024 Green Super & Short-term 24 Tongwei SCP002

together with theCommercial Paper Series 2 (Sci-Tech （ Sci-Tech Innovation 012483362 2024/10/21 2024/10/22 2025/7/19 0.00 2.50 None Noprincipal in full atInnovation Notes) Notes）

maturity

Installment

24 Tongwei GN008

2024 Green Middle-Term Note Series interest payments

（ Sci-Tech Innovation 132480157 2024/11/25 2024/11/26 2027/11/26 5.00 2.95 None No

6 (Sci-Tech Innovation Notes) and principalNotes）

repaid on maturity

Interest is paid

2024 Green Super & Short-term 24 Tongwei GN009 Super

together with theCommercial Paper Series 3 (Sci-Tech & Short-term （ Sci-Tech 132480175 2024/12/25 2024/12/26 2025/9/22 0.00 2.36 None Noprincipal in full atInnovation Notes) Innovation Notes）

maturity

Interest is paid

2025 Super & Short-term Commercial 25 Tongwei SCP001

together with thePaper Series 1 (Sci-Tech Innovation （ Sci-Tech Innovation 012580607 2025/3/10 2025/3/10 2025/12/5 0.00 2.60 None Noprincipal in full atNotes) Notes）

maturity

Interest is paid

25 Tongwei

2025 Sci-Tech Innovation Bonds together with the

SCP002(Sci-Tech 012581121 2025/5/12 2025/5/12 2026/2/6 5.00 2.32 None No

Series 2 principal in full atInnovation Bonds）

maturity

Interest is paid

25 Tongwei SCP003

2025 Sci-Tech Innovation Bonds together with the

（ Sci-Tech Innovation 012581394 2025/6/17 2025/6/18 2025/12/16 0.00 2.20 None NoSeries 3 principal in full atBonds）

maturity

Interest is paid

25 Tongwei

2025 Green Sci-Tech Innovation together with the

GN001(Sci-Tech 132580075 2025/7/29 2025/7/29 2026/4/25 5.00 2.20 None No

Bonds Series 1 principal in full at

Innovation Bonds)

maturity

Interest is paid

25 Tongwei

2025 Green Sci-Tech Innovation together with the

GN002(Sci-Tech 132580090 2025/9/16 2025/9/17 2026/6/14 5.00 2.10 None No

Bonds Series 2 principal in full atInnovation Bonds）

maturity

25 Tongwei GN003 Interest is paid

2025 Green Sci-Tech Innovation

（ Sci-Tech Innovation 132580125 2025/11/18 2025/11/19 2027/11/19 5.00 2.02 together with the None NoBonds Series 3Bonds） principal in full at

101/2732025 Annual Report of Tongwei Co. Ltd.

maturity

Interest is paid

25 Tongwei

2025 Green Sci-Tech Innovation together with the

GN004(Sci-Tech 132580136 2025/12/9 2025/12/10 2027/12/10 5.00 2.07 None No

Bonds Series 4 principal in full at

Innovation Bonds)

maturity

Response actions against risk of termination of trading

□ Applicable √ Not Applicable

Overdue bonds

□ Applicable √ Not Applicable

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) Paid

2024 Green Middle-Term Note Series 1 (Sci-Tech Innovation Notes) Interest paid normally

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 Middle-Term Note Series 4 (Sci-Tech Innovation Notes) Interest paid normally

2024 Green Middle-Term Note Series 5 (Sci-Tech Innovation Notes) Interest paid normally

2024 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) Paid

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) Paid

2025 Super & Short-term Commercial Paper Series 1 (Sci-Tech Innovation Notes) Paid

2025 Sci-Tech Innovation Bonds Series 2 Interest paid normally

2025 Sci-Tech Innovation Bonds Series 3 Paid

2025 Green Sci-Tech Innovation Bonds Series 1 Interest paid normally

2025 Green Sci-Tech Innovation Bonds Series 2 Interest paid normally

2025 Green Sci-Tech Innovation Bonds Series 3 Interest paid normally

2025 Green Sci-Tech Innovation Bonds Series 4 Interest paid normally

2. Trigger and execution of the option clause for issuers or investors and the investor protection clause

□ Applicable √ Not Applicable

102/2732025 Annual Report of Tongwei Co. Ltd.

3. Intermediaries for services relating to bond issuing and bond duration

Signatory

Intermediary name Office location Contact Telephone

accountants

Industrial Bank Building No. 398 Middle Jiangbin Avenue Taijiang Li Jie Yang Wenjing

Industrial Bank Co. Ltd. 028-86054301

District Fuzhou Fujian Ma Ying

Minsheng Bank Building No. 2 Fuxingmen Inner Street Xicheng

China Minsheng Banking Corporation Ltd. Shuchang Yang Xi 010-58560666

District Beijing

CMB Shenzhen Branch Building No.2016 Shennan Avenue 0755-89278531

China Merchants Bank Co. Ltd.Shenzhen Qumu Ake 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 Peng Jingyu 028-69598692

China Bohai Bank Co. Ltd. No. 218 Haidong East Road Hedong District Tianjin China Li Xuan 022-58314945

Bank of Communications Co. Ltd. No. 188 Middle Yincheng Road Shanghai Free Trade Zone Liu Lei 021-38873252

Bank of China Co. Ltd. No.1 Fuxingmen Nei Avenue Xicheng District Beijing China Zhang Shun 010-66595482

Lv Zining 010-68857267

Postal Savings Bank of China Co. Ltd. No. 3 Financial Street Xicheng District Beijing China

Wang Xiaoming 028-88619239

10F Taikang Group Tower Building.1 Yard 16 Jinghui Street Li Puhai Pu Fei Wen

China Securities Co. Ltd. 028-68850820

Chaoyang District Beijing Bingyi

Room 1603-1606 Building 1 International Financial Center No.1

Beijing Jindu (Chengdu) Law Firm Section 3 Hongxing Road Jinjiang District Chengdu Sichuan Lu Yong Liu Feng 028-86203818

China

Sichuan Huaxin (Group) CPA (Special General 28/F Jinmao Lidu South No. 18 Ximianqiao Street Chengdu Li Wulin

Zhang Lan 028-85560499

Partnership) Sichuan Tang Fangmo

17th Floor Tower 2 2 Jianguomenwai Avenue Chaoyang District Niu Wenjing

United Credit Ratings Co. Ltd. 010-85679696

Beijing China

Lianhe Equator Environmental Assessment Co. Lianhe Credit Building 80 Qufu Road Heping District Tianjin

Wang Shunli 022-58356945

Ltd. China

Shanghai Clearing House Co. Ltd. No.2 East Beijing Road Huangpu District Shanghai China IssuranceTeam 021-23198888

Beijing Financial Assets Exchange Co. Ltd. No. 17 B Financial Street Xicheng District Beijing China Issurance Department 010-57896722

Changes in the above intermediaries

□ Applicable √ Not Applicable

103/2732025 Annual Report of Tongwei Co. Ltd.

4. Use of raised funds at the end of the reporting period

√ Applicable □ Not Applicable

Unit:100 million yuan Currency:CNY

Compliance with

Operation of the Correction for

the purposes use

special account for non-conforming use

Bond name Total amount raised Amount used Amount unused schedule and other

raised funds of the raised funds (if

covenants in the

(if any) any)

prospectus

2023 Green Middle-Term Note Series 1 (Sci-Tech 5.00 5.00 - Not applicable Not applicable Yes

Innovation Notes)

2024 Green Middle-Term Note Series 1 (Sci-Tech 5.00 5.00 - Not applicable Not applicable Yes

Innovation Notes)

2024 Green Middle-Term Note Series 2 (Sci-Tech 5.00 5.00 - Not applicable Not applicable Yes

Innovation Notes)

2024 Green Middle-Term Note Series 3 (Sci-Tech 5.00 5.00 - Not applicable Not applicable Yes

Innovation Notes)

2024 Green Middle-Term Note Series 4 (Sci-Tech 5.00 3.84 1.20 Not applicable Not applicable Yes

Innovation Notes)

2024 Green Middle-Term Note Series 5 (Sci-Tech 5.00 5.00 - Not applicable Not applicable Yes

Innovation Notes)

2024 Middle-Term Note Series 1 (Sci-Tech Innovation 5.00 5.00 - Not applicable Not applicable Yes

Notes)

2024 Green Super & Short-term Commercial Paper 5.00 5.00 - Not applicable Not applicable Yes

Series 2 (Sci-Tech Innovation Notes)

2024 Green Middle-Term Note Series 6 (Sci-Tech 5.00 - 5.00 Not applicable Not applicable Yes

Innovation Notes)

2024 Green Super & Short-term Commercial Paper 5.00 5.00 - Not applicable Not applicable Yes

Series 3 (Sci-Tech Innovation Notes)

2025 Super & Short-term Commercial Paper Series 1 5.00 5.00 - Not applicable Not applicable Yes

(Sci-Tech Innovation Notes)

2025 Sci-Tech Innovation Bonds Series 2 5.00 5.00 - Not applicable Not applicable Yes

2025 Sci-Tech Innovation Bonds Series 3 5.00 5.00 - Not applicable Not applicable Yes

2025 Green Sci-Tech Innovation Bonds Series 1 5.00 5.00 - Not applicable Not applicable Yes

2025 Green Sci-Tech Innovation Bonds Series 2 5.00 1.40 3.60 Not applicable Not applicable Yes

2025 Green Sci-Tech Innovation Bonds Series 3 5.00 - 5.00 Not applicable Not applicable Yes

104/2732025 Annual Report of Tongwei Co. Ltd.

2025 Green Sci-Tech Innovation Bonds Series 4 5.00 - 5.00 Not applicable Not applicable Yes

Note: The discrepancy between the horizontal sum of “amount used” and “amount unused" versus the “total amount raised" is attributable to interest income frombank deposits.Progress and benefits of construction projects where the raised funds were used

□ Applicable √ Not Applicable

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

105/2732025 Annual Report of Tongwei Co. Ltd.

(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

Reason for loss

See the Section III Management Discussion and 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

Reason for

Major indicators 2025 2024 Change YoY (%)

change

Net profit net of See the Section

non-recurring gain and loss III Management

attributable to shareholders of -9874556383.96 -7057321013.59 -39.92 Discussion and

the listed company Analysis

Current ratio 1.19 1.17 1.71

Quick ratio 0.92 0.95 -3.16

L/A ratio (%) 72.63 70.44 +2.19ppts

Total debt/ EBITDA 0.04 0.03 33.33

Interest coverage ratio -3.99 -3.63 9.92

Cash coverage ratio 1.84 2.33 -21.03

EBITDA coverage 1.34 1.20 11.67

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 were discussed and decided. On February 24 2022 the

Company publicly issued convertible bonds of 12 billion yuan (“Tong22 Convertible Bonds” code 110085).The amount received net of undertaking and sponsorship costs (78 million yuan) (including tax) 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 and Cutting Project

as well as for supplementing current funds. On March 7 2022 the registration and custody procedures for

“Tong22 Convertible Bonds” were completed in CSDC Shanghai. On March 18 2022 “Tong22Convertible Bonds” was listed in the bond market. According to the relevant provisions of the Listing Rules

106/2732025 Annual Report of Tongwei Co. Ltd.

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 19303

Guarantor of the Company's convertible bonds None

Top ten holders of convertible bonds:

Bonds held at the end of Bond holding percent

Convertible bonds holders

the period (yuan) (%)

Tongwei Group Co. Ltd. 3130210000 26.12

China Merchants Bank Co. Ltd. - Bosera CSI Convertible Bond &

8264260006.90

Exchangeable Bond ETF

Haitong Securities Asset Management - CITIC Bank - Haitong

Asset Management Ruifeng Huicheng No. 3 Collective Asset 809690000 6.76

Management Plan

Bond Repurchase Pledge Special Accounts in Registration and

6515720005.44

Settlement System (ICBC)

Bond Repurchase Pledge Special Accounts in Registration and

2970440002.48

Settlement System (Bank of China)

Bond Repurchase Pledge Special Accounts in Registration and

2805320002.34

Settlement System (Agricultural Bank of China)

CITIC Securities–HFT SSE Investment Grade Convertible and

Exchangeable Bond Exchange-Traded Open-End Index Securities 215239000 1.80

Investment Fund

China Merchants Bank Co. Ltd. – Hua’an Convertible Bond Fund 200000000 1.67

Bank of Beijing – Invesco Great Wall Jingyi Double Yield Bond

Securities Investment Fund 198327000 1.66

Bond Repurchase Pledge Special Accounts in Registration and

1545060001.29

Settlement System (China Merchants Bank Co. Ltd)

(III) Changes in convertible bonds in the reporting period

√ Applicable □ Not Applicable

Unit:YuanCurrency:CNY

Change

Name of convertible Before the

After the change

bond change Converted to Redemption Sell back

share capital

Tong22 Convertible

1198330400018300011983121000

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) 183000

Shares converted in the reporting period 5258

Accumulated shares converted 441905

Ratio of accumulated shares converted to the total shares

0.0098

issued by the Company before the conversion (%)

Amount that has not converted (yuan) 11983121000

107/2732025 Annual Report of Tongwei Co. Ltd.

Ratio of balance convertible bonds to total convertible

99.8593

bonds issued (%)

(IV) Adjustments of conversion prices

√ Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Name of convertible bond Tong22 Convertible Bonds

Conversion

Description on price

Adjustment date price after Disclosure date Disclosure media

adjustment

adjustment

The Company paid

China Securities Journal

cash distribution of

38.36 Shanghai Securities

May 30 2022 May 31 2022 9.12 yuan for per 10

yuan/share News Securities Daily

shares (including

and STCN

tax)

The Company paid

China Securities Journal

cash distribution of

35.50 Shanghai Securities

May 31 2023 May 24 2023 28.58 yuan for per

yuan/share News Securities Daily

10 shares (including

and STCN

tax)

China Securities Journal The Company paid

Shanghai Securities cash distribution of

34.60

June 14 2024 June 7 2024 News Securities Daily 9.05 yuan for per 10

yuan/share

STCN and Economic shares (including

Information Daily tax)

The latest conversion price as of the end of

34.6yuan/share

the 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 136.391 billion

yuan with current liabilities of 55.767 billion yuan and non-current liabilities of 80.624 billion yuan. Of

these liabilities bank borrowings due for repayment within one year amounted to 19.873 billion yuan

while bank borrowings repayable after more than one year totaled 51.82 billion yuan. On June 6 2025United Credit Ratings Co. Ltd. issued the “2025 Follow-up Rating Report on the Publicly IssuedConvertible Bonds of Tongwei Co. Ltd. maintaining the Company's credit rating at AAA and Tong22

Convertible Bonds’ credit rating 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).

108/2732025 Annual Report of Tongwei Co. Ltd.

Section VIII Financial Report

I. Financial Report

√Applicable □ Not Applicable

The annual financial report of the Company has been audited by Li Wulin and Tang Fangmo accountants from Sichuan

Huaxin who have expressed an unqualified opinion.Auditor's Report

Sichuan Huaxin Audit (2026) No.0034000

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 2025 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 2025.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 2025 and of the consolidated and parent operation performance

and cash flows for the year 2025.II. Basis for Audit 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 the Chinese Certified Public Accountant Independence Standards and the Chinese Certified Public

Accountant Code of Professional Ethics we are independent of Tongwei have complied with the

independence requirements for audits of public interest entities and 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 the process of internal controls relating to sale and

collection evaluate the effectiveness of its design and operation verify

the effectiveness of relevant key controls by performing control tests

The consolidated operating revenue of and evaluate the reasonableness of the basis and timing of revenue

Tongwei was 84.128 billion yuan for the recognition.year 2025 including 54.138 billion yuan 2. Perform the analysis process on sales revenue gross profit of sales

from the operating activities of PV business and receivables by industry including period-over-period comparison

and 29.259 billion yuan from the operating and product category comparison to evaluate the reasonableness of

activities of agriculture and animal relevant changes.husbandry business. Operating revenue is a 3. For key customers check their contracts purchase orders delivery

key performance indicator of Tongwei the notes receipt notes and other documents and obtain written

inherent risk that the management confirmations on transaction amounts and closing balances for these

manipulated the revenue recognition in customers to understand that these transactions are true complete and

order to reach a certain target or expectation accurate; for other customers perform a sampling check on contracts

exists therefore we identify revenue purchase orders delivery notes shipping notes payment notes receipt

recognition as a key audit matter. notes and other documents to verify the amount of sales revenue is

true complete and accurate.

4. According to the unit price set forth in the Power Purchase

Agreement and power generation subsidy documents and combining

109/2732025 Annual Report of Tongwei Co. Ltd.

with the settled electricity and ancillary service charge confirmed by

the statement provided by the State Grid Corporation of China

re-calculate and check the revenue from PV generation; and obtain

written confirmation from State Grid for the settled 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 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” “construction in progress” and “asset impairment loss” in the Notes to Financial

Statements.Reasons for being KAMs Measures taken in the audit and conclusions

1. Understand the process of internal controls relating to fixed assets

and construction in progress established by the management evaluate

the effectiveness of its design and operation verify the effectiveness of

relevant key controls by performing control tests.

2. Understand and evaluate the basis and process adopted by the

As of December 31 2025 the aggregate

management to identify signs of impairment in fixed assets and

carrying value of fixed assets and

construction in progress and assess the reasonableness of their

construction in progress in the consolidated

analysis;

financial statements amounted to 100.2

3. For fixed assets and construction in progress that show signs of

billion yuan accounting for 53.36% of total

impairment review and evaluate whether the asset grouping identified

assets. In 2025 provision for impairment

by management complies with accounting standards whether it can

losses on fixed assets and construction in

generate cash flows independently and the reasonableness of its

progress amounted to 1.783 billion yuan.composition;

Given the complex testing process in

4. Using the work of valuation experts understand and evaluate the

impairment of fixed assets and construction

competence professional quality and objectivity of independent

in progress involving the management's

appraisers;

estimates of future market and economic

5. Evaluate the types of values and assessment methods used in

conditions as well as the selection of key

impairment tests as well as the reasonableness of key assumptions

parameters such as sales price and discount

used in the impairment tests such as sales price operating costs and

rate we have identified the impairment of

discount rate;

fixed assets and construction in progress as

6. Focus on and check the compliance and appropriateness of

a key audit matter.disclosure of impairment of fixed assets and construction in progress 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

fixed assets and construction in progress at Tongwei Co. Ltd.IV. Other Information

The management of the Company is responsible for other information which includes all

information contained in the 2025 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

110/2732025 Annual Report of Tongwei Co. Ltd.

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.

(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

111/2732025 Annual Report of Tongwei Co. Ltd.

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

April 282026

II. Financial Statments

Consolidated balance sheet

December 31 2025

Prepared by: Tongwei Co. Ltd.Unit:Yuan Currency:CNY

Item Notes December 31 2025 December 31 2024

Current assets:

Cash at bank and on hand 17475377054.83 16448454772.62

Settlement provisions

Lending to banks and other financial

institutions

Held-for-trading financial assets 14048884381.39 12869130833.91

Derivative financial assets 16073700.30 15321594.19

Notes receivable 1570039664.30 1465325121.18

Accounts receivable 6863715377.32 6706811085.16

Receivables financing 4841105874.66 7704206516.60

Prepayments 543320003.86 1085751229.38

Premium receivable

Reinsurance receivable

Reinsurance contract reserve receivable

Other receivables 794700630.84 802476780.97

Including: Interest receivable

Dividend receivable

Buy-back of financial assets

Inventories 14880555929.26 12633286216.02

Including: Data resource

Contract assets 403899001.17 579643428.91

Assets held for sale

Non-current assets due within one year

Other current assets 4801091048.72 5882511042.81

Total current assets 66238762666.65 66192918621.75

Non-current assets:

Loans and advances

Debt investments

Other debt investments

Long-term receivables

Long-term equity investments 2407100857.99 2306695375.10

112/2732025 Annual Report of Tongwei Co. Ltd.

Other equity investments 151844126.67 158373643.44

Other non-current financial assets 6271248.25 6271248.25

Investment properties 93830725.85 98457919.87

Fixed assets 98185620593.61 100025332497.54

Construction in progress 2014635545.42 7251108008.25

Productive biological assets 8401021.20 3438353.70

Oil and gas assets

Right-of-use assets 6047039557.46 7048441533.59

Intangible assets 4994368729.39 4851075557.58

Including: Data resource

R&D cost

Including: Data resource

Goodwill 243865719.30 469239983.23

Deferred expenses 428973151.17 492576899.04

Deferred tax assets 3017862167.69 4056103100.16

Other non-current assets 3940680286.98 2956730320.49

Total non-current assets 121540493730.98 129723844440.24

Total assets 187779256397.63 195916763061.99

Current liabilities:

Short-term borrowings 7702135271.21 1878224418.52

Borrowings from central bank

Borrowings from banks and other

financial institutions

Held-for-trading financial liabilities 16261102.56 29573.07

Derivative financial liabilities 3633522.45 10616503.01

Notes payable 11300383099.82 15210730151.74

Accounts payable 14377208907.90 19840037944.67

Advances from customers 44920868.51 34366045.86

Contract liabilities 2695453134.72 3138267719.06

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 1566789914.07 2025362738.36

Taxes payable 299976961.05 322065136.12

Other payables 1266533523.92 1669848704.07

Including: Interest payable

Dividend payable

Service charge and commission payable

Reinsurance receivable

Liabilities held for sale

Non-current liabilities due within one

14848205537.7810725854956.38

year

Other current liabilities 1645007601.27 1682671470.58

Total current liabilities 55766509445.26 56538075361.44

Non-current liabilities:

Reinsurance contract reserve

Long-term borrowings 51820396592.88 51244335868.59

Bonds payable 15882120516.33 15062229237.62

Including: Preference share

Perpetual bond

Lease liabilities 3870191616.94 5294627751.60

113/2732025 Annual Report of Tongwei Co. Ltd.

Long-term payables 2655366740.03 1957365997.82

Long-term employee benefits payable 3978569496.70 3956439305.87

Estimated liabilities 1117750316.57 999985012.93

Deferred income 979121631.67 888029384.86

Deferred tax liability 321111854.03 2056523642.53

Other non-current liabilities - -

Total non-current liabilities 80624628765.15 81459536201.82

Total liabilities 136391138210.41 137997611563.26

Owners’ equity (or shareholders' equity)

Paid-up capital (or share capital) 4501990089.00 4501984831.00

Other equity instruments 1473496646.37 1964851844.22

Including: Preference share

Perpetual bond

Capital reserve 16644147130.13 16138481842.10

Less: Treasury shares 2008887917.58 2001450171.83

Other comprehensive income -222222870.45 -155861817.01

Special reserve 179371946.82 138469397.69

Surplus reserve 4860447480.94 4860447480.94

General risk reserve

Undistributed profit 13455520339.59 23008946223.65

Total equity attributable to owners or

38883862844.8248455869630.76

shareholders of parent company

Minority interest 12504255342.40 9463281867.97

Total owners’ equity (or shareholders'

51388118187.2257919151498.73

equity)

Total liabilities and owners’ equity

187779256397.63195916763061.99

(or shareholders' equity)

Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan

Lu

Parent balance sheet

December 312025

Prepared by:Tongwei Co. Ltd

Unit:Yuan Currency:CNY

Item Notes December 31 2025 December 31 2024

Current assets:

Cash at bank and on hand 13872543499.92 14272119745.53

Held-for-trading financial assets 13848539175.91 12868798201.55

Derivative financial assets 12527774.21 12873097.22

Notes receivable 112935511.65 153095463.15

Accounts receivable 2560736068.18 1338514704.40

Receivables financing 1397476247.29 1635648443.26

Prepayments 268172678.82 45006208.35

Other receivables 36809034053.75 56101653734.88

Including: Interest receivable

Dividend receivable

Inventories 798558334.32 335333431.13

Including: Data resource

Contract assets

Assets held for sale

Non-current assets due within one year

Other current assets 775592420.12 95637486.94

Total current assets 70456115764.17 86858680516.41

Non-current assets:

114/2732025 Annual Report of Tongwei Co. Ltd.

Debt investments

Other debt investments

Long-term receivables - 3187749123.45

Long-term equity investments 51299235323.51 28811357779.14

Other equity investments 151844126.67 158373643.44

Other non-current financial assets - -

Investment properties 29980452.46 31721152.68

Fixed assets 30497772.61 33533497.66

Construction in progress 4539121.79 22906923.52

Productive biological assets - -

Oil and gas assets - -

Right-of-use assets 75708427.48 47431745.34

Intangible assets 95208496.58 21979254.93

Including: Data resource

R&D cost

Including: Data resource

Goodwill

Deferred expenses 13989990.49 13294876.86

Deferred tax assets - 13120235.02

Other non-current assets - 17874406.55

Total non-current assets 51701003711.59 32359342638.59

Total assets 122157119475.76 119218023155.00

Current liabilities

Short-term borrowings 1549843504.10 725621930.42

Held-for-trading financial liabilities 16261102.56 -

Derivative financial liabilities 3343855.14 -

Notes payable 10421931688.60 8161758457.98

Accounts payable 729854374.83 586066609.12

Advances from customers 153541.11 153541.15

Contract liabilities 695237546.23 582219869.25

Employee benefits payable 144750653.04 239163116.62

Taxes payable 13098315.54 22181136.89

Other payables 22105553838.90 21576629209.63

Including: Interest payable

Dividend payable

Liabilities held for sale

Non-current liabilities due within one

6913304618.244222120119.31

year

Other current liabilities 1568772236.90 1057110797.82

Total current liabilities 44162105275.19 37173024788.19

Non-current liabilities:

Long-term borrowings 19103235000.00 21832500000.00

Bonds payable 15882120516.33 15062229237.62

Including: Preference share

Perpetual bond

Lease liabilities 64684909.05 44505819.21

Long-term payables 875898885.36 875898885.36

Long-term employee benefits payable 339034631.53 334280127.54

Estimated liabilities

Deferred income

Deferred tax liability 170590818.10 48276602.33

Other non-current liabilities

Total non-current liabilities 36435564760.37 38197690672.06

Total liabilities 80597670035.56 75370715460.25

115/2732025 Annual Report of Tongwei Co. Ltd.

Owners’ equity (or shareholders' equity)

Paid-up capital (or share capital) 4501990089.00 4501984831.00

Other equity instruments 1473496646.37 1964851844.22

Including: Preference share

Perpetual bond

Capital reserve 17102681540.23 17099082554.50

Less: Treasury shares 2008887917.58 2001450171.83

Other comprehensive income -1077449.80 15577843.79

Special reserve

Surplus reserve 4860447480.94 4860447480.94

Undistributed profit 15630799051.04 17406813312.13

Total owners’ equity (or

41559449440.2043847307694.75

shareholders' equity)

Total liabilities and owners’ equity

122157119475.76119218023155.00

(or shareholders' equity)

Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan

Lu

Consolidated Profit Statement

Jan to Dec 2025

Unit:Yuan Currency:CNY

Item Notes 2025 2024

I. Total operating revenue 84128281703.14 91994404333.54

Including: Operating revenue 84128281703.14 91994404333.54

Interest income

Earned premium

Service charge and commission income

II. Total operating cost

Including: Operating cost 81856406510.25 86117213124.73

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 506525486.75 442454454.62

Sales expense 1505481767.54 1854765489.15

Management expense 3422422421.22 4147411701.71

R&D cost 1106164996.59 1510114124.23

Financial expense 2717686625.59 2002478504.24

Including: Interest expense 2895890520.93 2259805051.33

Interest income 215366298.12 343552023.56

Add: Other income 457929940.61 644860375.82

Investment gain or loss (“-” for loss) 30277007.89 87491579.55

Including: Gains or losses from

-33231093.03-4460.01

investments into associates and joint ventures

Gains from de-recognition of

-49265736.66-25214695.94

financial assets measured at amortized cost

Exchange gain or loss (“-” for loss)

Net exposure hedging gain or loss (“-” for

loss)

Gain or loss from change in fair value (“-” 134373773.19 217850604.05

116/2732025 Annual Report of Tongwei Co. Ltd.

for loss)

Credit impairment loss (“-” for loss) -147726867.44 -88965142.89

Asset impairment loss (“-” for loss) -5017528880.11 -5327210640.28

Gain or loss from disposal of assets (“-”

3091594.98127834103.82

for loss)

III. Operating profit (“-” for loss) -11525989535.68 -8418172185.07

Add: Non-operating revenue 105657810.08 63178714.40

Less: Non-operating expense 250611928.83 328322984.29

IV: Total profit (“-” for loss) -11670943654.43 -8683316454.96

Less: Income tax expense -770060689.82 -574532383.25

V. Net profit (“-” for net loss) -10900882964.61 -8108784071.71

(I) By continuation

1. Going Concern profit (“-” for net loss) -10900882964.61 -8108784071.71

2. Discontinuation profit (“-” for net loss)

(II) By ownership attribution

1. Net profit attributable to shareholders of

-9553425884.06-7038757392.54

the parent company (“-” for net loss)

2. Gain or loss to minority shareholders (“-”

-1347457080.55-1070026679.17

for net loss)

VI. Other comprehensive income after tax -67146235.86 -20738458.05

(I) Other comprehensive income after tax

-66361053.44-20407958.86

attributable to owners of the parent company

1. Other comprehensive income that cannot

-6529516.77-238316.35

be 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

-6529516.77-238316.35

investments

(4) Change in fair value of the Company's own

--

credit risk

2. Other comprehensive income that will be

-59831536.67-20169642.51

reclassified into profit or loss

(1) Other comprehensive income that can be

1310677.45-263407.00

converted to 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 -11410356.99 7393252.12

(6) Foreign currency translation -49731857.13 -27299487.63

(7) Others

(II) Other comprehensive income after tax

-785182.42-330499.19

attributable to minority shareholders

VII. Total other comprehensive income -10968029200.47 -8129522529.76

(I) Total other comprehensive income

-9619786937.50-7059165351.40

attributable to owners of the parent company

(II) Total other comprehensive income

-1348242262.97-1070357178.36

attributable to minority shareholders

VIII. Earnings per share:

(I) Basic earnings per share (yuan/share) -2.1222 -1.5790

(II) Diluted earnings per share (yuan/share) -2.1222 -1.5790

117/2732025 Annual Report of Tongwei Co. Ltd.

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 2025

Unit:Yuan Currency:CNY

Item Notes 2025 2024

I. Operating revenue 21688192008.84 15697505007.45

Less: Operating cost 21114173491.31 15180855889.24

Tax and surcharge 35220155.49 29002304.52

Sales expense 362823548.69 678396157.49

Management expense 274054011.31 238143005.30

R&D cost - -

Financial expense 1136556823.29 1109775353.90

Including: Interest expense 1869654528.52 1711695489.73

Interest income 715209334.36 677582408.48

Add: Other income 6538683.79 6411233.03

Investment gain or loss (“-” for loss) 120492009.24 7333036688.99

Including: Gains or losses from

-2964223.67-5860633.43

investments into associates and joint ventures

Gains from de-recognition of

-5061280.30-2846756.92

financial assets measured at amortized cost

Net exposure hedging gain or loss (“-” for

loss)

Gain or loss from change in fair value (“-”

132839666.61219451080.59

for loss)

Credit impairment loss (“-” for loss) -562717060.31 -341724003.73

Asset impairment loss (“-” for loss) -597595767.41 -106221768.20

Gain or loss from disposal of assets (“-”

7193773.13-588027.24

for loss)

II. Operating profit (“-” for loss) -2127884716.20 5571697500.44

Add: Non-operating revenue 789464.62 189003.43

Less: Non-operating expense 4900974.19 9246207.50

III. Total profit (“-” for loss) -2131996225.77 5562640296.37

Less: Income tax expense -355981964.68 -2363464.74

IV. Net profit (“-” for net loss) -1776014261.09 5565003761.11

(I) Net going concern profit (“-” for net loss) -1776014261.09 5565003761.11

(II) Net discontinuation profit (“-” for net loss)

V. Other comprehensive income after tax -16655293.59 4439882.19

(I) Other comprehensive income that cannot be

-6529516.77-238316.35

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

-6529516.77-238316.35

investments

4. Change in fair value of the Company's

own credit risk

(II) Other comprehensive income that will be

-10125776.824678198.54

reclassified into profit or loss

1. Other comprehensive income that can be 1310677.45 -263407.00

118/2732025 Annual Report of Tongwei Co. Ltd.

converted to 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 -11436454.27 4941605.54

6. Foreign currency translation

7. Others

VI. Total comprehensive income -1792669554.68 5569443643.30

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 2025

Unit:Yuan Currency:CNY

Item Notes 2025 2024

I. Cash flow generated from operating activities:

Cash received from sales of goods and

75553223964.5985569173337.71

rendering of services

Net increase in customer deposits and

interbank deposits

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 748294544.68 737567627.43

Other cash received relating to operating

1471527015.431452972469.38

activities

Subtotal of cash inflows from operating

77773045524.7087759713434.52

activities

Cash paid for purchase of goods and services 63413537748.59 72067730913.48

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

119/2732025 Annual Report of Tongwei Co. Ltd.

Cash paid for policy dividend

Cash paid to and for employees 7779943461.51 9117978398.61

Taxes paid 1603775403.47 2067777475.35

Other cash paid relating to operating

3596603566.523362490723.71

activities

Subtotal of cash outflows from operating

76393860180.0986615977511.15

activities

Net cash flow generated from operating

1379185344.611143735923.37

activities

II. Cash flow generated from investing activities:

Cash received due to recovery of investments 29729747558.81 50184552577.26

Cash received from investment income 350339058.40 466972909.29

Net cash recovered from disposal of fixed

assets intangible assets and other long-term 471389060.28 608506929.01

assets

Net cash received from disposal of

subsidiaries and other operations

Other cash received relating to investing

311177757.41711425434.96

activities

Subtotal of cash inflows from investing

30862653434.9051971457850.52

activities

Cash paid for acquisition or construction of

fixed assets intangible assets and other 13055824075.89 28388183026.94

long-term assets

Cash paid for investments 30727399988.64 50835543434.33

Net increase in pledge loans

Net cash paid by subsidiaries and other

operations

Other cash paid relating to investing

180355315.561268154960.52

activities

Subtotal of cash outflows from investing

43963579380.0980491881421.79

activities

Net cash flow generated from investing

-13100925945.19-28520423571.27

activities

III. Cash flow generated from financing activities:

Cash received from investors 4919198254.67 737163762.07

Including: Cash received by subsidiaries

4919198254.67737163762.07

from minority shareholders

Cash received from borrowings 34952379765.30 52206214106.66

Other cash received relating to financing

6587002518.373649021021.76

activities

Subtotal of cash inflows from financing

46458580538.3456592398890.49

activities

Cash paid for debt repayment 23956468191.90 16210603030.44

Cash paid for dividend or profit distribution

2201711286.228097394150.09

or interest payment

Including: Dividend and profit paid by

19318931.102469288727.00

subsidiaries to minority shareholders

Other cash paid relating to financing

8284704895.514804423958.96

activities

Subtotal of cash outflows from financing

34442884373.6329112421139.49

activities

Net cash flow generated from financing

12015696164.7127479977751.00

activities

IV. Effect of exchange rate changes on cash

-24857802.46-10774141.31

and cash equivalents

120/2732025 Annual Report of Tongwei Co. Ltd.

V. Net increase in cash and cash equivalents 269097761.67 92515961.79

Add: Opening cash and cash equivalents 14461336840.56 14368820878.77

VI. Closing cash and cash equivalents 14730434602.23 14461336840.56

Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan

Lu

Parent cash flow statement

Jan to Dec 2025

Unit:Yuan Currency:RMB

Item Notes 2025 2024

I. Cash flow generated from operating activities:

Cash received from sales of goods and

17789971969.7512439037690.67

rendering of services

Tax refunds received 760249.94 -

Other cash received relating to operating

218519626.27232848432.66

activities

Subtotal of cash inflows from operating

18009251845.9612671886123.33

activities

Cash paid for purchase of goods and services 17393158813.46 6715927433.15

Cash paid to and for employees 412797605.69 537123165.85

Taxes paid 230893830.16 137982912.32

Other cash paid relating to operating

385821388.741224664354.30

activities

Subtotal of cash outflows from operating

18422671638.058615697865.62

activities

Net cash flow generated from operating

-413419792.094056188257.71

activities

II. Cash flow generated from investing activities:

Cash received due to recovery of investments 29128654957.22 50184552577.26

Cash received from investment income 317672614.99 7754948555.94

Net cash recovered from disposal of fixed

assets intangible assets and other long-term 2450122.01 7626838.57

assets

Net cash received from disposal of

subsidiaries and other operations

Other cash received relating to investing

-300000.00

activities

Subtotal of cash inflows from investing

29448777694.2257947427971.77

activities

Cash paid for acquisition or construction of

fixed assets intangible assets and other 39489308.18 50035104.98

long-term assets

Cash paid for investments 53074964414.83 51041313434.33

Net cash paid by subsidiaries and other

operations

Other cash paid relating to investing

200000.00-

activities

Subtotal of cash outflows from investing

53114653723.0151091348539.31

activities

Net cash flow generated from investing

-23665876028.796856079432.46

activities

III. Cash flow generated from financing activities:

Cash received from investors

Cash received from borrowings 15743511929.22 25188426769.48

Other cash received relating to financing 29043870013.15 5751437205.38

121/2732025 Annual Report of Tongwei Co. Ltd.

activities

Subtotal of cash inflows from financing

44787381942.3730939863974.86

activities

Cash paid for debt repayment 14055270173.48 6873228000.00

Cash paid for dividend or profit distribution

966772375.024704258676.94

or interest payment

Other cash paid relating to financing

6285945951.6030078144195.41

activities

Subtotal of cash outflows from financing

21307988500.1041655630872.35

activities

Net cash flow generated from financing

23479393442.27-10715766897.49

activities

IV. Effect of exchange rate changes on cash

-6022748.351766579.13

and cash equivalents

V. Net increase in cash and cash equivalents -605925126.96 198267371.81

Add: Opening cash and cash equivalents 12898070682.74 12699803310.93

VI. Closing cash and cash equivalents 12292145555.78 12898070682.74

Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan

Lu

122/2732025Annual Report of Tongwei Co. Ltd.

Consolidated statement of owner's equity

Jan to Dec 2025

Unit:Yuan Currency:CNY

2025

Equity attributable to owners of parent company

Paid-up capital (or

Item Other equity instruments Other General

share capital) Minority interest Total owner’s equity

Capital reserve Less: Treasury shares comprehensive Special reserve urplus reserve risk Undistributed profit Others Subtotal

Preference Perpetual

Others income reserve

share bond

I. Closing balance of

4501984831.001964851844.2216138481842.102001450171.83-155861817.01138469397.694860447480.9423008946223.6548455869630.769463281867.9757919151498.73

the previous year

Add: Changes in

--

accounting policies

Correction of

--

previous errors

Others - -

II. Opening balance

4501984831.00-1964851844.2216138481842.102001450171.83-155861817.01138469397.694860447480.9423008946223.65-48455869630.769463281867.9757919151498.73

of the current year

III. Change in current

period (“-” for 5258.00 - -491355197.85 505665288.03 7437745.75 -66361053.44 40902549.13 - -9553425884.06 - -9572006785.94 3040973474.43 -6531033311.51

decrease)

(I) Total

comprehensive -66361053.44 -9553425884.06 -9619786937.50 -1348242262.97 -10968029200.47

income

(II) Capital invested

and decreased by 5258.00 - -491355197.85 104295.14 7437745.75 - - - - - -498683390.46 4911354254.67 4412670864.21

owners

1. Common shares

-4911354254.674911354254.67

invested by owners

2. Capital invested by

holders of other 5258.00 -491355197.85 104295.14 -491245644.71 -491245644.71

equity instruments

3. Amount of share

payment recorded - -

into owner's equity

4. Others 7437745.75 -7437745.75 -7437745.75

123/2732025Annual Report of Tongwei Co. Ltd.

(III) Profit

------------19318931.10-19318931.10

distribution

1. Withdrawal from

----

surplus reserve

2. Appropriation of

general risk reserve

3.Distribution to

owners (or - - -19318931.10 -19318931.10

shareholders)

4. 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 - -

(V) Special reserve - - - - - - - 40902549.13 - - - 40902549.13 -560235.32 40342313.81

1. Withdrawal in

237557020.32237557020.3228064194.96265621215.28

current period

2. Use in current

196654471.19196654471.1928624430.28225278901.47

period

(VI) Others 505560992.89 505560992.89 -502259350.85 3301642.04

IV. Closing balance of 4501990089.00 - - 1473496646.37 16644147130.13 2008887917.58 -222222870.45 179371946.82 4860447480.94 13455520339.59 - 38883862844.82 12504255342.40 51388118187.22

124/2732025Annual Report of Tongwei Co. Ltd.

the current period

2024

Equity attributable to owners of parent company

Item Other equity instruments Other General Total owner’s

Paid-up capital (or Minority interest

Preference Perpetual Capital reserve Less: Treasury shares comprehensive Special reserve Surplus reserve risk Undistributed profit Others Subtotal equity

share capital) Others

share bond income reserve

I. Closing balance of the

4501973746.00--1964915462.9516135933446.90--135453858.1597203438.144303947104.8334660319189.0361528838529.7012300545956.7173829384486.41

previous year

Add: Changes in

-----

accounting policies

Correction of

--

previous errors

Others - -

II. Opening balance of

4501973746.00--1964915462.9516135933446.90--135453858.1597203438.144303947104.8334660319189.03-61528838529.7012300545956.7173829384486.41

the current year

III. Change in current

11085.00---63618.732548395.202001450171.83-20407958.8641265959.55556500376.11-11651372965.38--13072968898.94-2837264088.74-15910232987.68

period (“-” for decrease)

(I) Total comprehensive

-20407958.86-7038757392.54-7059165351.40-1070357178.36-8129522529.76

income

(II) Capital invested and

11085.00---63618.73404803.552001450171.83------2001097902.01737163762.07-1263934139.94

decreased by owners

1. Common shares

-737163762.07737163762.07

invested by owners

2. Capital invested by

holders of other equity 11085.00 -63618.73 404803.55 352269.82 352269.82

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

556500376.11-556500376.11--

surplus reserve

2.Appropriation of

125/2732025Annual Report of Tongwei Co. Ltd.

general risk reserve

3. Distribution to owners

--4056115196.73-4056115196.73-2469288727.00-6525403923.73

(or shareholders)

4. 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 - -

(V) Special reserve - - - - - - - 41265959.55 - - - 41265959.55 -10015944.25 31250015.30

1. Withdrawal in the

207991028.88207991028.8835133828.02243124856.90

current period

2. Use in the current

166725069.33166725069.3345149772.27211874841.60

period

(VI) Others 2143591.65 2143591.65 -24766001.20 -22622409.55

IV. Closing balance of

4501984831.00--1964851844.2216138481842.102001450171.83-155861817.01138469397.694860447480.9423008946223.65-48455869630.769463281867.9757919151498.73

the current period

Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan Lu

126/2732025Annual Report of Tongwei Co. Ltd.

Parent statement of owner's equity

Jan to Dec 2025

Unit:Yuan Currency:CNY

2025

Other equity instruments

Item Paid-up capital (or Other comprehensive Undistributed

Preference Capital reserve Less: Treasury shares Special reserve Surplus reserve Total owner’s equityshare capital) Perpetual bond Others income profit

share

I. Closing balance of the previous

4501984831.00--1964851844.2217099082554.502001450171.8315577843.79-4860447480.9417406813312.1343847307694.75

year

Add: Changes in accounting

-

policies

Correction of previous errors -

Others -

II. Opening balance of the current

4501984831.00--1964851844.2217099082554.502001450171.8315577843.79-4860447480.9417406813312.1343847307694.75

year

III. Change in current period (“-”

5258.00---491355197.853598985.737437745.75-16655293.59---1776014261.09-2287858254.55

for decrease)

(I) Total comprehensive income -16655293.59 -1776014261.09 -1792669554.68

(II) Capital invested and

5258.00---491355197.85104295.147437745.75-----498683390.46

decreased by owners

1. Common shares invested by

-

owners

2. Capital invested by holders of

5258.00-491355197.85104295.14-491245644.71

other equity instruments

3. Amount of share payment

-

recorded into owner's equity

4. Others 7437745.75 -7437745.75

(III) Profit distribution - - - - - - - - - - -

1. Withdrawal from surplus

---

reserve

2. Distribution to owners (or

--

shareholders)

3. Others -

(IV) Internal carryover of owner's - - - - - - - - - - -

127/2732025Annual Report of Tongwei Co. Ltd.

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 3494690.59 3494690.59

IV. Closing balance of the current

4501990089.00--1473496646.3717102681540.232008887917.58-1077449.80-4860447480.9415630799051.0441559449440.20

period

2024

Other equity instruments

Item Paid-up capital (or Other comprehensive Undistributed

Preference Capital reserve Less: Treasury shares Special reserve Surplus reserve Total owner’s equityshare capital) Perpetual bond Others income profit

share

I. Closing balance of the previous

4501973746.00--1964915462.9517098677750.95-11137961.60-4303947104.8316454425123.8644335077150.19

year

Add: Changes in accounting

---

policies

Correction of previous errors -

Others -

II. Opening balance of the current

4501973746.00--1964915462.9517098677750.95-11137961.60-4303947104.8316454425123.8644335077150.19

year

III. Change in current period (“-”

11085.00--63618.73404803.552001450171.834439882.19-556500376.11952388188.27-487769455.44

for decrease)

(I) Total comprehensive income 4439882.19 5565003761.11 5569443643.30

(II) Capital invested and

11085.00--63618.73404803.552001450171.83-----2001097902.01

decreased by owners

128/2732025Annual Report of Tongwei Co. Ltd.

1. Common shares invested by

-

owners

2. Capital invested by holders of

11085.00-63618.73404803.55352269.82

other equity 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 surplus

556500376.11-556500376.11-

reserve

2. Distribution to owners (or

-4056115196.73-4056115196.73

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

-

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 current

4501984831.00-1964851844.2217099082554.502001450171.8315577843.79-4860447480.9417406813312.1343847307694.75

period

Company Head: Liu Shuqi Head of Accounting Affairs: Zhou Bin Head of Accounting Department: Gan Lu

129/2732025 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

130/2732025 Annual Report of Tongwei Co. Ltd.

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 onShanghai Stock Exchange on March 18 2022. The short name of the bond is “Tong22 ConvertibleBonds” (code 110085). From September 2 2022 when Tong22 Convertible Bonds entered the

conversion period to December 31 2025 a total of 168790 Tong22 Convertible Bonds were converted

into the Company's A shares with a cumulative conversion of 16879000.00 yuan or 441905 shares.After the conversion the total number of shares is 4501990089.

(2) Registered address organizational form and headquarters address

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 industrial silicon 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 9th meeting of the 9th board of directors on April 28 2026.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.

131/2732025 Annual Report of Tongwei Co. Ltd.

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 period

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 Recovered or reversed amount of the bad debt provision for

of material amounts individual receivable ≥ 50 million yuan

Individual construction in progress that meet any one of the

following conditions:

1) is related to projects funded through financing activities;

Material construction in progress 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

Material advances to suppliers with an age over 1 year

to the total assets ≥ 1%

The ratio of individual accounts payable with an age over 1 year to

Material accounts payable with an age over 1 year

the total assets ≥ 1%

Material advances from customers with an age over 1 The ratio of individual advance from customer with an age over 1

year year to the total assets ≥ 1%

The ratio of individual contract liability with an age over 1 year to

Material contract liabilities with an age over 1 year

the 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

Material non-wholly-owned subsidiaries absolute 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

132/2732025 Annual Report of Tongwei Co. Ltd.

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 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 Note V:19; 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

133/2732025 Annual Report of Tongwei Co. Ltd.

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 lossattributable to minority interests in a subsidiary's current net profit or loss is presented as “minorityinterest 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.

134/2732025 Annual Report of Tongwei Co. Ltd.

8. Classification of joint arrangements and accounting for joint operations

√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 Note V:19 “long-term equity investments”.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.

135/2732025 Annual Report of Tongwei Co. Ltd.

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 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

136/2732025 Annual Report of Tongwei Co. Ltd.

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.

(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.

137/2732025 Annual Report of Tongwei Co. Ltd.

(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 derecognized 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 derecognized 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 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

Letters of credit the expected credit loss on this combination to be 0.00% through

Type of notes credit risk exposure and a 12-month or a lifetime expected credit

loss.For this category which exhibits low credit risk by considering

Banker's acceptances

historical experience current conditions and forecasts we calculate

138/2732025 Annual Report of Tongwei Co. Ltd.

the expected credit loss of this combination to be 0.00% through

credit risk exposure and a 12-month or a lifetime expected credit

loss.Commercial acceptances By considering historical experience current conditions andforecasts we calculate the expected credit loss.Age calculation method regarding the age-based determination of the combination of risk

characteristic

√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

category Combination type Combination criteria

Method for combined

provision for bad debts

There is sufficient evidence to indicate

Combination 1 that the accounts receivable is risk-free Payment type No provision

during the settlement period.Combination 2 Accounts receivable from relevant Credit riskgovernment departments characteristics (Note) Expected credit loss

Accounts receivables from subsidiaries

Combination 3 and from joint ventures participating inthe unified adjustment of the Company's Payment type No provision

operating funds

Combination 4 Accounts receivable other than above Credit riskitems characteristics (age) Expected credit loss

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

Creation criteria for an individual bad debt provision

√Applicable □ Not Applicable

139/2732025 Annual Report of Tongwei Co. Ltd.

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.

5. 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 combined

Combination type

category criteria provision for

bad debts

Performance bonds and deposits receivable during the

settlement period; use of petty cash by construction projects

Combination 1 that will be reimbursed and offset by project expenditure Payment type No provision

and other receivables for which sufficient evidence showing

no risk is available

Combination 2 Receivable from governments such as risk-free receivableincluding government grants Payment type No provision

Accounts receivable from related parties within the scope of

Combination 3 consolidation and accounts receivable from joint venturestemporarily formed for coordinated use of the Company's Payment type No provision

operating funds

Credit risk

Combination 4 Accounts receivable other than above items characteristics Expected

(age) credit loss

140/2732025 Annual Report of Tongwei Co. Ltd.

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

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

141/2732025 Annual Report of Tongwei Co. Ltd.

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 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

category Combination type Combination criteria provision for baddebts

There is sufficient evidence to indicate that

Combination 1 the payments are risk-free during the Payment type No provision

settlement period.Combination 2 Accounts receivable from relevant Credit risk characteristicsgovernment departments. (Note) Expected credit loss

Receivables from subsidiaries and from

Combination 3 joint ventures participating in the unifiedadjustment of the Company's operating Payment type No provision

funds.Combination 4 Payment other than above items. Credit risk characteristics(age) Expected credit loss

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

142/2732025 Annual Report of Tongwei Co. Ltd.

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 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

143/2732025 Annual Report of Tongwei Co. Ltd.

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; 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.

144/2732025 Annual Report of Tongwei Co. Ltd.

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 accountingpolicies described in NotesV:7 “control criteria and methods for preparing consolidated financialstatements”.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.

145/2732025 Annual Report of Tongwei Co. Ltd.

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 into the Company and its costs can be

reliably measured the fixed asset is recognized.

(2). Depreciation method

√Applicable □ Not Applicable

Annual

Residual value

Category Depreciation method Useful life (years) depreciation rate

rate (%)

(%)

Premises and buildings Straight-line method 5—35 5 19—2.71

Including: overseas private land

(note) No amortization Long term

Machinery equipment Straight-line method 5—12 5 19—7.92

PV generation equipment Straight-line method 25 5 3.8

Transportation equipment Straight-line method 4—5 5 23.75—19

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

146/2732025 Annual Report of Tongwei Co. Ltd.

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.

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

Prawn for breeding 7 months 0 Amortization completed inthe breeding season

Productive biological assets are 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

147/2732025 Annual Report of Tongwei Co. Ltd.

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

√Applicable □ Not Applicable

The Company assesses at each balance sheet date whether there is an indication of impairment for

fixed assets right-of-use 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

148/2732025 Annual Report of Tongwei Co. Ltd.

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.

9. Contract liabilities

√Applicable □ Not Applicable

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

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 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

149/2732025 Annual Report of Tongwei Co. Ltd.

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.

150/2732025 Annual Report of Tongwei Co. Ltd.

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 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.

151/2732025 Annual Report of Tongwei Co. Ltd.

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 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

152/2732025 Annual Report of Tongwei Co. Ltd.

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 sales 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 intellectual property licensing

Where the grant of an intellectual property license constitutes a single performance obligation

satisfied over time revenue recognition adheres to a straight-line basis over the contractual license

period. Conversely when the license is satisfied at a specific point in time revenue recognition occurs

concurrently with the customer's acquisition of control over the relevant license. When intellectual

property licenses are granted to customers with royalties contingent upon actual sales or usage revenue

recognition is contingent upon the later occurrence of either the customer's subsequent sale or usage or

the entity's fulfillment of the pertinent performance obligation.

(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.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

153/2732025 Annual Report of Tongwei Co. Ltd.

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

154/2732025 Annual Report of Tongwei Co. Ltd.

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.The Company recognizes deferred tax assets and deferred tax liabilities on a net basis exclusively

when two conditions are satisfied: (1) the entity possesses a legally enforceable right to settle current tax

assets and liabilities on a net basis and (2) the deferred tax assets and liabilities pertain to income taxes

imposed by the same or different taxation authorities on either identical or distinct taxable entities and

there exists a commitment in each forthcoming period in which substantial deferred tax liabilities or

assets are anticipated to be settled or recovered to settle current tax assets and liabilities on a net basis or

to realize the assets and settle the liabilities concurrently.

38. Lease

√Applicable □ Not Applicable

Determination criteria and accounting treatment methods for lessees to use the simplified approach for short-term leases

and 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.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 forwardexchange contracts. The Company applies hedge accounting to “foreign exchange risks of firmcommitments” 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

155/2732025 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 standards are as follows:

Provision

No. Provision basis standards

（%）

I. Companies producing or storing dangerous goods

1 Main business revenue for the previous year (10 million yuan and lower) 4.5

2 Main business revenue for the previous year (the portion between 10 million yuan and 100million yuan (inclusive)) 2.25

156/2732025 Annual Report of Tongwei Co. Ltd.

3 Main business revenue for the previous year (the portion between 100 million yuan and 1 billionyuan (inclusive)) 0.55

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

2 Main business revenue for the previous year (the portion between 10 million yuan and 100million yuan (inclusive)) 1.5

3 Main business revenue for the previous year (the portion between 100 million yuan and 1 billionyuan (inclusive)) 1

4 Main business revenue for the previous year (the portion between 1 billion yuan and 5 billionyuan (inclusive)) 0.8

5 Main business revenue for the previous year (the portion between 5 billion yuan and 10 billionyuan (inclusive)) 0.6

6 Main business revenue for the previous year (the portion higher than 10 billion yuan) 0.2

III. PV machinery and equipment manufacturing companies

1 Main business revenue for the previous year (10 million yuan or lower) 2.35

2 Main business revenue for the previous year (the portion between 10 million yuan and 100 1.25

million yuan (inclusive))

3 Main business revenue for the previous year (the portion between 100 million yuan and 1 billion 0.25

yuan (inclusive))

4 Main business revenue for the previous year (the portion between 1 billion yuan and 5 billion 0.1

yuan (inclusive))

5 Main business revenue for the previous year (the portion higher than 5 billion yuan) 0.05

IV. Metallurgical companies

1 Main business revenue for the previous year (10 million yuan or lower) 3

2 Main business revenue for the previous year (the portion between 10 million yuan and 100 1.5

million yuan (inclusive))

3 Main business revenue for the previous year (the portion between 100 million yuan and 1 billion 0.5

yuan (inclusive))

4 Main business revenue for the previous year (the portion between 1 billion yuan and 5 billion 0.2

yuan (inclusive))

5 Main business revenue for the previous year (the portion between 5 billion yuan and 10 billion 0.1

yuan (inclusive))

6 Main business revenue for the previous year (the portion higher than 10 billion yuan) 0.05

V.Construction companies

1 The construction and installation cost of building engineering 3

2 The construction and installation cost of power engineering 2.5

VI.Non-coal mine exploitation companies

Output of raw ore mined in current month 3yuan1

8yuan/ton

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.

157/2732025 Annual Report of Tongwei Co. Ltd.

40. Changes in significant accounting policies and accounting estimates

Please see details in Important Matters - Analysis and note by the Company on reasons and effect of changes in

accounting policies accounting estimates or corrections of material accounting errors

41. Adjustments of financial statements at the beginning of the year for which new accounting standards or

interpretations are applied for the first time in 2025

□Applicable √ Not Applicable

42. 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

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

1.2%

Property tax value×70%

Rental property: rent 12%

Enterprise income tax Taxable income 15%16.5%17%20%22%25%27.5%

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 policy

Unites covered by the tax consolidation policy for corporate income tax in respect of the parentcompany are “unified calculations tiered administration local prepayments consolidated clearing andtreasury 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

158/2732025 Annual Report of Tongwei Co. Ltd.

Development ((2020) No.23 Announcement of Ministry of Finance State Taxation Administration and

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. photovoltaic powerplant subsidiaries and

eligible 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 SichuanCo. 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/ND-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.

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

159/2732025 Annual Report of Tongwei Co. Ltd.

Cash in hand 34476.34 160649.66

Cash at bank 15299239686.96 14455021275.39

Other cash at bank and on hand 2176102891.53 1993272847.57

Deposit with finance companies

Total 17475377054.83 16448454772.62

Including: total deposits overseas 558903835.74 459598105.43

Other notes:

Note: See Note VII:31 for restricted monetary funds at the end of the period.

2. Held-for-trading financial assets

√Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Item Designation reason andClosing balance Opening balance

basis

Financial assets measured at fair

14048884381.3912869130833.91/

value through current profit or loss

In which:

Debt investments 14048700331.70 12861667567.35 /

Equity instrument

-146539.06/

investments

Derivative financial assets 184049.69 7316727.50

Total 14048884381.39 12869130833.91 /

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 16073700.30 15321594.19

Total 16073700.30 15321594.19

Other notes:

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

Letters of credit 1570039664.30 1465325121.18

Total 1570039664.30 1465325121.18

(2). Notes receivable pledged by the Company as of the end of the period

√Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Item Closing pledge amount

160/2732025 Annual Report of Tongwei Co. Ltd.

Letters of credit 601552800.00

Total 601552800.00

(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

Unit:Yuan Currency:CNY

Item Amount derecognized at the end of the Amount not derecognized at the end of

period the period

Letters of credit 812151600.00 601552800.00

Total 812151600.00 601552800.00

(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

Unit:Yuan Currency:CNY

161/2732025 Annual Report of Tongwei Co. Ltd.

Age Closing book balance Opening book balance

Within 1 year（including 1 year） 4002625469.35 5214723527.94

Within 1 year 4002625469.35 5214723527.94

1- 2 years 1814856888.83 801997281.59

2- 3 years 574674278.30 326292145.88

Over 3 years 1109492818.95 838210025.29

Total 7501649455.43 7181222980.70

Note: Amount with the age over three years mainly consist of receivable electricity price subsidies.

162/2732025Annual 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 debtsCarrying Carrying

Percent Provision Percent Provision

Amount Amount value Amount Amount value

(%)(%)(%)(%)

Individual bad

263733514.783.5247975541.5718.19215757973.21228354051.363.1848088728.4121.06180265322.95

debt provision

Combined

provision for 7237915940.65 96.48 589958536.54 8.15 6647957404.11 6952868929.34 96.82 426323167.13 6.13 6526545762.21

bad debts

Including:

Combination 2 2436732300.10 32.48 117216912.10 4.81 2319515388.00 2033282283.22 28.31 95209831.81 4.68 1938072451.41

Combination 4 4801183640.55 64.00 472741624.44 9.85 4328442016.11 4919586646.12 68.51 331113335.32 6.73 4588473310.80

Total 7501649455.43 100.00 637934078.11 8.50 6863715377.32 7181222980.70 100.00 474411895.54 6.61 6706811085.16

163/2732025 Annual Report of Tongwei Co. Ltd.

Individual bad debt provision:

√ Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Closing balance

Name Provision for bad Provision

Book balance Provision (%)

debts reason

Price of feed delivered to overseas

172253338.42 1722533.38 1.00 Note 1

customers secured by banks

Tech-bank’s swine breeding affiliates 88185010.82 44092505.42 50.00 Note 2

Others 3295165.54 2160502.77 65.57

Total 263733514.78 47975541.57 18.19 /

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:

√ Not Applicable □ Not Applicable

Combined provision: Combination 2

Unit:Yuan Currency:CNY

Closing balance

Name Provision for bad

Accounts receivable Provision (%)

debts

Power supply companies

148575325.21-

(desulfurization electricity price)

Electricity price subsidies 2288156974.89 117216912.10 5.12

Total 2436732300.10 117216912.10 4.81

Notes on combined provision for bad debts:

√ Not Applicable □ Not Applicable

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.Combined provision:Combination 4

Unit:Yuan Currency:CNY

Name Closing balance

Accounts receivable Provision for bad debts Provision (%)

Within 1 year 3160746317.32 158037315.87 5.00

1- 2 years 1337964055.03 133796405.50 10.00

2- 3 years 243130730.27 121565365.14 50.00

Over 3 years 59342537.93 59342537.93 100.00

Total 4801183640.55 472741624.44 9.85

Provision for bad debts under the general model for expected credit loss

□ Not 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:

□ Not Applicable √ Not Applicable

164/2732025 Annual Report of Tongwei Co. Ltd.

(3). Provision for bad debts

√ Not Applicable □ Not Applicable

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

48088728.41763260.12781950.00-94496.9647975541.57

provision

Risk

426323167.13162213155.8311523873.4812946087.06589958536.54

combination

Total 474411895.54 162976415.95 12305823.48 12851590.10 637934078.11

Significant amounts recovered or reversed in current period:

□ Not 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 12305823.48

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 of closing balance of Closing balance

Closing balance of Closing balance

Entity name accounts receivable accounts receivable of bad debt

accounts receivable of contract assets

and contract assets and contract assets provision

(%)

Entity 1 529273923.82 529273923.82 6.68 26359128.26

Entity 2 438699619.18 87161905.82 525861525.00 6.63 26237396.73

Entity 3 430436820.28 430436820.28 5.43 46498919.90

Entity 4 409244752.52 409244752.52 5.16 78514990.05

Entity 5 386361215.08 386361215.08 4.88 19318060.75

Total 2194016330.88 87161905.82 2281178236.70 28.78 196928495.69

Other notes:

None

Other notes:

□ Applicable √ Not Applicable

165/2732025Annual Report of Tongwei Co. Ltd.

6. Contract assets

(1). Contract assets

√ Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Item Closing balance Opening balance

Book balance Provision for bad debts Carrying value Book balance Provision for bad debts Book balance

Electricity price subsidies 425527602.70 21628601.53 403899001.17 610521737.15 30878308.24 579643428.91

Total 425527602.70 21628601.53 403899001.17 610521737.15 30878308.24 579643428.91

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 Provision Carrying value Percent Provision Carrying value

Amount Amount Amount Amount

(%)(%)(%)(%)

Individual bad debt provision

Combined provision for bad

425527602.70100.0021628601.535.08403899001.17610521737.1510030878308.245.06579643428.91

debts

Including:

Combination 2 425527602.70 100.00 21628601.53 5.08 403899001.17 610521737.15 100 30878308.24 5.06 579643428.91

Total 425527602.70 100.00 21628601.53 5.08 403899001.17 610521737.15 100 30878308.24 5.06 579643428.91

Individual bad debt provision:

□ Applicable √ Not Applicable

Note on creation of individual provision for bad debts:

□ Applicable √ Not Applicable

166/2732025 Annual Report of Tongwei Co. Ltd.

Combined provision for bad debts:

√ Applicable □ Not Applicable

Combined provision:

Combination 2

Unit:Yuan Currency:CNY

Closing balance

Name

Book balance Provision for bad debts Provision (%)

Electricity price subsidies 425527602.70 21628601.53 5.08

Total 425527602.70 21628601.53 5.08

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 Charged

Opening

Item or off/written-offCreated in Other Closing balance Reasonbalance reversed in current

current period changes

in current period

period

Electricity

price 30878308.24 3205072.62 -12454779.33 21628601.53

subsidies

Total 30878308.24 3205072.62 -12454779.33 21628601.53 /

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

167/2732025 Annual Report of Tongwei Co. Ltd.

7. Receivables financing

(1). Receivables financing presented by category

√Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Item Closing balance Opening balance

Banker's acceptances 4841105874.66 7704206516.60

Total 4841105874.66 7704206516.60

(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 3417568485.59

Total 3417568485.59

(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 derecognized at the end of the Amount not derecognized at the end of

Item

period the period

Endorsed banker's acceptances 11108490949.28

Discounted banker's acceptances 6033495865.30

Total 17141986814.58

(4). 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

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

168/2732025 Annual Report of Tongwei Co. Ltd.

(6). Receivables financing written off in current period

□Applicable √ Not Applicable

Significant receivables financing written off:

□ Applicable √ Not Applicable

Notes on the write-off:

□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

AgeAmount Percent（%) Amount Percent（%)Within 1 year 514660551.96 94.73 1001253405.93 92.22

1-2 years 22832850.39 4.20 80133707.50 7.38

2-3 years 3467286.35 0.64 3838441.48 0.35

Over 3 years 2359315.16 0.43 525674.47 0.05

Total 543320003.86 100.00 1085751229.38 100.00

Note on the reason for significant prepayments over 1 year not settled timely:

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

Entity name Closing balance

end of the period (%)

Entity 1 66732850.76 12.28

Entity 2 39492708.77 7.27

Entity 3 32319954.58 5.95

Entity 4 31493087.97 5.80

Entity 5 23438320.78 4.31

Total 193476922.86 35.61

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

169/2732025 Annual Report of Tongwei Co. Ltd.

Dividend receivable

Other receivables 794700630.84 802476780.97

Total 794700630.84 802476780.97

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 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

170/2732025 Annual Report of Tongwei Co. Ltd.

(7). Dividends receivable

□Applicable √ Not Applicable

(8). Significant dividends receivable aged over 1 year

□Applicable √ Not Applicable

(9). 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

(10).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

(11). Provision for bad debts

□Applicable √ Not Applicable

Significant amounts recovered or reversed in current period:

□ Applicable √ Not Applicable

Other notes:

None

(12).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

(13). Disclosure by age

√ Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Age Closing book balance Opening book balance

Within 1 year（including 1 year） 448510418.00 586176700.95

Within 1 year 448510418.00 586176700.95

1- 2 years 167152769.95 146217736.83

171/2732025 Annual Report of Tongwei Co. Ltd.

2- 3 years 124560113.08 45013603.62

Over 3 years 132114656.61 124692704.13

Total 872337957.64 902100745.53

(14).Classification by nature of payment

√Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Payment type Closing book balance Opening book balance

Performance bond 613134568.00 481397455.72

Advances 68904424.35 86731493.15

Insurance claims 91141502.16 35868471.62

Borrowings 200000000.00

Others 99157463.13 98103325.04

Total 872337957.64 902100745.53

(15).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 creditexpected credit loss (without credit loss (with credit Total

loss impairment) impairment)

Balance on January 1

202522158371.6377465592.9399623964.56

The Jan 1 2025 balance

during current period

-- converted into stage

II

-- converted into stage

III -6737567.21 6737567.21

-- reversed into stage II

-- reversed into stage I

Created in current

period -8286981.76 -6962566.75 -15249548.51

Reversed in current

period

Charged off in current

period

Written off in current

period 6737567.21 6737567.21

Other changes 477.96 477.96

Balance on December

31202513871867.8363765458.9777637326.80

Note 1: Other changes are of foreign currency translation difference

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

(16).Provision for bad debts

√Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Category Opening Change in current period Closing

172/2732025 Annual Report of Tongwei Co. Ltd.

balance Recovered balance

Charged off or Other

Provision or

written off changes

reversed

Other receivables 99623964.56 -15249548.51 6737567.21 477.96 77637326.80

Total 99623964.56 -15249548.51 6737567.21 477.96 77637326.80

Significant amounts recovered or reversed in current period:

□ Applicable √ Not Applicable

Other notes:

None

(17).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 6737567.21

Significant receivable written off:

□ Applicable √ Not Applicable

Note on write-off of other receivables:

□Applicable √ Not Applicable

(18).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

Entity name Closing balance receivables Payment type Age bad debts

at the end of Closing balance

the period

(%)

135425165.35 15.52 Performance Within 1

Guangzhou Futures Exchange Co. Ltd.bond year

Shengfa Investment Development Co. 125169200.00 14.35 Performance

Note1

Ltd. of Wutongqiao District Leshan City bond

95589513.75 10.96 Performance

Huarong Financial Leasing Co. Ltd. Note 2

bond

PICC Property and Casualty Company 90583467.00 10.38 Insurance Within 1

4529173.35

Limited claims year

Yancheng Guandong Salt Field Performance

30663867.00 3.52 Note3

Development Co. Ltd. bond

Total 477431213.10 54.73 4529173.35

Note 1: The closing balance: 11381900.00 yuan within 1 year 91907300.00 yuan between 1 and 2

years 21880000.00 between 2 and 3 years.Note 2: The closing balance: 50628488.75 yuan within 1 year 30426025.00 yuan between 1 and 2

years 5976450.00 between 2 and 3 years 8558550.00yuan over three years.Note 3: The closing balance: 30451867.00 yuan within 1 year 212000.00 yuan between 1 and 2 years.

(19).Items presented in other receivables due to centralized management of funds

□Applicable √ Not Applicable

Other notes:

□ Applicable √ Not Applicable

173/2732025 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 Provision for obsolete

Item inventory/provision inventory/provision

Book balance Carrying value Book balance Carrying value

for impairment on for impairment on

fulfillment costs fulfillment costs

Raw materials 3490143419.76 155653582.81 3334489836.95 4643583459.64 59201152.29 4584382307.35

Goods in

812753003.0262047933.84750705069.18666505311.4633159753.55633345557.91

process

Packing

52449162.4052449162.4062196038.4962196038.49

materials

Goods in stock 9439821668.20 112781290.01 9327040378.19 6252742901.67 345953853.01 5906789048.66

Materials for

26270970.6326270970.6328155175.2628155175.26

repeated use

Consumable

biological 41805186.13 7843337.72 33961848.41 35044854.42 7843337.72 27201516.70

assets

Materials in

2512948.362512948.36

transit

Materials for

processing on 165669125.77 19348.34 165649777.43 156575267.58 2943729.95 153631537.63

consignment

Costs to fulfill

100068474.01100068474.0185369097.3885369097.38

contracts

Goods in

1131520252.5141599840.451089920412.061192431744.6542728756.371149702988.28

transit

Total 15260501262.43 379945333.17 14880555929.26 13125116798.91 491830582.89 12633286216.02

(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

Item Opening balance Reversed or Closing balance

Provision Others Others

carryforward

Raw materials 59201152.29 145773380.21 49320949.69 155653582.81

Goods in

33159753.5539392512.3110504332.0262047933.84

process

Goods in stock 345953853.01 1561965597.10 1795138160.10 112781290.01

Consumable

biological 7843337.72 7843337.72

assets

Materials for

processing on 2943729.95 1864410.23 4788791.84 19348.34

consignment

Goods in

42728756.371228031002.721229159918.6441599840.45

transit

Total 491830582.89 2977026902.57 3088912152.29 379945333.17

174/2732025 Annual Report of Tongwei Co. Ltd.

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

(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:

None

13. Other current assets

√Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Item Closing balance Opening balance

Corporate income tax prepayment 4724110194.31 5692050559.70

Other tax prepayments 76038688.59 142939453.74

Corporate income tax prepayment 938791.18 1302256.22

Deferred expenses 3374.64 46218773.15

Total 4801091048.72 5882511042.81

Other notes:

Note: VAT credit carryforwards anticipated to be deductible within one year are classified as other current

assets while those projected to be deductible beyond one year are classified as other non-current assets.

14. Debt investments

(1). Debt investments

□Applicable √ Not Applicable

Changes in impairment provision for debt investments in current period

□Applicable √ Not Applicable

175/2732025 Annual Report of Tongwei Co. Ltd.

(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:

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

□Applicable √ Not Applicable

Stage criteria and impairment provision rate:

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

176/2732025 Annual Report of Tongwei Co. Ltd.

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

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

(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

177/2732025Annual 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

Closing

Opening Decrea Adjustment of Closing

Investment gain Other Declared cash balance ofInvestee balance（carrying Additional sed other Impairment balance（carryingor loss under changes in dividend or Others impairmentvalue） investments invest comprehensive provision value）

equity method equity profit provision

ments income

I. Joint ventures

BioMar Tongwei (Wuxi) Biotech Co. Ltd. 119253303.90 - - 18015536.05 - - - - - 137268839.95 -

Subtotal 119253303.90 - - 18015536.05 - - - - - 137268839.95 -

II. Associates

Bohai Aquaculture Co. Ltd. 87823540.49 - - -2964223.67 1310677.45 3494690.59 - - - 89664684.86 -

Haimao Seed Industry Technology Co. Ltd. - - - - - - - - - 59072119.96

Anhui Tech-bank Biotechnology Co. Ltd. 23237638.78 - - 48845.07 - - - - - 23286483.85 -

Anhui Tech-bank Feed Technology Co. Ltd. 60963498.33 - - -530667.02 - - - - - 60432831.31 -

Scigene Biotechnology Co. Ltd. 1650167174.69 - - -35404945.55 - - 30000000.00 - - 1584762229.14 -

Datang Huayin Changde New Energy Co. Ltd. 40397890.84 36250000.00 5158632.60 81806523.44

Suzhou Sunwell New Energy Co. Ltd. 77719924.42 -6907053.03 70812871.39

Sichuan Haicheng Carbon Products Co. Ltd. 14697323.34 - - -840267.59 - - - - - 13857055.75 -

Inner Mongolia Beiliandian Yongxiang New

2500000.0084500000.00-------87000000.00-

Energy Co. Ltd.Inner Mongolia Huadian Huayong New Energy

217500000.0037500000.00--206155.96-581207.88---255375051.92-

Co. Ltd.Boyang Industrial Co. Ltd. 12435080.31 - - -9600793.93 - - - - - 2834286.38 -

Huaxiang New Energy (Changning) Co. Ltd.Subtotal 2187442071.20 158250000.00 - -51246629.08 1310677.45 4075898.47 30000000.00 - - 2269832018.04 59072119.96

Total 2306695375.10 158250000.00 - -33231093.03 1310677.45 4075898.47 30000000.00 - - 2407100857.99 59072119.96

(2). Impairment test of long-term equity investments

□Applicable √ Not Applicable

178/2732025Annual Report of Tongwei Co. Ltd.

Other notes:

None

179/2732025 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

Gains Losses Accumulated Accumulated

Dividend Reasons for designation as

recognized in recognized in gains recognized losses recognized

Opening Closing income measurement at fair value

Item Additional Decreased other other in other in other

balance Others balance recognized in through other comprehensive

investments investments comprehensive comprehensive comprehensive comprehensive

current period income

income in income in income income

current period current period

Chengdu Tongwei

158373643.44 6529516.77 151844126.67 5156326.67 Management mode

Property Co. Ltd.Total 158373643.44 6529516.77 151844126.67 5156326.67 /

(2). De-recognition in current period

□Applicable √ Not Applicable

Other notes:

□ Applicable √ Not Applicable

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

Construction in

Item Premises and buildings Land use rights

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 44264422.05 11295525.59 55559947.64

2. Current increase 3963416.31 663777.71 4627194.02

(1) Depreciation or amortization 3963416.31 663777.71 4627194.02

3. Current decrease - -

4. Closing balance 48227838.36 11959303.30 60187141.66

III. Impairment provision

1. Opening balance 29692565.20 29692565.20

180/2732025 Annual Report of Tongwei Co. Ltd.

2. Current increase

3. Current decrease

4. Closing balance 29692565.20 29692565.20

IV. Carrying value

1. Closing carrying value 84160029.15 9670696.70 93830725.85

2. Opening carrying value 88123445.46 10334474.41 98457919.87

(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

181/2732025Annual 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 98184857274.76 100024626791.62

Disposal of fixed assets 763318.85 705705.92

Total 98185620593.61 100025332497.54

Other notes:

□ Applicable √ Not Applicable

Fixed assets

(1).Fixed assets

√ Applicable □ Not Applicable

Unit:Yuan Currency:CNY

Premises and PV generation Transportation

Item Machinery equipment Office equipment Total

buildings equipment vehicles

I. Original carrying value:

1. Opening balance 30852114024.25 79859605827.76 16420886385.73 616947711.13 551177082.58 128300731031.45

2. Current increase 3076480223.08 7348722031.65 1347105442.50 46112340.77 102693307.53 11921113345.53

(1) Purchase - 474912294.67 4666653.36 42642914.89 27795251.35 550017114.27

(2) Conversion from construction in

2943203369.596157355739.281342437357.82339361.0579504769.9910522840597.73

progress

(3) Adjustment from final accounts of

154752724.1923736294.861431.324210558.37-3774111.43178926897.31

construction completion

(4) Effect of foreign currency

-21475870.70-21079836.85--1080493.54-832602.38-44468803.47

translation

(5) Transfer from right-of-use assets - 713797539.69 - - - 713797539.69

3. Current decrease 8860172.92 1465636858.29 309207426.31 54006144.78 19170773.90 1856881376.20

(1) Disposal or scrap 8860172.92 1464099834.22 309207426.31 54006144.78 19170773.90 1855344352.13

(2) Conversion to construction in

-1537024.07---1537024.07

progress

4.Closing balance 33919734074.41 85742691001.12 17458784401.92 609053907.12 634699616.21 138364963000.78

182/2732025Annual Report of Tongwei Co. Ltd.

II. Accumulated depreciation

1. Opening balance 4286206379.62 17467763022.98 2594522894.34 312310605.85 293639337.71 24954442240.50

2. Current increase 1177097182.83 9545971535.44 605292920.60 102933120.79 88286582.92 11519581342.58

(1) Provision 1192284243.06 9441446091.84 605320692.58 100987247.53 88922046.36 11428960321.37

(2) Adjustment from final accounts of

-5459468.74-2532053.02-27771.982532053.02--5487240.72

construction completion

(3) Effect of foreign currency

-9727591.49-16383566.94--586179.76-635463.44-27332801.63

translation

(4) Transfer from right-of-use assets - 123441063.56 - - - 123441063.56

3. Current decrease 5877610.25 435458770.04 42110880.49 45219577.35 14661135.33 543327973.46

(1) Disposal or scrap 5877610.25 434786314.39 42110880.49 45219577.35 14661135.33 542655517.81

(2) Conversion to construction in

-672455.65---672455.65

progress

4. Closing balance 5457425952.20 26578275788.38 3157704934.45 370024149.29 367264785.30 35930695609.62

III. Impairment provision

1. Opening balance 187107203.83 2063634018.78 1070891128.56 29648.16 3321661999.33

2. Current increase - 707380450.47 962598283.60 - 2658460.78 1672637194.85

(1) Provision - 707272485.73 962598283.60 - 2658460.78 1672529230.11

(2) Conversion to construction in

-107964.74---107964.74

progress

3. Current decrease - 744883982.36 4152.12 - 943.30 744889077.78

(1) Disposal or scrap - 744883982.36 4152.12 - 943.30 744889077.78

(2) Conversion to construction in

progress

4. Closing balance 187107203.83 2026130486.89 2033485260.04 - 2687165.64 4249410116.40

IV. Carrying value

1. Closing carrying value 28275200918.38 57138284725.85 12267594207.43 239029757.83 264747665.27 98184857274.76

2. Opening carrying value 26378800440.80 60328208786.00 12755472362.83 304637105.28 257508096.71 100024626791.62

183/2732025 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

970771624.16175484330.8868943705.53726343587.75

buildings

Machinery