固德威技术股份有限公司 2024 年度独立董事述职报告（茆晓颖） 作为固德威技术股份有限公司的独立董事，我严格按照《中华人民共和国公 司法》（以下简称"《公司法》"）、《上海证券交易所科创板股票上市规则》《上市 公司独立董事管理办法》等相关法律法规和规章制度及《公司章程》《独立董事 工作制度》等公司制度的规定和要求，在履职期间忠实勤勉、恪尽职守，认真出 席董事会及各专门委员会会议，积极履行职责，独立自主决策，切实维护公司和 全体股东尤其是中小股东的合法权益。现将 2024 年度工作情况报告如下： 一、 独立董事基本情况 茆晓颖女士：1975 年 9 月出生，经济学博士，财政系副教授。1997 年苏州 大学会计学专业学士毕业，2002 年苏州大学企业管理专业硕士毕业，2006 年苏 州大学金融学专业博士毕业。自 1997 年入职苏州大学商学院财政系任教以来， 历任苏州大学商学院助教、讲师、系主任、副教授，现任苏州大学商学院智能会 计系副教授，兼任国联人寿保险股份有限公司独立董事、江苏爱舍伦医疗科技集 团股份有限公司、海南钧达新能源科技股份有限公司独立董事。 （二） 是否存在影响独立性的情况说明 作为公司现任独立 ...

Financial Performance - The company reported a basic earnings per share of -0.2600 yuan for 2024, a decrease of 107.37% compared to 3.5300 yuan in 2023 [1] - The net profit for 2024 was -0.62 billion yuan, down 107.28% from 8.52 billion yuan in 2023 [1] - The return on equity (ROE) for 2024 was -2.16%, a significant decline of 106.64% from 32.53% in 2023 [1] - Total revenue for 2024 was 67.38 billion yuan, representing an 8.36% decrease from 73.53 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 11,948.42 million shares, accounting for 49.26% of the circulating shares, with a decrease of 553.69 million shares compared to the previous period [2] - Huang Min remains the largest shareholder with 7,477.40 million shares, representing 30.82% of the total share capital [3] - HSBC Jintrust Low Carbon Pioneer Stock A increased its holdings by 124.23 million shares, now holding 503.61 million shares, which is 2.08% of the total [3] Dividend Policy - The company has decided not to distribute dividends or increase capital [3]

固德威公告，2024年营业收入67.38亿元，同比下降8.36%。归属于上市公司股东的净利润-6181.04万 元，去年同期净利润8.52亿元。公司2024年度拟不进行利润分配，不派发现金红利，不送红股，不以资 本公积转增股本。 ...

文 | 新华社客户端 随着可再生能源在电力系统中的占比逐年提高，以新能源为主体的新型电力系统正在加速构建。 近期，国家发改委、国家能源局联合发布的《关于深化新能源上网电价市场化改革促进新能源高 质量发展的通知》(发改价格〔2025〕136号）（以下简称"136号文"）指出，推动新能源上网电 量参与市场交易，上网电价通过市场交易形成，并建立"新能源可持续发展价格结算机制"，电力 市场化交易成为现实。 在"双碳"目标驱动能源变革的浪潮中，光伏储能领军企业固德威以"双循环"战略为引擎，通 过"源网荷储智"全场景解决方案创新，不仅领跑国内市场，更加速国际化发展步伐。成立十五 载、深耕新能源领域的固德威，以储能技术撬动万亿级市场机遇。 双循环战略锻造核心竞争力 王英歌指出："面对百年未有之大变局，中国提出了双循环战略，固德威积极响应，一方面高度 重视国内市场，坚持重金投入，取得了显著成效。在2025年第一季度，固德威在国内户用光伏逆 变器市场取得了排名第一的好成绩，固德威在国内光伏市场份额较之2024年有大幅度提升。此 外，国内光电建材业务一季度表现优异，同比大幅增长；昱德、智慧能源、固德热等也取得了傲 人的成绩，各项 ...

Policy - The National Development and Reform Commission and the National Energy Administration of China issued the "Implementation Plan for the New Generation of Coal Power Upgrade Special Action (2025-2027)", aiming to upgrade existing coal power units and establish new ones with rapid load adjustment capabilities by 2027 [2] - The Ministry of Ecology and Environment of China announced the annual development of a list of key emission units for the national carbon emissions trading market, targeting industries like power generation, steel, cement, and aluminum smelting with direct emissions of 26,000 tons of CO2 equivalent [3] Events - Major players in the Chinese photovoltaic industry, including CATL and Sungrow, held a closed-door meeting to discuss preventing "involution" or excessive competition in the inverter and energy storage sectors, following previous initiatives to promote healthy industry development [6] - Tesla's Shanghai Gigafactory commenced the bulk export of the refreshed Model Y to international markets, with nearly 3,500 electric vehicles shipped, marking the first large-scale export of this model [7] International Developments - The U.S. Department of Energy is considering cutting nearly $10 billion in clean energy funding, which may halt funding for projects related to hydrogen, carbon capture, and energy storage, potentially leading to significant job losses [4] - The Trump administration granted exemptions to 66 coal-fired power plants from regulations on mercury and toxic air pollutants, aiming to circumvent stricter environmental standards set by the Biden administration [5] - Vietnam's government approved a revised power development plan aiming to significantly increase wind and solar power capacity, with a target to cease coal-fired power generation by 2050 [6]

Core Viewpoint - The 13th International Energy Storage Summit and Exhibition (ESIE 2025) has commenced in Beijing, showcasing hundreds of energy storage companies and their innovative products. Group 1: Product Highlights - Jingkong Energy showcased the liquid-cooled OmniCube-L261 and OmniCube-L418 energy storage systems, featuring modular design that saves 30% in footprint [3] - Ronghe Yuanshu presented the "AI+" intelligent trading and VPP operation platform, enhancing operational efficiency through automated market predictions and strategy adjustments [9] - New Energy An launched the UniC AG300-150 commercial energy storage system, achieving 15,000 cycles at 25°C with a SOH ≥ 70% [12][14] - Nandu Power introduced the CENTERLMAX 8.338MWh liquid-cooled energy storage system, supporting flexible configurations and achieving 96% efficiency [17] - Faraday Power displayed the 530Ah energy cell, capable of over 1.6 kWh per cell with a cycle life of 12,000 times [21] - Haichen Energy unveiled the ∞Cell 587Ah battery with 94.5% efficiency and over 10,000 cycles [22] - Chuangneng New Energy presented the new generation 472Ah energy cell and CORNEX M6 energy storage system, with a nominal energy exceeding 1510.4Wh [26] Group 2: Industry Trends - The trend towards larger capacity energy cells (500Ah+) is evident, with companies focusing on high power and efficiency to match these cells [4] - AI-driven solutions and intelligent trading capabilities are becoming focal points for commercial energy storage products [4] - The introduction of integrated solar-storage solutions is on the rise, indicating a shift towards comprehensive energy management systems [4] Group 3: Technological Innovations - Companies are increasingly adopting modular designs and advanced cooling technologies to enhance system efficiency and safety [3][8] - The use of AI and data analytics in energy management systems is being emphasized to optimize operational performance and reduce costs [9][49] - New safety features and predictive maintenance capabilities are being integrated into energy storage systems to enhance reliability and lifespan [86][89]

Group 1 - The core point of the news is that GoodWe Technology Co., Ltd. has applied for a patent related to off-grid inverter parallel control methods and systems, indicating innovation in photovoltaic inverter technology [1] - The patent application, published as CN 119696015 A, was filed on October 2024, showcasing the company's commitment to advancing technology in the renewable energy sector [1] - The proposed method addresses issues in traditional control schemes by implementing a semi-master-slave control approach, ensuring consistent output from the system without the need for additional parameter adjustments [1] Group 2 - GoodWe Technology Co., Ltd. was established in 2010 and is located in Suzhou, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of approximately 2.43 billion RMB and a paid-in capital of about 1.73 billion RMB, reflecting its financial stability [2] - GoodWe has invested in 28 companies and participated in 484 bidding projects, indicating its active role in the industry and potential for growth [2]

Core Viewpoint - The recent policy changes in the photovoltaic industry, particularly the "Notice on Deepening the Market-oriented Reform of New Energy Grid-connected Electricity Prices" (Document No. 136), indicate a shift towards market participation for new energy sources, suggesting that photovoltaic energy is moving towards becoming a mainstay in the energy sector [3][6]. Group 1: Policy Impact - The new policy encourages photovoltaic energy to participate in market transactions, which is a significant step as traditional thermal power has not fully engaged in market trading [3][6]. - The establishment of a "sustainable price settlement mechanism" for new energy indicates a structured approach to pricing, which could enhance the profitability of photovoltaic projects [3][6]. Group 2: Integration of Storage and Photovoltaics - The combination of distributed photovoltaic systems with energy storage is becoming essential due to the intermittent nature of solar power generation [5][6]. - Energy storage can stabilize power supply by storing energy during peak sunlight and releasing it during low sunlight periods, thus increasing energy self-sufficiency and reliability [5][6]. Group 3: Market Dynamics and Cost Management - The market-oriented trading of photovoltaic electricity is expected to lead to a decline in electricity price revenues, necessitating cost reduction strategies within the industry [10][11]. - The industry faces challenges such as high development costs and excessive intermediary channels, which need to be addressed to enhance competitiveness and efficiency [10][11]. Group 4: Technological Development and Innovation - Continuous improvement in inverter efficiency and long-term reliability is crucial for reducing the levelized cost of electricity [11][15]. - The industry is urged to focus on original technological innovations rather than incremental improvements, as true revolutionary advancements are currently scarce [15]. Group 5: Future Directions - The future development of the energy sector should focus on an integrated approach involving "source-network-load-storage-intelligence" [12][13]. - Companies like GoodWe are already positioning themselves in this integrated solution space, with significant achievements in distributed inverter shipments and energy management platforms [13].

Financial Performance - The total operating revenue for 2024 was RMB 6.74 billion, a decrease of 8.36% compared to the previous year[4] - The net profit attributable to the parent company was -RMB 0.63 billion, down 107.41% year-on-year[6] - The basic earnings per share were -RMB 0.26, reflecting a decline of 107.37% compared to the previous year[6] Assets and Equity - Total assets at the end of the reporting period were RMB 79.46 billion, an increase of 11.74% from the beginning of the year[6] - The equity attributable to the parent company was RMB 27.49 billion, a decrease of 7.85% from the beginning of the year[6] - The net asset value per share attributable to the parent company decreased by 34.32% due to the decline in net profit and the distribution of cash dividends[8] Sales and Profitability - The company's gross profit decreased significantly due to a decline in overseas sales of high-margin inverters and batteries, despite an increase in domestic sales of lower-margin household photovoltaic systems[7] Capital and Investment - The company's capital stock increased by 40.31% due to the conversion of capital reserves into share capital[8] - The company continues to invest in research and development to enhance product competitiveness amid changing market conditions[6] Financial Reporting - The financial data presented are preliminary and unaudited, with final results to be disclosed in the audited annual report[9]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 固德威 摘要 • 顾德威 2024 年整体业绩承压，并网逆变器出货量同比下降约 30%，储能逆 变器大幅下滑，主要受欧洲需求疲软和亚非拉市场初期不利影响。但电池、 户用分布式开发和智慧能源等新业务取得进展，电池销量达 50-80 兆瓦时， 户用分布式开发装机 1.2 吉瓦，智慧能源平台运营 6 吉瓦。 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 Q&A 请介绍一下顾德威公司在 2025 年第一季度的经营情况及未来展望。 2025 年第一季度，顾德威 ...