阳光电源：2024年年度报告（英文简版）

SungrowPowerSupplyCo.,Ltd. 2024AnnualReport April2025 2024AnnualReport SectionIImportantNotes,ContentsandDefinitions TheBoardofDirectors,theBoardofSupervisors,directors,supervisorsandexecutivesoftheCompanyherebyguaranteethattheinformationpresentedinthisannualreportistruthful,accurateandintegrate,freeofanyfalserecords,misleadingstatementsormaterialomissions,andassumeindividualandjointlegalliabilitiesthereof. CaoRenxianasthePresidentoftheCompany,TianShuaiastheChiefAccountant,andLiPanastheheadofaccountingdepartment(accountingsupervisor)herebyguaranteethetruthfulness,integrity,andaccuracyoffinancialstatementsinthisannualreport. Alldirectorshaveattendedtheboardmeetingtoreviewthisreport. Contentsinthisreportconcerningfutureplans,performanceforecasts,andetc.,donotconstituteanycommitmentmadebytheCompanytoanyinvestororrelatedparty.Investorsandrelatedpartiesshouldmaintainadequateriskawarenessandunderstandthepossibledifferencebetweenplans,forecasts,andcommitments.TherisksthatmayexistintheoperationoftheCompanyandthecountermeasuresinthe"XI.ProspectsfortheFutureDevelopmentoftheCompany"sectionofthe"ManagementDiscussionandAnalysis"inSectionIIIofthisreport,whichinvestorsarekindlyadvisedtopayattentiontoinvestmentrisks. Theboardmeetinghasreviewedandapprovedthefollowingprofitdistributionproposal:Basedonthesharecapitalof2,047,096,561sharesafterexcludingtherepurchasedsharesintherepurchasedsharesspecialsecuritiesaccount,acashdividendofCNY10.80per10shares(taxinclusive)willbedistributedtoallshareholders,withthetotalamountofcashdistributedamountingtoCNY2,210,864,285.88(taxinclusive).2024TheCompanywillnotimplementthetransferofsharecapitaltocapitalreserveandwillnotdistributebonusshares.In2024,nosharecapitalincreasebycapitalreserveorbonussharedistributionwillbeimplementedbythecompany.Theprofitdistributionproposalstillneedstobesubmittedtotheshareholders'meetingoftheCompanyforreview. Contents SectionIImportantNotes,ContentsandDefinitions3 SectionIICompanyprofileandkeyfinancialindicators7 SectionIIIManagement’sDiscussionandAnalysis11 SectionIVCorporategovernance57 SectionVEnvironmentandSocialResponsibilities75 SectionVISignificantEvents78 SectionVIIChangesinSharesandInformationaboutShareholders113 SectionVIIIPreferenceShares124 SectionIXBonds125 SectionXFinancialreports126 DocumentsforFutureReference 1.AccountingstatementssignedandstampedbytheLegalRespective,theChiefAccountant,andtheheadoftheaccountingdepartmentoftheCompany. 2.TheoriginalAuditReportsignedandstampedbythecertifiedpublicaccountantsandstampedbytheaccountingfirm. 3.Theoriginalsofcompanydocumentsandannouncementspubliclydisclosedonwww.cninfo.com.cnduringthereportingperiod. 4.Otherrelevantdocuments. Definitions Term Definition Sungrow,theCompany SungrowPowerSupplyCo.,Ltd. SungrowRenewables SungrowRenewablesDevelopmentCo.,Ltd.,theCompany'sholdingsubsidiary SungrowSmartMaintenance SungrowSmartMaintenanceTechnologyCo.,Ltd SungrowElectricPower HefeiSungrowElectricPowerTechnologyCo.,Ltd. SungrowFPV SungrowFPVSci.&Tech.Co.,Ltd. SungrowHydrogen SungrowHydrogenTechnologyCo.,Ltd. TaiheIntelligence HefeiTaiheIntelligentTechnologyGroupCo.,Ltd. Inverter,PVinverter OneofthecriticaldevicesinasolarPVpowergenerationsystem,whichconvertsDCpowerfromsolarcellsintoACpowerthatmeetsthegridpowerqualityrequirements CentralizedPVinverter ConnectinganumberofparallelPVmodulestotheDCinputofacentralizedinverterformaximumpowerpointtracking(MPPT),thenconnectingthemintothegridafterinversion.Witharelativelyhighpower,itismainlyusedinlarge-scalecentralizedgroundPVpowerstationswithuniformlightingandothercentralizedPVpowergenerationsystems StringPVinverter PerformingseparateMPPTonseveralgroups(ingeneral1to4groups)ofPVmodules,andconnectingthemintotheACgridafterinversion.AstringinvertermayhavemultipleMPPTmodules.Witharelativelylowsmallpower,itismainlyusedindistributedpowergenerationsystems,andsometimesalsoincentralizedPVpowergenerationsystems Energystorageconverter PowerconversiondevicesbetweentheenergystoragebatteriesandtheACpowergrid,capableofcharginganddischargingthebatteries.TheyareusedinPV,powersmoothingforwindpowergeneration,peakloadshifting,micro-gridandotherscenarios Windpowerconverter Devicesthatconverttheelectricenergywithunstablevoltagefrequencyandamplitudegeneratedbywindturbinegeneratorsundertheactionsofnaturalwindintoelectricenergywithstablefrequencyandamplitudethatmeetsthegridrequirements,andconnectittothegrid Distributedpowersupply Distributedpowersupplyunits,thatis,smallandmodularstandalonepowersuppliesrangingfromseveralkilowattsto50MWthatareenvironment-compatible Energystorage Storageofelectricalenergy UL Oneofthegloballyrenownedtestingandcertificationbodiesandstandarddevelopmentbodies TüV AsafetycertificationmarkgrantedbytheTüVGrouptoproducts,whichiswidelyrecognizedaroundtheworld CE AcertificationthatmustbeobtainedbyproductsenteringtheEuropeanmarket Enel-GUIDA AstandarddevelopedbytheItalianStatePowerBoard(Enel),whichiswidelyrecognizedinItaly AS4777 AnAustralianstandard.PVmodulesandinvertersmustcomp