[年报]通威股份(600438):通威股份有限公司2024年年度报告（英文版）
原标题:通威股份:通威股份有限公司2024年年度报告（英文版） TongweiCo.,Ltd. 2024AnnualReport ImportantNotice I. Theboardofdirectors,supervisorycommitteeaswellasdirectors,supervisorsandseniormanagersof the Company are responsible for the authenticity, accuracy and completeness of the informationcontainedinthisAnnualReportwithoutfalserecords,misleadingstatementsormaterialomissions,andassumejointandseveralliabilitytherefor. II. AlldirectorsoftheCompanyhavebeenpresentintheboardmeeting.III. SichuanHuaxin(Group)CPA(SpecialGeneralPartnership)hasexpressedastandardunqualifiedopiniononthefinancialstatementsoftheCompany. IV. LiuShuqi,HeadoftheCompany,ZhouBin,HeadofaccountingaffairsandGanLu,Headofaccountingdepartmentrepresentthattheyareresponsiblefortheauthenticity,accuracyandcompletenessofthefinancialstatementsinthisAnnualReport. V. Theproposalonprofitdistributionortheproposalonconversionofcapitalreservetosharecapitalforcurrentperiodresolvedintheboardmeeting 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,norbonussharedistributions,fullycomplieswithregulatoryrequirementsincludingtheNo.3Guidelineforthe SupervisionofListedCompanies–CashDividendsofListedCompaniesandtheTongwei’sArticlesofAssociation.Inaccordancewithpertinentregulations,specificallytheRulesforRepurchaseofSharesbyListedCompanies,whencash dividenddistributionsbylistedcompaniesincludesharerepurchasesconductedviaoffersorcentralizedcompetitivebidding,these repurchases,executedwithcashastheconsideration,aretreatedascashdividendsinrelevantproportioncalculations.In2024,the Company successfully repurchased 101,360,012 shares through centralized competitive trading, amounting to a total of 2,001,014,959.13yuan,exclusiveoftransactionfeessuchasstampdutyandtradingcommissions.Itiscrucialtonotethatthisprofitdistributionproposalhasnotbeensubmittedtothegeneralmeetingofshareholders. VI. Cautionarynoteonforward-lookingstatement √Applicable□NotApplicable Theforward-lookingstatementsoftheCompanyregardingitsfuturedevelopmentstrategiesandbusinessplansdonotconstituteany substantialcommitmentoftheCompanytoinvestors;andinvestorsshouldpayattentiontorisksVII. Anyfundspossessedbythecontrollingshareholderandotherrelatedpartiesfornon-operatingpurposes? No VIII. AnyoutwardguaranteebytheCompanyinviolationoftheprescribeddecision-makingprocedures?No IX. Morethanhalfofthedirectorscannotensurethetruthfulness,accuracy,andcompletenessoftheannualreportdisclosedbytheCompany? No X. Notieceonmaterialrisks TheCompanyhaddetailedpossiblerisksinthisReport.PleaserefertoVI“discussionandanalysisontheCompany’sfuture development”inSectionIIIManagementDiscussionandAnalysisformoreinformationonpossiblerisksandactions. XI. Others □Applicable√NotApplicable *The2024AnnualReportofTongweiCo.,Ltd.waspublishedbothinChineseandEnglish.WhereanydiscrepancyarisesbetweentheEnglishandtheChinesecontent,theChineseversionshallprevail.TheEnglishversionherewasonlyusedforinvestors’ reference. Contents SectionI. Definitions......................................................................................................................4 SectionII. CompanyProfileandMajorFinancialIndicators..........................................................5 SectionIII. ManagementDiscussionandAnalysis...........................................................................8 SectionIV. CompanyGovernance..................................................................................................39 SectionV. EnvironmentalandSocialResponsibility....................................................................58 SectionVI. ImportantMatters.........................................................................................................75 SectionVII.ShareChangesandShareholders..................................................................................97 SectionVIII.PreferenceShares.......................................................................................................104 SectionIX. Bonds..........................................................................................................................105 SectionX. FinancialReport.........................................................................................................114
I. Definitions
adjustments SectionII.CompanyProfileandMajorFinancialIndicators
VIII. Differencesbetweenaccountingdataunderdomesticandforeignaccountingstandards(I)Differenceinnetprofitandnetassetsattributabletoshareholdersofthelistedcompanycontainedinthefinancial statementsdisclosedsimultaneouslyunderInternationalAccountingStandardandChinaAccountingStandard□Applicable√NotApplicable (II)Differenceinnetprofitandnetassetsattributabletoshareholdersofthelistedcompanycontainedinthefinancial statementsdisclosedsimultaneouslyunderForeignAccountingStandardandChinaAccountingStandard□Applicable√NotApplicable (III)NoteondifferencesbetweenChinaandforeignaccountingstandards:□Applicable√NotApplicable IX. 2024majorfinancialdatabyquarters
X. Itemsmeasuredatfairvalue □Applicable√NotApplicable XI. Non-recurringgainandlossitemsandamounts √Applicable□NotApplicable
recurringgainandlossitem,ordefinesanitemlistedinExplanatoryAnnouncementonInformationDisclosureforCompanies OfferingTheirSecuritiestothePublicNo.1-Non-RecurringGainandLossItemsasarecurringgainandlossitemsitem,notes shouldbeprovided.。 □Applicable√NotApplicable XII. Others □Applicable√NotApplicable SectionIII. ManagementDiscussionandAnalysis I. Operationdiscussionandanalysis In2024,theglobaleconomyexhibitedacontinuingyetfragilerecovery,characterizedbyincreasedgrowthdisparitiesamong majoreconomies.Geopoliticaltensionspersisted,andtherewasamarkedriseinprotectionismandunilateralism,leavingglobal growthmomentumlacking.However,China’sproactivemacroeconomiccontrolmeasuresandtheswiftimplementationoftargeted policypackagesensuredthestabilityofitsdomesticeconomy,whichachievedahistoricGDPofover130trillionyuan,reflectinga year-on-year growth of 5%. Notably, the country accelerated the transition from traditional to new growth drivers. Policy interventionsfocusedonadvancingdualcarbongoalsandfosteringhigh-qualitydevelopment,significantlyenhancedthegreenand intelligenttransformationoftheindustrialsector.Asaresult,greenindustries,includingsolarenergyandnewenergyvehicles, exhibiteddouble-digitgrowth,whiletheshareofcleanenergyintheenergymixexperiencedsubstantialincreases,furthersolidifying the“greenelement”inChina’seconomicdevelopmentstrategy. Duringthereportingperiod,theglobaldemandforthephotovoltaicindustryremainedrobust;however,asignificantimbalance between supply and demand emerged, leading to a notable decline in product prices year-over-year. The intensification of internationaltradebarriersfurtherexacerbatedoperationalpressureswithintheindustry.Forthefirsttimeinfiveyears,thetotal outputofthefeedindustrydeclined,withaquaticfeedproductionfallingfortwoconsecutiveyears,resultinginincreasinglyfierce marketcompetition.Inthecontextofthesechallengingindustrydynamics,theCompanystrategicallymaintaineditsfocusonitstwo corebusinesssegments:greenagricultureandgreenenergy.Byexecutingasteadyoperationalstrategy,theCompanyemphasized technologicalresearchanddevelopmentinitiatives,andproductionactionsaimedatreducingproductioncostsandenhancing efficiency.Theseeffortsnotonlybolsteredthecorecompetitiveadvantagesacrosseachbusinesssegmentbutalsosolidifiedthe Company’spositionasanindustryleader.TheCompanyrecordedanoperatingrevenueof91.994billionyuanforthefiscalyear. Nevertheless,thephotovoltaicsectorfacedasharpdeclineinmarketprices,whichevendroppedbelowtheindustry’scashcost. Compoundingthisissuewasanimpairmentandscrappingoflong-termassets,totaling1.065billionyuan.Consequently,thenet profitattributabletoshareholdersofthelistedcompanyresultedinalossof7.039billionyuan,althoughoperatingcashflow remainedpositive,withanetinflowof1.144billionyuan.Despitetheongoingpressurefrommismatchedsupplyanddemandand periodicoperationallosses,theCompanyremainsfirmlyoptimisticaboutthelong-termprospectsofthegreenenergyandgreenfood sectors.Demonstratingunwaveringconfidenceinitscompetitivepositioning,theCompanyhasengagedinsharerepurchasestotaling over2billionyuansince2024,acquiring101,688,812shares,approximately2.26%ofthetotalsharecapital.Furthermore,the (I)Feedandindustrychain TheCompanystandsasagloballeaderintheproductionofaquaticfeedandasignificantplayerinlivestockandpoultryfeed production.Notably,aquaticfeed,beingtheCompany’scoreproduct,hasconsistentlyrankedamongthetopintheindustryfor severalconsecutiveyears.Duringthereportingperiod,despitefacingindustrychallenges,includingacontractionofthedomestic feedmarketandadecreaseinaquaticfeedoutput,theCompanyremainedsteadfastinitscommitmenttoquality.Byeffectively implementingitsYearofGoodProductsstrategy,theCompanyachievedresultsthatsignificantlysurpassedindustryaverages,witha year-on-yearincreaseinaquaticfeedsales.Overall,theCompanyrecordedatotalfeedsalesvolumeof6.8686milliontons,marking substantialprogressinbothfoodandindustrializedaquaculturesectors.Theseaccomplishmentshaveunequivocallybolsteredthe Company’scompetitiveadvantagesacrossitsfeedandindustrialchainbusinesses.1. Tongwei demonstrated operational resilience amid industry contraction, with multi-category growth driven by stringentqualityprotocols Inresponsetothechallengesposedbydecliningquantityandpriceswithinthefeedindustryin2024,theCompanyremained steadfastinitscommitmenttoproductquality,diligentlyimplementingitsqualitypolicytoachievedifferentiation.Thefocuson aquaticfeedinvolvedastrategicrealignmenttowardcoremarketsandkeycustomerswhileenhancingthepromotionofinnovative products, including functional and premium feeds. Remarkably, the sales volume of aquatic feed increased despite ongoing industry-widedeclinesforthepasttwoyears.Notably,theCompany’smarketshareincommonfreshwaterfishfeedsandspecialized aquaticproducts—suchasthoseforcrayfish,crab,shrimp,seabass,andsnakeheadfish—hasestablishedadominantpositionwithin theindustry.Althoughthesalesvolumeofcommonfreshwaterfishfeedsdemonstratedperiodicfluctuationsduringtheinitialthree quartersduetooverallindustryconditions,theCompanycapitalizedonitscompetitiveadvantages,resultinginarobustrecoveryin thefurtherquarterandharvestingastableperformancethroughoutthewholeyear.Furthermore,thereportingperiodsawthesales volumeoftheCompany’sfunctionalfeedsreachingunprecedentedlevels,withseedlingfeedsexhibitingayear-on-yeargrowthof 10%.Inthesphereoflivestockandpoultryfeeds,theCompanynavigatedachallenginglandscapecharacterizedbyacontractionin thebreedingscaleamongsomestrategiccooperativecustomersandindividualfarmermarkets.Despiteacorrespondingyear-on-year declineinsalesvolume,theCompanymadesignificantstridesinoptimizingitscustomerstructure.Theproportionofsalesfrom large-scalecustomersincreasedconsiderably,particularlywithinthepoultryfeedsector,whichbenefitedfromestablishingindustrial clustersaroundlarge-scaledemonstrationbases.Thishasdemonstratedtheeconomiesofscalefromhigh-value-addedproducts,and significantlyhighercapacityutilizationatbenchmarkcompanies. 2. Tongwei advanced technological innovation and smart manufacturing, establishing benchmark feed production facilities TheCompanyhaspositioneditselfasapioneerinthefeedindustrybyadvocatingforandimplementingthedigitalandintelligenttransformationoffeedproduction.In2024,buildingonpreviousstandardizationefforts,theCompanyrefined129 production business processes. It successfully launched a digital and intelligent manufacturing platform across 50 domestic subsidiaries and deployed an Internet of Things (IoT) data collection system in 30 subsidiaries. By leveraging five key modules—planning,production,materials,quality,andequipment—theCompanyhasachievedcomprehensivestandardization, transparency,andleanproductioninitsfeedoperations.Moreover,duringthereportingperiod,theCompanyhasactivelypursued iterativeadvancementsinfeedproductiontechnologies,enhancingtheproductioncapacitiesandmaterialmanagementefficienciesof itssubsidiaries.Theorganizationhasalsocompletedmultiplepatentapplicationsforcutting-edgefeedproductionequipment.These initiativesensurethattheCompanymaintainsaleadingedgeinprocessingcapabilities,superiorquality,andconsistencyinproduct efficacy. 3.Tongweienhancedglobalrawmaterialsupplychaincapabilities,achievingindustry-leadingqualityassurance,supply stability,andcostefficiency TheCompanyhasestablishedadistinguishedprocurementteamspecializinginfeedrawmaterials.In2024,amidstchallenging marketconditions—includingdecliningpricesofprimaryenergyrawmaterials,intensifiedprocurementcompetitionamongindustry leaders,andvolatilepricesforkeyanimalproteinssuchasfishmealandchickenmeal—theCompanymaintainedrigorousquality controlmeasures.Theseeffortsensuredthatallpurchasedrawmaterialsmetstringentinternalandmarketstandards,thereby supportingtheCompany’scommitmenttohigh-qualityproductsduringitsdesignatedYearofGoodProducts.Simultaneously,the Companyexpandeditsglobalprocurementchannels,enhancingitssourcingcapabilitiesforPeruvianfishmealandincreasing importsofbarleyfromKazakhstan.Thisstrategicdiversificationhasstrengthenedthestabilityandresilienceoftherawmaterial supplychain,therebyimprovingbothsupplyassuranceandbargainingstrength.Moreover,duringthereportingperiod,theCompany leveragedits“digitalandintelligent”procurementdecision-makingplatformtoidentifyfavorableprocurementopportunitiesand 4.TongweireceivedthefifthNationalScienceandTechnologyProgressAwardrecognition,validatingtechnology-market synergyinproductdevelopment In2024,theCompany,adheringtoits“qualitypolicy”andthethemeoftheYearofGoodProducts,adoptedastrategic integrationoftechnologicaladvancementsandmarketinsights.Duringthereportingperiod,theCompanyrealigneditsresearchand development(R&D)frameworktofocusonthreeprimaryproductcategories:commonfreshwaterfishfeeds,specializedaquatic feeds,andlivestockandpoultryfeeds.ThishasenhancedtheprecisionandapplicabilityofR&Dinitiatives,facilitatingtheswift transformationofinnovationsintomarket-readyproductsandtherebystrengtheningtheCompany’scompetitiveedge.Throughout theyear,theagriculturalandanimalhusbandrysegmentsubmitted88patentapplications,whichincluded22inventions,and successfullysecured35authorizedpatents, with3classifiedasinventions.Notably, inJune2024, theCompany’sinitiative, ConstructionofthePrecisionNutritionTechnologySystemforMarineCulturedFishesandItsIndustrialApplication,earnedthe SecondPrizeoftheNationalScienceandTechnologyProgressAward.ThisrecognitionunderscorestheCompany’sunparalleled achievementastheonlyagriculturalandanimalhusbandryenterpriseinthenationtohavereceivedthisawardfivetimes,reflecting itssubstantialcommitmenttoandprowessintechnologicalR&D. 5. Strategic emerging businesses maintained steady expansion, generating sustainable growth momentum for agriculturaloperations Duringthereportingperiod,theCompanydemonstratedstablegrowthinitsfeedbusinesswhileleveragingitsextensive expertiseintheagriculturalandanimalhusbandrysectors.Thisstrategicapproachfacilitatedtherobustdevelopmentoftwokey initiatives:thefoodbusinessandtheindustrializedshrimpfarmingoperations,therebygeneratinginnovativebusinessmodelsand newhighlightsacrosstheagriculturalandanimalhusbandryindustrychain.Inresponsetotheincreasinglycompetitivelandscape withinthedomesticfoodindustry,TongweiFoodrigorouslyadheredtoitshigh-qualitydevelopmentstrategy,guidedbythe principlesofmaximizingadvantages,concentratingoncoreareas,andeffectivelyaddressingweaknesses.Asaresult,thetotalfood salesvolumesurgedby10.44%year-on-year,withsalesrevenuewitnessinganincreaseof22.43%,bothreachingunprecedented levels.Notably,theCompanysustaineditsleadershippositionintilapiaimportsfromtheUnitedStates,capturingamarketshareof 13%.Theindustrializedshrimpfarminginitiative,envisionedastheCompany’sforward-lookingindustrialdeployment,achievedfull productioninbothPhaseIandPhaseIIprojectsbytheconclusionofthereportingperiod.Thebreedingwaterbodyexpandedto 25,000cubicmeters,resultinginannualshrimpoutputexceeding1.5millionkilograms.Thisinnovativeprojectemployedthe Company’sself-developed“internalandexternaldual-cyclewatertreatmentprocesssystem”,accomplishingzerosewagedischarge andmaintainingawaterresourceutilizationrateofover95%.Theproductioncapacityperunitofwaterbodywasthreetimesgreater thanthatoftraditionalfarmingmethods.Furthermore,acomprehensivedigitalmanagementsystemwasestablishedtooverseethe entirebreedingcycle,utilizingInternetofThings(IoT)devicestocollectreal-timedataonwaterqualityparameters(suchaspH, dissolvedoxygen,andtemperature),shrimpgrowthstatus,andequipmentoperationmetrics.ThisinitiativepositionstheCompanyas thefirstshrimpfarmingenterpriseinChinatosimultaneouslyobtainboththeBestAquaculturePractices(BAP)andNon-Antibiotic (NSF)certifications,establishingitasaflagshipprojectinthedomainofindustrializedrecirculatingshrimpfarmingwithinChina. (II)PV TheCompanystandsattheforefrontoftheglobalphotovoltaicintegrationsector,havingestablishedacomprehensiveindustrial chainthatencompasseseverythingfromindustrialsiliconproductiontothedevelopmentofterminalphotovoltaicpowerplants.Its competitiveadvantagesarerobust,makingitaleaderinseveralkeyareas,includingproductioncapacity,technologicalresearchand development,costcontrol,andbrandquality.Forconsecutiveyears,theCompanyhasretaineditstoppositioninglobalmarketshare forhigh-puritypolysiliconandsolarcells,whileitsmoduleshipmentvolumesconsistentlyrankamongthetopfiveworldwide. Duringthereportingperiod,despiteahighbaseline,theglobalphotovoltaicpowergenerationsectorexhibitedsignificantgrowthin newlyinstalledcapacity.AccordingtotheChinaPhotovoltaicIndustryAssociation(CPIA),theglobalnewlyinstalledcapacity reached530GW,representinganapproximateyear-on-yearincreaseof35.9%.InChina,newlyinstalledcapacitywasreportedat 277.6GW,markingayear-on-yearriseof28.3%.Thisgrowthunderscorestheongoingmomentumofenergytransformation. However,challengesemergedduetoperiodicsupply-demandimbalances,intensifyingindustrycompetition,anddecliningproduct pricesthatfellbelowcashcosts,resultinginwidespreadfinanciallossesforenterprises.Inresponsetothiscomplexmarket environment,theCompanyremainslong-termoptimisticaboutthephotovoltaicindustry’spotentialandconfidentinitsownbusiness competitiveness.Itsteadfastlypursuesthestrategicgoalofbecomingaworld-classcleanenergyoperator,prioritizingtechnological innovation,costreduction,andefficiencyimprovements.Byintensifyingmarketexpansioneffortsandstrengtheningcollaborations withupstreamanddownstreampartners,theCompanyisenhancingitscomprehensivecompetitivenessandsolidifyingitsmarket position. 1.High-puritypolysiliconencounteredpersistentchallenges.Polysiliconpricesconsistentlyfellbelowproductioncosts,exacerbatingtheissueofhighindustry inventorylevels.Nevertheless,theCompanyremainedsteadfastinitsstrategicobjectives,anchoredbythethreecoreprinciplesof “safetyandstability,improvementandenhancement,andteambuilding”.Throughouttheyear,theorganizationmaintainedsafeand stableproductionwhileenhancingbothproductqualityandoperationalefficiency,ultimatelystabilizingitsmarketshare.Notably, theCompanyachievedasalesfigureof467,600tonsofhigh-puritypolysilicon—anincreaseof20.76%comparedtotheprevious year.Itaccountedabout30%ofthenationalannualproductionandsalesvolume,andsecuredthefirstpositionintermsofmarket shareworldwide. Duringthereportingperiod,theCompanyprioritizedsafeproductionasthecornerstoneofitsoperations,implementinga comprehensivedigitalandintelligentmanagementplatformfordualprevention.Itestablishedareal-timeriskmonitoringsystemthat encompassedtheentireproductionprocess.Asaresult,theproductionfacilitiesmaintainedstableoperationsthroughouttheyear, providingarobustfoundationforenhancingproductqualityandoperationalefficiency.Inalignmentwithprevailingindustrydemand, theCompanyachievedanoutputwithN-typeproductsconstitutingover90%oftotalproduction.Continuedeffortstoimprovethe qualityandefficiencyofN-typesiliconmaterialsgarneredwidespreadrecognitionfromcustomers.Notably,thestablesupplyof electronic-grade polysilicon forthesemiconductor industrywassuccessfullyachieved,with four overseascustomers recently validatingthequalityoftheproduct.ThisaccomplishmentunderscoresthesuccessfulimplementationoftheTongweiIntelligent Manufacturinginitiativeforelectronic-gradepolysilicon.Also,theCompanyaggressivelypursuedcostreductionstrategies.By leveragingcontinuousprocessoptimizationandinnovativemanagementpractices,keyequipmentandtechnologieswereintroduced, including60pairsofrodreductionfurnaces,high-boilingpyrolysissystems,andwastesiliconpowderrecyclingmechanisms.The Companyfosteredacultureofparticipation,encouragingallemployeestocontributeimprovementproposals.Thisengagementledto significant advancements in energy consumption reduction, with comprehensive power consumption and siliconconsumption recentlyreducedtowithin46kWhand1.04kgperunit(kg),respectively.Thesefiguresarepoisedtodeclinefurtherasoperational processesareupgraded,therebyenhancingtheCompany’scorecompetitivenessinachallenginglandscape.Despitechallengesposed byincreasedelectricitycostsattheSichuanandYunnanBasesduringthedryseason,theCompanyadeptlymonitoredmarket demand and dynamically optimized production configurations. Through the execution of various cost-saving and efficiency-enhancingmeasures,theCompany’soperationalcostsremainedattheforefrontoftheindustry.Currently,theproduction cashcostattheInnerMongoliaBasehasbeenreducedtobelow27,000yuanperton(excludingtax). Duringthereportingperiod,theCompanysuccessfullycompletedtheconstructionofits200,000-tonhigh-puritypolysilicon projectsinbothPhaseIIBaotouandPhaseIIYunnan,achievingoperationalproductioncapacitywithinthesubsequentmonth.This accomplishment signifies a substantial advancement in China’s silicon material projects, characterized by improvements in single-unitscale,investmentcostefficiency,productionlineautomation,andintelligentoperationalcapabilities.Thesedevelopments highlighttheCompany’srobustexpertiseinthetechnologyandoperationalmanagementofhigh-puritypolysiliconinitiatives.To enhancethesupplychainresilienceforrawmaterials,theCompanyhasstrategicallyinitiatedgreensubstratematerial(industrial silicon)projectsinInnerMongoliaandSichuan.Thecombinedgreensubstrateproject,whichencompassesover300,000tonsof capacityfromboththeDarhan-MumingganQiPhaseIandGuangyuanPhaseIprojects,hassuccessfullycommencedproduction. Thisstrategicmovefacilitatestheestablishmentofamoreintegratedandefficientindustrialchainstructure. 2.SolarcellsDuringthereportingperiod,pricesinthecellssegmentcontinuedtodeclineduetoanimbalancebetweensupplyanddemand, occasionallydroppingbelowproductioncostsofleadingenterprises.Concurrently,N-typecelltechnologies,particularlythose（未完）  |