Summary of the 2024 Annual Report of Canadian Solar Inc.

Important Notices

1. This annual report summary is derived from the full annual report. To fully understand the company’s operating results, financial status, and future development plans, investors should carefully read the complete annual report available at SSE.

2. Major Risk Disclosure: The company has detailed potential risks in this report. Please refer to Section 3, “Management Discussion and Analysis,” under “4. Risk Factors.”

3. The Board of Directors, Supervisory Board, and senior management of the company ensure the truthfulness, accuracy, and completeness of the annual report, and there are no false statements, misleading representations, or significant omissions. They bear individual and joint legal responsibility.

4. All directors attended the board meeting.

5. KPMG Huazhen LLP issued an unqualified audit report for the company.

6. The company was not profitable at the time of listing and has not yet achieved profitability: No.

7. The profit distribution plan approved by the board during the reporting period proposes to distribute a cash dividend of RMB 0.9341 per 10 shares (tax included) to all shareholders, based on the total share capital after deducting shares held in the repurchase account. As of April 24, 2025, the total share capital is 3,688,217,324 shares, and after deducting 79,014,600 shares in the repurchase account, 3,609,202,724 shares are eligible for distribution. The total proposed cash dividend amounts to RMB 337,135,626.45 (tax included). The company implemented a share repurchase amounting to RMB 566,202,421.47, with total cash dividends and repurchase amounting to RMB 903,338,047.92, representing 40.20% of the net profit attributable to shareholders. No bonus shares will be issued this year, and no capital reserves will be converted into share capital.

8. Are there any special arrangements for corporate governance? No.

Company Overview

1. Company Profile

1.1 Stock Information: Applicable

1.2 Depository Receipt Information: Not Applicable

1.3 Contact Information: Available

2. Main Business Overview During the Reporting Period

2.1 Core Business and Products: The company is one of the world’s leading manufacturers of photovoltaic modules and large-scale energy storage systems. Its core business involves the research, production, and sales of crystalline silicon photovoltaic modules, aimed at providing reliable, technologically advanced, and cost-effective products. The company extends its photovoltaic module business into photovoltaic application solutions, which include large-scale energy storage products, residential energy storage systems, photovoltaic system services, and EPC (Engineering, Procurement, Construction) services for photovoltaic power plants.

2.2 Business Growth: The company has maintained a leading position in the photovoltaic module shipment market for 15 consecutive years, consistently ranking in the top tier of global module suppliers. The company invests heavily in research and development to reduce production costs and improve energy conversion efficiency, leading to the introduction of innovative product technologies.

Key Products

1. TOPCon Modules: The N-type TOPCon series includes products like TOP(Bi)HiKu6 and TOPBiHiKu7, achieving peak power outputs of up to 720W. These products are designed for both residential and commercial applications.

2. HJT Modules: The HiHero series, based on HJT technology, offers enhanced efficiency and reliability, targeting the high-end residential market.

3. BIPV Systems: The Yangwawa BIPV system integrates components with roofing materials to offer aesthetic solutions for buildings.

4. Photovoltaic System Solutions: The company’s Sungarden system provides a comprehensive solution including high-efficiency photovoltaic modules, inverters, and monitoring software tailored for distributed energy applications.

5. Inverter/PCS Products: The company produces high-efficiency inverters designed to match large photovoltaic systems, ensuring maximum energy output.

6. EPC Services: The company offers full-process construction services for photovoltaic power plant projects, including design, procurement, installation, and commissioning.

Energy Storage Solutions

1. Large-scale Energy Storage: The company has developed the SolBank series, featuring lithium iron phosphate (LFP) technology to ensure reliability and safety in large-scale applications.

2. Commercial Energy Storage: The KuBank system provides intelligent energy management for commercial applications, enhancing flexibility and cost-effectiveness.

3. Residential Energy Storage: The EP Cube product offers a compact, multi-functional storage solution for households, aiding in energy management and cost reduction.

Industry Overview

The global photovoltaic market has seen substantial growth, with installed capacity surpassing 2TW by 2024. Despite challenges such as overcapacity and geopolitical tensions, the demand for photovoltaic products remains strong.

In energy storage, the global market is anticipated to grow significantly, driven by the need for balancing intermittent renewable energy sources. The company is well-positioned to leverage this growth through its innovative solutions and strong market presence.

Financial Performance

In 2024, the company achieved a revenue of RMB 46.17 billion, with a net profit of RMB 2.25 billion, driven by high-quality photovoltaic business and rapid growth in energy storage.

As of March 31, 2025, the company’s total assets amounted to RMB XX billion, with a stable financial position supporting ongoing investment in innovation and expansion.

Future Outlook

The company is committed to maintaining its leadership position in the photovoltaic and energy storage sectors through continuous innovation and strategic partnerships, aiming to contribute significantly to global energy transition goals.