阳光电源：2025年年度报告

SungrowPowerSupplyCo.,Ltd. 2025AnnualReport March2025 2025AnnualReport SectionIImportantNotes,ContentsandDefinitions TheBoardofDirectors,directorsandexecutivesoftheCompanyherebyguaranteethattheinformationpresentedinthisannualreportistruthful,accurateandintegrate,freeofanyfalserecords,misleadingstatementsormaterialomissions,andassumeindividualandjointlegalliabilitiesthereof. CaoRenxianasthePresidentoftheCompany,TianShuaiastheChiefAccountant,andLiPanastheheadofaccountingdepartment(accountingsupervisor)herebyguaranteethetruthfulness,integrity,andaccuracyoffinancialstatementsinthisannualreport. Alldirectorshaveattendedtheboardmeetingtoreviewthisreport. Contentsinthisreportconcerningfutureplans,performanceforecasts,andetc.,donotconstituteanycommitmentmadebytheCompanytoanyinvestororrelatedparty.Investorsandrelatedpartiesshouldmaintainadequateriskawarenessandunderstandthepossibledifferencebetweenplans,forecasts,andcommitments.TheCompanyhasoutlinedpotentialrisksandcorrespondingmitigationmeasuresinSectionIII,'Management’sDiscussionandAnalysis,'undersubsectionXI,'OutlookforFutureDevelopment.'Investorsareadvisedtopaycloseattentiontoandcarefullyreviewthissection. Theboardmeetinghasreviewedandapprovedthefollowingprofitdistributionproposal:Basedonthesharecapitalof2,052,823,261sharesafterexcludingtherepurchasedsharesintherepurchasedsharesspecialsecuritiesaccount,acashdividendofCNY6.9per10shares(taxinclusive)willbedistributedtoallshareholders,withthetotalamountofcashdistributedamountingtoCNY1,416,448,050.09(taxinclusive).TheCompanywillnotimplementthetransferofsharecapitaltocapitalreserveandwillnotdistributebonusshares.ThisprofitdistributionproposalissubjecttotheapprovaloftheCompany'sshareholders'meeting. Contents SectionIImportantNotes,ContentsandDefinitions...........................................................................3SectionIICompanyProfileandKeyFinancialIndicators..................................................................8SectionIIIManagement’sDiscussionandAnalysis.........................................................................12SectionIVCorporateGovernance,Environment,andSociety........................................................54SectionVSignificantEvents.....................................................................................................................76SectionVIChangesinSharesandInformationaboutShareholders............................................118SectionVIIBonds......................................................................................................................................127SectionVIIIFinancialreports................................................................................................................128 DocumentsforFutureReference 1.AccountingstatementssignedandstampedbytheLegalRespective,theChiefAccountant,andtheheadoftheaccountingdepartmentoftheCompany.2.TheoriginalAuditReportsignedandstampedbythecertifiedpublicaccountantsandstampedbytheaccountingfirm.3.Theoriginalsofcompanydocumentsandannouncementspubliclydisclosedonwww.cninfo.com.cnduringthereportingperiod.4.Otherrelevantdocuments. Definitions SectionIICompanyProfileandKeyFinancialIndicators I.CompanyProfile II.ContactsandContactInformation III.InformationDisclosureandPlaceoftheReport IV.Otherrelevantinformation AccountingfirmengagedbytheCompany □ApplicableNotapplicable V.Keyaccountingdataandfinancialindicators WhethertheCompanyperformedaretroactiveadjustmentorrestatementofpreviousaccountingdata □YesNo □YesNo ThelowestamongtheCompany'sauditedtotalprofit,netprofit,andnetprofitafterdeductingnon-recurringgainsandlossesduringthereportingperiodisnegative □YesNo VI.Quarterlykeyfinancialindicators (inCNY) Whethertherearesignificantdifferencesbetweenabovefinancialindicatorsortheirsumsandtherelevantfinancialindicatorsinthequarterlyandhalf-yearreportsdisclosedbytheCompany □YesNo VII.DifferencesinAccountingDatabetweenChineseandOverseasAccountingStandards 1.DifferencesinthenetprofitsandnetassetsdisclosedinthefinancialstatementsaspertheinternationalaccountingstandardsandChinaaccountingstandards □ApplicableNotApplicable ThereisnodifferenceinthenetprofitsandnetassetsdisclosedinthefinancialstatementsaspertheinternationalaccountingstandardsandChinaaccountingstandards. 2.Differencesinthenetprofitsandnetassetsdisclosedinthefinancialstatementsasperthelocal(overseas)accountingstandardsandChinaaccountingstandards □ApplicableNotApplicable Thereisnodifferenceinthenetprofitsandnetassetsdisclosedinthefinancialstatementsasperthelocal(overseas)accountingstandardsandChinaaccountingstandards. 3.ExplanationofthereasonsfordifferencesinaccountingdatabetweenChineseandoverseasaccountingstandards □ApplicableNotApplicable VIII.Non-recurringItemsandTheirGains/Losses Applicable□Notapplicable (inCNY) Applicable□NotApplicable Otherprofitandlossitemsqualifyingasnon-recurringgainsandlossesprimarilyconsistofotherincome,amongothers. Explanationondefiningtheextraor