先进能源工业 2024年度报告

☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the fiscal year endedDecember 31, 2024 or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from to Commission file number:000-26966 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act:Yes☑No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act: Yes☐No☑ Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has beensubject to such filing requirements for the past 90days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant wasrequired to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reportingcompany☐Emerging growthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to itsmanagement’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to section 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☑ The aggregate market value of voting and non-voting common stock held by non-affiliates of the registrant was $4,065,435,423as of June 30,2024, based upon the price at which such common stock was last sold on such date. As of February6, 2025, there were37,721,671shares of the registrant’s common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Part III of this annual report on Form10-K incorporates information by reference from the registrant’s definitive proxy statementfor its 2025 annual meeting of stockholders (to be filed with the Commission under Regulation 14A no later than 120days after the end of theregistrant’s fiscalyear ended December31,2024). ADVANCED ENERGY INDUSTRIES,INC.FORM10-KTABLE OF CONTENTS PART I4ITEM 1.BUSINESS4ITEM1A.RISK FACTORS11ITEM1B.UNRESOLVED STAFF COMMENTS25ITEM1C.CYBERSECURITY26ITEM 2.PROPERTIES27ITEM 3.LEGAL PROCEEDINGS27ITEM 4.MINE SAFETY DISCLOSURES27PART II28ITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS ANDISSUER PURCHASESOF EQUITY SECURITIES28ITEM 6.RESERVED29ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS30ITEM7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK41ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA43ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE85ITEM9A.CONTROLS AND PROCEDURES85ITEM9B.OTHER INFORMATION86ITEM9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS86PART III86ITEM 10.DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE87ITEM 11.EXECUTIVE COMPENSATION87ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATEDSTOCKHOLDERMATTERS87ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE88ITEM 14.PRINCIPAL ACCOUNTING FEES AND SERVICES88PART IV88ITEM 15.EXHIBIT AND FINANCIAL STATEMENT SCHEDULES88ITEM 16.FORM 10-K SUMMARY92SIGNATURES93 Special Noteon Forward-Looking Statements This annual report on Form 10-K contains, in addition to historical information, forward-looking statements within the meaning of Section 27A of