Report Instructions
This report is the Environmental, Social, and Governance (ESG) Report published by Hangzhou First Applied Materials Co.,
Ltd.(FIRST). The purpose of this report is to showcase FIRST's practices and achievements in sustainable development and
to disclose the work done by FIRST in the areas of environment, social, and governance in 2023 and previous years.
Report Scope Report Preparation Standards
The organizational scope of this report covers Hangzhou This report was prepared in accordance with the
First Applied Materials Co., Ltd. and its subsidiaries. This "Guidelines for Environmental Information Disclosure of
report is published annually, in alignment with the fiscal Listed Companies" required by the Shanghai Stock
year, covering the period from January 1, 2023, to Exchange; it references the Global Reporting Initiative (GRI
December 31, 2023. To enhance the readability of the Standards 2021) and the "Environmental, Social and
report, some content or data may trace back to previous Governance Reporting Guide" published by the Hong Kong
years or look forward to subsequent years. Unless Stock Exchange. It is also compiled in reference to the
otherwise stated, this report uses the RMB as the currency Sustainable Accounting Standards Board (SASB) and the
unit. recommendations framework of the Task Force on Climate-
related Financial Disclosures (TCFD).
Information Source
Unless specifically stated, the data in this report comes
Appellation Description
from the company's periodic or interim disclosures. If there
are discrepancies, please refer to the disclosed periodic or For ease of expression and reading, the terms "First," "the
interim announcements. Other data comes from the company," "we," and "our" in this report all refer to
company's internal management systems and statistics, Hangzhou First Applied Materials Co., Ltd. and its
including some historical data. The company assures that subsidiaries.
there are no false records, misleading statements, or
material omissions in the content of this report.
Report Access
This report is available for download in electronic format
from the Shanghai Stock Exchange (www.sse.com.cn) and
Disclaimer
Hangzhou First Applied Material Co., Ltd.'s website
This report contains forward-looking statements, (www.firstpvm.com). This report is available in both Chinese
including business plans and development strategies. and English. In case of discrepancies or ambiguities
These statements reflect the company's predictions of between the Chinese and English interpretations, the
future events based on the current situation and may be content in the Chinese version shall prevail. For further
influenced by unknown and uncertain factors that inquiries, questions, or suggestions regarding this report,
materially differ from the actual results. No forward- please contact:
looking or expected statement in this report constitutes a Hangzhou First Applied Material Co., Ltd.
material commitment by the Company to investors. Address:No.8 Fusite Street, Lin'an, Hangzhou, China
Tel: 0571-61076968
Email: first-zqb@firstpvm.com
Letter from the Chairman
In the past year, the global challenges of climate change have become increasingly severe and urgent.
At the same time, technological advancements are focusing more on digitalization, intelligence, and
decarbonization. There is a growing interest among stakeholders in sustainable development and ESG-
related performance, which raises higher demands for transparency in our operations and ESG
disclosures. Against this backdrop, we have been actively and decisively embracing these changes in
our own way, always viewing ESG and sustainability issues from the perspective of growth and
opportunity and vigorously driving our corporate responsibility and sustainability work.
We have enhanced decision-making efficiency and transparency by building and upgrading our
corporate governance structure. In 2023, we strengthened our internal controls and business ethics. We
always practice the people-centric philosophy and have strategically invested in DEI (Diversity, Equity,
and Inclusion) initiatives. In 2023, our employee dormitory came into operation, providing integrated
services of accommodation, dining, and leisure for over a thousand employees. We have invested
significant resources to ensure comprehensive protection for our employees, including professional
development, health and safety, and various incentives.
We proudly ranked among the top 50 innovative companies in Forbes China in 2023, continued to
increase our R&D investment, and enhanced our drive for innovation, achieving new breakthroughs in
our fields of photovoltaic materials, electronic materials, and functional films. We are actively pushing for
the development of digital, intelligent, and green concepts and technologies, improving the efficiency of
corporate production and operations, enhancing creativity and competitiveness, and providing reliable
products and services.
Looking ahead, we will remain committed to the business tenet of "innovative technology for the future"
and our core mission of being a technology leader in the industry. Leveraging our advantages in the PV
industry, we will promote the integrated use of solar energy in various forms to actively support the
national "dual carbon" goals and foster the development of green and sustainable endeavors. We will
further explore fields with broad growth prospects, such as electronic material and water treatment
material, focusing on the independent R&D and industrialization of high-polymer new materials, and
strive to promote technological innovation and application in the global clean energy industry.
About FIRST
Hangzhou First Applied Material Co.,Ltd.
Development Strategy: Focus on the main PV business, and vigorously develop other new material industries.
Development Vision: To become a world-class materials supplier.
PV Material Electronic Material Functional Film PV Generation
Division Division Division Business
Suzhou FIRST Hangzhou First Hangzhou First Zhejiang new energy
Chuzhou FIRST Electronic Material Functional Material development
Jiaxing FIRST Co.,Ltd. and its Co.,Ltd Co.,Ltd. and its
Guangdong FIRST subsidiaries subsidiaries
Thailand FIRST
Vietnam FIRST
Conducting electronic
Responsible for Responsible for the Responsible for
material business, including
developing photovoltaic business of functional film developing small ground
Dry Film Photoresist, FCCL,
business such as PV materials such as power stations, industrial
and Photosensitive Solder
Film and PV Backsheet. Aluminum Laminated Film and commercial, and
Resist.
and RO Membrane household distributed
Applications include Support Fabric. power station business.
Applications include graphic
encapsulating,
etching of PCB, and
enhancing efficiency, Applications include the
insulation protection of soft
and protecting PV flexible packaging of
board substrates and fine
modules. lithium batteries and the
circuit.
support of water
purification membranes.
About FIRST
Suzhou Factory Chuzhou Factory
Hangzhou Headquarters Jiaxing Factory Software Company
Anji Factory Thailand Factory Vietnam Factory
PV Products
Jiangmen*
Chuzhou
Suzhou
Jiangmen Factory Jiaxing
Hangzhou Headquarters
PV Film
Electronic Materials
Functional Materials
Electronic Materials
Anji
Ji’an
Suining
Huizhou
Jiangmen*
Overseas base
Haiphong,Vietnam*
Hangzhou Headquarters Lascha,Thailand
PV Film Production Base
PV Film & PV Backsheet
Electronic Materials
* Under construction
We mainly engaged in the R&D, production, and sales of PV Film, PV Backsheet, and Photosensitive Dry Film.
We are the largest supplier of PV films globally, with a market share of about 50%. We offer the richest product
line that can meet the encapsulating requirements of various types of crystalline silicon cells and thin-film
modules. The cumulative shipments of our PV films can encapsulate over 850GW of PV modules.
Revenue (RMB billion) 22.589
Net Profit (RMB billion) 2.197
Net Asset (RMB billion) 15.590
Total Asset (RMB billion) 21.836 20.195
? National Green Factory ? Zhejiang Province's First Batch of Eagle Enterprises
? Forbes China Top 50 Innovative Companies 2023 ? Dry Film Photoresist Products Recognized as
? China Photovoltaic 20 Years Innovation Pioneer Zhejiang Province's First Batch of New Materials
Award ? Hangzhou "Future Factory"
? Zhejiang Province Technology Leading Enterprise ? Hangzhou Headquarters Enterprise
Development Goals Communication for ESG Issues System
Response to UN Sustainable Development Goals
Our commitment to supporting and aligning with the United Nations Sustainable Development Goals (SDGs) is
unwavering, ensuring our operations advance in concert with the global sustainability agenda. Our strategy is
methodically structured around four core themes: Environmental Protection, Creating Value, Employee and
Social Care, and Corporate Governance. We diligently identify intersections with the SDGs, embracing a range
of objectives that includes Gender Equality, Industry, Innovation, and Infrastructure, Responsible Consumption
and Production, responsible consumption and production practices, and Climate Action, among others,
comprising a total of 16 targeted goals.
Environmental Creating
Protection Value
Environmental Management System
Certification & Energy Management Product Development
Green Operations Intellectual Property Protection
Emission & Waste Management Supply Chain Management
Chemical Safety
Water Conservation
Response to Climate Change
Development Goals Communication for ESG Issues System
Response to UN Sustainable Development Goals
This report crystallizes our sustainable development ethos, reflecting our resolute commitment to the global
sustainability trajectory. FIRST believes that through concerted, collaborative efforts with all stakeholders, a
formidable collective force can be cultivated on a global level. This concerted effort is instrumental in addressing
a spectrum of challenges within the ecological, social, and economic realms, fulfilling the Sustainable
Development Goals as envisioned by the United Nations, and contributing to a sustainable future for our planet.
Employee and Corporate
Social Care Governance
Equality and Diversity ESG Governance
Employee Training and Development Corporate Governance Structure
Occupational Health & Safety Management Standard Operation
Compensation and Benefits Risk Management and Internal Control
Union Management Business Ethics
Social Responsibility
Development Goals Communication for ESG Issues System
Stakeholder Communication
In advancing sustainable development, we prioritize engaging with stakeholders. We continuously refine the types and
methods of their involvement, promptly collect and organize feedback from all parties, and take responsive measures to
fulfill stakeholder cooperation and collectively enhance communication mechanisms. We actively listen to stakeholders,
understanding their concerns and recognizing their reasonable expectations. Our goal is to grow alongside our
stakeholders through diverse communications.
Types of Main Main response Main communication
stakeholders demands measures methods
Shareholder • Consistent and stable return • Strengthen the core competitiveness • Periodic reports and
on investment of the business interim announcements
• Understand the company's • Fulfill information disclosure • Investors exchange events
operations obligations in a timely manner such as performance
• Sustainable development • Improve internal control management presentations
Employee • Decent working conditions • Improve employee recruitment, • Staff congress
• Broad career development training, promotion and other systems • Learning and training
• Excellent compensation and • Continue to optimize the activities
benefits compensation and welfare system • Employee care activities
• Perfect health and safety • Enrich staff activities • Corporate website and
guarantee • Strengthen occupational health and WeChat public account
safety management
Customer • Stable and safe product • Implement a customer-first business • Customer service
• Competitively priced products approach. • Technical exchange
• Solve quality problems quickly • Strengthen the core competitiveness • Industry exhibition
• Provide excellent customer • Continue to carry out R&D innovation • New product launch
service • Enhance our overall operational
efficiency.
Supplier • Fair competition • Implement bidding procedures • Supplier conference
• Fulfill the contract on time • Establish a list of qualified suppliers • Supplier annual audit
and conduct annual audits • Integrity report platform
• Sign the integrity and self-discipline
letter
• Pay attention to suppliers' demands
• Win-win cooperation
Government • Drive the development of • Provide jobs and pay taxes • Compliance operation
local and surrounding • Cooperate with government • Pay taxes in accordance
industries inspection work with law
• Operate legally and in • Improve internal compliance • Government data reports
compliance monitoring • Government related
• Ensure compliance with meetings
environmental, safety, and integrity • Accept government
laws and regulations scrutiny
• Environmental protection • Operate legally and in compliance • Publish ESG report
Community and • Manage “three wastes”
environment • Energy conservation and • Accept social supervision
emission reduction • Promote lean production
• Fulfill social responsibilities
• Good neighborliness
• Public charity
Development Goals Communication for ESG Issues System
Materiality Assessment for ESG Issues
Material Issue Assessment Process
Stakeholder We maintain communication with stakeholders, including investors,
Engagement customers, suppliers, government agencies, etc., recording and
organizing ESG issues of concern.
Based on communication results with stakeholders, ESG ratings,
Identification GRI standards, and industry benchmarking, we collect and identify
relevant ESG issues.
We assess ESG impacts on the company through exchanges with
Assessment external stakeholders like investment institutions and by surveying
and interviewing management and departments.
Priority Similar ESG factors are categorized, and priorities of ESG issues
Determination are determined based on assessment results, initially drawing up a
materiality matrix.
Confirmation The Strategic and Sustainable Development Committee confirms
the priority levels of key ESG issues.
Materiality Matrix
Product Quality We have assessed each issue and
Occupational Health Chemical Safety
Customer
determined its priority based on the
and Safety
Relationship results of comprehensive internal
Equality and Diversity Employee Rights Management
interviews and the feedback from
High Supply Chain
Environmental Management Management stakeholders, with the final
Information Disclosure
Systems
confirmation by the Committee on
Corporate Governance
Employee Training and Level
Strategy and Sustainable
Development Emission Disposal R&D
Innovation
Development. Taking into account
Medium Business Ethics
Public Welfare and the substantive extent of these
Social Responsibility
Intellectual Property issues, we have constructed an
Risk Management Protection
ESG Materiality Matrix. This matrix
Response to Climate Labor Standards unfolds across two dimensions: "the
Change
importance of the issue to our
Low
Water Utilization company" and "the importance of
Information Security and
Data Privacy the issue to stakeholders," laid out
as the horizontal and vertical axes,
respectively. The main ESG issues
are presented within the matrix in 3
levels of importance: high, medium,
and low.
Development Goals Communication for ESG Issues System
R&D innovation system
The development of innovative technologies has always been the primary driving force behind our
sustainable development. Whether in the photovoltaic materials business or other new materials ventures,
each technological breakthrough we've achieved in over two decades of industrial exploration stems from
persistent R&D and innovation. This has established us as a technology innovation enterprise with a
profound R&D DNA.
As of December 31, 2023, our R&D technical staff numbered 701, with approximately 17% holding
master's degrees or higher. The proportion of R&D technical staff to the total number of employees is
about 15%. We always prioritize R&D investment. In the fiscal years of 2021, 2022, and 2023, the
cumulative R&D investment amounted to RMB 454 million, RMB 645 million, and RMB 792 million,
respectively, with a compound annual growth rate of 32.14%, continuously maintaining a leading position
in the industry.
FIRST Advanced Material R&D Institute
Development Goals Communication for ESG Issues System
R&D Innovation System
Material Research and Development
We are a platform-type material enterprise. Since the successful development of
EVA film in 2003, we have been deeply rooted in the PV material field for over
equipment of PV films and backsheets. In recent years, building on a key
common technology platform, we have continuously researched and developed
new material products such as electronic materials and functional materials,
possessing strong internal growth momentum. In the future, we will steadfastly
R&D implement the development strategy of "Focus on the main PV business, and
vigorously develop other new material industries," driven by technological
innovation to achieve the domestication of more key new materials.
We have always independently developed and constructed film production equipment,
mastered core design and manufacturing technologies, with a strong team of over 200
people, and a systematic professional talent training system to meet the equipment
construction needs of production bases globally. Upholding the business tenet of "innovative
technology for the future," we continuously provide technological breakthroughs for various
products in terms of R&D, quality, and efficiency, serving the differentiated requirements of
customers and markets. Focusing on the innovative development of equipment automation
and digitization, we have deepened applications in production, storage, energy, and other
aspects, adapting to the trends of industry development. With sustained investment and
cultivation in equipment technology, coupled with the dual advantages of equipment and Equipment manufacturing
product technology, we remain our core competitiveness. at Vietnam site
Software Development
Hangzhou First Application
Software Co., Ltd.
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Environmental Management System Certification
& Energy Management
Operational
Hangzhou Suzhou Chuzhou Anji Jiaxing Thailand Subsidiary
No. System System Name Coverage
FIRST FIRST FIRST FIRST FIRST FIRST
(New) Ratio
Energy Management System Energy Efficiency Publicity
In alignment with corporate objectives to bolster energy We pursue relentless energy conservation publicity,
conservation and reduction, we have instituted an deepening employees' awareness through focused
Energy Management Leadership Team and enacted training, adapting energy-saving practices to our offices
the "Energy Conservation and Consumption Reduction and production scenarios. Our strategies encompass
System." A structured leadership hierarchy, consisting optimizing air conditioning and building insulation to
of a leader, deputy, and team members, ensures the reduce energy usage, using precise data to highlight the
achievement of our energy efficiency goals. The team negative impacts of sub-optimal temperature control and
leader devises energy-saving policies, oversees energy air leaks on energy efficiency, encouraging the adoption
and environmental planning, and report compilation. of effective energy-saving measures; and promoting the
The deputy enacts technological energy-saving use of cooling water instead of chilled water, as well as
modifications and oversees annual energy plans, the proper selection of electrical equipment, to reduce
promoting innovative technologies and organizing operating costs and enhance energy efficiency. These
training. Team members, from workshop and office practices reflect our firm commitment to improving energy
management, are tasked with implementing these plans management and supporting sustainable development
and supervising energy use, focusing on enhancing goals, embodying the culture of energy conservation that
efficiency. emphasizes both professionalism and action.
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Environmental Management System Certification
& Energy Management
Energy-Saving Renovations Cases
Our commitment to energy efficiency is evidenced by diverse, innovative conservation measures that have led to significant
enhancements in energy efficiency and cost reduction. Optimizations in production line process, cooling systems, as well
as cooling tower operation strategies, have yielded notable energy savings.
Chilled Water Supply Renovation Cooling Tower Renovation
In the existing system, the refrigeration process In the original design, the capacity of the cooling
was inefficient, employing a method that system was configured higher than the actual
consumed a substantial amount of energy. To demand, leading to a certain degree of energy
improve this, we have enhanced the refrigeration wastage. To address this issue, we adjusted the
method to be more efficient and successfully operational strategy of the system, enabling the
increased the system's energy utilization cooling equipment to operate only when
efficiency by adjusting the temperature necessary, thereby reducing unnecessary energy
differential in the cooling cycle and reducing the consumption. This adjustment has helped us
use of certain equipment. control temperatures more effectively and
achieve energy savings throughout the system.
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Green Operations
Green Energy Investment
Jiangshan Agrivoltaic Power Station
As the world advances towards "Carbon Peak" and "Carbon Neutrality," solar power generation is set to
significantly increase its share in the new energy-dominated power systems of the future. We are firmly
implementing the development strategy of "Focus on the main PV business, and vigorously develop other new
material industries." Leveraging our advantages in technology research and development as well as cost control,
we will accelerate the capacity expansion of PV films and backsheets, stabilize the market pattern of the PV film
industry, and continue to consolidate and enhance our market share while growing alongside the global PV
industry. Additionally, we actively practice the "SOLAR FOR SOLAR—Negative Carbon Earth" concept, which,
apart from constructing distributed power generation systems on our factory roofs, also involves setting up a
business division dedicated to developing various types of solar power stations. In the next 3 to 5 years, we
anticipate an annual capital expenditure of 500 million to 1 billion RMB for the construction of PV materials and
solar power station businesses.
Chuzhou factory PV power station Beijing household PV power station
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Green Operations
We place high importance on the conservation of natural resources and strictly adhere to the "Environmental Protection
Law of the People's Republic of China," the "Environmental Impact Assessment Law of the People's Republic of China,"
the "Water Law of the People's Republic of China," the "Energy Conservation Law of the People's Republic of China," and
other national and local laws and regulations. We place resource conservation at a key position in our development
strategy and operational methods, continuously improving our management systems in energy consumption, optimizing
energy-saving measures, and committed to continuous monitoring and improvement of our energy and resource efficiency.
We aim to build a resource-conserving, environmentally friendly enterprise and strive for a harmonious and sustainable
development of people, resources, and the environment.
In 2023, the operating income from our clean technology products (PV materials) accounted for 96.54%.
Year 2023 2022 2021
Environmental protection
investment(ten thousand RMB)
Innovative
Utilization Case
We actively explore the recyclable use of
by-products generated in the production
process, turning waste into treasure. In
production of electronic materials was
channeled through pipes to functional Green Office Case
Resource material equipment, coordinating
Conservation Case resources between two different business We actively practice the concept of
divisions, saving on steam treatment energy conservation and reduction,
We consistently implement the creating a green and environmentally
costs for electronic materials on one hand,
concept of "water conservation," friendly office model, and striving to
and solving the steam source required for
following the guidance of local be a faithful practitioner in building a
the production of functional materials on
natural resource conservation "resource-saving" society. We fully
the other. This innovative use of energy,
agencies, and develop water utilize the OA system to promote
due to its significant effect, was selected
usage plans based on actual electronic office work and approval,
as an excellent case for the company's
consumption, actively promoting effectively reducing paper usage. We
cost-saving measures that year. In 2023,
water-saving measures and strictly enforce waste sorting into
the company achieved a steam reuse of
continually reducing water recyclable, putrescible, other, and
resource consumption. In 2023, hazardous wastes, identifying and
our main water supply came from processing recyclable office waste.
municipal water, with a freshwater We have invested in high-grade
withdrawal of approximately shredders and other equipment,
discharge of about 266,000 tons. while ensuring the confidentiality of
office document information.
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Emission & Waste Management
We adhere to laws and regulations such as the
"Environmental Protection Law of the People's Republic of
China," the "Air Pollution Prevention and Control Law of the
People's Republic of China," the "Water Pollution Prevention
and Control Law of the People's Republic of China," and the
"Solid Waste Pollution Environmental Prevention Law of the
People's Republic of China." We have established internal
systems such as the "Environmental Protection
Management Responsibility System," "Environmental/Safety
Operation Control Procedures," and "Hazardous Chemicals
Management System." We have set up emissions such as
waste gas and wastewater monitoring plans and goals,
strengthened the management of waste emissions, and
improved the level of pollution prevention and control.
We have been honored with titles such as the National
Green Factory of 2022, Zhejiang Green Enterprise issued by
Zhejiang provincial government, and Zhejiang Green Factory
issued by the Zhejiang Provincial Department of Economy
and Information Technology.
Emission & Waste Management Training
We pay attention to the compliance of waste disposal, especially the standardized management of hazardous waste,
and we regularly organize hazardous waste management training to let employees have a correct understanding of
hazardous waste, to achieve compliance
c
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Emission & Waste Management
Emission & Waste Targets
Emission & Waste Monitoring Plan and Target
Emission & Waste Achievement of
Emission & Waste Management Target Frequency Time
Monitoring Plan Targets
Emissions comply with the "Emission Standard of Pollutants
Waste Gas
for Synthetic Resin Industry" (GB31572-2015);
Wastewater discharge complies with the standards in the
Network Admission Opinion Letter / "Pollutant Emission
Standards for Urban Wastewater Treatment Plants"
- Outsourced (GB18918-2002) Class A standards before discharge; Annually July standards
Testing Boundary noise emissions comply with the 2nd class 2022 complied
standards in the "Emission Standard for Environmental
Noise Noise of Industrial Enterprises at Boundary" (GB12348-
standard limits.
Emissions comply with the "Emission Standard of Pollutants
Waste Gas
for Synthetic Resin Industry" (GB31572-2015);
Wastewater discharge complies with the standards in the
Network Admission Opinion Letter / "Pollutant Emission
Standards for Urban Wastewater Treatment Plants"
- Outsourced (GB18918-2002) Class A standards before discharge; Annually July standards
Testing Boundary noise emissions comply with the 2nd class 2023 complied
standards in the "Emission Standard for Environmental
Noise Noise of Industrial Enterprises at Boundary" (GB12348-
standard limits.
c
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Emission & Waste Management
We implement appropriate waste management and emission monitoring across all locations of operations.
In accordance with the 'Hazardous Waste (Solid Waste) Management Regulations', the type of waste is jointly
determined by the user departments and the EHS department. For waste identified as hazardous, we ensure proper
collection, transfer, storage, and management, and entrust it to qualified hazardous waste disposal entities.
Main Types of Waste and Disposal Measures
Main Types of Waste and Disposal Measures
Type of Waste Categories of Waste Disposal Method
Waste engine oil, thermal oil
Waste packaging drums
Waste labor protection supplies All entrusted to a qualified third party for disposal.
Hazardous Waste
Laboratory waste
Sludge from biochemical pools,
etc.
Waste wood
Waste cardboard
Waste paper tubes Collected, disposed of by a qualified waste recycling
Recyclable Waste company, or internally recycled, to promote a circular
Waste plastic economy.
Waste metals, etc.
Waste strapping, etc.
Insulation cotton
Air tubes
Entrusted sanitation departments for transportation
Non-recyclable Waste Labels, etc. and disposal, with treatment and disposal measures
meeting environmental protection requirements.
Domestic waste
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Emission & Waste Management
Source Management & Chuzhou Iron Frame Packaging
Resource Circulation Recycling Utilization Case
We focus on clean production practices, continuously In response to national initiatives to effectively control
improving each step of the production process to and reduce the environmental and human health
reduce resource consumption and waste generation. hazards of hazardous waste, we began using iron frame
We also implement recycling initiatives, seeking to packaging for recycling purposes in August 2023,
maximize internal reuse and collaborating with thereby reducing the output of waste cardboard boxes,
customers to promote the recycling and reuse of wooden pallets, and other materials.
packaging materials, thereby reducing environmental
impact. From August 2023 to the end of the year, we purchased
Recycled packaging 2022 2023 3,398 times. On average, each frame was recycled more
materials category / Recycling Recycling
than seven times per month. Each use saved the
Recycling quantity quantity quantity
by year (thousands) (thousands) production of 2 cardboard boxes, 4 wooden boards, and
Wooden pallet 670 1,340
Plastic pallet 150 410 3,398 wooden pallets.
Paper tube 960 1,540
Plastic tube 1,090 2,090
Wooden liner / 6,700
Cardboard boxes packaging
Iron frame packages
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Chemical Safety
Chemical safety management is vital to corporate safety production management. We've developed systems in response to
chemical management needs, including SOP-EHS-030 for managing chemicals susceptible to drug abuse and explosives, SOP-
EHS-018 for dangerous chemicals, SOP-EHS-035 for hazardous waste, SOP-EHS-042 for ingredient hazardous chemical
warehousing, SOP-EHS-040 for storage safety, and SOP-EHS-048 for safety information card management. We follow 'MSDS
Safety Technical Requirements' related to these protocols. To standardize handling dangerous chemicals, we maintain QR-EHS-
minimize environmental impact and personnel harm. We issue No.1 document annually to set forth safety management
requirements, formulating annual safety targets for each aspect of chemical safety, and we achieved 100% of the set goals. In
areas involving chemical usage and storage, such as production and R&D, we enforce stringent regulatory measures, and maintain
clear signage to mitigate risks. We employ experts to identify, purchase, use, and store chemicals, and organize relevant training
periodically. This ensures clarity on the procurement, storage, collection, and use of chemicals, and promote protective and
emergency practices.
Chemical Management
Regulatory
Responsibility Executing Department
Department
R&D Department: Identify and make optimal choices based on the characteristics of various EHS Department
chemicals, responsible for updating, replacing, or phasing out chemicals, and for testing and Regulatory
hazard assessment of new chemical substances. Responsibility
The functional
Procurement Department: Ensure compliance with laws and regulations governing the department for the
procurement, transportation, and storage of hazardous chemicals. Source from suppliers management of
possessing the "Hazardous Chemicals Production and Operation License," verify the transportation hazardous chemicals. It
unit's qualification, and establish safety agreements with both supplier and transporter. is responsible for
compiling a list of
User Department: Complete the "Hazardous Chemicals Demand List" for approval and record by hazardous chemicals
Departmental
the EHS department. Supervise hazardous chemical use, ensuring adherence to MSDS and proper and safety information
Responsibilities cards, managing and
personal protective equipment. Maintain detailed records with the "Hazardous Chemicals In and
Out Ledger," strictly following safety procedures, product instructions, and prevention measures. supervising the
execution of hazardous
Properly collect and store chemical waste, collaborating with the EHS department to determine
chemical usage
waste type and develop compliant disposal plans, entrusting qualified suppliers for disposal. processes and
Quality and Storage Department: Conduct thorough safety and quality inspections during personnel
hazardous chemical storage, adhere to national laws and regulations for storage locations, qualifications, and
prominently display warning signs, and maintain daily safety management of storage sites and managing the recycling
and disposal of related
surrounding areas. waste materials.
Procurement Department: Responsible for executing the chemical purchase and technical
agreements, as well as establishing safety technical standards for raw materials. All suppliers must Emergency Handling
provide chemicals with MSDS documents and COA compliant with company regulations and Establish emergency
response plans for
Documentary national standards. hazardous chemicals,
EHS Department: Tasked with formulating and inspecting rules and regulations pertaining to standardizing the
Standard
hazardous chemicals management, including the regular update of system documents. handling methods for
accidents of different
User Department: Conducts operations in adherence to established standards outlined in types and scales
documentation provided by the EHS Department and procurement agreements. (including adsorption of
spills, cutting off leaks,
User Departments: Must establish corresponding signs for the use of chemical labels.
organizing evacuations,
EHS Department: Establishes the corresponding signs. etc.). When necessary,
initiate emergency
Supplier: According to the national standard 'Regulations for the Compilation of Chemical Safety
Chemical plans and report to the
Labels' (GB 15258-1999), safety labels must use a combination of text, graphic symbols, and relevant departments.
Labeling codes to indicate the hazards and safety precautions of chemicals; safety labels should be affixed,
hung, or printed by the manufacturer in a conspicuous position on the packaging or container
before the goods leave the factory; if the packaging is changed, the changing unit must re-affix,
hang, or print the labels.
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Chemical Safety
Chemical Identification and Elimination
Chemical Identification
Based on the characteristics of chemicals, we have categorized
them into three types: chemicals prone to being used for drug
and explosive production, hazardous chemicals, and other
chemicals. We manage strict identification and differentiation
according to the "MSDS Safety Technical Requirements" for
each type of chemical.
Chemical Elimination
hazardous and toxic chemicals, with the R&D department
responsible for gradually researching phase-out or implementing
replacement plans.
of problematic chemicals, updating the catalog as per
regulations. Following the June 2023 announcement by the
Ministry of Ecology and Environment and 11 other departments
regarding restrictions on five types of persistent organic
pollutants, including Polychlorinated Naphthalenes, we've
assessed our chemical usage. Any identified chemicals have
been investigated, and phased out in accordance with
regulations.
Chemical Registration and Supervision
Chemicals Prone to Misuse for Drug and Explosive Production
In adherence to relevant laws such as the "People's Republic of China Narcotics Control Law," and "Regulations on the
Control of Chemicals Used for Illicit Drug Production," we've established SOP-EHS-030 "Safety Management System for
Chemicals Prone to Misuse for Drug and Explosive Production, and Highly Toxic Dangerous Chemicals." There is strict
management in the production, operation, transportation, and storage of chemicals prone to being used for drug production,
with one specially designated keeper with national qualifications for the safety management of chemicals used for illicit drug
production and two part-time keepers responsible for related affairs. Chemicals are stored separately with a dual-lock system,
and inventory records are meticulously maintained. Monthly inventory checks are conducted, and any issues are promptly
reported to local authorities. Emissions, wastewater, and waste residue are treated to meet national regulations, with no
mixing allowed for disposal.
Hazardous Chemicals
We adhere to the "Regulations on the Safety Management of Hazardous Chemicals" and have established SOP-EHS-018
"Hazardous Chemicals Management System." Precise control is maintained over procurement, transportation, storage, use,
and disposal, guided by SOP-EHS-040 and SOP-EHS-048.
Other Non-Hazardous Chemicals
Non-hazardous chemicals are managed according to company standards, with the R&D department identifying material
characteristics, the EHS department outlining management requirements, and the user department overseeing daily safety
management.
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Chemical Safety
Collaboration with Leading
New Substance Hazard Assessment Substitute Material Producers
Our assessment of new substance hazards focuses Our company engages in-depth with leading global
on human health impacts and environmental risk. raw material suppliers, aligning introduction and
We begin by identifying characteristics such as assessment with the ISO 9001:2015 Quality
physicochemical properties, toxicology, and hazards. Management System. We implement the QSP-PM-
Then, we determine potential harms by analyzing 841 "Supplier Management Control Procedure" to
data to identify short-term or long-term effects, regulate supplier selection, assessment, performance
including direct health impacts or potential evaluation, and improvement processes, ensuring
environmental harm. Finally, we devise control continuous compliance with our requirements.
measures based on these assessments, including Chemical raw material suppliers are vetted through a
storage, workplace standards, personal protective multi-step process for inclusion in the "Qualified
equipment, and environmental safeguards. Supplier Directory": supplier qualification review →
sample assessment → pilot assessment → semi-
We've established a robust system for assessing
industrial assessment → change review → supplier
and introducing chemical substances. Our main raw
audit (factory inspection) → qualified supplier; the
materials undergo an "Raw Material Introduction
QSP-PM-840 "Purchasing Control Procedure"
Process," and special additives through an "Additive
determines purchase volumes based on supplier
Introduction Process," with hazard assessment
assessment categories and levels. Our primary raw
being a critical step involving collaboration across
materials, such as Ethylene-Vinyl Acetate Copolymer
EHS, R&D, quality, process, production, and (EVA) and Polyolefin Elastomer (POE), have been
procurement departments. sourced for years through procurement cooperation
with global leaders like Dow Chemical, LG Chem, and
ExxonMobil, with whom we also engage in in-depth
scientific research for new product development and
application.
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Water Conservation
Source Management
We analyze the current exploitation of water resources, the rationality of water usage,
potential impacts, and protective measures in our operational regions, taking
reasonable water extraction measures post-assessment. Continuous monitoring of
water use risks and emergency planning are conducted to ensure water resources
can support our long-term growth. In 2023, our fresh water extraction amounted to
approximately 928,200 tons.
Water Conservation and Discharge Reduction
We segregate wastewater into industrial and domestic categories, each treated
accordingly. Industrial wastewater, mainly from production line cooling, equipment
cleaning, and floor maintenance, is fully recycled when possible, with non-recyclable
wastewater treated to meet standards before discharge. Domestic wastewater is
disposed of through municipal sewage networks. In 2023, we discharged
approximately 266,000 tons of wastewater.
Water Conservation Case: Recirculating Water Quality Control to Reduce Wastewater
Previously, our cooling tower open-loop recirculating system had high water
consumption, with scaling from calcium and magnesium ions, as well as bacteria and
algae growth affecting cooling exchange and corroding pipes. We addressed this by
using softened water for make-up and controlling conductivity, which reduced scaling
and wastewater discharge, saving water.
Product Innovation
Leveraging our capabilities in high-polymer material research and manufacturing, we
developed a range of membrane support fabrics for water purification with various
weights, thicknesses, and permeabilities. These materials, used for reverse osmosis,
nanofiltration, ultrafiltration, and microfiltration membranes, are widely applied in
seawater desalination, industrial pure water production, municipal and industrial
wastewater treatment, and household water purification, fundamentally enhancing
the utilization and protection of water resources.
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Response to Climate Change
The main energy consumed in our production process is
electricity, and in 2023 we consumed about 512 million kWh.
By the end of 2023, we have 37.59MW photovoltaic power
stations, which is equivalent to a reduction of 45,000 tons of
carbon dioxide emissions through it if we calculate the coal
consumption per kilowatt hour. In 2023, the sales volume of
our PV film reached 2.249 billion square meters, which is
able to produce 237GW PV modules. Based on the coal
consumption of kilowatt hour electricity, about 236 million
tons of carbon dioxide emissions can be reduced through
the produced PV modules.
We acknowledge the profound impact of climate change on
human society and the natural environment. The challenges
it brings, like rising sea levels and extreme weather events,
pose unprecedented challenges to global economic
structures and business operations. Hence, we view climate
change as a core strategic consideration, aiming to mitigate
its adverse effects and actively seek opportunities to
contribute to society's transition to low-carbon, green
development. As an active participant in the renewable
energy sector, our PV films backsheets, essential for module
encapsulation and protection, not only optimize PV
conversion efficiency but also significantly extend the
modules' lifespan. Though our production activities consume
energy, they translate into clean energy output through PV
generation, offering environmental returns exponentially.
We are committed to the sustainable development
concept of "SOLAR FOR SOLAR—Negative Carbon
Earth," implementing energy conservation and emission
reduction in operations and optimizing our energy mix.
Our technological innovation and green product
development support and propel the industry and society
toward more sustainable development. For instance,
we've built distributed power generation systems on our
factory roofs to lessen traditional energy dependency,
while also diversifying our business by developing various
types of photovoltaic stations. We believe such efforts not
only promote the widespread adoption of clean energy
and contribute to global energy transformation and climate
change mitigation but also create new growth
opportunities and value for our long-term development.
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Response to Climate Change
Governance Strategy
We have established the company's ESG governance We have identified and assessed two main categories
structure to ensure comprehensive monitoring and of climate-related risks: transition risks related to the
management of climate-related risks and opportunities. low-carbon economy transition and physical risks
The board of directors is directly responsible for related to the impacts of climate change, including
overseeing climate-related risks and opportunities, and we acute risks (such as extreme weather events) and
have set up a specialized ESG working group responsible chronic risks (such as long-term changes in climate
for executing specific ESG strategies and actions. This patterns). Addressing climate change is not only about
group collaborates across departments to assess the risk management but also about seizing development
potential impact of climate change on business operations opportunities. We are committed to developing
and provides regular reports and suggestions to the board greener, low-carbon products and services through
of directors. Furthermore, we regularly review and update technological innovation and production efficiency
our assessment of climate-related risks and opportunities improvements to meet the challenges posed by
in accordance with the framework recommended by TCFD, climate change.
ensuring our management measures stay aligned with
industry and international best practices.
Risk Management
We adopt a systematic approach to identify, assess, and
manage climate-related risks and opportunities. This
includes a comprehensive assessment of physical risks
and transition risks, as well as a deep understanding of Governance
the potential impact of these risks on business operations,
financial conditions, and prospects. We strive to reduce
the potential impact of these risks on the business through
Strategy
sustainable resource management, chemical safety, and
waste emissions management. At the same time, we
actively explore and utilize business opportunities brought Risk
Management
about by climate change to promote the company's long-
term sustainable development.
Indicators & Targets Indicators &
Targets
We have identified a set of environmental and climate-
related indicators to monitor and evaluate the impact of
our business activities on the environment and support
our climate-related risk management work. These
indicators include energy usage (such as water resources,
electricity, etc.) and waste emission conditions.
Environmental Management Green Emission & Waste Chemical Water Response to
& Energy Management
Response to Climate Change
Climate-related Risks(TCFD Framework)
Extreme Weather Events: Events such as typhoons and floods can lead to supply
chain disruptions, production halts, equipment damage, and damage to raw
material and finished product storage areas, affecting the stability of the supply
chain and production efficiency.
Acute risks
Physical Extreme Heat Events: Frequent high temperatures can lead to equipment
risks
overheating and worsening storage conditions for products, increasing cooling
costs, and affecting employee health and production efficiency.
Chronic risks Climate Pattern Changes: Persistent warming may increase the energy demand of
cooling systems, leading to higher operational costs.
Uncertainty in Energy Policy: The uncertainty of energy policies, such as changes
to support policies and incentives for renewable energy and related trade policies,
can affect a company's long-term investment decisions and market positioning.
Policy and
legal risks
Carbon Emission Restrictions: Governments may set stricter carbon emission limits,
requiring companies to reduce carbon emissions or purchase carbon credits, which
increases the financial burden on businesses.
Transition
risks Technological Innovation and Cost Competition: Technological advances within the
PV industry could render existing products obsolete rapidly. Companies need to
continuously develop new technologies to maintain competitiveness. At the same
time, effective cost control is key to maintaining product competitiveness.
Technology and
market risks
Changes in International Market Access Thresholds: As global responses to climate
change strengthen, countries may set stricter import standards, requiring imported
products to have a lower carbon footprint. This requires companies to optimize
production processes and supply chain management.
Protection Management
Product Development
"Customer First" is one of our core principles, Customer satisfaction has improved year
and winning the trust and long-term over year.
cooperation of our customers is a vital 2021 2022 2023
cornerstone for our company's development.
We consistently adhere to a customer-oriented Customer 98.83% 98.84% 98.89%
satisfaction
approach, committed to providing excellent
products and services.
Protection Management
Product Development
Photovoltaic Materials
Our Products
Photovoltaic Film Photovoltaic Backsheet
Used for encapsulating and protecting A weather-resistant protective
the front and back of crystalline silicon material used on the backside
solar cell modules, as well as the of solar modules.
power generation layers of thin-film
solar modules. Depending on the raw
materials and manufacturing
processes, it includes types such as
EVA film, white EVA film, EPE film,
and POE film.
Downstream
Application
Photovoltaic Module
Terminal
Applications
Distributed PV Power Station Distributed PV Power Station
Centralized PV Power Station
-Business & Industry - Residential Houses
Protection Management
Product Development
Electronic Materials
Our Products
Dry Film Photoresist Flexible Copper Clad Laminate Photosensitive Solder Resist
A film material used for image The base material used for An insulating protective
transfer on rigid and flexible flexible printed circuit boards. material used for fine circuitry
printed circuit boards, high- in printed circuit boards,
density interconnect boards, MiniLED, Micro-LED, and
and packaging substrates. camera module sectors.
Downstream
Application
Printed Circuit Board
Terminal
Applications
Consumer Electronics
Protection Management
Product Development
Functional Film Material
Our Products
Aluminum Laminated Film Membrane Support Fabric
A multilayer composite material containing A base material used to support water
aluminum foil, used for the soft packaging of purification membranes.
lithium batteries.
Downstream
Application
Soft Pack Battery Water Purification Membrane
Terminal
Applications
Consumer Electronics New Energy Vehicle Energy Storage Power Station
Desalination Urban Sewage Treatment
Protection Management
Intellectual Property Protection
Intellectual Property Management Department
Intellectual Property Training
Protection Management
Intellectual Property Protection
Intellectual Property Management Department
Intellectual Property Management System
Protection Management
Supply Chain Management
Equality and Employee Occupational Health Compensation Union Social
Diversity
Development Management
Equality and Diversity
Production Sales Technical Financial Administrative Total
staff staff staff staff staff
Master’s degree Bachelor’s College degree Secondary Total
or above degree education or
below
Age ≤30 31-40 ≥41 Total
Male Female
Equality and Employee Occupational Health Compensation Union Social
Diversity
Development Management
Employee Training and Development
Total training sessions Total training Average hours of
Year Total hours of training
organized participants training per person
Total 1,892 32,586 100,303.4 3.08
Professional Skills High-Level Talent
We value professional skills and meet career As of the end of 2023, our organization includes one
development needs. We actively respond to Class B talent, nine Class C talents, nine Class D
government calls to standardize the policy for talents, 43 Class E talents, 47 Class F talents, and
recognizing skill levels, applying to become a 44 Class G talents. Currently, the company employs
"Professional Skills Level Recognition Pilot" unit. To two senior professional title holders, 36 with
date, we have successfully conducted three associate senior professional titles, 36 with
sessions where 130 quality inspectors achieved intermediate professional titles, and 56 with junior
their level certifications. Employees enjoy professional titles.
corresponding pay grades based on their skill levels
as per our company's remuneration system. We
have established a comprehensive management
(M), professional (P, B, O), and operational (F)
sequence covering all employees, thereby providing
broader development opportunities for career
advancement across various levels and positions.
Equality and Employee Occupational Health Compensation Union Social
Diversity
Development Management
Employee Training and Development
"Qingteng" Program
To enhance the overall capabilities of our middle management team, we
launched the "Qingteng" program. We employed external experts to deliver
lectures, providing comprehensive and multi-angle knowledge training and
practice transformation for our management staff. The project focuses on
"goal-setting," "scheme-building", "implementation-grasping," and "results-
sharing" and offers practical workshops to provide hands-on training. This
approach encourages active participation in learning and addresses actual
workrelated key points. This leads to improved enterprise performance and
the accomplishment of annual business objectives.
"Qingmiao" Program
Employees can systematically learn management knowledge, such as safety,
quality, lean production, and team management. We have also organized
various activities, such as reading-sharing meetings, standard study tours,
and outdoor activities. In addition, we also set up growth courses to enable
employees to better engage in work and study and make their ability
improved throughout their lives. Employees acquire a broad range of
management knowledge and apply it effectively to improvement projects
through the combination of theory and practice.
"Xinya" Program
"Xinya" program offers basic courses such as corporate culture, quality,
product knowledge, safety. And occupational courses like occupational
communication, career development are also offered. These learning
courses are combined with online cloud university courses and practical
activities in order to make the fresh graduate to quickly adapt to the company,
their position. This program also offers a platform for the participants to
communicate their knowledge.
Team Leader Program
To improve the management concept, knowledge, skills, and professional
quality of each workshop foreperson and promote and drive the overall
quality of the production workshop staff, we organized the personnel
training project for the first-line foreman. The project trained and taught the
craftsmanship spirit, leadership, optimistic attitude, practical communication
skills, and other aspects of the front-line team leaders. Meanwhile, all front-
line team leaders were required to carry out transfer training for front-line
employees, and a total of 341 times of transfer training were implemented
to learn and grow together.
Equality and Employee Occupational Health Compensation Union Social
Diversity
Development Management
Occupational Health and Safety Management
Employee physical examination
We deeply care the health of employees and provide various
medical health examinations and health consultation services every
year to help employees to know their real time physical conditions,
effectively implement health intervention measures, prevent
occupational diseases, and enhance the sense of belonging and
identity of employees to the company.
Psychological counseling
We establish the "Mood Station", allocate the corresponding venues
and facilities, and introduce the online consultation service of mental
health experts. We offer the psychological support to the employees
with abnormal mental conditions, through counseling and treatment,
to make them timely released from the bad mood, get out of the
psychological predicament, face the life more positively.
New employee training
We design a series of training courses to help new employees get
familiar with our company, learn the corporate culture, safety, 5S,
quality, and other basic knowledge, understand and master job
knowledge and skills, accelerate the process of new employees'
integration, promote them to enter the work state and complete the
role transformation smoothly. New employee training coverage is
First-line mentor
We develop the first-line mentor training plan, make the experienced
employees to fully play the role to help, transfer knowledge and
support the new employees. In this way, the new employees could
adapt to their work quickly, understand the operating procedures,
and establish a preliminary awareness of production safety. Up to
now, the company has completed two first-line mentor training
programs, with a total of 115 first-line mentors.
Equality and Employee Occupational Health Compensation Union Social
Diversity
Development Management
Compensation and Benefits
We strictly abide by the Labor Law of the People's Republic of China, the Labor Contract Law of the People's Republic of
China, the Employment Promotion Law of the People's Republic of China, the Protection of Minors of the People's Republic
of China and other relevant laws and regulations. We have formulated the Employee Handbook, Human Resources Control
Procedures, and other internal systems and adhere to legal and compliant employment. According to the relevant laws and
regulations of the Ministry of Labor and Social Security and the local subsidiaries, employees to handle pension insurance,
industrial injury insurance, unemployment insurance, medical insurance, and maternity insurance, and implement the
housing provident fund system. In 2023, our total compensation and benefits was 747.32 million RMB.
Employee Benefits
Multidimensional Employee stock ownership plan, project responsibility system reward, patent reward, rationalization
rewards proposal reward, management innovation reward, technological progress reward, etc.
Established the “Leave Management Methods” to provide employees with legal leave, including annual
Leave benefits leave, maternity leave, sick leave, marriage leave, nursing leave, childcare leave and other welfare leave.
Free working meal, free shuttle bus, holiday gift, anniversary gift, birthday gift, expatriate allowance, annual
Other benefits
physical examination, talent apartment, sympathy allowance, union points exchange, Love Factory
dedication award (5, 10, 15, 20 years).
Compensation policy
We follow the principles of "fair and ordered management, Except for the chairman and independent directors, we do not
adapting to market environment, reflecting talent value, provide directors' remuneration. Directors who also hold senior
realizing the incentive goal." We foster sustainable management positions or other positions in the Company will
development and achieve a mutually beneficial relationship be compensated according to the remuneration system of their
between employees and the company. We keep on respective positions. The supervisors are not entitled to any
evaluating the ability, contribution and work performance, remuneration, but if they hold other positions in the Company.
set a salary promotion system, offer the promising They will receive remuneration according to the remuneration
promotional opportunities for each position. Additionally, system of those positions. The annual compensation of the
we follow the "principle of ordered and sustainable Company's senior management personnel comprises two
development" by connecting employee compensation to components: a basic monthly salary and an annual
the company's overall income growth, sharing performance-based bonus. The performance-based bonus is
responsibility and benefits, and realizing the individual paid in the following year, and its amount is determined based
improvement of the organization. We continually improve on the Company's performance and the individual's work
our performance appraisal system, salary and welfare contributions, as evaluated by the Compensation and
system, training management system, and employee Evaluation Committee. The remuneration of directors and
development and promotion channels to motivate and senior managers is reviewed by the Remuneration and
guide employees towards improvement, achieving a Evaluation Committee of the Board of Directors, which submits
harmonious development with the company. its recommendations to the Board of Directors for approval.
The Board of Supervisors reviews the remuneration of
supervisors, which is then submitted to the Board of
Shareholders for approval.
Compensation and benefits 2021 2022 2023
Employee compensation (ten thousand RMB) 39,168.28 59,242.70 74,731.73
Including
-- Employee stock ownership plan incentive fund (ten thousand RMB) 6,957.07
Photovoltaic business Partnership Plan special fund (ten thousand RMB) 5,492.96
Equality and Employee Occupational Health Compensation Union Social
Diversity
Development Management
Compensation and Benefits
We consistently practice a "people-centric" approach to humanitarian care, with ongoing attention to our commitment
to and implementation of employee welfare. To better meet the accommodation needs of our employees, enhance
their sense of belonging and satisfaction, and improve their quality of life, we engaged in thorough discussions and
meticulous planning. Consequently, the company constructed the 43,400 square meter "Fu Ren Ju" employee
dormitory, which officially began operations in 2023. The dormitory offers 660 high-quality, eco-friendly fully furnished
suites, and single, and double rooms, providing a comfortable and homely environment for 1,200 employees.
Located in the ecologically friendly and scenic area of Jinma Village, the "Fu Ren Ju" employee dormitory provides
employees with a beautiful and comfortable living environment. Additionally, we have equipped the dormitory complex
with standard badminton and basketball courts, a gym, and facilities for dining and entertainment including an
automated cafeteria, a bakery, a supermarket, and parking. Furthermore, we have introduced an automated and
digital smart management system, aiming to create a comprehensive living and leisure community for our employees.
"Fu Ren Ju" Employee Dormitory Single Room
Cafeteria Supermarket
Gym Basketball Courts
Equality and Employee Occupational Health Compensation Union Social
Diversity
Development Management
Union Management
We have established a range of trade union management In 2023, we held 2 employee representatives
systems, such as the Measures for the Welfare Management conferences and spent RMB 4.97 million on the union.
of Trade Union Members, the Measures for the Management
of Trade Union Points, and the employees' representatives
conference, to uphold democratic management and protect
the legitimate rights and interests of employees. Our efforts
have been recognized with the National May Day Labor
Certificate issued by ACFTU(All China Federation of Trade
Unions).
Union management structure Work content of union
We have one union president, 14 union committee members, The union is dedicated to the well-being of employees,
two union officers, one union accountant, and one union fostering harmonious labor relations at work, and promoting
cashier. Under the leadership of the union president, there is employee participation in management innovation, labor
a fund review committee and a Women Workers Committee. competitions, and the recognition of advanced groups and
To ensure efficient operations, the union is divided into 10 active union members. The union pays special attention to
groups, each led by a trade union officer and with one trade the rights of female employees, establishing "Mommy
union committee member designated to manage each group. Rooms" and purchasing special illness insurance for them.
Employees voluntarily join the union, which prioritizes the Additionally, throughout the year, the union organizes
functions of representation, safeguarding, construction, and various cultural and sports activities, providing a platform
education to protect the legitimate rights and interests of for talent display to enrich employees' leisure time.
employees.
Awards
Name of union Awards Issuance unit
The second batch of "Happiness
Union of Hangzhou First Applied Issued by Zhejiang Federation
Community Leading Goose Enterprises"
Materials Co., LTD of Trade Unions
in Zhejiang Province
Issued by Suzhou City Trade
Trade Union of Suzhou First PV May Day labor Award of Suzhou City
Union
Trade Union of First(Anji) Advanced Enterprise New Era Five-Star Civilization Issued by Anji County
Materials Co., LTD Practice Site Federation of Trade Unions
Equality and Employee Occupational Health Compensation Union Social
Diversity
Development Management
Social Responsibility
FIRST is driven by a sense of mission and responsibility. Beyond generating profits and meeting legal obligations to
shareholders and employees, we also uphold responsibilities towards consumers, communities, and the environment.
Our focus extends beyond profit to the value of people in production processes, emphasizing contributions to the
environment, consumers, and society at large, and the fulfillment of corporate social responsibilities to contribute to
societal well-being. We actively fulfilled our social responsibilities during the reporting period and donated RMB 2.04
million RMB toward social welfare.
Tax Contributions
Lawful tax payment is a duty for every enterprise and citizen. We take our tax
planning seriously, continually enhancing our tax risk management,
strengthening administrative efforts, and perfecting our risk control mechanisms.
We organize our tax accounting and payment efficiently, safeguard tax
compliance, mitigate operational risks, and ensure healthy business activities. In
the Hangzhou Taxation Bureau for the fourth time, constantly improving our tax
risk control system to foster an environment of honest business practices and
lawful tax payment.
Charity and Philanthropy
Charitable work involves aiding the weak and impoverished, a voluntary
endeavor to enhance human welfare. We are committed to charitable causes,
supporting vulnerable groups, and making donations to various public welfare
organizations through platforms like the Red Cross, Charity Federation, and
education funds, increasing welfare for the disadvantaged.
Rural Revitalization
The countryside blends natural, social, and economic aspects, supporting
production, living, and cultural activities, and forms a symbiotic relationship with
urban areas as a key space for human activities. We support the national rural
revitalization strategy by using our photovoltaic (PV) industry strengths to set up
sustainable poverty alleviation methods. These include donating distributed PV
systems, buying agricultural products from Baiyu County, Sichuan for poverty
relief, and focusing on cultural development in rural areas, such as funding an
ethnic cultural stage in Miaogu Village, Donglang Town, Congjiang County,
Guizhou Province.
Community Engagement
Enterprises benefit from and influence their communities, which are vital for
business development. Establishing long-term, mutually beneficial partnerships
is crucial for maintaining a positive corporate image and sustainable growth. We
value our community ties, offering economic benefits and jobs through lawful
operations and engaging in welfare projects, such as visiting the elderly during
the Double Ninth Festival, donating to special funds for the elderly, supporting
special needs children, donating school supplies to primary students, and
contributing to the Hangzhou Police Care Foundation to help maintain local
security.
Governance Structure Procedures and Internal Control
ESG Governance
ESG Governance Structure
We continuously deepen our understanding of the ESG The General Manager's Office, as the management level,
management system, striving for its ongoing optimization is responsible for formulating and implementing specific
and improvement. To date, we have successfully established ESG plans, preparing ESG reports, and regularly updating
a comprehensive ESG governance structure with clear levels, the Board on progress.
defined roles and responsibilities, and an efficient operational
The execution level consists of the ESG Working Group,
mechanism. This structure consists of three levels:
led by the Board Office. Group members include
"governance, management, and execution," aimed at
departments like the Supply Chain Center, Legal Affairs,
ensuring the effective advancement and implementation of
Internal Audit, Finance, PV Materials Business Division,
ESG initiatives.
Electronic Materials Business Division, Functional Films
Within this framework, the Board of Directors holds the Business Division(including their Quality and EHS
highest governance responsibility, overseeing and managing departments), Intellectual Property, Information Technology,
ESG matters at the company's highest decision-making level. Engineering, R&D Institute, and Human Resources,
Their key duties include setting the strategic direction for covering all aspects related to the company's daily
ESG, supervising the implementation of ESG initiatives, and management.
reviewing related reports, as detailed in the "Board Strategy
and Sustainability Committee Operating Rules." The
Strategy and Sustainability Committee under the Board is
composed of three directors. These members are first
elected by the general shareholders' meeting to become
company directors, and then the Board elects them to form
the committee, including two non-independent directors and
one independent director. The committee is chaired by the
chairman of the board, demonstrating the company's high
regard for ESG efforts. The chairman, as the actual controller
of the company, diligently performs his duties, focusing on
risk control, and strictly enforcing internal control
management systems such as the "Related Transaction
Management System" to protect the legitimate rights and
interests of relevant stakeholders.
Governance Structure Procedures and Internal Control
ESG Governance
ESG Working Group
To strengthen the implementation of ESG practices and The Board Office, as the leadership core of the ESG Working
enhance the quality of ESG disclosures, we have developed Group, takes on the responsibility of planning, coordinating,
the "Detailed Guidelines for the ESG Working Group." The and supervising ESG activities across departments, ensuring
primary role of the ESG Working Group is to communicate, accurate compilation and timely disclosure of ESG information.
advance, and implement specific ESG measures and to The Supply Chain Center is responsible for maintaining honest
manage and track the completion of ESG objectives. relationships with partners, promoting transparency in the
Through the collaborative efforts of this three-tier structure, supply chain, and committing to selecting responsible suppliers.
we ensure the effective implementation of ESG initiatives The Legal Affairs Department ensures comprehensive
within the group, further advancing our journey towards compliance with regulations and continuous improvement in
sustainable development. ESG performance. The Internal Audit Department ensures that
risks and controls related to ESG are effectively managed
Looking forward, we are committed to continually improving
through auditing and collects data to guarantee its accuracy.
and refining our practices in environmental, social, and
The Finance Center supports ESG projects financially and
governance (ESG) areas. We aim to strengthen interactions
monitors financial performance. Each business division and its
and exchanges with professional organizations both
Quality and EHS departments ensure that products and
domestically and internationally, actively drawing on
operations comply with environmental standards and actively
exemplary ESG practices within the industry. Moreover, the
engage in training and improvements in environmental and
results of ESG implementation will serve as a critical metric
health safety. The Intellectual Property(IP) Department protects
for evaluating the performance of our management team,
technological innovations, promoting sustainable technological
ensuring that ESG principles and practices permeate every
development. The Information Technology(IT) Center supports
level of the company's operations and management.
ESG goals through technical solutions, including carbon
reduction and efficiency improvements. The Human
Resources(HR) Center ensures compliance with labor laws,
protects employee rights, and promotes employee
development.
Governance Structure Procedures and Internal Control
Corporate Governance Structure
The highest authority of the company. The supervisory body. Responsible for
Follows the regulations outlined in the supervising business development, related
Company Law, Articles of Association, transactions, management and use of raised
Rules of Procedure of the Shareholders' Board of funds, etc., to promote sustainable
Shareho
meeting, and other applicable Supervi development of the company. The Board of
lders' Supervisors is composed of 3 supervisors,
requirements. These procedures sors
guarantee that all shareholders, meeting including 2 shareholders' representative
particularly minority shareholders, have supervisors (1 female ) and 1 employee
equal status and legitimate rights and representative supervisor.
interests.
Strategy The particular working body set up by the Board
and and is mainly responsible for the company's
Sustaina medium and long-term development strategy,
ble ESG work, major investment, and financing
Daily decision-making body. Its issues to study and put forward suggestions.
responsibilities include implementing the Develop
The Strategy and Sustainable Development
resolutions of shareholders' meeting, ment Committee comprises three directors, with the
deciding on business plan and internal Committe Chairman of the Board serving as the Chairman
organization, formulating the profit e of the committee.
distribution and investment and financing Board of
plans, appointing and dismissing senior Directors
management personnel, and managing Established by the Board, responsible for the
the company's information disclosure communication between internal and external
and other affairs. The board consists of 7 Audit audit, review of internal control system, proposing
directors, 2 of whom are female directors Committ the appointment of external audit institutions,
and 3 of whom are independent directors. review of financial information and disclosure, etc.
ee The Audit Committee comprises 3 directors (2
female), among which the independent director
serves as the chairman of the committee.
The operating mechanism established by the
Board of Directors to select and recommend the
Nominati selection criteria and procedures for the
ng appointment of directors and executives of the
In charge of the company's operation
under the board of directors' leadership, Committ company. The nominating committee shall be
responsible for implementing the General ee composed of 3 directors, of whom the
resolutions of the board of directors and independent director shall serve as the chairman
Manager of the committee.
presiding over the company's production,
operation, and daily management.
Set up by the Board of Directors, responsible for
formulating the remuneration scheme and
Remuner assessment standards of the company's
ation and directors and senior managers, and conducting
Valuation the assessment and submitting it to the Board of
Committe Directors for decision. The committee comprises
e independent director serves as the chairman of
the committee.
Governance Structure Procedures and Internal Control
Standard Operation Procedures
Increase by transferring per Dividend payout per 10 Cash dividend (tax included)
Year
Cumulative cash dividends in the past three years 1,016,650,351.71
* The profit distribution plan for the fiscal year 2023 shall be implemented only after it has been reviewed and approved by the Annual
General Meeting of Shareholders for the year 2023.
Governance Structure Procedures and Internal Control
Risk Management and Internal Control
To effectively prevent and manage significant risks and In 2023, we engaged Pan-China Certified Public
enhance our overall risk management capabilities, we have Accountants LLP to conduct an internal control
updated and improved our “Internal Control Management audit of all functional departments at the
System”. This update aligns with the "Basic Norms for headquarters and subsidiary levels. Throughout
Enterprise Internal Control," "Guidelines for the Application the year, no major defects were identified in the
of Enterprise Internal Control," and other relevant standards. design and implementation of our internal control
We have developed a streamlined and robust internal system, and an unqualified opinion was issued in
control system that embeds risk management throughout all the Internal Control Audit Report. We will also
aspects of our operations and management. To oversee disclose our Internal Control Self-Evaluation
and assess our internal control management, which Report on an annual basis.
includes the internal environment, risk assessment, control
activities, information and communication, and internal
supervision, the board of directors, the board of supervisors,
management, and the internal audit department have
collectively established the company's risk internal control
management organization. We strictly comply with all
applicable laws and regulations. In 2023, neither our
company nor any of its subsidiaries were involved in major
violations or incurred fines for such violations.
In 2023, the board of directors and its various committees operated in compliance with legal regulations, diligently
fulfilling their responsibilities. They actively worked on improving the company's governance structure and strengthening
internal controls, ensuring the company's healthy operation and orderly development. During the reporting period, the
board held 16 meetings, the supervisory board met 14 times, and the various committees convened 13 times. The board
of directors also organized and held 4 shareholder meetings. All meeting resolutions were effectively implemented,
maximizing the protection of the interests of the company, shareholders, and all relevant stakeholders.
For details of the Company's Internal Control Audit Report, please refer to the website of Shanghai Stock Exchange
Governance Structure Procedures and Internal Control
Business Ethics
Adhering to Business Ethics
Engaging in misconduct such as embezzlement, bribery, In 2022, to effectively mitigate operational and management
or acts that compromise our company’s interests or risks and encourage broad employee involvement in
violate the principles of fair trade can severely disrupt the governance, we established and published the "Internal
normal management order and hinder our sustained and Reporting Management System." This system facilitates
healthy development. Therefore, our company rigorously timely supervision and reporting of operational flaws or non-
follows laws and regulations including the "Criminal Law compliant activities within the company, ensuring lawful and
of the People's Republic of China," the "Civil Code of the robust business operations.
People's Republic of China," the "Anti-Unfair Competition
Law of the People's Republic of China," and the "Interim
Reporting Procedures and
Provisions on Prohibiting Commercial Bribery." We are
Anti-corruption Awareness
committed to opposing and explicitly prohibiting corrupt
practices and fostering a culture of integrity and honesty We ensure the transparency and accessibility of our
within the company. corruption reporting policy and methods through various
channels:
(1)Bidding documents and procurement contracts must
clearly display corruption reporting channels prominently or
on a dedicated page.
(2)On our website, in dormitory cafeterias, office areas, and
factories, there are dedicated columns clearly displaying
reporting ways.
(3)During new employee orientation, the corruption reporting
channels and anti-corruption policies are clearly indicated in
training materials or employee handbooks.
(4)Regular integrity awareness meetings for suppliers are
held, requiring suppliers to sign an "Integrity Self-Regulation
Notification Letter" to standardize their ethical behavior.
Key Principles
(1)Broad employee participation.
(2)Real-time monitoring and reporting.
(3)Timely and effective response.
(4)Strict accountability.
(5)Confidentiality for whistleblowers.
Management Structure
The Management Leadership Team
Leadership Team Leader: Chairman of the Board
Leadership Team Office: Internal Audit Department
Governance Structure Procedures and Internal Control
Business Ethics
Responsibilities of
the Management Leadership Team Confidentiality for Whistleblowers
(1)Establish, modify, and implement the "Internal Reporting We place high importance on protecting the legal rights
System." of whistleblowers, implementing the strictest measures to
(2)Receive and investigate reports of operational flaws or safeguard their personal information, and prohibiting any
misconduct, and determine their nature. disclosure. Information about whistleblowers and their
(3)Discuss remedial and corrective actions to report to the materials are managed as confidential documents under
company. our "Confidentiality System." During investigations, it is
(4)Issue opinions on the responsibilities of those involved in strictly forbidden to directly transfer any complaint letters,
operational flaws or misconduct, according to company evidence, or records to the reported units or individuals,
policies. to prevent leaks and retaliatory actions. If retaliation
occurs, the company will pursue administrative, financial,
and legal responsibilities.
Scope of Reporting
Operational flaws, management lapses, or violations across
all departments and processes fall within the scope of
employee reporting and whistle-blowing activities. This
includes:
(1)Violations of company policies, regulatory policies, or
laws and regulations in business management.
(2)Illegal activities in the implementation of financial systems.
(3)Unfair practices in employee recruitment and cadre
appointments.
(4)Violations of company rules in purchasing goods,
business expenditures, or official receptions.
(5)Other actions that could cause economic or reputational
damage to the company.
Key Supervisory Elements
Based on market cases and our actual situation, we have
identified high-risk areas for corruption, such as material
procurement, logistics, and construction. With a
"prevention-first" philosophy, we have established a
comprehensive "Bidding Management Method." The Supply
Chain Center, the General Manager's Office, and the
Internal Audit Department conduct open bidding for
different business segments to prevent rent-seeking and
corruption at the source. Every three years, the company
conducts an audit of all operations. In 2023, the company
conducted 93 bidding projects, 13 special audits, and dealt
with 5 corruption cases, taking appropriate actions against
the individuals involved as per company regulations.
APPENDIX 1 – GRI Content Index
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
P6-7
organization’s sustainability
reporting
and contact point
business relationships P34-37, Management
P40
composition
the highest governance body
governance body
GRI 2: 2-12 Role of the highest governance P51-53 ESG Governance, Corporate Governance Structure
General body in overseeing the
Disclosures management of impacts
managing impacts
body in sustainability reporting
P53 Governance Structure
concerns Assessment for ESG Issues
highest governance body
remuneration
development strategy
GRI Content Index
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
commitments P51-52
negative impacts P55 and Internal Control
GRI 2: General
Disclosures 2-26 Mechanisms for seeking P13, Stakeholder Communication, Risk Management
regulations
engagement
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: 3-1 Process to determine material P13-14 Stakeholder Communication, Materiality
Material topics Assessment for ESG Issues
Topics 2021
P14 Materiality Assessment for ESG Issues
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: Material 3-3 Management of material topics P11-12, Response to UN Sustainable Development Goals,
Topics 2021 P14 Materiality Assessment for ESG Issues
GRI 201: 201-1 Direct economic value P8, 2023 Key Performance and Awards,
Economic generated and distributed P46-47 Compensation and Benefits
Performance
other risks and opportunities due to
climate change
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: Material 3-3 Management of material topics P11-12, Response to UN Sustainable Development Goals,
Topics 2021 P14 Materiality Assessment for ESG Issues
GRI 203: Indirect 203-1 Infrastructure investments P49 Social Responsibility
Economic and services supported
Impacts 2016
GRI Content Index
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: Material 3-3 Management of material topics P11-12, Response to UN Sustainable Development Goals,
Topics 2021 P14 Materiality Assessment for ESG Issues
GRI 205: Anti- 205-1 Operations assessed for P56-57 Business Ethics
corruption 2016 risks related to corruption
about anti-corruption policies and
procedures
corruption and actions taken
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: Material 3-3 Management of material topics P11-12, Response to UN Sustainable Development Goals,
Topics 2021 P14 Materiality Assessment for ESG Issues
Stakeholder Communication
GRI 207: Tax 207-3 Stakeholder engagement P13 Response to UN Sustainable Development Goals,
related to tax Stakeholder Communication
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: Material 3-3 Management of material P11-12, Response to UN Sustainable Development Goals,
Topics 2021 topics P14 Materiality Assessment for ESG Issues
GRI 302: 302-1 Energy consumption within P21, Green Operations, Water Conservation, Response
Energy 2016 the organization P29-30 to Climate Change
consumption & Waste Management, Chemical Safety, Water
Conservation, Response to Climate Change
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: Material 3-3 Management of material P11-12, Response to UN Sustainable Development Goals,
Topics 2021 topics P14 Materiality Assessment for ESG Issues
GRI 303: Water 303-1 Interactions with water as a P29 Water Conservation
and Effluents shared resource
GRI Content Index
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: Material 3-3 Management of material topics P11-12, Response to UN Sustainable Development Goals,
Topics 2021 P14 Materiality Assessment for ESG Issues
GRI 306: Waste 306-1 Waste generation and P22-25 Emission & Waste Management
waste-related impacts
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: Material 3-3 Management of material topics P11-12, Response to UN Sustainable Development Goals,
Topics 2021 P14 Materiality Assessment for ESG Issues
GRI 308: 308-1 New suppliers that were P28 Chemical Safety
Supplier screened using environmental
Environmental criteria
Assessment 308-2 Negative environmental P40 Supply Chain Management
actions taken
GRI DISCLOSURE LOCAT RELATED CHARPTER
STANDARD ION
GRI 3: Material 3-3 Management of material P11-12, Response to UN Sustainable Development Goals,
Topics 2021 topics P14 Materiality Assessment for ESG Issues
GRI 401: 401-2 Benefits provided to full-time P46-47 Compensation and Benefits
Employment employees that are not provided to
GRI Content Index
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: Material 3-3 Management of material topics P11-12, Response to UN Sustainable Development Goals,
Topics 2021 P14 Materiality Assessment for ESG Issues
GRI 403: 403-1 Occupational health and P45 Occupational Health & Safety Management
Occupational safety management system
Health and
Safety 2018
consultation, and communication
on occupational health and safety
occupational health and safety
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: 3-3 Management of material P11-12, Response to UN Sustainable Development
Material topics P14 Goals, Materiality Assessment for ESG Issues
Topics 2021
GRI 404: 404-1 Average hours of training P43-44 Employee Training and Development
Training and per year per employee
Education 404-2 Programs for upgrading P43-44 Employee Training and Development
assistance programs
GRI DISCLOSURE LOCA RELATED CHARPTER
STANDARD TION
GRI 3: 3-3 Management of material P11-12, Response to UN Sustainable Development
Material topics P14 Goals, Materiality Assessment for ESG Issues
Topics 2021
GRI 405: 405-1 Diversity of governance P42 Equality and Diversity
Diversity and bodies and employees
Equal
Opportunity
GRI Content Index
GRI DISCLOSURE LOCAT RELATED CHARPTER
STANDARD ION
GRI 3: Material 3-3 Management of material topics P11-12 Response to UN Sustainable Development Goals,
Topics 2021 P14 Materiality Assessment for ESG Issues
GRI 413: Local 413-1 Operations with local P49 Social Responsibility
Communities community engagement, impact
programs
GRI DISCLOSURE LOCAT RELATED CHARPTER
STANDARD ION
GRI 3: 3-3 Management of material P11-12, Response to UN Sustainable Development
Material topics P14 Goals, Materiality Assessment for ESG Issues
Topics 2021
GRI 416: 416-2 Incidents of non- No /
Customer compliance concerning the environme
Health and health and safety impacts of ntal
Safety 2016 products and services penalties
APPENDIX 2 - Feedback Form
To our valued readers,
We express our gratitude for taking the time to read our 2023 Environmental, Social, and Governance
(ESG) Report. As we strive to enhance the standard of our ESG endeavors and the caliber of our report
preparation, we would greatly appreciate your input and valuable suggestions. You could provide us
with your feedback through the mail, email, or by making calls, and so on. Rest assured that we will
maintain the confidentiality of your personal information and the content you provide. Thank you!
Contact information
Address: No.8 Fusite Street, Lin’an, Hangzhou, China
Tel: 0571-61076968
Email: first-zqb@firstpvm.com
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