阿特斯太阳能 2026年年度报告和过渡报告

(Mark One) ☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934OR☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025.OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934OR☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934Date of event requiring this shell company reportFor the transition period from toCommission file number: 001-33107 If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section13 or15(d) of the Securities Exchange Act of 1934. Yes☐No☒Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12months (orfor such shorterperiod that the registrant was required to file such reports), and (2)has been subject 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 to Rule405 of RegulationS-T (§232.405 of this chapter) during thepreceding 12months (orfor such shorter period that the registrant was required 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, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,”and “emerging growth company” in Rule12b-2 of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) ofthe Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ Table of Contents INTRODUCTION1FORWARD-LOOKING INFORMATION3PART I5ITEM 1IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS5ITEM 2OFFER STATISTICS AND EXPECTED TIMETABLE5ITEM 3KEY INFORMATION5ITEM 4INFORMATION ON THE COMPANY32ITEM 4AUNRESOLVED STAFF COMMENTS51ITEM 5OPERATING AND FINANCIAL REVIEW AND PROSPECTS51ITEM 6DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES66ITEM 7MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS85ITEM 8FINANCIAL INFORMATION86ITEM 9THE OFFER AND LISTING91ITEM 10ADDITIONAL INFORMATION92ITEM 11QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK108ITEM 12DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES109PART II110ITEM 13DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES110ITEM 14MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OFPROCEEDS110ITEM 15CONTROLS AND PROCEDURES110ITEM 16AAUDIT COMMITTEE FINANCIAL EXPERT112ITEM 16BCODE OF ETHICS112ITEM 16CPRINCIPAL ACCOUNTANT FEES AND SERVICES112ITEM 16DEXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES113ITEM 16EPURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATEDPURCHASERS113ITEM 16FCHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT113ITEM 16GCORPORATE GOVERNANCE113ITEM 16HMINE SAFETY DISCLOSURE113ITEM 16IDISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS113ITEM 16JINSIDER TRADING POLICIES113ITEM 16KCYBERSECURITY113PART III115ITEM 17FINANCIAL STATEMENTS115ITEM 18FINANCIAL STATEMENTS115ITEM 19EXHIBITS115SIGNATURES116 INTRODUCTION Unless the context otherwise requires, references in this annual report on Form20-F to: ● “AC” and “DC” refer to alternating current and direct current, respectively;● “AI” refers to artificial intelligence;● “BESS” refers to battery energy storage system;● “BRL” and “Brazilian reals” refer to the legal currency of Brazil;● “Canadian Solar Inc.” refers to Canadian Solar Inc., an Ontario, Canada corporation;● “CfD” refers to Contracts for Difference;● “China” and the “PRC” refer to the People’s Republic of China, excluding, for the purposes of this annualreport on Form20-F, Taiwan andthe special administrative regions of Hong Kong andMacau;● “CS PowerTech” refers to CS PowerTech Inc., our majority-owned principal operating subsidiary in the UnitedStates, in which we directly and indirectly hold an aggregate of approximately 91% of the equity interests;● “CSI”, “we”, “us”, “our company” and “our” refer to Canadian SolarInc. and its consolidated subsidiaries;● “CSI Solar” refers to CSI Solar Co., Ltd., our majority-owned principal operating subsidiary incorporated in thePRC, in which we hold approximately 64% of the equity interests;● “C$” and “Canadian dollars” refer to the legal currency of Canada;● “EPC” refers to engineering, procurement and construction;● “e-STORAGE” refers to CSI Solar’s e-STORAGE branded battery energy storage business;● “ESG” refers to environmental, social and governance;● “EU” refers to the European Union;● “FIP” refers to feed-in premium;● “FIT” refers to feed-i