Securities code：688599 Securities abbreviation：Trinasolar
Convertible Bond code：118031 Convertible Bond abbreviation：Trina 23 CB
Trina Solar Co., Ltd.
Summary of the 2022 Annual Report
Section 1 Important Notes
1.1 The summary of this annual report comes from the full text of the annual report. To fully
understand the Company's operating results, financial status and future development plans,
investors shall read the full text of the annual report carefully at http://www.sse.com.cn/.
1.2 Significant Risk Warning
The Company has elaborated on the possible related risks in the annual report; please refer to the " 4.
Risk Factors", Section III "Management Discussion and Analysis" in the annual report of the Company.
1.3 The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of the Company hereby guarantee the factuality, accuracy
and completeness of the contents of the annual report and its summary, and shall be jointly and
severally liable for any misrepresentations, misleading statements or material omissions therein.
1.4 All directors of the Company attended the Board meeting.
1.5 RSM China (Special General Partnership) issued a standard unqualified opinion audit
report for the Company.
1.6 When the Company went public, it was unprofitable and had not yet achieved profitability.
口 Yes No
1.7 The profit distribution plan or the plan of converting reserve fund into share capital in this
reporting period adopted by the board of directors.
A cash dividend of RMB4.78 (tax included) per 10 shares is to be distributed to all the shareholders. As
of the disclosure date of this report, the total share capital of the Company is 2,173,242,227 shares based
on which the total proposed cash dividend is RMB1,038,809,784.51 (tax included). This year the
Company's total cash dividends accounted for 28.23% of the net profit attributable to the parent
company's shareholders in the consolidated statement. The Company plans not to distribute bonus
shares, or to convert capital reserve into share capital.
If the total share capital of the Company changes between the adoption date of the resolution of the
Board of Directors on the profit distribution preplan and the registration date of the implementation of
the distribution, the Company intends not to change the total amount of distribution but adjust the
amount of distribution per share accordingly. If the total share capital changes subsequently, the specific
adjustment will be announced separately. This profit distribution plan will be implemented after being
reviewed and approved by the Company's 2022 Annual General Meeting of Shareholders.
1.8 Whether there are important matters such as special arrangements for corporate
governance
口 Applicable Not Applicable
Section 2 Basic Information of the Company
1. Company Profile
Company stock profile
Company stock profile
Stock abbreviation
Stock type Stock exchange Stock abbreviation Stock code
before adjustment
Shanghai Stock
Exchange’s Sci-
A-share stock Trina Solar 688599 /
Tech
innovation board
Company Depository Receipt Profile
口 Applicable Not Applicable
Contacts and Information
Secretary of the Board of Directors
Contacts and Information (domestic representative for Securities Affairs Representative
information disclosure)
Name Qun Wu Yun Lu
Southeast Area, No. 2 Tianhe Road, Southeast Area, No. 2 Tianhe Road,
Tianhe Photovoltaic Industrial Tianhe Photovoltaic Industrial
Office address
Park, Xinbei District, Changzhou Park, Xinbei District, Changzhou
City City
Tel 0519-81588826 0519-81588826
Email IR@trinasolar.com IR@trinasolar.com
2. Brief introduction of the Company's main business during the reporting period
2.1 Main business, products or services
As a global leading provider for photovoltaic smart energy solution, the Company’s main business
includes photovoltaic products, photovoltaic system and smart energy. Photovoltaic product business
generally covers the R&D, manufacturing and sales of photovoltaic modules; photovoltaic system
business includes photovoltaic power stations and system products; and smart energy business involves
photovoltaic power generation, operation and maintenance, the intelligent solution of energy storage, and
the development and sales of intelligent micro grid and multi-energy systems.
2.1.1 Photovoltaic product business
The Company has been deeply engaged in solar photovoltaic industry for more than 20 years. Bloomberg
New Energy Finance (BNEF), a world-renowned research institution, has ranked the Company as one of
the Tier 1 global photovoltaic module manufacturers for a long time, as well as the world's only module
manufacturer to be rated as bankable for 7 consecutive years by 100% of the industry respondents
participating in the annual Bloomberg NEF survey. PVEL, an international authoritative certification body,
publishes the annual photovoltaic module reliability scorecard to make the most comprehensive public
comparison of the reliability test results of photovoltaic modules. Trinasolar has been awarded the global
"best performance" module manufacturer by PVEL for 8 consecutive times, and its outstanding
performance in module reliability and power generation capacity has been affirmed many times.
Photovoltaic modules, as one of the main products, are exported to more than 150 countries and regions
in the world. Trinasolar adopts two different business models - direct selling and distribution - for different
types of module businesses, and has been actively engaged in the R&D of innovative technology and mass
production of cells and modules according to market demands. Relying on the State key Laboratory of
photovoltaic Science and Technology and the National Enterprise Technology Center, Trinasolar,
equipped with high-quality equipment, mature process experience and industrial advantages, the 210mm
technology innovation platform and the N-type i-TOPCon cell technology and other core technologies of
cells and modules, established the" Innovative and Open Eco-alliance for 600W + Products based on the
industrial development needs to cooperate with alliance members to broaden the growth boundary and
achieve sustainable development. At present, the Company has developed the innovative 210mm
rectangular silicon wafer cell technology based on the leading 210mm+N type technology. Now, the N-
type "Vertex" module series run on 445W, 605W, 695W, and the P-type "Vertex" module series run on
435W, 555W, 580W and 670W, etc.
The Company announced that it would build a zero-carbon industrial park in Qinghai province and invest
in the construction of production lines of industrial silicon, high-purity polysilicon, monocrystalline
silicon, wafer, cell, module and auxiliary material of module with an annual output of 300,000
tons,150,000 tons,35GW, 10GW, 10GW, 10GW, and 15GW respectively in June 2022. The first phase
was planned to be completed by the end of 2023, and the second phase was planned to be completed by
the end of 2025. The Qinghai industrial park successfully rolled out the first 210+N monocrystalline
silicon rod in February 2023.
The photovoltaic industry is currently at the new stage of N-type technology iteration. The construction
of Qinghai industrial park will secure the supply of main materials for Trinasolar’s N-type 210mm cells
and modules, accelerate the upstream ecological construction, guide the industry’s transformation to N-
type, and promote the improvement and overall promotion of large-size and N-type technical pathway,
which enables the Company to better serve and create greater value for end customers, increase market
share and consolidate market leadership.
2.1.2 Photovoltaic system business
The photovoltaic system business mainly includes system products and photovoltaic power stations.
1) System products
According to the construction requirements of large-scale power stations, Trinasolar has developed
intelligent photovoltaic solutions by optimizing and integrating photovoltaic products such as high-
efficiency modules and intelligent trackers to provide customers and clients with one-stop system product
solutions for large-scale power stations.
The Company's intelligent tracker solution has become the main approach to reduce kilowatt-hour cost in
photovoltaic industry as the continuous reduction of global kilowatt-hour cost is required. The intelligent
tracker solution can systematically provide high-reliability trackers, intelligent control systems, intelligent
cloud platforms, and localized innovative services. The intelligent control system, which not only provides
an effective system-side method to reduce the investment cost per watt, but also provides a more reliable
and efficient solution for the whole life cycle of the power station from construction to operation and
maintenance.
Focusing on the needs of customers and development requirements of the industry, Trinasolar continues
to carry out business innovation to provide customers with one-stop system product solutions for homes
as well as industrial and commercial small distributed photovoltaic power stations. With over 1000 high-
quality distributors, the Energy IoT for both home and commercial use employing the Internet, big data
and artificial intelligence technology, the Company can provide distributed users with full-life-cycle after-
sale services and remote operation & maintenance to create worry-free consumption experience.
2) Power station business
Under the guidance of the strategic goal of "carbon peak and carbon neutrality", the development of
photovoltaic industry has entered a fast lane. The country has accelerated the planning of large-scale wind
power and photovoltaic bases with a capacity of over 500 million kilowatts in deserts, gobi and desert
areas. Many provinces and cities have also issued the 14th Five-Year Plans of New Energy, vigorously
developing wind power and photovoltaic projects. With the rapid decline of kilowatt-hour cost of
photovoltaic system, large energy groups and photovoltaic enterprises all over the world have accelerated
the development and construction of such projects. The Company has the industry-leading R&D capability
of system integration and rich integration experience. Focusing on the application scenarios such as
photovoltaic + sand control, photovoltaic + energy storage, photovoltaic + hydrogen energy, photovoltaic
+ agriculture, animal husbandry, fishery, photovoltaic+ photo-thermal, photovoltaic + waste mine
treatment, “offshore photovoltaic”, “zero-carbon/low-carbon industrial park”,etc., the Company makes
use of the advanced technology of multi energy complementary integration and the integration of power
source, power grid, load and energy storage, to provide customers with the overall solution with the lowest
power cost in the whole life cycle from development, design, construction and delivery, operation and
maintenance. The Company is mainly engaged in the development, construction, operation and sales of
solar photovoltaic power plants by taking project development and EPC service as the breakthrough point
and providing customers with the lowest LCOE system solutions. Through high-quality system integration
capability, the Company has greatly improved the return on investment of photovoltaic power plants,
provided the full-life-cycle guarantee to power plant investors, and maximized the value for customers;
through the Company's global market channels, the project business is now booming around the world.
The number of power station development projects that the Company has accumulated so far can guarantee
the sustainable development of its photovoltaic products business and system product business in the
future.
2.1.3 Smart energy business
Smart energy business is an extension of the Company's product business and system business. Relying
on the Company's brand of high-quality photovoltaic products and systems, smart energy business has
expanded its business scope in the fields of new energy power generation, energy storage, transmission
and distribution and electricity sales. Smart energy business involves photovoltaic power generation,
operation and maintenance, the intelligent solution of energy storage, and the development and sales of
intelligent micro grid and multi-energy systems.
With the continuous increase in the proportion of new energy power generation and the rapid growth of
photovoltaic and wind power installed capacity, the problem of new energy self-consumption has become
more prominent, and energy transformation is facing severe challenges. The power system urgently needs
large-scale energy storage facilities to solve the problem of new energy self-consumption, so as to improve
the security and stability of the power system and energy system. Intelligent energy storage solutions can
realize the transfer and storage of electric energy and promote the efficient utilization of structural demand
for electric energy; enhance the stability of power system operation by adjusting peak and frequency. The
Company is committed to providing customers with high-security, cost-effective and high-efficiency new
energy-side solutions, grid-side solutions, user-side customized solutions and microgrid energy storage
solutions through modular, scalable and long life-cycle energy storage systems, so that customers can
enjoy complete system solution services and efficient and reliable energy storage system integrated
products including demand analysis, scheme design, system integration and construction commissioning.
In the global wind and solar energy storage market and household energy storage market, we strive to take
the lead in products by strengthening independent research and development, constantly improve the
delivery capacity, and obtain a higher market share.
Photovoltaic power generation and operation and maintenance business is intended to provide
maintenance services for photovoltaic power generation which forms a source of revenue and daily
operation of the system. Relying on energy IoT on the basis of advanced detection and supervision
equipment and professional technical teams, the business involves the intelligent operation and
maintenance of photovoltaic power stations, including station management, daily operations and
maintenance, troubleshooting and the recording and analyzing of operations & maintenance.
The energy IoT and other new businesses are constantly acquiring and accumulating customers. While
continuously building core capabilities to control costs, we also aim to realize the implementation and
sales of projects and try new development and business models.
2.2 Main business model
2.2.1 Profit model
Trinasolar has always adhered to scientific and technological innovation, responded quickly to customers'
needs, and continuously launched products and services that meet the market demand. In addition to
consolidating the market share of photovoltaic module products and the leading position in technical
indicators, the Company has continuously deepened systematic business and laid out smart energy
business in a forward-looking manner. The Company’s main profit model consists of selling photovoltaic
products, photovoltaic systems and smart energy services.
2.2.2 Procurement model
The Company formulates the annual plan, and breaks it down into such indicators as product
characteristics, regional sales and etc., according to the market demand and the planning of the product
department. Combined with market information, supply and demand, cost forecast, capacity and output,
the annual procurement strategy is defined, and the annual procurement framework agreement is signed.
The procurement scope includes silicon materials, silicon wafers, battery cells, auxiliary materials needed
for production, production equipment and spare parts, etc. The Company implements the procurement
model of "procure by order + reasonable inventory".
The Company has compiled the Procurement Management System, Procurement Control Procedures,
Supplier Management System and etc., employed the customized SRM (Supplier Relationship
Management System), DQMS (Dynamic Quality Management System), ERP (Enterprise Resource
Management System) and other systems, and adopted PDCA (Plan-Do Check-Act, effective quality
management tool) to design a reasonable and effective procurement process according to the needs of
customers and interested parties. According to the requirements of new products and materials, the
Company has made detailed regulations and indicators assessment from the aspects of supplier
development, selection, management, rating, price negotiation, contract signing, inspection and
warehousing, payment method, inventory management and regular assessment by using industry
information or existing supplier database, so as to achieve the objectives of supplier collaboration,
information sharing and process prediction. In recent years, the Company has focused on developing the
strategic procurement model, strengthening procurement strategic management, deploying the forward-
looking layout for bottleneck materials, and managing strategic suppliers, etc., to improve supply chain
control, strengthen supplier collaboration, and create a supply chain-based ecosystem.
2.2.3 Production mode
The Company conducts marketing campaigns based on the product strategy and capacity matching, adopts
the model of "produce by sales" and combines the expected demand to organize production. The
production task is formed and assigned to each workshop of the Company according to the sales contract,
technical agreement and the process capability allocation plan of them.
All departments of the Company strictly abide by the "Production Management System" to manage all
aspects of production: the process department is responsible for process technique management and the
formulation of internal process technique standards; the production department abides by the production
operation specifications formulated by the Company, and carries out the production as required; the quality
control department participates in the whole production process and supervises the product quality.
2.2.4 Sales model
The Company's main businesses include photovoltaic products, photovoltaic systems and smart energy.
For these three types of businesses, the Company's sales models are as follows:
1) Sales model of photovoltaic modules
The Company adopts two sales models, direct sales and distribution, for different types of module
businesses. For the module business of large-scale power stations and large and medium-sized industrial
and commercial projects, the Company mainly adopts direct sales model, and sets up professional sales
service personnel to provide one-stop service before, during and after sales. For the module business of
small industrial and commercial and household markets, the Company mainly adopts the dual models of
direct sales and distribution. A comprehensive module distribution network has been established by the
Company to sell high-quality and high-reliability module products all over the world.
2) Sales model of photovoltaic system business
① Photovoltaic system products
The Company's intelligent solutions for large-scale power stations and intelligent trackers are mainly sold
through direct selling model, and the products are oriented to constructors, investors and developers in
major photovoltaic markets such as China, Europe, North America, South America, Japan, Asia Pacific,
Middle East and North Africa and other countries in the world.
The Company's distributed household and industrial and commercial photovoltaic system products are
sold through the combination of direct selling model and distribution model. In view of the channel-
oriented characteristics of the household market, the Company provides a variety of business models, such
as co-construction, financing support and self-construction, covering the user groups indiscriminately. The
Company has also deployed distributed photovoltaic system products in overseas markets, and has already
laid out channels in Europe, Australia and India.
② Power station business
The sales business of photovoltaic power station in the domestic market is mainly composed of selling
completed power stations and customized power stations. The sale of completed power stations in China
refers to the signing of a cooperation agreement and the transfer of equity and power station assets after
both parties reach an agreement; the sale of customized power station refers to contacting and consulting
with investors at the same time of project development in combination with the diversified characteristics
of photovoltaic application scenarios and the demands of load consumption, and providing customized
power station design, construction and operation scheme according to customer's needs after forming
cooperation intention.
The model of "joint development + engineering construction management" is usually applicable to large-
scale bidding projects in overseas emerging markets and business areas that provide overall solution
services for long-term cooperative strategic customers. To establish a long-term and stable cooperative
relationship, the Company will jointly bid with the long-term owner of the power station, and complete
the development and construction by setting up a joint venture. The Company is responsible for providing
complete and professional whole-process management from development to grid connection. After the
project is finally completed and connected to the grid, the Company will transfer the minority equity held
by the joint venture and withdraw.
3) Sales models of smart energy business
The smart energy business focuses on energy storage solutions. As "Solar+Storage" has gradually become
a consensus in the development of new energy, Trina Storage, with its built-in advantage and heritage in
integrating PV solutions with energy storage systems, has developed a product and market layout around
new electric power system, and finalized its strategic positioning of becoming a provider of chip-based
energy storage products and solutions. By fully leveraging its brand and sales channels in the new energy
industry, the Company has adopted the direct sales model for product sales, and employed professional
sales and service staff to provide one-stop service from pre-sales, sales to after-sales for the energy storage
demands of grid side, power supply side, and industrial and commercial side. In view of the channel-
oriented characteristics in the household energy storage market, the Company actively covers user groups
through distributors.
2.2.5 R&D model
The Company adheres to the development strategy with technological innovation as the core. It has built
a competitive technological innovation system, leading in independent research and development,
innovative achievements, etc., and is rated as a "National Technological Innovation Demonstration
Enterprise". Relying on the innovative platform of "One Lab and Two Centers" represented by the State
Key Laboratory of PV Science and Technology, the National Enterprise Technology Center and the New
Energy Internet of Things Industry Innovation Center, the Company has established an efficient and high-
yield R&D innovation management model, and has successively undertaken and participated in more than
60 projects including the national "863 Plan" and "973 Plan", national key R&D projects and the
commercialization projects of provincial scientific and technological achievements.
The Company actively promotes the strategy of "Going out and Inviting in" to attract talents, and has
gathered a group of top-notch talents in industrial technology innovation and outstanding backbone
members in scientific research. It has also built cooperative relationship with outstanding enterprises
and universities at home and abroad in an open and cooperative mode, and draws on many advantages to
jointly break through industrial technical problems. The Company has been committed to applied basic
research and cutting-edge technology development in the photovoltaic field, and has achieved the world's
leading breakthrough technological achievements, which consolidated and enhanced the Company's
global leading position.
2.3 Industry situation
2.3.1 The development stage, basic characteristics, and main technical thresholds of the industry
Trinasolar is a contributing member of solar photovoltaic industry. The upstream of photovoltaic industry
comprises polysilicon smelting, ingot casting, rod drawing, slicing, etc.; the midstream industry includes
solar cell production, photovoltaic module packaging, testing, etc.; and the downstream industry consists
of the installation of photovoltaic application system, services, etc. After years of development, China's
photovoltaic industry has formed a complete industrial chain, and has ranked the first in the world in terms
of manufacturing capacity and market share.
In recent years, with the continuous innovation of photovoltaic industry technology, photovoltaic power
generation will be grid-parity. The price of PV in most areas of China have been the same as or even lower
than the benchmark electricity price of coal. The market share of photovoltaic industry will be further
concentrated in enterprises with core advantages such as technology, scale and supply chain management.
In 2022, under the "dual carbon" strategy, the country issued a series of policies to further promote the
development of the photovoltaic industry. On January 4, five ministries and commissions including the
Ministry of Industry and Information Technology jointly issued the Action Plan for Innovation and
Development of Smart Photovoltaic Industry (2021-2025), proposing that by 2025, the level of intelligence
in the photovoltaic industry will be significantly improved and breakthroughs will be made in industrial
technology innovation. On February 10, the Opinions of National Development and Reform Commission
and National Energy Administration on Improving the System, Mechanism and Policy Measures of Green
and Low-carbon Energy Transformation was issued, proposing to accelerate the construction of a clean,
low-carbon, safe and efficient energy system. On May 30, the National Development and Reform
Commission and the National Energy Administration jointly issued the Implementation Plan on
Promoting the High-Quality Development of New Energy in the New Era proposing to innovate new
energy development and utilization models, and strive to achieve 50% of the rooftop photovoltaic
coverage of new buildings in public institutions by 2025. On June 1, the National Development and
Reform Commission and other eight State Council departments jointly issued the 14th Five-Year Plan for
Renewable Energy Development for the first time, emphasizing on developing renewable energy in both
centralized and distributed approaches during the "14th Five-Year Plan" period, and doubling wind and
solar power generation by 2025. On October 16, the report of the 20th National Congress of the
Communist Party of China emphasized that the goal of "dual carbon" should be promoted in an orderly
manner, and new energy should be established first before phasing out traditional energy. On November
28, the National Energy Administration issued the Notice of the General Division of the National Energy
Administration on Actively Promoting the Consolidation of New Energy Power Generation Projects and
the Early Consolidation of New Energy Power Generation Projects, proposing that measures should be
taken to ensure that wind power and photovoltaic power generation projects that have the conditions for
grid connection are connected to the grid in a timely manner. It also points out that grid connection in
batches should be allowed, and full capacity should not be the necessary condition for new energy projects
to be connected to the grid.
Driven by the industrial policies and market demands, China's photovoltaic industry will develop rapidly
in 2022, and the industrial scale will continue to grow. According to the latest statistics from the National
Energy Administration, the newly installed photovoltaic capacity in China reached 87.41GW in 2022, a
year-on-year growth of 60.3%. Among them, the new grid-connected capacity of centralized photovoltaic
power plants and distributed photovoltaic power plants were 36.29GW and 51.11GW respectively.
The photovoltaic industry is experiencing a new round of large-scale new production capacity expansion,
mainly around polysilicon, large-size wafers, cells and modules, eliminating low-efficiency and high-cost
old production capacity, and accelerating industry integration. With the growing demand of photovoltaic
market, enterprises with continuous innovation capabilities, brand advantages, and global sales network
layout in the industry will benefit more, and the concentration of the photovoltaic industry will be further
enhanced.
2.3.2 Analysis of the Company's industry status and its changes
In recent years, the international environment has become more complex, severe and uncertain. However,
the development of renewable energy has been accelerated by the global energy transformation, the global
consensus of "carbon neutrality" goal, the Russia-Ukraine conflict and the occurrence of extreme weather,
and the global photovoltaic installed capacity has achieved significant growth. In 2022, the scale of China's
photovoltaic industry continued to expand, the scale of foreign trade continued to increase, and cell
technology continued to make breakthroughs, which played a key role in the sharp decline of global solar
energy installation costs and power generation costs.
The Company is actively building large-size production capacity of 210 series in an orderly manner. It is
expected that by the end of 2023, the production capacity of cells will reach 75GW, of which the
production capacity of N-type cells is expected to exceed 40GW, and the production capacity of modules
will reach 95GW. At the same time, the Company established part of the independent industrial chain of
N-type in Qinghai province to guarantee the supply of its main materials, accelerate the upstream
ecological construction, guide the industry’s transformation to N-type, and promote the improvement and
overall promotion of large-size and N-type technical pathway. In this way, the Company can better serve
and create greater value for end customers, increase market share and consolidate market leadership.
Adhering to the business philosophy of orienting toward customer demands and creating value for
customers, the Company is devoted to the R&D and mass production of innovative technologies in the
photovoltaic industry to accelerate the photovoltaic cost reduction, further respond to the "14th Five-Year
Plan" of the country, promote the realization of "carbon peak and carbon neutrality", and contribute to the
low-carbon transformation towards clean energy and green development. According to the phased demand
of the industry development, the Company launched 210mm large-size silicon wafers, cells and modules
together with partners of silicon wafers, cells and other parts along the industrial chain, led the
establishment of "Innovative and Open Eco-alliance for 600W + Products", improved the supply pattern
of all parts of the photovoltaic industry chain, once again contributed to the reduction of the investment
cost per watt of downstream power station enterprises, realized another reduction of LCOE (Levelized
Cost of Energy) in the industry, and expedited the arrival of "gird parity".
In the era of full-scale "grid parity", all parts of the industrial chain will be full of opportunities and
challenges. Through capacity expansion, the Company will further enhance the supply capacity of solar
cells and modules, meet the growing demand of the downstream market for efficient solar module, and
continuously consolidate and enhance its leading position in global solar industry; on the other hand, it
can also apply the core technologies and achievements accumulated in the field of solar cells in a larger-
scale industrialization, further improve product quality and reduce production costs, and upgrade
technology and products through quality improvement, efficiency improvement, transformation and
upgrading, so as to effectively cope with the opportunities and challenges brought by this round of reform.
2.3.3 The development of new technologies, new industries, new forms of business and new
models and their future development trends during the reporting period
The Company always adheres to the R&D investment of advanced technologies in the fields of high
efficiency solar cells, high-power modules, etc., not only focusing on the research of cutting-edge
technologies, but also on the promotion of mass production technologies.
1) Research on N-type i-TOPCon cell technology and industrialization: the product efficiency and yield
rate of this technology are leading in the industry. Currently, the mass production efficiency reaches
25.3 %. Through the optimization of process formula and web page design, multiple client applications
have been developed. Playing a role in the national technology leadership project, the Company has
successfully completed the major achievement transformation project "R&D and industrialization of high-
performance and low-cost N-type crystalline silicon solar cell double glass module" of Jiangsu Provincial
Department of Science and Technology and passed the acceptance testing. In December 2022, the 8GW
210+N-type i-TOPCon cells were successfully produced in the Company's base in Suqian.
2) Research on the technology and industrialization of HJT high-efficiency module: the R&D team
systematically studied the key industrialization technologies such as HJT battery technology, module
materials, mass production technology route and equipment, cost reduction technology route and long
term reliability. Focusing on the national “863 project” undertaken by Trinasolar-"Key Technologies for
Industrialization of MW Thin Film Silicon/Crystalline Silicon Heterojunction Solar Cells", the R&D team
has continuously explored the possibility of lowering the equipment cost and production cost. The
Company currently owns an HJT module pilot line, and has an advanced HJT cell laboratory under
construction. With all of its HJT modules certified by TV, the Company is actively making a forward-
looking layout of N-type technology.
3) Technology research on the mass production of "Vertex" module series: as the production capacity of
crystalline silicon industry chain is becoming increasingly concentrated and large silicon wafers are
becoming the development trend, the Company actively responds to the market changes, conducts
forward-looking technology research and demonstration, proactively integrates with equipment
manufacturers, main and auxiliary material manufacturers, logistics suppliers, etc. for research and
development, and continuously launches high-power "Vertex" module series to lead and promote the
accelerated development of the industry. Based on the 210mm and 210R large-size silicon wafer, the
Company introduced 600W + “Vertex” series by adopting innovative model design, multi-grid technology,
superimposed nondestructive cutting, high-density packaging and other advanced technologies,
committed to maximizing the value of 600W + ultra-high-power modules and solutions at the application
end and leading the industry into a new era of photovoltaic 600W.
4) Technology research on the mass production of PERC cell: the MBB technology, laser doping selective
emitter (LDSE Plus) technology, low recombination technology in metal area, low light trapping
technology and optimal passive film design technology continuously introduced by the R&D team,
combined with the design of all-black appearance that improves low irradiation performance and meets
the requirement of low attenuation and high reliability finally brings the high-performance and beautiful
high-power cell into existence.
5) R&D and industrialization of electronic control system of intelligent tracker: On January 18,
TrinaTracker launched Vanguard 1P. Vanguard 1P adopts a bilateral damper system that greatly improves
the tracker’s structural rigidity and stability and increases its ability to resist gusts in all directions by 20%.
At the same time, this solution upgrades the 130mm large R corner square beam structure, which increases
the torsional resistance of the tracker by 29.6% and the bending resistance by 12.4%, further strengthening
the structural safety with higher structural strength and reliability. On May 27, a new upgraded intelligent
control system SuperTrack was released. The intelligent tracking system can increase the annual average
power generation by 3%-8% on the basis of traditional tracking technology. According to the calculation
of system simulation and empirical cases, the use of tracker can increase the power generation by 10% on
average (taking the second-class sunlight area as an example), which can bring about 1.5%-2% IRR
improvement; and the additional power generation with the use of intelligent algorithms can increase the
original IRR by about 0.4%.
The intelligent algorithm’s performance in power generation optimization is leading the industry; the
intelligent tracking controller has been developed and industrialized in the 400MW electric power
construction project in Jiangxi Province. The product passed the IEC certification, and becomes the first
tracking controller in China that integrates intelligent algorithms and realizes industrial application; the
SuperTracker was applied to the 3GW photovoltaic project of the UHV transmission base in Hainan
Autonomous Prefecture, Qinghai Province and was successfully connected to the grid, becoming a classic
example of the innovative application of tracking system.
6) Technology research and development of smart cloud platform for energy: the team continuously
expands application scenarios, develops new advanced applications and core intelligent hardware, and
builds core technical barriers: 1) innovatively builds a one-stop SaaS application solution based on IoT
platform, realizes a high-efficiency closed loop of data flow and business flow of IoT cloud platform,
wire/wireless communication modes, edge computing and intelligent terminal equipment, and forms the
core competitiveness of the overall solution of energy+IoT; 2) the intelligent energy terminal application
based on wireless power-free technology is developed with the leading software intelligent algorithm and
non-invasive, wireless and convenient installation and connection mode, which greatly reduces the cost
of hardware and on-site implementation of industry solutions; 3) MOTA, the application modeling for
data collection and cloud publishing, realizes the flexible establishment of functional modules by
developing low-code or even zero-code, and supports various integration modes of multiple platforms.
3. Major accounting data and financial indicators
3.1 Main accounting data and financial indicators in recent 3 years
Unit: Yuan Currency: RMB
Year-on-year
2022 2021 increase/ 2020
decrease(%)
Total assets 89,976,063,881.83 63,539,881,859.12 41.61 45,592,461,350.87
Net asset attributable to
the listed company’s 26,338,970,001.84 17,111,933,473.15 53.92 15,081,182,547.72
shareholders
Operating revenue 85,051,792,848.83 44,480,390,071.81 91.21 29,417,973,429.28
Net profit attributable to
the listed company’s 3,680,021,833.74 1,804,231,711.50 103.97 1,229,276,756.49
shareholders
Net profit attributable to
listed company
shareholders after 3,465,236,969.79 1,547,710,580.43 123.89 1,112,156,153.17
deducting non-recurring
profits and losses
Net cash generated from
9,237,091,543.07 1,098,092,296.85 741.19 2,997,545,320.08
in operating activities
Weighted average return
16.16 11.27 Increase 4.89 % 8.94
on equity (%)
Basic earnings per share
1.72 0.87 97.70 0.64
(RMB/share)
Diluted earnings per
1.71 0.87 96.55 0.64
share (RMB/share)
R&D investment as a
proportion of operating 5.43 5.74 Decrease 0.31 % 5.54
revenue (%)
3.2 Major accounting data by quarter during the reporting period
Unit: Yuan Currency: RMB
Q1 Q2 Q3 Q4
(Jan.- Mar.) (Apr.-Jun.) (Jul.-Sep.) (Oct.-Dec.)
Operating revenue 15,272,508,445.90 20,458,382,520.26 22,467,544,642.78 26,853,357,239.89
Net profit attributable to
the listed company’s 543,235,159.46 726,151,252.66 1,132,897,070.38 1,277,738,351.24
shareholders
Net profit attributable to
listed company
shareholders after 490,933,739.56 659,732,063.02 1,090,034,765.83 1,224,536,401.38
deducting non-recurring
profits and losses
Net cash generated from
-1,907,875,284.68 3,452,766,891.04 2,410,136,094.44 5,282,063,842.27
in operating activities
Description of differences between quarterly data and disclosed data in periodic reports
口 Applicable Not Applicable
4. shareholder information
4.1 Total number of common shareholders, total number of preferred shareholders with voting
rights restored, total number of shareholders with special voting rights and the top 10 shareholders
Unit: share
Total number of common shareholders at the end of
32,671
the period
Total number of common shareholders at the month-
37,000
end prior to the disclosure of this report
Total number of preferred shareholders with voting
0
rights restored at the end of the reporting period
Total number of preferred shareholders with voting
rights restored at the month-end prior to the 0
disclosure of this report
Total number of preferred shareholders with special
0
voting rights at the end of the reporting period
Total number of preferred shareholders with special
voting rights at the month-end prior to the disclosure 0
of this report
Shareholding situation of the top 10 shareholders
Number of Shares in pledge
Total Number of
restricted or frozen
shares shares
shares held
Name of Nature of Shareholding held at holding Nature of
including
shareholders shareholders ratio (%) the restricted shareholders
loaned shares
period- sales Status Quantity
through
end conditions
refinancing
Domestic
Jifan Gao 363,672 351,928,947 16.22 351,565,275 351,565,275 none 0
natural person
Jiangsu Panji Domestic
Investment 0 316,408,747 14.59 316,408,747 316,408,747 none 0 non-state-own
Co., Ltd. legal person
Xingyin
Growth
State-own
Capital -57,796,200 253,163,286 11.67 0 0 none 0
legal person
Management
Co., Ltd.
Beijing
Hongyu
Technology
5,313,232 110,782,815 5.11 0 0 none 0 Others
Partnership
(Limited
Partnership)
Ningbo
Meishan
Domestic
Bonded Port
-16,880,574 67,319,309 3.10 0 0 none 0 non-state-own
Area Jingmin
legal person
Investment
Co., Ltd.
China
Merchants
Bank Co.,Ltd.-
31,170,251 48,763,689 2.25 0 0 none 0 Others
Chinaamc SSE
STAR 50
index ETF
Trinastella
Domestic
Investment
0 45,340,012 2.09 45,340,012 45,340,012 none 0 non-state-own
Development
legal person
Co. Ltd.
Hong Kong
Securities
foreign legal
Clearing 38,152,492 41,958,841 1.93 0 0 none 0
person
Company
Limited
Jiangsu
Domestic
Qinghai
0 35,156,527 1.62 35,156,527 35,156,527 none 0 non-state-own
Investment
legal person
Co., Ltd.
Zhuhai
Domestic
Qisheng
0 29,899,751 1.38 0 0 none 0 non-state-own
Investment
legal person
Co., Ltd.
Among the top ten shareholders of the company, Jiangsu Panji Investment
Description of the related-party relationship or Co., Ltd. and Trinastella Investment Development Co. Ltd., Jiangsu
concerted action of the above shareholders Qinghai Investment Co., Ltd. are the persons acting in concert of Jifan Gao,
the controlling shareholder and the actual controller of the company
Description of preferred shareholders with
regained voting rights and the number of shares None
they hold
Depository Receipt Holder Information
口 Applicable Not Applicable
Table of the Top Ten Shareholders with Voting Rights as of the end of the reporting period
口 Applicable Not Applicable
4.2 Block diagram of property rights and control relations between the controlling shareholders of
the Company
Applicable 口 Not Applicable
4.3 Block diagram of property rights and control relations between the controlling shareholders of
the Company
Applicable 口 Not Applicable
4.4 The total number of preferred shareholders and the top 10 shareholders of the Company at the
end of the reporting period
口 Applicable Not Applicable
5. Corporate bonds
口 Applicable Not Applicable
Section 3 Important Matters
1.The Company shall, according to the principle of materiality, disclose the significant changes in the
Company's operating conditions during the reporting period, as well as the events that have or will have a
significant impact on the Company's operating conditions.
Please refer to "I. Discussion and Analysis of Operating Conditions" in this section for details.
2.The Company shall disclose the reasons for potential delisting risk warnings or termination of listing
after the disclosure of the Company's annual report.
口 Applicable Not Applicable
