Stock Code:688348
AddressBuilding 2, No.522, Asia Pacific Road,Nanhu District, Jiaxing City, Zhejiang Province
Phone0573-8398-6967
National Sales Hotline400-1035-181After-sales Service Hotline400-1008-470Yuneng TechnologyCo., Ltd.
Environmental, Social and Governance(ESG) Report
CONTENTS
About This ReportChairman's MessageA Close Glimpse at APsystemsSustainable Prosperity,Perpetual Development
Governance FrameworkRisk Control ManagementInvestor RelationsBusiness Ethics
Robust Supervision,Governance as Priority
Emphasizing Green ManagementExpanding Green Business InitiativesSustaining Green Operations
Environmental Conservationfor Future Collaboration
Labor Relations ManagementEmployee Training and DevelopmentHealth and Safety
Employee Well-being withBoundless Rights and Interests
Key PerformanceIndex of IndicatorsFeedback Form
Promoting Social HarmonyThrough Philanthropy Initiatives
Appendix
Industrial Prosperityand Value Co-Creation
Research and Development (R&D) InnovationProduct LiabilityCustomer Rights and InterestsSustainable Supply Chain ManagementInformation Security and Privacy Protection
Scope of the Report
This report represents the inaugural Environmental, Social and Governance report ((hereinafter referred to as "ESG report") releasedby Yuneng Technology Co., Ltd. (hereinafter referred to as "APsystems", "the company" or "we"). Upholding principles of objectivity,standardization, transparency and comprehensiveness, this report provides a detailed disclosure of the company's practices andperformance in environmental, social and governance aspects for the fiscal year 2023.
This report centers on "APsystems" as the principal entity, encompassing its subsidiary companies. Unless otherwise specified, thescope of this report remains aligned with that of the company's annual report.TimeframeFrom January 1, 2023, to December 31, 2023 (referred to as the "reporting period"). To enhance comparability and forward-lookinginsights, certain sections of this report appropriately reference historical years or contain forward-looking descriptions. The releasefrequency of this report is annual, synchronized with the financial year.Preparation BasisShanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies of Sci-Tech Innovation Board No. 1 - StandardizedOperation (December 2023 Revision)Chinese Academy of Social Sciences Guide to Corporate Social Responsibility Reporting in China (CASS-ESG 5.0)Global Reporting Initiative GRI Sustainability Reporting Standards (GRI Standards) (2021 Edition)UN Sustainable Development Goals (SDGs)Sustainability Accounting Standards Board (SASB) Standards
Data Description
The data used in this report is sourced from various channels, including raw operational data from the company's actual operations,publicly available data from government departments, annual financial data, internal relevant statistical reports, and third-partyevaluation interviews. Financial data in this report is presented in Chinese Yuan (CNY). Any discrepancies with the financial reportwill defer to the financial report for accuracy.Term Definition
Confirmation and ApprovalThis report was approved by the company's board of directors on April 22, 2024, and is released simultaneously with the annualreport. The board of directors ensures the supervision of the report's content, guaranteeing the absence of any false or misleadingstatements and taking responsibility for the content's truthfulness, accuracy and completeness.This report is published in Chinese, and the English version is a translation of the Chinese version. In the event of any discrepanciesbetween the two versions, the Chinese version shall prevail.Report AccessThis report is accessible for viewing and downloading on the company's website (www.apsystems.cn) and the Shanghai StockExchange website (http://www.sse.com.cn).
TermDefinition
"APsystems", "the company" or "we”Yuneng Technology Co., Ltd.
Environmental, Social andGovernance (ESG) Report
About This Report
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About This Report
Chairman's Message
The board of directors places high importance on ESG matters, namely Environmental, Social and Governance aspects. Wemanage the company with integrity and responsibility, actively promoting the implementation of sustainable developmentstrategies. We will gradually establish and improve the ESG system, implementing a series of measures and policies to effectivelyrealize environmental and resource protection, and promote green long-term development.Aligned with the trends of the times, APsystems values research and development innovation, continuously introducing newtechnologies and products to provide users with safer, more efficient green energy solutions. In 2023, APsystems completed itslatest corporate strategic footprint, defining the three major energy storage industry ecosystems centered around micro-inverters:
DIY micro-storage, residential energy storage, industrial and commercial energy storage. This positions us as a comprehensivedistributed photovoltaic + energy storage solution provider. APsystems is expanding its technological and product footprintcomprehensively to meet the green energy needs in different distributed scenarios.Additionally, APsystems places great emphasis on customer service, adhering to a customer-centric philosophy, constantlyimproving service quality and satisfaction, and building long-term and cooperative relationships with numerous clients. Leveraginga localized distribution and service network, APsystems provides 24/7 year-round service to meet the needs of local customers.Through collaborative efforts with partners, APsystems' products are now present in over 110 countries and regions worldwide,covering residential, industrial and commercial, public buildings and BIPV sectors, accelerating the global transition to greenenergy.While promoting the development of photovoltaic energy storage technology and serving our customers well, APsystems activelyfulfills its social responsibilities, contributing to the development of public welfare projects. We focus on environmental protection,education, poverty alleviation, and support specific projects through donations, volunteer activities and other means, drivingtangible impact in these areas. Through philanthropic endeavors, we not only provide convenience to those in need but also givemore meaning to our efforts.APsystems' current development is the result of the hard work and wisdom of every APsystems employee. As a people-orientedenterprise, APsystems always cares about the development and well-being of its employees. We provide a good workingenvironment and benefits, emphasize employee training and career development. We encourage innovative thinking andteamwork, and offer broad development opportunities to our employees.In the future, APsystems will further solidify its ESG system construction and, with a fresh perspective, embark on a new chapterof high-quality development. While striving for our own development, APsystems also aspires to be the "most efficient, safe andclean energy converter". We actively collaborate with various sectors of society to drive the ongoing global transition to greenenergy and create a better future together.
Driven by the urgent global demand for environmental protection and climatechange mitigation, the wave of global low-carbon transformation is sweepingacross nations. Countries worldwide are setting emission reduction targets andincreasing support for renewable energy, thus contributing to the constructionof a global community with a shared future for all life on Earth.APsystems, as a company focused on the new energy sector, has alwaysregarded green, low-carbon and sustainability as the core principles guiding ourcorporate development. With technological innovation as our backbone, we arecommitted to our unchanging mission of "Driving Towards a Zero-CarbonFuture, Co-Creating an Intelligent Life".Having deep-rooted experience in the photovoltaic industry for over 13 years,APsystems is dedicated to the research and industrialization of MLPEmodule-level technology. Through generations of "pioneering technologies andproducts", we empower the industry for high-quality development. As thecompany advances standardized management operations, APsystems activelypromotes the concept of green and stable operations, enhancing internalmanagement standards and efficiency to ensure the compliance andsustainable development of all business activities. During the reporting period,the company's operating income increased steadily, creating greater value forour customers, shareholders, suppliers and employees. In 2022, the companyofficially listed on the A-share Sci-Tech Innovation Board, leveraging the capitalmarket to boost the company's substantial development.
Yuneng Technology Co., Ltd.Chairman
Environmental, Social andGovernance (ESG) ReportChairman's Message
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A Close Glimpse at APsystems
Company Overview
Yuneng Technology Co., Ltd. (Stock Code: 688348.SH) was established in 2010,specializing in the research and industrialization of MLPE module-level powerelectronic technology. We have launched or are in the process of developing aseries of highly competitive MLPE products, providing distributed photovoltaic +energy storage solutions centered around micro-inverters. Our product portfolioincludes micro-inverters, module-level disconnectors, energy storage systems,EMA databases and intelligent operation platforms and more.The company has been recognized as a "National High-tech Enterprise" from2013 to 2022 and has been consecutively named one of the "50 Growth-Orientedand Characteristic Enterprises in Zhejiang Province's Electronic InformationIndustry" for nine years from 2014 to 2022. Additionally, from 2020 to 2022,APsystems was awarded the title as "Top Inverter Brand" from EUPD Research forthree consecutive years. In 2021, the company was honored as a "Specialized andNew" Small and Medium-sized Enterprises in Zhejiang Province and recognizedas a leader in per-acre efficiency in specific sectors and industries in ZhejiangProvince. Our products have been selected as "Zhejiang ManufacturingExcellence". APsystems is the first drafting entity for the PV grid-connectedmicroinverter under the "Zhejiang Manufacturing" group standard, filling a gap inthis field domestically.We adhere to the principle of independent research and development, focusingon quality and steady progress, making us one of the earliest companies in Chinaengaged in the research, development and sales of photovoltaic micro-inverters.We persist in product and service orientation based on market demand, makingcontinuous efforts since 2011 to expand globally. We have successivelyestablished subsidiaries or branches in major international photovoltaic marketssuch as the United States, Australia, France, the Netherlands and Mexico. Thishas formed a global sales and service network, propelling us to become theworld's second-largest supplier of micro-inverter products. As of the end of thereporting period, more than 360,000 sets of APsystems micro-inverterphotovoltaic power generation systems are running seamlessly in over 100countries and regions worldwide, including Australia, North America, SouthAmerica, Europe and more. With stable product quality and excellentperformance, the company enjoys high brand awareness and reputation in theindustry.In the future, APsystems will continue to refine itself, keep pace with the times,and create a broader landscape for its future development, aiming to become the"most efficient, safe and clean energy converter" and actively contribute to theongoing global transition to green energy, thereby co-creating an intelligent life.
Environmental, Social andGovernance (ESG) Report
A Close Glimpse at APsystems
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DevelopmentMilestones
200920102011
2018201920202021
2023
20122014201520162017
2022
2013
Founded in Silicon Valley, USA.Established the headquarters in
Jiaxing, focusing on research andoperations.
Established subsidiaries in Sydney, Australia, and Shanghai, ChinaIntroduced as the pioneering micro-inverter brand in the Australian marketLaunched the first-generation single-phase micro-inverter
Established a subsidiary inSeattle, USACompleted the world'slargest 6MW micro-inverterproject at that time
Pioneered multi-unit micro-inverter architecture.Released the world's first dual-unit single-phasemicro-inverter YC500Introduced the world's first quad-unit three- phasemicro-inverter YC1000-3Established a subsidiary in Rotterdam, NetherlandsThe world's first multi-unit single-phase micro-inverterYC500 received multiple honors such as "ZhejiangManufacturing Excellence" and "First Set of EquipmentManufacturing Products in Zhejiang Province"Recognized as one of the "50 Growth-Ori-ented and Characteristic Enterprises inZhejiang Province's Electronic InformationIndustry"
Recognized as a "National High-Tech Enterprise" and"Jiaxing City-Level High-Tech R&D Center"Awarded "Jiaxing City Patent DemonstrationEnterprise"
Awarded "Zhejiang Province PatentDemonstration Enterprise" and "ZhejiangExport Brand".Again recognized as one of the "50Growth-Oriented and Characteristic Enterprisesin Zhejiang Province's Electronic InformationIndustry".Included in the fifth batch of the enterpriselist for thePhotovoltaic ManufacturingIndustry Standard Conditions
Established a subsidiary in Lyon, FranceEstablished a subsidiary in Mexico
Designated as a "Provincial EnterpriseResearch Institute"
Established the APsmart brand andlaunched the RSD-S module-leveldisconnector with ASIC specialized chipsdeveloped independently
Released the world's first fourth-generation20A high-current multi-unit micro-inverter DS3and QT2 series products
Cumulative global sales of MLPEmodule-level power electronic productsexceeded 5GWLaunch of 215kWh Air-Cooled Energy StorageSystem and 215kWh/400kWh Liquid-CooledEnergy Storage SystemsReleased the EZ1 series micro-inverter withWi-Fi + Bluetooth dual communication modes
Honored with the "Top Photovoltaic Brand"award from EUPD Research, France,Netherlands and BrazilSuccessfully listed on the A-share Sci-TechInnovation Board, entering a newdevelopment platformContinuously recognized as a "NationalHigh-Tech Enterprise"Launched the world's first dual-unitmodule-level disconnector RSD-D with inputcurrent up to 20AAgain honored with the "Top PhotovoltaicBrand" award from EUPD Research, FranceCumulative global sales of MLPE module-levelpower electronic products exceeded 2GW
Received the honor of "Top Photovoltaic Brand"from EUPD Research, FranceContinuously recognized as a "NationalHigh-Tech Enterprise"The third-generation dual-unitsingle-phase micro-inverter YC600received the honor of "ZhejiangManufacturing Excellence"Cumulative global shipments ofmicro-inverters exceeded 1GW
Honored as "2016-2017 Honest PrivateEnterprise in Jiaxing City"Participated in formulating thenational energy industry standardTechnical specification of photovoltaicgrid-connected micro inverter
Introduced the world's first third-generation multi-unit micro-inverterproducts YC600 and QS1, compliant withintelligent grid schedulingAwarded "Key Enterprise in ZhejiangProvince's Information Economy -Innovative Leading Enterprise"Became the first drafting entity forthePV grid-connected microinverterunder the "Zhejiang Manufacturing"group standard.
Designated as a "Zhejiang ProvinceEnterprise Technology Center"Again awarded "National High-TechEnterprise" and "50 Growth-Orientedand Characteristic Enterprises inZhejiang Province's ElectronicInformation Industry"
Ownership Structure
Ownership Structure Chart
APsystems' Global Footprint
Number of Subsidiaries orBranches Worldwide
Number of LocalWarehouses Worldwide
Global Marketing Strategy
Establishment of 9 subsidiariesor branches worldwideLocalized teams providing 24/7no-time-zone service
Global Warehousing StrategyGlobal After-Sales Support
Establishment of 5 localwarehouses worldwideDual production base deploymentdomestically and internationally toensure global market supplydemands
UID traceability and rapidresponse return and exchangeservice processesProvision of comprehensive globalmultilingual online and offlinetraining services
LING ZHIMIN
14.49%
嘉兴昱创新能源有限公司
控股100%
TDG Holding
Co., Ltd
13.71%
LUO YUHAO
12.36%
GAO LIMIN
8.02%
PAN JIANQING
7.71%
Jiaxing HuinengInvestmentManagementPartnership(Limited Partnership)
3.54%
Jiaxing HuiyingInvestmentManagementPartnership(Limited Partnership)
2.12%
OtherOutstandingShares
38.05%
Yuneng Technology Co., Ltd.
(Apsystems)Registered Capital: CNY 112 million
Jiaxing APsystems TradingCo., Ltd. with a 100% stake
Zhejiang Yingda WeixinElectronic Co., Ltd.with a 100% stake
Jiaxing Weihui PhotovoltaicTechnology Co., Ltd.with a 100% stake
Jiaxing Yuzhong New EnergyTechnology Co., Ltd.with a 100% stake
Zhejiang ChuangzhiNew Energy Co., Ltd.with a 100% stake
Jingning APsystemsTechnology Co., Ltd.with a 100% stake
Taizhou APsystems NewEnergy Technology Co., Ltd.with a 100% stake
Jiangsu Advanced EnergyStorage Technology Co., Ltd.with a 55% stake
Altenergy Power SystemsMexico S.A.De C.V with
a 99% stake
Jiaxing Yuchuang New EnergyTechnology Co., Ltd.
with a 100% stake
Altenergy Power SystemsUSA Inc.with a 100% stake
Altenergy Power SystemEurope B.V. with a100% stake
Altenergy Power SystemAustralia Pty Ltd. with a100% stake
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APsystems' Three Key Scenarios:
Micro-Storage、Residential Energy Storage 、Industrialand Commercial Energy Storage
DIY Residential Use
Single-phase:
EZ1
Cloud Interconnectivity
AP EasyPower
Lake series
Lake 1000River 1600
Residential Use
Single-phase:
DS3, DS3D3-phase:
QT2, QT2D
Cloud InterconnectivityEMA Portal
Residential/Commercial Charging Stations
Product Footprint
Sea seriesAPstorage
ELS-3/5K;ELS-7.6/9.6/11.4ELT-6/8/10/12APbattary
Industry and Commerce
3-phase:
QT2, QT2D
Ocean series
Ocean 200LOcean 400L
RSD series
PhotovoltaicEnergy Storage
+
Provider of Full-Scene Solutions for DistributedPhotovoltaic + Energy Storage Applications
Application Scenarios
Key Performance
5GWCumulative Global Sales of MLPModule-Level Power Rlectronic Products
CumulativeGenerated Power
InventionPatents
Number ofSystems
365,000+
4,800GWh+
84Items
Intellectual PropertyRights
166Items
Cumulative Carbon DioxideEmission Reductions
4.81million tons+
Countries andRegions130+
Corporate Culture
Driving a Zero-Carbon FutureCo-creating Intelligent LivingOur Mission
Our VisionOur Purpose
2023 Major Events
Feb.
Mar.
Apr.
May.
Aug.
Sep.
APsystems signed strategic cooperation agreements with DBG Technology and TDG Technology,who will supply APsystems with inverters compatible with 8 million modules in 2023.
APsystems released its 2022 annual report and Q1 2023 report.
APsystems celebrated its 13th anniversary. With thirteen years of industry expertise, APsystems hasbeen dedicated to the research and industrialization of MLPE module-level power electronics,undergoing its own transformation while growing in tandem with the times.APsystems signed a global distribution cooperation agreement with OSW, a photovoltaic storage anddistribution service provider, both parties will embark on a comprehensive and mutually beneficialcollaboration in the future, leveraging their respective advantages to achieve cooperative success.
APsystems signed a strategic cooperation agreement with partner Xiamen Ampace Technology Co., Ltd.Both parties will deepen their technical cooperation in the field of residential energy storage systembattery packs, using this as an opportunity to promote the long-term development and strategicdeployment of related businesses.APsystems participated in the SNEC Shanghai exhibition, held the EZ1 new product launch event, andlaid out the ecological landscape of the three major photovoltaic storage industries.APsystems, in collaboration with multiple charitable organizations, donated 1,666 solar reading lights tomore than ten primary and secondary schools in remote mountainous areas in Sichuan and Guizhouprovinces, China.The APsystems' Social Responsibility Report 2022 was officially released.The industry's first micro-inverter technology video column, APsystems Micro Lecture Hall was launched.
APsystems, together with GoodWe Technology Co., Ltd. and several other units and institutions, jointlyinitiated the Distributed Photovoltaic Storage Safety and Quality Improvement Initiative and signed theDistributed Photovoltaic Storage Safety and Quality Improvement Initiative Proposal.Senior executives from St?ubli visited APsystems, engaging in in-depth discussions on futurecooperation strategies, aiming to empower mutual development.
To Be the Most EfficientSafe and Clean Energy Converter
Delivering Optimal Products andExceptional Services to Our Customers
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Accolades in 2023
Leading China'sRenewable Energy"Photovoltaic Top100" 2022-ExcellentPhotovoltaic inverterEnterpriseAPVIA TechnologyAchievement Award -Enterprise Category
GREENPV TechnologyInnovation Award in
2023
Most Influential PVInverter Company in
2022
China Good Photovoltaic
- 2022 AnnualPhotovoltaic InverterTechnologyBreakthrough Award
2022 Annual China
High-QualityResidential/CommercialInverter Brand
PVBL Top 100 PVBrands in the World
2023
PVBL Most InnovativePV Solar EnterpriseAward 2023
Top 15 Chinese Solar
Inverter ListedCompanies on PV PowerPlants 2023
2023 New EnergyPioneer Award
Top Brand PV InvertersFrance 2023
Top Brand PV InvertersBrazil 2023
Specialized and NewEnterprises
Micro-inverter AQMExcellence Award 2023
SNEC Megawatt-level
Jade Award
Top Brand PV Inverters
Latam 2023
Top Brand PV Inverters
Mexico 2023
Asian Photovoltaic
InnovationEnterprise,2022
China DistributedPhotovoltaic Innovation
Brand 2022
Environmental, Social andGovernance (ESG) ReportA Close Glimpse at APsystems
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Sustainable Prosperity, Perpetual Development
The company prioritizes effectivecommunication with stakeholders byidentifying them, outlining their keyconcerns and specifying communicationchannels to ensure accurate and timelyinformation dissemination. Moreover, thecompany adopts a responsive approach,addressing stakeholders' concernspromptly and effectively to foster mutualtrust and achieve mutually beneficialoutcomes
Stakeholder Communicatio
The company has identified andassessed the importance ofsubstantive ESG issues based ontwo dimensions: "importance tothe company" and "importance tostakeholders". These issues havebeen prioritized and confirmed,guiding the company in settinggoals and focusing on advancingESG work effectively.
Substantive Issue Analysis
Sustainable Development Goals
Sustainable Development Initiatives
CorporateGovernance
(G)
Robust SupervisionGovernance as Priority
Environmental
Protection
(E)
Environmental Conservation
for Future Collaboration
Industry Value
(S)
Industrial Prosperityand Value Co-Creation
Employee Rights
and Interests
(S)
Employee Well-being withBoundless Rights and Interests
SocialResponsibility
(S)
Promoting Social HarmonyThrough Philanthropy Initiatives
Management
Dimension
Management PhilosophySDGs
Rights and Interests Protection ofShareholders and Investors
Three-Tier Governance(Shareholders' Meeting,Board of Directors, Supervisory Board)
Business Ethics
Information Disclosure
Compliance Risk ControlIntellectualProperty Protection
Occupational Health
and SafetySupplierManagement
Product Quality
Management
R&D Innovation
Customer Rightsand Interests ProtectionGreenBusiness Practices
EnergyManagement
WasteManagementEnvironmentalManagement
Employee Bene?tsSocial Welfare
Talent Development
and Training
Employee Diversityand Inclusivity
The Extent of Impact on the Company's Sustainable Development
The Extent of Impact on Stakeholders
StakeholdersKey ConcernsCommunication Methods
Fair CompetitionAnti-CorruptionBusiness EthicsOperational PerformanceInformation Disclosure andCommunication Mechanisms
Corporate Governance
R&D InnovationEthical Business Practices
Product QualityCustomer ServiceInformation Security and
Privacy ProtectionOccupational Health and SafetyCompulsive and Forced Labor
Compensation and BenefitsEmployee Training and Development
Fair Trade
Sustainable Supply Chain
Health and Safety
Social Welfare
Institutional InspectionsPolicy ImplementationInformation DisclosureShareholders' MeetingRegular and Temporary Reports
Investor HotlineCustomer Satisfaction SurveysCustomer communication ChannelsInformation Security Risk Assessments
Employee satisfaction
Employee activitiesOccupational Health MonitoringSafety Production ManagementSigning the “Supplier CorporateSocial Responsibility Commitment”
Safety TrainingSocial Welfare Activities
Government andRegulatory Agencies
Shareholders/InvestorsCustomersEmployeesSuppliersCommunity
Social AspectsGovernance Aspects
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A Close Glimpse at APsystems
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Robust Supervision,Governance as Priority
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Governance Framework
Shareholders and Shareholders' Meeting
Directors and Board of Directors
APsystems places a paramount emphasis on standardized corporate operations and has meticulously crafted a robust corporategovernance system, ensuring an appropriate separation of ownership and operational rights. Throughout the reporting period, thecompany strictly adhered to pertinent laws and regulations, including the Company Law of the People's Republic of China, the Securities Lawof the People's Republic of China, and the Governance Code for Listed Companies. Concurrently, it complied with directives from regulatorybodies such as the China Securities Regulatory Commission and the Shanghai Stock Exchange concerning corporate governancepractices by establishing a governance structure comprising Shareholders' Meeting, the Board of Directors, the Supervisory Boardand the management team. Each entity operates in concert, fulfilling distinct roles while synergistically reinforcing one another.This collaboration has fostered a governance structure characterized by clarity of purpose, evidence-based decision-making,robust oversight and seamless execution, thereby propelling the company's sustained progress and development.
The Shareholders' Meeting serves as the company's governing body responsible for formulating and deciding on majorstrategic, policy and management matters. Adhering to the Company Law of the People's Republic of China, the Rules onShareholders’General Meetings of Listed Companies, the Rules Governing the Listing of Stocks on the STAR Market of the Shanghai StockExchange and the Articles of Association, APsystems has established the Rules of Procedure for Shareholders' Meeting. Thecompany diligently organizes and convenes the Shareholders' Meeting in compliance with regulations to safeguardshareholders' rights to information, participation and voting. During the reporting period, the company convened
annual Shareholders' Meeting and 4 extraordinary Shareholders' Meetings, approving a total of 17 resolutions.
Supervisors and Supervisory BoardAPsystems, guided by the stipulations set forth in the Rules of Procedure for the Supervisory Board has elevated its governancestandards to safeguard the lawful rights and interests of the company and its shareholders. The Supervisory Boardcomprises 3 supervisors, including 1 employee representative supervisor. Each supervisor upholds a strong sense ofaccountability to shareholders and carries out their responsibilities in strict adherence to legal statutes, regulatoryframeworks, and the Articles of Association. Functioning as the company's oversight mechanism, the Supervisory Boardconducts effective legal and compliance supervision over the company's financial affairs and the performance of itsdirectors and senior management. Throughout the reporting period, the company convened a total of
meetings of
the Supervisory Board, during which
proposals were reviewed.
In an effort to further standardize the deliberation and decision-making processes of the Board of Directors, andenhance the scientific and forward-thinking nature of board decisions, APsystems has formulated the Rules of Procedurefor Board Meetings, Independent Director Work System and Board Secretary Work Rules in accordance with the Company Law of thePeople's Republic of China and the Articles of Association. The Board of Directors comprises 7 directors, thereby meeting thelegal requirements for board composition.The Board of Directors has established four specialized committees: Audit, Nomination, Strategy and Compensation &Assessment. All members of these specialized committees are directors who perform their respective functions incompliance with the company's relevant systems, thereby regulating the company's operations, ensuring the rationalityand feasibility of decisions, and promoting the company's sustainable development.
Company Organizational Structure and Responsibilities
Shareholders' Meeting, Board of Directors, Supervisory Board
During thereportingperiod
The Board of DirectorsMeetingsTimes
Audit Committee: 4 meetings,reviewing 11 proposalsStrategy Committee: 3 meetings,reviewing 5 proposals
Nomination Committee: 3 meetings,reviewing 4 proposalsCompensation & Assessment Committee: 1 meetingreviewing 2 proposals
Shareholders' Meeting
Board of Directors
Compensation & Assessment
Committee
Nomination Committee
Finance Department
HR & Admin Department
Operations Department
R&D Center
Sales Department
Marketing Department
Supply ChainManagement Department
Risk managementDepartment
Audit Committee
Strategy Committee
General ManagerInternal Audit Department
Board Secretary
Securities Department
Supervisory Board
Company Organizational Chart
Performance
The Board of DirectorsResolutions40Items
The SpecializedCommittee Meetings
11Times
The Collectively ReviewingProposals
22Items
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Board Composition DiversityRisk Control Management
APsystems places a strong emphasis on and actively promotes diversity within its Board of Directors. The current board comprises7 directors, of which 3 are independent directors, constituting 42.86% of the board, and 1 is a female director, representing
14.29%. All directors possess extensive academic backgrounds and rich practical experience across various domains including
economics, accounting and business administration. They serve as a solid foundation for the company's stable development.Notably, 2 directors hold doctoral degrees while 2 others hold master's degrees, providing robust intellectual support and strategicguidance to the company's decision-making processes.
Adhering to the standards set by the Company Law of the People's Republic of China, the Audit Law of the People's Republic of China and theArticles of Association, along with its associated guidelines, APsystems has established an Internal Audit System to strengthen internalaudit supervision of the company and its subsidiaries. Continuously, in accordance with various laws, regulations and regulatoryrequirements, the company enhances its corporate governance mechanism, revises and optimizes risk control managementsystems and internal control systems in a timely manner, effectively strengthening the normativity of corporate governance andsafeguarding the legitimate rights and interests of the company and its shareholders.The company's Audit Committee is responsible for leading and supervising internal and external audits. The internal auditorganization is the Audit Department, which operates independently under the leadership of the company's Audit Committee,conducts audits rigorously, closely monitors operational risks, and ensures the company's long-term stable development. Toprotect shareholder interests, the company regularly supervises and audits the exercise of powers by senior management,major investments, financial fund-raising and organizational activities related to economic activities. As of the end of thereporting period, the company's major decision-making and operations have been in good condition, with no major internalcontrol defects reported.
The company's directors and supervisors regularly organize internal oversight activities toconduct systematic and standardized audits of the company's operational management.These audits encompass areas such as financial matters, procurement, expenses, contracts,and other key operational management aspects if necessary. The designated audit leader isdirectly accountable to the company's shareholders, ensuring the independence of auditorsand the objectivity of audit results. Upon identifying issues, they provide recommendationsfor corrective actions and conduct follow-up checks. The proficient execution of the internalaudit system has resulted in a progressive standardization of corporate management, leadingto an effective control over diverse operational risks.
The company entrusts professional accounting firms for its annual financial audit. These auditfirms are selected based on their qualifications, expertise and lack of conflicts of interest withthe company. The audit results from recent years demonstrate the company's adherence toregulatory standards and requirements set forth by relevant stakeholders.
Risk Management and Internal Controls
Ling ZhiminLuo YuhaoQiu ZhihuaPan Zhengqiang
Gu JianruZhou YuanShen Fuxin
DirectorDirectorDirectorDirectorIndependent DirectorIndependent DirectorIndependent Director
MaleMaleMaleMaleFemale
MaleMale
2020.9.162020.9.162020.9.162020.9.162020.9.162020.9.162023.9.16
Post-doctorateDoctorateBachelor's degree
Master's degreeBachelor's degreeBachelor's degree
Master's degree
Electronic InformationElectronic InformationEconomics and Management
Management
AccountingEconomics and Management
Industry Management
NameType/PositionGenderTenureAgeEducationArea of Expertise
APsystems' Audit Mechanism
InternalAudit Mechanism
Independent ExternalAudit Firm Annual Audit
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Financial and Tax Training
The company places a high level of importance on tax management, adhering strictlyto the relevant tax regulations such as the Accounting Law of the People's Republic of China.Clear guidelines are established for investment project approvals, settlementmanagement, cost accounting, expense reimbursements and accounts receivablemanagement, thus creating a robust financial framework conducive to effective taxplanning, risk mitigation and compliance. The appointment of the financial leader isundertaken by the company's Board of Directors and requires shareholder approval,ensuring the independence and integrity of financial operations. The financial leaderholds accountability to all shareholders of the company and executes duties from bothfinancial and wealth management perspectives, thereby enhancing the overallfinancial management proficiency of the company. The finance department regularlyorganizes tax training sessions for finance personnel to stay abreast of the latestfinancial and tax regulations, mitigating tax-related risks. As of the end of the reportingperiod, the company has effectively managed tax risks, and no instances of tax evasionor non-compliance have been recorded.
APsystems is committed to a business philosophy of integrity and mutual benefit, prioritizing sustainable corporate development.Complying with the Company Law of the People's Republic of China and other relevant regulations, the company continuously strengthensits credit system and proactively safeguards the interests of all stakeholders.The company places significant emphasis on delivering returns to its shareholders, strictly adhering to the profit distributiondecision-making procedures outlined in the Articles of Association. To ensure equitable returns for both new and existingshareholders, APsystems has formulated the Three-Year Dividend Plan for Shareholders After Initial Public Offering and Listing on the STARMarket. This plan not only enhances transparency and operational feasibility in profit distribution decision-making but alsoempowers shareholders to effectively oversee and evaluate the company's operations and profit allocation.
During the reporting period, the company conducted training activities focused on financial and tax-related knowledge andskills. Through methods such as explanations, demonstrations and discussions, employees gained in-depth understandingof tax-related knowledge and skills, thereby enhancing their ability to apply this knowledge effectively and improving theirpractical operational proficiency. These training efforts were aimed at boosting the efficiency and quality of tax-relatedwork, providing better services and support for the company's tax activities.
Investor Relations
Tax ManagementRelated-Party Transactions
Shareholder Returns
To ensure the fairness, reasonableness and transparency of related party transactions,as well as to standardardize the company’s practice in related party transactions, and toeffectively mitigate related transaction risks, APsystems has developed the Related PartyTransactions Management System. This system is established in accordance with therelevant provisions of the Company Law of the People's Republic of China, the Articles ofAssociation and the specific circumstances of the company. It aims to standardize theconduct of related party transactions by regulating the entities involved and theapproval procedures. By implementing this system, the company seeks to uphold thefairness and reasonableness of its business activities, enhance its corporate governancestructure, and protect the lawful rights and interests of the company and itsstakeholders effectively.
The Company's Cash Dividend PayoutKey Performance2023Dividends Per Share (CNY)Total Cash Dividends Paid (CNY 10,000)Proportion of Net Income Attributable to Shareholders ofthe Listed Company in the Consolidated Financial Statements (%)
2.2
1,760
48.82
Note: The annual equity distribution for the year 2022 implemented in 2023 includes a capital reserve transfer of 4 sharesfor every 10 shares held by all shareholders, in addition to cash dividends.
The Company'sActual Tax PaymentDuring theReporting Period
CNY
177.89million
Performance
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Investor Communication EventIn efforts to sustain continuous engagement with the capital market and facilitate investor understanding of the company'soperations and development, as well as showcase the inherent value of the listed company, APsystems collaborated withChina Securities to organize the "I Am a Shareholder" Investor Visit to APsystems on November 23, 2023. Investors wereinvited to visit the company for in-depth tours and research. During the visit, several executives engaged in candiddiscussions and exchanges with investors, providing insights into the company's developmental journey, significantmilestones, product showcases and business framework.In the interactive session, the board of directors, board secretary and chief financial officer addressed investors' concernsin detail, providing comprehensive insights into the company's operations, strategic roadmap, and future development. Thisevent aimed to enhance investors' understanding of the company's overall situation, promote rational investment concepts,and contribute to the continuous healthy development of the capital market.
Performance Briefing
During the reporting period, the company hosted a total of 3 Performance Briefings. Attendees included the Chairman ofthe Board, Chief Financial Officer, and Board Secretary,etc. The briefing utilized interactive teleconferencing to present thecompany's operational performance for the first half of the year and engage in detailed discussions with investors. Thisevent aimed to booster investor confidence in the company and foster the establishment of enduring collaborativerelationships.
APsystems rigorously upholds its obligations for information disclosure, as mandated by the Company Law of the People's Republic ofChina, the Securities Law of the People's Republic of China, the Administrative Measures for Information Disclosure of Listed Companies, and the RulesGoverning the Listing of Stocks on the STAR Market of the Shanghai Stock Exchange. In alignment with these legal frameworks, the companyhas formulated the Information Disclosure Management System, which delineates guidelines for periodic reporting, temporary reporting,responsibilities in information disclosure management, disclosure procedures, and measures for confidentiality. This ensures theauthenticity, accuracy, timeliness and comprehensiveness of information disclosure, thereby reinforcing the managementproficiency in information disclosure affairs and ensuring equal access to information for all shareholders.Adhering strictly to the requirements of the information disclosure system, the company regularly reports financial changes,operational status and relevant information to its executive directors and shareholders. Additionally, it publicly discloses informationto all investors, continually enhancing transparency and maintaining the openness of the company's operations. During thereporting period, the company did not face any penalties resulting from violations related to information disclosure.
APsystems continually advances its investor relations management through the formulation of the Investor Relations ManagementSystem, which standardizes the company's investor relations practices. This system facilitates ongoing deepening of communicationchannels with investors, fostering a better understanding and alignment with the company's vision. Such efforts lay the groundworkfor establishing a long-term, stable and mutually beneficial partnership, thereby maximizing corporate value and shareholderreturns.The company places significant emphasis on investor relations management, continually strengthening connections andinteractions with investors. Through diverse channels including investor hotlines, emails, the "Shanghai Stock Exchangee-Interaction" platform and investor forums, the company enhances communication and engagement with investors. It earnestlylistens to investor feedback and diligently safeguards their legitimate rights and interests. During the reporting period, the companyhosted4 investor forums, conducted 1 on-site investor survey, received and responded to 400 investor calls, and provided
answers to investor queries 52 times through the Shanghai Stock Exchange e-Interaction platform, achieving a 100% responserate to investor inquiries.
Information Disclosure
Investor Communication
Information Disclosure Methods
The media outlet andcorresponding website forthe disclosure of thecompany's annual reportsThe stock exchange websitefor the disclosure of thecompany's annual reports
Shanghai Securities News:https://www.cnstock.com/Securities Times:https://www.stcn.com/China Securities Journal:https://www.cs.com.cn/Securities Daily: http://www.zqrb.cn/Shanghai Stock Exchange: http://www.sse.com.cn/
During theReporting PeriodThe Company DisclosedRegular Reports
6PortionsThe Company DisclosedTemporary Announcements
62Portions
Performance
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Business Ethics
During the reporting period, the company rigorously upheld its integrity standards in personnel selection and employment,facilitating the effective implementation of an evolving integrity and compliance framework. Notably, there were no litigationincidents associated with corruption. Furthermore, the company achieved a signing rate of 93.55% for anti-commercial briberyand integrity agreements with suppliers.
Party members and cadres actively promote a culture of integrity, embedding cleangovernance practices into every aspect of grassroots management activities and marketoperations. We diligently protect employees' right to information, encouraging their widerparticipation to ensure that our efforts in Party discipline and clean governance yieldsubstantial results in practical terms.
Leveraging Mechanisms for Ethical Practices
We emphasize the concept of "dual responsibilities for one position" where employees areexpected not only to fulfill their job duties but also to uphold ethical self-discipline. Specificintegrity education programs are implemented for each job role, and a dynamic, multi-facetedsystem of preventive measures is established and enhanced to prevent and eradicate instancesof non-compliance and misconduct. This cultivates a work environment characterized byintegrity and diligence, integrating ethical principles into the core of our corporate culture.
Promoting Ethical Conduct in Job Roles
The company places utmost importance on ethical business practices, strictly adhering to national laws andregulations concerning anti-bribery, anti-fraud and anti-extortion measures. In critical areas like procurement,specialized personnel are assigned to conduct rigorous monitoring, establishing a transparent operationalframework that invites public oversight and safeguards the company's ethical reputation.Furthermore, the company upholds principles of fair competition, strictly complying with pertinent regulationssuch as the Anti-Unfair Competition Law of the People's Republic of Chinaand the Anti-Monopoly Law of the People's Republicof China. By participating in market competition under equitable conditions, the company contributes tofostering a fair and equitable business environment.The company prioritizes anti-money laundering efforts as a vital task in upholding its corporate reputation andensuring financial security. Implementing a comprehensive anti-money laundering strategy not only benefitsthe company's long-term sustainability but also makes a positive impact on broader societal efforts to combatmoney laundering, thereby promoting the stability and integrity of financial markets.In addressing corruption, the company adopts tangible measures to reinforce its anti-corruption initiatives.This includes disseminating anti-corruption knowledge through various channels, enhancing employees'anti-corruption awareness, and preventing corrupt practices at their root. Specific measures undertakeninclude:
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Environmental Conservationfor Future Collaboration
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Lecture on Clean Energy in Photovoltaic Power Generation
Emphasizing Green Management
Since its establishment, APsystems has been actively responding to global climate change and advancing the goals of "3060"carbon peaking and carbon neutrality. Upholding the mission of "Driving Towards a Zero-Carbon Future, Co-Creating anIntelligent Life", the company has identified and collected relevant environmental compliance obligations while conductingregular assessments of compliance status.APsystems is committed to a sustainable development path focusing on environmental protection, low-carbon strategies andenergy efficiency. Aligned with the principles of green development, the company adheres to national environmental protectionpolicies, guidelines and legal regulations. Environmental protection is a core consideration across its production outsourcingmodel and research and operational management locations, ensuring minimal environmental impact.The company places significant emphasis on environmental protection and strictly adheres to regulatory frameworks such asthe Environmental Protection Law of the People's Republic of China and Law of the People's Republic of China on Environmental Impact Assessment,thereby enhancing its environmental management capabilities. The company's main production outsourcing facilities haveachieved ISO 14001 certification for environmental management systems. During the reporting period, the company has notincurred any environmental regulatory penalties.
APsystems is dedicated to environmental conservation and actively conducts activities to promote green awareness andadvocate for low-carbon environmental principles. With over a decade of experience in the solar energy industry, the companyupholds its corporate social responsibility and shows a strong commitment to public welfare endeavors.
APsystems was invited to deliver an engaging and informative lecture titled Clean Energy in Photovoltaic Power Generation tofourth-grade students at the international department of Peking University Experimental School (Jiaxing). The lectureaimed to deepen the students' understanding of solar energy's mysteries and the importance of energy conservationand environmental protection. Through interactive activities such as hands-on crafts, the lecture also sought to nurturethe students' ability to think critically and innovate.During the interactive sessions, APsystems conveyed the principles of green, low-carbon environmental protection andignited the students' curiosity and interest in scientific knowledge. This enjoyable and educational approach aimed tofoster the students' sense of belonging to environmental protection and science, encouraging them to become avisionary, ambitious and responsible new generation.
The company actively responds to thenational green initiative by conductingregular monitoring of pollutantemissions. Since its establishment, thecompany has not encountered anyenvironmental pollution incidents.
Environmental Protection
Green Social Initiatives
During the reporting periodThe Company's TotalElectricity Consumption
kilowatt-hours726,922
The TotalWater Usage
tons
Certificate of Environmental Management System for Manufacturing Outsourcing Facilities
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From "Multiple Orientations” to "More Power Outputs” with APsystems Micro Inverters
Expanding Green Business Initiatives
APsystems is advancing the expansion of its green business initiatives through a multifaceted approach. This includes theimplementation of cutting-edge green technologies and the acceleration of intelligent green upgrades. These strategic measuresilluminate a transformative path characterized by enhanced quality, power and efficiency, thereby facilitating the company'ssustainable and high-quality development.
Integrated photovoltaic energy storage represent a significant market trend. By incorporating storage modules into the invertersystem, it becomes possible to integrate functionalities such as grid-connected photovoltaic power generation and energystorage stations. The company is strategically focusing on the research and development of core technologies in energy storagetransformation equipment, aligning with industry technological advancements. This effort is aimed at expanding the company'sbusiness scope and identifying new avenues for profit growth. The company is actively researching and developing energystorage products to meet the market demand for integrated photovoltaic energy storage. Key product developments includeAC-coupled energy storage inverters designed for low-voltage battery input. Notable projects already developed include "SmartEnergy Storage Systems Based on Microgrids", "AC Battery Multi-Function Inverter", "Mobile Power Photovoltaic Energy StorageSystem" and "Three-Phase Grid-Connected and Off-Grid Inverter Charger",at the same time,Successful Development and MarketDeployment of 100kW/215kWh and 200kW/402kWh Energy Storage Products for Industrial and Commercial Systems.
Regarding intelligent disconnectors products, the company has developed expertise in 3 core technologies: high-integrationphotovoltaic module disconnector control chip design, high-power dual-unit photovoltaic module disconnector controltechnology and large-scale disconnector system application technology. Leveraging these core strengths, the company becamethe second global manufacturer to introduce intelligent disconnectors compliant with Sunspec industry standards for the U.S.market by the end of 2019. This achievement was made possible by the incorporation of independently developed intelligentdisconnector ASIC specialized chips, resulting in higher levels of integration and reliability.
The photovoltaic industry, a major propelling force in achieving global zero-carbon goals, holds immense value in energydeployment strategies. In this landscape, a new type of PV application has emerged - the DIY small-scale PV system. Leveragingthe extensive expertise and seizing market opportunities, APsystems has introduced the "EZ1 Series Micro Inverter with Wi-Fi andBluetooth dual communication modes". These systems no longer require professional installers to conduct on-site surveys,propose solutions, or handle installation and construction. Instead, end-users can independently carry out DIY installation of thepower station.The launch of the EZ1 series marks another significant breakthrough in the micro-inverter field, simplifying the installation andapplication of photovoltaic systems and transforming them into "smart homes", thereby promoting the penetration ofphotovoltaics as a household appliance. This launch holds strategic importance for APsystems as it expands its product portfolio,providing a novel solution for DIY small-scale PV applications. It also complements its comprehensive ecosystem strategy centeredaround "distributed PV + energy storage", with micro inverters serving as the core technology.
In contrast to conventional photovoltaic systems, the APsystems micro inverter system utilizes a parallel circuit design withindependent Maximum Power Point Tracking (MPPT) capability. This approach eliminates the "weakest link" issue,significantly enhancing the effective roof area utilization. Even when PV modules are installed on roof surfaces withdifferent orientations, the system optimizes each module's output near the maximum power point, resulting in increasedoverall power generation. This technology resolves the challenge of balancing "multiple orientations" and "multipleinstallations", leading to improved power generation efficiency.As shown in the figure below, the number displayed on each module represents the daily electricity generation. On aparticular day, the entire PV system generates 67.32 kWh of electricity. In contrast, if the system were using a traditionalstring inverter, the power output of the six roof-mounted modules would be constrained by the lowest-performing modulein the string, generating only 1.98 kWh. Consequently, the system's daily power generation would be reduced to 59.4 kWh,nearly 8 kWh less than the micro inverter system. This represents a loss of over 13% in electricity generation. Theexceptional performance of the APsystems micro inverter has gained significant market recognition, positioning theproject as a pivotal example of local low-carbon development.Energy Storage Systems
Micro Inverters
Intelligent Disconnectors
Distributed PhotovoltaicsDistributed Wind Power
Intelligent EnergyIntegrated Energy
Integrated Photovoltaic Energy
Storage and ChargingHydrogen Storage, Fuel Cells
Digital Energy
Big Data, BlockchainAdvanced Metering
Advancing the Establishment of a Controllable Intelligent Energy System
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"PV Curtain Wall Adaptability Research" Symposium
Building-integrated photovoltaics represent a significant form of distributed photovoltaicswith substantial growth prospects.APsystems remains committed to innovation-driven empowerment, striving to deliver environmentally safe technical solutions.The company actively advances its technological innovation framework, tackling core technological challenges and transitioningtowards industrial applications. In alignment with the digitalization and intelligence trends, APsystems constructs an openecosystem, focuses on addressing industry challenges, enhances innovation efficiency, and upgrades its offerings to create saferand more intelligent distributed photovoltaic solutions.
On July 24th, a joint announcement from seven Chinese ministries introduced the Green Building Creation Action Plan, whichtargets a green building share of over 70% in urban new constructions by 2022. The plan mandates local governments todraft action plans and set objectives within the stipulated timeline. Given that China's building sector accounts for one-thirdof the nation's total energy consumption, Building-integrated Photovoltaics (BIPV) emerges as a pivotal approach to meetgreen building standards, positioning it as a key market segment for photovoltaic applications in the future.In response, APsystems convened a symposium focusing on the dissemination and promotion of BIPV, with a specificemphasis on PV curtain walls. During the event, the presenter provided an extensive overview of APsystems' research andindustrialization efforts in MLPE module-level power electronics technology. They also discussed the company's overseasexpansion strategy, highlighting the establishment of subsidiaries in regions like the United States, Europe, Australia, andSouth America. This global presence has positioned APsystems as the world's second-largest supplier of micro-inverterproducts, contributing to a sales and service network across the globe.
Photovoltaic Project Construction
APsystems' Photovoltaic Project Construction Status
The 495kW BIPV Carport Photovoltaic Project in Haining was connected to the grid in December 2022.The project primarilyinvolves installations on the roofs of carports within the park. It operates in a mode of self-consumption with surpluselectricity being fed back into the grid. The industrial park consists of numerous office and production buildings with highelectricity demand. Therefore, the green electricity generated by the photovoltaic carport not only powers charging stationsbut also helps mitigate the overall electricity demand of the park. Compared to traditional string inverter systems undersimilar conditions, the QT2D can generate an additional 5% to 25% of electricity, resulting in clear financial benefits and acontinuous supply of green electricity for the park.
Haining
KinCony
KinCony's 277.2 kW industrial and commercial photovoltaic project wasgrid-connected in June 2023. This project ingeniously integrates various areassuch as factory carports and roofs, including concrete roofs, colored steel tileroofs and BIPV photovoltaic carports, maximizing the available installation areaand achieving full utilization of space. The project exclusively employsAPsystems' QT2D micro-inverters with an output power of 3,520W, seamlesslyintegrating green energy into its development and realizing low-carbon goalsthrough technological innovation.
Yanguan Town
The 250.8kW Yanguan Rural Clustered Residential Photovoltaic Project , whichwas connected to the grid in June 2023, features the exclusive use ofAPsystems' latest generation 20A high-current, high-power micro-inverterQT2D. This project spans multiple areas and encompasses various types ofhousing constructions, with a total of 57 installations. APsystems' QT2Dmicro-inverter possesses a modular design that is plug-and-play, ensuring easeof installation and optimal space utilization while accommodating differentinstallation orientations and angles. Its one-to-eight connection method allowsfor simultaneous connection to 8 high-power modules, significantly reducingthe per-watt cost and delivering outstanding cost-effectiveness.
Lian Guan Textile
Lian Guan Textile's 1.1MW industrial and commercial photovoltaic project was grid-connected in December 2022. Lian GuanTextile is a renowned local textile factory with multiple production workshops and a significant amount of machinery andequipment, resulting in high energy consumption due to its high load density and substantial electricity usage. This projectexclusively employs APsystems' QT2D micro-inverters, providing an output power of up to 3﹐520W, making it the highestpower micro-inverter in the industry. Furthermore, the QT2D supports three-phase balanced AC output, further enhancingpower quality, lowering system costs, and offering a highly cost-effective advantage.
Shenzhen
The 233kW Photovoltaic Charging Station Project in Shenzhen, connected to the grid in June 2023, is a collaborative effortbetween APsystems and Shell Group. The project encompasses various applications such as rooftop photovoltaics andBIPV carport photovoltaics, all of which utilize APsystems' 20A high-current high-power micro-inverter QT2D.The photovoltaic system provides a continuous supply of green electricity for the daily operations, vehicle charging andnighttime lighting of the charging station. It effectively offsets the station's electricity consumption through photovoltaicpower generation, thereby contributing to the development of integrated photovoltaic energy storage and chargingsystems. This initiative serves as an exemplary demonstration for the region's pursuit of the "dual-carbon" goal andupholds the principles for green development.
HainingLian Guan TextileShenzhen
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Relying on the architectural features of the apartment building,the 229kW residential photovoltaic project. Utilizes over 300APsystems micro-inverters and 622 photovoltaic modules, installed on various areas such as walls, balconies and rooftops.Since its operation, the power station has been able to generate approximately 210,000 kWh of electricity annually,providing a continuous source of clean energy. Furthermore, the APsystems micro-inverter system, designed with a fullparallel circuit, stands out for its inherent advantages, including no direct current high voltage, ensuring compliance withAmerican NEC standards 2017, 2020 and 2023 (690.12). This design effectively prevents potential fire hazards and othersafety accidents, thereby contributing to security for apartment buildings located in the bustling city.
New Jersey, USA
Seattle
BrazilThe 22.62 kW residential photovoltaic project in Brazil was connected to the grid in December 2022. During the design andconstruction phases of the project, measures were taken to maximize the utilization of the rooftop area. This involvedinstalling the photovoltaic system across roofs facing seven different orientations, employing exclusively micro-inverterproducts from APsystems. In actual operation, the micro-inverters played a crucial role in mitigating the "weak link" effectwithin the system, thereby reducing the degraded performance of multi-orientation setups and enabling efficient powergeneration across all roof surfaces.
The 108 kW photovoltaic project at the WaWa gas station in the United States was connected to the grid in 2019. WaWa,a renowned fuel service provider in the US, maintains stringent safety standards at its gas stations. The decision to optfor APsystems micro-inverters by both WaWa and the project's construction entity was driven by their inherent safetyadvantages, notably the absence of high DC voltages during system operation. This feature effectively eradicates the firerisk associated with high DC voltages in photovoltaic installations. Moreover, the green electricity generated by thephotovoltaic system continuously powers various electrical facilities at the gas station, leading to not only energyconservation and emission reduction but also substantial savings in electricity costs. This project exemplifies a harmoniousblend of ecological, social, and economic benefits. The successful commissioning and reliable operation of this projecthave instilled confidence in WaWa regarding future photovoltaic gas station projects. It serves as a pivotal reference pointfor the development of nearly 100 photovoltaic gas stations with a combined capacity of approximately 10 MW in theforthcoming phases.
The 200kW commercial and industrial photovoltaic project in the Philippines was connected to the grid in 2022. Thisproject exclusively utilizes APsystems' latest generation 20A high-current micro-inverter DS3. All photovoltaic modules areinstalled on the rooftops of the enterprise. The micro-inverter boasts a unique feature of naturally lacking high DC voltage,which effectively tackles fire hazards associated with the DC side of photovoltaic systems. It complies with the safetystandards specified in the Philippine Electrical Code 2017 for distributed photovoltaics, particularly in terms of rapidshutdown functionality for rooftop photovoltaic stations. This ensures utmost safety in rooftop photovoltaic installations.With its emphasis on safety-centric product design, the micro-inverter is exceptionally well-suited for distributedphotovoltaic applications in commercial and industrial settings with stringent safety requirements.
Philippines
CanadaThe 122kW commercial and industrial photovoltaic project in Canada was connected to the grid in 2016. The entire projectutilizes APsystems' micro-inverters. The Cheese facility consists of a multitude of machinery and equipment with a highload density and substantial electricity consumption. APsystems' micro-inverters are designed with a full parallel circuit,boasting the inherent advantage of being free from high DC voltage, thus ensuring ultimate safety in power stationoperations. Furthermore, they feature Maximum Power Point Tracking (MPPT) functionality, eliminating the "weak link"effect in system operation and reducing power generation losses. These attributes empower the processing of dairyproducts like cheese, contributing to the enterprise's green and sustainable development.
MexicoThe 19.62kW commercial and industrial photovoltaic project in Jalisco, Mexico, was connected to the grid in 2022. Theproject was installed and constructed by a local experienced partner of APsystems and utilizes APsystems' micro-invertersDS3D. With its robust product capabilities, DS3D provides a high-quality green solution for the low-carbon transformationand development of high-energy-consuming enterprises. Taking into account safety, power generation capacity andintelligent operation and maintenance, DS3D ensures that the photovoltaic power station becomes a valuable asset forthe enterprise, bringing continuous economic benefits. This power station also serves as a typical green project combiningphotovoltaics with the commercial and industrial sectors in the local area, demonstrating and promoting the developmentof commercial and industrial photovoltaics in the region.
PhilippinesCanadaMexicoSeattleBrazilNew Jersey, USA
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Green AirConditioning Practices
Green Lighting
Practices
The company upholds the philosophy of "promoting environmental awareness and advocating for a green lifestyle", activelyimplementing practices such as "conserving water, saving energy and reducing paper usage" in its daily office operations. It isdedicated to the harmonious development of the enterprise and the environment, adhering strictly to laws and regulations suchas the Environmental Protection Law of the People's Republic of China. Utilizing the ISO14001 environmental management system standardas a foundation, the company has advanced its environmental management work that seamlessly integrates green developmentinto its daily office practices.
Ensuring the quality of daily work while minimizing the consumption of disposable office supplies is integral to our commitmentto environmental protection. We strive to make "green" the predominant theme in our company's operations, demonstrating ourdedication to environmental awareness and sustainable development. Through strategies such as double-sided printing,transitioning to electronic documents whenever possible, and formulating a thoughtful consumables procurement plan, we activelyreduce material consumption and conserve resources.
Optimal Temperature Settings:Set cooling temperatures not lower than 26°Cduring summer and heating temperatures not higher than 20°C in winter.Sealed Environment with Air Conditioning: Keep office doors and windowsclosed while using air conditioning to maximize its efficiency. If ventilation isnecessary, turn off the air conditioning system to prevent wasteful practicesof using air conditioning with windows and doors opened.Efficient Usage by Shutting Down When Unoccupied: Adhere to the "userresponsibility principle", where individuals are accountable for turning off theair conditioning system when leaving the premises, ensuring a "stop whenvacant" policy.Optimal Lighting Layout Design: Implement a well-thought-out lighting layoutthat maximizes the use of natural light and complements it with artificiallighting, reducing the overall need for artificial illumination.Turn the lights off when leaving. avoid leaving lights on during daylight hours,using long-lasting or permanent lights unnecessarily, or leaving lights on inunoccupied areas. Minimize both the duration and quantity of lighting usage,and remember to turn off lights when leaving a room.Adoption of Energy-Efficient Lighting Fixtures: When choosing lightingequipment, prioritize factors such as luminous efficiency, lifespan, colorrendering index and energy consumption. Strive to reduce energy usage whilemaintaining optimal lighting quality.
Sustaining Green Operations
The company's office waste management adheres to the principles of waste reduction, resource recovery and environmentalsafety. Through initiatives such as waste segregation and recycling of obsolete equipment and electronic devices, efforts are madeto minimize waste generation, promote resource circulation, protect the environment, and achieve sustainable development.Additionally, the sanitation company conducts daily scheduled waste collection in the park area and employs either landfilling orincineration methods to dispose of the waste appropriately.
Green Office Practices
Energy Conservation
Waste Disposal Practices
Recycling and Disposal of Obsolete Equipment and Electronic Devices
The applicant completing the OA equipment scrapping form. Approval from thefinance department is required before the equipment can be scrapped. The applicantthen coordinates with the warehouse and finance department to jointly manage thescrapping process.
Engage professional and certified third-party services forcentralized recycling.
Metal (iron, aluminum, and copper-containing wastecircuit boards): Segregate and classify accordingly.Circuit boards: Subject to physical crushing.
DisposalProcedure
DisposalSolution
WasteDisposal
Waste Segregation
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7.37%
2023R&D ExpenditureRatio of R&D Expensesto Company Revenue
Research and Development (R&D) InnovationR&D innovation serves as a pivotal engine for enterprises to consistently maintain market competitiveness. This processencompasses the entire course from fundamental theoretical exploration to tangible product development. Amidst swiftly evolvingmarket landscapes, companies persistently allocate resources towards research & development and innovation initiatives to alignwith market demands and sustain their leadership position.
The company has established a market-driven independent research and development model, focusing on innovativeadvancements in hardware circuit topology, software control algorithms, communication and big data processing technologies.This approach has led to successful development of module-level power electronics products such as micro-inverters andintelligent disconnectors, which have been commercially applied in distributed photovoltaic power generation systems and smartgrids. Furthermore, the company adopts a project-based R&D approach that integrates market feedback and suggestions fromvarious departments. Projects undergo technical feasibility analyses before initiation, and comprehensive planning during designreviews ensures optimal levels of product performance, quality, cost-effectiveness and R&D efficiency.
The company possesses an internationally acclaimed R&D team that is anchored in advanced research principles and is dedicatedto independent research and innovation. This team comprises individuals with robust professional backgrounds and extensiveindustry experience, providing a solid talent foundation for the company's R&D innovations in technology and productdevelopment. In 2014, they were recognized as the "Key Enterprise Technology Innovation Team" by Jiaxing City. As of the end ofthe reporting period, the team comprises210 R&D professionals, constituting 51.98% of the total workforce, among which 190have bachelor's degrees or higher, representing 90.78% of the technical staff.
To streamline R&D project management and inspireproactive engagement among R&D personnel, thecompany has established the R&D Center ProjectAssessment and Reward System. This system ensures thehigh-quality, efficient and cost-effective completion ofthe company's R&D tasks. Annually, the companyconducts a comprehensive performance evaluationencompassing three main areas: goal management(40%), project execution (20%) and individual behaviorand functions (40%). This comprehensive and impartialevaluation process assesses the contributions of eachR&D professional and offers corresponding rewards,thereby promoting R&D innovation and advancementwithin the company.
The company deeply understands that technological innovation is the key driving force shaping the future. It remains steadfast inits core principle of innovation-driven development and is dedicated to establishing a robust, systematic and efficient R&Dinnovation system. By attracting industry elites, cultivating top-tier teams and unlocking innovative potential, the company aims tosignificantly enhance its innovation capabilities and core competitiveness.Leveraging its expertise in semiconductor and chip technologies, the company is advancing its R&D efforts in module-level powerelectronics and chips, thereby enhancing business independence and product competitiveness. Simultaneously, it is focusing onupgrading distributed photovoltaic power generation system technologies to reduce micro-inverter costs and improve marketacceptance. The company's inverter products are already leading the industry by 2-3 years, with the 20A high-current productsetting an industry benchmark. In the realm of intelligent disconnectors, the company has independently developed dedicatedcontrol and algorithm ASIC chips, enhancing product integration and reliability, and leading in domestic shipments. The company'scomprehensive energy storage offerings include mass-produced single-phase residential energy storage series sold in Europe andAmerica.
Research and Development (R&D) and Innovation Management System
Zhejiang Province APsystemsMicro-Inverter Research Institute
ExpertsCommittee
Office
TechnicalDepartmentEMADesignDepartment
OperationsDepartment
Quality TeamProcurement TeamTechnical Services TeamStructural Design Team
Certification TeamTesting TeamGroup ThreeGroup TwoGroup OneECU TeamCommunication TeamInverter TeamArchives RoomTechnology Projects TeamIntellectual Property OfficeFinance OfficeComprehensiveManagement OfficeStrategic Office
R&D Data
Start
R&D Project
Initiation
Design Input
Design Input
Review
Design OutputReview
Research and Development (R&D) Process
Research and Development (R&D) Organizational Chart
Design Output
ProductPrototypeDesign Development
VerificationR&DConfirmationEnd
CNY104.71million
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With a focus on MLPE module-level power electronics technology for over a decade, the company remains steadfast in itscommitment to technological innovation as its core development strategy. We never cease in our efforts for evolving, starting frompioneering multi-unit micro-inverter architectures to developing micro-inverter products tailored to the needs of intelligent griddispatch. We have also introduced 20A high-current and high-power micro-inverter products, consistently positioning ourselves atthe forefront of technology. These groundbreaking advancements provide our users with safer, more efficient and intelligentphotovoltaic products, contributing positively to the transformation and sustainable development of the global energy structure.During the reporting period, the company increased its R&D investment and successfully introduced six new core technologies.This expansion further enhances our technical capabilities and widens our application domains, providing robust support forongoing product innovation and enhancing our competitiveness in the market.
Through a strategic partnership with Southern Airlines, the company has jointly developed "High-Frequency Planar Transformersand Planar Power Inductors for Photovoltaic Micro Inverters". This collaborative effort has resulted in a significant technologicalbreakthrough for the company's inverter products, particularly in terms of achieving high energy density and efficiency.Furthermore, both parties have successfully addressed challenges in "Design and Control Technology of Three-Phase EnergyStorage Systems", thereby enhancing the completeness of the company's energy storage machine product line.The company is steadfast in its commitment to maintaining and elevating product market competitiveness to meet the evolvingdemands of the market. Moving forward, the company will actively seek strategic collaborations with domestic and internationalresearch institutions, higher education establishments and global enterprises. Through continuous exploration and the integrationof cutting-edge technologies and research outcomes, the company aims to reinforce its technical capabilities.The company rigorously complies with intellectual property laws and regulations and has implemented a comprehensiveintellectual property management system. Internally, the company continually educates its employees on intellectual propertyknowledge to enhance their awareness of the intellectual property protection. Furthermore, the company actively engages withthe market by advocating the importance of intellectual property protection to clients and partners through various channels suchas seminars and discussions. The company is committed to playing a positive role in advancing intellectual property protectionprocesses and aims to contribute to fostering an environment that respects and safeguards intellectual property.
To stimulate innovation vitality, propel technological advancement,and strengthen the cultivation, maintenance and application ofproprietary intellectual property, while harnessing the pivotal roleof the patent system in driving enterprise development, and toclarify the rights and interests relationship between employees'inventive achievements in research and other innovative activitiesand the company, the company has formulated the PatentApplication and Reward/Penalty Measures. This framework isbased on relevant provisions of theLaw of the People's Republic of Chinaon Science and Technology Progress, the Patent Law of the People's Republicof China and the Civil Code of the People's Republic of China, combinedwith the company's specific circumstances. It aims to incentivizeand safeguard innovative achievements, injecting a steady streamof innovation-driven dynamics into the company's long-termdevelopment.
The company is recognized as a high-tech enterprise and was officially accredited by the Ministry of Industry and InformationTechnology in May 2016 as meeting the Photovoltaic Manufacturing Industry Standard Conditions (Fifth Batch). It has also been honoredwith prestigious titles such as "National Electronic Information Industry Enterprise with the Greatest Development Potential" and"Zhejiang Province Patent Demonstration Enterprise". Furthermore, the company has established institutions including the ZhejiangProvince APsystems Micro-Inverter Research Institute, Zhejiang Province Enterprise Technology Center and Zhejiang ProvinceHigh-Tech Enterprise Research and Development Center.
R&D Achievements and HonorsIndustry-Academia-Research Collaboration
Intellectual Property Protection
Intellectual Property Protection Measures
Unified declaration, management and maintenance of intellectual property, including patents, software copyrights and trademarks, with a particular focus onpromptly filing for innovative points and technological achievements resulting from the company's product development and technological innovation activities.Commitment to non-infringement of others' property rights, refraining from using patented technologies owned by others, manufacturing, using, selling, ordisseminating counterfeit products, and avoiding counterfeiting or imitation of others' trademarks, product identifiers and designs.Vigorous opposition to illegal activities that infringe upon others' property rights, actively reporting any infringements involving property rights, and cooperatingactively with governmental efforts to restrain, investigate and combat property rights violations.Participation in public awareness campaigns for intellectual property rights protection, collaboratingwith stakeholders across society to promote the healthy and sustainable development of theintellectual property industry.Implementation of Intellectual Property and Confidentiality Agreements, as well as Non-Compete Agreements,with employees.
Certificate of Honor
As of the end of the reporting periodInventionPatents
Items
UtilityModel PatentsItems
DesignPatentsItems
SoftwareCopyrightsItems
During the reporting periodNewInvention PatentsItems
UtilityModel PatentsItems
SoftwareCopyrightsItems
Performance
Microgrid installation encompasses complex procedures that can be challenging for users to self-install. The companyharnesses novel technology to simplify this process, enabling seamless device control through smartphone applications,thereby streamlining operations. Additionally, it offers self-installation configuration capabilities to promote the integration ofsolar energy storage products into smart homes.Self-ApplicationScenario ControlTechnology
Hybrid inverter systems pose risks with high-voltage inputs, while their low-voltage versions suffer from reduced efficiencyand reliability. The company employs third-generation wide-bandgap semiconductor technology alongside advanced controlalgorithms to elevate efficiency at lower voltages, optimize operational modes and enhance system reliability.Low-VoltageHybrid InverterControl Technology
Conventional micro inverters often adopt a two-stage topology, resulting in high costs and decreased power density.Leveraging resonance technology for soft-switching capabilities, the company achieves heightened efficiency and powerdensity. This innovative approach facilitates the development of a more compact single-stage micro inverter, effectivelyaddressing the challenges associated with two-stage micro inverters.
Single-StageSeries-Resonant MicroInverter ControlTechnology
Prior to the construction of a photovoltaic power station, there is a need for professional design and evaluation, a processthat is both complex and costly. The company employs image processing, simulation and virtualization technologies to enablerapid online design and virtual presentation of power stations, resulting in the generation of simulation evaluation reports.Design and SimulationTechnology forIntegrated PhotovoltaicPower Stations
The integration technology for string energy storage cabinet features a diverse range of functional modules, offering flexibledesign options suitable for various operational scenarios. Through the adoption of specialized connection methods, weenhance the discharge capacity of battery cells and optimize economic viability of the system. This integrated systemensures cluster-wide management, ensuring consistency and facilitating scalability or supplementary charging.Integration Technologyfor String EnergyStorage Cabinets
The string energy storage solutions offer flexible configuration options and streamlined installation procedures, reducingconstruction complexity and land usage. By avoiding the performance degradation associated with battery parallelconnections, the system reliability has been strengthened.
String InverterControl Technology
Environmental, Social andGovernance (ESG) ReportIndustrial Prosperity and Value Co-Creation
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Association NameAssociation LevelPositionNo.
APsystems not only prioritizes its own growth but also strives to collaboratively advance the industry with upstream and downstreamenterprises. The company actively engages in formulating 3 certification technical specifications and 16 national, industry, or groupstandards. Notably, the company took the lead in drafting the PV grid-connected microinverter group standard. These standards not onlystandardize industry practices and drive technological progress but also offer robust support for industry upgrading andinternational competitiveness. Serving as a pivotal force for industry development, the company has made substantial contributionsto the flourishing of the sector.
In a effort to enhance communication and collaboration with industry counterparts, the company has gained membership with
industry associations spanning diverse sectors. These associations focus on areas such as technical exchange, market promotion,and policy research. Through these partnerships, the company remains abreast of industry dynamics and regulatory shifts, engagesin meaningful exchanges and partnerships with fellow industry players, and collectively fosters industry development.Simultaneously, leveraging these association platforms enables the company to broaden its influence, increase visibility, and furtherelevate its position within the industry.
Technical Requirement and Test Method ofGrid-connected PV Micro InverterTechnical Requirements for Electrical Safety Design ofResidential Photovoltaic Grid-Connected Power SystemTesting and Evaluation for Grid ConnectedResidential PV SystemTechnical Specifications for PhotovoltaicGrid-Connected Micro InverterTechnical Specification of Photovoltaic ModulePower OptimizerDistributed Photovoltaic Power Grid-Connected InvertersTechnical Specification of Residential DistributedPhotovoltaic Grid-Connected Power SystemResidential String-Type PhotovoltaicGrid-Connected InvertersTechnical Specifications for Documentation, Inspectionand Testing of Grid-Connected Photovoltaic (PV) SystemAcceptance Specification of Building IntegratedPhotovoltaic SystemsCommercial and Industrial String-Type PhotovoltaicGrid-Connected InvertersApplication Procedures for PhotovoltaicBuilding TechnologyPhotovoltaic Grid-Connected Micro InverterGuide for PV Curtain Wall ApplicationAssessment Requirements for Green Factory inPhotovoltaic Inverter Manufacturing IndustryComponents and Equipment of Photovoltaic BuildingDetermination of Power Generation System forPhotovoltaic BuildingGreen and Low-Carbon Product Evaluation Specificationsfor Photovoltaic Grid-Connected Micro-InvertersPhotovoltaic Power Generation System Inverter ProductTesting Specifications
CGC/GF027:2013CGC /GF 093:2017
CTS 13001-2018NB/T 42142-2018NB/T 42143-2018T/JX 009—2018T/JX 012—2018T/ZZB 0854—2018T/CPIA 0010—2019GB/T 37655-2019T/ZZB 1425—2019T/CBDA 39-2020T/ZZB 0229—2022T/CCMSA 70228—2022T/CSTM 00501—2022T/CBDA 1004 — 2023T/CBDA 1005 — 2023T/CIET 280—2023T/CIET 279—2023
Certification Technical
SpecificationCertification Technical
SpecificationCertification Technical
SpecificationIndustry StandardIndustry StandardGroup StandardGroup StandardGroup StandardGroup StandardNational Standard
Group StandardGroup StandardGroup StandardGroup StandardGroup StandardGroup StandardGroup StandardGroup StandardGroup Standard
Propelling Industry Development
Standard NameStandard No.Standard TypeNo.
Clean Energy CouncilAsian Photovoltaic Industry AssociationChina Photovoltaic Industry AssociationNew Energy Chamber of Commerce of All China Federationof Industry and CommerceZhejiang Solar Energy Industry AssociationGuangdong Solar Energy Industry AssociationHenan New Energy Industry Development AllianceHebei Photovoltaic New Energy Chamber of CommerceJiangsu Renewable Energy Industry AssociationJiangxi Energy Association Photovoltaic BranchJiaxing Photovoltaic Industry AssociationHangzhou Solar Photovoltaic Industry AssociationPGO - Photovoltaic Green-ecosystem Organization
Member EntityMember EntityDirector EntityMember EntityVice Chairman Entity
Member EntityMember EntityMember EntityMember EntityMember EntityVice Chairman Entity
Member EntityMember Entity
InternationalInternationalNationalNationalProvincialProvincialProvincialProvincialProvincialProvincialMunicipalMunicipalIndustry
Environmental, Social andGovernance (ESG) ReportIndustrial Prosperity and Value Co-Creation
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Full Lifecycle Quality Management Process
System PlanningPerformance Measurement & Improvement Analysis
Management Process
Product Realization
Supporting Process
Quality Control Process for New Product Production
APsystems upholds the principle of "zero-defect production, zero-acceptance of defects and zero-delivery of defects". To achievethis, the company has established and implemented Quality Assurance Management Procedures and Corrective and Preventive ActionControl Procedures. A stringent quality inspection process has been established, with dedicated quality inspection personnel. Theseprocedures ensure that every micro-inverter product undergoes stringent quality inspection processes, including AutomatedOptical Inspection (AOI), Functional Testing (FCT), Aging Testing. Additionally, advanced management methodologies such as"Kanban Management", "5S Principles" and "Six Sigma Principles" are employed to further enhance product quality and reliability.
In an effort to ensure the smooth implementation and effective operation of the quality management system, the company hasestablished a robust organizational structure for quality management. At the top of this structure is the CEO, who serves as thehighest management authority overseeing the quality management system. The vice operating officer is designated as the primaryrepresentative of the quality management system, responsible for coordinating, monitoring and driving quality managementinitiatives across the organization. Additionally, the Quality Supervisor plays a crucial role in providing in-depth management andguidance in key areas such as quality assurance, supplier quality, process quality and quality control.
Quality Management System Certification
Product LiabilityEnhancing product liability awareness and ensuring product quality are indispensable responsibilities of the company. Productliability not only impacts the company's integrity and reputation but also plays a critical role in maintaining market order andsafeguarding consumer rights. A responsible enterprise should consistently prioritize product quality to ensure consumer safetyand protection of their rights.
APsystems upholds the quality policy of "technological innovation, continuousimprovement, excellent quality and customer satisfaction", striving to deliverexceptional products and services to its customers. The company focuses on coreareas such as research and development, design and market sales, while productmanufacturing is conducted through outsourcing. To ensure the quality andconsistent supply of outsourced products, the company meticulously selectsoutsourcing partners, taking into account their qualifications, credibility andtechnical capabilities.Furthermore, the company has established a comprehensive quality managementsystem, including protocols such as Outsourcing Management Procedure and ProcessInspection Specifications to standardize the outsourcing process, personnel allocation,testing procedures, packaging and other aspects. Through close collaboration withoutsourcing partners and stringent control over quality and processes, thecompany achieves complete monitoring of critical processes throughout theoutsourcing chain. As of the end of the reporting period, the company hasobtained ISO9001 quality management system certification.
Quality Management System
Product Lifecycle Management
QMS Top Management
CEO
Quality AssuranceSupplier QualityProcess QualityQuality Control
QMS Management
RepresentativeOperation VPQuality Director
InputOutput
Document theInformation
SPMPCOP
NewProductLaunchMeeting
PreparationInitiation
TrialProduction
Startup
Production
ProcessTracking
Quality
DataRecording
DataCompilation
andAnalysis
TrialProductionSummaryMeeting
DFMOutput
Organizational Structure for Quality Management
CustomerRequirement
CustomerSatisfactionContractReview
Nonconforming
ProductControl
SupplierManagement
GaugeManagement
EnvironmentalManagement
FacilityManagement
ToolingManagement
HumanResourceManagement
DesignDevelopment
Production/Material Planning
Purchasing
IncomingQuality Control
WarehouseManagement
MaterialPreparation
ProductRealization
Product MonitoringMeasurement
ProductProtection
DeliveryService
DocumentRecord
Environmental, Social andGovernance (ESG) ReportIndustrial Prosperity and Value Co-Creation
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The company has implemented rigorous procedures for Non-Conforming Product Control and Product Recall Management to ensureproduct quality. In case of any potential non-conforming products, the company promptly follows the prescribed procedures andnotifies relevant parties of the product information promptly. Should a batch of delivered products be found non-conforming inquality, we will promptly initiate the product recall procedure to comprehensively and swiftly control the affected finishedproducts, thereby mitigating or preventing losses for the company and stakeholders.
Non-Conforming Product Management
SMT Production LineDIP Production LineFA Production Line
Responsibilities of Each Department
In terms of outsourcing management, the company employs a stringent process to control product quality. It provides outsourcingpartners with part drawings and proprietary control algorithm software that is encrypted. Outsourcing partners then proceed withhardware assembly and processing based on the provided part drawings, followed by transferring the control algorithm softwareinto the hardware through IC programming.The company utilizes advanced production management technologies and has established the Product Identification and TraceabilityManagement Procedure. Through automated Shop Floor systems control and unique UID numbers, every product's production recordsare traced from production to warehousing, ensuring complete traceability throughout the process. All testing data is automaticallyuploaded to the database, and critical processes are conducted using automated testing equipment, allowing real-time monitoringby management personnel and effectively mitigating the risk of missed tests and reducing the impact of human factors on quality.
ProductionManagementSystem
ShipmentManagementSystem
After-SalesManagementSystemEMA
Monitoring
System
APsystemsTraceability
System
Other DepartmentsParticipates in and collaborates to ensure the successful completion of the product recallprocess.
Risk Management Department
Responsible for transmitting customer information relevant to the recall process.
Sales DepartmentResponsible for conveying customer complaints and promptly informing relevant personnel.Handles communication and liaison with customers during the recall process.
Operations DepartmentThe Quality Supervisor leads the product recall process and is responsible for organizingrelevant personnel to implement the recall, as well as gaining an understanding of theproduct recall status.Warehousing and logistics team is responsible for tracking the status of products in transitand conducts inspections of inventory for identified problematic batches.Quality team tracks the quantity, customer information, batch numbers and other relevantinformation related to problematic batches; organizes departments to develop andimplement emergency measures as necessary; tracks and oversees the progress of theproduct recall work.
General Manager
Responsible for making decisions regarding the initiation of the product recall procedureand approving the recall plan.
Environmental, Social andGovernance (ESG) ReportIndustrial Prosperity and Value Co-Creation
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Digital Management SystemCustomer Rights and InterestsCustomer trust and satisfaction are foundational to sustainable development for the enterprise. Safeguarding customer rights andinterests isn't just a legal mandate but a critical aspect of earning market share and fostering a positive reputation. With acustomer-centric approach, the company ensures that customer rights remain inviolable, aiming to cultivate long-term trust andsupport for sustained growth.
Salesforce is an exceptional Customer Relationship Management solution that effectively facilitates communicationbetween enterprises and customers. The company primarily utilizes Salesforce for customer service management. Byleveraging Salesforce, the customer service team gains a comprehensive understanding of customer needs, enablingthem to deliver precise and efficient services. Furthermore, Salesforce's powerful data analytics capabilities allow thecompany to gain in-depth insights into customer behavior, thus providing robust support for future business strategiesand decisions.The company's mission revolves around "deliveringoptimal products and exceptional services to ourcustomers", leading to the establishment of acomprehensive after-sales service system. Toguarantee a comprehensive and attentive serviceexperience, we delve deep into understanding ourcustomers' specific needs and offer precise,reliable solutions. Upholding the ethos of genuinecustomer care, we prioritize enhancing customersatisfaction and fostering close collaboration. Thiseffort is guided by cultivating a dedicated serviceteam spanning marketing, sales, order trackingand technical support. Furthermore, thecompany’s priorities on product technologicalinnovation driven by market demands has enabledus to establish a globalized sales and servicenetwork.
Supervisor
Responsible for domestic and international technical support, system technical support, system researchand technical support team management.InternationalTechnical Support
DomesticTechnical SupportApplication
Testing
Pre-sales
Responsible for technical support work in various overseas regions, providing technical training, andconducting system-level research on photovoltaic systems.Manager
Responsible for domestic technical support, system technical support, system research and managementof domestic technical support/system application testing teams.Provides technical support for products covered under signed warranty agreements, offering guidance onproduct installation and debugging to customers.Based on customer feedback, proposes new design requirements to R&D; conducts application testing onnew products to improve product reliability and stability; provides technical support for products coveredunder signed warranty agreements, offering guidance on product installation and debugging to customers.Assists in customer support with relevant regional sales and marketing teams; communicates withcustomers to design and plan system projects and develop implementation plans based on customerrequirements; compiles technical, product, and training materials; organizes technical work andcorresponding training.
Customer Service System
Organizational Structure for Technical Service Team
ApplicationTesting
InternationalTechnical Support
Supervisor
ManagerPre-sales
DomesticTechnical Support
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APsystems strictly adheres to the Advertising Law of the People's Republic of China and rigorously monitors the promotion and salesprocesses of its products. Every marketing slogan and advertisement content undergoes thorough compliance review to ensure theauthenticity and legality of information.The company is dedicated to providing consumers with accurate and efficient product information to assist them in makinginformed choices. In its promotional strategies, the company steadfastly upholds principles of authenticity and fairness. Throughcontinuous innovation and flexible responses to market changes, the company strives to meet diverse customer needs withoutemploying hyperbole or deceptive practices. It is this commitment to authenticity and principled conduct that has granted thecompany a favorable reputation and credibility in the market.
Customer service has become a pivotal factor for enterprises in winning market share and attaining customer loyalty. Tocontinuously elevate the company's service quality, cater to diverse customer needs, and establish long-term stable partnershipswith clients, the company regularly conducts specialized customer service training programs. These programs are deliveredthrough both in-person and remote training formats, aimed at deepening employees' understanding of service principles,enhancing service efficiency and customer satisfaction. Through these training programs, each employee is expected to internalizecustomer satisfaction as a fundamental aspect of their work ethic, contributing collectively to the creation of an outstanding servicebrand. This effort propels the company towards achieving elevated service excellence and broader prospect for development.
In order to provide efficient and professional complaint handling services, standardize the process for handling customer complaints,and ensure timely responses and satisfactory solutions when customers encounter issues, the company strictly adheres to legalregulations and has established the After-Sales Operations Management Standards to actively address inquiries related to our products,providing comprehensive and expert responses. Furthermore, both the Sales and Marketing Departments are responsible forgathering and documenting feedback and suggestions, offering practical solutions to address any identified issues.Customer satisfaction remains our top priority. In cases where return or exchange requests arise due to product issues, the companyresponds promptly to ensure that consumer concerns are effectively resolved. Regarding after-sales services, we commit to activelycontacting customers within 24 hours of identifying the service type, with designated after-sales personnel offering viable solutions.Should on-site support be necessary, our proficient personnel will promptly deliver services following approval by the after-salesdepartment leadership. Our after-sales team ensures solution implementation and maintains ongoing monitoring until the issue iscompletely resolved. Should the issue still persist, we conduct a reassessment and develop successive solutions until achieving aclosed-loop resolution.
In pursuit of consistent optimization and elevated customer satisfaction, thecompany has implemented the Customer Satisfaction Measurement and ControlProcedures. This framework employs scientific and systematic methods togather, analyze, and respond to customer feedback comprehensively. Throughthis approach, we gain insights into customer demands and expectationsacross multiple aspects including products, brands, services, logistics andpricing. We leverage these insights to implement targeted improvements andenhancements, thereby maximizing customer satisfaction.
After-Sales Service ResponseCustomer Service Training
Responsible Marketing
Customer Satisfaction
On-site TrainingLive Streaming Training
Training Formats
CustomerDemandsOfficial Website
Registration -Periodic Training
Live Streaming
Remote
Specialized
Training
In-person
During the reporting periodthe company customersatisfaction rate
%
Performance
Public Account
SalesRequirements
Trade ShowPresentation
Event
Environmental, Social andGovernance (ESG) Report
Industrial Prosperity and Value Co-Creation
5758
Supplier Selection and Evaluation
Supplier Evaluation
Sustainable Supply Chain ManagementWith the acceleration of globalization and the increasing exposure of environmental issues, enterprises are facing growing socialresponsibility and environmental pressures. Sustainable supply chain management not only helps companies reduce operationalrisks and improve efficiency but also enhances brand image and social influence. Through proper sustainable supply chainmanagement practices, companies achieve a win-win situation between economic benefits and social benefits, contributing toglobal sustainable development.
When introducing new suppliers, the company conducts thorough assessments on areas such as design andmanufacturing capabilities, quality systems, business conditions and production validation outcomes. Only after passingthese evaluations are suppliers recognized as qualified partners. The company then carries out periodic or random auditsand investigations on these qualified suppliers. If any supplier fails to meet the company's standards in terms of technicalcapabilities, quality performance, pricing considerations or service alignment, appropriate procedures for improvement,alteration or disqualification will be initiated.
For established partners who have become qualified suppliers, the SQE develops an annual supplier audit plan at thebeginning of each year to assess whether their quality systems are maintained and improved, ensuring they meet thecompany's and customers' requirements. During the audit process, any issues identified by the SQE are confirmedon-site with the supplier and formally communicated via email, along with a request for the supplier to provide writtenimprovement measures. During re-assessment, the company focuses on monitoring the improvements made bysuppliers with previous non-compliance or incoming material quality issues observed during the last assessment. If asupplier fails to make effective improvements within the specified time frame or remains unqualified uponre-assessment, the quality team will draft a formal notification. After approval by the Operations Supervisor and CTO,the supplier's qualified status will be revoked.
To meet the company's expanding needs in both domestic and international markets, the company has intensified collaborationwith partners and fortified supply chain management efforts. Moreover, the company strictly adheres to relevant laws andregulations such as the Law of the People's Republic of China on Tendering and Bidding and Regulations on the Implementation of the Tendering andBidding Law of the People's Republic of China. Leveraging actual operational circumstances, the company has established the SupplierManagement Procedures and Procurement Control Procedures. These protocols standardize and refine supplier investigation, selection,delivery management and price management, ensuring supply chain security and stability.
In order to ensure the standardized and systematic management of suppliers, the company has implemented the SupplierManagement Measures, imposing rigorous controls over entry, approvals and evaluations to achieve full lifecycle management ofsuppliers. Furthermore, the company has established the Procurement and Payment Management Procedures to evaluate theeffectiveness of the internal control system, ensuring the procurement department can accurately anticipate upcoming payments.This assits the finance department in making informed fund projections and preparations, thereby safeguarding the legitimaterights and interests of suppliers.
Supplier ClassificationFor significant manufacturing-oriented key suppliers, the SQE conducts quarterly reviews of their capabilities to ensurethey meet the company's requirements. The company evaluates these suppliers based on the Key Supplier AssessmentScorecard, focusing on five elements: quality, price, delivery, service, and technology. Each element carries a specificassessment weight: quality (40%), price (15%), delivery (15%), service (10%), and technology (20%).
Supply Chain Management System
Full Lifecycle Management
70% and above
ScoreScoring Criteria and Results
Evaluation deemed as qualified60%-70%Placed on observation list; re-evaluation after improvement within one month
Below 60%Evaluation deemed as unqualified
Suppliers Full Lifecycle Management ProcessSupplier Evaluation
On-site Evaluationor Not
On-site InspectionInspection ResultsEntry of QualifiedSuppliers
Re-evaluation ofQualified Suppliers
Re-evaluationResults
ComprehensiveAssessmentAssessmentResults
ContinuedCollaboration
NO
YESYESYESYES
NONONO
On-site EvaluationExemption
Supplier Rectification
within Deadline
Environmental, Social andGovernance (ESG) Report
Industrial Prosperity and Value Co-Creation
5960
Information Security and Privacy Protection
In the digital era, the security of personal information and sensitive data is directly impacting individuals' interests. Confrontingincreasingly severe cyber threats, the company continuously enhances its information security construction by employingcutting-edge encryption technologies and robust security measures to safeguard data confidentiality and integrity. Moreover, thecompany places significant emphasis on safeguarding user privacy, strictly monitoring the collection, storage and utilization of userdata to ensure comprehensive respect for and protection of user privacy rights.
APsystems places a strong emphasis on information security andprotection, strictly adhering to the requirements of the Personal InformationProtection Law of the People's Republic of China and relevant regulatoryframeworks. The company has established internal management systemssuch as the Information Security Management Manual, Information Security RiskManagement Procedures and Information Asset Classification ManagementProcedures to respect and safeguard customer privacy, contributingsignificantly to promoting network and information security.To ensure the effective functioning of the company's information securitymanagement system, an ISO working group has been established tofoster a robust information security culture within the company, furtherenhancing the company's information security management capabilitiesand levels. The ISO group consists of representatives from managementand department leaders.As of the end of the reporting period, the company has obtained ISO27001 information security management system certification.
In order to safeguard information assets, the company has established an Information Asset Identification and Risk Assessment Form.This form is designed to identify internal information assets within the organization and assess the risks associated with them.Through this approach, the company gains insights into the value of information assets and potential security hazards, allowingfor the implementation of appropriate measures to ensure data security.
The company rigorously upholds the criteria for selecting and evaluating suppliers, distributors and service partners, giving fairconsideration to their performance and management capabilities in areas such as quality, environmental impact and occupationalhealth and safety. Partners are chosen based on their suitability for collaboration. Adhering to principles of fairness, equity andtransparency, the company conducts regular performance assessments of its partners to enhance supply chain managementoptimization and improve overall value chain performance.The company signs a Supplier Corporate Social Responsibility Commitment with suppliers and strictly adheres to the stipulations outlinedin the APsystems Supplier Code of Conduct. As of the end of the reporting period, the signing rate of the Supplier Corporate SocialResponsibility Commitment stands at100%.
Suppliers are required to uphold the human rights of their employees in accordance with globallyrecognized standards, demonstrating full respect for their workforce and preserving their dignity.Suppliers should acknowledge that a safe and healthy work environment not only reduces work-relatedinjuries and illnesses but also enhances product and service quality. It contributes to increasedproductivity, higher employee retention rates and improved morale. Suppliers should also recognize thecritical role of continuous employee investment and education in identifying and addressing health andsafety issues in the workplace.Suppliers are expected to minimize adverse impacts on society, the environment and natural resourcesduring their manufacturing operations, while protecting public health and safety.
Information Security Management System
Responsible Procurement
Information Security Risk Assessment
Information Security Management System Certification
APsystems Supplier Code of Conduct
Categories of Information Assets
GradeScoreCategoryRecommendationRisk Level
On-Site Assessment
FrequencyABCD
90 or above(Including 90)90-80(Including 80)80-60(Including 60)Below 60DeemedUnqualified
Excellent Supplier
Good SupplierQualified SupplierUnqualified Supplier
Consider increasingprocurement volume reasonably
Immediatelyterminate procurement
Consider reducing procurement
or temporary suspension, orutilize as an emergency backup
Continue procurement with
enhanced scrutiny
Low Risk
Medium Risk
High Risk
Onceevery two years
Once a year
Terminatecooperation
Labor
Health and
Safety
Environment
Software AssetsDocument AssetsPhysical AssetsData AssetsHuman Resources
AssetsService AssetsSuppliers must adhere to the highest ethical standards in all aspects of their business activities.
Business
Ethics
Environmental, Social andGovernance (ESG) Report
Industrial Prosperity and Value Co-Creation
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Information Security Training
The company places utmost importance on data security and has implemented a comprehensive set of measures tosafeguard data. Leveraging the ISO 27001 information security management system certification, we have established arobust information security management framework that governs data from generation, utilization, storage, transmissionand other aspects to ensure data integrity and confidentiality. In addition, we have developed a powerful networkprotection system, deploying devices and software systems such as firewalls, WAF and antivirus systems. These measures
As the digital transformation progresses, the significance of information security for enterprises is increasingly emphasized. Toguarantee the security of core information and assets, the company regularly organizes information security training sessions. Thetraining curriculum not only covers regular backup procedures for technical documents and strict management of internal fileaccess permissions but also includes dissemination of confidentiality knowledge and establishment of regulations for the designteam, as well as the regular review and implementation of confidentiality policies with appropriate rewards and penalties.Additionally, the company promotes and enforces its confidentiality control system, combined with confidentiality agreements,providing dual protection. Security protocols for operations and laboratory equipment usage have been established, along withenhanced monitoring facilities. These trainings foster close collaboration across departments, fortifying the company's informationsecurity defenses and ensuring seamless operations and continuous innovation.During the reporting period, information security training was provided to all employees, resulting in20 individuals obtaining ISO27001 information security management system internal auditor certification.
The company has conducted information security training to elevate employees' awareness and enhance theirself-protection capabilities regarding data security. The training program aims to foster a profound understanding of theimprotance of data security among employees, empowering them with practical knowledge and skills. This equips them toeffectively prevent data breaches and uphold the integrity of company information security in their practical work.
During risk assessment, our company adheres to the fundamental principles of confidentiality, integrity and availability. We assessrisks based on severity, occurrence and weakness, categorizing them into four levels: low, medium, high and very high. Thissystematic approach helps us gain a comprehensive understanding of the risk profile of our information assets and allows us toimplement specific measures to mitigate risks at different levels.
Information Security Training
Data Security Measures
During thereportingperiod
Severity (S)
Occurrence (O)Weakness (W)
Determined by the value of the asset identifiedduring asset identification
Whether existing control measures can detect,prevent and respond promptly to the risk if it occurs
The expected frequency of risk occurrence
PerformanceTotal ofInformation Assets191ItemsLow RiskAssets
179Items
Medium RiskAssets11Items
High RiskAssest
1Item
play an effective role in preventing external intrusions andinternal virus propagation. Regular updates to our networksecurity devices and software versions are conducted topromptly address known vulnerabilities and maintain astable and secure network environment.To further fortify data security, the company regularly backsup business system data and conducts recovery drills toensure rapid data restoration in emergencies, therebyensuring seamless business continuity. Furthermore, wehave implemented a file encryption system to encryptsensitive files, coupled with stringent data access controlsbased on departmental and personnel responsibilities, toensure controlled access and secure handling, transmissionand storage of data.
Environmental, Social andGovernance (ESG) ReportIndustrial Prosperity and Value Co-Creation
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Employee Well-being withBoundless Rightsand Interests
Environmental, Social andGovernance (ESG) ReportEmployee Well-being with Boundless Rights and Interests
6566
Labor Relations Management
APsystems consistently upholds principles of fairness and impartiality in its recruitment processes, assessing candidatesbased solely on job requirements without prejudice regarding nationality, ethnicity, place of origin, gender, language,religious beliefs or qualifications. The company ensures that employees have equal rights to employment, training,compensation and career promotion, fostering an environment of equality and diversity in the workplace.In accordance with national regulations such as theRegulations on Prohibiting the Use of Child Labor and locallegal requirements, the company verifies the age ofapplicants during the recruitment process. It is explicitlystated in the Human Resources Management Procedures thatall employees must be at least 18 years old, and theemployment of child labor is strictly prohibited.
At APsystems, we place a great emphasis on the value, rights and interests of our employees, providing them with comprehensivesupport and development opportunities. We strive to cultivate a fair and inclusive work environment where every employee canfully unleash their potential, contributing to the sustainable growth of the company. Through a robust compensation and benefitssystem, we ensure that employees' rights and interests are fully protected. Moreover, we prioritize addressing employees' concernsand promoting their physical and mental health, fostering a sense of care and respect within the workplace. We are committed tocreating a diverse, equitable and harmonious work environment that encourages creativity and teamwork among employees,thereby driving greater value for the company.
Our company adheres strictly to the principle of lawful employment, followingall relevant laws and regulations such as the Company Law of the People's Republicof China and the Civil Code of the People's Republic of China. We have established andimplemented employment management systems, including the Human ResourcesManagement Procedures to ensure the legality and compliance of our recruitmentand employment practices. This ensures the full protection of employees' legalrights and interests in areas such as recruitment, promotion, working hours,compensation and benefits as well as employee development.In order to continuously enhance the company's workforce composition and talent pool, we actively engage in talent acquisitionthrough a refined recruitment process and diversified channels, including social recruitment, campus recruitment and internalpromotions. In social recruitment, our primary focus is on online platforms, complemented by on-site hiring events and leveragingheadhunting services. We have established partnerships with six recruitment platforms to ensure coverage of job opportunities forlocal and national candidates. For campus recruitment, the company primarily participates in university presentationsindependently, with informational sessions as a supplement. During the reporting period, we participated in21 career fair events
and held 3 informational sessions.
Employee Recruitment and Employment
Workforce Diversity and Inclusion
Campus Recruitment
During thereportingperiod
labor discriminationincidents
Case
As of the end of thereporting period
2023
New Hires by Gender
MaleFemale
New Hires by Recruitment Channel
Social Recruitment
128Persons43PersonsNew Hires(persons)
New Hires(persons)
Persons
Campus Recruitment
37Persons
Performance
PerformanceFemaleManagers
8Persons
Female ManagersAccounted
1.98%
134Persons
Environmental, Social andGovernance (ESG) ReportEmployee Well-being with Boundless Rights and Interests
6768
The company places a strong emphasis on employees' working hours and holiday arrangements, adhering strictly to theattendance management system. In addition to national statutory holidays, employees are entitled to various welfare leave periods,including annual leave, marriage leave, maternity leave, nursing leave, breastfeeding leave, sick leave, work-related injury leave,bereavement leave and personal leave. Depending on job roles and different work stages, departments may adjust work schedulesappropriately after receiving approval from leadership and considering practical circumstances.
Furthermore, the company rigorously follows therequirements stipulated in the Social Insurance Law of thePeople's Republic of China, ensuring punctual payment ofthe five social insurances and one housing fund foremployees. Additionally, the company provides otherbenefits such as commercial insurance, employeehousing facilities, heatstroke subsidies, medicalcheck-ups, holiday gifts and more to employees.
We recognize that compensation and benefits are robust drivers for unlocking employee potential, unleashing their value, andpowering the company's steady progress and market leadership. As such, we uphold the principle of "internal equity, externalcompetitiveness", establishing a refined compensation management framework that enhances employee satisfaction, productivityand overall engagement.The company keeps encouraging employees to deliver value by conducting biannual performance evaluations, including mid-yearand year-end assessments. These evaluations are directly tied to compensation, serving as a catalyst for unlocking employeepotential. We employ a comprehensive, fair and objective dual-dimensional assessment method based on job responsibilities andperformance achievements during these evaluations, ensuring an accurate evaluation of each employee's performance.
Compensation and Benefits
Compensation StructurePositional SalaryPerformance-based Salary
Various Allowances
Bonuses
Determined based on the employee's position importance and individual qualificationsPaid according to the employee's job performance and company performanceProvided as benefits to employees based on the company's operational conditions andregional standardsOffered as incentives in accordance with the company's or department's performance,following specified reward policies after assessments
2023
Employees Count by Position Level
Junior Management
Senior Management
9Persons
46Persons
Regular Employees
Mid-level Management
18Persons
331Persons
Employees Count by Gender
Male Employees
285Persons
Female Employees
119Persons
Employees Count by Age
Below 30 Years Old
(Excluding 30)
30-40 Years Old
(Including 30, Excluding 40)
60 Years Oldand Above
175Persons
8Persons
134Persons
50-60 Years Old
(Including 50, Excluding 60)
21Persons
40-50 Years Old
(Including 40, Excluding 50)
66Persons
Employees Count by Educational Qualifications
Doctorate Degre
4Persons
Master's Degree
65Persons
Below CollegeDegree
12PersonsCollege Degree
47Persons
Bachelor's Degree
276Persons
Employees Count by Specialization
Administration
Sales62Persons
101Persons
Technology
212Persons
Finance
18Persons
Production
11Persons
Employees Count by Region
China (including Hong Kong,Macau and Taiwan)
332Persons
Overseas Countriesor Regions
72Persons
Total Workforce
404Persons
Employees with Disabilities
1Persons
Minority Ethnicity Employees
8Persons
During thereportingperiod
PerformanceSigning Rate ofThe Labor Contract
100%
EmployeeTurnove Rate
13.6%
Coverage Rate forThe Social Insurance100%
Environmental, Social andGovernance (ESG) Report
Employee Well-being with Boundless Rights and Interests
6970
The company places a strong emphasis on protecting and respecting employees' freedom of expression, considering it a vitalaspect of democratic management within the organization. We are dedicated to fostering an open and inclusive workenvironment that allows employees to freely voice their opinions and suggestions.To gain deeper insights into employees' truthful perspectives and the objective realities of the company, senior leadership utilizesvarious channels such as SMS/WeChat platforms, rationalization proposals, employee satisfaction surveys, forums, departmentmeetings at grassroots levels, recreational activities and luncheons. These initiatives aim to gather feedback and suggestions, andassess employee satisfaction. Additionally, the company conducts regular employee satisfaction surveys using a EmployeeSatisfaction Questionnaire. This questionnaire covers key areas such as job satisfaction, work environment, compensation andbenefits perceptions, and opinions on personal development and leadership. Gathering employee feedback allows us to activelyidentify and address potential issues, further optimizing the company's management practices and work environment.Moreover, for probationary employees, direct leaders will conduct face-to-face discussions, centered around adaptability,job-related skills and overall impressions. These conversations facilitate a smooth integration of new employees into the team andensure they receive the necessary guidance and support.
We continuously enhance the channels and response processes foremployees to provide feedback and voice their concerns. Thesechannels include phone calls, WeChat and other communicationmethods, with which employees can express their concerns andexpose potential risks. Employee appeals receive the highest levelof attention, ensuring fair and transparent handling processes thatprotect employees' legitimate rights and interests effectively.
The company actively upholds democratic managementprinciples, strictly adhering to the Trade Union Law of thePeople’s Republic of China and the Constitution of the All-ChinaFederation of Trade Unions. It fulfills its legal obligations byestablishing a robust system of workers' congresses andtrade unions. This system ensures employees' rights toinformation, participation, expression, election andoversight, thus safeguarding their democratic rightscomprehensively. Furthermore, the company regularlyconvenes workers' congresses to solicit and carefullyconsider employee feedback and suggestions, therebypromoting sustainable development and fulfilling socialresponsibilities effectively.
Democratic Management
At APsystems, we recognize that the happiness and satisfaction of our employees are fundamental to the company's sustainabledevelopment. Therefore, we not only prioritize employees' career growth but also dedicate ourselves to enriching their lives andenhancing their overall well-being. Our goal is to cultivate a relaxed and enjoyable work environment through a variety of culturaland recreational activities, as well as team-building initiatives. These efforts are aimed at helping employees find fulfillment andenjoyment in their work, leading to increased motivation and productivity. Moreover, we encourage employees to pursue theirpersonal interests and hobbies outside of work, promoting a healthy work-life balance and maintaining their physical and mentalhealth. The company is committed to continuously improving and creating a vibrant and fulfilling experience for our employees,fostering a sense of care and warmth within our organization.
Employee Care
Employee Satisfaction
Basketball ActivitiesBadminton ActivitiesTeam Building Activities
Fun Sports Day
Item
The Trade Union's MembershipComprised of Active EmployeesDeliberated and ApprovedAgenda
%
During the reporting period
Performance
100%
Participation Rate in TheEmployee Satisfaction SurveyThe EmployeeSatisfaction Rate
91.13%
During the reporting period
Performance
Environmental, Social andGovernance (ESG) ReportEmployee Well-being with Boundless Rights and Interests
7172
Celebrating International Women's Day
The company holds a steadfast belief in the indispensable role of female employees in our development, as their talents,intelligence and strength add a unique dimension to our organization. Therefore, we are dedicated to cultivating an inclusive,equitable and supportive work environment where every female employee can fully unleash her potential. We understand that byproviding care and support to our female employees, they will gain the confidence and determination needed to navigate theircareer paths, fostering mutual growth and creating a brighter future together with the company.
In celebration of International Women's Day, the company delivered its appreciation for female employees by gifting themwith warm spring gifts. These gifts were not just material offerings but also served as symbols of encouragement, inspiringfemale employees to maintain confidence and courage in constantly challenging themselves and striving for greaterachievements in the future work endeavors.
Employee Training and Development
APsystems considers employee training as a fundamental driver of our corporate competitiveness and future growth. It notonly facilitates the enhancement of employees' professional skills and knowledge but also cultivates a stronger sense ofbelonging and loyalty among them. In today's intensely competitive market landscape, continuous employee training hasbecome an essential prerequisite for enterprises to sustain competitive edge and achieving sustainable development.The company steadfastly upholds the belief that employees represent our most valuable asset, and their growth anddevelopment are pivotal to the company’s future. As such, we have established and continually refined a system for employeerecruitment, training and incentives, aimed at encouraging employees to continuously elevate their inherent value. Werecognize the unique potential and talents possessed by each employee, and through targeted training and guidance, weempower them to harness their strengths effectively, fostering mutual growth for both individuals and the organization. Ourcommitment lies in providing employees with a growth platform characterized by challenges and opportunities, cultivatingtheir innovative mindset and practical capabilities, thereby enabling them to stand out from others in the industry throughcontinuous learning and practice.Our company boasts an exceptional internal training team comprising individuals with profound expertise and extensiveteaching experience. They deliver a wide array of professional knowledge courses to employees, fostering a culture ofknowledge accumulation and sharing within the company. As of the end of the reporting period, our internal training teamconsists of10 trainers.
Training System and Policies
Company Hierarchical Training
PerformanceEmployees InitiatedMaternity Leave2Persons
Return-to-WorkRate Afterward
100%
Employees TookParental Leave
7Persons
Return-to-WorkRate Afterward
100%
During the reporting period
New Employee TrainingIn order to facilitate a swift integration into the company cultureand familiarization with work processes for new employees, thecompany has provided essential guidance and support. Thisinitiative empowers new employees to unleash their potentialeffectively. During the reporting period, a total of84 individuals
participated in 5 new employee training sessions, accumulating
15 hours of training duration.
Focused on enhancing practical operational capabilities and theoreticalknowledge among our workforce, the company prioritizes professional skillsdevelopment. The company conducted targeted training programs on "SafetyManagement of Lithium Batteries" and "Analysis, Testing and Application ofPower Converter Magnetic Technology" to elevate employees' specialized skilllevels. The "Safety Management of Lithium Batteries" course emphasizescritical safety protocols and maintenance techniques for lithium battery usage,ensuring employees can safely and efficiently operate lithium batteries inpractical operational scenarios. Conversely, the "Analysis, Testing andApplication of Power Converter Magnetic Technology" course provides in-depth
Expertise Training
insights into applied technology and testing methodologies, enabling employees to grasp and utilize power convertermagnetic technology effectively.During the reporting period,the company has conducted two professional skills trainingsessions with a total of91 participants, accumulating 21 hours of training.
Environmental, Social andGovernance (ESG) ReportEmployee Well-being with Boundless Rights and Interests
7374
Systematic Employee Training Program Implemented by the CompanyThe company has implemented a comprehensive and systematic employee training program aimed at enhancingprofessional capabilities. This program includes department-based rotational online training, ensuring that everyemployee has sufficient opportunities for learning. Each training session lasts between 4 to 5 hours, with rotationsoccurring every three weeks. This schedule maintains learning continuity while giving employees sufficient time forassimilation. During the reporting period, the average total credits earned per person were 29, with a total participationof 252 individuals and an average of 22 courses per person.These training programs have led to improvements in employees' professional skills, promoting their competitivenesswithin their respective domains. Concurrently, this approach has provided robust talent support for the company'sbusiness growth.
To further facilitate employees' career advancement, the company has established the Employee Promotion Management Measures andthe Employee Rewards and Penalties Management Regulations (Interim), thereby instituting a dual career development pathway thatintegrates horizontal and vertical progression.Regarding horizontal development, we encourage employees to engage in internal transfers or competitive applications acrossdepartments and roles, aligning with the company's business growth and individual interests. This approach not only enhancesemployees' overall competencies and adaptability but also optimizes the allocation of human resources within the company,maximizing the realization of talent value. Conversely, vertical development primarily focuses on employees' growth within theircurrent roles, providing opportunities for promotion as their capabilities continue to improve.This dual development pathway design offers employees a diversified range of career tracks, enabling them to realize theirpersonal value while contributing to the company's constant vitality for sustained growth.
Employee Training Performance
Management Positions
Business Titles
Employee Development Pathway
Career Development Pathway
2023
Employee Training Coverage RateTotal Training DurationAverage Annual TrainingDuration per Employee
DirectorManagerSenior ManagerSupervisor
DeputyGeneral ManagerSenior DeputyGeneral Manager
Senior Supervisor
TechnicianAssistant Engineer Engineer Senior Engineer
IntermediateEngineerChiefEngineer
Senior IntermediateEngineerSenior ChiefEngineer
Engineering and Technical Roles
Marketing Roles
Economic and Clerical Roles
Job titles are determined based on specific job requirements,with corresponding benefits provided according to the designated level
Investment in Employee TrainingCNY351,889
%239,120hours98hours
24sessions2,440personsNumber of Training SessionsTotal Number of Employees
Receiving Training
AdvancedEngineerSenior AdvancedEngineer
BusinessSupervisorSenior BusinessSupervisorBusiness DeputyGeneral Manager
Senior Business Deputy
General Manager
Business AssistantClerk
BusinessSpecialist
BusinessManager
Senior Business
Manager
Environmental, Social andGovernance (ESG) Report
Employee Well-being with Boundless Rights and Interests
7576
Constantly maintaining a prudent and professional attitude and strictly adhering to national and local laws and regulations.APsystems highly values employee life safety and physical health as top priorities, and the company employs scientific preventivemeasures and rigorous training mechanisms to ensure comprehensive protection.
The company views employee health and safety as a crucial aspect of achieving sustainable development, steadfastly implementingvarious employee health protection policies. It strictly adheres to laws and regulations such as the Law of the People's Republic of Chinaon Work Safety and the Law of the People's Republic of China on Prevention and Control of Occupational Diseases. Manuals and proceduraldocuments related to occupational health and safety management systems have been established to ensure full employeeparticipation and negotiation rights in aspects such as hazard identification, assessment and control planning, occupational healthand safety management goal planning, incident investigation and handling, and occupational health and safety performanceevaluation. This approach ensures effective safety production within the company.To enhance the safety production capabilities of all personnel and foster a safety culture throughout the organization, the companyconsistently upholds the principles of "safety first, prevention-oriented, comprehensive governance". It follows the policies of"safety management must accompany production management" and "whoever is in charge is responsible", establishing the SafetyProduction Responsibility System. This system clearly defines the safety production responsibilities of each unit, management personnelat all levels, and employees in various positions, thereby strengthening the safety awareness of all employees. As the company'stop safety officer, the General Manager bears overall responsibility for safety work,ensuring the effective execution of safetymeasures.During the reporting period, the Chairman, General Managerand relevant departmental leaders have jointly signed AnnualSafety Production Target Responsibility Agreements. Additionally,front-line employees exhibited a100% signing rate, with220 safety commitment letters signed, thereby fully enforcing
safety responsibilities throughout the organization.
The company places great importance on the health and safety of its employees, conducting regular workplace occupationalhazard assessments. Utilizing professional detection equipment and advanced technological methods, the company thoroughlyexamines hazardous substances in the workplace to ensure a healthy and safe environment for all employees. Furthermore, thecompany collaborates with specialized medical institutions to conduct routine occupational disease screenings, providingcomprehensive health protection for its workforce.In terms of emergency response, the company implements a comprehensive three-level safety education program to equipemployees with fundamental safety awareness and skills to effectively handle unforeseen incidents. To enhance efficiency inresponding to sudden environmental and safety incidents, the company conducts regular environmental and safety emergencyresponse drills. These drills serve to enhance employees' emergency response capabilities, ensuring swift and accurate responsemeasures in unexpected scenarios.By the end of the reporting period, the company has not experienced any occupational disease injuries or serious safetyproduction accidents.
To further enhance employees' professional skills and overallcompetencies, the company encourages employees to pursuerelevant professional certifications. During the reporting period,a total of 23 technical professionals participated in continuingeducation training covering both "General Subjects" and"Professional Subjects". The objective was to comprehensivelyelevate employees' knowledge and skills. The company andemployees shared the training costs equally, thereby relievingindividual financial burdens and showcasing the company'scommitment to employee growth and support.
Health and Safety
Safety production is everyone's responsibility. To standardizeemployee safety behaviors, APsystems has formulated theAPsystems 2023 Employee Training Plan, actively conducting newemployee safety education and safety production trainingsessions. These initiatives aim to fortify the safety defenses ofemployees and elevate their safety awareness and skills.Training content encompasses safety production-relateddocuments, regulations, processes, hazard factors, preventivemeasures and case studies of accidents. Training is conductedthrough on-site lectures, with the establishment ofprofessional training participant files.During the reporting period, the company actively engagedin the national Safe Production Month initiative, organizinga series of innovative and impactful promotionalcampaigns. Leveraging platforms such as live-streamedfire safety training sessions and interactive online quizzeswith incentives, the company effectively disseminatedcrucial safety production knowledge to each member of itsworkforce. These endeavors not only facilitated thewidespread understanding of safety production knowledgebut also cultivated a positive environment emphasizing"collective vigilance towards safety production and theprotection of life".
Occupational Health and Safety System
Safety Production Risk Management
Safety Training and Dissemination
"Safe Production Month" Promotional Poster
Safety Training for New Employees
Individuals AcquiredJunior-Level Certificate
24PersonsIntermediate-LevelCertificate
18Persons
AdvancedCertificate
6Persons
By the end ofthe reportingperiod
Environmental, Social andGovernance (ESG) ReportEmployee Well-being with Boundless Rights and Interests
7778
To further elevate employees' occupational health standards, thecompany arranges regular health examinations at designatedmedical institutions. Workers engaged in tasks involving potentialoccupational disease hazards undergo occupational health checksbefore starting work and periodically during their employment.During the reporting period, 173 employees who had completedone year of service participated in health examinations, achievinga 100% coverage rate. Similarly, the coverage rate for newemployees' health examinations upon joining the company wasalso 100%.
To enhance employees' awareness of occupational disease preventionand elevate their overall health, the company conducts four annualtraining sessions focusing on occupational disease prevention. Thesesessions are designed to ensure that employees gain a comprehensiveunderstanding and mastery of relevant knowledge. Through collaborativeefforts and active participation, the company aims to foster a healthierand safer work environment, safeguarding the physical well-being and lifesafety of its employees.Furthermore, the company conducts regular promotional activities andeducational campaigns on occupational health, including observancesdedicated to occupational disease prevention. Additionally, occupationalhealth hazard notification signs and occupational health safety warningsigns are displayed in areas where occupational hazards are present,such as factory zones and work sites. These measures effectivelystrengthen employees' awareness and understanding of occupationalhazards associated with their respective roles.
Occupational Health Protection Measures
Promotional Poster for OccupationalDisease Prevention Observances
Security Training Performance2023
Occupational Health Hazard Notification Signs
Photo of Employees Undertaking Health Examination
Investment in Safe ProductionTotal Investment in Safety Education
and Training
Number of Training Sessions
Number of Training
Number of Participants inSafety Education and Training
Total Duration ofSafety Education and Training
Coverage Rate ofSafety Education and Training
5Sessions
1,162Persons1,646Hours100%
CNY171.68millionCNY 3.5million
Environmental, Social andGovernance (ESG) ReportEmployee Well-being with Boundless Rights and Interests
7980
Promoting Social HarmonyThrough PhilanthropyInitiatives
Environmental, Social andGovernance (ESG) ReportPromoting Social Harmony Through Philanthropy Initiatives
8182
Donations of Solar Reading Lights to Mountainous RegionsAs a global leader in distributed photovoltaic storage solutions, APsystems has consistently remained committed to its missionof "Driving Towards a Zero-Carbon Future, Co-Creating an Intelligent Life". We place great importance on philanthropy,continuously deepening our partnerships with various charitable organizations and sectors, actively fulfilling our socialresponsibilities, and contributing our strength to the thriving development of philanthropic endeavors.In recent years, APsystems has leveraged its strengths to collaborate closely with numerous domestic and internationalcharitable organizations, making significant contributions to the harmonious development of society. Since 2016, the companyhas donated over ten thousand solar lights to children in poverty-stricken areas, with a cumulative value exceeding CNY320,000 ; donation CNY 100,000 to charitable organizations. Additionally, in collaboration with European partners andothers, we have conducted charitable activities, raising over 23,000 Euros and donating 3,600 solar lights to the non-profitorganization "Extend the Day". This initiative provides more reliable and sustainable energy solutions for residents in Africa andother regions, thereby helping improve their living conditions.Moving forward, APsystems will continue to strengthen cooperation with other charitable organizations and sectors, diversifythe forms of philanthropic activities, and empower initiatives such as photovoltaic poverty alleviation, solar light donations andchildren's photovoltaic knowledge promotion. We are committed to actively engaging in philanthropy and contributing evenmore significantly to the harmonious development of society.
During the reporting period, APsystems donated1,666 solar reading lights to more than ten primary and secondaryschools in remote mountainous regions of Sichuan and Guizhou provinces, China. These solar lights were specificallydesigned by APsystems engineers to address the electricity needs of students in poverty-stricken areas. They arecompact, portable and can be charged directly by sunlight. With a single charge, they can provide continuous usagefor up to 5 hours, making them highly cost-effective and suitable as supplementary lighting sources for children inremote areas.Throughout the donation process, APsystems collaborated with various charitable organizations and organizedvolunteer activities to ensure that each light was distributed to the students, bringing them the "light of hope" filledwith beautiful aspirations.
Environmental, Social andGovernance (ESG) Report
Promoting Social Harmony Through Philanthropy Initiatives
8384
AppendixKey Performance
Convening of the Shareholders' MeetingDeliberation of Agenda Items at the Shareholders' MeetingComposition of the Board of DirectorsIndependent DirectorsFemale DirectorsDirectors with Doctoral DegreesDirectors with Master's DegreesDirectors Aged 30-50Directors Aged 50-60Directors Aged over 60Convening of the Board of DirectorsDeliberation of Agenda Items at the Board of DirectorsComposition of the Supervisory BoardConvening of the Supervisory BoardDeliberation of Agenda Items at the Supervisory BoardPayment of TaxesRegular Disclosure of ReportsDisclosure of Temporary AnnouncementsConduct of Investor Open ForumsReception of On-Site Investor SurveysAddressing Investor InquiriesInvestor Inquiry Response RateCash Dividend per Ten SharesTotal Cash Dividend (Including Other Methods)Percentage of Total Cash Dividend (Including Other Methods) to Total Profit DistributionRate of Anti-Commercial Bribery and Integrity Agreements Signed with SuppliersElectricity ConsumptionWater ConsumptionR&D ExpenditureRatio of R&D Expenses to Company RevenueNumber of R&D personnelRatio of R&D Personnel to Total Company WorkforceNew Invention PatentsNew Utility PatentsNew Software CopyrightsCustomer SatisfactionSigning Rate of Supplier CSR CommitmentsNumber of Labor Discrimination IncidentsNumber of New EmployeesNumber of New Male EmployeesNumber of New Female EmployeesNumber of New Employees Recruited Through Social ChannelsNumber of New Employees Recruited from CampusesTotal Number of EmployeesNumber of Female LeadershipPercentage of Female Leadership
Time(s)Item(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Time(s)Item(s)Person(s)Time(s)Item(s)CNY 10,000
Piece(s)Piece(s)Time(s)Time(s)Time(s)
%CNYCNY 10,000
%
%kWhTon(s)CNY
%Person(s)
%Item(s)Item(s)Item(s)
%
%Incident(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)
%
17,789
2.2
1,760
48.82
93.55
726,922
10,470.53
7.37
51.98
1.98
Number of Disabled EmployeesNumber of Minority Ethnic EmployeesMale EmployeesFemale EmployeesEmployees in China (including Hong Kong, Macau and Taiwan)Employees in Overseas Countries or RegionsSenior ManagementMiddle ManagementJunior ManagementOrdinary EmployeesBelow 30 Years Old (Excluding 30)30-40 Years Old (Including 30, Excluding 40)40-50 Years Old (Including 40, Excluding 50)50-60 Years Old (Including 50, Excluding 60)Above 60 Years OldDoctorateMaster'sBachelor'sCollege DiplomaBelow College DiplomaProductionSalesTechnologyFinanceAdministrationReturn-to-Work Rate after maternity leaveNumber of Employees on Maternity LeaveReturn-to-Work Rate after Parental LeaveNumber of Employees on Parental LeaveLabor Contract Signing RateSocial Security Coverage RateEmployee Turnover RateNumber of Agenda Items Approved by the Workers’ Congress/UnionRatio of Active Employees to Union MembersEmployee SatisfactionParticipation Rate in Employee Satisfaction SurveysInvestment in Employee TrainingNumber of Training Sessions for EmployeesTotal Number of Employees TrainedTotal Duration of Employee TrainingAverage Training Duration per EmployeeEmployee Training Coverage RateAmount of Investment in Safety ProductionTotal Investment in Safety Education and TrainingNumber of Safety Education and Training sessionsNumber of Participants in Safety Education and TrainingTotal Duration of Safety Education and TrainingSafety Education and Training Coverage RateNumber of Front-line Employees Signing Safety Commitment AgreementsSigning Rate of Safety Commitment Agreements by Front-line EmployeesCoverage Rate of New Employee Entry Physical Examinations
Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)Person(s)
%Person(s)
%Person(s)
%
%
%Item(s)
%
%
%CNY 10,000
Session(s)Person(s)
Hour(s)Hour(s)
%CNY 10,000CNY 10,000
Session(s)Person(s)
Hour(s)
%Agreement(s)
%
%
13.6
91.13
35.19
2,440239,120
17,167.77
1,162
1,646
CorporateGovernance
EnvironmentalManagement
Industrial
Value
DimensionIndicatorUnit2023
维度指标单位2023年DimensionIndicatorUnit2023
HumanResources
SafetyProduction
Environmental, Social andGovernance (ESG) ReportAppendix
8586
1.What is your overall rating on our performance in fulfilling ESG initiatives?
2.What is your overall rating on this ESG report?
3.How do you perceive our communication with stakeholders?
4.How do you assess our product responsibility?
5.How do you rate our performance in terms of environmental, safety and occupational health aspects?
6.What is your opinion on our employee responsibility?
7.How do you evaluate our overall ESG performance?
8.Do you have any comments or suggestions regarding our ESG performance and this report?
Dear Reader：
Thank you for taking the time to read this report. We highly value and look forward to hearing your voice on thisreport. Your opinions and suggestions are crucial for us to continuously improve our ESG information disclosure,advance ESG management and practices. Your opinions and suggestions are precious to us, and we sincerely thankyou for providing them!
□ Excellent□ Good
□ Fair
□ Poor □ Very Poor
□ Excellent□ Good
□ Fair
□ Poor □ Very Poor
□ Excellent□ Good
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Index of IndicatorsFeedback Form
FrameworkContentCASS—ESG 5.0GRI Standards
About This ReportChairman's MessageA Close Glimpse at APsystemsSustainable Prosperity,Perpetual Development
Robust Supervision,Governance as Priority
EnvironmentalConservation forFuture Collaboration
Industrial Prosperityand Value Co-Creation
Employee Well-beingwith Boundless Rightsand Interests
AppendixPromoting Social Harmony Through PhilanthropyInitiatives Future Prospects
□ Excellent□ Good
□ Fair
□ Poor □ Very Poor
□ Excellent□ Good
□ Fair
□ Poor □ Very Poor
Sustainable DevelopmentGoalsSustainable DevelopmentInitiativesGovernance Framework
Emphasizing GreenManagementExpanding GreenBusiness InitiativesSustaining GreenOperationsResearch and Development(R&D) InnovationCustomer Rightsand InterestsSustainable SupplyChain ManagementInformation Securityand Privacy ProtectionLabor RelationsManagementEmployee Trainingand DevelopmentHealth and SafetyKey PerformanceIndex of IndicatorsFeedback Form
Product Liability
Risk Control ManagementInvestor RelationsBusiness Ethics
P1.1/P1.2/P1.3/G3.7
P2.1/P2.2/A1P4.1/P4.2/P4.3
G2.4G3.5/G3.6G1.1/G1.2
G1.3G1.10/G1.11
G1.7/G1.9
/E1.1/E1.6/E1.7/E1.9/E2.1/E2.2/E2.10
E1.8E1.1/E2.14/E3.5V2.1/V2.2/V2.3/V2.4/V2.5/V2.7/V2.8
S4.1S4.3/S4.5/S4.7
S5.1/S5.2
S4.6S2.1/S2.2/S2.3/S2.4S3.1/S3.4/S3.5/S3.6/S3.7/S3.8/S3.9/S3.10
A2
A4
A5
102-1/102-45/102-50/102-52/
102-53/102-54102-14/102-15102-1/102-2/102-3/102-6/102-16
102-15/103-2102-18/102-22/102-23/102-24/405-1
102-11/102-15/102-30
102-25/102-43102-16/102-17/205-2/205-3/206-1
/307-1403-7/416-1/417-1302-4/302-5/306-2/306-4
103-2/302-4103-2/417-1
417-1102-9/204-1/308-2/414-2
418-1
/
102-55
102-53
102-29/102-31/102-40/102-42/
102-44/102-46/102-47/103-1
102-35/201-3/401-1/401-2/405-1/
405-2/406-1/408-1-409-1
404-1/404-2/404-3403-1/403-2/403-3/403-4/403-5/403-6/403-7/403-8/403-9/403-10
S1.1/S1.2/S1.3/S1.4/S1.5/S1.6/S1.7/S1.8/
S1.9/S1.10/S1.11
Environmental, Social andGovernance (ESG) ReportAppendix
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