On April 8, Tongwei Co., Ltd. (stock code: 600438) announced significant progress in its photovoltaic module business. In 2023, the company’s shipment volume reached the top five globally for the first time, with a total of 45.71 GW shipped in 2024, marking a year-on-year increase of 46.91%.
Recently, the company signed several large sales agreements, totaling 1036 MW. This includes contracts with PVO International B.V., European Energy A/S, Gransolar, R. Power S.A., and Hangzhou Haixing Electric Power Technology Co., Ltd. Additionally, Tongwei secured a 586 MW procurement project for photovoltaic module equipment with Guohua Energy Investment Co., Ltd. It also qualified for multiple framework procurement projects with China Datang Corporation’s Material Division, Three Gorges Material Tendering Management Co., Ltd., and South-to-North Water Diversion Central Line New Energy (Beijing) Co., Ltd., amounting to over 22.7 GW.
According to Tianyancha information, Tongwei Co., Ltd. was established on December 8, 1995, with a registered capital of 4.501973746 billion RMB. The legal representative is Liu Shuqin, and the registered address is 588 Tianfu Avenue Middle Section, High-tech Zone, Chengdu, Sichuan, China. The company primarily focuses on the research, production, and sales of aquatic feed, livestock and poultry feed, as well as high-purity crystalline silicon and solar cells.
The current chairman is Liu Shuqin, and the board secretary is Yan Ke. The company employs 56,406 people, with Liu Hanyuan as the actual controller. It has 30 invested companies, including Tongwei Solar (Hefei) Co., Ltd., Sichuan Yongxiang Co., Ltd., Tongwei New Energy Co., Ltd., Qianxi Tongwei Feed Co., Ltd., and Ningxia Yinchuan Tongwei Feed Co., Ltd.
In terms of performance, the company reported operating revenues of 63.491 billion RMB, 142.423 billion RMB, and 139.104 billion RMB from 2021 to 2023, reflecting year-on-year growth rates of 43.64%, 119.69%, and a slight decline of -2.33%. The net profit attributable to shareholders was 8.208 billion RMB, 25.726 billion RMB, and 13.574 billion RMB, with annual growth rates of 127.50%, 217.25%, and a decrease of -47.25% respectively. During the same period, the company’s debt-to-asset ratios were 52.80%, 49.57%, and 55.08%.
Regarding risks, Tianyancha data shows that the company has 775 risk alerts, with an additional 946 risk alerts surrounding the company. Historical risks total 10, and there are 467 warnings currently in effect.
