[年报]阳光电源(300274):2022年年度报告（英文简版）
原标题:阳光电源:2022年年度报告（英文简版） 2022 Annual Report Announcement No.: 2023-020 April 2023 2022 Annual Report (Full Copy) 2022 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. Investors are kindly advised to pay attention to investment risks. (1) Policy-related risks Although technologies related to renewable energy power generation are still evolving and grid parity has been achieved in most regions around the world, there are still a few regions where the power generation cost or the on-grid electricity price is higher than that of fossil energy, and the unit electricity cost per kilowatt-hour from wind-solar-storage integrated applications maintains relatively high. In addition, considering the various constraints including grid consumption, intermittent fluctuations in new energy availability, as well as land and taxation, policy support and encouragement from governments are still necessary. Since the supportive policies are formulated by the governments of various countries, while the global trend of energy conservation and emission reduction remains unchanged, major changes in the macro economies of major markets or relevant supportive policies will affect the growth pace of the industry and the Company’s profitability to a certain extent. To this end, the Company actively makes global presence, and continually delves into the global market to minimize the impact of policy fluctuations within a single country. (2) Risk of gross margin reduction due to intensified competition As the world's largest PV inverter manufacturer, the Company's core product, PV inverters, enjoys an obvious market advantage. However, the huge potential of domestic and foreign markets has also attracted fierce market competition. If the Company fails to maintain the leading edge in technological innovation, new product development, and cost control, the products will face the risk of gross margin declination. As such, the Company needs to further accelerate new product upgrade and iteration through R&D innovation and increasing R&D investment, speed up the research and application of AI technology, so as to constantly 2022 Annual Report (Full Copy) provide customers with value-added services, delivering better customer experience, and consolidate product advantages in the market. (3) Risk of collecting accounts receivables As the domestic market grows rapidly, the Company makes more efforts in product sales. In consideration of the PV industry characteristics in China, such as subsidy arrearage, large project amount, and long payment term, the Company's business growth at fast pace will lead to a quick increase of receivables and certain risks in payment collection. In order to prevent credit risks and accelerate capital turnover, the Company has formulated strict credit management systems and sale-on-credit policies, and actively reduce the risk of non-performing loans and bad accounts through legal actions. (4) Risk of international trade frictions Under the impact of intensified international trade frictions, global economy is under huge pressure of inclination, governments are launching monetary policies and other economic stimulation policies. While boosting the economy, such policies may cause bigger supply chain fluctuation, logistic efficiency reduction, and cost increase. The PV industry where the Company is in also faces short-term pressures due to changes in demand tempo. The Company has formulated a series of defensive measures and lean production plans to actively respond to the complicated global situation and expand the global market on the premise of ensuring employees’ safety and health. By strengthening the global supply chain layout, improving supply chain management capabilities, the Company makes every effort to reduce trade frictions and other impacts, ensuring that the annual tasks are completed on time. (5) Risk of exchange rate fluctuation USD, AUD and EUR are the three major currencies used for the Company's overseas revenue settlement. The impact of exchange rate fluctuations is mainly reflected in the following two aspects: a. Because of the CNY exchange rate fluctuation, changes in operating income measured in local currency pose a direct impact on the gross margin of main products; b. From the moment sales revenue is confirmed and accounts receivable is generated to the moment of collecting foreign currency, the Company is subject to exchange gains/losses from the fluctuations in the CNY exchange rate, which also directly affects the Company's performance. On the foundation of normal operation and relying on specific businesses, the Company takes various means, including hedging, continuous monitoring, and timely settling foreign currency sales to reduce exchange-related loss and control operating risks. (6) Risks in the supply chain of semiconductor components Semiconductors used in the Company's power electronic devices mainly include power semiconductors and chips that are mostly sourced from overseas. With the rapid growth of new energy vehicles, renewable energy power generation, 5G use cases, and charging infrastructure, semiconductors are facing certain risks of short supply and price fluctuation. To this end, the Company has made plans in anticipation, established long-term strategic partnerships with suppliers, and locked orders in advance, so as to get hold of the industry supply dynamics and secure the supply chain to the maximum extent. (7) Risks in construction management of PV power station investment and development 2022 Annual Report (Full Copy) projects PV power station projects feature large amount of investment and short lead time. These projects not only involve ground resources but also commercial roofs. For these projects, the investment decision-making is quite challenging, and a lot of uncertainties exist in project engineering and implementation, which may lead to project delays and jeopardize timely grid connection for power generation. While challenging the Company's project management, the projects also require a huge amount of working capital. In response to such risks, the Company makes cautious considerations when selecting new energy power generation projects to prioritize those with better grid connection conditions, clearly communicated subsidy policies, controllable installed cost and higher gross profit. Meanwhile, the Company further enhances engineering management and improves project management. After entering into sales contracts with customers, the Company reinforces project construction management in a timely manner, adequately communicates with customers on the progress, and adjusts the work schedule according to the result of communication, so that the impact of project delay on the Company's production and operation is eliminated or alleviated to the most extent. By providing project owners with safe, efficient and intelligent PV power stations that meet their needs, the Company's reputation in PV power station investment and development is improved. The board meeting has deliberated and approved the following profit distribution proposal: Based on a base quantity of 1,478,705,935 shares, a cash dividend of CNY 2.20 per 10 shares (tax inclusive) will be distributed to all shareholders, no bonus share (tax inclusive) will be distributed, and no share distribution from capital reserve. 2022 Annual Report (Full Copy) Contents Section I Important Notes, Contents and Definitions ..............................................................................................................................2 Section II Company Profile & Key Financial Indicators .........................................................................................................................9 Section III Management’s Discussion and Analysis .............................................................................................................................. 13 Section IV Corporate Governance ......................................................................................................................................................... 53 Section V Environment and Social Responsibilities .............................................................................................................................. 78 Section VI Significant Events ................................................................................................................................................................ 80 Section VII Changes in Shares and Information about Shareholders .................................................................................................. 110 Section VIII Preference shares ............................................................................................................................................................ 123 Section IX Bonds ................................................................................................................................................................................. 124 Section X Financial Reports ................................................................................................................................................................ 125 2022 Annual Report (Full Copy) 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. 2022 Annual Report (Full Copy) 2022 Annual Report (Full Copy)
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Accounting firm engaged by the Company
V. Key Accounting Data and Financial Indicators Whether the Company performed a retroactive adjustment or restatement of previous accounting data □ Yes ? No
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quarterly and half-year reports disclosed by the Company □ Yes ? No VII. Differences in Accounting Data between Chinese and Overseas Accounting Standards 1. Differences in the net profits and net assets disclosed in the financial statements as per the international accounting standards and China accounting standards □ Applicable ? Not Applicable There is no difference in the net profits and net assets disclosed in the financial statements as per the international accounting standards and China accounting standards. 2. Differences in the net profits and net assets disclosed in the financial statements as per the local (overseas) accounting standards and China accounting standards □ Applicable ? Not Applicable There is no difference in the net profits and net assets disclosed in the financial statements as per the local (overseas) accounting standards and China accounting standards. VIII. Non-recurring Items and Their Gains/Losses ? Applicable □ Not Applicable (in CNY) 2022 Annual Report (Full Copy) 2022 Annual Report (Full Copy)
There are no other gains or losses in the Company that fit in the definition of extraordinary items. Explanation on defining the extraordinary items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Publicly Offering Securities - Extraordinary Items as recurring gains or losses ? Applicable □ Not Applicable
Section III Management’s Discussion and Analysis I. Discussion and analysis of business situation Despite the complex international situation, economic slowdown, challenging logistics, supply chain price chaos, power device shortage and many other negative factors in 2022, under the guidance of the global low-carbon goal, renewable energy gained a vigorous momentum worldwide. In the context of global energy crisis due to the Russia-Ukraine conflict, short supply of fossil fuel and high prices further highlighted the safety and economic benefits of developing renewable energy. Major economies around the world put significantly more focus on renewable energy, strengthened policy and financial support for renewable energy in order to get away from fossil energy dependence and accelerate green energy development. For example, the European Union launched the REPowerEU plan, in which the proportion of renewable energy was increased from 40% to 45% by 2030 and a plan was made to invest EUR 210 billion more over the next five years to accelerate the growth of green energy. The United States released the IRA and planned to allocate USD 369 billion to subsidize and support projects in the clean energy sector. India launched the PLI plan to promote efficient PV manufacturing in India, which was expected to attract a direct investment of nearly INR 940 billion (USD 11.59 billion). China released the 14th Five-Year Plan for Renewable Energy Development and the Implementation Plan for Promoting the Quality New Energy Development in the New Era, and put forward a number of objects, including consuming renewable energy by more than 50% in the 14th Five-Year-Plan period, and achieving a total installed capacity of over 1.2 billion kilowatts for wind power and solar power generation by 2030. On a worldwide scale, the process of new energy transformation, with solar energy being the representative, accelerated significantly with a quick expansion in scale. According to China Photovoltaic Industry Association, global installed capacity of PV increased by 230 GW-AC (installed capacity increased by about 276 GW-DC on DC-side, according to the Company) in 2022, a year-on-year increase of 35.3%, reaching a historic high. The installed capacity mainly came from China, the European Union, the United States, and India. In 2023, as new capacity for silicon materials and etc. is gradually released, the upstream supply-demand contradiction that the PV industry has been suffering for two years will be effectively alleviated. Prices of silicon chips, solar cells and modules started to fall at the end of last year, and a downward trend is expected throughout this year. The economy of PV power generation will be further improved, downstream demand for installed capacity will be further supported and released. Driven by the carbon neutrality goals, clean energy transformation efforts and economic resurrection in many countries, the PV industry looks to a highly prosperous growth. According to the predictions of China Photovoltaic Industry Association and International Energy Agency, the installed capacity of new photovoltaic units worldwide will reach 280 to 330 GW in 2023. In 2024, the cumulative installed capacity of photovoltaic units worldwide will exceed that of hydropower, making it the largest contributor of non-fossil energy power generation. In 2026, the cumulative installed capacity of photovoltaic units worldwide will exceed that of natural gas. In 2027, the cumulative installed capacity of photovoltaic units worldwide will exceed that of coal, becoming the world's largest source of power. From 2023 to 2050, an installed capacity of 13,000 GW is expected for photovoltaic units worldwide. II. Business Scope in the Reporting Period Sungrow Power Supply Co., Ltd. is a national key high-tech enterprise specializing in R&D, manufacturing, sales and service of solar energy, wind energy, energy storage, electric vehicles, and other new energy power supply equipment. With a wide range of products including PV inverters, wind energy converters, energy storage systems, electric drive system for new energy vehicles, floating PV systems, and smart energy operation and maintenance service, the Company is committed to providing world-class solutions for the full life cycle of clean energy. 1. PV inverters 2022 Annual Report (Full Copy) Since the establishment in 1997, the Company has been concentrating on the R&D and manufacturing of PV system equipment, with PV inverters being the core product. Adhering to the mission of “Clean power for all”, the Company provides cutting-edge PV system solutions to users around the globe. PV inverter is one of the main components in a PV power generation system, which connects PV arrays to the grid and plays a critical role in ensuring the long-term and reliable operation of PV power stations and improving the project investment return. Sungrow’s PV inverter family, consisting of residential inverters, string inverters, centralized inverters, and modular inverters, covers a power range from 3 kW to 8,800 kW, and is widely used in residential, industrial and commercial, large ground power station, and other application scenarios. Residential PV inverters feature high power density, appealing exterior design, and simple installation and maintenance, which can automatically adapt to complicated grid environment, prolong power generation, and effectively improve power generation revenue. With built-in lightning protection and high-precision leakage current protection, as well as energy storage interfaces and various communication modes, they can meet various application requirements indoor and outdoor, and are widely used in residential PV power generation systems on residential roofs or in courtyards. String PV inverters feature high power density and simple installation and maintenance, which can meet the requirements of different applications indoor and outdoor, hence are widely used in small and medium PV power generation systems in parking lots or on commercial roofs, as well as in large-scale ground power stations on complex terrains. Centralized PV inverters feature high conversion efficiency, safety and reliability, are highly grid-friendly and cost effective. They can cope with various environments such as extremely low temperature and high altitude, and are widely used in large and medium-sized PV power generation systems in deserts, plateaus, and on commercial roofs. Modular inverters mark a new category in the industry. At a unit power of 1.1 MW, modules can be connected in parallel to form a flexible subarray configuration of 1.1 MW to 8.8 MW. Integrating the advantages of centralized inverters and string inverters, each module features independent operation and an independent MPPT design, is built with higher tracking accuracy and plug-and-play convenience for operation and maintenance, capable of addressing the diverse needs and application scenarios of different markets around the world. Sungrow Cloud: Capitalizing on the Internet of Things, artificial intelligence, big data, and blockchain technologies, Sungrow Cloud enables group customers to collectively operate and manage solar energy, energy storage, charging piles and other energies, and creates a smart energy brain. It comprehensively satisfies the management needs of customers at different levels throughout the entire energy lifecycle, and delivers four core values: stabilizing investment returns, guaranteeing asset safety, standardizing operation and management, and assisting the group’s decision-making. Sungrow's PV inverters are exported to more than 150 countries around the world, and topped the BloombergNEF list of “The World’s Most Bankable Inverter Brand for four consecutive years. In IHS Markit’s list of 2021 global PV inverter shipment, Sungrow ranked the first. As of December 2022, Sungrow has cumulatively installed over 340 GW of inverter equipment in the global market. 2. Wind power converters The Company's wind power converter products are transmission frequency conversion devices that integrate power electronics, modern transmission control theory and new energy application technologies. Covering a power range from 1.5 MW to 26 MW and a voltage range of 690V, 1140V, and 3300V, the portfolio consists of full-power wind power converters and double-fed wind power converters that are fully compatible with mainstream wind turbine models in China, which is suitable for various wind farm environments on-shore and off-shore. Dedicated in the power electronics industry for more than 20 years, Sungrow has recently developed high-power double-fed air-cooled main control integrated converters, 3 MW to 16 MW three-level converters and other new products to supply mainstream wind turbine manufactures in China. In the future, Sungrow will stick to the low-cost innovation and development strategy, accelerate the system cost reduction of wind turbines, and contribute added values to customers. 3. Energy storage system (ESS) Sungrow's energy storage business relies on the world-leading technology integration of power electronics, electrochemistry, and 2022 Annual Report (Full Copy) grid support to build profession energy storage systems. With a focus on the R&D, production, sales, and service of lithium battery ESS, the Company can provide energy storage converters, lithium batteries, energy management system and other core equipment for energy storage, deliver a range of ESS solutions for auxiliary new energy grid connection, power frequency and peak regulation, demand side response, micro-grid, and residential scenarios, and is acknowledged a world-class supplier of energy storage equipment and system solutions. As one of companies that made the earliest attempts in the field of energy storage in China, Sungrow’s ESS business footprints have now covered China, US, UK, Germany, Japan, and etc. 4. New energy investment and development In recent years, Sungrow Renewables, as the Company's new energy project development and investment platform, has upheld to the development concept of "More Power Generation in a Friendlier Way" to comprehensively advance development efforts for centralized PV, industrial and commercial PV, residential PV, and wind power, innovatively explore a new model of green and ecological development featuring multiple-energy complementation and industrial synergy. Under the dual propulsion of technology and market, Sungrow has established a diversified and collaborative business landscape featuring a solid foundation in China and rapid development overseas. As of end 2022, the Company has developed and built PV and wind power stations with a cumulatively capacity of more than 31 million kilowatts, with Sungrow Renewables continuing to hold the first place in the list of global PV developers. Centralized PV power stations: Covering various application scenarios, centralized PV power stations leverage advanced R&D capabilities and extensive project experiences to largely improve the ROI of PV power stations, creating greater value for customers. In the meanwhile, comprehensive development models such as PV desertification control, reclamation of saline and alkaline land, PV-agriculture complement, and floating systems are adopted to enable efficient and composite utilization of wind, solar, and land resources, providing integrated development examples for comprehensive environmental treatment and new energy industry application. Industrial and commercial PV power stations: In response to the diversified and personalized energy needs, the Company capitalizes on its world-leading new energy technological strength as well as innovative and efficient industrial and commercial PV power station products to provide enterprises with comprehensive new energy lifecycle solutions covering consulting, development, investment, and delivery. Based on the core advantages of “technology + platform", the Company builds a multi-win landscape for the brand, channel operators, partners, industrial and commercial enterprises, shortens service radius, and improves responsiveness, hence to assist a variety of industries in accelerating zero carbon transformation. Residential PV power stations: As the world's first residential PV brand certified by TüV, Sungrow Residential PV relies on Intelligentization and digitization to innovate serialized solutions for complex scenarios including flat roofs, flat-to-slope roofs, slope roofs, and courtyards. The end-to-end intelligent residential PV systems featuring independent design and integrated development and the innovative iSolar Roof-C residential smart design software can improve power station design efficiency by 400% and increase power generation by 0.6%. Wind power station: Wind farms can fit in different operating environments such as high/low temperatures, high altitude, low wind speed, coastal areas, and are intended for plain wind power, mountain wind power, decentralized wind power, wind-PV complementary systems and other healthy ecosystems and development patterns to meet the diverse needs of customers and maximize value. Multi-energy integration: Relying on the PowMart smart energy solution featuring independent intellectual property, Sungrow incorporates advanced system integration technology into the wind-PV-storage integration, wind-PV-hydrogen production, PV-storage-charging integration and other new energy integration application scenarios, establishes innovative examples in multi-energy collaboration, intelligent scheduling, grid friendliness, safety and reliability, and provides support for building a new type of power system running on new energies. 5. New energy vehicle drive system With the profound accumulation of clean power conversion technology and R&D advantages, Sungrow has extended inverter 2022 Annual Report (Full Copy) application into the electric vehicle industry, providing new energy vehicles with quality drive systems. As the Company’s platform for exploring the new energy vehicle industry, Sungrow Electric Power has grown into a national key high-tech enterprise specializing in R&D, production, sales, and service of electronic control, power supply, and other products for （未完）  |