On 24 april, it was disclosed that s. A. (abbreviated as (. Sz)) submitted an application for listing to the port's main board, which was the sole sponsor. The company had been at the port of deposit on 5 october 2025。
Corporate profile
The book shows that, since its inception in 1997, the company has been focusing on clean electricity, starting with photovoltaic operations, gradually setting up the five main tracks of solar, wind, electric vehicles and charging, hydrogen energy (“photo wind-storage). The main products provided by the company include photovoltaics, systems, current and transmission products, electrically controlled power sources and charging equipment, hydrogen energy equipment, etc., and are committed to providing integrated clean solutions。
The main business layout of the company is as follows:
The company's photovoltaic products cover concentrated, modularized, clustered, household and microscales, with power ranging from 0. 45-9,600kw, and are widely used in applications such as ground power stations, businesses and household use. Companies have also pioneered the introduction of “1+x” modularization within the industry, which has created new categories for the industry. As at 31 december 2025, the company had over 660 gw of optical cumulative capacity and products had been sold to more than 100 countries and territories worldwide. According to frost sullivan analysis, the global market share of the company in light voltage was about 25. 2 per cent at 2024, and the company's annual light voltage has continued to lead the world since 2015。
The company is one of the first companies in china to be involved in the field, building on the world's leading electricity, electronics, electrochemistry, grid support for “triple electricity integration” technologies, building professional systems and providing users with solutions such as new grids, electric fm peaks, demand-side responses, microgrids, business, household use, etc. The company attached great importance to the safety of the system, and in 2024 completed the first large-scale burning test of the global system, as well as the most large-scale and long-term non-spread machine combustion test worldwide, the latter of which was certified by the norwegian classification society (dnv). According to the frost sullivan analysis, the company's system cumulatively delivered more than 93 gwh as at 31 december 2025, leading globally。
Companies are investing globally in new development operations, covering a variety of scenarios, such as ground power stations, business power stations, household power stations, fields, power stations, etc., and are determined to build differential competitive advantage in power plant technology development. As at 31 december 2025, the cumulative capacity of the company's globally developed photovoltaic power plant and site had reached 59 gw。
The company is committed to providing the next generation of ai data centres with a reliable, efficient, high-power-density all-storey solution, with product lines covering all-chain power products from the middle-voltage grid to the chip level, with a particular focus on the series of products associated with high-pressure direct flow structures. With a solid transformer (sst) technology that has been in stock for many years, a full power segment electrical conversion technology, battery management technology, etc., the company prioritizes the deployment of a single power source, bringing together major internet and data centre clients to contribute to the development of the aid data centre。
The breakdown of income by product line is as follows:
The company's main business blocks, represented by photovoltaics and systems, are global leaders. According to frost sullivan analysis, the company's output of photovoltaic products has remained global in size for 10 years in a row; at 2024, the company's global market share was approximately 25. 2 per cent; and as at 31 december 2025, the company's system cumulatively delivered more than 93 gwh, with a global lead. The company has established a well-developed global network, with products and services sold to more than 100 countries and territories worldwide as of 31 december 2025, highlighting its leading role in global clean electricity conversion。
Financial information
Income:
In 2023, 2024 and 2025, companies achieved revenues of approximately 7,259 million yuan, 77,704 million yuan and 88,914 million yuan yuan respectively。
Profit:
In 2023, 2024 and 2025, companies recorded annual profits of approximately 9. 609 billion yuan, 11. 24 billion yuan and 13. 533 billion yuan yuan, respectively。
Māori rate:
The increase in corporate māori from 25. 5 per cent in 2023 to 29 per cent in 2024 was mainly due to (i) continuous product research and development leading to higher brand value and profitability; and (ii) a higher proportion of sales with relatively high māori rates. Corporate māori rates remained relatively stable at 29 per cent in 2024 and 30. 4 per cent in 2025。
Industry overview
Driven by global low-carbon targets and structural adjustments, the global market for clean electricity conversions jumped from $24. 9 billion in 2021 to $105. 0 billion in 2025, with a combined annual growth rate of 41. 8 per cent, projected to reach $294. 9 billion in 2030, or 24. 0 per cent from 2025 onwards。
The global power system is undergoing significant growth and structural transformation. The global total installed power capacity has increased from 7,795. 0 gwac in 2020 to 11,771. 4 gwac in 2025, with an annual compound growth rate of 8. 6 per cent; it is expected to reach 17,366. 3 gwac in 2030 and is expected to reach 37,643. 0 gwac in 2050, with an annual compound growth rate of 8. 1 per cent from 2025 to 2030. Of these, high-density electric scenes, such as data centres, expanded rapidly, with electricity demand accounting for about 4 per cent of total global electricity use in 2025 and expected to exceed 10 per cent in 2030, placing higher demands on high-performance, high-reliability power supply. At the same time, the share of photovoltaic and total installed capacity in total electrical capacity increased from 4. 4 per cent in 2010 to 33. 4 per cent in 2025 and is expected to reach 68. 0 per cent by 2050. With the combined effect of power-scale growth and restructuring, the global system is accelerating towards a clean power model with light voltage at its core。
High-volatile, large-scale renewable access poses unprecedented challenges to grid security and stability. As a key support for the new electricity system, the market has expanded rapidly, with new installed capacity in the global lithium power system increasing from 23. 6 gwh in 2021 to 324. 1 gwh in 2025, with an annual compound growth rate of 92. 5 per cent, which is expected to increase to 1,164. 7 gwh in 2030, or about 29. 2 per cent between 2025 and 2030. At the same time, the development of the ai data centre has significantly increased the demand for high-performance power, and the market size of key equipment such as the hvdc power supply and the solid transformer (sst) has grown rapidly, with the global aidc power market expected to grow from approximately $7. 1 billion in 2025 to about $29. 1 billion in 2030, with a compound annual growth rate of 32. 8 per cent。
The increase in the global light-voltaic installed capacity has been sustained, from 170. 1 gwac in 2021 to 579. 1 gwac in 2025, with a compound annual growth rate of 35. 8 per cent; it is expected to reach 1,043. 1 gwac in 2030, with a combined annual growth rate of 12. 5 per cent for 2025 to 2030. Growth is expected to be particularly significant in emerging markets, where new light voltage capacity is expected to exceed 50 gwac by 2030, with a compound annual growth rate of about 17. 8 per cent between 2025 and 2030; benefiting from the expansion of power shortages in sub-saharan african countries and the emergence of applications such as microgrids, it is expected that new light voltage capacity in sub-saharan africa will exceed 40 gwac by 2030, with a combined growth rate of 56. 5 per cent for the same period。
Photovoltaic can be divided into ground voltage, business voltage and household voltage by application category. The wide range of ground voltage should be used to accelerate the development of desert and gobi resources in areas such as china's terrestrial power station project, the middle east, and others, mainly as a result of the development of scale, the economic upgrading of photovoltaics and policy gains. In 2025, the additional installed capacity of ground voltage, business voltage and household voltage was 308. 0 gwac, 174. 9 gwac and 96. 2 gwac, respectively, representing 53. 2, 30. 2 and 16. 6 per cent respectively. Looking to the future, by 2030, additional surface-voltaic, business-voltaic and household-voltaic capacity is expected to reach 605. 8 gwac, 262. 6 gwac and 174. 8 gwac, respectively, representing 58. 0 per cent, 25. 2 per cent and 16. 8 per cent。
As a result of the continued expansion of the global photovoltaic application landscape, global photovoltaic output increased from 210. 4 gwac in 2021 to 682. 1 gwac in 2025, with a compound annual growth rate of 34. 2 per cent. In 2025, china, asia and the pacific (excluding china), the americas and europe accounted for 52. 5 per cent, 17. 9 per cent, 12. 1 per cent and 12. 8 per cent, respectively. Global photovoltaic volumes are expected to reach 1,327. 5 gwac by 2030, with a compound annual growth rate of 14. 2 per cent between 2025 and 2030. The continued growth of the photovoltaic market is driven by a combination of new installed global photovoltaic capacity and replacement needs for the storage of photovoltaic plants, which are expected to reach about 12 per cent of total output by 2030。
Optical voltage can be classified into ground-based photovoltaic, business and household uses to suit the needs of different models, load characteristics and installation environments. In 2025, 363. 5 gwac, 204. 6 gwac and 114. 1 gwac, respectively, represented 53. 3 per cent, 30. 0 per cent and 16. 7 per cent respectively. Ground voltage, business and household deliveries are projected to reach 771. 2 gwac, 332. 1 gwac and 224. 2 gwac in 2030, representing 58. 1 per cent, 25. 0 per cent and 16. 9 per cent, respectively。
The scale of global clean investment development continues to expand as the goals of major global economies advance further. The increase in investment in global photovoltaic plants has increased rapidly from $170. 8 billion in 2021 to $410. 5 billion in 2025, with a compound annual growth rate of 24. 5 per cent. Additional investment in global photovoltaic plants is expected to reach $767. 2 billion by 2030, with a compound annual growth rate of 13. 3 per cent from 2025 onwards. The market for new investments in global photovoltaic plants is also relatively concentrated. As china’s leading pv developer, the group continues to lead the industry through continuous technological development and international market expansion。
Information on the board of trustees
The board consists of nine members, five executives and four independent non-executives. The term of office of the director is three years and may be re-elected。
Equity architecture
Mr. Cao holds 30. 46 per cent of the company's shares, ms. Sue holds 0. 18 per cent of the company's shares and ms. Sue is the spouse of mr. Cao. As of the last practicable date, no other single a shareholders held more than 5 per cent interest in their company. By the last practicable date, sungrow developments (thailand) co., ltd. And sungrow developments india private limited were owned indirectly and wholly by the company. As of the last practicable date, mr. Cao holds 2. 79 per cent of the remaining interests of sunshine new development corporation ltd., 1. 85 per cent of those of mr. Zhang xue cheng, 0. 57 per cent of those of dr. Guo yi and less than 5 per cent of those of nine other independent third parties, including five of our employee-owned platforms。
Intermediaries
Monochrome: china international finance hong kong securities co. Ltd
Corporate legal adviser: law of hong kong and united states of america; law of mr. Gao wei; law of china: tonic law of shanghai
Legal adviser to the exclusive advocate: on hong kong and united states law: baker mckinsch law office; on chinese law: haijo law office, beijing city
