Company Code：600438 Abbreviation: Tongwei Co., Ltd.
Tongwei Co., Ltd.
2020 Annual Report
April 13, 2021
Important Notes
I. The Board of Directors and Board of Supervisors, as well as directors and the management of
the Company guarantee that the present Annual Report is true, accurate and complete in
contents without false record, misleading statement or major omission, and undertake the
individual and joint legal responsibilities therefore.
II. All directors of the Company attended the board meeting.
III. SichuanHuaxin (Group)CPAFirm(Special GeneralPartnership)hasprovidedastandardand
unqualified audit report.
IV. Xie Yi, head of the Company, Zhou Bin, the person in charge of accounting work, and Lei
Jiaowen, the person in charge of the accounting firm (accountant in charge) announce to
guarantee the truth, accuracy and integrity of financial reports in theAnnual Report.
V. ProfitDistributionPlan orCapitalReservesShareCapitalization Planforthereporting period,
reviewed by the Board of Directors
According to the capital and investment situation of the Company in 2021, based on the current
general capital 4,501,548,184 shares of the Company, a cash dividend of RMB 2.41 for every 10 shares
(including tax) is distributed to all shareholders of the Company, and the total cash dividend is RMB
1,084,873,112.34 yuan. Theplan has been reviewed and approved atthe eighteenth meeting of the seventh
board of directors of the Company, and needs to be submitted to the shareholders meeting of the Company
for review and approval.
VI. Risk statement of forward-looking statements
√Applicable □Inapplicable
The forward-looking statements of the Company regarding its future development strategies and
business plans do not constitute any substantial commitment of the Company to investors; and the
investors should pay attention to risks.
VII. Is any capital occupied by a controlled shareholder or its related parties for non-operating
purpose?
No
VIII. Is there any external guarantee that violates the prescribed decision-making procedures?
No
IX. Whether more than half of the directors cannot guarantee the authenticity, accuracy and
completeness of the annual report disclosed by the Company?
No
X. Major risk warning
The Company had already elaborated possible risks in this Report. Please refer to the contents about
the possible risks and countermeasures included in the discussion and analysis of the Company's future
development in Section IV Discussion and Analysis on Operation.
XI. Others
□Applicable √Inapplicable
*The 2020 Annual Report of Tongwei Co., Ltd. was published both in Chinese and English. Where any discrepancy arises between the English translation and the
original Chinese version, the Chinese version shall prevail. The English version here was only used for investors’ reference.
Table of Contents
Section I Definition ...... 4
Section II Company Profile and Major Financial Indexes...... 5
Section III Summany on Company Business...... 9
Section IV Discussion andAnalysis on Operation...... 14
Section V Important Matters ...... 40
SectionVI Changes in Common Stock Equity and Shareholders...... 70
SectionVII Preferred Shares...... 82
SectionVIII Conditions on Directors, Supervisors and Senior Management and Staff ...... 83
Section IX Company Governance ...... 90
Section X Information on Company Bonds ...... 92
Section XI Financial Report...... 93
Section XII List of Documents Available for Inspection.......…246
Section I Definition
I. Definition
Unless otherwise required, the following terms shall have the following meanings in this report:
Definition of common terms
Tongwei Co., Ltd., refers to Tongwei Co., Ltd.
Company, the Company
Tongwei Co., Ltd. refers to Tongwei Co., Ltd.
Yongxiang refers to Sichuan Yongxiang Co., Ltd.
Yongxiang Polysilicon refers to Sichuan Yongxiang Polysilicon Co., Ltd.
Yongxiang New Energy refers to Sichuan Yongxiang New Energy Co., Ltd.
Inner Mongolia Tongwei refers to Inner Mongolia Tongwei High-purity Crystalline Silicon
Co., Ltd.
Yunnan Tongwei refers to Yunnan Tongwei High- purity Crystalline Silicon Co., Ltd.
Tongwei New Energy refers to Tongwei New Energy Co., Ltd.
Tongwei Solar (Hefei) refers to Tongwei Solar (Hefei) Co., Ltd.
Tongwei Solar (Anhui) refers to Tongwei Solar (Anhui) Co., Ltd.
Tongwei Solar (Chengdu) refers to Tongwei Solar (Chengdu) Co., Ltd.
Tongwei Solar (Meishan) refers to Tongwei Solar (Meishan) Co., Ltd.
Tongyu Property refers to Chengdu Tongyu Property Co., Ltd.
Leshan Phase-II refers to Technical improvement project for PV silicon material
50,000MT High-purity
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