StockCode:600438ShortName:TongweiCo.,Ltd

TongweiCo.,Ltd.2024AnnualReport

ImportantNoticeI.Theboardofdirectors,supervisorycommitteeaswellasdirectors,supervisorsandseniormanagersoftheCompanyareresponsiblefortheauthenticity,accuracyandcompletenessoftheinformationcontainedinthisAnnualReportwithoutfalserecords,misleadingstatementsormaterialomissions,andassumejointandseveralliabilitytherefor.II.AlldirectorsoftheCompanyhavebeenpresentintheboardmeeting.III.SichuanHuaxin(Group)CPA(SpecialGeneralPartnership)hasexpressedastandardunqualifiedopiniononthefinancialstatementsoftheCompany.IV.LiuShuqi,HeadoftheCompany,ZhouBin,HeadofaccountingaffairsandGanLu,Headofaccountingdepartmentrepresentthattheyareresponsiblefortheauthenticity,accuracyandcompletenessofthefinancialstatementsinthisAnnualReport.V.TheproposalonprofitdistributionortheproposalonconversionofcapitalreservetosharecapitalforcurrentperiodresolvedintheboardmeetingAftercomprehensiveevaluationofindustrytrends,corporatedevelopmentalphase,andactualoperationalperformance,Tongwei’sBoardhasdeterminedtoretain2024earningstosafeguardlong-termshareholdervalueandensuresustainabledevelopmentcapitalrequirements.Thecurrentprofitallocationproposal,involvingneithercashdividends,capitalreserveconversions,norbonussharedistributions,fullycomplieswithregulatoryrequirementsincludingtheNo.3GuidelinefortheSupervisionofListedCompanies–CashDividendsofListedCompaniesandtheTongwei’sArticlesofAssociation.Inaccordancewithpertinentregulations,specificallytheRulesforRepurchaseofSharesbyListedCompanies,whencashdividenddistributionsbylistedcompaniesincludesharerepurchasesconductedviaoffersorcentralizedcompetitivebidding,theserepurchases,executedwithcashastheconsideration,aretreatedascashdividendsinrelevantproportioncalculations.In2024,theCompanysuccessfullyrepurchased101,360,012sharesthroughcentralizedcompetitivetrading,amountingtoatotalof2,001,014,959.13yuan,exclusiveoftransactionfeessuchasstampdutyandtradingcommissions.

Itiscrucialtonotethatthisprofitdistributionproposalhasnotbeensubmittedtothegeneralmeetingofshareholders.

VI.Cautionarynoteonforward-lookingstatement

√Applicable□NotApplicableTheforward-lookingstatementsoftheCompanyregardingitsfuturedevelopmentstrategiesandbusinessplansdonotconstituteanysubstantialcommitmentoftheCompanytoinvestors;andinvestorsshouldpayattentiontorisksVII.Anyfundspossessedbythecontrollingshareholderandotherrelatedpartiesfornon-operatingpurposes?

NoVIII.AnyoutwardguaranteebytheCompanyinviolationoftheprescribeddecision-makingprocedures?

No

IX.Morethanhalfofthedirectorscannotensurethetruthfulness,accuracy,andcompletenessoftheannualreportdisclosedbytheCompany?No

X.Notieceonmaterialrisks

TheCompanyhaddetailedpossiblerisksinthisReport.PleaserefertoVI“discussionandanalysisontheCompany’sfuturedevelopment”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

SectionI.DefinitionsI.DefinitionsUnlessotherwiseindicatedinthecontext,thefollowingtermsshallhavethefollowingmeaningsinthisReport:

Note:Minordifferencesbetweensubtotalsandgrandtotalsintables,asmentionedinthisannualreport,arearesultofroundingadjustments

SectionII.CompanyProfileandMajorFinancialIndicators

I.Companyinformation

II.Contactsandcontactdetails

III.BasicInformation

IV.Informationdisclosureandsite

V.Stockinformation

VI.Otherinformation

VII.Majoraccountingdataandfinancialindicatorswithinthelatestthreeyears(I)Majoraccountingdata

Unit:YuanCurrency:CNY

(II)Majorfinancialindicators

Noteonmajoraccountingdataandfinancialindicatorswithinthelatestthreeyearsbytheendofreporting

□Applicable√NotApplicableVIII.Differencesbetweenaccountingdataunderdomesticandforeignaccountingstandards(I)DifferenceinnetprofitandnetassetsattributabletoshareholdersofthelistedcompanycontainedinthefinancialstatementsdisclosedsimultaneouslyunderInternationalAccountingStandardandChinaAccountingStandard

□Applicable√NotApplicable(II)DifferenceinnetprofitandnetassetsattributabletoshareholdersofthelistedcompanycontainedinthefinancialstatementsdisclosedsimultaneouslyunderForeignAccountingStandardandChinaAccountingStandard

□Applicable√NotApplicable(III)NoteondifferencesbetweenChinaandforeignaccountingstandards:

□Applicable√NotApplicableIX.2024majorfinancialdatabyquarters

Unit:YuanCurrency:CNY

Noteondifferencesbetweenthesequarterlydataanddatacontainedindisclosedregularreports

□Applicable√NotApplicableX.Itemsmeasuredatfairvalue

□Applicable√NotApplicableXI.Non-recurringgainandlossitemsandamounts

√Applicable□NotApplicable

Unit:YuanCurrency:CNY

WheretheCompanydefinesanitemandtheitemhasasignificantamountnotlistedintheExplanatoryAnnouncementonInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublicNo.1-Non-RecurringGainandLossItemsasarecurringgainandlossitem,ordefinesanitemlistedinExplanatoryAnnouncementonInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublicNo.1-Non-RecurringGainandLossItemsasarecurringgainandlossitemsitem,notesshouldbeprovided.。

□Applicable√NotApplicableXII.Others

□Applicable√NotApplicable

SectionIII.ManagementDiscussionandAnalysis

I.Operationdiscussionandanalysis

In2024,theglobaleconomyexhibitedacontinuingyetfragilerecovery,characterizedbyincreasedgrowthdisparitiesamongmajoreconomies.Geopoliticaltensionspersisted,andtherewasamarkedriseinprotectionismandunilateralism,leavingglobalgrowthmomentumlacking.However,China’sproactivemacroeconomiccontrolmeasuresandtheswiftimplementationoftargetedpolicypackagesensuredthestabilityofitsdomesticeconomy,whichachievedahistoricGDPofover130trillionyuan,reflectingayear-on-yeargrowthof5%.Notably,thecountryacceleratedthetransitionfromtraditionaltonewgrowthdrivers.Policyinterventionsfocusedonadvancingdualcarbongoalsandfosteringhigh-qualitydevelopment,significantlyenhancedthegreenandintelligenttransformationoftheindustrialsector.Asaresult,greenindustries,includingsolarenergyandnewenergyvehicles,exhibiteddouble-digitgrowth,whiletheshareofcleanenergyintheenergymixexperiencedsubstantialincreases,furthersolidifyingthe“greenelement”inChina’seconomicdevelopmentstrategy.

Duringthereportingperiod,theglobaldemandforthephotovoltaicindustryremainedrobust;however,asignificantimbalancebetweensupplyanddemandemerged,leadingtoanotabledeclineinproductpricesyear-over-year.Theintensificationofinternationaltradebarriersfurtherexacerbatedoperationalpressureswithintheindustry.Forthefirsttimeinfiveyears,thetotaloutputofthefeedindustrydeclined,withaquaticfeedproductionfallingfortwoconsecutiveyears,resultinginincreasinglyfiercemarketcompetition.Inthecontextofthesechallengingindustrydynamics,theCompanystrategicallymaintaineditsfocusonitstwocorebusinesssegments:greenagricultureandgreenenergy.Byexecutingasteadyoperationalstrategy,theCompanyemphasizedtechnologicalresearchanddevelopmentinitiatives,andproductionactionsaimedatreducingproductioncostsandenhancingefficiency.TheseeffortsnotonlybolsteredthecorecompetitiveadvantagesacrosseachbusinesssegmentbutalsosolidifiedtheCompany’spositionasanindustryleader.TheCompanyrecordedanoperatingrevenueof91.994billionyuanforthefiscalyear.Nevertheless,thephotovoltaicsectorfacedasharpdeclineinmarketprices,whichevendroppedbelowtheindustry’scashcost.Compoundingthisissuewasanimpairmentandscrappingoflong-termassets,totaling1.065billionyuan.Consequently,thenetprofitattributabletoshareholdersofthelistedcompanyresultedinalossof7.039billionyuan,althoughoperatingcashflowremainedpositive,withanetinflowof1.144billionyuan.Despitetheongoingpressurefrommismatchedsupplyanddemandandperiodicoperationallosses,theCompanyremainsfirmlyoptimisticaboutthelong-termprospectsofthegreenenergyandgreenfoodsectors.Demonstratingunwaveringconfidenceinitscompetitivepositioning,theCompanyhasengagedinsharerepurchasestotalingover2billionyuansince2024,acquiring101,688,812shares,approximately2.26%ofthetotalsharecapital.Furthermore,thecontrollingshareholderhasincreaseditsstakeintheCompanybyapproximately1.3billionyuan,resultinginanadditional62,511,972sharesacquired,representingabout1.39%ofthetotalsharecapital.

(I)FeedandindustrychainTheCompanystandsasagloballeaderintheproductionofaquaticfeedandasignificantplayerinlivestockandpoultryfeedproduction.Notably,aquaticfeed,beingtheCompany’scoreproduct,hasconsistentlyrankedamongthetopintheindustryforseveralconsecutiveyears.Duringthereportingperiod,despitefacingindustrychallenges,includingacontractionofthedomesticfeedmarketandadecreaseinaquaticfeedoutput,theCompanyremainedsteadfastinitscommitmenttoquality.ByeffectivelyimplementingitsYearofGoodProductsstrategy,theCompanyachievedresultsthatsignificantlysurpassedindustryaverages,withayear-on-yearincreaseinaquaticfeedsales.Overall,theCompanyrecordedatotalfeedsalesvolumeof6.8686milliontons,markingsubstantialprogressinbothfoodandindustrializedaquaculturesectors.TheseaccomplishmentshaveunequivocallybolsteredtheCompany’scompetitiveadvantagesacrossitsfeedandindustrialchainbusinesses.

1.Tongweidemonstratedoperationalresilienceamidindustrycontraction,withmulti-categorygrowthdrivenbystringentqualityprotocolsInresponsetothechallengesposedbydecliningquantityandpriceswithinthefeedindustryin2024,theCompanyremainedsteadfastinitscommitmenttoproductquality,diligentlyimplementingitsqualitypolicytoachievedifferentiation.Thefocusonaquaticfeedinvolvedastrategicrealignmenttowardcoremarketsandkeycustomerswhileenhancingthepromotionofinnovativeproducts,includingfunctionalandpremiumfeeds.Remarkably,thesalesvolumeofaquaticfeedincreaseddespiteongoingindustry-widedeclinesforthepasttwoyears.Notably,theCompany’smarketshareincommonfreshwaterfishfeedsandspecializedaquaticproducts—suchasthoseforcrayfish,crab,shrimp,seabass,andsnakeheadfish—hasestablishedadominantpositionwithintheindustry.Althoughthesalesvolumeofcommonfreshwaterfishfeedsdemonstratedperiodicfluctuationsduringtheinitialthreequartersduetooverallindustryconditions,theCompanycapitalizedonitscompetitiveadvantages,resultinginarobustrecoveryinthefurtherquarterandharvestingastableperformancethroughoutthewholeyear.Furthermore,thereportingperiodsawthesalesvolumeoftheCompany’sfunctionalfeedsreachingunprecedentedlevels,withseedlingfeedsexhibitingayear-on-yeargrowthof10%.Inthesphereoflivestockandpoultryfeeds,theCompanynavigatedachallenginglandscapecharacterizedbyacontractioninthebreedingscaleamongsomestrategiccooperativecustomersandindividualfarmermarkets.Despiteacorrespondingyear-on-yeardeclineinsalesvolume,theCompanymadesignificantstridesinoptimizingitscustomerstructure.Theproportionofsalesfromlarge-scalecustomersincreasedconsiderably,particularlywithinthepoultryfeedsector,whichbenefitedfromestablishingindustrialclustersaroundlarge-scaledemonstrationbases.Thishasdemonstratedtheeconomiesofscalefromhigh-value-addedproducts,andsignificantlyhighercapacityutilizationatbenchmarkcompanies.

2.Tongweiadvancedtechnologicalinnovationandsmartmanufacturing,establishingbenchmarkfeedproductionfacilities

TheCompanyhaspositioneditselfasapioneerinthefeedindustrybyadvocatingforandimplementingthedigitalandintelligenttransformationoffeedproduction.In2024,buildingonpreviousstandardizationefforts,theCompanyrefined129productionbusinessprocesses.Itsuccessfullylaunchedadigitalandintelligentmanufacturingplatformacross50domesticsubsidiariesanddeployedanInternetofThings(IoT)datacollectionsystemin30subsidiaries.Byleveragingfivekeymodules—planning,production,materials,quality,andequipment—theCompanyhasachievedcomprehensivestandardization,transparency,andleanproductioninitsfeedoperations.Moreover,duringthereportingperiod,theCompanyhasactivelypursuediterativeadvancementsinfeedproductiontechnologies,enhancingtheproductioncapacitiesandmaterialmanagementefficienciesofitssubsidiaries.Theorganizationhasalsocompletedmultiplepatentapplicationsforcutting-edgefeedproductionequipment.TheseinitiativesensurethattheCompanymaintainsaleadingedgeinprocessingcapabilities,superiorquality,andconsistencyinproductefficacy.

3.Tongweienhancedglobalrawmaterialsupplychaincapabilities,achievingindustry-leadingqualityassurance,supplystability,andcostefficiency

TheCompanyhasestablishedadistinguishedprocurementteamspecializinginfeedrawmaterials.In2024,amidstchallengingmarketconditions—includingdecliningpricesofprimaryenergyrawmaterials,intensifiedprocurementcompetitionamongindustryleaders,andvolatilepricesforkeyanimalproteinssuchasfishmealandchickenmeal—theCompanymaintainedrigorousqualitycontrolmeasures.Theseeffortsensuredthatallpurchasedrawmaterialsmetstringentinternalandmarketstandards,therebysupportingtheCompany’scommitmenttohigh-qualityproductsduringitsdesignatedYearofGoodProducts.Simultaneously,theCompanyexpandeditsglobalprocurementchannels,enhancingitssourcingcapabilitiesforPeruvianfishmealandincreasingimportsofbarleyfromKazakhstan.Thisstrategicdiversificationhasstrengthenedthestabilityandresilienceoftherawmaterialsupplychain,therebyimprovingbothsupplyassuranceandbargainingstrength.Moreover,duringthereportingperiod,theCompanyleveragedits“digitalandintelligent”procurementdecision-makingplatformtoidentifyfavorableprocurementopportunitiesandeffectivelymanagerawmaterialinventory.Asaresult,theoverallprocurementcostsformajorrawmaterialcategorieswerebelowindustryaverages.

4.TongweireceivedthefifthNationalScienceandTechnologyProgressAwardrecognition,validatingtechnology-marketsynergyinproductdevelopmentIn2024,theCompany,adheringtoits“qualitypolicy”andthethemeoftheYearofGoodProducts,adoptedastrategicintegrationoftechnologicaladvancementsandmarketinsights.Duringthereportingperiod,theCompanyrealigneditsresearchanddevelopment(R&D)frameworktofocusonthreeprimaryproductcategories:commonfreshwaterfishfeeds,specializedaquaticfeeds,andlivestockandpoultryfeeds.ThishasenhancedtheprecisionandapplicabilityofR&Dinitiatives,facilitatingtheswifttransformationofinnovationsintomarket-readyproductsandtherebystrengtheningtheCompany’scompetitiveedge.Throughouttheyear,theagriculturalandanimalhusbandrysegmentsubmitted88patentapplications,whichincluded22inventions,andsuccessfullysecured35authorizedpatents,with3classifiedasinventions.Notably,inJune2024,theCompany’sinitiative,ConstructionofthePrecisionNutritionTechnologySystemforMarineCulturedFishesandItsIndustrialApplication,earnedtheSecondPrizeoftheNationalScienceandTechnologyProgressAward.ThisrecognitionunderscorestheCompany’sunparalleledachievementastheonlyagriculturalandanimalhusbandryenterpriseinthenationtohavereceivedthisawardfivetimes,reflectingitssubstantialcommitmenttoandprowessintechnologicalR&D.

5.Strategicemergingbusinessesmaintainedsteadyexpansion,generatingsustainablegrowthmomentumforagriculturaloperations

Duringthereportingperiod,theCompanydemonstratedstablegrowthinitsfeedbusinesswhileleveragingitsextensiveexpertiseintheagriculturalandanimalhusbandrysectors.Thisstrategicapproachfacilitatedtherobustdevelopmentoftwokeyinitiatives:thefoodbusinessandtheindustrializedshrimpfarmingoperations,therebygeneratinginnovativebusinessmodelsandnewhighlightsacrosstheagriculturalandanimalhusbandryindustrychain.Inresponsetotheincreasinglycompetitivelandscapewithinthedomesticfoodindustry,TongweiFoodrigorouslyadheredtoitshigh-qualitydevelopmentstrategy,guidedbytheprinciplesofmaximizingadvantages,concentratingoncoreareas,andeffectivelyaddressingweaknesses.Asaresult,thetotalfoodsalesvolumesurgedby10.44%year-on-year,withsalesrevenuewitnessinganincreaseof22.43%,bothreachingunprecedentedlevels.Notably,theCompanysustaineditsleadershippositionintilapiaimportsfromtheUnitedStates,capturingamarketshareof13%.Theindustrializedshrimpfarminginitiative,envisionedastheCompany’sforward-lookingindustrialdeployment,achievedfullproductioninbothPhaseIandPhaseIIprojectsbytheconclusionofthereportingperiod.Thebreedingwaterbodyexpandedto25,000cubicmeters,resultinginannualshrimpoutputexceeding1.5millionkilograms.ThisinnovativeprojectemployedtheCompany’sself-developed“internalandexternaldual-cyclewatertreatmentprocesssystem”,accomplishingzerosewagedischargeandmaintainingawaterresourceutilizationrateofover95%.Theproductioncapacityperunitofwaterbodywasthreetimesgreaterthanthatoftraditionalfarmingmethods.Furthermore,acomprehensivedigitalmanagementsystemwasestablishedtooverseetheentirebreedingcycle,utilizingInternetofThings(IoT)devicestocollectreal-timedataonwaterqualityparameters(suchaspH,dissolvedoxygen,andtemperature),shrimpgrowthstatus,andequipmentoperationmetrics.ThisinitiativepositionstheCompanyasthefirstshrimpfarmingenterpriseinChinatosimultaneouslyobtainboththeBestAquaculturePractices(BAP)andNon-Antibiotic(NSF)certifications,establishingitasaflagshipprojectinthedomainofindustrializedrecirculatingshrimpfarmingwithinChina.

(II)PV

TheCompanystandsattheforefrontoftheglobalphotovoltaicintegrationsector,havingestablishedacomprehensiveindustrialchainthatencompasseseverythingfromindustrialsiliconproductiontothedevelopmentofterminalphotovoltaicpowerplants.Itscompetitiveadvantagesarerobust,makingitaleaderinseveralkeyareas,includingproductioncapacity,technologicalresearchanddevelopment,costcontrol,andbrandquality.Forconsecutiveyears,theCompanyhasretaineditstoppositioninglobalmarketshareforhigh-puritypolysiliconandsolarcells,whileitsmoduleshipmentvolumesconsistentlyrankamongthetopfiveworldwide.Duringthereportingperiod,despiteahighbaseline,theglobalphotovoltaicpowergenerationsectorexhibitedsignificantgrowthinnewlyinstalledcapacity.AccordingtotheChinaPhotovoltaicIndustryAssociation(CPIA),theglobalnewlyinstalledcapacityreached530GW,representinganapproximateyear-on-yearincreaseof35.9%.InChina,newlyinstalledcapacitywasreportedat

277.6GW,markingayear-on-yearriseof28.3%.Thisgrowthunderscorestheongoingmomentumofenergytransformation.However,challengesemergedduetoperiodicsupply-demandimbalances,intensifyingindustrycompetition,anddecliningproductpricesthatfellbelowcashcosts,resultinginwidespreadfinanciallossesforenterprises.Inresponsetothiscomplexmarketenvironment,theCompanyremainslong-termoptimisticaboutthephotovoltaicindustry’spotentialandconfidentinitsownbusinesscompetitiveness.Itsteadfastlypursuesthestrategicgoalofbecomingaworld-classcleanenergyoperator,prioritizingtechnologicalinnovation,costreduction,andefficiencyimprovements.Byintensifyingmarketexpansioneffortsandstrengtheningcollaborationswithupstreamanddownstreampartners,theCompanyisenhancingitscomprehensivecompetitivenessandsolidifyingitsmarketposition.

1.High-puritypolysilicon

In2024,amidstimbalancesinthesupplyanddemanddynamicsacrosstheindustrialchain,thehigh-puritypolysiliconsegment

encounteredpersistentchallenges.Polysiliconpricesconsistentlyfellbelowproductioncosts,exacerbatingtheissueofhighindustryinventorylevels.Nevertheless,theCompanyremainedsteadfastinitsstrategicobjectives,anchoredbythethreecoreprinciplesof“safetyandstability,improvementandenhancement,andteambuilding”.Throughouttheyear,theorganizationmaintainedsafeandstableproductionwhileenhancingbothproductqualityandoperationalefficiency,ultimatelystabilizingitsmarketshare.Notably,theCompanyachievedasalesfigureof467,600tonsofhigh-puritypolysilicon—anincreaseof20.76%comparedtothepreviousyear.Itaccountedabout30%ofthenationalannualproductionandsalesvolume,andsecuredthefirstpositionintermsofmarketshareworldwide.Duringthereportingperiod,theCompanyprioritizedsafeproductionasthecornerstoneofitsoperations,implementingacomprehensivedigitalandintelligentmanagementplatformfordualprevention.Itestablishedareal-timeriskmonitoringsystemthatencompassedtheentireproductionprocess.Asaresult,theproductionfacilitiesmaintainedstableoperationsthroughouttheyear,providingarobustfoundationforenhancingproductqualityandoperationalefficiency.Inalignmentwithprevailingindustrydemand,theCompanyachievedanoutputwithN-typeproductsconstitutingover90%oftotalproduction.ContinuedeffortstoimprovethequalityandefficiencyofN-typesiliconmaterialsgarneredwidespreadrecognitionfromcustomers.Notably,thestablesupplyofelectronic-gradepolysiliconforthesemiconductorindustrywassuccessfullyachieved,withfouroverseascustomersrecentlyvalidatingthequalityoftheproduct.ThisaccomplishmentunderscoresthesuccessfulimplementationoftheTongweiIntelligentManufacturinginitiativeforelectronic-gradepolysilicon.Also,theCompanyaggressivelypursuedcostreductionstrategies.Byleveragingcontinuousprocessoptimizationandinnovativemanagementpractices,keyequipmentandtechnologieswereintroduced,including60pairsofrodreductionfurnaces,high-boilingpyrolysissystems,andwastesiliconpowderrecyclingmechanisms.TheCompanyfosteredacultureofparticipation,encouragingallemployeestocontributeimprovementproposals.Thisengagementledtosignificantadvancementsinenergyconsumptionreduction,withcomprehensivepowerconsumptionandsiliconconsumptionrecentlyreducedtowithin46kWhand1.04kgperunit(kg),respectively.Thesefiguresarepoisedtodeclinefurtherasoperationalprocessesareupgraded,therebyenhancingtheCompany’scorecompetitivenessinachallenginglandscape.DespitechallengesposedbyincreasedelectricitycostsattheSichuanandYunnanBasesduringthedryseason,theCompanyadeptlymonitoredmarketdemandanddynamicallyoptimizedproductionconfigurations.Throughtheexecutionofvariouscost-savingandefficiency-enhancingmeasures,theCompany’soperationalcostsremainedattheforefrontoftheindustry.Currently,theproductioncashcostattheInnerMongoliaBasehasbeenreducedtobelow27,000yuanperton(excludingtax).

Duringthereportingperiod,theCompanysuccessfullycompletedtheconstructionofits200,000-tonhigh-puritypolysiliconprojectsinbothPhaseIIBaotouandPhaseIIYunnan,achievingoperationalproductioncapacitywithinthesubsequentmonth.ThisaccomplishmentsignifiesasubstantialadvancementinChina’ssiliconmaterialprojects,characterizedbyimprovementsinsingle-unitscale,investmentcostefficiency,productionlineautomation,andintelligentoperationalcapabilities.ThesedevelopmentshighlighttheCompany’srobustexpertiseinthetechnologyandoperationalmanagementofhigh-puritypolysiliconinitiatives.Toenhancethesupplychainresilienceforrawmaterials,theCompanyhasstrategicallyinitiatedgreensubstratematerial(industrialsilicon)projectsinInnerMongoliaandSichuan.Thecombinedgreensubstrateproject,whichencompassesover300,000tonsofcapacityfromboththeDarhan-MumingganQiPhaseIandGuangyuanPhaseIprojects,hassuccessfullycommencedproduction.Thisstrategicmovefacilitatestheestablishmentofamoreintegratedandefficientindustrialchainstructure.

2.Solarcells

Duringthereportingperiod,pricesinthecellssegmentcontinuedtodeclineduetoanimbalancebetweensupplyanddemand,occasionallydroppingbelowproductioncostsofleadingenterprises.Concurrently,N-typecelltechnologies,particularlythoseutilizingTOPCon,experiencedasignificantexpansion.Cellmanufacturersfacedconsiderablechallengesrelatedtoproductionlinetransitions,costreduction,efficiencyenhancements,andproductsales.Inthiscontext,theCompanyhaseffectivelysolidifieditsleadingpositionintheglobalcellmarketthroughacomprehensivestrategy.ThisincludesacceleratingtheupgradeofexistingPERCproductioncapacity,enhancingthedevelopmentofitsR&Dplatform,andstrengtheningleanproductionmanagementpractices.Asaresult,theCompanyachievedsalesof87.68GWofsolarcells(includingself-consumption),markingan8.70%year-on-yearincrease.AccordingtoInfoLinkConsulting,theCompanyhasmaintaineditsstatusasthetopglobalshipperofsolarcellsforeightconsecutiveyears,withaglobalmarketshareofapproximately14%in2024.

Duringthereportingperiod,theCompanyadeptlyadaptedtotheadvancementsinN-typetechnologyandrapidlyoptimizeditsproductioncapacitystructure.Currently,theproductioncapacityforTNCcellsstandsat150GW.AsapioneerintheindustrializationofTOPConPECVDtechnology,theCompanyhaseffectivelypositionedPECVDastheindustry’spredominantchoice,achievingamarketshareexceeding50%.Buildingonthisfoundation,theCompanyhaspersistentlyfocusedonefficiencyenhancementandcostreductionassociatedwithTNCtechnology.Throughstrategicinitiativessuchasoptimizingproductioncycles,upgradingscreenprintingpatterns,recyclingchemicals,andutilizingdomesticpastes,theorganizationhasestablishedindustrybenchmarksinkeymetrics,includingsingle-lineproductioncapacity,gradeAproductrate,conversionefficiency,andnon-silicon

costs.TheCompanyalsocontinuestoinnovatewithinthecoreprocessesofTNCtechnology.Ithasoutlinedintegratedefficiencyimprovementsolutionsforbothcellsandmodules,whichencompassTPEedgepassivation,steelstencilprinting,backsidepolysilicongates,theproprietary908technology(0BBtechnology-independentlydevelopedbyTongwei),andfull-screentechnology.Theseadvancementsareprojectedtoelevatethemainstreampoweroutputofmass-producedTNCmodulesbyover25Wby2025,furtheremphasizingthecompetitiveedgeofTNCproductsinpowergeneration.In2024,intermsofindustry-university-research(IUR)collaboration,theTongweiGlobalInnovationR&DCentercommencedoperations.Thiscenterisdedicatedtoexploringcutting-edgetopicsandfosteringcollaborationthroughIURprojects.Itaimstodeveloptransformationbasesforresearchachievementsandtrainingcentersforengineeringtalent,therebydelvingintothecomplexandoftenunchartedrealmsoftechnologicalinnovation.TheCompanyhasalsoestablishedtheSichuanCrystallineSiliconPhotovoltaicIndustryInnovationCenterinpartnershipwithseveralleadingenterprisesinthesector.Byintegratingdiverseresources,thisinitiativehassuccessfullyforgedanindustrialinnovationecosystem.Alignedwithnationalstrategicinitiativesandinternationaltechnologicalbenchmarks,thecenteraspirestoaddresscritical“bottleneck”challengesinkeyareasandaimstocreateacollaborativeframeworkforinnovationandR&Dthatisbothmulti-trackandmulti-dimensional.Duringthereportingperiod,theCompanyemployedaparallelR&Dstrategyacrossmultipletechnicalroutes,yieldingsignificantadvancements.Notably,thelaunchofthe1GWHJTpilotlineinJune2024representsapioneeringachievement,beingtheindustry’sfirstpilotlinewithasingle-lineproductioncapacityof1GW.Thisfacilityispivotalforvalidatingcutting-edgeHJTequipmentandtechnicalsolutions.Thepilotinitiativehasalreadyrecordedremarkablesuccesses;theHJT210-66formatmodulehasbrokenworldpowerrecordsninetimesconsecutively,achievingapeakoutputof790.8Wandanefficiencyof25.46%.Furthermore,theCompanyhasestablishedaclearroadmapforthecopperinterconnect2.0technicalroute,introducinganindustry-leadingsilver-freeHJTsolution.Moreover,theCompany’sTBCproductshavesuccessfullysecuredTUVRheinlandcertification,makingthemeligibleformarketshipment.Thebatchpowerofthepilotline’s210R-66formathasreached660W,positioningitwithintheindustry’shighestechelon.Effortstoexplorebasemetalsapplicationsarealsounderway,pavingthewayforfuturecostreductioninitiatives.Intherealmofadvancedtechnology,theefficacyoftheCompany’sperovskitetandemcellhasachieved34.17%.Thelayoutplanningandequipmentselectionforamegawatt-leveltestlinehavebeencompleted.TheCompanyplacesastrongemphasisonestablishingarobustintellectualpropertysystem,continuouslydevelopingaprotectivematrixthatencompassescoretechnologicalprocesses.Concurrently,effortstoenhancetheoverseaspatentriskresponsesystemareunderway,reinforcingtheCompany’scompetitivebarriersintechnology.Overthepastyear,authorizedinventionsforphotovoltaiccellsandmodules(H01Lpatentclassification)surgedby135.59%,domesticpatentapplicationsincreasedby49.18%,andoverseaspatentfilings,includinginternationalPCTpatents,roseby30.09%.

3.Solarmodules

In2024,theCompany’smodulebusinessfirmlymaintaineditsdualfocusontechnologicalinnovationandmarketadvancements.Itrapidlyenhanceditshigh-endproductioncapacityandmarketingservicenetwork,therebyreinforcingbrandcompetitivenessandchanneleffectiveness.Thisstrategyculminatedinasubstantialmarketshareexpansionandanoptimizedshipmentstructure,withannualsalesvolumereaching45.71GW—ayear-on-yearincreaseof46.93%.Leveragingtheadvantagesofafullyintegratedindustrialchainandadvancedintelligentmanufacturingcapabilities,theCompanyeffectivelypromotedtheefficientoperationsatitsproductionbasesinYancheng,Jintang,andNantong.Byupgradingintelligentandeco-friendlyproductionlines,theorganizationensuredexceptionalproductqualityanddeliverycapabilities.Itscoreproductssecuredprestigiouscertifications,suchasTier1,EcoVadisGoldMedal,andPVTechBankabilityA-level,confirmingtheirexcellence.Notably,keycost,technical,andreliabilitymetricsconsistentlypositionedtheCompanyattheforefrontoftheindustry.Duringthereportingperiod,theCompanyconcentratedontheN-typeTOPConmarketwhileproactivelypreparingfordifferentiatedtechnologicalpathways,includingHJTandxBC.Anefficientproductmatrixwasdevelopedtoaccommodatevariousscenarios,encompassingbothcentralizedanddistributedapplications.Furthermore,theintroductionofspecializedmodules,featuringanti-ashdepositionandenhancedweatherresistance,effectivelyaddressedthediverseneedsofglobalcustomers.

TheCompanyhasstrategicallyfocusedonenhancingitsstratified-marketoperationstrategy.Inthedomesticmarket,theapproachcombinesbothcentralizedanddistributedmodels,togetherwithstrengtheningservicecapabilitiesacrosstheentireproductlifecycle.Inthecentralizedsector,theCompanycapitalizesonthesurgeinnewenergyinvestmentsdrivenbystate-ownedenterprises.Thisengagementhasenabledactiveparticipationinthedevelopmentoflarge-scalewindandsolarpowerprojectswithinthecountry.Leveragingitsrobustcollaborativeadvantagesacrosstheentireindustrialchain,theCompanyhassuccessfullysecuredbidsforseveralkeyprojectsatthegigawattlevelfromstate-ownedenterprises,whileexpandingpartnershipswithprovincialenergygroupsandhigh-qualityprivateenterprises,therebyachievingcomprehensivecoverageofcentralizedcustomers.Conversely,inthedistributedmarket,theCompanyadeptlyalignswithdemandrhythmsandrespondsflexiblytocustomerrequirements.Throughinitiativessuchasproductco-creation,resourceintegration,andthedevelopmentofgovernment-enterprisepartnerships,theCompanyhassolidifieditssalesvolumeandmarketshare,ensuringapositionwithintheindustry’stopechelon.Internationally,the

Companyhasexperiencedremarkablegrowth,deepeningitspresenceincoremarkets,includingEurope,Asia-Pacific,theMiddleEast,andAfrica.Significantprojectorders,particularlyatthegigawattlevelincountriessuchasSaudiArabiaandPoland,havebeensuccessfullysecured,effectivelydismantlingcollaborationbarrierswithmajorEuropeanenergygroups.Tofurtheraccelerateitsglobalstrategy,theestablishmentofaGermansubsidiaryandEuropeanmarketingcenterwasundertaken.TheCompanyhasalsopromotedbeneficialtrademechanisms,whileimplementingablockchaintraceabilitysystemandenhancingitsESGbrand.Asaresult,customerengagementanddistributionnetworkdensityhavemarkedlyimproved.Notably,16newregionalproductcertificationswereachieved,encompassingover70countries,andannualoverseassalessurgedbya98.76%year-on-year.

4.Aquaculture-PhotovoltaicIntegrationpowerplants

Duringthereportingperiod,theCompanyeffectivelyleveragedthesynergisticadvantagesofitscoresectors—greenenergyandgreenagriculture.Byimplementingtheinnovative“ecologicalaquaculture+greenenergy”model,theCompanysuccessfullyadvancedlarge-scaleAquaculture-PhotovoltaicIntegrationpowerplantinitiatives.Utilizingitssystematiccostcontrolcapabilities,theCompanyconstructedsolarpowergenerationsystemsoveraquaculturewatersurfaces,significantlyenhancingtheutilizationofwaterresources.Thisapproachfacilitatedthetransformationoftraditionalaquacultureintoalarge-scale,intensive,andspecializedandmodernizedindustry,yieldingatriplebenefitinfisheries,electricitygeneration,andenvironmentalprotection.Significantly,duringthereportingperiod,newAquaculture-PhotovoltaicIntegrationprojectsinlocationssuchasTangshan,HebeiProvince,andLiaocheng,ShandongProvincewereconnectedtothegrid,contributingacombinedcapacityof596.81MW.Asoftheendof2024,theCompanyoperated56photovoltaicpowerplantsprimarilybasedontheAquaculture-Photovoltaicintegrationmodel,withatotalinstalledcapacityof4.67GW.Additionally,theannualelectricitysettlementvolumereached5.007billionkWh,resultinginacarbonemissionsreductionof2.68milliontons.Throughsustainedinvestmentintechnologicalresearchanddesigninnovation,theapplicabilityandeconomicefficiencyoftheCompany’sAquaculture-Photovoltaicintegrationprojectshavebeensignificantlyenhanced.Thisinitiativerepresentsanorganicdevelopmentmodelthatseamlesslyintegratesprimaryindustryaquaculture,secondaryindustryphotovoltaicpowergeneration,andtertiaryindustryactivities,includingscientificresearchandruraltourism.Asaresult,itsubstantiallyincreasesindustrialaddedvalueandeffectivelycontributestotheambitiousgoalofruralrevitalization.InJune2024,theCompanycommencedconstructionoftheGuigangXinheSmartFisheryIndustrialParkproject.Duringthereportingperiod,thefirstphaseofconstructionwascompleted.Uponinitiationofoperations,thisfacilityisexpectedtoemergeasthelargestgreenbullfrogaquaculturebaseinGuangxi,encompassingfrycultivation,adultfrogfarming,processing,andsalesonanationalscale.ThisprojectstandsasaprimeexampleoftheCompany'scommitmenttothe“TongweiSolution”,whichharmoniouslyintegratesnewfisheries,renewableenergy,andruraldevelopmentinitiatives.II.Industryoverviewduringthereportingperiod

(I)Feedindustry

Thefeedindustryplaysacrucialroleinconnectingvarioussectors,includingagriculture,husbandry,andfoodprocessing.ItstandsasthemostindustrializedsegmentwithinChina’sagriculturallandscape,servingasthefoundationalelementformodernhusbandrydevelopment.Thisindustryhasmadesignificantcontributionstoensuringthatpeoplehaveaccesstosufficientandhigh-qualityfood.Overthepastfourdecades,sincethereformandopening-up,China’sfeedindustryhasevolvedintoacomprehensivesystemcharacterizedbyadiversearrayofproducts.Itistransitioningtowardlarge-scale,intensive,andhigh-qualityoperations.Theprimarycategoriesoffeedincludepigfeed,poultryfeed,aquaticfeed,ruminantfeed,andpetfeed,withthefirstthreeaccountingforapproximately95%ofChina’stotalannualfeedproduction.Reflectingonthedevelopmentsin2024,thefeedindustryexhibitedkeytrends,includingtotalvolumecontraction,varietydifferentiation,stablepatterns,andcostreduction.Asthedemandforrefinedoperationscontinuestogrow,thedriveforinnovationanddevelopmentaredeepenedwithinthesector.

1.Poultryandpetfeedsegmentsdemonstratedgrowthdespiteoverallproductionvolumedeclines

In2024,theChinaFeedIndustryAssociationreportedatotalindustrialfeedoutputof315.031milliontons,representingayear-on-yeardeclineofapproximately6.6milliontonsor2.1%.Thismarksthefirstdecreaseintotalfeedoutputinthelatestfiveyears.Thepigfeeddecreasewassignificantlyinfluencedbyareductioninpigproductioncapacity,resultinginadeclineofpigfeedoutputby5.84milliontons,or3.9%.Additionally,aquaticfeedfacedchallengesduetodecreasingfishstocksinpondsandadverseweatherconditions,leadingtoayear-on-yearreductionof3.5%.Layerpoultryfeedandruminantfeedalsoexperienceddeclinesof

1.2%and13.3%,respectively,reflectingsluggishperformanceinterminalfarming.Conversely,broilerpoultryfeedoutputincreasedby2.6%,drivenbytheexpansionofdownstreamfarmingoperations.Notably,petfeedcontinueditsrapidgrowth,supportedbyemergingconsumertrends,withagrowthrateof9.3%.

2.Industryconsolidationremainedstable,withtopplayerscontrollingresourceallocations

Duringthereportingperiod,thecompetitivelandscapeofthefeedindustrymaintainedastableprofile,withlarge-scale

enterprisescontinuingtodominate.Nationwide,therewere1,032feedproductionplantswithanoutputexceeding100,000tons,collectivelyproducing194.683milliontonsoffeed,whichrepresented61.8%ofthenationaltotal—reflectinga0.7percentagepointsincreasefromthepreviousyear.Furthermore,therewere34feedenterprisegroupswithannualoutputssurpassingonemilliontons,anincreaseofonerelativetotheprioryear;however,thesegroups’totaloutputaccountedfor55.0%ofthenationalfeedproduction,markingadecreaseof1.2percentagepointsyear-on-year.Notably,ascompetitionintensified,theindustrywitnessedanotablefrequencyofmergers,acquisitions,andreorganizations.Leadingenterprisescapitalizedonthesetrends,achievingindustrialchainintegrationthatnotonlyconsolidatedtheirscalebutalsosignificantlyenhancedtheircompetitiveadvantagesthroughsynergisticbusinessstrategies.

3.FluctuatingrawmaterialcostscoupledwithdownstreamconsumptionsofteningelevatedoperationalprecisionasthecriticalcompetitivedifferentiatorIn2024,thepricesofkeyrawmaterialsforfeedproduction—includingcorn,soybeanmeal,andfishmeal—exhibitedadownwardtrajectory,largelyattributabletoawell-suppliedmarket.AccordingtoWINDdata,thespotpriceofcornfluctuatedsignificantly,decliningfromover2,500yuanpertonatthebeginningoftheyeartoalowofapproximately2,100yuanperton,equatingtoanearly20%decrease.Similarly,thepriceofsoybeanmealsawasubstantialreduction,fallingfromapeakof3,900yuanpertontoaround2,900yuanperton,reflectingadecreaseofabout25%.Furthermore,thecomprehensivepriceoffishmealdeclinedbyapproximately3,000yuanpertonsincethefourthquarterof2023.Thisreductioninrawmaterialcostscontributedtoanoverallyear-on-yeardecreaseinfeedprices.However,thedownstreamfarmingsectorencounteredconsiderableoperationalchallengesduetosluggishdemandintheconsumermarket.Despiteperiodicreboundsinlivepigpricesthroughouttheyear,theseincreasesprovedinsufficient,resultinginpricesrevertingtoanarrowprofitrangebyyear-end.Additionally,certainspecialtyaquaticproducts,suchassnakeheadfish,crayfish,andbullfrogs,underwentsignificantpriceadjustments,furtherdampeningfeedingenthusiasm.Thesepressuresfromdecliningproductpricesandweakeningdownstreamdemandcompelledfeedenterprisestoenhancetheiroperationalefficiencythroughmultiplestrategies,includingmaximizingthevalueofrawmaterials,advancingtechnologicalresearchandinnovation,andimprovingproductionefficiency.

4.Government-mandatedgrainsubstitutioninitiativesacceleratedadoptionofalternativeingredientformula

In2024,guidedbypivotalindustrialpoliciessuchastheNationalSmartAgricultureActionPlan(2024-2028)andtheThree-YearActionPlanforReducingandReplacingFeedSoybeanMeal,thefeedindustrymadesignificantstridesingrainreduction,substitution,andinnovation.AccordingtotheChinaFeedIndustryAssociation,soybeanmealconsumptionbyfeedproductionenterprisesdeclinedby2.06milliontons,reflectingayear-on-yeardecreaseof4.7%.Concurrently,theconsumptionofwheatandriceplummetedby52.8%and51.3%,respectively,whilecornconsumptionroseby7.93milliontons,markinga7.6%increase.Asaresult,thecombinedshareoffeedgrains,includingsoybeanmeal,decreasedto59.5%,aslightreductionof0.3percentagepointsfromthepreviousyear.Furthermore,theindustrysuccessfullyintroduced11newfeedadditiveproductcertificates,incorporatedthreenewfeedrawmaterialsintotheFeedIngredientsCatalogue,addedonenewvarietytotheFeedAdditiveVarietiesCatalogue,andbroadenedtheapplicationscopeoffiveexistingfeedadditivevarieties.

(II)PVindustry

Thephotovoltaicindustry,rootedinthephotovoltaiceffect,playsacrucialroleinthetransitiontosustainableenergysolutionsbyconvertingsolarenergyintoelectricity.Sinceitsinceptioninthe1970s,theindustryhasundergoneatransformationfromlowefficiencyandhighcoststohighefficiencyanddecreasedcosts.AccordingtotheInternationalRenewableEnergyAgency’s(IRENA)reporttitledRenewablePowerGenerationCostsin2023,theglobalcostofsolarphotovoltaicpowergenerationhasfallento4.4UScentsperkilowatt-hour,representinga56%reductioncomparedtothelowestweightedaveragelevelizedcostofelectricity(LCOE)fromfossilfuelpowergeneration.Bytheendof2024,cumulativeglobalinstalledphotovoltaiccapacityreachedapproximately2,000gigawatts(GW),establishingitastheleadingsourceofnewenergygeneration.Itisanticipatedthatby2025,photovoltaiccapacitywillsurpassthatofcoal-firedpower,becomingthelargestpowersourceglobally.Overthepastdecade,Chineseenterpriseshaveemergedasleadersinthissector,capturingover80%oftheglobalmarketshareinphotovoltaicproductsbytheendof2024,effectivelydelivering“agreatgiftfromChinatoallmankind”.However,therapidexpansionofproductioncapacityoverthepastyearshasledtoatemporaryimbalanceinsupplyanddemand,resultinginasignificantdeclineinproductpricesandplacingconsiderableoperationalpressureoncompanieswithintheindustry.Inresponse,stakeholdersinthephotovoltaicsectorarekeenlyfocusedonaddressingthesechallenges.Byimplementingpolicyguidanceandfosteringtechnologicalinnovation,theyarecommittedtosteeringtheindustrybacktowardsatrajectoryofsustainableandhealthydevelopment.

1.Globalend-userinstallationdemandmaintainedexpansion,whileChinesemanufacturersdominated.

AccordingtodatafromtheChinaPhotovoltaicIndustryAssociation(CPIA),globalphotovoltaicpowergenerationcapacitysawanincreasein2024thatreached530GW—ayear-on-yeargrowthof35.9%,signifyingasustainedmediumtohighgrowthtrajectory.TheChinesemarket,drivenbyasignificantdeclineinmodulepricesandsupportivepoliciessuchasthereductionintheupperlimitfornewenergyconsumptionandthe“adjustableandcontrollable”frameworkfordistributedphotovoltaics,contributedsubstantially,adding277.6GWofnewcapacity—anincreaseof28.3%comparedtothepreviousyear.Thisgrowthaccountedformorethan50%oftheglobaltotalexpansion.Furthermore,theoverseasmarketexperiencedwidespreadexpansion,particularlyinemergingmarkets.ApprovalprocessesforphotovoltaicprojectsintheMiddleEastandAfricaaccelerated,withcountrieslikePakistanandTürkiyeannouncingclearcapacitytargetsfor2030.Onthemanufacturingfront,Chineseenterprisesretainedtheirdominantglobalposition,boastingproductioncapacityandmarketshareinkeysegments—frompolysilicontomodules—exceeding80%.Annualmoduleexportsreached235.93GW,reflectingayear-on-yearincreaseof13%,therebycontinuingtoleadintheglobalindustry'sdevelopment.

2.Thecyclicalimbalancebetweensupplyanddemandpromptedanincreaseinproductavailabilityalongsideadecreaseinprices,andindustryreshufflingenhancedmarketconcentration.TherapidexpansionofdemandoverconsecutiveyearshaspropelledChina’sphotovoltaicindustrytoachieveanominalproductioncapacityexceeding1,000GWacrossallsegments.Thissurgeinproductioncapacityhascontinuouslystimulatedoutputgrowththroughoutthesupplychain.AccordingtodatafromtheElectronicInformationDepartmentoftheMinistryofIndustryandInformationTechnology,theoutputofthepolysiliconsegmentsurpassed1.82milliontonsin2024,reflectingayear-on-yearincreaseof23.6%.Similarly,theoutputofsiliconwafersreached753GW,representinga12.7%growth;cellproductionamountedto654GW,markinga10.6%increase;andmoduleoutputachieved588GW,withayear-on-yearriseof13.5%.Consequently,theindustry’stotaloutputvaluehasmaintainedascaleinthetrillionsofyuan.However,thecyclicalimbalancebetweensupplyanddemandhasresultedinsignificantpricedeclinesacrosskeyphotovoltaicproducts.DatafromInfoLinkConsultingindicatesthatannualpricereductionsforpolysilicon,siliconwafers,cells,andmodulesstoodat39%,50%,40%,and29%,respectively.Asaresult,manysegmentsareexperiencingsustainedlosses,exertingconsiderableoperationalpressureontheindustryintheshortterm.Moreover,intensifiedcompetitionhascompelledlessresilientfirmstograduallyexitthemarket,furtherconsolidatingresourceswithinleadingenterprisescharacterizedbyadvancedtechnologyandsolidfinancialstructures.Duringthereportingperiod,thecombinedmarketshareofthetopfivepolysiliconmanufacturersapproached80%,whileleadingmoduleproducersalsorecordednotablegrowthinbothshipmentvolumeandmarketshare.

3.TheN-typeeraisevidentacrossalldomains.Thisshifthasintensifiedcompetitioninintellectualpropertyrightsthroughtechnologicalinnovationanddevelopment.

Duringthereportingperiod,thankstoitscostefficiency,TOPContechnologyemergedasthedominantforceinthephotovoltaicmarket,achievingtheproductmarketshareexceeding70%year-on-year.Thistechnologyhasestablisheditselfastheleadingnext-generationsolution,drivingthephasingoutofP-typeproductioncapacitythroughouttheindustry.Concurrently,high-efficiencyphotovoltaicpathways,representedbyBCandHJTtechnologies,havedisplayeddifferentiateddevelopmentaltrajectories.HJTtechnologyhasbenefitedfromthewidespreadadoptionofthedouble-sidedmicrocrystallineprocessandadvancementsinmetallizationtechniques,suchassilver-coatedcopper.Theseinnovationshaveledtoarapidincreaseinproductionefficiencyduringmassmanufacturing.Furthermore,HJT'sattributes,includingreduceddegradationratesandenhancedbifacialcapabilities,havesubstantiallyimproveditscost-effectiveness,resultinginamorethanthreefoldincreaseinbid-winningvolumesyear-on-year(Solarzoomdata).BCtechnology,knownforitshighfront-sideefficiencyandaestheticappeal,hasrapidlyexpandedintodistributedandhigh-endapplications,withsuccessfulcommercializationcasesemerging.Bothtechnologieshaveexhibitednotablegrowthduringthisperiod,promptingleadingenterprisestostrategicallyenhancetheirinvestmentsacrossvariousdimensions,includingpatents,productioncapacity,anddistributionchannels.Whilethesetechnologicaladvancementscreaterobustcompetitivebarriers,theyalsointensifythecompetitionsurroundingintellectualproperty.Thenumberofphotovoltaicpatentlitigationcaseshassurgedglobally,withfirmsincreasinglyprioritizingandinvestinginintellectualpropertyprotection.Prominentcompanieshaveengagedinstrategicpatent“offensiveanddefensivebattles”tosecurecontrolovertechnologicaldefinitionsandmarketnarratives.Thisshifttransformstheindustryfocusfrombeingsolelycost-driventofosteringamorevibrantinnovation-drivenlandscape.

4.Theriseintradebarriershamperedoverseasgrowth,whiletheimpetusforglobalexpansioncontinuedtointensify.

Theinternationaltradeenvironmenthasfurthercomplicated.Aseriesofpoliciesaimedat“de-Chinaization”ininternationalmarketshasbeenrolledout.TheUnitedStateshasenactedanti-dumpingandcountervailingdutiestargetingfourSoutheastAsiannations,whiletheEuropeanUnion’sNetZeroIndustryActmandatesthat40%ofmanufacturingbesourcedlocally.Additionally,India’sApprovedListofManufacturers(ALMM)imposesstrictrestrictions.Consequently,theexportcostsforChinesephotovoltaicenterpriseshaverisen,elevatinginstallationcostsinlocalmarketsandstuntingthegrowthofnewlyinstalledphotovoltaiccapacityworldwide.Inresponsetotheseinternationaltradebarriers,andsecuringmoreincrementalmarkets,Chinesefirmsareadaptingtheirstrategiestoincludeexportingproductioncapacityoverseas,technologylicensing,andco-developinglocalecosystems,therebyacceleratingtheirglobalfootprint.Duringthereportingperiod,numerousleadingenterpriseshavedemonstratedsignificantadvancementsintheiroverseasproductioncapacityinitiatives.Theindustrialchainisexpandinginternationally,withdiversegeographicaldestinationsandvariedformsofcapitalcontribution.

5.Industrialpoliciesregulatedmarketdynamicsandpromotedthesustainabledevelopmentoftheindustry.

Inresponsetotheprevailingsupply-demandimbalanceandintenseprofitpressureswithinthephotovoltaicindustry,stakeholdershavesoughttoregulatemarketorderandpromotesustainabledevelopment.InMay2024,theChinaPhotovoltaicIndustryAssociation,undertheguideoftheElectronicInformationDepartmentoftheMinistryofIndustryandInformationTechnology,convenedaSymposiumontheHigh-QualityDevelopmentofthePhotovoltaicIndustry.Thiseventunderscoredthenecessityofregulatinglocalgovernmentsintheirinvestmentpolicies,establishingrobustintellectualpropertyprotections,andencouragingindustrymergersandreorganizations.Subsequently,inJune,theNationalEnergyAdministrationunderscoredtheimportanceofconsolidatingthenewlyaddedphotovoltaicpowergenerationmarket.Itemphasizedtheneedtorationallyguidetheconstructionandreleaseofupstreamphotovoltaicproductioncapacity,avertingtheproliferationoflow-endproductioncapabilities.InJuly,theCentralCommitteeoftheCPCheldaPoliticalBureaumeetingthathighlightedtheimportanceofpreventingdestructivecompetition.Thediscussionfocusedonenhancingthedestructivecompetitionwithinthemarketandfacilitatingtheexitofinefficientandoutdatedproductioncapacity,thuschartingaclearpathforthephotovoltaicindustrytoattainhigh-qualitydevelopment.Furtherreinforcingthesecommitments,theEnergyLawofthePeople'sRepublicofChinawasofficiallypassedinNovember,delineatingexplicitgoalsandresponsibilitiesforrenewableenergydevelopment.Thislegislationencouragesthediverseutilizationofrenewableresources—includinghydropower,windenergy,andsolarenergy—andfortifiesthetechnicaland

institutionalframeworksnecessaryforagreenenergytransition.Intandem,theMinistryofIndustryandInformationTechnologyreleasedtherevisedStandardsforthePhotovoltaicManufacturingIndustry(2024Edition),whichelevatesthestandardsrequiredfornewproductioncapacity.Withthesecontinuousregulatorymeasuresandstrategicguidance,thephotovoltaicindustryispoisedtoemergefromitscurrentchallenges,pavingthewayforsustainableandhigh-qualitydevelopment.III.BusinessesinthereportingperiodAdheringtothevisionofForBetterLifeandthecorporatepurposeofStrivingforExcellence,ContributingtoSociety,theCompanymainlyfocusesonagricultureandnewenergy,thusformingabusinessmodelofAgriculture(fishery)+PVintegrationandsynergy.Itsmainbusinessesandtheirpositionsintheindustrialchainareshowninthefigurebelow:

Note:CorebusinessesoftheCompanyareinthedashedboxes(I)MainbusinessesandtheoperationmodelsInagriculture,theCompanyisspecializedintheresearchanddevelopment,productionandsalesofaquaticfeed,livestockfeedandotherproductstomeettheneedsofaquaticanimalsandlivestockforgrowth.AquaticfeedhasalwaysbeenthecoreproductandthemainprofitsourceoftheCompanyinagricultureandanimalhusbandrybusinessgroup.Asoftheendofthereportingperiod,theCompanyownedmorethan80subsidiariesandbranchesinvolvedinfeedbusinesswithabusinessmodelofadoptingon-siteproductionandestablishingaperipheralsalescoverage,whileprovidingeffectivetechnical,financialandothersupportingservicestofarmers.Aroundthefeedbusiness,theCompanywasalsoactivelyengagedinseedbreeding,husbandry,animalhealthcare,foodprocessingandtradewhichfurthercompletedtheindustrychainandenhanceditscomprehensivestrength.

Innewenergy,theCompanyfocusesontheresearch,production,andsalesofhigh-puritypolysiliconandsolarcells.Asoftheendofthereportingperiod,theCompanyhadanannualcapacityofover900,000tonsforhigh-puritypolysilicon,anannualcapacityofover150GWforsolarcells,andanannualcapacityofover90GWformodules.TheCompanyhasmanufacturingsitesinLeshan,BaotouandBaoshanforproducinghigh-puritypolysiliconproductswithlocallysourcedrawmaterialswhicharedeliveredtodownstreammanufacturersofsiliconwafers.Inrecentyears,theCompanyhassignedlong-termsalecontractswithsiliconwafermanufacturers.Regardingsolarcells,themanufacturingsitesincitiessuchasShuangliu,Jintang,MeishanandHefeihavetheirproductionplansarrangeddirectlyaccordingtothemarketdemandwiththeproductsusedformanufacturingofsolarmoduleswithintheCompanyandalsosoldtothebothdomesticandinternationalmanufacturersofmodules.Leadingtechnologies,qualityandcostcontrolhaveallowedtheCompanytoservetoptenPVmodulemanufacturersacrosstheworldandsecurealong-termleadingpositionintheindustry.Intermsofmodules,relyingonyearsofaccumulationintechnologyandmarket,andcombinedwiththesynergybenefitfromhigh-puritypolysiliconandsolarcells,ithasestablishedacompetitiveandlarge-scalemodulebusinesssystemtoprovidehigh-qualityTongweimoduleproductsforcentralizedanddistributedPVsystemsacrosstheglobe.Customerscovermajordomesticcentralstate-ownedpowergenerationgroupsandmorethan70countriesandregionsoverseas.

Onthecomprehensiveapplication,theCompanyfocusesonthedevelopmentandconstructionoflarge-scale"Aquaculture-PhotovoltaicIntegration"bases,strivestocreateamodelofecologicalfarmingcoupledwithgreenenergyandstrengthensthecoordinateddevelopmentofindustries.Byscreeninghigh-qualitywatersurfacesandforensuringelectricityconsumption,theCompanyexploresnovelaquaculturewayswithon-goingadvancementsoftheAquaculture-PhotovoltaicIntegrationbasesintermsofscale,professionalismandintelligence,whichareexpectedtobringnewprofitsourcesfortheCompany,farmersandotherpartners.

(II)Marketpositioning

Monocrystalline

siliconcells

PVpowergeneration

PVpowergenerationAquaculture-Photovoltaic

Integrationpowerplants

Aquaculture-Photovoltaic

IntegrationpowerplantsLivestockandpoultrybabies

LivestockandpoultrybabiesAquaticseedlings

Aquaticseedlings

Aquaticfeed

Aquaticfeed

Livestockandpoultryfeed

Livestockandpoultryfeed

Livestockandpoultryhusbandry

LivestockandpoultryhusbandryAquatichusbandry

Aquatichusbandry

Livestockandpoultryprocessing

LivestockandpoultryprocessingAquaticprocessing

AquaticprocessingAquatichusbandry

Intermsofagricultureandhusbandry,theCompanyfocusesonthescale-basedprofessionaldevelopmentofthefeedbusiness,withanannualfeedcapacityofover10milliontons,anditssalesnetworkcoveringmostpartsofthecountryandSoutheastAsiancountriessuchasVietnam,Bangladesh,andIndonesia.Thesemakeitaleadingaquaticfeedproducerandanimportantlivestockfeedproducerintheworld.Specifically,theCompanyhasbeenholdingaleadingpositioninthesalevolumeofaquaticfeed,i.e.,itscoreproduct.AsaKeyLeaderinAgriculturalCommercializationandaNationalEnterpriseTechnologyCenter,theCompanyhasreceivedhonorsliketheSecondPrizeofNationalScientificandTechnologicalProgressAward,ChinaWell-KnownTrademarkandChinaQualityAwardNominationPrizeandothersforfivetimessuccessively.Withhigh-qualityproductsandefficientservicesforyears,theCompanyiswellrecognizedintheindustry.Inthefieldofphotovoltaics,theCompanyhasaproductioncapacityofover900,000tonsofhigh-puritypolysilicon,over150GWofsolarcellcapacity,andover90GWofmodulecapacity,withworld-leadingproductcost,quality,andefficiency.Itisanimportantparticipantanddriverintheglobalphotovoltaicindustry.Asofnow,theCompany’shigh-puritypolysiliconproductionhasrankedfirstintheworldforseveralconsecutiveyears.Asaspecializedsolarcellproducer,theCompany'scellshipmentshavebeentheworld'snumberonefor8consecutiveyearssince2017(accordingtoInfoLinkConsulting),andbecamethefirstcompanyintheindustrytoaccumulateover300GWofcellshipments.Intermsofmodules,theCompany'sshipmentvolumerankedtheglobaltopfive,servingclientsthatincludemajordomesticstate-ownedpowergenerationgroupsandnumerouscountriesabroad.ThecoordinateddevelopmentandprogressofallbusinesseswillcontinueboostingtheCompany'sindustrialchainadvantagesanditscorecompetitivenesswillbefurtherenhanced,contributingtotheglobaleffortintocarbonneutrality.IV.Analysisofthecorecompetitivenessinthereportingperiod

√Applicable□NotApplicable

(I)Clearstrategicplanningandpositioning

TheCompanyfocusesontechnologicalinnovationandintelligentmanufacturinginthemainsegmentsofPVindustry,advancesthelarge-scaleapplicationofcleanenergywithzeroemissionandzeropollution.Itisalsocommittedtocreatingagreenandhealthyaquaticindustrialchaintomeetconsumerdemandforsafefood,aswellasmakeseveryefforttoprovidethepublicwithhigh-qualityproductsinallindustriescloselyrelatedtohumanlifeandcontinuouslyimprovethequalityofhumanlife.Basedontheabovestrategicpositioning,thelong-termdevelopmentgoaloftheCompanyisaworld-classsafefoodsupplierandaworld-classcleanenergyoperator,andtheshortandmedium-termdevelopmentplanistobuildandconsolidatetheleadingpositionofglobalhigh-puritypolysilicon,solarcellsandaquaticfeed.

(II)Leadingcapabilitiesoftechnicalresearchanddevelopment

Regardingscienceandtechnologyastheprimaryproductiveforce,theCompanyattachesgreatimportancetotechnologyresearchanddevelopment.Foreachbusinessgroup,ithasbuiltaR&DteamledbyexpertsreceivingStateCouncilSpecialAllowanceandsupportedbyincreasedinvestments,i.e.,over11billionyuanoverthelatestthreeyears,withplentyofachievementsappliedinthemarket.ThishashelpedtheCompanycreatevalue.

TheCompany’stechnologycenterintheagricultureandanimalhusbandryhasaNationalEnterpriseTechnologyCenterapprovedbyfiveministriesandcommissionsincludingtheNationalDevelopmentandReformCommissionandtheMinistryofScienceandTechnology.Afteryearsofdevelopmentandoperation,theCenterhasestablishedacompleteorganizationalstructureandoperatingmechanismfortechnologicalresearchandinnovation,withspecializationinanimalnutritionandfeed,animalbreedingandcultivation,animalhealthcare,automatedfarmingfacilityproject,aquaticandlivestockproductprocessing,andotherresearchandtechnologyintegrationrelatedtobiotechnology.Bytransforminginnovativeresearchresultsintoactualproductivity,theCenterprovidesacriticalsupportfortheCompany'sdevelopment.Theaquaticproductresearchinstitute,specialaquaticproductresearchinstitute,livestockandpoultryresearchinstitute,animalhealthcareresearchinstitute,facilityfisheryengineeringresearchinstitute,microalgaeR&Ddepartment,aquaticengineeringcenterandtestingcenterundertheCenterprovideeffectiveguideoninnovationswithcleargoalsanddetailedtasksandensuretheinnovationresults.Asoftheendofthereportingperiod,theCompany’sagriculturalandanimalhusbandrybusinessgroupheldatotalof762validpatents,comprising138inventionsandthreeoverseaspatents.Ithastakenaroleintheformulationandrevisionof33standards,including16nationalandeightindustrystandards.Furthermore,ithasbeenrecognizedwiththeSecondPrizeoftheNationalScienceandTechnologyProgressAwardonfiveconsecutiveoccasions.

TheCompanyestablishedaPhotovoltaicTechnologyCenterbasedonitsresearchsysteminvariousphotovoltaicsectors.ThecenterincludesthebranchesofnationaltechnologycentersatsubsidiariessuchasTongweiSolar(Chengdu)Co.,Ltd.andYongxiangCo.,Ltd.Itissupportedbyaresearchteamprimarilyconsistingofindustryexperts.ThecentercoordinatesthejointR&Dandintegrationoftechnologiesinvariouspartsoftheindustrychain,havingmadetechnologicalachievementsthatrankthetoplevelintheindustry.Asoftheendofthereportingperiod,theCompanyheldatotalof2,675authorizedpatentsinitsphotovoltaicsegment.Inthedomainofhigh-puritycrystallinesilicon,theCompanyhasmadesignificantadvancementsovertheyears,establishingarobustportfolioofindependentintellectualpropertyrightsincriticaltechnicalareas.Theseincludecoldhydrogenation,large-scaleenergy-savingdistillation,high-efficiencyreduction,exhaustgasrecovery,trichlorosilanesynthesis,anddisproportionationprocesses.Notably,allsingleconsumptionmetricsarepositionedattheindustry’sleadinglevels,withtheshipmentproportionandmarketshareofN-typematerialssettingthebenchmarkinthesector.Intermsofsolarcells,theCompanyhasachievedanumberofproprietarybreakthroughsinkeyphotovoltaicarchitecturesincludingTNCandTHCcells.Ourindependentlydevelopedcelltechnologiesconsistentlydeliverindustry-leadingpowerconversionefficienciesacrossTNC,THCandTBCplatforms.Furthermore,thephotovoltaicmodulesectorwitnessedthesuccessfultechnicaldevelopmentandmassproductionlaunchoftheoriginal908module

interconnectiontechnologyplatform.Byintegratinginnovativeprocesses,advancedequipment,andcutting-edgematerials,theCompanyhasenhancedboththepoweroutputandreliabilityofitsmodules.ThecontinuousresearchanddevelopmenteffortscenteredonTNCandTHCproductshaveyieldedaresultthattheaveragepoweroutputsofTHCmodulessurpassing740Wduringthisreportingperiod.Duringthereportingperiod,theTongweiGlobalInnovationR&DCenterhasbeenfullyoperational,strategicallyaligningitsfocuswiththeTongwei’slong-termdevelopmentobjectives.Thecenterisdedicatedtoadvancinghigh-efficiencycrystallinesiliconcellsandproducinghighlyreliablemoduleproducts.Itsresearchinitiativesencompasspivotalfuturephotovoltaictechnologies,includingTNC,THC,andTBCcellsandmodules,perovskite/silicontandemsolarcells/modules,andinnovativecopperinterconnectmetallizationtechniques.SucheffortsprovidecriticaltechnicalsupportandimpetusfortheCompany’sindustrialadvancementoverthenextfiveyearsandbeyond.Additionally,theestablishmentoftheSichuanCrystallineSiliconPhotovoltaicIndustryInnovationCenter,incollaborationwithseveralleadingfirmsacrosstheindustrialchain,marksasignificantmove.Thisinitiativehasfosteredanindustrialinnovationecosystemaimedatthehigh-qualitydevelopmentofthecrystallinesiliconphotovoltaicsector.Aligningwithnationalstrategicobjectivesandbenchmarkingagainstglobaltechnologicaladvancements,thecenteradeptlyconstructsacollaborativeinnovationframeworkintegratinggovernment,industry,academia,researchinstitutions,capital,andpracticalapplications.Thisapproachacceleratesthetransitionofscientificresearchoutcomesfromprototypestomarket-readyproducts,addressingcriticalchallengessuchasthe“bottlenecks”incoretechnologiesandthelimitationswithintheindustrialecosystem.Byenhancinginstitutionalframeworkstokeeppacewithindustrialevolution,TongweiispoisedtoleadintheimplementationofR&Dbreakthroughs,facilitatingthehealthygrowthoftheentiresupplychain.Movingforward,Tongweiwillleveragetechnologicalresearchanddevelopmentasitsdrivingforce,navigatingthecomplexlandscapeofthephotovoltaicindustry.TheCompanyiscommittedtoinjectingdynamicmomentumintobothindustryadvancementandtheglobalenergytransition.(III)ScaleandcostadvantageTheCompanyisanationalkeyleadingenterpriseinagriculturalindustrialization,withpresenceacrossChinaandSoutheastAsia.Withanannualfeedcapacityofmorethan10milliontons,theCompanystandsasaleadingaquaticfeedproducerandanimportantlivestockfeedmanufacturerintheworld.Ithasintensiveadvantagesinrawmaterialpurchasing,productionorganizationandmarketexpansion.Inthephotovoltaicbusinessgroup,theCompanyhasestablishedanannualproductioncapacityofover900,000tonsforhigh-puritypolysilicon.Theinvestmentcostpertenthousandtonshasdecreasedtoaround500millionyuan,andconsumptionindicatorshaveshownconsistentreductions.Intermsofsolarcells,throughtheupgradingofexistingprojectsandtheintroductionofnewproductioncapacities,theproductioncapacityofN-typesolarcellshasreachedover150GW,whichwillbolsterthescaleeffect,withfurtheroptimizationofproducttechnologyanddimensionalstructure,therebyfortifyingthecompetitiveadvantageincosts.Intermsofsolarmodules,theCompanymaintainsaproductioncapacityofover90GW,withallqualityindicatorsconsistentlyleadingtheindustry.Thankstothedualdriversofcomprehensiveindustrialsupportandtechnologicalinnovation,ourproductioncostsremainattheforefront.(IV)QualityandbrandadvantagesSinceitsinception,theCompanyhasdevelopedaseriesofformulafeedsthatcanmeettheneedsofvariousaquaticanimalsthroughcontinuousR&Dandimprovement.Afteryearsoftestsinthemarket,thefeedqualityandmarketservicesoftheCompanyhavebeenhighlyrecognizedbyfarmers,whichhascreatedoneoftheiconicbrandsinthedomesticaquaticfeedindustry.Atthesametime,theCompanyhasmadegreateffortstobuildawell-knownfreshfishbrand—TongweiFish,andestablishedaquaticandlivestockfoodprocessingbasesinHainanandSichuanforprocessingfoodinstrictaccordancewiththerequirementsoftheHACCPqualitymanagementsystem.Asaresult,thefull-cyclequalitymonitoringfromsourcetodinnertablehasbeenrealized,whichhaseffectivelyenhancedthevalueandcompetitivenessoftheindustrialchain.TheCompanyhasimprovedthequalityofitspolysiliconproductsbydevelopingtechnologiesforself-controlofreductionprocesses,multiphaseflow,cascadedutilizationofreductionthermalenergy,andboron/phosphorus/carbonimpurityremoval.Itsproductqualityistop-notchintheindustry.Theconversionefficiency,yieldrate,chiprate,CTMvalue,andotherindicatorsofsolarcellsfromtheCompanyareleadingintheindustryandhavebeenwidelyrecognizedbycustomers,demonstratedbymultipleprofessionalcertificationsathomeandabroad.Intermsofthesolarmodules,Tongwei’smodulesconsistentlymaintainTier1statusinBloomberg'sNewEnergyFinanceGlobalPVModuleManufacturerslist.OurproductshaveobtainedcertificationsacrossEurope,SouthAmerica,theMiddleEast,andtheAsia-Pacificregion,totaling50system/productcertificatesfromauthoritieslikeTUVandCQC.HonoredwiththePlatinumAwardatthefirstTaihuAwardsforGreenExcellence,TongweiisrecognizedasaleaderinthephotovoltaicmodulefieldforitsLowCarbonContributionandOutstandingQuality.Withourproductsreachingover70countriesandregionsworldwide,includingmajordomesticstate-ownedpowergenerationgroups,ourbrandvaluecontinuestoshine.

(V)UniqueAquaculture-PhotovoltaicIntegrationmodelSupportedbytheuniqueadvantageofresourceintegrationattheendcustomers,theCompanyhascreatedaninnovativedevelopmentmodelwheresolarelectricityisgeneratedabovethewaterandfishfarmedunderthewater,whichallowsthegreencombinationofintelligentfisheryandcleanenergygeneration.Intermsoffishery,theCompanyguidestheintensive,intelligentandefficientdevelopmentofaquaculturethrougheffectivewatersurfacemodification,rationalapplicationoffisheryfacilities,andoptimizationandinnovationofaquaculturemodels.IntermsofPVpowergeneration,theCompanyadherestothecoststrategicplanning,andcontinuouslyreducestheinstalledcostofPVsystemsthroughdesignoptimizationandtechnologicalinnovation.TheAquaculture-PhotovoltaicIntegrationdevelopmentmodelcanpromotethecoordinateddevelopmentofprimary,secondaryandtertiarysectors,integrateandcreateamodernindustrialparkintegratingnewfishery,newenergy,andnewruralarea,advanceindustrialtransformationandupgrading,andprovideaneffectivewayfortheconstructionofnewruralareas,whichhashelpedform

auniquecompetitivemodelfortheCompany.(VI)CorporatecultureAneffectivecultureisanimportantsupportforthecohesionandcreativityoftheCompany,andanimportantpartofthecorecompetitivenessoftheCompany.TheCompanyhasapowerfulculturewhereStrivingforExcellenceContributingtoSocietyisthepurpose;ForBetterLifethevision,whichindicatesthevalueandgoalsoftheCompany;Honesty,Trust,FairnessandExcellencethemanagementphilosophy,thatis,beingsincereandcandid,winningtrustbycredibility,runningbusinesswithfairnessandlegitimacy,takingtheleadwithguaranteedexcellence;ThreeDeterminestheimportantmanagementprincipleoftheCompany,thatis,efficiencydeterminesprofit,detaildeterminessuccess,speeddetermineslifeanddeath;Workhard;Workwithintelligence;Workwiththespiritofseizingthedaythecodeofconductforemployees.Afteryearsofdevelopment,thespiritadvocatedbytheculture,closelyintegratedwithourbusinesstargetsanddailywork,guidesthebenchmarkingofallbusinessgroups,branchesandsubsidiaries,continuouslyanddeeplyadvancesthefine-tuningofmanagementandconstantlybooststhehigh-qualitydevelopmentofvariousbusinessactivities.V.OperationsinthereportingperiodReferto“operationdiscussionandanalysis”fordetails.(I)Analysisofmainbusinesses

1.Analysisofchangesinrelateditemsoftheincomestatementandcashflowstatement

Unit:YuanCurrency:CNY

Noteonthereasonsforoperatingrevenuechange:mainlyattributedtotheexpansionofthephotovoltaicsegment’soperationalscale,which,however,fellshortofcompensatingforthesignificantdeclineinproductprices.Noteonthereasonsforoperatingcostchange:mainlyattributedtoasubstantialdecreaseinpriceswithinthephotovoltaicindustrychain.Noteonthereasonsforchangeinsalesexpense:mainlyattributedtothebusinessexpansionofthesolarmodules.Noteonthereasonsforchangeinmanagementexpense:mainlyattributedtodecreaseinemployeepayrolls.Noteonthereasonsforchangeinfinancialexpense:mainlyattributedtoincreaseinthefinancingscale.NoteonthereasonsforchangeintheR&Dcost:mainlyattributedtotheCompany’sheightenedinvestmentinresearchanddevelopmentwithinthephotovoltaicsector.Noteonthereasonsforchangeinthenetcashflowgeneratedfromoperatingactivities:mainlyattributedtothereductionofnetprofit.Noteonthereasonsforchangeinnetcashflowgeneratedfrominvestingactivities:mainlyattributedtoreducedinvestmentsintoprojectswithinthePVsegment.Noteonthereasonsforchangeinnetcashflowgeneratedfromfinancingactivities:mainlyattributedtoexpandedfinancingandreducedprofitdistribution.Detailednoteonanysignificantchangeinthebusinesstype,profitstructureorprofitsourceoftheCompany

□Applicable√NotApplicable

2.Revenueandcostanalysis

√Applicable□NotApplicable

(1).Mainbusinessesbyindustry,product,regionandsalemodel

Unit:YuanCurrency:CNY

Noteonmainbusinessesbyindustry,product,regionandsalemodelNone

(2).Productionandsaleanalysis

√Applicable□NotApplicable

NoteonproductionandsalevolumesTheCompany’shigh-puritypolysiliconandsolarcellinventorieshaveperiodicallyrisenduetosignificantfluctuationsinsupplyanddemandwithintheindustry.

(3).Fulfillmentofmajorpurchasecontractsandsalescontracts

√Applicable□NotApplicableFulfillmentofmajorexistingsalescontractsasoftheendofthereportingperiod

√Applicable□NotApplicable

Unit:100millionyuanCurrency:CNY

Note:

①quantitiesareagreedintheabovemajorsalescontractswherepricesaredeterminedaccordingtothemarketprices;②aboveamountsincludetaxes.Fulfillmentofmajorexistingpurchasecontractsasoftheendofthereportingperiod

□Applicable√NotApplicable

(4).Costanalysis

Unit:Yuan

OthernotesoncostanalysisThecostvariationsacrossindustriesandproductsrepresentthecostoffsetsintheconsolidatedfinancialstatements.

(5).Changesinthescopeofconsolidationduetoshareholdingchangesofmainsubsidiariesinthereportingperiod

□Applicable√NotApplicable

(6).Significantchangesoradjustmentsinbusinesses,productsorservicesoftheCompanyinthereportingperiod

□Applicable√NotApplicable

(7).MajorcustomersandsuppliersA.Maincustomers

√Applicable□NotApplicableThesalesamountfromtopfivecustomerswas15,577,243.1thousandyuan,accountingfor16.93%ofthetotalsaleamount;thesalesamountfromrelatedparties(inthesalesamountfromtopfivecustomers)was0.00,accountingfor0.00%ofthetotalsaleamount.Thesaleamountfromasinglecustomerwasover50%ofthetotalsaleamountand/orthetopfivecustomersincludenewcustomersortheCompanywasheavilydependentonasmallnumberofcustomers.

□Applicable√NotApplicableB.Majorsuppliers

√Applicable□NotApplicableThepurchaseamounttotopfivesupplierswas17,074,452.7thousandyuan,accountingfor17.92%ofthetotalpurchaseamount;thepurchaseamounttorelatedparties(inthepurchaseamounttotopfivesuppliers)was0.00,accountingfor0.00%ofthetotalpurchaseamount.Thepurchaseamounttoasinglesupplierwasover50%ofthetotalpurchaseamountand/orthetopfivesuppliersincludenewsuppliersortheCompanywasheavilydependentonasmallnumberofsuppliers.

□Applicable√NotApplicableOthernotes:

Theabove-mentionedsalesamounttocustomersexcludetax,whereaspurchaseamountfromsuppliersincludetax.

3.Expenses

□Applicable√NotApplicable

4.R&Dcost

(1).R&Dcost

√Applicable□NotApplicable

Unit:Yuan

Note:TheR&DcostmentionedaboveincludesR&DexpenseandthecostformedbyR&Dactivitiescorrespondingtotheproducts.Specifically,R&DcosttooperatingrevenueintermsofPVbusinessis4.13%.

(2).R&Dpersonnel

√Applicable□NotApplicable

(3).Note

√Applicable□NotApplicableTheCompanyhasestablishedadistinguishedtechnologyresearchteam,comprisingexpertswhoreceivespecialallowancesfromtheStateCouncilalongsideotherprominentfigures.Thisteamisdedicatedtospearheadingtechnologicalinnovationandextensiveresearchanddevelopment,withacommitmenttocontinuallyaugmentinginvestmentintheseareas.Overtheyears,theCompanyhasamassednumeroussignificantscientificachievements,effectivelybolsteringitscorecompetitiveadvantages.Bythecloseofthereportingperiod,theworkforceincluded5,277R&Dpersonnel,representing9.47%ofthetotal55,724employees.

(4).ReasonsformaterialchangesinR&DstaffstructureandtheimpactontheCompany’sfuturedevelopment

√Applicable□NotApplicableAstheendofthereportingperiod,theCompanyhad5,227R&Demployees,markinganincreaseof1,120individualscomparedtothepreviousyear's4,157.AstechnicaltalentintroductionandcultivationisimportantfortheCompanytokeepcorecompetitiveness,andinlinewithitsdevelopmentrequirements,in2024,theCompanyfurtherintensifiedtherecruitmentofoutstandingR&Dtalentsinthephotovoltaicindustry,bothdomesticallyandinternationally,withasignificantincreaseinthenumberofR&Dpersonnelfocusedoncellsandmodules.TheincreaseinR&DpersonnelhelpswiththeadvancementofR&Dprojects,hasboosteditsR&Dcapabilityandlevelforimprovingitssustainabilityonalong-termbasis.

5.Cashflow

√Applicable□NotApplicableRefertotheanalysisofchangesinrelateditemsoftheincomestatementandcashflowstatementinthisSection.(II)Noteonmaterialchangeinprofitcausedbynon-mainoperatingactivities

□Applicable√NotApplicable

(III)Analysisofassetsandliabilities

√Applicable□NotApplicable

1.Assetsandliabilities

Unit:Yuan

Othernotes:

2.Overseasassets

√Applicable□NotApplicable

(1)AssetsInwhich:Theoverseasassetswere3,787,912,096.73yuan,accountingfor1.93%ofthetotalassets.

(2)Noteonthehighratioofoverseasassets

□Applicable√NotApplicable

3.Mainrestrictedassetsattheendofthereportingperiod

√Applicable□NotApplicable

Unit:YuanCurrency:CNY

4.Othernotes

□Applicable√NotApplicable(IV)Industrialoperationanalysis

√Applicable□NotApplicableTheCompanyisinvolvedinPV,agriculture,forestry,livestockhusbandryandfishery.

AnalysisofoperationalinformationinthePVindustry

1.PVequipmentmanufacturing

□Applicable√NotApplicable

2.KeytechnicalindicatorsofPVproducts

√Applicable□NotApplicable

3.PVpowerplants

√Applicable□NotApplicable

Unit:10,000yuanCurrency:CNY

√Applicable□NotApplicable

Unit:10,000yuanCurrency:CNY

□Applicable√NotApplicable

4.PVproducts

(1).PVcapacityinuseandinconstruction

√Applicable□NotApplicable

Unit:10,000yuanCurrency:CNY

Note:(1)Thetotalinvestmentamountfortheproductionlinesinconstructionreflectsthecumulativeinvestmentallocatedtotheseprojects;

(2)Thecapacityutilizationrateforeachsegmentisderivedfromtheactualproductioncapacity;

(3)Boththe25GWmonocrystallinesiliconcellprojectandthe25GWsiliconsolarmoduleproject,listedintheabove-mentionedtable,havebeencompleted.Theseprojectssatisfiedthecriteriaforclassificationasfixedassetsinthefirstquarterof2025,andthetransferhasbeenfinalized.

(2).MajorfinancialindicatorsofPVproducts

√Applicable□NotApplicable

Unit:10,000yuanCurrency:CNY

PVproductssoldoverseasshouldbelistedbycountryorregion

√Applicable□NotApplicable

Unit:10,000yuanCurrency:CNY

Unit:10,000yuanCurrency:CNY

(3).PVpowerplantprojectscommissionedordeveloped

□Applicable√NotApplicable

5.Othernotes

□Applicable√NotApplicable

(V)InvestmentanalysisOverallanalysisofoutwardequityinvestments

□Applicable√NotApplicable

1.Significantequityinvestments

□Applicable√NotApplicable

2.Significantnon-equityinvestments

√Applicable□NotApplicable

Unit:10,000yuanCurrency:CNY

Note1:Duringthereportingperiod,theprojectwasinthecommissioningandramp-upphase;however,adeclineinproductpricesresultedinfinanciallosses.Note2:OnAugust22,2023,theCompanyannounceditsplansforsignificantinvestmentsintwo16GWRodPullingandCuttingandSolarCellProjectslocatedinWutongqiaoDistrictandEmeishanCity,bothinLeshanCity.Theobjectiveistocompleteconstructionandbeginproductionbytheendof2024,withtheaspirationtoachievefullproductioncapacitybytheendof2025.Nevertheless,giventhecurrentsupply-demandimbalanceinthephotovoltaicindustry,coupledwithasubstantialdropinpricesacrosstheindustrialchain,theCompanyhasprudentlydecidedtopostponethelaunchoftheseprojects.

3.FVTPLfinancialassets

□Applicable√NotApplicableSecuritiesinvestments

□Applicable√NotApplicableNotesonsecuritiesinvestments

□Applicable√NotApplicablePEinvestments

□Applicable√NotApplicableDerivativesinvestments

√Applicable□NotApplicable

(1).Derivativeinvestmentsheldforhedginginthereportingperiod

√Applicable□NotApplicable

Unit:10,000yuanCurrency:CNY

Note:TheCompany’snetassetsattheendofthereportingperiodspecificallydenotetheequityattributedtotheparentcompany’sowners.

(2).Derivativeinvestmentsheldforspeculationinthereportingperiod

□Applicable√NotApplicableOthernotes:

None

4.Progressofsignificantassetrestructuringandintegrationinthereportingperiod

□Applicable√NotApplicable(VI)Significantassetandequitysales

□Applicable√NotApplicable(VII)AnalysisofcompanieswheretheCompanyholdsshares

√Applicable□NotApplicable

Unit:100millionyuanCurrency:CNY

(VIII)StructureentitiescontrolledbytheCompany

□Applicable√NotApplicableVI.DiscussionandanalysisontheCompany'sfuturedevelopment(I)Industrypatternandtrends

√Applicable□NotApplicable

1.FeedindustryHavingevolvedoverfourdecadessincethereformandopening-up,China’sfeedindustryhastransitionedfromaphaseofrapidgrowthcharacterizedbyafocusonquantitytoahigh-qualitydevelopmentstageemphasizingexcellence.Theindustry’sgrowthratehasgraduallymoderated,compellingenterprisestoenhancetheircompetitivecapabilitiesacrossmultipledimensions,includingprocurement,productresearchanddevelopment,productionoperations,andbrandmarketing.Leadingcompanies,leveragingrobustoperationalcapabilitiesandscale-relatedcostadvantages,arerapidlyadvancingintegratedoperationalmodelsthatintertwinefeedandbreeding,therebycapturingalargermarketshare.Incontrast,smallandmedium-sizedenterprisesarestrategicallyhoninginonspecificmarketneeds,refiningtheiroperationstofosterdifferentiationandspecialization.Furthermore,inlightofasaturateddomesticmarketcoupledwithheightenedcompetition,internationalexpansionhasemergedasacriticalfocusformanyorganizations.Thus,feedindustrywillwitnessthefollowingpatternsandtrendsinthecomingyears.

(1)Intelligence,innovation,modernization,andsustainabilitywilldefinefutureindustrytrends.Asthefeedindustrymatures,competitionamongenterpriseshasshiftedfrommerelyincreasingproductiontoemphasizingcomprehensivecompetitivecapabilities.Thesecapabilitiesincludeprocurementpower,productresearchanddevelopment,productionoperations,andbrandmarketing—eachofwhichdirectlyimpactsthebreedingoutcomesoffinalproducts.Traditionallyinefficientandextensiveoperationalmodesareundergoingatransformationtowardintelligence,intensiveness,andmodernization.TheintegrationofadvancedtechnologiessuchastheInternetofThings,bigdataanalytics,andartificialintelligencewillconsiderablyenhancetheefficiencyandprecisionoffeedproduction.Theseinnovationswillnotonlyreduceproductioncostsbutalsoensurehigherproductquality.Additionally,anintensiveproductionmodelwillfacilitateoptimalresourceallocation,significantlyimprovingoperationalefficiency.Modernmanagementprincipleswillempowerfeedenterprisestocreatemorerobustsystemsforproduction,operations,andqualitymanagement,therebyenhancingoverallcompetitiveness.Concurrently,thefeedformulationstructureisrapidlyevolving.Theintegrationofnovelrawmaterials—suchasplantandinsectproteins—alongwiththeemergenceofcircularagriculturemodelswillpropeltheindustrytowardmoreresource-efficientandenvironmentallysustainablepractices.Insummary,thefutureofthefeedindustrywillbecharacterizedbyintelligence,intensiveness,modernization,andsustainability,positioningitforelevatedlevelsofdevelopmentandcompetitiveness.

(2)Leadingenterpriseswillexperienceexpansion,whilesmallandmedium-sizedbusinessesevolvedistinctly,resultinginincreasedindustryconcentration.Thefeedindustryhasundergonesignificantmaturationoverthepastfewdecades,resultinginawell-definedindustrialsystemcharacterizedbyincreasedconcentrationtowardleadingenterprises.Asthescaleandconsolidationofthedownstreamaquaculturesectorcontinuetoevolve,traditionalmarketingandchanneladvantagesoffeedcompaniesarediminishing.Inthiscontext,productquality,breedingoutcomes,andtechnicalservicecapabilitiesareemergingastheprimaryindicatorsofcompetitiveness.Leadingfeedenterprises,backedbytheirrobustprocurementpower,advancedresearchanddevelopmentcapabilities,andstandardizedproductionprocesses,arepoisedtocapturelargermarketshares.Theircomprehensiveadvantagesinmanagement,capital,andhumanresourceswillfurtherenhancemarketconcentrationwithintheindustry.Conversely,smallandmedium-sizedenterprisesmaystrategicallyconcentrateonnichemarketdemands,developinguniqueproductsthatfosterdifferentiatedcompetitiveadvantages.

(3)Thefeedandbreedingsectorswillundergoverticalintegration,resultinginacontinuousaccelerationoftheindustrialchain’sconsolidation.Asmarketcompetitionintensifies,leadingfeedandbreedingenterprisesarestrategicallyexpandingtheiroperationsacrossbothupstreamanddownstreamsegmentsoftheirindustrialchains,orestablishingclosersupplychaincollaborationswithotherrelevantenterprises,therebyacceleratingthedevelopmentofacollaborativeoperationalmodelthatintegratesfeedproductionandbreedingpractices.Suchintegrationisnotonlyreshapingthefeedsaleslandscapebutalsofacilitatingthecontinuousevolutionoftheindustrialchain.Intheswinesector,prominentbreedingenterpriseshavelargelyestablishedtheirownfeedsupplysystems.Similarly,intheaquacultureindustry,leadingfeedcompaniesarediligentlyexploringinnovativebreedingsystems,includingindustrializedshrimpandeelfarming.Lookingahead,theintegrateddevelopmentofthefeedandbreedingindustries,alongwithassociatedsectorssuchasseedlingandanimalhealth,ispoisedtobecomeaninevitableandtransformativetrend.

(4)Theglobalmarketlandscapewillbefurtherexpanded,positioninginternationalmarketsasvitalgrowthdrivers.

Inthecontextofintensifyingdomesticcompetition,regionssuchasSoutheastAsiaandAfricademonstraterelativelynascentfeedindustriesandlowerlivestockfarmingtechnologies,therebypresentingsignificantmarketopportunitiesforhigh-qualityfeedproducts.Chinesefeedenterprises,equippedwithadvancedtechnologies,superiorproductofferings,andexceptionalsupplychainintegrationandmanagementcapabilities,arestrategicallypositionedtoswiftlypenetratetheseoverseasmarkets,establishingnewavenuesforgrowth.Moreover,asthetrendtowardcollaborativeindustryglobalizationacceleratesalongsidethedeepeningcooperationrelatedtotheBeltandRoadInitiative,China’sfeedindustryispoisedtocapitalizeonexpansivedevelopmentprospectsintheinternationalarena.

2.PVindustry

Photovoltaicpowerservesasacornerstoneoftheglobalcleanenergytransition,showcasingdistinctadvantagesincost-effectiveness,energysecurity,andenvironmentalsustainability.Thispositionsthesectorforsubstantialgrowthalignedwithworldwidecarbonneutralityobjectives.Despitefacingcyclicalchallenges,suchassupply-demandimbalancesandescalatingcompetition,China’sPVindustryiswell-equippedtonavigatetheseobstacles.Sustainedpolicysupportandongoingtechnologicalinnovationwilldriveorderlyconsolidationandresourceoptimizationwithintheindustry.Theintegrationofsolargenerationwithenergystoragesystemsandcomprehensivedevelopmentstrategiesheraldsanewphaseofhigh-qualitygrowth,withChinesePVattheforefrontofglobalenergytransformation.Webelievethattheindustrywillfacethefollowinglandscapeandtrends:

(1)Thecurrentcyclicalsupply-demandimbalancedoesnotalterthesector’slong-termgrowthpotential,withanewphaseofhigh-qualitydevelopmentexpectedpost-industryconsolidation.

In2024,thephotovoltaicindustrynavigatedsignificantcyclicalsupply-demandimbalances,resultingingenerallylow-capacityutilizationratesandpersistentpricedeclinesacrossthesupplychain.Consequently,somePVenterprisesfaceheightenedrisksoflossesorpotentialbankruptcy.However,thischallenginglandscapedrivesanecessaryconsolidationprocesswithintheindustry.Firmscharacterizedbyweakfinancialresilience,outdatedtechnologies,highenergyconsumption,ornon-compliancewithenvironmentalstandardswillinevitablyexitthemarket.Incontrast,industryleaders—armedwithmarketadvantages,robustsupplychainmanagement,strongcashflows,andadvancedtechnologicalcapabilities—arepoisedtocapturealargermarketshare.Throughstrategicmergers,acquisitions,andresourceintegration,thesectorwilladopta"survivalofthefittest"approach,cultivatingahealthier,moreorderlymarketstructurethatisessentialforfosteringanewphaseofhigh-qualitydevelopment.

(2)Technologicalinnovationwillremainthefundamentaldriverforleapfrogdevelopmentthroughouttheindustry’sevolution.

Asarenewableenergysectorcontinuouslypursuinglowerlevelizedcostsofelectricity,achievingcostreductionandefficiencyimprovementthroughtechnologicalinnovationremainstheperpetualobjectiveofthephotovoltaicindustry.Currently,TOPConcelltechnologyhasbeenprogressivelyreplacingP-typecellsowingtoitssuperiorcost-performanceratioandmorematureindustrialchainsupport.Meanwhile,alternativetechnologiessuchasHJTandxBCcontinuetogainmarketsharethroughtheirdifferentiatedcompetitiveadvantages.Cutting-edgetechnologieslikeperovskiteandperovskite/crystallinesilicontandemcellsareconsistentlybreakingefficiencyrecords.AsthePVindustrytransitionsfromcost-driventoinnovation-drivendevelopment,technologicalinnovationwillpersistasthefundamentaldriverenablingenterprisestoachieveleapfroggrowththroughouttheindustry'sevolution.

(3)Thenew-typepowersystemandgrid-parityapplicationsintegratingsolarwithstoragemaycatalyzeanotherrapidgrowthcycleforthePVsector.

Inrecentyears,thedeclineinphotovoltaicpowergenerationcostshasfacilitatedtheachievementofgridparityinmostglobalmarkets.Nevertheless,theinherentintermittencyandvariabilityofsolarenergyposesignificantchallengestogridstability,underscoringtheurgentneedforintegratingsolarpowerwithenergystorageanddevelopinginnovativepowersystems.Majoreconomiesareactivelyestablishingandrefiningthesemechanisms.InChina,pilotprojectsaresuccessfullytransformingPVpowerstationsfrompassivegridadaptorstoactivesystembuilders,exemplifyingtheacceleratedadoptionofintegratedgeneration-grid-load-storagesolutions,virtualpowerplants,andmulti-energycomplementarymodels.TheU.S.InflationReductionAct(IRA)hasstimulatedstoragepairingratiosofupto1.5:1,whileEurope’sPowerPurchaseAgreement(PPA)marketisintroducingsolar+-storagelevelizedcostmechanisms.Moreover,ongoingadvancementsinsolar-storagetechnologiesaredrivingdownoverallcosts,withinnovationssuchasartificialintelligenceenhancinggridintelligence.Asnew-typepowersystemsadvance,theintegrationofsolarandstoragesolutionswilllikelyaccelerate,stimulatingdemandforend-userinstallationsandusheringinanewphaseofrapidexpansionwithintheglobalPVmarket.

(4)China’sPVindustrywillmaintainitsgloballeadershipinadvancingthecleanenergytransition.

China’sphotovoltaicindustrymaintainsanunparalleledgloballeadershipposition.Intermsofmarketshare,itaccountsforover

80%oftheworldwidemarket.Regardingproductioncapacity,Chinarepresentsmorethan95%ofglobalhigh-puritypolysiliconandwaferoutput,over90%ofsolarcellproduction,andexceeds85%ofmodulemanufacturing.ChinesePVenterprisesleadgloballyinautomationandintelligentmanufacturingcapabilities,productqualitystandards,andpossesstheworld’smostcompetitivemanufacturingcosts.Thenationhasrankedfirstgloballyinannualnewinstallationsfor12consecutiveyearsandmaintainedthetoppositionincumulativeinstalledcapacityforadecade.Againstthebackdropofglobalcleanenergytransition,China’sPVindustrywillcontinueitspioneeringrolethroughproductexports,technologytransfers,andcapitalcooperation-facilitatingenergytransitionandgreendevelopmentobjectivesacrossmorecountriesandregionsworldwide.Thisleadershipwillfurtheroptimizeandupgradetheglobalenergystructurewhilemakingincreasinglysubstantialcontributionstoachievinginternationalcarbonpeakingandneutralitygoals.(II)DevelopmentstrategyoftheCompany

√Applicable□NotApplicable

TheCompany'sdevelopmentstrategyistobuildaworld-classsafefoodsupplierandcleanenergyoperator.Utilizingthecomprehensivestrengthandlarge-scaleadvantagesaccumulatedforalongtimeinscientificresearch,branding,comprehensiveoperations,andotherareas,itadaptstoindustrydevelopmenttrends,adherestothespecialization,large-scale,andindustrializationprocessofthePVbusinessgroupandagricultureandanimalhusbandrybusinessgroup,andoptimizesandimprovestheirrespectiveindustrialchain,strivestopromotetheCompany'ssustainableandstabledevelopmentbybothendogenousandextensionalinvestmentmethods,promotesthecontinuousandstabledevelopmentandrealizestheCompany'svisionof"ForBetterLife".

1.Agricultureandanimalhusbandrybusinessgroup:aworld-classsafefoodsupplier

Feedindustry:AdheringtoQualityPolicyandwithafocusonthespecializationandscale-upofthefeedbusiness,theCompanytriestogrowsteadilybysettingupfacilitiesandM&Aactivitiesathomeandabroad.Whilefocusingontheaquaticfeedbusiness,theCompanymakesthemostoftheseason-basedcycleofthebusinessbyadvancingthecollaborativemodewithlargefarmingcompaniesinlivestockandpoultryfeed,awaytoincreaseitsfeedbusinesssizeandmarketshare.

Aquaculture:Basedontheresources(aquacultureresources,channelresources)gainedoverthepastyears,andmakinguseofitsuniqueAquaculture-PhotovoltaicIntegrationmodelforefficiencyimprovement,theCompanyputsgreateffortsintothenewapproachcombiningtheCompanywithfarmers,andfurtherexploresanddevelopsfacility-basedstandardfisherywherefactory-basedfarmingtargetingpremiumaquaticproductsrepresentedbyshrimpsandspecialaquaticfoods,elevatestheautomation,intelligenceandenvironmentalstandardsforaquaculture,advancesthetransformationfromtraditionaltomodernfishery,andbuildstate-of-the-artproductionbasesofsafeaquaticproductswhichcanbefullytracked.

Processingandtradeactivities:TheCompanyacceleratesthedeepprocessingandtradeofaquaticproductsandbuildauniformindustrychainfromfarmerstoconsumersaroundthegrowthmodelof“three-fish,one-prawn,onebrand,one-platformandone-market”.TongweiFish,theCompany'sgreenandsafefoodbenchmark,hasbeenhighlyrecognizedintheregionalmarket,andthesuccessfulmodelwillbereplicatedinthefuture.Atthesametime,itisactivelyapplyingbigdatatothesaleofaquaticproductsbycombininganonlinee-commerceplatform(QuanNongHui)withanofflineaquaticwholesalemarket(SanLianShuiChanPin)tocreateacirculationsystem.BygivingfullplaytoTongweiFish,theCompanyfocusesontheoperationofkeyproductsliketilapia,mullet,channelcatfishandYantianshrimp,strivingtocovertheentireindustrychainincludingfarming,production,processingandtrade.

2.PVbusinessgroup:createaworld-classcleanenergyoperator

AsoneoftheleadingmanufacturersinthePVindustry,theCompanywillcontinuetoenhanceitsadvantagealongtheindustrychainandstrengthenitsleadingpositionsinallparts,andacceleratetheAquaculture-PhotovoltaicIntegrationmodeltobeaworld-classcleanenergyoperator.RegardingPVmanufacturing,bygivingfullplaytoitscapabilitiesoftechnologydevelopmentandcostcontrol,theCompanyissolidifyingitsleadingpositioninthisarea.Bycontinuouslyconsolidatingandenhancingitsscale,technology,andcostadvantagesthatareleadinginthehigh-puritypolysiliconsegment,theCompanystrivestoincreaseitsmarketshare,andsecureagloballyleadingpositioninthesegment.Bycontinuouslystrengtheningtheresearchanddevelopment,scale,andmanagementadvantagesinthesolarcellsegment,theCompanytriestoconsolidateitscorecompetitivenessandmarketshare,andsecureagloballyleadingpositioninthesegment.Byfurtherincreasingthemarketshareinthemodulesegment,andimprovingchannelandbrandadvantagesinmultipledomesticandinternationalmarkets,theCompanyworkstomaintainitsleadershipintheglobalmodulemarket.Inthephotovoltaicpowergenerationsegment,theCompanyfirmlyadvancestheAquaculture-PhotovoltaicIntegrationmodelthroughorganiccombinationofitsresourcesinagricultureandPV,inordertocreateanAquaculture-PhotovoltaicCoexistenceeconomywherefeed,aquaticproductsandgreenenergyareintegrated,therebybuildingadifferentiatedcompetitivenessfortheCompany.(III)Businessplan

√Applicable□NotApplicable

In2025,withfirmadherencetothebusinessguidelinesoffocus,executionandefficiency,theCompanycontinuessecuringitsadvantagesinaquaticfeed,high-puritypolysiliconandsolarcellwhilefullyleveragingthesynergyeffectofPVbusinessgrouptofurtherincreasethebrandimpactandmarketshareforthemodulesbusiness.TheseareintendedforincreasingtheCompany'svalueandreturnstoshareholders.(IV)Possiblerisks

√Applicable□NotApplicable

1.Feedindustry

(1)VolatilityofpricesofmainrawmaterialsTheprimaryexpenseinfeedproductionisattributedtothecostofrawmaterials.Inrecentyears,factorssuchasinternationalgeopoliticalconflicts,extremeweatherevents,andshiftsintradepolicieshaveledtosignificantfluctuationsinthepricesofessentialbulkagriculturalproducts.Consequently,feedcompaniesmustdevelophighlyspecializedprocurementsystemsandrobustcostcontrolcapabilitiestonavigatethesechallengeseffectively.

Riskresponsemeasures:TheCompanyhasaprofessionalprocurementteam,whichcloselytrackschangesinrawmaterialprices,makescarefuljudgmentsonprocurementtiming,adherestotheprinciplesoflong-term,medium-term,andshort-termprocurement,reasonablycontrolsrawmaterialinventory,andeffectivelyavoidslargefluctuationsinproductioncosts.TheCompanyisalsoactivelybuildingdata-drivensystemssuchasself-serviceanalysisplatformsformarketconditionsandprocurementexecution,amanagementcockpit4.0,anddirectsupplierdataconnectiontoassisttheprocurementteaminmakingefficientandaccuratedecisions.Theprocurementteamworkstogetherwithtechnologyandqualitycontrolteamstoactivelydevelopalternativerawmaterialswithgoodquality,cost-effectiveness,andstablesupplychannels.TheCompanywilladheretoitsstrategyofsecuringrawmaterialstoensurestableandconsistentqualityofrawmaterialsupply.Additionally,itwillincreasetherecruitmentandtrainingofoutstandingtalentstoenhancethecapabilitiesoftheprocurementteam.

(2)Marketdemandvolatility

Feedmarketdemandsaredirectlyrelatedtobreedingindustry’sscaleindownstreamwhichmaybenegativelyimpactedbynaturaldisasters,extremeweatherevents,thespreadofdiseases,andpolicychanges,therebyleadingtofluctuationsinfeeddemandinsomeregionsorperiods.

Riskresponsemeasures:TheCompanywillstrengthenthetrackingandmonitoringofnaturaldisasters,climatechange,andanimaldiseases,activelyguidefarmerstotakeriskpreventionandcontrolmeasures,andprovidetimelyassistancetorestorenormalproductionforthebestinterestof“farmers”.Itwillalsoenhanceanimalimmunitythroughdevelopingimmune-boostingproducts,promotestandardizedfarmingpractices,assistinbuildingahigh-standardepidemicpreventionsystem,andenhancefarmingbenefitstoincreasecustomerloyalty.Withawiderangeofproductcategoriesandsubsidiariesproperlydistributedinmajorfarmingregions,theCompanycaneffectivelyrespondtoriskscausedbyphasedorregionalmarketdemandvolatility.TheCompanyalsohasspecializedstrategicdevelopmentteamsandtechnicalteams,whichcontinuouslymonitorindustrypolicies,technologicaltrends,andothermarketchanges.ThisenablestimelyadjustmentoftheCompany'sresponsestrategies,furtherenhancingriskmanagementcapabilities.

(3)Exchangeraterisk

ThegrowingdemandforinternationalrawmaterialtradeandtheexpansionofoverseasfeedoperationshavesignificantlyintensifiedtheeffectsofRMBexchangeratefluctuationsontheCompany'soperatingperformance.

Riskresponsemeasures:TheCompanycloselymonitorstheeconomicandpoliticalsituationsandpoliciesofmajorcurrencycountriestoassessandchoosemorefavorablesettlementcurrenciesandmethods.Itactivelyrecruitsandtrainsspecializedpersonneltostrengthenresearchandforecastingcapabilitiesintheforeignexchangemarket,enhanceimportandexportmanagement,andeffectivelymitigateexchangeraterisksbyflexiblyutilizingforwardforeignexchangecontracts,swaps,options,andotherhedginginstruments.

(4)Policyrisk

AfterpoliciesincludingEnvironmentalProtectionLawofthePeople'sRepublicofChina,AnimalHusbandryLawofthePeople'sRepublicofChina,RegulationsonPollutionPreventionandControlinScaledLivestockHusbandry,ActionPlanforPreventionandControlofWaterPollution,andGuidingOpinionsonPromotingtheOptimizationofPigBreedingintheSouthernWaterNetworkRegionhavebeenimplemented,regionsacrossthecountryhavesetprohibitionandrestrictionareasandboostedthesupervisionandpunishmentonenvironmentalviolationsinthelivestockhusbandrysector,whichhasremarkablyraisedtheaccessthresholdandfreerangefarmersthatdonotmeettheenvironmentalprotectionprovisionshavebeenexitingtheindustry.Inaddition,Chinahaslaunchedcomprehensiveactionstoreducetheuseofantibioticsbyreplacingantibioticsoreliminatingantibioticsinthelivestockindustry.This,combinedwithstrongincentivesforthedevelopmentoflarge-scalefarmsinvariousregions,isacceleratingthelivestockindustrytotransformtowardsantibiotic-free,green,scalable,andintelligentoperations.Thisposeshigherrequirementsfortheresearch,production,andmanagementoffeedcompanies.Failuretotimelyadapttopolicyrequirementsmayresultinoperationalrisksforthesecompanies.

Riskresponsemeasures:Guidedbythe“QualityPolicy”,theCompanyreliesonrobusttechnologicalcapability,materialprocurementsystems,andscalableandspecializedproductioncapabilitytoprovidecustomerswithcost-effectivefeedproducts,achieverapiddevelopmentoflarge-scalefarms,andcontinuouslyoptimizethecustomerstructure.Itassistsfinanciallycapablefree-rangefarmersinestablishingscaledfarmsthatmeetenvironmentalprotectionstandardsanddiseasepreventionandcontrolrequirements,promotingtheirsmoothtransition.TheCompanyproducesantibiotic-freefeedandimprovesproductformulations,productionprocesses,andfarmingmodelstoenhancecustomerfarmingbenefitswhileeffectivelymeetingtheneedsforgreenerlivestockproduction,leadingtorapidgrowthinsales.

(5)Otherrisksfromforcemajeure

Inrecentyears,therehavebeenfrequentoccurrencesofunexpectedpublichealthevents,naturaldisasters,andgeopoliticalconflicts.Similarforcemajeureeventsmaycontinuetohappeninthefuture,posingriskstofeedcompanies’operations.

Riskresponsemeasures:TheCompanywillstrengthentheanalysisandpredictionofforcemajeurerisksandtakenecessary

measurestorespondtoadverseimpactsonprocurement,production,sales,andotheroperationscausedbysuchevents.

2.PVindustry

(1)RiskofintensifiedmarketcompetitionThephotovoltaicsupplychaincurrentlyfacessignificantsupply-demandimbalancesacrossallproductionsegments,leadingtoirrationalpricedeclinesthathavedippedbelowindustryaveragecosts.Thissituationhasheightenedmarketcompetitionandrenderedtheeliminationofobsoleteproductioncapacityunavoidable.

Riskresponsemeasures:TheCompanywillpersistinoptimizingprocessesandleanmanagementwhilestrengtheningtheefficiencyofintegratedoperationsalongtheindustrialchaintomaintaincostleadership.Concurrently,inresponsetochangingmarketapplicationscenarios,therewillbesustainedincreasesinR&Dinvestmentstoensuretechnologicalleadershipacrossallsegments.TheCompanymaintainsstrictcontrolovercapitalexpenditurepacingwhileensuringconsistentlysufficientcashflowreserves.

(2)Policyrisk

Toimplementclimategovernance,promoteenergytransformation,improvetheenvironment,andpromoteeconomicdevelopment,countriesarevigorouslysupportingthemarketdevelopmentofthephotovoltaicapplications.Majoreconomiesintheworldarerollingoutpolicymeasurestosupportthedevelopmentoflocalphotovoltaiccompanies,potentiallyintensifyingglobalcompetitioninthephotovoltaicindustry.InChina,policiesrelatedtolandusedforphotovoltaicpowerplantprojectsandmarket-basedelectricitytradingmayposechallengesinensuringlandavailabilityandlowertheprofitabilityofphotovoltaicpowerplants.

Riskresponsemeasures:TheCompanywillcloselymonitorchangesinrelevantpolicies,boostcostreductionofproducts,enhanceproductcompetitiveness,andsecureitscompetitiveposition.Itwillalsokeepdrivingthehealthyandorderlydevelopmentoftheindustry,activelyexploregreencertificationandgreenelectricitytransactionstosafeguarditsprofitability.

(3)Technologyupdaterisk

Newcelltechnologiesareevolvingwithconversionefficiencyonceagainreachingahistoricrecord.In2024,TOPConcellshaditspositionasthemarketleader,withongoingbreakthroughsinnext-generationcrystallinesiliconcelltechnologiessuchasHJTandxBC.Concurrently,non-crystallinesilicontechnologieslikethin-filmandperovskitewerealsoadvancing.WithcompaniesactivelydrivingR&Defforts,theCompany’sabilitytosustaincompetitivenessmaybecompromisedifitfailstokeeppacewiththeseevolvingtechnologiesandindustryshifts.

Riskresponsemeasures:RelyingonitsglobalinnovationR&Dcenter,theCompanypursuesconcurrentR&Dacrossmultipletechnologicalroutes,includingTOPCon,HJT,xBC,perovskite,andstackedcells.Thisapproachhasyieldednumerouspatentsacrossvarioustechnicaldomains,placingtheCompanyattheforefrontintermsofconversionefficiencyandcost-effectiveness.Guidedbyfirstprinciplesthinking,theCompanydynamicallyevaluatesemergingtechnologytrendsacrossdimensionssuchaseconomicviability,reliability,andmarketdemand.

(4)Internationaltraderisk

Theglobaltrendtowardsglobalizationisdecelerating,accompaniedbyaresurgenceintradeprotectionism.CertaincountriesareimposingimportbarriersonChinesephotovoltaicproducts,alongwithestablishingtraceabilityandcarbonfootprintthresholds.Thepossibilityofsucheventsinthefuturecannotberuledout,potentiallyexertinganinfluenceonChina'sphotovoltaicindustry.

Riskresponsemeasures:TheCompanywillcontinuetomonitorinternationaltradesituationanddevelopstrategiestoaddresstradebarriers,acceleratethefeasibilityofoverseasexpansion,andbroadencustomerchannelsforsolarmodulesoverseas,whilestrengtheningitscorecompetitivenessinproductscale,technology,andcost.Thishelpscreatehighervalueandprovidemoreefficientservicesforglobalcustomers,aswellasenhanceitsmarketshare.

(5)Otherrisksfromforcemajeure

Inrecentyears,therehavebeenfrequentoccurrencesofunexpectedpublichealthevents,naturaldisasters,andgeopoliticalconflicts,whichhaveresultedindisruptionsinlogisticsandtransportation,prolongedinstallationandconstructioncycles,andmismatchesinsupplyanddemandwithintheindustrychain.Similarforcemajeureeventsmaycontinuetohappeninthefuture,posingriskstophotovoltaiccompanies’operations.

Riskresponsemeasures:TheCompanywillstrengthentheanalysisandpredictionofforcemajeurerisks.Byleveragingitsindustrychainresourcesandcorecompetitiveadvantages,itwillenhancesupplychaincollaboration,boostcustomerdevelopmentandmaintenanceefforts,andmitigatetheadverseimpactofforcemajeurerisksonitsoperations.(V)Others

□Applicable√NotApplicableVII.NoteonthefactthattheCompanyfailstodiscloseunderstandardsduetoinapplicabilityofthestandardsduetoinapplicabilityornationalsecretsand/ortradesecretsandthereasons

□Applicable√NotApplicable

SectionIV.CompanyGovernance

I.Companygovernance

√Applicable□NotApplicable

Inthereportingperiod,theCompanyactivelyelevateditsoperationmanagementlevel,andimproveditsorganizationalstructureandgovernancestructure,andvariousinternalsystems,andriskmanagementgivenitsactualconditionsinstrictaccordancewiththeCompanyLaw,SecuritiesLaw,CodeofCorporateGovernanceforPubliclyListedCompaniesandotherlegalrequirements.Thegeneralmeeting,theboardofdirectors,thesupervisorycommitteeandthemanagementunderclearpowersandresponsibilities,haveformedaprocedure-basedgovernancestructureforthelegalentitytoensureitssmoothandefficientrunninginaccordancewithregulations.（I）ControllingshareholderanditsrelatedpartiesandlistedcompaniesThecontrollingshareholderoftheCompanybehaved,exercisedrightsandperformedobligationsunderlaws,didnotdirectlyorindirectlyinterferewiththeCompany'sdecision-makingandbusinessactivitieswithouttheparticipationofthegeneralmeeting.Boardofdirectors,supervisorycommitteeandthemanagementperformedindependentlyandtheCompanyhadindependentbusinessesandwasabletooperateonitsown.Inthereportingperiod,theCompanydidnotprovideanyguaranteetoitscontrollingshareholderand/oritsrelatedparties,andthecontrollingshareholderdidnotoccupyanyfundsoftheCompanyfornon-operatingpurposes.TherelatedtransactionswerepricedfairlywithoutanyinfluenceontheCompany'sindependenceorharmtothelistedcompany.（II）ShareholdersandgeneralmeetingInthereportingperiod,theCompanyheldoneannualgeneralmeeting.TheproceduresforthegeneralmeetingwereincompliancewiththeCompanyLaw,SecuritiesLaw,ListingRulesoftheShanghaiStockExchange,ArticlesofAssociation,andRulesofProcedureforGeneralMeetingandsafeguardedthelegitimateinterestsoftheCompanyanditsshareholders.Theconvening,holding,voting,andresultdisclosurewerestrictlyimplementedinaccordancewiththeaboverules,whicheffectivelyensuredshareholders’righttoinformation,participate,andvoteonmajormattersoftheCompany,aswellassafeguardedtheequalstatusandlegitimaterightsandinterestsofshareholders.

（III）Directorsandboard

Duringthereportingperiod,theCompany’sBoardofDirectorsupheldhighstandardsofcomplianceandoperationalefficiency.Inalignmentwithapplicablelawsandregulatoryguidelines,theCompanyproactivelyreviseditsArticlesofAssociationandtheWorkingProceduresforthePresident,therebystrengtheningitscorporategovernancepracticesandensuringrobustoversight.Inthereportingperiod,theboardheldeightmeetings.AlldirectorsattendedtheboardmeetingsinaccordancewiththeCompany’sArticlesofAssociationandRulesofProcedureoftheBoardofDirectors,fullydiscussedvariousproposals,achieveddeeplydiscussionsandevaluationsofallproposalsandcomprehensivelyexpressedtheiropinionsandrecommendations.Thisensurestheefficient,standardized,andeffectiveoperationoftheboardofdirectors.Theboardhasfourcommittees,namelytheStrategyandSustainabilityCommittee,RemunerationandAssessmentCommittee,NominationCommittee,andAuditCommittee.Inthereportingperiod,thefourcommitteesdiligentlyandstrictlyfulfilledtheirdutiesinaccordancewiththeirrespectiveresponsibilitiesandmeetingrules.Theyfullyleveragedtheirprofessionalcapabilitiestoprovidetheboardofdirectorswithexpertopinionsandrecommendations,ensuringthescientificandprofessionalnatureofboarddecisions.

（IV）Supervisorycommitteeandsupervisors

Inthereportingperiod,thesupervisorycommitteeheldsixmeetings,andthesupervisorsstrictlyperformedtheirdutiesinaccordancewithrelevantlawsandregulationssuchastheCompanyLaw,SecuritiesLaw,ListingRulesoftheShanghaiStockExchange,ArticlesofAssociation,andRulesofProcedureforSupervisoryCommittee.TheyexercisedtheirpowersindependentlyinaccordancewiththelawandpromotedthestandardoperationoftheCompany.Thesupervisorycommitteediligentlycarriesoutitsoversightresponsibilities,closelymonitoringtheperformanceofdirectorsandseniorexecutives.ItoversawvarioussignificantmattersconcerningtheCompany'sinterests,includingexternalinvestments,related-partytransactions,andexternalguarantees,ensuringtheprotectionoftheCompany'sinterestsandtherightsofitsshareholders.

（V）Disclosureandtransparency

TheCompanyattachesgreatimportancetoinformationdisclosureandstrictlyobservestheprovisionsofShanghaiStockExchangeoninformationdisclosureoflistedcompaniesassetforthinSecuritiesLaw.Inthereportingperiod,theCompanydiligentlyfulfilleditsdisclosureobligationsinaccordancewithrelevantregulatorydocuments,ensuringthattheinformationdisclosedwastruthful,accurate,andcomplete.Thedirectors,supervisors,andseniormanagementhavecarefullyprovidedwrittenconfirmationoftheirreviewoftheCompany'sregularreports,ensuringthetimelyandequitabledisclosureofrelevantinformation.Thedisclosedinformationwaspresentedclearlyandunderstandably,withoutanyfalserecords,misleadingstatements,orsignificantomissions.TheCompanyreceivedthebestrating(GradeA)oninformationdisclosure2023-2024fromShanghaiStockExchangeforitsgreatinformationdisclosure.

Inthereportingperiod,theCompanymanagedinsidersrelatingtoperiodicalreportingandimportantissuesthroughtheregistrationsysteminstrictaccordancewithapplicableregulationstoensurethefairnessprincipleforinformationdisclosureandprotectthelegitimaterightsandinterestsofshareholders.

（VI）Investorrelationshipmanagement

TheCompanyattacheshighimportancetolong-termandactivecommunicationswithallkindsofinvestors.Inthereportingperiod,theCompanyconveyeditsoperationphilosophy,resultsandstrategicdirectiontoinvestorsthroughchannelsincludinggeneralmeetings,performancebriefingsandinvestorplatforms.Inaddition,itrespondedcarefullyandpatientlytoqueriesfrominvestorsviaphonecalls,emails,visitsandhttp://sns.sseinfo.com/,whichhelpedinvestorsunderstandandgainconfidenceintheCompany,andprotectedtheCompany'simageinthecapitalmarket.In2024,theCompanywasrecognizedwithnumerous

prestigiousawards,includingtheChinaSecuritiesJournal’sGoldenBullAwardforMostInvestment-WorthyCompanyandGoldenBullSecretaryoftheBoard,wasnamedamongtheTop100MostValuableMainBoardListedCompaniesinChina'sListedCompaniesValueRanking,andhonoredwiththeBestBoardofDirectorsAwardbyNationalBusinessDaily.（VII）ShareholderprotectionTheCompanyhighlyprioritizestherightsandinterestsofshareholders,inparticulartheminorityinterest.TheCompanyfullysafeguardsshareholders'rightstoexercisevoting,inquiry,andproposalrightsinaccordancewiththelaw,andremainscommittedtoprovidinglong-termdividendstoshareholders.Duringthereportingperiod,theCompanyreaffirmeditscommitmenttodeliveringreasonableinvestmentreturnstoshareholdersbydevelopingitsShareholderDividendDistributionPlanfortheNextThreeYears(2024-2026).Thisinitiativefollowstheconclusionofthepreviousplan(2021-2023)andaimstoenhancethetransparencyandeffectivenessofprofitdistributiondecisions.OnJune14,2024,theCompanydistributedannualcashdividendsamountingto4,056,115,196.725yuan,enablingshareholderstopartakeintheCompany’sgrowthandachievements.

Duringthereportingperiod,theCompanyanditscontrollingshareholderdemonstratedstrongconfidenceintheCompany’sfuture-prospectsbyimplementingsubstantialsharerepurchaseplansof2-4billionyuanand1-2billionyuan,respectively.Thecontrollingshareholder,TongweiGroup,successfullyexecuteditsshareacquisitionplan,investingatotalof1,299,266.6thousandyuan.Asofthemostrecentupdate,theCompanyhaseffectivelyrepurchased101,688,812shares,amountingtoatotaltransactionvalueofapproximately2,007,815thousandyuan(excludingtransactionfeesandcommissions).Significantdifferencebetweenthecorporategovernanceandprovisionsoflaws,regulationsandrulesoftheCSRConlistedcompaniesandthereasons

□Applicable√NotApplicableII.SpecificmeasurestakenbythecontrollingshareholderandactualcontrolleroftheCompanyforensuringtheCompany’sindependenceinassets,personnel,financialaffairs,organizationalstructureandbusinessactivities,aswellassolutions,progressandworkplanforinfluencingtheCompany’sindependence

√Applicable□NotApplicable

TheCompanyisstrictlyseparatedfromitscontrollingshareholderandactualcontrollerintermsofassets,personnel,financialaffairs,organizationalstructureandbusinessactivities,takesresponsibilitiesandrisksindependently.NomattersthatimpacttheCompany'sindependenceandthatpreventitfrombeingindependentorkeepingindependentoperationexist.

（I）Assetindependence

TheCompanyownsabusinesssystemandacompleteassetsystemwithallrelevantassetsunderitscontrolandownedandoperatedbytheCompany.TheownershipbetweentheCompanyanditscontrollingshareholderisclearlydefinedandtheCompanyhasnoassetsorfundsoccupiedbythecontrollingshareholderandisexposedtoanyothercircumstancethatharmstheinterestsofothershareholdersoftheCompany.

（II）Personnelindependence

TheCompanyhasanindependentsystemforpersonnelregistration,onboarding,appointment,dismissalandreview,aswellasanindependentrenumerationmanagementandbenefitsystem.Seniormanagers(CEO,vicepresidents,boardsecretaryandfinancialprincipal,etc.)servetheCompanyonafull-timebasisandreceiverenumerationfromtheCompany.Nocontrollingshareholder,actualcontrollerand/orbusinessesundertheircontrolassumepositionsotherthandirectorsand/orsupervisororreceivepaymentsfromtheCompany.NofinancialstaffoftheCompanytakesanypart-timejobinthecontrollingshareholder,actualcontrollerand/orbusinessesundertheircontrol.

（III）Financialindependence

TheCompanyhasanindependentfinanceandauditdepartment,andanindependentaccountingsystemandfinancialmanagementsystem,beingabletomakefinancialdecisionsindependently.Asanindependenttaxpayer,theCompanymakestaxreturnsandpaystaxesunderlaws.TheCompanyhasindependentbankaccountsandaspecialaccountfortheuseoffundsraisedforprojects.TheCompanydoesnotshareanybankaccountwithitscontrollingshareholder,actualcontrollerand/orbusinessesundertheircontrol.

（IV）Structureindependence

TheCompanyhasacompletedgovernancestructureconsistingofgeneralmeeting,boardofdirectorsandsupervisorycommitteewithrespectiveprocedures.Furthermore,theCompanyhasdevelopedacompleteoperationmanagementsystemwithindependenceinpowerofmanagementandnotinfluencedbyitscontrollingshareholderoractualcontrollerand/orcompaniescontrolledbythem.

（V）Businessindependence

TheCompanyhastheassets,personnel,qualificationsandcapabilitiesforindependentbusinessactivities.TheCompanyisindependentofitscontrollingshareholder,actualcontrollerand/orbusinessescontrolledbythemintermsofbusinessactivities;itisnotacompetitorofitscontrollingshareholder,actualcontrollerand/orbusinessescontrolledbythem.Controllingshareholder,actualcontrollerand/oranyotherentityundertheircontrolisengagedinanybusinessidenticalorsimilartothebusinessoftheCompany,andanyimpactofcompetitionbetweentheCompanyanditscontrollingshareholder,actualcontrollerand/oranyotherentityundertheircontrolandanygreatchangeinsuchcompetition,actionsforresolvingthisimpactthathavebeentaken,theresolutionprogressandtheplanfornextsteps

□Applicable√NotApplicable

III.Introductiontogeneralmeeting

Extraordinarygeneralmeetingsrequestedbythepreferredshareholderswhosevotingrightshavebeenrestored

□Applicable√NotApplicableNoteongeneralmeeting

□Applicable√NotApplicableIV.Informationofdirectors,supervisorsandseniormanagers(I)Shareholdingchangesandrenumerationofdirectors,supervisorsandseniormanagementcurrentlyinofficeandhavingleftofficeinreportingperiod

√Applicable□NotApplicable

Unit:share

Othernotes

□Applicable√NotApplicable

(II)Otherofficesofdirectors,supervisorsandseniormanagementcurrentlyinofficeandhavingleftofficeinreportingperiod

1.Officesinshareholders

√Applicable□NotApplicable

2.Officesinotherentities

√Applicable□NotApplicable

(III)Renumerationofdirectors,supervisors,andseniormanagers

√Applicable□NotApplicable

(IV)Changesindirectors,supervisors,andseniormanagers

□Applicable√NotApplicable(V)Notesonpenaltiesfromsecuritiesregulatorsinrecentthreeyears

□Applicable√NotApplicable(VI)Others

□Applicable√NotApplicableV.Boardofdirectorsmeetingsheldinthereportingperiod

VI.Performanceofdutiesbydirectors(I)Attendancesatboardofdirectorsmeetingsandgeneralmeetingsbydirector

Noteonabsencefromtwoconsecutivemeeting

□Applicable√NotApplicable

(II)DirectorobjectionsonissuesoftheCompany

□Applicable√NotApplicable(III)Others

□Applicable√NotApplicableVII.Committeesundertheboardofdirectors

√Applicable□NotApplicable(I)Membersofcommitteesundertheboardofdirectors

(II)FivemeetingsheldbytheAuditCommitteeinthereportingperiod

(III)TwomeetingsheldbytheStrategyandSustainabilityCommitteeinthereportingperiod

(IV)1meetingheldbytheRemunerationandAssessmentCommitteeinthereportingperiod

(V)NomeetingheldbyNominationCommittee(VI)Specificcircumstanceswhereobjectionswereraised

□Applicable√NotApplicableVIII.Noteonsupervisorycommittee'sfindingsoftheCompany'srisks

□Applicable√NotApplicable

Thesupervisorycommitteeraisednoobjectionstothemattersunderitsoversightduringthereportingperiod.IX.Employeesoftheparentcompanyandmajorsubsidiariesattheendofthereportingperiod(I)Employees

ManagementPolicyandPerformanceManagementPolicy.Independentandexternaldirectorsreceivefixedallowances.Numberofactiveemployeesoftheparentcompany

(II)Compensationpolicy

√Applicable□NotApplicable

Followingprinciplesofresponsibilityandvalue,whilebalancingexternalcompetitivenessandinternalfairness,theCompanyhasestablishedaneffectivecompensation-basedincentivemechanismaimedatpromotingCompanygrowthandachievingoperationalobjectives.Thismechanismensuresthatemployees'valuecontributionsandrewardsarecloselyalignedwiththeCompany'soperationalgoalsandlong-termdevelopment.Topromotehigh-qualitydevelopmentandkeepnewqualityproductivity,balancinginternalfairnessandexternalcompetitivenessthroughcompensation,theCompanyendeavorstoattracttoptalentfromexternalsources,whilealsomotivating,developing,andretaininginternalhigh-potentialindividuals.Thisapproachservestodriveandinspireemployeestowardsself-developmentandadvancement.Also,guidedbytheperformance-orientedstrategy,performanceisseamlesslyintegratedwithcompensation,aligningemployeeincomeandindividualperformancewiththeCompany'soveralloperationalsuccess.Thisinvolvesenhancingbothexistingfixedandlong-termincentivestofullyharnessthemotivatingpowerofcompensationandenhancetheCompany'soveralloperationaleffectiveness.(III)Trainingprojects

√Applicable□NotApplicable

TalentisthemostessentialresourceintheprocessofTongwei’sdevelopmentandgrowth.Guidedbytheculturalvaluesofstrivingforexcellenceineverything,theCompanyhasestablishedacomprehensivetalentdevelopmentsystem.Continuouslyeffortsintotalentselection,use,developmentandretention,andthedeploymentofeffectiveincentivepoliciesfullyguaranteetheretentionandpersonaldevelopmentoftalent.Thetalentdevelopmentframeworkishorizontallyorganizedaroundbusinessdivisions,withtailoredtraining,curriculum,andinternalinstructorstructureestablishedwithineachmainbusinessgroup.Thissetupaddressestalentneedsalignedwithouroperationalstrategies,nurturinginternalcoretalentsandmaximizingthevalueofourhumanresources.Vertically,theemphasisisoncultivatingtalentpipelines,continuouslystrengtheninginternalfoundations,refiningeffectivemanagementmethodologies,andattractinghigh-qualityexternaleducationalresources.Byintegratinginternalandexternalresources

anddrawingfromadvancedmanagementpracticesandtechnologies,westrivetobuildatalentpoolwithcomprehensivecompetitiveness.TheCompanyalsoencouragesemployeestoimprovetheirworkskillsandproficiency,andprovidescertaineconomicincentivesandsupportfortheireducationandtraining.TalentisthekeytothedevelopmentofTongweiwhosefutureisinseparablefromtalent.Tongweiwillcontinuetoinnovateitstalentdevelopmentmodel,optimizetrainingmethods,andstrengthenitstalentfoundation,providingacontinuousdriverforitshigh-qualitydevelopment.(IV)Laboroutsourcing

□Applicable√NotApplicableX.Proposalonprofitdistributionorcapitalreserveconvertedtosharecapital(I)Development,executionoradjustmentsofcashdividendpolicy

√Applicable□NotApplicable

TheShareholderDistributionPlan2024-2026approvedatthe18thmeetingofthe8thboardofdirectorsandthe2023annualgeneralmeetingspecifiedthattheCompanypreferredthecashdividendpolicywithminimumdividendpayoutratiotoensuretheexecutionoftheprofitdistributionpolicy.The2023ProfitDistributionProposalwasreviewedandapprovedatthe18thmeetingofthe8thboardofdirectorsonApril28,2024andapprovedatthe2023annualgeneralmeetingonMay20,2024.TheCompanydistributedacashdividendof9.05yuanforpertenshares(includingtax)foratotalcashdistributionof4,056,115,196.725yuanonJune14,2024.(II)Specialnoteoncashdividendpolicy

√Applicable□NotApplicable

(III)TheCompanyshoulddisclosethereasonsandthepurposesandplanoftheseundistributedprofitwheretheCompanyachievedprofitsandtheprofitattributabletoshareholdersoftheparentcompanywaspositive,butnocashdividendproposalwasraised

□Applicable√NotApplicable(IV)Proposalontheprofitdistributionandcapitalreserveconvertedtosharecapitalinthereportingperiod

□Applicable√NotApplicable(V)Cashdividenddistributionsforthelatestthreefiscalyears

√Applicable□NotApplicable

Unit:YuanCurrency:CNY

Note:Thenetprofitmeansthenetprofitattributabletoownersofordinarysharesofthelistedcompany

XI.Theinformationofshareincentiveplan,employeestockownershipplanandotheremployeeincentivemeasuresandtheirimpacts(I)Whererelevantincentivemattershavebeendisclosedinextraordinaryannouncementswithoutfurtherprogressorchange

√Applicable□NotApplicable(II)WhererelevantincentivematterswerenotdisclosedinextraordinaryannouncementsorfurtherprogressorchangeoccurredShareincentive

□Applicable√NotApplicableOthernotes

□Applicable√NotApplicableEmployeestockownershipplan

□Applicable√NotApplicableOtherincentivemeasures

□Applicable√NotApplicable(III)Shareincentivesgrantedtodirectorsandseniormanagersinthereportingperiod

□Applicable√NotApplicable(IV)Evaluationmechanismforseniormanagersinthereportingperiodandthedevelopmentandexecutionofincentivemechanism

√Applicable□NotApplicableTheboardofdirectorshasaRemunerationandAssessmentCommitteewhichisresponsiblefororganizingtheperformanceevaluationofseniormanagers,conductingassessments,andrecommendingtheircompensationdistribution.Giventhedevelopmentstagesofthephotovoltaicandagriculturalindustries,andinalignmentwiththecompensationlevelsofseniormanagersinsimilarsectors,theCompanyhasestablishedaperformanceevaluationanddistributionmechanismforseniormanagerstoenhanceoveralloperationalqualityandbuildexternalcompetitiveadvantageswithintheindustry.Thetotalcompensationforseniormanagerscomprisesabasesalaryandperformancebonuses.Thebasesalaryisdependentofthevalueofthecorrespondingpositionandthelevelofseniority.PerformancebonusesaimtoencourageseniormanagerstoactasstrategicadvisorsandleadersintheCompany'sdevelopment.Assessmentcriteriaarealignedwiththefunctionalareasandbusinessgroupstheyoverseeandprimarilyinvolvestheevaluationsofrevenueandprofit,operationalcompetitivenessindicators,safetyperformanceandotherfactors.Additionalincentivesmaybeprovidedforoutstandingcontributions.AccordingtotheCompany'sperformanceassessmentschemeandcompensationdistributionsystem,thecompensationforseniormanagersinagivenyearmayinvolvepartialpaymentforthecurrentperiod,withaportionreservedasmediumtolong-termincentives.XII.Developmentandimplementationofinternalcontrolsinthereportingperiod

√Applicable□NotApplicableRefertotheInternalControlSelf-AssessmentReportdisclosedonhttp://www.sse.com.cnbytheCompanyonApril30,2025.Noteonsignificantdiscrepanciesininternalcontrolsinthereportingperiod

□Applicable√NotApplicableXIII.Managementandcontroloversubsidiariesinthereportingperiod

√Applicable□NotApplicable

Asoftheendof2024,theCompanyhad262subsidiariesincluding250domesticcompaniesand12overseascompanies.TheCompanyheldsharesdirectlyin17subsidiariesandindirectlyin245subsidiaries.Ithascompletedmanagementandcontrolpoliciesoversubsidiaries.Regardingoperationandbusinesscontrol,theCompanyhasclearstrategicgoals.Withcompletedorganizationalstructureandbusinessprocesses,ithaseffectivelymadesubsidiariesorganic

partsforitsoverallstrategyforsynergiesinbusinessoperationandfortheintegration,creationandsharingofresources.Also,subsidiariessubmitproductionandoperationstatementstotheCompanyasrequiredsothatitgainsanunderstandingofandcontrolovertheoperationandmanagementofsubsidiaries.Regardingfinancialcontrol,theCompanyhascreatedapowerfulfinancialcontrolsystemconsistingofclearpoliciesandrequirementsonfinancialbudgetingandexecution,fundswithotherparties,loansandguarantees.SubsidiarieshavetheirfinancialaffairsmanagedinstrictaccordancewiththeCompany'sfinancialmanagementrequirementsandpolicies.Regardingpersonnelmanagement,theCompanysendsdirectors,supervisorsandseniormanagerstosubsidiariesforwhichitisthecontrollingshareholdertoeffectivelysupervisethem.Atthesametime,theCompanyenhancestheperformancereviewonsubsidiariestobettermotivatetheiremployees,drivetheirdevelopmentandensuretheiroveralloperationaltargetsaremet.XIV.Noteonrelevantinformationoninternalcontrolauditreport

√Applicable□NotApplicable

SichuanHuaxinengagedbytheCompanyhasauditedtheCompany's2024internalcontrolsandissuedareportwithstandardunqualifiedopinion,detailsofwhichareinthe2024InternalControlAuditReportonTongweiCo.,Ltd.disclosedonhttp:

www.sse.com.cnonApril30,2025bytheCompany.Whethertheinternalcontrolauditreportwasdisclosed:YesTypeofauditopinion:StandardunqualifiedopinionXV.Correctionofproblemsidentifiedinself-checkforthegovernanceoflistedcompaniesNotApplicableXVI.Others

□Applicable√NotApplicable

SectionV.EnvironmentalandSocialResponsibilityI.Environmentalinformation

(I)Noteontheenvironmentalprotectionbycompaniesfallingintothekeywastedischargeorganizationspublishedbytheenvironmentalprotectionauthorityandtheirmajorsubsidiaries

√Applicable□NotApplicableI.Wastedischarge

√Applicable□NotApplicable

(1)SichuanYongxiangPolysiliconCo.,Ltd.

①Primarypollutantsinwastewater:COD,ammonianitrogen,pH.Dischargemethod:continuousandstabledischarge.Numberofoutlets:1maindischargeoutlet.Dischargestandards:IntegratedWastewaterDischargeStandard(GB8978-1996)Table4ClassI:COD≤100mg/l;ammonianitrogen≤15mg/l;pH6–9.Actualdischargeconcentrations(2024):COD:12.572mg/l;ammonianitrogen:0.523mg/l;pH:6–9(Allvaluescomplywithnationalenvironmentalemissionstandards).Approvedannualdischargelimits:COD:nolimitsset;ammonianitrogen:nolimitsset.2024totaldischarges:COD:8.79tons;ammonianitrogen:0.36tons.

②Primarypollutantsinwastegas:hydrogenchloride(HCl),particulatematter.Emissionmethod:continuousandstableemission.Numberofoutlets:26outlets.Emissionstandards:IntegratedEmissionStandardofAirPollutants(GB16297-1996)Table2ClassII:

HCl≤100mg/m?;particulatematter≤120mg/m?.Actualemissionconcentrations(2024):HCl:0.635mg/m?;particulatematter:2.29mg/m?.Approvedannualemissionlimits:HCl:nolimitsset;particulatematter:nolimitsset.2024totalemissions:HCl:0.013tons;particulatematter:0.534tons(Allvaluescomplywithenvironmentalemissionstandards).

(2)SichuanYongxiangNewEnergyCo.,Ltd.

①Primarypollutantsinwastewater:COD,ammonianitrogen,pH.Dischargemethod:continuousandstableemission.Numberofoutlets:1maindischargeoutlet.Dischargestandards:SichuanProvinceMinjiangandTuojiangRiverBasinWaterPollutantDischargeStandard(DB51/2311-2016)-EffluentCriteriaforIndustrialParkCentralizedWastewaterTreatmentPlants:COD≤40mg/l;ammonianitrogen≤3mg/l;pH6–9.

Actualdischargeconcentrations(2024):COD:15.589mg/l;ammonianitrogen:0.585mg/l;pH:6–9(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualdischargelimits:COD:nolimitsset;ammonianitrogen:nolimitsset.2024totaldischarges:COD:8.856tons;ammonianitrogen:0.29tons(Allvaluescomplywithenvironmentalemissionstandards).

②Primarypollutantsinwastegas:sulfurdioxide,nitrogenoxides,particulatematter.Emissionmethod:continuousandstableemission.Numberofoutlets:4outlets.Emissionstandards:EmissionStandardofAirPollutantsforBoilers(GB13271-2014)Table3SpecialEmissionLimits:sulfurdioxide(SO?)≤50mg/m?;nitrogenoxides(NO?)≤150mg/m?(or≤80mg/m?perEIArequirementsforspecificboilers);particulatematter≤20mg/m?.Approvedannualemissionlimitspernewdischargepermit:sulfurdioxide(SO?):nolimitsset;nitrogenoxides(NO?):≤16.4tons/year;particulatematter(PM):nolimitsset.2024actualemissions:Boileroperations(limitedruntimeduetoexemplaryenergymanagementduringpowerrestrictions):PM:

0.0525tons;NO?:0.399tons；SO?:0.0281tons.Naturalgas-basedhydrogenproduction:PM:0.134tons:NO?:5.9633tons:SO?:

0.3055tons.Otherprimarypollutantsinwastegas:hydrogenchloride(HCl),particulatematter(PM).Emissionmethod:continuousstableemission,intermittentdischarge.Numberofoutlets:HCl:41outlets;PM:26outlets.Emissionstandards:IntegratedEmissionStandardofAirPollutants(GB16297-1996)Table2ClassII:

HCl≤100mg/m?;PM≤120mg/m?.Actualemissionconcentrations(2024):HCl:1.20mg/m?;PM:3.34mg/m?Approvedannualemissionlimits:HCl:nolimitsset;PM:nolimitsset.2024totalemissions:HCl:0.641tons;PM:1.904tons(Allvaluescomplywithenvironmentalemissionstandards).

(3)SichuanYongxiangEnergyTechnologyCo.,Ltd.

①Primarypollutantsinwastewater:COD,ammonianitrogen,pH,SS,totalphosphorus(TP).Dischargemethod:intermittentdischarge.Numberofoutlets:1maindischargeoutletDischargestandards:DischargeStandardofPollutantsforMunicipalWastewaterTreatmentPlants(GB18918-2022):COD≤40mg/l;ammonianitrogen(NH?-N)≤3(5)mg/l;pH6–9;SS≤10mg/l;totalphosphorus(TP)≤1.5mg/l.Actualdischargeconcentrations(2024):COD:6mg/l;ammonianitrogen:0.077mg/l;PH:7.4-7.8;SS:4mg/l;TP:0.05mg/l.Approvedannualdischargelimits:COD:Nolimitsset;ammonianitrogen:nolimitsset;TP:Nolimitsset.2024totaldischarges:COD:4.46tons;NH?-N:0.15tons;totalnitrogen(TN):2.03tons.

②Primarypollutantsinwastegas:hydrogenchloride(HCl),particulatematter,nitrogenoxides.Emissionmethod:continuousandstableemission.Numberofoutlets:58outlets.Emissionstandards:IntegratedEmissionStandardofAirPollutants(GB16297-1996)Table2ClassII:HCl≤100mg/m?;particulatematter≤120mg/m?;nitrogenoxides≤240mg/m

.Actualemissionconcentrations(2024):HCl:1.875mg/m?;particulatematter:3.503mg/m?;nitrogenoxides:5mg/m

.Approvedannualemissionlimits:particulatematter:10.48tons/year;HCl:0.695tons/year;nitrogenoxides:2.84tons/year.2024totalemissions:particulatematter:1.278tons;HCl:0.347tons;nitrogenoxides:2.04tons(Allvaluescomplywithenvironmentalemissionstandards).

(4)InnerMongoliaTongweiHigh-purityCrystallineSiliconCompany

①ZeroLiquidDischarge(ZLD)forwastewatermanagement.

②Primarypollutantsinwastegas:sulfurdioxide,nitrogenoxides,hydrogenchloride(HCl),particulatematter.Emissionmethod:continuousandstableemission.Numberofoutlets:37outlets.Emissionstandards:Boilers-EmissionStandardofAirPollutantsforBoilers(GB13271-2014)Table2EmissionLimitsforNewBoilers:sulfurdioxide(SO?)≤50mg/m?;nitrogenoxides(NO?)≤200mg/m?;particulatematter≤20mg/m?.NaturalGas-BasedHydrogen-EmissionStandardforInorganicChemicalIndustry(GB31573-2015)withAmendments-SpecialEmissionLimitsforAirPollutants:sulfurdioxide(SO?)≤100mg/m?;nitrogenoxides(NO?)≤100mg/m?:particulatematter≤10mg/m?.OtherProcesses-IntegratedEmissionStandardofAirPollutants(GB16297-1996)ClassIIfornewpollutionsources:HCl≤100mg/m?;particulatematter≤120mg/m?.Emissionconcentrations:nitrogenoxides(NO?):37.42mg/m

;sulfurdioxide:0.85mg/m

;hydrogenchloride:31.15mg/m

;particulatematter:4.39mg/m

.Approvedannualemissionlimits:sulfurdioxide(SO?)≤0.099tons/year;nitrogenoxides≤31.46tons/year;particulatematter≤1.612tons/year.2024actualemissions:SO?:0.066tons;NO?:0.881tons;PM:0.378tons;HCl:2.647tons(Allvaluescomplywithenvironmentalemissionstandards).

(5)InnerMongoliaTongweiSiliconEnergyCo.,Ltd.

①ZeroLiquidDischarge(ZLD)forwastewatermanagement.

②Primarypollutantsinwastegas:hydrogenchloride(HCl),particulatematter.Emissionmethod:continuousandstableemission.Numberofoutlets:54outlets.Emissionstandards:IntegratedEmissionStandardofAirPollutants(GB16297-1996)ClassIIfornewpollutionsources:HCl≤100mg/m?;particulatematter≤120mg/m?.Actualemissionconcentrations:HCl:30.15mg/m?;particulatematter:3.29mg/m?.Approvedannualemissionlimits:particulatematter:nolimitsset;HCl:nolimitsset.2024totalemissions:ThecompanycommencedproductioninQ42024,withannualemissionsasfollows:particulatematter(PM):

0.06tons;hydrogenchloride(HCl):0.447tons(Allvaluescomplywithenvironmentalemissionstandards).

(6)YunnanTongweiHigh-purityCrystallineSiliconCompanyWastewaterdischarge

①Primarypollutantsinwastewater:COD,ammonianitrogen,pH,SS.Dischargemethod:intermittentdischarge.Numberofoutlets:2maindischargeoutletsDischargestandards:IntegratedWastewaterDischargeStandard(GB8978-1996),Table4ClassIII:COD≤500mg/l;ammonianitrogen:norequirement;pH6–9;SS≤400mg/l.Actualdischargeconcentrations(2024):COD:59.86mg/L;SS:9.73mg/l;ammonianitrogen:1.86mg/L.Approvedannualdischargelimits:Thewastewaterisdischargetothesewagetreatmentplantintheindustrialpark,withouttotallimitsapproved.2024totaldischarges:COD:82.85tons;SS:11.79tons;NH?-N:2.38tons(Allvaluescomplywithenvironmentalemissionstandards).

②Primarypollutantsinwastewater:HCl,particulatematter.Dischargemethod:continuousandstableemissionNumberofoutlets:129outletsDischargestandards:IntegratedEmissionStandardofAirPollutants(GB16297-1996)Table2ClassII:hydrogenchloride(HCl)≤100mg/m?;particulatematter(PM)≤120mg/m?;sulfuricacidmist≤45mg/m?.EmissionStandardsforCausticSodaandPolyvinylChlorideIndustry(GB15581-2016)Table3(forcausticsoda&HClsynthesisprojects):chlorine(Cl?)≤5mg/m?;hydrogenchloride(HCl)≤20mg/m?.Actualdischargeconcentrations(2024):HCl:14.8mg/m

;PM:6.82mg/m

;Sulfuricacidmist:2.09mg/m

;chlorine:1.67mg/m

Approvedannualdischargelimits:PM:4.712tons/year;HCl:22.941tons/year.2024totaldischarges:PM:1.36tons;HCl:5.96tons;sulfuricacidmist:0.004102tons;Cl

:0.006043tons(Allvaluescomplywithenvironmentalemissionstandards).

(7)SichuanYongxiangResinCo.,Ltd.

①Primarypollutantsinwastewater:COD,totalnitrogen,ammonianitrogen,totalphosphorus.Dischargemethod:continuousandstableemissionNumberofoutlets:1maindischargeoutletDischargestandards:EmissionStandardsforCausticSodaandPolyvinylChlorideIndustry(GB15581-2016)Table1:COD≤60mg/l;totalnitrogen≤20mg/l;ammonianitrogen≤15mg/l;totalphosphorus≤1mg/l;6≤pH≤9.Actualdischargeconcentrations(2024):COD:10.15mg/l；totalnitrogen:7.49mg/l;ammonianitrogen:0.82mg/l;totalphosphorus:

0.14mg/l(Allvaluescomplywithenvironmentalemissionstandards)Approvedannualdischargelimits:COD≤39tons/year,totalnitrogen≤13tons/year;ammonianitrogen≤9.75tons/year;totalphosphorus≤0.65tons/year.2024totaldischarges:COD:1.65tons;totalnitrogen:1.20tons;ammonianitrogen:0.13tons;totalphosphorus:0.025tons(Allvaluescomplywithenvironmentalemissionstandards).

②Primarypollutantsinwastegas:particulatematter(PM),non-methanetotalhydrocarbons(NMTHC),nitrogenoxides(NO?).Emissionmethod:continuousandstableemission.Numberofoutlets:9outlets.Emissionstandards:PM&NMTHC—EmissionStandardforCausticSodaandPolyvinylChlorideIndustry(GB15581-2016)Table4:PVCdryingprocessPM≤60mg/m?;calciumcarbidecrushingPM≤50mg/m?;NMTHC≤20mg/m?.NO?—EmissionStandardofAirPollutantsforBoilers(GB13271-2014),Table4StricterEIA-approvedlimit:NO?≤80mg/m?.Actualemissionconcentrations(2024):PM:1.75mg/m

;NMTHC:3.09mg/m

;NO?:28.78mg/m

.Approvedannualemissionlimits:PM:60tons/year;NMTHC:50tons/year,NO?:53.1tons/year.2024totalemissions:PM:1.75tons;NMTHC:2.80tons;NO?:2.77tons(Allvaluescomplywithenvironmentalemissionstandards).

(8)SichuanYongxiangPolysiliconCo.,Ltd(NewMaterialsFacility)

①Primarypollutantsinwastewater:COD,ammonianitrogen.Dischargemethod:continuousandstabledischargeNumberofoutlets:1maindischargeoutletEmissionstandards:IntegratedWastewaterDischargeStandard(GB8978-1996),ClassI;COD≤100mg/l;ammonianitrogen≤15mg/l.Actualdischargeconcentrations(2024):COD:36.17mg/l;ammonianitrogen:1.42mg/l(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualdischargelimits:COD:Nolimitsset;ammonianitrogen:Nolimitsset.2024totaldischarges:COD:0.155tons;ammonianitrogen:0.0069tons(Allvaluescomplywithenvironmentalemissionstandards).

②Primarypollutantsinwastegas:PM,SO

,NOx.Emissionmethod:continuousandstableemissionNumberofoutlets:2outlets.Emissionstandards:SichuanEmissionStandardofAirPollutantsforCementIndustry(DB51/2864-2021).PM≤10mg/m

;SO

≤35mg/m

:NOx≤100mg/m

.Actualemissionconcentrations(2024):averageconcentrationofPMfromkilnhead:2.79mg/m

;averageconcentrationofPMfromkilntail:0.70mg/m

;averageSO

concentration:1.27mg/m

;averageNOxconcentration:33.76mg/m

(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualemissionlimits:PM:25.80tons/year,SO

:52.5tons/year,NOx:150tons/year.2024totalemissions:PMfromkilnhead:4.09tons;PMfromkilntail:2.04tons;SO

:2.58tons;Nox:95.95tons(Allvaluescomplywithenvironmentalemissionstandards).

(9)TongweiSolar(Chengdu)Co,Ltd.HuangjiaPark:

①Primarypollutantsinwastewater:Generalpollutants:COD,ammonianitrogen,pH;Characteristicpollutants:fluoride.Dischargemethod:continuousandstabledischargeNumberofoutlets:2maindischargeoutletsDischargestandards:EmissionStandardofPollutantsforBatteryIndustry（GB30484-2013）Table2IndirectEmissionStandardforSolarCells:COD≤150mg/l;ammonianitrogen≤30mg/l;pH:6-9;fluoride≤8mg/l.Actualdischargeconcentrations(2024):COD:16.41mg/l;ammonianitrogen:1.76mg/l;pH:7.81;fluoride:4.18mg/l.Approvedannualdischargelimits:None.2024totaldischarges:COD:40.68tons;ammonianitrogen:3.91tons(Allvaluescomplywithenvironmentalemissionstandards).

②Primarypollutantsinwastegas:fluoride,hydrogenchloride,chlorine,sulfuricacidmist,ammonia,particulatematter,volatileorganiccompounds;Characteristicpollutants:fluoride.Emissionmethod:continuousandstableemission.Numberofoutlets:28outlets.Emissionstandards:OdorousPollutantsEmissionStandard(GB14554-1993)Table2:ammonia(NH?)≤14kg/h.SichuanProvinceFixedPollutionSourceVOCEmissionStandard(DB51/2377-2017)Table3(ElectronicsManufacturingSector):volatileorganiccompounds(VOCs)≤60mg/m?.PollutantEmissionStandardforBatteryIndustry(GB30484-2013)Table5(SolarCellProductionCriteria):fluoride≤3mg/m?;chlorine(Cl?)≤5mg/m?;particulatematter(PM)≤30mg/m?;hydrogenchloride(HCl)≤5mg/m?;nitrogenoxides(NO?)≤30mg/m?.Actualemissionconcentrations(2024):fluoride:1.136mg/m?;chlorine(Cl?):0.1mg/m?;particulatematter(PM):3.310mg/m?;nitrogenoxides(NO?):6.380mg/m?;VOCs:0.69mg/m?;hydrogenchloride(HCl):0.740mg/m?;ammonia(NH?):1.750mg/m?(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualemissionlimits:None.2024totalemissions:nitrogenoxides(NO?):4.92tons;VOCs:1.68tons(Allvaluescomplywithenvironmentalemissionstandards).IndustrialParkintheComprehensiveBondedZone:

①Primarypollutantsinwastewater:Generalpollutants:COD,ammonianitrogen,pH;Characteristicpollutants:fluoride.Dischargemethod:continuousandstabledischargeNumberofoutlets:1maindischargeoutletDischargestandards:EmissionStandardofPollutantsforBatteryIndustry（GB30484-2013）Table2IndirectEmissionStandardforSolarCells:COD≤150mg/l;ammonianitrogen≤30mg/l;pH:6-9;fluoride≤8mg/l.Actualdischargeconcentrations(2024):COD:45mg/l;ammonianitrogen:14.1mg/l;pH:8.175;fluoride:6.06mg/l.Approvedannualdischargelimits:None.2024totaldischarges:COD:57.61tons;ammonianitrogen:18.05tons(Allvaluescomplywithenvironmentalemissionstandards).

②Primarypollutantsinwastegas:fluoride,hydrogenchloride,chlorine,sulfuricacidmist,ammonia,particulatematter,volatileorganiccompounds;Characteristicpollutants:fluoride.Emissionmethod:continuousandstableemission.

Numberofoutlets:24outlets.Emissionstandards:OdorousPollutantsEmissionStandard(GB14554-1993)Table2:ammonia(NH?)≤14kg/h.SichuanProvinceFixedPollutionSourceVOCEmissionStandard(DB51/2377-2017)Table3(ElectronicsManufacturingSector):volatileorganiccompounds(VOCs)≤60mg/m?.PollutantEmissionStandardforBatteryIndustry(GB30484-2013)Table5(SolarCellProductionCriteria)forOtherExhaustGases:fluoride≤3mg/m?;chlorine(Cl?)≤5mg/m?;particulatematter(PM)≤30mg/m?;hydrogenchloride(HCl)≤5mg/m?;nitrogenoxides(NO?)≤30mg/m?.Actualemissionconcentrations(2024):fluoride:2.031mg/m?;chlorine(Cl?):0.185mg/m?;particulatematter(PM):0.500mg/m?;nitrogenoxides(NO?):15.200mg/m?;VOCs:0.460mg/m?;hydrogenchloride(HCl):0.654mg/m?;ammonia(NH?):0.016kg/h(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualemissionlimits:None.2024totalemissions:nitrogenoxides(NO?):2.64tons;VOCs:0.50tons.

(10)TongweiSolar(Anhui)Co.,Ltd.

①Primarypollutantsinwastewater:Generalpollutants:COD,ammonianitrogen,pH,totalnitrogen;Characteristicpollutants:

fluoride.Dischargemethod:continuousandstabledischargeNumberofoutlets:1outletDischargestandards:EmissionStandardofPollutantsforBatteryIndustry–IndirectEmissionStandardforSolarCellsandHefeiWesternClusterWastewaterTreatmentPlantAcceptanceStandards:COD≤150mg/l;ammonianitrogen≤30mg/l;pH:6-9;totalnitrogen≤40mg/l;fluoride≤8mg/l.Actualdischargeconcentrations(2024):COD:47mg/l;ammonianitrogen:2.38mg/l;pH:7.4;totalnitrogen:17.9mg/l;fluoride:

5.80mg/l(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualdischargelimits:COD≤739.5tons/year,ammonianitrogen≤147.9tons/year.2024totaldischarges:COD:10.40tons;ammonianitrogen:0.53tons(Allvaluescomplywithenvironmentalemissionstandards).

②Primarypollutantsinwastegas:Generalpollutants:chlorine,particulatematter,nitrogenoxides,hydrogenchloride,andvolatileorganiccompounds;Characteristicpollutants:fluoride.Emissionmethod:continuousandstableemission.Numberofoutlets:12outlets.Emissionstandards:PollutantEmissionStandardforBatteryIndustry(GB30484-2013),Table5(SolarCellProductionCriteria):

nitrogenoxides(NO?)≤30mg/m?;fluoride≤3mg/m?;chlorine(Cl?)≤5mg/m?;particulatematter(PM)≤30mg/m?;hydrogenchloride(HCl)≤5mg/m?;VolatileOrganicCompounds–ShanghaiIntegrateEmissionStandardsofAirPollutants(DB31/933-2015):

Limit≤50mg/m?.Actualemissionconcentrations(2024):nitrogenoxides(NO?):notdetected;fluoride:0.27mg/m?;chlorine(Cl?):notdetected;particulatematter(PM):27mg/m?;hydrogenchloride(HCl):1.11mg/m?;VOCs:1.91mg/m?(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualemissionlimits:None.2024totalemissions:nitrogenoxides(NO?):0;VOCs:0.86tons(Allvaluescomplywithenvironmentalemissionstandards).

(11)TongweiSolar(Meishan)Co.,Ltd.

①Primarypollutantsinwastewater:Generalpollutants:COD,ammonianitrogen,pH,totalnitrogen;Characteristicpollutants:

fluoride.Dischargemethod:continuousandstabledischargeNumberofoutlets:Atotalof5outletslocatedinsouthsideandwestsideofplantarea,including2productionwastewateroutlets,1generalwastewateroutlet,1domesticsewageoutlet,and1combinedgeneral/domesticwastewateroutlet.Dischargestandards:ProductionWastewater-EmissionStandardofPollutantsforBatteryIndustry(GB30484-2013)Table2IndirectDischargeStandard,andallPollutants&ChlorideCompoundsMeetPhaseIDesignInfluentStandardsofGanmeiIndustrialParkXiuwenTownWWTP;DomesticSewage&GeneralWastewaterComplywithPhaseIIDesignInfluentStandardsofthesameWWTP.Actualdischargeconcentrations(2024):COD:36.315mg/l;ammonianitrogen:12.785mg/l;totalnitrogen:16.68mg/lpH:7.69;fluoride:5.55mg/l(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualdischargelimits:COD≤2879.8tons/year,ammonianitrogen≤373.49tons/year.2024totaldischarges:COD:221.83tons;ammonianitrogen:65.17tons(Allvaluescomplywithenvironmentalemissionstandards).

②Primarypollutantsinwastegas:Generalpollutants:chlorine,particulatematter,nitrogenoxides,ammonia,hydrogenchloride,andvolatileorganiccompounds;Characteristicpollutants:fluoride.Emissionmethod:continuousandstableemission.Numberofoutlets:56outlets.Emissionstandards:PollutantEmissionStandardforBatteryIndustry(GB30484-2013),Table5(SolarCellProductionCriteria):

nitrogenoxides(NO?)≤30mg/m?;fluoride≤3mg/m?;chlorine(Cl?)≤5mg/m?;particulatematter(PM)≤30mg/m?;hydrogenchloride(HCl)≤5mg/m?.OdorousPollutantsEmissionStandard(GB14554-1993):ammonia≤15.2kg/h,ammonia≤20kg/h,

ammonia≤27kg/h,ammonia≤14kg/h;hydrogensulfide≤0.9kg/h;odorconcentration:6000.SichuanProvinceFixedPollutionSourceVOCEmissionStandard(DB51/2377-2017):VOCs≤60mg/m?.Actualemissionconcentrations(2024):fluoride:0.68mg/m?;chlorine(Cl?):0.045mg/m?;particulatematter(PM):2.08mg/m?;hydrogenchloride(HCl):0.639mg/m?;VOCs:0.548mg/m?;nitrogenoxides(NO?):5.545mg/m?;ammonia:0.95kg/h;odorconcentration:113.71.Approvedannualemissionlimits:nitrogenoxides(NO?)≤48.18tons/year;VOCs≤26.9676tons/year.2024totalemissions:nitrogenoxides(NO?):8.072tons;VOCs:4.027tons(Allvaluescomplywithenvironmentalemissionstandards).

(12)TongweiSolar(Jintang)Co.,Ltd.

①Primarypollutantsinwastewater:Generalpollutants:pH,COD,ammonianitrogen;Characteristicpollutants:fluoride.Dischargemethod:continuousandstabledischargeNumberofoutlets:1outlet.Dischargestandards:EmissionStandardofPollutantsforBatteryIndustry(GB30484-2013)Table2IndirectDischargeStandard:

6≤pH≤9;COD≤150mg/l;ammonianitrogen≤30mg/l;fluoride≤8mg/l.Actualdischargeconcentrations(2024):pH：6.8-7.6;COD:129.25mg/l;ammonianitrogen:15.81mg/l;fluoride:6.13mg/l(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualdischargelimits:COD≤1006.9tons/year,ammonianitrogen≤201.4tons/year.2024totaldischarges:COD:517tons;ammonianitrogen:63.24tons(Allvaluescomplywithenvironmentalemissionstandards).

②Primarypollutantsinwastegas:Generalpollutants:hydrogenchloride,nitrogenoxides,chlorine,ammonia,particulatematter,andvolatileorganiccompounds;Characteristicpollutants:fluoride.Emissionmethod:continuousandstableemission.Numberofoutlets:16outlets.Emissionstandards:PollutantEmissionStandardforBatteryIndustry(GB30484-2013),Table5(SolarCellProductionCriteria):

fluoride≤3mg/m?;chlorine(Cl?)≤5mg/m?;particulatematter(PM)≤30mg/m?;hydrogenchloride(HCl)≤5mg/m?;nitrogenoxides(NO?)≤30mg/m?;OdorousPollutantsEmissionStandard(GB14554-1993)Table2:ammonia≤20kg/h;SichuanProvinceFixedPollutionSourceVOCEmissionStandard(DB51/2377-2017):VOCs≤60mg/m?.Actualemissionconcentrations(2024):fluoride:0.60mg/m?;Chlorine(Cl?):0.08mg/m?;ParticulateMatter(PM):6.98mg/m?;NitrogenOxides(NO?):9.87mg/m?;VOCs:0.71mg/m?;HydrogenChloride(HCl):0.69mg/m?;Ammonia:4.69kg/h(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualemissionlimits:NitrogenOxides(NO?)≤17.7tons/year;VOCs≤17.8tons/year.2024totalemissions:NitrogenOxides(NO?):5.429tons;VOCs:2.68tons(Allvaluescomplywithenvironmentalemissionstandards).

(13)TongheNewEnergy(Jintang)Co.,Ltd.

①Primarypollutantsinwastewater:Generalpollutants:pH,COD,ammonianitrogen(NH?-N);CharacteristicPollutant:fluoride.Dischargemethod:continuousandstabledischarge.Numberofoutlets:2maindischargeoutlets.Dischargestandards:BatteryCellProject-PollutantEmissionStandardsforBatteryIndustry(GB30484):COD≤150mg/l;NH?-N≤30mg/l;6≤pH≤9;SS≤140mg/l;TN≤40mg/l;fluoride≤8mg/l.WaferSlicingProject-ElectronicIndustryWaterPollutantDischargeStandard(GB39731-2020):COD≤500mg/l;NH?-N≤45mg/l;6≤pH≤9;SS≤140mg/l;TN≤70mg/l;fluoride≤20mg/l.Approvedannualdischargelimits:

BatteryCellProject-COD≤852tons/year;NH?-N≤170tons/year;TP≤11tons/year;F?≤39.2tons/year.WaferSlicingProject-COD≤1,526tons/year;NH?-N≤137tons/year;TP≤24tons/year.2024totaldischarges:BatteryCellProject–COD:114.78tons/year;NH?-N:12.61tons/year;TP:0.386tons/year;F?:6.38tons/year(Allvaluescomplywithenvironmentalemissionstandards).WaferSlicingProject–COD:315.74tons/year;NH?-N:5.36tons/year;TP:0.236tons/year(Allvaluescomplywithenvironmentalemissionstandards).

②Primarypollutantsinwastegas:particulatematter,nitrogenoxides,andvolatileorganiccompounds.Emissionmethod:continuousandstableemission.Numberofoutlets:18outlets.Emissionstandards:PollutantEmissionStandardforBatteryIndustry(GB30484-2013):fluoride≤3mg/m?;particulatematter(PM)≤30mg/m?;nitrogenoxides(NO?)≤30mg/m?;SichuanProvinceFixedPollutionSourceVOCEmissionStandard(DB51/2377-2017):

VOCs≤60mg/m?.Approvedannualemissionlimits(Cells):nitrogenoxides(NO?)≤25.56tons/year;particulatematter(PM)≤7.58tons/year;VOCs≤

36.38tons/year.Approvedannualemissionlimits(WaferSlicing):fugitiveparticulatematter(PM)≤3.64tons/year;VOCs≤4.35tons/year.2024totalemissions(Cells):nitrogenoxides(NO?):1.79tons;particulatematter(PM):2.9tons;VOCs:3.85tons(Allvaluescomplywithenvironmentalemissionstandards).

2024totalemissions(WaferSlicing):particulatematter(PM):1.78tons;VOCs:0.168ns(Allvaluescomplywithenvironmentalemissionstandards).

(14)TongweiSolar(Pengshan)Co.,Ltd.

①Primarypollutantsinwastewater:COD,ammonianitrogen(NH?-N),pH,fluoride.Dischargemethod:Continuousandstabledischarge.Numberofoutlets:1maindischargeoutlet.Dischargestandards:PollutantEmissionStandardsforBatteryIndustry(GB30484-2013)Table2IndirectDischargeStandardforSolarCells:CODcr≤150mg/l;NH?-N≤30mg/l;6≤pH≤9;SS≤140mg/l;fluoride≤8mg/l.Actualdischargeconcentrations(2024):COD:84.69mg/l;ammonianitrogen:7.83mg/l;pH:8.43;fluoride:3.73mg/l(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualdischargelimits:COD≤939.11tons/year;NH?-N≤187.82tons/year.2024totaldischarges:COD:388.83tons;NH?-N:35.95tons.

②Primarypollutantsinwastegas:hydrogenchloride,chlorine,ammonia,particulatematter,nitrogenoxides,volatileorganiccompounds(VOCs),fluoride.Emissionmethod:Continuousandstableemission.Numberofoutlets:23outlets.Emissionstandards:PollutantEmissionStandardforBatteryIndustry(GB30484-2013)Table5:fluoride≤3mg/m?;hydrogenchloride≤5mg/m?;chlorine≤5mg/m?;nitrogenoxides≤30mg/m?;particulatematter(PM)≤30mg/m?.OdorousPollutantsEmissionStandard(GB14554-1993)Table2:ammonia(NH?)≤20kg/h(30m),14kg/h(25m).SichuanProvinceFixedPollutionSourceVOCEmissionStandard(DB51/2377-2017)Table3forElectronicManufacturing:VOCs≤60mg/m?.Actualemissionconcentrations:fluoride:0.25mg/m?;hydrogenchloride:1.01mg/m?;chlorine:0.55mg/m?;nitrogenoxides:12.09mg/m?;particulatematter:9.75mg/m?;ammonia:1.32kg/h;VOCs:0.98mg/m?(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualemissionlimits:nitrogenoxides≤16.62tons/year;VOCs≤9.12tons/year.2024totalemissions:nitrogenoxides:10.475tons;VOCs:4.383tons(Allvaluescomplywithenvironmentalemissionstandards).

(15)ZhongweiNewEnergy(Chengdu)Co.,Ltd.:

①Primarypollutantsinwastewater:COD,SS,pH,NH

-N.Dischargemethod:Continuousandstabledischarge.Numberofoutlets:1maindischargeoutlet.Dischargestandards:DischargeStandardofWaterPollutantsforElectronicIndustry(GB39731-2020):COD≤500mg/l;SS≤400mg/l:6≤pH≤9;NH?-N≤45mg/l.Actualdischargeconcentrations(2024):COD:165mg/l;SS:7mg/l;pH:7.4;NH?-N:0.498mg/l(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualdischargelimits:COD≤1083.6tons/year;NH?-N≤97.5tons/year.2024totaldischarges:COD:54.137tons;NH?-N:0.163tons(Allvaluescomplywithenvironmentalemissionstandards).

②Primarypollutantsinwastegas:particulatematter,non-methanetotalhydrocarbons(NMTH).Emissionmethod:continuousandstableemission.Numberofoutlets:7outlets.Emissionstandards:IntegratedEmissionStandardofAirPollutants(DB51/2377-2017)Table3:particulatematter(PM)≤120mg/m?.SichuanProvinceFixedPollutionSourceVOCEmissionStandard(DB51/2377-2017)Table3:VOCs≤60mg/m?.Actualemissionconcentrations(2024):particulatematter:20mg/m?;VOCs:2.13mg/m?(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualemissionlimits:VOCs≤6.29tons/year.2024totalemissions:VOCs:1.27tons(Allvaluescomplywithenvironmentalemissionstandards).

(16)ChengduChunyuanFoodCo.,Ltd.Wastewaterdischarge:

①Primarypollutantsinwastewater:COD,NH

-N,pH,SS,BOD,animalandvegetableoils,totalphosphorus(TP),totalnitrogen(TN).Dischargemethod:intermittentdischarge.Numberofoutlets:1outlet.Dischargestandards:DischargeStandardofWaterPollutantsforMeatPackingIndustry(GB13457-92)Table3Tier3EmissionStandardsforLivestockSlaughtering;COD:500mg/l;ammonianitrogen:noconcentrationlimitspecified;pH:6.0–8.5;suspendedsolids(SS):400mg/l;biochemicaloxygendemand(BOD):300mg/l;animalandvegetableoils:60mg/l;totalphosphorus(TP):noconcentrationlimitspecified;totalnitrogen(TN):noconcentrationlimitspecified.Actualdischargeconcentrations(2024):COD:44.25mg/l;ammonianitrogen:15.04mg/l;pH:7.5;suspendedsolids(SS):19.25mg/l;biochemicaloxygendemand(BOD):13.58mg/l;animalandvegetableoils:0.45mg/l;totalphosphorus(TP):6.75mg/l;totalnitrogen(TN):24.63mg/l(Allvaluescomplywithenvironmentalemissionstandards).

Approvedannualdischargelimits:COD≤357.5tons/years;nolimitssetforotherpollutants.2024totaldischarges:COD:8.60tons,lessthantheapprovedlimit.

②Theboilerisoutofservice,withnoexhaustgasemissionsduringthereportingperiod.

(17)ChengduXintaifengAgricultureDevelopmentCo.,Ltd.Wastewaterdischarge:

①Primarypollutantsinwastewater:COD,NH

-N,pH,SS,BOD,animalandvegetableoils,totalphosphorus(TP),totalnitrogen(TN).Dischargemethod:intermittentdischarge.Numberofoutlets:1outlet.Dischargestandards:DischargeStandardofWaterPollutantsforMeatPackingIndustry(GB13457-92)Table3Tier3EmissionStandardsforLivestockSlaughtering;COD:500mg/l;pH:6.0–8.5;suspendedsolids(SS):300mg/l;biochemicaloxygendemand(BOD5):250mg/l;animalandvegetableoils:50mg/l;totalphosphorus(TP):noconcentrationlimitspecified;totalnitrogen(TN):

noconcentrationlimitspecified.Actualdischargeconcentrations(2024):COD:60mg/l;ammonianitrogen:75mg/l;pH:7.6;suspendedsolids(SS):22mg/l;biochemicaloxygendemand(BOD5):20.7mg/l;animalandvegetableoils:0.64mg/l;totalphosphorus(TP):12.7mg/l;totalnitrogen(TN):91mg/l(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualdischargelimits:COD≤306tons/years;nolimitssetforotherpollutants.2024totaldischarges:COD:3.78tons,lessthantheapprovedlimit.

②Theboilerisoutofservice,withnoexhaustgasemissionsduringthereportingperiod.

(18)Tongwei(Hainan)AquaticFoodCo.,Ltd.Wastewaterdischarge:

①Primarypollutantsinwastewater:COD,NH

-N,pH,totalphosphorus(TP),totalnitrogen(TN).Dischargemethod:continuousandstabledischarge.Numberofoutlets:1outlet.Dischargestandards:LaochengWastewaterTreatmentPlant(WestZone)EffluentDischargeStandards:pH:6–9;COD≤500mg/l;NH

-N≤40mg/l;SS≦400mg/l;TN≦40mg/l:TP≦6mg/l;BOD≦300mg/l.Actualdischargeconcentrations(2024):COD:30mg/l;NH

-N:28.1mg/l;TN:37mg/l;TP:12.9mg/l(Allvaluescomplywithenvironmentalemissionstandards).Approvedannualdischargelimits:Nolimitssetforpollutants.2024totaldischarges:COD:15.86tons,NH

-N:18.54tons;TP:0.56tons;TN:21.65tons(Alllessthantheapprovedlimits).

②Theboilerisoutofservice,withnoexhaustgasemissionsduringthereportingperiod.

2.Constructionandoperationofpollutionpreventionandtreatmentfacilities

√Applicable□NotApplicableEachoftheCompany’skeypollutingunitshasconstructedenvironmentalprotectionfacilitiesinaccordancewithenvironmentalassessmentandregulatoryrequirements.Inthereportingperiod,allfacilitiesoperatednormally,andenvironmentstaffperformedperiodicalinspectionsandmaintenanceofthefacilitiestoensurethatpollutantswerereleasedincompliancewithstandards.Detailsareasbelow:

High-puritypolysiliconandchemicalengineeringbusinessgroup:

(1)Wastewatercontrolfacilitiesincludecentrifugemotherliquortreatmentstation,mercury-containingwastewatertreatmentstation,domesticwastewatertreatmentdevice,wastewatertreatmentstation,high-salinitywastewatercondensationdevice,allofwhichoperatednormally;

(2)Wastegastreatmentfacilitiesincludevinylchloridepressureswingadsorptionunit,chlorinetailgasabsorptionunit,PVCdryingcyclonedustcollector,calciumcarbidecrushingbaghousedustcollector,processwastegasscrubber,anddedustingsystem.Allofthemoperateingoodcondition;

(3)Solid-wastefacilitiesincludeslagshedandtemporarystorageroomofhazardouswastes,allofwhichweremanagedsubjecttoenvironmentalprotectionrequirements.

(4)Noisecontrolfacilitiesincludemufflersandvibrationabsorbersfornoise-generatingequipment,andmufflerssetforventports,allofwhichoperatednormally.Solarcellbusinessgroup:

(1)Wastewatercontrolfacilitiesincludedomesticwastewatertreatmentdevice,sewagetreatmentstations,multi-stagephysiochemical+biochemicalpre-treatment+twostageA/Owastewatertreatmentsystem+wastewatercollectiondeviceforgatherammoniumsulfateatelevatedconcentrations(forrecyclingandtreatmentbyathird-partycompany)allofwhichoperatednormally.

(2)Wastegascontrolfacilitiesincludeonlinecombustion+low-temperatureplasma+activecarbontreatmentsystem,reduction-basedscrubber,acid-alkaliscrubber,andcombustionchamber,allofwhichoperatednormally.

(3)Solid-wastefacilitiesincludesolidwastewarehouse,domesticwastestoragefacility,andhazardouswastewarehouse,allofwhichweremanagedsubjecttoenvironmentalprotectionrequirements.

(4)Noisecontrolfacilitiesincludelow-noiseequipment,mufflersandvibrationabsorbersusedfornoise-generatingequipment,andmufflersandnoise-isolationwalls,allofwhichoperatednormally.Solarmodulebusinessgroup:

(1)Wastewatercontrolfacilitiesincludedomesticwastewatertreatmentstationswhichoperatednormally.

(2)Wastegascontrolfacilitiesinclude:forwastegasfromdicingprocesses,apulse-typedustcollectorisinstalled;forwastegasfromweldingprocesses,apulse-typedustcollectorfollowedbyasecondaryactivatedcarbonadsorptionunitisinstalled;forwastegasfromjunctionboxwelding,lamination,cleaning,andcuringprocesses,apulse-typedustcollectorfollowedbyasecondaryactivatedcarbonadsorptionunitisinstalled;forwastegasfromthedomesticsewagetreatmentstation,awaterspraydeviceisinstalled.Allenvironmentalprotectionfacilitiesforwastegasoperatednormally.

(3)Solidwastefacilitiesincludegeneralsolidwastewarehouseandhazardouswastewarehouse,allofwhichweremanagedsubjecttoenvironmentalprotectionrequirements.

(4)Noisecontrolfacilitiesincludemeasuressuchasfactorysoundinsulation,foundationshockabsorption,andequipmentnoisereductionforallnoisegeneratingequipment,andtheyoperatednormally.Agriculture,animalhusbandryandfoodbusinessgroup:

(1)Theprimarywastewatertreatmentfacilitycomprisesasewagetreatmentstationthatprocessesalldomesticandproductionwastewater.Thisfacilityensuresthattreatedeffluentmeetsdischargestandardsbeforeitentersthepark’spipelinenetworkandissubsequentlyroutedtothelocalsewagetreatmentplantforfinalprocessinganddischarge.Thesewagetreatmentstationoperatesseamlessly.Specifically,wastewaterfromtilapiaproductionisintegratedintothesewagesystemforbiochemicaltreatment,followedbyphosphorusremoval.Oncetheeffluentmeetsregulatorystandards,itundergoescentralizedtreatmentatthemunicipalsewagetreatmentplant.Additionally,thesludgeproducedduringtreatmentisefficientlyprocessedbyafilterpressanddisposedofincompliancewithregulationsthroughacertifiedagriculturalcompany.

(2)Theboilerisoutofoperation,andnowastegastreatmentfacilitiesareinplace.

(3)Theprimarysolidwastemanagementfacilitiesconsistofawasteresidueshed,atemporarystorageroomforsludge,atemporarystorageareaforsolidwaste,andadedicatedspaceforhazardouswaste.Thesefacilitiesoperateinstrictcompliancewithenvironmentalprotectionstandards.Theprimarysolidwasteincludesfecesfromthesedimentationtank,sludgeproducedbythesewagetreatmentstation'ssludgepress,andvarioushazardouswastes.Allwasteisentrustedtoaccreditedinstitutionsforsafeandresponsibletransferanddisposal.

(4)Theprimarynoisetreatmentfacilitiesincorporateeffectivestrategies,includingnoisereductionandshockabsorptionforeachpieceofequipment,allofwhichfunctionoptimally.

3.Environmentalimpactassessmentsandotheradministrativepermitsonconstructionprojects

√Applicable□NotApplicableHigh-puritypolysiliconandchemicalengineeringbusinessgroup:

(1)SichuanYongxiangNewEnergyCo.,Ltd.:YongxiangNewEnergysuccessfullycompleteditsenergy-savingandefficiency-enhancingtechnicaltransformationproject,resultingintheacquisitionofanewPollutionDischargePermitonApril22,2024,undercertificatenumber91511112MA633M5847001U.Furthermore,onApril26,2024,thePhotovoltaicSiliconMaterialManufacturingProject,specificallythethird-phasehigh-puritypolysiliconproject,receivedenvironmentalimpactassessmentapproval,withthedocumentnumberLSHS[2024]No.7.

(2)InnerMongoliaTongweiHigh-purityCrystallineSiliconCompany:ThetechnicaltransformationprojectforsiliconcoredrawingreceivedenvironmentalimpactassessmentapprovalonMay13,2024,underdocumentnumberBHGZ150203[2024]No.007.

(3)YunnanTongweiHigh-purityCrystallineSiliconCompany:ThephaseIIprojectsecuredapollutiondischargepermitfromtheBaoshanEcologyandEnvironmentBureauonApril3,2024,andsubsequentlycompletedself-inspectionandacceptanceinDecember2024.Thecertificateisregisteredundernumber91530524MA6PEG4C47002V.

(4)SichuanYongxiangEnergyTechnologyCo.,Ltd.:ThephaseIhigh-puritypolysiliconprojectcompletedtheself-inspectionandacceptanceonenvironmentalprotectiononNovember3,2024.

(5)SichuanYongxiangPolysiliconCo.,Ltd.:Environmentalprotectionfacilitieshavebeenupgraded,andanewapplicationforthepollutiondischargepermithasbeensubmitted.ThepermitreplacementwassuccessfullycompletedonNovember29,2023,withpermitnumber91511100660281872G001Q.

(6)SichuanYongxiangResinCo.,Ltd.:ItfullyobtaineditspollutiondischargepermitfromtheLeshanEcologyandEnvironmentBureauonDecember20,2024,undercertificatenumber91511112MADG2674XL001V.

(7)SichuanYongxiangPolysiliconCo.,Ltd.(NewMaterialsFacility):Thefacilityupdateditspollutiondischargepermit,receivingofficialapprovalfromtheLeshanEcologyandEnvironmentBureauonNovember22,2024.Thecertificatenumberis91511100660281872G002P.

(8)InnerMongoliaTongweiSiliconEnergyCo.,Ltd.:ThecompanysecuredenvironmentalimpactassessmentapprovalfromtheBaotouEcologyandEnvironmentBureauonMay26,2023(BHGZ150203[2023]No.010).Subsequently,itobtainedthepollutiondischargepermitonJune12,2024,undercertificatenumber91150203MAC08DH30H001V.Solarcellbusinessgroup:

(1)Thehigh-efficiencycrystallinesiliconsolarcellproductionlineupgradeprojectatTongweiSolar(Jintang)Co.,Ltd.receivedenvironmentalimpactassessment(EIA)approvalfromtheChengduMunicipalEcologyandEnvironmentBureauonApril7,2024(ApprovalDocument:CHS(CN)[2024]No.9).Additionally,theamendmentofthePollutantDischargePermitwassuccessfullycompletedonOctober16,2024.

(2)TongweiSolar(Pengshan)Co.,Ltd.successfullysecuredapprovalforitsenvironmentalimpactassessment(EIA)reportonthe2024High-EfficiencyCrystallineSiliconSolarCellCapacityExpansionandEfficiencyImprovementTechnicalTransformationProjectfromtheMeishanMunicipalEcologyandEnvironmentBureauonJuly2,2024(ApprovalDocument:MSHJT[2024]No.11).Furthermore,onSeptember6,2024,thecompanyeffectivelyreneweditsPollutantDischargePermit,retainingtheoriginalpermitnumber,withanextendedvalidityperioduntilSeptember5,2029.

(3)TongweiSolar(Chengdu)Co.,Ltd.receivedapprovalfortheenvironmentalimpactassessment(EIA)reportconcerningtheHigh-EfficiencyCrystallineSiliconCellsSupporting110kVSubstationProjectfromtheChengduMunicipalEcologyandEnvironmentBureauinAugust2024(ApprovalDocument:CHS(F)[2024]No.70).Subsequently,inNovember2024,theprojectsuccessfullypassedaself-conductedacceptanceinspectionandcompletedonlineregistration.

(4)TongweiSolar(Meishan)Co.,Ltd.achievedregulatorymilestonesforitsPhaseIVHigh-EfficiencyCrystallineSiliconSolarCellProject.OnJanuary3,2024,theMeishanMunicipalEcologyandEnvironmentBureaugrantedapprovalfortheenvironmentalimpactassessment(EIA)ofthe220kVsubstationconstructionproject(ApprovalDocument:MSHJH[2024]No.1).Subsequently,onJanuary8,2024,theBureaualsoapprovedtheEIAreportforthePhaseIVproject(ApprovalDocument:MSHJH[2024]No.6).Furthermore,thecompanysuccessfullyreneweditsPollutantDischargePermit,retainingtheoriginalpermitnumber(91511400MA686MWR2C001Q),nowvaliduntilJune5,2029.

(5)OnMarch11,2024,TongweiSolar(Meishan)Co.,Ltd.securedapprovalfromtheMeishanMunicipalEcologyandEnvironmentBureaufortheenvironmentalimpactassessmentreportpertainingtoitsPhaseIVHigh-EfficiencyCrystallineSiliconSolarCellSupportingProject(ApprovalDocument:MSHJH[2024]No.24).

(6)OnJanuary16,2024,TongweiSolar(Meishan)Co.,Ltd.successfullyfileditsMeishanHigh-EfficiencyCrystallineSiliconSolarCellTechnologyUpgradeProjectwiththeMeishanDevelopmentandReformCommission(FilingNo.:[2401-511400-07-02-276646]JXQB-0007).Subsequently,onJune28,2024,theprojectreceivedapprovalforitsenvironmentalimpactassessmentfromtheMeishanMunicipalEcologyandEnvironmentBureau(ApprovalDocument:MSHJH[2024]No.48).Additionally,thecompany’srenewedPollutantDischargePermitwasapproved,maintainingtheoriginalpermitnumber(91511400MA686MWR2C001Q)andextendingitsvaliditytoAugust27,2029.

(7)TongweiSolar(Meishan)Co.,Ltd.successfullyfileditsMeishanHigh-EfficiencyCrystallineSiliconSolarCellPhaseIIIExpansionandRenovationProjectwiththeMeishanDevelopmentandReformCommissiononJune17,2024(FilingNo.:

[2405-511400-04-01-587944]FGQB-0077).TheprojectsubsequentlyreceivedapprovalforitsenvironmentalimpactassessmentreportfromtheMeishanMunicipalEcologyandEnvironmentBureauonNovember6,2024(ApprovalDocument:MSHJH[2024]No.97).Moreover,thecompany’srevisedPollutantDischargePermitwasgrantedapprovalwhileretainingitsoriginalpermitnumber(91511400MA686MWR2C001Q)andmaintainingitsvaliditythroughAugust27,2029.

(8)OnJuly4,2024,TongweiSolar(Meishan)Co.,Ltd.successfullysubmittedtheinvestmentfilingforitsMeishanHigh-EfficiencyCrystallineSiliconSolarCell(PhaseIV)CapacityExpansionandUpgradeProjecttotheMeishanDevelopmentandReformCommission(FilingNo.:[2407-511400-04-01-647042]FGOB-0113).

(9)TongheNewEnergy(Jintang)Co.,Ltd.obtainedapprovalfromChengduMunicipalEcologyandEnvironmentBureauonNovember12,2024fortheenvironmentalimpactassessmentreportofitsTonghe110kVSubstationExpansionProject(ApprovalDocument:CHS(F)[2024]No.93).

(10)OnOctober9,2024,ZhongweiNewEnergy(Chengdu)Co.,Ltd.receivedapprovalfromtheChengduMunicipalEcologyandEnvironmentBureaufortheenvironmentalimpactassessment(EIA)reportpertainingtoitsPhotovoltaicMonocrystallineSiliconWaferSmartFactoryConstructionProject(PhaseI)(ApprovalDocument:CHS(P)[2024]No.58).Subsequently,onOctober21,2024,thecompanycompletedtheregistrationforfixedpollutionsourcedischarge,acquiringthenecessarypollutantdischargeregistrationreceipt.Solarmodulebusinessgroup:

(1)TongweiSolar(Hefei)Co.,Ltd.reneweditsPollutantDischargePermitin2024andobtainedthepermitissuedbyHefeiMunicipalEcologyandEnvironmentBureau,withthepermitnumber:91340100560687779D001V.

(2)TongweiSolar(Yancheng)Co.,Ltd.obtainedapprovalfortheEnvironmentalImpactAssessmentReportFormfortheNewAnnual1GWPhotovoltaicModuleIntelligentManufacturingTechnologyTransformationProjectonJuly24,2024(ApprovalDocument:YKXSHBF[2024]No.19).

(3)TongweiSolar(Yancheng)Co.,Ltd.,TongweiSolar(Nantong)Co.,Ltd.,andTongweiSolar(Sichuan)Co.,Ltd.havecompletedtheirpollutantdischargepermitregistrations.

4.Environmental-relatedemergencyresponseplans

√Applicable□NotApplicableTopreventandreduceenvironmentalevents,standardizetheemergencymanagementandemergencyresponseproceduresoftheCompanyforenvironmentalemergencies,establishanemergencyworkmechanismthatfollowscentralcommands,takesresponsibilitiesatdifferentlevelsandactsswiftly,carryoutemergencyrescueworkinatimelyandeffectivemanner,andforma

coordinatedandefficientenvironmentalpollutionemergencyresponsesystemwithstrongpreventionactions,orderlycommands,theCompanyanditssubsidiarieshaveformulatedemergencyresponseplansforemergencyeventsandhavetheplansregisteredinlocalecologybureaus.CurrentvalidregistrationnumbersofkeypollutingentitiesoftheCompanyinthereportingperiodareasfollows:

High-puritypolysiliconandchemicalengineeringbusinessgroup:

(1)EnvironmentalEmergencyResponsePlanofSichuanYongxiangNewEnergyCo.,Ltd.(511112－2024－021－H);

(2)EnvironmentalEmergencyResponsePlanofInnerMongoliaTongweiHigh-purityCrystallineSiliconCompany(150203-2024-055-H);

(3)EnvironmentalEmergencyResponsePlanofYunnanTongweiHigh-purityCrystallineSiliconCompany(530502-2024-041-H);

(4)EnvironmentalEmergencyResponsePlanofSichuanYongxiangEnergyTechnologyCo.,Ltd.(511112-2023-014-H);

(5)EnvironmentalEmergencyResponsePlanofSichuanYongxiangPolysiliconCo.,Ltd.(511112-2024-022-H);

(6)EnvironmentalEmergencyResponsePlanofSichuanYongxiangResinCo.,Ltd.(511112-2024-026-H);

(7)EnvironmentalEmergencyResponsePlanofSichuanYongxiangPolysiliconCo.,Ltd(NewMaterialsFacility)(511112-2024-031-M);

(8)EnvironmentalEmergencyResponsePlanofInnerMongoliaTongweiSiliconEnergyCo.,Ltd.(150203-2024-029-H).Solarcellbusinessgroup:

(1)EnvironmentalEmergencyResponsePlanofTongweiSolar(Jintang)Co.,Ltd.（2023（01）version）(510121-2023-021-H);

(2)EnvironmentalEmergencyResponsePlanofTongweiSolar(Anhui)Co.,Ltd.(340171-2023-043-M,340171-2021-110-Mand340105-2019-026M);

(3)Factory-wideEnvironmentalEmergencyResponsePlanofTongweiSolar(Meishan)Co.,Ltd.(51140020230005-M);

(4)EnvironmentalEmergencyResponsePlanofTongweiSolar(Meishan)Co.,Ltd.(51140020210004-M);

(5)EnvironmentalEmergencyResponsePlanfortheProjectofApplicationofHomemadeIntelligentEquipment(System)fromEfficientSiliconSolarCellswithanAnnualCapacityof7.5GWofTongweiSolar(Meishan)Co.,Ltd.(51140020200031-L);

(6)EnvironmentalEmergencyResponsePlanofTongweiSolar(Meishan)Co.,Ltd.(2024version)(51140020240006-H)

(7)EnvironmentalEmergencyResponsePlanofTongweiSolar(Chengdu)Co.,Ltd.(510122-20242432-M);

(8)EnvironmentalEmergencyResponsePlanofTongheNewEnergy(Jintang)Co.,Ltd.(preparation)(510121-2022-082-M)

(9)EnvironmentalEmergencyResponsePlanofTongweiSolar(Pengshan)Co.,Ltd.(511403-2023-041-M);

(10)EnvironmentalEmergencyResponsePlanofZhongweiNewEnergy(Chengdu)Co.,Ltd.(510122-2024-2470-M).Solarmodulebusinessgroup:

(1)EnvironmentalEmergencyResponsePlanofTongweiSolar(Hefei)Co.,Ltd.(340171-2023-045-L);

(2)EnvironmentalEmergencyResponsePlanofTongweiSolar(Yancheng)Co.,Ltd.(320961-2023-040-M);

(3)EnvironmentalEmergencyResponsePlanofTongweiSolar(Sichuan)Co.,Ltd.(510121-2023-028-L);

(4)EnvironmentalEmergencyResponsePlanofTongweiSolar(Nantong)Co.,Ltd.(320609-2024-15-L).Agriculture,animalhusbandryandfoodbusinessgroup:

(1)EnvironmentalEmergencyResponsePlanofChengduChunyuanFoodCo.,Ltd.(510183-2024-001-L);

(2)EnvironmentalEmergencyResponsePlanofChengduXintaifengAgricultureDevelopmentCo.,Ltd.(510183-2023-134-L);

(3)EnvironmentalEmergencyResponsePlanforDeepenprocessingprojectofTongwei(Hainan)AquaticProductsCo.,Ltd.(469027-2023-062-M).

5.Self-monitoringplans

√Applicable□NotApplicable

Majorsubsidiarieshaveestablishedsafetyandenvironmentdepartmentsormanagementteams,equippedwithsufficientpersonnelandadvancedmonitoringequipment.Variousmethodssuchasreal-timemonitoringbyenvironmentalmonitoringequipment,regularmanualmonitoring,andthird-partymonitoringensurethecompliancewithenvironmentalmanagementrequirements.

(1)High-puritypolysiliconandchemicalengineeringbusinessgroup:

TheCompanyhasestablishedsafetyandenvironmentdepartmentswithsufficientpersonnelandadvancedmonitoringequipment.Thedischargeoutletsareequippedwithonlinemonitoringdevicesforbothwastewaterandexhaustgases,whichcomplywithregulations.Thesedevicescancontinuouslymonitorparameterssuchaswastewaterflowrate,COD,ammonianitrogen,totalnitrogen,pH,sulfurdioxideinwastewater,andthenitrogenoxides,andparticlesinexhaustgases.Themonitoreddataistransmittedinreal-timetothepollutionsourcemonitoringplatform.Environmentalprotectionpersonnelconductdailyinspectionsoftheonlinemonitoringdevicesatthedischargeoutlets.Qualifiedmaintenanceentitiesarecommissionedtomaintaintheonlinemonitoringdevicesaccordingtotechnicalspecifications,ensuringtheaccuracyofdataanalysisandcompliancewithdischargestandardsforallparameters.Inaccordancewiththeenvironmentalimpactassessmentreportandtechnicalspecificationsforindustryemissionpermits,wehavepreparedaself-monitoringplan.Testingagencieswithqualificationshavebeencommissionedtoconductmonitoringaccordingtotheplan.

(2)Solarcellbusinessgroup:

OnlinetestingdevicesareinstalledatgeneralwastewaterdischargeoutletstodetectpollutantslikeCOD,NH3-N,andPHinareal-timemanner,withdetectiondatasenttotheenvironmentalprotectioninformationplatformonaregularbasis.Thewastewatertreatmentstationisequippedwithawastewatertestinglaboratory,wherelaboratorytechniciansconductregulartestsonvariousstagesofwastewatertreatmenttoensurethatthedischargedwastewatermeetstherequiredstandards.Inaddition,theCompanyhasdevelopedanannualenvironmentalmonitoringplan.Inaccordancewiththerequirementsoftheenvironmentalimpactassessmentreportandpollutiondischargepermit,third-partytestingagenciesarecommissionedtotesttheCompany’sexhaustgas,wastewater,noise,plantboundaryexhaustgas,groundwaterandotherenvironmentalaspects.Theresultsaredisclosedpublicly.

(3)Solarmodulebusinessgroup:

TheCompanyhasimplementedrobustself-monitoringstandards.Eachfacilityisequippedwithonlinemonitoringsystemsthattrackwastewaterandexhaustgasparameters,includingCOD,NH3-N,pH,andVOCsinreal-time.Furthermore,theCompanycollaborateswiththird-partytestingagenciestoconductcomprehensiveenvironmentalassessmentsofexhaustgases,wastewater,noise,andfugitiveemissionsatfacilityboundaries,withdetailedtestreportsgeneratedaccordingly.

(4)Agriculture,animalhusbandryandfoodbusinessgroup:

TheCompanymonitorsparameterssuchasCOD,ammonianitrogen,pH,totalphosphorus,totalnitrogen,andflowrateinwastewaterinareal-timemanner.Allmonitoringdataistransmittedinreal-timetotheenvironmentalauthority’spollutionsourcemonitoringsystem.Additionally,inaccordancewiththeself-monitoringplanfortheenvironment,qualifiedthird-partytestingagenciesareregularlycommissionedtotestonparameterssuchaswastegas,pHvalueandsuspendedsolidsinwastewater,plantboundarynoise,andissuetestingreports.

6.Otherenvironmentalinformationthatshouldbedisclosed

□Applicable√NotApplicable

7.Otherenvironmentalinformationthatshouldbedisclosed

□Applicable√NotApplicable(II)Otherenvironmentaldisclosurewithreferencetokeypollutantdischargeunits

√Applicable□NotApplicable

1.Administrativepenaltiesduetoenvironmentalproblems

√Applicable□NotApplicable

Duringthereportingperiod,SpecialFeedBranchofWuxiTongweiBiotechnologyCo.,Ltd.receivedapenaltyforexceedingregulatedodorconcentrationemissionlimits.Thecompanyhassuccessfullyimplementedallnecessarycorrectiveactionsinresponsetothisadministrativepenalty.Thisincidentisnotanticipatedtomateriallyaffectthecompany’sproductionoroperations.

2.Otherenvironmentaldisclosurewithreferencetokeypollutantdischargeunits

√Applicable□NotApplicable

TongweiSolar(Hefei)Co.,Ltd.,TongweiSolar(Yancheng)Co.,Ltd.,TongweiSolar(Sichuan)Co.,Ltd.,TongweiSolar(Nantong)Co.,Ltd.,andthecompany’sfeedproductionfacilitiesarenotclassifiedaskeypollutantdischargeunits.Theirprimaryproductsincludesolarphotovoltaicmodules,aquaticfeed,andlivestockfeed,amongothers.Therelevantenvironmentalmanagementmeasuresareasfollows:

(1)TongweiSolar(Hefei)Co.,Ltd.

①Wastegasmanagement

Intheproductionofphotovoltaicmodules,theprimaryexhaustemissionsincludenon-methanetotalhydrocarbons(NMTH),particulatematter,andtincompounds.Thecompanyutilizesadvancedpipelinecollectionandenclosednegativepressuresystemstoeffectivelycapturetheseemissions.Subsequently,thesepollutantsundergotreatmentviaapulse-jetdustremovalsystemcombinedwithdual-stageactivatedcarbonadsorption,ensuringcompliancewithdischargestandards.

②Wastewatermanagement

Thephotovoltaicmoduleproductionprocessdoesnotgenerateindustrialwastewater.Thecompany'swastewaterprimarilyconsistsofdomesticsewageandcafeteriawastewater.Forthisproject,cafeteriawastewaterundergoespretreatmentingreasetraps,whiledomesticsewageistreatedinseptictanks.Thesestreamsarethencombinedwithcirculatingcoolingwastewaterandreverseosmosisconcentratefrompurewaterpreparation.Themixedwastewaterisdischargedintothemunicipalpipenetworkthroughthecompany'sdomesticwastewatertreatmentstation(aftermeetingdischargestandards)andultimatelysenttotheWesternClusterWastewaterTreatmentPlantforadvancedtreatment.

③Solidwastemanagement

Duringtheproductionofphotovoltaicmodules,thesolidwastegeneratedisclassifiedintotwomaincategories:generalindustrialsolidwasteandhazardouswaste.Generalindustrialsolidwasteincludesrecyclablessuchaswastepaper,plastics,glass,andscrapmetal,particularlysolderingribbons,whichareredirectedtolicensedrecyclingcompaniesforrepurposing.Non-recyclablematerialsareresponsiblydisposedofinlandfillsorincineratedatwaste-to-energyfacilities.Hazardouswasteiscarefullymanagedindedicatedtemporarystoragefacilitiesandisperiodicallytransferredtolicensedthird-partydisposalprovidersthatpossessthenecessaryhazardouswastetreatmentqualifications.

④Noisemanagement

Theprimarynoisesourcesincludecompressors,coolingtowers,fans,andotherequipment.Noiseemissionsarecontrolledthroughoptimizedfacilitylayout,soundproofedbuildings,useoflow-noiseequipment,andenhancedoperationalmanagement,ensuringcompliancewithnoisedischargerequirementsspecifiedineachproductionbase'senvironmentalimpactassessment.

Thecompanyanditssubsidiariescontinuetostrengthenstandardizedenvironmentalmanagementpractices,achievingsignificantresultsinpollutioncontrol.Nomajorenvironmentalincidentsorpollutionaccidentsoccurredduringthereportingperiod.

(2)TongweiSolar(Yancheng)Co.,Ltd.

①Wastegasmanagement

Intheproductionofphotovoltaicmodules,theprimaryexhaustemissionsincludenon-methanetotalhydrocarbons(NMTH),particulatematter,andtincompounds.Thecompanyemployspipelinecollectionandenclosednegativepressuresystemstocapturetheseemissions,whicharethentreatedthroughadryfiltrationsystem+zeoliterotorconcentration+ECOcatalyticcombustionsystemtoensurecompliantdischargebeforerelease.

②Wastewatermanagement

Duringtheproductionofphotovoltaicmodules,thefacilitygeneratesnoindustrialwastewater.Thewastewaterproducedprimarilyconsistsofdomesticsewageandcafeteriarunoff.Specifically,cafeteriawastewaterundergoespre-treatmentviaanoilinterceptor,whiledomesticsewageisprocessedinaseptictank.Thiswastewaterissubsequentlycombinedwithcirculatingcoolingwastewaterandconcentratedwaterfrompurewaterpreparation.Ultimately,alltreatedeffluentisdirectedtoJiangsuDongfangWaterCo.,Ltd.forcomprehensivetreatment.

③Solidwastemanagement

Duringtheproductionofphotovoltaicmodules,thesolidwastegeneratedisclassifiedintotwomaincategories:generalindustrialsolidwasteandhazardouswaste.Generalindustrialsolidwasteincludesrecyclablessuchaswastepaper,plastics,glass,andscrapmetal,particularlysolderingribbons,whichareredirectedtolicensedrecyclingcompaniesforrepurposing.Non-recyclablematerialsareresponsiblydisposedofinlandfillsorincineratedatwaste-to-energyfacilities.Hazardouswasteiscarefullymanagedindedicatedtemporarystoragefacilitiesandisperiodicallytransferredtolicensedthird-partydisposalprovidersthatpossessthenecessaryhazardouswastetreatmentqualifications.

④Noisemanagement

Theprimarynoisesourcesincludecompressors,coolingtowers,fans,andotherequipment.Noiseemissionsarecontrolledthroughoptimizedfacilitylayout,soundproofedbuildings,useoflow-noiseequipment,andenhancedoperationalmanagement,ensuringcompliancewithnoisedischargerequirementsspecifiedineachproductionbase'senvironmentalimpactassessment.

Thecompanyanditssubsidiariescontinuetostrengthenstandardizedenvironmentalmanagementpractices,achievingsignificantresultsinpollutioncontrol.Nomajorenvironmentalincidentsorpollutionaccidentsoccurredduringthereportingperiod.

(3)TongweiSolar(Sichuan)Co.,Ltd.

①Wastegasmanagement

Theproductionofphotovoltaicmodulesgenerateswastegasprimarilyfromwelding,laminating,andcuringprocesses.Keypollutantsinthiswastegasincludeparticulatematter,volatileorganiccompounds(VOCs),tinanditscompounds,aswellasisopropylalcohol.Toeffectivelymitigatetheseemissions,thecompanyemploysfive“zeoliterotaryadsorption+electro-catalyticcombustion”units,alongwithtwo“secondaryactivatedcarbonadsorption”systems,ensuringthoroughtreatmentpriortodischarge.

Thecompanyoperatesarawmaterialtestinglaboratorythatgenerateswastegascontainingprimarypollutants,specificallyvolatileorganiccompounds(VOCs)andxylene.Theseemissionsaremanagedthroughasecondaryactivatedcarbonadsorptionsystempriortodischarge.

②Wastewatermanagement

Duringproduction,thefacilitygeneratesnoindustrialwastewater;itonlyproducesdomesticsewagefromworkshopcleaningandemployeeactivities.Thissewageundergoespretreatmentinaseptictank,renderingitcompliantwiththestandardsoutlinedinTable2oftheIntegratedWastewaterDischargeStandard(GB8979-1996)andtheinfluentparametersoftheTuojiangProtectionandReclaimedWaterPlant.Subsequently,thetreatedeffluentisconnectedtothemunicipalsewagepipelinenetwork.Itundergoesfurthertreatmentatthedownstreammunicipalsewagetreatmentplantbeforebeingsafelydischargedintothereceivingwaterbody.

③Solidwastemanagement

Duringtheproductionofphotovoltaicmodules,thesolidwastegeneratedisclassifiedintotwomaincategories:generalindustrialsolidwasteandhazardouswaste.Generalindustrialsolidwasteincludesrecyclablessuchaswastepaper,plastics,glass,andscrapmetal,particularlysolderingribbons,whichareredirectedtolicensedrecyclingcompaniesforrepurposing.Non-recyclablematerialsareresponsiblydisposedofinlandfillsorincineratedatwaste-to-energyfacilities.Hazardouswasteiscarefullymanagedindedicatedtemporarystoragefacilitiesandisperiodicallytransferredtolicensedthird-partydisposalprovidersthatpossessthenecessaryhazardouswastetreatmentqualifications.

④Noisemanagement

Theprimarynoisesourcesincludecompressors,coolingtowers,fans,andotherequipment.Noiseemissionsarecontrolledthroughoptimizedfacilitylayout,soundproofedbuildings,useoflow-noiseequipment,andenhancedoperationalmanagement,ensuringcompliancewithnoisedischargerequirementsspecifiedineachproductionbase'senvironmentalimpactassessment.Thecompanyanditssubsidiariescontinuetostrengthenstandardizedenvironmentalmanagementpractices,achievingsignificantresultsinpollutioncontrol.Nomajorenvironmentalincidentsorpollutionaccidentsoccurredduringthereportingperiod.

(4)TongweiSolar(Nantong)Co.,Ltd.

①WastegasmanagementThewastegasemittedduringphotovoltaicmoduleproductionprimarilycomprisesnon-methanetotalhydrocarbons,particulatematter,xylene,andtinanditscompounds.Thefacilitycollectsthiswastegasthroughacomprehensivesystemutilizingpipelinesandclosednegativepressure.Itissubsequentlytreatedusinganintegratedprocessofdryfiltration,azeoliterotaryconcentrator,andECOcatalyticcombustion,ensuringcompliancewithenvironmentalstandardsbeforedischarge.

②WastewatermanagementThecompany’swastewaterprimarilyconsistsofdomesticsewage.Followingpretreatmentthroughaseptictankandanoilinterceptor,thesewageisroutedtothemunicipalpipelinenetwork,whereitundergoescentralizedadvancedtreatmentatNantongEconomicandTechnologicalDevelopmentZoneTongshengDrainageCo.,Ltd.

③Solidwastemanagement

Duringtheproductionofphotovoltaicmodules,thesolidwastegeneratedisclassifiedintotwomaincategories:generalindustrialsolidwasteandhazardouswaste.Generalindustrialsolidwasteincludesrecyclablessuchaswastepaper,plastics,glass,andscrapmetal,particularlysolderingribbons,whichareredirectedtolicensedrecyclingcompaniesforrepurposing.Non-recyclablematerialsareresponsiblydisposedofinlandfillsorincineratedatwaste-to-energyfacilities.Hazardouswasteiscarefullymanagedindedicatedtemporarystoragefacilitiesandisperiodicallytransferredtolicensedthird-partydisposalprovidersthatpossessthenecessaryhazardouswastetreatmentqualifications.

④Noisemanagement

Theprimarynoisesourcesincludecompressors,coolingtowers,fans,andotherequipment.Noiseemissionsarecontrolledthroughoptimizedfacilitylayout,soundproofedbuildings,useoflow-noiseequipment,andenhancedoperationalmanagement,ensuringcompliancewithnoisedischargerequirementsspecifiedineachproductionbase'senvironmentalimpactassessment.Thecompanyanditssubsidiariescontinuetostrengthenstandardizedenvironmentalmanagementpractices,achievingsignificantresultsinpollutioncontrol.Nomajorenvironmentalincidentsorpollutionaccidentsoccurredduringthereportingperiod.

(5)Feedproducers

①Wastegasmanagement

Thewastegasgeneratedinfeedproductionmainlyconsistsofdustandexhaustofhightemperature,highhumidityandhighdust,whichistreatedbycyclonedustcollectoranddustcollectionbags,thentreatedbysprinkler-basedoxidationequipmentbeforeemitted.

②Wastewatermanagement

Nowastewaterorlittlewastewaterisgeneratedinfeedproduction.Thewastewaterismainlyfromthesprinklersystemofenvironmentalequipment.ThiswastewaterisprocessedbytheAAOProcessandcirculated,whichwillnotcausesecondarypollutiontoenvironment.Domesticwastewatergeneratedbyemployeesispre-treatedbytheseptictank,andsenttothemunicipalwastewatertreatmentplantviathemunicipalwastewaternetworkforcentralizedtreatment,withthetailwatermeetingtheGradeOneTypeAstandardsinDischargeStandardofPollutantsforMunicipalWastewaterTreatmentPlant(GB18918-2002)discharged.Nopollutionwillbecaused.

③Solidwastemanagement

Commontypesofsolidwastegeneratedinfeedproductionaregeneralsolidwasteandhazardoussolidwaste.Generalsolidwasteiscomprehensivelyutilizedbymaterialrecyclingcompanies.Hazardoustypeisstoredinadedicatedtemporaryroomandsenttoqualifiedpartiesperiodicallyforfurthertreatment.

④Noisemanagement

Noiseproducersinfeedproductionmainlyincludecrushers,mixers,draughtfans.Weuselow-noiseequipmentandhavethemarrangedproperlysothatnoiseattenuatestothelargestextentoverdistance.High-noiseequipmentisenclosedwithnoiseabsorbingwalls.TheCompanyanditssubsidiarieshavebeenstrengtheningtheprocedure-basedenvironmentalprotectionwithsignificanteffect.Nosignificantenvironmentaleventorpollutionoccurredinthereportingperiod.

3.Reasonfornon-disclosureofotherenvironmentalinformation

□Applicable√NotApplicable(III)Informationrelatingtoprotectingecology,preventingpollutionandfulfillingenvironmentalobligation

√Applicable□NotApplicable

TheCompanyisfirmlycommittedtotheprinciplesofgreendevelopmentandactivelyengagesintheglobalsustainabledevelopmentagenda.In2024,weembracedthecentralmissionofTogethertoWin,incorporatingtheUnitedNationsSustainableDevelopmentGoals(SDGs)intoourcorporatestrategy.Thisledtotheestablishmentofacomprehensivemanagementframeworkcharacterizedbythreedimensionsandninesystemsdesignedtoeffectivelyoperationalizesustainabledevelopment.Thisyear,throughsustaineddialogueandenhancedcollaborationwithdiversestakeholders,wesuccessfullylaunchedtheTogethertoWin:

GlobalSustainablePartnershipDevelopmentPlan.ThisinitiativeexpandsouroriginalfourESGstrategicdirectionsintosixcriticalpillarsencompassinggovernance,environment,customers,employees,partners,andsociety.Byfosteringanethosofopenness,

inclusivity,cooperation,andsharedpurpose,wearewell-positionedtoachieveasustainableandprosperousfutureincollaborationwithpartnersacrossallsectors.Duringthereportingperiod,theCompanyadoptedarobustapproachtoaddressclimaterisks,conductingcarbonemissionaccountingandverification,includingScope3emissionsacrossthevaluechain.ThismethodologicalrigorculminatedinattaininganISO14064-1greenhousegasverificationstatementfromarecognizedthird-partyauthority.TheCompanystrategicallyidentifiedthecarbonreductionpotentialacrosstheentireproductlifecycle,achieving26productcarbonfootprintandlifecycleassessmentcertificationsduringthistimeframe.Theseaccomplishmentsestablishedasolidfoundationforthedevelopmentofgreen,low-carbonproducts.Intermsofwasteemissions,theCompanymeticulouslymanagedexhaustgases,wastewater,solidwaste,andhazardousmaterials,adheringtonationalregulationssuchastheEnvironmentalProtectionLawandtheAirPollutionPreventionandControlLaw.Whilefulfillingcomplianceobligations,theCompanyactivelyexploredvariouspathwaysforwastereductionandcircularutilization.Theseinitiativesincludedself-monitoringofemissions,classifiedwastedisposal,recycling,andthestrategiclightweightingofpackagingmaterials.Suchmeasureseffectivelyminimizewastegenerationandemissionsattheirsource.

Duringthereportingperiod,theCompanydemonstratedastrategicapproachtoresourceutilizationandnatureconservation,pursuingamodelofharmoniouscoexistencebetweenhumansandthenaturalenvironment.Intermsofwaterresourcemanagement,theCompanyimplementedacomprehensivestrategythatfosteredinnovationfrombothmanagerialandtechnologicalperspectives.Thisincludedenhancingcontrolovercriticalwaterusageprocessesandcontinuouslyoptimizingwater-savingtechnologies,ensuringbothefficientandintensiveutilizationofresources.Inalignmentwithitsenvironmentalcommitments,theCompanystrictlyadheredtoenvironmentallawsandregulationsacrossalloperatingcountriesandregions.Byestablishinggreenfactories,greensupplychains,andsustainableproductdesigns,theCompanysuccessfullymitigatedoperationalimpactsonecosystems.Additionally,leveragingitsdual-corebusinessadvantages,theCompanypioneeredtheFishery-PhotovoltaicIntegrationsystem,whichsimultaneouslysupportsecologicalaquacultureandcleanenergygeneration.Thisinnovativemodelnotonlyprovidesgreenelectricityandsustainableseafoodbutalsoyieldssignificantenvironmentalbenefits,culminatinginatriple-winoutcome.Inrecognitionofitssustainabilityexcellence,thisinitiativewasselectedasoneoftheUNGlobalCompactTop20ESGCasesofthePastTwoDecadesthisyear.(IV)Emissionreductionactionsinthereportingperiodandtheeffect

Specificdescription

√Applicable□NotApplicable

TheCompany,motivatedbyitsstrategicvisiontobecomeaworld-classsafefoodsupplierandaworld-classcleanenergyoperator,hasestablishedambitiousclimategoalsaimedatachievingcarbonneutralityinitsoperationsby2030,alongsideacommitmenttotransitionto100%renewableelectricitybythesameyear.Inalignmentwiththesetargets,theCompanyhasdevisedtailoredclimateactionpathways,emphasizingacoordinatedapproachbetweenheadquartersandlocalimplementation.Thisstrategynotonlyfacilitatescentralizedplanningbutalsoempowersproductionunitstoadopttargetedemissionreductionmeasures,ensuringsystematicprogresstowardsits2030objectives.

In2024,theCompany,undertheastuteguidanceoftheEnergyManagementCommittee,initiatedrobustsustainabilityoversightacrossitssubsidiaries,implementingcomprehensiveenergyconsumptioncontrolandcarbonreductionstrategies.Byanalyzingitscarbonemissionsprofile,includingitsemissionsourcestructureandfuturetrends,inconjunctionwiththeevolvinglandscapeofdomesticandinternationallow-carbonpolicies,theCompanyhasdelineatedpreciseactiontargetsandstrategicpathwaysacrossthreecriticaldimensions:operations,valuechain,andproducts.Theobjectiveremainsunequivocal:achievingoperationalcarbonneutralityby2030.Implementationstrategiesemphasizetheconstructionofphasedzero-carbonfactories,ongoingcarbonemissionsverification,andcomprehensiveproductcarbonfootprintcertification—eachenhancingtheintegrityofthecarbonmanagementsystem.Simultaneously,theCompanyiscommittedtodevelopinggreensupplychains,increasingtheadoptionofrenewableenergysources,particularlygreenelectricity,andcapitalizingonitstechnicalexpertisetofosterinnovationandcollaborationingreentechnologies.

Duringthereportingperiod,theCompanyhasintensifieditsresearchanddevelopmenteffortsfocusedonenergy-savingtechnologies.Notableprojects,suchastheRoundSiliconCoreProjectandtheLarge-scaleEnergy-efficientHydrogenationFurnaceProject,havebeenpivotalinadvancingresourcecirculationandenergyefficiency.Majorproductionfacilitieshavealsointegratedfacility-widevacuumsystemsandM3CDAtechnology,implementingcriticalmeasuresincludingvacuumpipelineleakdetection,optimizationofthePCWsystem,zonedHVACcontrol,andintermittentchilleroperationsduringwinter,resultinginsignificantenhancementsinenergyefficiency.

GreendevelopmentisthecornerstoneofTongwei’sgrowthstrategy.TheCompanysteadfastlyadherestoitsprinciplesoflow-carbonandsustainabledevelopment,implementingrigorousscientificmanagementinallenergyoperations.Wearecommittedtoachievingsuperiorstandardsasaleaderincleanproduction,circulareconomypractices,andenergyefficiency,therebyactivelycontributingtoglobalenergyconservationobjectives.

II.Socialresponsibility(I)Separatedisclosureofsocialresponsibilityreport,sustainabilityreportorESGreport

√Applicable□NotApplicable

Refertothe2024Environmental,SocialandGovernanceReportofTongweiCo.,Ltd.disclosedonthewebsiteofShanghaiStockExchange(http://www.sse.com.cn)onApril30,2025fordetails.(II)Socialresponsibilitypractices

√Applicable□NotApplicable

Specificnotes

√Applicable□NotApplicable

TheCompanyisdedicatedtoitscorporatemissionofStrivingforExcellenceContributingtoSociety,withastrongfocusonsustainabledevelopmentasacornerstoneofitsgrowth.Continuouslyrefiningandenhancingmanagementsystemsandmeasuresforsustainability,itactivelycollaborateswithsuppliersandpartnerstoforgeapathtowardssustainabledevelopment,aimingtoshareintherewardsofasustainableandimprovedfuture.

In2024,theCompanylaunchedtheTogethertoWin-GlobalSustainablePartnershipDevelopmentPlan,embracinganopen,inclusive,andcollaborativeframeworkforengagingwithindustrypartners.Bysharingourexpertiseandjointlyaddressingsectorchallenges,wecontributesignificantlytothesustainableadvancementofthephotovoltaicindustry.AsaGoldMemberoftheRE100Initiativeandafive-timeparticipantintheUNClimateChangeConferences,wearecommittedtodeliveringtheTongweiSolutiontopromoteglobalsustainabilityeffectively.

TheCompanyadoptsarigorousapproachtocarbonmanagement,strategicallyprioritizingthereductionofgreenhousegasemissionsasacoreobjective.Wehaveestablishedambitiousemissionreductiontargetsacrossbothoperationalandvaluechainlevels,seamlesslyintegratingthesegoalsintoourperformanceevaluationstoenhanceoversightandexpediteimplementation.ContinuouscarbonaccountingcoversScope3emissions,andwesecureISO14064-1greenhousegasverificationfromreputablethirdparties.Duringthereportingperiod,weachieved25certificationsforproductcarbonfootprintsandlifecycleassessments,solidifyingourcommitmenttodevelopinginnovative,low-carbonsolutions.

TheCompanyadoptsacomprehensiveapproachtoenergyconservation,focusingonthesynergyofenergyefficiency,carbonreduction,andcostoptimization.Bycapitalizingonopportunitiesduringtheenergytransition,weenhanceourenergymanagementstrategythroughelectrification,greeningpowerusage,andmaximizingoverallefficiency.Asofthereportingperiod’sconclusion,15subsidiariesachievedISO50001energymanagementsystemcertification.Furthermore,weconducted12specializedenergymanagementmeetingsandexecutedover100technicalprojectstodriveenergyconservationinitiatives.

Duringthereportingperiod,TongweiCo.,Ltd.garneredrecognitionthrough31prestigiousESGawards,rankings,andcasestudies,highlightingitsexemplarysustainabilityperformance.TheCompanywaslistedontheFortuneChinaESGImpactListandChinaESGPioneer100(ListedCompanies)fortwoconsecutiveyears.Additionally,Tongweireceivedthe2024CaijingEvergreenAwardforSustainableDevelopmentContributionandthe2024NetEaseFinanceAnnualResponsibilityPioneerAwardforOutstandingESGPractices.Notably,theAqua-PVIntegrationModelwasthesolecasestudyfromthephotovoltaicmanufacturingsectorfeaturedintheUNGlobalCompact’s20CasesExamplesforPrivateSectorSustainableDevelopmentinChina.Furthermore,TongweiSolar(Hefei)Co.,Ltd.achievedtheprestigiousGold-levelEcoVadisSustainabilityCertificationin2024,becomingthefirstcompanyinthephotovoltaicindustrygloballytoreceiveEcoVadis’GoldMedalforCorporateSocialResponsibility.III.Workrelatingtopovertyreliefandruralrevitalization

√Applicable□NotApplicable

Specificdescription

√Applicable□NotApplicable

TheCompanydemonstratesastrongcommitmenttosocialwelfarebyimplementingindustrialpovertyalleviation,employmentsupport,andeducationalassistanceinitiatives.Inthereportingperiod,weeffectivelyadvancedtheAqua-PVIntegrationpowerplantprojects,utilizingexistingphotovoltaicpovertyalleviationstationstoensurestablesolarincomeandelectricityaccessfor

low-incomehouseholds.Thisapproachsignificantlyenhancesregionalpovertyeradicationefforts.

SectionVI.ImportantMattersI.Fulfillmentofcommitments(I)CommitmentsmadebytheCompany,itsactualcontroller,shareholders,relatedparties,andacquirersinorbythereportingperiod

√Applicable□NotApplicable

(II)WhereprofitforecastsaremadeforassetsorprojectsoftheCompanyandthereportingperiodfallsintotheprofitforecastperiod,theCompanyshouldexplainthereasonsforwhethertheassetsandprojectsreachtheprofitforecasts

□Reached□NotReached(III)Completionofperformancecommitmentanditseffectonthegoodwillimpairmenttest

□Applicable√NotApplicable

II.Fundspossessedbythecontrollingshareholderorotherrelatedpartiesfornon-operatingpurposes

□Applicable√NotApplicableIII.Guaranteesinviolationofprovisions

□Applicable√NotApplicable

IV.Notebytheboardofdirectorsonnon-standardauditreport

□Applicable√NotApplicableV.AnalysisandnotebytheCompanyonreasonsandeffectofchangesinaccountingpolicies,accountingestimatesorcorrectionsofmaterialaccountingerrors(I)AnalysisandnotebytheCompanyonreasonsandeffectofchangesinaccountingpoliciesandaccountingestimates

√Applicable□NotApplicable

（1）Significantchangesinaccountingpolicies

Othernotes:

Thepreviouslymentionedchangeinaccountingpolicydoesnotaffectthecomparativefinancialstatementsoftheparentcompanyforpriorperiods.However,itsimpactonthecomparativeconsolidatedincomestatementforthoseperiodsisdetailedasfollows:

Unit:YuanCurrency:CNY

Nosignificantaccountingpolicychangestookplaceduringthereportingperiod,asidefromthepreviouslymentionedmodifications.

(2)SignificantchangesinaccountingestimatesNone(II)AnalysisandnotebytheCompanyonreasonsandeffectofcorrectionsofmaterialaccountingerrors

□Applicable√NotApplicable(III)Communicationwithformeraccountingfirm

□Applicable√NotApplicable(IV)Approvalproceduresandothernotes

□Applicable√NotApplicableVI.Engagementanddismissalofaccountingfirm

Unit:10,000yuanCurrency:CNY

Name

Noteonengagementanddismissalofaccountingfirm

√Applicable□NotApplicableAsapprovedbythe2023generalmeetingonMay20,2024,theCompanyrenewedtheappointmentofSichuanHuaxintoprovide2024annualauditandinternalcontrolaudit.Noteonengagementanddismissalofaccountingfirm

□Applicable√NotApplicableNoteonthedecreaseinauditfeesby20%orovercomparedtothepreviousyear

□Applicable√NotApplicableVII.Situationsthatcausesuspensionoftradingrisk(I)Reasonsforsuspensionoftradingwarning

□Applicable√NotApplicable(II)ProposedactionsbytheCompany

□Applicable√NotApplicable(III)Situationsandreasonsforterminationoftrading

□Applicable√NotApplicableVIII.Mattersrelatingtobankruptcyandreorganization

□Applicable√NotApplicableIX.Materiallitigationandarbitrationmatters

□Yes√NoX.PunishmentsonandcorrectionsbytheCompany,and/oritsdirectors,supervisors,seniormanagers,controllingshareholder,andactualcontroller

□Applicable√NotApplicableXI.NoteontheintegritystatusoftheCompanyanditscontrollingshareholderandactualcontroller

□Applicable√NotApplicableXII.Materialrelated-partytransactions(I)Related-partytransactionspertainingtoeverydayoperation

1.Mattersthathavebeendisclosedinextraordinaryannouncementswithoutfurtherprogressorchange

□Applicable√NotApplicable

2.Mattersthathavebeendisclosedinextraordinaryannouncementswithfurtherprogressorchange

√Applicable□NotApplicable

Note:In2024,theCompany’sactualrelated-partytransactionsreached342.6749millionyuan,reflectinganincreaseof35.6749millionyuanovertheestimatedamount.Thisvarianceprimarilystemsfromanexpandedoperationalscale,resultinginheightenedprocurementofequipmentandservicesfromrelatedparties.Importantly,thisincreaseremainswithin0.5%oftheCompany’smostrecentauditednetassets.

3.Mattersnotdisclosedinextraordinaryannouncements

□Applicable√NotApplicable(II)Related-partytransactionsduetopurchaseorsaleofassetsorshares

1.Mattersthathavebeendisclosedinextraordinaryannouncementswithoutfurtherprogressorchange

□Applicable√NotApplicable

2.Mattersthathavebeendisclosedinextraordinaryannouncementswithfurtherprogressorchange

□Applicable√NotApplicable

3.Mattersnotdisclosedinextraordinaryannouncements

□Applicable√NotApplicable

4.Performanceachievedinthereportingperiodwhereperformanceagreementwasinvolved

□Applicable√NotApplicable(III)Materialrelated-partytransactionsforjointoutwardinvestments

1.Mattersthathavebeendisclosedinextraordinaryannouncementswithoutfurtherprogressorchange

□Applicable√NotApplicable

2.Mattersthathavebeendisclosedinextraordinaryannouncementswithfurtherprogressorchange

□Applicable√NotApplicable

3.Mattersnotdisclosedinextraordinaryannouncements

□Applicable√NotApplicable(IV)Related-partydebtsandclaims

1.Mattersthathavebeendisclosedinextraordinaryannouncementswithoutfurtherprogressorchange

□Applicable√NotApplicable

2.Mattersthathavebeendisclosedinextraordinaryannouncementswithfurtherprogressorchange

□Applicable√NotApplicable

3.Mattersnotdisclosedinextraordinaryannouncements

□Applicable√NotApplicable(V)FinancialtransactionsbetweentheCompanyandfinancialcompanieswithwhichtheCompanyhasarelationshiporcontrolledbytheCompany,andrelatedparties

□Applicable√NotApplicable(VI)Others

□Applicable√NotApplicableXIII.Materialcontractsandtheirperformance(I)Custody,contractingandleasematters

1.Custody

□Applicable√NotApplicable

2.Contracting

□Applicable√NotApplicable

3.Lease

□Applicable√NotApplicable

(II)Guarantee

√Applicable□NotApplicable

Unit:10,000yuanCurrency:CNY

Note:TheCompany’snetassetsrepresenttheequityassignedtotheownersoftheparentcompany.

(III)Entrustedwealthmanagement

1.Entrustedwealthmanagement

(1)Overviewofentrustedwealthmanagementproducts

√Applicable□NotApplicable

Unit:10,000yuanCurrency:CNY

Others

□Applicable√NotApplicable

(2)Individualentrustedwealthmanagementproducts

√Applicable□NotApplicable

Unit:10,000yuanCurrency:CNY

Note:Theaboveinformationaboutwealthmanagementproductsonlydescribestheoutstandingbalanceinthereportingperiod.Others

□Applicable√NotApplicable

(3)Impairmentreserveforentrustedwealthmanagement

□Applicable√NotApplicable

2.Entrustedloans

(1)Overviewofentrustedloans

□Applicable√NotApplicableOthers

□Applicable√NotApplicable

(2)Individualentrustedloans

□Applicable√NotApplicableOthers

□Applicable√NotApplicable

(3)Impairmentreserveforentrustedloans

□Applicable√NotApplicable

3.Others

□Applicable√NotApplicable(IV)Othermaterialcontracts

□Applicable√NotApplicableXIV.Noteontheuseoftheraisedfunds

□Applicable√NotApplicableXV.Notesonmaterialmattersthathavesignificantimpactonvaluejudgmentandinvestmentdecisionsofinvestors

□Applicable√NotApplicable

SectionVII.ShareChangesandShareholders

I.Changesinsharecapital(I)Sharechanges

1.Sharechanges

Unit:share

2.Notesonsharechanges

√Applicable□NotApplicableOnFebruary24,2022,theCompanyissuedconvertiblebonds(“Tong22ConvertibleBonds”)whichenteredtheconversionperiodonSeptember2,2022.In2024,atotalof11,085shareshadbeenconverted,andthetotalsharecapitaloftheCompanyincreasedto4,501,984,831sharesattheendofthereportingperiod.

3.Impactofthesharechangeontheearningspershare,netassetspershareandotherfinancialindicatorsofthelatestyearandthelatestperiod(ifany)

√Applicable□NotApplicableInthereportingperiod,duetotheconversionofconvertiblebondsintoshares,thetotalsharecapitaloftheCompanyincreasedfrom4,501,973,746sharesto4,501,984,831shares.Thissharecapitalchangeresultedinthedilutionofearningspershareandnetassetspershareattributabletothelistedcompanyin2024.

4.OtherdisclosurestheCompanythinksnecessaryorrequiredbytheCSRC

□Applicable√NotApplicable(II)Changeinrestrictedshares

□Applicable√NotApplicableII.Issuanceandlistingofsecurities(I)Issuanceinreportingperiod

√Applicable□NotApplicable

Unit:shareCurrency:CNY

Noteonissuanceofsecuritiesinthereportingperiod(bondswithdifferentinterestratesandwithinthedurationshouldbespecified

individually):

√Applicable□NotApplicableApprovedbytheCSRCintheZJXK[2021]No.4028,onFebruary24,2022,theCompanyissued120millionconvertiblebondspubliclywiththenominalvalueofeachbondbeing100yuanforatotalamountof12billionyuan.Thedurationoftheseconvertiblebondsis6yearsfromFebruary24,2022toFebruary23,2028,thecouponrateis0.20%inthe1styear,0.40%inthe2ndyear,0.60%inthe3rdyear,1.50%inthe4thyear,1.80%inthe5thyear,and2.00%inthe6thyear.OneinterestpaymentismadeonTong22ConvertibleBondseachyear,andthevaluedateisthefirstdayoftheissuance(i.e.,February24,2022).Convertiblebondsconvertedintosharesbefore(including)therecorddateforcreditorsarenotentitledtointerestforthecurrentandsubsequentinterestcalculationyears.AccordingtotherelevantprovisionsoftheListingRulesoftheShanghaiStockExchangeandtheprovisionsoftheProspectusforthePublicOfferingofConvertibleBondsbyTongweiCo.,Ltd.,theTong22ConvertibleBondsissuedbytheCompanycanbeconvertedintosharesfromSeptember2,2022.TheinitialconversionpriceofTong22ConvertibleBondswas39.27yuanpershare.Inthereportingperiod,duetothe2021,2022,and2023annualequitydistributionoftheCompany,theconversionpriceofTong22ConvertibleBondswasadjustedandthenewpriceis34.60yuanpershare.(II)Changesintotalsharesandshareholdingstructureandchangeintheasset-liabilitystructure

√Applicable□NotApplicableAsoftheendofthereportingperiod,theCompanyhasatotalsharecapitalcomprising4,501,984,831shares,reflectinganincreaseof11,085sharesthroughout2024.Thecontrollingshareholder,TongweiGroup,maintainedasignificantequitystakeof44.91%.TheCompany’sfinancialpositionisrobust,reportingtotalassetsof195.917billionyuanandtotalliabilitiesof137.998billionyuan,resultinginadebt-to-assetratioof70.44%.(III)Currentemployeeshares

□Applicable√NotApplicableIII.Shareholdersandactualcontroller(I)Totalshareholders

(II)Toptenshareholders,toptenfloatingshareholders(ornon-restrictedshareholders)attheendofthereportingperiod

Unit:share

Note:InacleardemonstrationofunwaveringconfidenceintheCompany’sdevelopmentalprospectsandrecognitionofitslong-terminvestmentvalue,TongweiGroupstrategicallyincreaseditsshareholdingbyacquiring62,511,972sharesthroughpermittedmethodsontheShanghaiStockExchange.ThisacquisitionoccurredbetweenFebruary1,2024,andJanuary31,2025,withasubstantialtotalinvestmentof1,299,266.6thousandyuan.Forfurtherdetails,pleaserefertotheCompany’sannouncementtitled"CompletionofShareIncreasePlanbyControllingShareholderandResultsofShareIncrease,"disclosedonFebruary6,2025(AnnouncementNo.:

2025-007).Shareholdingstatusofmajorshareholders(thoseholding5%ormore),top10shareholders,andtop10shareholdersofunrestrictedcirculatingsharesparticipatinginsecuritieslendingbusinessthroughtherefinancingandsecuritieslendingprogram

√Applicable□NotApplicable

Unit:share

Thechangesinthetop10shareholdersandtop10shareholdersofunrestrictedcirculatingshares,attributedtosecuritieslendingandreturnactivitiesundertherefinancingandsecuritieslendingprogramcomparedtothepreviousreportingperiod

□Applicable√NotApplicable

Numberofrestrictedsharesheldbytoptenrestrictedshareholdersandtherestrictions

□Applicable√NotApplicable(III)Strategicinvestorsorgenerallegalentitieswhichbecametoptenshareholdersduetonewbonusshare

□Applicable√NotApplicableIV.Controllingshareholderandactualcontroller(I)Controllingshareholder

1.Legalentity

√Applicable□NotApplicable

2.NaturalPerson

□Applicable√NotApplicable

3.SpecialnoteonthefactthattheCompanyhasnocontrollingshareholder

□Applicable√NotApplicable

4.Noteonchangeofcontrollingshareholderinthereportingperiod

□Applicable√NotApplicable

5.BoxdiagramspecifyingtheownershipandcontrolrelationshipbetweentheCompanyanditscontrollingshareholder

√Applicable□NotApplicable

(II)Actualcontroller

1.Legalentity

□Applicable√NotApplicable

2.Naturalperson

√Applicable□NotApplicable

EquityrelationshipoftheCompanyandcontrolling

shareholderasofthedisclosuredateofthereport

EquityrelationshipoftheCompanyandcontrolling

shareholderasofthedisclosuredateofthereport

TongweiGroupCo.,Ltd.

TongweiGroupCo.,Ltd.Ownershipinterest45.24%

Ownershipinterest45.24%TongweiCo.,Ltd.

3.SpecialnoteonthefactthattheCompanyhasnoactualcontroller

□Applicable√NotApplicable

4.NoteonchangeofcontroloftheCompanyinthereportingperiod

□Applicable√NotApplicable

5.BoxdiagramspecifyingtheownershipandcontrolrelationshipbetweentheCompanyanditsactualcontroller

√Applicable□NotApplicable

6.ActualcontrollercontrolstheCompanyviatrustorotherassetmanagementapproaches

□Applicable√NotApplicable(III)Otherinformationaboutthecontrollingshareholderandactualcontroller

□Applicable√NotApplicableV.Thecumulativesharespledgedbycontrollingshareholderorthelargestshareholdersandtheirpersonsactinginconcertaccountforover80%ofthetotalshares

□Applicable√NotApplicableVI.Otherlegalentitiesholdingovertenpercentofthetotalshares

□Applicable√NotApplicableVII.Noteonrestrictingsaleofshares

□Applicable√NotApplicableVIII.Specificimplementationofsharerepurchasesinthereportingperiod

√Applicable□NotApplicable

Unit:YuanCurrency:CNY

EquityrelationshipoftheCompanyandactualcontrollerasofthe

disclosuredateofthereport

EquityrelationshipoftheCompanyandactualcontrollerasofthe

disclosuredateofthereportLiuHanyuan

LiuHanyuanOwnershipinterest

80.00%

TongweiGroupCo.,Ltd.

TongweiGroupCo.,Ltd.ChengduXindeInvestment

Co.,Ltd.

ChengduXindeInvestment

Co.,Ltd.Ownershipinterest

45.24%

TongweiGroupCo.,Ltd.

SectionVIII.PreferenceShares

□Applicable√NotApplicable

SectionIX.Bonds

I.Enterprisebonds,corporatebondsandnon-financialenterprisedebt-financinginstruments

√Applicable□NotApplicable((I)Corporatebonds（includingenterprisebonds）

□Applicable√NotApplicable(II)Proceedsfromcorporatebondissuance

□Utilizationofcorporatebondproceedsorrectificationduringthereportingperiod

√Noneofthecorporatebondsinvolvedtheuseofproceedsorrectificationduringthereportingperiod(III)Otherdisclosurerequirementsforspecial-typebonds

□Applicable√NotApplicable(IV)Significantmattersconcerningcorporatebondsduringthereportingperiod

□Applicable√NotApplicable

(V)Non-financialenterprisedebt-financinginstrumentsininter-bankbondmarket

√Applicable□NotApplicable

1.Basicinformationonnon-financialenterprisedebt-financinginstruments

Unit:100millionyuanCurrency:CNY

Responseactionsagainstriskofterminationoftrading

□Applicable√NotApplicableOverduebonds

□Applicable√NotApplicable

Interestpaymentandprincipalrepaymentonbondsinthereportingperiod

√Applicable□NotApplicable

2.Triggerandexecutionoftheoptionclauseforissuersorinvestorsandtheinvestorprotectionclause

□Applicable√NotApplicable

3.Intermediariesforservicesrelatingtobondissuingandbondduration

Changesintheaboveintermediaries

□Applicable√NotApplicable

4.Useofraisedfundsattheendofthereportingperiod

√Applicable□NotApplicable

Unit:100millionyuanCurrency:CNY

Note:Thediscrepancybetweenthehorizontalsumof“amountused”and“amountunused"versusthe“totalamountraised"isattributabletointerestincomefrombankdeposits.Progressandbenefitsofconstructionprojectswheretheraisedfundswereused

□Applicable√NotApplicable

Noteonchangesinthesaidpurposesoffundsraisedthroughbondissuinginthereportingperiod

□Applicable√NotApplicableOthernotes:

□Applicable√NotApplicable

5.Creditratingadjustments

□Applicable√NotApplicableOthernotes:

□Applicable√NotApplicable

6.Executionandchangeofguarantees,repaymentschedulesandotherrepaymentprotectionmeasuresinthereportingperiodandtheirimpact

□Applicable√NotApplicable

7.Noteonotherinformationaboutnon-financialenterprisedebt-financinginstruments

□Applicable√NotApplicable(VI)Lossfromthescopeofconsolidationinthereportingperiodover10%ofthenetassetsattheendofthepreviousyear

√Applicable□NotApplicable

(VII)Overdueinterest-bearingdebtsotherthanbondsattheendofthereportingperiod

□Applicable√NotApplicable(VIII)ImpactontherightsandinterestofbondinvestorsbytheCompany'sviolationsoflaws,regulations,articlesofassociation,informationdisclosuremanagementpoliciesaswellascovenantsorcommitmentsmadeinthebondprospectus

□Applicable√NotApplicable(IX)Accountingdataandfinancialindicatorswithinthelatesttwoyearsattheendofthereportingperiod

√Applicable□NotApplicable

Unit:YuanCurrency:CNY

II.Convertiblebonds

√Applicable□NotApplicable(I)Offeringofconvertiblebonds

√Applicable□NotApplicable

OnFebruary21,2022,proposalsincludingtheProposalonClarifyingthePlanforPublicOfferingA-shareConvertibleBondswereapprovedatthe24thmeetingofthe7thboardofdirectorswheremattersrelatingtotheofferingofconvertiblebondswerediscussedanddecided.OnFebruary24,2022,theCompanypubliclyissuedconvertiblebondsof12billionyuan(“Tong22ConvertibleBonds”,code110085).Theamountreceivednetofundertakingandsponsorshipcosts(78millionyuan)(includingtax)

is11.922billionyuan.SichuanHuaxinissuedtheCapitalVerificationReport[2022]No.0009thatconfirmedtheraisedfundswereinplace.ThefundsraisednetofissuingfeewillbeusedfortherenovationprojectforthemanufacturingofPVsiliconmaterials(YongxiangNewEnergy'sPhaseII50,000-tonHigh-purityPolysiliconProject),forthemanufacturingprojectofPVsiliconmaterials(InnerMongoliaTongwei’sPhaseII50,000-tonHigh-purityPolysiliconProject),the15GWmonocrystallineRodPullingandCuttingProjectaswellasforsupplementingcurrentfunds.OnMarch7,2022,theregistrationandcustodyproceduresfor“Tong22ConvertibleBonds”werecompletedinCSDCShanghai.OnMarch18,2022,“Tong22ConvertibleBonds”waslistedinthebondmarket.AccordingtotherelevantprovisionsoftheListingRulesoftheShanghaiStockExchangeandtheprovisionsoftheProspectusforthePublicOfferingofConvertibleBondsbyTongweiCo.,Ltd.,theTong22ConvertibleBondsissuedbytheCompanycanbeconvertedintosharesfromSeptember2,2022,withaninitialconversionpriceof39.27yuanpershare.Inthereportingperiod,duetothe2021,2022,and2023annualequitydistributionoftheCompany,theconversionpriceofTong22ConvertibleBondswasadjustedandthenewpriceis34.60yuanpershare.(II)Convertiblebondholdersandguarantorsinthereportingperiod

√Applicable□NotApplicable

(III)Changesinconvertiblebondsinthereportingperiod

√Applicable□NotApplicable

Unit:YuanCurrency:CNY

Cumulativeconversiontosharesinthereportingperiod

√Applicable□NotApplicable

(IV)Adjustmentsofconversionprices

√Applicable□NotApplicable

Unit:YuanCurrency:CNY

(V)Liabilities,changesincreditworthinessandcasharrangementsfordebtrepaymentinthenextyear

√Applicable□NotApplicableAsoftheendofthereportingperiod,theCompany'stotalliabilitiesamountedto137.998billionyuan,withcurrentliabilitiesof

56.538billionyuanandnon-currentliabilitiesof81.460billionyuan.Oftheseliabilities,bankborrowingsdueforrepaymentwithinoneyearamountedto10.493billionyuan,whilebankborrowingsrepayableaftermorethanoneyeartotaled51.244billionyuan.OnJune12,2024,UnitedCreditRatingsCo.,Ltd.issuedthe“Tong22ConvertibleBondsCreditRatingReportofTongweiCo.,Ltd.,maintainingtheCompany'slong-termcreditratingatAAAandupgradingTong22ConvertibleBonds’creditratingtoAAAwithastableoutlook.TheCompanyhasdesignatedspecificdepartmentsandpersonneltomonitorrepaymentarrangements,ensuringthetimelypaymentofbothprincipalandinterest.(VI)Noteonotherinformationabouttheconvertiblebonds

√Applicable□NotApplicable

TheCompany’sraisedfundsintendedforrelevantprojectswerefullyutilized.Giventhatthebalanceofthededicatedaccountforraisedfundsislessthan5%ofthenetraisedfunds,incompliancewiththerelevantprovisionsoftheShanghaiStockExchangeGuideforSelf-RegulationofListedCompaniesNo.1—StandardizedOperation,theCompanyhascompletedthenecessaryapprovalprocedurestotransfertheremainingbalanceofdedicatedaccountforpermanentsupplementationofworkingcapital.Thederegistrationproceduresforthesaidaccounthavebeendulycompleted.Fordetailedinformation,pleaserefertotheSpecialReportontheStorageandActualUseofRaisedFundsin2022disclosedbytheCompanyonApril25,2023,andtheAnnouncementontheDeregistrationofDedicatedAccountforRaisedFunds(announcementnumber:2023-049)disclosedbytheCompanyonMay18,2023,onthewebsiteoftheShanghaiStockExchange(www.sse.com.cn).

SectionX.FinancialReportI.FinancialReport

√Applicable□NotApplicableTheannualfinancialreportoftheCompanyhasbeenauditedbyLiWulin,TangFangmoandXiaHongbo,accountantsfromSichuanHuaxin,whohaveexpressedanunqualifiedopinion.

Auditor'sReport

SichuanHuaxinAudit(2025)No.0068ToalltheshareholdersofTongweiCo.,Ltd.:

I.AuditOpinionWehaveauditedthefinancialstatementsofTongweiCo.,Ltd.(“Tongwei”),whichcomprisetheconsolidatedbalancesheetandtheparentbalancesheetasat31December2024,theconsolidatedincomestatementandparentincomestatement,theconsolidatedcashflowstatementandparentcashflowstatement,consolidatedandparentstatementsofowner'sequity,andnotestothesaidfinancialstatementsfortheyear2024.

Inouropinion,theattachedfinancialstatementspreparedinaccordancewithAccountingStandardsforBusinessEnterprisesinallmaterialaspects,giveatrueandfairviewoftheconsolidatedandparentfinancialpositionsasat31December2024,andoftheconsolidatedandparentoperationperformanceandcashflowsfortheyear2024.II.BasisforAuditOpinionWeconductedourauditinaccordancewithPracticingStandardsonChineseCertifiedPublicAccountants(“PSCCPA”).OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.InaccordancewithChinaCodeofEthicsforCertifiedPublicAccountants,weareindependentofTongweiandhaveperformedotherresponsibilitiesrespecttooccupationalethics.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.III.KeyAuditMattersKeyauditmatters(KAMs)arethosemattersthat,intheauditor’sprofessionaljudgment,areofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiod.CommunicatingKAMisinthecontextofushavingformedanopiniononthefinancialstatementsasawhole;andwedonotissueseparateauditopinionsonthesematters.Wehavedeterminedthefollowingkeyauditmatterstocommunicateinourreport:

IV.OtherInformationThemanagementoftheCompanyisresponsibleforotherinformation,whichincludesallinformationcontainedinthe2024annualreportoftheCompany,butexcludesfinancialstatementsandourauditor'sreport.Ouropiniononfinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.Indoingso,weconsideredwhetherthereisanymaterialinconsistencybetweenotherinformationandthefinancialstatementsoranycircumstancewehaveobtainedintheauditorwhetherthereseemstohaveanymaterialmisstatement.

If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.

V.ResponsibilitiesoftheManagementandtheGovernanceBodyfortheFinancialStatements

ThemanagementoftheCompanyisresponsibleforthepreparationofthefinancialstatementsthatgiveatrueandfairviewinaccordancewithAccountingStandardsforBusinessEnterprises,andfordesign,executionandmaintenanceofsuchinternalcontrolasitdeterminesisnecessarytoenablefinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.

Inpreparingthefinancialstatements,themanagementisresponsibleforassessingtheCompany'sabilityasagoing-concern,disclosingmattersrelatedtogoing-concern(ifapplicable),andusingthegoing-concernbasis,unlessthemanagementeitherintendstoliquidatetheCompany,ortoceaseitsoperationorhasnorealisticalternativebuttodoso.

TheGovernanceBodyisresponsibleforoverseeingtheCompany'sfinancialreportingprocess.

VI.Auditor’sResponsibilitiesfortheAuditoftheFinancialStatements

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithEnterpriseAccountingStandardswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.

AspartofanauditinaccordancewithEnterpriseAccountingStandards,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:

(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.

(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditprocedures.

(3)Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebythemanagement.

(4)Concludeontheappropriatenessofthemanagement'suseofthegoingconcernbasisofaccounting.Andalso,basedonobtainedauditevidences,weconcludeonwhetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentionin

ourauditor’sreporttotherelateddisclosuresintheconsolidatedfinancialstatementsor,ifsuchdisclosuresareinadequate,tonotexpressanunqualifiedopinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.

(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

(6)ObtainsufficientappropriateevidenceaboutthefinancialinformationofentityorbusinessactivitiesofTongweionwhichtobasetheauditor’sopiniononthefinancialstatements.Weareresponsibleforthedirection,supervision,andperformanceofthegroupauditengagementandcompletelyfortheauditor'sopinion.

Wecommunicatewiththegovernancebodyregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthattheauditoridentifiesduringtheaudit.

Wealsoprovidethegovernancebodywithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andcommunicateswiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearourindependence,andwhereapplicable,relatedsafeguards.

Fromthematterscommunicatedwiththegovernancebody,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersintheauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedintheauditor’sreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.SichuanHuaxin(Group)CPAChinaCPA:LiWulin(SpecialGeneralPartnership)(ProjectPartner)Chengdu,ChinaChinaCPA:TangFangmo

ChinaCPA:XiaHongbo

April28,2025II.FinancialStatements

ConsolidatedbalancesheetDecember31,2024Preparedby:TongweiCo.,Ltd.

Unit:YuanCurrency:CNY

CompanyHead:LiuShuqiHeadofAccountingAffairs:ZhouBinHeadofAccountingDepartment:GanLu

Parentbalancesheet

December31,2024Preparedby:TongweiCo.,Ltd.

Unit:YuanCurrency:CNY