2025-06-13-深交所-阳光电源_2024年年度报告（英文简版）_151页_3mb

2024 Annual Report Summary - Sungrow Power Supply Co., Ltd.

Core Content Overview

This document is the 2024 Annual Report of Sungrow Power Supply Co., Ltd., issued in April 2025. It outlines the company's financial performance, business operations, corporate governance, and future development strategies for the year 2024. The report also includes definitions of key terms, accounting data, and details of non-recurring items.

Main Points

1. Guarantees and Legal Responsibilities

• The Board of Directors, Board of Supervisors, directors, supervisors, and executives guarantee the accuracy and completeness of the report.
• Cao Renxian (President), Tian Shuai (Chief Accountant), and Li Pan (Head of Accounting Department) also guarantee the accuracy of the financial statements.
• The report does not constitute any commitment to investors. Investors are advised to be aware of potential risks and differences between plans and actual outcomes.

2. Profit Distribution Proposal

• Based on 2,047,096,561 shares (excluding repurchased shares), a cash dividend of CNY10.80 per 10 shares is proposed.
• The total cash distributed is CNY2,210,864,285.88 (tax inclusive).
• The company did not implement share capital increase by capital reserve or bonus share distribution in 2024.
• The proposal is pending approval by the shareholders' meeting.

3. Company Profile

• Stock abbreviation: Sungrow
• Stock code: 300274
• Chinese name: 阳光电源股份有限公司
• English name: Sungrow Power Supply Co., Ltd.
• Registered address: No. 1699 Xiyou Road, High-tech Zone, Hefei, Anhui Province
• Zip code: 230088
• Legal representative: Cao Renxian
• Website: http://www.sungrowpower.com
• Email: dshms@sungrow.cn, kangml@sungrowpower.com
• Board Secretary: Lu Yang
• Securities Affairs Representative: Kang Maolei
• Phone: 0551-65325617
• Fax: 0551-65327800

4. Accounting Firm and Supervision

• Accounting firm: RSM China (Special General Partnership)
• Engaged accountants: Wan Yunlong, Jiang Wei, Pan Lili
• Sponsor institution: China International Capital Corporation Limited
• Supervision period: October 22, 2021 to December 31, 2023

5. Key Accounting Data and Financial Indicators

• Operating income: CNY77,856,966,964.63 (up 7.76% YoY)
• Net profit attributable to shareholders: CNY11,036,278,921.36 (up 16.92% YoY)
• Net profit after non-recurring items: CNY10,692,731,577.61 (up 16.03% YoY)
• Net cash flows from operating activities: CNY12,068,326,644.66 (up 72.85% YoY)
• Total assets: CNY115,073,771,122.86 (up 38.85% YoY)
• Net assets attributable to shareholders: CNY36,905,064,146.23 (up 33.21% YoY)
• The company made adjustments to its accounting policies due to updated standards issued by the Ministry of Finance in 2024.

6. Quarterly Key Financial Indicators

• Operating income for 2024 was distributed across four quarters, with the highest in Q4 (CNY27,910,998,453.29).
• Net profit attributable to shareholders showed fluctuation across quarters, with the highest in Q4 (CNY3,436,725,899.67).
• Net cash flows from operating activities were significantly positive in Q4 (CNY11,264,389,257.27), but negative in Q1 and Q2.

7. Accounting Differences

• No differences were found in net profit and net assets between Chinese accounting standards and international accounting standards.
• No differences were found in net profit and net assets between local (overseas) accounting standards and Chinese accounting standards.

8. Non-recurring Items and Gains/Losses

• The company reported non-recurring gains and losses for 2024, including:
  • Gains or losses from disposal of non-current assets: -CNY4,481,304.80
  • Gains from changes in fair value of trading financial assets: CNY197,186,752.05
  • Reversal of impairment provisions for accounts receivable: CNY90,102,731.41
  • Other non-operational income and expenditure: -CNY17,274,561.30
  • Total non-recurring gains and losses: CNY343,547,343.00
• There were no other extraordinary gains or losses in the report.

9. Business Scope and Product Portfolio

• Sungrow specializes in solar energy, wind energy, energy storage, and electric vehicle power supply equipment.
• Key products include PV inverters, wind energy converters, energy storage systems, electric drive systems, charging equipment, floating PV systems, and smart energy operation and maintenance services.
• The company offers a wide range of inverters:
  • Microinverters: S450S, S800S, S1600S (450W, 800W, 1600W)
  • String inverters: SG320HX (overseas model: 350), SG30-125CX-P2, SG150CX Series
  • Centralized inverters: For large-scale ground power stations
  • Modular inverters: "1+X" modular products (cumulative global shipment >40 GW)
  • Residential inverters: SG10-30T-CN, SH8.0-10RS, SH5.0-25T
• Sungrow Cloud integrates IoT, AI, big data, and blockchain to provide smart energy management solutions for group customers.

10. Industry Trends and Market Position

• The PV industry continued its growth in 2024, with global installations reaching 460 GWac (up 27% YoY).
• Emerging markets like Pakistan showed strong growth potential.
• The energy storage industry also saw rapid growth, with global lithium battery installations reaching 182 GWh (up 72% YoY).
• Sungrow is recognized as the world's top PV inverter brand in both 2024 global shipment list and BNEF 2025 inverter bankability report, being the only brand to rank top five times.

Key Information

• The report includes definitions of terms such as inverter, energy storage converter, wind power converter, and various international standards (e.g., UL, TÜV, CE, AS4777, CEC, CSA, VDE).
• The company's financial statements and audit reports are available on www.cninfo.com.cn and www.sungrowpower.com.
• Sungrow Cloud is a key innovation that enables smart energy operation and maintenance, centralized monitoring, and intelligent decision-making.
• The company has no significant differences between quarterly financial indicators and annual reports.

Conclusion

The 2024 Annual Report of Sungrow Power Supply Co., Ltd. highlights the company's continued growth in the PV and energy storage industries, strong financial performance, and innovative product development. The report also emphasizes corporate governance, accounting transparency, and risk awareness for investors. Sungrow remains a global leader in PV inverter technology, with a diverse product portfolio and a strong market position.