[年报]阳光电源(300274):2024年年度报告（英文简版）
|
时间：2025年06月13日 18:41:11 中财网 |
|
原标题:阳光电源:2024年年度报告（英文简版）
Sungrow Power Supply Co., Ltd.
2024 Annual 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 |
| Centralized PV inverter | Connecting a number of parallel PV modules to the DC input of a centralized inverter for
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 |
| String PV inverter | Performing separate MPPT on several groups (in general 1 to 4 groups) of PV modules, and
connecting them into the AC grid after inversion. A string inverter may have multiple MPPT
modules. With a relatively low small power, it is mainly used in distributed power generation
systems, and sometimes also in centralized PV power generation systems |
| Energy storage converter | Power conversion devices between the energy storage batteries and the AC power grid,
capable of charging and discharging the batteries. They are used in PV, power smoothing
for wind power generation, peak load shifting, micro-grid and other scenarios |
| Wind power converter | Devices that convert the electric energy with unstable voltage frequency and amplitude
generated by wind turbine generators under the actions of natural wind into electric energy
with stable frequency and amplitude that meets the grid requirements, and connect it to the
grid |
| Distributed power supply | Distributed power supply units, that is, small and modular standalone power supplies ranging
from several kilowatts to 50 MW that are environment-compatible |
| Energy storage | Storage of electrical energy |
| UL | One of the globally renowned testing and certification bodies and standard development
bodies |
| TüV | A safety certification mark granted by the TüV Group to products, which is widely
recognized around the world |
| CE | A certification that must be obtained by products entering the European market |
| Enel-GUIDA | A standard developed by the Italian State Power Board (Enel), which is widely recognized
in Italy |
| AS4777 | An Australian standard. PV modules and inverters must comply with this standard in order
to be used in the design and installation of PV systems in Australia |
| CEC | Abbreviation of the California Energy Commission. External power supplies exported to
California must obtain this certification |
| CSA | Canadian Standards Association, the largest non-profit organization for defining industrial
standards in Canada |
| VDE | One of the most experienced certification bodies in Europe with a high reputation in the
world that is directly involved in developing the German national standards |
| IPD | Integrated product development management process |
| Watt (W), Kilowatt (kW), Megawatt
(MW), Gigawatt (GW) | The unit of measure for power of electricity, in specific, 1 GW = 1,000 MW = 1,000,000 kW
= 1,000,000,000 W |
| CNY, 10K CNY, 100 million CNY | Renminbi yuan, renminbi 10,000 yuan, renminbi 100 million yuan |
| 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 |
| Reporting period, current reporting
period, current period | January 1, 2024 - December 31, 2024 |
Section II Company profile and key financial indicators
I. Company Profile
| Stock abbreviation | Sungrow | Stock code | 300274 |
| Name of the Company in Chinese | 阳光电源股份有限公司 | | |
| Abbreviation of the Company in
Chinese | 阳光电源 | | |
| Name of the Company in English
(if any) | Sungrow Power Supply Co., Ltd. | | |
| Abbreviation of the Company in
English (if any) | Sungrow Power Supply | | |
| Legal representative | Cao Renxian | | |
| Registered address | No. 1699 Xiyou Road, High-tech Zone, Hefei, Anhui Province | | |
| Zip code of registered address | 230088 | | |
| Changes in the Company's
registered address | The registered address has not changed since the Company was listed in 2011 | | |
| Business address | No. 1699 Xiyou Road, High-tech Zone, Hefei, Anhui Province | | |
| Zip code of business address | 230088 | | |
| Company website | http://www.sungrowpower.com | | |
| E-mail | [email protected], [email protected] | | |
| | | | |
II. Contacts and Contact Information
| | Board Secretary | Securities Affairs Representative |
| Name | Lu Yang | Kang Maolei |
| Address | No. 1699 Xiyou Road, High-tech Zone,
Hefei, Anhui Province | No. 1699 Xiyou Road, High-tech Zone,
Hefei, Anhui Province |
| Phone | 0551-65325617 | 0551-65325617 |
| Fax | 0551-65327800 | 0551-65327800 |
| E-mail | [email protected] | [email protected] |
III. Information Disclosure and Place of the Report
| Website of the stock exchange specified for disclosing the
Annual Report | http://www.cninfo.com.cn |
| Media and websites specified for disclosing the Annual Report | China Securities Journal, Securities Times, Shanghai Securities
News, Securities Daily |
| Place where the Annual Report is available for | Office of the Board of Directors |
IV. Other relevant information
Accounting firm engaged by the Company
| Name of the accounting firm | RSM China (Special General Partnership) |
| Business address of the accounting firm | 29/F, Block A, the Landmark, Shushan District, Hefei City,
Anhui Province |
| Name of the undersigning accountants | Wan Yunlong, Jiang Wei, Pan Lili |
Sponsor institution engaged by the Company for continuous supervision during the reporting period
?Applicable □ Not applicable
| Name of Sponsor | Sponsor's Office
Address | Name of Sponsor
Representative | Period of continuous supervision |
| China International
Capital Corporation
Limited | Floors 27/28, China
World Office 2, No. 1
Jianguomenwai Avenue,
Beijing 100004, P.R.
China | Liu Chengli, Wang
Jixiang | October 22, 2021 to December 31, 2023 (The
continuous supervision and guidance period by
China International Capital Corporation Limited has
ended on December 31, 2023. However, the funds
raised by the Company have not been fully utilized,
therefore, continuous supervision and guidance by
China International Capital Corporation Limited is
required before the funds are fully utilized.) |
Financial advisor engaged by the Company for continuous supervision during the reporting period □Applicable? Not applicable
V. Key accounting data and financial indicators
Whether the Company performed a retroactive adjustment or restatement of previous accounting data ? Yes □ No
Reason for retroactive adjustment or restatement
Changes in Accounting Policies
| | 2024 | 2023 | | YOY
Change | 2022 | |
| | | Before
Adjustment | After
Adjustment | After
Adjustment | Before
Adjustment | After
Adjustment |
| Operating income (CNY) | 77,856,966,
964.63 | 72,250,674,93
9.46 | 72,250,674,
939.46 | 7.76% | 40,257,239,
155.34 | 40,257,239,
155.34 |
| Net profit attributable to
shareholders of the Company
(CNY) | 11,036,278,
921.36 | 9,439,561,800
.25 | 9,439,561,8
00.25 | 16.92% | 3,593,410,0
09.26 | 3,593,446,5
14.09 |
| Net profit attributable to
shareholders of the Company
after deducting non-recurring
gains and losses (CNY) | 10,692,731,
577.61 | 9,215,604,036
.77 | 9,215,604,0
36.77 | 16.03% | 3,385,797,3
03.38 | 3,385,833,8
08.21 |
| Net cash flows from operating
activities (CNY) | 12,068,326,
644.66 | 6,981,838,977
.28 | 6,981,838,9
77.28 | 72.85% | 1,210,498,4
85.89 | 1,210,498,4
85.89 |
| Basic earnings per share
(CNY/share) | 5.32 | 6.36 | 4.55 | 16.92% | 2.42 | 1.73 |
| Diluted earnings per share
(CNY/share) | 5.32 | 6.36 | 4.55 | 16.92% | 2.42 | 1.73 |
| Weighted average return on
equity | 33.99% | 40.96% | 40.96% | -6.97% | 20.95% | 20.95% |
| | As at Dec.
31 2024 | As at Dec. 31 2023 | | YOY
Change | As at Dec. 31 2022 | |
| | | Before
Adjustment | After
Adjustment | After
Adjustment | Before
Adjustment | After
Adjustment |
| Total assets (CNY) | 115,073,771
,122.86 | 82,876,506,72
7.57 | 82,876,506,
727.57 | 38.85% | 61,626,211,
527.11 | 61,627,440,
167.96 |
| Net assets attributable to
shareholders of listed companies
(CNY) | 36,905,064,
146.23 | 27,705,218,36
4.40 | 27,705,218,
364.40 | 33.21% | 18,666,305,
389.67 | 18,667,293,
759.12 |
Reasons for changes in accounting policies and correction of accounting errors
The Ministry of Finance of the People's Republic of China issued Accounting Standards for Business Enterprises Application
Guidance Compendium 2024 in March 2024 and Accounting Standards for Business Enterprises Interpretation No. 18 on December
6, 2024. These regulations stipulate that warranty-type warranty expenses should be incorporated into operating costs. In light of the
revision of the above-mentioned accounting standards, the Company made corresponding adjustments to its previously adopted
relevant accounting policies. For specific details, please refer to Section X. V36, Changes in Significant Accounting Policies and
Accounting Estimates.
In accordance with the annual equity distribution plan for 2023, the Company transferred 4 shares for every 10 shares from the
capital reserve to all shareholders. the Company recalculated the earnings per share for the comparable period based on the adjusted
number of shares.
The lower of the Company's total audited profit, net profit, or net profit after extraordinary gains and losses for the most recent fiscal
year is negative
□Yes? No
The lower of net profit including extraordinary and net profit excluding extraordinary is negative □Yes? No
VI. Quarterly key financial indicators
(in CNY)
| | Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 |
| Operating income | 12,613,586,133.41 | 18,406,178,869.10 | 18,926,203,508.83 | 27,910,998,453.29 |
| Net profit attributable to shareholders of the
Company | 2,096,318,765.89 | 2,862,754,811.21 | 2,640,479,444.59 | 3,436,725,899.67 |
| Net profit attributable to shareholders of the
Company after deducting non-recurring
gains and losses | 2,083,420,853.57 | 2,798,990,065.85 | 2,497,869,809.48 | 3,312,450,848.71 |
| Net cash flows from operating activities | -487,736,072.69 | -2,115,970,875.06 | 3,407,644,335.14 | 11,264,389,257.27 |
Whether there are significant differences between above financial indicators or their sums and the relevant financial indicators in the
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)
| Item | Amount in 2024 | Amount in 2023 | Amount in 2022 | Remarks |
| Gains or losses from disposal of non-current assets
(including the write-off accrued for impairment of assets) | -4,481,304.80 | -13,874,372.86 | -3,361,515.27 | |
| Gains or losses from changes in fair value arising from
holding trading financial assets and trading financial
liabilities, as well as investment gains from disposal of
trading financial assets, trading financial liabilities, and
salable financial assets, except for the effective hedging
business associated with the Company’s normal business
operation | 197,186,752.05 | 162,726,489.74 | 114,038,405.73 | |
| Reversal of impairment provisions for accounts
receivable which are separately tested for impairment | 90,102,731.41 | 5,822,834.44 | 5,784,209.13 | |
| Gains entitled to the Company when the investment cost
of acquiring subsidiaries, associates or joint ventures is
no more than the fair value of identifiable net assets of
invested unit at the time of investment | | 69,649.51 | | |
| Gains or losses from debt restructuring | -449,122.14 | -154,355.00 | | |
| Other non-operational income and expenditure in
addition to the items listed above | -17,274,561.30 | 2,254,304.98 | -6,748,079.29 | |
| Other items of profit or loss that meet the definition of
non-operating profit or loss | 134,435,390.49 | 118,675,145.65 | 140,744,784.09 | |
| Less: Income tax impact | 52,614,872. | 42,613,860.90 | 39,295,421.32 | |
| Minority shareholders' equity impact (after tax) | 3,357,669.87 | 8,948,072.08 | 3,549,677.19 | |
| Total | 343,547,343. | 223,957,763.48 | 207,612,705.88 | -- |
Details of other gains or losses that fit in the definition of extraordinary items: □ Applicable ? Not Applicable
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
| Item | Amount Involved (CNY) | Reason |
| Gains from changes in fair value of
power station projects in possession | 19,111,022.41 | Equity transfer of power station projects is
one of the Company's day-to-day businesses |
Section III Management’s Discussion and Analysis
I. Industry situation in the reporting period
For the PV industry, in 2024, under the global low-carbon goals and driven by supportive policies, improved project economics, and
technological advancements worldwide, the PV industry continues its growth momentum. According to third-party data, global new
PV installations reached 460 GWac in 2024, marking a year-on-year increase of 27%. Major global PV markets maintained growth
momentum, with emerging markets such as Pakistan demonstrating remarkable progress, expected to become new growth drivers for
the PV market.
For energy storage industry, in 2024, global energy storage demand sustained rapid growth, driven by increasing renewable energy
penetration and declining storage costs. Third-party data indicates that global lithium battery energy storage installations reached 182
GWh in 2024, reflecting a 72% year-on-year increase.
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, charging
equipment, 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
Since the establishment in 1997, the Company has been focused 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 microinverters, residential inverters, string inverters, centralized inverters, and modular inverters, covers
a power range from 0.45 kW to 8,800 kW, and is widely used in residential, industrial and commercial, large ground power station,
among other application scenarios.
Microinverters feature a compact design and high adaptability to low-light and high-temperature environments. With superior energy
generation, simplified installation, and naturally arc-free, they enable component-level intelligent operating and maintenance. These
systems are primarily applicated in scenarios such as balcony PV systems and rooftop PV installations.
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 are suitable for different indoor and
outdoor applications, 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 an independent MPPT design and operates independently, is built with higher tracking accuracy and plug-and-play
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 poles 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.
According to the 2023 global PV inverter enterprise shipment list released by an authoritative data consulting organization S&P Global
2024, Sungrow continues to be the world's No. 1. in the 2024 Inverter Bankability Survey Report released by Bloomberg New Energy
Finance (BNEF) in 2025, Sungrow was awarded the world's No. 1 in inverter bankability rankings, and has become the world's only
new energy brand that has been ranked top in the inverter list for five times.
| Product | Picture | Brief Introduction |
| "1+X" modular products | | the Company introduced the industry’s first 1+X
modular inverters with a cumulative global
shipment of more than 40 GW. Featuring a
modular design, multiple inverters at a unit power
of 1.1 MW can be connected in parallel to shape a
flexible sub-array of 1.1 MW to 8.8 MW, making
station configuration more flexible and operation
and maintenance easier. A number of innovative
technologies, such as the intelligent IV diagnosis
for high-power inverters and the DC parallel arc
detection and shutdown, further streamlined
system operation and maintenance and improved
power generation efficiency. |
| SG320HX string
inverter (overseas
model: 350) | | To cope with the widespread application of high-
power modules, Sungrow introduced the
SG320HX high-power string inverter for large-
scale ground power stations. The application of
advanced technologies, such as the AI-based air
duct health management, the MPPT-class
insulation monitoring, AC/DC terminal
temperature sensing, and the HV/LV grid
adaptation, contributed to the upgrade in
intelligent operation and maintenance, safety and
reliability, and support for the power grid,
continuously leading the market of 300kW+high-
power series inverters. |
| SG30-125CX-P2 string
inverter (for industrial &
commercial scenarios) | | Based on precise market insights, Sungrow
introduced the 125 KW high-power industrial and
commercial inverters. Featuring high power, 1+II
lightning protection, and AFCI2.0, the products
guaranteed the safety of industrial and commercial
power stations, and achieved large-scale
application worldwide. |
| SG150CX Series
Inverter | | Based on deep insights into customer needs and
module technology trends, the Company
introduced its 150kW commercial and industrial
(C&I) inverter. Equipped with Arc Fault Detection
3.0, the product supports 48A input current and
450-meter cable detection coverage. The newly
integrated AC/DC terminal temperature sensing
system automatically identifies terminal
temperature anomalies and triggers intelligent
shutdown protocols. A 20ms ultra-fast DC circuit |
| | | breaker equipped ensuring rapid fault isolation.
The upgraded self-cleaning air duct technology
performs daily automated dust removal, ensuring
sustained system efficiency. This innovation
solidifies its position as an industry benchmark for
high-performance C&I inverters. |
| SG10-30T-CN
residential inverter | | To cope with the widespread application of high-
power PV modules and the demand for larger
residential PV systems, Sungrow made all-around
upgrades to its RT series of products. The input
current of a single string increased to 18A,
allowing it to flexibly adapt to high-power PV
modules and double-sided PV modules. At the
same time, the power range of products was
expanded to address diversified residential
installation needs. |
| SH8.0-10RS residential
inverter | | As a high-power single-phase PV-storage inverter
for residential use recently introduced by the
Company, the product's power is increased to 8-10
kW, which can be used in combination with
SBR/SBH large-capacity batteries to deliver green
power for the entire house. Having integrated
convenience and multi-level safety design, the
product is built with AFCI2.0 and other active
safety technologies, allowing more families
around the world to enjoy more convenient and
safer green power. |
| SH5.0-25T | | The new generation three-phase residential solar-
storage inverter (5-25 kW per unit, expandable via
parallel configuration) integrates with SBR/SBH
high-capacity batteries, delivering scalable green
energy solutions for residential and small
commercial/industrial applications. Designed with
multi-layer protection (including AFCI 2.0 arc
fault prevention), which safeguard the power-
using safety. Its appliance-inspired plug-and-play
installation and the OneCloud Intelligent Platform
for centralized monitoring ensures minimal
maintenance, and empowers global family users to
embrace a simpler, safer, and sustainable clean
energy life. |
| microinverter
s450s/s800s/s1600s | | The company's first full-series microinverter
products - S450S, S800S, and S1600S with rated
power outputs of 450W, 800W, and 1600W
respectively - are tailored for balcony and rooftop
PV scenarios. Featuring an advanced cooling
system that ensures stable 2% higher energy yield
than industry peers under low-light or extreme
heat and maintaining full power output at 60°C
without airflow .they enable 30% faster
installation via plug-and-play design with one-
click network synchronization and smart self-
diagnosis. Certified with 12 international
standards (IP67 & C5 corrosion resistance) after
200+ safety tests, these inverters incorporate
independent MPPT design that keeps DC-side |
| | | voltage below 60V, fundamentally eliminating arc
fault risks while delivering ultimate safety
assurance. |
2. Energy storage systems (ESS)
As one of the first companies involved in energy storage, Sungrow relies on the world-leading technology integration of power
electronics, electrochemistry, and grid support to build professional energy storage systems. With a focus on the R&D, production,
sales, and service of lithium battery ESS, the Company offers 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. According to the 2024 global cumulative installed capacity ranking for energy
storage systems released by the authoritative consulting firm S&P Global, Sungrow was awarded the top position worldwide.
Additionally, in the 2024 Global Bankability Ranking published by BNEF, Sungrow's energy storage systems and PCS both named as
the No. 1 global ranking.
| Product | Picture | Brief Introduction |
| PowerTitan 2.0 large-scale
ground energy storage
system | | As the new generation of energy storage
system built with the “3-in-1 integration”
concept, PowerTitan 2.0 is equipped
with embedded PCS to enable AC
storage. The product can support a
configuration capacity of 2.5 MW/5
MWh in a standard 20-foot container,
greatly improving the energy density of
the system. Liquid cooling for the entire
system, intelligent cluster-level
management, and the Stem Cell Tech
contribute to a product that is more
efficient, application friendlier, and safer
for users, helping new power systems
operate steadily in all scenarios. |
| PowerTitan 1.0 large-scale
ground energy storage
system | | Adhering to the “3-in-1 integration”
concept and the innovative combination
of power electronics, electrochemistry,
and grid support technologies, Sungrow
introduced the professionally integrated
PowerTitan series energy storage
systems with a capacity of 3.44 MWh.
Liquid-cooling temperature control and
intelligent cluster-level management
helped to deliver the goals of longer
service life, higher efficiency, and less
loss. A combination of innovations in
electrical safety, cell safety, and grid
safety improved the overall safety of
energy storage systems. |
| PowerStack 200CS
industrial and commercial
energy storage system | | Carrying forward Sungrow’s tradition of
“3-in-1 integration” and “Independent
development across all stacks”,
PowerStack 200CS features deep
integration of power electronics,
electrochemistry, and grid support
technologies. Thanks to the innovative
use and integration of AI technology, it
takes an “intelligence and storage
integrated” design to deliver EMS, PCS, |
| | | and BMS functions, with a system
capacity of up to 225 kWh. The product
demonstrates leading advantages in
revenue, low-maintenance use, and
comprehensive safety, which helps
address three major pain points of users,
namely revenue, operation and
maintenance, and safety, and eliminating
the concerns in industrial and
commercial power distribution and
storage. |
| PowerStack
835CS Commercial and
Industrial Energy Storage
Systems | | PowerStack 835CS is Sungrow’s
industry-first 10/20kV-ready liquid-
cooled C&I ESS, pioneering scenario-
customized solutions for large-scale
industrial applications. Designed to
address critical demands for economic
viability, operational simplicity, and
safety in industrial energy storage, it
incorporates various advanced
technologies such as 836kWh “Golden
Capacity” Configuration, AC-Coupled
Architecture, StemCell Grid Tech and
Customized EMS with Scenario-Based
Algorithms. These features enhance
economy, ease of use, and safety while
rebuilding the experience of users. |
| PowerStack 500CP
industrial and commercial
energy storage system | | In response to the increased civil power
consumption and large power load in
peak hours, Sungrow introduced the
PowerStack industrial and commercial
energy storage system for industrial and
commercial scenarios with a capacity of
535 kWh. Based on intelligent EMS
energy management, the product can
support multiple application modes in
on-grid or off-grid scenarios, and
coordinate energy scheduling among
grids, PV systems, charging poles, and
loads. Thanks to the liquid-cooling
technology and intelligent safety
protection, it can improve the reliability
of energy storage systems in multiple
dimensions. |
| 2nd generation residential
battery SBH100-400 | | As the residential energy storage market
heats up, Sungrow quickly advances its
PV-storage integration business. In 2023,
the Company launched the new
generation of SBH series residential
batteries, an all-around upgrade on top of
the advantageous performances of SBR
series batteries. The module capacity
was upgraded, with maximum capacity
reaching 40 kWh per unit. The charging
and discharging performance was
upgraded, and batteries could be quickly
charged to full state at an ultra-large |
| | | charging and discharging current of 50
A. Safety was upgraded thanks to the
pre-bundled design of cells and module-
level fire protection. When used in
combination with the brand-new SHT
and SHRS series high-power PV-storage
inverters, the product can support green
power supply and storage for the entire
house. |
| Residential battery SBR096-
256 | | Capitalizing on the channel advantages,
Sungrow accelerates the residential PV-
storage business and has introduced the
new generation of SBR series residential
battery solutions. The product features
convenient installation, flexible
configuration, safety and reliability, and
outstanding performance. |
| Residential 5 kWh Small
Battery SBS050 | | The Company introduced the next-
generation 5kWh residential energy
storage battery SBS050 in late 2024.
Featuring an ultra-slim 182mm design, it
supports flexible parallel connection of
1-4 units, scaling up to 20kWh total
capacity. When paired with the SHRS-20
inverter for high-current 50A
charging/discharging and compatible
with diesel generator systems, this
solution delivers sleeker aesthetics,
enhanced flexibility, superior
performance, and reinforced safety,
making it the optimal choice for compact
residential energy storage demands. |
3. New energy investment and development （未完）
