通威股份：正研究多晶硅减产方案，将按照最经济生产组态进行排产

Group 1 - Company held investor relations activities in November, focusing on industry chain price trends and battery technology [1] - Company believes that the multi-crystalline silicon price has reached a bottom, with limited downward space and potential for stabilization in the short term [1] - The company’s 200,000-ton high-purity silicon project in Baotou began trial operation in October and has achieved full production by the end of November [1] Group 2 - Company has rapidly entered the top five in component shipments since entering the component business, with stable bidding prices for domestic ground power station projects [2] - The trend of continuous price decline in the industry has likely ended, with uncertainty regarding short-term component price increases [2] - Company acknowledges the need for industry self-discipline to address overcapacity and believes that positive factors are gradually accumulating [2] Group 3 - The Ministry of Industry and Information Technology has issued stricter energy and water consumption requirements for new and expanded photovoltaic projects [3] - Company’s current multi-crystalline silicon and solar cell projects meet the advanced manufacturing capacity standards set by the new regulations [3] - Company views TOPCon technology as the mainstream technology for the foreseeable future, while also exploring new technologies [3] Group 4 - Recent adjustments to export tax rebate policies have reduced the rebate rate for photovoltaic cells and components, potentially increasing export costs in the short term [4] - Company anticipates that the cost increase may be absorbed by overseas customers, and the policy could lead to higher export component prices in the medium to long term [4] - Structural price increases have been observed in battery prices due to the export tax adjustment, particularly for N-type batteries [4] Group 5 - Company plans to set its 2025 shipment targets based on internal and external market factors, with clearer guidance expected in the annual report [5] - Company is considering various financing channels based on market conditions and strategic needs, with no current plans for overseas refinancing [5]