SUSTAINABILITY
REPORT
CONTENTS
About the Report 01 About Hoymiles Sustainable Development Governance Appendix
Message from the Management 03
Company Profile 07 Sustainable Development Policy 11 Key Performance 109
Sustainable Development Highlights 05 Corporate Culture 07 Sustainable Development 12 Indexes 115
Management System
Development History 08 Independent Assurance Statement 118
Highlight Achievements 06
Sustainable Development Goals 14
Business Overview 09 Feedback 120
Communications with Stakeholders 16
Corporate Honors in 2025 10
Management of Material Topics 18
Governance 02 Environmental
Protection 03 Industry Value 04 Good Life
Party Building 22 Response to Climate Change 36 Innovation-driven Development 56 Protection of Employees’ Rights 87
and Interests
Corporate Governance 25 Environmental Management 41 Product and Service Safety and 69
Quality Occupational Health and Safety 99
Compliance Operation and Risk 29 Pollutant Emissions 43
Management Data Security and Customer 79 Public Welfare 106
Resource Utilization 47
Privacy Protection
Investor Relations Management 31 Green Office 53
and Shareholders' Rights and Supply Chain Security 82
Protection of Ecosystem and 54
Interests
Biodiversity
Business Ethics 33
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
About the Report
This is the fourth Sustainability Report (hereinafter referred to as “this Report”) released by Hoymiles Power Electronics Inc. (hereinafter referred to as “Hoymiles”, “the Company”, or “We”). In the
principles of objectivity, standardization, transparency, and comprehensiveness, this report provides a detailed disclosure of the Company’s sustainability efforts for the year 2025.
Reporting Scope Preparation Basis
This report covers “Hoymiles Power Electronics Inc.” Unless otherwise Shanghai Stock Exchange Guidelines No. 14 of Shanghai Stock Exchange for Self-Regulation of
specified, the scope of this report is consistent with that of the Company’ s Listed Companies—Sustainability Report (Trial)
Annual Report.
Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies on SSE STAR Market No.
Sustainability Reporting Standards of the Global Reporting Initiative (GRI Standards)
Guide to Corporate Sustainability Reporting in China (CASS-ESG 6.0) of the China Enterprise Reform
and Development Society
Reporting Period
IFRS Sustainability Disclosure Standard No.2 (IFRS S2) – Climate-related Disclosures (IFRS S2) issued
This report covers the period from January 1, 2025 to December 31, 2025 (the by the International Sustainability Standards Board
“Reporting Period”). To improve the comparability and completeness, some
sections of this report may be appropriately referred to previous years or Sustainable Development Goals (SDGs) of the United Nations
contains forward-looking statements. This report is released on an annual
Sustainability Accounting Standards Board (SASB) Standards
basis, consistent with the financial year.
Data Source
Data sources used in this report include public data from government agencies, the actual operational data, annual financial data, internal statistical reports of the Company, third-party
questionnaire surveys, third-party evaluations or interviews, etc. The original data of the actual operation of the Company is sourced from Hoymiles, Hengming Electronics and Haining
Hengli. A clarification is provided on the scope of some data that is not aligned with the consolidation scope of the above.
The financial data in this report is expressed in RMB. For any discrepancy between this report and the financial statements, the financial statements shall prevail.
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Explanation of Terms
Term Interpretation
Hoymiles, the Company, or We Hoymiles Power Electronics Inc.
Zhejiang Hengming Electronics Co., Ltd., a wholly-owned
Hengming Electronics, Hengming
subsidiary of the Company
Hangzhou Heli New Energy Co., Ltd., a wholly-owned
Hangzhou Heli
subsidiary of the Company
Haining Hengli Energy Technology Co., Ltd., a
Haining Hengli
wholly-owned subsidiary of the Company
Zhejiang Hoymiles Clean Energy Co., Ltd., a wholly-owned
Zhejiang Hoymiles
subsidiary of the Company
Zhejiang Henghe New Energy Co., Ltd., a wholly-owned
Zhejiang Henghe
subsidiary of the Company
Suzhou Hoymiles Suzhou Hoymiles New Energy Technology Co., Ltd.,a
wholly-owned subsidiary of the Company
Confirmation and Approval
This report was approved by the Company’s Board of Directors on April 29, 2026, and was subsequently released in
conjunction with the Annual Report. The Board pledges to exercise oversight over the contents of the Report, ensuring its
absence of any false records or misleading representations, and assuming responsibility for its truthfulness, accuracy and
completeness.
The Report is published in Chinese, with the English version derived from the Chinese version. For any discrepancy between
the two versions, the Chinese version shall prevail.
Access to this Report
This report is available for review and download on the websites of the Company (www.hoymiles.com) and the Shanghai
Stock Exchange (www.sse.com.cn).
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Message from the Management
Hello everyone. Time flies, and 2025 has come to an end. Looking back on the past year, after a period of rapid
expansion, the new energy industry has undergone profound structural adjustments and industrial reshaping. Amid
intensifying competition in the photovoltaic (PV) sector and an increasingly complex global trade landscape, Hoymiles
has also weathered profound challenges and changes.
I. Upholding Long-Termism and Embarking on a PV & Energy Storage Strategic Transformation
traditional positioning as a pure equipment supplier to accelerate its strategic advancement toward becoming a
comprehensive PV and energy storage solution provider. We fully recognize the natural complementary relationship
between photovoltaics and energy storage within the energy system. As an integral part of power grid development,
energy storage enables greater flexibility and resilience for power networks. Accordingly, we have refocused our core
strategy on the coordinated development of the dual tracks of “PV + energy storage”, striving to deploy full-scenario
PV-storage-charging integrated solutions.
We have steadily increased R&D investment and advanced global localized deployment. The Company employs over
storage product portfolio covering residential, commercial and industrial, and large-scale power station applications.
We launched innovative offerings including the HoyUltra 2 fully liquid-cooled C&I energy storage system and the
HPCS2500 grid-forming high-power liquid-cooled energy storage converter, earning numerous prestigious industry
awards. These achievements fully demonstrate our robust technical expertise and innovation capacity. In the
large-scale energy storage market, we secured major energy storage projects with two central state-owned
enterprises, “China Energy Engineering Corporation” and “China National Petroleum Corporation”, establishing new
benchmarks for our expansion in the utility-scale energy storage segment.
Meanwhile, we further strengthened our organizational capabilities. The Company restructured its original flat
functional divisions into a combined management model of business divisions and product lines, enabling
end-to-end integration from product R&D to market launch. Our sales model has also expanded from a single
distribution framework to a dual-driving system of “channel sales + project-based operations”. In addition, we built a
“iron triangle” collaborative team model system tailored for key clients and large-scale projects — a collaborative
tripartite team of account managers, solution specialists, and delivery experts. This frontline collaborative model,
backed by comprehensive internal support, has significantly enhanced our overall delivery capabilities.
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
II. Advancing ESG Governance to Drive Sustainable Development
Hoymiles’ mission extends beyond creating commercial value; we aim to contribute Chinese expertise to a greener global future. In 2025, we delivered solid outcomes across ESG and sustainable
development practices.
In terms of Environmental (E) responsibility, Hoymiles has consistently prioritized green manufacturing. The Company was officially listed among Hangzhou’s 2025 Model Low-Carbon & Green
Factories, a strong recognition of our practices in full-process clean production, waste recycling and reuse, and low-carbon energy operations. We actively scaled up clean power replacement
initiatives. The rooftop PV project at our smart manufacturing base has been successfully connected to the grid, gradually shifting our operational power supply to renewable energy and laying a
solid foundation for comprehensive carbon footprint management.
In terms of Social (S) responsibility, Hoymiles has deeply integrated public welfare into our corporate DNA. In partnership with German environmental NGO Climate Connect, we launched the
“German PV Reuse World Record Challenge” across five German cities, reusing recycled PV modules to build balcony solar systems and drive the growth of the circular economy. Furthermore, we
supplied more than 28,000 microinverters for public housing projects in the Netherlands, directly benefiting approximately 50,000 local residents and cutting regional carbon dioxide emissions by
around 17,000 tons. These tangible results reflect our transition from ESG concepts to actionable, impactful practices.
In terms of Governance (G), Hoymiles continued to refine its compliance and internal control systems. We established the Strategy and ESG Committee under the Board of Directors, and built a
three-tier governance framework of “Decision-making, Management and Execution”, embedding sustainable development principles throughout the entire product lifecycle. Thanks to sustained
efforts, we obtained a Gold rating from EcoVadis, a leading global sustainability assessor, ranking among the top 4% of evaluated enterprises worldwide. Domestically, our AA-rated ESG perfor-
mance from Sino-Securities and A rating from Wind further validate our robust governance standards.
III. Deepening Global Collaboration to Co-Create a Green Future
We recognize that the global clean energy transition cannot be accomplished by a single enterprise alone. Guided by our core values of “Integrity, Responsibility, Professionalism, Efficiency”, we
continue to strengthen partnerships across global markets. Throughout the year, we carried out localized PV and energy storage empowerment programs and public welfare initiatives in Germany,
the Netherlands, Vietnam, Brazil and other regions, delivering both environmental and social benefits to local communities. According to S&P Global data, Hoymiles held a 22% global market share
in microinverter shipments in 2024, ranking first in markets outside the United States. We remain a listed BNEF Tier 1 Global Top-tier Energy Storage Manufacturer. Our smart PV and energy storage
solutions now serve over 190 countries and regions worldwide, continuously fueling local energy structure optimization and long-term sustainable growth.
IV. Looking Ahead: Embarking on a New Journey Together
Moving forward, we will continue to align our vision with the broader global energy revolution. Committed to delivering high-efficiency, reliable PV and energy storage solutions for global users,
we leverage technological innovation to advance sustainable development and support the construction of a clean, secure and efficient global energy system. We connect the world through smart
energy, and empower every kilowatt-hour of power to benefit people and communities.
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Sustainable Development Highlights
Environmental Performance Sustainable Procurement Performance
Environmental investment GHG emissions Suppliers that have completed social responsibility questionnaires
Conforming rate observed in Total hours of environmental training Suppliers that have signed the supplier
pollutant monitoring code of conduct
Green power consumption rate
Labor and Human Rights Performance
Social insurance coverage rate Total number of employees
Business Ethics Performance
Signing Rate of Integrity Commitments Number of female executives Total training sessions delivered to employees
Total employee training duration Total Training Hours
Major violations of business ethics
Total attendance in training
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Highlight Achievements
Sino-Securities ESG Rating AA EcoVadis Gold Medal SA8000 International Standard Certification
Wind ESG Rating A ESG performance ranking among the top 4% globally for Social Responsibility
Hangzhou Green and Low-Carbon Factory Green Supply Chain Management System Certification
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
About Hoymiles
Company Profile
Founded in 2012, Hoymiles Power Electronics Inc. is a high-tech enterprise specializing in PV and energy storage, with a focus
on power electronics technologies. The Company, listed on the STAR Market of the Shanghai Stock Exchange (“SSE STAR
Market”) in 2021 (Stock Name: Hoymiles; Stock Code: 688032), is a smart energy solution provider integrating research,
production, and sales of new energy products mainly including microinverters, energy storage inverters, etc.
From 2021 to 2024,Hoymiles was ranked first in China and second in the world in terms of shipment of microinverters. Now, the
microinverter, energy storage inverter and other products of the Company have been widely used in fields of PV power
generation and energy storage worldwide, serving customers throughout the Americas, Europe, Asia and many other countries
and regions.
Hoymiles started the layout for the industrial and commercial energy storage business segment in 2017. Since 2022, new
products such as commercial and industrial energy storage all-in-one machines, high-voltage household energy storage
systems, large-scale energy storage systems, and many other new energy storage products of the Company have entered the
market. These products successively received numerous certifications and awards both domestically and internationally, and
gained widespread market recognition.
Corporate Culture
Our Mission Our Vision Our Values
To make the power energy smarter To become a globally-leading Integrity, Responsibility,
smart energy partner Professionalism, Efficiency
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Development History
Rated as a “National Key Software Enterprise” Rated as a Single Champion Manufacturing Enterprise
Officially established the Company
Launched the first “MiT-Series” 5,000 W 8-in-1 microinverter in the
Recognized as a “National PV Manufacturing Standard Enterprise Launched the world’ s first AC-coupled micro storage product - MS
Obtained the Golden Sun certification with three-phase PV
of the Ministry of Industry and Information Technology” Micro Storage
grid-connected inverters
Launched the first-generation three-phase microinverters adapted Put the Mexican Manufacturing Base into operation officially
Established a cooperative relationship in power electronics
to industrial and commercial systems, and expanded the
technology R&D with Fuji Electric of Japan
application scenarios of microinverters and the first-generation of
Gradually obtained CSA (North America), BV (Europe), SAA 2021
(Australia), and CQC (China) certifications with microinverters
since 2014 Officially listed on the SSE STAR Market on December 20,
Awarded as a Provincial-level Industrial Internet Platform in 2025
Recognized as a National High-Tech Enterprise
Launched a new product series, the HRSD rapid shutdown Retained BNEF Tier 1 Global Top-tier Energy Storage Manufacturer
Successively launched micro-inverter products on markets in
North America, Europe, Latin America, and other regions devices adapted for string systems, upgraded energy storage Released Hi series new products
solutions, and released the second-generation hybrid energy
Appraised as one of the fourth batch of “Little Giant”
Awarded the “Second Prize of the National Natural
Specialized and Sophisticated Enterprises that Produces Novel
Science” (Winner: Yang Bo, General Manager and Core and Unique Products
Technical Personnel of Hoymiles)
First launched Wi-Fi-integrated microinverters, and FLEX-se-
Had micro-inverter products passed the National Frontrunner ries new products worldwide
Certification
First introduced “HPCS-Series Centralized Energy Storage
Became an authorized laboratory of the CSA Group Products” and HIM-Series all-in-one boosting machines
Launched the highly cost-effective 4-in-1 single-phase Established a post-doctoral workstation in Zhejiang Province
microinverter series
Obtained the qualification of provincial high-tech enterprise
research center
Participated in the compilation of the national standards of
the energy industry: NB/T 42142-2018 Technical Specification
of Photovoltaic Grid-Connected Microinverter and NB/T
Power Optimizer
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Business Overview
The Company is mainly engaged in the R&D, manufacturing and sales of products related to PV inverter and energy storage. Among others, the PV inverters and related products mainly include
microinverters and monitoring equipment, series inverter shutdown devices, and PV power generation systems. The products related to energy storage mainly include energy storage inverters and
energy storage systems.
The main products of the Company are as follows:
Microinverters and Monitoring Equipment
Data Transfer Units (DTU) Monitoring Cloud Service Platform
PV 1-in-1 Shutdown Devices 2-in-1 Shutdown Devices Transmitters (waterproof box installation)
Shutdown Systems
inverters
and
related
products 320 kW PV string inverter
PV Power System
Split-phase Hybrid Energy Inverter (North America) Single-phase Hybrid Energy Storage Inverter
微型逆变器及监控设备
Three-phase Hybrid Energy Storage Inverter Second-Generation Single-Phase Hybrid Energy Storage Inverter
Energy Storage Inverters
Single-phase AC coupled inverter Three-phase AC coupled inverter
Energy Three-phase All-in-One inverter Centralized Three-Phase Energy Storage Inverter
Storage-
Related
Products HoyUltra Outdoor All-in-One Liquid-Cooled Energy Storage HoyUltra Outdoor Liquid-Cooled Energy Storage Integrated
Integrated System (Cabinet) System (Cabinet)
HoyPrime Containerized Energy Storage System Household Energy Storage Batteries
Energy Storage System-Related Products
Battery Management System (BMS) Energy Management System (EMS)
Balcony Energy Storage System (MicroStorage)
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Corporate Honors in 2025
“Light Energy Cup” PV Industry
Aurora Awards
BNEF Tier 1 Global Leading Awards 2025
National Postdoctoral Research Station
Energy Storage Manufacturer 2025 Excellent Product Award for Energy Storage Most Influential PV Inverter Enterprise
System Integration Equipment Most Influential PV & Energy Storage Solution Enterprise
Key Enterprise Research Institute Provincial-level Industrial
TOP50 Top 10 Products of the Year
in Zhejiang Internet Platform
Technical Leadership Award for Indian National Solar Awards 2025, Exclusive Microinverter Supplier for the
Preferred Brand of Microinverters Microinverters at Solar & Storage Delhi – Breakthrough Microinverter National Demonstration Project of
in Mexico Confex of Punjab & Haryana 2025 Technology of the Year “Vietnam Balcony Solar Energy System”
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Sustainable Development Governance
Sustainable Development Policy
Hoymiles adheres to the principle of sustainable development throughout its entire business operation, drives green development through “low-carbon innovation”, safeguards employees’ rights
and interests through “diversity and inclusion”, practices business ethics with “integrity and compliance”, and deepens sustainable procurement management through “Selective Sourcing and
Supply Chain Stability”, so as to fully promote the implementation of the Company’s sustainable development strategy.
Sustainable Development Policy
Low-Carbon Innovation Diversity and Inclusion
Labor and Human Rights
Hoymiles is committed to promoting green and low-carbon Hoymiles attaches great importance to employee welfare and
Environment
transformation, and helping to achieve the green and low-carbon development, advocates for a diverse and inclusive culture, actively
goals by optimizing production processes, reducing carbon creates a positive working environment, respects and protects
emissions, increasing the proportion of green electricity consump- employees’ rights and interests, and ensures that employees from
tion and other measures. With leading PV storage products and different backgrounds can develop within the Company
solutions, the Company helps global families and businesses use
energy more efficiently, and demonstrates the spirit of innovation in
the low-carbon field
Integrity and Compliance Selective and Stable Supply Chain
Sustainable Procurement
Upholding the core values of “Integrity, Responsibility, Profession- Hoymiles builds a supplier evaluation system, prioritizes suppliers
Business Ethics
alism, and Efficiency”, Hoymiles adheres to integrity in business with good sustainability performance, and establishes long-term
activities, complies with the rules and ethical norms, and fulfills cooperative relationships with them to stabilize supply and ensure
corporate responsibilities to provide high-quality products and the sustainability of the supply chain
services
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Sustainable Development Management System
Against the backdrop of addressing global climate change and promoting green transformation, sustainable development has become the core driving force for enterprises to create long-term
value. To systematically integrate the ESG concept into the Company’s strategy and daily operations, the Company has established the Implementation Rules for the Strategy and ESG Committee
under the Board of Directors, continuously optimizes its governance system, further improves the closed-loop governance structure of “Decision – Management – Execution”, and refines the division
of responsibilities and coordination mechanisms at all levels.
As the highest decision-making body, it is responsible for reviewing and approving the Company’s sustainable development strategic
Board of Director and framework, major Environmental, Social and Governance (ESG) topic decisions, and the annual ESG Report, ensuring that the strategic
Strategy and ESG direction is consistent with the Company’s long-term development goals.
Committee
Responsible for decoding the sustainable development strategy determined by the Board of Directors into specific annual implementation
Management and plans, formulating detailed work schemes, and supervising the implementation of relevant projects.
Business Units
As an inter-departmental coordination body, it is responsible for coordinating and advancing ESG-related work, including data collection,
information integration, progress tracking, and internal and external communication and coordination.
ESG Special Working
Group
During the Reporting Period, the Company compiled and issued the Social Responsibility Management
Manual, successfully passed the SA8000 International Standard Certification for Social Responsibility,
continuously standardized the management of labor rights and interests, health and safety, environ-
mental responsibilities, and business ethics, and promoted the systematic and standardized operation
of social responsibility work.
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Supervision and Assessment of
Case: ESG Training and Report Launch Meeting
Sustainable Development
In January 2026, the Company specially invited external experts to organize an ESG thematic training and annual ESG The Company deeply integrates ESG management requirements
Report launch meeting for all business departments. The training systematically sorted out global ESG development into daily operations, closely focuses on strategic planning, and
trends and regulatory requirements, conducted a comprehensive ESG current situation diagnosis and gap analysis has established a result-oriented supervision and assessment
combined with the Company’s actual situation, effectively enhanced all employees’ awareness of sustainable mechanism. It sets assessment indicators related to sustainable
development and compliance cognition, and laid a solid foundation for the subsequent accurate formulation of development, continuously strengthens the main ESG responsi-
improvement strategies and the improvement of ESG management level. bilities of each department, and ensures that the sustainable
development strategy is transmitted layer by layer and effective-
ly implemented.
Sustainable Development Information Management Mechanism
Sustainable Development Reporting
The Company continuously improves the ESG management indicator database covering key topics such as climate change,
energy utilization, product quality, and technological innovation. Through a regular data collection and analysis mechanism, it
Mechanism
dynamically monitors the operation effectiveness of the sustainable development governance system. On this basis, the The Company has established a regular internal ESG information
Company has established a regular assessment and continuous improvement mechanism to ensure that all levels reach a reporting mechanism to ensure that information relating to
consensus on strategic objectives and implement them effectively. sustainable development impacts, risks and opportunities is
communicated to the decision-making level in a timely and
Sustainable Development Risk and Opportunity Management accurate manner. As the centralized department for ESG
information management, the ESG Special Working Group is
To comprehensively improve sustainable development management capabilities, effectively prevent potential risks, and seize
responsible for the regular collection, consolidation and analysis
development opportunities, the Company has established a full-process risk and opportunity management mechanism. During
of ESG-related data, and submits a written report to the Board of
the Reporting Period, the Company focused on core sustainable development topics such as addressing climate change, product
Directors and the Strategy and ESG Committee at least once
and service quality, R&D and innovation, and energy utilization, systematically carried out risk identification, assessment,
each year. The annual ESG Report is reviewed by the Special
prevention, and control work, and simultaneously promoted opportunity mining, research and judgment, and implementation.
Working Group and independently assured by a third-party
This has effectively guaranteed the steady achievement of operational goals and promoted the continuous improvement of ESG
assurance provider, before being submitted to the Board of
performance.
Directors for approval and publication. Through the above
For the specific identification of risks and opportunities for each topic, please refer to the corresponding sections below. arrangements, the Company has defined the formats, frequency
and approval procedures for information reporting, thereby
safeguarding the standardization and effectiveness of ESG
Sustainable Development Due Diligence
information disclosure.
The Company has established a sustainable development-related due diligence mechanism. Through conducting reviews on
the compliance and responsible performance of cooperating entities and project targets, it identifies potential
sustainability-related risks and weaknesses, and formulates assessment opinions that serve as important references for
cooperation decision-making. For issues identified in the due diligence process, it clarifies improvement requirements and
follow-up mechanisms to enhance the quality of cooperation at the source, and promotes the joint improvement of
sustainability performance across the industrial chain and business ecosystem.
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Sustainable Development Goals
The Company actively responds to the United Nations Sustainable Development Goals (SDGs), integrates global sustainable development initiatives into the Company’s strategy and daily
operations, fulfills corporate social responsibility through practical actions, and contributes to building a greener, more inclusive, and sustainable future.
SDGs Specific Actions
Through methods such as “Caring Procurement”, Carry out consumption assistance in targeted assistance areas to help local farmers increase
income and promote the development of rural industries.
Establish an occupational health and safety management system, implement employee health checkups, safety protection, and emergency
drills to ensure employees’ occupational health and work safety.
Build a hierarchical and classified training system and an online learning platform, and carried out multi-dimensional training such as new
employee training, professional skills training, and leadership training to help employees improve their capabilities.
Adhering to equal pay for equal work and anti-discrimination, safeguard the legitimate rights and interests of female employees in employment,
promotion, and leave, establish a Women’s Committee and maternal and child rooms, and promote gender equality in the workplace.
Standardize water resource management and water-saving measures, implement the separation of rainwater and sewage, ensure that
wastewater is discharged up to standard, and promote the economical use of water resources in production and office links.
Conduct main businesses covering core photovoltaic (PV) and energy storage products, promote the application of renewable energy, and
help the popularization and efficient utilization of clean energy worldwide through PV and energy storage solutions.
Safeguard employees’ legitimate labor rights and interests, provide fair employment, salary and benefits, career development, and a safe working
environment, and promote the steady operation of the enterprise and the common development of employees.
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
SDGs Specific Actions
Continuously increase Research and Development (R&D) investment, build technological innovation platforms, participate in industry
standard formulation, and empower the upgrading of the new energy industry through power electronics technological innovation.
Adhere to the employment principles of diversity, equality, and inclusion, oppose employment discrimination, safeguard equal development
opportunities for employees from different groups, and maintain workplace fairness.
Practice green office and low-carbon operations, participate in community public welfare and rural revitalization assistance, and promote the
construction of green and low-carbon communities and balanced social development.
Implement green production, compliant disposal of pollutants, standardized management of hazardous waste, energy conservation and consumption
reduction, and green office practices, and conduct full-lifecycle environmental management of products.
Establish a climate governance and Greenhouse Gas (GHG) management system, carry out carbon accounting and emission reduction actions,
and contribute to addressing climate change through low-carbon products and operations.
Adhere to the ecological protection red line, ensure that production and operation activities do not involve ecologically sensitive areas,
proactively prevent environmental impacts, and protect terrestrial ecosystems and biodiversity.
Improve modern corporate governance, compliant internal control, anti-commercial bribery, and whistleblower protection mechanisms, ensure open and
transparent information disclosure, and promote the standardized operation and sustainable development of the enterprise.
Carry out industry-university-research cooperation and sustainable supply chain cooperation with suppliers, universities, and industrial chain
partners, build a collaborative ecosystem, and jointly promote the achievement of sustainable development goals.
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Communications with Stakeholders
The Company has always adhered to the principle of openness and transparency, and established a normalized and multi-dimensional stakeholder communication mechanism. Through channels
such as information disclosure, customer surveys, and community visits, it dynamically collects key concerns from core stakeholders including the government, investors, customers, employees,
suppliers, and communities. These concerns are incorporated into sustainable development management decisions to ensure effective responses to the demands of all parties.
Stakeholders Topics of Concern Communication Frequency Communication Channel Communication and Response
Compliance Management Annual and as needed General Meeting of Prevent compliance risks
Shareholders
Protection of Shareholders’ Shareholder dividends
Rights and Interests Information disclosure
Performance briefings
Shareholders and Investor engagement Performance briefings
investors Information disclosure
Information Transparency Roadshows
Innovation-driven Development Annual Customer visits Optimize R&D management
Product and Service Safety and Customer satisfaction Improve after-sales service
Quality surveys
Customer satisfaction survey
Customers
Protection of Customers’ Rights After-sales services
and Interests
Compensation and Benefits Annual and as needed Employee activities Enhance compensation and
benefits
Employee Development and Employee Representative
Training Congress Employee training
Employees
Occupational Health and Safety Trade Union Employee health checkup
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Stakeholders Topics of Concern Communication Frequency Communication Channel Communication and Response
Responsible Supply Chain Annual Business cooperation Business cooperation
Integrity-based Procurement Supplier assessment and review Transparent procurement
Suppliers Anti-corruption and Anti-graft Integrity management in the
supply chain
Public Welfare As needed Community co-construction Public welfare volunteer activities
activities
Rural Revitalization Procurement assistance
Communities
Rural revitalization programs
Standardized Corporate As needed Information disclosure Risk Management and internal
Governance control
Regulatory inspections
Tax Compliance Pay taxes in accordance with law
Research and symposium
Anti-Commercial Bribery and Operation with integrity
Government and
anti-Corruption
regulatory authorities Fair Competition
Anti-Unfair Competition
Information transparency As needed Roadshows Performance briefings
Communications with Performance briefings Press conference
Stakeholders
Media Press conference
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Management of Material Topics
In accordance with relevant requirements such as the Shanghai Stock Exchange Guidelines No. 14 of Shanghai Stock Exchange for Self-Regulation of Listed Companies—Sustainability Report (Trial)
(hereinafter referred to as the Guidelines))the Company conducted questionnaires among stakeholders. It analyzed topics from the dual perspectives of financial materiality and impact materiality,
sorting out 28 topics, of which 4 have double materiality and will be focused on in this report.
Topic Assessment Process Analysis Method
Identify its stakeholders as well as potential risks and opportunities it faces, based on global megatrends, China’s industrial development
Step 1 trends, the industry landscape, and the corporate business model.
Understanding Corporate
Background
Based on the 21 topics set out in the Guidelines, analyze relevant industry topics at home and abroad, identify associated impacts, risks and
opportunities, and compile a unified internal topic list.
Step 2
Preliminary Topic Screening
Based on the stakeholder surveys of this year and previous years, combined with the judgments of the company's management and external
Step 3 experts, the Material Topics Matrix has been updated and adjusted.
Assessment and Confirmation of
Topic Materiality
Finalize the list of topics with both impact and financial materiality, and ensures the transparent, balanced and comprehensive
Step 4 disclosure of all relevant topics in the report.
Topic Confirmation
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Matrix of Material Topics
E
Very High
Materiality to Economic, Social, and Environmental Impacts
S
Importance to Corporate Finance Very High
Double Materiality Financial Materiality Impact materiality Relevant Topics
About the Report Message from the Management Sustainable Development Highlights Highlight Achievements About Hoymiles Sustainable Development Governance
Dimension Topics
Topics of double Product and Service Safety and Quality, Innovation-driven development, Energy Utilization,
materiality Response to Climate Change
Product Lifecycle Management, Pollutant Emissions, Protection of Customers’ Rights and Interests,
Environmental Compliance Management, Circular Economy, Risk Management, Contribution to Society, Waste
Topics of impact Disposal, Employees, ESG Governance, Rural Revitalization, Digitalization, Due Diligence, Anti-Unfair
materiality Competition, Protection of Shareholders’ Rights and Interests, Data Security and Customer Privacy Protection,
Anti-Commercial Bribery and Anti-Corruption, Standardized Corporate Governance, Supply Chain Security,
Communications with Stakeholders
Among the 28 topics, 4 are identified as relevant but do not meet the standards of financial materiality and impact materiality, for the following reasons:
Dimension Topics Reasons
The Company’s operations do not involve high water-consuming processes, are not located in ecologically
Water Resource Utilization, Ecosystem and sensitive areas, and generate a small amount of industrial waste. The impact of relevant topics on the
Environment
Biodiversity Protection Company’s financial condition and external environment is limited, failing to meet the double materiality
standard.
Equal treatment of small and medium-sized enterprises has been integrated into daily supply chain
management as a basic business principle and does not constitute an independent major risk;
Equal Treatment of Small and Medium-Sized
Social
Enterprises, Ethical Technology The Company’s business does not involve ethically sensitive cutting-edge fields such as artificial
intelligence and gene editing, so ethical technology does not temporarily constitute a major influencing
factor.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Corporate Governance
Hoymiles has always adhered to Party Building Leadership, and built a clear-cut and
efficient corporate governance system with defined powers and responsibilities.
Through true, accurate, complete, timely, and fair information disclosure, as well as
professional, diverse, and transparent investor relations management, it effectively
safeguards the legitimate rights and interests of investors and stakeholders. Meanwhile,
the Company upholds business ethics, continuously strengthens compliance
”
management and risk control, and escorts the steady and sustainable development of
the enterprise with high-quality governance.
Party Building
Corporate Governance
SDGs Responded
Compliance Operation and Risk
Management
Investor Relations Management and
Shareholders’ Rights and Interests
Business Ethics
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Party Building
Under the strong leadership of higher-level Party organizations, the Company’s General Party Branch Committee closely focuses
on the core theme of “empowering high-quality development with high-quality Party building”, anchors the development
strategic direction of the Company’s core power electronics business, fully aligns with and implements the general requirements
for Party building in the new era, and solidly advances key tasks such as theoretical armament, organizational building, in-depth
integration of Party work and business operations, and work style building. It strives to transform the Party organization’s political
leadership advantages and organizational cohesion advantages into the enterprise’s innovative development advantages and
core competitiveness, laying a solid political foundation and organizational support for the Company’s high-quality development.
Organizational Development
The General Party Branch has set up two Party branches (the First and Second Party Branches), constructing an organizational
system of “overall coordination by the General Branch and joint action by the two Party Branches”. It has successively formulated
rules and regulations such as the Measures for the Implementation of Party Member Points-based Assessment Management,
Hoymiles Party Member Points-based Management Assessment Rules, System for Members of the Branch Leadership Team to
Contact All Party Members, and Rules of Procedure for Branch Meetings, providing solid institutional guarantees for the
standardized operation of the Party organization. As of the end of the Reporting Period, the General Branch had 99 full Party
members, 2 probationary Party members, and 5 Party activists. Among them, the proportion of Party members in R&D positions
reached 42%, forming a Party member team structure dominated by young backbones and centered on technical talents,
activating a “red engine” for the enterprise’s innovative development.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Ideological Building
The Company’s Party Branches have always taken studying and implementing the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the primary political task, with the
spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) as the core thread. They have constructed a “hierarchical, classified, and
application-oriented” learning system, continuously promoting the deepening and internalization of theoretical learning, and effectively transforming learning outcomes into a strong driving force
for the Company’s high-quality development.
Precise Education to Strengthen Convictions
Key Performance
Relying on the three-level learning mechanism of “Monthly Theme Party Day + Quarterly Special Party Lectures
+ Annual Concentrated Seminars”, regular concentrated learning and special Party lectures are carried out to Throughout the year, 12 concentrated learning seminars and 4
achieve full coverage of Party members’ education and training. special Party lectures were held.
Work Style Building to Foster New Trends
Key Performance
Formulated the Three-Year Action Plan for Work Style Building (2025-2027), and refined specific measures in
combination with industry characteristics. We built a disciplinary defense line through mechanisms such as A total of18 specific measures were refined, 6 special learning
“Three Meetings and One Class”, warning education, visits to integrity education bases, and signing of integrity sessions were held, 99 Integrity in Employment Commitments were
signed, 16 in-depth investigations were conducted in workshops
commitments. Leading members of the team have taken the lead in implementing the “grassroots contact point”
system to solve practical problems in production and management, promoting the normalization and long-term
and teams, and 23 production and management problems were
effectiveness of work style building.
solved.
Red Education to Forge Original Aspirations
Key Performance
Created a “mobile red classroom” and carried out practical activities such as red film screenings and experience Two Party-building activities including red film screenings and
sharing to inherit the red gene, stimulate patriotic enthusiasm and fighting spirit, and strengthen the original experience sharing were organized.
aspiration and mission of Party members and cadres to contribute to the Company’s development.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Party-Building Practices
The Company’s General Party Branch has strictly implemented the Party’s organizational line in the new era, continuously enhancing the organizational capacity, cohesion, and combat effectiveness
of the Party organization. We have built “Party Member Activity Rooms”, established a three-stage Party member training system, and set up “Party Member Pioneer Posts” and “Party Member
Responsibility Zones” to guide Party members to play an exemplary vanguard role at the grassroots frontline. The Company adheres to the synchronization of Party building and central work. Under
the leadership of Party member backbones in tackling key problems, it takes Party building as the guide to drive technological innovation and promote high-quality development; it insists on Party
building leading social responsibility, constructing a dual-improvement pattern of “enterprise development + social contribution”, and effectively transforming Party building advantages into
development results, providing strong support for the sustained and healthy development of the enterprise.
Case: Hoymiles “Party Member Volunteer Fire Brigade”
Taking the lead, the Party Branch established the “Hoymiles Party Member Volunteer Fire Brigade”
to carry out fire evacuation emergency drills in the park. The team participated in the 2025 Fire
Skills Competition of the Grand Canal Digital Intelligence Future City for the first time. Competing
alongside multiple professional teams composed of veterans, it won the third place with stable
on-site performance and solid professional skills. With practical achievements in actual combat,
the team safeguards the Company’s work safety and the stable operation of the park, fully
demonstrating the exemplary vanguard role and sense of responsibility of Party members.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Corporate Governance
In strict accordance with the provisions of relevant laws such as the Company Law of the People’s Republic of China (hereinafter General Meeting of
referred to as the Company Law) and the Securities Law of the People’s Republic of China (hereinafter referred to as the Securities
Law). Hoymiles has formulated and continuously improved a corporate governance system centered on the Articles of Shareholders
Association, covering the Rules of Procedure for the General Meeting of Shareholders, Rules of Procedure for the Board of Directors,
etc. We have established and improved a governance structure composed of the General Meeting of Shareholders, the Board of The General Meeting of Shareholders is the highest authority
Directors, and the management team, standardized decision-making processes, and strengthened supervision over performance of the Company. In accordance with relevant provisions such
of duties to protect the legitimate rights and interests of shareholders and other stakeholders. During the Reporting Period, the as the Company Law, Rules for General Meeting of Share-
Company further deepened the reform of its governance structure, abolished the Board of Supervisors, and its original holders of Listed Companies, the Articles of Association, and
supervisory powers were fully taken over by the Audit Committee of the Board of Directors, further improving the Company’s the Rules of Procedure for the General Meeting of Sharehold-
governance level. ers, the Company standardized the convening, holding, and
voting procedures of the General Meeting of Shareholders.
Corporate Governance Structure
To fully protect the right to information, participation, and
voting rights of all shareholders, especially minority share-
General Meeting of Shareholders
holders, the voting on proposals at the Company’s General
Meeting of Shareholders adopts a combination of on-site
voting and online voting. For major matters that may affect
Audit Committee the interests of minority investors, separate voting for
minority investors is implemented. Meanwhile, a law firm is
invited to issue a legal opinion on the General Meeting of
Shareholders to ensure that decisions are standardized, fair,
Nomination Committee
and transparent.
Board Secretary Board of Directors
Remuneration and Key Performance
Appraisal Committee
During the Reporting Period, the Company convened
Strategy and ESG Committee 4 General Meetings of Shareholders, including 1
annual general meeting and 3 extraordinary general
Deputy General Manager General Manager meetings, and deliberated a total of 16 proposals.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Board of Directors
As the Company’s decision-making body, the Board of Directors is accountable to the General Meeting of Shareholders. It
exercises our powers in strict accordance with laws, regulations, and norms such as the Company Law and the Articles of
Association, reviews major matters in the Company’s business activities, and makes decisions or submits them to the General
Meeting of Shareholders for review.
To improve the scientificity and standardization of the Board of Directors’ decisions, the Company has formulated and improved
the Rules of Procedure for the Board of Directors, regulating the entire process of meeting convening, holding, deliberation,
voting, and other links. By strengthening the performance responsibilities of directors and enhancing internal decision-making
checks and balances, the Company promotes more transparent and efficient operation of the Board of Directors, ensuring that
all decisions are legal, compliant, scientific, and prudent, and mechanically guaranteeing the continuous improvement of
decision-making quality. As of the end of the Reporting Period, the average term of office of members of the Company’s Board
of Directors was 4.27 years.
Key Performance
During the Reporting Period, the Company held 7 meetings of the Board of Directors, reviewed and approved 41
proposals, with an attendance rate of 100%.
Board Committees
Under the Board of Directors, the Company has established four specialized committees: the Audit Committee, the Nomination
Committee, the Remuneration and Assessment Committee, and the Strategy and ESG Committee. Each committee performs its
duties in strict accordance with the rules of procedure, assisting the Board of Directors in fulfilling decision-making and
supervisory functions, and providing professional support for the efficient operation and scientific decision-making of the Board
of Directors.
Key Performance
During the Reporting Period, the Company held
and Assessment Committee, 1 meeting of the Strategy and ESG Committee, and 2 meetings of the Nomination
Committee.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Board Independence Composition of the Board of Directors
The Company has formulated the System of Work of Independent Directors, clearly defining the scope of responsibilities of By Education Background
independent directors, and ensuring their independent performance of duties through institutional constraints. Currently, the
independent directors of the Company have diverse professional backgrounds, covering financial management, accounting, and Bachelor’s Degree Master’s Degree Doctoral Degree
other fields. They have no associated relationships with the Company that may affect independent judgment, and their
qualifications and independence comply with the requirements of relevant laws and regulations, providing professional support
and independent supervision for the scientific decision-making, risk prevention and control, and standardized governance of the
Board of Directors. In addition, independent directors account for the majority and serve as conveners in the Audit Committee,
Remuneration and Assessment Committee, and Nomination Committee of the Board of Directors. Among them, the convener of 5 4
the Audit Committee is a professional in accounting.
During the Reporting Period, the Company’s independent directors performed their duties diligently, deeply participated in the
decision-making of the Board of Directors, independently issued professional opinions, and effectively safeguarded the overall 2
interests of the Company and the legitimate rights and interests of minority shareholders.
By Age
Under 40 years old 40-49 years old
Key Performance 50-59 years old 60 years old or above
As of the end of the Reporting Period, the Company had a total of11 directors, including 4 independent directors,
accounting for 36.36% of the total directors; independent directors accounted for 66.67% of the Audit Commit-
tee, 66.67% of the Remuneration and Assessment Committee, and 66.67% of the Nomination Committee.
By Gender
Male Female
Board Diversity
The Company is committed to building a diversified Board of Directors team. In the selection and appointment of directors,
the Company comprehensively considers multiple dimensions such as the gender, age, professional knowledge, and
educational background of Board members, aiming to gather professional wisdom and diverse perspectives from different
fields and improve the scientificity and comprehensiveness of the Board of Directors’ decisions.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Management of Remuneration for Directors and Senior Management
In strict accordance with the relevant provisions of the Company Law and the Articles of Association, the Company has formulated the Remuneration Management System for Directors and Senior
Management, clarifying that the remuneration level of directors and senior management is based on the Company’s scale and operating performance, and determined with reference to factors such
as the Company’s business plan, the division of responsibilities of directors and senior management, and the income level of the same industry. During the Reporting Period, the Company formulated
the 2025 remuneration plan for directors and senior management. The plan was reviewed and approved by the Board of Directors and the General Meeting of Shareholders, ensuring that the
remuneration decision is compliant, transparent, fair, and reasonable, effectively stimulating the enthusiasm and creativity of the management team, and continuously improving the Company’s
operating efficiency and governance quality.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Compliance Operation and Risk Management
Compliance Management Risk Management
To comprehensively promote the construction of the rule of law and compliance management in the enterprise, the Company To effectively improve the Company’s risk disposal and
strictly abides by the Company Law and other relevant laws, regulations, and regulatory requirements to ensure that all prevention and control capabilities, and effectively prevent
production, operation, and management activities are legal and compliant. Combined with the actual situation of the enterprise, and resolve various safety and operational risks, the Compa-
it has formulated compliance management systems such as the External Guarantee Management System, fully integrating ny continuously improves the risk management system and
compliance requirements into corporate governance, business operations, internal control, and other links, promoting full has built a risk prevention and control system led by the
coverage of compliance requirements among all employees, and ensuring the effective implementation of compliance Board of Directors. The Chairman serves as the highest
management to achieve the steady and sustainable development of the enterprise. person responsible for risk control, while the Audit Commit-
tee and the Audit and Supervision Department act as
decision-making and management bodies, performing the
Key Performance duties of risk prevention and control decision-making and
management supervision respectively.
During the Reporting Period, the Company organized 7 sessions of compliance training, with 44 attendances and a
Meanwhile, on the basis of establishing a long-term mecha-
total training duration of 192 hours. nism for dynamic risk assessment, the Company has formu-
lated relevant systems for special risk assessment of major
decisions to continuously strengthen the construction of
compliance management and risk prevention and control
systems. When various functional departments research and
formulate matters involving major business decisions (such
as major investment projects, asset disposal, etc.), they must
simultaneously carry out special risk assessment work,
compile feasibility study reports, and submit them to the
Executive Management Team Meeting (EMT Meeting) for
review and decision-making. The aim is to identify, assess,
and control major risks from the source, ensure that business
decisions are scientific, prudent, compliant, and feasible, and
provide solid guarantee for the steady operation of the
Company.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Internal Control
The Company attaches great importance to the construction of the internal control system. In accordance with relevant laws and
regulations such as the Basic Standard for Enterprise Internal Control, the Company has established internal control systems, providing
solid institutional guarantee for standardized operation and management and prevention of operational risks. To continuously
strengthen the supervision of internal control execution and accurately improve the effectiveness of internal control operation, the Audit
and Supervision Department regularly conducts supervision, inspection, and evaluation on the completeness, rationality, and
operational effectiveness of the Company’s internal control system. It also conducts special audit supervision on the compliance and
completeness of economic materials such as accounting vouchers and account books, as well as related economic activities, promptly
identifies shortcomings and loopholes, and urges rectification and implementation. This helps the Company continuously improve the
internal control mechanism and financial accounting processes, ensuring that the Company’s internal control system and financial
accounting work comply with the requirements of laws and regulations and internal management standards.
The Company has always regarded internal audit as an important starting point for sustainable development. Through regular
supervision, special audits, and full-process risk investigation, the Company conducts comprehensive and penetrating reviews of key
business areas, continuously standardizes operation and management, builds a risk defense line, and helps to steadily enhance its core
value.
Key Performance
During the Reporting Period, the Company carried out audit work as planned and identified 73 issues. For the identified issues, the Company formulated rectification plans and supervised
their implementation. As of the end of the Reporting Period, the correction completion rate reached 93%.
Tax Management
In terms of tax management, the Company strictly complies with national tax laws and regulations such as the Enterprise Income Key Performance
Tax Law of the People’s Republic of China and the Law of the People’s Republic of China on the Administration of Tax Collection,
continuously improves tax management-related systems, and builds a scientific and effective tax management system. During the Reporting Period, the total amount of taxes
Meanwhile, the Company has established four core centers: the Master Data Management Center, the Global Inventory Center,
the Connected Transactions Center, and the Global Planning and Order Center, to ensure the accuracy of all operational data. the paid by the Company was RMB 127.8639 million.
Company has also established a compliance inspection and risk early warning mechanism to automatically verify the
reasonableness of pricing for connected transactions, ensuring transaction compliance. This effectively mitigates potential tax
risks arising from improper tax handling of connected transactions, strengthens tax risk prevention and control through internal
management mechanisms, and ensures that all taxes and fees of the Company are declared in accordance with the law on time
and paid in full and on schedule.
During the Reporting Period, the Company had no major tax violations.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Investor Relations Management and Shareholders'
Rights and Interests
Information Disclosure
In strict accordance with the requirements of laws and regulations such as the Measures for the Administration of Information Number of Participations in Roadshows &
Disclosure by Listed Companies, the Company has formulated systems including the Information Disclosure Management System Strategy Meetings
and the Information Disclosure Delay and Exemption Management System. These systems clarify the standards, processes, and
division of powers and responsibilities for the Company's information disclosure, and continuously strengthen the management 8 Times
of information disclosure affairs to ensure the true, accurate, complete, timely, and fair disclosure of important information and
major matters concerning the Company’s production, operation, and management, effectively safeguarding the equal right to
information of general investors. Number of Interactions With Investors via SSE
E-interactive Platform
During the Reporting Period, the Company conducted information disclosure in a timely, accurate, complete, and fair manner
through disclosure channels such as the website of the Shanghai Stock Exchange, Shanghai Securities Journal, and China
Securities Journal, with no false records, misleading representations, or material omissions.
Key Performance
Response Rate to Investor Questions on SSE
E-Interactive platform
During the Reporting Period, the Company disclosed 4 periodic reports and 61 provisional announcements, and
received 0 penalties for violations related to information disclosure. 100 %
Number of Performance Briefings Held
Investor Relations Management 3 Times
The Company has always attached great importance to the protection of investors’ rights and interests and efficient
communication. In strict accordance with laws and regulations such as the Guidelines for Investor Relations Management of Listed
Companies and the Rules Governing the Listing of Stocks on the STAR Market of Shanghai Stock Exchange, the Company has
formulated systems including the Investor Relations Management System to standardize various aspects of investor relations
management, aiming to build a transparent and efficient communication bridge with investors.
To continuously optimize the investor communication mechanism and effectively safeguard the legitimate rights and interests of
investors, the Company actively understands the real needs of investors, listens to their opinions, and promptly responds to their
concerns through channels such as roadshows & strategy meetings, performance briefings, investor hotlines, and the SSE
E-Interactive Platform, continuously enhancing investors’ understanding and recognition of the Company.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Returns to Shareholders
The Company attaches great importance to reasonable shareholder returns. In strict compliance with regulatory requirements and the provisions of the Articles of Association, the Company has
formulated the 2025 “Quality Improvement, Efficiency Enhancement, and Return-Focused” Action Plan and regularly evaluates the effectiveness of its implementation. Through scientific,
standardized, and transparent profit distribution decision-making procedures and action plans, the Company coordinates shareholder returns with the Company’s sustainable development, and
rewards general investors with continuous and stable dividends.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Business Ethics
Anti-Commercial Bribery and Anti-Corruption
The Company has formulated the Policies on Business Ethics and adopts a zero-tolerance attitude towards all forms of corruption
and bribery. The Company is committed to upholding the principle of integrity in business activities, strictly prohibiting
employees from providing or accepting any form of bribery, kickbacks, or improper benefit transfers to/from customers, suppliers,
or other relevant parties, and eliminating illegal and disciplinary acts of dishonesty and lack of self-discipline at the source. To
further strengthen the construction of business ethics and prevent corruption risks, the Company has established a business
ethics management system led by the Board of Directors, and managed daily by the Audit Department/Legal Department.
Through strengthening institutional constraints, organizing employees to sign integrity agreements, and consolidating
ideological education, the legitimate rights and interests of customers and business partners are effectively protected.
Meanwhile, the Company extends the concept of integrity and compliance to supply chain management, setting clear business
ethics requirements for suppliers through documents such as the Supplier Code of Conduct.
Integrity Management Measures
The Company implements a commitment system for preventing commercial corruption among on-the-job
personnel, such as organizing the signing of Integrity Commitments;
strengthening continuous internal supervision over fraud and anti-corruption;
conducting at least one anti-corruption and internal control risk assessment and internal audit every year.
Key Performance
During the Reporting Period, 876 employees signed business conduct documents such as integrity agreements, with
a 100% signing rate of Integrity Commitments.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Whistleblowers and Whistleblower Protection
To encourage employees and stakeholders to actively report violations, the Company has established multiple whistleblowing
channels such as a whistleblowing hotline and mailboxes. After receiving a report, the Audit and Supervision Department will
handle it in strict accordance with the process of recording, assessment, investigation, result evaluation, determining rectification Reporting Channels
measures, and feedbacking results, ensuring that the reported matter is disposed of in a timely, fair, and appropriate manner, and
the handling result is fed back to the whistleblower. The Company promises to strictly protect the privacy of whistleblowers and
will never disclose any personal information without their consent. Meanwhile, any form of retaliatory acts is strictly prohibited. Email
Once verified, the Company will impose disciplinary sanctions in accordance with applicable laws, and may terminate the
audit@hoymiles.com
employment relationship in serious cases, effectively safeguarding the legitimate rights and interests of whistleblowers and
ensuring the standardized and orderly operation of the internal supervision mechanism.
Telephone/SMS
Anti-Unfair Competition 0571-28056110
The Company strictly complies with relevant laws and regulations such as the Anti-Monopoly Law of the People’s Republic of Mailing Address
China and the Anti-Unfair Competition Law of the People’s Republic of China, consciously maintaining a healthy and orderly Audit Department, Floor 16, Building 5, Caizhi
market environment, effectively safeguarding the legitimate rights and interests of consumers, and continuously enhancing the SF Innovation Center, No. 99, Housheng
Company’s market reputation and brand image. The Company always adheres to the bottom line of compliant operation, Street, Kangqiao Avenue, Gongshu District,
proactively prevents and resolutely eliminates all types of acts that eliminate or restrict competition. It neither enters into Hangzhou City
monopolistic agreements with competitors such as fixed prices, market division, or production limitations, nor engages in acts of
abuse of market dominance such as predatory pricing, refusal to deal, or tying sales. We resist all forms of unfair competition
through practical actions and maintain a fair and transparent market competition environment. During the Reporting Period, the
Online channels
Company had 0 lawsuits related to unfair competition. QR Code Reporting: Scan the “Speak Up via
Code” complaint QR code in the complaint
handling hotline
Offline channels
Internal Audit Department Office of the
Company
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Environmental Protection
Upholding the core philosophy of “responsibility, greenness, harmony, and
standardization”, the Company continuously strengthens environmental management
and climate change response actions, comprehensively promotes resource conservation
and efficient utilization, effectively enhances the protection of ecosystems and
biodiversity, and is committed to achieving harmonious coexistence between humans
and nature in business development.
SDGs Responded
”
Note: The statistical scope of performance data mentioned in this Section covers
Hoymiles, Hengming Electronics, Haining Hengli, Suzhou Hoymiles, and Zhejiang
Henghe.
Response to Climate Change
Environmental Management
Pollutant Emissions
Resource Utilization
Green Office
Protection of Ecosystem and
Biodiversity
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Response to Climate Change
Governance
The Company insists on taking climate change response as an important part of corporate governance, formulates management systems related to climate change response, and builds a climate
change governance system led by the Board of Directors, with strategic decision-making by the EMT Meeting and coordination among various functional departments. This provides solid
organizational and institutional guarantees for achieving climate change response goals.
Meanwhile, to strengthen low-carbon management, the Company has formulated systems such as the Greenhouse Gas Verification Specifications, Greenhouse Gas Management Procedures, and
Internal Audit Procedures, and established a low-carbon management organization to coordinate and promote various matters including carbon emission accounting and the implementation of
emission reduction actions.
Organizational Structure of the Low-Carbon Management Leading Group
Determine the Company’s energy conservation and emission reduction policies, appoint a
Management Representative, and provide resources for GHG inventory and emission
reduction work.
Group Leader
Be responsible for implementing the Company’s low-carbon policy; supervise and control
key carbon emission factors; regularly inspect the overall operation of the low-carbon
system; provide corresponding human and material support for system operation.
Deputy Leader
Be responsible for organizing the effective operation of the low-carbon management
system within the scope; collect, record carbon emission source data and sort out
supporting materials; promptly transmit low-carbon management-related information;
Low-Carbon assist in promoting various work of the Company’s low-carbon management system.
Administrator
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Strategy
Based on the characteristics of the PV and energy storage industry and its own business layout, the Company, with reference to the IFRS S2 Recommendations framework, comprehensively identifies
the physical and transition risks arising from climate change, explores potential development opportunities from operational, market and other dimensions, systematically deploys risk management
measures, promotes the transformation and implementation of opportunities, continuously improves climate response capabilities, and consolidates the foundation for sustainable development.
Probability of Impact 1 Impact 2 Value Chain 3 Priority 4
Risk Type Risk Description Potential Financial Impact Response Measures
Occurrence Size Timeframe Links of Impact Ranking
Physical Risks
Extreme weather events such as typhoons, Formulate emergency response plans for
floods, and high temperatures lead to Upstream, Increased operating extreme weather; enhance the disaster
Acute Risks production interruption, equipment damage, Medium Medium Short-term operations, High costs, decreased resistance of plants and facilities;
and supply chain disruption, affecting product downstream operating income establish an emergency communication
delivery. mechanism with suppliers.
Long-term climate anomalies and sustained
Optimize the production environment
high temperatures affect the production Increased operating
Chronic Risks Medium Medium Long-term Operations Medium and heat dissipation design; strengthen
environment and equipment stability, costs
equipment reliability design.
increasing operation and maintenance costs.
Transformational
Risks
Regularly pay attention to updates of
Governments may introduce stricter climate Medium climate change-related regulations;
Operations, Increased operating
Policy Risks change regulations, increasing the Company’s Medium Medium and High formulate and implement energy
downstream costs
compliance costs. long-term conservation and emission reduction
plans to reduce carbon emissions.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Opportunity Probability of Impact Impact Value Chain Priority 5
Description Potential Financial Impact Response Measures
Type Occurrence Size Timeframe Links of Impact Ranking
Global carbon peaking and carbon neutrality
Increase R&D investment to iterate the
drive the growth of PV and energy storage
Medium entire product series such as PV inverters
Market demand, expanding the market space for Increased operating
High High and Downstream High and energy storage products; expand
Opportunities green products, and driving the Company’s income
long-term the global PV and energy storage
revenue growth and market share
markets.
improvement.
Promote the application of renewable energy
Conduct energy efficiency diagnosis and
Operational and energy-saving transformation, effectively
Mid-term transformation of production equipment
Opportunities reducing long-term energy consumption and Reduced operating
Medium Medium Operations Medium and processes to optimize energy
production and operation costs. costs
utilization efficiency.
operations, and losses can be easily absorbed. management.
Medium: If the risk occurs, it will cause some negative impact on the enterprise's finances and reputation, and measures may be Medium: The risk has some impact on the business but can be addressed or mitigated within a reasonable
needed to mitigate the losses. timeframe.
High: The risk could lead to significant financial loss, business disruption, or severe legal consequences,
High: If the risk occurs, it will cause severe financial loss to the enterprise, damage to the brand, and may even affect business continuity, and requiring immediate action.
significant resources may be needed to recover.
for significant resource investment or strategic adjustments.
Medium-term: Generally refers to 1 to 5 years after the end of the Company’s sustainability Reporting Period (including 5 years).
Medium: The opportunity can bring certain business growth or market share improvements, has a positive
impact on the business, but requires the enterprise to invest resources and adjust strategies within a certain
Long-term: Generally refers to more than 5 years after the end of the Company’s sustainability Reporting Period. period to address and seize the opportunity.
innovations, significantly improves the enterprise's competitiveness and profitability, and requires the enterprise
Operations: Involves production, manufacturing, and internal processes, affecting daily operations and production efficiency. to take immediate action, invest considerable resources, and possibly adjust its overall strategy to fully leverage
this opportunity.
Downstream: Involves distribution, sales, and customer service, affecting customer satisfaction, market share, and brand.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Impact, Risk and Opportunity Management
The Company strictly complies with the requirements of the Risk and Opportunity Response Management Procedure, coordinates
the identification, assessment, and response of climate change-related risks and opportunities, regularly compiles risk and
opportunity assessment forms, continuously improves climate change response capabilities, and helps achieve sustainable Risk Acceptance
development goals.
Applicable to low risks (risk coefficient lower than 4),
Management Measures Implementation Content including risks with small loss severity, high
occurrence frequency, and no effective reduction or
avoidance measures.
The Systems Department takes the lead in organizing relevant functional departments to
identify potential climate-related risks and emerging opportunities at the beginning of
Regular
each year. A combination of qualitative and quantitative methods is adopted for
Identification and
assessment, comprehensively considering factors such as risk severity, occurrence
Assessment
frequency, and opportunity potential, to provide a basis for the formulation of response
measures.
Risk Mitigation
Applicable to general risks (risk coefficient ranging
from 5 to 14), including risks where the cost of
avoidance is too high, risks cannot be completely
Formulation and eliminated, or there are no effective avoidance
Based on the assessment results, clarify the responsible departments and promotion plans
Implementation of measures yet.
for various measures to ensure the orderly progress of response work.
Measures
Risk Avoidance
The Quality Management Department continuously tracks the progress of measure
Applicable to high risks (risk coefficient higher than
Tracking and implementation and organizes reviews at regular intervals; in case of policy and regulatory
Dynamic updates, organizational structure adjustments and other situations, the review frequency
feasible adjustment plans to reduce the probability
Optimization is appropriately increased to ensure that management work responds in a timely manner
and impact of occurrence.
and is dynamically optimized.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Metrics and Targets
Based on its PV and energy storage business layout, the Company sets annual plans and goals for key areas such as product carbon footprint verification, and decomposes the goals layer by layer
to each business link, consolidating implementation responsibilities. On this basis, the Company continues to increase R&D investment, and reduces carbon emissions throughout the product
lifecycle from the source by optimizing product design, improving production processes, and applying low-carbon materials, steadily advancing the achievement of global “carbon peaking and
carbon neutrality” goals.
Key Performance 6 Unit 2025
Total GHG Emissions tCO₂e 4,285.90
GHG Emission Intensity tCO₂e/RMB 1 million 2.22
Direct GHG Emissions (Scope 1) tCO₂e 47.09
Indirect GHG Emissions (Scope 2) tCO₂e 4,238.81
GHG Emission Reductions tCO₂e 1,869.73
GHG Emission Management
Relying on technological and equipment upgrades, the Company reduces energy consumption and
GHG emissions from the source by using energy-saving computer room air conditioners, optimizing
the use of refrigerants in external air conditioning units, and adopts multiple measures to promote
energy conservation and carbon reduction transformation.
To further standardize GHG emission management, the Company organizes an annual internal GHG
verification, compiles a GHG inventory and emission report, and entrusts a third-party verification
agency to conduct external verification to improve data quality and report credibility. During the
Reporting Period, the Company completed the compilation of the 2025 Greenhouse Gas Emission
Report and entrusted a third party to conduct external verification. The verification results show that
the quantification, monitoring, and reporting of the Company’s GHG emissions and removals comply
with the requirements of ISO 14064-1:2018.
Equipment Manufacturing Enterprises (Trial) and the 2023 Power Sector Carbon Dioxide Emission Factors. The GHG emission reductions refer to the carbon dioxide reductions achieved by using renewable energy compared with thermal power generation, which
are calculated based on the carbon dioxide emission factor per unit of thermal power generation specified in the Annual Development Report of China's Power Industry 2024.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Environmental Management Green Factory
The Company attaches great importance to the construction
of green factories. Centering on green development goals, it
continuously optimizes production processes and drives
Environmental Compliance Management emission reduction and consumption reduction throughout
the manufacturing process through technological innova-
The Company strictly complies with environmental protection laws and regulations, improves environmental management tion. Meanwhile, the Company integrates the green concept
systems, reduces environmental impacts from the source, and earnestly fulfills its main environmental responsibilities. into the entire lifecycle of process planning, equipment
upgrading, and operation management, achieving the
coordinated development of safety, efficiency, and low
carbon. In 2025, the Company was successfully awarded the
Environmental management system and institutions title of “Hangzhou Green Factory”.
Hoymiles complies with documents such as the Environmental Protection Law of the People’s Republic of China and Environmental
Management Systems - Requirements with Guidance for Use, and has formulated internal systems including the Procedure for
Identification of Environmental Factors and Hazardous Sources. Adopting the management policy of “Pursuing Excellence,
Environmental Protection, Safety and Health”, the Company has established sound environmental management operating
procedures, which are managed by the EHS (Environment, Health, and Safety) Department. Regular internal audits and
management reviews are conducted.
As of the end of the Reporting Period, the Company and its subsidiaries (Zhejiang Hoymiles, Hangzhou Heli, Zhejiang Henghe,
and Haining Hengli) have all obtained ISO 14001:2015 (including GB/T 24001) Environmental Management System Certification.
Awarded as Hangzhou Green Factory
Key Performance
During the Reporting Period, the total environmental
protection investment of the Company was RMB
occurred.
ISO 14001 Environmental Management System Certification
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Management of Environmental Risks
The Company has established an environmental risk management mechanism covering daily inspections, special monitoring, and emergency preparedness. Based on monthly comprehensive EHS
inspections, the Company conducts special inspections and dynamic tracking on key links such as hazardous waste management, pollutant emissions, and facility compliance, implements potential
hazard rectification and accounting record requirements, effectively prevents environmental risks, and ensures the compliance, stability, and sustainability of the entire production and operation
process.
Standardize the classified storage of hazardous
Risk Identification
Conduct qualitative and quantitative
Risk Prevention
Risk Evaluation
waste and solid waste, and implement accounting
Identify environmental factors and risk sources in assessments of identified environmental risks
records and transfer manifest systems. Organize
production, transportation, warehousing, and waste from two aspects: occurrence probability and
quarterly EHS training to enhance environmental
disposal through daily on-site inspections to ensure consequence severity, clarify risk levels, identify
awareness of relevant parties, standardize
no omissions. major environmental risks requiring key control,
operational behaviors, and implement risk
and prioritize measures.
prevention and control requirements.
Environmental Monitoring and EIA Acceptance
Case: Emergency Drill for Hazardous Chemical Leakage
The Company strictly implements environmental management requirements. Before project
initiation, it entrusts third-party institutions to conduct Environmental Impact Assessment (EIA) to
identify and control environmental risks from the source. During operation, the Company conducts On August 20, Hengming Park
regular monitoring of pollutants such as wastewater, waste gas, and noise. To ensure the accuracy organized relevant departments
and effectiveness of monitoring data, the Company has established equipment management including production, warehouse
specifications, regularly calibrates, maintains, and updates instruments, and continuously material keepers, EHS, and security
improves the professional skills and analytical capabilities of operators through regular personnel to conduct an emergency drill for
training. hazardous chemical leakage,
simulating a scenario of alcohol
leakage from an explosion-proof
Emergency Management cabinet for hazardous chemicals.
This further standardized the
To improve the ability to respond to sudden environmental events, the Company regularly emergency disposal process,
organizes subsidiaries to formulate special Emergency Drill Plans for environmental risks, clarifying strengthened employees’ emergen-
drill processes and division of responsibilities. The Company conducts environmental emergency cy operation skills, and prevented
drills as planned to test the operability of plans and personnel response capabilities, reviews and environmental risks caused by
optimizes the drill process, formulates Emergency Drill Summaries, and continuously improves the hazardous chemical leakage.
level of environmental emergency management.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Environmental Protection Training and Promotion
The Company lists EHS education and training as a key annual work, regularly compiles the EHS Training Plan, and conducts special training on environmental protection compliance as scheduled.
Through continuous standardized training, the Company strengthens employees’ awareness of environmental protection compliance and improves their overall environmental literacy and
on-the-job compliance operation capabilities.
Key Performance
Case: Environmental Protection and Energy Resource Management Training
During the Reporting Period, the Company conducted
During the Reporting Period, the Company organized environmental protection and energy resource management
training for coordinators of various departments and factory affairs personnel. The training detailed basic knowledge a total of 1 environmental protection training session,
of environmental protection, main types of the Company’s pollutants, compliance management requirements for
with
hazardous waste and solid waste, emergency disposal processes for sudden environmental events, and energy
resource management. The training helped employees deeply understand environmental protection compliance 100 hours.
requirements and key points of resource conservation, enhanced their awareness of environmental risk prevention and
emergency disposal capabilities, and further consolidated the foundation for the Company’s environmental
management and green operations.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Environmental Goals and Planning Pollutant Emissions
The Company compiles documents such as the 2025 To standardize pollutant emission management, the Company has formulated systems such as the Procedure for Control of
Annual Management Goal Breakdown Table and estab- Wastewater, Waste Gas, Noise, and Solid Waste, focusing on both source prevention and process control, and clarifying control
lishes annual environmental management goals for key requirements for waste gas, wastewater, noise, and solid waste to ensure compliant discharge of all pollutants.
areas including waste gas, wastewater, and noise. The
Company decomposes annual goals into monthly plans,
which are tracked and statistically managed by the
Comprehensive Operations Department, realizing
Waste Gas Management
data-driven and standardized goal management.
The Company strictly complies with national and local laws and regula-
tions on air pollution prevention and control, implements standardized
Environmental Targets Achievements in 2025 management of waste gas generated during production and operation,
and has formulated system documents such as the Standard Operating
Compliant discharge of Procedure for Secondary Exhaust Equipment to clarify operation standards
wastewater, waste gas, noise, and control requirements. Waste gas is centrally collected and treated:
and solid waste; no major after being collected through pipelines, it undergoes the process of “dry
environmental pollution Achieved filtration + activated carbon adsorption/desorption + catalytic combus-
accidents tion” to effectively remove and purify particulate matter and volatile
organic compounds (VOCs) in the waste gas, which is then discharged
after meeting standards. The Factory Affairs Department is responsible for
EHS inspection; on-site departments ensure the normal operation of collection systems to
potential hazard rectification guarantee stable and compliant discharge of waste gas.
Achieved
rate of over 95%
Key Performance Indicators Unit 2025
≥ 2 EHS education and
training courses held per Total Waste Gas Emissions 10,000 m? 7,581.40
quarter Achieved
VOC Emissions Ton 0.16
Particulate Matter (PM) Emissions Ton 0.09
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Wastewater Management
Wastewater generated during the Company’s project implementation is mainly domestic sewage. In accordance with laws and regulations such as the Law of the People’s Republic of China on the
Prevention and Control of Water Pollution and internal systems such as the Procedure for Control of Wastewater, Waste Gas, Noise, and Solid Waste, the Company implements classified management
of wastewater. In terms of source control, the factory implements rainwater-sewage separation and ensures that all wastewater meets discharge standards; meanwhile, regularly maintains treatment
facilities such as septic tanks to ensure their stable operation. In terms of end-of-pipe monitoring, the Company entrusts qualified third parties to conduct regular water quality testing to ensure that
domestic sewage discharge complies with the Wastewater Discharge Standard and local relevant requirements, achieving stable and compliant discharge.
Key Performance Indicators Unit 2025
Wastewater Discharges Ton 24,612.60
Chemical Oxygen Demand (COD) Ton 0.86
Five-Day Biochemical Oxygen Demand (BOD5) Ton 0.15
Suspended Solids Ton 0.41
Ammonia Nitrogen (NH3-N) Ton 0.16
Total Phosphorus (P) Ton 0.01
Animal and Plant Oils Ton 0.01
PH / 7.8
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Waste Management
In accordance with laws and regulations such as the Law of the People’s Republic of China on Prevention and Control of Environmental Pollution by Solid Wastes, the Company has formulated internal
specifications such as the Hazardous Waste Management System and implements classified management of waste. For general industrial solid waste and hazardous waste, control measures are
implemented based on factors such as classified collection, designated storage, standardized labeling, accounting establishment, and contract signing. They are disposed of in a standardized
manner through comprehensive utilization, harmless treatment, etc., to reduce the environmental impact of waste.
Waste Main Content Main Disposal Methods of Waste
Classify and store in special containers with hazardous waste labels affixed;
Waste canned glue, waste filter cotton, cleaning waste
Hazardous waste Sign agreements with qualified hazardous waste disposal units, and regularly
liquid, waste activated carbon, etc.
transfer waste in accordance with the transfer manifest system.
Store in places with “three-proof” (rainproof, anti-seepage, leak-proof) measures;
General waste Packaging materials, solder dross, etc. Establish accounting records to track waste type, quantity, flow direction, etc.;
Entrust qualified units for transportation, utilization, or disposal.
Dispose of and collect in accordance with urban household waste classification
Household waste Household waste generated from office and daily life
requirements.
Key Indicators
Quantity of hazardous Generation intensity of Generation intensity of Quantity of Non-Hazard- Non-Hazardous waste Total Amount of Non-Haz- Proportion of Non-Hazard-
waste generated hazardous waste hazardous waste ousl waste generated disposal volume ardous Waste Recycled ouswaste recycling and reuse
Noise Management
For equipment operation noise, the Company adopts comprehensive measures from layout planning, technical prevention, and operation management perspectives: For layout planning, the
Company concentrates high-noise equipment in the central area of the factory, implementing the principle of “separating noisy and quiet areas” to reduce impact on surrounding areas; for
operation management, the Company requires closing doors and windows during production, standardizing vehicle operation within the factory, and controlling noise transmission. For technical
prevention the Company reduces noise generation from the source through measures such as equipment base vibration isolation and shell damping vibration reduction.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Resource Utilization
Material Utilization Energy Utilization
Upholding the principles of efficiency, environmental
Governance
protection, and sustainability, the Company continuously
optimizes material management, improves resource alloca-
tion methods, and enhances resource utilization efficiency The Company strictly complies with laws and regulations such as
around key links such as procurement, production, and the Energy Conservation Law of the People’s Republic of China and
recycling. In material selection, the Company strictly controls industry standards, formulates systems including the Energy and
the environmental attributes of materials, prioritizes the Resource Management Procedure, and establishes an organization-
procurement of low-carbon, recyclable green materials, and al structure for resource management led by the Administration
strictly restricts and reduces the use of hazardous substanc- Department with division of responsibilities among various
es to minimize environmental impact from the source. functional departments, ensuring the standardized and efficient
During the production process, the Company continuously utilization of various resources. Among them, the Administration
optimizes process and equipment levels, reasonably Department is responsible for the comprehensive management of
controls material consumption, and reduces production energy and resources such as water and electricity, and undertaking
waste; establishes a waste recycling mechanism to promote key responsibilities of supervision, coordination, and guidance. Each
internal circular utilization of resources, enabling the valori- center (department) is responsible for energy and resource
zation and efficient circulation of resources at the produc- management within their functional scope, and actively cooperat-
tion stage. In addition, the Company actively introduces ing with the unified management of the Administration Department.
digital management tools, relying on intelligent systems to As of the end of the Reporting Period, the Company has obtained
achieve dynamic material control and rational allocation, Energy Management System Certification.
and deploys digital technologies to underpin the practical
implementation of the circular economy, reducing opera-
tional costs while continuously improving resource utiliza-
tion efficiency.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Strategy
The Company systematically identifies and assesses energy-related risks, scientifically formulates targeted response measures, continuously improves energy utilization efficiency, and deepens
low-carbon operations. On this basis, relying on technological innovation and product upgrading, the Company proactively transforms challenges brought by energy structure transformation into
development opportunities, striving to achieve a shift from passive compliance to active leadership.
Probability of Impact Impact Value Chain Priority
Risk Type Risk Description Potential Financial Impact Response Measures
Occurrence Size Timeframe Links of Impact Ranking
Actively make arrangement for the
application of renewable energy such as
Uncertainties in energy prices and green
Short to solar and wind energy; closely monitor
power-related policies due to climate and Increased operating
Market Risks Medium Medium medium Operations Medium energy price fluctuations, implement
other factors may lead to an increase in the costs
term energy conservation and carbon
Company’s production energy costs.
reduction measures, and reduce energy
consumption and cost volatility.
Opportunity Probability of Impact Impact Value Chain Priority
Description Potential Financial Impact Response Measures
Type Occurrence Size Timeframe Links of Impact Ranking
Growth in global demand for energy storage
Strengthen marketing efforts, optimize
and energy projects drives the demand for PV
Medium products and energy management
Market inverters and energy storage inverters. The Increased operating
High High and Downstream High solutions according to project
Opportunities Company can further expand market space income
long-term characteristics; expand sales channels
and increase market share by leveraging
and deepen cooperation with energy
product advantages.
project developers and installers.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Impact, Risk and Opportunity Management
To systematically improve energy management levels and ensure the stability and sustainability of the Company’s operations, the Company has established and standardized the energy risk
management process. Through comprehensive identification of value chain risks, scientific assessment of risk levels, targeted formulation of response strategies, and continuous optimization of
management measures, full-process closed-loop management of energy-related risks is achieved.
Risk Identification Risk Assessment
Systematically identify potential risk points in all links of the value chain based Quantitatively analyze the probability and impact of risks using professional
on internal and external information and industry characteristics. tools to achieve risk classification.
Risk Review Risk Response
Regularly review and adjust risk management strategies to ensure they are Adopt differentiated response measures such as stabilizing the supply chain
always aligned with market changes and business development. and strengthening technological R&D for risks of different levels.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Metrics and Targets
During the Reporting Period, the Company has continuously
reduced energy consumption in production and operation Key Performance Unit 2025
through equipment upgrading, process improvement, and
management optimization. Total Energy consumption TCE 1,250.24
The Company continues to deepen energy-saving optimiza-
tion in production links, planning to complete projects such
Energy consumption intensity TCE/RMB 1 million 0.65
as automatic control of exhaust air in aging rooms, waste
heat recovery and utilization in winter, and optimization of
aging test modes by 2026, continuously improving Total fuel consumption L 20,930.34
energy-saving management and reducing unit energy
consumption in production.
Gasoline L 14,684.82
Diesel L 6,245.52
Electricity consumption kWh 9,984,300
Total purchased electricity kWh 7,706,920
Photovoltaic power generation capacity kWh 5,477,105
Photovoltaic electricity consumption kWh 2,277,380
Renewable energy consumption TCE 279.89
Proportion of renewable energy consumption % 22.38
into Standard Coal and General Rules for Calculation of Comprehensive Energy Consumption (GB/T 2589-2020).
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Energy-Saving Measures
The Company continuously advances energy management and energy conservation & carbon reduction, focusing on the optimization of energy consumption structure, improvement of equipment
energy efficiency, and operational process control, to continuously improve energy utilization efficiency and reduce energy consumption.
Energy Saving Measures
Selection and Replacement of High-Efficiency Equipment Increasing the Proportion of Renewable Energy Usage
Strictly adhere to high energy efficiency standards in Actively make arrangement for self-built photovoltaic (PV) power stations, adopting the “self-consumption with surplus power fed into
equipment selection: Heating systems are equipped with the grid” model to expand the application of clean energy. As of the end of the Reporting Period, the Company’s green power
automatic temperature control systems; fans adopt variable consumption rate reached 22.81%.
frequency speed control technology to precisely adjust power
according to actual needs; the motors, air compressors,
transformers, air conditioning units, etc. of the planned
equipment all meet high energy efficiency levels.
Energy-Saving Renovation Measures for Lighting Systems
Energy-Saving Renovation Project for Lighting in Hengming, Luxing, and Basement of Building E
Optimization of Production Processes
Addressing the issue of lighting fixtures being blocked by pipelines and air ducts: Adjusted the position of fixtures: turned off one row
of fixtures on both sides of the corridor and moved the other row to the middle of the corridor to reasonably reduce the number of
Continuously improve production processes and operating fixtures in use;
methods to enhance production efficiency and reduce energy
consumption per unit product; Replaced light tubes in parking areas with infrared sensor LED tubes (off when unoccupied, on when sensing people);
Adjust production schedules and reasonably arranges Replaced light tubes in corridor areas with microwave radar sensor LED tubes (low-power dim mode when unoccupied, full-bright mode
equipment operating hours to avoid equipment no-load when sensing people);
operation, further reducing energy consumption.
Maintained the original brightness in key areas such as corners, slopes, and monitoring points to ensure safety.
The project was implemented in two phases, achieving an annual electricity savings of 125,342.18 kWh and annual economic benefits
of approximately RMB 119.1 thousand.
Partial Decentralized Control Renovation Project for Lighting
To solve the problem of excessive control scope of lighting switches on the north side of the second floor of Building D, the Company
refined the original centralized control area into decentralized control units, avoiding energy waste caused by turning on the entire area
for partial operations. Annual electricity savings reached 1,794 kWh, with annual economic benefits of approximately RMB 1,704.
PV Generation
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Water Resource Utilization
环境目标与规划 Water Resource Management
公司编制《2025度管理目标分解表》等文件，建立废 The Company continuously standardizes water resource management. In accordance with standards such as the General Principle
气、废水、噪声等关键领域的年度环境管理目标。公司 for Equipping and Managing of the Measuring Instrument of Energy in Organization of Energy Using, it improves water usage
将年度目标分解为月度计划，由综合运营部统计跟进， accounts, conducts regular statistics and analysis of energy consumption such as water resources, and promptly identifies and
实现目标管理的数据化与规范化。 addresses abnormal consumption.
Meanwhile, the Company has established a multi-level water usage inspection mechanism: The Administration Department
inspects the water usage of the canteen twice a day; the Factory Affairs Department conducts unscheduled inspections and
meter readings daily, identifying and controlling abnormal fluctuations in water usage through year-on-year and
month-on-month analysis; specialized personnel inspect faucet leakage issues weekly, standardize the marking of water valve
positions, and ensure quick valve closing and maintenance in case of leakage.
Water-Saving Measures
The Company adopts multi-dimensional water-saving measures, implementing water-saving actions in terms of water usage
processes, application of water-saving facilities, and publicity advocacy, to continuously improve water resource utilization
efficiency. In terms of process, the Company optimizes the cleaning operation of underground water tanks by closing the water
supply valve in advance and conducting cleaning only after the water in the tank is used up, avoiding water waste; in terms of
facility, it adopts water-saving sanitary ware such as water-saving toilets and urinals in the factory area to achieve water
conservation and efficiency improvement from the hardware end; in addition, the Company encourages employees to turn off
faucets after use, eliminate running water, bring their own water cups for office and meetings to reduce the use of bottled water,
Key Performance continuously reduce water consumption per unit of output value, and promote the efficient and economical use of water
resources.
During the Reporting Period, the Company purchased Key Performance
Case: Energy-saving optimization of water dispensers in
In 2025, the Company’s total
Power Certificate Trading Platform, corresponding to During the Reporting Period, to address energy waste caused by continuous
heating of water boilers on each floor of Hengming Park and Building E water usage was 33,287
the consumption of 500 MWh of renewable energy workshops during nights and weekends, the Company implemented timed
energy-saving control. The original 7 water boilers (single unit power of 2.2 kW) tons, and water intensity was
electricity, effectively advancing the low-carbon consumed electricity for heat preservation during non-working hours. By
adjusting to an operation mode of being on for 12 hours during working days 17.23 tons/RMB 1 million.
operation goals. and regularly turned off at night, standby energy consumption was effectively
reduced. It is estimated that the heat preservation power of each unit dropped
to 0.2 kW during the off period, achieving an annual cumulative electricity
savings of 5,544 kWh and annual economic benefits of approximately RMB
non-production hours without affecting employees’ daily water needs,
improving energy utilization efficiency.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Green Office
The Company issued the Energy Conservation and Emission Reduction Initiative, advocating all employees to save water, electricity, and paper,
reduce waste generation, strengthen resource recycling, and actively create a green office atmosphere. A long-term management mechanism was
established, clarifying that the person in charge of each department is the primary person responsible for energy conservation management in their
area. The Administrative Services Department conducts regular inspections and implements rewards and punishments to ensure the
implementation of various measures. Through institutional norms and full employee participation, the concept of low-carbon environmental
protection is continuously promoted.
Rational Electricity
Paper Saving
Use
Advocate employees to turn off lights and idle equipment Promote double-sided printing and preview printing to reduce
promptly; keep air conditioning temperature not lower than waste from incorrect printing;
and windows closed when in use; Retain single-sided waste paper for drafts to realize secondary
use;
Turn off power to computers, printers, etc. before leaving work,
and projectors and other electrical appliances after meetings. Prioritize electronic processes and screen sharing to advance
paperless office.
Water Saving Green Travel
Guide employees to turn off faucets after use and report leaking Encourage public transportation or carpooling for official
equipment immediately to eliminate water waste. business trips.
Green Office Publicity Posters
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Protection of Ecosystem and Biodiversity
The Company always adheres to the ecological security bottom line, strictly complies
with laws and regulations such as the Regulations of the People’s Republic of China
on Nature Reserves, and regards ecological environmental protection and
biodiversity conservation as important contents of sustainable development. The
Company attaches great importance to the ecological status of operating areas,
conducts necessary environmental monitoring and risk assessment, proactively
prevents potential environmental impacts, and minimizes the interference of project
operations on surrounding ecosystems.
The Company’s business mainly focuses on the R&D, production, and sales of power
electronic products. All production bases and operating sites do not involve nature
reserves, ecological conservation habitats, sensitive ecosystem areas, or ecologically
fragile areas. During the Reporting Period, the Company’s production and operation
activities, products, and services did not cause significant impacts on ecosystems
and biodiversity.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Industry Value
As a globally leading smart energy solution provider, Hoymiles has always adhered to
power electronics technology as the core, creating safer and more efficient smart energy
products through continuous product innovation and strict quality control. In this
process, we simultaneously strengthen data security and privacy protection, and work
with supply chain partners to build a sustainable ecosystem, committed to promoting
the green transformation and intelligent upgrading of global energy.
SDGs Responded
” Innovation-driven development
Product and Service Safety and Quality
Data Security and Privacy Protection
Supply Chain Management
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Innovation-driven Development
Governance
The Company has established a sound R&D management system, formulated a series of system documents including the The Company attaches great importance to the training of
Procedure for Control of Product Design and Development and the Measures for R&D Project Management, and introduced the IPD technical talents and the application of cutting-edge
(Integrated Product Development) R&D Management System, forming three core processes: the HPDP (Harmonized Product technologies, continuously enhancing the innovation
Development Process), the change process, and the customized solution process. The Company has built four management capability of the R&D team through systematic training.
platforms: TR Review Platform, DCP Review Platform, Change Management Platform, and Demand Management Platform, During the Reporting Period, the Company organized AI
realizing closed-loop operation of technical review, investment decision-making, change control, and demand management. Application Implementation Training in the Cloud Platform
Meanwhile, the Company integrates the HPDP process with patent management, incorporating all stages of the product lifecycle R&D Department, Suzhou R&D Center, and Hangzhou R&D
into intellectual property considerations. Center to promote technological innovation breakthroughs
and R&D efficiency improvement.
The Company has optimized its overall product structure and organizational structure, refining internal strategic modules and
external market layout. It has evolved from the previous flat functional division to three current Business Units: the MLPE
(Module-Level Power Electronics) Business Unit, the Small-scale PV & Energy Storage Business Unit, and the Large-scale PV &
Energy Storage Business Unit. The Company has established an R&D Center, with an R&D Center Working Group responsible for
overall coordination and resource allocation. It has also set up regional R&D Centers in Suzhou and Hangzhou, and formed
professional R&D teams including the Energy Storage Project R&D Department, Cloud Platform R&D Department, PACK R&D
Department, and Component R&D Department. Additionally, the Project Management Department and Intellectual Property
Department work collaboratively to ensure R&D professionalism and regional synergy, strengthen full-process R&D control and
intellectual property layout protection, and comprehensively improve R&D innovation efficiency and achievement transformation
capabilities.
R&D Center Organizational Structure
R&D Center
Project Management Department
Energy Storage R&D Department
Cloud Platform R&D Department
Intellectual Property Department
Component R&D Department
R&D Center Working Group
PACK R&D Department
Hangzhou R&D Center
Suzhou R&D Center
AI Application Implementation Training
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Technology Innovation Platform
Key Performance Unit 2025
Construction and Enterprise Certifications
Number of R&D personnel Person 635 The Company continues to strengthen the construction of
technological innovation platforms, and has successively
obtained certifications such as National-level “Little Giant”
Proportion of R&D personnel to total workforce % 32.99
Specialized and Sophisticated Enterprises that Produces Novel
and Unique Products, Hangzhou High-Tech Enterprise R&D
R&D personnel by education level Center, Provincial High-Tech Enterprise R&D Center, Hangzhou
Enterprise Technology Center, Zhejiang Provincial Enterprise
Research Institute, Zhejiang Provincial Postdoctoral Worksta-
Below Bachelor’s Degree Person 54
tion, Zhejiang Provincial Science and Technology Little Giant
Enterprise, Zhejiang Provincial Enterprise Technology Center,
Bachelor’s Degree Person 352 and Zhejiang Provincial Intellectual Property Demonstration
Enterprise. Its R&D laboratory has been recognized by interna-
Master’s Degree Person 216 tional authoritative testing institutions such as CSA Group, TUV
Nord, and Bureau Veritas. In 2024, the Company passed the
re-verification as a High-Tech Enterprise, and was awarded the
Doctoral Degree Person 13
title of Key Enterprise Research Institute in Zhejiang and the
R&D personnel by gender
Postdoctoral Research Station, marking a new level of techno-
logical innovation capability and platform hierarchy.
Male Person 515
Key Performance
Female Person 120
As of the end of the Reporting Period, the Company
has been awarded national-level credentials
including High-Tech Enterprises, Specialized and
Sophisticated Enterprises that Produces Novel and
Unique Products, and Postdoctoral Workstations; it
has obtained provincial-level honors such as Key
Enterprise Research Institute,. Science and Technolo-
gy Little Giant Enterprise, Enterprise Technology
Center, and High-tech Enterprise R&D Center..
Corporate Governance Environmental Protection Industry Value Good Life Appendix
National Postdoctoral Key Enterprise Research
High-Tech Enterprise Certification
Research Station Institute in Zhejiang
Zhejiang Provincial Science and Zhejiang Provincial Enterprise Provincial High-Tech Enterprise
Technology Little Giant Enterprise Technology Center R&D Center
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Strategy
Probability of Impact Impact Value Chain Priority
Risk Type Risk Description Potential Financial Impact Response Measures
Occurrence Size Timeframe Links of Impact Ranking
Changes in demand, technology, supply chain, Strictly implement the change
Short to
Project or targets during R&D may lead to project Increased operating management process to ensure full
Medium Medium medium Operations Medium
Change Risk rework, schedule delays, or cost overruns if not costs traceability, assessability, and controlled
term
properly controlled. execution of changes.
Improper allocation of human, equipment, and Add project portfolio management
Short to
other resources when multiple R&D projects Increased operating functions, implement pipeline
Resource Medium Medium medium Operations Medium
are advanced in parallel may lead to resource costs management for projects, and
Allocation Risk term
shortages or schedule disruptions for key dynamically optimize resource allocation.
projects.
Failure to conduct sufficient patent searches Continuously conduct patent searches at
Short to
Patent during new product development may Increased all stages of the product lifecycle to
Low High medium Operations, High
Infringement inadvertently infringe on third-party patent non-operating ensure technical solutions do not infringe
term downstream
Risk rights, triggering legal disputes and expenses on others’ intellectual property rights.
compensation.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Opportunity Probability of Impact Impact Value Chain Priority
Description Potential Financial Impact Response Measures
Type Occurrence Size Timeframe Links of Impact Ranking
Systematic intellectual property planning and Simultaneously carry out patent mining
Medium
timely applications can build core technical Revenue Growth and applications throughout the R&D
Patent Layout High High and Operations, High
barriers and enhance product market process, and advance patent layout for
Opportunity long-term downstream
competitiveness. core technologies and key regions in
advance.
The existing HPDP process has integrated risk Introduce agile development concepts,
Short to
Process control into technical reviews, which can be Reduced operating optimize review nodes and
High Medium medium Operations Medium
Optimization further optimized into an agile and efficient costs decision-making efficiency while
term
Opportunity R&D management system to shorten the ensuring quality.
product launch cycle.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Impact, Risk and Partial Project Objectives and Progress
Opportunity Management
The Company’s industry is characterized by rapid technolog- Project Name Proposed Objectives Project Progress
ical iteration and intensive patent barriers, placing higher
requirements on the management of R&D innovation risks
and opportunities. To this end, the Company effectively Develop a set of high-density and high-reliability power
addresses key risks such as project changes, technical R&D and Application of Power Semiconductor Chip
module digital design tools; develop a “working condition
infringement, design quality, and resource mismatch through Module Design and Packaging Test Equipment -
reproduction” quasi-online test platform; develop a driver
measures including establishing change management Research and Application of Digital Design and
with power device state sensing function and a Completed
processes, TR review point assessments, resource manage-
Intelligent Evaluation Technology for Power
ment, quality target control, and full-process patent search- comprehensive acceleration aging test platform for power
es and applications. Meanwhile, relying on market insights Semiconductor Devices
modules
from regional R&D centers and dynamic assessments of
project portfolios, the Company keenly captures technical
trends and high-value innovation directions, ensuring that
Develop a modular 125 kW PCS product for the industrial
R&D projects can timely seize development opportunities
and commercial energy storage market. Feature modular
and achieve steady innovation under controllable risks.
design, high power density, easy integration, overall module
maintenance, clear interface with battery packs; adaptability
Metrics and Targets Development of 125 kW Modular Energy Storage
Converter Product
to distorted power grids, load impact suppression,
time-sharing reactive power, and typical sub-harmonic Completed
Driven by technological innovation for sustainable develop-
governance. IP66 protection level for complex
ment, the Company focuses on core technology R&D,
product iteration and upgrading, and breakthroughs in key environments; PCS integrated with battery cluster BMS
areas, continuously deepening technological research, function and built-in simple EMS function
promoting achievement transformation, and improving
independent innovation capabilities and core competitive-
ness.
Investigate control platforms of other domestic
manufacturers, output the Company’s control platform
Key Performance High-Power Energy Storage Converter Control
technical plan, complete hardware and software design of
Platform
the control platform, and complete hardware and software Completed
During the Reporting Period, the Company’s total testing and verification of the control platform
R&D investment was RMB 348.873 million
yuan, accounting for 18.06% of operating
Provide an edge-side EMS product based on edge-cloud
income. Development of Edge-Side EMS Product Based on collaboration with multiple functions, realizing applications
Edge-Cloud Collaboration in various complex scenarios through AI algorithms and
Completed
edge-cloud collaboration system architecture
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Innovation Incentive Mechanism
Case: Hoymiles signs strategic agreement with Runergy
Adhering to innovation-driven development, the Company
formulated and implemented the 2025 Instant Incentive In May 2025, the Company signed a strategic coopera-
Management Plan for R&D Center. Through dual incentives tion agreement with Runergy at Runergy PV Research
of individual awards and team awards, the Company Institute. In accordance with the agreement, both parties
promptly recognizes employees who have made outstand- will give full play to Runergy’s capacity advantage in
ing achievements in overcoming technical difficulties, new high-efficiency battery modules and the Company’s
product R&D, and project promotion. Relying on various technological accumulation in PV and energy storage
forms such as CT Meeting evaluations, on-site commenda- solutions, achieve resource complementarity and
tions, and poster promotions, we continuously create a advantage synergy in the centralized and distributed PV
good atmosphere of advocating innovation and striving for markets, and jointly accelerate market expansion. This
excellence, effectively stimulating the enthusiasm and cooperation marks that both parties have further
innovation vitality of the R&D team. deepened strategic synergy in the PV and energy
storage fields by integrating industrial chain resources,
injecting new momentum into the Company’s global PV
and energy storage market expansion and energy
Innovation-Driven Initiatives structure transformation.
Collaborative R&D
To consolidate our global technological leadership advan- Case: Hoymiles reaches strategic cooperation intent with IEE of the University of S?o Paulo, Brazil
tage, the Company continuously deepens multi-level R&D
cooperation with industrial chain partners, universities, and
On August 27, 2025, the Company held a high-level
scientific research institutions. During the Reporting Period,
seminar with IEE of the University of S?o Paulo, Brazil,
the Company reached a strategic cooperation with Runergy
and reached a strategic cooperation intent. Focusing on
to jointly expand the PV and energy storage market; and
Brazil’s energy transformation needs and combining
established an industry-university-research cooperation
local climate and power grid conditions, both parties
with IEE (Institute of Energy and Environment) of the Univer-
discussed more adaptable PV and energy storage
sity of S?o Paulo, Brazil, to jointly promote localized innova-
solutions to promote the application upgrade of PV and
tion of PV and energy storage technologies in Latin America.
energy storage technologies in Brazil and Latin America.
Driven by both industry and academia, the Company contin-
Hoymiles entered the Brazilian market in 2015, and its
uously accelerates the implementation and application of
microinverter shipments rank first in Latin America. This
technological achievements in regional markets, effectively
cooperation will further deepen its localized technical
enhancing localized development and market adaptability.
layout and contribute to Brazil’s sustainable energy
development.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Participation in Standard Development
The Company actively participates in the formulation of technical standards in the PV and energy storage fields, providing professional support for the standardized development of
the industry with profound technical accumulation. As of the end of the Reporting Period, multiple group standards, industry standards, and national standards led or participated
in by the Company have been released and implemented or are under approval, continuously contributing technical strength to the high-quality development of the new energy
industry.
Standard Name Type of Standard Standard Status Standard Number
PV Grid-Connected Microinverter Group Standard Released and implemented T∕ZZB 0229-2017
Technical Specification of Photovoltaic Grid-Connected Microinverters Industrial Standard Released and implemented NB/T 42142 -2018
Technical Specification of Photovoltaic Module Power Optimizer Industrial Standard Released and implemented NB/T 42143 -2018
Technical Specifications for Documentation, Inspection and Testing of
Group Standard Released and implemented T/CPIA 0010-2019
Grid-Connected Photovoltaic (PV) System
Residential Photovoltaic Grid-Connected Power System - Part 2-4:
Group Standard Released and implemented T/CPIA 0011.204-2019
Design Specification - Electrical Safety Design
Residential Grid-Connected Photovoltaic (PV) System - Part 4: Code for
Group Standard Released and implemented T/CPIA 0011.4-2019
Acceptance
Technical Requirements for Control and Power Distribution Equipment in
Group Standard Released and implemented T/CECS 10137-2021
Building Photovoltaic System
Green Product Assessment - Photovoltaic Modules and Inverters National Standard Released, to be implemented GB/T 46340-2025
Technical Requirements for Information Processing and Protection of
National Standard Pending for approva /
Photovoltaic Inverters
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Cultivation of New Quality Productive Forces Innovative Project
The Company adheres to technological innovation as the core engine for cultivating new quality productive forces. Through Achievements
continuous breakthroughs in core PV and energy storage technologies and optimization of product performance, we provide In 2025, the Company continued to promote technological innova-
efficient, intelligent, and reliable energy solutions for customers in various industries. tion in the PV and energy storage fields, laying out more than 40
R&D projects focusing on microinverters, energy storage systems,
energy cloud platforms, etc. Phased achievements have been made
Case: Hoymiles HIT three-phase low-voltage energy storage helps Thai enterprises achieve in fields such as high-power PV micro-string inverters, high-effi-
energy independence ciency multi-input PV inverters, multi-port household PV-storage
all-in-one machines, and intelligent PV-storage-charging systems,
In June 2025, the Czech Poustka PV Power Station completed PV-storage integration upgrade with technical support from with multiple self-developed products completed. Meanwhile, the
Company undertakes the Zhejiang Provincial “Lingyan” R&D
Hoymiles. Based on the actual situation and needs of the power station, Hoymiles tailor-made a set of efficient and reliable
Tackling Plan Project and postdoctoral research projects, and
energy storage solutions, adopting the HoyPrime integrated container energy storage system and equipping it with the HIM carries out in-depth research on cutting-edge technical fields such
series energy storage converter boosting all-in-one machine, realizing efficient synergy between power generation, energy as power device modeling, DC microgrid interconnection, and
storage, and grid connection. This upgrade is SPL a.s.’s first PV-storage integration demonstration project. After its multi-level inverters through industry-university-research coopera-
implementation, it effectively solved the operational pain points of the power station, achieving dual improvement in tion with universities, continuously enhancing core technical
competitiveness. The aforementioned innovative achievements and
economic benefits and energy utilization efficiency.
technologies contribute to fostering the development of new
quality productive forces, and accumulate replicable product
solutions and R&D experience for the pursuit of carbon neutrality
objectives, the development of new energy systems, and the
exploration of innovative business models.
Key Performance Indicators 8
PV Power Generation Supported by Inverters
PV Installed Capacity Supported by Inverters
Estimated Emission Reduction of PV Facility Supported by
Inverters
based on the carbon dioxide emission factor per unit of thermal power generation specified in the Annual Development Report of China's Power Industry 2024.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Case: Released Hi series new products
In 2025, the Company launched the Hi Series new products in the European market, including HiFlow, HiFlow Pro microinverters, and HiBattery AC micro-storage products. With efficient and
safe PV-storage synergy and intelligent regulation, this series of products provides users with a one-stop balcony PV-storage solution that is “cost-saving, trouble-saving, and worry-saving”.
It accurately solves the pain points of power generation loss and low self-generated power utilization rate caused by single orientation in household balcony PV applications, effectively
promoting the popularization of green energy in European families.
禾迈新一代阳台光储解决方案
HiBattery AC丨HiFlow丨HiFlow Pro
Case: 41.536 MW/41.536 MWh Fishery-PV Complementary Project with Energy Storage
In 2025, Hoymiles joined hands with Hengyun Enterprises to build a 41.536 MW/41.536 MWh
Fishery-PV Complementary Project with Energy Storage in Shantou, Guangdong. The project adopts
Hoymiles’ HPCS series energy storage converters, successfully addressing the challenges of local
high-temperature and high-humidity climate characteristics through intelligent liquid cooling
technology and high-level protection design. After commissioning, the energy storage system’s
charge-discharge efficiency exceeds 90%, achieving millisecond-level grid response, and has
become a demonstration benchmark for “PV + Energy Storage” empowering the green upgrading of
fishery in Guangdong Province.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Intellectual Property Protection
Case: FTO search thematic sharing
The Company attaches great importance to intellectual property On August 11, 2025, the Company organized a
protection, regarding it as an important foundation for encouraging special training on “FTO Search Thematic Sharing”
innovation and safeguarding core competitiveness. At the for R&D and intellectual property-related person-
institutional level, the Company has formulated documents such as nel, delivered by the Intellectual Property Depart-
the Intellectual Property Incentive System, Patented Technology ment. The training covered the basic concept of
Classification Evaluation System, and Intellectual Property Application FTO (Freedom to Operate), the role of FTO reports,
Process, encouraging employee innovation and standardizing and practical operation steps such as search theme
management processes through a series of systems. decomposition, search strategy formulation, patent
infringement determination, and stability analysis. It
The Company embeds intellectual property management into the
further enhanced the R&D team’s patent risk aware-
entire lifecycle of product demand, planning, design, development,
ness and infringement analysis capabilities, provid-
and testing and verification. In the early stage of the project, patent
ing solid support for technical path optimization,
mining and thematic analysis help R&D personnel understand the
innovation achievement protection, and compliant
current technical status and formulate application plans; after the
market entry of products.
technical plan is determined, patents are promptly applied for new
designs, IP, trademarks, etc. Meanwhile, the Company has established
the Intellectual Property Risk Identification and Risk Management
Process, continuously conducting patent searches and compliance
reviews, and carrying out risk investigation and avoidance design for
relevant patents of peers to avoid the risk of infringing others’
intellectual property rights and ensure the compliance of R&D
achievements.
During the Reporting Period, the Company had no major intellectual
property infringement incidents and successfully passed the
intellectual property management system certification.
Intellectual Property Management System Certification
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Industry exchange and cooperation
Key Performance Unit 2025
The Company has always adhered to the concept of open cooperation and actively participated in exchanges and
Annual number of valid patent
Item 363 dialogues in the global PV and energy storage industry. In 2025, by organizing thematic exchange activities on smart
authorizations
PV-storage and participating in industry events such as the GGII Energy Storage Industry Summit, the Company
Patents by Type continued to deepen industrial chain synergy and won the “2025 Energy Storage Industry TOP50” award with its
technological innovation strength, continuously enhancing industry influence.
Number of authorized
Item 41
invention patents
Case: Hoymiles co-hosts exchange activity with BKE
Number of authorized
Item 34
utility model patents
In 2025, the Company co-hosted a thematic exchange activity on smart PV-storage with Vietnamese partner
Number of granted design patents Item 26 BKE Vietnam in Hanoi, attracting more than 70 local EPCs, installers, and investment institutions to
participate. The activity conducted in-depth exchanges around Vietnam’s energy transformation trends and
PV-storage market practices. The Company showcased a full range of PV-storage solutions covering
Software copyrights Item 104
household and industrial/commercial scenarios on site, building an efficient exchange platform for local
industry partners, and demonstrating its technical strength and localized service capabilities in helping
Others Item 158 Vietnam’s green energy transformation.
Annual number of Newly
Item 37
Granted Patents
Patents by Type
Number of utility model patents Item 11
Number of design patents Item 9
Software copyrights Item 13
Others Item 4
Annual number of patent
applications Item 102
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Case: 2025 (4th) GGII Energy Storage Industry Summit
In July 2025, the Company attended the 4th GGII Energy Storage Industry Summit held in Hangzhou. With the theme of “Business Fission, Breaking the Situation and Reconstructing”, the summit
gathered upstream and downstream enterprises and industry experts in the energy storage industrial chain. The General Manager of the Company’s China Region was invited to participate in
the roundtable dialogue and shared the Company’s practical experience in the energy storage field. At the summit, the Company won the “2025 Energy Storage Industry TOP50” award by virtue
of its leading advantages in energy storage technology innovation and product performance, fully reflecting the industry’s high recognition of the Company’s comprehensive strength and market
performance.
Science and Technology Ethics
The Company has always regarded scientific and technological ethics as the inherent constraint and value orientation of technological innovation, running through the entire process of R&D, testing,
and application. The Company strictly complies with national laws, regulations, and industry ethical norms, and simultaneously considers the safety, fairness, and social impact of technology during
product approval and design verification stages, ensuring that technological innovation always serves the goal of sustainable development. The Company also actively advocates a responsible R&D
culture, promoting green energy technology to benefit thousands of families in a safer and more credible way.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Product and Service Safety and Quality
Governance
Upholding the quality management policy of “Pursuing Excellence, Environmental Protection, Safety and Health”, the Company As of the end of the Reporting Period, the Company and
continuously improves the construction of the quality management system. We formulate the Management Manual as a guiding its subsidiaries (Zhejiang Henghe, Hangzhou Heli, Haining
document in accordance with national standards, and sort out more than 80 system documents covering all links of the product Hengli, and Zhejiang Hoymiles) have all obtained ISO
lifecycle, providing institutional guarantee for the stable control and continuous improvement of product quality. In terms of 9001 Quality Management System Certification. During
organizational structure, the Company has established a Quality Center, under which the Manufacturing Quality Department is the Reporting Period, the Company organized internal
divided into the QC Group (Quality Control) and QE Group (Quality Engineering), respectively responsible for quality control and quality audits and entrusted the third-party institution to
quality engineering functions, ensuring the stability, reliability, and continuous improvement of product quality. complete external quality system audits, continuously
strengthening the compliance and effectiveness of the
Organization Chart of the Quality Center quality management system.
Quality Center
Supplier Quality Manufacturing Product Quality
System Department
Department Quality Department Department
QC Group QE Group
IQC Group IPQC Group FQC Group OQC Group
Key Performance
During the Reporting Period, there were 0 major safety and quality liability accidents related to products or
Quality Management System Certification
services.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Strategy
Probability of Impact Impact Value Chain Priority
Risk Type Risk Description Potential Financial Impact Response Measures
Occurrence Size Timeframe Links of Impact Ranking
Formulate reasonable production plans
Short to Increased and schedule production based on
Product Delayed product delivery leading to customer
Medium High medium Downstream High non-operating delivery priority; the Sales Department
Delivery Risk dissatisfaction, claims, or customer loss.
term expenses issues shipment notices in advance to
ensure smooth internal connection.
Ensure product quality and on-time
Customer Low customer satisfaction leading to damaged Medium
Decreased operating delivery, maintain active communication
Satisfaction customer relationships and decreased market Medium High and Downstream High
income with customers, and establish long-term
Risk share. long-term
and stable customer relationships.
Opportunity Probability of Impact Impact Value Chain Priority
Description Potential Financial Impact Response Measures
Type Occurrence Size Timeframe Links of Impact Ranking
Continuously stabilize product quality through Institutionalize qualification requirements
Product Medium
strict personnel qualification management and Operations, Increased operating for key positions, conduct regular skill
quality High High and High
production process control, enhancing brand downstream income training, and ensure controllable
opportunity long-term
market reputation. production processes and stable quality.
Continuously identify deficiencies in the quality Incorporate quality system improvement
Management management system through internal audits, suggestions into annual management
Reduced operating
System management reviews, and target monitoring, High High Long-term Operations High reviews, promoting systematic resolution
costs
Opportunity driving improvements in management and standardization of
efficiency and performance. cross-departmental common issues.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Impact, Risk and Opportunity Management
The Company has formulated and implemented the Procedure for Control of Risks and Opportunities. Through full-process management of risk identification, assessment, monitoring, and response,
the Company achieves dynamic tracking and control of the entire product and service lifecycle, ensuring that all types of risks are stable and controllable.
Risk Identification
Key Performance
Based on past experience, industry data, and legal and regulatory requirements, use scientific analysis
methods to identify potential risk points throughout the entire product and service process. During the Reporting Period, the Company
conducted 1 annual internal quality audit and
entrusted third-party institutions to conduct 13
sampling inspections.
Risk Assessment
Adopt a combination of qualitative and quantitative assessment methods to prioritize risks based on key
dimensions such as occurrence probability, impact severity, and detectability.
Risk Monitoring
Improve the risk monitoring system to dynamically track identified risks. Integrate production data,
quality feedback, and customer complaints to grasp risk change rules, conduct regular data analysis,
and respond promptly when early warning thresholds are triggered.
Risk Response
Implement differentiated control based on risk priority. For high-priority risks, establish a special team to
formulate response plans and take measures such as avoidance, reduction, or transfer; for medium and
low-priority risks, adopt acceptance or monitoring methods and adjust strategies in a timely manner
based on risk evolution.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Metrics and Targets
Hoymiles regards product quality and safety as an important
cornerstone for the sustainable development of the enterprise. The 2025 Management Goals Achievement Key Performance
Company has set clear annual management objectives in areas such During the Reporting Period, the
as core microinverter products, incorporated relevant indicators into Product Yield Rate ≥ 99.9% (Hoymiles Microinverters) Achieved
the full-process production control and assessment system, Company’s product qualification rate
identified quality-related departments as responsible entities, and
relied on the process control and result-oriented assessment
Production Line First-Pass Yield (FPY) ≥ 99.3%
(Hoymiles Microinverters)
Achieved reached 99.99%.
mechanism to promote the steady improvement of product quality.
Control Measures
Product Quality Control
Centering on the entire product manufacturing lifecycle, the Company implements standardized control at four key nodes (incoming materials, production, inspection, and delivery). Through strict
checks and process connection at each link, we ensure that product quality is fully controlled from the source to delivery, fulfilling quality commitments with stable and reliable product quality.
Key Node Control Measures
Strictly implement the Incoming Inspection Specification, conduct sampling inspections of purchased raw materials in accordance with specified
Incoming material end
proportions and standards to ensure raw materials meet technical requirements.
Conduct first-piece inspection and patrol inspection in accordance with the IPQC Inspection Procedure, promptly identify and correct process deviations,
Production end
prevent batch defects, and ensure production process stability.
Conduct sampling inspections of finished products completed and warehoused in accordance with the FQC Inspection Procedure to verify whether product
Inspection end quality meets specified requirements, prevent non-conforming products from mixing into qualified warehouses, and ensure warehoused products meet
delivery standards.
Strictly comply with the OQC Inspection Procedure for shipment inspection when delivering finished products, verify product identification, performance
Delivery end
parameters, and packaging compliance to ensure qualified delivery quality.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Hazardous Substances Monitoring Product Recall Management
In the procurement process, the Company focuses on suppliers’ green The Company conducts product recall management around four key links: return application, logistics processing,
and environmental performance, requiring suppliers to rationally departmental review, and recall execution, establishing a standardized product recall management mechanism. Through
utilize the natural environment and energy resources, save energy offline review and decision-making, classified logistics accounting, multi-department joint review, and final approval by
and reduce consumption, and prevent environmental pollution and the President, we ensure that the recall process is standardized, orderly, and effectively implemented.
ecological damage. In accordance with supplier agreements, the
Company strictly enforces the EU RoHS Directive, China RoHS
Return Application Logistics Processing
Directive, and IEC regulations on halogens. All products sold to the
Company must be designed and manufactured in compliance with
The applicant participates in an offline review The logistics manager calculates logistics losses,
the EU Restriction of Hazardous Substances (RoHS) Directive, China
meeting, forms an analysis report and decision distinguishing between domestic and overseas
RoHS, and IEC halogen-related regulations. The Company conducts
suggestions, and then initiates a batch product returns, and operates in accordance with relevant
sampling inspections of purchased raw materials in accordance with
return application. regulations.
the Incoming Inspection Specification to ensure compliance with
technical standards.
Digitalization Construction
Departmental Review Recall Execution
The Company deeply integrates digitalization into supplier manage-
ment and incorporates it into the supply chain ESG management
Departments such as Quality, After-sales, R&D, and After approval, executors promptly carry out the
module. Fully relying on the SRM (Supplier Relationship Management)
Finance issue review opinions, which are reviewed product recall in strict accordance with the
System for business operations, we use digital means to connect links
by the Director of the Product Department. Leaders established recall plan and operating procedures,
such as procurement order issuance, invoice reconciliation, and
of R&D, Marketing, and other departments jointly ensuring a standardized and efficient recall process.
delivery order processing, achieving real-time online interaction with
participate in decision-making, with final approval
suppliers. The system covers the entire lifecycle process from poten-
by the President.
tial supplier management to exit. Through multi-module collabora-
tion, data reporting, and decision support functions, it improves
procurement efficiency and enhances supply chain stability. The
Company builds a full-process systematic framework, strengthens Key Performance
supplier collaboration and compliant operations, and continuously
optimizes procurement efficiency relying on digital platforms.
In the production link, the Company introduces intelligent equipment During the Reporting Period, the Company and its major subsidiaries had no product withdrawal or recall
and systems to achieve efficient and precise operations, ensuring
incidents due to health and safety reasons.
stable product quality and reducing material waste. Each production
node collects test information by scanning product ID barcodes,
automatically identifies and intercepts defective products, reducing
rework rates. This not only effectively controls product quality but also
continuously improves energy utilization efficiency.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Quality Training Product Accessibility
The Company attaches great importance to the construction of a quality talent team. In 2025, we organized a series of special The Company continuously improves product accessibility,
training covering the entire quality control process. The training content includes professional modules such as FQC warehousing striving to provide cost-effective, diversified, and easily
data query, post inspection procedures, process quality control, IPQC inspection procedures, OQC shipment processes, PCBA accessible smart energy solutions for global users. With a
incoming inspection, product identification methods, defect case analysis, and ESD knowledge. This effectively enhanced sound overseas market layout, the Company’s products have
employees’ quality awareness and practical skills, providing solid support for stable product quality. entered many countries and regions in the Americas, Europe,
Asia, etc., and have obtained multiple international authori-
tative certifications, providing reliable guarantees for
Key Performance
product quality and safety. This allows global users to safely
share the convenience and value brought by clean energy.
During the Reporting Period, the Company conducted 55 quality training sessions with a total duration of 425 Meanwhile, the Company’s microinverter shipments have
maintained the first place in China and the second place
hours and 418 attendances. globally from 2021 to 2024 (2025 data not yet released),
reducing the threshold for PV applications with excellent
performance and affordable prices. Our product line covers
microinverters, energy storage inverters, industrial and
commercial energy storage all-in-one machines, energy
storage systems, etc., which can meet the diverse needs of
different scenarios and user groups.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Customer Service Guarantee
Adhering to a customer-centric approach, the Company provides efficient and reliable full-lifecycle services for customers through professional teams and digital platforms, continuously improving
customer satisfaction and brand reputation.
Customer Service Management
The Company builds a digital and refined customer service management system relying on CRM (Customer Relationship Management) System, after-sales service platform, and customer satisfac-
tion analysis tools. On this basis, the Company establishes and dynamically updates customer information files, builds a customer hierarchical management model, forms accurate user portraits, and
achieves precise identification of customer needs and differentiated matching of services.
In addition, the Company deeply cultivates the global clean energy market, building a global service network covering the PV and energy storage fields. We have set up comprehensive operation
centers in four core overseas regions, forming a collaborative model of “regional management + localized service”. Relying on localized teams and multilingual support, we provide full-lifecycle and
professional services for global customers.
Management of Customer Complaint
To standardize customer complaint management, the Company has formulated the Customer Complaint Handling Process and Rules, clarifying that the Technical Service Center takes the lead in
organizing relevant responsible units to handle service-related complaints and major product quality issues, and coordinates customer comfort. According to the complaint region, product model,
and problem nature, the Company classifies and manages complaint levels and handling time limits. When necessary, we temporarily set up a special working group for complaint handling to ensure
rapid and effective response to problems. Meanwhile, the Company proactively listens to customer demands and provides timely feedback through channels such as communities, user discussion
groups, and forums, continuously improving complaint handling efficiency and customer satisfaction.
Customer Complaint Handling Process
Prevention of Recurrence
Emergency Measures
Permanent Measures
Measure Verification
Root Cause Analysis
Problem Description
Case Closure
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Customer Service Training
The Company has always regarded customer service training as an important means to improve service quality. The Technical Service Center regularly collects various training needs and provides
product empowerment through a combination of online and offline training activities. The training targets sales personnel and customers, covering the entire pre-sales and after-sales process. While
improving the professional quality and service capabilities of the sales team, it helps customers deeply grasp product knowledge and usage methods, continuously optimizing the customer
experience and consolidating customer service competitiveness.
Case: Hybrid inverter WTS training
On May 20, 2025, the Company organized a special Hybrid Inverter WTS activity in Monterrey,
Mexico, attracting 20 customers to participate. During the activity, technical personnel
provided systematic explanations on the Hybrid Inverter WTS technology and new products.
To deepen customer engagement, the Company simultaneously granted participating
customers priority testing rights for new products, further enhancing customer recognition
and trust in the Company’s products.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Customer Satisfaction
The Company attaches great importance to improving customer satisfaction, formulated the Customer Service Satisfaction Management Specifications, and clarified that the Technical Service Center
is responsible for implementing customer service standards, submitting service process records, and original customer feedback data. Through process documentation and data traceability, it
ensures the compliance of frontline services.
The Company has established a regular customer satisfaction survey mechanism, continuously optimizing the customer experience through a multi-channel and hierarchical feedback collection
system. For one-time service customers, the Company conducts follow-up visits via phone or electronic questionnaire within 24 hours; for long-term cooperative customers, the Company conducts
targeted surveys every six months to systematically collect opinions from all parties. Relying on an intelligent analysis system, the Company conducts in-depth mining of collected data to form
professional analysis reports. It incorporates customer satisfaction indicators into individual and team performance assessments, with supporting rewards and punishments, realizing full-process
closed-loop management of “collection - analysis - improvement - assessment” and continuously promoting the improvement of service quality.
Microinverters Communication Products Platform Energy Storage Micro Storage Batteries
Key Performance
During the Reporting Period,
Overall customer satisfaction Net customer satisfaction
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Responsible Marketing
The Company has always adhered to the concept of responsible marketing, strictly standardized marketing activities, and resolutely eliminated false advertising, misleading promotion, and acts of
infringing on user privacy. For marketing content, the Company conducts reviews of materials before release to ensure compliance with national laws, regulations, and channel requirements; for
customer privacy, the Company strictly complies with personal information protection laws and regulations, ensuring that all customer cases and user reviews obtain written authorization from the
parties involved, and that information is true and traceable.
To ensure the effective implementation of various control requirements, the Company organized a special training camp for Country Managers targeting the marketing system. The training adopts
a combination of centralized teaching, group discussions, post-training practice, and online assessments, integrating the concept of responsible marketing into the capacity building of
management, and covering all personnel involved in the full-value chain marketing. It continuously strengthens marketing compliance awareness, promotes standardized operation of channels, and
improves the ability to conduct compliance reviews of promotional content.
Responsible Marketing Measures
Authentic Promotion
Ensure truthfulness and transparency when promoting product components and efficacy; do not exaggerate publicity; eliminate the fabrication of product performance,
functions, and quality data (such as power generation capacity, conversion efficiency, service life, etc.).
Green and Social Marketing
Promote environmentally friendly and low-carbon products, and convey positive environmental protection concepts and positive social values.
Employee Training and Assessment
Conduct regular training on ESG, compliant marketing, and laws and regulations for marketing personnel; incorporate compliance indicators into assessments.
Key Performance
During the Reporting Period,
Total number of violations of regulations or voluntary codes concerning marketing communication (including adver-
tising, promotion, and sponsorship): 0.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Data Security and Customer Privacy Protection
Data Security Management
The Company strictly complies with the requirements of relevant laws and regulations such as the Cybersecurity Law of the People’s Republic of China and the Data Security Law of the People’s
Republic of China, formulated the Information Security Management Measures, and clarified specific requirements for remote work, email and communication tool usage, etc., to ensure the
confidentiality, integrity, and availability of data. Meanwhile, the Company has built a unified governance structure led by the Information Center with coordination from various departments,
ensuring the orderly implementation of information security. As of the end of the Reporting Period, the Company has obtained ISO 27001 Information Security Management System Certification.
During the Reporting Period, the Company had no information security or data leakage incidents.
Information Security Governance Structure
Information Center
Manufacturing System Department
Information Center Working Group
System Development Department
System Application Department
Maintenance Department
Basic Operation &
Information Security Management System Certificate
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Data Security Risk Management
To ensure business continuity and minimize the impact of information security incidents, the Company has established a full-process management system covering risk identification, risk
assessment, risk disposal, and risk management, comprehensively safeguarding the security of information assets and building a solid defense line for information asset security, effectively ensuring
the security and integrity of the Company’s operational data.
Risk Identification Risk Disposal
Fully identify and register seven categories of information assets (personnel, physical, For unacceptable risks, the Company formulates the Risk Handling Plan, determining the
software, data, documents, services, intangible assets), forming the Information Asset urgency of control measures based on implementation index priorities. Adopt disposal
Identification List and Important Asset List. methods such as control, acceptance, avoidance, and transfer, and prioritize handling
urgent risks to ensure risks are reduced to an acceptable level.
Risk Assessment Risk Management
Adopt standardized assessment methods to calculate asset importance values from four Establish a continuous improvement mechanism, including regular assessments, special
dimensions: confidentiality, integrity, availability, and business impact. Determine risk inspections (penetration testing, security scanning), and business continuity guarantees,
levels (Level 1-5) by analyzing threat occurrence frequency and vulnerability utilization forming closed-loop management.
rate, and identify high-risk (unacceptable risk) items.
Case: Penetration Risk Testing
On December 6, 2025, the Company invited an external professional security service organization to conduct a penetration test on its official website, comprehensively assessing the website’s security
vulnerabilities. The test identified two low-risk security configuration issues, and the overall security status of the system was good, with a comprehensive rating of “low-risk system”. This test further
verified the effectiveness of the existing security protection measures for the Company’s official website.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Data Security Practices
To fully ensure the Company’s data security, the Company has formulated and implemented a series of guarantee measures. By
Emergency Response Plan deploying border firewalls, conducting regular vulnerability scans, and implementing continuous security supervision, the
Company ensures the confidentiality, integrity, and availability of various information, laying a solid foundation for the stable
To effectively respond to information security risks, the operation of the business.
Company has formulated the Business Continuity
Management Plan, which clarifies emergency measures Data Security Management Measures
and backup measures for business interruptions. When
the system is significantly affected or interrupted, the
Information Department and relevant departments
Deploy border firewalls, Web Application Firewalls (WAF), and Internet behavior
shall immediately take emergency measures and carry
management systems; conduct regular vulnerability scans and closed-loop repairs.
out recovery work for the information system in accor- Network Security
dance with the plan to ensure the continuous operation Protection
of business activities; meanwhile, complete accident
handling records in accordance with the Information
Security Incident Management Procedure, including
investigation and analysis of the cause of business
interruption, statistics of losses caused by business Uniformly install anti-virus software on office terminals; prohibit unauthorized modification
interruption, corrective measures taken, and preventive Terminal and of configurations or uninstallation of anti-virus software.
Application Security
measures.
Data Security Audit
The Company attaches great importance to data Deploy facial recognition access control and 24-hour monitoring to prohibit unauthorized
security audit and continuously promotes the optimiza- personnel from entering the Company; implement environmental control for computer
Access and Permission
tion of the information security management system. In rooms.
Control
September 2025, the Company completed the annual
supervision audit of the information security manage-
ment system, forming six improvement suggestions
regarding the physical environment, system permis- Case: Information Security Training
sions, asset valuation, etc., and formulated rectification
plans for each item to promote implementation. As of On June 24, 2025, the Information Center organized an information security training for all
the end of the Reporting Period, all relevant improve- employees of the Company. The training content included basic concepts and principles of
ment items have been fully implemented. information security, potential risks, and information security laws and regulations to be
followed. This training effectively enhanced all employees’ awareness of information security
prevention, improved their ability to identify information security risks, and further
strengthened the Company’s information security defense line.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Customer Privacy Protection
The Company strictly complies with the Personal Information Protection Law of the People’s Republic of China, formulated the Key Performance
Privacy and Personal Information Protection Management Procedure. When collecting and using customers’ personal information,
it clearly informs the purpose and obtains authorized consent, and adopts protective measures such as encryption and During the Reporting Period, the Company had
de-identification for sensitive personal information. The Company has established a least privilege access control mechanism,
and shall not share personal information with third parties without customers’ authorization. Meanwhile, it safeguards customers’ no data security incidents or customer privacy
legitimate rights to inquire about, correct, and delete their personal information. The Company regularly conducts personal
leakage incidents.
information security impact assessments and promptly informs customers in the event of security incidents to ensure the safety
of customers’ privacy.
Supply Chain Security
Supply Chain Management System Key Performance Indicators Unit 2025
To standardize the full-process procurement management, the Company
Total Number of Suppliers Unit 308
has formulated documents such as the Sustainable Procurement Policy,
Qualified Supplier Management Operating Measures, and Supplier
North China Unit 15
Development Operating Management Measures, with the Purchasing
Department coordinating supplier development, procurement execution,
and other work. Meanwhile, it fully utilizes the SRM (Supplier Relationship Northeast China Unit 4
Management) System for supplier management, realizing online
processing of businesses such as procurement order issuance, invoice East China Unit 121
reconciliation, delivery orders, and carton label barcodes, improving the
efficiency of collaborative management between procurement and Central China Unit 26
suppliers.
South China Unit 107
Southwest China Unit 21
Northwest China Unit 14
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Full Lifecycle Management of Suppliers
The Company continues to strengthen full-lifecycle supplier management, building an organizational structure led by the Purchasing Department, with the R&D Center, Quality Center, and other
departments performing their respective duties and collaborating. It has established a full-process management mechanism covering supplier screening, evaluation, assessment, and exit,
continuously improving supply chain stability and comprehensive management level.
Supplier Access
Comprehensively assess supplier qualifications and capabilities through market research, etc.; approved suppliers are filed through system approval and included in the
qualified supplier list for management.
Supplier Assessment
Establish a monthly, annual, and project-specific quantitative evaluation system, grading suppliers based on core indicators such as quality, delivery time, and price.
Assessment results are directly linked to cooperation policies, and unqualified suppliers are required to improve within a time limit.
Supplier Exit
Initiate qualification review for suppliers in cases such as continuous unqualified quality, major quality/delivery issues, supply of counterfeit products, or unqualified annual
assessments. Complete the exit process after approval through the OA system.
Supplier ESG Management
The Company has formulated and implemented systems such as the Sustainable Procurement Policy, incorporated ESG-related requirements into the contractual terms of the Procurement
Framework Agreement, and built a Corporate Social Responsibility (CSR) evaluation framework covering the entire supply chain to strengthen compliance constraints on suppliers. On this basis, the
Company urges suppliers to sign the Supplier Code of Conduct, regularly conducts supplier self-assessments and sustainable development training, and continuously promotes sustainable
practices. Meanwhile, the Company incorporates internal sustainable procurement training into the performance assessment of purchasing personnel, and promotes capability improvement
through an incentive mechanism for outstanding suppliers, helping the supply chain achieve high-quality and sustainable development.
The Company officially joined the United Nations Global Compact (UNGC) in November 2024 and made a public commitment to sustainable procurement.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Integrity Supply Chain Green Supply Chain
The Company continues to promote supply chain due diligence, clearly Hoymiles actively builds a green supply chain, promoting
Key Performance
stipulates business integrity clauses in supplier contracts, and incorporates suppliers to comply with environmental laws and regula-
anti-corruption and anti-commercial bribery requirements into compliance During the Reporting Period, the signing tions, establish ISO 14001 Environmental Management
assessment scope, ensuring that all partners strictly abide by the Company’s rate of the Supplier Integrity Agreement System, obtain and update environmental permits and
business ethics standards. Meanwhile, through regular integrity training, the qualifications. It also urges suppliers to strengthen the
Company continuously enhances suppliers’ compliance awareness, jointly
was 100%. control of various pollutants, ensuring that their products
building an honest, compliant, and transparent integrity industrial chain. and services comply with the EU REACH Regulation and
RoHS Standards, and minimizing impacts on the environ-
Responsible Supply Chain ment and communities. Meanwhile, the Company
prioritizes the procurement of low-carbon and environ-
Adhering to the concept of a responsible supply chain, the Company strictly requires suppliers to abide by social responsibility mentally friendly products and services, guiding suppliers
guidelines, respect employees’ human rights and dignity, ensure fair working conditions, prohibit forced labor, child labor, and to save resources and use renewable energy, and jointly
discriminatory behaviors, standardize working hour management, pay salaries and benefits in full in accordance with the law, and promoting efficient resource utilization and pollution
safeguard employees’ freedom of association and collective bargaining rights. Meanwhile, suppliers must implement prevention. During the Reporting Period, the Company
occupational health and safety management, provide a safe and healthy workplace, establish a sound management system, and successfully obtained the Green Supply Chain Manage-
appoint social responsibility representatives to promote the fulfillment of supply chain responsibilities. ment System Certification.
In addition, the Company is committed to purchasing high-quality products and services, and promises not to purchase or use
conflict minerals in product manufacturing. It has formulated the Conflict Minerals Control Policy, requiring suppliers to conduct
supply chain due diligence in accordance with the OECD Guidelines to eliminate minerals from conflict-affected regions.
Key Performance Indicators Unit 2025
Number of Suppliers Certified under Quality Management
Unit 206
Systems
Number of Suppliers Certified under Environmental
Unit 172
Management Systems
Number of Suppliers Certified under Occupational Health
Unit 172
and Safety Management Systems
Number of Suppliers Suspended due to Non-compliance Unit 0
Number of Suppliers Participating in On-site Corporate
Unit 58
Social Responsibility (CSR) Audits
Green Supply Chain Management System Certificate
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Supplier Training Equal Treatment of
To improve suppliers’ awareness and management level of sustainable development, the Company actively conducts special
Small and Medium-Sized
supplier training. During the Reporting Period, the Company invited representatives from 23 suppliers to participate in special Enterprises
training on sustainable procurement, providing systematic explanations on sustainable procurement standards, management
requirements, and practical methods. It consolidated the training results through in-class interactive exchanges, further building
The Company strictly complies with regulations such
consensus on sustainable development in the supply chain and laying the foundation for the construction of a green and
as the Regulations on Ensuring Payments to Small and
low-carbon industrial chain.
Medium-Sized Enterprises, pays amounts owed to
SMEs on time, and actively safeguards the legitimate
rights and interests of SMEs in the upstream and
downstream of the supply chain. As of the end of the
Reporting Period, the Company and its holding
subsidiaries had no overdue payments without
justifiable reasons, nor did they have accounts
payable (including bills payable) exceeding RMB 30
billion or accounting for more than 50% of total
assets.
Supply Chain Resilience Construction
To continuously improve supply chain resilience and stable operation capabilities,
the Company strengthens supply-demand collaboration and enhances risk
resistance and sustainable development capabilities through measures such as
holding regular monthly supplier quality meetings, conducting on-site
improvement audits, and participating in technical seminars. During the Reporting
Period, the Company organized personnel to conduct monthly meetings and
abnormal improvement audits at suppliers’ sites, sorted out and summarized
suppliers’ quality monthly reports and on-site audits of spraying processes,
forming SQE (Supplier Quality Engineer) business trip reports to achieve
closed-loop management of problems; it also actively held STM technical
seminars to strengthen technical exchanges and process improvement. STM Technical Seminar
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Good Life
Hoymiles has always adhered to the original aspiration of social responsibility, effectively
safeguarding employees’ legitimate rights and interests, building a solid line of defense
for occupational health and safety, and actively engaging in social welfare undertakings,
promoting the coordinated and sustainable development of the enterprise, employees,
and society through practical actions.
SDGs Responded
” Protection of Employees’ Rights and
Interests
Occupational health and safety
Public Welfare
客户满意度调查问卷发放有效份数
Corporate Governance Environmental Protection Industry Value Good Life Appendix
X份 2025 Sustainability Report
Protection of Employees’ Rights and Interests
Talent Attraction and Recruitment
The Company extensively attracts outstanding talents through standardized and transparent recruitment mechanisms and broad development platforms, laying a solid talent foundation to empower
the enterprise’s sustainable development.
Recruitment Management Employee Composition
Unit 2025
Metrics
The Company strictly complies with relevant laws and regulations such as the Labor Law of the
People’s Republic of China and the Labor Contract Law of the People’s Republic of China, formulated
Male Person 1,278
the Recruitment Management System, and conducts recruitment in accordance with the principles of By Gender
“fair competition, merit-based admission, preferring quality over quantity, and internal priority”. In
terms of organizational division of labor, the Human Resources Center is responsible for recruitment
Female Person 647
management and channel maintenance, while user departments assist in internal recommendations
and resume screening. All departments cooperate with each other to ensure the recruitment process
is standardized, transparent, fair, and impartial, providing high-quality talent support for the
College Degree or Below Person 607
enterprise’s sustainable development.
Key Performance Bachelor’s Degree Person 926
By
Education
As at the end of the Reporting Period, the Company had a total of 1,925 employees, Background Master's Degree Person 370
including 1 employee with disabilities, 69 employees from ethnic minority groups, and
The labor contract signing rate of the Company in 2025 was 100%
Corporate Governance Environmental Protection Industry Value Good Life Appendix
The Company actively builds diversified recruitment channels
and continuously expands talent introduction paths. Internally,
we implement open competition and employee recommenda-
tion mechanisms to effectively stimulate organizational vitality;
externally, we integrate resources from online recruitment
platforms, campus recruitment, industry exhibitions, and profes-
sional human resources institutions to achieve wide coverage of
talent sources. For unsuccessful candidates, the Human
Resources Center uniformly includes them in the talent pool for
standardized management, reserving high-quality talent
resources for the Company’s development.
On-Campus Recruitment
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Diversity, Equality and Inclusivity Training and Development
The Company adheres to the principles of compliant employment and equal pay for equal work, formulated the The Company cares about employees’ growth and career
Anti-Discrimination and Harassment Management System, Anti-Forced Labor Management System, and Child Labor and Juvenile development, continuously improves the talent training
Worker Protection System, safeguarding employees’ basic rights and interests at the institutional level. The Human Resources mechanism, broadens career development paths, and helps
Center is responsible for system promotion and complaint channel management, while user departments assume daily employees improve their professional quality and achieve
supervision responsibilities. Through division of labor and collaboration, they promote the effective implementation of systems, common growth with the enterprise.
creating an equal, diverse, and inclusive working environment. During the Reporting Period, the Company had no violations such
as child labor employment, forced labor, employment discrimination, or workplace harassment.
Ensure fairness, openness, and impartiality in Oppose any form of physical punishment, mental or
recruitment, employment, training, promotion, and verbal insult, and adopt a zero-tolerance attitude
salary and benefits, without any discrimination based towards any form of workplace harassment.
on race, age, gender, sexual orientation, ethnicity,
geographical region, disability, religion, political
affiliation, or other factors.
Abide by labor standards of the countries and regions Strictly implement laws and regulations such as the
where the Company operates, prohibit forced labor Regulations on Prohibiting the Use of Child Labor
(including prison labor, contractual labor, and any issued by the State Council, and incorporate the
other form of forced labor), and require business requirement of prohibiting child labor into the Supplier
partners to comply with the same requirements. Code of Conduct.
If a minor is mistakenly recruited, the Company will immediately adjust their position, restrict labor intensity, pay social
insurance in accordance with the law, and provide free vocational training and special health checks.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Employee Training
To build a high-quality and professional talent team, the Company has established and improved the talent
training mechanism, successively formulated multiple systems such as the Training Management System and New
Types of Training Frequency Target Group
Employee Mentor Management System, and built a hierarchical and classified training system covering new
employee integration, professional improvement, management advancement, general capabilities, and leadership
training, providing strong support for employees’ growth and career development. New Employee Training Once a month As needed
Training and Development System of Hoymiles Leadership Training Once a year Cadres
Skill Training As needed Frontline Personnel
Work Safety Training As needed Frontline Personnel
Talent Development and Output
New Employee Career Development
Leadership Professional Skills General Skills
Training Path
Internal Trainer Management
Senior Leadership
Manufacturing Professional Training
Professional Technical Sequence
Training The Company formulated the Internal Trainer Management System,
Social Recruitment New
R&D and Technical Training
Management Sequence
Employee Training standardizing the selection, training, teaching, and incentive mechanisms
Hoymiles Lecture Hall
Successor Program
Cultural Training
for internal trainers. It fully activates internal professional talent resources,
Marketing
promotes knowledge precipitation, experience inheritance, and skill
Middle Management
sharing, providing strong support for talent training. As of the end of the
Leadership Training
Reporting Period, the Company had 30 internal trainers.
Campus Recruitment
Seedling Program Reserve Cadre
Training Program
Online Learning Platform
Relying on the Hoymiles School online learning platform, the Company
Key Position Rotation
integrates diversified learning resources such as course videos, document
Internal Trainer Certification Interviewer Certification Mentor Growth Camp
materials, and case analyses, creating flexible and convenient online
learning channels for employees. Meanwhile, the platform has built a
Post Qualification Standards scientific learning management system, realizing the visualization of
learning outcomes through learning points, progress tracking, and
Hoymiles School - Online Learning Platform completion certificates. It helps employees grasp their learning progress in
real time, improve learning efficiency, and continuously cultivate their
independent learning ability and comprehensive competitiveness.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Courses on Hoymiles School
New Employee Personal Development Product R&D
Training Courses Planning Total Investment in Employee Training RMB 10,000 83
Rules and Regulations Courses, etc. Sales Production, etc.
Employee Training Investment per RMB 10,000/RMB 1
Million Yuan of Operating Revenue million
Market Monitoring Courses, etc. Hoymiles Development Founder’s Talk
History Total Number of Employees Trained Person 1,200
Brand Concepts, etc.
Total attendance in training Attendance 1,520
Employee Training Coverage Rate % 62.34
Primary-Level Management Middle Management Professional Conduct English Learning
Total Training Hours Hour 8,083
Senior Management Internal Sharing, etc.
Product Manager Training Camp Country Manager Training Camp Seedling New Power Training Camp Project Manager Training Camp
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Career Development Specific Positions/Ranks
The Company has always attached great importance to
Class
employees’ career growth, taking system construction as Management Positions (M) Professional Positions (P) Operational Positions (O)
of
the starting point to continuously improve the career devel-
Position Level Role Level Role Level Role
opment system. By formulating the Organization Manage-
ment System and Cadre Management System, we have built 21 M5 Chief Expert/
three major career development channels: management, P6 Chief Scientist
professional, and operational. We clarify the qualifications 20
M4 Senior
and processes for position promotion, smooth diversified 19 management
promotion paths, provide clear and accessible growth
directions and broad development space for various talents, 18 P5 Senior Expert
M3
and strive to build a development platform for employees to 17
grow together with the enterprise.
Meanwhile, the Company formulated the Transfer Manage- Middle
ment System, clarifying the processes for changes such as
transfer and promotion. Centering on business develop- 14
ment needs, we scientifically and reasonably adjust
employees’ positions and work locations in combination
Primary
with their professional strengths and ability performance, 12 M1 P3 Core Backbone
Management
realizing person-job fit and full utilization of talents.
Independent
During the Reporting Period, the Company built a post 9 P2 O3 Technologist
Worker
qualification system, selected key positions such as the R&D
Center and Marketing Center to carry out pilot certification,
jointly established standards with business experts, and 7
applied them to scenarios such as recruitment, talent inven- Beginner Technician
tory, and promotion. It connects the entire process of
“selection, employment, training, and retention”, provides 5
clear career development channels for employees, and Senior General
further stimulates talent vitality and improves organization-
al efficiency. 3 O1 Intermediate General
Worker
Junior General Worker
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Remuneration and Benefits Management
The Company is committed to building a fair, efficient, and market-competitive compensation and incentive mechanism,
continuously optimizing welfare guarantees, carefully safeguarding employees’ vital interests, and helping the enterprise and
employees move forward hand in hand.
Instant Employee Incentives
To timely reward and positively guide employees’ work
Compensation Management behaviors and results, based on the Employee Behavior
Reward and Punishment Management System, the
The Company formulated the Compensation Management System and implemented a leading compensation strategy. Every year, Company formulated the Instant Incentive Manage-
combining industry compensation levels and market trends, it regularly conducts compensation market competitiveness ment Principles. Each department formulates instant
assessments to ensure that the compensation system has both external competitiveness and internal fairness. Taking employees’ incentive plans and establishes incentive ledgers, while
value contribution as the core basis, the Company scientifically verifies compensation standards, builds a diversified the Human Resources Center tracks implementation
compensation structure aligned with the market and employees’ development, gives full play to the incentive and guarantee role and promotes excellent cases, fully stimulating
of compensation, and continuously stimulates employees’ creativity and work enthusiasm. employees’ work enthusiasm.
Employee Stock Ownership Incentive
Basic Salary (determined with reference to Hangzhou’s minimum wage
standard) The Company actively builds a long-term incentive
and restraint mechanism, and through the implemen-
tation of an equity incentive plan, deeply binds
Post Salary and Allowances (determined based on the position and employees’ personal growth with the company’s
individual employee circumstances) long-term development, fully mobilizing the enthusi-
asm and creativity of core backbones. During the
Reporting Period, the Company completed the
Overtime Pay (determined in accordance with the Company’s overtime
reserved grant of restricted stock, granting 345,888
regulations)
restricted shares to 24 eligible incentive objects at a
grant price of RMB 83.79 per share.
Performance Bonus (determined based on the completion of
Compensation employees’ monthly work plans)
Key Performance
During the Reporting Period, the Company’s average
Structure
Commission (calculated in accordance with the Marketing Center’s salary per employee was RMB 270.800
system)
thousand, with each employee generating RMB
Subsidies (transportation subsidy, meal subsidy, business trip subsidy, 1.0037 million in revenue.
communication subsidy, etc.)
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Employee Benefits Performance Management
To fully stimulate employees’ potential, the Company formulated the Welfare Management System, establishing and improving a
Scientific performance management is an important guaran-
diversified and multi-level welfare security system, effectively enhancing team cohesion and centripetal force. On the basis of
tee for enterprises to optimize talent management, stimulate
legally implementing basic guarantees such as five social insurances and one housing fund, the Company provides various
organizational vitality, and achieve strategic goals. The
supplementary insurance and special allowances in combination with employees’ actual needs, and regularly carries out health
Company has established a scientific, fair, and clearly orient-
check-ups, birthday care, team building activities, etc., enriching employees’ spare time and continuously improving their sense
ed performance evaluation mechanism to continuously
of belonging, happiness, and gain.
stimulate employees’ potential.
In addition, the Company strictly complies with national regulations on working hours and rest and vacation, and in combination
Performance Evaluation Mechanism
with the nature of work and actual needs of each position, legally implements the standard work hour system, non-fixed work
hour system, and comprehensive work hour system. For positions implementing the non-fixed work hour system, employees can To give play to the guiding and incentive role of performance
arrange their working hours independently and flexibly with reference to the Company’s working schedule; for positions and ensure the realization of the Company’s strategic goals,
implementing the comprehensive work hour system, they shall generally follow the unified working schedule during the Company formulated the Performance Management
non-extended working hours, effectively safeguarding employees’ legitimate rest rights and interests. System. The Human Resources Center is responsible for
system implementation and daily management, and the CT
Five social insurances and one housing fund, accident insurance, business trip insurance for of first-level units is responsible for performance evaluation
Insurance
overseas trips and personnel management of the corresponding units. The
performance evaluation system is divided into company
Transportation fee, communication fee, meal subsidy, high-temperature subsidy, cold subsidy,
Subsidies performance, organizational performance, and individual
dinner subsidy, taxi subsidy
performance, with assessments conducted on a semi-annu-
al basis. For different evaluation levels, the Company adopts
Allowances Overseas assignment allowance, resident allowance
the forms of BSC (Balanced Scorecard) and PBC (Personal
Business Commitment) respectively, decomposing strategic
Leave Entitlements Statutory leave such as public holidays, annual leave, and parental leave goals layer by layer to organizations and individuals.
Through process management and scientific application of
results, it forms a performance management mechanism
Team Building Annual meeting, departmental outing with upper-lower coordination and clear powers and
responsibilities, continuously stimulating organizational and
Employee Care Birthday gifts, birthday parties, holiday gifts, health check-ups, daily snack supply employee vitality and helping the Company achieve
high-quality development.
Other Benefits Flexible work schedule, on-campus fitness club, dormitories
Key Performance
During the Reporting Period, the proportion of
Key Performance
employees regularly receiving performance and
During the Reporting Period, the Company’s social insurance coverage rate reached
career development assessments was 100%.
amounted to RMB 13.8339 million; the average number of paid annual leave days per employee was 6.49 days.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Appeal and Feedback Mechanism
The Company has established and improved the performance feedback and grievance mechanism. After the
performance evaluation, the direct supervisor conducts a performance interview, feeds back the evaluation results to
the evaluated employee, systematically summarizes performance, analyzes shortcomings, and jointly formulates work
goals and improvement plans for the next evaluation period. If the evaluated employee has objections to the
evaluation results, they may first communicate with the direct supervisor; if the communication is ineffective, they may
submit a written appeal to the Human Resources Center. The Human Resources Center will give a reply on whether to
accept the appeal within 3 working days after receiving it, and will not accept appeals lacking objective factual basis
and based solely on subjective judgment, ensuring the standardization and fairness of appeal handling.
Labor Relations Management
Labor relations management is an important cornerstone for building a harmonious enterprise, safeguarding employees’ legitimate rights and interests, and achieving long-term stable
development. The Company adheres to legal compliance and equal consultation, and actively builds stable and harmonious labor relations.
Labor Dispute Management
The Company strictly complies with relevant national laws and regulations on labor management, formulated the Regulations on the Work of the Labor Dispute Mediation Committee, and established
a Labor Dispute Mediation Committee composed of employee representatives, employer representatives, and trade union representatives, which is responsible for mediating labor disputes. When
a labor dispute occurs, the Committee adheres to the principle of voluntariness and non-coercion, and conducts fair mediation in accordance with the law on the basis of investigation and
verification. If the mediation is successful, it guides both parties to sign a mediation agreement; if the mediation fails, it guides the parties to apply for labor arbitration. Through full-process
management of pre-prevention, in-process mediation, and post-guidance, the Company effectively safeguards the legitimate rights and interests of both employees and the enterprise, creating a
positive and healthy employment environment.
Employee Exit Management
To standardize employee resignation management and protect the legitimate rights and interests of the Company and resigned
employees, the Company formulated the Resignation Management System, with the Human Resources Center responsible for Key Performance
resignation management, clarifying the operation processes and relevant authorities for each link of resignation. After an
employee submits a resignation application, the Human Resources Center promptly conducts an exit interview to deeply During the Reporting Period, 655 employees left
understand the reasons for resignation and demands, providing a reference for optimizing the employment environment. The
the Company, with a total employee turnover rate of
employee must complete the handover of work progress, documents and archives, customer information, etc., and cancel
relevant system accounts before going through the resignation procedures. For employees’ needs such as social insurance 36.78%.
transfer, housing provident fund withdrawal or transfer, and personnel file transfer, the Human Resources Center provides
assistance and guidance to ensure that the resignation process is standardized, smooth, efficient, and orderly.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Employee Care and Communication
The Company carefully safeguards employees’ vital interests and creates a harmonious, stable, and mutually supportive workplace environment with comprehensive and meticulous care services.
Employee Activities
The Company practices the “Happy Work, Healthy Life” philosophy, actively carries out diverse cultural and sports activities, and advocates a healthy and positive lifestyle. Meanwhile, the Company
encourages employees to spontaneously form interest clubs and provides corresponding support, enriching their spare time, enhancing team communication, and continuously improving team
cohesion and employees’ sense of belonging.
Hoymiles Five Associations
Basketball Match Badminton Tournament
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Employee Assistance
To enhance the cohesion of the trade union organization and create a mutually supportive and friendly team
atmosphere, the Company formulated the Trade Union Condolence System. On occasions such as employees’
childbirth, marriage, hospitalization, and bereavement, the trade union arranges home visits and distributes
condolence gifts and funds, promptly conveying organizational care and warmth. Through the regular
condolence mechanism of “Celebrate joys, assist in difficulties, and visit the ill”, the Company puts care into
practice, continuously improving employees’ sense of belonging and happiness.
Democratic Management
The Company strictly complies with relevant laws and regulations such as the Trade Union Law of the People’s Republic of China,
formulated the Trade Union System and Implementation Rules for the Employee Representative Congress, and legally established
a Trade Union Committee and an Employee Representative Congress (ERC) system. As a bridge between employees and the
Company, the trade union promptly reflects employees’ opinions and demands and safeguards their legitimate rights and
Key Performance Indicators
interests; the ERC is responsible for deliberating on major matters related to employees’ vital interests, such as rules and
regulations, compensation and benefits, and labor protection. By combining daily communication of the trade union with
collective deliberation of the ERC, the Company effectively safeguards employees’ rights to know, participate, express, and Number of Employee Representative Congress
supervise. Sessions Held
To smooth employee communication channels and listen to employees’ voices, the Company continuously improves 1Time
communication mechanisms, enriches communication forms, and builds a multi-level and diversified employee communication
platform, helping the enterprise and employees develop in the same direction and collaboratively.
Proposals Reviewed and Passed by the Employee
Congress
Diversified Communication Methods
Conduct monthly new employee talk sessions to understand their adaptation status and demands, and provide
positive feedback.
Conduct an annual questionnaire survey to listen to employees’ demands and opinions.
Host a “CEO Date” Column” to realize regular monthly one-on-one communication between employees and the
General Manager.
Establish real-name and anonymous internal communication channels to ensure that employees’ opinions are
promptly conveyed and effectively responded to.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Protection of Women’s Rights and Interests
The Company complies with the Law of the People’s Republic of China on the Protection of Rights and Interests of Women,
formulated regulations such as the Equal Consultation and Collective Contract Supervision and Inspection System, established a
Women Employees Committee of the trade union, and set up an Equal Consultation Committee and a Collective Contract
Supervision and Inspection Committee. It fully implements the system of equal pay for equal work regardless of gender and firmly
opposes any form of gender discrimination. The Company legally guarantees that female employees enjoy various statutory leave
rights and interests such as prenatal check-up leave, maternity leave, paternity leave, parental leave, and accompanying leave.
On the basis of safeguarding rights and interests, the Company continues to strengthen daily care: it sends holiday greetings and
condolence gifts to female employees on International Women’s Day, sets up a mother-and-baby room, and enriches female
employees’ spare cultural life through various cultural and sports activities, striving to create an equal, respectful, caring, and
inclusive workplace environment.
Lactation Room International Women’s Day Celebration
Key Performance
During the Reporting Period: Propor- Number of Employees Who Enjoyed Return-to-Work Rate After Maternity
tion of Female Managers Maternity Leave Leave
Number of Employees Who Enjoyed Parental Leave Return-to-Work Rate After Parental Leave
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Occupational Health and Safety
Work Safety Management
The Company strictly complies with the Law of the People’s Republic of China on Work Safety, formulated regulations such as the Safety and Health Management System, and implements
standardized safety control over the production process to effectively safeguard employees’ safety and health and prevent safety accidents and occupational hazards. Meanwhile, combining the
industry’s safety characteristics and its own production reality, the Company sets work safety goals, clearly defines the safety responsibilities of each department and post personnel, and strengthens
implementation through a safety goal assessment mechanism to ensure the long-term, stable, and orderly operation of work safety.
In addition, the Company uses information means to unblock the work safety OA process platform, realizing online and standardized approval of key links such as construction management and
engineering renovation. Through process-based control, it clarifies responsibilities and strengthens process supervision, further improving the efficiency and implementation of work safety
management.
Work Safety Committee of Hengming Park
Chairman
Executive Secretary
Vice Chairman (Safety Responsible Person)
Member Member Member Member Member Member Member Member Member Member Member
Planning and Comprehensive
Production Engineering Purchasing Manufacturing Infrastructure Lean Engineering
Logistics System Department R&D Department I R&D Department II Operations
Department Department Department I/II Quality Department Department Department
Department Department
Safety Officer Safety Officer Safety Officer Safety Officer Safety Officer Safety Officer Safety Officer Safety Officer Safety Officer Safety Officer Safety Officer
Heads of
Management Level Formulate and implement work safety management systems, and ensure work safety Be responsible for the work safety of the
Departments
investment. department and implement various safety
measures.
Employees Comply with safety regulations, correctly use labor protection equipment, and promptly
report safety hazards.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
As of the end of the Reporting Period, the Company and its subsidiaries (Zhejiang Hoymiles, Hangzhou Heli, Haining Hengli, and Zhejiang Henghe) have all obtained ISO 45001 Occupational Health
and Safety Management System Certification.
Hoymiles Zhejiang Hoymiles Hangzhou Heli Haining Hengli Zhejiang Henghe
No serious or above accidents throughout the year; minor injury accidents ≤ 1 case Achieved
Organizational level No fire, explosion, or other accidents (economic loss ≥ RMB 5,000) Achieved
No occupational disease accidents Achieved
≥ 2 quarterly EHS (Environment, Health and Safety) training courses Achieved
Department-level units 1 monthly comprehensive EHS inspection; on-site potential hazard rectification rate of over 95% Achieved
Fire evacuation emergency drills held every year Achieved
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Work Safety Risk Management
The Company adheres to integrating risk control into daily operations, continuously improves emergency response mechanisms through regular risk source identification and potential hazard
investigation, ensuring that all types of safety risks are preventable and controllable.
Hazard (Source) Identification and Control
To effectively strengthen the source control and full-process management of safety risks, the Company formulated the Safety Risk Identification and Control System, establishing a risk prevention
and control mechanism of dynamic identification, scientific assessment, and hierarchical control, realizing advanced risk prevention and full-process control, and fully ensuring employees’
occupational health and enterprise work safety.
Identification of Hazard Sources Hazard Source Evaluation Hazard Source Control Hazard Source Update
The Administration Department takes the lead Organize professional and technical personnel For different risk levels, formulate special Conduct a comprehensive identification of
in organizing various centers (departments) to to comprehensively assess risk levels using control measures in terms of production hazard sources at the beginning of each year,
identify and investigate occupational health the direct judgment method and Job Safety technology, management procedures, training and dynamically evaluate and update them at
hazard factors, conduct preliminary Analysis (JSA) Method (D = LEC). and education, emergency disposal, on-site key nodes such as the start of new projects to
assessments, declare in accordance with supervision, etc., which are organized and ensure that risk control is synchronized with
regulations, and conduct regular monitoring implemented by the Administration actual working conditions.
and dynamic management. Department and Quality Management
Department.
Safety Hazard Assessment
The Company designates the Comprehensive Operations Department as the leading management department for potential
Key Performance
hazard investigation, regularly organizing EHS comprehensive inspections, pre-holiday inspections, and special inspections in
key areas. The scope covers production, office, R&D, and other areas, focusing on in-depth investigations of key links such as fire
protection, electrical safety, chemicals, production operations, occupational health, and equipment safety, ensuring that potential
During the Reporting Period, the Company conducted
hazards are detected early, rectified early, and eliminated early, and building a solid line of defense for work safety.
inspections, and special inspections, with a 100%
rectification rate of potential hazards.
Safety Hazard Assessment
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Emergency Response Safety Accident Handling
The Company has always regarded emergency disposal as a key link in safety management, continuously improving plans to The Company attaches great importance to safety accident
ensure personnel safety and production stability. The subsidiary Hengming Electronics formulated the Emergency Plan for Work disposal and closed-loop management. After the accident is
Safety Accidents, clarifying requirements for prevention and early warning, emergency response, and emergency support, and effectively controlled, under the unified command of the
building a three-level emergency system (Comprehensive Plan - Special Emergency Plans - On-site Disposal Plans). It regularly Emergency Command Center, the Aftermath Handling Group
conducts practical emergency drills to continuously improve the emergency disposal and collaborative rescue capabilities of all conducts on-site investigation and cause analysis, clarifies
employees, ensuring rapid response and efficient disposal of sudden safety incidents. responsibility identification, and formulates preventive
measures; at the same time, it collaborates with relevant
departments to carry out facility maintenance, environmen-
Case: Fire Evacuation Emergency Drill of Hengming Park tal decontamination, etc., to fully resume production. In the
aftermath stage, it properly handles the comfort, pension,
On May 9, 2025, Hengming Park organized a fire evacuation emergency drill covering all employees. After the alarm and insurance claims of employees’ families, ensuring that
was sounded, employees evacuated quickly and orderly to the assembly point according to the predetermined the accident disposal is fully closed-loop.
evacuation route. Subsequently, the volunteer fire brigade explained fire extinguishing knowledge on site, conducted
operational demonstrations, and guided employees to practice fire extinguishing. This drill effectively strengthened
the fire safety awareness of all employees, improved their emergency disposal capabilities, and verified the feasibility
and effectiveness of the emergency plan.
Key Performance
During the Reporting Period,
Number of work safety accidents
Number of work-related deaths
Fire Evacuation Emergency Drill Total Number of work-related injuries
Key Performance
Lost days due to work-related injury
During the Reporting Period, the Company conducted 35 safety emergency drills.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Construction of Safety Culture
The Company upholds the safety culture concept of “Safety First, Prevention Focus” and regularly carries out activities related to
improving safety awareness and operational skills. During the Reporting Period, the Company pushed various safety publicity Key Performance
videos through Hoymiles School to expand the coverage of learning; with the help of thematic activities such as Work Safety
Month, it organized diverse safety publicity and education activities and practical drills, comprehensively improving the safety Safety Education and Training Sessions
literacy and emergency disposal capabilities of all employees, and providing solid guarantee for the enterprise’s work safety.
Case: 2025 Safety Production Month Event Attendances in Safety Education and Training
Sessions
In June 2025, centering on the theme of “Everyone Talks About Safety, Everyone Can Respond—Find Safety Hazards
Around You”, the Company planned and carried out four characteristic activities: Safety Knowledge Award-winning
Quiz, Gold Medal Safety Officer PK Competition, Safety Challenge, and “Safety Matters—Find Faults”. Attendances in
the activities amounted to 1,465 in total. Through vivid and interesting methods, it effectively popularized safety
knowledge, improved the professional capabilities of the safety officer team, and created a strong atmosphere where
Total Hours of Safety Education and Training
everyone pays attention to safety, participates in safety, and guards safety.
Coverage Rate of Safety Education and Training
Coverage Rate of Safety Risk Protection Training
Gold Medal Safety Officer PK Competition Safety Challenge
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Safety Management for Related Parties
To strengthen the safety management of relevant parties, the Company formulated and strictly implemented the Construction
Hazardous Chemicals Management Measures
Safety Management System, clarifying the safety management requirements for the entire construction process. By conducting
special safety training for construction manufacturers, strengthening daily supervision and inspection of construction sites,
strictly implementing construction quality and safety assessments, and handling violations in accordance with regulations, the Establish a hazardous chemicals intermediate
Company ensures that the construction process is compliant, orderly, and risk-controllable. warehouse, equip with explosion-proof facilities
and emergency ventilation systems, install
combustible gas detectors, and only store the
amount for the current shift in on-site
explosion-proof cabinets.
Equip with emergency disposal supplies and
protective materials (protective clothing, gas
masks, protective gloves and goggles, etc.), and
configure fire-fighting equipment and leakage
absorption cotton on site.
Construction Party Safety Training On-site Construction Safety Inspection
Management of Hazardous Chemicals
Standardize the setting of various hazardous
chemicals safety signs to ensure that warning
The Company formulated the Hazardous Chemicals Storage, Keeping and Use Management System, clarifying the process information is clearly visible.
specifications for the storage and use of hazardous chemicals, establishing a hazardous chemicals intermediate warehouse, and
strictly implementing requirements such as partitioned storage, special personnel management, and account records. It strictly
controls risks to effectively ensure the safety of hazardous chemicals use.
Hazardous Chemicals Intermediate Warehouse
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Occupational Health Protection
The Company has always attached great importance to employees’ occupational health protection, established and dynamically Key Performance
improved occupational health ledgers and files, and systematically standardized occupational health management. In source
prevention, the Company installs ventilation systems at positions with occupational hazards, posts occupational hazard During the Reporting Period,
notification and warning signs, and regularly hires third-party institutions to conduct occupational hazard factor testing, grasps
the risks of the operating environment in real time, and continuously improves workplace conditions. In process control, it
Percentage of special operators licensed
provides employees with personal protective equipment and update it regularly; promptly adjusts the positions of employees
with occupational disease taboos to ensure that employees work in a safe environment. In health monitoring, it strictly 100%
implements pre-employment, on-the-job, and post-departure full-cycle occupational health physical examinations to effectively
safeguard employees’ physical health and life safety.
Number of employees who underwent physical
examinations
Coverage rate of physical examinations for
employees
Investment in work-related injury insurance
RMB 636.5 thousand
Coverage rate of work-related injury insurance for
employees
Number of new cases of new occupational diseases
Occupational Hazard Notification Board Occupational Health Ledgers and Files
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Public Welfare
Contribution to Society
Upholding the core philosophy of “Giving full play to its own advantages and professional capabilities”, the Company actively fulfills its social responsibility, focuses on the coordinated development
of education, science and technology, and talents, and supports higher education and talent training. Meanwhile, the Company actively carries out activities such as photovoltaic reuse and
low-carbon building public welfare programs, striving to enhance the public’s environmental awareness, and continuously creating social value through technological innovation and green practices.
Case: Supporting Higher Education and Innovative Talent Training
In April 2025, the Company carried out in-depth scientific
research cooperation with Zhejiang University, and the
relevant photovoltaic technology research results were
published in the internationally authoritative journal
Nature. The research mainly includes the roof distributed
photovoltaic power supply system jointly developed by
both parties, and the application of the “Communicable
Energy-Information Coordination” Talkative Power
Conversion (TPC) developed by Zhejiang University in
photovoltaic system control. This cooperation has
effectively promoted the transformation and populariza-
tion of advanced photovoltaic technology achievements,
provided solid support for universities to carry out
high-level scientific research and cultivate innovative
talents in the new energy field, and fully reflected the
Company’s long-term investment and social responsibility
in higher education and the cultivation of scientific and
technological innovation talents.
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Case: Hoymiles cooperates with German public welfare organization to carry out photovoltaic reuse activities
In July 2025, the Company, in conjunction with the German public welfare
organization Climate Connect, simultaneously carried out the “German Photovoltaic
Reuse World Record Challenge” public welfare activity in five German cities. The
activity used recycled photovoltaic modules matched with Hoymiles’ one-to-many
series microinverters to successfully build about 500 balcony photovoltaic systems,
effectively promoting the recycling of renewable energy. As the core technical
support party, the Company provided full-process technical guidance. Its
microinverters have the characteristics of high compatibility, easy installation and
intelligent operation and maintenance, which can adapt to various components and
realize real-time data monitoring through S-Miles Cloud. This activity empowers
public welfare with technology, vividly practices the development concept of “Open
Energy for All”, and solidly promotes the implementation of the concept of
sustainable development.
Key Performance
During the Reporting Period,
Total public welfare investment: RMB 97.7 thousand
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Rural Revitalization
The Company has always practiced the mission of “Private Enterprise Responsibility, Relieving People’s Worries”, actively responded to the call of the national consumption assistance policy, based
on its own advantages, and helped rural revitalization and local development through measures such as procurement assistance, fulfilling social responsibility through practical actions, and
demonstrating the enterprise’s responsibility of relieving people’s worries and repaying society.
Case: Special Procurement of Products from Targeted Support Areas
To solve the problem of unsalable high-quality pomegranates in Liangshan, Yuexi County (a targeted support area) during the harvest season, the Company actively fulfilled its social
responsibility and innovatively adopted a dual-drive model of “Charity Procurement + Welfare Empowerment” to help the development of rural industries. As of the end of the Reporting
Period, the Company had purchased a total of about 5 tons of Liangshan pomegranates, effectively alleviating the local difficulty in selling agricultural products, practically helping
farmers increase their income, and achieving the coordinated improvement of social and enterprise benefits.
Key Performance
During the Reporting Period,
Rural revitalization investment
RMB 96.7thousand
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Appendix
Key Performance
Corporate Governance
Governance Dimension
Indicator Unit 2023 2024 2025
Operating Performance General Meeting of Shareholders
Total Number of General Meeting
of Shareholders Held Time 5 5 4
Indicator Unit 2023 2024 2025
Number of Extraordinary General
Meeting of Shareholders Held Time 4 4 3
Total Assets RMB
Number of Proposals Approved Item 21 20 16
RMB Board of Directors
Operating Income 20.26 19.93 19.32
Total Number of Meetings of
Time 13 13 7
Board of Directors
Net Profit Attributable to
RMB
Shareholders of the Listed 5.12 3.44 -1.61
Company
RMB Attendance Rate % 100 100 100
Total Taxes 2.86 2.12 1.28
Number of Members in Board of
Directors Person 9 9 11
Ten Number of Independent
Microinverter Sales Volume thousand 131.88 98.62 68.59 Directors Person 3 3 4
units
Number of Female Directors Person 2 2 2
Ten
Monitoring Equipment Sales
thousand 23.75 22.93 10.90 Number of Special Committee
Volume
units Meetings Held Time 12 9 10
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Compliance Operation Risk Management Business Ethics
Indicator Unit 2023 2024 2025 Indicator Unit 2023 2024 2025
Compliance Management Training Responsible Marketing Training
Number of Compliance Training Total Sessions of Responsible
Time / 2 7 Time / 1 1
Sessions Held Marketing Training
Attendance in Responsible
Attendances in Compliance Marketing Training Attendance / 94 53
Attendance / 46 44
Training
Total Hours of Responsible
Hour / 1,504 2,438
Marketing Training
Total hours of Employee
Hour / 86.5 192
Participation in Compliance Training
Investor Relations Management and Shareholders’ Rights and Interests
Environmental Dimension
Indicator Unit 2023 2024 2025
Environmental Management
Investor Relations Management
Number of Participations in Indicator Unit 2023 2024 2025
Time 36 49 8
Roadshows & Strategy Meetings Total Investment in
Environmental Protection RMB 10,000 62.44 37.52 59.16
Interactions with Investors on the
SSE e-Interactive Platform Time 24 13 16 Number of Environmental
Protection Emergency Drills Held Time / 3 2
Number of Performance Briefings Held Time 3 3 3
Information Disclosure
Pollutant Emissions
Number of Periodic Reports Disclosed
Copy 4 4 4
Externally
Indicator Unit 2023 2024 2025
Number of Interim Reports
Copy 82 76 61
Disclosed Externally
Waste Gas Emissions 10,000 m? 2,891.2 4,066.7 7,581.4
Number of Penalties for Violations in
Time 0 0 0
Information Disclosure Wastewater Discharges Ton / 23,171 24,612.60
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Social Dimension
Indicator Unit 2023 2024 2025
Total Amount of Non-Hazardous Product and Service Safety and Quality
L / / 525,600
Waste Recycled
Quantity of Hazardous Waste Indicator Unit 2023 2024 2025
Ton 60.32 38.3625 30.55
Generated
Quality Training
Quantity of Hazardous Waste
Ton 60.32 38.2745 30.55
Disposed of
Number of Quality Training
Session / 226 55
Sessions
Total Hours of Quality Training Hour / 1,095.39 425
Attendance in Quality Training Attendance / 2,390 418
Resource Utilization
Innovation-driven development
Indicator Unit 2023 2024 2025
Water Resource Utilization Indicator Unit 2023 2024 2025
Total Water Consumption Ton 28,700 27,260 33,287 Investment in R&D RMB 10,000 24,774.53 26,611.45 34,887.30
Water Consumption per Million
Ton 14.17 13.68 17.23 The proportion of R&D
Yuan of Operating Revenue
investment in operating revenue % 12.23 13.35 18.06
Energy Utilization
Total Number of Invention
Patents Item 36 41 41
Total Energy consumption TCE / / 1.250.24
Total Number of Utility Model
Total Purchased Electricity kWh 5,720,380 7,791,335.05 7,706,920 Item 24 27 34
Patents
Photovoltaic Power Generation
kWh 1,456,300 1,827,374 5,477,105 Total Number of Design Patents
Capacity Item 13 17 26
Owned by the Company
Gasoline L / 17,800 14,684.82
Total Number of Software
Copyrights Item 69 91 104
Diesel L / / 6,245.52
Others (Including Overseas
Green Power Consumption Rate % 1.40 8 22.81 Trademarks) Item 171 155 158
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Indicator Unit 2023 2024 2025 Indicator Unit 2023 2024 2025
R&D Team Data Security and Customer Privacy Protection
Data Security Training Time 9 10 2
Number of R&D Personnel Person 377 588 635
Number of Customer Information
Percentage of R&D Personnel Case 0 0 0
% 28.63 35.92 32.99 Leakage Incidents
Number of R&D Personnel by Education Level
Protection of Employees’ Rights and Interests
Below Bachelor’s Degree Person 58 59 54
Bachelor’s Degree Person 236 362 352
Indicator Unit 2023 2024 2025
Master's Degree Person 73 152 216 Talent Attraction and Recruitment
Percentage of Contract Workers % 100 100 100
Doctoral Degree Person 10 15 13
Avoiding Use of Child Labor or Forced Labor
Number of R&D Personnel by Gender
Number of Incidents Involving
Case 0 0 0
the Use of Child Labor
Male Person 309 483 515
Incidents of Forced Labor
Case 0 0 0
Complaints
Female Person 68 105 120
Protection of Customers’ Rights and Interests
Indicator Unit 2023 2024 2025
Customer Service Management
Customer Satisfaction % / 93.6 95.6
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Indicator Unit 2023 2024 2025 Indicator Unit 2023 2024 2025
Diversity and Equal Opportunity Compensation and Benefits
Total Number of Employees Person 1,317 1,637 1,925
Social Insurance Coverage Rate % 100 100 100
Number of Employees With
Disabilities Person 1 2 1
Total Employee Welfare
RMB 10,000 628.54 946.84 1,383.39
Number of Employees by Gender Expenditure
Employee Training
Female Person 566 589 647
Male Person 751 1,048 1,278
Investment in Employee Training RMB 10,000 / 81.74 83
Number of Employees by Education Level
Number of Training Sessions Session / 27 24
Doctoral Degree Person 12 17 22
Total Training Hours Hour / 15,872 8,083
Master's Degree Person 155 245 370
Bachelor’s Degree Person 551 793 926 Total Attendance in Training Attendance / 989 1,520
College degree or below Person 599 582 607
Employee Training Coverage
% / 62 62.34
Rate
Protection of Female Employees’ Rights and Interests
Proportion of Female Managers % 36.07 34.10 21.91
Return Rate from Maternity
% 100 100 100
Leave
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Occupational health and safety
Indicator Unit 2023 2024 2025 Indicator Unit 2023 2024 2025
Work Safety Occupational Health
Number of Work Safety Occupational Health Checkup
Accidents Case 0 0 0 Coverage Rate % 100 100 99.22
Percentage of Special Operators
Number of Work-Related Deaths Person 0 0 0 Licensed % 100 100 100
Total Number of Work-Related Investment in Work-Related
Person / 4 6 Injury Insurance RMB 10,000 15.36 17.87 63.65
Injuries
Lost Days due to Work-Related Working Coverage Rate of Work-Related
Injury / 153 169 Injury Insurance for Employees % 100 100 99.53
day
Potential Hazard Investigation
% / 100 100
and Rectification Rate
Public Welfare
Safety Training
Indicator Unit 2023 2024 2025
Number of Safety Training
Session / 31 57 Total Public Welfare Input RMB 10,000 0 13 9.77
Sessions
Safety Training Coverage Rate % / 100 48.88
Attendance in Safety Training Attendance / 1,392 941
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Indexes
Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 14 - Sustainability Report (for Trial Implementation)
Topic Index Table
Dimension S/N Topics Corresponding Section Dimension S/N Topics Corresponding Section
Environment
Sustainable Development
Related Governance
Topics Disclosed on
Own Initiative
Social
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Indexes of the Global Reporting Initiative (GRI) Standards (2021 Edition) and the Guidelines on Corporate Sustainability Reporting for Chinese
Enterprises (CASS-ESG 6.0)
Sustainability Reporting Standards of the Global Guidelines on Corporate Sustainability Reporting
Chapters and Sections
Reporting Initiative (GRI Standards) for Chinese Enterprises (CASS-ESG 6.0)
About the Report 2-2/2-3/2-4 P1
Message from the Chairman 2-22 P2
Sustainable Development Highlights 2-7/305-1/403-8/404-1/405-1/414-1 A2
Basic Information 2-1 P3.1
Corporate Culture 2-1 P3.2
About Hoymiles Development History 2-1 /
Business Overview 2-1 P3.3
Corporate Honors in 2025 2-1 /
Sustainable Development Policy 2-22 G1.1
Sustainable Development Management System 2-9/2-12 G1.1
Sustainable
Development Sustainable Development Goals / G1.1
Governance
Communications with Stakeholders 2-29 G1.3
Management of Material Topics 3-1/3-2/3-3 G1.1
Party Building / /
Corporate Governance 2-9/2-10/2-11/2-19/2-20/2-27/2-29/405-1 /
Corporate Governance Compliance Operation and Risk Management 2-27/207-1/207-2 /
Investor Relations Management and Shareholders’
Rights and Interests
Business Ethics 2-23/205-2/206-1 G2.1/G2.2
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Sustainability Reporting Standards of the Global Guidelines on Corporate Sustainability Reporting
Chapters and Sections
Reporting Initiative (GRI Standards) for Chinese Enterprises (CASS-ESG 6.0)
Response to Climate Change 201-2/305-1/305-2/305-4/305-5 E1.1
Environmental Management / E2.4
Pollutant Emissions 303-1/303-2/303-4/305-7 E2.1
Environmental
Protection
Resource Utilization 302-1/302-2/302-3/302-5/303-3/303-5 E3.1/E3.2/E3.3
Green Office / E3.3
Protection of Ecosystem and Biodiversity 304-2/304-3 E2.3
Innovation-driven Development 201-1/203-2 S2.1
Product and Service Safety and Quality 416-1/417-1 S3.3
Industry Value
Data Security and Customer Privacy Protection 417-1 S3.4
Supply Chain Management 204-1/308-1/414-2 G1.2/S3.1/S3.2
Protection of Employees’ Rights and 2-7/2-16/2-19/2-20/401-1/401-2/401-3/40
S4.1/S4.3
Interests 4-1/404-2/404-3/405-1/406-1
Good Life 403-1/403-2/403-3/403-4/403-5/403-6/403
Occupational health and safety S4.2
-7/403-8/403-9/403-10
Public Welfare 413-1/415-1 S1.1/S1.2
Key Performance / A2
Appendix Indexes / A3
Feedback / A6
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Independent Assurance Statement
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Corporate Governance Environmental Protection Industry Value Good Life Appendix
Feedback
Thank you for reading the 2025 Sustainability Report of Hoymiles Power Electronics Inc. To improve Hoymiles’s performance in environment, society, and governance, further enhance its sustainable
development capabilities and levels, and strengthen communication with all sectors of society, we sincerely hope that you will provide valuable feedback and suggestions on our work and report
amidst your busy schedule, through the following modes.
Tel：0571-28060318 Fax：0571-28056101
Company address: Floor 6, Building 5, Caizhi SF Innovation Center, No. 99, Housheng Street, Kangqiao
Email：dongmiban@hoymiles.com
Avenue, Gongshu District, Hangzhou City, Zhejiang Province
Your Information
Name： Unit： Tel： Email：
Multiple Choice (Please check √ in the appropriate box)
□ Good □ Average □ Needing Improvement □ I don’t know □ Good □ Average □ Needing Improvement □ I don’t know
□ Good □ Average □ Needing Improvement □ I don’t know □ Good □ Average □ Needing Improvement □ I don’t know
□ Good □ Average □ Needing Improvement □ I don’t know □ Good □ Average □ Needing Improvement □ I don’t know
□ Good □ Average □ Needing Improvement □ I don’t know
首页
微信公众号
证券之星APP
