阳光电源:2024年年度报告(英文简版)

Sungrow Power Supply Co., Ltd.
2024Annual Report
April 2025

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
2,047,096,561 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 CNY2,210,864,285.88 (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.

Contents

Section I Important Notes, Contents and Definitions...... 3
Section II Company profile and key financial indicators ...... 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 about Shareholders ...... 113
Section VIII Preference Shares...... 124
Section IX Bonds...... 125
Section X Financial reports ...... 126
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.

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.
Inverter, PV inverter One of the critical devices in a solar PV power generation system, which converts DC power
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
Centralized PV inverter maximum power point tracking (MPPT), then connecting them into the grid after inversion.
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
String PV inverter connecting theminto the AC grid after inversion. Astring inverter mayhave multi