Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Sungrow Power Supply Co. Ltd.2025 Annual Report March 2025 2Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 2025 Annual Report Section I Important Notes Contents and Definitions The Board of Directors directors and executives of the Company hereby guarantee that the information presented in this annual report is truthful accurate and integrate free of any false records misleading statements or material omissions and assume individual and joint legal liabilities thereof.Cao Renxian as the President of the Company Tian Shuai as the Chief Accountant and Li Pan as the head of accounting department (accounting supervisor) hereby guarantee the truthfulness integrity and accuracy of financial statements in this annual report.All directors have attended the board meeting to review this report.Contents in this report concerning future plans performance forecasts and etc. do not constitute any commitment made by the Company to any investor or related party. Investors and related parties should maintain adequate risk awareness and understand the possible difference between plans forecasts and commitments. The Company has outlined potential risks and corresponding mitigation measures in Section III 'Management’s Discussion and Analysis' under subsection XI 'Outlook for Future Development.' Investors are advised to pay close attention to and carefully review this section.The board meeting has reviewed and approved the following profit distribution proposal: Based on the share capital of 2052823261 shares after excluding the repurchased shares in the repurchased shares special securities account a cash dividend of CNY 6.9 per 10 shares (tax inclusive) will be distributed to all shareholders with the total amount of cash distributed amounting to CNY1416448050.09 (tax inclusive) .The Company will not implement the transfer of share capital to capital reserve and will not distribute bonus shares. This profit distribution proposal is subject to the approval of the Company's shareholders' meeting. 3Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Contents Section I Important Notes Contents and Definitions... 3 Section II Company Profile and Key Financial Indic....8 Section III Management’s Discussion and Analysis ....12 Section IV Corporate Governance Environment and So...54 Section V Significant Events ....................... 76 Section VI Changes in Shares and Information about..118 Section VII Bonds ................................. 127 Section VIII Financial reports .....................128 4Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Documents for Future Reference 1. Accounting statements signed and stamped by the Legal Respective the Chief Accountant and the head of the accounting department of the Company. 2. The original Audit Report signed and stamped by the certified public accountants and stamped by the accounting firm. 3. The originals of company documents and announcements publicly disclosed on www.cninfo.com.cn during the reporting period. 4. Other relevant documents. 5Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Definitions Term Definition Sungrow the Company Sungrow Power Supply Co. Ltd.Sungrow Renewables Sungrow Renewables Development Co. Ltd. the Company's holding subsidiary Sungrow Smart Maintenance Sungrow Smart Maintenance Technology Co. Ltd the Company's holding subsidiary Sungrow Electric Power Hefei Sungrow Electric Power Technology Co. Ltd. the Company's holding subsidiary Sungrow FPV Sungrow FPV Sci. & Tech. Co. Ltd. the Company's holding subsidiary Sungrow Charging Sungrow Charging Technology Co. Ltd The Company's wholly-owned subsidiary Sungrow Hydrogen Sungrow Hydrogen Technology Co. Ltd. the Company's holding subsidiary Taihe Intelligence Hefei Taihe Intelligent Technology Group Co. Ltd. the Company's holding subsidiary EnerTrack EnerTrack Technology Co. Ltd.Sunpure Intelligent Sunpure Intelligent Technology Co. Ltd.Guangxian Technology Nanjing Guangxian Technology Co. Ltd Jian’ai Digital Intelligence Jian’ai Digital Intelligence (Hangzhou) Technology Co. Ltd.Tanrui Technology Hefei Tanrui Technology Co. Ltd.Hefei Lingent Hefei Lingent Technology Co. Ltd.Hefei Bluesight Hefei Bluesight Power Co. Ltd.PV refers to the solar photovoltaic effect also known as the photogalvanic effect which is PV the phenomenon of a potential difference being generated between non-uniform semiconductors or a combination of semiconductors and metals when exposed to light.One of the critical devices in a solar PV power generation system which converts DC power Inverter PV inverter from solar cells into AC power that meets the grid power quality requirements Connecting a number of parallel PV modules to the DC input of a centralized inverter for maximum power point tracking (MPPT) then connecting them into the grid after inversion.Centralized PV inverter With a relatively high power it is mainly used in large-scale centralized ground PV power stations with uniform lighting and other centralized PV power generation systems Performing separate MPPT on several groups (in general 1 to 4 groups) of PV modules and connecting them into the AC grid after inversion. A string inverter may have multiple MPPT String PV inverter modules. With a relatively low small power it is mainly used in distributed power generation systems and sometimes also in centralized PV power generation systems Power conversion devices between the energy storage batteries and the AC power grid Energy storage converter capable of charging and discharging the batteries. They are used in PV power smoothing for wind power generation peak load shifting micro-grid and other scenarios Devices that convert the electric energy with unstable voltage frequency and amplitude generated by wind turbine generators under the actions of natural wind into electric energy Wind power converter with stable frequency and amplitude that meets the grid requirements and connect it to the grid Distributed power supply units that is small and modular standalone power supplies ranging Distributed power supply from several kilowatts to 50 MW that are environment-compatible Energy storage Storage of electrical energy One of the globally renowned testing and certification bodies and standard development UL bodies A safety certification mark granted by the TüV Group to products which is widely TüV recognized around the world Canadian Standards Association the largest non-profit organization for defining industrial CSA standards in Canada One of the world's leading certification and risk management institutions a leading DNV classification society and a leading digital solutions provider.One of the most experienced certification bodies in Europe with a high reputation in the VDE world that is directly involved in developing the German national standards An internationally recognized testing inspection and certification organization present in SGS 115 countries and regions. The world's largest independent non-listed professional inspection testing and certification DEKRA organization a global leader in safety assurance for over 100 years.BV A promoter of Testing Inspection and Certification (TIC) services with a service network 6Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) covering 140 countries globally.A leading global Total Quality Assurance provider an authoritative body in global testing and Intertek certification with over 1000 laboratories and branches in more than 100 countries.IPD Integrated product development management process Watt (W) Kilowatt (kW) Megawatt The unit of measure for power of electricity in specific 1 GW = 1000 MW = 1000000 kW (MW) Gigawatt (GW) = 1000000000 W CNY 10K CNY 100 million CNY Renminbi yuan renminbi 10000 yuan renminbi 100 million yuan One of the critical devices in a solar PV power generation system which converts DC power Inverter PV inverter from solar cells into AC power that meets the grid power quality requirements Reporting period current reporting January 1 2025 - December 31 2025 period current period 7Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Section II Company Profile and Key Financial Indicators I. Company Profile Stock abbreviation Sungrow Stock code 300274 Name of the Company in Chinese 阳光电源股份有限公司 Abbreviation of the Company in Chinese 阳光电源 Name of the Company in English Sungrow Power Supply Co. Ltd.(if any) Abbreviation of the Company in Sungrow Power Supply English (if any) Legal representative Cao Renxian Registered address No. 1699 Xiyou Road High-tech Zone Hefei Anhui Province Zip code of registered address 230088 Changes in the Company's The registered address has not changed since the Company was listed in 2011 registered address Business address No. 1699 Xiyou Road High-tech Zone Hefei Anhui Province Zip code of business address 230088 Company website http://www.sungrowpower.com E-mail dshms@sungrow.cn kangml@sungrowpower.com II. Contacts and Contact Information Board Secretary Securities Affairs Representative Name Lu Yang Kang Maolei No. 1699 Xiyou Road High-tech Zone No. 1699 Xiyou Road High-tech Zone Address Hefei Anhui Province Hefei Anhui Province Phone 0551-65325617 0551-65325617 Fax 0551-65327800 0551-65327800 E-mail dshms@sungrow.cn kangml@sungrowpower.com III. Information Disclosure and Place of the Report Website of the stock exchange specified for disclosing the http://www.cninfo.com.cn Annual Report China Securities Journal Securities Times Shanghai Securities Media and websites specified for disclosing the Annual Report News Securities Daily Place where the Annual Report is available for Board Directors Office IV. Other relevant information Accounting firm engaged by the Company Name of the accounting firm RSM China (Special General Partnership) 29/F Block A the Landmark Shushan District Hefei City Business address of the accounting firm Anhui Province Name of the undersigning accountants Lu Xin Xu Yuan Pan Lili Sponsor institution engaged by the Company for continuous supervision during the reporting period 8Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) □Applicable □ Not applicable Sponsor's Office Name of Sponsor Name of Sponsor Period of continuous supervision Address Representative Floors 27/28 China October 22 2021 to December 31 2023 (The China International World Office 2 No. 1 Liu Chengli Wang Company's raised funds were fully utilized in 2025 Capital Corporation Jianguomenwai Jixiang ending the sponsor's continuous supervision Limited Avenue Beijing obligations.) 100004 P.R. China Financial advisor engaged by the Company for continuous supervision during the reporting period □Applicable□ Not applicable V. Key accounting data and financial indicators Whether the Company performed a retroactive adjustment or restatement of previous accounting data □Yes□ No 2025 2024 YOY Change 2023 Operating income (CNY) 89184357325.77 77856966964.63 14.55% 72250674939.46 Net profit attributable to shareholders of 13461279955.3711036278921.3621.97%9439561800.25 the Company (CNY) Net profit attributable to shareholders of the Company after deducting 12829035682.50 10692731577.61 19.98% 9215604036.77 non-recurring gains and losses (CNY) Net cash flows from operating activities 16917778579.1112068326644.6640.18%6981838977.28 (CNY) Basic earnings per share (CNY/share) 6.55 5.32 23.12% 4.55 Diluted earnings per share (CNY/share) 6.53 5.32 22.72% 4.55 Weighted average return on equity 31.26% 33.99% -2.73% 40.96% As at Dec. 31 2025 As at Dec. 31 2024 YOY Change As at Dec. 31 2023 Total assets (CNY) 118679392074.17 115073771122.86 3.13% 82876506727.57 Net assets attributable to shareholders of 46610878177.0336905064146.2326.30%27705218364.40 listed companies (CNY) The lower of the Company's net profit before and after deducting non-recurring gains and losses for each of the recent three accounting years has been negative and the most recent audit report indicates material uncertainty related to going concern.□Yes□ No The lowest among the Company's audited total profit net profit and net profit after deducting non-recurring gains and losses during the reporting period is negative □Yes□ No Net Profit Attributable to Shareholders of the Listed Company after Excluding the Impact of Incentive Funds and Share-based Payments Major Accounting Data 2025 2024 YOY Change 2023 Net profit attributable to shareholders of the listed company after excluding the 14322844955.37 11036278921.36 29.78% 9439561800.25 impact of incentive funds (CNY) Net profit attributable to shareholders of the listed company after excluding the 14775285439.5111445854550.5329.09%9639382621.77 impact of share-based payments and incentive funds (CNY) VI. Quarterly key financial indicators 9Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) (in CNY) Quarter 1 Quarter 2 Quarter 3 Quarter 4 Operating income 19036447901.21 24496676545.97 22868784672.38 22782448206.21 Net profit attributable to shareholders of the 3826160917.33 3908417030.52 4146645663.49 1580056344.03 Company Net profit attributable to shareholders of the Company after deducting non-recurring 3676394413.73 3818844203.97 3990608267.98 1343188796.82 gains and losses Net cash flows from operating activities 1790260757.02 1644212798.67 6479216691.55 7004088331.87 Whether there are significant differences between above financial indicators or their sums and the relevant financial indicators in the quarterly and half-year reports disclosed by the Company □Yes□ No VII. Differences in Accounting Data between Chinese and Overseas Accounting Standards 1. Differences in the net profits and net assets disclosed in the financial statements as per the international accounting standards and China accounting standards □ Applicable□ Not Applicable There is no difference in the net profits and net assets disclosed in the financial statements as per the international accounting standards and China accounting standards. 2. Differences in the net profits and net assets disclosed in the financial statements as per the local (overseas) accounting standards and China accounting standards □ Applicable□ Not Applicable There is no difference in the net profits and net assets disclosed in the financial statements as per the local (overseas) accounting standards and China accounting standards. 3. Explanation of the reasons for differences in accounting data between Chinese and overseas accounting standards □ Applicable□ Not Applicable VIII. Non-recurring Items and Their Gains/Losses □Applicable □ Not applicable (in CNY) Item Amount in 2025 Amount in 2024 Amount in 2023 Remarks Gains or losses from disposal of non-current assets 130378667.67-4481304.80-13874372.86 (including the write-off accrued for impairment of assets) Gains or losses from changes in fair value arising from holding trading financial assets and trading financial liabilities as well as investment gains from disposal of trading financial assets trading financial liabilities and 254261065.53 197186752.05 162726489.74 salable financial assets except for the effective hedging business associated with the Company’s normal business operation Reversal of impairment provisions for accounts 29622115.7890102731.415822834.44 receivable which are separately tested for impairment Gains entitled to the Company when the investment cost of acquiring subsidiaries associates or joint ventures is 69649.51 no more than the fair value of identifiable net assets of invested unit at the time of investment Gains or losses from debt restructuring -343394.31 -449122.14 -154355.00 10Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Other non-operational income and expenditure in -25309365.46-17274561.302254304.98 addition to the items listed above Other items of profit or loss that meet the definition of 418722373.87134435390.49118675145.65 non-operating profit or loss Less: Income tax impact 119714259.53 52614872.09 42613860.90 Minority shareholders' equity impact (after tax) 55372930.68 3357669.87 8948072.08 Total 632244272.87 343547343.75 223957763.48 -- Details of other gains or losses that fit in the definition of extraordinary items: □Applicable □Not Applicable Other profit and loss items qualifying as non-recurring gains and losses primarily consist of other income among others.Explanation on defining the extraordinary items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Publicly Offering Securities - Extraordinary Items as recurring gains or losses □Applicable □ Not applicable Item Amount Involved (CNY) Reason Gains from changes in fair value of Equity transfer of power station projects is 34087634.59 power station projects in possession one of the Company's day-to-day businesses Gains from disposal of equity interests in Equity transfer of power station projects is -5239284.91 power station projects one of the Company's day-to-day businesses 11Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Section III Management’s Discussion and Analysis I. Industry situation in the reporting period For the PV industry in 2025 under the guidance of global low-carbon goals and driven by factors such as improved economics and continued growth in electricity demand the PV industry continued its growth momentum. According to third-party data during the reporting period newly added global PV installations reached 513 GWac representing a year-on-year increase of approximately 12%.Of this total domestic new installations stood at 317 GWac up about 14% year-on-year while overseas new installations totaled 196 GWac reflecting a year-on-year growth of roughly 8%.For the energy storage industry in 2025 driven by factors such as a further increase in global renewable energy penetration continuous improvement in revenue mechanisms and continued growth in electricity demand energy storage demand continued its rapid growth momentum. According to third-party data global new lithium battery energy storage installations reached 317 GWh during the reporting period a year-on-year increase of approximately 74% of which domestic new installations reached 178 GWh a year-on-year increase of approximately 82% and overseas new installations reached 139 GWh a year-on-year increase of approximately 65%.II. Business Scope in the Reporting Period Sungrow is a globally leading clean energy technology company specializing in the R&D manufacturing sales and service of new energy power supply equipment such as PV inverters energy storage systems wind power converters and transmission products electric control and power supply systems for new energy vehicles charging equipment and hydrogen energy equipment as well as new energy investment and development. The Company has also expanded into the AIDC power supply business offering solid-state transformer (SST) and power solutions. Since its establishment in 1997 the Company has continuously advanced clean energy conversion technology. With its strategic presence across PV wind power energy storage electric vehicles and charging and hydrogen energy Sungrow helps make clean energy conversion applicable to more scenarios energy use more innovative and user experience more friendly. 1. PV inverters Since its establishment the Company has been focused on the R&D and manufacturing of PV system equipment with PV inverters as the core product. The Company provides world-class PV system solutions to users around the globe to make "Clean power for all".PV inverter is one of the main components in a PV power generation system which connects PV arrays to the grid and plays a critical role in ensuring the long-term and reliable operation of PV power stations and improving the project investment return.Sungrow's PV inverter family consisting of microinverters residential inverters string inverters centralized inverters and modular inverters covers a power range from 0.45 kW to 9600 kW and is widely used in residential industrial and commercial large ground power station among other application scenarios.Microinverters feature a compact design and high adaptability to low-light and high-temperature environments. With superior energy generation simplified installation and naturally arc-free they enable component-level intelligent operation and maintenance. These systems are primarily applied in scenarios such as balcony PV systems and rooftop PV installations.Residential PV inverters feature high power density appealing exterior design and simple installation and maintenance which can automatically adapt to complicated grid environments prolong power generation and effectively improve power generation revenue.With built-in lightning protection and high-precision leakage current protection as well as energy storage interfaces and various communication modes they can meet various application requirements indoors and outdoors and are widely used in residential PV power generation systems on residential roofs or in courtyards.String PV inverters feature high power density and simple installation and maintenance which are suitable for different indoor and outdoor applications hence are widely used in small and medium PV power generation systems in parking lots or on commercial roofs as well as in large-scale ground power stations on complex terrains.Centralized PV inverters feature high conversion efficiency grid-friendliness safety reliability and cost-effectiveness. They can cope with various environments such as extremely low temperature and high altitude and are widely used in large and medium-sized PV power generation systems in deserts Gobi areas and on commercial roofs. 12Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Modular inverters mark a new category in the industry. With a unit power of 800 kW modules can be connected in parallel up to 12 units to reach 9.6 MW flexibly matching different sub-arrays. Integrating the advantages of centralized inverters and string inverters each module features an independent MPPT design and operates independently while adopting a split design for upper and lower parts. They offer higher tracking accuracy and plug-and-play operation and maintenance capable of addressing the diverse needs and application scenarios of different markets around the world.Sungrow Cloud: Capitalizing on the Internet of Things artificial intelligence big data and blockchain technologies Sungrow Cloud enables customers to collectively operate and manage solar energy energy storage charging poles and other energies and creates a smart energy brain. It comprehensively satisfies the management needs of customers at different levels throughout the entire energy lifecycle and delivers four core values: stabilizing investment returns guaranteeing asset safety standardizing operation and management and assisting the Company's decision-making.In the 2026 Inverter Bankability Survey Report released by Bloomberg New Energy Finance (BNEF) Sungrow was awarded the world's No. 1 in inverter bankability rankings and has become the world's only new energy brand that has been ranked top in the inverter list for six times.Product Picture Brief Introduction Targeting large-scale ground power stations the Company launched the "1+X 2.0" modular inverter an advanced upgrade from the first-generation modular inverter. With a unit power of 800 kW it can achieve flexible configurations from 0.8 MW to 9.6 MW through multi-unit parallel connection featuring major innovations in "1+X 2.0" Modular availability operation and maintenance safety and Inverter grid-forming capability. The split-type modular design coupled with an AI fault diagnosis system eliminates waiting time for maintenance enhances availability and achieves higher online rates. Equipped with a DC safety AI full-scope management solution through a "prevention-diagnosis-control" three-tier linkage it achieves proactive safety and full-scope protection.To cope with the widespread application of high-power modules Sungrow introduced the SG320HX series high-power string inverter for large-scale ground power SG320HX Series stations. The application of advanced technologies such as String Inverter AI-based air duct health management MPPT-level insulation monitoring AC/DC terminal temperature (Overseas Model: sensing and strong/weak grid adaptation contributes to SG350HX Series) comprehensive upgrades in intelligent operation and maintenance safety and reliability and grid support continuously leading the market of 300kW+ high-power string inverters.The Company launched the next-generation high-power string inverter the SG465HX series which raises the power of string inverters to 465 kW making it the world's largest single-unit power and the world's first 400kW+ string inverter. It achieves a 28% increase in power density and a 0.2% improvement in system efficiency. It pioneered self-built grid technology supporting off-grid SG465HX Series commissioning and one-click configuration for earlier grid String Inverter connection and more power generation. Equipped with patented multi-protection technologies on the DC side such as terminal intelligent temperature sensing and redundant shutdown with mechanical and electronic switches it redefines DC safety. For the first time in the industry it achieves full-condition lightning protection ensuring worry-free operation throughout its lifecycle against thunderstorms. It also pioneered PV grid-forming 13Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) technology providing comprehensive grid security.SG30~125CX-P2 Based on precise market insights Sungrow took the lead in String Inverter launching a 125 kW high-power industrial and commercial inverter. Featuring higher power 1+II lightning protection (For Industrial & and AFCI 2.0 the products continuously safeguard the Commercial safety of industrial and commercial power stations and Scenarios) have achieved large-scale application worldwide.Based on deep insights into customer needs and module technology trends the Company introduced its 150 kW commercial and industrial (C&I) inverter. Equipped with Arc Fault Detection 3.0 it supports 48A input current and 450-meter cable detection. The newly integrated AC/DC terminal temperature sensing system automatically SG150CX Series identifies abnormal temperatures and triggers intelligent Inverter shutdown protocols. Equipped with a 20 ms ultra-fast DC circuit breaker it ensures rapid fault isolation. The upgraded self-cleaning air duct technology performs daily automated dust removal maintaining sustained system efficiency. This innovation solidifies its position as an industry benchmark for high-performance C&I inverters.To cope with the widespread application of high-power PV modules and the demand for larger residential PV systems Sungrow made all-around upgrades to its RT series of SG10~17T-CN products. The input current per string has been increased to Residential Inverter 18 A allowing it to flexibly adapt to high-power PV modules and bifacial PV modules. At the same time the power range of products has been expanded to address diversified residential installation needs.As module power continues to increase installation power for domestic residential scenarios is also rising leading to rapidly growing demand for high-power residential inverters. Targeting complex residential scenarios the SG50T-CN Company launched a brand-new 50 kW product with more Residential Inverter strings for more flexible access stronger module and scenario adaptability multiple MPPT design unrestricted multi-orientation access and support for long and short string connection offering more flexible design. 14Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Focusing on the increasing current of domestic 210 mm modules the Company launched the upgraded SG20~33T-P2-CN inverter for the Chinese market. A single string supports a maximum input current of 20 A better supporting high-power bifacial module applications.The heat dissipation is upgraded with no power derating at 45° C. The global MPPT algorithm is standard using full-curve scanning to accurately track the maximum SG20~33T-P2-CN power point improving daytime efficiency and system Residential Inverter power generation. The AC operating voltage range is wider than standard requirements with adaptive adjustment to avoid repeated disconnection due to grid overvoltage or undervoltage which would affect system power generation. With 2-3 MPPT and more string inputs it flexibly adapts to multi-orientation roofs meeting power generation needs in complex scenarios. The unbalanced voltage design supports long and short string installation.As a high-power single-phase PV-storage inverter for residential use recently introduced by the Company the product's power has been increased to 8-10 kW. When used in combination with SBR/SBH high-capacity SH8~10RS batteries it can truly deliver green power for the entire Residential house. Having integrated convenience and multi-level high PV-Storage Inverter protection design the product is built with AFCI 2.0 and other active safety technologies allowing more families around the world to enjoy more convenient and safer green power.The new-generation three-phase residential solar-storage inverter (5-25 kW per unit expandable via parallel configuration) integrates with SBR/SBH high-capacity batteries delivering scalable green energy solutions for various households and even small industrial and SH5~25T Residential commercial applications. Designed with multi-layer high PV-Storage Inverter protection (including AFCI 2.0 arc fault prevention) it safeguards users' power safety. Its appliance-inspired plug-and-play installation and the "OneCloud All-Control" intelligent platform for simplified operation and maintenance empower more families worldwide to enjoy safer more convenient and greener electricity life.In response to grid challenges in Asia Africa and Latin America the Company launched its next-generation MG series residential storage system with a power output range of 5-10 kW boasting industry-leading performance.Steady power generation: 100% full power operation at 45 ° C. Steady backup power: ≤ 4 ms seamless MG5~10RL on/off-grid switching 200% overload output for 10 Residential seconds. Steady safety: patented explosion-proof PV-Storage Inverter technology ensures safety under extreme conditions.Steady control: 4.3-inch full-color touchscreen supports off-grid monitoring. Steady installation: no need to open the cover for installation waterproof dustproof and touch-proof; 5-step screen setup enables fast grid connection in 30 seconds reducing errors. 15Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) The company's first full-series microinverter products - S450S S800S S1000S and S1600S with rated power outputs of 450W 800W 1000W and 1600W respectively - are tailored for balcony and rooftop PV scenarios.Featuring an advanced cooling system that ensures stable 2% higher energy yield than industry peers under low-light Microinverter or extreme heat and maintaining full power output at 60° C without airflow they enable 30% faster installation via S450S / S800S / plug-and-play design with one-click network S1000S / S1600S synchronization and smart self-diagnosis. Certified with 12 international standards (IP67 & C5 corrosion resistance) after 200+ safety tests these microinverters incorporate an independent MPPT design that keeps the DC-side voltage always below 60V fundamentally eliminating arc fault risks while delivering ultimate safety assurance. 2. Energy storage systems (ESS) As one of the earliest companies to enter the energy storage sector in China Sungrow relies on the world-leading technology integration of power electronics electrochemistry and grid support to build professional energy storage systems. With a focus on the R&D production sales and service of lithium battery ESS the Company offers a range of ESS solutions for auxiliary new energy grid connection power frequency and peak regulation demand side response micro-grid and residential scenarios and is acknowledged a world-class supplier of energy storage equipment and system solutions.Product Picture Brief Introduction The Company launched the world's largest capacity PowerTitan 3.0 AC Smart Energy Storage Platform. One platform N configuration options flexibly meeting customers' diverse value needs across global scenarios. The new PowerTitan 3.0 liquid-cooled energy storage system continues the AC-DC integrated design integrating the battery system and PCS into one cabinet. The full series includes three versions: Flex Class PowerTitan 3.0 AC Smart and Plus redefining third-generation Energy Storage Platform large-capacity battery cells and advancing through full-chain intelligent technology delivering a "full-scope" intelligent experience for all energy storage scenarios and the entire lifecycle. The Plus version offers a single-cabinet capacity of 3.125 MW / 12.5 MWh the largest in the world; its overall energy density exceeds 500 kWh/m 2 the highest globally; it reduces the footprint of a GWh power station by 32% significantly lowering CAPEX.As a new-generation energy storage system under the "3-in-1 integration" technology concept (power electronics electrochemistry grid support) PowerTitan 2.0 is equipped with PowerTitan 2.0 Utility embedded PCS and pioneers the "AC storage" Energy Storage System structure greatly improving system energy density achieving a configuration capacity of 2.5 MW / 5 MWh within a standard 20-foot container. It also features full-system liquid cooling intelligent cluster-level management 16Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) and stem cell grid technology creating a product with higher efficiency greater application friendliness and enhanced safety for users helping the stable operation of new power systems across all scenarios.The PowerStack 255CS is a high-efficiency product specifically designed for industrial and commercial energy storage scenarios. It is the industry's first all-weather high-efficiency steady-state system. Through an embedded self-developed PCS 314 Ah battery cells AI bionic thermal balance technology combined with a low-rate charging strategy it achieves PowerStack 255CS dual efficiency upgrades for both PCS and Industrial and Commercial cells with overall system efficiency 2%-4% Energy Storage System better than industry peers. Equipped with customized grid-forming technology it ensures stable power supply around the clock. The end-to-end intelligent management experience makes all-weather operation and maintenance "unnoticeable" helping industrial and commercial storage users enjoy more economical worry-free and hassle-free green power revenue.The PowerStack 510CS series offers a single-cabinet capacity of 514 kWh continuing the Company's AC-storage integrated design DNA. Centered on the product philosophy of "Long-duration efficiency worry-free and stable earnings" it is available in 2-hour and 4-hour versions.PowerStack 510CS Together with the PowerStack 255CS Industrial and Commercial PowerStack 835CS and PowerTitan 2.0 it Energy Storage System forms Sungrow's industrial and commercial storage product family achieving full coverage of voltage levels from 400V to 35kV full coverage of 2-4 hour systems and full coverage of application scenarios providing industrial and commercial users with "efficiently adaptable and flexibly deployable" energy storage solutions.The PowerStack 835CS is the Company's first liquid-cooled industrial and commercial energy storage system targeting 10/20 kV large industrial scenarios leading the industry into the era of scenario-specific customization.PowerStack 835CS Focusing on the higher demands of large Industrial and Commercial industrial users for economy convenience and Energy Storage System safety in energy storage it adopts multiple industry-leading technologies and solutions including 836 kWh "Golden Capacity" AC storage architecture stem cell grid technology and a customized EMS system. It is more 17Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) economical more worry-free and safer reshaping the energy usage experience for large industrial users.PowerKeeper is the Company's first modular industrial and commercial energy storage system integrating PV inverter storage battery and energy management. With the theme "ACE 007 ACE Profit" its modular storage battery has a single module capacity of PowerKeeper SH50-125CX 12.5 kWh and the system can be expanded & ST050-1000CF from 50 to 1000 kWh truly achieving "zero waste of electricity". The inverter's built-in Modular Industrial and ATS supports 10 ms seamless switching and Commercial Energy Storage off-grid operation ensuring "zero power System interruption". Additionally the system supports single-module or fully assembled delivery and its back-to-back layout helps users overcome site space limitations while achieving 7 major advantages in plant construction operation maintenance revenue and safety.As the residential energy storage market heats up Sungrow accelerates its PV-storage integration business. Building on the advantageous performance of the original SBR series batteries the Company has made comprehensive upgrades. Module capacity has been upgraded with each module providing 5 kWh and a single unit can stack up to 8 modules reaching a maximum capacity of 40 Residential Battery kWh. Charging and discharging performance SBH100-400 has been upgraded with a 50 A ultra-large charge/discharge current enabling ultra-fast charging to full state. Safety has been upgraded with a cell pre-bundling design and module-level fire protection. When used in combination with the brand-new SHT and SHRS series high-power PV-storage inverters it truly achieves whole-house green power and whole-house backup power.Leveraging its channel advantages the Company accelerates its residential PV-storage integrated business and launches the SBR Residential Battery series residential battery solution offering SBR064-256 advantages such as easy installation flexible configuration safety and reliability and superior performance. 18Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) A next-generation residential storage battery paired with the MGRL series inverter supports free and flexible expansion allowing up to 8 inverters / 16 batteries to be connected in parallel adapting to various scenarios from apartments to large residences and future Residential Battery MGL060 expansion needs. Using 314 Ah large-format cells it is durable with an 8000-cycle lifespan.It features DC/DC intelligent energy regulation and supports module-level optimization. In terms of safety it provides three-dimensional protection at the structural system and active protection levels.The Company's next-generation 5.12 kWh small residential storage battery product SBS050 features an ultra-slim 182 mm design and supports flexible parallel connection of 1-4 units with a maximum expansion capacity of 20.48 kWh. When paired with the Residential Battery SBS050 SHRS-20 it achieves 50 A high current charging/discharging and is also compatible with diesel generator systems. It is more aesthetic more flexible higher performance and safer making it the best choice for small-capacity residential storage. 3. New energy investment and development In recent years Sungrow Renewables as the Company's dedicated platform for new energy project development and investment has adhered to the development philosophy of "Higher Yield Greener Impact" focusing on centralized PV power stations and wind farms residential PV home energy industrial and commercial energy energy storage stations and charging station development. Driven by the dual forces of "technology + market" it has built a globally synergistic business layout anchored in China and expanding rapidly overseas.Centralized PV power stations: Covering various application scenarios leveraging advanced R&D capabilities in power station technology scientific planning and integration of wind and solar resources and rich project development and construction experience Sungrow Renewables achieves efficient composite utilization of wind solar and land resources significantly improving the ROI of PV power stations. It provides exemplary cases for the integrated development of efficient land use regional environmental governance and new energy industry applications.Wind power stations: Wind farm types cover different operating environments such as high/low temperatures high altitude low wind speed and coastal areas. They build benign ecosystems and development patterns including plain wind power mountain wind power decentralized wind power as well as wind-solar complementarity and wind-solar-storage multi-energy complementarity meeting customers' diverse needs and maximizing value.Residential PV power stations: Deepening the "Worry-Free Installation" service strategy Sungrow Renewables continues to deliver high-quality power station services and operational empowerment to users and partners leading the industry fully into a new era of higher-value quality-driven service. Powered by smart and digital technologies its full range of products for flat roofs flat-to-slope conversions sloped roofs courtyards and sunrooms has been widely adopted in the market offering home users a brand-new experience that seamlessly blends lifestyle aesthetics with energy efficiency.Home Energy Power Stations: Tailor-made for large Chinese houses and high-end villas as integrated PV-storage-charging green power station products meticulously designed using intelligent design software and 3D scenario-based planning combining architectural beauty energy efficiency and lifestyle sophistication. They feature high aesthetics high energy yield enhanced safety and greater intelligence using premium technology to create a smooth renewable home energy experience achieving the dual pursuit of zero-carbon technology and quality living.Industrial and Commercial Energy Power Stations: Leveraging the world's leading technological strength in new energy power 19Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) stations and innovative efficient industrial and commercial energy products Sungrow Renewables provides enterprises with full lifecycle new energy solutions covering consulting development investment and delivery. It deeply explores industry energy consumption scenarios and characteristics innovatively developing zero-carbon solutions for sectors such as automotive home appliances cement warehousing and logistics accelerating the zero-carbon transformation of thousands of industries. It continuously strengthens its channel ecosystem using the "technology + platform" dual drive to build a multi-win development landscape involving the brand channel partners associates and industrial/commercial enterprises.Charging Stations: Sungrow Charging Stations provides a one-stop solution from scientific site selection to intelligent design and construction and then to smart operation optimization. The upgraded PV-storage-charging integrated charging station leverages core algorithms to achieve smooth green power linkage among PV storage charging and the grid. Sungrow's intelligent evaluation and design software for charging stations and its "Investment-Construction-Operation Cloud Platform" not only provide intelligent recommendations from scientific site selection and design construction to operations but also deliver higher value to charging stations in areas such as "precise customer attraction smart operation and maintenance and convenient service" bringing users a smooth replenishment experience.Multi-energy Integration: Relying on its proprietary PowMart smart energy solution Sungrow Renewables applies its leading multi-energy integration technology to new energy integration scenarios such as wind-solar-storage integration wind-solar hydrogen production and PV-storage-charging integration. It has set innovative examples in multi-energy coordination smart scheduling grid friendliness safety and reliability and power station value enhancement providing support for "building a new type of power system with new energy as the mainstay".Product Picture Brief Introduction Centralized PV power stations cover various application scenarios and rely on leading new energy power station technology to achieve optimal LCOE significantly improving the Centralized PV power ROI of PV power stations creating greater station value for customers and providing innovative examples for integrated environmental management and new energy industry applications.Wind power stations cover three major application types: mountain wind power plain wind power and decentralized wind power. Upholding the principle of "wind power development in parallel with Wind power station ecological protection" Sungrow develops and builds ecologically friendly wind power stations providing multi-scenario solutions and refined wind resource assessment based on local conditions to maximize value.iClean Self-Cleaning C&I PV Power Station leverages AI-powered 360-degree powerful self-cleaning to significantly reduce soiling losses and increase power generation by over iClean Self-Cleaning 6%. It is a distributed PV system that C&I PV Power Station achieves secondary power generation improvement notably reduces station labor management costs and delivers long-term investment returns. 20Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) iBlock Flat-Roof C&I PV Power Station is an innovative application developed for flat-roof scenarios. It integrates module brackets with iBlock Flat-Roof C&I concrete piers combining support and PV Power Station fixation functions. The standardized modular design and installation improve module coverage increase installed capacity and significantly shorten the construction period.iBuilding Yangguangding BIPV Power Station features optimized module-tile design and innovative patented tile profiles for faster installation and more power generation. The iBuilding innovative 360° rolled-edge design requires Yangguangding BIPV no drilling or gluing ensuring leak-proof Power Station safety. The self-developed ECO cooling technology precisely optimizes heat dissipation pathways enhancing power station performance.Sungrow Charging Station provides a one-stop solution from scientific site selection to intelligent design and construction and then to smart operation optimization. The PV-storage-charging Sungrow Charging integrated charging station with its core Station algorithms achieves smooth green power linkage among PV storage charging and the grid. It brings users a smooth replenishment experience through precise customer attraction smart operation and maintenance and convenient service.Home Energy Power Station is a green PV-storage-charging integrated product tailor-made for large Chinese houses and villas. With full-stack self-developed "PV-Storage-Charging-Optimizer-Cloud" and Home Energy Power optimal matching it provides 24/7 stored Station power response adapting seamlessly to multi-orientation villa roofs. The HEMS (Home Energy Management System) advances from intelligence to wisdom connecting the entire chain of generation storage and consumption.The Yueyanglou Sunroom Power Station features a brand-new exterior structure and module layout. Aesthetically its Chinese and European-inspired versions embody The Yueyanglou harmonious elegance and captivating visual Sunroom Power Station appeal. Spatially the innovative support system uses high-specification main beams placed horizontally extending the maximum column spacing to 4.5 meters creating larger space better lighting and open bright views. 21Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) The Chaoyangge Flat-to-Slope Roof Power Station adopts a wind-resistant drag-reduction design for greater safety The Chaoyangge reliability and peace of mind. The Flat-to-Slope Roof color-coated steel encapsulation design Station achieves building-integrated PV protecting the roof keeping interiors cool in summer and warm in winter offering aesthetic appeal and providing users with stable revenue.The Shangyangyuan Courtyard Power Station fully retains and efficiently utilizes courtyard space expanding PV installed capacity to The Shangyangyuan generate more revenue for users. Multiple Courtyard Solution layout options are available for customization. The oriental aesthetic design perfectly integrates with the home.The Huiyangding Flat-Roof Power Station provides customized solutions based on user needs. The product protects the roof and The Huiyangding Flat delays aging. It is wind-resistant Roof Power Station pressure-resistant corrosion-resistant reliable and durable. The standardized full-process construction is worry-free and efficient.The Canyangfang Sloped-Roof Power Station adopts an integrated design to achieve higher installed capacity. It protects the tile structure The Canyangfang Slope and delays roof aging. The standardized Roof Power Station full-process construction system enables fast installation. The system closely fits the roof perfectly blending with the building. 4、Wind power converter and transmission products Sungrow's Wind Energy Division is committed to promoting high-power and high-performance power electronic conversion technology and its engineering applications. It specializes in high-power energy conversion high-performance grid-tie control and high-power motor drive and control technologies with a business scope covering wind power converters wind power pitch systems grid simulation power supplies and drive frequency converters. On the service side it provides integrated aftermarket solutions for the wind power industry offering precision services such as customized retrofits for wind power converters and pitch systems helping customers reduce operation and maintenance costs extend equipment lifespan and enhance power generation efficiency. According to the 2025 global wind power converter installed capacity enterprise ranking released by the data consulting firm Brinckmann the Company's wind power converters continue to maintain the No. 1 position globally. In the future Sungrow Wind Energy will continue to deepen its expertise in high-power energy conversion and control technology striving to become a global leader in wind power converter and transmission technologies.Product Picture Brief Introduction 22Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) The product features an integrated heat dissipation design that improves cooling efficiency and product stability. It adopts a high Doubly-fed power density design with integrated 4.xMW-16MW wind components for a compact structure and an turbine converter integrated main control and converter design for stronger load-carrying capacity. It also offers strong environmental adaptability for customized application scenarios.This product offers the highest single-unit power among domestic wind power converters. It employs a redundant design to ensure unit power generation revenue proactively adapts to Full-power 5.x complex grid environment for grid friendliness MW-30MWWind and features enhanced anti-corrosion and Power Converter anti-condensation design to effectively cope with marine environments. With nacelle-mounted application and a special anti-vibration structure it meets the stringent vibration requirements of the nacelle.The product is highly integrated safe and reliable with a quadruple safety chain design to ensure wind turbine safety. The pitch control system converts wind energy into reasonable Wind Power Pitch mechanical energy by adjusting the blade angle Drive of the fan. Under safe conditions it adjusts the blade angle together with the main control to enable power control of the fan. In the event of malfunctions it acts as a brake to ensure the safety of the fan.The system adopts four-quadrant IGBT module rectification enabling regenerative energy feedback during individual blade pitching thus reducing energy consumption. It features a modular design with IGBT parallelization technology for high scalability supporting Wind Power Pitch single/multi-drive functions. The compact System internal components offer enhanced maintainability. The multi-drive configuration effectively reduces tooth surface pressure lowers bearing and gear design costs further reduces overall wind turbine expenses and comprehensively enhances the performance of high-power wind turbine pitch systems. 23Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Low-voltage transmission products cover 380V/690V/1140V/1380V/1800V while medium- to high-voltage transmission products cover 3.3kV/6kV/10kV/35kV. The products are widely used in industrial transmission and new energy fields suitable for various load types Drive Frequency such as fans pumps water turbines physical Converter energy storage and motor soft starters. They are available in cabinet or container configuration support two-quadrant or four-quadrant circuit topology adapt to various voltage levels and can reach a system power of up to hundreds of MW.The brand-new virtual impedance function allows users to set the short-circuit ratio or impedance value to simulate weak grid environments and test the operation of new energy equipment in distributed and other weak grid conditions. The advanced impedance sweep frequency function helps analyze the stability of Grid Simulator Power new energy systems connected to the grid by Supply scanning their impedance characteristics across a wide frequency range. The upgraded high and low voltage ride-through function not only enables continuous multiple ride-throughs but also supports adding a phase step simultaneously with an amplitude step more realistically simulating fault conditions caused by commutation failures. 5. Smart operation Sungrow Smart Maintenance a new energy asset management service division of the Company harnesses the Company’s 's 29 years of expertise in power electronics conversion and power station integration. Guided by the service philosophy of "Digital-Intelligence Connectivity Secure High Returns" it provides comprehensive value-added services for renewable energy assets utilizing cutting-edge technologies to ensure stable customer returns and asset security.In 2025 Sungrow Smart Maintenance's global collaborative operation scale for PV wind and storage continued to lead the market with operational capacity increasing by over 40% year-on-year. As of the end of 2025 Sungrow Smart Maintenance had contracted over 60 GW of operational capacity with domestic business spanning 31 provinces and cities and overseas markets covering the Middle East Central Asia and Southeast Asia. Powered by its self-developed digital-intelligent O&M platform SolarEye 5.0 and equipped with the station-level "Digital-Intelligence General Practitioner" iSolarHealth it rapidly identifies equipment anomalies across the entire energy chain pinpoints root causes and dynamically adjusts power station operation strategies to maximize returns while safeguarding asset security.Product Picture Brief Introduction Relying on the Company's 29 years of expertise in power electronics conversion technology and power station integration practices and guided by the value Smart Energy Operation proposition of "Digital-Intelligence Connectivity Secure High Returns" Service Sungrow Smart Maintenance provides comprehensive value-added services for new energy assets continuously leveraging advanced technology to ensure stable customer returns and asset security. 6. Electric control and power supply system for new energy vehicles 24Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Leveraging its profound expertise in clean power electronics conversion technology and R&D strengths Sungrow has expanded its inverter applications into the electric vehicle industry providing high-quality motor control systems and on-board power supply solutions for new energy vehicles.As a national high-tech enterprise specializing in the R&D production sales and service of electric control systems and power supply products for new energy vehicles Sungrow Electric Power builds on over a decade of technological innovation extensive manufacturing experience and a stable global supply chain. By assembling top-tier automotive electronics talent Sungrow Electric Power is committed to delivering premium electric drive and power supply solutions for new energy vehicles. Since 2010 Sungrow Electric Power has consistently provided products and services to leading passenger car commercial vehicle and construction machinery manufacturers. Its platform-based product portfolio features high efficiency exceptional reliability and flexible compatibility. In 2025 Sungrow Electric Power achieved an annual production output of 1.5 million units. As of the end of the reporting period Sungrow Electric Power had cumulatively delivered over 3.5 million units.Sungrow Electric Power holds certifications including IATF 16949 ISO 14001 and ISO 45001 and has passed professional certifications such as ISO 26262 (ASIL-D for functional safety) ISO/SAE 21434 (cybersecurity) and ASPICE CL3 establishing a comprehensive high-standard product safety assurance system. The company's smart manufacturing base continues to upgrade with an annual production capacity of 3 million units on its automated assembly lines efficiently meeting the large-scale delivery needs of global customers. Recognized for its professional technical expertise reliable product quality and stable delivery capabilities Sungrow Electric Power has earned accolades including the "First Prize of Science and Technology from the China Electrotechnical Society" the "First Prize of Scientific Progress from the China Power Supply Society" and a spot in the "2025 Top 100 Core Components for Intelligent Electric Vehicles in China".Product Picture Brief Introduction Suitable for A and B class hybrid passenger cars. Adopting TPAK parallel power modules it offers excellent device compatibility and power expansion flexibility meeting the multi-power HEM Series Hybrid configuration requirements of Dual Electric Control same-platform models. The product is the for Passenger Vehicles first to be equipped with a SiC boost module ensuring smooth and efficient power output and significantly improving the driving experience and energy utilization of the whole vehicle.A modular product launched to meet the in-house R&D needs of vehicle manufacturers with power coverage from 50 to 200 kW. It adopts a platform-based design and is compatible with different EB Series Inverter Brick Si/SiC devices. Compact in size with high power density it adapts to diverse layout requirements of vehicle manufacturers' self-made electric drives offering flexible application.Integrates the main motor controller DCDC OBC and PDU and is suitable for EE31 Series 4-in-1 light commercial vehicles such as micro Controller vans and micro trucks. It features high integration high reliability and flexible adaptability. 25Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Integrates the main motor controller DCDC DCAC and PDU and is suitable EE53 Series 4-in-1 for pure electric and range-extended light Controller truck models. It is characterized by platform-based design flexible adaptability and high reliability.Based on a platform-based design concept it integrates OBC DCDC and PDU EP34 Series On-board functions. Suitable for A00 and A0 class Power Supply new energy passenger vehicles it features high power density high reliability and strong grid adaptability.Integrates OBC and DCDC is compatible with 800V voltage platforms and features external power discharge functionality.EP51 Series On-board Suitable for A? class and above new Power Supply energy passenger vehicles it offers high power density strong grid adaptability and a functional safety level of ASIL-C.Integrates the motor controller motor and reducer into one unit suitable for A0 and A class passenger vehicles as well as light commercial vehicles. Based on a mature single? tube parallel solution it integrates the motor control module into the motor EM37 Series e-Axle end cover adopts a shared housing for the motor and controller and a direct? connected cooling water channel design resulting in a more compact assembly structure and greater flexibility for vehicle layout. 7. Floating PV system Sungrow FPV is a national high-tech enterprise specializing in the R&D design and manufacturing of floating PV systems. It has fostered a professional R&D team with extensive experience and strong innovation capabilities and has mastered key technologies for floating PV power stations including system design materials structure & array and mooring & anchoring systems. The Company is committed to providing eco-friendly reliable and efficient one-stop floating PV system solutions suitable for various water bodies.As of today Sungrow FPV has filed over 300 patent applications and its products have passed certifications and tests from multiple international authoritative certification bodies including TüV DNV WARS SGS and CGC. The Company has also led and participated in the formulation of several standards related to floating PV products.Sungrow FPV's production base is equipped with a fully intelligent management system advanced laboratories for raw material R&D and product mechanical performance testing and intelligent production workshops. With an annual production capacity of 5.0 GW the Company has local delivery capabilities in 11 countries worldwide. During the reporting period Sungrow FPV commenced batch delivery of new series designed for deep water and high snow load conditions.Sungrow FPV has repeatedly received industry recognition including the "2025 International Annual Customer Choice Award" "2024 China's Most Influential Floating PV Enterprise Award" "2023 China's Leading Floating PV Enterprise" "2021 Asian Photovoltaic Innovative Enterprise" "2019 China's Largest Floating Power Station Project Award" and "2017 China PV+ Floating Body Product Gold Award". Sungrow FPV is the world's first GW-level floating PV system supplier and according to S&P Global it has maintained the No. 1 global market share for eight consecutive years.Product Picture Brief Introduction 26Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) The floating PV system consists of floating bodies an integrated racking system and a mooring and anchoring system. It can reduce water evaporation and protect water resources; inhibit the growth of blue-green Floating PV System algae and improve the water environment; provide effective water surface cooling to enhance power generation revenue; and can be applied in various water environments such as coal mining subsidence areas reservoirs and offshore areas. 8. Charging equipment Building on Sungrow's 29 years of R&D innovation and application experience in outdoor high-power power electronics products Sungrow Charging actively drives technological breakthroughs in electric vehicle charging equipment and solutions dedicated to helping charging operators enhance investment returns and asset security. Guided by the core principles of "Stable Returns High Efficiency & Reliability Grid Friendliness and Ultimate User Experience" Sungrow Charging provides charging solutions with optimal total cost of ownership throughout the lifecycle connecting green energy with high charging returns. Currently its products have been sold in bulk to over 50 countries and regions worldwide including Europe the Middle East Asia-Pacific and Australia earning widespread acclaim from vehicle owners and operators.During the reporting period Sungrow Charging launched globally the EU-standard 480 kW isolated air-cooled integrated ultra-fast charger and 960-3500 kW megawatt-class ultra-fast charging products which have achieved mass delivery. These products fully meet diverse refueling needs including medium- to long-distance trunk logistics and short-distance specialized scenarios.Product Picture Brief Introduction The IDC480E-C is an EU standard DC ultra-fast charging product developed for the European market. Based on a compact integrated platform utilizing self-developed EU Standard 480 kW isolated air-cooled power modules it Isolated Air-Cooled supports on-demand power expansion from Integrated Ultra-Fast 240 kW to 480 kW. While ensuring highly Charger reliable operation it achieves flexible deployment long-term scalability and improves overall return on investment efficiency.The ChargeStack 1000 is a 1–3.5 MW EU standard megawatt-level DC charging EU Standard system built on a "1+X" modular ChargeStack 1000 architecture. It supports on-demand MW-Class Ultra-Fast expansion for MCS 1500A and CCS 600A Charging System meeting the deployment and upgrade needs of heavy-duty trucks and high-power stations at different construction stages.The "1+X" scalable architecture supports smooth upgrades from 1 MW to 2.88 MW.Full-matrix dynamic power distribution 2880/1920/960/800 kW enables on-demand power allocation within Split Ultra-Fast Charger the station. It supports dual-gun simultaneous charging with a maximum current of 2400A enhancing station operation efficiency and revenue. 27Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 9. Hydrogen energy equipment As one of China's earliest renewable energy enterprises to enter the hydrogen sector Sungrow Hydrogen is committed to delivering "efficient intelligent and safe" flexible renewable energy hydrogen production systems and solutions. The company possesses integrated R&D manufacturing and delivery capabilities for critical system components including PWM hydrogen power supplies ALK and PEM electrolysis cells electrolysis cell digital management systems gas-liquid separation and purification equipment and smart hydrogen energy management systems. It has also developed hydrogen production solutions for off-grid grid-connected and microgrid scenarios.Product Picture Brief Introduction The product leverages IGBT full-control power devices and PWM control technology PWM Rectifier Power to rectify and convert AC power into DC Supply power required for the electrolysis cell suitable for large-scale renewable energy AC-coupled hydrogen production scenarios.The product leverages IGBT full-control power devices and PWM control technology to convert unstable wind or solar power into PWM DC Converter DC power required for the electrolysis cell Power Supply suitable for direct hydrogen production scenarios using off-grid wind and/or solar power.The product uses direct current to electrolyze alkaline water solution into hydrogen and Alkaline Water oxygen and obtains high-purity finished Electrolysis Hydrogen hydrogen after gas-liquid separation and Production Equipment purification. It consists of an alkaline electrolysis cell an electrolysis cell digital management system and a BOP system.The product employs high-activity catalysts and reverse-current resistant novel electrodes delivering high current density low energy consumption start-stop durability and exceptional operational flexibility. Integrated HyGrow 2000+Nm 3 /h with a digital management system it Series Large-Scale provides three core functionalities — safety Alkaline Water management status analysis and Electrolysis Cell performance optimization — to enhance hydrogen production efficiency minimize operational degradation and ensure superior adaptability to fluctuating operating conditions.The product uses direct current to electrolyze pure water into hydrogen and oxygen and PEM Water Electrolysis obtains high-purity finished hydrogen after Hydrogen Production gas-liquid separation and purification. It Equipment consists of a PEM electrolysis cell and a BOP system. 28Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) The product is the "brain" of renewable energy flexible hydrogen production systems enabling coordinated control between HyBrain Smart multiple hydrogen production systems and Hydrogen Energy multiple energy sources. It integrates four Management System major functions: operation monitoring analysis and diagnosis coordinated control and operation management ensuring system efficiency intelligence and safety.Through sensors data acquisition systems controllers and intelligent algorithms the HyDoc Electrolysis product achieves real-time perception safety Cell Digital control and operation optimization of the Management System electrolysis cell's status ensuring its safe stable and efficient operation.III. Analysis of core competencies 1. Brand Advantage Since its establishment in 1997 the Company has been dedicated to the R&D manufacturing sales and service of new energy power supply equipment such as PV inverters energy storage systems wind power converters and transmission products electric control and power supply systems for new energy vehicles charging equipment and hydrogen energy equipment as well as new energy investment and development. The Company has also expanded into the AIDC power supply business. Currently the Company operates in over 100 countries and regions worldwide. Its core product PV inverters ranks No. 1 globally in bankability (Source: BNEF) making the Company the world's only new energy brand to top the global inverter rankings six times. The Company's brand awareness and reputation have continued to grow. It has received numerous accolades including "Global Top 500 New Energy Enterprises" "Forbes China Top 50 Innovative Enterprises" "Deloitte China Best Managed Companies" "Best Employer Brand for Globalization Companies" "Fortune China 500" "Fortune World's Most Admired Companies" and an "MSCI ESG Rating of AAA". Its comprehensive strength places it at the forefront of the global renewable energy generation industry. In 2025 according to the China's 500 Most Valuable Brands report released by the World Brand Lab the Company's brand value steadily increased for the sixth consecutive year reaching RMB 116.136 billion successfully entering the top 100. 2. R&D innovation capability Since its establishment in 1997 the Company has remained steadfastly focused on the new energy power generation sector adhering to market demand orientation and taking technological innovation as the driving force for enterprise development. It has actively promoted the R&D of major key core technologies striving to transform technological advantages into product advantages benefit advantages and competitive advantages while cultivating a professional R&D team with extensive experience and strong independent innovation capabilities. The Company has collaborated with several renowned universities and research institutions participated in over 30 major scientific research and technology innovation projects and led the drafting of multiple national standards making it one of the few enterprises in the industry that master multiple independent core technologies. The Company has established seven R&D centers in Hefei Shanghai Nanjing Shenzhen Xi'an Germany and the Netherlands providing leading technical support for building globally competitive new energy equipment. To conduct in-depth research on cutting-edge technologies the Company has set up a Central Research Institute which is responsible for high-value patent layout in advance and tackling key technical challenges providing efficient platform services and innovation management for the Company's product and technology development and cultivating and supplying high-quality R&D and management talents for the Company continuously building core technological competitiveness. During the reporting period the Company globally pioneered the demonstration operation of a 10kV/2MW medium-voltage energy router. At the same time each business unit has established independent R&D teams to stay close to the market and customers. In 2025 the Company continued to increase R&D investment reaching RMB 4175 million a year-on-year increase of 31.97%. As of the end of the reporting period the Company had 7625 R&D personnel including 126 with doctorate degrees and 3160 with master's degrees with R&D personnel accounting for approximately 40% of the total headcount. The Company attaches great importance to the accumulation of intellectual property from technological innovation achievements and actively conducts summarization and patent filing of its own intellectual property. 29Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) During the reporting period the Company filed 2293 new patent applications including 271 overseas applications (252 inventions and 19 designs) and 2022 domestic applications (883 inventions 1034 utility models and 105 designs). As of the end of the reporting period the Company had cumulatively filed 11504 patent applications including 6115 inventions 4597 utility models and 792 designs. The Company achieved a significant breakthrough in the intellectual property field— its cumulative patent applications exceeded the 10000 mark. This achievement not only serves as a strong testament to the Company's sustained investment in R&D over the years but also signifies a new height in technological innovation further enhancing the Company's independent innovation capability and solidifying its core competitiveness.The Company has adopted the advanced IPD (Integrated Product Development) management process. Based on customer demand analysis technology development trend analysis and competitive strategy analysis it guides the Company's technology reserve and product development. For new products from concept planning development verification trial production to final mass production staged quality indicators are set for each step to ensure excellent product quality. The Company has invested in the construction of world-leading electromagnetic compatibility laboratories high-performance large-capacity low-voltage ride-through equipment and various power supply and grid simulation devices possessing the most stringent testing and validation conditions. At the same time the Company continuously establishes and improves its ISO 9001:2015 ISO 14001 and ISO 45001 management systems strictly promoting the integrated quality environment occupational health and safety management system. The Company's products have successively passed certifications and tests from multiple internationally authoritative certification bodies such as UL TüV CSA VDE DNV DEKRA BV and SGS. 3. Global marketing channels and service network At the very beginning the Company has identified a global development strategy the Company has established seven R&D centers and four manufacturing bases worldwide with current overseas PV inverter capacity reaching 50 GW. The Company has over 20 overseas subsidiaries five service regions and more than 520 service outlets globally with products sold in bulk to over 100 countries and regions. As of the end of the reporting period the Company had 2208 overseas employees a year-on-year increase of 24.5%.Looking ahead the Company will continue to deepen its presence in global markets comprehensively advancing the further upgrade of its globalization strategy. Focusing on core products such as inverters energy storage charging and hydrogen energy it will accelerate the implementation of scenario-based solutions including mine microgrids AIDC green power direct connection green hydrogen-ammonia-methanol zero-carbon parks electric transportation and home clean energy. It will also accelerate the development of emerging industries such as AIDC and electric vessels. The Company will prioritize strengthening key capabilities in global marketing service and financing improving its global support system and continuously enhancing its global brand influence and market competitiveness.IV. Main business analysis 1. Overview A. Overview of core business analysis In 2025 facing fierce industry competition and complex changes in the international environment The Company adhered to its guiding principle of "Innovation-Driven Quality Enhancement Digital & Intelligent Empowerment Deep Global Market Focus Customer Success". The Company concentrated on the clean energy core business increased R&D and innovation efforts accelerated the implementation and effectiveness of digital projects continued to deepen its global market presence further expanded its leading edge and achieved steady performance growth.During the reporting period the Company recorded operating revenue of CNY 89.184 billion a year-on-year increase of 14.55%; operating costs reached CNY 60.795 billion a year-on-year increase of 11.46%; the gross margin rose to 31.83% a year-on-year increase of 1.89 percentage points mainly driven by brand premium product innovation and economies of scale. Net profit attributable to shareholders of The Company reached CNY 13.461 billion a year-on-year increase of 21.97%. Selling expenses were CNY 4.832 billion a year-on-year increase of 28.49% primarily due to increased personnel and other costs to support the Company's continuous expansion and deepening globalization layout. R&D expenses were CNY 4.175 billion a year-on-year increase of 31.97% mainly attributable to increased personnel and other costs for continuous product innovation to maintain competitiveness. Financial expenses were CNY 0.040 billion a significant year-on-year decrease mainly due to increased interest income and exchange gains from the appreciation of the Euro. Net cash flow from operating activities was CNY 16.918 billion a year-on-year increase of 40.18% primarily due to improved collection efficiency.B. Overview of core business in the reporting period 30Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) In the reporting period the Company made the following attempts related to the core business: (1) Business development a. PV inverters During the reporting period the Company continuously strengthened R&D and innovation vigorously advanced its global brand strategy and deeply cultivated key market segments. By fully leveraging its global marketing service and supply chain advantages the Company increased its presence in Europe the Americas Asia-Pacific the Middle East & Africa and China. The Company has established over 20 overseas subsidiaries and more than 520 service outlets worldwide with products sold to over 100 countries and regions continuously enhancing its global competitiveness and influence. In 2025 the Company's global PV inverter shipments reached 143 GW.To further reduce the levelized cost of electricity and meet new demands such as grid-forming capabilities the Company launched two new inverter products during the reporting period: the SG465HX the world's first 400kW+ string inverter and the 1+X 2.0 the world's first split-type modular inverter. These products create a 5A integrated system solution featuring "all-weather economics all-scenario reliability full-chain safety full-lifecycle smart O&M and full-network grid-forming capability".During the reporting period the Company's high-power string inverter SG320HX series and 1+X modular inverters were further widely and deeply applied in various scenarios worldwide. The benchmark off-grid project (165 MW PV inverters + 160 MW/760 MWh energy storage system) that The Company built for Saudi Arabia's ultra-luxury Amaala resort complex is being steadily delivered. In the world's first UHV DC transmission project (Ningxia-Hunan ±800 kV) primarily powered by "desert Gobi and wasteland" new energy The Company achieved stable GW-level PV grid connection and transmission under weak grid conditions.The high-power string inverter SG150CX-CN and residential inverter SGT-P2-CN launched by The Company for domestic industrial and commercial users have been widely welcomed in the market. Designed with the three core concepts of "high efficiency long-term reliability and simplicity" and equipped with multiple proprietary technologies the SG150CX-CN raises the power of industrial and commercial inverters to 150 kW is fully compatible with mainstream modules on the market and offers greater safety higher convenience and increased revenue.b. Energy storage system During the reporting period the Company released the world's largest capacity PowerTitan 3.0 AC Smart Energy Storage Platform launching three models: the Flex version (15ft 5.358MWh) the Class version (20ft 7.14MWh) and the Plus version (30ft 12.5MWh). These models adopt 600Ah+ laminated cells and silicon carbide PCS are equipped with the PowerBidder power trading auxiliary decision-making software and the PowerDoctor power station intelligent O&M platform and continue the advantages of the AC storage architecture. The Plus version achieves an energy density exceeding 500 kWh/m2 the highest in the world. In 2025 the Company's global shipments of energy storage systems reached 43 GWh.During the reporting period the Company's pioneering "AC-DC integrated" 10MWh fully liquid-cooled energy storage system PowerTitan 2.0 was widely applied globally helping to ensure the stable operation of numerous projects including the Taizhou Hailing Independent Energy Storage Station the Kunshan Longteng Special Steel User-Side Storage Station the Wuhu Chery First Automotive Industry Storage Station the Shandong Taiyang Grid-Side Storage Station the largest energy storage station in Central Asia (Uzbekistan) and the UK Bramley energy storage project among others.With the high penetration of renewable energy sources such as wind and solar globally traditional grid-following solutions are struggling to support stable grid operation. During the reporting period the Company once again upgraded its stem cell grid technology pioneering a "battery-converter-station" three-tier collaborative architecture and released the White Paper on Stem Cell Grid-Forming Technology 2.0. Leveraging a GW-level full-chain electrical thermal and noise simulation platform as well as full-scenario grid-forming algorithms the Company meets diverse requirements under different grid conditions environments and application scales maximizing power station benefits and safeguarding grid stability with "customized" grid-forming solutions tailored to specific grid conditions. Furthermore the Company achieved over 10 industry firsts including panoramic wind-PV-storage grid-forming and system-level grid-forming. Key technologies such as the "Key Technology and Application of Full-Network-Condition Wind-PV-Storage Grid-Forming System" passed authoritative industry assessments reaching globally leading levels in 15 key grid-forming performance indicators including system tolerance and safety. In 2025 as evaluated by the World Brand Lab and its independent selection committee Sungrow was honored as one of the "Top Five Influential Brands in China's Grid-Forming Technology".The Company's grid-forming technology has been stably applied in numerous projects including the Guangxi Weizhou Island Off-Grid Storage Station the world's largest wind-PV-storage-hydrogen multi-energy complementary project (Saudi NEOM) Australia's first 100MW+ large-scale grid-forming storage project (Palmston) the Huadian Hongyuan Anqu 50MW/100MWh 31Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) energy storage project and the world's largest grid-forming off-grid storage project (Tibet Ali 60MW/120MWh). During the reporting period the Company successively helped connect over ten grid-forming energy storage stations in Tibet to the grid provided system solutions for grid-forming storage projects in locations such as Hebei and Sichuan for China Southern Power Grid and State Grid and assisted the State Power Investment Corporation's Seda "County Microgrid" project—one of the State Grid's first batch of "Smart Distribution Grid" projects— in completing the longest-running county-level 100% "PV + grid-forming storage" isolated grid power supply demonstration. During the reporting period the Company also completed the full-capacity grid connection of the world's largest grid-forming energy storage project—the Saudi 7.8 GWh project.To fill a gap in the industry the Company released the industry's first battery cell management white paper the BM2T Battery Management Technology White Paper which deeply integrates AI and IoT technologies to break down data silos and adapt to the development of grid-forming technology.Addressing the diverse and complex industrial and commercial energy storage market the Company further accelerated the iteration speed of new product R&D. During the reporting period the Company launched the new PowerStack 255CS system with a power rating of 125 kW a capacity upgraded to 257 kWh supporting 2-hour/4-hour configurations and achieving an average all-weather efficiency of ≥88% in actual tests rejecting performance exaggeration. The system can increase station revenue by CNY 40000 per year per 1 MWh. The Company also pioneered customized grid-forming technology in the industrial and commercial sector supporting MW-level park black start capability unaffected by power outages or load fluctuations. Equipped with an AI intelligent decision-making system it predicts electricity prices and loads in real time and automatically settles for optimal revenue. During the reporting period the Company also launched the new PowerStack 510CS series with a single-cabinet capacity of 514 kWh continuing the AC storage integrated design DNA and offering two versions (2h/4h) centered on the product philosophy of "long-duration efficiency worry-free and stable earnings". Currently the Company's industrial and commercial storage product family achieves full coverage of voltage levels from 400V to 35kV full coverage of 2-4 hour systems and full coverage of application scenarios providing industrial and commercial users with "efficiently adaptable and flexibly deployable" energy storage solutions.The global residential energy storage market is growing rapidly and residential storage safety concerns millions of households.The Company's SBH series residential storage systems have successively passed the UL 9540B large-scale fire test and the world's first active fire protection independent test for residential storage batteries verifying comprehensive end-to-end safety protection from cell to system from passive protection to active fire prevention setting a new industry benchmark for residential storage safety.Currently the Company's energy storage systems are widely used in electricity markets such as Europe the Americas the Middle East & Africa and Asia-Pacific continuously strengthening the deep integration of wind solar and storage. The Company has accumulated extensive application experience in frequency regulation and peak shaving auxiliary renewable energy grid connection microgrids as well as industrial & commercial and residential scenarios.c. New energy investment and development During the reporting period under the influence of the national policy Document No. 136 all grid-connected electricity from new energy sources entered the market to participate in power market trading and the industry entered a period of deep adjustment.Facing changes in policies and the market environment Sungrow Renewables as the implementing entity of the Company's new energy investment and development business proactively embraced the changes. Firmly adhering to its corporate vision of "Becoming a Global Leader in New Energy Power Station Technology" and its value proposition of "Higher Yield Greener Impact" Sungrow Renewables continuously increased R&D in new energy system technologies innovatively optimized power station products intensified its channel ecosystem layout and enhanced its service capabilities. As of the end of the reporting period Sungrow Renewables' business covered more than 30 provinces autonomous regions and municipalities in China expanded internationally into countries and regions along the "Belt and Road" and had cumulatively developed and constructed over 59 GW of PV and wind power stations globally.Sungrow Renewables firmly established a differentiated competitive edge through technological innovation in power stations continuously increasing technological innovation and industrial application of new energy power stations. During the reporting period the "Magic Cube" technology platform for new energy power stations continued to evolve achieving breakthroughs in core power station technologies and further solidifying its patent portfolio. iSolarBP 2.0 the distributed intelligent design software pioneered capacity and economic assessment for PV-storage power stations enabling one-click design material savings and optimal economics. iSolarTool 3.0 the large-scale PV intelligent design software integrated multi-combination optimization algorithms pioneered optimization for PV entity / PV-storage integration solutions under power marketization and reduced the design cycle to three days. iSolarSim 2.0 the PV power generation simulation software integrated digital twin and AI large language models presenting 3D construction-detail-level real scenes improving simulation accuracy by over 2.5% and won the 32Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) "2024 Major Scientific and Technological Progress in the PV Field" award at the 21st China Photovoltaic Academic Conference.The PowMart integrated energy management system increased revenue for industrial and commercial users by 15%. The HEMS 2.0 home energy management system further reduced household energy costs by an additional 8%. Focusing on the new energy development track guided by the value proposition of "Higher Yield Greener Impact" Sungrow Renewables continuously strengthened project reserves and resource conversion. Domestically the Company (Sungrow Renewables) newly acquired multiple ground projects including a 300 MW wind power project in Baotou Inner Mongolia a 200 MW wind power project in Anyang Henan a 240 MW PV project in Pu'er Yunnan a 100 MW PV project as part of the Yanggao Energy Transition Demonstration Base in Datong Shanxi and a 500 MW wind power hydrogen production project in Dalate Banner Ordos Inner Mongolia. Internationally Sungrow Renewables advanced its wind and solar businesses in parallel steadily moving forward and newly won or acquired multiple overseas projects in Kazakhstan France Germany Australia Spain among others maintaining a steady growth momentum in its global development strategy.In the industrial and commercial energy sector Sungrow Renewables fully leveraged the dual-drive advantage of "technology + platform" further incubating products that generate more power and intelligent software from its technology base. iSolarBP 2.0 as mentioned pioneered PV-storage capacity and economic assessment providing channel partners with intelligent information-based services throughout the entire lifecycle. During the reporting period Sungrow Renewables actively explored innovative provincial-level zero-carbon park projects using a "centralized development unified planning unified construction" model. The Company (Sungrow Renewables) also implemented development projects with well-known brands such as JD.com Luxshare Precision NIO SERES Gujing Distillery and Zbom Home helping thousands of industries transition to green energy.In the charging station sector Sungrow Charging Stations leveraging its profound technological advantages in PV-storage-charging multi-energy integration systems provided a one-stop solution from scientific site selection to intelligent design and construction and then to smart operation optimization. During the reporting period the Sungrow Charging Station network covered over 100 cities with its scale increasing by over 300% and its products continued to be upgraded and iterated.The PV-storage-charging integrated charging station was upgraded and renewed achieving deep integration of PV storage and charging through full-stack self-development. A new destination charging station product was also launched accelerating expansion into lower-tier markets by leveraging diverse application scenarios and resource coordination capabilities. Sungrow's intelligent evaluation and design software for charging stations and its "Investment-Construction-Operation Cloud Platform" not only provided intelligent recommendations from scientific site selection and design construction to operations but also delivered higher value to charging stations in areas such as "precise customer attraction smart operation and maintenance and convenient service" bringing users a smoother experience.Targeting the large house and villa market Sungrow Home Energy offers four key features: high aesthetics high energy yield greater safety and higher intelligence. Integrating PV storage and charging Sungrow Home Energy strongly leads the trend of smart low-carbon and green home energy. During the reporting period Sungrow Home Energy upgraded and launched two major product series: Guangheyuan Di and Liuliyuan Zhu. Guangheyuan Di adopts a flat minimalist all-black design without grid lines.Liuliyuan Zhu uses a BIPV solution in the form of solar roof tiles achieving deep integration of architecture and PV. The HEMS home energy management system advances from intelligence to wisdom connecting the entire chain of generation storage and consumption and intelligently controls all home appliances. AI deep learning of household energy usage habits enables active worry-free backup power and autonomous dispatching of optimal energy strategies helping users further reduce household energy costs by an additional 8%. The pioneering five-dimensional three-level protection system and the "Storm Protection" mode for extreme weather enable millisecond-level switching of stored backup power making whole-house power usage as stable as a rock.Championing the concept of "Zero-Carbon Technology Quality Living" Sungrow Home Energy has become highly popular and gone viral among numerous villa owners renowned designers and high-end residential hotels.In the residential PV market Sungrow Residential PV continued to strengthen brand building product innovation model iteration and service upgrades. Deepening the "Worry-Free Installation" service strategy Sungrow Residential PV continued to deliver high-quality power station services and operational empowerment to users and partners leading the industry fully into a higher-value era of quality service. By amplifying its product and technological advantages Sungrow Residential PV was awarded the AAA-level certificate in the "Distributed PV System Grading Certification" by the China Quality Certification Centre (CQC) becoming the first residential PV brand in China to receive this highest-level certification. The Company (Sungrow Renewables) also iteratively upgraded its financial model launching the "Hui Yang Guang 2.0" new model jointly with the Industrial and Commercial Bank of China comprehensively lowering installation thresholds increasing user revenue and accelerating the nationwide popularization of residential PV.While deeply cultivating its core business of new energy investment and development Sungrow Renewables as a socially responsible corporate citizen actively serves the rural revitalization strategy. The "Positive Energy" public welfare projects continue to be implemented in areas such as enriching villages benefiting farmers helping children and supporting the elderly. 33Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Public welfare projects including Sunny Smart Classrooms Sunny Sangyu Service Stations Sunny Health Clinics and Sunny Wealth-Creation Power Stations have been successively completed. Sungrow Renewables also innovatively built a "Public Welfare +" resonance platform mobilizing multi-party resources to carry out a series of public welfare activities such as "New Energy Lights Up New Villages" and "Sunny Back-to-School Season" achieving a dual extension of public welfare influence in both breadth and depth and fully practicing corporate social responsibility.In the face of policy and market environment changes Sungrow Renewables proactively embraced change adhered to its strategic positioning as a technology powerhouse and made all-round efforts in brand product channel and service to develop and construct more power station products that deliver "Higher Yield Greener Impact" helping achieve higher power generation efficiency and lower levelized cost of electricity and leading the high-quality development of the new energy industry.d. Wind power converter and transmission product During the reporting period the Company's global shipments of wind power converters reached 63 GW maintaining the No. 1 position in installed capacity for many consecutive years. The Company achieved multiple key breakthroughs in wind power core components new energy testing and validation equipment and drive frequency converters and continuously expanded the performance and application scenarios of its core products. Among these the Company's self-developed 1800V-10 MW doubly-fed wind power converter completed batch grid connection and large-scale application. Simultaneously the Company launched an 1800V-30 MW full-power wind power converter and successfully rolled out a 25 MW grid-forming wind power converter further enhancing the Company's R&D and industrialization capabilities in wind power conversion technology. The Company's self-developed wind power pitch products underwent technical upgrades with the release of a brand-new four-quadrant pitch drive effectively optimizing product conversion efficiency and operational safety. The self-developed grid simulator power supply products have achieved batch commercial use by multiple domestic testing and certification institutions and their multi-unit parallel solution has been highly recognized by customers fully satisfying the testing and validation requirements for different new energy types and application scenarios. In addition the drive frequency converter products achieved significant breakthroughs in scenario expansion successfully entering the fields of physical energy storage and marine electric drives and passing classification society certification. This further enhanced the Company's market access capability for high-reliability high-standard application scenarios. The drive products have been successfully deployed in China's first gravity energy storage and flywheel energy storage projects among other new-type energy storage initiatives demonstrating remarkable results in industrialization.e. Hydrogen energy equipment During the reporting period Sungrow Hydrogen implemented TPM/TQM management practices and ESG system development obtained engineering design qualifications won the First Prize of Science and Technology from the Anhui Provincial Government and was recognized as a Hefei Municipal Enterprise Technology Center. Sungrow Hydrogen continuously optimized the structure and key material components of its large-scale ALK electrolysis cells achieving industry-leading levels in cell energy consumption operating power and load range with continuously improving product performance. The Company innovatively developed an electrolysis cell digital management system leading the electrolysis cell industry into a new era of digital intelligence. Sungrow Hydrogen also continuously upgraded its smart hydrogen energy management system and conducted empirical studies on AC/DC-coupled hydrogen production systems to strengthen its flexible hydrogen production technologies.One year after the market launch of Sungrow Hydrogen's HyGrow 2000 Nm3 /h electrolysis cell the product operated for 3200 hours underwent 1000 start-stop cycles and passed rigorous accelerated corrosion tests under simulated fluctuating wind and solar conditions fully validating its durability high efficiency and stable operation characteristics making it truly suitable for large-scale green hydrogen production. Sungrow Hydrogen adhered to a market-driven approach with technological innovation as the engine. During the reporting period Sungrow Hydrogen deepened its empirical testing capabilities expanding the testing capacity of its water electrolysis hydrogen production empirical base to 30 MW. Its European Hydrogen Technology Laboratory commenced operations building a digital validation system covering the entire "material-equipment-system" chain. This system has operated stably for over 22000 hours providing rigorous data support for the development of hydrogen production technology.The laboratory also obtained certifications as a TüVWitness Laboratory CGC Authorized Laboratory and CNAS Laboratory and was selected as a key cultivation pilot platform by the Ministry of Industry and Information Technology.During the reporting period Sungrow Hydrogen's share of bids won continued to rank first in China. Domestically Sungrow Hydrogen won bids for several major green hydrogen projects including the "100000-ton Liquid Sunshine Project" of China Coal Ordos Energy and Chemical Co. Ltd. the Anda Tianying Wind-PV-Storage-Hydrogen-Ammonia-Methanol Integration Project the Shenneng Etuoke Banner Wind-PV-Hydrogen Integration Synthetic Green Ammonia Project and the Jidian Shares Lishu Wind-PV Green Hydrogen-Biomass Coupled Green Methanol Project achieving a leading market share in the industry. Overseas Sungrow Hydrogen won the largest share of the alkaline water electrolysis system for the Oman 320 MW green ammonia project 34Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) secured PEM hydrogen production projects in Italy Brazil and other locations and was included in the qualified supplier list for several large-scale overseas green hydrogen demonstration projects highlighting its international competitiveness.During the reporting period Sungrow Hydrogen directly addressed pain points in overseas green hydrogen projects by launching the MegaFlex "Plant-as-a-Product" all-in-one green hydrogen solution. With three major advantages— digital and intelligent flexible hydrogen production technology standardized one-stop solution and modular efficient delivery— the solution sets a benchmark for large-scale new energy hydrogen production markets and accelerates the global green hydrogen industry towards a more efficient intelligent and scalable new stage.During the reporting period Sungrow Hydrogen efficiently delivered multiple major projects accelerating the implementation of green hydrogen projects. In the "Qingqing No. 1" project— the world's largest integrated green hydrogen-ammonia-methanol project and the China Energy Engineering Corporation Songyuan Hydrogen Energy Industrial Park Demonstration Project— Sungrow Hydrogen as the core supplier of the hydrogen production system was the first to complete equipment commissioning successfully producing hydrogen and operating stably. As a "national calling card" for China's integrated hydrogen energy going global the project set four world records: largest scale largest hydrogen storage capacity widest load flexible process and largest scale of alkaline electrolysis hydrogen production equipment. It was selected as a national first-batch green and low-carbon advanced technology demonstration project by the NDRC and a first-batch pilot for green liquid fuel technology R&D and industrialization and hydrogen energy project pilot by the National Energy Administration. The renewable energy flexible hydrogen production system provided by Sungrow Hydrogen effectively responds to new energy power fluctuations and improves hydrogen production system efficiency. In the Daye City Green Hydrogen-Power Production-Storage-Refueling-Use Integrated Hydrogen Energy Mine Project multiple sets of Sungrow Hydrogen's 1000 Nm3/h ALK electrolysis cells and 200 Nm3/h PEM electrolysis cells successfully produced hydrogen marking the official implementation of China's first combined ALK (alkaline) and PEM (proton exchange membrane) hydrogen production system. The coupling of the two technologies combines the low cost and high stability of ALK with the fast response and wide power regulation range of PEM providing a flexible solution for large-scale green power consumption. In the Da'an Wind-Power Green Hydrogen-to-Ammonia Integration Demonstration Project multiple sets of Sungrow Hydrogen's 4-to-1 alkaline water electrolysis hydrogen production systems successfully completed installation and commissioning promoting the project's early operation.During the reporting period Sungrow Hydrogen received numerous honors including "Influential Hydrogen Energy Enterprise of the Year" from Polaris Hydrogen Network "Leading Enterprise in Alkaline Water Electrolysis Hydrogen Production Equipment" "Leading Enterprise in PEM Water Electrolysis Hydrogen Production Equipment" and "Leading Enterprise in Hydrogen Power Supply" from Carbon Solv Hydrogen Energy "Golden Hydrogen Award - 2025 Leading Enterprise in Alkaline Electrolysis Cell" "2025 Leading Enterprise in PEM Electrolysis Cell" and "2025 Leading Enterprise in Hydrogen Power Supply" from Hydrogen Frontier "Top 50 Hydrogen Energy Industry" and "Application Leadership Award for Large-Format Electrolysis Cells" from GGII Hydrogen Energy and "Hydrogen Energy Testing Empirical Benchmark" from the China Association of Industry and Technology Development among others. (2) Operations management and others a. Corporate culture During the reporting period the Company officially released the Sungrow Corporate Culture Management Guidelines further improving the corporate culture system. The Company launched a series of micro-courses on core values organized multiple cultural values workshops at home and abroad and planned the first "Sungrow Spirit Film Festival & Values Micro-Movie Creation Competition". Through diverse online/offline activities the Company promoted the understanding and practice of Sungrow's core values globally. For the first time the Company conducted a management culture review project at the Company level guiding management teams to trace the cultural drivers behind business decisions further promoting the deep integration of core concepts with business practices. The Company published Sungrow Failure Studies II which by compiling typical failure cases and reflective experiences accumulated knowledge and practical wisdom to continuously empower the organization. The Company launched the "Sungrow Culture UP Community" integrating culture incentives and care functions using digital tools to enhance the efficiency and impact of cultural dissemination. Global cultural communication and Sungrow-branded activities continued building a diverse promotional matrix including Sungrow TV journals cultural circles and official WeChat public accounts. The "Join Sungrow" WeChat public account exceeded 100000 followers continuously spreading Sungrow stories encouraging exemplary values and vividly showcasing the spirit of Sungrow employees worldwide. Various themed signature events such as the Group Annual Gala Sungrow Hike the first "Sungrow Chinese Bridge" Mid-Autumn Moonlight Concert and Sungrow Family Day brought Sungrow's warmth to the world conveyed green concepts focused on employee experience and enhanced team cohesion and organizational belonging continuously creating an open innovative and dynamic organizational atmosphere. During the year the Company co-hosted the fifth Sungrow University Innovation Competition with the China Power Supply Society attracting more power electronics professionals to participate building an innovation exchange platform and 35Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) further expanding Sungrow's employer brand influence. The Company won multiple employer brand awards globally successively receiving accolades such as Forbes' Best Employer of the Year Best ESG Practice Employer of the Year LinkedIn's Global Talent Attraction Employer Award and Lockin's Most Influential Overseas Employer Grand Prize. Twelve subsidiaries at home and abroad received the "Great Place to Work" certification and regions including Germany and the United Kingdom received honorary certifications from internationally authoritative organizations such as Kununu and Zeit Verlags Gruppe.b. Digital transformation To enhance operational efficiency maintain a leading position in the competition and achieve high-quality sustainable development The Company vigorously advanced its digital transformation during the reporting period. Guided by business strategy driven by data-centric approaches and leveraging digital technologies and artificial intelligence (AI) the Company built an agile organization with online shared and efficient processes to empower business growth. During the reporting period the Company achieved its Digital 1.0 strategic goals implemented over 280 digital projects and basically realized the standardization of business processes across all areas as well as the construction of core systems and data platforms. In terms of business empowerment the Company built a global digital marketing platform a digital R&D platform and an intelligent manufacturing platform achieving end-to-end transparency in business operations. The Company also gradually built overseas financial shared services procurement and warehousing & logistics systems enabling transparent and efficient global operations. Regarding data platforms for data lakehouse data governance and master data management were essentially completed. The Company continued to promote the integration of all-domain data into the data lake simultaneously carrying out data governance and indicator standardization. Based on the integration of all-domain data into the data lake the Company constructed business digital operation scenarios mined data value and provided high-quality data support for refined business management decisions. In 2025 the Company achieved significant breakthroughs in digital technology and artificial intelligence building over 100 AI agents establishing AI algorithm and application platforms and deploying local large language models actively exploring the practical application of AI within the Company. During the year the Company launched 55 digital employees and 49 AI applications covering various business areas including R&D production sales service and general management accelerating the Company's digital and intelligent transformation.c. Social responsibility and sustainability In 2025 The Company's sustainability performance continued to receive recognition from internationally authoritative institutions.The Company was awarded an MSCI ESG Rating of AAA an EcoVadis Gold Medal for Corporate Social Responsibility and a Wind ESG Rating of AAA and was included in the S&P Global Sustainability Yearbook 2026 (Global Edition). Furthermore the Company was selected for the TIME and Statista "2026 World's Best Companies for Sustainable Growth" list Forbes China's "China ESG 50" list and Fortune's "2025 China ESG Impact List". The Company also received the Shanghai Climate Week "Climate Lighthouse" Outstanding Case Award Great Place to Work certification and other global sustainability accolades.During the 2026 World Economic Forum in Davos the Company ranked first in the electrical equipment manufacturing sector in Corporate Knights' "2026 Global 100 Most Sustainable Corporations" ranking.d. Share Repurchase and Implementation of Equity Incentive Plan Demonstrating confidence in the Company's future development and recognition of its value and after comprehensively considering the Company's operating conditions financial position profitability and development prospects the Company initiated another share repurchase during the reporting period. As of the end of the reporting period the Company had repurchased approximately 5.26 million shares through centralized bidding on the Shenzhen Stock Exchange trading system with a total amount paid of approximately CNY 300 million.To further establish and improve the Company's long-term incentive mechanism attract and retain outstanding talent fully motivate the Company's employees and effectively align the interests of shareholders the Company and its employees so that all parties focus on the Company's long-term development and in accordance with the principle of reciprocity between benefits and contributions the Company implemented the 2025 Restricted Stock Incentive Plan during the reporting period. The Company successfully granted 9.105 million shares of second-class restricted stock to 874 incentive participants at a grant price of CNY 35.27 per share. The implementation of this equity incentive plan will help generate internal momentum for the Company's sustainable and healthy development deeply binding the interests of the Company's key employees with the Company's future performance growth and the enhancement of shareholder returns. It will also contribute to the continuous improvement of the Company's operating performance and value creation capability and set a direction for attracting and retaining more outstanding employees in the future and effectively implementing long-term strategic development plans.e. Launch of H-Share Issuance and Listing 36Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) To deepen the Company's global strategic layout enhance the Company's international brand image diversify the Company's financing channels and further strengthen the Company's core competitiveness the Company initiated the issuance of H-shares and listing on The Stock Exchange of Hong Kong Limited during the reporting period. The proceeds from this H-share listing will be used to support the Company's global localization layout strengthen R&D investment enhance digital capabilities and supplement working capital. The listing will help the Company seize the strategic opportunity window in the global new energy market and consolidate its leading edge in the global PV and energy storage sectors; optimize global production capacity layout further enhancing the Company's global delivery capability and flexibility; promote the Company's digital transformation empowering efficient development across all business areas; increase investment in core technology R&D and innovation strengthen technological moats and continuously improve the Company's core competitiveness; and increase recognition in international capital markets supporting the continuous expansion of the Company's global business.f. Honors and Awards Received During the Reporting Period Honors and Awards Awarded by 7th China Annual Inverter Energy Storage Product Award for Organizing Committee of the China Residential & C&I Residential and C&I PV-Storage-Charging Industry (Inverter Energy PV-Energy Storage-Charging Conference Storage Charging Pile Products) 2025 "SNEC Top 10 Highlights Selection" Terawatt Diamond Award SNEC Exhibition Organizing Committee EESA Starlight Award - 2025 Best C&I Energy Storage Solution EESA Energy Storage Leader Alliance Award 2025 "Polaris Cup" Comprehensive Energy Service Innovation Polaris Power Network Pioneer Enterprise "Guangneng Cup" PV Industry Selection 2025 Annual Product Solbe PV Network "Guangneng Cup" PV Industry Selection 2025 Most Influential PV Solbe PV Network Inverter Enterprise - "Guangneng Cup" PV Industry Selection Organizing Committee of the 8th China Distributed PV Top 10 Influential Inverter Brands Conference Top 5 Influential Brands in China's Grid-Forming Technology World Brand Lab Tibet Grid-Forming Energy Storage Application Practice Social People's Daily Online Responsibility Case Tibet Naidong Caipeng Grid-Forming Energy Storage Project "China National Energy Administration Energy Good Product" Sichuan Ganzi Seda Smart Distribution Grid Project New Energy 21st Century Business Herald New Quality Application Excellent Case 2. Income and cost analysis (1) Composition of operating income The Company needs to comply with the requirements on the disclosure of “PV industry chain related business” specified in the Shenzhen Stock Exchange’s No. 4 Regulatory Guidelines for Listed Companies — Information Disclosure of GEM-Listed Companies: Overview of operating income (in CNY) 20252024 % of Operating % of Operating YoY Change Amount Amount Income Income Total operating 89184357325.77100%77856966964.63100%14.55% income By sector PV 44550226210.35 49.95% 47904277680.78 61.53% -7.00% Energy storage 37286578546.48 41.81% 24959166127.81 32.06% 49.39% Other 7347552568.94 8.24% 4993523156.04 6.41% 47.14% By product PV inverters and 31136227796.45 34.91% 29127038840.90 37.41% 6.90% 37Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) other power conversion devices Energy storage 37286578546.4841.81%24959166127.8132.06%49.39% systems New energy investment and 16559405664.57 18.57% 21003004297.89 26.98% -21.16% development PV power stations 1309506910.801.47%1139013042.321.46%14.97% generation Other 2892638407.47 3.24% 1628744655.71 2.09% 77.60% By geography Mainland China (not including Hong Kong 35192739598.85 39.46% 41562998555.18 53.38% -15.33% Macau and Taiwan) Overseas (including Hong 53991617726.9260.54%36293968409.4546.62%48.76% Kong Macao and Taiwan) Sales to major revenue-contributing countries (in CNY) Significant adverse changes in local PV industrial Major revenue-contributing Sales volume Sales revenue policies or trade policies and their impacts on the countries Company's current and future operating results Mainland China (not including Hong Kong Macau and Not Applicable 35192739598.85 Not Applicable Taiwan) Basic situation of PV power stations a. Basic situation of centralized PV power stations Since there are a large number of centralized PV power station projects in the reporting period the basic information of top ten centralized PV power stations by revenue is disclosed here item by item and the rest is listed as a whole by business pattern.Source of PV Project Type Capacity No. Project Name Status inverters/wind DBT/EPC (MW/MWH) power converters Anhui Guoyang Daoren Phase I Wind Power 1 DBT 403.17 Completed Self-supplied Project Jingbian Longrui Hengfeng Xiaohazhen Wind 2 DBT 142.18 Completed Self-supplied Power Project 3 Vietnam Gia Lai Wind Power Project DBT 95.58 Completed Self-supplied Shanxi Datong Xinrong Kangrong Wind Power 4 DBT 141.67 Completed Self-supplied Project 5 Anhui Feixi Gangyang Huagang Town PV Project DBT 231.76 Completed Self-supplied 6 Jinghai Wind Power Project DBT 89.92 Completed Self-supplied Qingyuan Lianzhou Xingzi Longping Wind Farm Grid 7 DBT 87.99 Self-supplied Wind Power Project connected 8 Shanxi Datong Yunzhou Tongtai PV Project DBT 181.00 Completed Self-supplied Langxi County Shizipu Tea Plant Tea-PV 9 Complementary Photovoltaic Power Generation DBT 169.63 Completed Self-supplied Project 38Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Sungrow Renewables Handan Guangping County 10 DBT 48.16 Completed Self-supplied Wind-Storage Integrated Project Other centralized projects in total 581.50 - The construction contract between the Company and the customer included the performance obligation for power station construction.Since customer had control over the construction-in-progress during the contract performance the Company considered it a performance obligation within a certain period of time and recognized revenue according to the progress of performance unless the progress of performance could not be reasonably determined. The Company Accounting treatment for DBT and EPC models determined the performance progress of service provision according to the percentage of investment. The performance progress was the ratio of the actual cost incurred for the performance of the contract versus the estimated cost of the contract. The Company re-estimated the progress of completion or the labor service provided on the date of the balance sheet so that it could reflect changes in the contract performance.b. Basic situation of distributed PV power stations Since there are a large number of distributed PV power station projects in the reporting period the basic information of top ten distributed PV power stations by revenue is disclosed here item by item and the rest is listed as a whole by business pattern.Source of PV Project Capacity inverters/wind No. Project Name Type Progress (MW/MWH) power DBT/EPC converters 1 Anhui Chuzhou NIO Automotive C&I Project DBT 19.33 Completed Self-supplied Henan Zhengzhou Henan Xingke Technology 2 DBT 14.38 Construction in progress Self-supplied Co. Ltd. C&I Project Anhui Chuzhou Mingguang Jiarui Energy C&I 3 EPC 10.40 Completed Self-supplied Project 4 Chongqing Jinkang Powertrain C&I Project DBT 11.39 Completed Self-supplied Shanghai Shanghai Hailong Petroleum C&I 5 DBT 7.82 Completed Self-supplied Project Anhui Huaibei Anhui Intco Medical Products 6 EPC 11.80 Construction in progress Self-supplied Co. Ltd. Phase II C&I Project Guangxi Guigang Hanbang Wood Industry C&I 7 DBT 9.66 Construction in progress Self-supplied Project Sichuan Leshan Sunway Co. Ltd. Phase I C&I 8 DBT 10.21 Completed Self-supplied Project Anhui Huaibei Baojun Locomotive Phase I C&I 9 DBT 9.36 Completed Self-supplied Project Henan Zhengzhou Henan Xinggang Steel Cable 10 DBT 7.95 Construction in progress Self-supplied Co. Ltd. C&I Project Other distributed projects in total 3110.30 - The construction contract between the Company and the customer included the performance obligation for power station construction.Since customer had control over the construction-in-progress during the contract performance the Company considered it a performance Accounting treatment obligation within a certain period of time and recognized revenue according to the progress of performance unless the progress of performance could not be reasonably determined. The Company determined the performance progress of service provision according to the percentage of investment. The performance progress was the ratio of the actual cost incurred for the performance of the contract versus the 39Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) estimated cost of the contract. The Company re-estimated the progress of completion or the labor service provided on the date of the balance sheet so that it could reflect changes in the contract performance.For distributed residential power station construction services provided to customers the Company recognized power station construction revenue based on the actual installed capacity of grid-connected assemblies of the residential power station and the unit price specified in relevant agreements.In the reporting period the Company sold approximately 3.22 GW of distributed power stations at an average price (tax-exclusive) of approximately CNY 2.74 per watt. The operation and maintenance of Power station projects sold distributed power stations sold were carried out by the customer or the party entrusted by the customer. The warranty of distributed DBT projects was executed according to equipment or engineering industry standards and the Company provided no financing guarantee for DBT projects.During the reporting period no newly held distributed power stations Power station projects held were added. (2) Industries products geographies and sales models that account for more than 10% of the Company's operating income or operating profit □Applicable □ Not applicable (in CNY) YoY changes Gross YoY changes in YoY changes in Operating income Operating cost in operating margin operating cost gross margin income By sector PV 44550226210.35 31465811507.08 29.37% -7.00% -9.76% 2.16% Energy storage 37286578546.48 23682105488.49 36.49% 49.39% 49.88% -0.20% By product PV inverters and other power 31136227796.4520343111393.3034.66%6.90%1.07%3.76% conversion devices New energy investment and 37286578546.48 23682105488.49 36.49% 49.39% 49.88% -0.20% development Energy storage 16559405664.5714158446561.5214.50%-21.16%-16.36%-4.90% systems By geography Mainland China (not including Hong Kong 35192739598.85 28593150240.79 18.75% -15.33% -13.02% -2.16% Macau and Taiwan) Overseas (including Hong 53991617726.9232202309057.3740.36%48.76%48.60%0.07% Kong Macao and Taiwan) 40Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Where the statistical caliber for the Company's core business data was adjusted in the reporting period the adjusted core business data in the last year at the end of the reporting period □Applicable□ Not applicable (3) Whether the Company's physical sales revenue is greater than the labor revenue □Yes □ No Sector Item UoM 2025 2024 YoY Change Sales GW 143 147 -2.72% PV inverters Production GW 140 167 -16.17% Inventory GW 61 64 -4.69% Reasons for year-on-year changes greater than 30% □Applicable □Not applicable (4) Performance of major sales contracts and purchase contracts entered by the Company up to the reporting period □Applicable□ Not applicable (5) Composition of operating cost By sector (in CNY) 20252024 YoY Sector Item % of Operating % of Operating Amount Amount Change Income Income PV Raw materials 18464490855.97 30.37% 21451336507.75 39.33% -13.92% Energy storage Raw materials 20216949877.11 33.25% 13907695693.24 25.50% 45.37% (6) Whether the scope of consolidation changed in the reporting period □Yes □ No For details please refer to part XI. Changes in the Scope of Consolidation in Section VIII Financial Reports. (7) Significant changes or adjustments to the Company's business products or services in the reporting period □Applicable□ Not applicable (8) Major customers and major suppliers Sales to major customers Total amount of sales to top five customers (CNY) 15123390977.62 Proportion of total sales amount to top five customers in the annual total sales 16.96% Proportion of related party sales to top five customers in the annual total sales 0.00% Top 5 customers No. Customer Name Sales (CNY) % of Total Annual Sales 1 Algihaz Contracting Company 4010035531.92 4.50% 2 China Energy Engineering Group Co. Ltd. 3133290738.68 3.51% 3 CCT Leasing Co. Ltd. 3035992813.05 3.40% 4 Hubei United Investment Group Co. Ltd. 2574124517.62 2.89% 5 Larsen and Toubro Limited 2369947376.35 2.66% Total - 15123390977.62 16.96% Other information about major customers 41Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) □Applicable□ Not applicable Major suppliers Total amount of purchase from top five suppliers (CNY) 11923973315.00 Proportion of total purchase amount from top five suppliers in the annual purchase amount 25.12% Proportion of related party purchase from top five suppliers in the annual purchase amount 0.00% Purchase from top 5 suppliers Purchase Amount % of Total Annual No. Supplier Name (CNY) Purchase Amount 1 Supplier 1 6928853013.03 14.59% 2 Mingyang New Energy Investment Holding Group Co. Ltd. 1343123078.47 2.83% 3 Supplier 2 1236057374.84 2.60% 4 Sunwoda Electronics Co. Ltd. 1210830597.80 2.55% 5 REPT BATTERO Energy Co. Ltd. 1205109250.86 2.54% Total - 11923973315.00 25.12% Other information notes for major vendors □Applicable□ Not applicable 3. Costs (in CNY) 2025 2024 YoY Change Notes on Major Changes Sales expenses 4831817218.29 3760597360.02 28.49% Management Mainly attributable to increased personnel 1714657812.211200830749.7142.79% expenses compensation Financial Mainly due to increased interest income and 39552697.47290407496.71-86.38% expenses exchange gains Mainly attributable to increased personnel R&D expenses 4174970413.81 3163519949.94 31.97% compensation 4. R&D Investment □Applicable □ Not applicable Major R&D Impacts Expected on Purpose Progress Planned Objective Projects the Company’s Growth The world's highest-power string inverter with a 40% Enhance product increase in power density reliability in all and 0.2% improvement in scenarios increase Improve overall efficiency efficiency; system BOS Pilot and power generation reduce system BOS cost and cost reduced by RMB SG465HX Project small-batch efficiency reduce enhance long-term product 0.02/W; improved shipment phase customer investment reliability in all scenarios reliability in scenarios costs and consolidate such as high temperature global market high humidity high salt leadership.spray high sandstorm and altitudes above 5000m. Address current issues such as Over 80% of faults can be Further reduce power Project closure 1+X G2 Series the need for professional resolved through modular generation loss after and shipment Project technicians to diagnose faults replacement without crane faults; industry-first phase long maintenance time support; MTTR < 2 intelligent fault 42Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) insufficient salt spray and hours; inverters have diagnosis; improve sandstorm protection and DC automatic fault diagnosis product reliability in all voltage derating above 4000m and maintenance guidance scenarios consolidate altitude; improve long-term capabilities; electronic global market product reliability enclosure effectively leadership.protects against sand and wind; significantly improved overall corrosion resistance; meets 5000m altitude without DC voltage derating.Based on the PT2.0 platform single-cabinet capacity reaches 7.5 MWh sub-array capacity Further reduce customer Enhance competitiveness of of 15 MWh for 2h PowerTitan 2.0 investment increase domestic large-scale energy Mass shipment systems and 30 MWh for Domestic market share of storage products achieve phase 4h systems; further Expansion Project large-scale energy extreme cost reduction expand capacity limits storage products.rapidly iterate for extreme cost reduction support domestic order acquisition.Further increase the Based on the PT2.0 proportion of PowerTitan 2.0 platform global system grid-forming projects Full-Series Enhance competitiveness of Mass shipment version grid-forming strengthen industry Grid-Forming grid-forming system products phase upgrade providing influence in Project differentiated grid-forming grid-forming solutions.technology.Based on the PT3.0 platform adopting Maintain domestic Provide customers with higher laminated large-capacity energy storage market PowerTitan 3.0 value and more reliable energy cells and an all-in-one share by offering high Development Domestic Version storage solutions through design concept to create cost-performance completed Project technological innovation and an extremely products effectively cost optimization cost-effective product that counter competitors' meets domestic market global expansion.demand.Based on the PT3.0 platform adopting laminated large-capacity cells and an all-in-one Achieve strategic positioning Provide customers with design concept meeting for the new stage of global higher value and more diverse international PowerTitan 3.0 energy storage scale-up and reliable energy storage Development market standards Overseas Version market development through solutions drive the completed improving system Project technological innovation cost Company's leadership efficiency and optimization and global in the global clean performance adaptation energy sector.consolidating and expanding overseas energy storage market share.PowerTitan 3.0 Maximize energy utilization Based on the PT3.0 Define a new Development Global efficiency through deep synergy platform and paired with technology roadmap for phase DC-Coupled and intelligent management of the 1+X PV inverter PV-storage integration 43Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Energy Storage PV and energy storage series create a smart develop differentiated System Product significantly reduce the DC-coupled PV-storage PV-storage solutions Development levelized cost of electricity system that is fully provide the Company Project (LCOE) over the full lifecycle leading in technology with new dual-engine and jointly build a smart cost and safety. growth momentum from PV-storage solution that is both PV and storage highly efficient low-cost and business and minimalist consolidate the Company's global leadership in clean energy.Match mainstream lithium batteries as well as new-type energy storage systems such as flow batteries and flywheels; support grid-following SC5000UD-MV-P Respond to demand for and grid-forming Complete business map 3(-FM) Series standalone PCS sales match Mass shipment scenarios; reduce the expand revenue growth Direct Sales PCS diverse battery systems on the phase number of storage units points consolidate PCS Project market and footprint; flexible industry leadership.system configuration with DC-side splitting/parallel connection; support 2h/4h systems; support multiple transformer types and 10-37kV voltage levels. Lightweight container Cover large industrial user design; meet customer Follow the industrial scenarios provide 690V needs by incorporating PowerStack Large energy storage trend small-capacity outdoor cabinet Mass shipment new customer Industrial 1.0 enhance product integrated solution offer phase requirements into product Project competitiveness and flexible development create value market share.configuration/expansion options for customers and achieve customer success.Respond to market Based on the ST255CS demand enhance PowerStack 2.0 Next-generation North platform develop a North Mass shipment product competitiveness Project (North American C&I energy storage America version that phase in the North American America Version) product meets North American C&I market expand compliance requirements.overseas market share.Based on the ST255CS Reduce costs and platform single-phase Enhance competitiveness of improve efficiency PowerStack 2.0 capacity of 514 kWh domestic 400V C&I energy Mass shipment enhance Project (Domestic supporting 2h and 4h storage products achieve phase competitiveness Version) output further cost extreme cost reduction maintain domestic reduction and efficiency market share.improvement.Create a product supporting seamless Target channel-based C&I on-grid off-grid and Improve product energy storage business on/off-grid switching; competitiveness and PowerKeeper provide a flexible efficient and First batch cover full application market share enhance Project convenient next-generation shipment phase scenarios including VPP influence in the C&I modular DC-coupled self-consumption peak energy storage industry.PV-storage system shaving demand control and backup power. 44Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Combined with flexible storage configuration compact layout multi-layer protection AI revenue optimization and proactive O&M capabilities build a C&I PV-storage solution that is easy to deliver stable to operate and convenient to maintain.Statement of R&D staff 2025 2024 % of change Total R&D Staff 7625 6989 9.10% R&D Staff in Total HC 40.12% 40.39% -0.27% Educational Background of R&D Staff Bachelor 3501 3354 4.38% Master 3160 2694 17.30% Doctor 126 106 18.87% College Graduate and below 838 835 0.36% Age Structure of R&D Staff Below 30 2840 2824 0.57% 30 to 40 4251 3753 13.27% Above 40 534 412 29.61% R&D investment size and percentage in operating proceeds in the past three years 202520242023 R&D investment (CNY) 4174970413.81 3163519949.94 2447389317.47 Percentage of R&D investment in operating proceeds 4.68% 4.06% 3.39% Capitalized R&D expenditure (CNY) 0.00 0.00 0.00 Reasons and impacts for substantial changes in R&D □ Applicable□ Not Applicable Reasons for substantial change in percentage of total R&D investment in operating income as compared with the previous year □ Applicable□ Not Applicable Reasons for substantial changes in the capitalization rate of R&D investment and the justifications □ Applicable□ Not Applicable 5. Cash flow (in CNY) Item 2025 2024 YoY Change (%) Cash inflow from operating activities 86768801696.97 73131710915.61 18.65% Cash outflow from operating activities 69851023117.86 61063384270.95 14.39% Net cash flow from operating activities 16917778579.11 12068326644.66 40.18% Cash inflow from investment activities 79987741285.29 70013104401.53 14.25% Cash outflow from investment activities 83258315742.61 80866174453.79 2.96% Net cash flow from investment activities -3270574457.32 -10853070052.26 -69.86% Cash inflow from financing activities 12586597538.15 13335704736.74 -5.62% Cash outflow from financing activities 21880749297.91 13076900729.98 67.32% Net cash flow from financing activities -9294151759.76 258804006.76 -3691.19% 45Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Net increase in cash and cash equivalents 4280731094.74 1450211319.67 195.18% Explanation on main contributors to the significant YoY change in relevant data □Applicable □ Not Applicable Net cash flow from operating activities increased by 40.18% year-on-year mainly due to improved collection efficiency.; Net cash flow from investing activities decreased by 69.86% year-on-year mainly due to a significant increase in the recovery of wealth management products; Total cash outflow from financing activities increased by 67.32% year-on-year mainly due to an increase in dividend distributions; Net cash flow from financing activities decreased significantly year-on-year mainly due to an increase in dividend distributions as well as increased repayments of bank borrowings and finance lease payments; Net increase in cash and cash equivalents increased significantly year-on-year mainly due to the year-on-year increase in net cash flow from operating activities.Explanation on reasons for the significant difference between the net cash flow from operating activities and the net profit of the year during the reporting period □Applicable□ Not applicable V. Status of Non-Core Business □Applicable□ Not applicable VI. Analysis of Assets and Liabilities 1. Significant changes in the composition of assets (in CNY) End of Year 2025 Beginning of Year 2025 Notes on % of Total % of Total Change Major Amount Amount Assets Assets Variations Money funds 22830813801.40 19.24% 19799445556.84 17.21% 2.03% Accounts receivable 23499559286.28 19.80% 27640236836.09 24.02% -4.22% Contract assets 1658609112.80 1.40% 1615258949.56 1.40% 0.00% Inventory 27255416854.83 22.97% 29027561277.54 25.23% -2.26% Investment property 56904708.55 0.05% 88337400.00 0.08% -0.03% Long-term equity investment 637124856.35 0.54% 483896805.60 0.42% 0.12% Fixed assets 10831048438.07 9.13% 9001687255.25 7.82% 1.31% Construction-in-progress 2842738634.68 2.40% 2264852073.64 1.97% 0.43% Right-of-use asset 425369122.64 0.36% 347727789.17 0.30% 0.06% Short-term loan 2422445831.62 2.04% 4213709323.48 3.66% -1.62% Contract liabilities 10655117674.16 8.98% 10026466202.05 8.71% 0.27% Long-term loan 3064882285.75 2.58% 4863434550.73 4.23% -1.65% Lease liability 373415158.11 0.31% 314934728.09 0.27% 0.04% High percentage of overseas assets □Applicable□ Not applicable 2. Assets and liabilities measured at fair value □Applicable □ Not applicable (in CNY) Gains/losses Cumulative Impairment Amount of Amount Beginning from changes changes at Other Closing Item accrued for procurement of sales in Amount at fair value fair value changes amount the period in the period the period in the period included in 46Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) equity Financial asset 1. Trading financial assets 101647747990505979160278039071099837 (excl. 8424931.59 064.18778.816403.3311.203082.45 derivative financial assets) 2. Other 190319478294191986136 investment 2.226.7869.00 s in debts 3. Other non-current 81526165 95167527. -78877 8970538 65501963.31 financial 6.96 20 264.11 83.36 assets Sum - 111703558000022779160279807641209404 Financial 73926894.90 193.36306.016403.333.870634.81 Assets Accounts 116700892574900519594701782439 receivable 01.0261.95114.76348.21 financing Sub-total 12337364 82575127 8111974 980764 1387647 73926894.90 094.38867.966518.093.879983.02 Sum - 45520358-235662314472 Financial 11913210.97 8.459556.5042.92 Liabilities Other changes Other changes are mainly attributable to the reclassification between trading financial assets and other non-current financial assets as well as the decrease in payments made during the current period for the obligation to purchase equity in Taihe Intelligence at the beginning of the period.Significant changes in the measurement attributes of the Company's main assets in the reporting period □Yes□ No 3. Restricted asset rights as of the end of the reporting period Please refer to the description in the section VII. "Notes to Consolidated Financial Statements Note 25 Assets with Restricted Ownership or Use" in "Section VIII Financial Reports" of this report.VII. Investment Analysis 1. Overview □Applicable □ Not applicable Investment in the reporting period (CNY) Investment in the same period last year (CNY) Change 3352180655.033360433499.48-0.25% 2. Significant equity investments received in the reporting period □Applicable □Not applicable 3. Significant non-equity investment in progress in the reporting period □Applicable□ Not applicable 47Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 4. Financial asset investment (1) Securities investment □Applicable □Not applicable 48Cumulati ve Fair Sale Fair Value Value Purchase Amou Gain/Loss Stock Initial Accounting Beginning Accounti Sourc Type of Stock Change for Change Amount for nt for for the Ending Book Abbreviati Investment Measureme Book Value ng e of Security Code the Period Recogniz the Period the Period Value (CNY) on Cost (CNY) nt Model (CNY) Subject Funds (CNY) ed in (CNY) Period (CNY) Equity (CNY) (CNY) Domesti Fair Value Trading c and 9999992.2 18586396.7 9999992.2 18586396.7 28586389.0 Own 301687 AAT Measureme Financial Oversea 8 2 8 2 0 Funds nt Assets s Stock Domesti Fair Value Trading c and 18953122. 31385366.0 18953122. 31385366.0 50338488.9 Own 301667 Rnbc Measureme Financial Oversea 86 8 86 8 4 Funds nt Assets s Stock Domesti Fair Value Trading c and 09609.H HAIWEI 59447922. 68376058. -51642994. 29447922. -51935811. 45750693.2 Own Measureme Financial Oversea K ELEC 72 72 19 72 34 8 Funds nt Assets s Stock Domesti Hanma Fair Value Trading c and Own 600375 Technolog 129908.34 Measureme -12401.94 129908.34 -8988.74 62475.00 Financial Oversea Funds y nt Assets s Stock 88530946.68376058.-1683633.358530946.-1973037.2124738046. Total -- -- -- 2072320822 (2) Derivatives investment □Applicable □Not applicable The Company had no derivatives investment during the reporting period.Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) VIII. Sale of Major Assets or Equity 1. Sale of major assets □Applicable□ Not applicable The Company did not sell any major assets in the reporting period. 2. Sale of major equity □Applicable□ Not applicable IX. Analysis of Major Controlling and Holding Companies □Applicable □Not applicable During the reporting period the Company had no information on significant controlling or holding companies that was required to be disclosed.X. Structured Entities Controlled by the Company □Applicable□ Not applicable XI. Prospects of the Company’s Future Development (1) Planned Prospects The Company will focus on its core business reinforce its competitive moat and increase R&D investment to strengthen the foundation of power electronics technology. By maintaining product and technology leadership The Company will firmly establish itself in global markets enhance its integrated solution capabilities and drive multi-dimensional innovation across products services operations and management. Furthermore The Company will deepen its digital and intelligent transformation strengthen its global brand and consolidate its global leadership to achieve high-quality sustainable development. (2) Operating Plan The global consensus on green and low-carbon development continues. The energy storage market is growing rapidly and the integration of source grid load and storage around high-quality loads is accelerating. The global clean energy industry generally maintains a growth trend. However significant challenges remain at both the macro and industrial levels. International trade barriers and geopolitical risks are intensifying global supply chains remain fragmented the RMB faces passive appreciation and commodity prices are under upward pressure. Large enterprises are increasingly entering the market intensifying competition.Domestic electricity marketization has reduced returns on new energy projects and export tax rebates are being gradually phased out. Guided by the annual principle of "Cultivate Deeply Innovate Fully Operate Digitally Customer First" The Company will actively seize market opportunities pursue low-cost innovation and in-depth development steadily advance its globalization strategy deepen its global marketing network and supply chain layout continuously improve product quality and service experience consolidate its brand advantage explore new business models accelerate data-driven lean operations drive management transformation maintain global leadership and achieve high-quality sustainable growth.To accomplish the Company's annual operational objectives the following key initiatives will be implemented: a. Continuously increase R&D efforts to consolidate technology and product leadership. Adhere to low-cost innovation and build an efficient and agile R&D ecosystem. Maintain a differentiated product portfolio accelerate product iteration and innovate long-duration energy storage solutions. Focus on new power systems strengthen forward-looking research in power electronics and grid-forming technologies and promote the deep integration of AI into R&D and core product processes delivering products with leading comprehensive competitiveness to customers.b. Adhere to a full-coverage strategy and strengthen integrated solution capabilities. Strengthen coverage of global market segments and increase market share. Enhance forward-looking insights and product planning for integrated solutions promote the shift from equipment sales to scenario-based value-driven solution delivery and create an exceptional service experience.c. Deepen global market presence and improve the global support system. Continuously build competitive moats strengthen scenario-based marketing innovation and expansion into new markets enhance the global brand image consolidate advantageous markets and penetrate emerging markets. Deepen organizational customer relationships reinforce the "Headquarters-Region-Country" three-tier operating model refine country-level business units and enhance competitiveness 50Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) across all business tracks. Build a supply chain management system that is agile intelligent resilient diversified and cost-effective.d. Improve innovation mechanisms to further strengthen innovation awareness and stimulate vitality across all employees. Based on an operation-oriented approach focus on core business processes and pain points strengthen multi-dimensional innovation in products services operations business models and management deepen the Company's moat and enhance the Company's comprehensive competitiveness.e. Deepen digitalization with an operation-oriented approach accelerating full data connectivity and the deep application of AI technology. On the one hand build an end-to-end business connectivity system to achieve digitalized and visualized operations.On the other hand guided by business objectives accelerate the construction of an AI-driven intelligent operation platform forming a "Human + AI + Business" collaborative model to reduce operating costs and improve operational efficiency.f. Continuously improve the compliance management system and enhance risk response capabilities. Establish a dual management framework of "compliance areas + business scenarios" to keep risks within a controllable range by mapping specific business scenarios and implementing controls over key business nodes. Build a matrix structure of "headquarters framework + local execution" to achieve global coverage and localized operation of legal and compliance functions ensuring the implementation of compliance requirements.g. Deepen organizational capability and leadership development strengthening cross-cultural shaping and communication effectiveness. Build an agile collaborative innovative and resilient organization that supports the strategy proactively plan for core talents in key positions focus on the three empowerment directions of operational capability innovation capability and leadership capability and accelerate the development of mid-to-senior level talent. Further strengthen cross-cultural shaping and communication effectiveness enhancing the influence of the global employer brand.h. Continuously improve the ESG management system focusing on ESG value creation. Establish an ESG cost quantification and value assessment system to support external negotiation and decision-making optimization. Strengthen the synergy between ESG and the marketing system empower high-quality development and continuously enhance core competitiveness. (3) Possible risks and countermeasures a. Policy-related risks The general trend of global green and low-carbon transformation remains unchanged. However the market space and development pace of the new energy industry are significantly influenced by the intensity and continuity of government support policies. If certain countries substantially reduce or prematurely terminate subsidies tax incentives renewable energy quotas or grid-connection guarantees for PV wind power and energy storage such policy changes would directly suppress local market demand and delay project investment. On the other hand geopolitical tensions have intensified in recent years and certain countries may introduce trade restrictions targeting new energy products from China.In response the Company will continue to improve its global layout to mitigate the impact of policy fluctuations in any single country. The Company will deepen its presence in advantageous markets accelerate expansion into emerging markets actively develop global manufacturing and supply arrangements strengthen business compliance and risk management systems closely monitor policy changes in various countries and prepare and implement contingency plans promptly to enhance its ability to respond to policy-related risks.b. Risk of intensified market competition With the rapid development of the new energy industry market competition is intensifying. Many enterprises are accelerating their entry into the new energy sector including energy storage leading to rapid capacity expansion and continuous price declines. As a result the Company faces the risk of declining gross margins on its products.In response the Company will continue to increase R&D and innovation efforts to maintain product and technology leadership. It will improve its global marketing service and after-sales systems focusing on enhancing product delivery capabilities. The Company will continuously strengthen brand building and deepen customer relationships. By focusing on core technologies and full-chain innovation to reduce costs and improve efficiency the Company will maintain profitability through high-value-added services build differentiated competitive barriers and avoid price wars.c. Risk of raw material price fluctuations and supply 51Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) The Company's major purchases include battery cells reactors radiators containers and similar items. The prices of these raw materials are significantly affected by commodity prices such as lithium copper and aluminum. If related commodity prices face continued upward pressure the price and scale of the Company's raw material purchases would be impacted.In response the Company will continue to enhance its supply chain insight and its capability to analyze and forecast bulk material market trends. It will improve cost projection models for materials strongly correlated with commodities provide timely warnings of raw material price fluctuation risks and hedge against cost increases through long-term agreements and hedging instruments thereby securing the supply and delivery stability of key materials.d. Risk of collecting accounts receivable The Company's sales scale continues to grow. Meanwhile due to characteristics of its power station investment and development business such as large project values and long payment cycles accounts receivable have been increasing posing certain collection risks.In response to mitigate collection risks and accelerate capital turnover the Company has established strict accounts receivable management policies gradually standardizing and reducing credit sales and actively pursuing legal measures to minimize the risk of bad debts.e. Risk of exchange rate fluctuations The Company's overseas business is primarily settled in USD EUR and AUD. If the RMB exchange rate fluctuates changes in operating revenue measured in local currency will directly affect the gross margin of major products. Additionally exchange gains or losses arising from the period between revenue recognition (creating accounts receivable) and actual receipt of foreign currency will directly impact the Company's financial performance.In response based on normal operations and specific business activities the Company manages exchange rate risk through continuous monitoring timely foreign currency settlement and purchase and hedging activities to reduce exchange losses and control operational risks.f. Risk of new energy project investment and development New energy projects require large investments and have long construction periods. In 2025 Document No. 136 pushed for the full market entry of new energy power generation. For new energy projects that commence operation after June 1 2025 the mechanism-based electricity price and volume will be determined through market-based bidding making market transactions more challenging.In response the Company will continuously improve its understanding of power trading follow project maturity management mechanisms further strengthen project feasibility studies and carefully select high-quality projects with favorable grid-connection conditions high power demand good consumption capacity and high return on investment to reduce investment and development risks.XII. Events Register for Research Visits Communication and Interviews in the Period □Applicable □ Not applicable Main Contents of Type of the Discussion and Index of Basic Date Venue Type of Visit Visitors Visitors Information Research Data Provided For details please "Investor refer to the Changjiang Securities Relations Activity "Investor Relations Caitong Securities Record" (No.Apr 25 Not Telephone Activity Record" Institutional Soochow Securities 20250425) on 2025 applicable communication (No. 20250425) on and over 500 other Juchao Juchao investors Information Information Network Network May 20 Not Online platform Investors participating For details please "Investor Other 2025 applicable exchange in the Company's 2024 refer to the Relations Activity 52Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Annual Online "Investor Relations Record" (No.Performance Briefing Activity Record" 20250520) on (No. 20250520) on Juchao Juchao Information Information Network Network For details please "Investor refer to the Huachuang Securities Relations Activity "Investor Relations Soochow Securities Record" (No.Aug 25 Not Telephone Activity Record" Institutional Changjiang Securities 20250825) on 2025 applicable communication (No. 20250825) on and over 500 other Juchao Juchao investors Information Information Network Network For details please refer to the Soochow Securities "Investor Relations "Investor Changjiang Securities Oct 28 Not Telephone Activity Record" Relations Activity Institutional China Securities and 2025 applicable communication (No. 20251028) on Record" (No. over 600 other Juchao 20251028) investors Information Network XIII. Implementation Status of Market Value Management System and Valuation Enhancement Plan Whether the company has a market value management system.□Yes □ No On April 26 2025 the Company held the 17th meeting of the Fifth Board of Directors which reviewed and approved the Proposal on Amending the Articles of Association and Formulating/Amending Certain Policies which included the newly formulated Market Value Management System.Whether the company has disclosed plans for valuation enhancement.□Yes□ No XIV. Implementation Status of the Quality and Return Dual Enhancement Action Plan Whether the Company disclosed the Quality and Return Dual Enhancement Action Plan.□Yes □ No For details please refer to the Announcement on the Progress of the "Quality and Return Dual Enhancement Action Plan" disclosed by the Company on the GEM information disclosure website designated by the CSRC. 53Section IV Corporate Governance Environment and Society I. Basic Situation of Corporate Governance During the reporting period the Company strictly followed the Company Law the Securities Law the Governance Guidelines for Listed Companies the Rules for GEM Stock Listing at Shenzhen Stock Exchange Shenzhen Stock Exchange’s No. 2 Regulatory Guidelines for Listed Companies — Standardized Operation of GEM-Listed Companies as well as other laws and regulations to constantly improved the corporate governance structure strengthened internal control systems further standardized operations and steadily raise the level of corporate governance.During the reporting period in accordance with relevant laws regulations and regulatory requirements as well as the need to issue overseas listed foreign shares (H shares) and list on the Main Board of The Stock Exchange of Hong Kong Limited the Company revised and updated its Articles of Association Rules of Procedure for Shareholders' Meetings Rules of Procedure for the Board of Directors and other policies based on its actual circumstances. The Company also formulated the Board Diversity Policy further improving its corporate governance structure. During the reporting period the Company abolished the Board of Supervisors in accordance with the relevant provisions of the Company Law and the Model Articles of Association for Listed Companies and elected a staff representative director further enhancing the Company's standardized operations.a.About shareholders and the shareholders’meeting The Company strictly complied with relevant laws regulations normative documents and the Company's rules and requirements including the Company Law the Rules for Shareholders' Meetings of Listed Companies the Articles of Association and the Rules of Procedure for Shareholders' Meetings to convene and conduct shareholders' meetings in a standardized manner treat all shareholders equally and facilitate shareholder participation in shareholders' meetings to the greatest extent possible.During the reporting period all shareholders' meetings were convened by the Board of Directors with witnessing lawyers providing attestation services and issuing legal opinions. At the shareholders' meetings the Company fully ensured that all shareholders had ample opportunities to speak guaranteeing their rights to be informed to participate and to vote on major corporate matters enabling them to fully exercise their legitimate rights as shareholders. The Company strictly followed relevant laws regulations normative documents and regulatory provisions. All major matters requiring deliberation by the shareholders' meeting were submitted to the shareholders' meeting for review after being approved according to the appropriate authorization procedures. There was no instance of bypassing the shareholders' meeting nor any case of implementation prior to deliberation.b. About the Company and the controlling shareholder The Company's controlling shareholder Mr. Cao Renxian strictly abides by the provisions and requirements of the Governance Guidelines for Listed Companies the Rules for GEM Stock Listing at Shenzhen Stock Exchange the Shenzhen Stock Exchange's No. 2 Regulatory Guidelines for Listed Companies --- Standardized Operation of GEM-Listed Companies and the Articles of Association regulating his behavior. There is no conduct that directly or indirectly interferes with the Company's decision-making or business activities beyond the shareholders' meeting nor any damage to the interests of the Company or other shareholders.There is no misappropriation of the Company's funds by the controlling shareholder nor does the Company provide guarantees for the controlling shareholder. The Company has an independent and complete business operation and autonomous operating capability maintaining independence from the controlling shareholder in terms of business assets personnel organization and finance. The Company's Board of Directors and internal bodies operate independently.c. About directors and the Board of Directors The Company's Board of Directors consists of 8 directors including 3 independent directors and one staff representative director.The number of directors and the composition of the Board meet the requirements of laws regulations and the Articles of Association. All directors are capable of performing their duties in accordance with the Administrative Measures for Independent Directors of Listed Companies the Shenzhen Stock Exchange's No. 2 Regulatory Guidelines for Listed Companies --- Standardized Operation of GEM-Listed Companies and the Company's Rules of Procedure for the Board of Directors attending Board meetings specialized committee meetings and shareholders' meetings on time faithfully fulfilling their responsibilities actively participating in the Company's management and decision-making and safeguarding the interests of the Company and all shareholders.Under the Board of Directors the Company has established four specialized committees: the Strategy and Sustainability Committee the Nomination Committee the Remuneration and Evaluation Committee and the Audit Committee providing scientific and professional opinions and references for the Board's decision-making.Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) d. About performance evaluation and the incentive and restraint mechanism The Company has established and is gradually improving fair and transparent performance evaluation standards and incentive and restraint mechanisms for directors and senior management. The appointment of senior management complies with relevant laws regulations and the Articles of Association. Under the Board of Directors the Company has established a Remuneration and Evaluation Committee which has formulated the Working Rules of the Remuneration and Evaluation Committee established and implemented a performance evaluation system and scientifically set up a system of evaluation indicators. Each center product line and department fully utilizes performance management tools to manage targets and performance plans. The respective responsible leaders are the primary persons accountable for achieving the annual targets and performance indicator plans of the departments under their supervision. Each department further refines its work plan into monthly and weekly tasks and down to each specific task striving to achieve performance indicators on time with quality and in quantity ensuring the smooth realization of the Company's annual objectives. The Company conducts regular performance assessments and objective evaluations of all internal responsibility units and all employees annually using the evaluation results as the basis for determining employee compensation promotions awards demotions and job transfers.e. About information disclosure and transparency The Company strictly complies with the Administrative Measures for Information Disclosure by Listed Companies the Rules for GEM Stock Listing at Shenzhen Stock Exchange the Shenzhen Stock Exchange's No. 2 Regulatory Guidelines for Listed Companies --- Standardized Operation of GEM-Listed Companies the Shenzhen Stock Exchange's No. 5 Regulatory Guidelines for Listed Companies --- Information Disclosure Management as well as the Company's Information Disclosure Management System and Investor Relations Management System to disclose information truthfully accurately timely fairly and completely.The Company's Board Secretary organizes and coordinates information disclosure and investor relations management hosts investor visits and answers investor inquiries. Juchao Information Network (www.cninfo.com.cn) is the designated website for the Company's information disclosure and China Securities Journal Securities Times Securities Daily and Shanghai Securities News are the designated newspapers for the disclosure of the Company's periodic reports ensuring that all shareholders have equal access to information. During the reporting period the Company received an 'A' rating in the Shenzhen Stock Exchange's information disclosure assessment maintaining the highest rating for four consecutive years.f. About stakeholders The Company fully values and safeguards the legitimate rights and interests of relevant stakeholders attaches great importance to the Company's social responsibilities actively collaborates with relevant stakeholders and enhances communication and exchange with all parties in order to coordinate and balance the interests of shareholders employees society and other parties so that they jointly promote the sustainable and healthy development of the Company.Whether there is a material difference between the actual situation of corporate governance and laws administrative regulations and the CSRC regulations on the governance of listed companies □Yes□ No There is no material difference between the actual situation of corporate governance and laws administrative regulations and the CSRC regulations on the governance of listed companies.II. Specific Measures Taken by the Controlling Shareholders and Actual Controllers to Ensure the Independence of the Company's Assets Personnel Finance Organization and Business.The Company strictly complies with the Company Law the Securities Law and other relevant laws and regulations as well as the requirements of the Articles of Association to ensure standardized operations and establish a sound corporate governance structure.The Company maintains strong independence from its controlling shareholder actual controller and other enterprises controlled by them in terms of assets personnel finance organization and business ensuring the Company's standardized and independent operation. The Company has an independent and complete business system and the ability to operate autonomously in a market-oriented manner.III. Horizontal Competition □Applicable□ Not applicable IV. The Company’s Voting Rights Difference Arrangement □Applicable□ Not applicable 55Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) V. Corporate Governance with the Red-Chip Architecture □Applicable□ Not applicable 56VI. Directors and Executives 1. Basic situation Shares held Shares Shares Other Shares held Office Office at the increased decreased Reason for Name Gender Age Title Status changes at the end of starts on ends on beginning of during the during the changes in shares (shares) the period the period period period Chairman and Dec. 8 May 19 Cao Renxian Male 57 Incumbent 631411200 631411200 President 2016 2026 May 18 May 19 Vice Chairman Incumbent 2022 2026 Vesting of equity Gu Yilei Male 47 630000 157500 70000 542500 incentives; Dec. 11 May 19 SVP Incumbent Disposal 20182026 May 19 May 19 Zhang Xucheng Male 53 Director Incumbent 157500 157500 20202026 Employee May 28 May 19 Representative Incumbent 5320252026 Zhao Wei Male Director 9906400 150000 9756400 Disposal Dec. 8 May 19 SVP Incumbent 20162026 Vesting of equity May 19 May 19 Wu Jiamao Male 53 Director SVP Incumbent 525000 130000 52500 447500 incentives; 20232026 Disposal Independent May 19 May 19 Gu Guang Female 62 Incumbent Director 2020 2026 Independent May 19 May 19 Li Mingfa Male 62 Incumbent Director 2020 2026 Independent May 19 May 19 Zhang Lei Male 45 Incumbent Director 2023 2026 Vesting of equity Dec. 8 May 19 Chen Zhiqiang Male 45 VP Incumbent 525000 131200 42000 435800 incentives; 20162026 Disposal Oct. 29 May 19 Peng Chaocai Male 48 VP Incumbent 110250 27500 82750 Disposal 20202026 Deng Dejun Male 49 VP Incumbent Dec. 11 May 19 517551 128500 42000 431051 Vesting of equitySungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 2018 2026 incentives; Disposal Vesting of equity VP Board Oct. 21 May 19 Lu Yang Male 43 Incumbent 10500 42000 31500 incentives; Secretary 2021 2026 Disposal Vesting of equity VP Finance Jun. 27 May 19 Tian Shuai Male 42 Incumbent 10500 42000 31500 incentives; Director 2022 2026 Disposal Vesting of equity May 19 May 19 Wang Lei Female 46 VP Incumbent 30800 7700 42000 65100 incentives; 20232026 Disposal Total -- -- -- -- -- -- 643813701 753400 332500 643392801 -- Resignation of directors or dismissal of executives within the term of office during the reporting period □Yes □No Due to internal work adjustments within the Company Mr. Zhao Wei resigned from his position as a non-independent director of the Fifth Board of Directors. Subsequently the Company convened a staff representative meeting on May 22 2025 at which Mr. Zhao Wei was elected as the employee representative director of the Fifth Board of Directors. The election results were publicly announced during the period from May 22 2025 to May 27 2025 and no objections were raised upon the expiration of the announcement period.Changes in directors and executives of the Company □Applicable □ Not applicable Name Position Type Date Reason Zhao Wei Director Departed May 28 2025 Improve the corporate governance structure To improve the corporate governance structure elected as the employee Zhao Wei Employee Representative Director Elected May 28 2025 representative director 582. Incumbents overview The professional background main work experience and job responsibilities of current directors and executives of the Company (1) Directors Mr. Cao Renxian Chinese national with no permanent residency overseas born in July 1968 master degree and researcher is currently a delegate of the 14th National People's Congress and the chairman of the China Photovoltaic Industry Association. Mr.Cao Renxian was one of the faculty of Hefei University of Technology from June 1993 to 1998 and worked in Sungrow Power Supply Co. Ltd. from July 1998 to July 2001. He served the role of Executive Director and General Manager of Sungrow Power Supply Co. Ltd. from July 2001 to August 2007 followed by the role of Chairman and President from August 2007 to date.Mr. Gu Yilei Chinese national with no permanent residency overseas born in February 1978 Ph.D. He has successively worked in Zhongda Simike Electronics Co. Ltd. (Delta Group) Shenzhen Kangdawei Electronic Technology Co. Ltd. Santak Electronics (Shenzhen) Co. Ltd. and Eaton (China) Investment Co. Ltd. He joined Sungrow in September 2015 and successively served the roles of Vice Director of the Sungrow Research Institute Director of the Central Research Institute. He is currently Vice Chairman and Senior Vice President of Sungrow and President of the Solar Storage Division.Mr. Zhang Xucheng Chinese national with no permanent residency overseas born in June 1972 master degree. He served the roles of Vice Procurement Manager Logistics Manager Human Resources Manager and Senior Vice President of Sungrow. He is currently a director in the Sungrow Board Chairman and President of Sungrow Renewables Development Co. Ltd. Chairman of Hefei Taihe Intelligent Technology Group Co. Ltd.Mr. Zhao Wei Chinese national with no permanent residency overseas born in December 1973 Ph.D. senior engineer. He served the roles of Vice Director and Vice General Manager of Sungrow R&D Center and is currently Employee Representative Director and Senior Vice President of Sungrow and Chief Scientist of the Sungrow Group.Mr. Wu Jiamao Chinese national with no permanent residency overseas born in September 1972 master degree. He worked for Anhui Ningguo Shuangjin Group previously and joined Sungrow in March 2005. He successively served the roles of Sales Manager of Sungrow and General Manager of Sungrow Shanghai Company is currently Director and Senior Vice President of Sungrow and Director Global Sales and Marketing of the Solar Storage Division.Ms. Gu Guang Chinese national with no permanent residency overseas born in July 1963 master degree certified public accountant of China (non-practicing member). She graduated from the Department of Economics of Anhui University in 1986 and has been teaching at the university ever since having served the roles of Vice Director and Director of the Accounting Department of the School of Business Anhui University Director of the MPAcc Education Center Associate Professor and Master's Supervisor in accounting at the School of Business Anhui University. Currently she is an independent director of Atech Automotive Co. Ltd. Japhl Powertrain Systems Co. Ltd. and Sungrow Power Supply Co. Ltd.Mr. Li Mingfa Chinese national with no permanent residency overseas born in February 1963 Ph.D. professor of Anhui University. He was Director of the Law School of Anhui University and Executive Vice Director of the Graduate School of Anhui University. He is currently Executive Director of the Civil Law Research Association of the China Law Society Vice Director-General of the Anhui Civil and Commercial Law Research Association and an independent director of Wuhu Sanlian Forging Co. Ltd. and Sungrow Power Supply Co. Ltd.Mr. Zhang Lei Chinese national with no permanent residency overseas born in December 1980 bachelor degree. He started service and research in the power supply industry at the China Power Supply Society since 2005 and served the roles of Director of the Exhibition Department Director of the General Office and Deputy Secretary General. He is currently the Secretary General of the China Power Supply Society independent director of Shenzhen Zhishengxin Electronic Technology Co. Ltd. and Sungrow Power Supply Co. Ltd. (2) Executives Mr. Cao Renxian President. Refer to the introduction in “(1) Directors” for details.Mr. Gu Yilei Senior Vice President. Refer to the introduction in “(1) Directors” for details.Mr. Zhao Wei Senior Vice President. Refer to the introduction in “(1) Directors” for details.Mr. Wu Jiamao Senior Vice President. Refer to the introduction in “(1) Directors” for details.Mr. Chen Zhiqiang Chinese national with no permanent residency overseas born in April 1980 graduated from the University of Science and Technology of China in 2020 with a master degree and a certified quality engineer of China. He served the roles ofSungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Quality Control Supervisor Quality Control Manager Management Representative Quality Director Employee Supervisor and Chairman of the Board of Supervisors of Sungrow. He is currently Vice President of Sungrow.Mr. Peng Chaocai Chinese national with no permanent residency overseas born in December 1977 master degree. He worked for Shangqiu Experimental Middle School Sinoma Technology Wind Power Blade Co. Ltd. and Delta Electronics (Shanghai) Co.Ltd. before joining Sungrow as President of the Wind Energy Division. He is currently Vice President of Sungrow and Chinaman of the Sungrow Hydrogen.Mr. Deng Dejun Chinese national with no permanent residency overseas born in September 1976 bachelor degree. He worked for Maanshan Iron and Steel Co. Ltd. Foxconn Technology Group Philips Electronics and Great Wall Development Technology Co. Ltd. previously. After joining Sungrow in January 2011 he successively served the role of Production Planning Manager Production Planning Manager and Vice General Manager of the Gansu Division Manufacturing Director of the Production Center and Production Planning Manager Vice General Manager of the Production Center and General Manager of the Production Center.He is currently Vice President of Sungrow and General Manager of the Production Center.Mr. Lu Yang Chinese national with no permanent residency overseas born in October 1982 master degree. He worked previously for State Nuclear Power Technology Corporation Beijing Zhenglue Junce Management Consulting Co. Ltd. and ENN Group Co.Ltd. He joined Sungrow in August 2016 and successively served the roles of Strategic Planning Manager Strategic Planning Director and General Manager of the Strategy Center. He is currently Vice President and Board Secretary of Sungrow.Mr. Tian Shuai Chinese national with no permanent residency overseas born in November 1983 master degree CMA (Certified Management Accountant). He worked previously for Sany Heavy Industry Co. Ltd. Huawei Technologies Co. Ltd. Hunan Huinong Technology Co. Ltd. and Honor Device Co. Ltd. He joined Sungrow in September 2021 and successively served the roles of Vice General Manager of the Finance Center and General Manager of the Finance Center. He is currently Vice President and Finance Director of Sungrow.Ms. Wang Lei Chinese national with no permanent residency overseas born in December 1979 master degree Senior Human Resources Manager and Economist. She joined Sungrow in June 2003 and served the roles of Manager of the Human Resources Center General Manager of the Human Resources Center and Vice President of the Solar Storage Division. She is currently Vice President of Sungrow.Situation where the controlling shareholder and actual controller serves simultaneously as the Chairman and President of the listed company □Applicable □ Not applicable Mr. Cao Renxian the Company's controlling shareholder and actual controller serves concurrently as the Company's Chairman and President. This work arrangement helps unify decision-making and execution improve operational efficiency and ensure that the formulation and execution of long-term strategies are highly aligned and stably implemented which is reasonable. Moreover the Company has explicitly stated in its Articles of Association that "the controlling shareholder and actual controller shall ensure the integrity of the Company's assets and the independence of its personnel finance organization and business and shall not affect the Company's independence in any way." The Company has established well-developed checks and balances and supervision mechanisms which can effectively safeguard the Company's independence.Positions in organizations as a shareholder □Applicable□ Not applicable Positions in other organizations □Applicable □ Not applicable Name Organization Position Office Office Paid by the Starts on Ends on Organization Cao Renxian Hefei Renshang Enterprise Management Co. Ltd. Supervisor No Li Mingfa Wuhu Sanlian Forging Co. Ltd. Ind. Director Yes Gu Guang Atech Automotive Co. Ltd. Ind. Director Yes Gu Guang Japhl Powertrain Systems Co. Ltd. Ind. Director Yes Zhang Lei Shenzhen Zhishengxin Electronic Technology Co. Ltd. Ind. Director Yes 60Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Penalties imposed by securities regulators in the past three years on incumbent directors executives and those departed in the reporting period □Applicable□ Not applicable 3. Remuneration of directors and executives The procedure for determining remuneration for directors and executives the ground for determination and the actual payment Procedure for determination: The remuneration plans for directors are reviewed and approved by the Remuneration and Evaluation Committee of the Board of Directors before being submitted to the Board of Directors and Shareholders’ Meeting for deliberation. The remuneration plans for senior management are reviewed and approved by the Remuneration and Evaluation Committee and then submitted to the Board of Directors for deliberation.Grounds for determination: The remuneration for directors and executives is determined and disbursed based on evaluations of their operational performance professional competence position hierarchy and other relevant criteria. The Company does not provide additional remuneration for serving as Directors during their terms. Independent Directors receive an annual fixed allowance of CNY 80000.Actual payment: Remuneration of directors and executives has been paid in full according to the predefined standard.Remuneration of Directors and Executives of the Company during the reporting period (in 10K CNY) Total Paid by Name Gender Age Position Status remuneration related-party of before tax the Company Cao Renxian Male 57 Chairman President Incumbent 408.00 No Gu Yilei Male 47 Vice Chairman SVP Incumbent 1800.00 No Zhang Xucheng Male 53 Director Incumbent 372.00 No Employee Representative Zhao Wei Male 52 Incumbent 413.00 No Director SVP Wu Jiamao Male 53 Director SVP Incumbent 1358.00 No Gu Guang Female 62 Ind. Director Incumbent 8.00 No Li Mingfa Male 62 Ind. Director Incumbent 8.00 No Zhang Lei Male 45 Ind. Director Incumbent 8.00 No Chen Zhiqiang Male 45 VP Incumbent 453.00 No Peng Chaocai Male 48 VP Incumbent 414.00 No Deng Dejun Male 49 VP Incumbent 371.00 No Lu Yang Male 43 VP Board Secretary Incumbent 333.00 No Tian Shuai Male 42 VP Finance Director Incumbent 320.00 No Wang Lei Female 46 VP Incumbent 291.00 No Total -- -- -- -- 6557.00 -- Independent directors receive a fixed allowance to which the Basis for determining the actual remuneration performance assessment does not apply. For non-independent directors received by all directors and senior management at and senior management remuneration is determined based on the annual the end of the reporting period remuneration incentive plan for directors and senior management.The performance assessment does not apply to independent directors Completion status of performance assessment for the who receive a fixed allowance. For non-independent directors and senior actual remuneration received by all directors and management performance evaluation was effectively implemented and senior management at the end of the reporting period completed in accordance with the Company's performance appraisal regulations.Deferred payment arrangements for the actual remuneration received by all directors and senior Not applicable management at the end of the reporting period Suspension and clawback arrangements for the actual Not applicable 61Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) remuneration received by all directors and senior management at the end of the reporting period Notes on other facts □Applicable□ Not applicable VII. Directors' Performance of Duties During the Reporting Period 1. Directors’ presence at Board Meetings and Shareholders’Meetings Directors’ presence at Board Meetings and Shareholders’ Meetings Failing in-person Board In-person Audio/Video Delegate Absence presence at Presence at meetings to presence at presence at presence at Director from board two shareholders’ be attended board board board meeting consecutive meetings in the period meetings meetings meetings board meetings Cao Renxian 8 3 5 0 0 No 3 Gu Yilei 8 3 5 0 0 No 3 Zhang 8 3 5 0 0 No 3 Xucheng Zhao Wei 8 3 5 0 0 No 3 Wu Jiamao 8 3 5 0 0 No 3 Gu Guang 8 3 5 0 0 No 3 Li Mingfa 8 3 5 0 0 No 3 Zhang Lei 8 3 5 0 0 No 3 2. Objections raised by directors to matters related to the Company Whether there were objections raised by directors to matters related to the Company □Yes□ No No directors raised any objection to matters related to the Company during the reporting period. 3. Other explanations on directors’ performance of duties Whether suggestions made by directors were accepted □Yes □ No Explanation on accepting or rejecting suggestions made by directors During the reporting period all directors of the Company strictly complied with the Company Law the Securities Law the Governance Guidelines for Listed Companies the Shenzhen Stock Exchange's No. 2 Regulatory Guidelines for Listed Companies --- Standardized Operation of GEM-Listed Companies as well as the Articles of Association the Rules of Procedure for Shareholders' Meetings and the Rules of Procedure for the Board of Directors and other relevant regulations and requirements.The directors actively attended Board meetings and shareholders' meetings diligently and responsibly performed their duties and provided relevant opinions on the Company's major governance and operational decisions based on the actual situation ensuring full discussion scientific timely and efficient decision-making and safeguarding the legitimate rights and interests of the Company and all shareholders. 62VIII. Operation of Special Committees under the Board of Directors During the Reporting Period Important Perform Specific No. of Date of comments and ance of circumstances Committee Members Meeting Content of Meeting Meeting suggestions other of objection s made duties (if any) The head of the internal audit department reported on the Company's internal audit for Approved the Feb14 the fourth quarter of 2024; relevant None None 2025 RSM China (Special General content Partnership) reported on the 2024 annual audit plan Reviewed proposals including Proposal on the Approved the Company's <2024 Annual proposals and Report> and its agreed to Apr 21 Summary Proposal on the submit them None None 2025 Company's <2025 First to the Board Quarter Report> of Directors and Proposal on the for Gu Guang Re-appointment of the 2025 consideration Audit Li Mingfa Auditing Firm 4 Committee Zhang Lei Reviewed proposals including Proposal on the Approved the Company's <2025 proposals and Semi-annual Report> and its agreed to Aug 21 Summary and Proposal on submit them None None 2025 Engaging an Auditing Firm to the Board for the Company's H-share of Directors Issuance and Listing on The for Stock Exchange of Hong consideration Kong Limited Approved the proposal and Reviewed Proposal on the agreed to Oct 23 Company's <2025 Third submit it to None None 2025 Quarter Report> the Board of Directors for consideration Reviewed Proposal on the Approved the Company's <2025 Restricted proposals and Stock Incentive Plan (Draft)> agreed to and its Feb 25 submit them Summary and Proposal on the None None 2025 to the Board Company's Committee Zhang Lei Approved the proposal and Reviewed Proposal on agreed to Mar 18 Granting Restricted Stocks to submit it to None None 2025 Incentive Objects for the First the Board of Time Directors for considerationSungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Reviewed proposals including Proposal on 2024 Remuneration of Directors Approved the and Senior proposals and Management and Proposal on agreed to the Achievement of Vesting Apr 25 submit them Conditions for the Third None None 2025 to the Board Vesting Schedule of the Initial of Directors Grant and the Second Vesting for Schedule of the Reserved consideration Grant in the 2022 Restricted Stock Incentive Plan and Related Matters Reviewed Proposal on the Approved the Achievement of Vesting proposal and Conditions for the First agreed to Aug 24 Vesting Schedule of the submit it to None None 2025 Reserved Grant in the 2023 the Board of Restricted Stock Incentive Directors for Plan and Related Matters consideration Approved the Reviewed Proposal on proposals and Cao Electing an Additional agreed to Nomination Renxian Gu Sep 12 Independent submit them 1 None None Committee Guang Li 2025 Director and Proposal on to the Board Mingfa Determining the Roles of of Directors Directors for consideration Reviewed proposals Approved the including Proposal on the proposals and Issuance of H-shares and agreed to Listing on The Stock Aug 24 submit them Exchange of Hong Kong None None 2025 to the Board Limited and Proposal on the Cao of Directors Strategy & Conversion of the Company Renxian Gu for Sustainability 2 into an Overseas Listed Joint Yilei Zhang consideration Committee Stock Company Limited Xucheng Discussion on the Company's Approved the Dec 30 Mid-to-Long-Term ESG relevant None None 2025 Strategic Plan and the ESG content Development Center's 2026-2028 Rolling Plan IX. Operation of the Audit Committee Whether the Audit Committee identified any risks during the monitoring activities in the reporting period □Yes□ No The Audit Committee had no objections to matters subject to supervision in the reporting period.X. Employees 1. The number of employees and their professional and educational background Incumbent employees of the parent company at the end of the period 7727 Incumbent employees of major subsidiaries at the end of the period 11279 Total incumbent employees at the end of the period 19006 64Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Total number of employees receiving remuneration in the current period 19006 Retirees to be financially supported by the parent company and major subsidiaries 0 Professional Background Profession Split Head Count Production 6120 Sales 2463 Technical 7625 Financial 277 Administration 2521 Total 19006 Educational Background Education Level Head Count Doctor 166 Master 4742 Bachelor 7846 College Graduate and below 6252 Total 19006 2. Remuneration policy Competitive remuneration stimulates employees' enthusiasm and creativity and serves as a driving force for the Company's sustainable development. In line with the Company's strategic development needs and based on the different stages of business development (mature businesses oriented towards profit contribution and seed businesses oriented towards rapid growth) the Company designs targeted incentive plans that also take into account medium- and long-term objectives thereby promoting the sustainable development of each business. The Company also makes remuneration adjustments according to relevant national laws and regulations on labor and personnel management market conditions and employees' individual job positions and performance so as to allow employees to receive reasonable returns and establish a remuneration and performance management system that balances internal fairness and external competitiveness. 3. Training plan The Company consistently upholds its value proposition of "advancing employee development and realizing their aspirations" and is committed to building a systematic and precise employee empowerment system. Following a three-tier training framework of "Group-level (leadership onboarding and general competencies) – Business Unit-level (professional skills) – Department-level (role-specific technical skills)" and relying on an internal online platform for general content an internal language learning platform the continuous operation of a virtual "Learning Committee" as well as mechanisms such as internal trainers and onboarding mentors the Company provides empowerment and guidance to all employees in leadership professionalism general competencies and language skills. The Company fully promotes the construction of a learning organization deeply integrating learning and empowerment into the corporate culture making them a core driving force for healthy organizational development and business performance growth.In 2025 the Company took talent empowerment and development as its core engine to drive business growth in all directions. In the area of leadership development precise measures were implemented. The Company launched advanced management talent development programs such as the "Sungrow China-Europe Future Business Leaders Program" achieved full coverage of the "Transition Program" for frontline managers and initiated the "Blossom Program" for high-potential employees. At the same time the Company actively expanded the overseas reach of its talent development system establishing an overseas qualification system and promoting the localization of programs such as new employee onboarding and internal trainer certification across various regions. Furthermore closely aligned with the Company's strategic direction the Company designed and implemented international talent development programs and headquarters exchange activities for overseas colleagues actively promoted a global language platform and continuously enhanced the Company's international strength. In terms of digital empowerment the Company made continuous efforts introducing and optimizing intelligent Q&A robots and AI learning assistants launching an AI learning platform to enrich learning resources carrying out digital talent certification programs and optimizing the learning environment injecting new momentum into employee growth and corporate development and propelling the Company's digital transformation to new heights. 65Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 4. Labor outsourcing □Applicable□ Not applicable During the reporting period the Company did not have a large number of labor outsourcing.XI. Profit Distribution and Conversion of Capital Reserve into Share Capital The formulation implementation or adjustment of the profit distribution policy especially the cash dividend policy during the reporting period □Applicable □ Not applicable The 2024 annual profit distribution plan reviewed and approved by the 17th meeting of the Fifth Board of Directors held on April 25 2025 and the 2024 Annual Shareholders' Meeting held on May 28 2025 was as follows: Based on the share capital of 2047096561 shares (calculated by excluding 26114863 repurchased shares held in the special account for share repurchase from the total share capital of 2073211424 shares) a cash dividend of CNY 10.80 (tax inclusive) per 10 shares was to be distributed to all shareholders with the total cash dividend amounting to CNY 2210864285.88 (tax inclusive). The remaining undistributed profit was to be carried forward to future periods. No bonus shares were to be distributed and no capital reserve was to be converted into share capital for the 2024 fiscal year. On June 13 2025 the Company completed the implementation of the above 2024 annual profit distribution plan with the actual dividend payout amounting to CNY 2216726309.88. The 2025 semi-annual profit distribution plan reviewed and approved by the 18th meeting of the Fifth Board of Directors held on August 25 2025 and the Second Extraordinary General Meeting of 2025 held on September 30 2025 was as follows: Based on the share capital of 2052524361 shares (calculated by excluding 20687063 repurchased shares held in the special account for share repurchase from the total share capital of 2073211424 shares) a cash dividend of CNY 9.50 (tax inclusive) per 10 shares was to be distributed to all shareholders with the total cash dividend amounting to CNY 1949898142.95 (tax inclusive). The remaining undistributed profit was to be carried forward to future periods. No bonus shares were to be distributed and no capital reserve was to be converted into share capital for the first half of 2025. On October 20 2025 the Company completed the implementation of the above 2025 semi-annual profit distribution plan with the actual dividend payout amounting to CNY 1950182097.95. During the reporting period the Company's profit distribution policy remained unchanged. The Company strictly implemented its profit distribution plans in accordance with the relevant profit distribution policies and review procedures under the Company Law the Securities Law the Regulatory Guidelines No. 3 for Listed Companies -- Cash Dividends and the Articles of Association. The dividend standards and payout ratios were clear and specific and the relevant decision-making procedures and mechanisms were complete. When preparing and deciding on the distribution proposals the relevant proposals were submitted to the Board of Directors for review and approval and then submitted to the Shareholders' Meeting for deliberation and were implemented within the prescribed timeframes effectively safeguarding the interests of all shareholders.Special Explanation on the Cash Dividend Policy Whether it complied with the provisions in the Articles of Association or the requirements in Yes the resolution(s) of the shareholders' meeting: Whether the dividend standard and proportion were clearly specified: Yes Whether the relevant decision-making procedures and mechanisms were in place: Yes Whether independent directors performed their duties and played their roles: Yes Where no cash dividend was distributed explain the reason(s) in detail as well as the follow-up Not Applicable measures to enhance investor returns: Whether minority shareholders had the opportunity to fully express their views and demands Yes and whether their legitimate rights and interests were adequately safeguarded: In the case of cash dividend policy modification or change whether the conditions and Not Applicable procedures were compliant and transparent: The Company's profit distribution plan and capital reserve conversion plan for the reporting period were consistent with the relevant provisions in the Articles of Association and the dividend management policy □Yes □ No □ Not Applicable The Company's profit distribution plan and capital reserve conversion plan for the reporting period were in line with the relevant provisions in the Articles of Association. 66Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Profit distribution and conversion of capital reserve into share capital for the year Number of bonus shares per 10 shares (shares) 0 Cash dividend per 10 shares (CNY) (tax inclusive) 6.9 Number of shares transferred from capital reserve per 10 shares (shares) 0 Equity base of the distribution plan (shares) 0 Cash dividend amount (CNY) (tax inclusive) 1416448050.09 Cash dividend in other ways (such as share buyback) (CNY) 300023059.07 Total cash dividend (including other ways) (CNY) 1716471109.16 Distributable profit (CNY) 30418463625.59 Proportion of total cash dividend (including other ways) in total profit distribution 100.00% Overview of this Cash Dividend When the company’s developmental stage is ambiguous but involves significant capital expenditure arrangements cash dividends must account for at least 20% of the total profit distribution.Detailed description of the profit distribution or the capital reserve conversion plan As audited and confirmed by RSM China (Special General Partnership) the net profit realized by the parent company in 2025 was CNY 8571574766.28. As the cumulative provision for the statutory surplus reserve had exceeded 50% of the total share capital no further provision was required. The remaining undistributed profit for the year was CNY 8571574766.28. Adding the undistributed profit from previous years of CNY 26109507267.14 and deducting the total cash dividends paid for 2024 and the first half of 2025 amounting to CNY 4166908407.83 the parent company's distributable profit as of December 31 2025 was CNY 30514173625.59 with a total share capital of 2073211424 shares. The Company has consistently adhered to the philosophy of actively rewarding shareholders and sharing operating results with them and has insisted on returning value to investors through cash dividends since its listing. Taking into comprehensive consideration the Company's business development financial position capital planning and other factors and in accordance with the CSRC's guidelines encouraging listed companies to distribute cash dividends and provide stable and reasonable returns to investors as well as the relevant provisions of the Company Law and the Articles of Association the Company proposes the following profit distribution plan for the second half of 2025: Based on the share capital of 2052823261 shares (calculated by excluding 20388163 repurchased shares held in the special account for share repurchase from the total share capital of 2073211424 shares) a cash dividend of CNY 6.90 (tax inclusive) per 10 shares will be distributed to all shareholders with the total cash dividend amounting to CNY 1416448050.09 (tax inclusive). The remaining undistributed profit will be carried forward to future periods. No bonus shares will be distributed and no capital reserve will be converted into share capital. If the Company's total share capital or the number of repurchased shares changes during the period from the disclosure of this proposal to the record date for equity distribution the total cash dividend amount shall be adjusted based on the share capital on the record date (excluding repurchased shares held in the special account for share repurchase) in accordance with the principle of "fixed distribution ratio." The Company was profitable during the reporting period the parent company made positive profits distributable to shareholders but no cash dividend distribution plan was proposed □Applicable□ Not applicable XII.Progress of the Company's Equity Incentive Plan Employee Stock Ownership Plan or Other Employee Incentive Measures □Applicable □ Not applicable 1. Equity incentives The 2022 Restricted Stock Incentive Plan (1) On April 25 2025 the Company held the 17th meeting of the Fifth Board of Directors and the 14th meeting of the Fifth Board of Supervisors which reviewed and approved the Proposal on the Achievement of Vesting Conditions for the Third Vesting Schedule of the Initial Grant and the Second Vesting Schedule of the Reserved Grant in the 2022 Restricted Stock Incentive Plan and Related Matters. The Board of Supervisors verified the list of incentive objects for vesting and expressed a clear opinion on whether the vesting conditions were met. 67Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) (2) On May 17 2025 the shares subject to vesting under the second vesting schedule of the reserved grant of the 2022 Restricted Stock Incentive Plan began trading on the stock exchange. The number of shares vested and listed for trading was 111300 shares with 23 vested persons and the vesting price was CNY 24.46 per share. (3) On May 30 2025 the shares subject to vesting under the third vesting schedule of the initial grant of the 2022 Restricted Stock Incentive Plan began trading on the stock exchange. The number of shares vested and listed for trading was 1898750 shares with 406 vested persons and the vesting price was CNY 24.46 per share. The 2023 Restricted Stock Incentive Plan (1) On April 25 2025 the Company held the 17th meeting of the Fifth Board of Directors and the 14th meeting of the Fifth Board of Supervisors which reviewed and approved the Proposal on the Achievement of Vesting Conditions for the First Vesting Schedule of the Initial Grant in the 2023 Restricted Stock Incentive Plan and Related Matters. The Board of Supervisors verified the list of incentive objects for vesting and expressed a clear opinion on whether the vesting conditions were met. (2) On May 13 2025 the shares subject to vesting under the first vesting schedule of the initial grant of the 2023 Restricted Stock Incentive Plan began trading on the stock exchange. The number of shares vested and listed for trading was 3417750 shares with 488 vested persons and the vesting price was CNY 30.18 per share. (3) On August 25 2025 the Company held the 18th meeting of the Fifth Board of Directors which reviewed and approved the Proposal on the Achievement of Vesting Conditions for the First Vesting Schedule of the Reserved Grant in the 2023 Restricted Stock Incentive Plan and Related Matters. The Remuneration and Evaluation Committee of the Board verified the list of incentive objects for vesting and expressed a clear opinion on whether the vesting conditions were met. (4) On September 30 2025 the shares subject to vesting under the first vesting schedule of the reserved grant of the 2023 Restricted Stock Incentive Plan began trading on the stock exchange. The number of shares vested and listed for trading was 298900 shares with 68 vested persons and the vesting price was CNY 29.10 per share. 2025 Restricted Stock Incentive Plan (1) On February 25 2025 the Company held the 14th meeting of the Fifth Board of Directors which reviewed and approved the Proposal on the Company's <2025 Restricted Stock Incentive Plan (Draft)> and its Summary the Proposal on the Company's and the Proposal on Requesting the Shareholders' Meeting to Authorize the Board of Directors to Handle Matters Related to the Company's 2025 Restricted Stock Incentive Plan. On the same day the Company held the 12th meeting of the Fifth Board of Supervisors which reviewed and approved the Proposal on the Company's <2025 Restricted Stock Incentive Plan (Draft)> and its Summary the Proposal on the Company's and the Proposal on Verifying the List of Incentive Objects for the Company's 2025 Restricted Stock Incentive Plan. The Board of Supervisors verified the list of incentive objects and expressed its opinion. (2) From February 25 2025 to March 6 2025 the Company conducted an internal public notice of the names and positions of the incentive objects. During the notice period the Board of Supervisors received no objections to any person on the list. On March 13 2025 the Company disclosed the Board of Supervisors' Review Opinion and Explanation of the Public Notice on the List of Incentive Objects for the Company's 2025 Restricted Stock Incentive Plan (Announcement No.: 2025-008) on Juchao Information Network. (3) On March 18 2025 the Company held the First Extraordinary General Meeting of 2025 which reviewed and approved the Proposal on the Company's <2025 Restricted Stock Incentive Plan (Draft)> and its Summary the Proposal on the Company's and the Proposal on Requesting the Shareholders' Meeting to Authorize the Board of Directors to Handle Matters Related to the Company's 2025 Restricted Stock Incentive Plan. On the same day the Company disclosed the Self-Inspection Report on the Trading of Company Shares by Insiders and Incentive Objects of the First Grant under the 2025 Restricted Stock Incentive Plan (Announcement No.: 2025-013). (4) On March 18 2025 the Company held the 15th meeting of the Fifth Board of Directors and the 13th meeting of the Fifth Board of Supervisors which reviewed and approved the Proposal on Granting Restricted Stocks to Incentive Objects for the First Time determining March 18 2025 as the grant date for the first grant of restricted stocks. The Company granted 9105000 second-class restricted stocks to 874 incentive objects at a grant price of CNY 35.27 per share. The Board of Supervisors verified the list of incentive objects and expressed its opinion. 68Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Equity incentives granted to directors and executives □Applicable □ Not applicable 69(in shares) Name Title Stock Stock Shares Shares Exercise Stock Market price Restricted Restricted Restricted Granting Restricted options options exercisable exercised price of options at the end of shares shares shares price of shares held at granted in in the in the shares held at the period held at unlocked newly restricted held at the the period period period exercised in the end of (CNY/share) the in the granted in shares the end of beginning the period the period beginning period the period (CNY/share) the period of the (CNY/share) of the period period Vice Gu Yilei Chairman 498400 70000 428400 SVP Wu Director 32900052500276500 Jiamao SVP Chen VP 16800042000126000 Zhiqiang Deng VP 16800042000126000 Dejun Lu Yang VP Board 16800042000126000 Secretary Tian VP Shuai Finance 168000 42000 126000 Director Wang Lei VP 168000 42000 126000 Total -- -- -- 1667400 332500 -- 1334900 On May 13 2025 the Company completed the registration of vested restricted stocks under the first vesting schedule of the initial grant of the 2023 Restricted Stock Remarks (if any) Incentive Plan. For incentive objects who are directors or senior management of the Company 75% of the total number of restricted stocks vested and credited to their accounts during the current period will be subject to lock-up restrictions.Evaluation mechanism and incentives for executives The senior management of the Company are appointed by the Board of Directors and are accountable to the Board of Directors. During the reporting period the senior management of the Company diligently performed their duties and responsibilities carrying out various production and operational activities in an orderly manner. Regarding the evaluation mechanism and incentive methods for senior management the Company has established a comprehensive performance evaluation system and remuneration system for senior management. The annual remuneration of senior management is also submitted to the Company's Remuneration and Evaluation Committee and the Board of Directors for review. 2. Implementation of the Employee Stock Ownership Plan □Applicable□ Not applicable3. Other Employee Incentive Measures □Applicable□ Not applicable XIII. Establishment and Implementation of the Internal Control System during the Reporting Period 1. Establishment and implementation of internal control In accordance with the Basic Standards for Enterprise Internal Control and its evaluation guidelines as well as other relevant laws and regulations the Company conducted a self-assessment of the design and operating effectiveness of its internal control system as of December 31 2025. During the reporting period the Company established internal controls for all businesses and matters within the evaluation scope and these controls were effectively implemented achieving the Company's internal control objectives with no material or significant deficiencies. Based on the identification of material weaknesses in financial reporting internal controls as of December 31 2025 the Company had no material weaknesses in its financial reporting internal controls. The Board of Directors believes that the Company has maintained effective financial reporting internal controls in all material respects in accordance with the requirements of the enterprise internal control standard system and relevant regulations. Based on the identification of material weaknesses in non-financial reporting internal controls as of December 31 2025 the Company had identified no material weaknesses in its non-financial reporting internal controls. 2. Description of critical internal control deficiencies identified during the reporting period □Yes□ No XIV. Management and Control of the Company's Subsidiaries during the Reporting Period Integration Integration Problems during Resolutions Resolution Company Name Action Plan Plan Progress Integration Taken Progress Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable Whether there is any abnormality in the management and control of subsidiaries □Yes□ No XV. Internal Control Self-Assessment Report or Internal Control Audit Report 1. Internal control self-assessment report The full text of the internal control assessment report was disclosed on Mar 31 2026 The full text of the internal control assessment report was disclosed at Juchao information network The ratio of the total assets of organizations included in the assessment to the 100.00% total assets of the Company's consolidated financial statements The ratio of the operating income of organizations included in the assessment to the Company’s total operating income in the consolidated financial 100.00% statements Criteria of Deficiencies Category Financial Reports Non-Financial Reports Qualitative Criteria Amaterial weakness is defined as a deficiency or a Amaterial weakness is defined as a combination of deficiencies that results in a combination of one or more control deficiencies reasonable possibility that a material misstatement that could lead to a severe deviation from the in the financial statements cannot be prevented or Company's control objectives. A material detected and corrected on a timely basis. A material weakness in internal control over non-financial weakness in internal control over financial reporting is identified in the following reporting is identified in the following circumstances: circumstances: (1) Serious violations of laws and regulations (1) The control environment is ineffective; resulting in regulatory penalties; (2) Fraud committed by directors or senior (2) Important business operations lack management and the internal control system fails institutional controls or suffer from systemic to detect or prevent it; failure of control mechanisms; (3) The external auditor identifies a material (3) Results of internal control evaluations misstatement in the financial statements that the especially material or significant deficienciesSungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) internal control system failed to detect during its are not rectified in a timely manner; operation; (4) Other circumstances that could have a (4) The Company makes a material correction to material adverse impact on the Company. previously issued financial statements; (5) Other deficiencies that could potentially affect A significant deficiency is defined as a the correct judgment of financial statement users. combination of one or more control deficiencies whose severity and economic consequences are A significant deficiency is defined as a deficiency below those of a material weakness but that or a combination of deficiencies that is less severe could still lead to a deviation from the than a material weakness yet important enough to Company's control objectives. A significant merit attention by the Board of Directors and deficiency shall be determined when: management and that results in a reasonable (1) The circumstances listed under material possibility that a misstatement which does not weaknesses for non-financial reporting occur reach or exceed the materiality level cannot be or other circumstances while not meeting the prevented or detected and corrected on a timely threshold for a material weakness have an basis. A significant deficiency in internal control important negative impact on the Company.over financial reporting is identified in the following circumstance: Aminor deficiency is defined as any other (1) The Company corrects a general error in control deficiency that does not constitute a previously issued financial reports. material weakness or a significant deficiency.A minor deficiency is defined as an internal control deficiency that does not constitute a material weakness or a significant deficiency.Quantitative Criteria The Company uses the total consolidated profit or total consolidated assets disclosed in the previous year's financial report as the base. The specific The Company uses the total consolidated assets criteria are as follows: disclosed in the previous year's financial report Material weakness: Misstatement ≥ 5% of as the base. The specific criteria are as follows: total net profit or misstatement ≥ 1.5% of Material weakness: Direct property loss total assets ≥ 1% of total assets Significant deficiency: 2% ≤ misstatement < Significant deficiency: 0.5% ≤ direct 5% of total net profit or 0.5% ≤ property loss < 1% of total assets misstatement < 1.5% of total assets Minor deficiency: direct property loss < Minor deficiency: misstatement < 2% of total 0.5% of total assets net profit or misstatement < 0.5% of total assets Number of critical deficiencies in financial reports 0 Number of critical deficiencies in non-financial reports 0 Number of major deficiencies in financial reports 0 Number of major deficiencies in non-financial reports 0 2. Internal control audit reports □Applicable □ Not applicable Opinion Section of the Internal Control Audit Report According to the Internal Control Audit Report issued by RSM China (Special General Partnership) Sungrow Power Supply Co.Ltd. maintained effective internal control over financial reporting in all material respects as of December 31 2025 in accordance with the Basic Standards for Enterprise Internal Control and relevant regulations.Disclosure Status of Internal Control Audit Report Disclosed Full Disclosure Date of Internal Control Audit Report April 26 2025 Index for Full Disclosure of Internal Control Audit Report Juchao Information Network Type of Internal Control Audit Opinion Standard Unqualified Opinion Existence of Material Weaknesses in Non-Financial Reports No Whether the accounting firm has issued an internal control audit report with a non-standard opinion 72Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) □Yes□ No Whether the internal control audit report issued by the accounting firm is consistent with the opinion in the board of directors' self-assessment report □Yes □ No Whether a non-standard internal control audit opinion was issued in the reporting period or the previous year □Yes □ No XVI. Rectification of Problems Found in Dedicated Self-Examination Initiatives on Corporate Governance Not applicable.XVII. Environmental Information Disclosure Whether the listed company and its major subsidiaries are included in the list of key pollutant discharge organizations identified by the environmental authority □Yes □ No Number of enterprises included in the list of enterprises required to 4 disclose environmental information according to law Query Index for Environmental Information No Enterprise Name Disclosure Report 1 Sungrow Power Supply Co. Ltd. (Changning Avenue Plant Area) https://39.145.37.16:8081/zhhb/yfplpub_html/#/home 2 Sungrow Energy Storage Technology Co. Ltd. https://39.145.37.16:8081/zhhb/yfplpub_html/#/home 3 Sungrow Hydrogen Technology Co. Ltd. https://39.145.37.16:8081/zhhb/yfplpub_html/#/home 4 Hefei Sungrow Electric Power Technology Co. Ltd. https://39.145.37.16:8081/zhhb/yfplpub_html/#/home XVIII. Social Responsibility Sungrow adheres to its mission of "Green Mission Better Future" and remains committed to advancing clean energy striving to connect green ecosystems with quality living. Based on its five strategic goals — "Excellence in Governance Progress Toward Net Zero Ecological Stewardship Collaborative Partnerships and Diversity & Inclusion" — the Company steadily advances its sustainable development practices. In 2025 the Company updated its sustainability strategic goals based on business development and global sustainability trends and linked 10% of the annual variable compensation of all senior management members to these goals. The Company actively promotes a sustainability culture by launching the "ESG Innovation Workshop" program conducting 13 ESG strategy seminars for various centers business units and subsidiaries empowering over 700 key business personnel. In addition the Company initiated the "Sustainability in Numbers" column and planned 8 online and offline communication sessions collaborating with partners employees public welfare organizations and other stakeholders to jointly share the action stories behind the ESG data of Sungrow and its partners in practicing sustainable development concepts.The Company continuously invests in technological innovation and application practices to create long-term sustainable value for customers investors and other stakeholders. As of the end of the reporting period the cumulative global installed capacity of power electronic conversion equipment exceeded 1000 GW helping customers avoid approximately 600 million tons of CO ? emissions annually.The Company consistently practices low-carbon and green principles striving to reduce the environmental impact of its own operations and its supply chain. The Company continues to rigorously and objectively disclose carbon emission information and expand its carbon inventory coverage. By the end of 2025 the proportion of green electricity used by the Company increased to 79%. Through technological upgrades management energy savings and the energy and carbon management system the Company 73Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) saved nearly 4 million kWh of electricity for the year continuously advancing its goal of achieving operational carbon neutrality by 2028. The Company strengthens product lifecycle management completing carbon footprint calculations for 19 products and carbon footprint certifications for 7 products including PowerTitan 2.0 energy storage system modules and the SG320HX-20 series inverters continuously enhancing product transparency. The Company works with partners to build a low-carbon supply chain collecting carbon footprint data for 142 materials and organizational carbon inventories for 182 suppliers during the year launching the "Green Power Leadership" program for suppliers and advancing towards the goal of supply chain carbon neutrality by 2038.The Company cares about the rights and interests of its employees and partners ensuring that the development of clean energy benefits more stakeholders. The Company is deeply committed to building a global team providing ample training and development opportunities diverse benefits and cultural activities for its global workforce achieving a localization hiring rate of 98% an average of 91 training hours per employee and an organizational health score rising to 89%. The Company works with partners to build a responsible supply chain with 99% of suppliers signing the Supplier Code of Conduct and due diligence covering all suppliers. The Company conducted approximately 2500 hours of ESG training for suppliers during the year and held the fourth "ESG Innovation and Development Forum" during the Global Partner Conference exchanging cutting-edge sustainability trends and best practices with partners. The Company actively fulfills its social responsibilities donating nearly CNY 20 million in 2025 of which approximately CNY 15 million was donated to the Sungrow Power Foundation for public welfare areas such as ecological improvement community development science education and student assistance and emergency disaster relief. As an independent legal entity the Sungrow Power Foundation recorded external public welfare expenditures of over CNY 100 million in 2025 with relevant revenue and expenditure details and project implementation information disclosed on the National Charity Information Disclosure Platform (Charity China).The Sungrow Power Supply Co. Ltd. 2025 Sustainability Report will subsequently be disclosed on the GEM information disclosure website designated by the CSRC. Investors are kindly advised to pay attention to it at that time.XIX. Efforts on Consolidating and Expanding the Achievements of Poverty Alleviation and Rural Revitalization Sungrow complies with the Charity Law of the People's Republic of China the Regulations on the Administration of Foundations and other laws and regulations and has formulated the Regulations on External Donations Management to standardize its donation activities. The Company strengthens the development of its volunteer team standardizes volunteer service practices and promotes the sustainable development of the Company's volunteer service initiatives. The Company actively fulfills its social responsibilities donating nearly CNY 20 million in 2025 of which approximately CNY 15 million was donated to the Sungrow Power Foundation for public welfare areas such as ecological improvement community development science education and student assistance and emergency disaster relief. As an independent legal entity the Sungrow Power Foundation recorded external public welfare expenditures of over CNY 100 million in 2025 with relevant revenue and expenditure details and project implementation information disclosed on the National Charity Information Disclosure Platform (Charity China). 1. Eco-friendly During the reporting period the Sungrow Power Foundation in collaboration with The Nature Conservancy (TNC) and the Deyang Management Branch of the Giant Panda National Park launched Phase IV of the "Sunshine Forest" project. Building on the previous three phases Phase IV continues habitat restoration and artificial nest demonstrations along the "Jiuding Mountain-Tudiling" corridor using biodiversity afforestation and nurturing as the primary methods to provide healthy habitat and breeding resources for small giant panda populations effectively improving the ecosystem service functions of the Giant Panda National Park.In September 2025 the Sungrow Power Foundation together with the World Wildlife Fund (WWF) and the One Planet Foundation entered the Qilian Mountain National Park (candidate area) to launch a habitat vegetation restoration project constructing 100 mu of "Sunshine Forest" as part of the Qilian Mountain ecological corridor connecting wildlife migration routes and habitats and creating a healthy forest where all things coexist. 2. Community development In November 2025 the Sungrow Power Foundation launched the "Sunshine Action" community public welfare project. The project will bring together professional expertise from the clean energy sector to provide new energy facilities and services to urban rural and natural communities supporting green and sustainable community development. The first stop of the project donated a 6.23 kW/10 kWh PV-storage system to Jingui Community in Hefei City Anhui Province which is expected to generate approximately 7400 kWh of green electricity annually effectively meeting the community's needs for uninterrupted power supply and emergency lighting. 74Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 3. Science education and student assistance In April 2025 Chairman Cao Renxian donated RMB 100 million to Hefei University of Technology through the Sungrow Power Foundation to support the university's discipline development and talent cultivation. In September 2025 the Sungrow Power Foundation signed a donation agreement with Anhui University of Science and Technology donating RMB 1 million to sponsor a total of 200 undergraduate and graduate students supporting the university's "Double First-Class" construction. 4. Emergency disaster relief In November 2025 a sudden fire broke out in Tai Po Hong Kong. The Sungrow Power Foundation activated its emergency response mechanism and donated HKD 10 million for disaster relief and post-disaster reconstruction. In response to severe flooding in southern Thailand the Company donated THB 100000 through the Thai Red Cross Volunteer Foundation to support disaster relief. In response to sudden flooding in Texas USA the Company donated USD 50000 to the American Red Cross to provide shelter medical care and basic material assistance to affected families. 5. Volunteer service In 2022 the Company launched the "Global Volunteer Service Week" campaign under the theme "Go For Nature" organizing eco-environmental volunteer activities around the world each year.From November 29 to December 5 2025 Sungrow held its fourth Global Volunteer Service Week practicing its sustainable development commitment through globally coordinated volunteer services. Volunteers from many countries including China Germany the United States South Africa and Australia rooted themselves in their local communities and gave back with volunteer activities covering tree planting bird protection coffee grounds recycling and garden wall painting. As of the end of 2025 the Company had 4166 volunteers with a cumulative volunteer service time of 12637 hours. 75Section V Significant Events I. Fulfillment of Undertakings 1. Undertakings made by the Company or its actual controller shareholder related parties and acquirers that are to be fulfilled in the reporting period or undertakings not yet fulfilled by the end of the reporting period □Applicable □ Not applicable Type of Date of Status of Origin of undertaking Undertaker Content Duration undertaking undertaking fulfillment Shareholders Mr. Cao Renxian and Mr. Zhao Wei who serve as the Company’s directors and/or executives hereby undertake The Undertaking on that no shares exceeding 25% of the total shares held by each undertaking is Undertaking at IPO or Cao Renxian Zhao executive’s share individual shall be transferred each year after the lock-up Jan. 31 2011 Long-term being fulfilled refinancing Wei lock up period and no shares held by each individual shall be with no signs transferred within 6 months after the shareholder resigns from of breaching.the Company. 1. On the date of signing this Letter of Undertaking I or the companies I have interests in have not produced or developed any product that competes or may compete with those produced by the Company; have not directly or indirectly operated any business that competes or may compete with those operated by the Company; have not invested in any other enterprise that competes or may compete with the. The The Company in terms of products or business; 2. As of the date of Undertaking on undertaking is Undertaking at IPO or signing this Letter of Undertaking I or the companies I have Cao Renxian horizontal Jan. 31 2011 Long-term being fulfilled refinancing interests in will not produce or develop any product that competition with no signs competes or may compete with those produced by the of breaching.Company; will not directly or indirectly operate any business that competes or may compete with those operated by the Company; will not invest in any other enterprise that competes or may compete with the Company in terms of products or business; 3. As of the date of signing this Letter of Undertaking if the Company further expands its products and business scope I or the companies I have interests in will not competeSungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Type of Date of Status of Origin of undertaking Undertaker Content Duration undertaking undertaking fulfillment with the Company in terms of the expanded products or business. In the event of competition with the expanded products or business of the Company I or the companies I have interests in will stop producing the competing product or operating the competing business or incorporate the competing business into the Company or transfer the competing business to an unrelated third party in order to avoid horizontal competition; 4. If this Letter of Undertaking is proven to be untrue or not complied with the undertaker will indemnify the Company for any and all direct and indirect losses. 1. On the date of signing this Letter of Undertaking the undertaker or the company controlled by the undertaker has not produced or developed any product that competes or may Hefei Huizhuo compete with those produced by the Company; has not directly Equity Investment or indirectly operated any business that competes or may Partnership (Limited compete with those operated by the Company; has not invested Partnership) in any other enterprise that competes or may compete with the (formerly Xinjiang Company in terms of products or business; 2. Whenever the The Shangge Equity Undertaking on undertaker still holds 5% or more of the Company’s shares the undertaking isUndertaking at IPO or Investment horizontal undertaker or the company controlled by the undertaker will Jan. 31 2011 Long-term being fulfilled refinancing Partnership (Limited competition not produce or develop any product that competes or may with no signs Partnership) compete with those produced by the Company; will not of breaching.Luzhou Huizhuo directly or indirectly operate any business that competes or Enterprise may compete with those operated by the Company; will not Management control any other enterprise that competes or may compete Partnership (Limited with the Company in terms of products or business; 3. If this Partnership)) Letter of Undertaking is proven to be untrue or not complied with the undertaker will indemnify the Company for any and all direct and indirect losses.During the The The undertaker does not provide loans or financial assistance in implement undertaking is Undertaking on equity Other other forms including providing guarantees for their loans for May 13 Sungrow action of the being fulfilled incentive undertaking incentive objects of the 2022 Restricted Stock Incentive Plan to 2022 Company's 2022 with no signs acquire restricted shares.Restricted Stock of breaching. 77Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Type of Date of Status of Origin of undertaking Undertaker Content Duration undertaking undertaking fulfillment Incentive Plan During the The The undertaker does not provide loans or financial assistance in implement undertaking is Undertaking on equity Other other forms including providing guarantees for their loans for December 6 action of the Sungrow being fulfilled incentive undertaking incentive objects of the 2023 Restricted Stock Incentive Plan to 2023 Company's 2023 with no signs acquire restricted shares. Restricted Stock of breaching.Incentive Plan During the The The undertaker does not provide loans or financial assistance in implement undertaking is Undertaking on equity Other other forms including providing guarantees for their loans for February 26 action of the Sungrow being fulfilled incentive undertaking incentive objects of the 2025 Restricted Stock Incentive Plan to 2025 Company's 2025 with no signs acquire restricted shares. Restricted Stock of breaching.Incentive Plan Undertaking is fulfilled Yes on time If the undertaking is expired and not fulfilled specify the Not Applicable detailed reasons for failure to fulfill and subsequent action plans 2. If there is a profit forecast on the Company's assets or projects and the forecast period contains the reporting period provide an explanation on whether assets or projects achieving the profit forecast and the reasons behind.□Applicable□ Not applicable 3.The Company involves performance commitments □Applicable □Not applicable Commitment Committed Amount Actual Completed Completion Commitment Background Committing Party Commitment Indicator Period (10K CNY) Amount (10K CNY) Rate 78Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) The Company's subsidiary Sungrow Renewables Development Co. Ltd. Net profit attributable to owners of Taihe signed relevant agreements Intelligent for 2025 (excluding the net Xu Dahong 2024-2026 2000 2439.91 122% on October 18 2024 to profit of Anhui Sungrow Youchu New acquire control of Hefei Energy Co. Ltd. acquired in 2025) Taihe Intelligent Technology Group Co. Ltd.Changes in performance commitments □ Applicable ? Not applicable Commitments made by the Company's shareholders or transaction counterparties regarding the annual operating performance of the Company or related assets ? Applicable □ Not applicable For details please see the table above.Completion of performance commitments and its impact on goodwill impairment testing As audited by RSM China (Special General Partnership) the net profit attributable to owners of Taihe Intelligent for 2025 was RMB 29.1278 million. After deducting the net profit of Anhui Sungrow Youchu New Energy Co. Ltd. acquired in 2025 the net profit attributable to owners for the year was RMB 24.3991 million thus achieving the performance commitment for 2025. 79II. Non-Operating Appropriation of Funds by Controlling Shareholders or Other Related Parties □Applicable□ Not applicable In the reporting period there was no non-operating appropriation of funds by controlling shareholders or other related parties.III. Illegal External Guarantees □Applicable□ Not applicable In the reporting period the Company made no illegal external guarantees.IV. The Board of Directors’ Statement on the Most Recent Non-Standard Audit Report □Applicable□ Not applicable V. Statement of the Board of Directors the Audit Committee and Independent Directors (if any) on the Non-Standard Audit Report Issued by the Accounting Firm in the Reporting Period □Applicable□ Not applicable VI. The Board of Directors’ Statement on the Changes in Accounting Policies and Accounting Estimates and the Corrections to Significant Accounting Errors in the Reporting Period □Applicable□ Not applicable VII. Changes in the Scope of Consolidated Statements as Compared to the Financial Reports of the Previous Year □Applicable □ Not applicable For details please refer to "IX. Changes in the Scope of Consolidation 1. Changes in the scope of consolidation due to other reasons" in "Section VIII Financial Reports" of this report.VIII. Engagement and Disengagement of Accounting Firms Accounting firm currently engaged Name of accounting firm in China RSM China (Special General Partnership) Compensation for accounting firm in China (CNY 10K) 245 Years of continuous auditing service provided by the accounting firm in China 19 Name of CPAs of the accounting firm in China Lu Xin Xu Yuan Pan Lili Years of continuous auditing service provided by the CPAs of the firm 1 year 1 year 4 years Whether to replace the accounting firm or not □Yes□ No Engagement of internal control auditing/accounting firms financial advisors or sponsors □Applicable □ Not applicable During the reporting period the Company engaged China International Capital Corporation Limited as its sponsor with a sponsorship fee of CNY 500000; engaged China International Capital Corporation Limited as its financial advisor with a financial advisory fee of CNY 80000; and engaged RSM China (Special General Partnership) as its internal control audit firm with an internal control audit fee of CNY 480000 million.IX. Statement on Delisting after the Disclosure of Annual Report □Applicable□ Not applicableSungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) X. Matters Related to Bankruptcy Reorganization □Applicable□ Not applicable No bankruptcy reorganization related matters happened to the Company in the reporting period.XI. Major Litigations and Arbitrations 1. Significant litigations and arbitrations □Applicable□ Not applicable No significant litigation or arbitration matters occurred during the reporting period. 2. Other litigations and arbitrations □Applicable□ Not applicable During the reporting period the total amount involved in other litigation and arbitration cases that did not meet the disclosure threshold for significant litigation or arbitration was CNY 207.16 million (of which the total amount involved in cases where the Company acted as the plaintiff/applicant was CNY 179.52 million and the total amount involved in cases where the Company acted as the defendant/respondent was CNY 27.64 million). As of the end of the reporting period the total amount involved in the aforementioned cases that remained unresolved was CNY 159.12 million. These litigation and arbitration matters are not expected to have a material adverse impact on the Company’s financial condition or ability to continue as a going concern.XII. Punishments and Rectification □Applicable□ Not applicable The Company was subject to no significant punishment or rectification in the reporting period.XIII. Integrity of the Company its Controlling Shareholder and Actual Controller □Applicable□ Not applicable XIV. Significant Related-Party Transactions 1. Related-party transactions involving daily operations □Applicable □ Not applicable 81Amount of In Pricing related-part percentage Transaction Exceeding Market price Settlement Type of Content of principles Transaction y of the limit the available for Date of Index of Related-party Relation of transaction transaction for price transaction amount of approved (in approved similar disclosure disclosure transaction transactions (in CNY similar CNY 10K) limit Y/N transactions 10K) transactions Hefei Renchuang Phase II Equity Partnership (Limited Purchas Partnership) is the es of Racks controlling 5710.79 11.04% 17120 NoGoods/S electricity shareholder of ervices EnerTrack and Mr.Cao Renxian Chairman of Sungrow holds 99.9975% of the equity in Hefei Lease to Premises WireMarket Market Announcement EnerTrack Renchuang Phase II related-p Buildings transfers Not Aprilprice-base price-base 158.97 13.14% 260.5 No 2025-030 on Technology Equity Partnership arty etc. bank Applicable 25 2025d d Apr. 25 2025 Co. Ltd. (Limited transfers (EnerTrack) Partnership) as a limited partner.Based on the principle of prudence the Processing Company reviewed Sell to technical and disclosed related-p services 277.36 0.84% 800 No transactions with arty finished EnerTrack as goods etc.related-party transactions.Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Purchas Intelligent es of cleaning 409.72 0.99% 50 Yes Goods/S robots Hefei Renchuang ervices Investment Management Center (Limited Partnership) is the largest shareholder of Sunpure and Mr.Cao Renxian Chairman of Sunpure Lease to Premises Sungrow holds Intelligent related-p Buildings Market Market 10.71 0.88% 12 No Wire Announcement 98.6562% of the arty etc. transfers Not AprilTechnology price-base price-base 2025-030 on equity in Hefei bank Applicable 25 2025 Co. Ltd. d d Apr. 25 2025 Renchuang as a transfers (Sunpure) limited partner.Based on the principle of prudence the Company reviewed and disclosed transactions with Processing Sunpure as technical Sell to related-party services related-p 701.15 31.30% 1960 No raw arty materials etc. 83Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Hefei Renchuang Phase II Equity Partnership (Limited Balcony Partnership) is the Purchas controlling es of PV 151.65 0.80% 135 Yes shareholder of Goods/S equipment Guangxian and ervices Mr. Cao Renxian Chairman of Sungrow holds 99.9975% of the Nanjing Wire equity in Hefei Market Market Announcement Guangxian transfers Not April Renchuang Phase II price-base price-base 2025-030 on Technology bank Applicable 25 2025 Equity Partnership d d Apr. 25 2025 Co. Ltd. transfers (Limited (Guangxian) Partnership) as a limited partner. Lease to Premises Based on the related-p Buildings 108.30 8.95% 140.2 No principle of arty etc.prudence the Company reviewed and disclosed transactions with Guangxian as Sell to Technical related-party related-p services 139.49 0.00% 200 No transactions. arty etc. 84Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Hefei Renchuang Purchas Phase II Equity es of Technical 99.82 2.55% 50 Yes Partnership Goods/S services (Limited ervices Partnership) is the controlling shareholder of Bluesight and Mr.Cao Renxian Chairman of Jian’ai Sungrow holds Digital 99.9975% of the Intelligence Wire equity in Hefei Market Market Announcement (Hangzhou) Lease to Premises transfers Not AprilRenchuang Phase II price-base price-base 2025-030 on Technology bank Applicable 25 2025 Equity Partnership related-p Buildings d d 16.57 1.37% 17 No Apr. 25 2025 Co. Ltd. arty etc. transfers(Limited (Jian’ai Partnership) as a Digital) limited partner.Based on the principle of prudence the Company reviewed and disclosed transactions with Jian’ai Digital as related-party Sell to Technical transactions. related-p 7.27 1.91% 30 Noservices arty 85Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) During the reporting period Hefei Renrui Purchas Enterprise es of Technical Management 101.49 0.77% 200 NoGoods/S services Partnership ervices (Limited Partnership) is the controlling shareholder of Tanrui and Mr.Hefei Cao Renxian the Wire Tanrui Market Market Announcement chairman of the transfers Not April Technology price-base price-base 2025-030 on Company holds bank Applicable 25 2025 Co. Ltd. d d Apr. 25 2025 99.9980% transfers (Tanrui) shareholding in Hefei Renrui as a limited partner.Based on the principle of prudence the Company reviewed Sell to and disclosed Technicalrelated-p 10.12 4.90% 50 No transactions with servicesarty Tanrui as related-party transactions. 86Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Hefei Renchuang Phase II Equity Purchas Liquid-cool Partnership es of ed 531.72 1.58% 2000 No (Limited Goods/S temperature Partnership) is the ervices control units controlling shareholder of Lingent and Mr.Cao Renxian Chairman of Sungrow holds 99.9975% of the Lease to Premises Wire Hefei equity in Hefei related-p Buildings Market Market 360.00 29.75% 530 No Announcement transfers Not April Lingent Renchuang Phase II arty etc. price-base price-base 2025-030 on bank Applicable 25 2025 Technology Equity Partnership d d Apr. 25 2025 transfers Co. Ltd. (Limited (Lingent) Partnership) as a limited partner.Based on the principle of prudence the Company reviewed and disclosed Sell to Technical transactions with related-p services 95.62 5.36% 140 No Lingent as arty etc.related-party transactions. 87Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Test power supplies Purchas Hefei Renchuang equipmentes of Phase II Equity maintenance 3943.61 26.02% 8625 NoGoods/S Partnership services andervices (Limited technical Partnership) is the services controlling shareholder of Bluesight and Mr.Cao Renxian Chairman of Sungrow holds 99.9975% of the Lease to Premises equity in Hefei related-p Buildings 292.35 24.16% 646 No Wire Hefei Renchuang Phase arty etc. Market Market Announcementtransfers Not April Bluesight II Equity price-base price-base 2025-030 on bank Applicable 25 2025 Power Co. Partnership d d Apr. 25 2025 transfers Ltd. (Limited (Bluesight) Partnership) as a limited partner.Based on the principle of prudence the Company reviewed and Processing disclosed technical transactions with Sell to services Blugesight as related-p 176.98 3.19% 1450 Noraw related-party arty materials transactions. etc. 88Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Total -- -- 13303.69 -- 34415.7 -- -- -- -- -- Details of large sales returns Not Applicable Actual performance of daily related-party transactions in the During the reporting period the related-party transactions between the Company and the aforementioned related parties were in reporting period (if any) for which the total amount is line with the actual needs of the Company's production operation and business development and the actual transaction estimated by category amounts were within the total limits reviewed and approved by the Board of Directors.Reasons for significant differences between transaction Not Applicable prices and market prices (if applicable) 2. Related-party transactions arising from the acquisition or sale of assets or equity □Applicable□ Not applicable The Company did not make significant related-party transactions arising from the acquisition or sale of assets or equity in the reporting period. 3. Related-party transactions of joint outbound investment □Applicable□ Not applicable The Company did not make significant related-party transactions arising from the joint outbound investment. 4. Related credits and liabilities □Applicable□ Not applicable There were no significant related credits and liabilities in the reporting period. 5. Transactions with related financial companies □Applicable□ Not applicable There was no saving loan credit or other financial business between the Company and related financial companies or related parties. 896. Transactions between financial companies controlled by the Company and related parties □Applicable□ Not applicable There was no saving loan credit or other financial business between financial companies controlled by the Company and related parties. 7. Other significant related-party transactions □Applicable□ Not applicable There were no other significant related-party transactions in the reporting period.XV. Major Contracts and the Contract Performance 1. Trusteeship contracting and leasing (1) Trusteeship □Applicable□ Not applicable There was no significant trusteeship in the reporting period. (2) Contracting □Applicable□ Not applicable There was no significant contracting in the reporting period. (3) Leases □Applicable□ Not applicable There was no significant leasing in the reporting period. 2. Major guarantees □Applicable □ Not applicable(in 10K CNY) Non-related Party Guarantees of the Company and its Subsidiaries (Excl. Guarantees for Subsidiaries) Date of Actual Date Actual Guarantee Disclosing Amount Type of Collateral Counter-Guarantee Guarantee Fulfilled Guarantee of Amount of for Related the Amount Guaranteed Guarantee (if any) (if any) Period Y/N Guarantee Guarantee Party Y/N Guaranteed The distributors of the Company's residential PV power generation equipment provide the Company with an equivalent Users of the Company's amount of deposit residential PV products and From the date of owners of industrial and Jan. 26 counter-guarantee loan origination Jan. 26 2018 80478.17 25992.78 No No commercial distributed 2018 in the same form; to the date of projects (loan application the industrial and loan pay off from collaborating banks) commercial financiers and their actual controllers provide the Company with an equivalent amount of counter-guarantee.The distributors of residential PV power generation From the equipment provide disbursement Residential PV users Aug. 6 Aug. 5 2021 50000 10741.36 Sungrow date of the loan No No eligible for financing 2021 Renewables with to the date of an equivalent repayment amount of counter-guarantee.Channel customers of Apr. 25 The guarantee From the date of 3000 industrial and commercial 2025 recipients provide approval by theSungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) distributed projects and counter-guarantees Company's 2024 charging station projects of the same Annual amount to Shareholders' Sungrow Meeting until Renewables by the date the entering into corresponding counter-guarantee financing agreements. contract loans Sungrow are fully repaid.Renewables requires that the counter-guarantor have actual performance capability.The Company’s Guarantee for Subsidiaries Date of Actual Date Actual Guarantee Disclosing Amount Type of Collateral Counter-Guarantee Guarantee Fulfilled Guarantee of Amount of for Related the Amount Guaranteed Guarantee (if any) (if any) Period Y/N Guarantee Guarantee Party Y/N Guaranteed Feb. 17 No later than 61736.75 Yes No 2022 Dec. 31 2025 Apr. 27 Sungrow USACorporation 54229.36 2021 No later than Dec. 4 2021 54229.36 December 31 No No 2026 Aug. 2 No more than 12042.18 No No Apr. 27 2021 10 years Sungrow power UK limited 40075.15 2021 Nov. 15 No more than 28032.97 No No 2021 10 years Aug. 10 No later than 79487.91 No No 2022 Dec. 31 2027 Apr. 20 Oct. 19 No later than Sungrow USACorporation 15052.4 No No 2022 315493.6 2022 July 13 2028 No later than Mar. 3 2023 88074.93 No No Aug. 16 2028 Apr. 3 2023 75757.11 No later than No No 92Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) May 22 2027 No later than May 9 2023 114242.49 No No Apr. 1 2029 July 14 No more than 8517.92 No No Sungrow Power UK limited Apr. 20 2022 10 years 28860.28 2022 Apr. 26 No more than 20342.36 No No 2023 10 years When obligations are SUNGROWDO BRASIL fulfilled or five REPRESENTACAO years from the COMERCIAL Apr. 20 Sept. 29 date of 1454.83 1454.83 No No INSTALACAO E 2022 2022 execution of the MANUTENCAO DE letter of EQUIPAMENTOS LTDA guarantee (whichever comes first) May 29 No later than 89932.84 No No 2023 Mar. 18 2029 June 28 No later than 16107.67 No No 2023 June 15 2029 July 27 No later than 2316.11 No No 2023 Dec. 31 2026 Nov. 2 No later than 9600.97 No No 2023 Dec. 31 2026 No later than Apr. 25 Jan. 8 2024 5690.68 No No Sungrow USACorporation 269902.45 Feb. 28 2030 2023 No later than Jan. 8 2024 5107.59 No No Feb. 8 2030 Jan. 23 No later than 8633.57 No No 2024 Dec. 31 2026 Feb. 06 No later than 64502.97 No No 2024 Oct. 24 2030 Feb. 26 No later than 5372.76 No No 2024 Feb. 28 2030 Mar. 27 46529.62 No later than No No 93Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 2024 Jan. 21 2030 Nov. 27 No more than 18062.80 No No 2023 10 years Apr. 25 Jan. 19 No more than 5 Sungrow Power UK limited 68411.98 23377.98 No No 2023 2024 years No more than 5 Feb. 7 2024 26971.2 No No years SUNGROWDO BRASIL REPRESENTACAO COMERCIAL Apr. 25 Dec. 20 No more than 5 7573.22 7573.22 No No INSTALACAO E 2023 2023 years MANUTENCAO DE EQUIPAMENTOS LTDA Sungrow Energy Storage Apr. 25 No more than 3 300000 No No Technology Co. Ltd. 2023 years Apr. 25 No more than 3 Sungrow FPV 20000 June 3 2024 5000 No No 2023 years Apr. 25 No more than 3 Sungrow Electric Power 40000 No No 2023 years Dec. 28 No more than 4 Sungrow Electric Power Dec. 7 2023 12000 12000 No No 2023 years Hefei Zero Carbon Dec. 15 No more than Dec. 7 2023 80000 80000 No No Technology Co. Ltd. 2023 15 years July 22 No later than 8449.25 No No 2024 May 1 2031 July 19 No more than 3 14227.2 No No 2024 years No later than Sept. 10 Apr. 22 80247.95 January 11 No No Sungrow USACorporation 189944.88 2024 20242030. From the date of the Letter of guarantee to Oct. 9 2024 9722.17 No No Feb. 1 2031 and Mar. 3 2031 respectively. 94Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) From the date of the Letter of guarantee to Dec. 23 77298.31 Jan. 5 2031 No No 2024 Oct. 9 2030 and Sept. 24 2029 respectively.Apr. 22 No more than 5 Sungrow Japan K.K 1139.06 June 4 2024 1139.06 No No 2024 years SUNGROW (INDIA) Apr. 22 Sept. 10 No more than 3 3556.8 3556.8 No No PRIVATE LIMITED 2024 2024 years Sept. 10 No more than 3 21340.8 No No 2024 years No later than Jan. 24 699.82 January 24 No No 2025 2030. Feb. 20 No later than 59974.56 No No 2025 October 1 2041. No more than Feb. 25 10 years from 5623.79 No No 2025 the date of project takeover.Apr. 22 From the date of Sungrow Power UK limited 146113.62 2024 signing of the letter of Mar. 12 guarantee to 15 5506.02 No No 2025 years after the completion of site acceptance testing.No more than Mar.17 10 years from 23009.12 No No 2025 the date of project takeover.Apr. 14 5 years from the 29959.51 No No 2025 date of signing 95Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) of the letter of guarantee.Sept. 10 No more than 3 3556.8 No No 2024 years Apr. 22 Sungrow Iberica S.A. 19478.92 From the date of 2024 Oct. 30 the letter of 15922.12 No No 2024 guarantee to 5 years Sept. 10 No more than 3 14227.2 No No 2024 years Oct. 30 No more than 30679.06 No No 2024 10 years No more than 15 years from the date of Jan. 7 2025 521.93 issuance of the No No provisional acceptance Sungrow Deutschland Apr. 22 88379.34 certificate. GmbH 2024 From the date of signing of the guarantee to July 30 2027 or the date on Mar. 10 42951.15 which the No No 2025 contractual obligations are fulfilled whichever is earlier Apr. 22 Sept. 18 No more than Sungrow Benelux B.V. 66776.04 66776.04 No No 2024 2024 10 years Sungrow Energy Storage Apr. 22 Dec. 25 No more than 5 608340.17 608340.17 No No Technology Co. Ltd. 2024 2024 years Apr. 22 No more than 5 Sungrow FPV 19000 No No 2024 years 96Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Sungrow Smart Apr. 22 No more than 5 10000 No No Maintenance 2024 years Jiangsu Yuyi Yangxuan Oct. 14 No more than 5 Energy Technology Co. 100000 100000 No No 2024 years Ltd.SUNGROW POWER No later than Oct. 14 Jan. 20 (HONG KONG) CO. 14144.6 14144.6 January 20 No No 20242025 LIMITED 2026.Oct. 24 No later than 3134.86 No No 2025 Aug. 31 2028 SUNGROWUSA Apr. 25 Oct. 24 No later than 340000 3301.51 No No CORPORATION 2025 2025 Aug. 31 2028 Oct. 24 No later than 8938.44 No No 2025 Aug. 31 2028 SUNGROWDO BRASIL REPRESENTACAO COMERCIAL Apr.25 2025 10000 No No INSTALACAO E MANUTENCAO DE EQUIPAMENTOS LTDA 10 years from the date of SUNGROWAUSTRALIA Nov. 5 Apr.25 2025 55000 35199.08 signing of the No No GROUP PTY LTD 2025 letter of guarantee.Sungrow Japan KK Apr.25 2025 20000 No No SUNGROW (INDIA) Sept. 3 No later than Apr.25 2025 6000 3554.45 No No PRIVATE LIMITED 2025 Aug. 6 2026 Sept. 18 No later than 9834.5 No No SUNGROW POWER UK 2025 Oct. 1 2041 Apr.25 2025 300000 LIMITED Sept. 18 No later than 274914.5 No No 2025 Feb. 9 2040 SUNGROW IBERICA S.A. Apr.25 2025 5000 No No 5 years from the Sungrow Deutschland Oct. 27 Apr.25 2025 20000 4095.33 date of signing No No GmbH 2025 of the letter of 97Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) guarantee.Sungrow Benelux B.V. Apr.25 2025 10000 No No SUNGROW ISRAEL LTD Apr.25 2025 10000 No No SUNGROW SOUTHERN Apr.25 2025 20000 No No AFRICA SUNGROWMIDDLE Nov. 26 No later than Apr.25 2025 80000 37385.79 No No EAST DMCC 2025 Sept. 30 2033 SUNGROW POLSKA SPó?KA Z Apr.25 2025 10000 No No OGRANICZON? ODPOWIEDZIALNO?CI? Sungrow Hellas Single Apr.25 2025 12000 No No Member LLC Sungrow Power (Hong Apr.25 2025 70000 No No Kong) Co. Limited SUNGROW POWER Apr.25 2025 10000 No No SUPPLY SpA Aug. 6 SUNGROW ITALY S.R.L. Apr.25 2025 22000 20982.86 No No 2025 Subsidiary's Guarantee for Subsidiaries Date of Actual Date Actual Guarantee Disclosing Amount Type of Collateral Counter-Guarantee Guarantee Fulfilled Guarantee of Amount of for Related the Amount Guaranteed Guarantee (if any) (if any) Period Y/N Guarantee Guarantee Party Y/N Guaranteed SUNGROWDO BRASIL REPRE SENTACAO COMERCIAL Mar. 30 No more than 7 Apr. 1 2021 8449.79 8449.79 No No INSTALACAO E 2021 years MANUTENCAO DE EQUIPAMENTOS LTDA No more than 5 Sungrow Iberica S.A Dec 4 2021 3309.16 Dec. 2 2021 3309.16 No No years July 01 No more than 5 Sungrow Iberica S.A July 1 2022 26459.68 26459.68 No No 2022 years Sept. 22 Sept. 22 No more than 5 Sungrow Iberica S.A 16264.11 16264.11 No No 2023 2023 years 98Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Oct. 11 Sept. 30 No more than 5 Sungrow Iberica S.A 10085.51 10085.51 No No 2023 2023 years Dec. 14 No more than 5 SUNGROW ITALY S.R.L. 1600.2 Dec. 8 2023 1600.2 No No 2023 years SUNGROW Dec. 29 Dec. 22 No more than 5 1559.42 1559.42 No No DEUTSCHLAND GMBH 2023 2023 years Dec. 14 Dec. 12 No more than 5 Sungrow Benelux B.V. 141092.22 141092.22 No No 2023 2023 years Sungrow Power Supply SpA SUNGROW POWER Feb. 23 No more than 118905.42 Feb. 8 2024 118905.42 No No (HONG KONG) CO. 2024 15 years LIMITED From the date of Mar. 18 Mar. 15 the letter of Sungrow USACorporation 160264.8 160264.8 No No 2024 2024 guarantee to Jan. 1 2030 From the date of July 03 July 03 the letter of Sungrow USACorporation 34757.58 34757.58 No No 2024 2024 guarantee to Mar. 7 2030 SUNGROW POLSKA From the date of SPó?KAZ Sept. 6 the letter of Sept. 6 2024 13118.78 13118.78 No No OGRANICZON? 2024 guarantee to ODPOWIEDZIALNO?CI? Jan. 31 2030 Sungrow Deutschland Oct. 23 Oct. 23 No more than 5 1851.86 1851.86 No No GmbH 2024 2024 years From the date of signing of the letter of Sungrow Power Supply guarantee to SpA SUNGROW POWER Oct. 28 Oct. 28 17 years after 83748.72 83748.72 No No (HONG KONG) CO. 2024 2024 the LIMITED commencement date of the service agreement (after 99Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) the products are delivered to the customer and pass the test).Sungrow Deutschland Nov. 28 Nov. 28 No more than 5 10459.63 10459.63 No No GmbH 2024 2024 years No more than 4 Sungrow Japan K.K. Dec. 9 2024 13023.72 Dec. 9 2024 13023.72 No No years From the date of Dec. 27 the letter of Sungrow USACorporation 22210.14 22210.14 No No 2024 guarantee to May 30 2031 From the date of signing of the letter of guarantee to 17 Mar. 31 years after the Sungrow Benelux B.V. 30026.75 30026.75 No No 2025 date of issuance of the provisional acceptance certificate.No later than SUNGROW JAPAN K.K 922.02 June 5 2025 922.02 No No May 21 2030.Sungrow Power Supply SpA、SUNGROW POWER May 29 No later than 72048.88 72048.88 No No (HONG KONG) CO. 2025 May 29 2040.LIMITED Sungrow Australia Group No later than 7439.11 June 4 2025 7439.11 No No Pty Ltd June 4 2030.July 15 No later than Sungrow USACorporation 2994.98 2994.98 No No 2025 June 2 2031. 5 years from the Sungrow Deutschland July 17 date of signing 16666.57 16666.57 No No GmbH 2025 of the letter of guarantee. 100Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) From the date of issuance of the parent company July 21 guarantee to the Sungrow Power UK limited 12209.01 12209.01 No No 2025 date of issuance of the project takeover certificate.Aug. 28 No later than Sungrow USACorporation 3160.98 3160.98 No No 2025 July 24 2031. No later than Sept. 5 Sungrow Power UK limited 12126.41 12126.41 September 27 No No 2025 2039. No later than Sept. 5 Sungrow Power UK limited 866.17 866.17 September 27 No No 2025 2045. The date of loan Sungrow Hellas Single Sept. 24 3670.58 3670.58 settlement or No No Member LLC 2025 March 2 2029.No later than Sungrow Deutschland Oct. 27 10098.79 10098.79 October 27 No No GmbH 2025 2031. Nov. 5 No later than Sungrow USACorporation 194745.2 194745.2 No No 2025 June 4 2027. 10 years from the date of SUNGROWAUSTRALIA Nov. 6 4620.1 4620.1 signing of the No No GROUP PTY LTD 2025 letter of guarantee.From the date of signing of the Nov. 26 letter of Sungrow USACorporation 3510.1 3510.1 No No 2025 guarantee to October 31 2031. Sungrow USACorporation 189077.66 Dec. 9 2025 189077.66 From the date of No No 101Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) signing of the letter of guarantee to May 24 2027.From the date of signing of the Sungrow Canada Dec. 16 letter of 100220.25 100220.25 No No Corporation 2025 guarantee to January 20 2032. From the date of signing of the Sungrow Canada Dec. 16 letter of 61195.94 61195.94 No No Corporation 2025 guarantee to January 20 2032. The period Party A assumes the liability shall be 3 years from the Oct. 25 2706.47 expiration of the No No 2024 performance of the debt under the specific operation.SUNGROW RENEW Nov. 18 No later than June 6 2024 36366.78 1263.27 No No ABLE ENERGY 2024 July 1 2028 INVESTMENT PTE. LTD Nov. 19 No later than 1263.27 No No 2024 July 1 2028 From the date of the main debt contract to 1 Nov. 19 3600 year after the No No 2024 debt maturity under the main contract 102Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) No later than Dec. 3 2024 604.76 No No July 1 2028 No specific Dec. 16 expiration date 4500 No No 2024 continuous guarantee Dec. 19 No more than 7 787.5 No No 2024 years 7 years from the Jan. 14 10800 date of signing Yes No 2025 of the guarantee The guarantee period for Party A shall be three years from the Jan. 24 expiration date 2142.10 Yes No 2025 of the debt performance period under this specific business.From the date of signing of the principal debt contract to the Mar. 20 expiration date 14400 Yes No 2025 of the debt performance period under the principal contract.No specific Mar. 27 expiration date; 7200 No No 2025 continuous guarantee.Apr. 3 2025 10000 No later than Yes No 103Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) July 1 2028.Apr. 29 No later than 13000 Yes No 2025 July 1 2028. The guarantee period shall be three years from the expiration May 19 date of the debt 1485.49 No No 2025 performance period of the debtor under the principal contract.No specific May 16 expiration date; 14400 Yes No 2025 continuous guarantee.From the date of signing of the principal debt contract to the May 16 expiration date 3500 Yes No 2025 of the debt performance period under the principal contract. 7 years from the May 26 7700 date of signing No No 2025 of the guarantee.From the date of signing of the May 16 principal debt 12300 No No 2025 contract to the expiration date of the debt 104Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) performance period under the principal contract.Sungrow Power Australia Feb. 26 No later than June 6 2024 6.14 6.14 No No Pty Ltd 2025 Dec. 16 2031 Sungrow Renewable May 27 No later than June 6 2024 960 960 No No Energy Spain S.L. 2025 Apr. 29 2033 Three years from the date of termination of Apr. 7 2025 61.79 No No the debt determination period Apr. 4 2025 Three years from the date of termination of 182.61 No No the debt determination period Sungrow Power Chile SPA June 6 2024 727.47 Apr. 4 2025 Three years from the date of termination of 217.79 No No the debt determination period Apr. 4 2025 Three years from the date of termination of 53.69 No No the debt determination period Three years May 16 9.94 from the date of No No 2025 termination of 105Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) the debt determination period Three years from the date of May 16 termination of 8.24 No No 2025 the debt determination period Jan. 30 No later than 193.41 No No 2025 Jan. 30 2026 July 30 No later than 7065.6 Yes No 2024 July 11 2025 Nov. 07 No later than Anhui Sungrow Light 2901.54 Yes No2024 Nov. 5 2025 Energy Technology Co. June 6 2024 0 Ltd. Mar. 18 No later than2170.96 Yes No 2025 Jan.20 2026 May No later than 1642.5 Yes No 282025 Apr. 20 2026 Terminates upon Sungrow Renewable’s May 20 the expiration of Other subsidiaries within June 6 2024 25700 25700 No No 2025 the letter of the scope of consolidation guarantee June 25 No later than 15000 No No 2025 June 12 2030. June 26 No later than 10000 Yes No 2025 July 1 2028. The guarantee Sungrow Renewable period shall be Energy Investment Pte. Ltd. June 3 2025 400000 three years from the expiration July 30 3542.63 date of the debt No No 2025 performance period of the debtor under the principal 106Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) contract.Aug. 21 No later than 14260 No No 2025 May 21 2026. No later than Sept.22 12127.12 December 22 No No 2025 2025. Sept. 25 No later than 8784.70 No No 2025 July 3 2026. Nov. 14 No later than 1520.53 No No 2025 July 3 2026. No later than Nov. 4 7100 November 10 No No 2025 2026. Sungrow Power (Vietnam) June 3 2025 40000 No No Company Limited Sungrow Renewables June 3 2025 30000 No No Colombia S.A.S.Cao Nguyen 1 Wind Power Development Investment June 3 2025 60000 No No JSC No later than July 15 557.03 December 16 No No Sungrow Power Australia 2025 June 3 2025 25000 2031.Pty Ltd No later than July 18 812.33 December 16 No No 2025 2031. No later than Nov. 13 Sungrow Qurylys LLP June 3 2025 25000 2100 February 11 No No 2025 2026. Upon full settlement of debt / expiration Sungrow Renewable June 3 2025 60000 June 2 2025 2399.04 of guarantee / No No Energy Spain S.L.payment reaching the maximum 107Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) liability limit.Aug. 6 No fixed 501.43 No No 2025 expiration date. Aug. 6 No fixed 1002.86 No No 2025 expiration date. No later than Dec. 8 2025 334.13 November 30 No No 2026. Aug. 1 No later than 6.14 No No 2025 March 31 2026. Sept. 3 No later than 9.06 No No 2025 June 30 2026. Sept. 3 No later than 3.38 No No 2025 May 31 2026. Sungrow Power Chile SPA June 3 2025 60000 No later thanOct. 3 2025 1.07 No No May 31 2026.No later than Oct. 21 0.33 December 31 No No 2025 2026. No later than Nov. 13 42.98 December 31 No No 2025 2027. Sungrow Renewables RO June 3 2025 2000 No No S.R.L.Sungrow Renewables June 3 2025 2000 No No (Thailand) Co. Ltd.Argest LLP June 3 2025 50000 No No Beta Wind LLP June 3 2025 50000 No No July 25 No later than 2830.73 No No 2025 April 20 2026. No later than Anhui Sungrow Light July 30 1619.67 January 20 No No Energy Technology Co. June 3 2025 150000 2025 2026. Ltd.No later than Sept. 9 2572.51 August 13 No No 2025 2026. 108Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) No later than Sept. 25 2700 August 13 No No 2025 2026. Sept. 24 No later than 2665.17 No No 2025 April 20 2026. Sept. 26 No later than 900 No No 2025 April 20 2026. No later than Oct. 28 5389.17 August 13 No No 2025 2026. No later than Oct. 15 2700 September 4 No No 2025 2026. No later than Nov. 21 5905.23 September 29 No No 2025 2026. No later than Nov. 25 913.5 August 13 No No 2025 2026. No later than Nov. 5 2175.68 September 4 No No 2025 2026. No later than Dec. 11 3595.67 August 13 No No 2025 2026. No later than Dec. 26 2368.01 September 4 No No 2025 2026. Terminates upon Subsidiaries within the the expiration of consolidated scope of June 3 2025 300000 51913.40 No No the letter of Sungrow Renewables guarantee.May 6 2025 3.88 March 29 2026. No No Hefei Zheng Yuan Intelligent Packaging June 3 2025 1000 January 17Aug. 22 Technology Co. Ltd. 199.08 2026 and No No2025 January 30 109Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 2026. Dec. 26 December 31 55.69 No No 20252027. Dec. 26 December 31 41.11 No No 20252027. Hefei Taihe Zhuohai Intelligent Technology Co. June 3 2025 1000 No No Ltd.Anhui Sungrow Youchu June 3 2025 10000 No No New Energy Co. Ltd. 3. Cash Assets Management Entrusted to Others (1) Entrusted financial management □Applicable □ Not applicable Overview of entrusted financial management in the reporting period 110(in 10K CNY) Balance of Entrusted Wealth Management Overdue and Product Category Risk Profile During the Reporting Period Unrecovered Amount Bank Wealth Management Low risk 1031815.26 Products Securities Dealer Wealth Low risk 16200.00 Management Products Specific circumstances of the Company as a single principal entrusts financial institutions with asset management or investing in high-risk entrusted wealth management products with low security and poor liquidity □Applicable□ Not applicable (2) Entrusted loans □Applicable□ Not applicable There were no entrusted loans in the reporting period. 4. Other major contracts □Applicable□ Not applicable There were no other major contracts in the reporting period.XVI. Use of raised funds □Applicable □ Not applicable (1) General situation of the use of raised funds □Applicable □ Not applicable(in 10K CNY) Total Proportion of Amount of amount of Percentage of raised funds Cumulative raised Total amount Cumulative raised funds cumulative Date of Net amount of utilized at the amount of Total funds Purpose and funds that Year of Fund-raising Total raised of raised amount of with amount of listing of raised funds end of the raised funds raised but whereabouts of have been fund-raising mode funds funds used in raised funds changed raised funds securities (1) reporting with changed not used unused raised funds idle for this period used (2) use in the with changed period use more than reporting use (3)= (2)/(1) two years period Non-public October 2021 363758.52 362314.61 51297.41 376821.4 104.00% 0 0 0.00% 0 Not applicable 0 offering 22 2021 Total -- -- 363758.52 362314.61 51297.41 376821.4 104.00% 0 0 0.00% 0 -- 0 Description of the general use of raised funds 1. Before the above-mentioned raised funds were in place the Company had accumulatively invested CNY 243 million in fund-raising projects with self-raised funds as of October 11 2021. At the 12th meeting of the Fourth Board of Directors the Proposal on Replacing Self-Raised Funds Previously Used in Fund-Raising Projects was reviewed and approved which agreed that the Company should replace CNY 243 million of self-raised funds previously used in fund-raising projects with the raised funds. RSM China (Special General Partnership) verified the advanced investment in the above-mentioned fundraising projects and issued the Assurance Report on the Advance Input in Fund-Raising Projects made by Sungrow Power Supply Co. Ltd. with Self-Raised Funds (RSM [2021] No. 230Z2674) on October 12 2021. 2. On October 21 2021 Company held the 12th meeting of the Fourth Board of Directors and the 11th meeting of the Fourth Board of Supervisors at which the Proposal on Paying the Fund-Raising Investment Projects with Bank Acceptances and Replacing Them Equally with Raised Funds was reviewed and approved. It was agreed that during the implementation of the fund-raising investment project the Company could use bank acceptances for payments involved in the project and regularly transfer the same amount from the special account of raised funds to the Company's general settlement account. The Board of Supervisors independent directors and sponsors expressed their consent. The Company had accumulatively made investment project-related payments with CNY 538.22 million of bank acceptances and the same amount had been replaced with raised funds. (2) Projects committed of raised funds □Applicable □ Not applicable (in 10K CNY) Investment Changes in Total Total Amount Cumulative Investment Date of Cumulative Benefit Substantial Financing Date of projects projects investment investment invested in amount of progress by projects benefit Expected Nature of the realized in changes in Project listing of committed and (including amount after the investment the end of reaching realized by benefits project the reporting the project Name securities target of partial committed adjustment reporting by the end of the period scheduled the end of achieved period feasibility over-raised changes) by raised (1) period the period (3)=(2)/(1) availability the reportingSungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) funds funds (2) period Committed investment projects The New Energy Power Generation Equipment Production Manufacturing and No 241787 240343.09 26174.34 227507.4 Base Project construction 2021 October with an annual June 30 non-public 22 2021 output of 100 105.11% 186700.48 435527.34 Yes No 2025 offering GW Supplement Working Working Capital with capital No 25123.07 25123.07 the Surlpus of replenishment Raised Fund The R&D 2021 Innovation October Mar. 31 Not Not Not non-public Center R&D Projects No 63970 63970 65512.03 102.41% No 22 2021 2024 applicable applicable applicable offering Expansion Project The Global Marketing Service Operations No 49835 49835 41802.29 System management 2021 Contruction October 101.36% Mar. 31 Not Not Not non-public Project No 22 2021 2023 applicable applicable applicable offering Supplement Working Working Capital with capital No - - - 8710.09 the Surlpus of replenishment Raised Fund 2021 October Supplement Working No 8166.52 8166.52 8166.52 100.00% Not Not Not No 113Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) non-public 22 2021 Working capital applicable applicable applicable offering Capital Project replenishment Subtotal of committed investment projects -- 363758.52 362314.61 51297.41 376821.4 -- -- -- -- Use of over-raised funds 0 0 0 0 Total -- 363758.52 362314.61 51297.41 376821.4 -- -- -- -- Description of projects behind planned schedule or failing to gain expected returns and the reasons Not Applicable (including those identified as “Not Applicable” in thecolumn “ Achieved theexpected benefits”) Description of material changes in project Not Applicable feasibility Amount purpose and progress of use of Not Applicable over-raised funds Existence of unauthorized changes in the use of raised funds or illegal Not Applicable misappropriation of raised funds.Changes in implementation locations Not Applicable of projects invested with raised funds 114Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Changes in implementation modes of Not Applicable projects invested with raised funds Applicable Preliminary investment As of October 11 2021 the Company had invested CNY 243.14 million in fund-raising projects with self-raised funds of which CNY 143.83 million was for the and replacement in new energy power generation equipment manufacturing base with an annual output of 100 GW CNY 94.74 million for the expansion of R&D Innovation Center projects invested with and CNY 4.57 million for the global marketing service system project. At the 12th meeting of the Fourth Board of Directors the Proposal on Replacing Self-Raised raised funds Funds Previously Used in Fund-Raising Projects was reviewed and approved which agreed that the Company should replace CNY 243.14 million of self-raised funds previously used in fund-raising projects with the raised funds. RSM China (Special General Partnership) verified the advanced investment in the above-mentioned fundraising projects and issued the Assurance Report on the Advance Input in Fund-Raising Projects made by Sungrow Power Supply Co. Ltd.with Self-Raised Funds (RSM [2021] No. 230Z2674) on October 12 2021.Description of temporarily replenishing Not Applicable working capital with idle raised funds Applicable There was a surplus in the funds raised for the "Global Marketing Service System Project" and "New Energy Power Generation Equipment Manufacturing Base with an Annual Output of 100 GW Project". It was mainly because the Company strictly followed relevant regulations on managing raised funds during project Amount of surplus raised implementation strengthened project cost control supervision and management while ensuring the overall goals and quality of the fundraising project in the fund in project context of actual market situation and reduced project spending thus saving the actual investment amount of the fundraising project.implementation and On December 6 2023 the Company held the 5th meeting of the Fifth Board of Directors and the 14th meeting of the Fifth Board of Supervisors at which the reasons behind Proposal on Closing Some Raised Funds Investment Projects and Permanently Replenishing Working Capital with Surplus Raised Funds was reviewed and approved. Whereas the Global Marketing Service System Project based on funds raised by issuing A-shares to specific objects in 2021 had basically been ready for intended use. The project could be closed according to the implementation plan. In order to fully utilize the funds raised and maximize the effects of fundraising It was agreed that the Company would permanently replenish working capital with the surplus raised funds of CNY 87.0644 million (including bank interest subject to the final bank settlement amount on the day of transfer) and use them for daily production and operation activities. The special account for this fundraising should be closed accordingly. The actual surplus in the funds raised for the Global Marketing Service System Project on December 25 2023 was CNY 87.109 115Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) million all of which was used for permanently replenishing working capital.On August 25 2025 the Company held the 18th meeting of the Fifth Board of Directors which reviewed and approved the Proposal on Permanently Replenishing Working Capital with Surplus Raised Funds. Given that the fund-raising investment project "New Energy Power Generation Equipment Manufacturing Base with an Annual Output of 100 GW Project" under the Company's 2021 issuance of A-shares to specific objects had reached its scheduled usable status the Company agreed to permanently replenish working capital with the surplus raised funds of CNY 250.88 million (including bank interest with the final amount subject to the bank interest settlement amount on the date of transfer) for the Company's daily production and operation activities and to cancel the corresponding special account for the raised funds. In October 2025 the actual surplus raised funds for the Company's "New Energy Power Generation Equipment Manufacturing Base with an Annual Output of 100 GW Project" amounted to CNY 251.23 million all of which were permanently used to replenish working capital.Purpose and whereabouts Not Applicable of unused raised funds Problems or other situations in the use and Not Applicable disclosure of raised funds (3) Projects with changes in raised funds □Applicable□ Not applicable There were no projects with changes in raised funds in the reporting period. (4) Verification Opinions of Intermediaries on the Storage and Use of Raised Funds □Applicable □Not applicable The deposit management and use of raised funds by Sungrow Power Supply Co. Ltd. in 2025 complied with the relevant provisions of the Rules for GEM Stock Listing at Shenzhen Stock Exchange the Shenzhen Stock Exchange's No. 2 Regulatory Guidelines for Listed Companies --- Standardized Operation of GEM-Listed Companies and the Regulatory Rules on the Use of Raised Funds by Listed Companies. The Company maintained special accounts and dedicated use of the raised funds performed its information disclosure obligations in a timely manner and the use of the raised funds was consistent with the disclosed information. In conclusion the sponsor had no objection to the deposit management and use of the raised funds by the Company in 2025. XVII. Explanation on Other Significant Matters □Applicable□ Not applicable There were no other significant matters to be explained in the reporting period. 116Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) XVIII. Significant Matters of the Company's Subsidiaries □Applicable□ Not applicable 117Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Section VI Changes in Shares and Information about Shareholders I. Changes in Share Capital 1. Changes in shares (in shares) Before the change Changes in the period (+ -) After the change New Capitalized from Quantity Percentage Bonus Others Sub-total Quantity Percentage issuance common reserve I. Shares subject to 48320152523.31%30045030045048350197523.32% conditional restriction(s) 1. Shares held by other 48320152523.31%30045030045048350197523.32% domestic shareholders Including: Shares held by 48320152523.31%30045030045048350197523.32% domestic natural person II. Shares subject to no 159000989976.69%-300450-300450158970944976.68% restrictions 1. A-shares 1590009899 76.69% -300450 -300450 1589709449 76.68% III. Total 2073211424 100.00% 0 0 2073211424 100.00% Reasons for share changes □Applicable □ Not applicable 1. On May 13 2025 the Company completed the registration of vested restricted stocks under the first vesting schedule of the initial grant of the 2023 Restricted Stock Incentive Plan. For incentive objects who are directors or senior management of the Company 75% of the total number of restricted stocks vested and credited to their accounts during the current period will be subject to lock-up restrictions. 2. In accordance with the requirements of relevant laws and regulations the annual newly added shares of the Company's former senior management Mr. Xie Xiaoyong will continue to be subject to a 75% lock-up restriction during his original term of office.Approvals for share changes □Applicable □ Not applicable 118Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) OnApril 25 2025 the Company held the 17th meeting of the Fifth Board of Directors which reviewed and approved the Proposal on the Achievement of Vesting Conditions for the First Vesting Schedule of the Initial Grant in the 2023 Restricted Stock Incentive Plan and Related Matters. Pursuant to the authorization granted by the Shareholders' Meeting to the Board of Directors the Board of Directors determined that the vesting conditions for the first vesting schedule of the initial grant under the Company's 2023 Restricted Stock Incentive Plan had been met and agreed to handle the vesting matters for eligible incentive objects in accordance with the relevant provisions of the 2023 Restricted Stock Incentive Plan (Draft).Transfer for Share Changes □Applicable □ Not applicable The shares vested under the first vesting schedule of the initial grant of the 2023 Restricted Stock Incentive Plan were transferred from the Company's special repurchase account to the personal accounts of the incentive recipients on May 12 2025 and began trading on the stock exchange on May 13 2025.The impact of changes in shares on financial indicators such as basic earnings per share diluted earnings per share net assets per share attributable to common shareholders in the latest year and the latest period □Applicable□ Not applicable Other contents deemed necessary by the Company or required to be disclosed by the securities regulatory authorities □Applicable□ Not applicable 2. Changes in restricted shares □Applicable □ Not applicable (in shares) Shareholder Opening restricted Increased in current Unlocked in current Closing restricted Reason for restriction Estimated date of shares period period shares unlocking 25% of lock-up shares at Cao Renxian 473558400 473558400 Lock-up of executives’ shares the end of last year is released every year 25% of lock-up shares at Gu Yilei 472500 52500 525000 Lock-up of executives’ shares the end of last year is released every year 25% of lock-up shares at Zhang Xucheng 118125 118125 Lock-up of executives’ shares the end of last year is released every year 25% of lock-up shares at Zhao Wei 7429800 7429800 Lock-up of executives’ shares the end of last year is 119Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) released every year 25% of lock-up shares at Wu Jiamao 393750 39375 433125 Lock-up of executives’ shares the end of last year is released every year 25% of lock-up shares at Chen Zhiqiang 393750 31500 425250 Lock-up of executives’ shares the end of last year is released every year 25% of lock-up shares at Peng Chaocai 82687 82687 Lock-up of executives’ shares the end of last year is released every year 25% of lock-up shares at Deng Dejun 388163 31500 419663 Lock-up of executives’ shares the end of last year is released every year 25% of lock-up shares at Lu Yang 0 31500 31500 Lock-up of executives’ shares the end of last year is released every year 25% of lock-up shares at Tian Shuai 0 31500 31500 Lock-up of executives’ shares the end of last year is released every year 25% of lock-up shares at Wang Lei 23100 31500 54600 Lock-up of executives’ shares the end of last year is released every year 6 months after the Resignation during the term of Others 341250 51075 392325 expiration of the Fifth office Board of Directors Total 483201525 300450 483501975 -- -- II. Issuance and Listing of Securities 1. Securities (excl. preference shares) issued during the reporting period □Applicable□ Not applicable 2. Changes in the Company’s total shares and shareholder structure and changes in the Company’s asset and liability structure □Applicable□ Not applicable 120Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 3. Existing employees’ shares □Applicable□ Not applicable III. Shareholders and de facto controllers 1. Number of shareholders and shareholdings of the Company (in shares) Total number of Total preference Total number of shareholders number of ordinary with preference Total shareholders restored shareholders number of at the end of voting with shareholders Total number of ordinary shareholders at the previous rights at the 255128 294149 restored 0 0 holding 0 the end of the reporting period month end of the voting special before the previous rights at the voting disclosure month end of the shares date of the before the reporting annual disclosure period report date of the annual report Shareholdings of shareholders with over 5% shares or top 10 shareholders (excl. securities lending shares) Total shares Pledged marked or frozen Changes in held at the the Non-tradable Tradable Name of shareholder Nature of shareholder Percentage end of the reporting shares held shares held reporting Share status Quantity period period Cao Renxian Domestic natural person 30.46% 631411200 473558400 157852800 Pledged 20830000 Hong Kong Securities Clearing Company Overseas legal person 7.89% 163612731 42944238 163612731 Limited Industrial and Commercial Bank of China Limited - E Fund ChiNext Exchange Other 1.36% 28287700 -11459988 28287700 Traded Open-End Index Securities 121Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Investment Fund Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Other 1.16% 23961763 -1007143 23961763 Exchange Traded Open-End Index Securities Investment Fund China Construction Bank Corporation - E Fund CSI 300 Exchange Traded Open-End Other 0.83% 17119218 -158042 17119218 Index Initiated Securities Investment Fund China Life Insurance Company Limited - Traditional - General Insurance Product - Other 0.66% 13753028 -1499755 13753028 005L - CT001 Shanghai Industrial and Commercial Bank of China Limited - China AMC CSI 300 Exchange Other 0.63% 13044453 1552921 13044453 Traded Open-End Index Securities Investment Fund Zheng Guibiao Domestic natural person 0.63% 13012284 -2305000 13012284 Chinalink Asia Holdings Limited Overseas legal person 0.58% 12019414 -855000 12019414 Bank of China Limited - Harvest Fund CSI 300 Exchange Traded Open-End Index Other 0.54% 11251977 367685 11251977 Securities Investment Fund Strategic investors or general legal persons becoming the top 10 shareholders Not Applicable due to placement of new shares Relations between the above-mentioned shareholders or actions in concert Not Applicable Notes on above shareholders who are involved in delegating/delegated voting Not Applicable rights and waiving of voting rights Special notes on dedicated buy-back accounts held by top 10 shareholders As of the end of the reporting period the Company ’s special account for buyback shares holds 20388163 shares accounting for 0.98% of the total shares. Although the number of shares held ranked fifth among all shareholders in the current period the special account is not listed in top ten shareholders according to prevailing disclosure rules.Shares held by top 10 shareholders subject to no restrictions on trading （excl. sescurities lending shares and senior management locked shares)Share Details Shareholder Unrestricted shares held at the end of the reporting period Type Quantity Hong Kong Securities Clearing Company Limited 163612731 A-share 163612731 Cao Renxian 157852800 A-share 157852800 Industrial and Commercial Bank of China Limited - E Fund ChiNext Exchange 28287700 A-share 28287700 Traded Open-End Index Securities Investment Fund 122Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 23961763 A-share 23961763 300 Exchange Traded Open-End Index Securities Investment Fund China Construction Bank Corporation - E Fund CSI 300 Exchange Traded 17119218 A-share 17119218 Open-End Index Initiated Securities Investment Fund China Life Insurance Company Limited - Traditional - General Insurance 13753028 A-share 13753028 Product - 005L - CT001 Shanghai Industrial and Commercial Bank of China Limited - China AMC CSI 300 13044453 A-share 13044453 Exchange Traded Open-End Index Securities Investment Fund Zheng Guibiao 13012284 A-share 13012284 Chinalink Asia Holdings Limited 12019414 A-share 12019414 Bank of China Limited - Harvest Fund CSI 300 Exchange Traded Open-End 11251977 A-share 11251977 Index Securities Investment Fund Relations between top 10 shareholders of unrestricted circulating shares relations between top 10 shareholders of unrestricted circulating shares and top Not Applicable 10 shareholders or actions in concert Shareholders participating in margin financing and securities lending business Not Applicable Shareholders holding 5% or more of shares top 10 shareholders and top 10 shareholders with unlimited shares in circulation participating in the lending of shares in the transfer and financing business □Applicable□ Not applicable The top 10 shareholders and the top 10 holders of freely tradable shares have undergone changes compared to the previous reporting period due to securities lending and returning activities under the securities margin trading mechanism.□Applicable□ Not applicable Whether the Company has made arrangements for different voting rights □Applicable□ Not applicable 123Whether the top 10 shareholders of ordinary shares and the top 10 shareholders of ordinary shares subject to no trading restrictions made the buy-back transaction as agreed in the reporting period □Yes□ No The top 10 shareholders of ordinary shares and the top 10 shareholders of ordinary shares subject to no trading restrictions did not make the buy-back transaction as agreed in the reporting period. 2. Controlling shareholders of the Company Nature of controlling shareholder: Natural person Type of controlling shareholder: Natural person In possession of right of abode in other Name of controlling shareholder Nationality countries Cao Renxian Chinese No Mr. Cao Renxian has been the Chairman and President of the Company for the past 5 Main occupation and title years As of the end of the reporting period the Company’s controlled subsidiary Sungrow Domestic/overseas listed companies Renewables held 22.90% equity stake and 26.03% voting rights in Taihe Intelligent controlled/vested in the past 10 years making it the controlling shareholder of Taihe Intelligent. Mr. Cao Renxian is the actual controller of Taihe Intelligent.Changes of controlling shareholder during the reporting period □Applicable□ Not applicable The controlling shareholder of the Company did not change in the reporting period. 3. Actual controllers and persons acting in concert Nature of actual controller: Domestic natural person Type of actual controller: Natural person Relationship with actual In possession of right of Name of actual controller Nationality controller abode in other countries Cao Renxian Himself Chinese No Main occupation and title Mr. Cao Renxian has been the Chairman and President of the Company for the past 5 years As of the end of the reporting period the Company s controlled subsidiary Sungrow Domestic/overseas listed ’ Renewables held 22.90% equity stake and 26.03% voting rights in Taihe Intelligent making it companies controlled/vested the controlling shareholder of Taihe Intelligent. Mr. Cao Renxian is the actual controller of Taihe in the past 10 years Intelligent.Change of actual controller during the reporting period □Applicable□ Not applicable The actual controller of the Company did not change during the reporting period.Block diagram of the property rights and control relationship between the Company and the actual controllerSungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 中文 English 曹仁贤 Cao Renxian 通过配偶苏蕾 Via spouse Su Lei 阳光电源股份有限公司 Sungrow Power Supply Co. Ltd.The actual controller controls the Company through trust or other asset management methods □Applicable□ Not applicable 4. The cumulative number of shares pledged by the Company’s controlling shareholder or the largest shareholder and their persons acting in concert account for more than 80% of the Company’s shares held by them □Applicable□ Not applicable 5. Other corporate shareholders holding more than 10% of the shares □Applicable□ Not applicable 6. Restrictions on share reductions by controlling shareholder actual controller restructuring parties and other undertaking entities □Applicable□ Not applicable IV. Details of share buy-back during the reporting period Progress of share buy-back □Applicable □ Not applicable In percentage of the target Planned Number of Date of In percentage Planned quantity Number of shares to amount of Purpose of shares plan of total share period of involved in be bought-back buy-back buy-back already disclosure capital buy-back the equity (in 10K CNY) bought-back incentive plan For the employee Apr. 9 stock Apr. 9 2025 ownership Not 3000000-60000000.14%-0.29%30000-600005255103 2025 –Apr. 9 plan or applicable 2026 equity incentive plan 125Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Progress of buy-back share reduction via centralized bidding □Applicable□ Not applicable V. Preference Shares □Applicable□ Not applicable No preference shares exist in the Company during the reporting period. 126Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Section VII Bonds □Applicable□ Not applicable 127Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Section VIII Financial reports I. Audit reports Type of Audit Opinion Standard unqualified opinion Audit Report Signed on March 31 2026 Auditing Firm RSM China (Special General Partnership) Audit Report Number RSM-AR [2026] No.230Z0005 Name of CPAs Lu Xin Xu Yuan Pan Lili Auditor’s Report To the Shareholders of Sungrow Power Supply Co. Ltd.Opinion We have audited the financial statements of Sungrow Power Supply Co. Ltd. (hereinafter referred to as "the Company") which comprise the consolidated and parent company balance sheets as at December 31 2025 and the consolidated and parent company income statements consolidated and parent company cash flow statements and consolidated and parent company statements of changes in equity for the year then ended and notes to the financial statements.In our opinion the financial statements present fairly in all material respects the consolidated and parent company financial position of the Company as at December 31 2025 and their consolidated and parent company financial performance and cash flows for the year then ended in accordance with Accounting Standards for Business Enterprises.Basis for Opinion We conducted our audit in accordance with China Standards on Auditing (CSAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics for Professional Accountants of the Chinese Institute of Certified Public Accountants and the China Standards on Independence for Certified Public Accountants and we have complied with the independence requirements applicable to the audit of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Key Audit Matters Key audit matters are those matters that in our professional judgment were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters.I. Recoverability of Accounts Receivable 1. Description of the matter As described in Note "V.11 Financial Instruments" and "VII.4 Accounts Receivable" in Section VIII of this report as at December 31 2025 the gross carrying amount of accounts receivable in the Company's consolidated financial statements was CNY 26911 million net of a provision for bad debts of CNY 3411 million resulting in a net book value of CNY 23500 million. The Company recognizes the provision for bad debts based on the recoverability of accounts receivable. Determining the carrying amount of accounts receivable requires management to identify individually impaired items and objective evidence estimate expected future cash flows and determine their present value. This involves significant accounting estimates and judgments by management.Given the materiality of the recoverability of accounts receivable to the financial statements we have identified it as a key audit matter. 2. How the matter was addressed in our audit The audit procedures we performed in relations to recoverability of accounts receivable mainly included： 128Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) (1) Evaluating the design and testing the operating effectiveness of internal controls related to the Company's credit policies and accounts receivable management. (2) Analyzing the reasonableness of management's accounting estimates for the provision for bad debts on accounts receivable including the basis for grouping accounts receivable and the judgment for individually assessing impairment. (3) Assessing whether management's methodology of grouping accounts receivable for impairment assessment was appropriate by considering historical actual bad debt amounts of similar groups customer credit market conditions and other factors. For individually assessed accounts receivable we obtained and reviewed management's basis for estimating expected future cash flows.For accounts receivable assessed collectively on the basis of credit risk characteristics we tested the reasonableness and accuracy of management's provision for bad debts with reference to expected credit loss rates and aging analysis. (4) Assessing the recoverability of significant accounts receivable with particular focus on those with a significant balance outstanding for more than one year or those under litigation (selected samples). We conducted inquiries into customer background business status legal proceedings interviewed legal counsel and sales personnel performed confirmation procedures and checked subsequent settlement of receivables to evaluate the reasonableness and sufficiency of management's provision for bad debts.II. Revenue Recognition 1. Description of the matter As described in Note "V.27 Revenue Recognition Principles and Measurement Methods" and "VII.50 Revenue and Cost of Sales" in Section VIII of this report the Company recognized operating revenue of CNY 89184 million. Since revenue is one of the Company's key performance indicators there is an inherent risk that management may manipulate revenue recognition to achieve specific targets or expectations. Therefore we identified revenue recognition as a key audit matter. 2. How the matter was addressed in our audit Our audit procedures in relation to revenue recognition mainly included: (1) Evaluating and testing the design and the operating effectiveness of internal controls related to revenue from product sales and power station construction. (2) Performing analytical review procedures on revenue fluctuations and gross margin changes. (3) Confirming transactions and balances with major customers. (4) For revenue from product sales on a sample basis inspecting supporting documents such as sales contracts sales invoices delivery notes customer delivery receipts customer acceptance certificates and customs clearance documents to assess the authenticity of revenue recognition. We performed cut-off tests on revenue recognized around the balance sheet date by verifying customer delivery receipts and other supporting documents to assess the completeness of revenue recognition. (5) For revenue from centralized power station construction contracts we compared on a sample basis the actual total costs incurred on completed projects with management's estimated total contract costs prior to project completion assessing management's experience and ability in making this accounting estimate. We obtained major construction contracts verified total contract revenue reviewed key contract terms and confirmed the accuracy of contract revenue. For major contracts with power generation commitments we reviewed the reasonableness of the estimated power generation and the accuracy of revenue recognition. For actual costs of significant projects we inspected supporting documents including relevant contracts invoices equipment receipt confirmations and progress confirmations and analyzed project gross margins to assess the authenticity and accuracy of actual costs. We selected certain projects to perform site visits to assess whether the physical progress matched the recorded performance progress. (6) For revenue from the construction of distributed residential power stations we reviewed share transfer agreements sales contracts and the grid connection status of power stations to assess the authenticity accuracy and completeness of revenue recognition.III. Impairment of Inventories 1. Description of the matter As described in Note "V.13 Inventories" and "VII.9 Inventories" in Section VIII of this report as at December 31 2025 the gross carrying amount of inventories in the Company's consolidated financial statements was CNY 28749 million with a provision for inventory impairment of CNY 1494 million resulting in a net book value of CNY 27255 million. As the amount of inventories is 129Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) material and determining the net realizable value involves significant management judgment we identified inventory impairment as a key audit matter. 2. How the matter was addressed in our audit Our audit procedures in relation to impairment of inventories mainly included: (1) Evaluating the design and testing the operating effectiveness of internal controls related to inventory management. (2) Performing physical inventory observation procedures to inspect the quantity and condition of inventories paying attention to the condition of inventories as of the balance sheet date and whether slow-moving or obsolete items were identified. For inventories held at customer locations we sent confirmations to customers to verify the quantities. (3) Obtaining management's inventory impairment calculation schedule performing procedures to review the inventory impairment test checking and analyzing the reasonableness of net realizable value and evaluating the accuracy of the provision and write-off of inventory impairment. (4) Comparing the Company's inventory turnover ratio and inventory impairment provision ratio with industry peers to assess whether the Company's inventory impairment significantly deviates from the industry average. (5) Evaluating whether management's presentation and disclosure of inventories in the financial statements were appropriate. IV. Other Information Management is responsible for the other information. The other information comprises the information included in the Company's 2025 annual report but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements our responsibility is to read the other information and in doing so consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard.V. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with Accounting Standards for Business Enterprises and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error.In preparing the financial statements management is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.Those charged with governance are responsible for overseeing the Company's financial reporting process.VI. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with CSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit in accordance with CSAs we exercise professional judgment and maintain professional skepticism throughout the audit. We also: (i) Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error 130Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.(ii) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.(iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.(iv) Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the financial statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However future events or conditions may cause the Company to cease to continue as a going concern.(v) Evaluate the overall presentation structure and content of the financial statements and whether the financial statements represent the underlying transactions and events that achieves fair presentation.(vi) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the financial statements. We are responsible for the direction supervision and performance of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards.From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.II. Financial statements All numbers in the financial statements are in CNY. 1. Consolidated balance sheet Prepared by: Sungrow Power Supply Co. Ltd.(in CNY) Item December 31 2025 January 1 2025 Current Assets: Monetary funds 22830813801.40 19799445556.84 Settlements Provision Loans to banks and other financial institutions Financial assets held for trading 10998373082.45 10164774064.18 Derivative financial assets Notes receivable 1233619771.56 845633478.07 Accounts receivable 23499559286.28 27640236836.09 Accounts receivable financing 1782439348.21 1167008901.02 Advances to suppliers 1340443522.85 410827186.80 Insurance premium receivable Due from reinsurers Reinsurance contract reserves receivable Other receivables 1823715145.51 1760687435.59 131Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Including: Interest receivable Dividends receivable 65344627.19 1188236.31 Financial assets purchased under agreements to resell Inventories 27255416854.83 29027561277.54 Including: Data resources Contract assets 1658609112.80 1615258949.56 Assets classified as held for sale Current portion fo non-current assets 46858638.87 53751000.00 Other current assets 2958577249.40 2663414035.86 Total current assets 95428425814.16 95148598721.55 Non-current assets: Loans and advances granted Debt investment Other debt investments 187855030.13 190319472.22 Long-term receivables 269000000.00 286420000.00 Long-term equity investments 637124856.35 483896805.60 Other equity instruments investment Other non-current financial assets 897053883.36 815261656.96 Investment properties 56904708.55 88337400.00 Fixed assets 10831048438.07 9001687255.25 Construction in progress 2842738634.68 2264852073.64 Productive biological assets Oil and gas assets Right-of-use asset 425369122.64 347727789.17 Intangible assets 1231349476.65 1122402038.48 Including: Data resources Development expenditures Including: Data resources Goodwill 296978138.56 296978138.56 Long-term deferred expenses 176417668.31 119318695.37 Deferred tax assets 3193040554.76 2951488881.70 Other non-current assets 2206085747.95 1956482194.36 Total non-current assets 23250966260.01 19925172401.31 Total assets 118679392074.17 115073771122.86 Current liabilities: Short-term borrowings 2422445831.62 4213709323.48 Borrowing from the central bank Deposits and balances from banks and other financial institutions Financial liabilities held for trading 190782140.93 Derivative financial liabilities Notes payable 15562127005.53 15800567030.42 Accounts payable 21073707627.27 20956590607.95 Advances received 490506.76 938693.72 Contract liabilities 10655117674.16 10026466202.05 Financial liabilities under repurchase agreements Deposits accepted and inter-bank deposits Brokerage funds received on behalf of clients Securities underwriting brokerage deposits Employee benefits payable 2616209153.13 1357772570.67 Taxes payable 1280484294.21 2531508751.91 132Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Other payables 1035122277.00 1451139021.85 Including: Interest payables Dividend payables Fees and commission payable Payable reinsurance Liabilities classified as held for sale Non-current liabilities maturing within 505285183.121925239145.32 one year Other current liabilities 1885832656.18 2033946412.05 Total current liabilities 57227604349.91 60297877759.42 Non-current liabilities: Insurance reserves Long-term borrowings 3064882285.75 4863434550.73 Bonds payable Including: Preference shares Perpetual debt Lease liabilities 373415158.11 314934728.09 Long-term payable 1708740672.31 3724547187.24 Long-term employee benefits payable Estimated liabilities 5700814735.06 4383321848.15 Deferred income 313543578.81 371210411.88 Deferred tax liabilities 83156766.69 82329452.04 Other non-current liabilities 435366858.64 837367137.17 Total non-current liabilities 11679920055.37 14577145315.30 Total liabilities 68907524405.28 74875023074.72 Owners’ equity: Share capital 2073211424.00 2073211424.00 Other equity instruments Including: Preference share Perpetual bonds Capital reserves 7264502339.57 7012760738.35 Less: Treasury shares 1616913399.73 1771123055.97 Other comprehensive income 67589007.45 102991584.15 Special reserve 115794065.68 74900263.18 Surplus reserve 1066216783.99 1066216783.99 General risk provision Retained earnings 37640477956.07 28346106408.53 Total owner’s equity attributable to 46610878177.0336905064146.23 parent company Non-controlling interests 3160989491.86 3293683901.91 Total owners’ equity 49771867668.89 40198748048.14 Total liabilities and owners' equity 118679392074.17 115073771122.86 Legal Representative: Cao Renxian Chief Financial Officer: Tian Shuai Finance Manager: Li Pan 2. Balance Sheet of Parent Company (in CNY) Item December 31 2025 January 1 2025 Current Assets: Monetary funds 17784949103.97 13982214635.37 Financial assets held for trading 10327224600.51 9542628715.41 Derivative financial assets Notes receivable 1026131973.58 735916192.66 Accounts receivable 14432700081.82 16855425189.94 Accounts receivable financing 586709171.66 539662638.73 Advances to suppliers 461067656.41 56523573.49 133Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Other receivables 3604964056.76 3747150219.74 Including: Interest receivable Dividends receivable Inventories 5794069286.20 7361033867.92 Including: Data resources Contract assets 549639159.75 560201007.18 Assets classified as held for sale Non-current assets maturing within one 36100000.0053751000.00 year Other current assets 237178339.55 338296754.59 Total current assets 54840733430.21 53772803795.03 Non-current assets: Debt investments Other debt investments Long-term receivables 1112556000.00 3140870500.00 Long-term equity investments 7520029164.13 7209253812.35 Other equity instruments investments Other non-current financial assets 324210875.45 356756946.24 Investment properties Fixed assets 4153705220.79 3233255655.12 Construction in progress 432979338.72 1092419313.72 Productive biological assets Oil and gas assets Right-of-use asset 22468555.05 13441983.87 Intangible assets 407762564.42 337348719.28 Including: Data resources Development expenditures Including: Data resources Goodwill Long-term deferred expenses 57885812.09 38940613.75 Deferred tax assets 1100788232.83 791726995.36 Other non-current assets 694994952.59 651435935.53 Total non-current assets 15827380716.07 16865450475.22 Total assets 70668114146.28 70638254270.25 Current liabilities: Short-term borrowings 368558569.25 372568652.39 Financial liabilities held for trading Derivative financial liabilities Notes payable 7233306281.98 5852634942.27 Accounts payable 11279956074.94 14551539636.98 Receipts in advance Contract liabilities 2812075345.59 4372250204.35 Employee benefits payable 892994977.06 518649463.13 Taxes payable 282839511.00 792681950.81 Other payables 5703923534.14 6756780012.59 Including: Interest payables Dividend payables Liabilities classified as held for sale Non-current liabilities maturing within 10350163.79817575174.80 one year Other current liabilities 1055686145.00 764169824.87 Total current liabilities 29639690602.75 34798849862.19 Non-current liabilities: Long-term borrowings Bonds payable Including: Preference shares 134Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Perpetual debt Lease liabilities 10430994.09 5926772.40 Long-term Payable Long-term employee benefits payable Estimated liabilities 1733980026.12 1270862119.90 Deferred income 154848130.91 177680642.82 Deferred tax liabilities Other non-current liabilities Total non-current liabilities 1899259151.12 1454469535.12 Total liabilities 31538949753.87 36253319397.31 Owners’ equity: Share capital 2073211424.00 2073211424.00 Other equity instruments Including: Preference share Perpetual debt Capital reserve 7034734112.33 6875744698.43 Less: treasury shares 1616913399.73 1771123055.97 Other comprehensive income Special reserve 57741846.23 31377755.35 Surplus reserve 1066216783.99 1066216783.99 Retained earnings 30514173625.59 26109507267.14 Total owners’ equity 39129164392.41 34384934872.94 Total liabilities and owners’ equity 70668114146.28 70638254270.25 3. Consolidated Income Statement (in CNY) Item 2025 2024 I. Revenue 89184357325.77 77856966964.63 Including: Operating revenue 89184357325.77 77856966964.63 Interest income Net earned premiums Net fee and commission revenue II. Cost of sales 72065223064.69 63363036029.28 Including: Operating costs 60795459298.16 54544610426.28 Interest expenses Fees and commission expenses Surrenders Net payments for insurance claims Net provision of insurance reserve Policyholder dividends Reinsurance expenses Taxes and surcharges 508765624.75 403070046.62 Selling and distribution expenses 4831817218.29 3760597360.02 General and administrative expenses 1714657812.21 1200830749.71 Research and development expenses 4174970413.81 3163519949.94 Finance costs 39552697.47 290407496.71 Including: Interest expense 346953688.50 391866132.48 Interest income 392523338.59 256726871.75 Add: Other income 624894345.25 365563129.42 Investment income/(losses) 671483574.19 419573893.25 Including: Investment income from 49941453.7211318772.62 associates and joint ventures Gains /(losses) from derecognition of financial assets measured at amortised 135Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) cost Exchange gains /(losses) Net exposure hedging gains /(losses) Gains/(losses) from changes in fair values 62013683.93 64319431.00 Credit impairment losses -801847460.85 -1002249850.96 Asset impairment losses -1382675123.93 -777799786.84 Gains/(losses) from disposal of assets 2225116.52 874902.51 III. Profit/(loss) from operations 16295228396.19 13564212653.73 Add: Non-operating income 21002483.03 23934395.04 Less: Non-operating expenses 56264221.63 43855907.08 IV. Profit/(loss) before tax 16259966657.59 13544291141.69 Less: Income tax expenses 2727113118.68 2280063879.64 V. Net profit/(loss) for the year 13532853538.91 11264227262.05 (I) Net profit/(loss) by continuity Net profit/(loss) from continuing operation 13532853538.91 11264227262.05 Net profit/(loss) from discontinued operation (II) Net profit/(loss) by ownership attribution Attributable to owners of the parent 13461279955.37 11036278921.36 Attributable to non-controlling interests 71573583.54 227948340.69 VI. Other comprehensive income for the year after tax -37726004.26 -70804429.03 (a) Attributable to owners of the parent -35402576.70 -69499252.94 (i) Other comprehensive income that will not be reclassified subsequently to profit or loss 1.Remeasurement gains or losses of a defined benefit plan 2. Other comprehensive income using the equity method that will not be reclassified subsequently to profit and loss 3. Changes in fair value of other equity instrument investment 4. Changes in fair value of the Company’s own credit risks 5.Others (ii) Other comprehensive income to be reclassified subsequently to profit -35402576.70 -69499252.94 or loss 1. Other comprehensive income using the equity method which will be reclassified subsequently to profit or loss 2. Changes in fair value of other debt instrument investment 3. Other comprehensive income arising from the reclassification of financial assets 4. Provision for credit impairment in 136Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) other debt investments 5. Reserve for cash flow hedges 6. Exchange differences on translating foreign operations -35402576.70 -69499252.94 7. Others (b) Attributable to non-controlling interests -2323427.56 -1305176.09 VII. Total comprehensive income for the year 13495127534.65 11193422833.02 Attributable to owners of the parent 13425877378.67 10966779668.42 Attributable to non-controlling interests 69250155.98 226643164.60 VIII. Earnings per share (1) Basic earnings per share 6.55 5.32 (2) Diluted earnings per share 6.53 5.32 Legal Representative: Cao Renxian Chief Financial Officer: Tian Shuai Finance Manager: Li Pan 4. Income Statement of Parent Company (in CNY) Item 2025 2024 I. Revenue 44201732105.12 43299670518.30 Less: Costs of sales 30509030187.17 28699292243.55 Taxes and surcharges 277251953.20 188704555.08 Selling and distribution expenses 1841731683.64 1635264742.14 General and administrative expenses 723991401.46 581015513.26 Research and development expenses 3051783400.41 2467766486.51 Finance costs -257220895.74 -43353196.74 Including: Interest expense 6072416.12 20829982.56 Interest income 334866659.70 202633846.68 Add: Other income 198454729.88 175218310.33 Investment income/(losses) 1976144704.87 1738117980.66 Including: Investment income from 22188546.08-1020483.49 associates and joint ventures Gains /(losses) from derecognition of financial assets measured at amortised cost Income /(losses) from net exposure hedging Gains/(losses) from changes in fair 7771186.2445739753.62 values Credit impairment losses -356745182.14 -705913899.66 Asset impairment losses -428074606.35 -289982904.51 Gains/(losses) from disposal of assets 869988.19 13539316.67 II. Profit/(loss) from operations 9453585195.67 10747698731.61 Add: Non-operating income 49110874.02 14105974.74 Less: Non-operating expenses 25470202.41 14547045.85 III. Profit/(loss) before tax 9477225867.28 10747257660.50 Less: Income tax expenses 905651101.00 1137733333.24 IV. Net profit/(loss) for the year 8571574766.28 9609524327.26 Net profit/(loss) from continuing 8571574766.289609524327.26 operation Net profit/(loss) from discontinued operation V. Other comprehensive income for the year after tax 137Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) (i) Other comprehensive income that will not be reclassified subsequently to profit or loss 1. Remeasurement gains or losses of a defined benefit plan 2. Other comprehensive income using the equity method which will not be reclassified subsequently to profit and loss 3. Changes in fair value of other equity instrument investment 4. Changes in fair value of the Company’s own credit risks 5. Others (ii) Other comprehensive income to be reclassified subsequently to profit or loss 1. Other comprehensive income that can be reclassified to profit or loss in equity method 2. Changes in fair value of other debt instrument investment 3. Other comprehensive income arising from the reclassification of financial assets 4. Provision for credit impairment in other debt investments 5. Reserve for cash flow hedges 6. Exchange differences on translating foreign operations 7. Others VI. Total comprehensive income for the 8571574766.289609524327.26 year VII. Earnings per share (1) Basic earnings per share (2) Diluted earnings per share 5. Consolidated statement of cash flows (in CNY) Item 2025 2024 I. Cash flows from operating activities Cash received from the sale of goods and 83695506406.1370514833447.73 the rendering of services Net increase in customer bank deposits and due to banks and other financial institutions Net increase in loans from the central bank Net increase in funds borrowed from other financial institutions Cash premiums received on original insurance contracts Net cash received from re-insurance business Net increase in deposits and investments from insurers 138Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Cash received from interest fees and commission Net increase in funds deposit Net increase in repurchase business funds Net income from securities trading brokerage business Cash received from tax refund 2094606133.99 2074103679.16 Other cash received relating to operating 978689156.85542773788.72 activities Subtotal of cash inflows from operating 86768801696.9773131710915.61 activities Cash payments for goods purchased and 50445655716.0344319466788.19 services received Net increase in loans and payments on behalf of customers Net increase in deposits with central bank and other financial institutions Payments for claims for original insurance contracts Net increase in funds lent Cash paid for interest fees and commission Commissions on insurance policies paid Cash payments to and on behalf of 7289216134.755584753063.69 employees Payments for taxes 7646496013.34 7137030586.74 Other cash payments relating to 4469655253.744022133832.33 operating activities Subtotal of cash outflows from operating 69851023117.8661063384270.95 activities Net cash flows from operating activities 16917778579.11 12068326644.66 II. Cash flows from investing activities Cash received from disposal and 79350356117.5169607830004.88 redemption of investments Cash received from returns on 503246608.44404412407.86 investments Net cash received from disposals of fixed assets intangible assets and other 21711507.93 861988.79 long-term assets Net cash received from disposals of 112427051.41 subsidiaries and other business units Other cash received relating to investing activities Subtotal of cash inflows from investing 79987741285.2970013104401.53 activities Cash payments to acquire fixed 3008018823.602785952760.93 intangible and other long-term assets Cash payments to acquire investments 80164539591.01 77919480738.55 Net cash payments to acquire subsidiaries and other business units Other cash payments relating to investing 45055728.00154977854.31 activities Subtotal of cash outflows from investing 5763100.00 40701600.00 activities Cash payments to acquire fixed 83258315742.61 80866174453.79 139Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) intangible and other long-term assets Net cash flows from investing activities -3270574457.32 -10853070052.26 III. Cash flows from financing activities Cash received from capital contributions 172742445.66 145617387.50 Including: Cash receipts from capital contributions form non-controlling 11730937.66 92494300.00 interests of subsidiaries Cash received from borrowings 7863118733.37 9607259335.58 Other cash received relating to financing 4550736359.123582828013.66 activities Subtotal of cash inflows from financing 12586597538.1513335704736.74 activities Cash repayments of debts 10576524931.84 8710750252.60 Cash payments for dividends distribution of profit and interest 4448237949.52 1737973100.43 expenses Including: Dividends distribution of profit paid to non-controlling 60867829.41 shareholders of subsidiaries Other cash payments relating to 6855986416.552628177376.95 financing activities Subtotal of cash outflows from financing 21880749297.9113076900729.98 activities Net cash flows from financing activities -9294151759.76 258804006.76 IV. Effect of foreign exchange rate -72321267.29-23849279.49 changes on cash and cash equivalents V. Net increase / (decrease) in cash and 4280731094.741450211319.67 cash equivalents Plus: Cash and cash equivalents at the 17717233621.1616267022301.49 beginning of the period VI. Cash and cash equivalents at the end 21997964715.9017717233621.16 of the period 6. Statement of Cash Flows of Parent Company (in CNY) Item 2025 2024 I. Cash flows from operating activities Cash received from the sale of goods and 41718777421.7736083240059.29 the rendering of services Cash received from tax refund 1486966097.84 969390831.36 Other cash received relating to operating 715863851.48360300857.73 activities Subtotal of cash inflows from operating 43921607371.0937412931748.38 activities Cash payments for goods purchased and 25566040884.8122376908095.63 services received Cash paid to and on behalf of employees 2509359960.36 2180686148.67 Payments for taxes 1898301341.71 2183149900.26 Other cash payments relating to 3281066119.353311370274.87 operating activities Subtotal of cash outflows from operating 33254768306.2330052114419.43 activities Net cash flows from operating activities 10666839064.86 7360817328.95 II. Cash flows from investing activities Cash received from disposal and 76075073941.27 66860000000.00 140Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) redemption of investments Cash received from returns on 680037448.32339138464.15 investments Net cash received from disposals of fixed assets intangible assets and other 3895.40 594940.38 long-term assets Net cash received from disposals of subsidiaries and other business units Other cash received relating to investing 927565227.34924498282.07 activities Subtotal of cash inflows from investing 77682680512.3368124231686.60 activities Cash payments to acquire fixed 1009680236.941079610991.91 intangible and other long-term assets Cash payments to acquire investments 77036500000.00 74803810000.00 Net cash payments to acquire subsidiaries and other business units Other cash payments relating to investing 25000980.0017303700.00 activities Subtotal of cash outflows from investing 78071181216.9475900724691.91 activities Net cash flows from investing activities -388500704.61 -7776493005.31 III. Cash flows from financing activities Cash received from capital contributions 161011508.00 53123087.50 Cash received from borrowings 125172086.13 250184427.32 Other cash received relating to financing 977155365.014658976662.59 activities Subtotal of cash inflows from financing 1263338959.144962284177.41 activities Cash repayments of debts 1139235698.99 317505447.16 Cash payments for dividends distribution of profit and interest 4172793490.50 1437592912.02 expenses Other cash payments relating to 2192265496.581065688167.43 financing activities Subtotal of cash outflows from financing 7504294686.072820786526.61 activities Net cash flows from financing activities -6240955726.93 2141497650.80 IV. Effect of foreign exchange rate -41101918.50883283.62 changes on cash and cash equivalents V. Net increase / (decrease) in cash and 3996280714.821726705258.06 cash equivalents Plus: Cash and cash equivalents at the 13426826588.2911700121330.23 beginning of the period VI. Cash and cash equivalents at the end 17423107303.1113426826588.29 of the period 1417. Consolidated Statement of Changes in Owners' Equity Current amount (in CNY) 2025 Owners’ equity attributable to the parent company Item Other equity instruments TotalLess: Other Non-controllin Share Perpetual Capital Special Surplus General Retained owners’Treasury comprehensive Others Subtotal g interests capital Preferenc capital Others reserves reserves reserves reserve earnings equity e share stock income securities I. Balance at 2073 401987701276 177112 102991584 74900 1066216 2834610 3690506 32936839 31 December 2114 48048.10738.35 3055.97 .15 263.18 783.99 6408.53 4146.23 01.91 202424.004 Add: Changes in accounting policies Correction of prior period errors Others II. Balance at 2073 401987701276 177112 102991584 74900 1066216 2834610 3690506 32936839 1 January 2114 48048.10738.35 3055.97 .15 263.18 783.99 6408.53 4146.23 01.91 202524.004 III. Increase / (decrease) 251741 -15420 40893 9294371 9705814 -13269441 957311 during the -35402576.601.22 9656.24 802.50 547.54 030.80 0.05 9620.75 reporting 70 period (i) Total 134951-35402576. 1346127 1342587 69250155.comprehensiv 27534.670 9955.37 7378.67 98 e income 5 (ii) Capital contributions 270421 2704211 34421509. 304842 or 131.62 31.62 89 641.51 withdrawals by ownersSungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 1.Ordinary shares 11730937. 117309 contributed by 66 37.66 shareholders 2.Capital contributed by holders of other equity instruments 3.Share-based payments 270421 2704211 22690572. 293111 recognized in 131.62 31.62 23 703.85 owners’ equity 4.Others (iii) Profit distribution -416690 -60867829. -422777-416690 8407.83416237.24 8407.83 1. Transfer to surplus reserve 2. Transfer to general reserve 3. Profit distribution to -416690 -60867829. -422777 -416690 owners (or 8407.83 41 6237.24 8407.83 shareholders) 4. Others (iv) Transfer within owners' equity 1.Capital reserves converted to share capital 2.Surplus reserves 143Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) converted to share capital 3.Loss made up by surplus reserves 4.Changes in the defined benefit plan transferred to retained earnings 5.Other comprehensiv e income transferred to retained earnings 6.Others (v) Special 53543 5354305 545350992018.76 reserves 050.04 0.04 68.80 1.Withdrawal during the 58385 5838576 593777992018.76 reporting 766.89 6.89 85.65 period 2.Usage during the -4842 -484271 -484271 reporting 716.85 6.85 6.85 period -18679-154201228808-17649026-536093 (vi) Others -12649530.40 9656.24 78.30 5.27 86.97 247.54 IV. Balance at 2073 11579 497718726450 161691 67589007. 1066216 3764047 4661087 31609894 31 December 2114 4065.6 67668.82339.57 3399.73 45 783.99 7956.07 8177.03 91.86 202524.0089 144Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) Prior period amount (in CNY) 2024 Equity attributable to owners of the parent company Item Other equity instruments TotalLess: Other Non-controlli Share Perpetual Capital Special Surplus General Retained owners’ capital Preference Treasury comprehensive Others Subtotal ng interests capital Others reserves reserves reserves reserve earnings equity share stock income securities I. Balance at 1485 1066 187285 294544 31 December 150 760617 138106 172490837 277285 2770521 174927721678 23299.6 96293.7 2023984.05870.497983.76.0972.978364.40929.323.9922 0 Add: Changes in accounting policies Correction of prior period errors Others II. Balance at 1485 1066 187285 294544 1 January 150 760617 138106 172490837 277285 2770521 174927721678 23299.6 96293.7 2024984.05870.497983.76.0972.978364.40929.323.99220 III. Increase / (decrease) 5880 107442 during the 390055 471716 961758 9199845 15444056044 -59341 -69499252. 51754.4 reporting 072.21 90.21 3108.91 781.83 972.590.00 5132.14 94 2 period (i) Total 110362 111934 comprehensiv -69499252. 1096677 226643178921.3 22833.0 e income 94 9668.42 64.606 2 (ii) Capital contributions or 364670 3646704 5399647 418666 withdrawals by 473.81 73.81 1.54 945.35 owners 145Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 1.Ordinary shares 1677848 167784 contributed by 8.31 88.31 shareholders 2.Capital contributed by holders of other equity instruments 3.Share-based payments recognized in 364670 3646704 2229761 386968 owners 473.81 73.81 2.11 085.92’ equity 4.Others 1492037 1492031.12 71.12 (iii) Profit -14186 -141869 distribution 95812.4 -1418695 5812.455 812.45 1.Transfer to surplus reserves 2. Transfer to general reserve 3. Profit -14186 distribution to -141869 95812.4-1418695 owners (or 5812.45 5812.45 shareholders) 4. Others (iv) Transfer 5880 within owners' -588066044 equity 0440.000.00 1.Capital reserves 5880 -58806 converted to 6044 0440.00 share capital 0.00 146Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 2.Surplus reserves converted to share capital 3.Loss made up by surplus reserves 4.Changes in the defined benefit plan transferred to retained earnings 5.Other comprehensiv e income transferred to retained earnings 6.Others (v) Special 471716 4717169 3294168. 504658 reserves 90.21 0.21 24 58.45 1.Withdrawal during the 561341 5613417 3294168. 594283 reporting 78.94 8.94 24 47.18 period 2.Usage during the -89624 -8962488 -896248 reporting 88.73 .73 8.73 period (vi) Others -37002 390055 -7600802 1260472 500391 5165.95072.2138.16168.21930.05 IV. Balance at 2073 1066 283461 401987 31 December 211 701276 177112 102991584 749002 3690506 329368321678 06408.5 48048.1 2024424.00738.353055.97.1563.184146.23901.913.9934 0 147Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 8. Statement of Changes in Owners’ Equity of Parent Company Current amount (in CNY) 2025 Other equity instruments Capital Less: Treasury Other Special Surplus Retained Others Total Owners’ Item Share capital Preference Perpetual Others reserve stock comprehensiv reserve reserve earnings Equity share debt e income securities I. Balance at 31 2073211424 687574 1771123055 31377755. 1066216 26109507 3438493487 December 2024 .00 4698.43 .97 35 783.99 267.14 2.94 Add：Changes in accounting policies Correction of prior period errors Others II. Balance at 1 2073211424 687574 1771123055 31377755. 1066216 26109507 3438493487 January 2025 .00 4698.43 .97 35 783.99 267.14 2.94 III.Increase/(decreas 158989 26364090. 44046663 4744229519.e) during the -154209656.413.90 88 58.45 47 reporting period 24 (i) Total comprehensive 85715747 8571574766.income 66.28 28 (ii) Capital contributions or 158989 158989413.9 withdrawals by 413.90 0 owners 1.Ordinary shares contributed by shareholders 148Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 2.Capital contributed by holders of other equity instruments 3.Share-based payments 158989 158989413.9 recognized in 413.90 0 owners’ equity 4.Others (iii) Profit -41669084 -4166908407 distribution 07.83 .83 1.Transfer to surplus reserves 2.Profit distribution to -41669084 -4166908407 owners (or 07.83 .83 shareholders) 3.Others (iv) Transfer within owners' equity 1.Capital reserves converted to share capital 2.Surplus reserves converted to share capital 3.Loss made up by surplus reserves 4.Changes in the defined benefit plan transferred 149Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) to retained earnings 5.Other comprehensive income transferred to retained earnings 6.Others (v) Special 26364090.reserves 26364090.8888 1.Withdrawal during the 26757337. 26757337.73 reporting period 73 2.Usage during the reporting -393246.85 period -393246.85 (vi) Others -154209656. 154209656.2 244 IV. Balance at 31 2073211424 703473 1616913399 57741846. 1066216 30514173 3912916439 December 2025 .00 4112.33 .73 23 783.99 625.59 2.41 Prior period amount (in CNY) 2024 Other equity instruments Capital Less: Other Special Surplus Retained Others Total Item reserve Treasury comprehensive reserve reserve earnings Owners’ Share capital Preference Perpetual Others share debt stock income Equity securities I. Balance at 31 December 1485150984 7206040 1381067 11303 1066216783. 17918678752 26306322 2023.00925.89983.76424.1599.33886.60 Add: Changes in accounting policies Correction of 150Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) prior period errors Others II. Balance at 1 1485150984 7206040 1381067 11303 1066216783. 17918678752 26306322 January 2024 .00 925.89 983.76 424.15 99 .33 886.60 III. Increase / (decrease) during the 588060440.0 39005507 20074 8190828514. 80786119-3302962 reporting 0 2.21 331.20 81 86.3427.46 period (i) Total comprehensive 9609524327. 96095243 income 26 27.26 (ii) Capital contributions 2577642 25776421 or withdrawals 12.54 2.54 by owners 1.Ordinary shares contributed by shareholders 2.Capital contributed by holders of other equity instruments 3.Share-based payments 2577642 25776421 recognized in 12.54 2.54 owners’ equity 4.Others (iii) Profit -1418695812. -1418695 distribution 45 812.45 1.Transfer to surplus reserves 151Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) 2.Profit distribution to -1418695812. -1418695 owners (or 45 812.45 shareholders) 3.Others (iv) Transfer within owners' 588060440.0 -5880604 equity 0 40.00 1.Capital reserves 588060440.0 -5880604 converted to 0 40.00 share capital 2.Surplus reserves converted to share capital 3.Loss made up by surplus reserves 4.Changes in the defined benefit plan transferred to retained earnings 5. Other comprehensive income transferred to retained earnings 6.Others (v) Special 20074 20074331.reserves 331.20 20 1.Withdrawal 23770 23770839. during the 839.32 32 152Sungrow Power Supply Co. Ltd. 2025 Annual Report (Full Copy) reporting period 2.Usage during the reporting -3696508.-3696 period 12508.12 (vi) Others 39005507 -39005502.21 72.21 IV. Balance at 31 December 2073211424. 6875744 1771123 31377 1066216783. 26109507267 34384934 202400698.43055.97755.3599.14872.94 153