Summary of the 2024 Annual Report of Hangzhou Hema Power Electronics Co., Ltd.

Company Code: 688032

Company Abbreviation: Hema Co., Ltd.

Section 1: Important Notes

1. This summary is derived from the full annual report. To gain a comprehensive understanding of the company’s operational results, financial status, and future development plans, investors should carefully read the full annual report available at SSE.
2. Significant risks that may affect the company are detailed in the annual report, specifically in Section 3, “Management Discussion and Analysis,” under “IV. Risk Factors.”
3. All members of the board of directors, supervisory board, and senior management guarantee the authenticity, accuracy, and completeness of the annual report, asserting that there are no false records, misleading statements, or significant omissions, and they assume individual and joint legal responsibilities.
4. All directors attended the board meeting.
5. Tianjian Accounting Firm (Special General Partnership) issued a standard unqualified audit report for the company.
6. The company was not profitable at the time of its listing. □ Yes √ No
7. The board approved the profit distribution plan for this reporting period. The company plans to distribute a cash dividend of 32 RMB (including tax) for every 10 shares, with no capital reserve conversion to increase share capital or issuance of bonus shares. As of March 31, 2025, the total share capital is 124,073,545 shares, with 311,154 shares deducted for the repurchase account. The proposed cash dividend amounts to 396,039,651.20 RMB (including tax), representing 115.06% of the net profit attributable to shareholders of the listed company for 2024.
8. There are no special governance arrangements or other significant matters. □ Applicable √ Not Applicable

Section 2: Company Overview

1. Company Introduction

1.1 Stock Overview

√ Applicable □ Not Applicable

1.2 Depository Receipt Overview

□ Applicable √ Not Applicable

1.3 Contact Information

2. Main Business Description

2.1 Main Business and Products

The company primarily engages in the research, manufacture, and sales of photovoltaic inverters and related products, as well as energy storage products. The main products include micro-inverters, monitoring equipment, shutdown systems, string inverters, and photovoltaic power generation systems.

• Photovoltaic Inverters and Related Products: Photovoltaic power generation is a core direction in the new energy industry. Photovoltaic systems consist of photovoltaic modules, inverters, and other distribution equipment. The inverter’s main function is to convert the direct current produced by the photovoltaic modules into alternating current for grid transmission and user consumption.
• Micro-Inverters and Monitoring Equipment: These are key products consisting of micro-inverters, data collectors, and related accessories, enabling efficient monitoring and maintenance of photovoltaic systems.
• String Inverters: Used primarily in centralized power generation scenarios.
• Shutdown Systems: These provide safety measures to ensure that system voltage is reduced to safe levels during emergencies.
• Energy Storage Products: Energy storage inverters are essential for balancing supply and demand in power systems and are designed to operate in various application scenarios.

2.2 Main Operating Model

The company has a comprehensive research and development, procurement, production, and sales model to effectively control all aspects from product development to sales.

2.3 Industry Situation

The company operates within the electrical machinery and equipment manufacturing industry, focusing on photovoltaic and energy storage sectors. The industry is experiencing significant growth due to rising energy demands and environmental concerns.

3. Main Accounting Data and Financial Indicators

3.1 Key Financial Data

Unit: RMB

4. Shareholder Information

4.1 Shareholder Totals

Unit: Shares

5. Company Bond Information

□ Applicable √ Not Applicable

Section 3: Important Matters

1. The company will disclose significant changes in operational conditions during the reporting period and any events that may impact future operations.
2. If there are any delisting risk warnings or termination of listing conditions after the annual report is disclosed, the reasons for such warnings must be provided. □ Applicable √ Not Applicable

Conclusion

This report outlines the performance and strategic direction of Hangzhou Hema Power Electronics Co., Ltd. in the renewable energy sector, emphasizing its commitment to innovation and sustainability while maintaining robust financial health.