Tongwei credit rating affirmed at AAA despite industry headwinds

China Lianhe Credit Rating Co., Ltd. has affirmed Tongwei Co., Ltd.'s long-term credit rating at AAA with a stable outlook, including its "Tongwei 22 Convertible Bonds." The rating reflects Tongwei’s strong market position and competitive advantages in the "agriculture (fishery) + photovoltaic" dual-business model. Despite a difficult environment for photovoltaic manufacturing, including overcapacity and price declines, Tongwei's strengths in cost control, technology, and cash reserves support the AAA rating.