Tongwei updates on external guarantees: $45.689 bn mutual, $6.61 bn customer exposure

Tongwei Co., Ltd. announced that as of November 30, 2025, the company and its subsidiaries had provided mutual guarantees totaling CNY 45.689 billion, with no overdue amounts. Additionally, Tongwei's agricultural financing guarantee subsidiary provided guarantees for downstream customers with a liability balance of CNY 6.61 billion. The overdue amount for these customer guarantees was CNY 4.1414 million, subject to a future settlement date. The total outstanding reimbursement amount from agricultural financing guarantees for company customers was CNY 7.9976 million, which Tongwei is currently recovering.

During November 1 to November 30, 2025, Tongwei and its subsidiaries mutually provided new guarantees amounting to CNY 2.1142 billion. The agricultural financing guarantee subsidiary also provided new customer guarantees totaling CNY 1.29 billion. These amounts remain within the authorized guarantee limits approved at the 2024 annual shareholders' meeting.

All mutual guarantees between Tongwei and its subsidiaries during this period had no counter-guarantee measures. Customer guarantees, however, included counter-guarantee measures as per specific agreements. A particular risk noted is that Tongwei Solar (Meishan) Co., Ltd., a guaranteed entity, has a debt-to-asset ratio exceeding 70%.