通威股份:通威股份有限公司2024年年度报告(英文版)

Stock Code:600438 Short Name: Tongwei Co., Ltd
Tongwei Co., Ltd.
2024 Annual Report

Important Notice
I. The board of directors, supervisory committee as well as directors, supervisors and senior managers
of the Company are responsible for the authenticity, accuracy and completeness of the information
contained in this Annual Report without false records, misleading statements or material omissions, and
assume joint and several liability therefor.
II. All directors of the Company have been present in the board meeting.
III. Sichuan Huaxin (Group) CPA (Special General Partnership) has expressed a standard unqualified
opinion on the financial statements of the Company.
IV. Liu Shuqi, Head of the Company, Zhou Bin, Head of accounting affairs and Gan Lu, Head of
accounting department represent that they are responsible for the authenticity, accuracy and completeness
of the financial statements in this Annual Report.
V. The proposal on profit distribution or the proposal on conversion of capital reserve to share capital
for current period resolved in the board meeting
After comprehensive evaluation of industry trends, corporate developmental phase, and actual operational performance,
Tongwei’s Board has determined to retain 2024 earnings to safeguard long-term shareholder value and ensure sustainable
development capital requirements. The current profit allocation proposal, involving neither cash dividends, capital reserve
conversions, nor bonus share distributions, fully complies with regulatory requirements including the No. 3 Guideline for the
Supervision of Listed Companies – Cash Dividends of Listed Companies and the Tongwei’s Articles of Association.
In accordance with pertinent regulations, specifically the Rules for Repurchase of Shares by Listed Companies, when cash
dividend distributions by listed companies include share repurchases conducted via offers or centralized competitive bidding, these
repurchases, executed with cash as the consideration, are treated as cash dividends in relevant proportion calculations. In 2024, the
Company successfully repurchased 101,360,012 shares through centralized competitive trading, amounting to a total of
2,001,014,959.13 yuan, exclusive of transaction fees such as stamp duty and trading commissions.
It is crucial to note that this profit distribution proposal has not been submitted to the general meeting of shareholders.
VI. Cautionary note on forward-looking statement
√Applicable □Not Applicable
The forward-looking statements of the Company regarding its future development strategies and business plans do not constitute any
substantial commitment of the Company to investors; and investors should pay attention to risks
VII. Any funds possessed by the controlling shareholder and other related parties for non-operating
purposes?
No
VIII. Any outward guarantee by the Company in violation of the prescribed decision-making procedures?
No
IX. More than half of the directors cannot ensure the truthfulness, accuracy, and completeness of the
annual report disclosed by the Company?
No
X. Notiece on material risks
The Company had detailed possible risks in this Report. Please refer to VI “discussion and analysis on the Company’s future
development” in Section III Management Discussion andAnalysis for more information on possible risks and actions.
XI. Others
□Applicable √Not Applicable
*The 2024 Annual Report of Tongwei Co., Ltd. was published both in Chinese and English. Where any discrepancy arises
between the English and the Chinese content, the Chinese version shall prevail. The English version here was only used for investors’
reference.

Contents

Section I. Definitions......4
Section II. Company Profile and Major Financial Indicators......5
Section III. Management Discussion and Analysis......8
Section IV. Company Governance......39
Section V. Environmental and Social Responsibility...... 58
Section VI. Important Matters......75
Section VII. Share Changes and Shareholders......97
Section VIII.Preference Shares......104
Section IX. Bonds...... 105
Section X. Financial Report...... 114
Financial statements bearing the signatures and seals of the head of the Company, the head of the accounting
List of documents to 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.

Section I. Definitions
I. Definitions
Unless otherwise indicated in the context, the following terms shall have the following meanings in this Report:
Definitions of frequently used