Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Sungrow Power Supply Co. Ltd.
2024 Annual Report
April 2025
2Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
2024 Annual Report
Section I Important Notes Contents and Definitions
The Board of Directors the Board of Supervisors directors supervisors 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 risks that may exist in the operation of the
Company and the countermeasures in the "XI. Prospects for the Future Development of the Company" section of the
"Management Discussion and Analysis" in Section III of this report which investors are kindly advised to pay attention to
investment risks.The board meeting has reviewed and approved the following profit distribution proposal: Based on the share capital of
2047096561 shares after excluding the repurchased shares in the repurchased shares special securities account a cash
dividend of CNY10.80 per 10 shares (tax inclusive) will be distributed to all shareholders with the total amount of cash
distributed amounting to CNY2210864285.88 (tax inclusive) .2024 The Company will not implement the transfer of share
capital to capital reserve and will not distribute bonus shares. In 2024 no share capital increase by capital reserve or bonus
share distribution will be implemented by the company. The profit distribution proposal still needs to be submitted to the
shareholders' meeting of the Company for review.
3Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Contents
Section I Important Notes Contents and Definitions... 3
Section II Company profile and key financial indic... 7
Section III Management’s Discussion and Analysis ... 11
Section IV Corporate governance .................... 57
Section V Environment and Social Responsibilities .. 75
Section VI Significant Events ...................... 78
Section VII Changes in Shares and Information abou. 113
Section VIII Preference Shares .................... 124
Section IX Bonds................................... 125
Section X Financial reports ....................... 126
4Sungrow Power Supply Co. Ltd. 2024 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. 2024 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
Sungrow Electric Power Hefei Sungrow Electric Power Technology Co. Ltd.Sungrow FPV Sungrow FPV Sci. & Tech. Co. Ltd.Sungrow Hydrogen Sungrow Hydrogen Technology Co. Ltd.Taihe Intelligence Hefei Taihe Intelligent Technology Group Co. Ltd.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
CE A certification that must be obtained by products entering the European market
A standard developed by the Italian State Power Board (Enel) which is widely recognized
Enel-GUIDA
in Italy
An Australian standard. PV modules and inverters must comply with this standard in order
AS4777
to be used in the design and installation of PV systems in Australia
Abbreviation of the California Energy Commission. External power supplies exported to
CEC
California must obtain this certification
Canadian Standards Association the largest non-profit organization for defining industrial
CSA
standards in Canada
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
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 2024 - December 31 2024
period current period
6Sungrow Power Supply Co. Ltd. 2024 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阳光电源
Chinese
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 Office of the Board of Directors
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 Wan Yunlong Jiang Wei Pan Lili
Sponsor institution engaged by the Company for continuous supervision during the reporting period
7Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
□Applicable □ Not applicable
Sponsor's Office Name of Sponsor
Name of Sponsor Period of continuous supervision
Address Representative
October 22 2021 to December 31 2023 (The
continuous supervision and guidance period by
Floors 27/28 China
China International Capital Corporation Limited has
China International World Office 2 No. 1
Liu Chengli Wang ended on December 31 2023. However the funds
Capital Corporation Jianguomenwai Avenue
Jixiang raised by the Company have not been fully utilized
Limited Beijing 100004 P.R.therefore continuous supervision and guidance by
China
China International Capital Corporation Limited is
required before the funds are fully utilized.)
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
Reason for retroactive adjustment or restatement
Changes in Accounting Policies
YOY
20232022
Change
2024
Before After After Before After
Adjustment Adjustment Adjustment Adjustment Adjustment
Operating income (CNY) 77856966 7225067493 72250674 40257239 40257239
7.76%
964.639.46939.46155.34155.34
Net profit attributable to
110362789439561800943956183593410035934465
shareholders of the Company 16.92%
921.36.2500.2509.2614.09
(CNY)
Net profit attributable to
shareholders of the Company 10692731 9215604036 92156040 33857973 33858338
16.03%
after deducting non-recurring 577.61 .77 36.77 03.38 08.21
gains and losses (CNY)
Net cash flows from operating 12068326 6981838977 69818389 12104984 12104984
72.85%
activities (CNY) 644.66 .28 77.28 85.89 85.89
Basic earnings per share
5.326.364.5516.92%2.421.73
(CNY/share)
Diluted earnings per share
5.326.364.5516.92%2.421.73
(CNY/share)
Weighted average return on
33.99%40.96%40.96%-6.97%20.95%20.95%
equity
YOY
As at Dec. 31 2023 As at Dec. 31 2022
As at Dec. Change
31 2024 Before After After Before After
Adjustment Adjustment Adjustment Adjustment Adjustment
1150737718287650672828765066162621161627440
Total assets (CNY) 38.85%
122.867.57727.57527.11167.96
Net assets attributable to
369050642770521836277052181866630518667293
shareholders of listed companies 33.21%
146.234.40364.40389.67759.12
(CNY)
Reasons for changes in accounting policies and correction of accounting errors
8Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
The Ministry of Finance of the People's Republic of China issued Accounting Standards for Business Enterprises Application
Guidance Compendium 2024 in March 2024 and Accounting Standards for Business Enterprises Interpretation No. 18 on December
6 2024. These regulations stipulate that warranty-type warranty expenses should be incorporated into operating costs. In light of the
revision of the above-mentioned accounting standards the Company made corresponding adjustments to its previously adopted
relevant accounting policies. For specific details please refer to Section X. V36 Changes in Significant Accounting Policies and
Accounting Estimates.In accordance with the annual equity distribution plan for 2023 the Company transferred 4 shares for every 10 shares from the
capital reserve to all shareholders. the Company recalculated the earnings per share for the comparable period based on the adjusted
number of shares.The lower of the Company's total audited profit net profit or net profit after extraordinary gains and losses for the most recent fiscal
year is negative
□Yes□ No
The lower of net profit including extraordinary and net profit excluding extraordinary is negative
□Yes□ No
VI. Quarterly key financial indicators
(in CNY)
Quarter 1 Quarter 2 Quarter 3 Quarter 4
Operating income 12613586133.41 18406178869.10 18926203508.83 27910998453.29
Net profit attributable to shareholders of the
2096318765.892862754811.212640479444.593436725899.67
Company
Net profit attributable to shareholders of the
Company after deducting non-recurring 2083420853.57 2798990065.85 2497869809.48 3312450848.71
gains and losses
Net cash flows from operating activities -487736072.69 -2115970875.06 3407644335.14 11264389257.27
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.VIII. Non-recurring Items and Their Gains/Losses
□Applicable □ Not applicable
9Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
(in CNY)
Item Amount in 2024 Amount in 2023 Amount in 2022 Remarks
Gains or losses from disposal of non-current assets
-4481304.80-13874372.86-3361515.27
(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 197186752.05 162726489.74 114038405.73
salable financial assets except for the effective hedging
business associated with the Company’s normal business
operation
Reversal of impairment provisions for accounts
90102731.415822834.445784209.13
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 -449122.14 -154355.00
Other non-operational income and expenditure in
-17274561.302254304.98-6748079.29
addition to the items listed above
Other items of profit or loss that meet the definition of
134435390.49118675145.65140744784.09
non-operating profit or loss
Less: Income tax impact 52614872. 42613860.90 39295421.32
Minority shareholders' equity impact (after tax) 3357669.87 8948072.08 3549677.19
Total 343547343. 223957763.48 207612705.88 --
Details of other gains or losses that fit in the definition of extraordinary items:
□ Applicable □ Not Applicable
There are no other gains or losses in the Company that fit in the definition of extraordinary items.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
19111022.41
power station projects in possession one of the Company's day-to-day businesses
10Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Section III Management’s Discussion and Analysis
I. Industry situation in the reporting period
For the PV industry in 2024 under the global low-carbon goals and driven by supportive policies improved project economics and
technological advancements worldwide the PV industry continues its growth momentum. According to third-party data global new
PV installations reached 460 GWac in 2024 marking a year-on-year increase of 27%. Major global PV markets maintained growth
momentum with emerging markets such as Pakistan demonstrating remarkable progress expected to become new growth drivers for
the PV market.For energy storage industry in 2024 global energy storage demand sustained rapid growth driven by increasing renewable energy
penetration and declining storage costs. Third-party data indicates that global lithium battery energy storage installations reached 182
GWh in 2024 reflecting a 72% year-on-year increase.II. Business Scope in the Reporting Period
Sungrow Power Supply Co. Ltd. is a national key high-tech enterprise specializing in R&D manufacturing sales and service of solar
energy wind energy energy storage electric vehicles and other new energy power supply equipment. With a wide range of products
including PV inverters wind energy converters energy storage systems electric drive system for new energy vehicles charging
equipment floating PV systems and smart energy operation and maintenance service the Company is committed to providing world-
class solutions for the full life cycle of clean energy.
1. PV inverters
Since the establishment in 1997 the Company has been focused on the R&D and manufacturing of PV system equipment with PV
inverters being the core product. Adhering to the mission of “Clean power for all” the Company provides cutting-edge PV system
solutions to users around the globe.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 8800 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 operating and maintenance. These
systems are primarily applicated 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 environment 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 indoor and outdoor 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 safety and reliability are highly grid-friendly and cost effective. 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 plateaus and on commercial roofs.Modular inverters mark a new category in the industry. At a unit power of 1.1 MW modules can be connected in parallel to form a
flexible subarray configuration of 1.1 MW to 8.8 MW. Integrating the advantages of centralized inverters and string inverters each
module features an independent MPPT design and operates independently is built with 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
11Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
enables group 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 group’s decision-making.According to the 2023 global PV inverter enterprise shipment list released by an authoritative data consulting organization S&P Global
2024 Sungrow continues to be the world's No. 1. in the 2024 Inverter Bankability Survey Report released by Bloomberg New Energy
Finance (BNEF) in 2025 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 five times.Product Picture Brief Introduction
the Company introduced the industry’s first 1+X
modular inverters with a cumulative global
shipment of more than 40 GW. Featuring a
modular design multiple inverters at a unit power
of 1.1 MW can be connected in parallel to shape a
flexible sub-array of 1.1 MW to 8.8 MW making
"1+X" modular products station configuration more flexible and operation
and maintenance easier. A number of innovative
technologies such as the intelligent IV diagnosis
for high-power inverters and the DC parallel arc
detection and shutdown further streamlined
system operation and maintenance and improved
power generation efficiency.To cope with the widespread application of high-
power modules Sungrow introduced the
SG320HX high-power string inverter for large-
scale ground power stations. The application of
advanced technologies such as the AI-based air
SG320HX string duct health management the MPPT-class
inverter (overseas insulation monitoring AC/DC terminal
model: 350) temperature sensing and the HV/LV grid
adaptation contributed to the upgrade in
intelligent operation and maintenance safety and
reliability and support for the power grid
continuously leading the market of 300kW+high-
power series inverters.Based on precise market insights Sungrow
introduced the 125 KW high-power industrial and
SG30-125CX-P2 string commercial inverters. Featuring high power 1+II
inverter (for industrial & lightning protection and AFCI2.0 the products
commercial scenarios) guaranteed the safety of industrial and commercial
power stations and achieved large-scale
application worldwide.Based on deep insights into customer needs and
module technology trends the Company
introduced its 150kW commercial and industrial
(C&I) inverter. Equipped with Arc Fault Detection
SG150CX Series 3.0 the product supports 48A input current and
Inverter 450-meter cable detection coverage. The newly
integrated AC/DC terminal temperature sensing
system automatically identifies terminal
temperature anomalies and triggers intelligent
shutdown protocols. A 20ms ultra-fast DC circuit
12Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
breaker equipped ensuring rapid fault isolation.The upgraded self-cleaning air duct technology
performs daily automated dust removal ensuring
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 products. The input
SG10-30T-CN current of a single string increased to 18A
residential inverter allowing it to flexibly adapt to high-power PV
modules and double-sided PV modules. At the
same time the power range of products was
expanded to address diversified residential
installation needs.As a high-power single-phase PV-storage inverter
for residential use recently introduced by the
Company the product's power is increased to 8-10
kW which can be used in combination with
SBR/SBH large-capacity batteries to deliver green
SH8.0-10RS residential
power for the entire house. Having integrated
inverter
convenience and multi-level safety design the
product is built with AFCI2.0 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 residential and small
commercial/industrial applications. Designed with
multi-layer protection (including AFCI 2.0 arc
SH5.0-25T
fault prevention) which safeguard the power-
using safety. Its appliance-inspired plug-and-play
installation and the OneCloud Intelligent Platform
for centralized monitoring ensures minimal
maintenance and empowers global family users to
embrace a simpler safer and sustainable clean
energy life.The company's first full-series microinverter
products - S450S S800S and S1600S with rated
power outputs of 450W 800W 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 or extreme
microinverter
heat and maintaining full power output at 60°C
s450s/s800s/s1600s
without airflow .they enable 30% faster
installation via plug-and-play design with one-
click network synchronization and smart self-
diagnosis. Certified with 12 international
standards (IP67 & C5 corrosion resistance) after
200+ safety tests these inverters incorporate
independent MPPT design that keeps DC-side
13Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
voltage below 60V fundamentally eliminating arc
fault risks while delivering ultimate safety
assurance.
2. Energy storage systems (ESS)
As one of the first companies involved in energy storage 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. According to the 2024 global cumulative installed capacity ranking for energy
storage systems released by the authoritative consulting firm S&P Global Sungrow was awarded the top position worldwide.Additionally in the 2024 Global Bankability Ranking published by BNEF Sungrow's energy storage systems and PCS both named as
the No. 1 global ranking.Product Picture Brief Introduction
As the new generation of energy storage
system built with the “3-in-1 integration”
concept PowerTitan 2.0 is equipped
with embedded PCS to enable AC
storage. The product can support a
configuration capacity of 2.5 MW/5
PowerTitan 2.0 large-scale MWh in a standard 20-foot container
ground energy storage greatly improving the energy density of
system the system. Liquid cooling for the entire
system intelligent cluster-level
management and the Stem Cell Tech
contribute to a product that is more
efficient application friendlier and safer
for users helping new power systems
operate steadily in all scenarios.Adhering to the “3-in-1 integration”
concept and the innovative combination
of power electronics electrochemistry
and grid support technologies Sungrow
introduced the professionally integrated
PowerTitan series energy storage
PowerTitan 1.0 large-scale systems with a capacity of 3.44 MWh.ground energy storage Liquid-cooling temperature control and
system intelligent cluster-level management
helped to deliver the goals of longer
service life higher efficiency and less
loss. A combination of innovations in
electrical safety cell safety and grid
safety improved the overall safety of
energy storage systems.Carrying forward Sungrow’s tradition of
“3-in-1 integration” and “Independentdevelopment across all stacks”
PowerStack 200CS features deep
PowerStack 200CS
integration of power electronics
industrial and commercial
electrochemistry and grid support
energy storage system
technologies. Thanks to the innovative
use and integration of AI technology ittakes an “intelligence and storageintegrated” design to deliver EMS PCS
14Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
and BMS functions with a system
capacity of up to 225 kWh. The product
demonstrates leading advantages in
revenue low-maintenance use and
comprehensive safety which helps
address three major pain points of users
namely revenue operation and
maintenance and safety and eliminating
the concerns in industrial and
commercial power distribution and
storage.PowerStack 835CS is Sungrow’s
industry-first 10/20kV-ready liquid-
cooled C&I ESS pioneering scenario-
customized solutions for large-scale
industrial applications. Designed to
address critical demands for economic
PowerStack viability operational simplicity and
835CS Commercial and safety in industrial energy storage it
Industrial Energy Storage incorporates various advancedSystems technologies such as 836kWh “GoldenCapacity” Configuration AC-Coupled
Architecture StemCell Grid Tech and
Customized EMS with Scenario-Based
Algorithms. These features enhance
economy ease of use and safety while
rebuilding the experience of users.In response to the increased civil power
consumption and large power load in
peak hours Sungrow introduced the
PowerStack industrial and commercial
energy storage system for industrial and
commercial scenarios with a capacity of
535 kWh. Based on intelligent EMS
PowerStack 500CP energy management the product can
industrial and commercial support multiple application modes in
energy storage system on-grid or off-grid scenarios and
coordinate energy scheduling among
grids PV systems charging poles and
loads. Thanks to the liquid-cooling
technology and intelligent safety
protection it can improve the reliability
of energy storage systems in multiple
dimensions.As the residential energy storage market
heats up Sungrow quickly advances its
PV-storage integration business. In 2023
the Company launched the new
generation of SBH series residential
batteries an all-around upgrade on top of
2nd generation residential
the advantageous performances of SBR
battery SBH100-400
series batteries. The module capacity
was upgraded with maximum capacity
reaching 40 kWh per unit. The charging
and discharging performance was
upgraded and batteries could be quickly
charged to full state at an ultra-large
15Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
charging and discharging current of 50
A. Safety was upgraded thanks to the
pre-bundled design of cells and module-
level fire protection. When used in
combination with the brand-new SHT
and SHRS series high-power PV-storage
inverters the product can support green
power supply and storage for the entire
house.Capitalizing on the channel advantages
Sungrow accelerates the residential PV-
storage business and has introduced the
Residential battery SBR096- new generation of SBR series residential
256 battery solutions. The product features
convenient installation flexible
configuration safety and reliability and
outstanding performance.The Company introduced the next-
generation 5kWh residential energy
storage battery SBS050 in late 2024.Featuring an ultra-slim 182mm design it
supports flexible parallel connection of
1-4 units scaling up to 20kWh total
capacity. When paired with the SHRS-20
Residential 5 kWh Small
inverter for high-current 50A
Battery SBS050
charging/discharging and compatible
with diesel generator systems this
solution delivers sleeker aesthetics
enhanced flexibility superior
performance and reinforced safety
making it the optimal choice for compact
residential energy storage demands.
3. New energy investment and development
In recent years as the Group's dedicated platform for new energy project development and investment Sungrow Renewables adheres
to the philosophy of “Higher Yield Greener Impact” focusing on centralized PV/wind farms residential/commercial PV systems
energy storage stations and charging infrastructure. Driven by technology innovation and market needs it has built a globally
synergistic business layout anchored in China and expanding overseas.Centralized PV power station: Full-scenario coverage centralized PV power stations leverage advanced R&D capabilities and
extensive project experiences to largely improve the ROI of PV power stations creating greater value for customers. In the meanwhile
comprehensive development models such as agrivoltaics soil remediation saline-PV integration mountain solar desertification
control and floating PV systems they enable synergistic utilization of wind solar and land resources establishing benchmarks for
land-use efficiency regional ecological restoration and new energy industry integration.Wind power station: Wind farms can fit in different operating environments such as high/low temperatures high altitude low wind
speed coastal areas and are intended for plain wind power mountain wind power decentralized wind power wind-PV complementary
systems and other healthy ecosystems and development patterns to meet the diverse needs of customers and maximize value.Residential PV power stations: During the reporting period Sungrow's residential PV installations maintained rapid year-on-year
growth. The "Worry-Free Installation" service strategy continued to deliver high-quality plant services and operational empowerment
for users and partners leading the industry into a new era of premium value-driven service. Powered by smart and digital technologies
upgraded solutions for flat roofs slope-converted roofs sloped roofs courtyards and sunrooms have been widely adopted in the market.The newly launched "SunStyle" series – including Chinese and European aesthetic versions – features innovative exterior designs
16Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
structural layouts and module arrangements offering households a seamless blend of lifestyle elegance and energy efficiency.Sungrow's proprietary iSolarRoof intelligent design software has been extensively utilized by channel partners. With its "'3
Superiorities + 1 Speed' Advantage" – optimized module layout superior system wiring efficient rack cutting and rapid design
output – it boosts power station design efficiency by 400%.Sungrow home energy power stations: Sungrow Home Energy Power Station exclusively designed for premium villas and luxury
residences in China integrates architectural aesthetics energy efficiency and lifestyle sophistication through intelligent 3D scenario-
based planning combining self-developed "PV-Storage-Charging-Optimization-Cloud" technologies with 24/7 storage response and
20% higher yield via multi-orientation roof adaptability to deliver a sleek design high energy yield enhanced safety and AI-powered
intelligence via its proprietary HEMS (Home Energy Management System) which learns household consumption patterns to achieve
100% solar self-consumption seamlessly blending energy autonomy with refined living experiences.
Industrial and commercial PV power stations: The Company capitalizes on its world-leading new energy technological strength as well
as innovative and efficient industrial and commercial PV power station products to provide enterprises with new energy full lifecycle
solutions covering consulting development investment and delivery. In response to the surging demand for green energy across
various industries Sungrow continually explores the channel ecosystem and establishes a multi-win landscape for the brand channel
operators partners industrial and commercial enterprises based on the core advantages of “technology + platform”. With in-depth
insights on energy consumption scenarios and characteristics of industries Sungrow has developed innovative zero carbon solutions
for automobiles home appliances cement warehousing logistics. With modules and tiles searching for optimal designs and innovative
patented tile models which can be installed more quickly and generate more power Sungrow's BIPV power stations has been rising
comprehensively to address the green energy demand and accelerate the zero carbon transformation of various industries.Sungrow charging stations: Sungrow charging stations provides one-stop solution from scientific site selection to intelligent design and
construction to intelligent operation optimization. With the core algorithm the integrated charging station realizes the smooth linkage
of green power among PV storage charging and grid. The first "S2G" (Station to Grid) new model from station to grid which
systematically aggregates PV storage and charging not only provides demand-side response but also participates in auxiliary services
such as power market trading to create more revenue. Sungrow charging stations intelligent evaluation and design software and
"investment construction and operation cloud platform" not only provide intelligent suggestions from scientific site selection design
and construction to operation but also bring higher value to charging stations in terms of " precise attraction intelligent operation and
maintenance and convenient service" to bring a silky smooth energy replenishment experience to users.Multi-energy integration: Relying on the PowMart smart energy solution featuring independent intellectual property Sungrow
incorporates advanced system integration technology into the wind-PV-storage integration wind-PV-hydrogen production PV-storage-
charging integration and other new energy integration application scenarios establishes innovative examples in multi-energy
collaboration intelligent scheduling grid friendliness safety and reliability and provides support for building a new type of power
system running on new energies.Product Picture Brief Introduction
Centralized PV power station solution covers
various application scenarios and relies on
market-leading technologies to optimize
power station LCOE hence significantly
improving the ROI of PV power stations and
creating greater value for customers.Following the national strategy of building
Centralized PV power
large wind-PV power generation bases
station
Sungrow offers comprehensive utilization
models such as desertification control land
reclamation forestry-PV complement salt-
PV complement and floating systems to set
integrated development examples for
comprehensive environmental treatment and
new energy industry application.
17Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Wind power station covers plain wind power
mountain wind power and decentralized
wind power applications. Upholding the
principle of "wind power development and
Wind power station ecological protection in parallel" Sungrow
develops and builds ecologically friendly
wind power stations in various scenarios and
refines wind resource assessment according
to local situation for value maximization.Clean distributed power station leverages AI
to ensure all-around powerful self-cleaning
which can significantly reduce dirt coverage
loss and increase power generation by
Clean distributed power
minimum 6%. As a distributed PV system
station
that enables secondary power generation
improvement it can drastically reduce power
station overhead and achieve long-term
investment return.Flat-roof distributed power station is an
innovative application developed for flat-
roof distributed power stations. The module
brackets are integrated with cement bases for
Flat-roof distributed
support and stabilization. Standard modular
power station
design and installation improves placement
rate of modules and increases installed
capacity hence significantly shortening the
construction lead time.BIPV power station integrates optimized
module-tile design and patented tile profiles
to accelerate installation and boost energy
yield featuring an ultra-narrow bilateral
clamping design for denser module layout
(15% increase in installed capacity) and a tri-
functional "fixation-drainage-lightning
protection" system for rapid deployment and
high efficiency. The 360 ° rolled-edge
BIPV power station
waterproofing design ensures absolute safety
while proprietary ECO cooling technology
optimizes thermal pathways to reduce
module temperature by over 10 ° C
enhancing energy generation by 3%. With
CSC concealed layout technology and AFCI
real-time arc detection/shutdown
mechanisms it delivers dual-layer safety
protection.Sungrow charging stations provides one-stop
solution from scientific site selection to
intelligent design and construction to
intelligent operation optimization. With the
Sungrow Charging
core algorithm the integrated charging
Station
station realizes the smooth linkage of green
power among PV storage charging and grid.The first "S2G" (Station to Grid) new model
from station to grid which systematically
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aggregates PV storage and charging not only
provides demand-side response but also
participates in auxiliary services such as
power market trading to create more revenue.Sungrow charging stations intelligent
evaluation and design software and
"investment construction and operation
cloud platform" not only provide intelligent
suggestions from scientific site selection
design and construction to operation but also
bring higher value to charging stations in
terms of " precise attraction intelligent
operation and maintenance and convenient
service" to bring a silky smooth experience to
users.The third-generation Yueyanglou features a
completely redesigned appearance structural
framework and module layout. Aesthetically
its Chinese and European-inspired versions
embody harmonious elegance and
captivating visual appeal. Spatially the
innovative support system utilizes high-spec
The Yueyanglou horizontal main beams with 4.5-meter
Sunroom Power Station maximum column spacing delivering
expansive interiors enhanced natural
lighting and unobstructed panoramic views.Engineered with ultra-high-strength steel and
dual-closed reinforced gutters (industry-
leading 600kg load capacity per gutter) it
sets new benchmarks in durability and
structural reliability.The Chaoyangge Flat-to-Slope Roof Station
is exclusively designed by Sungrow
Residential PV. By taking a low wind
resistance design it is safer more reliable
The Chaoyangge Flat- and worry-free. The color steel packaging
to-Slope Roof Station allows the PV system to be effectively
integrated into buildings which protects the
roof and keeps heat or cold away. This
solution enables users to gain a stable
revenue with an attractive design.The Shangyangyuan Courtyard Solution is
exclusively designed by Sungrow Residential
PV. While fully retaining and efficiently
utilizing the courtyard space this solution
The Shangyangyuan
can expand PV installation capacity and bring
Courtyard Solution
more revenue for users. It is available in a
number of customizable arrangements and
the oriental aesthetic design can perfectly
blend in with the surroundings.
19Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
The Huiyangding Flat Roof Power Station is
exclusively designed by Sungrow Residential
PV which can be customized according to
user needs. The product protects the roof and
The Huiyangding Flat delays its aging and its wind resistance
Roof Power Station pressure resistance and corrosion resistance
performances are reliable and assuring. With
a standard working procedure developed the
product can be easily and efficiently
installed.The Canyangfang Slope Roof Power Station
is exclusively designed by Sungrow
Residential PV. Featuring an integrated
design for flat and slope roofs it can support
The Canyangfang Slope higher installed capacity. The product can
Roof Power Station protect the tile surface and delay the aging of
roof and can be quickly installed following a
standard working procedure. It tightly fits to
the roof and blend in with the entire building
seamlessly.
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 wind
power aftermarkets grid simulation power supplies and drive frequency converters. In the future Sungrow Wind Energy Division will
keep exploring high-power energy conversion and control and aiming to establish global leadership in wind power conversion and
electromechanical transmission solutions.Product Picture Brief Introduction
The product features an integrated heat
dissipation design that improves heat dissipation
efficiency and product stability a high power
Doubly-fed 4.xMW- density design and integrated components for a
16MW wind turbine compact structure an integrated design of main
converter control and converters for larger load-carrying
capacity and strong environmental adaptability
for customization in various application
scenarios.This product features the highest unit power of
wind power converters in China and a
redundant design to ensure unit power
generation revenue. It can proactively adapt to
Full-power 5.x MW- complex grid environments to ensure grid
26MW wind power friendliness; it is built with enhanced anti-
converters corrosion and anti-condensation design to
effectively cope with the marine environment;
cabin-mounted applications and a special anti-
vibration structure help to meet the strict
vibration requirements.
20Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
The product is highly integrated safe and
reliable featuring a quadruple safety chain
design to ensure the safety of wind turbines. The
pitch control system converts wind energy into
Wind power pitch reasonable mechanical energy by adjusting the
drive blade angle of the fan. In 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 to enable regenerative energy
feedback during individual blade pitching
reducing energy consumption. Its modular
design with IGBT parallelization technology
ensures high scalability and supports
single/multi-drive functionalities. Featuring
Wind power pitch
compact internal components with enhanced
system
maintainability and a multi-drive configuration
that effectively reduces tooth surface pressure
while lowering bearing and gear design costs it
significantly decreases overall wind turbine
expenses while comprehensively enhancing the
performance of high-power wind turbine pitch
systems.With low-voltage transmission models covering
690 V/1140 V/1380V and medium- to high-
voltage transmission models covering 3.3 kV/6
kV/10 kV/35 kV the product is widely used in
industrial transmission and new energy fields
Drive frequency suitable for various load types such as fans
converter pumps constant torque and soft start of motor.Available in cabinet or container configuration
and supporting two-quadrant or four-quadrant
circuit topology it can adapt to various voltage
levels with the power of medium- to high-
voltage transmission models reaching 60 MW.The brand-new virtual impedance function
allows users to set short-circuit ratio or
impedance value to simulate weak current grid
environment and test the operation of new
energy equipment in distributed and other weak
current grid conditions. The advanced
impedance sweep frequency function helps the
Grid simulator stability analysis of new energy systems
connected to grid by scanning the impedance
characteristics of such systems across a wide
frequency range. The upgraded high- and low-
voltage ride through function enables
continuous ride-throughs and supports phase
steps in the meantime of amplitude steps which
can realistically simulate fault conditions caused
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by commutation failures. The equipment can
reach a standalone capacity of 1 MVA to 15
MVA and or a capacity of up to 130 MVA when
connected in parallel.
5. Smart operation and maintenance
Sungrow Smart Maintenance a new energy asset management service subsidiary under Sungrow harnesses the group's 28 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.By the end of 2024 Sungrow Smart Maintenance had contracted over 46 GW of operational capacity with domestic coverage across
31 provinces in China and international operations spanning the Middle East Central Asia and Southeast Asia. Powered by its self-
developed SolarEye 4.0 intelligent O&M platform and the station-level "iSolarHealth Full-Scope Diagnostics System" it rapidly
identifies equipment anomalies across the entire energy chain pinpoints root causes and dynamically optimizes maintenance strategies
to maximize returns while safeguarding asset integrity.Product Picture Brief Introduction
Relying on the Company’s 20+ years of
power electronic conversion technology and
power station integration practice Sungrow
Zhiwei adheres to the service concept ofSmart O&M service “Secure with technology be reliable andtrustworthy” to provide standard all-around
services for new energy assets and
continues to ensure customers' stable return
and asset safety with advanced technology.
6. Electric control and power supply system for new energy vehicles
Leveraging its robust 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 vehicle-mounted 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 control and power supply products for new energy vehicles. Since 2010 Sungrow
Electric Power has consistently provided services to leading passenger car commercial vehicle and construction machinery
manufacturers. Its platform-based product portfolio features high efficiency exceptional reliability and flexible compatibility. By the
end of 2024 the products had been installed in over 2 million vehicles worldwide.Sungrow Electric Power holds certifications including IATF 16949 ISO 14001 and ISO 45001 along with ISO 26262 ASIL-D process
certification for automotive functional safety establishing a product development and management system compliant with the highest
functional safety standards. The company operates multiple automated production lines for electric control and power supply systems
with an annual capacity of 1.5 million units. Recognized for its technical expertise product reliability and stable delivery capabilities
it has earned prestigious accolades such as the Red Dot Best Design Award 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 "2024 Top 100
Core Components for Intelligent Electric Vehicles in China." Additionally Sungrow Electric Power has been designated as a national-
level specialized and sophisticated "Little Giant" enterprise and recognized as both an Anhui Provincial Enterprise R&D Center and
Anhui Provincial Enterprise Technology Center.Product Picture Brief Introduction
The product is suitable for A and B class
hybrid passenger cars. Adopting TPAK
parallel power module it has excellent
HEM series hybrid dual
device compatibility and power expansion
electric control for
flexibility to meet the demand of multi-
passenger vehicles
power configuration of the same platform
models. The product is the first to be
equipped with SiC boost module ensuring
22Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
smooth and efficient power output and
significantly improves the driving
experience and energy utilization of the
whole vehicle.The product is suitable for Class B and
Class C high-end new energy passenger
vehicles and can work with various drive
EC60 series SiC motor motors with a rated power of 100 to 140
controller kW. Built with the full silicon carbide
discrete device parallel connection
technology it features ultra-high efficiency
and meets functional safety standards.With main motor controller DCDC OBC
and PDU integrated the product is suitable
EE30 series 4-in-1
for N1 vehicles such as minivans and
controller
minitrucks. It features high integration
high reliability and flexible adaptation.The product is suitable for new energy
buses heavy-duty trucks and construction
machineries. Built with single- and dual-
EC53 series motor
motor control functions to flexibly cope
controller
with various scenarios it supports power
expansion and is reliable and compliant
with functional safety standards.The product is suitable for Class A00 pure
electric passenger vehicles and can work
EC11 series motor with various drive motors with a rated
controller power of 10 to 15 kW. It features high
reliability high power density and
platform design.With OBC DCDC and PDU functions
integrated on a platform design the product
EP34 series in-vehicle is suitable for Class A00 and Class A0 new
power supply energy passenger vehicles. It features high
reliability high power density and flexible
grid adaptation.With OBC DCDC and PDU functions
integrated the product supports external
power discharge and is suitable for Class A
EP32 series in-vehicle
and Class B new energy passenger
power supply
vehicles. It features high power density
flexible grid adaptation and a safety rating
of ASIL-C.
23Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
With electric control motor and reducer
integrated the product is suitable for Class
A0 and Class A passenger vehicles.Sophisticated single pipe parallel
connection integrates motor control
EM33 series electric
module to the motor end cover shared
drive axle
enclosure for motor and electric control as
well as the direct connection design of
cooling water channels contribute to a
compact assembly structure allowing the
vehicle layout to be more flexible.
7. Floating PV system
Sungrow FPV is a national high-tech enterprise specializing in floating PV system solutions. The Sungrow FPV is committed to creating
eco-friendly reliable and efficient floating PV systems and delivering one-stop floating PV system solutions suitable for different
water bodies.Specializing in R&D design and manufacturing of floating systems for water surface PV power stations Sungrow FPV has fostered
an R&D team with extensive R&D experience and strong innovation capabilities. The team has mastered key technologies of floating
power stations including system design materials product structure and arrays mooring & anchoring system made more than 280
patent applications led and participated in the formulation of multiple standards related to floating systems and their products have
been certified and tested by a number of international certification bodies including TüV DNV WARS and CGC.The production base for floating PV systems is built with a fully intelligent management system advanced raw material R&D and
product mechanical performance testing laboratories and intelligent production workshops. Its annual production capacity can meet
the requirements of building GW-level floating PV power stations.Sungrow FM had received a wide range of honors including 2024 China's Most Influential Floating PV Enterprise Award 2023 China's
Leading Enterprise in Floating PV Systems 2022 Anhui Province’ s Small- and Medium-Sized SRDI (Specialized Refined
Differential and Innovative) Enterprises 2021 Asian Photovoltaic Innovative Enterprise 2019 China's Largest Floating Power Station
Project Award and 2017 China PV+ Floating Bodies Gold Award. As of December 2024 the cumulative application of Sungrow’s
floating PV systems worldwide exceeded 3.7 GW and making Sungrow FPV the world's first GW-level floating PV system supplier.According to the S&P Global Sungrow FPV accounts for the largest market share globally for seven consecutive years.Product Picture Brief Introduction
Floating PV power station is a new type of
PV power generation system that integrates
a PV module floating platform an electrical
equipment floating platform and anchoring
equipment. 1. It can reduce water
evaporation and minimize waste of water
resources; 2. It inhibits the growth of blue-
Floating bodies
green algae and improves water
environment; 3. It effectively cools down
the floating modules and can increase power
generation; 4. It can be used in various water
environments such as coal mining
subsidence areas reservoirs and offshore
areas.
8. Charging equipment
Building on Sungrow’s 28 years of R&D innovation and application experience in outdoor high - performance power electronics
products Sungrow Charging Technology Co. Ltd. (hereinafter called "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 "Reliable Efficient and Intelligent" Sungrow Charging has developed a series of
EV charging products including DC and AC charging poles. Pioneering the industry-first "Isolated Air-Cooling" technology the
products achieve superior protection exceptional reliability maintenance-free operation and extended lifespan. Currently the products
have been sold in batch to over 30 countries and regions worldwide including Germany France the UK and Australia earning
widespread acclaim from vehicle owners and operators.In the reporting period Sungrow Charging launched and delivered in batch its groundbreaking 480 kW isolated air-cooled ultra-fast
24Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
charger globally creating a new charging experience characterized by "rapid charging unbreakable durability and high returns" while
continuing to lead innovation in charging technology. Simultaneously charging poles integrate seamlessly with Sungrow’s PV and
energy storage systems delivering an integrated PV-storage-charging solution for charging stations. This enables new energy vehicles
to be powered by renewable energy accelerating progress toward the dual-carbon goals.Product Picture Brief Introduction
Sungrow charging introduce the industry-
first isolated air-cooling technology to the
ultra-fast charging field delivering
advantages including high protection
exceptional reliability extended lifespan
and maintenance-free operation. Equipped
National & European
with a matrix-based dynamic power
standard 480kW
allocation strategy it achieves charging
isolated air-cooled ultra-
power granularity as fine as 30 kW
fast charger
enabling precise matching of vehicle
charging demands. Compared to traditional
through-ventilation ultra-fast chargers and
liquid-cooled chargers isolated air-cooled
ultra-fast chargers empower customers to
achieve superior investment returns.Utilizing isolated air-cooling technology
the product offers advantages such as high
protection exceptional reliability
Chinese & European maintenance-free operation and extended
standard 180kW lifespan. Developed on a unified platform
isolated air-cooled compliant with both European and Chinese
integrated pole standards it is tailored for public charging
stations expanding equipment
configuration options for clients investing
in charging infrastructure.Utilizing isolated air-cooling technology
the product offers advantages such as high
protection exceptional reliability
maintenance-free operation and extended
Chinese standard
lifespan. By seamlessly integrating power
120kW isolated air-
conversion system control and thermal
cooled integrated pole
management systems it significantly
reduces total lifecycle costs while ensuring
robust investment returns for charging
station operators.Utilizing isolated air-cooling technology
the product offers advantages such as high
protection exceptional reliability
maintenance-free operation and extended
lifespan. This European-standard charging
pole is compatible with all CCS2-equipped
European standard vehicles in Europe and is primarily
30kW isolated air- designed for destination charging
cooled integrated pole scenarios. With an efficiency of up to
96.5% noise levels below 50 dB and EMC
Class B compliance for residential
environments the pole offers a product
lifespan of over 10 years and reliable
maintenance-free operation delivering
sustained returns for customers.
25Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
With high IP65 protection The European
standard AC pole is suitable for the slow
European standard charging needs of public field charging
22kW AC pole stations. It supports the integration of
European household PV and storage
systems providing a one-stop solution.
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 cell 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.In the reporting period Sungrow Hydrogen obtained certifications for pressure piping component manufacturing pressure vessel
design pressure piping design and construction/installation. The company has secured certifications including ISO 9001/14001/45001
ASME GC2 TüV and CNAS. It has implemented TPM/TQM management practices and ESG system development earning titles
such as National High-Tech Enterprise Anhui Provincial Specialized and Sophisticated SME Anhui Provincial Innovative SME and
Anhui Industrial Innovation Center. Sungrow Hydrogen has continuously optimized the structure and critical material components of
large-scale ALK electrolysis cell achieving industry-leading energy efficiency operational power and load range. Sungrow Hydrogen
launched its 2000+ Nm3/h large-scale alkaline water electrolysis cell and innovatively developed the SMS1000 Electrolysis Cell
Digital Management System leading the electrolysis cell industry into a new era of digital intelligence. It also introduced a 300 Nm3
/h PEM electrolysis cell with significantly enhanced performance hydrogen output and lifespan. Additionally Sungrow Hydrogen
upgraded its Smart Hydrogen Energy Management System and conducted empirical studies on AC/DC-coupled hydrogen production
systems to strengthen flexible hydrogen production technologies. Notably its 1000 Nm3/h ALK electrolysis cell and 250 Nm3/h PEM
electrolysis cell obtained CE certification while both its alkaline water electrolysis (ALK) and proton exchange membrane (PEM)
water electrolysis systems received carbon footprint evaluation certificates from the China Hydrogen Alliance. Sungrow Hydrogen
completed the construction of its No. 2 Smart Manufacturing Center with the commissioning of China’s first automated electrolysis
cell assembly line increasing the park’s total production capacity to 3 GW and boosting efficiency by 60%. The first 30 MW electrolytic
hydrogen production demonstration based Chinese has operated stably for over 14000 hours providing rigorous data to advance
hydrogen production technologies.Product Picture Brief Introduction
The product leverages the IGBT full-control
power devices and PWM control technology
PWM rectifier power to rectify and convert AC into DC required
supply for the electrolytic cell which is suitable for
large-scale renewable energy AC-coupling
hydrogen production scenarios.The product leverages the IGBT full-control
power devices and PWM control technology
to convert unstable wind or solar power
PWM DC converter
supply into DC required for the electrolytic
power supply
cell which is suitable for direct hydrogen
production scenarios using off-grid wind
and/or solar power.
26Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
The product uses direct current to electrolyze
alkaline solution into hydrogen and oxygen
Alkaline electrolyzed and obtains high-purity finished hydrogen
water hydrogen after gas-liquid separation and purification. It
production equipment consists of an alkaline electrolysis cell gas-
liquid separation and purification equipment
and utilities equipment.The product employs high-activity catalysts
and reverse-current resistant electrodes
delivering high current density low energy
consumption start-stop durability and
exceptional operational flexibility. Integrated
2000+Nm3/h series
with the SMS system it provides three core
large-scale alkaline
functionalities— safety management status
water electrolysis cell
analysis and 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 electrolyzed obtains high-purity finished hydrogen after
water hydrogen gas-liquid separation and purification. It
production equipment consists of a PEM electrolysis cell gas-liquid
separation and purification equipment and
utilities equipment.The product is the "brain" of green power
hydrogen production systems which enables
coordinated control between multiple
hydrogen production systems as well as
Intelligent hydrogen between hydrogen production systems and
energy management multiple energy sources. It is built with four
system major functions: operation monitoring
analysis and diagnosis coordinated control
and operation management which can
ensure system efficiency intelligence and
safety.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.
1. PV inverters’ conversion efficiency
The indicator “conversion efficiency” refers to the ratio of inverters converting input DC power to AC power which is inverter’s output
power / inverter’s DC input power × 100%.By utilizing new semiconductor materials and highly efficient magnetic devices optimizing circuit design improving MPPT algorithm
and optimizing the heat dissipation system the Company continuously drives inverters’ efficiency to go up. The maximum efficiency
of Sungrow’s full range of inverters has reached 99% at the moment.
2. Levelized Cost of Electricity of the Company's PV system
The Levelized Cost of Electricity (LCOE) represents the ratio of the total investment cost of a PV system—including initial capital
expenditures and lifecycle operation and maintenance (O&M) expenses—to its total energy output over its operational lifespan directly
27Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
reflecting the per-unit energy generation cost where a lower LCOE translates to higher system profitability.Through continuous technological innovation and system optimization the company reduces investment costs and enhances energy
yield thereby lowering LCOE and improving customer return on investment (ROI). Tailored to regional characteristics of PV stations
the company offers 3-9MW sub-array configurations combining string-type and modular product architectures with innovative
technical designs to achieve site-specific scientific layouts that minimize sub-array costs and reduce both initial investments and O&M
expenses. For single-sided and bifacial module systems its intelligent tracking technology boosts energy yield by over 1% compared
to conventional solutions while enhanced voltage tolerance of critical components supports longer module strings to effectively lower
system costs. Pioneering system-level breakthroughs the company developed the world’s first 2000V high-voltage PV system
validated through small-scale pilots to further improve PV stations economics. By adopting a modular design philosophy from
component to system levels O&M costs are reduced and equipment availability rates increased to maximize energy generation.Additionally its smart medium-voltage shutdown solution leverages intelligent algorithm coordination among inverters collector
circuit breakers and step-up transformers to eliminate transformer standby losses elevating customer ROI.
3. PV system’s grid friendliness
With the large-scale deployment of PV systems and the continuous increase in PV penetration rates inverters—serving as critical
energy transfer interfaces directly connected to the grid—are facing escalating demands for grid-friendly performance.Sungrow inverters are equipped with low voltage ride-through (LVRT) zero voltage ride-through (ZVRT) and high voltage ride-
through (HVRT) capabilities ensuring reliable grid support during grid faults and facilitating rapid system stabilization. Integrated
with a fast power control module they achieve sub-20ms response times for active and reactive power dispatch delivering superior
grid regulation. Through impedance reshaping and multi-loop collaborative control the inverters effectively mitigate negative damping
to suppress wide-frequency oscillations. Additionally the dynamic virtual voltage source grid-forming technology rapidly suppresses
grid voltage and frequency fluctuations further enhancing the stability of PV and PV-storage power stations thereby supporting higher
renewable energy penetration. Featuring an integrated DC energy storage interface Sungrow inverters support bidirectional charging.On the generation side energy storage integration enables multi-energy complementary solutions for peak shaving and output
smoothing improving grid stability. On the consumption side smart PV-storage microgrids leverage storage to balance peak-valley
loads enhance PV consumption capacity and enable precise energy supply. As renewable energy penetration rises grid short-circuit
ratio (SCR) decreases increasing risks of inverter disconnections. Sungrow addresses this challenge with adaptive control algorithms
that accurately sense grid strength achieving certification for ultra-weak grids (SCR=1.02). These innovations advance the era of "grid-
friendly" renewable integration accelerating progress toward dual-carbon goals.
4. PV system safety
With the annual increase in PV installations safety concerns in PV power stations have gained significant attention. Committed to
ensuring the safety Sungrow has further enhanced system design security.Sungrow inverter systems feature real-time detection for series and parallel DC arcs certified to relevant protection standards. Utilizing
intelligent arc detection algorithms they identify faults and execute millisecond-level shutdowns to eliminate arc hazards. Integrated
with AC/DC insulation monitoring systems the inverters adapt to diverse environments rapidly locate insulation faults and enable
automatic cable fault protection to prevent electric shocks and fire risks ensuring 24/7 safety. Equipped with intelligent protection
control algorithms and integrated isolators the systems leverage big-data analytics to accurately detect reverse polarity short circuits
and other faults achieving shutdown within 10ms to prevent fault escalation. Triple-layer data protection technology compliant with
IEC 62443 standards safeguards stations cybersecurity. AI-driven management actively detects air duct blockage levels triggers
automatic alerts and dust removal and optimizes airflow health. The fault pressure relief design employs dual protection with patented
explosion-proof locks and pressure relief doors ensuring personnel and asset safety. Overcoming ten major challenges—including heat
dissipation arc suppression insulation and lightning protection in high-altitude environments—the systems operate stably at ultra-
high altitudes up to 5300 meters setting a world record and pioneering new benchmarks for high-altitude PV plants.
5. Unit production cost of the Company's PV inverters
Due to wide range of the Company's PV inverters and different power ratings the unit production cost varies from CNY 0.06 to CNY
0.15 per watt at the moment.
III. Analysis of core competencies
In the nearly two decades of rapid development the Company has been committed to the independent innovation of power electronics
and electric energy conversion technology in the new energy field with a number of technologies reaching the world-leading level. In
28Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
recent years the Company successively deployed a range of new businesses such as key components of new energy vehicles micro-
grid energy storage smart energy and new energy hydrogen production and gained considerable growth.
1. Brand Advantage
Since its establishment in 1997 Sungrow has focused on the R&D production sales and services of new energy power equipment
across solar wind energy storage hydrogen electric vehicles and charging infrastructure. PV inverters as the Company’s core product
are sold to more than 170 countries and regions worldwide. Sungrow ranks No. 1 globally in PV inverter shipments No. 1 in cumulative
energy storage system installations (Source: S&P Global) No. 1 in PV inverter bankability and holds dual No. 1 rankings in energy
storage system and PCS bankability (Source: BNEF). It stands as the only new energy brand to top the global inverter rankings five
times. The company’s brand reputation continues to rise earning accolades such as the China Industry Grand Award National
Manufacturing Single Champion Demonstration Enterprise National Intellectual Property Demonstration Enterprise Global Top 500
New Energy Enterprises Forbes China Top 50 Innovative Companies Fortune China 500 and Asia’s Best Employer Award. The
Company operates key national R&D platforms including a Postdoctoral Research Station National High-Tech Industrialization Base
National Enterprise Technology Center National Industrial Design Center and National Green Factory solidifying its position as a
global leader in renewable energy industry. In 2024 Sungrow’s brand value surpassed CNY 100.84 billion according to the China’s
500 Most Valuable Brands report by World Brand Laboratory.
2. R&D innovation capability
Since its establishment in 1997 the Company has been focusing on the new energy power generation sector to advance the research
and development of core technologies while maintaining market oriented and innovation based. To transform technological advantages
into product advantages benefits advantages and competitive advantages the Company has fostered a professional R&D team with
solid R&D experiences and strong innovation capabilities. The Company has set up six R&D centers in Hefei Shanghai Nanjing
Shenzhen Germany and the Netherlands providing leading technological support for building globally competitive new energy
equipment. In order to explore cutting-edge technologies the Company has set up the Central Research Institute that is responsible for
making high-value intellectual property plans in advance and addressing critical technical challenges hence to provide efficient
platform services and innovation management for the Company's product and technology development and foster R&D and
management professionals to build core technological competitiveness. In the meantime each division has set up an independent R&D
task-force for close interaction with the market and customers. In 2024 the Company invested CNY 3164 million in research and
development an increase of 29.26% year-on-year. As of the end of the reporting period the Company boasted an R&D headcount of
6989 accounting for about 40% of the total head count including 65 doctorate holders and 2004 master's degree holders. The
Company has successively undertaken more than 20 national key science and technology programs and led the drafting of multiple
national standards making it one of the few enterprises in the industry that boast multiple independent core technologies. The Company
also attaches great importance to the accumulation of intellectual properties in technological innovation achievements and closely
follows the evolution of various new technical standards. As of the end of the reporting period the Company has cumulatively applied
9401 patent rights including 5081 inventions 3708 utility models and 612 exterior designs and plays a leading role in promoting
new quality productive forces in the industry with advanced technologies and innovation capabilities.The Company has introduced the IPD process to guide the technological reserve and product development efforts according to customer
demand analysis technology development analysis and competitive strategy analysis. From concept planning development
verification trial production to mass production staged quality indicators are set for each step of new product development to ensure
the quality of products. The Company has invested in a world-leading electromagnetic compatibility laboratory that is equipped with
high-performance large-capacity low-voltage ride-through facilities as well as a variety of power supplies and power grid simulators
which is capable of providing the most demanding test condition. The Company continues to establish and optimize the ISO9001:2015
ISO14001 OHSAS18001 management systems and strictly promote the integrated quality environment occupational health and
safety management system. The Company's products have passed a number of authoritative international certifications including UL
TüV CE Enel-GUIDA AS4777 CEC CSA and VDE.
3、Global marketing channels and service network
At the very beginning the Company has identified a global development strategy and established by now an oversea production
capacity of 25 GW with the India and the Thailand plant. As of today the Company has set up 20+ oversea subsidiaries 5 service
regions around the globe 520+ service outlets and hundreds of important channel partners with products being sold to more than 180
countries. At the end of the reporting period the Company boasted 1774 employees overseas an increase of 16.86% year-on-year. In
the future the Company will continue to explore the global market orderly promote the global deployment of inverters energy storage
charging power stations and floating system businesses prioritize the improvement of global marketing service financing and other
key capabilities thereby reinforcing the global support capability system and strengthen the global influence.
29Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
IV. Main business analysis
1. Overview
A. Overview of core business analysis
In 2024 amid complex global dynamics and intensified industry competition Sungrow adhered to its guiding principles of "Innovation-
Driven Collaboration Comprehensive Global Expansion Digital Acceleration and Customer First" focusing on core sectors including
PV wind energy energy storage electric vehicles & charging and hydrogen. The Company continued to increase R&D investments
advance product innovation deepen global market penetration accelerate digital transformation and further solidify its global
leadership achieving sustained revenue growth.In the reporting period Sungrow recorded CNY 77857 million in operating revenue a year-on-year increase of 7.76% with operating
costs reaching CNY 54545 million a year-on-year increase of 3.67%. The gross margin rose to 29.94% a year-on-year increase of
2.76% driven by brand premium product innovation and economies of scale. Net profit attributable to shareholders surged to CNY
11036 million marking a 16.92% year-on-year growth. Sales expenses grew to CNY 3761 million a year-on-year increase of 30.95%
primarily due to increased labor costs including salaries and equity incentives amid business expansion. R&D expenses climbed to
CNY 3164 million a year-on-year increase of 29.26% reflecting heightened investments in R&D projects and related personnel costs.Financial expenses rose sharply to CNY 290 million largely attributable to reduced net foreign exchange gains amid currency volatility.Net cash flow from operating activities soared to CNY 12068 million a year-on-year increase of 72.85% bolstered by improved
payment collection efficiency.B. Overview of core business in the reporting period
In the reporting period the Company made the following attempts related to the core business:
(1) Business development
a. PV inverters
In the reporting period Sungrow strengthened R&D innovation vigorously pushed forward the global brand strategy and deeply
explore key segmented markets. Leveraging its global marketing service and supply chain strengths the company expanded
operations in Europe the Americas Asia-Pacific the Middle East & Africa and China with products exported to over 180 countries
and regions. The global service network grew to 520+ locations enhancing worldwide competitiveness and influence. In 2024
Sungrow’s global PV inverter shipments reached 147 GW.The high-power string inverter SG320HX and 1+X modular inverters were widely deployed across diverse global scenarios. Sungrow
delivered a benchmark off-grid project for Saudi Arabia’s ultra-luxury Amaala resort complex integrating 165 MW PV inverters and
a 160 MW/760 MWh energy storage system. The Company also supplied inverters for the 5300-meter-altitude PV plant—the world’s
highest—in China’s Yunnan Diqing Huaneng Nagu project.Collaborating with China Energy Investment Group Sungrow launched the “Advanced 2000V PV System Key EquipmentDevelopment and Technology Research” project in Ordos Inner Mongolia targeting coal mining subsidence areas. Following the
successful grid connection of the 2023 Mengjiawan PV Project in Yulin Shaanxi this marks Sungrow’s second large-scale application
of 2000V systems accelerating grid parity and market-driven growth. The company also unveiled its 2000V PV-storage high-voltage
system technology driving industry-wide transition from 1500V to 2000V architectures to reduce costs and enhance efficiency.For domestic commercial and industrial users Sungrow launched the next-generation SG150CX-CN high-power string inverter and
SGT-P2-CN residential inverter designed with “high efficiency long-term reliability and simplicity”. The SG150CX-CN boosts
commercial inverter power to 150 kW fully compatible with mainstream PV modules ensuring safer more convenient and higher-
yield operations.To address rapidly growing global markets for balcony PV and residential green energy applications Sungrow debuted its first
microinverter series initiated batch deliveries of MLPE products (microinverters rapid shutdown devices optimizers) and introduced
the iHomeManager Smart Energy Hub. These innovations characterized by flexibility intelligence and efficiency are redefining smart
and simplified green energy solutions for households worldwide.b. Energy storage
In the reporting period Sungrow’s world-first 10 MWh “AC-DC Integrated” fully liquid-cooled energy storage system PowerTitan 2.0
and the commercial & industrial (C&I) liquid-cooled system PowerStack 200CS gained widespread global adoption. Additionally the
30Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Company launched the PowerStack 835CS its first liquid-cooled C&I energy storage system tailored for 10/20 kV large industrial
scenarios pioneering scenario-based customization in the C&I storage sector. In 2024 Sungrow’s energy storage systems achieved
global shipments of 28 GWh.The PowerTitan 2.0 liquid-cooled energy storage system based on the philosophy of “3-in-1 integration” and an “intelligence andstorage integrated” utilizes 314Ah battery cells and embedded PCS to achieve AC-DC integration (AC-coupled storage) with a
standard 20-foot container capacity of 5 MWh. Equipped with Stem Cell Grid Technology the system enhances efficiency safety and
grid compatibility. It has been deployed in landmark projects such as the Taizhou Hailing Independent Energy Storage Plant Kunshan
Longteng Special Steel User-Side Storage Station Wuhu Chery’s First Automotive Industry Storage Station and Shandong Taiyang
Grid-Side Storage Station.Addressing global grid disparities Sungrow upgraded its Stem Cell Grid Technology Architecture and introduced customized grid
solutions to safeguard grid stability. This technology aided the UK grid in rapid frequency recovery preventing widespread blackouts.In March 2024 Sungrow partnered with State Grid Gansu Electric Power Research Institute and SPIC Gansu Branch to conduct the
industry’s first full-scenario grid-forming test for PV-storage systems achieving success in a single on-site trial. Furthermore
Sungrow’s energy storage PCS obtained the worldwide first grid-forming certification from China Quality Certification Center (CQC)
securing full market access for “Grid-Forming Energy Storage”. Sungrow is also the first company globally to pass grid-forming
certification for both string and centralized storage PCS. This technology has been applied in projects like the Guangxi Weizhou Island
Off-Grid Storage Station Saudi NEOM—the world’s largest multi-energy complementary grid-forming project (wind-PV-storage-
hydrogen) and Phase II of Tibet Naidong Caipeng PV-Storage Station.To advance energy storage with high quality Sungrow completed two large-scale combustion tests—the world’s largest of their kind—
demonstrating the extreme safety of its PowerTitan series. The company also launched ArcDefender DC Arc Elimination Technology
and the iSolarBPS Cell Pre-Diagnosis System establishing comprehensive safety safeguards.In the C&I storage market Sungrow’s PowerStack solutions gained popularity across steel metallurgy textiles and transportation
sectors. Through its “One-Stop Information Resource Platform” and robust sales network the Company consistently recruit quality
distributors to support energy storage deployment in thousands of industries. The PowerStack 200CS earned China’s first NFPA68
certificate combining simulation and real-world testing from TüV Rheinland validating its leading pressure relief capabilities.Sungrow’s storage systems are widely deployed in mature markets like Europe the Americas the Middle East and Asia-Pacific
deepening wind-PV-storage integration. All projects have maintained a zero-safety-incident record with extensive experience in
frequency regulation renewable integration microgrids C&I and residential storage. Notable agreements include a 7.8 GWh Middle
East flagship project with Algihaz 4.4 GWh—Europe’s largest storage contract with Fidra Energy 880 MWh—Latin America’s largest
independent storage station with Atlas and 1.5 GWh battery storage in the Philippines with CREC underscoring Sungrow’s role as a
global integrated solutions provider.c. New energy investment and development
In the reporting period Sungrow Renewables—a subsidiary of Sungrow focused on new energy investment and development—
advanced its vision of “Becoming a Global Leader in New Energy Power Station Technology” and its value proposition of “HigherYield Grid-Friendly Solutions”. The company intensified R&D in new energy system technologies optimized power station products
expanded its channel ecosystem and enhanced service capabilities. By the end of the reporting period Sungrow Renewables’
operations spanned 30 provinces autonomous regions and municipalities in China with international markets deepening across Belt
and Road Initiative regions. Globally Sungrow Renewables has cumulatively developed and constructed 54 GW of PV and wind power
stations.Sungrow Renewables solidified its differentiated competitive edge through power station technology innovation. It launched the
MagicCube Technology Platform integrating High-Efficiency Generation & Consumption AI-Optimized Design and Scenario-
Specific Integration to showcase technological breakthroughs and redefine industry standards continuously increasing investment in
hard technology for power stations leading the upgrading and advancement of the innovative ideology. Driven by robust technology
products such as Sungrow Home Energy Power Stations Sungrow Charging Stations and BIPV Solutions saw surging installations.Innovations like the PV and Energy Storage Master and iSolarSim PV Power Simulation Software—the first in China to enable real-
scenario PV generation modeling—achieved 2.5% higher accuracy for mountainous stations and 2% for rooftop stations compared to
industry standards reaching world-leading levels. Upgraded digital tools including iSolarBP iSolarRoof and iSolarTool enabled
rapid design smart optimization and cost-effective solutions for higher energy yields.Focusing on new energy development and guided by the value proposition of “More Power Generation in a Friendlier Way” Sungrow
Renewables openly embraced major national energy strategies such as the large-scale wind power and PV base and the county-wide
PV/wind power development continuously enhanced project reserves and resource conversion. Domestically it secured landmark
31Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
projects such as the 200 MW wind station in Lujiang Anhui 300 MW PV station in Weifang Shandong and 120 MW PV project in
Dongxing Guangxi. Internationally Sungrow Renewables made parallel breakthroughs in PV and wind power sectors and it added
the 100 MW wind project in Kazakhstan 96 MW PV plant in the Philippines and Sanxenxo Energy Storage Station in Spain
reinforcing its global growth momentum.In the field of industrial and commercial PV systems Sungrow Renewables fully leveraged the advantages of “technology + platform”
dual drive to incubate products that can generate more power and intelligent software hence assisting channel partners’ rapid growth.The Company introduced a series of platforms including the technology service platform the partner platform the financial platform
the supply chain platform and the information management platform with the PV and Energy Storage Master and iSolarBP distributed
intelligent evaluation and design software offering all-around platform-based services across the entire lifecycle to channel partners.In the reporting period the newly launched BIPV—featuring optimized module-tile integration and patented designs—achieved faster
installation and higher yields. Collaborative projects with Tongwei Anta Xtep Baosteel FAW Yanjing Beer and Hisense Hitachi has
implemented and further solidified Sungrow Renewables market leadership.For EV charging stations Sungrow charging stations provides one-stop solution from scientific site selection to intelligent design and
construction to intelligent operation optimization. With the core algorithm the integrated charging station realizes the smooth linkage
of green power among PV storage charging and grid. The first "S2G" (Station to Grid) new model from station to grid which
systematically aggregates PV storage and charging not only provides demand-side response but also participates in auxiliary services
such as power market trading to create more revenue. Sungrow charging stations intelligent evaluation and design software and
"investment construction and operation cloud platform" not only provide intelligent suggestions from scientific site selection design
and construction to operation but also bring higher value to charging stations in terms of " precise attraction intelligent operation and
maintenance and convenient service" to bring a silky smooth energy replenishment experience to users. Sungrow Renewables provides
a full portfolio of charging solutions including PV-charging storage-charging and PV-storage-charging hybrid stations enabling
flexible energy configurations. A prime example is the Yuexi Forward Road PV-Storage-Charging Station in Anhui Province which
supports simultaneous charging for 30 EVs and stands as an innovative benchmark for county-level charging infrastructure
development.Targeting luxury villa markets Sungrow Home Energy combine aesthetic appeal high energy yield enhanced safety and smart
intelligence with integrated PV-storage-charging capabilities leading the trend toward intelligent low-carbon and green home energy
solutions. Featuring all-black modules concealed wiring and Red Dot Award-winning minimalist designs Sungrow Home Energy
seamlessly blends technology with architectural elegance. Its fully self-developed "PV-Storage-Charging-Optimization-Cloud"
ecosystem boosts energy generation by 3% and reduces shading losses by up to 20% through independent optimizers ensuring optimal
performance across multi-orientation installations. With 24/7 backup power 10ms interruption-free switching and five-layer system
protection it withstands extreme weather while ensuring reliability. The innovative HEMS (Home Energy Management System)
employs AI to learn user habits optimizing energy generation storage and consumption strategies to achieve 100% self-sufficiency in
green power and significantly lower electricity costs. Promoting the ethos of “Zero-Carbon Tech Refined Living” Sungrow Home
Energy has cultivated a wide following among villa owners renowned designers and premium hospitality brands. In Yunnan Sungrow
Home Energy powers the Songtsam Group’s Cizhong Lodge—a globally renowned luxury outdoor retreat—with 100% clean energy.In the residential PV market Sungrow Residential PV strengthened brand building product innovation and service upgrading. The
“Rest-assured installation” service strategy promised to offer rest-assured installation and use with transparent processes guaranteed
safety and revenue and worry-free post-sales response. The Company made the commitment to grow channel partners through one-
on-one assistance and point-to-point operational support as well as guaranteed settlement in time. By expanding channel models the
company built a community of shared interests among manufacturers and offered comprehensive market support to businesses through
technical guidance financial support training and market promotion. Leveraging its product and technological strengths Sungrow
Renewables launched new SolarRoof designs in Chinese and European styles featuring refreshed aesthetics structural upgrades and
optimized layouts to deliver a seamless blend of lifestyle elegance and energy efficiency for homeowners.While rapidly expanding its business Sungrow Renewables continues to prioritize technological innovation. The company hosted a
Power Station Technology Launch Event unveiling the MagicCube Technology Platform—built on three pillars: High-Efficiency
Generation & Consumption AI-Driven Optimization and Scenario-Specific Integration—to propel the industry from device-level to
plant-level innovation. The second annual SUN·Day 2024 Light-Chaser Festival attracted 3500+ industry representative onsite
marking a leap in scale engagement and hybrid participation. As a socially responsible enterprise Sungrow Renewables actively
supports China’s rural revitalization strategy fully committed to social welfare through its positive energy projects like Sunlight Smart
Classrooms and Sunlight Senior Care Centers to benefit villages farmers children and the elderly.Sungrow Renewables proactively embraced changes in policies and market environment while adhering to the strategic positioning of
being a proven player in new energy system technologies. With compressive efforts made in brand products channels and service
Sungrow Renewables developed and built power station products featuring “More Power Generation in a Friendlier Way” helping
32Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
achieve higher power generation efficiency and lower unit electricity cost and leading the quality development of the new energy
industry.d. Wind power converter and transmission business
In the reporting period Sungrow’s wind converters achieved global shipments exceeding 44 GW a 37.5% year-on-year increase. The
company marked a milestone with the rollout of its self-developed 1800V-16MW doubly-fed wind converter prototype showcasing
its leap in high-power wind energy conversion technology. The 10MW doubly-fed wind converter renowned for its robust performance
achieved mass production and widespread integration into major wind projects solidifying its role as an industry cornerstone.Concurrently the 26MW full-power offshore wind converter prototype was successfully launched while the 18MW offshore wind
converter entered batch deployment reinforcing Sungrow’s leadership in offshore wind equipment manufacturing and setting new
industry benchmarks. Notably Sungrow pioneered the large-scale application of grid-forming wind converters in the muti-scenario
wind farms offering tailored solutions to enhance grid integration stability with its excellent performance. Additionally the batch
deployment of low-frequency offshore wind converters accelerated the exploration of mid-to-deep sea areas propelling China’s
offshore wind industry into deeper waters.In the reporting period the company also launched its next-generation high-power pitch control system—the fully integrated single-
cabinet pitch system—which has been mass-adopted by domestic turbine manufacturers and deployed in multiple wind farm retrofit
projects.In 2024 Sungrow intensified strategic investments in wind energy prioritizing R&D innovation to lead advancements in wind power
conversion and electromechanical drive technologies. By expanding synergies across wind converter and control system businesses
Sungrow strengthens its brand influence and delivers superior wind energy solutions globally partnering with stakeholders to drive
high-quality growth in the wind industry.e. Hydrogen energy equipment
In 2024 according to TrendBank statistics Sungrow Hydrogen ranked No. 1 in market share by contracted projects securing landmark
green hydrogen demonstration initiatives such as China Energy Engineering Corporation’s Songyuan Green Hydrogen-Ammonia-
Methanol Integration Project Datang Duolun 150 MW Wind-PV-Hydrogen Integration Project and Liaoyuan Tianying Wind-PV-
Storage-Hydrogen-Ammonia-Methanol Integration Project. In June and August 2024 Sungrow Hydrogen won bids for the world’s
largest green hydrogen-ammonia-methanol integrated project—the Songyuan Hydrogen Industrial Park Demonstration Project—
claiming the largest contract segment and emerging as the only company to supply both hydrogen power supplies and electrolysis cell
for the project. In November 2024 Sungrow Hydrogen signed the Tianying Wind-PV-Storage-Hydrogen-Ammonia-Methanol
Integration Project delivering 16 sets of 1000 Nm3/h ALK Flexible Hydrogen Production Systems to enable localized green energy
production and consumption. Sungrow Hydrogen’s flexible hydrogen systems adaptable to energy industrial and transportation
applications have been widely deployed in renewable hydrogen projects across Jilin Ningxia Inner Mongolia Gansu and Hubei. In
September 2024 its 1200 Nm3/h alkaline electrolysis cell achieved successful trial runs at National Energy Group Yulin ChemicalCo. Ltd. with a DC energy consumption below 4.3 kWh/Nm3 advancing the “Key Technology Research and Demonstration of CoalChemical-New Energy Coupling” project led by National Energy Group’s Low-Carbon Institute.In the reporting period Sungrow Hydrogen ensured stable simultaneous delivery of multiple projects further shortening delivery cycles.In May 2024 12 sets of 1000 Nm3/h alkaline electrolysis hydrogen production systems arrived at the Daan Wind-PV-Green Hydrogen-
Ammonia Integration Demonstration Project making Sungrow Hydrogen the first supplier to complete delivery for the project. In
September 2024 the Phase II workshop of Sungrow Hydrogen’s Smart Manufacturing Center commenced operations with China’s
first advanced electrolysis cell robotic assembly line going live. By integrating “Digital + Smart Manufacturing” “Digital + EmpiricalTesting” and “Digital + Intelligent Operations” the company achieved a 60% increase in production efficiency enhanced quality
traceability and optimized flexible management providing robust support for large-scale green hydrogen project delivery. Sungrow
Hydrogen also deepened its global market expansion actively collaborating with international clients. Its flexible hydrogen production
technology and intelligent equipment production lines have been widely acclaimed by overseas partners.In the reporting period Sungrow Hydrogen was recognized as a National High-Tech Enterprise Anhui Provincial Specialized and
Sophisticated SME Anhui Provincial Innovative SME and Anhui Industrial Innovation Center. The company also received prestigious
industry honors including the “2023 Influential Hydrogen Enterprise” from the Hydrogen Energy Committee of the China Energy
Conservation Association “2024 Most Influential Hydrogen Industry Enterprise” from the Jiangsu Renewable Energy Industry
Association “2024 Green Hydrogen Industry Leader” from Xiangchenghui “2024 Top 10 Hydrogen Energy Brands” and “2024 Top
10 Electrolysis Cell Brands” from International Energy Net as well as the “Golden Hydrogen Award” from Hydrogen Frontier forLeading Alkaline Electrolysis Cell PEM Electrolysis Cell and Hydrogen Power Supply Provider of the Year. Additionally Sungrow
Hydrogen was named to the “Hydrogen Industry TOP 100” by GGII awarded the “TrendBank Future Award” and listed on the “2024Hurun China New Energy Potential 100”.
33Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
(2) Operations management and others
a. Corporate culture
In the reporting period Sungrow further refined its corporate culture management system through a dedicated consulting project
compiling the Sungrow Corporate Culture Management Guidelines to clarify its cultural framework of "Core Culture-Business Culture-
Professional Culture" and define the responsibilities of cultural organizations across the group. The Company released the globally
applicable Sungrow Core Values and Code of Conduct organized multiple Global Team Culture Workshops and established the
"Annual Global Cultural Excellence Award" to foster cross-cultural exchange understanding and alignment. The Company launched
Sungrow TV and hosted signature global cultural events such as the annual gala International Women’s Day celebrations Sungrow
Trek Family Day and Skills Competitions cultivating a diverse open and dynamic organizational culture. The self-developed digital
platform “YangXiaoGuang Mall” created in collaboration with the IT team enhanced cultural engagement and employee experience.In employer branding the 4th University Innovation Competition attracted elite students from 15 universities while the “Join Sungrow”
campaign drove a 24801 increase in official account followers in 2024. New initiatives like “Office Tour” “Campus Talks” and
“Employee Voices” were planner and continuous innovation practice was carried out. with video content surpassing 260000 views.Globally Sungrow’s branches earned “Great Place To Work Certification” and accolades including the “2024 DEI Employer Award”
“Most Wanted Employer 2024” “Top Employer for Women” and “Globalization Best Employer Award” significantly elevating its
international employer brand influence.b. Digital transformation
To enhance operational efficiency maintain competitive leadership and achieve high-quality sustainable development Sungrow
vigorously advanced its digital transformation in the reporting period. Guided by business strategy and driven by data-centric
approaches the company leveraged digital technologies and artificial intelligence (AI) to build an agile organization with online shared
and efficient process that empowers business growth. Sungrow upgraded its digital strategy adopting a dual-track approach of digitizing
core processes and rapidly deploying scenario-based applications. A total of 213 projects were implemented to accelerate digital
infrastructure development including the Global Digital Marketing Platform Digital R&D Platform and Global Smart Manufacturing
Platform enabling end-to-end transparency and intelligence across operations to reduce costs and improve efficiency. Simultaneously
the Company expedited overseas digital initiatives to bolster global operations. In data management Sungrow enhanced foundational
platforms such as data lakes data governance and master data management establishing an integrated data operations framework
covering data generation collection processing services and application. By consolidating global data streams the Company built a
digital financial management and reporting system to support precise decision-making. In 2024 Sungrow achieved breakthroughs in
digital and AI technologies developing an AI algorithm platform and deploying on-premises large language models (LLMs) to explore
practical AI applications. The Company introduced 21 digital employees and 20 AI applications across R&D production sales service
and management significantly boosting operational efficiency decision-making capabilities and accelerating its intelligent
transformation.c. Social responsibility and sustainability
Sungrow adheres to its mission of "Clean Power for All" and creates enduring value with stakeholders. Guided by the sustainable
development philosophy of "Green Mission Better Future" the Company remains dedicated to advancing clean energy bridging green
ecosystems with quality living and has established five strategic goals: "Excellence in Governance Progress Toward Net Zero
Ecological Stewardship Collaborative Partnerships and Diversity & Inclusion." Anchored by these priorities Sungrow rigorously
implements ESG practices and aligns with the United Nations Sustainable Development Goals (SDGs). In 2024 the Company further
enhanced its sustainability governance by establishing an ESG Development Center integrating the Strategic and Sustainable
Development Committee and the Sustainable Development Office to centralize ESG management. During the year Sungrow was
recognized in the UN Global Compact's "20 Years 20 Best Cases" compilation for corporate sustainability in China named to Forbes
China's "ESG 50" list awarded "Outstanding Responsible Enterprise of the Year" by Southern Weekly "Best Environmental
Responsibility Award (E)" at Sina Finance's Golden Responsibility Awards HR Asia's "Asia's Best Employer Gold Award" and "Great
Place to Work" certification while maintaining an MSCI ESG Rating of AA.Through continuous innovation and practical applications Sungrow delivers long-term sustainable value to clients. By the end of the
reporting period the Company’s cumulatively installed capacity of power electronic converters across the world has been above 740
GW avoiding approximately 470 million tons of CO? emissions annually with our customers.Sungrow integrates low-carbon and green principles into its production and operations striving to minimize environmental impacts
from both its own activities and supply chain. The Company rigorously and transparently discloses carbon emissions data while
expanding the coverage of carbon inventory. In 2024 the proportion of green electricity usage increased to 70% with the launch of an
energy and carbon management system saving approximately 2525 MWh of electricity annually. Energy consumption per unit of
product decreased by 11% compared to 2020 advancing progress toward achieving operational carbon neutrality by 2028.
34Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Collaborating with partners Sungrow fosters a low-carbon supply chain. Its Supplier Relationship Management (SRM) system now
includes a carbon footprint module collecting carbon emissions data for approximately 6000 materials and conducting organizational
carbon inventory for 139 suppliers. The Company enhances product lifecycle management with PV inverters such as the SG250HX
SG350HX SG3125HV and 1+X series obtaining product carbon footprint certifications. Additionally the SG350HX and 1+X series
inverters received the Italian EPD underscoring their environmental credentials.Sungrow prioritizes the rights and developmental opportunities of both its employees and those of its partners ensuring the clean
energy transition benefits a broader range of stakeholders. The Company offers diverse benefits and cultural activities for its global
workforce with an average of 90 training hours per employee. It continues to strengthen global team-building efforts achieving a
localization hiring rate of 98.4%. In collaboration with partners Sungrow fosters a responsible supply chain with 96.93% of suppliers
signing the Supplier Code of Conduct and nearly 800 hours of ESG training conducted for suppliers annually. Additionally the
Company actively contributes to society through initiatives in ecological conservation community development and science education.In September 2024 Sungrow partnered with the Anhui Provincial Charity Federation to launch the "Sun Bridge – New Beginning
Program" pledging a donation of CNY 5 million over three years to support nearly 1000 underprivileged students majoring in power
electronics with total charitable contributions for 2024 amounted to CNY 20.7803 million.d. R&D intellectual property
In the reporting period the Company continued to ramp up R&D investment and actively pursued the summarization and filing of self-
owned intellectual property. In 2024 it filed 2177 new patent applications including 306 international filings (282 invention patents
3 utility model patents and 21 design patents) and 1871 domestic filings (833 invention patents 883 utility model patents and 155
design patents) further strengthening its independent innovation capabilities and solidifying its core competitiveness.As of the reporting period the Company has cumulatively filed 9401 patents comprising 5081 invention patents 3708 utility model
patents and 612 design patents. Leveraging its industry-leading technological reserves Sungrow has actively promoted the formulation
and optimization of industry standards and has organized the drafting of multiple Chinese national standards.e. Share repurchase for equity incentives
Demonstrating confidence in the Company’s future growth and recognition of its value and to establish a long-term incentive
mechanism that aligns shareholder corporate and employee interests Sungrow initiated a share repurchase program in 2024 using
internal funds. The repurchase executed via the centralized bidding method on the Shenzhen Stock Exchange aims to implement
future employee stock ownership plans (ESOP) or equity incentive plans for core and key employees. By the end of the reporting
period the company had repurchased approximately 5.86 million shares at a total cost of CNY 501 million.f. Launch of offshore GDR issuance
To meet the capital needs for business development enhance financial strength and improve profitability the company launched an
overseas issuance of Global Depositary Receipts (GDRs) in the reporting period with newly added underlying A-shares in the domestic
market. The proceeds from the GDR offering will be allocated to energy storage equipment manufacturing projects overseas expansion
of inverter and energy storage product capacities digital transformation initiatives and the Nanjing R&D Center construction project
enabling the company to capitalize on strategic opportunities in the global energy storage market consolidate its global leadership in
the energy storage sector optimize global production capacity to enhance delivery capabilities and flexibility for mitigating
international trade risks accelerate digital transformation to empower business development holistically and increase R&D innovation
investments to strengthen core competitiveness.g. Honors and awards received in the reporting period
Honors and Awards Awarded by
Organizing Committee of China International Photovoltaic
2024 Sun God Award for Outstanding Inverter Enterprise
and Energy Storage Industry Conference
Organizing Committee of China International Photovoltaic
2024 Sun God Award for Outstanding Contribution Enterprise
and Energy Storage Industry Conference
Ranked 151st in China’s Top 500 Private Enterprises in 2024 All-China Federation of Industry and Commerce
Ranked 104th in China’s Top 500 Manufacturing Private Enterprises
All-China Federation of Industry and Commerce
in 2024
2024 Most Influential Enterprise Energy Storage Leaders Alliance
2024 Best Energy Storage Demonstration Project Energy Storage Leaders Alliance
2024 Best High-Power Bidirectional Energy Storage PCS Supplier Energy Storage Leaders Alliance
35Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Forbes China Top 30 Multinational Enterprises Forbes Magazine
2024 Fortune China Tech 50 Fortune Magazine
Ranked 263rd in 2024 Fortune China 500 Fortune Magazine
2024 Fortune China Globalization Rising Star Fortune Magazine
TopBrand China 500 Brand Union Consulting (Beijing) Co. Ltd.China's 500 Most Valuable Brands World Brand Lab
2024 Top 100 Competitive Enterprises in Electronics & Information
China Electronic Information Industry Federation
Technology
2023 Outstanding Social Responsibility Enterprise Southern Weekly
2024 Top 50 Energy Storage Enterprises GGCI
China Best Managed Companies Deloitte China
Top 10 Corporate Design Centers in China Design 100 China Industrial Design Association
2024 Global Top 500 New Energy Enterprises China Energy News
2024 Sungrow Energy Storage System Excellence Award IEEE Power & Energy Society
Brandon Hall Gold Award for Excellence in Learning Brandon Hall Group
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)
20242023
% of Operating % of Operating YoY Change
Amount Amount
Income Income
Total operating
77856966964.63100%72250674939.46100%7.76%
income
By sector
PV 47904277680.78 61.53% 50555989064.88 69.97% -5.25%
Energy storage 24959166127.81 32.06% 17801524369.61 24.64% 40.21%
Other 4993523156.04 6.41% 3893161504.97 5.39% 28.26%
By product
PV inverters and
other power 29127038840.90 37.41% 27653073535.51 38.27% 5.33%
conversion devices
New energy
investment and 21003004297.89 26.98% 24733981049.88 34.23% -15.08%
development
Energy storage
24959166127.8132.06%17801524369.6124.64%40.21%
systems
PV power stations
1139013042.321.46%567193487.900.79%100.82%
generation
Other 1628744655.71 2.09% 1494902496.56 2.07% 8.95%
By geography
Mainland China
(not including
Hong Kong 41562998555.18 53.38% 38881345230.41 53.81% 6.90%
Macau and
Taiwan)
Overseas 36293968409.45 46.62% 33369329709.05 46.19% 8.76%
36Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
(including Hong
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 41562998555.18 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.Project Source of PV
Capacity
No. Project Name Type Status inverters/wind
(MW)
BT/EPC power converters
Mangya Yuyang Huatugou Town 500MW Wind Construction
1 DBT 133.71 Not self-supplied
Power Section III 200MW Project in progress
Anhui Guoyang Kangfeng Dacheng 100 MW Wind
2 DBT 100.80 Completed Self-supplied
Power Project
Anhui Guoyang Kangfeng Dacheng 100 MW Wind
3 DBT 100.80 Completed Self-supplied
Power Project
Shandong Haiyang Ruiyang Xin’an Town 200 MW
4 DBT 128.64 Completed Self-supplied
PV Project
Shandong Zhanhua Qingyang Fengjia 150 MW PV
5 DBT 107.26 Completed Self-supplied
Project
200MW Wind Power Project in Shimeitang Town &
Construction
6 Haozigang Town Dingcheng District Changde City EPC 113.82 Not self-supplied
in progress
Hunan Province
Jiaokou County Phase II 100 MW PV Power
7 DBT 107.12 Completed Self-supplied
Generation Project in Taohongpo Town
Daqing Qingyuan Grid-Parity PV Power Generation
8 DBT 90.19 Completed Self-supplied
Project
Honghu Zhuoyang Xinfengkou 200 MW Fishery-PV
9 DBT 57.87 Completed Self-supplied
Complementary Power Station Project
Hechi Yizhou District 250MW Agriculture-PV
10 DBT 41.72 Completed Self-supplied
Complementary Power Generation Project
Other centralized projects in total 385.88 - -
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
Accounting treatment for DBT and EPC models 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
37Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
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
BT/EPC
converters
Hainan Lingshui Li Autonomous County
1 Lingshui Development Holding Group Co. Ltd. EPC 16.57 Construction in progress Self-supplied
24 MW C&I Project
Jiangsu Yancheng Tongwei Solar 56 MW C&I
2 EPC 63.24 Grid connected Self-supplied
Project
3 Zhongluo (Chinalco) Luoyang Copper Co. Ltd. DBT 14.57 Completed Self-supplied
Chongqing Pingwei Automotive 16.789 MW
4 DBT 13.89 Completed Self-supplied
C&I Project
Liaoning Shenyang Sany Heavy Industry Phase I
5 EPC 15.45 Grid connected Self-supplied
16 MW C&I Project
Jihua 3542 Textile Co. Ltd. Distributed PV
6 DBT 12.73 Completed Self-supplied
Project
Hubei Ezhou Pufeng New Energy Co. Ltd.
7 EPC 11.01 Construction in progress Self-supplied
11.9985 MW C&I Project
Anhui Anqing Zhenyi Automotive 8.77 MW
8 DBT 8.77 Grid connected Self-supplied
C&I Project
Chongqing Lianwei Automotive 7.60243 MW
9 DBT 6.46 Completed Self-supplied
C&I Project
Anhui Lu’an Shuangchan Investment
10 Development Group Phase I 15 MW C&I DBT 9.52 Completed Self-supplied
Project
Other distributed projects in total 4644.62 - -
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
determined the performance progress of service provision according to
the percentage of investment. The performance progress was the ratio
Accounting treatment 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.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.
38Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
In the reporting period the Company sold approximately 4.82 GW of
distributed power stations at an average price (tax-exclusive) of
approximately CNY 3.06 per watt. The operation and maintenance of
distributed power stations sold were carried out by the customer or the
Power station projects sold
party entrusted by the customer. The warranty of distributed BT
projects was executed according to equipment or engineering industry
standards and the Company provided no financing guarantee for DBT
projects.In the reporting period power generated by distributed power stations
held by the Company increased by approximately 19.7475 million
Power station projects held kWh with a recognized power generation revenue of approximately
CNY 8.71 million. All power generation revenue was entitled to the
Company.
(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 YoY changes
Gross YoY changes
Operating income Operating cost in operating in operating
margin in gross margin
income cost
By sector
PV 47904277680.78 34867342422.23 27.21% -5.25% -7.45% 1.73%
Energy storage 24959166127.81 15800853291.38 36.69% 40.21% 31.73% 4.07%
By product
PV inverters
and other power
29127038840.9020128005523.3030.90%5.33%8.38%-1.94%
conversion
devices
New energy
investment and 21003004297.89 16928415601.21 19.40% -15.08% -18.19% 3.06%
development
Energy storage
24959166127.8115800853291.3836.69%40.21%31.73%4.07%
systems
By geography
Mainland China
(not including
Hong Kong 41562998555.18 32873989804.32 20.91% 6.90% 4.78% 1.61%
Macau and
Taiwan)
Overseas
(including Hong
36293968409.4521670620621.9640.29%8.76%2.04%3.93%
Kong Macao
and Taiwan)
Note: The Compilation of Application Guidance for Enterprise Accounting Standards 2024 issued by the Ministry of Finance of China
in March 2024 and Interpretation No. 18 of Enterprise Accounting Standards released on December 6 2024 stipulate that warranty
expenses of assurance-type should be included in operating costs. In accordance with these regulations the company has retrospectively
adjusted relevant information such as gross margin for comparable periods.
39Sungrow Power Supply Co. Ltd. 2024 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 2024 2023 YoY Change
Sales GW 147 130 13.08%
PV inverters Production GW 167 151 10.60%
Inventory GW 64 44 45.45%
Reasons for year-on-year changes greater than 30%
□Applicable □ Not applicable
Inventory of PV inverters increased by 45.45% year-on-year mainly due to the company’s proactive stockpiling to meet anticipated
demand.
(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)
20242023
YoY
Sector Item % of Operating % of Operating
Amount Amount Change
Income Income
PV Raw materials 21451336507.75 39.33% 26429538227.85 50.23% -18.84%
Energy storage Raw materials 13907695693.24 25.50% 10908986620.00 20.73% 27.49%
(6) Whether the scope of consolidation changed in the reporting period
□Yes □ No
For details please refer to part IX. Changes in the Scope of Consolidation in Section X 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 Major customers
Sales to major customers
Total amount of sales to top five customers (CNY) 15405919542.73
Proportion of total sales amount to top five customers in the annual total sales 19.79%
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 Customer 1 4083405387.84 5.24%
2 Customer 2 3711168441.74 4.77%
3 Customer 3 3698951429.87 4.75%
4 Power Construction Corporation of China 2146946149.30 2.76%
5 Guangdong Energy Group Co. Ltd. 1765448133.98 2.27%
Total - 15405919542.73 19.79%
40Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Other information about major customers
□Applicable□ Not applicable
Major suppliers
Total amount of purchase from top five suppliers (CNY) 11891623890.72
Proportion of total purchase amount from top five suppliers in the annual purchase amount 21.96%
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 Purchase
No. Supplier Name
(CNY) Amount
1 Supplier 1 4231105166.16 7.81%
2 CALB Group Co. Ltd. 3493925486.15 6.45%
3 Supplier 2 1597957911.99 2.95%
4 Tongwei Co. Ltd. 1294460417.71 2.39%
5 Trina Solar Co. Ltd. 1274174908.71 2.35%
Total - 11891623890.72 21.96%
Other information notes for major vendors
□Applicable□ Not applicable
3. Costs
(in CNY)
2024 2023 YoY Change Notes on Major Changes
With the expansion of the company's scale labor
Sales expenses 3760597360.02 2871722864.66 30.95% costs such as personnel remuneration and equity
incentive fees have risen.Mainly attributable to the significant increase in
Management
1200830749.71 873167416.41 37.53% employee remuneration equity incentive fees and
expenses
office expenses during the period.Mainly as a result of the significant decrease in
Financial the Company's net foreign exchange gain during
290407496.7120595018.701310.09%
expenses the period due to the impact of foreign exchange
rate fluctuations.R&D expenses 3163519949.94 2447389317.47 29.26%
4. R&D Investment
□Applicable □ Not applicable
Major R&D Impacts Expected on
Purpose Progress Planned Objective
Projects the Company’s Growth
- Over 80% of faults
resolved via modular
replacement (no crane
Address issues such as reliance - Minimize post-fault
required).on professionals for fault power loss.- MTTR < 2h.diagnosis prolonged - Pioneer intelligent
1+X G2 Series - Automated fault
maintenance time insufficient Validation Phase fault diagnosis.Project diagnosis.salt spray/sandstorm protection - Strengthen global
- Enhanced
and DC voltage derating above market leadership
sandstorm/corrosion
4000m altitude; reduce costs. through reliability.
resistance for
electronic enclosures.- No DC voltage
41Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
deration up to 5000m.- Single-container
capacity: 7.5 MWh.- Lower customer
Enhance competitiveness and Development - Sub-array capacity:
PowerTitan 2.0 investment costs.cost efficiency of large-scale completed; 15 MWh (2h) / 30
Domestic - Increase market share
energy storage products in awaiting mass MWh (4h).Expansion Project in large-scale energy
China. production. - Rapid cost reduction
storage.and capacity
expansion.- Global grid-forming - Expand grid-forming
PowerTitan 2.0 Improve competitiveness of solutions based on project portfolio.Grid-Forming grid-forming energy storage Validation Phase PT2.0 platform. - Strengthen industry
Upgrade Project systems. - Differentiated grid- influence in grid-
forming capabilities. forming technology.- Optimized for 5
MWh systems (fewer
units reduced
- Address previous
footprint).limitations in battery
Meet market demand for - Flexible DC-side
SC5000UD-MV- compatibility.standalone PCS units Mass Production configurations
P3 Standalone - Expand revenue
compatible with diverse battery Phase (split/parallel).PCS Project streams.systems. - Supports 2h/4h
- Solidify PCS
systems multiple
leadership.transformer types and
10-37kV voltage
levels.- Lightweight container - Align with industrial
Cater to large industrial users
ST800CS design. energy storage trends.with 690V compact outdoor Mass Production
Optimization - Customizable - Boost product
cabinet solutions and flexible Phase
Project configurations to meet competitiveness and
expansion options.client needs. market share.Statement of R&D staff
2024 2023 % of change
Total R&D Staff 6989 5372 30.10%
R&D Staff in Total HC 40.39% 39.22% 1.17%
Educational Background of R&D Staff
Bachelor 3354 2646 26.76%
Master 2694 2004 34.43%
Doctor 106 65 63.08%
College Graduate and below 835 657 27.09%
Age Structure of R&D Staff
Below 30 2824 2295 23.05%
30 to 40 3753 2792 34.42%
Above 40 412 285 44.56%
R&D investment size and percentage in operating proceeds in the past three years
202420232022
R&D investment (CNY) 3163519949.94 2447389317.47 1692156198.42
Percentage of R&D investment in operating proceeds 4.06% 3.39% 4.20%
Capitalized R&D expenditure (CNY) 0.00 0.00 0.00
Capitalized R&D expenditure as a percentage of R&D
0.00%0.00%0.00%
investment
Capitalized R&D expenditure as a percentage of net profit in
0.00%0.00%0.00%
the period
42Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Reasons for substantial changes in R&D staff and their impacts
□ 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 2024 2023 YoY Change (%)
Cash inflow from operating activities 73131710915.61 64909783214.55 12.67%
Cash outflow from operating activities 61063384270.95 57927944237.27 5.41%
Net cash flow from operating activities 12068326644.66 6981838977.28 72.85%
Cash inflow from investment activities 70013104401.53 23544136099.56 197.37%
Cash outflow from investment activities 80866174453.79 27365292970.63 195.51%
Net cash flow from investment activities -10853070052.26 -3821156871.07 -184.03%
Cash inflow from financing activities 13335704736.74 9972994616.16 33.72%
Cash outflow from financing activities 13076900729.98 6693485685.31 95.37%
Net cash flow from financing activities 258804006.76 3279508930.85 -92.11%
Net increase in cash and cash equivalents 1450211319.67 6464929644.69 -77.57%
Explanation on main contributors to the significant YoY change in relevant data
□ Applicable □ Not Applicable
Net cash flow from operating activities increased by 72.85% year-on-year mainly due to the increase in sales returns;
Cash inflow from investment activities increased by 197.37% year-on-year mainly due to the significant increase in the recovery of
financial products;
Cash outflow from investment activities increased by 195.51% year-on-year mainly due to the significant increase in the purchase of
financial products;
Net cash flow from investment activities decreased by 184.03% year-on-year mainly due to the significant increase in purchased
financial products;
Cash inflow from financing activities increased by 33.72% year-on-year mainly due to the increase in borrowings obtained;
Cash outflow from financing activities increased by 95.37% year-on-year mainly due to the increase in debt repayment;
Net cash flow from financing activities decreased by 92.11% year-on-year mainly due to the significant increase in repayment of
matured borrowings during the period.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 2024 Beginning of Year 2024 Notes on
% of Total % of Total Change Major
Amount Amount
Assets Assets Variations
Money funds 19799445556.84 17.21% 18030617790.74 21.76% -4.55%
43Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Accounts receivable 27640236836.09 24.02% 21097509472.32 25.46% -1.44%
Contract assets 1615258949.56 1.40% 2008704215.79 2.42% -1.02%
Inventory 29027561277.54 25.23% 21441505396.60 25.87% -0.64%
Long-term equity investment 88337400.00 0.08% - - 0.08%
Fixed assets 483896805.60 0.42% 440042074.75 0.53% -0.11%
Construction-in-progress 9001687255.25 7.82% 6438183727.36 7.77% 0.05%
Right-of-use asset 2264852073.64 1.97% 1685757860.53 2.03% -0.06%
Short-term loan 347727789.17 0.30% 397537305.84 0.48% -0.18%
Contract liabilities 4213709323.48 3.66% 2793019025.13 3.37% 0.29%
Long-term loan 10026466202.05 8.71% 6564810202.26 7.92% 0.79%
Lease liability 4863434550.73 4.23% 4179703100.00 5.04% -0.81%
Money funds 314934728.09 0.27% 323824924.50 0.39% -0.12%
High percentage of overseas assets
□Applicable□ Not applicable
2. Assets and liabilities measured at fair value
□Applicable □ Not applicable
(in CNY)
Cumulative
Gains/losses
changes at Impairment Amount of Amount
Beginning from changes Other Closing
Item fair value accrued for procurement of sales in
Amount at fair value changes amount
included in the period in the period the period
in the period
equity
Financial asset
1. Trading
financial
assets
206265447734500069580003374871016477
(excl. -368288.27
66.36000.000000.00886.094064.18
derivative
financial
assets)
2.
Derivative 9394659.8 9552248.
157588.0.00
financial 2 28
assets
3. Other
non-current 50001719 236137251 4763510. 191829 8152616
64687719.27
financial 8.94 .33 15 97.57 56.96
assets
4. Other
1903194721903194
investment.2272.22
s in debts
Sum -
257206637777145669594313568281117035
Financial 64319431.00
25.12723.555758.43472.125193.36
Assets
Accounts
772690181545702315062701167008
receivable
0.45711.4990.901.02
financing
Sub-total 33447565 93228480 8465702 356828 1233736
64319431.00
05.57435.030749.34472.124094.38
Sum - 415593 4552035
39610000.
Financial 588. 88.45
00
Liabilities
44Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Other changes
Other income mainly includes gains from wealth management products expanded through the merger with Taihe Intelligence and
divestment of financial assets..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
December 31 2024
Item
Book Balance Book Value Reasons for Restriction
Money funds 2082211935.68 2082211935.68 Freezing of funds deposits etc.Accounts receivable financing 15047206.19 15047206.19 Establishment of notes payable pledge
Accounts receivable 1315676574.79 868111320.63 Long-term loan pledge
Fixed assets 1562006874.59 1128768028.62 Long-term loan pledge
Total 4974942591.25 4094138491.12 -
VII. Investment Analysis
1. Overview
□Applicable □ Not applicable
Investment in the reporting period (CNY) Investment in the same period last year (CNY) Change
3360433499.483329901478.720.92%
2. Significant equity investments received in the reporting period
□Applicable □ Not applicable
45(in CNY)
Investee Main Investment Investment Ownership Funding Partners Investment Product Type Progress as Expected Current Litigation Disclosure Disclosure
Company Business Method Amount Percentage Source Term of Balance Return Period Involved Date (if Reference (if
Name Sheet Date Profit/Loss applicable) applicable)
Announcement
No. 2024-105
and 2024-132
on Juchao
Information
Network:
Acquisition 450557280.00 10.24% "Announcement
on Subsidiary’s
Provider Acquisition of
of AI Control over
Hefei Taihe vision- Hefei Taihe
Intelligent based Intelligent
Internal Not Long- Equity Control Not October
Technology integrated 0.00 No Technology
Funds applicable term Acquisition Obtained applicable 18 2024
Group Co. intelligent Group Co. Ltd.Ltd. equipment and Signing of
and Agreements"
services. "Announcement
on Subsidiary’s
Obtaining
Other 34521415.96 1.00%
Control over
Hefei Taihe
Intelligent
Technology
Group Co.Ltd."
Total -- -- 485078695.96 -- -- -- -- -- -- - 0.00 -- -- --3. Significant non-equity investment in progress in the reporting period
□Applicable□ Not applicable
4. Financial asset investment
(1) Securities investment
□Applicable□ Not applicable
The Company made no securities investment in the reporting period.
(2) Derivatives investment
□Applicable □ Not applicable
a. Derivatives investment for hedging purpose in the reporting period
□Applicable □ Not applicable
For details please refer to VII. Notes to Consolidated Financial Statement 2. Trading Financial Assets in Section X.b. Derivatives investment for speculative purpose in the reporting period
□Applicable□ Not applicable
The Company made no derivatives investment for speculative purpose in the reporting period.
5. Use of raised funds
□Applicable □ Not applicable
(1) General 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
Year of Fund- Date of Net amount of utilized at the amount of Total funds Purpose and funds that
Total raised of raised amount of with amount of
fund- raising listing of raised funds end of the raised funds raised but whereabouts of have been
funds funds used in raised funds changed use raised funds
raising mode securities (1) reporting with changed not used unused raised funds idle for
this period used (2) in the with changed
period use more than
reporting use
(3)= (2)/(1) two years
period
CNY 7.5786
million was
deposited in the
Non- special account for
October
2021 public 363758.52 362314.61 47631.86 325523.99 89.85% 0 0 0.00% 50757.86 fund-raising and 0
222021
offering CNY 500 million
had not yet matured
for the purchase of
financial products.Total -- -- 363758.52 362314.61 47631.86 325523.99 89.85% 0 0 0.00% 50757.86 -- 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 243141600 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 243141600 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. As of December 31 2024 the Company had accumulatively
made investment project-related payments with CNY 487.01 million of bank acceptances and the same amount had been replaced with raised funds.
3. As of December 31 2024 the total amount of raised funds used by the Company was CNY 3.26 billion the unused raised funds amounted to CNY 507.58 million of which CNY 7.58
million was in the special account for raised funds CNY 500.00 million was in premature wealth management products.(2) Projects commitments of raised funds
□Applicable □ Not applicable
(in 10K CNY)
Total Cumulative Cumulative
Investment Changes in Total Amount Investment Date of
investment amount of Benefit benefit Substantial
Financing Date of projects projects investment invested in progress by projects Expected
Nature of the amount investment realized in realized by changes in
Project listing of committed and (including after the the end of reaching benefits
project committed by the end of the reporting the end of the project
Name securities target of over- partial adjustment reporting the period scheduled achieved
by raised the period period the reporting feasibility
raised funds changes) (1) period (3)=(2)/(1) availability
funds (2) period
Committed investment projects
The New
Energy Power
Generation
2021 non- Equipment Production
October Jun. 30 Not
public Manufacturing and No 241787 240343.09 47631.86 201333.06 83.77% 144564.54 248826.86 No
22 2021 2025 applicable
offering Base Project construction
with an annual
output of 100
GW
The R&D
2021 non- Innovation
October Mar. 31 Not Not Not
public Center R&D Projects No 63970 63970 65512.03 102.41% No
22 2021 2024 applicable applicable applicable
offering Expansion
Project
The R&D
Innovation Operations
Center management No 49835 49835 41802.29
2021 non- Expansion (OM)
October 101.36% Mar. 31 Not Not Not
public Project No
22 2021 2023 applicable applicable applicable
offering The
Working
Supplementary
capital No - - - 8710.09
Working
replenishment
Capital Project
The
2021 non- Working
October Supplementary Not Not Not Not
public capital No 8166.52 8166.52 8166.52 100.00% No
22 2021 Working applicable applicable applicable applicable
offering replenishment
Capital ProjectSungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Subtotal of committed investment projects -- 363758.52 362314.61 47631.86 325523.99 -- -- 144564.54 248826.86 -- --
Target of over-raised funds
Total -- 363758.52 362314.61 47631.86 325523.99 -- -- 0 0 -- --
Since the funds raised for the New Energy Power Generation Equipment Manufacturing Base with an Annual Capacity of 100 GW Project were received the
Company advanced project construction and implementation actively. As of December 31 2024 the investment schedule was delivered by 83.77% workshop
Description of projects construction and layout of most production lines were completed. Because of adjustments in project planning and design layout as well as impacts from the
behind planned schedule surrounding environment of the project site equipment commissioning schedule and status of relevant government permits during actual construction some
or failing to gain expected works remained uncompleted resulting in certain differences between the actual construction progress and the expected availability originally planned for the
returns and the reasons fundraising project. In order to ensure the steady implementation of the Company's fundraising project minimize the risks in using raised funds and ensure the
(including those identified safe and rational use of funds the Company decided to extend the completion date of the fundraising project from April 30 2024 to June 30 2025 based on the
as “ Not Applicable ” in principles of being responsible to investors and being prudent in investment. This proposal was reviewed and approved at the 7th meeting of the fifth Board ofthe column “Achieved the Directors and the 6th meeting of the fifth Board of Supervisors.expected benefits”)
The New Energy Power Generation Equipment Manufacturing Base with an Annual Capacity of 100 GW Project has not yet been fully completed and the above
benefits are calculated based on the benefits generated from the part that has been put into operation.Description of material
changes in project Not Applicable
feasibility
Amount purpose and
progress of use of over- Not Applicable
raised funds
Changes in
implementation locations
Not Applicable
of projects invested with
raised funds
Changes in
implementation modes of
Not Applicable
projects invested with
raised funds
50Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Applicable
Preliminary investment As of October 11 2021 the Company had invested CNY 243141600 in fund-raising projects with self-raised funds of which CNY 143827900 was for the new
and replacement in energy power generation equipment manufacturing base with an annual output of 100 GW CNY 94743100 for the expansion of R&D Innovation Center and
projects invested with CNY 4570600 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 243141600 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 working
Not Applicable
capital with idle raised
funds
Applicable
There was a surplus in the funds raised for the Global Marketing Service System Project. It was mainly because the Company strictly followed relevant regulations
on managing raised funds during project implementation strengthened project cost control supervision and management while ensuring the overall goals and
quality of the fundraising project in the context of actual market situation and reduced project spending thus saving the actual investment amount of the fundraising
Amount of surplus raised project.fund in project
On December 6 2023 the Company held the fifth meeting of the fifth Board of Directors and the fourth meeting of the fifth Board of Supervisors at which the
implementation and
Proposal on Closing Some Raised Funds Investment Projects and Permanently Replenishing Working Capital with Surplus Raised Funds was reviewed and
reasons behind
approved. Whereas the Global Marketing Service System Project based on funds raised by issuing A-shares to specific objects in 2021 had basically reached the
expected availability 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 day-to-day production and operation activities. The special account
for this fundraising should be cancelled accordingly. The actual surplus in the funds raised for the Global Marketing Service System Project on December 25
2023 was CNY 87.109 million all of which was used for permanently replenishing working capital.
Purpose and whereabouts As of December 31 2024 the unused raised funds amounted to CNY 507.58 million of which CNY 7.58 million was in the special account for raised funds CNY
of unused raised funds 500 million was in premature wealth management products.
51Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
On April 16 2021 the Company held the first extraordinary general meeting in 2021 at which the Proposal on Requesting the Shareholders’ Meeting to Authorize
the Board of Directors to Proceed with the Issuance to Specific Objects was reviewed and approved. The Board of Directors was authorized to handle all matters
related to the issuance of shares to specific objects in 2021 including but not limited to determining the specific arrangements for the use of the raised funds for
this issuance to specific objects.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
Problems or other was agreed that during the implementation of the fund-raising investment project the Company could use bank acceptances for payments involved in the project
situations in the use and and regularly transfer the same amount from the special account of raised funds to the Company's general settlement account. The Board of Supervisors
disclosure of raised funds independent directors and sponsors expressed their consent. As of December 31 2024 the Company had accumulatively made investment project-related payments
with CNY 480.01 million of bank acceptances and the same amount had been replaced with raised funds.On August 23 2024 the Company held the nineth meeting of the fifth Board of Directors and the seventh meeting of the fifth Board of Supervisors at which the
Proposal on Continuously Using Idle Raised Funds for Wealth Management Products was reviewed and approved. It was agreed that the Company could use no
greater than CNY 650 million of idle raised funds for wealth management products and the funds within the above-mentioned limit could be used in a rolling
manner. The Board of Supervisors independent directors and sponsors expressed their consent. As of December 31 2024 the Company’s total balance of wealth
management products purchased with idle raised funds amounted CNY 500 million.
52Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
(3) Projects with changes in raised funds
□Applicable□ Not applicable
There were no projects with changes in raised funds in the reporting period.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
Major subsidiaries and holding companies that contribute 10% and above to net profit
(in 100 million CNY)
Registered
Company Main Total Net Operating Operating
Type Capital Net Profit
Name Business Assets Assets Income Profit
(in CNY)
Sungrow Subsidiary New energy
Renewables investment
1566311788367.40113.41233.1819.4216.25
Development and
Co. Ltd. development
Subsidiaries acquired or disposed in the reporting period
□Applicable □ Not applicable
For details please refer to IX. Changes in the Scope of Consolidation 2. Changes in the scope of consolidation due to other reasons
in Section X Financial Reports.X. Structured Entities Controlled by the Company
□Applicable□ Not applicable
XI. Prospects of the Company’s Future Development
(1) Planned Prospects
Focusing on the clean energy sector the Company commits to deepening strategic development intensifying R&D and innovation
efforts strengthening global market presence through enhanced localization capabilities lean operations and advanced digital
transformation. By widely adopting and deeply integrating AI technologies aiming to solidify technological leadership and elevate
brand influence thereby expanding the Company’s global competitive edge and achieving high-quality sustainable growth.
(2) Operating Plan
Under the global consensus on carbon neutrality the green energy industry is poised for sustained growth driven by factors such as
the continuous decline in renewable energy generation costs falling interest rates in European and American markets the
diversification of emerging markets and the integration of generation grid load and storage systems. However the industry also faces
risks including escalating international trade barriers intensifying competition and increased uncertainty in returns on new energy
projects due to accelerated domestic electricity marketization. Guided by the annual principle of "Innovation-Driven Excellence
Digital-Intelligent Empowerment Global Market Focus and Customer First" the Company is proactively capitalizing on future
opportunities. By adhering to low-cost innovation and strategic expansion we aim to strengthen global marketing management
enhance localization capabilities optimize lean operations and deepen digital-intelligent enpowerment. These efforts will elevate our
brand influence solidify our global leadership and achieve high-quality sustainable growth.
53Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
To accomplish the Company’s annual operational objectives the following key initiatives will be implemented:
a.Strengthen R&D innovation to consolidate technological and product leadership. Drive dual optimization of management and
technological innovation to foster cross-domain collaboration process excellence and digital empowerment building an efficient R&D
ecosystem. Focus on next-generation power systems advance cutting-edge research in power electronics and grid-forming technologies
and deepen the integration of AI into R&D and core product development delivering continuously leading and competitive solutions
for customers.b.Expand product portfolio and enhance integrated solution capabilities. Broaden coverage of global niche markets with an enriched
product lineup. Leverage the Company’s multi-sector expertise in PV wind energy storage power and hydrogen to develop scenario-
adaptive solutions for microgrids generation-grid-load-storage integration and other applications promoting global collaborations
with partners and creating sustained value for clients.c.Deepen global market presence and improve localization capabilities. Strengthen competitive moats in core markets while expanding
into emerging regions. Build country/regional operational units to deepen institutional client relationships and elevate localization
levels. Enhance overseas factory operations fortify supply chain systems and promote global partner collaboration to establish long-
term sustainable competitiveness.d.Accelerate digital project implementation and expand AI integration. Drive digital transformation by establishing multi-dimensional
data-driven decision-making frameworks. Strengthen the adoption and innovation of emerging digital technologies models and
algorithms. Build a digital talent development system and a core value-stream digital business platform to internalize and enhance the
company’s digital capabilities.e.Build a leading ESG management system and strengthen ESG competitiveness. Increase ESG innovation and investment integrate
ESG principles deeply into business operations and elevate global ESG influence to communicate brand values. Establish industry
benchmarks for ESG-driven value creation.f.Enhance risk awareness and strengthen compliance management. Improve risk early-warning mechanisms and trade compliance
controls. Deepen the compliance management system to mitigate risks particularly in overseas markets and bolster organizational
resilience.g.Strengthen organizational capabilities and global cultural integration. Attract and nurture global talent while advancing overseas
localization. Expand the international reach of the employer brand and foster global cultural alignment communication and synergy.
(3) Possible risks and countermeasures
a. Policy-related risks
Although the global levelized cost of electricity (LCOE) for renewable energy continues to decline costs in certain regions remain
higher than those of fossil fuels. Coupled with challenges such as renewable intermittency electricity market liberalization grid
integration constraints land costs and tax volatility government policy support remains critical. While the global low-carbon transition
remains irreversible significant shifts in government policies in specific markets could disrupt industry growth trajectories. To mitigate
risks from single-market policy fluctuations the company will further diversify its global footprint and deepen its presence in key
markets to ensure resilience..b. Gross margin reduction due to intensified competition
Amidst intensifying competition in the new energy sector where product prices continue to decline and industry gross margins face
downward pressure the company remains committed to innovation-driven growth. We will strengthen brand building and market
penetration increase R&D investments accelerate product upgrades and develop integrated multi-scenario solutions. By deepening
AI technology research and applications we aim to meet evolving customer demands deliver superior experiences and maximize
value for clients ensuring our sustained market leadership.c. Risk of collecting accounts receivables
While the Company continues to expand its sales scale the characteristics of its power station investment and development business
as well as energy storage operations—such as large project values and extended payment cycles—have led to a rapid increase in
accounts receivable and associated collection risks. To mitigate credit risks and accelerate capital turnover the Company has
implemented a stringent credit management system gradually standardizing and reducing sales on credit while proactively leveraging
legal measures to minimize bad debt exposure.d. Risk of international trade frictions
54Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Certain countries aiming to bolster domestic manufacturing have imposed trade barriers such as restrictions on imports of PV and
energy storage products and increased tariffs. This poses risks for Chinese new energy manufacturers in accessing international markets.To address these challenges the Company has developed scenario-based contingency plans and dynamic response strategies deepening
our presence in global markets enhancing localization capabilities and strengthening supply chain management to mitigate the adverse
impacts of trade frictions.e. Risk of exchange rate fluctuations
USD EUR and AUD are the major currencies used for the Company's overseas business. Fluctuations in the RMB exchange rate may
directly impact gross profit margins due to changes in revenue denominated in local currency. Furthermore foreign exchange gains or
losses arising from accounts receivable between revenue recognition and settlement will also affect financial performance. To mitigate
exchange rate risks the company employs hedging strategies continuous monitoring and timely settlement and conversion of foreign
currencies all grounded in normal operations and aligned with specific business activities to reduce potential losses and control
operational risks.f. Risks of new energy investment and development projects
New energy projects with large investment amounts and long construction periods face the risk of fluctuating electricity prices and the
uncertainty of project returns increases the difficulty of transactions. In this regard the Company will follow the project maturity
management mechanism increase the feasibility study of the project strengthen lean operation and carefully select high-quality
projects with better grid-connection conditions high demand for electricity good consumption and high rate of return to reduce the
risk of investment and development.XII. Events Register for Research Visits Communication and Interviews in the Period
□Applicable □ Not applicable
Main Contents of
Type of the Discussion Index of Basic
Date Venue Type of Visit Visitors
Visitors and Information Research Data
Provided
Tenbagger Capital
Juchao
Management Co. Industry trends
Information
Ltd.; Boyu Capital global PV market
On-site Network: Investor
Feb 29 2024 Company HQ Other Investment updates product
research Relations Activity
Management Co. details of PV
Record (No.:
Ltd.; Tokio Marine inverters.
20240229)
Asset Mgmt etc.
2023 annual and
Soochow
Q1 2024 industry Juchao
Securities
overview energy Information
Changjiang
Not Telephone storage market Network: Investor
Apr 22 2024 Institutional Securities Caitong
applicable communication outlook brand Relations Activity
Securities Guojin
strategy and Record (No.:
Securities and
globalization 20240422)
900+ investors.
plans.Business updates
on energy storage Juchao
Investors via the inverters Information
Online
Not Full-Scene IR hydrogen energy Network: Investor
May 27 2024 platform Other
applicable Platform and performance Relations Activity
exchange
(https://ir.p5w.net) highlights in Record (No.:
Europe and the 20240527)
U.S.Soochow H1 2024 industry Juchao
Not Telephone Securities Caitong review Information
Aug 23 2024 Institutional
applicable communication Securities operational Network: Investor
Changjiang updates and Relations Activity
55Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Securities and analysis of Record (No.:
600+ investors. financial account 20240823)
changes.Soochow Q3 2024 industry Juchao
Securities Caitong trends operational Information
Not Telephone Securities performance Network: Investor
Oct 31 2024 Institutional
applicable communication Changjiang financial updates Relations Activity
Securities and and future Record (No.:
600+ investors. outlook. 20241031)
XIII. Implementation Status of Market Value Management System and Valuation
Enhancement Plan
Whether the company has a market value management system.□Yes □ No
Whether the company has disclosed plans for valuation enhancement.□Yes□ No
On April 25 2025 the company adopted the Proposal on Establishing the "Market Value Management System" during the 17th
Meeting of the Fifth Board of Directors.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 □ NoTo implement the guidelines on “revitalizing the capital market and boosting investors’ confidence" put forward at the Central PoliticalBureau conference and "vigorously improving the quality and investment value of public companies and “taking robust and effectivemeasures to stabilize the market and investors’ confidence" at the State Council executive meeting the Company developed the Quality
and Return Dual Enhancement Action Plan and disclosed it in Announcement on the Quality and Return Dual Enhancement Action
Plan on February 26 2024 on www.cninfo.com.cn (Announcement No. 2024-015).In the reporting period the Company actively advanced its Quality and Return Dual Enhancement Action Plan. Guided by the
operational philosophy of " Innovation-Driven Collaboration Comprehensive Global Expansion Digital Acceleration and Customer
First " the Company focused on strengthening its core business to achieve high-quality sustainable development. In the reporting period
the Company achieved operating revenue of CNY 77.857 billion representing a year-on-year increase of 7.76% and realized a net
profit attributable to shareholders of CNY 11.036 billion marking a year-on-year rise of 16.92% demonstrating steady business growth.With R&D investment reaching CNY 3.164 billion up 29.26% year-on-year the Company continued to prioritize innovation through
sustained increases in R&D expenditure driving its high-quality development.In terms of investor returns the Company implemented the 2023 profit distribution plan distributing a cash dividend of CNY 9.65 per
10 shares to all shareholders with total dividends amounting to CNY 1.419 billion. Additionally it issued 4 bonus shares per 10 shares
through a capitalization of capital reserves. Furthermore the Company completed its 2024 share repurchase program repurchasing
shares worth CNY 501 million.The Company highly prioritized investor relationship management and constantly optimized the working mechanism and content of
investor relationship management in order to achieve the goals of respecting rewarding and protecting investors. As the Company
attracted wider attention the communication with investors was further enhanced the frequency profundity and relevance of
communication were increased. In the reporting period The Company held multiple investor communication activities and maintained
sound interaction with investors through performance briefing online exchange phone communication among other channels. The
Company established an investor relations platform on the official website to update periodical reports sustainability reports and stock
information on a timely basis so that investors could access such information conveniently. In the future the Company will continue
to actively convey its long-term investment values to the market improve the efficiency and transparency of information promote
mutual understanding and advance healthy communication with investors.
56Section IV Corporate governance
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 and further standardized operations. By
rigorously enhancing information disclosure practices and investor relations management the Company consistently elevated its
governance standards.During the reporting period the Company revised its Articles of Association Rules of Procedure for Shareholders’ Meetings Rules of
Procedure for the Board of Directors Rules of Procedure for the Board of Supervisors Independent Director Working Guidelines
Information Disclosure Management Regulations Audit Committee Operating Rules Remuneration and Evaluation Committee
Operating Rules Strategy and Sustainability Committee Operating Rules Nomination Committee Operating Rules Regulations on
Shareholding and Trading by Directors Supervisors and Senior Management Investor Relations Management Regulations Insider
Information Confidentiality and Registration System and Fundraising Management Measures while formulating new policies
including the Special Meeting Guidelines for Independent Directors and the Confidentiality and Archival Management System for
Overseas Securities Issuance and Listing. As of the end of the reporting period the Company maintained standardized operations
strong independence and compliant information disclosure with its governance practices fully aligning with the legal regulatory and
normative requirements issued by the China Securities Regulatory Commission (CSRC) and the Shenzhen Stock Exchange.a.About shareholders and the shareholders’ meeting
The company strictly complies with relevant laws and regulations including the Company Law Rules for Shareholders’ Meetings of
Listed Companies Articles of Association and the Rules of Procedure for Shareholders’ Meetings as well as regulatory documents
and internal policies to convene and conduct shareholders’ meetings in a standardized manner ensuring equal treatment of all
shareholders and maximizing facilitation of their participation.During the reporting period all shareholders’ meetings were convened by the Board of Directors with legal counsel providing
attestation services and issuing legal opinions. These meetings guaranteed shareholders’ full rights to express views access information
participate in decision-making and exercise voting power on significant corporate matters thereby enabling the lawful exercise of
shareholder rights. The Company rigorously adhered to legal requirements regulatory guidelines and supervisory standards ensuring
that all major issues subject to shareholders’ review were submitted for deliberation following proper authorization procedures. There
were no instances of bypassing shareholders’ meetings or implementing decisions prior to formal review.b. About the Company and the controlling shareholder
The Company’s controlling shareholder Mr. Cao Renxian strictly abides by 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 to regulate his behavior. He makes
no actions that directly or indirectly interfere with the Company's decision-making and business activities beyond the shareholders’
meeting nor jeopardizes the interests of the Company and other shareholders. There is no occurrence of the controlling shareholder
taking up the Company's funds or the Company providing guarantees for the controlling shareholder. The Company owns independent
and complete business and is capable of operating independently. The Company is independent from the controlling shareholder in
terms of business assets personnel organization and finance; the Company's Board of directors Board of Supervisors and internal
organizations operate independently.c. About directors and the Board of Directors
The Board of Directors is composed of 8 directors including 3 independent directors. The number of directors and the composition of
the Board of Directors are in line with the relevant laws regulations and the Articles of Association. Directors perform their duties in
accordance with the Rules for Independent Directors at Listed Companies the Shenzhen Stock Exchange’s No. 2 Regulatory Guidelines
for Listed Companies — Standardized Operation of GEM-Listed Companies and the Rules of Procedure for the Board of Directors
attend Board meetings specialized committee meetings on schedule faithfully fulfill their duties actively participate in corporate
management and decision-making and safeguard the interests of the Company and all shareholders.The Board of Directors has established four specialized committees— the Strategy and Sustainability Committee Nomination
Committee Remuneration and Evaluation Committee and Audit Committee—to provide scientific and professional insights that
support informed decision-making by the Board of Directors.Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
d. About supervisors and the Board of Supervisors
The Board of Supervisors is composed of 3 supervisors including 2 employee supervisors. The number of supervisors and the
composition of the Board of Supervisors are in line with the requirements of laws and regulations. Supervisors perform their duties in
accordance with the Shenzhen Stock Exchange’s No. 2 Regulatory Guidelines for Listed Companies — Standardized Operation of
GEM-Listed Companies and the Rules of Procedure for the Board of Supervisors and supervise the Company’s major transactions
related-party transactions financial status and the legitimacy and compliance of directors’ and executives’ job performance. The Board
of Supervisors actively fulfill the due role to safeguard the legitimate rights and interests of the company and its shareholders.e. About performance evaluation and the incentive and restraint mechanism
The Company has established and progressively refined fair and transparent performance evaluation standards and incentive-discipline
mechanisms for directors supervisors and senior management with the appointment of senior executives fully complying with
relevant laws regulations and the Articles of Association. The Remuneration and Evaluation Committee is set up under the Board of
Directors which has formulated the Working Rules of the Remuneration and Evaluation Committee established and implemented the
performance evaluation system and defined a scientific system of indicators. The various centers product lines and departments make
full use of the performance management tools to ensure objectives and performance plans are under control. The manager-in-charge
holds the primary accountability for realizing annual objectives and performance plans of the respective department. Each department
further breaks down the work plan into monthly and weekly tasks and strives to achieve performance indicators on time in quality
and quantity hence to ensure the delivery of the Company's annual objectives. All accountable organizations and all employees are
subject to regular performance evaluation and objective assessment and the evaluation results are used as the grounds for determining
employees’ remuneration promotion/demotion appraisal and job transfer.f. About information disclosure and transparency
In strict accordance with the Administrative Measures on 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 as well as the requirements in the Information Disclosure Management Procedures and the Investor Relations
Management Procedures the Company fairly discloses the relevant information in a truthful accurate timely and complete manner.The Company's Board Secretary is responsible for organizing and coordinating information disclosure and investor relations receiving
investors’ visits and replying investors' inquiries. The Company has designated www.cninfo.com.cn as the website for disclosing
company information China Securities Journal Securities Times Securities Daily and Shanghai Securities News as the newspapers
for disclosing the Company’s periodical reports hence to ensure that all shareholders of the Company are informed of with equal
opportunities.g. 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 Securities Law and other relevant laws and regulations as well as its Articles
of Association to ensure standardized operations. A robust corporate governance structure has been established and refined
maintaining strong independence from its controlling shareholders actual controllers and other affiliated entities in terms
of assets personnel finance organizational structure and business operations. This independence safeguards the Company’s regulated
and autonomous functioning underpinning its independent and integrated business system and market-oriented operational capabilities.
58Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
III. Horizontal Competition
□Applicable□ Not applicable
IV. Information on the Annual Shareholders’ Meeting and the Extraordinary General
Meeting(s) Held in the Reporting Period
1. Shareholders’ meeting in the reporting period
Investor Date of Date of
Session Type Resolution(s)
Participation % Meeting Disclosure
No. 2024-050 Announcement on
2023 Annual Annual
the Resolutions of the 2023 Annual
Shareholders’ Shareholders’ 49.56% May 28 2024 May 28 2024
Shareholders’ Meeting on
Meeting Meeting
http://www.cninfo.com.cn
The First No. 2024-110 Announcement on
Extraordinary
Extraordinary the Resolutions of the First
General 49.62% Oct 29 2024 Oct 29 2024
General Extraordinary General Meeting in
Meeting
Meeting in 2024 2024 on http://www.cninfo.com.cn
2. The extraordinary general meeting(s) requested by preference shareholders with restored voting rights
□Applicable□ Not applicable
V. The Company’s Voting Rights Difference Arrangement
□Applicable□ Not applicable
VI. Corporate Governance with the Red-Chip Architecture
□Applicable□ Not applicable
VII. Directors Supervisors and Executives
1. Basic situation
59Shares held
Shares Shares
at the Other Shares held Reason for
Office Office increased decreased
Name Gender Age Title Status beginning changes at the end of changes in
starts on ends on during the during the
of the (shares) the period shares
period period
period
Capitalization
Chairman and Dec. 8 May 19 180 403
Cao Renxian Male 56 Incumbent 451008000 631411200 of Capital
President 2016 2026 200
Reserves
Capitalization
May 18 May 19
Vice Chairman Incumbent 450000 180000 630000 of Capital
20222026
Reserves
Gu Yilei Male 46
Capitalization
Dec. 11 May 19
SVP Incumbent 450000 180000 630000 of Capital
20182026
Reserves
Capitalization
May 19 May 19
Zhang Xucheng Male 52 Director Incumbent 112500 45000 157500 of Capital
20202026
Reserves
Capitalization
Dec. 8 May 19
Zhao Wei Male 51 Director SVP Incumbent 7076000 2830400 9906400 of Capital
20162026
Reserves
Capitalization
May 19 May 19
Wu Jiamao Male 52 Director SVP Incumbent 375000 150000 525000 of Capital
20232026
Reserves
Independent May 19 May 19
Gu Guang Female 61 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 44 Incumbent
Director 2023 2026
Chairman of the
Dec. 8 May 19
Tao Gaozhou Male 53 Board of Incumbent
20162026
Supervisors
Employee Dec. 8 May 19
He Wei Male 49 Incumbent
Supervisor 2016 2026
Employee Apr. 21 May 19
Zhang Hui Male 50 Incumbent
Supervisor 2023 2026
Dec. 8 May 19 Capitalization
Chen Zhiqiang Male 44 VP Incumbent 375000 150000 525000
2016 2026 of CapitalSungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Reserves
Capitalization
Oct. 29 May 19
Peng Chaocai Male 47 VP Incumbent 78750 31500 110250 of Capital
20202026
Reserves
Capitalization
Dec. 11 May 19
Deng Dejun Male 48 VP Incumbent 369679 147872 517551 of Capital
20182026
Reserves
VP Board Oct. 21 May 19
Lu Yang Male 42 Incumbent
Secretary 2021 2026
Finance Jun. 27 May 19
Tian Shuai Male 41 Incumbent
Director VP 2022 2026
Capitalization
May 19 May 19
Wang Lei Female 45 VP Incumbent 22000 8800 30800 of Capital
20232026
Reserves
Capitalization
Oct. 29 May 19
Li Shun Male 47 SVP Departed 25000 10000 35000 of Capital
20202026
Reserves
Total -- -- -- -- -- -- 459891929 0 0 183956772 643848701 --
61Resignation of directors/supervisors or dismissal of executives within the term of office during the reporting period
□Yes□ No
Changes in directors supervisors and executives of the Company
□Applicable □ Not applicable
Name Position Type Date Reason
Li Shun SVP Departed April 30 2024 Personal Reasons
2. Incumbents overview
The professional background main work experience and job responsibilities of current directors supervisors 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 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. and Sungrow Power
Supply Co. Ltd.Mr. Li Mingfa Chinese national with no permanent residency overseas born in February 1963 Ph.D. Level 2 professor and doctoral
supervisor 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. Anhui Estone Materials Technology 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 and an independent director of Sungrow.
(2) SupervisorsSungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Mr. Tao Gaozhou Chinese national with no permanent residency overseas born in March 1971 master degree senior engineer. He
was Manager of Structure Department and a Supervisor of Sungrow and is currently the Chairman of Sungrow’s Board of Supervisors
and Director of the Institute of New Materials and Advanced Manufacturing.Mr. He Wei Chinese national with no permanent residency overseas born in October 1975 master degree. He was Business Planning
Manager and Logistics Assurance Manager of Sungrow and is currently an Employee Representative Supervisor of Sungrow and
General Manager of the Administrative Service Center.Mr. Zhang Hui Chinese national with no permanent residency overseas born in October 1974 bachelor degree. He served the roles of
Supervisor of Technical Support Department Manager of Engineering Technology Department and Manager of Equipment and Power
Department of Sungrow. He is currently an Employee Representative Supervisor of Sungrow and Director of Equipment and Power
Department.
(3) 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 of 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 President of the
Wind Energy Division.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.Positions in organizations as a shareholder
□Applicable□ Not applicable
Positions in other organizations
□Applicable □ Not applicable
63Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
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 Anhui Estone Material Technology Co. Ltd. Ind. Director Yes
Li Mingfa Wuhu Sanlian Forging Co. Ltd. Ind. Director Yes
Gu Guang Atech Automotive Co. Ltd. Ind. Director Yes
Runxia Sunshine (Qingdao) Private Equity Fund
Lu Yang board member No
Management Co. Ltd.Penalties imposed by securities regulators in the past three years on incumbent directors supervisors executives and those departed
in the reporting period
□Applicable□ Not applicable
3. Remuneration of directors supervisors and executives
The procedure for determining remuneration for directors supervisors 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. The remuneration plans for supervisors are submitted to the Board of Supervisors
and Shareholders’ Meeting for deliberation.Grounds for determination: The remuneration for directors supervisors 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 or Supervisors during their terms. Independent Directors receive an
annual fixed allowance of CNY 80000.Actual payment: Remuneration of directors supervisors and executives has been paid in full according to the predefined standard.Remuneration of Directors Supervisors and Executives of the Company during the reporting period
(in 10K CNY)
Total Paid by related-
Name Gender Age Position Status remuneration party of the
before tax Company
Cao Renxian Male 56 Chairman President Incumbent 388.00 No
Gu Yilei Male 46 Vice Chairman SVP Incumbent 1750.00 No
Zhang Xucheng Male 52 Director Incumbent 512.00 No
Zhao Wei Male 51 Director SVP Incumbent 403.00 No
Wu Jiamao Male 52 Director SVP Incumbent 1294.00 No
Gu Guang Female 61 Ind. Director Incumbent 8.00 No
Li Mingfa Male 61 Ind. Director Incumbent 8.00 No
Zhang Lei Male 44 Ind. Director Incumbent 8.00 No
Tao Gaozhou Chairman of the Board of
Male 53 Incumbent 114.15 No
Supervisors
He Wei Male 49 Employee Supervisor Incumbent 145.00 No
Zhang Hui Male 50 Employee Supervisor Incumbent 82.84 No
Chen Zhiqiang Male 44 VP Incumbent 413.00 No
Peng Chaocai Male 47 VP Incumbent 397.00 No
Deng Dejun Male 48 VP Incumbent 340.00 No
Lu Yang Male 42 VP Board Secretary Incumbent 302.00 No
Tian Shuai Male 41 VP Finance Director Incumbent 300.00 No
Wang Lei Female 45 VP Incumbent 266.00 No
Li Shun Male 47 SVP Departed 28.62 No
Total -- -- -- -- 6759.61 --
Note: Senior Vice President Mr. Li Shun resigned during the reporting period. The remuneration listed above indicated the total
64Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
remuneration before tax they received from the Company from January to April 2024.Notes on other facts
□Applicable□ Not applicable
VIII. Directors' Performance of Duties During the Reporting Period
1. Board meetings in the reporting period
Session Date of Meeting Date of Disclosure Resolution(s)
No. 2024-024 Announcement
on Resolutions of the seventh
The 7th meeting of the Fifth
April 22 2024 April 23 2024 Meeting of the Fifth Board of
Board of Directors
Directors on
http://www.cninfo.com.cn
No. 2024-066 Announcement
on Resolutions of the eighth
The 8th meeting of the Fifth
July 12 2024 July 15 2024 Meeting of the Fifth Board of
Board of Directors
Directors on
http://www.cninfo.com.cn
No. 2024-077 Announcement
on Resolutions of the ninth
The 9th meeting of the Fifth
August 23 2024 August 24 2024 Meeting of the Fifth Board of
Board of Directors
Directors on
http://www.cninfo.com.cn
No. 2024-091 Announcement
on Resolutions of the tenth
The10th meeting of the Fifth
September 30 2024 September 30 2024 Meeting of the Fifth Board of
Board of Directors
Directors on
http://www.cninfo.com.cn
No. 2024-096 Announcement
on Resolutions of the eleventh
The 11th meeting of the Fifth
October 14 2024 October 14 2024 Meeting of the Fifth Board of
Board of Directors
Directors on
http://www.cninfo.com.cn
No. 2024-113 Announcement
on Resolutions of the twelfth
The 12th meeting of the Fifth
October 31 2024 October 31 2024 Meeting of the Fifth Board of
Board of Directors
Directors on
http://www.cninfo.com.cn
No. 2024-124 Announcement
on Resolutions of the
The 13th meeting of the Fifth
December 03 2024 December 03 2024 thirteenth Meeting of the Fifth
Board of Directors
Board of Directors on
http://www.cninfo.com.cn
2. 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
65Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Cao Renxian 7 1 6 0 0 No 2
Gu Yilei 7 1 6 0 0 No 2
Zhang
7 1 6 0 0 No 2
Xucheng
Zhao Wei 7 1 6 0 0 No 2
Wu Jiamao 7 1 6 0 0 No 2
Gu Guang 7 1 6 0 0 No 2
Li Mingfa 7 1 6 0 0 No 2
Zhang Lei 7 1 6 0 0 No 2
3. 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.
4. 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 followed 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 other relevant regulations and requirements in the Articles of Association and the
Rules of Procedure for the Board of Directors. All directors attended board meetings and shareholders’ meetings proactively performed
their duties in a diligent and conscientious way and put forward relevant opinions on the Company's major governance and business
decisions based on the actual situation to ensure adequate discussion and science-based decision-making in a timely and efficient way
and safeguard the legitimate rights and interests of the Company and all shareholders.IX. Operation of Special Committees under the Board of Directors During the Reporting Period
Important
Specific
comments Performanc
No. of Date of circumstances
Committee Members Content of Meeting and e of other
Meetings Meeting of objection
suggestions duties
(if any)
made
Reviewed proposals including: Approved
1. "2023 Annual Report and and
Summary" submitted
2. *"2023 Internal Control Self- to the
April Assessment Report"* Board of
None None
16 2024 3. "Reappointment of 2024 Directors.
Auditing Firm"
4. "2023 Auditor Performance
Gu Guang
Evaluation and Audit
Audit Li Mingfa
5 Committee Supervision Report".
Committee Zhang Lei
Approved
and
April submitted
Reviewed "2024 Q1 Report". None None
16 2024 to the
Board of
Directors.Approved
August Reviewed "2024 H1 Report and
and None None
21 2024 Summary".
submitted
66Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
to the
Board of
Directors.Approved
and
October submitted
Reviewed "2024 Q3 Report". None None
29 2024 to the
Board of
Directors.Reviewed proposals including: Approved
1. "Revised Plan for Overseas and
GDR Issuance and Listing on submitted
Frankfurt Stock Exchange" to the
2. "Revised Plan for Issuing Board of
Decemb New Domestic A-Shares Under Directors.er 02 GDR Program" None None
2024 3. "Feasibility Analysis Report
on GDR Proceeds Utilization"
4. "Report on Previous
Proceeds Usage"
5. "2024 Q1-Q3 Financial
Statements".Reviewed proposals: Approved
1. "2023 Compensation for and
Directors and Senior submitted
Management" to the
April
2. "2022 Restricted Stock Board of None None
222024
Incentive Plan: Second Vesting Directors.Remunerati Cao
Period for Initial Grants and
on and Renxian Li
2 First Vesting Period for
Evaluation Mingfa
Reserved Grants".Committee Zhang Lei
Approved
Reviewed "Proposal to Grant and
Septemb
Reserved Restricted Stock to submitted
er 30 None None
2023 Incentive Plan to the
2024
Participants". Board of
Directors.Strategy & Cao Discussed "2025-2030 Mid-to- Approved
Novemb
Sustainabilit Renxian Gu Long-Term Strategic the
1 er 29 None None
y Yilei Zhang Plan" and "ESG Strategy strategic
2024
Committee Xucheng Development". direction.X. Operation of the Board of Supervisors
Whether the Board of Supervisors identified any risks during the monitoring activities in the reporting period
□Yes□ No
The Board of Supervisors had no objections to matters subject to supervision in the reporting period.XI. Employees
1. The number of employees and their professional and educational background
Incumbent employees of the parent company at the end of the period 7010
Incumbent employees of major subsidiaries at the end of the period 10295
Total incumbent employees at the end of the period 17305
Total number of employees receiving remuneration in the current period 17305
Retirees to be financially supported by the parent company and major subsidiaries 0
67Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Professional Background
Profession Split Head Count
Production 5261
Sales 2414
Technical 6989
Financial 237
Administration 2404
Total 17305
Educational Background
Education Level Head Count
Doctor 138
Master 4018
Bachelor 7469
College Graduate and below 5680
Total 17305
2. Remuneration policy
Competitive remuneration stimulates employees’ enthusiasm and creativity and promotes the sustainable growth of the Company. On
perusal of the Company’s strategic development needs and based on the different stages of business development (mature business for
profit contribution and seeding business for rapid growth) the Company designed targeted incentive plans incorporating the medium-
and long-term objectives thereby promoting the sustainable development of the various businesses. The Company also made
remuneration adjustments according to the relevant national laws and regulations on human resources management the market status
and employees' individual job performance so as to allow employees to receive reasonable returns and establish a remuneration and
performance management system that takes into account of internal fairness and external competitiveness.
3. Training plan
The Company consistently upholds its value proposition of "advancing employee development and realizing their aspirations"
committing to systematic and scientific employee empowerment. To this end the Company have established a three-tier training
framework comprising Group-level programs (leadership development onboarding and general competencies) Business Unit-level
programs (professional skill enhancement) and Department-level programs (role-specific technical training). Through the creation of
a virtual Learning Committee the Company continuously extends professional training and methodological empowerment to a broader
employee base ensuring the effective implementation of this framework. By fostering a learning-oriented organizational construction
the Company integrate learning as a core component of corporate identity unlocking tremendous potential and power to drive
organizational excellence and fuel sustainable business growth.In 2024 the Company continued to foster an innovative and efficient learning environment empowering all employees through a series
of talent and learning development initiatives such as the "Sunflower Program" for campus recruits the "Transition Program" for new
managers and the "Middle Management Launch" program for mid-level leaders. Aligned with strategic goals the Company also
launched global talent development programs and digital competency enhancement initiatives while introducing tools like the
intelligent Q&A robot iKE and AI learning assistants to boost learning efficiency and engagement through digital technologies. These
efforts further optimized the learning ecosystem driving both employee growth and corporate advancement. Recognized for its
excellence in talent development the Company was honored with the 2024 China Talent Development Lighthouse Award –
Outstanding Enterprise in Talent Cultivation and the Yunxuetang "Excellence in Digital Learning" Award.
4. Labor outsourcing
□Applicable□ Not applicable
During the reporting period the Company did not have a large number of labor outsourcing.XII.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
Pursuant to the 2023 Profit Distribution and Capital Reserves Capitalization Plan approved at the 7th Meeting of the 5th Board of
Directors and the 6th Meeting of the 5th Board of Supervisors on April 22 2024 and subsequently ratified at the 2023 Annual
68Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Shareholders’ Meeting on May 28 2024 the Company proposed a cash dividend of CNY 9.65 per 10 shares (tax-inclusive) based on
1468642351 shares (calculated by excluding 16508633 repurchased shares held in the special securities account from the total
1485150984 shares) resulting in total cash dividends of CNY 1417239868.72 (tax-inclusive). The remaining retained earnings
were carried forward to future periods. Concurrently the Company issued 4 bonus shares per 10 shares through capitalization of capital
reserves increasing the total shares from 1485150984 to 2072607924 with no additional stock dividends distributed for the fiscal
year. On June 13 2024 the Company executed the plan with the actual dividend payout reaching CNY 1418695812.45 and the
adjusted total shares post-capitalization amounting to 2073211424.During the reporting period the Company’s profit distribution policy remained unchanged. In strict compliance with the Company
Law Securities Law Regulatory Guidelines No. 3 for Listed Companies – Cash Dividends and the Articles of Association the
Company executed its profit distribution plan with clearly defined dividend standards and payout ratios supported by robust decision-
making procedures and mechanisms. Relevant proposals were reviewed and approved by the Board of Directors and the Board of
Supervisors before being submitted to the Shareholders’ Meeting for deliberation. Upon approval the distribution plan was
implemented within the stipulated timeframe 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.Profit distribution and conversion of capital reserve into share capital for the year
Number of bonus shares per 10 shares (shares) 0
Dividend per 10 shares (yuan) (tax included) 10.80
Number of bonus shares for every 10 shares 0
Dividend (in CNY) per 10 shares (tax inclusive) 2047096561
Number of shares transferred per 10 shares 2210864285.88
Equity base of the distribution plan (in shares) 517785847.21
Cash dividend (in CNY) (tax inclusive) 2728650133.09
Cash dividend in other ways (such as share buyback) (in CNY) 26109507267.14
Total cash dividend (including those distributed in other ways) (in CNY) 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 2024 was
CNY 9609524327.26 and the accrual for statutory reserves exceeded 50% of the total share capital hence requiring no further
accrual. As of December 31 2024 the Company’s distributable profit of the parent company was CNY 17918678752.33 which was
composed of CNY 9609524327.26 of remaining undistributed profit and CNY 17918678752.33 of undistributed profit from
previous periods deducted by a cash dividend of CNY 1418695812.45 distributed in 2023 with total share capital 2073211424
69Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
shares.The Company has consistently adhered to the philosophy of actively rewarding shareholders and sharing operational achievements
with them maintaining a commitment to returning value to investors through cash dividends since its listing. Taking into
comprehensive consideration factors such as the company’s financial status profitability capital planning and future business
development needs and in alignment with the CSRC guidelines encouraging listed companies to distribute cash dividends and provide
stable reasonable returns to investors as well as relevant regulations under the Company Law and Articles of Association the company
proposes the following 2024 Profit Distribution Plan:
Based on a share capital of 2047096561shares (the existing total share capital of 2073211424 shares minus 26114863 shares that
have been bought back in the special account for repurchase) the Company plans to distribute a cash dividend of CNY 10.80 (tax
inclusive) for every 10 shares to all shareholders with the total cash dividend amounting to CNY 2210864285.88 (tax inclusive).The remaining undistributed profit will carry forward next year. No capitalization of capital reserves and bonus shares will be issued
this year. In the event that the total share capital and the number of repurchased shares change in the period from the date of disclosure
of this plan and the date of record for equity distribution the total amount of cash dividend will be adjusted following the principle of
“fixed ratio for cash dividend distribution” based on a share capital of total shares on the date of record minus shares that have been
bought back in the special account for repurchase.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
XIII.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 22 2024 the Company held the 7th Meeting of the Fifth Board of Directors and the 6th Meeting of the Fifth Board of
Supervisors at which the Proposal on the Achievement of Vesting Conditions for the Second Vesting Schedule of the Initial Grant and
the First Vesting Schedule of the Reserved Grant in the 2022 Restricted Stock Incentive Plan and Relevant Matters were reviewed and
approved the Board of Supervisors verified the list of incentive objects for the grant and issued verification opinions.
(2) On June 4 2024 the second vesting period of the initial grant portion and the first vesting period of the reserved grant portion of
the 2022 Restricted Stock Incentive Plan began to be listed and outstanding with a total of 1508750 shares of vested stock a total of
453 vested persons and a vesting price of CNY 35.21 per share.
The 2023 Restricted Stock Incentive Plan
On September 30 2024 the Company held the 10th Meeting of the Fifth Board of Directors and the 8th Meeting of the Fifth Board of
Supervisors at which the Proposal on the Granting of Reserved Partial Restricted Shares to Incentive Participants under the Restricted
Share Incentive Plan for the Year 2023 and the Board of Supervisors verified the list of incentive objects for the grant and issued
verification opinions.Equity incentives granted to directors and executives
□Applicable □ Not applicable
70(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 the in the shares held at the period held at unlocked newly restricted held at
the in the period period exercised in the end of (CNY/share) the in the granted in shares the end of
beginning period the period the period beginning period the period (CNY/share) the period
of the (CNY/share) of the
period period
Vice
Gu Yilei Chairman 218400 30.18
SVP
Wu Director
11900030.18
Jiamao SVP
Total -- -- -- 337400 --
On September 30 2024 the Company convened the 10th Meeting of the Fifth Board of Directors and the 8th Meeting of the Fifth Board of Supervisors at which
the Proposal on Granting Reserved Restricted Stock to Incentive Participants under the 2023 Restricted Stock Incentive Plan was reviewed and approved. Under
Remarks (if any)
this plan Mr. Gu Yilei was granted 218400 shares and Mr. Wu Jiamao was granted 119000 shares totaling 337400 shares at a grant price of CNY 30.18 per
share.Evaluation mechanism and incentives for executives
The Company’s executives are appointed by and reports to the Board of Directors. During the reporting period the executives diligently performed their duties fulfilled their responsibilities
with dedication and ensured the orderly execution of all production and operational activities. To evaluate and incentivize executives the Company has established a comprehensive performance
evaluation system and a structured remuneration framework with annual remuneration packages submitted to the Remuneration and Evaluation Committee and the Board of Directors for review
and approval.
2. Implementation of the Employee Stock Ownership Plan
□Applicable□ Not applicable
3. Other Employee Incentive Measures
□Applicable□ Not applicableXIV. 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 supporting guidelines as well as other regulatory
requirements for internal control the Company conducted a self-assessment of the design and operational effectiveness of its internal
control system as of December 31 2024. During the reporting period the Company established and effectively implemented internal
controls for all businesses and matters within the evaluation scope achieving its internal control objectives. No material weaknesses
or significant deficiencies were identified in either financial or non-financial reporting controls. The Board of Directors confirms that
the Company has maintained effective internal control over financial and non-financial reporting in all material aspects in full
compliance with the internal control framework for enterprises and relevant regulations.
2. Description of critical internal control deficiencies identified during the reporting period
□Yes□ No
XV. Management and Control of the Company's Subsidiaries during the Reporting Period
Problems
Company Resolutions Resolution
Integration Plan Integration Progress during Action Plan
Name Taken Progress
Integration
In compliance with
governance standards for
listed companies and
The Company has
independence
completed the
requirements the
reorganization of the
Company has appointed
Board of Directors
directors and supervisors
and Supervisors of
Hefei Taihe to participate in the daily
Taihe Intelligence
Intelligent operations of Taihe Not Not Not Not
and completed the
Technology Intelligence’s Board of Applicable Applicable Applicable Applicable
registration of
Group Co. Ltd. Directors and the Board
industrial and
of Supervisors and
commercial changes
guides Taihe
of the legal
Intelligence’s executive
representatives and
management team in
equity transfer.daily operational
management under the
Board’s oversight.XVI. 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 April 26 2025
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 The Company has established the following The Company has established qualitative
qualitative criteria for evaluating internal control criteria for evaluating non-financial reporting
deficiencies related to financial reporting: internal control deficiencies as follows:
1)Fraud committed by senior management; A material weakness is identified in cases
2)Material misstatements in current financial including but not limited to (1) serious
reports identified by external auditors that the violations of national laws and regulations (2)Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
company failed to detect during operations; critical business operations lacking institutional
3)Corrections made by the company to previously controls or experiencing systematic failure of
issued financial reports; control mechanisms (3) untimely rectification
4)Ineffective oversight of internal controls by the of identified internal control deficiencies
Company’s internal audit function. particularly material or significant ones (4)
An internal control deficiency either individually or failure in internal control over information
in combination with other deficiencies shall be disclosure leading to public censure by
classified as a significant deficiency if there is regulatory authorities or (5) other
a reasonable possibility that it could result in a circumstances with significant adverse impacts
failure to prevent detect or correct misstatements in on the company. Other deficiencies are
financial statements—even if such misstatements do classified as significant deficiencies or minor
not reach or exceed the materiality threshold—but deficiencies based on the severity of their
still warrant attention from the Board and impact.management.Deficiencies that do not constitute material
weaknesses or significant deficiencies shall be
classified as minor deficiencies.Quantitative Criteria Based on historical financial statements the
company defines the materiality thresholds for
potential misstatements (including omissions) in
consolidated financial reports as follows:
(1) Potential Misstatements in Operating Revenue
Material Weakness: Misstatement
≥ 0.5% of Total Operating Revenue
Significant Deficiency: 0.2% ≤
1)Material Weakness:
Misstatement < 0.5% of Total Operating Revenue
Direct financial loss of CNY 5 million or
Minor Deficiency: Misstatement < 0.2%
above; or
of Total Operating Revenue
Publicly disclosed incidents
(2) Potential Misstatements in Net Profit
causing significant negative impact on the
Material Weakness: Misstatement ≥ 5%
company.of Total Net Profit
2)Significant Deficiency:
Significant Deficiency: 2% ≤
Direct financial loss between CNY 1 million
Misstatement < 5% of Total Net Profit
(inclusive) and CNY 5 million; or
Minor Deficiency: Misstatement < 2% of
Penalties imposed by national government
Total Net Profit
authorities with no significant negative
(3) Potential Misstatements in Total Assets
impact on the company.Material Weakness: Misstatement
3)Minor Deficiency:
≥ 0.3% of Total Assets
Direct financial loss below CNY 1 million; or
Significant Deficiency: 0.1% ≤
Penalties imposed by provincial or lower-level
Misstatement < 0.3% of Total Assets
government authorities with no significant
Minor Deficiency: Misstatement < 0.1%
negative impact on the company.of Total Assets
(4) Potential Misstatements in Total Equity
Material Weakness: Misstatement
≥ 0.3% of Total Equity
Significant Deficiency: 0.1% ≤
Misstatement < 0.3% of Total Equity
Minor Deficiency: Misstatement < 0.1%
of Total Equity
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
73Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
2. Internal control audit reports
□Applicable □ Not applicable
Opinion Section of the Internal Control Audit Report
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
□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
XVII.Rectification of Problems Found in Dedicated Self-Examination Initiatives on Corporate
Governance
Not applicable.
74Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Section V Environment and Social Responsibilities
I. Major Environmental Issues
Whether the Company and its subsidiaries are included in the list of key pollutant discharge organizations identified by the
environmental authority
□Yes□ No
Administrative penalties for environmental issues during the reporting period
The Company was subject to no environment-related administrative penalties during the reporting period.Other environmental information disclosed as a key pollutant discharge unit
Not applicable.Measures taken to reduce carbon emissions during the reporting period and their effects
□Applicable □ Not applicable
The Company has implemented comprehensive low-carbon transformation initiatives across technology R&D production and
manufacturing supply chain management logistics distribution and product lifecycle management. Through practices such as carbon
inventory and carbon footprint accounting the company continuously optimizes its own and its supply chain’s carbon emissions
performance. Additionally it innovates in new energy technologies promotes hydrogen energy business development and carbon
trading technologies advances green logistics and packaging practices actively participates in domestic and international carbon
market transactions and policy-making and continuously reduces environmental impacts across operations and the entire product chain.Conducting Internal Carbon Inventory: In 2024 the Company conducted an internal carbon inventory in accordance with ISO 14064
and GHG Protocol standards expanding the inventory boundary from 5 to 14 entities. The results of this inventory will help the
Company understand its carbon emissions profile providing critical data for formulating carbon reduction strategies and implementing
low-carbon projects.Reducing Operational Carbon Footprint: The Company has established an efficient energy management system to reduce energy
consumption in its operational activities and optimize energy efficiency in production and operations. For unavoidable emissions the
company purchases carbon credits to offset its carbon footprint. In 2024 the Company purchased carbon credits for the first time in
the voluntary carbon market (VCS Verified Carbon Standard) covering project types such as afforestation wind power generation
and efficient cookstoves. These efforts offset 54.23% of its Scope 1 greenhouse gas emissions for the year.Promoting Carbon Reduction Across the Value Chain: The Company continues to deepen carbon management in its supply chain. In
2024 it conducted organizational carbon inventories product carbon footprint assessments and green supply chain training. For three
consecutive years it has hosted the "Partner Summit – ESG Innovation and Development Forum" collaborating with partners to
discuss sustainable development pathways and assisting suppliers in building sustainable management awareness.Reasons for not disclosing other environmental information
The Company and its subsidiaries are not included in the list of key pollutant discharge units identified by the environmental authority.The Company actively responds to the requirements of the national and local governments strictly regulates noise effluent waste gas
and hazardous waste generated within the Company formulates corresponding environmental protection rules and regulations and
monitors noise effluent waste gas and hazardous waste in strict accordance with the pollution discharge permit management
requirements.II. Social Responsibility
For details please refer to the Sungrow Power Supply Co. Ltd. 2024 Sustainability Report disclosed on www.cninfo.com.cn.
75Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
III. Efforts on Consolidating and Expand the Achievements of Poverty Alleviation and Rural
Revitalization
The Company upholds the philosophy of "Gathering Goodwill Co-creating a Better Future" leveraging its strengths and professional
expertise to continuously carry out public welfare and volunteer initiatives in areas such as ecological and environmental protection
community development science education and student assistance and emergency disaster relief and actively participates in
community development across its global operations and strives to give back to society.In compliance with laws and regulations including the Charity Law of the People's Republic of China the company has established
the Regulations on External Donations Management to standardize its donation activities. In 2024 the company newly formulated
the Volunteer Service Management Measures to strengthen the development of volunteer teams standardize volunteer service practices
and promote the sustainable growth of its volunteer service initiatives. During the year the company donated a total of CNY 20.7803
million with key efforts as follows:
1. Eco-friendly
In October 2024 Sungrow in collaboration with The Nature Conservancy (TNC) and the Deyang Management Branch of the Giant
Panda National Park launched Phase 3 of the "Sunlight Forest" project. The initiative focuses on the Jiuding Mountain–Tudiling
Corridor within the Giant Panda National Park as a pilot area aiming to provide systematic solutions for the protection and restoration
of giant panda habitats. Diverse actions are included such as developing nature-based restoration plans tailored to the Jiuding
Mountain–Tudiling Corridor establishing a 100-mu (approximately 16.47 acres) habitat restoration and monitoring pilot site in critical
areas of the corridor to serve as a model for ecological restoration across the 30-square-kilometer corridor region and constructing 6
artificial nesting sites within the giant panda habitat to enhance living conditions for the Jiuding Mountain subpopulation of giant
pandas and their cohabiting wildlife.The " Sunlight Forest" project was jointly initiated by Sungrow Power TNC and the Deyang Management Branch of the Giant Panda
National Park in 2022. Over a five-year period the project plans to plant 500-mu (approximately 82.35 acres) of suitable native trees
and edible bamboo species rebuild ecological corridors restore habitats and advance the recovery of giant panda habitats.
2. Science education and student assistance
On September 5 2024 during Charity Day the Company donated CNY 5 million to the Anhui Provincial Charity Federation jointly
launching the public welfare initiative "Sunshine Bridge - Freshman Growth Program." Over the next three years the program will
support nearly 1000 underprivileged students majoring in power electronics and related fields from ten universities in Anhui Province
helping them fulfill their academic dreams and contributing to the cultivation of talent in local higher education. Additionally the
company actively donated scholarships to Zhejiang University and Hefei University of Technology to support educational development
deepen industry-university-research collaboration promote the industrialization of scientific and technological achievements and
inspire more students to pursue excellence.
3. Emergency disaster relief
In August 2024 due to a levee breach and backflow in Yaohai District Hefei City first-floor residents in surrounding communities
suffered severe property damage. The Company allocated CNY 200000 from the "Sungrow Power Charity Fund" established with the
Hefei City Charity Federation and donated it to the Yaohai District Charity Federation to assist in compensating affected households
for their losses. On January 7 2025 a 6.8-magnitude earthquake struck Dingri County Shigatse City Tibet Autonomous Region
causing significant casualties and extensive damage to homes. Deeply concerned about the disaster-stricken areas the Company
donated CNY 1 million to the Shigatse City Charity Federation. This contribution will be used to urgently procure relief supplies
support rescue operations and help affected communities overcome the crisis alongside local residents.
4. Volunteer service
In 2022 the Company launched the "Global Volunteer Service Week" under the theme "Go For Nature" organizing ecological and
environmental volunteer activities worldwide each year. By the end of 2024 the company had 2431 registered volunteers contributing
a cumulative total of 8303.5 volunteer service hours.From November 29 to December 5 2024 Sungrow successfully held its third Global Volunteer Service Week. Volunteers in Hefei’s
Jingui Community cleaned up garbage trimmed lawns built wooden platforms and transplanted greenery transforming neglected
areas into scenic green spaces to enhance community life. Meanwhile volunteers in Europe the Middle East the Americas and the
Asia-Pacific regions carried out diverse activities aligned with the theme. In the United States Australia Japan and South Korea
volunteers cleaned parks beaches and other outdoor spaces. In India volunteers visited orphanages to donate essential supplies and
engage children in games. In the UAE volunteers collaborated with the largest local animal shelter to walk stray dogs and donate
76Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
supplies. In Brazil and the Netherlands volunteers assisted farms with cleanup and animal care. In Germany and South Africa
volunteers initiated tree-planting campaigns sowing hope through saplings. These efforts collectively protected ecosystems and
promoted community development.Additionally on November 29 the Company hosted its inaugural Global Volunteer Annual Conference reviewing the extensive
volunteer practices of employees worldwide and recognizing outstanding volunteers to encourage broader participation and foster a
culture of volunteerism.
77Section VI 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 Mr. Zheng Guibiao and Mr.Zhao Wei who serve as the Company’s directors and/or The
Undertaking on executives hereby undertake that no shares exceeding 25% of undertaking is
Undertaking at IPO or Cao Renxian Zheng
executive’s the total shares held by each individual shall be transferred Jan. 31 2011 Long-term being fulfilled
refinancing Guibiao Zhao Wei
share lock up each year after the lock-up period and no shares held by each with no signs
individual shall be transferred within 6 months after the of breaching.shareholder resigns from 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 joint-stock company; have not directly or
indirectly operated any business that competes or may compete
with those operated by the joint-stock company; have not
invested in any other enterprise that competes or may compete
with the joint-stock company in terms of products or business;
The
2. As of the date of signing this Letter of Undertaking I or the
Undertaking on undertaking is
Undertaking at IPO or companies I have interests in will not produce or develop any
Cao Renxian horizontal Jan. 31 2011 Long-term being fulfilled
refinancing product that competes or may compete with those produced by
competition with no signs
the joint-stock company; will not directly or indirectly operate
of breaching.any business that competes or may compete with those
operated by the joint-stock company; will not invest in any
other enterprise that competes or may compete with the joint-
stock company in terms of products or business; 3. As of the
date of signing this Letter of Undertaking if the joint-stock
company further expands its products and business scope I or
the companies I have interests in will not compete with the
joint-stock company in terms of the expanded products orSungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Type of Date of Status of
Origin of undertaking Undertaker Content Duration
undertaking undertaking fulfillment
business. In the event of competition with the expanded
products or business of the joint-stock 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 joint-stock
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 joint-stock 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 joint-stock company; has
Equity Investment not directly or indirectly operated any business that competes
Partnership (Limited or may compete with those operated by the joint-stock
Partnership) company; has not invested in any other enterprise that
(formerly Xinjiang competes or may compete with the joint-stock company in
The
Shangge Equity terms of products or business; 2. Whenever the undertaker still
Undertaking on undertaking is
Undertaking at IPO or Investment holds 5% or more of the joint-stock company’s shares the
horizontal Jan. 31 2011 Long-term being fulfilled
refinancing Partnership (Limited undertaker or the company controlled by the undertaker will
competition with no signs
Partnership) not produce or develop any product that competes or may
of breaching.Luzhou Huizhuo compete with those produced by the joint-stock company; will
Enterprise not directly or indirectly operate any business that competes or
Management may compete with those operated by the joint-stock company;
Partnership (Limited will not control any other enterprise that competes or may
Partnership)) compete with the joint-stock company in terms of products or
business; 3. If this Letter of Undertaking is proven to be untrue
or not complied with the undertaker will indemnify the joint-
stock company for any and all direct and indirect losses.The undertaker does not provide loans or financial assistance in During the The
Undertaking on equity Other other forms including providing guarantees for their loans for May 13 implement undertaking is
Sungrow
incentive undertaking incentive objects of the 2022 Restricted Stock Incentive Plan to 2022 action of the being fulfilled
acquire restricted shares. Company's 2022 with no signs
79Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Type of Date of Status of
Origin of undertaking Undertaker Content Duration
undertaking undertaking fulfillment
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 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
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
II. 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.
80III. 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 Board of Supervisors 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
(1) Significant Accounting Policy Changes
Implementation of Accounting Standards for Business Enterprises Interpretation No. 17
On October 25 2023 the Ministry of Finance issued Accounting Standards for Business Enterprises Interpretation No. 17 (Cai Kuai
[2023] No. 21 hereinafter referred to as “Interpretation No. 17”) effective from January 1 2024. The Company adopted the provisions
of Interpretation No. 17 starting January 1 2024. The implementation of Interpretation No. 17 had no material impact on the financial
statements of the reporting period.Disclosures on Supplier Financing Arrangements
In Note 7 “Notes to Consolidated Financial Statements” section 66(4) “Supplier Financing Arrangements” of the financial report
the Company has disclosed information related to supplier financing arrangements for the 2024 fiscal year in accordance with the
requirements of Interpretation No. 17.Reclassification of Warranty Costs
The Compilation of Application Guidance for Accounting Standards for Business Enterprises 2024 issued by the Ministry of Finance
in March 2024 and Accounting Standards for Business Enterprises Interpretation No. 18 issued on December 6 2024 stipulate that
warranty costs related to assurance-type warranties shall be classified as operating costs.Starting in 2024 the Company has implemented this provision by reclassifying such warranty costs into operating costs. The application
of this accounting treatment had a cumulative impact of 0 on retained earnings at the beginning of the earliest prior period presented.Adjustments to the comparative consolidated and parent company financial statements for 2023 are as follows:
Statement items 2023 (consolidated) 2023 (parent company)
affected Before Adjustment After Adjustment Before Adjustment After Adjustment
Operating costs 50317573513.17 52612695154.79 23356714305.38 23853635766.95
Selling expenses 5166844506.28 2871722864.66 1535457794.43 1038536332.86
(2) Significant Accounting Estimate Changes
There were no significant accounting estimate changes during the reporting period.VII. Changes in the Scope of Consolidated Statements as Compared to the Financial Reports
of the Previous Year
□Applicable □ Not applicable
1. Newly established subsidiariesSungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
In this period the Company newly established 7 wholly-owned subsidiaries namely Sungrow Power (Hangzhou) Co. Ltd. Sungrow
Power (Xi’an) Co. Ltd. Sungrow Power (Jiangsu) Co. Ltd. Anhui Xuanyang Power Technology Co. Ltd. Shanxi Tongyang Power
Co. Ltd. Sungrow Power (Inner Mongolia) Co. Ltd. Sungrow Power (Zhuhai Hengqin) Co. Ltd. Additionally the controlled
subsidiary Sungrow Renewables Development Co. Ltd. established 457 project subsidiaries for power plant operations while other
controlled subsidiaries established 12 new subsidiaries. None of the newly established subsidiaries are material to the Company.
2. Consolidated project companies in this period
To support its power plant business development the Company’s controlled subsidiary Sungrow Renewables Development Co. Ltd.acquired 11 project companies during the year. None of the newly consolidated project companies are material subsidiaries.
3. Cancelled subsidiaries
Based on operational needs the Company dissolved one wholly-owned subsidiary Hefei Ruilang New Energy Investment Co. Ltd.Meanwhile the controlled subsidiary Sungrow Renewables Development Co. Ltd. dissolved 224 subsidiaries that had not commenced
actual operations and other controlled subsidiaries dissolved 8 subsidiaries.
4. Transferred new energy project companies
In line with operational requirements the controlled subsidiary Sungrow Renewables Development Co. Ltd. transferred 163 new
energy project companies during the period. These project companies were established solely for specific projects and subsequently
transferred.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) 240
Years of continuous auditing service provided by the accounting firm in China 18
Name of CPAs of the accounting firm in China Wan Yunlong Jiang Wei Pan Lili
Years of continuous auditing service provided by the CPAs of the firm 5 years 5 years 3 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 RSM China (Special General Partnership) as the internal control audit institution
with internal control audit fees paid amounting to CNY 480000.IX. Statement on Delisting after the Disclosure of Annual Report
□Applicable□ Not applicable
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. Major litigations and arbitrations
□Applicable□ Not applicable
No significant litigation or arbitration matters occurred during the reporting period.
2. Other litigations and arbitrations
82Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
□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 297.68 million (of which the total amount involved in cases where the Company acted
as the plaintiff/applicant was CNY 221.78 million and the total amount involved in cases where the Company acted as the
defendant/respondent was CNY 75.90 million). As of the end of the reporting period the total amount involved in the aforementioned
cases that remained unresolved was CNY 200.09 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
83Amount of In
Pricing related- percentage Transaction Exceeding Market price
Settlement
Type of Content of principles Transaction party 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
Investment Wire
Management Intelligent Market Market Announcement Purchases of transfers Not April
Center cleaning price- price- 143.83 0.34% 630 No 2024-033 on Goods/Services bank Applicable 23 2024
(Limited robots based based Apr. 23 2024 transfers
Partnership)
is the largest
shareholder
of Sunpure
and Mr. Cao
Renxian Wire
Chairman of Premises Market Market Announcement Lease to transfers Not April
Sunpure Sungrow Buildings price- price- 10.61 1.68% 40 No 2024-033 on related-party bank Applicable 23 2024
Intelligent holds etc. based based Apr. 23 2024 transfers
Technology 98.6562% of
Co. Ltd. the equity in
(Sunpure) Hefei
Renchuang
as a limited
partner.Based on the
Processing
principle of
technical Wire
prudence the Market Market Announcement
Sell to related- services transfers Not April
Company price- price- 849.49 41.46% 2150 No 2024-033 on
party raw bank Applicable 23 2024
reviewed and based based Apr. 23 2024
materials transfers
disclosed
etc.transactions
with Sunpure
as related-
partySungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Hefei
Renchuang
Phase II Test power
Equity Wire supplies Market Market Announcement
Partnership Purchases of transfers Not April equipment price- price- 7071.93 15.48% 8045 No 2024-033 on
(Limited Goods/Services bank Applicable 23 2024 maintenance based based Apr. 23 2024
Partnership) transfers services
is the
controlling
shareholder
of Bluesight
and Mr. Cao
Renxian
Chairman of
Sungrow
Wire
holds Premises Market Market Announcement
Lease to transfers Not April
99.9975% of Buildings price- price- 38.68 6.13% 80 No 2024-033 on
Hefei related-party bank Applicable 23 2024
the equity in etc. based based Apr. 23 2024
Bluesight transfers
Hefei
Power Co.Renchuang
Ltd.Phase II
(Bluesight)
Equity
Partnership
(Limited
Partnership)
as a limited
partner.Processing
Based on the
technical Wire
principle of Market Market Announcement
Sell to related- services transfers Not April
prudence the price- price- 599.12 34.50% 1950 No 2024-033 on
party raw bank Applicable 23 2024
Company based based Apr. 23 2024
materials transfers
reviewed and
etc.disclosed
transactions
with
Blugesight as
85Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
related-party
transactions.Hefei
Renchuang
Phase II
Equity
Partnership
(Limited
Partnership)
is the
Jian’ai
controlling
Digital
shareholder
Intelligence Wire
of Bluesight Market Market Announcement
(Hangzhou) Purchases of Technical transfers Not April
and Mr. Cao price- price- 48.10 2.37% 80 No 2024-033 on
Technology Goods/Services services etc. bank Applicable 23 2024
Renxian based based Apr. 23 2024
Co. Ltd. transfers
Chairman of
(Jian’ai
Sungrow
Digital)
holds
99.9975% of
the equity in
Hefei
Renchuang
Phase II
Equity
Partnership
86Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
(Limited
Partnership)
as a limited
partner.Based on the
principle of
prudence the
Company
reviewed and
disclosed
transactions
with Jian’ai
Digital as
related-party
transactions.Hefei
Renchuang
Phase II
Equity
Wire
Partnership Market Market Announcement
EnerTrack Purchases of transfers Not April
(Limited Racks price- price- 13382.16 25.90% 35200 No 2024-033 on
Technology Goods/Services bank Applicable 23 2024
Partnership) based based Apr. 23 2024
Co. Ltd. transfers
is the
(EnerTrack)
controlling
shareholder
of EnerTrack
87Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
and Mr. Cao
Renxian
Chairman of
Sungrow
holds
99.9975% of
Wire
the equity in Premises Market Market Announcement
Lease to transfer Not 2024
Hefei Buildings price- price- 334.18 52.96% 310 Yes 2024-033 on
related-party Bank Applicable Apr 23
Renchuang etc. based based Apr. 23 2024
transfer
Phase II
Equity
Partnership
(Limited
Partnership)
as a limited
partner.Based on the
principle of
prudence the
Company Wire
Processing Market Market Announcement
reviewed and Sell to related- transfers Not April
technical price- price- 192.41 0.01% 680 No 2024-033 on
disclosed party bank Applicable 23 2024
services etc. based based Apr. 23 2024
transactions transfers
with
EnerTrack as
related-party
transactions.
88Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Hefei Renrui
Enterprise
Management
Partnership
Wire
(Limited Premises Market Market Announcement
Lease to transfers Not April
Partnership) Buildings price- price- 3.58 0.57% 200 No 2024-033 on
related-party bank Applicable 23 2024
is the etc. based based Apr. 23 2024
transfers
controlling
shareholder
of Tanrui and
Mr. Cao
Renxian the
chairman of
Hefei Tanrui the Company
Technology holds
Co. Ltd. 99.9980%
(Tanrui) shareholding
in Hefei
Renrui as a
limited
partner. Based
on the Wire
Market Market Announcement
principle of Sell to related- Technical transfers Not April
price- price- 0.40 100% 600 No 2024-033 on
prudence the party services etc. bank Applicable 23 2024
based based Apr. 23 2024
Company transfers
reviewed and
disclosed
transactions
with Tanrui as
related-party
transactions.
89Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Hefei
Renchuang
Phase II
Equity
Partnership
(Limited
Partnership)
Wire
is the Premises Market Market Announcement
Lease to transfers Not April
controlling Buildings price- price- 33.08 5.24% 80 No 2024-033 on
related-party bank Applicable 23 2024
shareholder etc. based based Apr. 23 2024
transfers
of Guangxian
and Mr. Cao
Renxian
Chairman of
Sungrow
holds
Nanjing 99.9975% of
Guangxian the equity in
Technology Hefei
Co. Ltd. Renchuang
(Guangxian) Phase II
Equity
Partnership
(Limited
Partnership)
Wire
as a limited Market Market
Sell to related- Technical transfers Not
partner. price- price- 96.57 7.52% 0 Yes
party services etc. bank Applicable
Based on the based based
transfers
principle of
prudence the
Company
reviewed and
disclosed
transactions
with
Guangxian as
90Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
related-party
transactions.Hefei
Renchuang
Phase II
Equity Wire
Partnership Market Market Announcement Lease to Sites transfers Not April
(Limited price- price- 103.37 16.38% 150 No 2024-033 on related-party houses etc. bank Applicable 23 2024
Partnership) based based Apr. 23 2024 transfers
is the
controlling
shareholder
of Lingent
and Mr. Cao
Renxian
Chairman of
Sungrow
holds
Hefei Liquid-
99.9975% of Market Market Announcement
Lingent Purchases of cooled Not April
the equity in price- price- 21.30 0.05% 3000 No not have 2024-033 on
Technology Goods/Services temperature Applicable 23 2024
Hefei based based Apr. 23 2024
Co. Ltd. control units
Renchuang
(Lingent)
Phase II
Equity
Partnership
(Limited
Partnership)
as a limited
partner.Based on the Wire
principle of Market Market Announcement Sell to related- Technical transfers Not April
prudence the price- price- 88.27 6.98% 50 Yes 2024-033 on party services etc. bank Applicable 23 2024
Company based based Apr. 23 2024 transfers
reviewed and
disclosed
transactions
91Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
with Lingent
as related-
party
transactions.Total -- -- 23017.08 -- 53245.00 -- -- -- -- --
Details of large sales returns Not Applicable
Actual performance of daily related-party transactions in
the reporting period (if any) for which the total amount is Not Applicable
estimated by category
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 any 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 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.
926. 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)
Outbound Guarantees of the Company and its Subsidiaries (Excl. Guarantees for Subsidiaries)
Date of
Actual Counter- Guarantee
Disclosing Amount Actual Date Type of Collateral (if Guarantee Fulfilled
Guarantee Object Amount of Guarantee for Related
the Amount Guaranteed of Guarantee Guarantee any) Period Y/N
Guarantee (if any) Party Y/N
Guaranteed
Users of the Company's
residential PV products Joint and From the date of
owners of industrial and Jan. 26 several loan origination
Jan. 26 2018 80478.17 32680.54 No No
commercial distributed 2018 liability to the date of
projects (loan application guarantee loan pay off
from collaborating banks)
Joint and From the date of
Residential PV users several loan origination
Aug. 5 2021 50000 Aug. 6 2021 12655.96 No No
eligible for financing liability to the date of
guarantee loan pay off
The Company’s Guarantee for Subsidiaries
Date of
Actual Counter- Guarantee
Disclosing Amount Actual Date Type of Collateral (if Guarantee Fulfilled
Guarantee Object Amount of Guarantee for Related
the Amount Guaranteed of Guarantee Guarantee any) Period Y/N
Guarantee (if any) Party Y/N
Guaranteed
Joint and
Feb. 17 several No later than
61736.75 No No
2022 liability Dec. 31 2025
May 18 guarantee
Sungrow USA Corporation 115966.11
2021 Joint and
No later than
several
Dec. 4 2021 54229.36 December 31 No No
liability
2026
guarantee
Joint and
several No more than 10
Aug. 2 2021 12042.18 No No
liability years
May 18 guarantee
Sungrow power UK limited 40075.15
2021 Joint and
Nov. 15 several No more than 10
28032.97 No No
2021 liability years
guarantee
Sungrow USA Corporation May 18 372614.84 Aug. 10 Joint and No later than
79487.91 No No
2022 2022 several Dec. 31 2027Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
liability
guarantee
Joint and
Oct. 19 several No later than
15052.4 No No
2022 liability July 13 2028
guarantee
Joint and
several No later than
Mar. 3 2023 88074.93 No No
liability Aug. 16 2028
guarantee
Joint and
several No later than
Apr. 3 2023 75757.11 No No
liability May 22 2027
guarantee
Joint and
several No later than
May 9 2023 114242.49 No No
liability Apr. 1 2029
guarantee
Joint and
May 18 several No later than
Sungrow USA Corporation 53609.79 May 9 2023 53609.79 Yes No
2022 liability July 31 2024
guarantee
Joint and
July 14 several No more than 10
8517.92 No No
2022 liability years
Sungrow Power UK May 18
28860.28 guarantee
limited 2022
Joint and
Apr. 26 several No more than 10
20342.36 No No
2023 liability years
guarantee
SUNGROW DO BRASIL When
REPRESENTACAO Joint and obligations are
COMERCIAL May 18 Sept. 29 several completed or
1454.83 1454.83 No No
INSTALACAO E 2022 2022 liability five years from
MANUTENCAO DE guarantee the date of the
EQUIPAMENTOS LTDA Letter of
95Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
guarantee
(whichever
comes first)
Joint and
Sungrow Energy Storage May 18 Sept. 27 several No more than 2
500000 37737.39 Yes No
Technology Co.Ltd. 2022 2023 liability years
guarantee
Joint and
May 18 several No more than 2
Sungrow FPV 10000 Apr. 3 2023 5000 Yes No
2022 liability years
guarantee
Joint and
May 18 several No more than 2
Sungrow Electric Power 10000 Mar 7 2023 10000 Yes No
2022 liability years
guarantee
Sungrow Smart May 18 No more than 2
10000 Yes No
Maintenance 2022 years
Joint and
May 29 several No later than
89932.84 No No
2023 liability Mar. 18 2029
guarantee
Joint and
June 28 several No later than
32215.34 No No
2023 liability June 15 2029
guarantee
Joint and
May 19 269902.45
Sungrow USA Corporation July 27 several No later than
2023 2316.11 No No
2023 liability Dec. 31 2026
guarantee
Joint and
several No later than
Nov. 2 2023 9600.97 No No
liability Dec. 31 2026
guarantee
Joint and
No later than
Jan. 8 2024 5690.68 several No No
Feb. 28 2030
liability
96Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
guarantee
Joint and
several No later than
Jan. 8 2024 5107.59 No No
liability Feb. 8 2030
guarantee
Joint and
Jan. 23 several No later than
8633.57 No No
2024 liability Dec. 31 2026
guarantee
Joint and
Feb. 06 several No later than
64502.97 No No
2024 liability Oct. 24 2030
guarantee
Joint and
Feb. 26 several No later than
5372.76 No No
2024 liability Feb. 28 2030
guarantee
Joint and
Mar. 27 several No later than
46529.62 No No
2024 liability Jan. 21 2030
guarantee
As of the 2023
SUNGROW AUSTRALIA May 19 Annual
120000 Yes No
GROUP PTY LTD 2023 Shareholders’
Meeting
As of the 2023
May 19 Annual
Sungrow Japan K.K. 5000 Yes No
2023 Shareholders’
Meeting
Joint and
Nov. 27 several No more than 10
18062.80 No No
2023 liability years
Sungrow Power UK May 19
68411.98 guarantee
limited 2023
Joint and
Jan. 19 No more than 5
23377.98 several No No
2024 years
liability
97Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
guarantee
Joint and
several No more than 5
Feb. 7 2024 26971.2 No No
liability years
guarantee
SUNGROW DO BRASIL
REPRESENTACAO Joint and
COMERCIAL May 19 Dec. 20 several
7573.22 7573.22 No No
INSTALACAO E 2023 2023 liability
MANUTENCAO DE guarantee
EQUIPAMENTOS LTDA
As of the 2023
May 19 Annual
SUNGROW ITALY S.R.L. 5000 Yes No
2023 Shareholders’
Meeting
As of the 2023
SUNGROW(INDIA) May 19 Annual
5000 Yes No
PRIVATE LIMITED 2023 Shareholders’
Meeting
As of the 2023
Annual
Sungrow Iberica S.A. 2023 May 19 20000 Yes No
Shareholders’
Meeting
As of the 2023
Sungrow Power Korea May 19 Annual
5000 Yes No
Limited 2023 Shareholders’
Meeting
Joint and
Sungrow Energy Storage May 19 several No more than 3
300000 Nov. 7 2023 335.44 No No
Technology Co. Ltd. 2023 liability years
guarantee
Joint and
May 24 several No more than 3
5000 No No
Sungrow FPV May 19 2024 liability years
20000
2023 guarantee
June 3 2024 5000 Joint and No more than 3 No No
98Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
several years
liability
guarantee
May 19 No more than 3
Sungrow Electric Power 40000 No No
2023 years
Joint and
Dec. 28 several No more than 4
Sungrow Electric Power Dec. 7 2023 12000 12000 No No
2023 liability years
guarantee
Joint and
Hefei Zero Carbon Dec. 15 several No more than 15
Dec. 7 2023 80000 80000 No No
Technology Co. Ltd. 2023 liability years
guarantee
Joint and
July 22 several No to exceed
8449.25 No No
2024 liability May 1 2031
guarantee
Joint and
July 19 several No more than 3
14227.2 No No
2024 liability years
guarantee
Joint and
No later than
Sept. 10 several
80247.95 January 11 No No
2024 liability
2030.
Sungrow USA Corporation Apr. 22 2024 500000 guarantee
From the date of
Joint and the Letter of
several guarantee to
Oct. 9 2024 9722.17 No No
liability Feb. 1 2031 and
guarantee Mar. 3 2031
respectively.From the date of
Joint and
the Letter of
Dec. 23 several
77298.31 guarantee to Jan. No No
2024 liability
5 2031 Oct. 9
guarantee
2030 and Sept.
99Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
242029
respectively.SUNGROW DO BRASIL
REPRESENTACAO
COMERCIAL
Apr. 22 2024 20000
INSTALACAO E
MANUTENCAO DE
EQUIPAMENTOS LTDA
Sungrow Australia Group
Apr. 22 2024 180000
PTY LTD
Joint and
several No more than 5
Sungrow Japan K.K Apr. 22 2024 10000 June 4 2024 1139.06 No No
liability years
guarantee
Joint and
SUNGROW (INDIA) Sept. 10 several No more than 3
Apr. 22 2024 10000 3556.8 No No
PRIVATE LIMITED 2024 liability years
guarantee
Joint and
Sungrow Power UK Sept. 10 several No more than 3
Apr. 22 2024 358000 21340.8 No No
limited 2024 liability years
guarantee
SUNGROW ITALY S.R.L. Apr. 22 2024 10000
Joint and
Sept. 10 several No more than 3
3556.8 No No
2024 liability years
guarantee
Sungrow Iberica S.A. Apr. 22 2024 30000
Joint and From the date of
Oct. 30 several the letter of
15922.12 No No
2024 liability guarantee to 5
guarantee years
Joint and
Sungrow Deutschland Sept. 10 several No more than 3
Apr. 22 2024 110000 14227.2
GmbH 2024 liability years
guarantee
100Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Joint and
Oct. 30 several No more than 10
30679.06
2024 liability years
guarantee
SUNGROW POWER
Apr. 22 2024 10000
(France)
Joint and
Sept. 18 several No more than 10
Sungrow Benelux B.V. Apr. 22 2024 70000 66776.04 No No
2024 liability years
guarantee
SUNGROW ISRAEL LTD Apr. 22 2024 30000
SUNGROW SOUTHERN
Apr. 22 2024 2000
AFRICA
Sungrow Power Supply
Apr. 22 2024 10000
SpA
Joint and
Sungrow Energy Storage Dec. 25 several No more than 5
Apr. 22 2024 1000000 608340.17 No No
Technology Co. Ltd. 2024 liability years
guarantee
Sungrow FPV Apr. 22 2024 19000
Sungrow Smart
Apr. 22 2024 10000
Maintenance
Jiangsu Yuyi Yangxuan
Energy Technology Co. Oct. 14 2024 100000
Ltd.SUNGROW POWER
(HONG KONG) CO. Oct. 14 2024 14144.6
LIMITED
Subsidiary's Guarantee for Subsidiaries
Date of
Actual Counter- Guarantee
Disclosing Amount Actual Date Type of Collateral (if Guarantee Fulfilled
Guarantee Object Amount of Guarantee for Related
the Amount Guaranteed of Guarantee Guarantee any) Period Y/N
Guarantee (if any) Party Y/N
Guaranteed
Joint and
Apr. 20 No more than 5
Sungrow USA Corporation Apr. 25 2020 15445.9 15445.9 several No No
2020 years
liability
101Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
guarantee
SUNGROW DO BRASIL
REPRE SENTACAO Joint and
COMERCIAL April 01 Mar. 30 several No more than 7
8449.79 8449.79 No No
INSTALACAO E 2021 2021 liability years
MANUTENCAO DE guarantee
EQUIPAMENTOS LTDA
Joint and
several No more than 5
Sungrow Iberica S.A Dec 4 2021 3309.16 Dec. 2 2021 3309.16 No No
liability years
guarantee
Joint and
July 01 several No more than 5
Sungrow Iberica S.A July 01 2022 26459.68 26459.68 No No
2022 liability years
guarantee
Joint and
Sept. 22 Sept. 22 several No more than 5
Sungrow Iberica S.A 16264.11 16264.11 No No
2023 2023 liability years
guarantee
Joint and
Sept. 30 several No more than 5
Sungrow Iberica S.A Oct. 11 2023 10085.51 10085.51 No No
2023 liability years
guarantee
Joint and
Dec. 14 several No more than 5
SUNGROW ITALY S.R.L. 1600.2 Dec. 8 2023 1600.2 No No
2023 liability years
guarantee
Joint and
SUNGROW Dec. 29 Dec. 22 several No more than 5
1559.42 1559.42 No No
DEUTSCHLAND GMBH 2023 2023 liability years
guarantee
Joint and
Dec. 14 Dec. 12 several No more than 5
Sungrow Benelux B.V. 141092.22 141092.22 No No
2023 2023 liability years
guarantee
Sungrow Power Supply Feb. 23 2024 118905.42 Feb. 8 2024 118905.42 Joint and No more than 15 No No
102Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
SpA SUNGROW POWER several years
(HONG KONG) CO. liability
LIMITED guarantee
Joint and From the date of
Mar. 18 Mar. 15 several the letter of
Sungrow USA Corporation 160264.8 160264.8 No No
2024 2024 liability guarantee to Jan.
guarantee 1 2030
Joint and From the date of
July 03 several the letter of
Sungrow USA Corporation July 03 2024 34757.58 34757.58 No No
2024 liability guarantee to
guarantee Mar. 7 2030
SUNGROW POLSKA Joint and From the date of
SPó ?KA Z Sept. 6 several the letter of
Sept. 6 2024 13118.78 13118.78 No No
OGRANICZON? 2024 liability guarantee to Jan.ODPOWIEDZIALNO? CI? guarantee 31 2030
Joint and
Sungrow Deutschland Oct. 23 several No more than 5
Oct. 23 2024 1851.86 1851.86 No No
GmbH 2024 liability years
guarantee
From the date of
signing of the
letter of
guarantee to
17 years after
Sungrow Power Supply Joint and the
SpA SUNGROW POWER Oct. 28 several commencement
Oct. 28 2024 83748.72 83748.72 No No
(HONG KONG) CO. 2024 liability date of the
LIMITED guarantee service
agreement (after
the products are
delivered to the
customer and
pass the test).Joint and
Sungrow Deutschland Nov. 28 Nov. 28 No more than 5
10459.63 10459.63 several No No
GmbH 2024 2024 years
liability
103Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
guarantee
Joint and
several No more than 4
Sungrow Japan K.K. Dec. 9 2024 13023.72 Dec. 9 2024 13023.72 No No
liability years
guarantee
Joint and From the date of
Dec. 27 several the letter of
Sungrow USA Corporation - 22210.14 22210.14 No No
2024 liability guarantee to
guarantee May 30 2031
From the date of
execution of the
independent debt
Joint and
SUNGROW agreement until
Aug. 10 several
RENEWABLE ENERGY Dec. 2 2022 3500 3500 one year after Yes No
2023 liability
INVESTMENT PTE.LTD the maturity date
guarantee
of the debt
performance
period
Until 3 years
after the
Joint and expiration of the
Xuancheng Heyang New Jan. 31 several period for the
Dec. 2 2022 3692.51 3692.51 Yes No
Energy Co. Ltd. 2023 liability performance of
guarantee the last
installment of
the obligation
From the date of
expiration of
each installment
Joint and
SUNGROW until 3 years
June 25 several
RENEWABLE ENERGY June 8 2023 240000 865.05 after the date of Yes No
2023 liability
INVESTMENT PTE. LTD expiration of the
guarantee
last installment
of this single
contract.SUNGROW June 8 2023 240000 July 14 3119.4 Joint and From the date of Yes No
104Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
RENEWABLE ENERGY 2023 several expiration of
INVESTMENT PTE. LTD liability each installment
guarantee until 3 years
after the date of
expiration of the
last installment
of that single
contract
Anhui Sungrow Light
Energy Technology Co. Joint and
Ltd. (formerly known as: Nov. 21 several No more than 1
June 8 2023 150000 5100 Yes No
Anhui Sungrow Supply 2023 liability year
Chain Management Co. guarantee
Ltd.)
3 years from the
date of
Joint and expiration of the
SUNGROW QURYLYS Sept. 21 several period for
June 8 2023 40000 1000 Yes No
LLP 2023 liability performance of
guarantee the obligation
under the main
contract
From the date of
expiration of
each installment
Joint and
SUNGROW until 3 years
Mar. 18 several
RENEWABLE ENERGY June 8 2023 590.23 590.23 after the date of No No
2024 liability
INVESTMENT PTE. LTD expiration of the
guarantee
last installment
of that single
contract
From the date of
Joint and
SUNGROW expiration of
Mar. 18 several
RENEWABLE ENERGY June 8 2023 560.21 560.21 each installment No No
2024 liability
INVESTMENT PTE. LTD until 3 years
guarantee
after the date of
105Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
expiration of the
last installment
of that single
contract
From the date of
expiration of
each installment
Joint and until 3 years
SUNGROW
Apr. 26 several after the date of
RENEWABLE ENERGY June 8 2023 2706.47 2706.47 Yes No
2024 liability expiration of the
INVESTMENT PTE. LTD
guarantee last installment
of the term of
the single
contract.From the date of
the main debt
Joint and
SUNGROW contract to 1
Apr. 26 several
RENEWABLE ENERGY June 8 2023 7200 7200 year after the Yes No
2024 liability
INVESTMENT PTE. LTD debt maturity
guarantee
under the main
contract
From the date of
expiration of
each installment
Joint and
SUNGROW until 3 years
May 24 several
RENEWABLE ENERGY June 8 2023 2980.05 2980.05 after the date of Yes No
2024 liability
INVESTMENT PTE. LTD expiration of the
guarantee
last installment
of that single
contract
From the date of
Joint and the main debt
SUNGROW
Feb. 26 several contract to the
RENEWABLE ENERGY June 8 2023 10650 10650 Yes No
2024 liability debt maturity
INVESTMENT PTE. LTD
guarantee under the main
contract
106Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
From the date of
Joint and the main debt
SUNGROW
several contract to the
RENEWABLE ENERGY June 8 2023 14400 Apr. 2 2024 14400 Yes No
liability debt maturity
INVESTMENT PTE. LTD
guarantee under the main
contract
From the date of
the main debt
Joint and
SUNGROW contract to 1
May 24 several
RENEWABLE ENERGY June 8 2023 369.6 369.6 year after the Yes No
2024 liability
INVESTMENT PTE. LTD debt maturity
guarantee
under the main
contract
From the date of
expiration of
each installment
Joint and
until 3 years
several
June 6 2024 100 after the date of No No
liability
expiration of the
guarantee
last installment
of that single
contract
June 6 2024 From the date of
270000
expiration of
SUNGROW RENEW
each installment
ABLE ENERGY Joint and
until 3 years
INVESTMENT PTE. LTD several
June 6 2024 2504.29 after the date of Yes No
liability
expiration of the
guarantee
last installment
of that single
contract
From the date of
Joint and
the main debt
several
June 6 2024 7120 contract to the Yes No
liability
debt maturity
guarantee
under the main
107Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
contract
From the date of
Joint and the main debt
July 22 several contract to the
3600 No No
2024 liability debt maturity
guarantee under the main
contract
The period Party
A assumes the
liability shall be
Joint and
3 years from the
Oct. 25 several
2706.47 expiration of the No No
2024 liability
performance of
guarantee
the debt under
the specific
operation.Joint and
Nov. 18 several As of July 1
1263.27 No No
2024 liability 2028
guarantee
Joint and
Nov. 19 several As of July 1
1263.27 No No
2024 liability 2028
guarantee
From the date of
the main debt
Joint and
contract to 1
Nov. 19 several
3600 year after the No No
2024 liability
debt maturity
guarantee
under the main
contract
Joint and
several As of July 1
Dec. 3 2024 604.76 No No
liability 2028
guarantee
Dec. 13 7345.8 Joint and No specific No No
108Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
2024 several expiration date
liability continuous
guarantee guarantee
Joint and No specific
Dec. 16 several expiration date
7200 No No
2024 liability continuous
guarantee guarantee
Joint and
Dec. 19 several No more than 7
787.5 No No
2024 liability years
guarantee
The period Party
A assumes the
liability shall be
Joint and
3 years from the
July 29 several
1981.99 expiration of the Yes No
2024 liability
performance of
guarantee
the debt under
the specific
operation.From the date of
expiration of
each installment
Joint and
until 3 years
Aug. 16 s e v er a l
after the date of Yes No
2024 852.31 liability
expiration of the
guarantee
last installment
of that single
contract
From the date of
expiration of
Joint and
each installment
Nov. 12 s e v er a l
until 3 years Yes No
2024 1372.45 liability
after the date of
guarantee
expiration of the
last installment
109Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
of that single
contract
Joint and
Aug. 14 s e v er a l As of July 1
Yes No
2024 14400.00 liability 2028
guarantee
Sungrow Power (Vietnam)
June 6 2024 40000
Company Limited
Sungrow Renewables
June 6 2024 10000
Colombia S.A.S
Sungrow Power Australia
June 6 2024 50000
Pty Ltd
Joint and
Dec. 25 several As of Dec. 31
Sungrow Qurylys LLP June 6 2024 40000 1440 No No
2024 liability 2027
guarantee
Sungrow Renewable
June 6 2024 40000
Energy Spain S.L.Sungrow Power Chile SPA June 6 2024 40000
Sungrow Renewables
Development Bangladesh June 6 2024 10000
Limited
Joint and
Anhui Sungrow Light July 30 several As of July 11
7065.6 No No
Energy Technology Co. 2024 liability 2025
Ltd. (formerly known as: guarantee
June 6 2024 200000
Anhui Sungrow Supply Joint and
Chain Management Co. Nov. 07 several As of Nov. 5
1380 No No
Ltd.) 2024 liability 2025
guarantee
Other subsidiaries within
June 6 2024 200000
the scope of consolidation
Description of specific circumstances of using composite guarantee methods
Not applicable
110Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
3. Cash Assets Management Entrusted to Others
(1) Entrusted financial management
□Applicable □ Not applicable
Overview of entrusted financial management in the reporting period
111(in 10K CNY)
Impairment
Source of funds for Amount of Overdue
provision for
Type entrusted financial entrusted financial Undue balance amount to be
overdue amount to
management management collected
be collected
Financial products Funds owned by the
940000.00895400.00
issued by banks Company
Financial products
Funds raised 70000.00 76300.00
issued by banks
Financial products
Funds owned by the
issued by securities 1000.00
Company
traders
Financial products
issued by securities Funds raised 70000.00
traders
Total 1011000.00 1041700.00
Details of high-risk entrusted financial management with large amount low security or low flowability
□Applicable□ Not applicable
Expected inability to recover the principal of entrusted financial management or other circumstances that may lead to impairment
□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. Explanation on Other Significant Matters
□Applicable□ Not applicable
There were no other significant matters to be explained in the reporting period.XVII. Significant Matters of the Company's Subsidiaries
□Applicable □ Not applicable
On October 18 2024 the Company’s controlled subsidiary Sungrow Renewables proposed to acquire Hefei Taihe Intelligent
Technology Group Co. Ltd. and entered into relevant agreements with related parties. As of the end of the reporting period Sungrow
Renewables has gained control over Taihe Intelligent’s board of directors achieving de facto control of Taihe Intelligent. For details
please refer to the following announcements disclosed by the Company on the CNINFO website: Announcement on the Acquisition of
Control of Hefei Taihe Intelligent Technology Group Co. Ltd. by the Controlling Subsidiary and Execution of Relevant
Agreements (Announcement No.: 2024-105) and Announcement on the Share Transfer for the Acquisition of Control of Hefei Taihe
Intelligent Technology Group Co. Ltd. by the Controlling Subsidiary (Announcement No.: 2024-122).Section VII 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
34521894623.24%138060079-7750013798257948320152523.31%
conditional restriction(s)
1. Shares held by other
34521894623.24%138060079-7750013798257948320152523.31%
domestic shareholders
Shares held by domestic
34521894623.24%138060079-7750013798257948320152523.31%
natural person
II. Shares subject to no
113993203876.76%45000036177500450077861159000989976.69%
restrictions
1. A-shares 1139932038 76.76% 450000361 77500 450077861 1590009899 76.69%
III. Total 1485150984 100.00% 588060440 588060440 2073211424 100.00%
Reasons for share changes
□Applicable □ Not applicable
1. On June 13 2024 the Company implemented the 2023 annual equity distribution plan. Based on the total share capital of 1470151101 shares (after excluding repurchased shares held in the
special securities account for repurchases) as of June 12 2024 the Company distributed a cash dividend of RMB 9.65 per 10 shares (tax inclusive) to all shareholders. Additionally the Company
converted capital reserve into share capital issuing 4 additional shares for every 10 shares held resulting in a total capitalization of 588060440 shares. After this conversion the total share capital
increased to 2073211424 shares.
2. Mr. Li Shun (Senior Vice President) and Mr. Xie Xiaoyong (Vice President) resigned from their senior management positions. As their resignation reporting period has exceeded six months
during the reporting period and in accordance with relevant laws and regulations their shares will continue to comply with the requirement that "25% of the shares held at the end of the previous
year will be released from lock-up restrictions annually" until the conclusion of their fifth-term tenure.Approvals for share changes
□Applicable □ Not applicable
On April 22 2024 the Company convened the Seventh Meeting of the Fifth Board of Directors and the Sixth Meeting of the Fifth Board of Supervisors during which the Proposal on the 2023Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Profit Distribution and Capitalization from Capital Reserves was reviewed and approved. Subsequently on May 28 2024 the 2023 Annual General Meeting of Shareholders was held where
the aforementioned proposal was formally ratified.Share transfers
□Applicable □ Not applicable
On June 13 2024 the Company implemented the 2023 Annual Equity Distribution Plan with 588060440 shares issued through capital reserve capitalization directly credited to shareholders’
securities accounts on the same date.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 last year and
the last period
□Applicable □ Not applicable
On June 13 2024 the Company implemented the 2023 Annual Equity Distribution Plan. Following the implementation of the plan the basic earnings per share (EPS) diluted EPS and net asset
per share attributable to common shareholders all experienced a decline..Other contents the Company considers necessary or required by the securities regulatory authorities to disclose
□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
Cao Renxian 338256000 135302400 473558400 Lock-up of executives’ shares at the end of last year is
released every year
25% of lock-up shares
Gu Yilei 337500 135000 472500 Lock-up of executives’ shares at the end of last year is
released every year
25% of lock-up shares
Zhang Xucheng 84375 33750 118125 Lock-up of executives’ shares at the end of last year is
released every year
Zhao Wei 5307000 2122800 7429800 Lock-up of executives’ shares 25% of lock-up shares
114Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
at the end of last year is
released every year
25% of lock-up shares
Wu Jiamao 281250 112500 393750 Lock-up of executives’ shares at the end of last year is
released every year
25% of lock-up shares
Chen Zhiqiang 281250 112500 393750 Lock-up of executives’ shares at the end of last year is
released every year
25% of lock-up shares
Peng Chaocai 59062 23625 82687 Lock-up of executives’ shares at the end of last year is
released every year
25% of lock-up shares
Deng Dejun 277259 110904 388163 Lock-up of executives’ shares at the end of last year is
released every year
25% of lock-up shares
Wang Lei 16500 6600 23100 Lock-up of executives’ shares at the end of last year is
released every year
Lock-up of executives’ shares
6 months after the
although holder has resigned as
Xie Xiaoyong 300000 90000 75000 315000 expiration of the fifth
an executive prior to the
Board of Directors
expiration of the term of office
Lock-up of executives’ shares
6 months after the
although holder has resigned as
Li Shun 18750 10000 2500 26250 expiration of the fifth
an executive prior to the
Board of Directors
expiration of the term of office
Total 345218946 138060079 77500 483201525 -- --
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
115Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
At the beginning of the reporting period the Company’s total share capital was 1485150984 shares. On June 13 2024 the Company implemented the 2023 Annual Equity Distribution Plan.Based on the adjusted share capital of 1470151101 shares (calculated by excluding repurchased shares held in the special securities account for repurchases as of June 12 2024) the Company
distributed a cash dividend of RMB 9.65 per 10 shares (tax inclusive) to all shareholders. Additionally the Company converted capital reserves into share capital issuing 4 additional shares for
every 10 shares held resulting in a total capitalization of 588060440 shares. Following this conversion the total share capital increased to 2073211424 shares.
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
preference
Total Total
shareholder
number of number of
s with
ordinary preference
restored Total
shareholder shareholder
voting number of
s at the end s with
rights at the shareholder
of the restored
Total number of ordinary shareholders at end of the s holding
180521 previous 190 150 voting 0 0 0
the end of the reporting period previous special
month rights at the
month voting
before the end of the
before the shares (if
disclosure reporting
disclosure any)
date of the period (if
date of the
annual any) (see
annual
report Note 9)
report (if
any) (see
Note 9)
Shareholders with a shareholding of over 5% or shareholdings of the top ten shareholders
Total shares Changes in Pledged marked or frozen
Non-
held at the the Tradable
Name of shareholder Nature of shareholder Percentage tradable
end of the reporting shares held Share status Quantity
shares held
reporting period
116Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
period
631411201804034735584015785280
Cao Renxian Domestic natural person 30.46% Pledged 32935000
020000
Hong Kong Securities Clearing Company 12066849 12066849
Overseas legal person 5.82% -52140333 0 Not applicable 0
Limited 3 3
Industrial and Commercial Bank of China
Limited – E Fund ChiNext Exchange
Other 1.92% 39747688 24813980 0 39747688 Not applicable 0
Traded Open-End Index Securities
Investment Fund
Industrial and Commercial Bank of China
Limited – Huatai-PineBridge CSI 300
Other 1.20% 24968906 17159948 0 24968906 Not applicable 0
Exchange Traded Open-End Index
Securities Investment Fund
Hefei Huizhuo Equity Investment Domestic non-state-owned legal
1.12% 23153342 -21812100 0 23153342 Not applicable 0
Partnership (Limited Partnership) person
J. P. Morgan Securities PLC –
Overseas legal person 0.85% 17648845 17593016 0 17648845 Not applicable 0
Proprietary Funds
China Construction Bank Corporation –
E Fund CSI 300 Exchange Traded Open-
Other 0.83% 17277260 14416960 0 17277260 Not applicable 0
End Index Initiated Securities Investment
Fund
China Construction Bank Corporation –
HuaAn ChiNext 50 Exchange Traded
Other 0.80% 16579642 7568739 0 16579642 Not applicable 0
Open-End Index Securities Investment
Fund
Zheng Guibiao Domestic natural person 0.74% 15317284 3345924 0 15317284 Not applicable 0
China Life Insurance Company Limited
– Traditional-General Insurance Product- Other 0.74% 15252783 10468408 0 15252783 Not applicable 0
005L-CT001 Shanghai
Strategic investors or general legal persons becoming the top 10 shareholders
Not Applicable
due to placement of new shares (if any) (refer to Note 4)
Relations between the above-mentioned shareholders or actions in concert Mr. Cao Renxian the controlling shareholder and actual controller of the Company holds 10.44% equity of
Hefei Huizhuo Equity Investment Partnership (Limited Partnership). Apart from the shareholders’ relations
specified as above the Company is not aware of any other relations between shareholders and does not know
whether they are persons acting in concert as stipulated in the Administrative Measures for the Acquisition of
Listed Companies.
117Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
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 (if As of the end of the reporting period the Company’s special account for buyback shares holds 20859760
any) (refer to Note 10) shares accounting for 1.01% of the total shares. Although the number of shares held ranked fourth 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
Share Details
Shareholder Unrestricted shares held at the end of the reporting period
Type Quantity
15785280
Cao Renxian 157852800 A-share
0
12066849
Hong Kong Securities Clearing Company Limited 120668493 A-share
3
Industrial and Commercial Bank of China Limited – E Fund ChiNext
39747688 A-share 39747688
Exchange Traded Open-End Index Securities Investment Fund
Industrial and Commercial Bank of China Limited – Huatai-PineBridge CSI
24968906 A-share 24968906
300 Exchange Traded Open-End Index Securities Investment Fund
Hefei Huizhuo Equity Investment Partnership (Limited Partnership) 23153342 A-share 23153342
J. P. Morgan Securities PLC – Proprietary Funds 17648845 A-share 17648845
China Construction Bank Corporation – E Fund CSI 300 Exchange Traded
17277260 A-share 17277260
Open-End Index Initiated Securities Investment Fund
China Construction Bank Corporation – HuaAn ChiNext 50 Exchange
16579642 A-share 16579642
Traded Open-End Index Securities Investment Fund
Zheng Guibiao 15317284 A-share 15317284
China Life Insurance Company Limited – Traditional-General Insurance
15252783 A-share 15252783
Product-005L-CT001 Shanghai
Mr. Cao Renxian the controlling shareholder and actual controller of the Company holds 10.44% equity of
Relations between top 10 shareholders of unrestricted circulating shares Hefei Huizhuo Equity Investment Partnership (Limited Partnership). Apart from the shareholders’ relations
relations between top 10 shareholders of unrestricted circulating shares and top specified as above the Company is not aware of any other relations between shareholders and does not
10 shareholders or actions in concert know whether they are persons acting in concert as stipulated in the Administrative Measures for the
Acquisition of Listed Companies.Shareholders participating in margin financing and securities lending business
Not Applicable
(if any) (refer to Note 10)
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
118Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
□Applicable □ Not applicable
(in shares)
Top ten shareholders’ lending of shares via refinancing activities
Shared held in regular account and Shares lent via refinancing at the Shared held in regular account and Shares lent via refinancing at the end of
credit account at the beginning of the beginning of the period and not yet credit account at the end of the period the period and not yet returned
Shareholder (Full
period returned
Name)
Quantity % in total share Quantity % in total share Quantity % in total share Quantity % in total share
capital capital capital capital
Bank of China
Co. Ltd. - Huatai-
PineBridge CSI
PV Industry 11330519 0.76% 147200 0.01% 12245033 0.59% 0 0.00%
Open-Ended
Index Securities
Investment Fund
China
Construction
Bank Corporation
– HuaAn
ChiNext 50 9010903 0.61% 45400 0.00% 16579642 0.80% 0 0.00%
Exchange Traded
Open-End Index
Securities
Investment Fund
China
Construction
Bank Corporation
– E Fund CSI
300 Exchange 2860300 0.19% 43700 0.00% 17277260 0.83% 0 0.00%
Traded Open-End
Index Initiated
Securities
Investment Fund
Industrial and
149337081.01%365000.00%397476881.92%00.00%
Commercial Bank
119Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
of China Limited
– E Fund
ChiNext
Exchange Traded
Open-End Index
Securities
Investment Fund
Industrial and
Commercial Bank
of China Limited
– Huatai-
PineBridge CSI 7808958 0.53% 6200 0.00% 24968906 1.20% 0 0.00%
300 Exchange
Traded Open-End
Index Securities
Investment Fund
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
120Whether 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 New Energy held an 11.24% equity stake and 14.36% voting rights in Taihe
controlled/vested in the past 10 years Intelligent making it the controlling shareholder of Taihe Intelligent. Mr. Cao
Renxian is the de facto 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 New
Domestic/overseas listed
Energy held an 11.24% equity stake and 14.36% voting rights in Taihe Intelligent making it
companies controlled/vested
the controlling shareholder of Taihe Intelligent. Mr. Cao Renxian is the de facto controller of
in the past 10 years
Taihe 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. 2024 Annual Report (Full Copy)
中文 English
曹仁贤 Cao Renxian
通过配偶苏蕾 Via spouse Su Lei
合肥汇卓企业管理合伙企业（有限合伙） Hefei Huizhuo Enterprise Management Partnership (Limited Partnership)
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 quantity of pledged shares of the Company’s controlling shareholder or the largest
shareholder and its persons acting in concert account for more than 80% of the Company’s shares held by
them
□Applicable□ Not applicable
5. Other legal person shareholders holding more than 10% of the shares
□Applicable□ Not applicable
6. Share restrictions and reductions of controlling shareholder actual controller restructuring parties and
other undertaking entities
□Applicable□ Not applicable
IV. Specific implementation of share buy-back during the reporting period
Progress of share buy-back
□Applicable □ Not applicable
Planned In percentage of
In
Date of Number of amount of Planned Number of the target quantity
percentage Purpose of buy-
plan shares to be buy-back period of shares already involved in the
of total share back
disclosure bought-back (in 10K buy-back bought-back equity incentive
capital
CNY) plan (if any)
For the
Sept. 12
employee stock
Sept. 13 3330000- 0.22%- 50000- 2023 –
ownership plan 11512334
2023 6660000 0.45% 100000 Sept. 12
or equity
2024
incentive plan
122Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
For the
July 12
employee stock
July 15 5150000- 0.25%- 50000- 2024 -
ownership plan 5859877
2024 10310000 0.50% 100000 July 12
or equity
2025
incentive plan
Progress of buy-back share reduction via centralized bidding
□Applicable□ Not applicable
123Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Section VIII Preference Shares
□Applicable□ Not applicable
No preference shares exist in the Company during the reporting period.
124Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Section IX Bonds
□Applicable□ Not applicable
125Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Section X Financial reports
I. Audit reports
Type of Audit Opinion Standard unqualified opinion
Audit Report Signed on April 25 2025
Auditing Firm RSM China (Special General Partnership)
Audit Report Number RSM-AR [2025] No.230Z0236
Name of CPAs Wan Yunlong Jiang Wei Pan Lili
Auditor’s Report
RSM-AR [2025] No.230Z0236
To the Shareholders of Sungrow Power Supply Co. Ltd.Opinion
We have audited the financial statements of Sungrow Power Supply Co. Ltd. (hereafter referred to as the “Company”) which
comprises the consolidated and the parent company’s statement of financial position as at 31 December 2024 the consolidated and
the parent company’s statement of profit or loss and other comprehensive income the consolidated and the parent company’s
statement of cash flows the consolidated and the parent company’s statement of changes in equity for the year then ended and the
notes to the financial statements.In our opinion the accompanying financial statements of the Company present fairly in all material respects the consolidated and the
company’s financial position as at December 31 2024 and of their 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 Chinese 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 we have fulfilled our other ethical responsibilities. We believe that the audit evidence we 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 the 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. The Key Audit Matter
As described in the “Notes to the Financial Statements” “V.11 Financial Instruments” and “VII.4 Accounts Receivable” as
at 31 December 2024 the carrying amount of accounts receivable amounted to CNY 27640 million after deducting the provision for
bad debts of CNY 2883 million which was estimated based on the recoverability of accounts receivable. The Management of the
Company (hereafter referred to as “the Management”) measures the carrying amount of accounts receivable by identifying impaired
item with objective evidence and assessing their present value based on expected future cash flows. As the recoverability of accounts
receivable is subjected to significant judgements and estimates of the Management and the carrying amount of accounts receivable is
significant we have identified the recoverablility of accounts receivable 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：
(1) We evaluated the design and tested the operating effectiveness of the internal controls relating to accounts receivable.
126Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
(2) We assessed the reasonableness of the provision for bad debts of accounts receivable on portfolio classification and relevant
judgment made by the management.
(3) We assessed the appropriateness of management dividing the accounts receivable to several group for impairment assessment in
considering the actual bad debts in the past with the similar accounts receivable group and the factors such as customer credit and
market conditions. For accounts receivable with bad debt recognised individually we obtained audit evidence and reviewed the basis
for management's assessment of the expected future cash flows. For accounts receivable with bad debt provision recognised collectively
by credit risk characteristics we tested the reasonableness and accuracy of provision for bad debts in considering the expected credit
loss rates and aging analysis.
(4) We assessed the collectability of accounts receivable with large amount those accounts receivables with significant amount and
due more than one year or under litigation (selected samples) should be paid special attention. Through the investigation of customer
background business status lawsuits etc. interviews with lawyers and sales personnel implementation of customer confirmation and
checking settlement of receivables after the reporting period to assess the reasonableness and sufficiency of provision for bad debts
made by the management.II. Revenue recognition
1. The Key Audit Matter
As described in the “Notes to the Financial Statements” “V. 27 Revenue” and “VII. 47 Revenue and Cost of Sales” the operating
revenue amounted to CNY 77857 million in 2024. As revenue is one of the Company’s key performance indicators there might be
inherent risks that the Management manipulates revenue recognition to meet specific goals or expectations we identified the revenue
recognition as a key audit matter.
2. How the matter was addressed in our audit
The audit procedures we performed in relations to revenue recognition mainly included：
(1) We evaluated the design and tested the operating effectiveness of the internal controls relating to sales of products and power station
construction.
(2) We performed analysis procedure on revenue and gross margin to identify whether there are significant or abnormal fluctuations.
(3) We conducted confirmation procedures on transactions and account balances with major customers.
(4) For revenue from sales of products we checked supporting documents related to revenue recognition by sampling method including
sales contracts invoices delivery lists delivery notes receipts bills of clearance etc and we performed cut-off tests on the revenue
recognized around the balance sheet date and assessed whether it was recognized in the appropriate period.
(5) For revenue from centralized power station construction we checked and compared the actual cost incurred and total expected cost
to the satisfaction of that performance obligation on a sampling basis to assess the management’s experience and ability to make this
accounting estimate. We obtained the major construction contracts checked total contract revenue reviewed key contract terms and
verified the accuracy of contract revenue. For major contracts with generation commitment we checked the reasonableness of estimated
generation and accuracy of revenue recognition. For the actual cost of major projects we checked supporting documents such as
relevant contracts invoices equipment receipts confirmations and progress confirmations and analyzed the gross profit margin of the
project to assess the authenticity and accuracy of actual cost incurred. we also selected some projects to perform onsite check to matches
the progress towards complete satisfaction of performance obligation to actual.
(6) For revenue from the construction of distributed household power stations we checked the share transfer agreements sales contracts
grid-connected power generation situation of the power stations etc. to assess the authenticity accuracy and completeness of the
revenue recognition.III. Impairment of inventories
1. The Key Audit Matter
As described in the “Notes to the Financial Statements” “V.13 Inventories” and “VII. 9 Inventories” as of December 31 2024
the book balance of inventories amounted to CNY 31107 million with provision for bad debts of CNY 2079 million and the carrying
amount amounted to CNY 29028 million. As the amount of inventories is significant and determination of net realizable value involves
significant judgments of the Management we identified the impairment of inventories as a key audit matter.
2. How the matter was addressed in our audit
127Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
The audit procedures we performed in relation to impairment of inventories mainly included：
(1) We obtained internal controls related to inventories management assessed the design of these controls and tested whether they
were executed effectively.
(2) We attended physical inventory counting with inspecting the inventory to ascertain its existence and evaluate its condition as well
as identifying obsolete damaged or aging inventory; we requested confirmation from the third party as to the quantities and condition
of inventory for inventory under the custody and control of a third party..
(3) We obtained the inventories impairment calculation table prepared by the management implemented the review procedures on the
inventory impairment test checked and analyzed the rationality of the net realizable value and evaluated the accuracy of the provision
for impairment and the write-off.
(4) We conducted a horizontal comparison of Sungrow Power's inventory turnover rate and the provision ratio of impairment to analyze
whether the Company's inventory impairment deviates obviously from the average level of the same industry.
(5) We checked whether information related to inventories had been presented appropriately in the financial statements.
Other information
The Management is responsible for the other information. The other information comprises the information included in the Company’
s Annual Report for the year of 2024 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.Responsibilities of Management and Those Charged with Governance for the Financial Statements
The Management is responsible for the preparation and fair presentation of the financial statements in accordance with Accounting
Standards of Business Enterprises and for the design implementation and maintenance of 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 Sungrow Power’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 Sungrow Power or to cease operations or have no realistic alternative but to do so.Those charged with governance are responsible for overseeing Sungrow Power’s financial reporting process.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 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
128Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
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 Sungrow Power’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 Sungrow Power 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 in a manner that achieves fair presentation.vi)Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within Sungrow
Power 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.December 31 2024
(in CNY)
Item December 31 2024 January 1 2024
Current Assets:
Monetary funds 19799445556.84 18030617790.74
Settlements Provision
Loans to banks and other financial
institutions
Financial assets held for trading 10164774064.18 2072049126.18
Derivative financial assets
Notes receivable 845633478.07 693721862.60
Accounts receivable 27640236836.09 21097509472.32
Accounts receivable financing 1167008901.02 772690180.45
Advances to suppliers 410827186.80 542848240.91
Insurance premium receivable
Due from reinsurers
Reinsurance contract reserves receivable
Other receivables 1760687435.59 1408874420.62
Including: Interest receivable
129Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Dividends receivable 1188236.31 1188236.31
Financial assets purchased under
agreements to resell
Inventories 29027561277.54 21441505396.60
Including: Data resources
Contract assets 1615258949.56 2008704215.79
Assets classified as held for sale
Non-current assets maturing within one
53751000.0053789000.00
year
Other current assets 2663414035.86 1161580351.66
Total current assets 95148598721.55 69283890057.87
Non-current assets:
Loans and advances
Debt investment
Other debt investments 190319472.22
Long-term receivables 286420000.00 320380000.00
Long-term equity investments 483896805.60 440042074.75
Other equity instruments investment
Other non-current financial assets 815261656.96 500017198.94
Investment properties 88337400.00
Fixed assets 9001687255.25 6438183727.36
Construction in progress 2264852073.64 1685757860.53
Productive biological assets
Oil and gas assets
Right-of-use asset 347727789.17 397537305.84
Intangible assets 1122402038.48 732415239.68
Including: Data resources
Development expenditures
Including: Data resources
Goodwill 296978138.56
Long-term deferred expenses 119318695.37 89178971.43
Deferred tax assets 2951488881.70 2071287917.89
Other non-current assets 1956482194.36 917816373.28
Total non-current assets 19925172401.31 13592616669.70
Total assets 115073771122.86 82876506727.57
Current liabilities:
Short-term borrowings 4213709323.48 2793019025.13
Borrowing from the central bank
Deposits and balances from banks and
other financial institutions
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 15800567030.42 12914780574.41
Accounts payable 20956590607.95 15571135653.23
Receipts in advance 938693.72
Contract liabilities 10026466202.05 6564810202.26
Financial assets sold under agreements to
buy
Customer deposits and balances from
banks and other financial institutions
Customer brokerage deposits
Securities underwriting brokerage
deposits
Employee benefits payable 1357772570.67 1063589056.26
Taxes payable 2531508751.91 2897601796.23
Other payables 1451139021.85 1418388234.60
130Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Including: Interest payables
Dividend payables
Fees and commission payable
Payable reinsurance
Liabilities classified as held for sale
Non-current liabilities maturing within
1925239145.321342087764.59
one year
Other current liabilities 2033946412.05 1371576221.97
Total current liabilities 60297877759.42 45936988528.68
Non-current liabilities:
Insurance reserves
Long-term borrowings 4863434550.73 4179703100.00
Bonds payable
Including: Preference shares
Perpetual debt
Lease liabilities 314934728.09 323824924.50
Long-term payable 3724547187.24 191823895.92
Long-term employee benefits payable
Estimated liabilities 4383321848.15 2568690015.39
Deferred income 371210411.88 168761589.35
Deferred tax liabilities 82329452.04 12608380.01
Other non-current liabilities 837367137.17 39610000.00
Total non-current liabilities 14577145315.30 7485021905.17
Total liabilities 74875023074.72 53422010433.85
Owners’ equity:
Share capital 2073211424.00 1485150984.00
Other equity instruments
Including: Preference share
Perpetual bonds
Capital reserves 7012760738.35 7606175870.49
Less: Treasury shares 1771123055.97 1381067983.76
Other comprehensive income 102991584.15 172490837.09
Including: Preference share
Special reserve 74900263.18 27728572.97
Surplus reserve 1066216783.99 1066216783.99
General risk reserve
Retained earnings 28346106408.53 18728523299.62
Total owner’s equity attributable to
36905064146.2327705218364.40
parent company
Non-controlling interests 3293683901.91 1749277929.32
Total owners’ equity 40198748048.14 29454496293.72
Total liabilities and owners' equity 115073771122.86 82876506727.57
Legal Representative: Cao Renxian Chief Financial Officer: Tian Shuai Finance Manager: Li Pan
2. Balance Sheet of Parent Company
(in CNY)
Item December 31 2024 January 1 2024
Current Assets:
Monetary funds 13982214635.37 12265530503.76
Financial assets held for trading 9542628715.41 1792634524.90
Derivative financial assets
Notes receivable 735916192.66 617470007.33
Accounts receivable 16855425189.94 11479153437.35
Accounts receivable financing 539662638.73 623245933.65
Advances to suppliers 56523573.49 33593762.18
131Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Other receivables 3747150219.74 1916890245.06
Including: Interest receivable
Dividends receivable
Inventories 7361033867.92 5937909845.99
Including: Data resources
Contract assets 560201007.18 531059645.40
Assets classified as held for sale
Non-current assets maturing within one
53751000.0053789000.00
year
Other current assets 338296754.59 13798.87
Total current assets 53772803795.03 35251290704.49
Non-current assets:
Debt investments
Other debt investments
Long-term receivables 3140870500.00 3913030600.00
Long-term equity investments 7209253812.35 7103505466.75
Other equity instruments investments
Other non-current financial assets 356756946.24 201011383.13
Investment properties
Fixed assets 3233255655.12 2305827037.94
Construction in progress 1092419313.72 1040113698.40
Productive biological assets
Oil and gas assets
Right-of-use asset 13441983.87 19917144.38
Intangible assets 337348719.28 322028915.70
Including: Data resources
Development expenditures
Including: Data resources
Goodwill
Long-term deferred expenses 38940613.75 37956122.81
Deferred tax assets 791726995.36 471147897.46
Other non-current assets 651435935.53 607088723.95
Total non-current assets 16865450475.22 16021626990.52
Total assets 70638254270.25 51272917695.01
Current liabilities:
Short-term borrowings 372568652.39 12122000.00
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 5852634942.27 6536520996.50
Accounts payable 14551539636.98 9418109832.25
Receipts in advance
Contract liabilities 4372250204.35 1661943885.04
Employee benefits payable 518649463.13 440161828.92
Taxes payable 792681950.81 1381108157.24
Other payables 6756780012.59 2932177231.32
Including: Interest payables
Dividend payables
Liabilities classified as held for sale
Non-current liabilities maturing within
817575174.80165036053.57
one year
Other current liabilities 764169824.87 630180362.22
Total current liabilities 34798849862.19 23177360347.06
Non-current liabilities:
Long-term borrowings 811360000.00
Bonds payable
Including: Preference shares
132Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Perpetual debt
Lease liabilities 5926772.40 2605017.41
Long-term Payable
Long-term employee benefits payable
Estimated liabilities 1270862119.90 834812719.63
Deferred income 177680642.82 140456724.31
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 1454469535.12 1789234461.35
Total liabilities 36253319397.31 24966594808.41
Owners’ equity:
Share capital 2073211424.00 1485150984.00
Other equity instruments
Including: Preference share
Perpetual debt
Capital reserve 6875744698.43 7206040925.89
Less: treasury shares 1771123055.97 1381067983.76
Other comprehensive income
Special reserve 31377755.35 11303424.15
Surplus reserve 1066216783.99 1066216783.99
Retained earnings 26109507267.14 17918678752.33
Total owners’ equity 34384934872.94 26306322886.60
Total liabilities and owners’ equity 70638254270.25 51272917695.01
3. Consolidated Income Statement
(in CNY)
Item 2024 2023
I. Revenue 77856966964.63 72250674939.46
Including: Operating revenue 77856966964.63 72250674939.46
Interest income
Net earned premiums
Net fee and commission revenue
II. Cost of sales 63363036029.28 59150023669.27
Including: Operating costs 54544610426.28 52612695154.79
Interest expenses
Fees and commission expenses
Surrenders
Net payments for insurance claims
Net provision of insurance reserve
Policyholder dividends
Reinsurance expenses
Taxes and surcharges 403070046.62 324453897.24
Selling and distribution expenses 3760597360.02 2871722864.66
General and administrative expenses 1200830749.71 873167416.41
Research and development expenses 3163519949.94 2447389317.47
Finance costs 290407496.71 20595018.70
Including: Interest expense 391866132.48 318936658.27
Interest income 256726871.75 198329706.84
Add: Other income 365563129.42 266145031.37
Investment income/(losses) 419573893.25 96558622.32
Including: Investment income from
11318772.62-2984635.20
associates and joint ventures
Gains /(losses) from derecognition of
financial assets measured at amortised
133Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
cost
Exchange gains /(losses)
Net exposure hedging gains /(losses)
Gains/(losses) from changes in fair
64319431.0036192212.68
values
Credit impairment losses -1002249850.96 -727817342.49
Asset impairment losses -777799786.84 -1300637092.52
Gains/(losses) from disposal of
874902.51-4638267.85
assets
III. Profit/(loss) from operations 13564212653.73 11466454433.70
Add: Non-operating income 23934395.04 25159042.65
Less: Non-operating expenses 43855907.08 31650315.31
IV. Profit/(loss) before tax 13544291141.69 11459963161.04
Less: Income tax expenses 2280063879.64 1851223389.07
V. Net profit/(loss) for the year 11264227262.05 9608739771.97
(I) Net profit/(loss) by continuity
Net profit/(loss) from continuing
11264227262.059608739771.97
operation
Net profit/(loss) from discontinued
operation
(II) Net profit/(loss) by ownership
attribution
Attributable to owners of the parent 11036278921.36 9439561800.25
Attributable to non-controlling
227948340.69169177971.72
interests
VI. Other comprehensive income for
-70804429.03205116106.60
the year after tax
(a) Attributable to owners of the
-69499252.94203011213.61
parent
(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
(ii) Other comprehensive income to
be reclassified subsequently to profit -69499252.94 203011213.61
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
other debt investments
134Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
5. Reserve for cash flow hedges -281692.50
6. Exchange differences on
-69499252.94203292906.11
translating foreign operations
7. Others
(b) Attributable to non-controlling
-1305176.092104892.99
interests
VII. Total comprehensive income for
11193422833.029813855878.57
the year
Attributable to owners of the parent 10966779668.42 9642573013.86
Attributable to non-controlling
226643164.60171282864.71
interests
VIII. Earnings per share
(1) Basic earnings per share 5.32 4.55
(2) Diluted earnings per share 5.32 4.55
Legal Representative: Cao Renxian Chief Financial Officer: Tian Shuai Finance Manager: Li Pan
4. Income Statement of Parent Company
(in CNY)
Item 2024 2023
I. Revenue 43299670518.30 37321678590.58
Less: Costs of sales 28699292243.55 23853635766.95
Taxes and surcharges 188704555.08 184254854.76
Selling and distribution expenses 1635264742.14 1038536332.86
General and administrative expenses 581015513.26 407053310.39
Research and development expenses 2467766486.51 1679755029.12
Finance costs -43353196.74 -308921861.88
Including: Interest expense 20829982.56 25051165.78
Interest income 202633846.68 132016709.02
Add: Other income 175218310.33 89069732.35
Investment income/(losses) 1738117980.66 742350027.68
Including: Investment income from
-1020483.49-6167283.56
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
45739753.6253915750.12
values
Credit impairment losses -705913899.66 -177336989.70
Asset impairment losses -289982904.51 -204710292.22
Gains/(losses) from disposal of assets 13539316.67 -1611581.06
II. Profit/(loss) from operations 10747698731.61 10969041805.55
Add: Non-operating income 14105974.74 14297511.32
Less: Non-operating expenses 14547045.85 9366929.68
III. Profit/(loss) before tax 10747257660.50 10973972387.19
Less: Income tax expenses 1137733333.24 1367093493.15
IV. Net profit/(loss) for the year 9609524327.26 9606878894.04
Net profit/(loss) from continuing
9609524327.269606878894.04
operation
Net profit/(loss) from discontinued
operation
V. Other comprehensive income for the
-281692.50
year after tax
(i) Other comprehensive income that will
135Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
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
-281692.50
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 -281692.50
6. Exchange differences on translating
foreign operations
7. Others
VI. Total comprehensive income for the
9609524327.269606597201.54
year
VII. Earnings per share
(1) Basic earnings per share
(2) Diluted earnings per share
5. Consolidated statement of cash flows
(in CNY)
Item 2024 2023
I. Cash flows from operating activities
Cash received from the sale of goods and
70514833447.7361905685054.30
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
Cash received from interest fees and
136Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
commission
Net increase in funds deposit
Net increase in repurchase business
funds
Net income from securities trading
brokerage business
Cash received from tax refund 2074103679.16 1910464684.09
Other cash received relating to operating
542773788.721093633476.16
activities
Subtotal of cash inflows from operating
73131710915.6164909783214.55
activities
Cash payments for goods purchased and
44319466788.1947378838109.93
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
5584753063.693919184125.68
employees
Payments for taxes 7137030586.74 2925533794.68
Other cash payments relating to
4022133832.333704388206.98
operating activities
Subtotal of cash outflows from operating
61063384270.9557927944237.27
activities
Net cash flows from operating activities 12068326644.66 6981838977.28
II. Cash flows from investing activities
Cash received from disposal and
69607830004.8823445934178.93
redemption of investments
Cash received from returns on
404412407.8699611189.52
investments
Net cash received from disposals of fixed
assets intangible assets and other long- 861988.79 -1409268.89
term assets
Net cash received from disposals of
subsidiaries and other business units
Other cash received relating to investing
activities
Subtotal of cash inflows from investing
70013104401.5323544136099.56
activities
Cash payments to acquire fixed
2785952760.932741238644.00
intangible and other long-term assets
Cash payments to acquire investments 77919480738.55 24633662834.72
Net cash payments to acquire
subsidiaries and other business units
Other cash payments relating to investing
154977854.31-9608508.09
activities
Subtotal of cash outflows from investing
5763100.00
activities
Cash payments to acquire fixed 80866174453.79
27365292970.63
intangible and other long-term assets
137Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Net cash flows from investing activities -10853070052.26 -3821156871.07
III. Cash flows from financing activities
Cash received from capital contributions 145617387.50 1012744912.50
Including: Cash receipts from capital
contributions form non-controlling 92494300.00 959998500.00
interests of subsidiaries
Cash received from borrowings 9607259335.58 6849766421.53
Other cash received relating to financing
3582828013.662110483282.13
activities
Subtotal of cash inflows from financing
13335704736.749972994616.16
activities
Cash repayments of debts 8710750252.60 3560563814.12
Cash payments for dividends
distribution of profit and interest 1737973100.43 640318279.02
expenses
Including: Dividends distribution of
profit paid to non-controlling 37595727.30
shareholders of subsidiaries
Other cash payments relating to 2628177376.95
2492603592.17
financing activities
Subtotal of cash outflows from financing 13076900729.98
6693485685.31
activities
Net cash flows from financing activities 258804006.76 3279508930.85
IV. Effect of foreign exchange rate
-23849279.4924738607.63
changes on cash and cash equivalents
V. Net increase / (decrease) in cash and
1450211319.676464929644.69
cash equivalents
Plus: Cash and cash equivalents at the
16267022301.499802092656.80
beginning of the period
VI. Cash and cash equivalents at the end
17717233621.1616267022301.49
of the period
6. Statement of Cash Flows of Parent Company
(in CNY)
Item 2024 2023
I. Cash flows from operating activities
Cash received from the sale of goods and
36083240059.2933393260474.98
the rendering of services
Cash received from tax refund 969390831.36 1353859576.51
Other cash received relating to operating
360300857.73260602342.64
activities
Subtotal of cash inflows from operating 37412931748.38
35007722394.13
activities
Cash payments for goods purchased and 22376908095.63
22346864428.08
services received
Cash payments to and on behalf of
2180686148.671597003312.62
employees
Payments for taxes 2183149900.26 606106105.13
Other cash payments relating to
3311370274.872090113582.90
operating activities
Subtotal of cash outflows from operating 30052114419.43
26640087428.73
activities
Net cash flows from operating activities 7360817328.95 8367634965.40
II. Cash flows from investing activities
Cash received from disposal and 66860000000.00 22901050502.93
138Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
redemption of investments
Cash received from returns on
339138464.15368517311.24
investments
Net cash received from disposals of fixed
assets intangible assets and other long- 594940.38 50042.63
term assets
Net cash received from disposals of
subsidiaries and other business units
Other cash received relating to investing
924498282.07
activities
Subtotal of cash inflows from investing
68124231686.6023269617856.80
activities
Cash payments to acquire fixed
1079610991.911377398308.87
intangible and other long-term assets
Cash payments to acquire investments 74803810000.00 25467532068.00
Net cash payments to acquire
subsidiaries and other business units
Other cash payments relating to investing
17303700.00921372338.90
activities
Subtotal of cash outflows from investing 75900724691.91
27766302715.77
activities
Net cash flows from investing activities -7776493005.31 -4496684858.97
III. Cash flows from financing activities
Cash received from capital contributions 53123087.50 52746412.50
Cash received from borrowings 250184427.32 12122000.00
Other cash received relating to financing 4658976662.59
2716599774.59
activities
Subtotal of cash inflows from financing 4962284177.41
2781468187.09
activities
Cash repayments of debts 317505447.16 113641000.00
Cash payments for dividends
distribution of profit and interest 1437592912.02 350502484.73
expenses
Other cash payments relating to
1065688167.431436611304.72
financing activities
Subtotal of cash outflows from financing
2820786526.611900754789.45
activities
Net cash flows from financing activities 2141497650.80 880713397.64
IV. Effect of foreign exchange rate
883283.6223432884.88
changes on cash and cash equivalents
V. Net increase / (decrease) in cash and
1726705258.064775096388.95
cash equivalents
Plus: Cash and cash equivalents at the
11700121330.236925024941.28
beginning of the period
VI. Cash and cash equivalents at the end
13426826588.2911700121330.23
of the period
1397. Consolidated Statement of Changes in Equity
Current amount
(in CNY)
2024
Owners’ equity attributable to the parent company
Other equity instruments Non- Total
Item Less: Other
Share Perpetual Capital Special Surplus General Retained controlling owners’
Preferenc Treasury comprehensive Others Subtotal
capital capital Others reserves reserves reserves reserve earnings interests equity
e share stock income
securities
I. Balance at 1485 294544
7606171381061724908372772810662161872852277052117492779
31 December 1509 96293.7
5870.497983.76.09572.97783.993299.628364.4029.32
202384.002
Add: Changes
in accounting
policies
Correction of
prior period
errors
Others
II. Balance at 1485 294544
7606171381061724908372772810662161872852277052117492779
1 January 1509 96293.7
5870.497983.76.09572.97783.993299.628364.4029.32
202484.002
III.Increase/(d
ecrease) 5880 - -
390055471719617583107442
during the 6044 593415 69499252. 9199845 15444059
072.21690.21108.9151754.4
reporting 0.00 132.14 94 781.83 72.59
2
period
(i) Total -
1103627111934
comprehensiv 69499252. 1096677 226643164
8921.3622833.0
e income 94 9668.42 .60
2
(ii) Capital
contributions
364670
or 3646704 53996471. 418666
473.81
withdrawals 73.81 54 945.35
by owners
1.Ordinary 16778488. 167784Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
shares 31 88.31
contributed by
shareholders
2.Capital
contributed by
holders of
other equity
instruments
3.Share-based
payments
364670364670422297612.386968
recognized in
473.8173.8111085.92
owners’
equity
14920371149203
4.Others.1271.12
(iii) Profit - - -
distribution 1418695 1418695 141869
812.45812.455812.45
1. Transfer to
surplus reserve
2. Transfer to
general reserve
3. Profit
---
distribution to
14186951418695141869
owners (or
812.45812.455812.45
shareholders)
4. Others
(iv) Transfer 5880 -
within 6044 588060
owners' equity 0.00 440.00
1.Capital
5880-
reserves
6044588060
converted to
0.00440.00
share capital
2.Surplus
reserves
141Sungrow Power Supply Co. Ltd. 2024 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 47171 4717169 3294168.2 504658
reserves 690.21 0.21 4 58.45
1.Withdrawal
during the 56134 5613417 3294168.2 594283
reporting 178.94 8.94 4 47.18
period
2.Usage
---
during the
896248962488.896248
reporting
88.73738.73
period
--12604721500391
390055
(vi) Others 370025 7600802 68.21 930.05
072.21
165.9538.16
IV. Balance at 2073
7012761771121029915847490010662162834610369050632936839401987
31 December 2114
0738.353055.97.15263.18783.996408.534146.2301.9148048.1
202424.00
4
142Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Last period amount
(in CNY)
2023
Equity attributable to owners of the parent
Other equity instruments Non- Total
Item Less: Other
Share Perpetual Capital Special Surplus General Retained controlling owners’
Preference Treasury comprehensive Others Subtotal
capital capital Others reserves reserves reserves reserve earnings interests equity
share stock income
securities
1485
I. Balance at - 1066 197369
19070528452074996133418666301070689
31 December 30520376. 20101 95200.7
984.00542.50625.732847.735389.67811.07
2022527.694
0
Add: Changes
38645.815766933957.988369.4240271.4122864
in accounting
1.3034500.85
policies
Correction of
prior period
errors
Others
1485
II. Balance at 705287 1066 961427 197382
190520749-30520318667291070930
1 January 918 21678 680 238
98625.7376.523759.12082.47
20238.313.995.0741.59
4.00
III.Increase/(d
ecrease) -
55329686031820301121327728591142490379246783478971627
during the 4000
682.18358.03.6172.976494.55605.2846.852452.13
reporting 0.00
period
(i) Total
20301121394395696425731691779981175
comprehensiv.611800.25013.8671.720985.58
e income
(ii) Capital
-
contributions or 122883 1228438 9737549 109659
4000
withdrawals by 862.87 62.87 16.85 8779.72
0.00
owners
143Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
1.Ordinary
---
shares 9599985 959805
4000153180.193180.0
contributed by 00.00 320.00
0.00000
shareholders
2.Capital
contributed by
holders of
other equity
instruments
3.Share-based
payments
12303712303701375641136793
recognized in
042.8742.876.85459.72
owners’
equity
4.Others
----
(iii) Profit
32531532531533759572362911
distribution
305.7005.707.30033.00
1.Transfer to
surplus
reserves
2. Transfer to
general reserve
3. Profit
----
distribution to
32531532531533759572362911
owners (or
305.7005.707.30033.00
shareholders)
4. Others
(iv) Transfer
within
owners' equity
1.Capital
reserves
converted to
share capital
2.Surplus
144Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
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 277285 2772857 1629782. 293583
reserves 72.97 2.97 36 55.33
1.Withdrawal
during the 390061 3900617 1629782. 406359
reporting 73.61 3.61 36 55.97
period
2.Usage
---
during the
1127761127760112776
reporting
00.640.6400.64
period
---
430412860318
(vi) Others 4299055 4286190 858524
819.31358.03
38.7296.78635.50
1485
IV. Balance at 1066 187285 294544
15076061713810617249083727728527705211749277
31 December 21678 23299.6 96293.7
984.05870.497983.76.0972.978364.40929.32
20233.9922
0
145Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
8. Statement of Changes in Owners’ Equity of Parent Company
Current amount
(in CNY)
2024
Other equity instruments Capital Less: Treasury Other Special Surplus Retained Others Total Owners’
Item Preference Perpetual Others reserve stock comprehensive reserve reserve earnings Equity
Share capital
share debt income
securities
I. Balance at 31 148515098 720604 1381067983 11303424. 1066216 17918678 2630632288
December 2023 4.00 0925.89 .76 15 783.99 752.33 6.60
Add：Changes
in accounting
policies
Correction of
prior period
errors
Others
II. Balance at 1 148515098 720604 1381067983 11303424. 1066216 17918678 2630632288
January 2024 4.00 0925.89 .76 15 783.99 752.33 6.60
III.-
Increase/(decrea 588060440. 390055072.2 20074331. 81908285 8078611986.
330296
se) during the 00 1 20 14.81 34
227.46
reporting period
(i) Total
960952439609524327.
comprehensive
27.2626
income
(ii) Capital
contributions or 257764 257764212.5
withdrawals by 212.54 4
owners
1.Ordinary
shares
contributed by
shareholders
146Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
2.Capital
contributed by
holders of
other equity
instruments
3.Share-based
payments 257764 257764212.5
recognized in 212.54 4
owners’ equity
4.Others
-
(iii) Profit -141869581
14186958
distribution 2.45
12.45
1.Transfer to
surplus reserves
2.Profit
--
distribution to
141869581418695812.
owners (or
12.4545
shareholders)
3.Others
(iv) Transfer -
588060440.
within owners' 588060
00
equity 440.00
1.Capital
-
reserves 588060440.
588060
converted to 00
440.00
share capital
2.Surplus
reserves
converted to
share capital
3.Loss made up
by surplus
reserves
4.Changes in the
defined benefit
147Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
plan transferred
to retained
earnings
5.Other
comprehensive
income
transferred to
retained
earnings
6.Others
(v) Special 20074331.
20074331.20
reserves 20
1.Withdrawal
23770839.
during the 23770839.32
32
reporting period
2.Usage during -
the reporting 3696508.1 -3696508.12
period 2
-
390055072.2
(vi) Others 390055072.2
1
IV. Balance at
207321142687574177112305531377755.1066216261095073438493487
31 December
4.004698.43.9735783.99267.142.94
2024
Previous period amount
(in CNY)
2023
Other equity instruments Capital Less: Other Special Surplus Retained Others Total
Item Preference Perpetual Others reserve Treasury comprehensive reserve reserve earnings Owners’
Share capital
share debt stock income Equity
securities
I. Balance at
14851909847146687520749610662010178636973267.17814584
31 December 281692.50.00476.7925.73.6933812.58
2022
148Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
Add: Changes
in accounting 15766.30 141896.66 157662.96
policies
Correction of
prior period
errors
Others
II. Balance at
14851909847146687520749610662167838637115163.17814742
1 January 281692.50.00476.7925.73.9999475.54
2023
III. Increase /
(decrease)
59353448603183113039281563588.8491580
during the -40000.00 -281692.50
9.1058.03424.1534411.06
reporting
period
(i) Total
9606878894.9606597
comprehensiv -281692.50
04201.54
e income
(ii) Capital
contributions 5935344 59313449
-40000.00
or withdrawals 9.10 .10
by owners
1.Ordinary
-
shares -
-40000.00153180.0
contributed by 193180.00
0
shareholders
2.Capital
contributed by
holders of
other equity
instruments
3.Share-based
payments
595066259506629
recognized in
9.10.10
owners’
equity
149Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
4.Others
-
(iii) Profit -
32531530
distribution 325315305.70
5.70
1.Transfer to
surplus
reserves
2.Profit
-
distribution to -
32531530
owners (or 325315305.70
5.70
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 to
retained
earnings
5. Other
comprehensiv
e income
transferred to
150Sungrow Power Supply Co. Ltd. 2024 Annual Report (Full Copy)
retained
earnings
6.Others
(v) Special 11303 11303424
reserves 424.15 .15
1.Withdrawal
during the 18509 18509 17
reporting 172.62 2.62
period
2.Usage
--
during the
720577205748.
reporting
48.4747
period
-
8603183
(vi) Others 86031835
58.03
8.03
IV. Balance at
1485150984720604013810671130310662167831791867875226306322
31 December.00925.89983.76424.15.99.33886.60
2023
151
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