Tongwei Announces Q1 2023 Financial Report and Silicon Material Project Investment

PVTIME – On 24 April 2023, Tongwei Co., Ltd. (SH.600438) announced that in the first quarter, it achieved operating revenue of 33.245 billion yuan, up 34.67% year on year, and net profit attributable to the shareholders of the listed company was 8.601 billion yuan, up 65.59% year on year, while after deducting non-recurring gains and losses, net profit attributable to the shareholders of the listed company was 8.504 billion yuan, up 65.62% year on year, and basic earnings per share was 1.9108 yuan.

In addition, Tongwei intends to issue not more than 900,391,165 A ordinary shares (inclusive) to not more than 35 specific investors to raise funds of not more than 16 billion yuan (inclusive) for the production of high purity silicon material projects in Inner Mongolia and Yunnan Province, China.

The project in Inner Mongolia aims to produce 200,000 MT of high-purity silicon per year with a total investment of 10.108 billion Yuan, of which 9.4 billion Yuan will be the funds to be raised. The project is expected to be completed within 18 months, and then achieve operating income of 13,640,120,200 yuan, net profit of 3,470,540,000 yuan after operation.

And the Yunnan project is the second phase of the silicon production project, which is also designed to produce 200,000MT of high-purity silicon, with a total investment of 10,079 billion yuan, of which 6.6 billion yuan of raised funds. It is estimated to achieve an operating income of 13,640,120,200 yuan and a net profit of 3,231,940,000 yuan after 18 months of completion.

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