This report is the fourth Environmental, Social and Governance (hereinafter “ESG”) report released by Hainan Jinpan Smart Technology Co., Ltd. It aims to disclose the Company’s management measures, highlights,practices, and achievements on environmental, social, and governance aspects for the year 2024.About This Report
This report presents an overview of the sustainability initiatives and critical performance metrics ofHainan Jinpan Smart Technology Co., Ltd. and its a?liated companies. For the sake of concisenessand clarity, “Hainan Jinpan Smart Technology Co., Ltd.” will also be referred to as “Jinpan SmartTechnology,” “the Company,” or simply “We” throughout this document.
The information and data presented in this report are sourced from the Company's annual reports,internal official documents, internal statistical data, and publicly available information. Unlessotherwise specied, all amounts herein are expressed in RMB. The Board of Directors is responsiblefor the authenticity, accuracy, and completeness of the contents contained within this report.
T?V SUD Certication and Testing (China) Co., Ltd., Shanghai Branch has independently veriedthe report. The assurance statement is included as an attachment.
This report is available in both simplified Chinese and English versions. In the event of anydiscrepancies between the two versions, the Chinese version shall prevail. The report can bedownloaded for review from the o?cial website of Jinpan Smart Technology (http://www.jst.com.cn).
If you have any suggestions or comments on this report or the Company's sustainability performance,please direct them to the following email address: info@jst.com.cn.
This report serves as an annual report, covering the period from January 1, 2024, to December 31,2024. Certain contents exceed the above time range to enhance the completeness and continuity ofthe report.
Report Scope
Reporting Guidelines
Data Source
External Assurance
Report Access
Contact
Time Range
●Transforming our World: The 2030 Agenda for Sustainable Development (UN SDGs)
●
GRI Standards (2021)
●Guidelines No. 1 for Self-regulation of Listed Companies of Shanghai Stock Exchange—NormativeOperations
●Guide No.13 for Self-Regulatory Supervision on Listed Companies of the SSE STAR Market—Compilation of Sustainable Development Reports (Draft for Comment)
●
Guidelines No. 14 of Shanghai Stock Exchange for Self Regulation of Listed Companies—Sustainability Report (Trial)
●Corporate Social Responsibility Research Center of the Chinese Academy of Social Sciences'sChina Corporate Social Responsibility Guide Framework (CASS-CSR5.0)
●
Task Force on Climate-related Financial Disclosures (TCFD) Recommendations
Artificial intelligence (AI), green and low-carbon development, and high-end manufacturing have emerged as pivotal forces propelling globalprogress. These domains represent the forefront of technological competition, the core of sustainable development, and the foundation of nationalcompetitiveness. This year, topics such as AI, green and low-carbon initiatives, and high-end manufacturing have become central themes at theNational People's Congress and the Chinese People's Political Consultative Conference. As a pioneering force driving transformation, AI is intricatelywoven into data elements, thereby unlocking unprecedented opportunities for value creation. As a nationally recognized demonstration enterprisewithin the manufacturing sector, Jinpan Smart Technology actively seeks innovative pathways amid this wave of AI transformation. The Companyembraces challenges and is dedicated to integrating its own developmental trajectory with the broader context of national technological advancement,thereby actively contributing to the realization of sustainable development goals.I. Data drives innovation, and AI intelligent manufacture shapes the futureIn today's era of surging artificial intelligence, the phrase "Data drives innovation, and AI-driven intelligent manufacturing shapes the future" hasemerged as a pivotal force propelling industry transformation. Jinpan Smart Technology strives to establish a new intelligent manufacturing systemcharacterized by being "data-driven, software-dened, platform-supported, and AI-enabled decision-making." By leveraging advanced technologiessuch as digital twins, the Internet of Things (IoT), and cloud computing articial intelligence, the Company has achieved signicant advancements incritical areas including production lines, logistics, and automation of information ow, management and operation. The Company has owned 7 fully-operational digital factories and has comprehensively enhanced the performance, quality, delivery capabilities, and customer service of its products. Inaddition, Jinpan Smart Technology also has the capability of exporting comprehensive digital solutions to empower industrial development. By the endof 2024, the Company precisely positioned itself in the core carrier of intelligent manufacturing, intelligent industrial robots. Under the general trend ofglobal manufacturing industry's intelligent upgrade, intelligent industrial robots, as the core carrier of intelligent manufacturing, will build the third growthcurve for the company's sustainable development. At the beginning of 2024, the Company actively deployed articial intelligence combined with ourdigital platform to transition towards intelligent manufacturing. Due to its exceptional performance in the realm of smart manufacturing, Jinpan SmartTechnology has been successfully selected as part of the inaugural batch of Excellent Smart Factories by the Ministry of Industry and InformationTechnology in 2024. In that same year, Jinpan Smart Technology not only achieved DCMM Level 3 certication—an authoritative recognition in nationaldata management—but also facilitated the listing of its data assets on a big data exchange. This accomplishment marks a signicant transformationfrom mere data resources into valuable data assets, thereby injecting new momentum into the high-quality development of the enterprise.
II. Crafting the Foundation for Growth, Expanding the Global Strategy
Jinpan Smart Technology has always adhered to the strategic concept of "innovation-driven and global layout" and further deepened its globalizationstrategy. Building on our domestic market, we leverage our accumulated technical advantages and brand influence developed over the years toaccelerate our overseas market expansion, with a commitment to increasing our market share and competitiveness in the global power equipmentsector and the AI computing power center. By enhancing collaboration with leading international enterprises, actively engaging in global energytransformation and technological innovation, continuously optimizing our product structure, and improving service capabilities, we deliver more e?cientand reliable solutions to global customers. Through ongoing technological advancements, exceptional product quality, and superior service experience,we have earned the trust and support of our global customers, thereby contributing to the achievement of global energy transformation and sustainabledevelopment goals.
Chairman's Statement
0303
III. Adhere to ESG principles and collaborate to create a zero-carbon ecosystem
We are committed to the objective of "achieving carbon peak by 2025and carbon neutrality by 2050." To this end, we have established acomprehensive green evaluation system, set Science-Based TargetsInitiative (SBTi) scientific carbon targets, disclosed climate-relatedfinancial information reports in accordance with the Task Forceon Climate-related Financial Disclosures (TCFD), and expandedour utilization of clean energy through research and development,manufacturing, and offering innovative new energy products andsolutions. To facilitate the attainment of our "dual carbon" goals, weleverage four green factories and zero-carbon facilities located inHainan, Guilin, Wuhan, and Shanghai. We uphold our commitmentto environmental protection, continuously enhance our environmentalmanagement system, strictly control resource use and pollutantemissions during production and operation, achieve green productionand operations, create social value by using green equipment tofacilitate energy transformation, and jointly safeguard the beautifulhome where humans and nature coexist harmoniously.IV. Commitment to win-win development, jointly creating socialvalue for a shared future.Adhering to the concept of "innovation-driven development", we arecommitted to embracing new trends and striving for excellence. Wehave established a "123+N" digital Jinpan management model, andhave established our brand with leading technological strength in theindustry. We regard innovation as the core driving force for enterprisedevelopment, promoting comprehensive upgrades in producttechnology, products, and services. In 2025, we were rated as a
national enterprise technology center by the National Developmentand Reform Commission. We are profoundly committed to the growthof each employee, offering an equitable and inclusive platform fordevelopment, and fostering a collaborative environment where we cancreate and share success together. We actively engage in industrycollaboration, building a responsible supply chain and advancing withour partners towards mutual prosperity. Furthermore, we activelyrespond to the national rural revitalization strategy, generously givingback to society and contributing to harmonious social development.For the rst time, we were named to the Top 100 of the Guoxin Cup:
ESG Golden Bull Award in 2024.V. Upholding compliance and integrity, and enhancinggovernanceUpholding compliance and integrity, enhancing governance, andensuring long-term stability. We continue to deepen our strategiclayout, steadily improving corporate governance capabilities, andsolidifying our risk management system to ensure operationsthat are compliant with legal standards. We strictly uphold thefundamental principles of business ethics, promoting a corporateculture characterized by honesty, integrity, and self-discipline.We continuously enhance our ESG governance framework andoperational mechanisms, thereby strengthening the Company'ssustainable competitiveness. We deeply integrate the ESGphilosophy into every facet of our business, fostering both internaland external ESG influence. Our commitment lies in maximizingeconomic, environmental, and social value for all stakeholders,steering the company towards steady advancement on the path ofcomprehensive sustainable development.
Over the past year, we sincerely thank our many customersand partners for their trust, as well as the support of investmentinstitutions and investors. We also extend our sincere gratitude to thegovernment, communities, and the public for their ongoing supportand attention towards Jinpan Smart Technology. We especiallyappreciate the courage and perseverance demonstrated by everymember of the Jinpan team—your dedication has been a vital drivingforce behind the Company’s steady growth.In the future, guided by technological innovation, oriented towardsgreen development, and centered on intelligent manufacturing,Jinpan Smart Technology will leverage AI technology and digitalmanufacturing techniques to explore the eld of intelligent industrialrobots. It aims to achieve a comprehensive transformationtowards intelligent manufacturing, fully participate in promoting thecoordinated development of economic, social, and environmentalbenets, and demonstrate the company's new commitment to high-quality sustainable development in the era of articial intelligence.
Chairman of Jinpan Smart Technology
Founded in 1997, Hainan Jinpan Smart Technology Co., Ltd. (referredto as “Jinpan Smart Technology”, stock code: 688676) is located inthe Haikou Integrated Free Trade Zone. It is a national high-techenterprise integrating research and development, production, sales,and services. The Company has four R&D and manufacturing basesin Haikou, Wuhan, Shanghai, and Guilin, and operates offices inthe United States and Hong Kong. On March 9, 2021, Jinpan SmartTechnology was publicly listed on the Science and TechnologyInnovation Board (STAR Market) of the Shanghai Stock Exchange,becoming the rst company from Hainan to list on the STAR Market.As a global supplier of power equipment, Jinpan Smart Technologyremains focused on research, development, production, and salesof various series of medium and low voltage transformers, completesets of equipment, energy storage solutions, and other relatedproducts. The Company has fully adopted a digital manufacturingmodel, consistently delivering high-quality power supply solutionsand advanced equipment for diverse applications including newenergy (such as wind energy, photovoltaics, energy storage),
About Jinpan Smart TechnologyCompany Prole
AIDC modular power systems, new infrastructure projects, highefficiency and energy-saving initiatives, rail transit systems,among others. Jinpan Smart Technology is dedicated to deliveringcomprehensive, rst-class solutions for digital factories throughoutthe entire lifecycle of manufacturing enterprises, with a particularfocus on discrete manufacturing sectors. Additionally, it is activelyexpanding its presence in the eld of intelligent industrial robotics.The Company's products have received a series of authoritativecertifications, including UL (United States), KEMA (Netherlands),CE (European Union), DNV-GL (Europe), CSA (Canada),and China Energy-saving Product Certification, totaling 355certications both domestically and internationally. Furthermore, theCompany continuously enhances its core competitiveness throughadvanced digital manufacturing models. The Company's productsand services are distributed across 6 continents and in 87 countriesworldwide.
Jinpan Smart Technology has repeatedly undertaken national, provincial,and municipal science and technology projects and has been honoredwith numerous provincial-level science and technology progress awardsand technology achievement transformation awards. The Company hasreceived recognition as a National Key High-Tech Enterprise, a NationalEnterprise Technology Center, and winner of Hainan Province’s first“Government Quality Award”. Jinpan Smart Technology has also securedover two hundred patents. Led by its own technology R&D team, theCompany continues to increase investments in technological innovation,focusing on the exploration of information technology applicationsthroughout the entire business and manufacturing process. It iscommitted to innovating and upgrading manufacturing models, graduallyachieving deep integration of informatization and industrialization, aswell as transforming and upgrading digital and intelligent manufacturing.These e?orts continually enhance the Company’s core competitivenessand improve its ability to create value for customers.
Total number of employees
2,318
Global coverage
ContinentsRevenueRMB
6.901
billion
Net prot attributable to shareholdersof listed company
RMB
0.574
billion
With its core product, the dry-typetransformer, it has been awardedthe title of National ManufacturingIndustry Single-Product ChampionDemonstration Enterprise
Nominationfor the ChinaQualityAward
Selected into thepool for nurturingleading enterprises inthe development of aquality powerhouse
OutstandingSmartFactory
NationalEnterpriseTechnologyCenter
Company Culture
Build a “Community of SharedFuture for Enterprises” andbenet employees, enterprises,and society.
Vision
Centering on customer value,building on employee value,oriented at social value,learning and growth, self-fulllment, innovation
and development, and supporting others.
Value
Ambitious, passionate, intelligent;Make bold innovations, work hard, embrace responsibility.
Corporate SpiritExhibit integrity in character and
diligence in your work; seekfulllment in your profession and
maintain a healthy lifestyle.
Corporate Style
Customer Service Guidelines: Put customers at the center andcreate the best customer experience.Quality Guidelines: Rigorous analysis, meticulous operation, strictinspection.Safety Guidelines: Comply with regulations, eliminate hiddendangers, prevent accidents.E?ciency Guidelines: Standardization, Automation, Digitalization.Employee Guidelines: Mutual assistance and love, loyalty andgratitude, dedication and e?ciency, integrity and self-discipline.Cadre Guidelines: Professional competence, professional ethics,professional spirit, proactive, capable, and successful.
Work Guidelines
Create greater valuefor customers, fostergrowth opportunities foremployees, and blaze adevelopment path for theCompany.
Mission
With data, demand is better
met because of intelligent
manufacturing.Goal of Digital Factory
Integrity operation,green development,
digital leadership,
smart future.
Business Philosophy
Honors
National-levelClient-levelIndustry-levelNational Enterprise Technology CenterQuality Strong Country Leading Enterprise Cultivation DatabaseExcellent-level Smart FactoryNational-level "Green Factory" (Wuhan Jinpan Intelligent Technology Co., Ltd.)National Catalogue of Energy-Saving and Carbon-Reduction Technologies andEquipment for Industry and Informatization (2024 Edition)National Supply Chain Innovation and Application Demonstration EnterpriseIn 2024, Wuhan Jinpan Intelligent Technology Co., Ltd. and Jinpan ElectricGroup (Shanghai) Co., Ltd. obtained high-tech enterprise certication
2024 Wind Supplier Excellence Award -GELevel 5 Green Supplier – Innomotics 2024 BestSuppliers AwardMost Promising Partner – Dongfang Electric WindPower Co., Ltd.A+ Supplier of Jiangxi Copper Corporation – JiangxiCopper Corporation, Jiangxi Copper Company LimitedInnomotics 2024 Best Supplier Award
First Listed Digital AssetData Management Capability MaturityAssessment (DCMM Level 3)Zero-Carbon Factory Certication (WuhanJinpan Intelligent Technology Co., Ltd.)2024 Zero-Carbon Benchmark Enterprise2024 Top 10 Excellent Wind Power Productsin China's Wind Power Industry Top 50 (JinpanElectric Group (Shanghai) Co., Ltd.)
2024 Best Practice Casefor Digital Transformation ofChinese Listed Companies2023 Annual New QualityEnterprise Golden Bull AwardGuoxin Cup · ESG Golden BullTop 100 AwardSelected as a Best SustainableDevelopment Practice Case forListed Companies in 2024
Jinpan Smart Technology “Numbers Tell” 2024
billionNet prot attributable toshareholders of listedcompany
Revenue
RMB/share
2.88
Social contribution pershare
Photovoltaic self-use electricity
GWh
12.74
Clean energy generation
GWh
16.95
tons of carbon dioxideequivalent /RMB10,000 of revenue
0.007
Greenhouse gas emissionintensity
Total number ofemployees
1,108Number ofsuppliers
units
Number of productsthat obtained qualitycertication
Number of products certiedfor carbon footprint
unitsmillion
Number of certiedzero-carbon factoriesunits
Average traininghours per employee2,318hours
Amount of environmentalprotection investmentRMB
7.7047
%
45.86
The reduction ratio of greenhouse gasemissions for Jinpan Smart Technologyin 2024 compared to 2023
RMBbillion
0.574
RMB
932,700
Amount of public welfare
donations
RMB
tons of standardcoal/RMB 10,000of revenue
0.0082
Energy consumptionintensity
Greenhouse gas emissions(Scope I, Scope II)billion
6.901
RMB
Revenue per employee
million
2.9771
RMBProt per employee247,820RMB
tons of carbondioxide equivalent4,749.29
0.356
Total amount of R&D
investment
items
Accumulated number ofpatented technologies obtained
Economic valueEnvironmental valueSocial value
We continue to integrate ESG management comprehensively into our daily operations and overall management framework, rmly establishing sustainability as an essential part of our strategic development. We continueto improve our ESG management mechanism, establish and improve our ESG management system in combination with internal and external requirements and the company's development plan, and formulate internalsustainability-related documents such as the ESG Management Manual and the Environmental, Social and Governance Indicator System Manual (Trial) to promote ESG management and processes, rationally allocateresources, and provide guidance for sustainable development decision-making. We take proactive measures to identify ESG-related material risks, formulate ESG risk management strategies, and improve the level of ESGrisk management through scientic methods and processes, so as to provide a solid guarantee for the sound operation and sustainable development of our business.
Jinpan Smart Technology has established a three-tier ESG governance structure comprising the Board of Directors, ESG Committee and ESG Working Group. The Company has also developed the Environmental, Social,and Governance (ESG) Working Group Responsibility Handbook to dene clear roles and responsibilities at each level. This governance framework ensures that ESG factors, including potential risks and opportunities, arefully considered in business decision-making processes.
Optimizing Responsible Management
ESG Management Structure
Jinpan Smart Technology’s ESG Management Structure
The Board of Directors, as the highest responsible body for the Company's ESG management and public disclosure, exercises the responsibilities of considering and approving the Company's ESGstrategies and objectives, monitoring the relevant policies, management, performance and progress, assessing the signicance of relevant risks, supervising the stakeholder communication mechanism,and approving the disclosure of ESG-related information, etc. Meanwhile, the Board of Directors is responsible for supervising and managing ESG issues such as business ethics, information security,environmental protection and climate change, employee diversity and inclusiveness. Meanwhile, the Board of Directors is responsible for supervising and managing ESG issues such as business ethics,information security, environmental protection and climate change, employee diversity and inclusion.The ESG Committee under the Board of Directors is responsible for formulating and overseeing the implementation of the Company's ESG vision, strategy and objectives, evaluating thee?ectiveness of the ESG framework, monitoring ESG trends and risks, guiding the identication and management of substantive issues, overseeing the stakeholder communication mechanism,reviewing the ESG reports and important matters, receiving reports from the ESG working group at least twice a year on its work and ESG trends. Supervise and manage issues such as businessethics, information security, environmental protection and employee diversity and inclusion, and report to the Board of Directors and provide opinions.Receive a minimum of two reports annually from the ESG working group, detailing their activities and emerging trends in ESG.
The ESG Working Group is composed of the relevant persons in charge of each functional department of the Company, and is mainly responsible for the management and implementationof ESG matters, including the specic implementation of the Company's ESG strategies, objectives and action paths, as well as the preparation, validation and publication of the Company'sannual sustainability report, and reporting to the Board of Directors and the ESG Committee on the Company's ESG work. The head of the ESG working group is responsible for thecoordination and overall promotion of the ESG work, while the members of the group are responsible for the implementation of the ESG work, and the ESG working group meets once everytwo months in principle. In 2024, the ESG working group held 7 meetings.
ESG CommitteeESG Working Group
Boardof Directors
Environmentalworking group
Socialworking group
Governanceworking group
Jinpan Smart Technology recognizes thatsustainability is the cornerstone of future corporatedevelopment and is committed to implementingcutting-edge sustainability principles. So, theCompany invited external experts to host anESG training session, exploring the latest trendsand response strategies in the field. During thetraining session, the leader of the ESG WorkingGroup emphasized the long-term significance ofESG efforts for corporate growth. Industry expertsprovided clear and in-depth explanations on keytopics such as report preparation, metric setting, andinformation disclosure. Participants actively engagedin discussions and raised insightful questions,strengthening their understanding of the newSustainability Reporting Guidelines (Trial) and layinga solid foundation for future ESG initiatives.
Jinpan Smart Technology conducted ESG training to build an internal sustainabilityecosystem
To continuously enhance its ESG governance capabilities, the Company regularly conducts ESG-related trainings to deepen internalunderstanding of ESG e?orts. In 2024, multiple specialized ESG training sessions were held for members of the ESG Working Group. ExternalESG industry experts were invited to provide insights on ESG standards, emerging trends, and best practices from industry peers, fosteringdiscussions on ESG management models. Through a series of training sessions, the ESG Working Group has gained a clearer and deeperunderstanding of regulatory policy development, emerging trends in the capital market, and new compliance requirements. This has laid asolid foundation for driving the Company's internal momentum toward sustainable development. At the same time, Jinpan Smart Technologyactively engages with partners to exchange insights on industry ESG trends and leading ESG principles. The Company also encouragesecosystem-wide collaboration in sustainability e?orts, contributing to the creation of a greener, more harmonious, and responsible businessenvironment. In 2024, thanks to its strong ESG commitments and performance, Jinpan Smart Technology was recognized as one of the Top100 Companies in the Guoxin Cup · ESG Golden Bull Awards. This honor underscores the Company’s ESG governance capabilities andhighlights its signicant role in promoting sustainable economic development.
Case
Jinpan Smart Technology understands that e?cient and transparent communication with stakeholders is crucial for goal management and value co-creation. To this end, the Company hasestablished diverse and open communication channels to ensure timely and comprehensive sharing of corporate developments while actively gathering feedback from various stakeholders.By integrating stakeholder insights into its sustainability strategies, the Company fosters mutual understanding, recognition, and support, laying a solid foundation for the Company’scontinued progress in sustainable development.In order to fully understand the opinions and suggestions of our stakeholders, we conduct a stakeholder questionnaire survey at least once a year, optimise our communication strategybased on the survey results, and establish regular or irregular communication mechanisms according to the characteristics and needs of di?erent stakeholders. In addition, we incorporateESG-related initiatives, progress and e?ectiveness into our annual sustainability report to transparently demonstrate our practice results and accept the supervision and feedback fromstakeholders. In 2024, the Company was honoured by the Hainan Listed Companies Association for its good investor protection and high-quality development publicity and reportingpractices.
Stakeholder Communication
StakeholdersEmployeesGovernment/regulatory agencyShareholders/investorsCustomersSuppliers and other partnersCommunity and the publicExpectationsand demands
●
Compliant employment and basicrights protection
●
Fair promotion and development
●Occupational health and safety
●Welfare and care
●Compliant operations
●Business ethics and anti-corruption management
●Driving local economicdevelopment
●Corporate governance
●
Business ethics and anti-corruption management
●
Product quality and safety
●Continuous and stable returns
●Transparent information disclosure
●High-quality products and services
●Customer relationshipmanagement
●Product quality and safety
●Responsible marketing
●Win-win cooperation
●Anti-unfair competition
●Integrity in fulllment
●Win-win cooperation
●Intellectual property protection
●Supply chain management
●Public welfare and donations
●Emissions management
●Resource usage
●Site biodiversityCommunicationchannels
●Sta? meetings
●Management meetings
●Employee trainings
●Employee activities
●Institutional investigations
●Correspondence
●Submission of compliance reports
●Shareholders’ meetings
●Information disclosure
●Roadshows
●Investor conference calls
●Customer research
●Customer satisfaction surveys
●Technological seminars
●Exchange and visits
●Industry forums
●Suppliers' meetings
●Contract negotiations
●Exchange and interviews
●
Volunteer service
●Community activities
●
Rural revitalization activities
Content ofcommunication
●
Corporate strategic objectives
●
Performance evaluation results
●
Career development programmes
●
Health and safety policies
●Changes in employee benets
●Reporting of operating conditionsand compliance
●
Tax payment status
●
Social responsibility fullment
●
Financial performance
●Dividend distribution policy
●
Progress of ESG work
●Product and service updates
●
Customer support services
●
Introduction to social responsibilityprogrammes
●Terms of cooperation agreement
●Delivery schedule
●Quality standards andrequirements
●Procurement policy
●Social impact assessment results
●Fullment of corporate citizenshipresponsibilities
●Environmental protectionmeasures
●Implementation of communitycontribution projects
Thank you letter from HainanListed Companies Association
Jinpan Smart Technology has identied key ESG issues for 2024 based on global sustainability trends, industry-specic characteristics, and internal and external stakeholder concerns. For the rst time, the Companyconducted a double materiality assessment in accordance with Guidelines No. 14 of Shanghai Stock Exchange for Self-Regulation of Listed Companies—Sustainability Report (Trial), issued by the Shanghai Stock Exchange.Building on its previous impact materiality assessment, Jinpan Smart Technology integrated a nancial perspective, evaluated ESG issues based on nancial materiality and impact materiality, and formed 2024 Jinpan SmartTechnology's materiality matrix.
Based on the Shanghai Stock Exchange’ssustainability reporting requirements, Jinpan SmartTechnology identied 25 potential key ESG issuesby analyzing four major dimensions, forming theCompany’s list of ESG issues.
Based on the results of both impact materialityand nancial materiality assessments,prioritize the issues and develop the JinpanSmart Technology's 2024 ESG MaterialityMatrix.
The ESG Committee reviews and validates themateriality analysis results, implements targeteddisclosures and enhances practical managementimprovements based on the ndings related toESG material issues.Conducted surveys and research amonginternal and external stakeholders to analyzethe scale and scope of their concernsregarding each ESG issue.
Identication and analysis of material issues
01020304
Materiality Assessment Process
Establishing the list of ESG issuesDouble materiality analysisESG issue review and disclosureMateriality assessment
Impact materiality assessment
Evaluated by expert scoring and internalreview, assessing the risks, opportunities,and nancial impact of ESG issues on theCompany’s business operations, nancialperformance, and cash ow.
Financial materiality assessment
Step 1: Establishing the list of ESG issuesJinpan Smart Technology creates the list of ESG issues based on the 21 issues outlined in Guidelines No. 14 of Shanghai Stock Exchange forSelf-Regulation of Listed Companies—Sustainability Report (Trial). This is supplemented with insights from national regulatory policies, ESG-related standards, capital market focus, and peer benchmarking analysis. The list is tailored to the Company's industry characteristics, industrydevelopment stage, and its own business model to ensure that it is comprehensive and relevant to the Company’s operations.
Guidelines No. 1 for Self-regulation of Listed Companies ofShanghai Stock Exchange—Normative Operations, GuidelinesNo.13 for Self-Regulatory Supervision on Listed Companiesof the SSE STAR Market—Compilation of SustainableDevelopment Reports, Guidelines No. 14 of ShanghaiStock Exchange for Self-Regulation of Listed Companies—Sustainability Report (Trial), etc.
Global Reporting Initiative's GRI Standards, Corporate SocialResponsibility Research Center of the Chinese Academy ofSocial Sciences's China Corporate Social Responsibility GuideFramework (CASS-CSR5.0), Task Force on Climate-relatedFinancial Disclosures (TCFD) Recommendations, etc.
National regulatory policiesESG-related standards
Jinpan Smart Technology's 2024 list of ESG issues:
ScopeIssue
Environmental
Emissions managementWater resource managementEnergy managementGreen productsResponding to climate changeBiodiversity protectionCircular economy
Social
Diversity, equality and inclusionEmployee employment and human rightsRemuneration and benetsOccupational health and safetyEmployee trainings and developmentProduct quality and safetyCustomer serviceResponsible marketingCustomer privacy and information securityR&D and innovationDigital transformationIntellectual property protectionSupply chain managementPublic welfare and charityGovernance
Sustainability governanceStakeholder CommunicationCorporate governanceBusiness ethics and anti-corruption
Indicators such as EcoVadis sustainable supply chain rating.The ESG major issues of leading companies with ESG
outstanding practices within the same industry.Capital market focusPeer benchmarking analysis
Step 2: Materiality assessmentImpact materiality assessmentA questionnaire survey was conducted with internal and external stakeholders, collecting 670 valid responses. The survey gathered and analyzedthe assessments from stakeholders on the "impact level" of ESG issues on the economy, environment, and society.
Determine the impactmateriality assessment factors
Impact materiality IssueHigh materialissues
Product quality and safetyGreen productsRemuneration and benetsEmployee employment and human rightsEnergy managementOccupational health and safety
Moderatematerial issues
Customer serviceR&D and innovationCircular economyResponding to climate changeCustomer privacy and information securityEmissions managementDigital transformationIntellectual property protectionDiversity, equality and inclusionSupply chain managementEmployee training and developmentResponsible marketingWater resource managementBusiness ethics and anti-corruptionSustainable development governanceBiodiversity protectionGeneral materialissues
Corporate governanceStakeholder communicationPublic welfare and charity
Impact materiality assessment results:
Identify the factors for impactmateriality assessment, includingimpact scale, scope, irreparability,likelihood, etc.
Conduct stakeholder surveys
Conduct a survey targetinginternal and external stakeholders,including employees, government/regulatory agencies, shareholders/investors, customers, communities,suppliers/partners, etc. Stakeholderscomprehensively assess the actualor potential signicant impact ofeach ESG issue on the economy,society, and environment, basedon the factors of impact materialityassessment.
Forming impact materiality
assessment conclusionBased on the results of 670 validresponses, prioritize the ESG issuesand form the conclusion for the impactmateriality assessment.
Financial materiality assessmentJinpan Smart Technology evaluates the nancial materiality of ESG issues based on whether they are expected to have a signicant impact on the Company's business model, operations, development strategy, nancialcondition, business results, cash ow, nancing methods, and costs in the short, medium, and long term. The nancial materiality is assessed through expert scoring, leading to the conclusion of the nancial materialityassessment.
Based on the likelihood of nancial impact and the extentof nancial impact, the degree of impact is analyzed aroundtwo dimensions: "dependence/impact on resources" and"dependence/impact on relationships."
Experts score based on the likelihood and extent offinancial impact, and combine results from internaldepartment and management interviews to determinethe Company’s nancially material issues.
Based on expert scoring results, the Company concludesits nancial materiality assessment and identies productquality and safety, responding to climate change, asnancially material issues.
Determine thenancial materialityassessment factors
Form nancialmaterialityassessmentconclusion
Experts score todetermine materialissues
Step 3: Double materiality analysisStep 4: ESG issue review and disclosureBased on the results of the materiality assessment, issues are prioritized from two dimensions: "impact materiality" and "nancial materiality." Theoverall materiality priority of each issue is presented in a matrix, forming the ESG materiality matrix for Jinpan Smart Technology in 2024.
The Company’s ESG Committee reviews and conrms the analysisresults for the materiality of ESG issues in 2024. For ESG issuesidentified as financially material, they will be prominently disclosedin the report and will be subject to focused management in theCompany's future operations.Jinpan Smart Technology's 2024 ESG Materality Matrix
Financial materialityHigh materiality
High materiality
Relative materiality
GovernanceSocialEnvironmental
Product quality andsafetyGreen products
Remuneration and benetsOccupational health and safetyCircular economyR&D and innovationSupply chain management
Business ethics and anti-corruptionSustainable development governanceCorporate governanceStakeholder Communication
Water resourcemanagement
Employee trainingand developmentIntellectual property protectionDiversity, equality and inclusionResponsiblemarketingBiodiversityprotection
Customer serviceCustomer privacy andinformation security
Public welfare and charity
Emissions managementEmployee employment and human rights
Digitaltransformation
Responding toclimate change
Impact materiality
Energy management
Data drives innovation, and AIintelligent manufacture shapesthe future
FeatureFeature
The surge of the digital economy and the advancement of AI are sweepingacross the globe, with Chinese enterprises demonstrating exceptionalpotential for growth and innovation. This phenomenon not only acts asa crucial driving force behind high-quality economic development butalso serves as an essential support for enhancing the nation's overallcompetitiveness. As a global supplier of power equipment, Jinpan SmartTechnology stands at the forefront of the industry, committed to providingexcellent power supply solutions for key sectors such as new energy, newinfrastructure, and energy efficiency. The Company aligns with nationalstrategic development directions, focusing on advancing new qualityproductive forces, strengthening digital capabilities, and actively pushingforward the process of intelligent manufacturing through digital and greenlow-carbon transformations. Jinpan Smart Technology has establisheda green, low-carbon intelligent industry cluster with decarbonization,digitalization, and intelligentization as its three pillars. The aim is to become atop-tier manufacturer in intelligent manufacturing toward a greener, smarter,and more sustainable future.
Low-carbonization
Digital technology-driven,software-dened, platform-supported, and intelligentdecision-making
IntelligentizationTowards intelligent
manufacturingGreen and low-carbon
transformationExploring AI
Jinpan Smart Technology's "Digital Intelligence" Supports the Development of
Various Businesses
Z
ero-carbon
factories
Green
factories
Exploring
vertical-speci
c
big
models,
robotics
Developingnew forms of
productive forcesEmpoweringindustrialupgrading
Achieving digitalization aligned with ESG principlesPromoting green, low-carbon, and sustainable development
DigitalizationLaying out digital factory
The "New Energy EquipmentIntelligent Manufacturing(Tongxiang)" project of JinpanSmart Technology o?ciallybroke ground; The mainfactory building of Phase Iof "New Energy Equipmentand New Materials IntelligentManufacturing IndustrialPark" project in Shaoyang,Hunan of Jinpan SmartTechnology was completed.The rst batch of Excellence-level smart factories; initiatethe exploration of verticallarge models.
Jinpan Smart Technology adheres to ESG principles and is unwavering in its commitment to advancing digital transformation. As early as 2013, Jinpan Smart Technology began promoting the integration of industrializationand informatization, marking the start of its digital transformation journey. To date, the Company has successfully built 7 digital factories in China, developed unique green, low-carbon, and intelligent manufacturing industryclusters, and driven the AI+ initiative in its digital factories. By developing specialized large models, Jinpan has achieved the digitalization and decarbonization of new quality productive forces, actively advancing intelligence,and rmly promoting the industrialization of the "three transformations."
Guilin R&D andmanufacturing basewas built and put intooperation, beginningthe integration ofindustrialization andinformatization.
Established the Intelligent Technology ResearchInstitute, carrying out research and application ofindustrial digital technology. Completed shareholdingsystem reform, the Company name was changedfrom “Hainan Jinpan Electric Co., Ltd.” to“Hainan Jinpan Smart TechnologyCo., Ltd.”The Company focuses on diversiedproduct development, conducts R&Don energy-saving and environmentallyfriendly box-type substations, andmanufactures high and low-voltageswitch gear, becoming a transmissionand distribution equipment integrator.
The Company fullycarried out digitaltransformation,independently designedand constructed therst high-end dry-typetransformer digitalfactory of Jinpan SmartTechnology that complieswith the Germanindustrial standardVDI4499.
Jinpan Smart Technology was listed on the ShanghaiStock Exchange’s STAR Market for the rst time.Guilin complete digital factory was built and put intooperation. Haikou Digital Factory was selected as the“2021 Intelligent Manufacturing Demonstration Factory”by four ministries and commissions. Signed a contractfor an overall solution for intelligent manufacturingworth over RMB 100 million.
Guilin base energy storageequipment digital factory andhigh-end dry-type transformerdigital factory were built andput into operation. 35kVhigh-voltage cascade large-capacity energy storageequipment was launched.
Haikou high-end dry-type transformer digitalfactory was built and putinto operation.
Wuhan R&D andmanufacturingbase was built andput into operation.
Shanghai R&Dand manufacturingbase was built andput into operation.
The Companysuccessfully developedthe world’s largestcapacity dry-typetransformer at that time(40,000 kVA).
History of digitalization
Won the national manufacturingsingle champion demonstrationenterprise. Wuhan Dry-TypeTransformer Digital Factory,Energy Storage EquipmentDigital Factory, and O?shoreWind Power Transformer DigitalFactory are built and put intooperation.
Hainan Jinpan SpecialTransformers Factorywas established.
2002
2008
2009
2012
1997
2021
2013
2017
2024
20232019
2020
2022
Productionautomation
Logisticsautomation
Informationautomation
Product designsimulation
Production processsimulation
Threefoundations, twosimulations
German VDI4499 standardBuild a digital factory based on international standards to empower
the digital transformation of industries
Wuhan high-end dry-type transformer digital factory
Finished product & material
vertical warehouseIron CoreWorkshop
AssemblyworkshopThree 3D intelligentwarehouses
Electromagneticwire workshop
Five digital workshopsCastingworkshop
Intelligent 3DwarehouseCoil cooling 3DwarehouseWindingworkshop
Finished product withmaterial three-dimensional
Iron Core WorkshopAssembly shop
Electromagnetic wire workshop
Pouring workshopIntelligent 3DwarehouseWinding shopThree 3D intelligentwarehouses
Coil cooling 3Dwarehouse
Jinpan Smart Technology has built 7 digital factories, including those fortransformers, complete sets, and energy storage, forming unique green, low-carbon, and intelligent manufacturing industry clusters. By deeply integratingcutting-edge technologies such as digital twins with traditional manufacturingprocesses, Jinpan Smart Technology has successfully achieved the digitaltransformation of discrete manufacturing industries. This has significantlyimproved overall production efficiency and product quality, while also greatlyreducing energy consumption and emissions, setting a new benchmark fore?ciency, environmental sustainability, and intelligentization in the industry.The digital factory spans all business stages, from R&D to after-salesservice, while extending horizontally to supply chain management. It enablesautomation across production lines, logistics, and information flow. Based onbusiness processes, we have structured the framework into four key areas:
digital marketing and services, digital R&D, digital manufacturing, and digitalmanagement.
Enhancing userexperience, improvingcustomer satisfaction,optimizing protability, andfostering customer loyaltyto e?ectively shorten salescycles and reduce costs.
Digitalmarketingandservices
DigitalR&DIntegrating personnel,resources, manufacturingprocesses, and IT tosystematically manageproduct data, supportingcollaborative productdevelopment andmanagement.
DigitalmanufacturingAchieving horizontal andvertical integration whileproviding accurate ande?cient decision-makingsupport for management.
Digitalmanagement
Enabling integrated corebusiness operations, digitalizedfull-process control, optimizedresource allocation, and agilebusiness collaboration toempower management.
Through the in-house development of a digital integration platform, we have established a"123+N" digital quality assurance framework, enabling full lifecycle digital quality control forour products.
Built upon an integrated platform as the foundational frameworkfor advancing digitalized quality management, we haveindependently developed JXV, the Edge Computing Platform(EC-Plat), and the Industrial Data Bus Middleware (Vportal).
Developed and implemented two key simulation tools—the"Digital Factory Production Line Motion Simulation System" andthe "Thermal Simulation Model"—enhancing product designaccuracy and ensuring stability in the manufacturing process.
Leveraging three digital foundations—automated production,automated logistics, and automated information ow—we drivedigital transformation across "N" business systems such as R&D,production, management, and marketing services, fosteringcollaborative development with suppliers and customers.
“2”
“3” and “N”
“1”
123+N
Simulationof productdesign
Simulationof productionline design
Low-code rapiddevelopment platformProductionow
Informationow
Material
ow
Edge computingdevelopment platform
Dig
ital
leading,Intelligence
shaping
future
Jinpan
Digital
Integrated
P
latform
Casting RGV02Casting RGV01Assembly yoke transfer AVG O?ineAGV2 assembly in progressJinpan Smart Technology continues to embrace the Internet, IoT, big data,and AI technologies, driving its strategic transformation toward "intelligentmanufacturing + intelligent services." With the "lntelligent factory for high-enddry-type transformers based on digital twin technology", the Company hassuccessfully made it onto the rst batch of the excellent-level smart factory list bythe Ministry of Industry and Information Technology, receiving high recognition.By leveraging next-generation digital technologies as a key driver of sustainabledevelopment, based on green and low-carbon ecology, and with technologicalinnovation as its core strength, Jinpan Smart Technology has anchoredits transformation on three pillars: digitalization, green development, andinnovation. This strategic shift has reshaped the Company's growth trajectoryand established a sustainable ecosystem. With this recognition as a milestone,Jinpan Smart Technology will continue to deepen its expertise in intelligentmanufacturing, optimize production processes, and enhance managementmodels. The Company remains committed to advancing its intelligence level,improving production efficiency, and driving China's manufacturing industrytowards a more high-end, intelligent, and sustainable future.
Jinpan Smart Technology selected as an Outstanding Smart Factory
Mappingbetweenvirtuality andreality
Iron coreworkshop
Assemblyworkshop
WindingworkshopCastingworkshop
Test center
Foil windingworkshop
Enter thesecond oorDisplay object ..Display RGMonitoring layer
Digital twin visualization platform
Digital factory core workshop for high-end dry-type transformers
Wuhan Jinpan recognized as abenchmark smart factoryIn the "2024 Wuhan Benchmark Smart Factory" selection,Wuhan Jinpan Intelligent Technology Co., Ltd. successfullysecured a place on the list. This recognition highlights theCompany's outstanding performance in digital and intelligenttransformation. Following its previous achievements—earningthe title of Hubei Province 5G Fully Connected Factory, beinglisted as a Hubei Province Intelligent Manufacturing PilotDemonstration Enterprise, and being among the first batchof enterprises selected as a Typical AI Application Case forEnabling Manufacturing Transformation and Upgrading—Wuhan Jinpan has once again solidified its position as anindustry benchmark.
Case
As the first "zero carbon emissions" factoryin Guilin, Guilin Juntaifu Electric Co., Ltd., asubsidiary of Jinpan Smart Technology, hasleveraged Jinpan Smart Technology's extensiveexperience in digital transformation to driveintelligent manufacturing upgrades. Recognizedas a "5G Factory" for its superior technologicalinnovation and intelligent management, GuilinJuntaifu has set a new benchmark in its digitalfactory construction. In the future, the companywill further optimize production processesthrough 5G technology to achieve highere?ciency and intelligent operations.Guilin Juntaifu successfully integrates thebasic network services with the specificbusiness requirements of the industrialpark, creates a personalized intelligent parkprivate network, promotes the integration ofcloud computing and network services, andrealizes the seamless connection betweennetwork resources, computing resources, andenterprise management systems. Focusingon the integration of information technology(IT), operational technology (OT) andcommunication technology (CT), Guilin Juntaifuclosely interconnects the physical world onthe production end with 5G technology, edgecloud computing, automated guided vehicle(AGV) platform and identification resolutiontechnology. This integration has created aninformation-based smart production industrialpark based on 5G technology, driving thetransformation of manufacturing towardsintelligent manufacturing.
Guilin Juntaifu Digital Factory
Self-built digital factoriesExternal digital factory deployments
Note: The list of projects is not exhaustive.
●Eaglerise Project
●Haikou High-End Dry-typeTransformer Digital Factory
●Wuhan Dry-Type TransformerDigital Factory
●Wuhan Energy StorageEquipment Digital Factory
●
Wuhan O?shore Wind PowerTransformer Digital Factory
●Guilin High-End Dry-typeTransformer Digital Factory
●Guilin Switchgear & SubstationDigital Factory
●Guilin Energy StorageEquipment Digital Factory
●ChongqingWangbian Project
We adhere to innovation-driven development,continuously advancing the deep integration of digitaltransformation and intelligent manufacturing. Basedon business needs, user requirements, and productdemands, we have independently developed a seriesof industrial software products on our "Digital IntegratedPlatform." These solutions can quickly respondto digital factory construction demands based onspecic requirements, enabling data sharing, businesscollaboration, and seamless processes within thefactory. By enhancing management capabilities, wedrive the rapid development of new quality productiveforces in the enterprise.
As of December 31, 2024, we have independentlyestablished 7 digital factories and successfullydelivered 10 digital factories to external partners. Theseprojects serve as replicable and scalable models fordigital transformation in the industry, accelerating themanufacturing sector’s shift toward greater efficiencyand sustainability.
Digital factory integrated solution
Expansion of digital factoryapplications
Cumulative orders for digital factory overall solutionsexceeded
million (tax-excluded)
Relying on the vast amount of data generated by digital manufacturing,the Company deepens the exploration of data value by establishing a datastandard system. This involves organizing both structured and unstructureddata while improving platforms for data governance, storage, and analysis.The Company's team collaborates with external professional institutions toverify and identify valuable data resources. Additionally, newly acquired dataassets are systematically entered into records in accordance with regulationsset forth by the Ministry of Finance.
Data assets leading developmentIn the digital economy era, data assets have become a core component of corporatecompetitiveness and a key driver of new quality productive forces. Beyond traditionaldatasets like customer information and operational data, data assets now encompassa wealth of information accumulated through technological innovation and businessactivities. Activating data elements will be a crucial path to "integrating technologicalinnovation resources, leading the development of strategic emerging and futureindustries, and accelerating the formation of new quality productive forces."
In April 2024, Jinpan Smart Technology, in accordance with theregulations set by the Ministry of Finance, successfully listedits newly acquired data assets in the financial records anddebuted at the Fujian Big Data Exchange. This marked JinpanSmart Technology's o?cial entry into the stage of transformingdata elements into valuable data assets. Later, in December2024, Jinpan Smart Technology achieved another milestonein its data management journey by successfully obtaining theDCMM (Data Management Capability Maturity Model) Level 3certification, a highly recognized authority in the field of datamanagement. This achievement has propelled the Company toa new level in data management, providing strong support forits sustainable development and digital transformation. Movingforward, we will continue to deepen our focus on the data asseteld, advancing our own digital transformation and empoweringindustry development while promoting AI+ initiatives for digitalfactories, thus providing intelligent and integrated solutions fordigital transformation across industries.
Articial intelligence (AI) has become a key force in driving a new round of technological revolution and industrial transformation, serving as acrucial engine for the development of new quality productive forces. As the Company continues its digital and green low-carbon transformation,it has integrated AI technologies with digital manufacturing techniques. Significant investments have been made in the development of datagovernance platforms, big data platforms, and the ABI (Articial Business Intelligence) one-stop data analysis platform, as well as the constructionof AI large models. This enables the digitalization, decarbonization, and intelligentization of new quality productive forces, making groundbreakingcontributions to the Company's sustainable development. In the eld of articial intelligence, the Company has launched the Jinpan AI largemodel, established a cross-departmental AI team, collaborated with outstanding industry teams to build the foundation of the large model,integrated OCR to enhance text perception, and applied Reranker to optimize retrieval accuracy. Furthermore, it has leveraged ReAct technologyto bolster long-text processing capabilities and systematically improved multi-format parsing, semantic analysis, problem decomposition, andreasoning abilities. Additionally, the Company utilizes AI technology for in-depth analysis of production data to optimize processes, predict andresolve issues e?ectively. This approach also explores avenues for enhancing management practices and improving production e?ciency.
Exploration and application of AI
Wuhan Jinpan Intelligent Energy Storage Equipment
Digital Factory Manufacturing Line
Wuhan Jinpan Intelligent has successfully developed and applied a“machine vision and intelligent sensing-based intelligent manufacturingproduction line for electrochemical energy storage systems.” By integratingadvanced machine vision and intelligent sensing technologies, theproduction line has achieved intelligent upgrades in the productionprocess, becoming a significant innovation highlight in the high-endpower equipment manufacturing industry. The intelligent manufacturingproduction line integrates machine vision technology and intelligentsensing technology. It achieves real-time monitoring of key parameters inthe production process through high-precision image recognition systemsand intelligent sensing systems, thereby improving the detection speed andaccuracy of products and significantly optimizing the resource utilizatione?ciency of the production line.
Wuhan Jinpan Intelligent was among the rst batch of enterprises selected as a Typical AI Application Case forEnabling Manufacturing Transformation and Upgrading
Case
Crafting the Foundation for Growth, Expanding the Global Strategy
In its journey of relentless progress, Jinpan Smart Technology has steadfastly aligned itself with national development strategies, positioned itself at the forefront of industry trends, and elevatedChinese national brands on the global stage through its worldwide strategic presence. As a global supplier of power equipment, Jinpan Smart Technology drives sustained technological innovationand actively responds to industry transformation to provide diversied solutions to global customers. These approaches enable the company to achieve a profound dual-drive development in domesticand overseas markets and accelerate the expansion of its global footprint.
The global energy mix is currently in a critical state of transition. In the wave of comprehensivepromotion of green transformation, the installed capacity of new energy on the power generation sidecontinues to grow, with its percentage constantly increasing. On the power consumption side, with thesteady development of the global economy, increasing electrication rate, and the rapid emergence ofindustries such as AI, energy innovation has created new development opportunities for infrastructureupgrades and new construction on the power grid side.Propelled by the robust growth of global market demand in various segments, Jinpan Smart Technologyhas adopted a dual-pronged strategy of strengthening core engines and securing steady growth topioneer new development frontiers. On the basis of improving product performance, the companyhas continuously developed transformer series, energy storage systems, and other products tailoredfor diverse elds, built a whole industrial chain, continuously expanded the application in downstreamsectors, and accelerated the introduction of new customers.
Global MarketFeatureFeature
Backed by the strong domestic market and the company's years of forward-looking deployment in overseas markets coupledwith deep brand accumulation, we actively adapt to the international situation, accelerate the expansion of overseas business,and promote the in-depth implementation of the company's globalization strategy. To date, Jinpan Smart Technology'sproducts and services have covered six continents and 87 countries. Our core products have obtained 355 authoritativecertications domestic and international, including UL certication in the United States, KEMA certication in the Netherlands,CE certication in the European Union, DNV-GL certication in Europe, CSA certication in Canada, and China's energy-saving product certication, fully demonstrating our product excellence and market recognition. Our products and solutionsare widely applied in key sectors such as wind power, solar energy, energy storage, rail transit, and new infrastructure,empowering global customers to achieve sustainable development goals.
Looking forward, we will intensify our participation ininternational cooperation and exchange. We will continueto increase our international influence by participating ininternational exhibitions, expanding into new industries,attracting new customers, launching new products andsigning strategic cooperation agreements. Focusing oncore business at a more stable and vigorous pace, we willcontinue to deepen the drive of technological innovation,actively research and develop new products, new processesand new materials, fully integrate the whole industry chain,and build an e?cient and coordinated industrial ecosystem.We are committed to providing excellent product quality andsuperior customer experience, accurately addressing thediverse needs of the global market, continuously creatingvalue for customers, and laying a solid foundation for thesustainable development of the company.
Globalization Action in 2024
Distribution covering
continents Operates
global production bases
Products and services applied in
countries worldwide
Cumulatively8,000+
global clients
Jinpan Smart Technology will continueto uphold the strategic vision of"innovation-driven, global expansion"and further deepen its strategy forinternational growth. We will regard thedomestic market as our foundation,leveraging our years of accumulatedtechnological advantages and brandinfluence to accelerate our overseasmarket penetration while continuouslyenhancing our market share andcompetitiveness in the global powerequipment sector. By enhancingcollaboration with leading internationalenterprises and actively engagingin the global energy transformationand technological innovation, we willcontinuously optimize our productportfolio, improve our servicecapabilities, and deliver more efficientand reliable solutions to customersworldwide. Through continuoustechnological innovation, exceptionalproduct quality, and a superiorservice experience, we aim to earnthe trust and support of customersworldwide. This commitment willcontribute to the realization of globalenergy transformation and sustainabledevelopment goals. Jinpan SmartTechnology is poised to advance onto abroader international stage with resolutesteps, offering Chinese wisdom andstrength to the advancement of theglobal power equipment industry.
Guilin Production Base
The Headquarter in Asia
Wuhan Production Base
Yangzhou Production BaseShanghai Production Base
U.S. Production Base(Wytheville, Virginia, USA)
The Headquarter in
EuropeThe Headquarter in USA
U.S. Production Base(Florida, USA)MexicoProduction Base
Poland Production Base
The Headquarter in ChinaHainan Production Base
MalaysiaProduction Base
Jintuo Production Base,Wuhan, China
USACanada
Mexico
Bahamas
GuineaGhanaCote d'Ivoire
Nigeria
SudanCongoZambiaSouth Africa
MoroccoSpainFranceUKGermanyAustriaHungaryBelarusPolandLatviaRomania
TürkiyeGreeceIsraelEgyptLebanonSyriaIraqAzerbaijan
PakistanKazakhstanRussiaEurope
AsiaNorth America
South America
Africa
Oceania
India
MyanmarHongkongRepublicof KoreaJapanVietnamCambodiaMalaysiaSingapore
Philippine
Saipan
FijiAustraliaIndonesiaThailandLaosKuwaitSaudi ArabiaCroatiaGuatemalaCosta RicaTrinidadVenezuelaColumbia
BrazilChileBoliviaPeru
Argentina
We are actively cultivating a localized professional team whileattracting top international talent to advance the development andexecution of local projects. We have established an international teamof professionals consisting of 154 members, providing solid supportfor the expansion of international business. We remain committed toenhancing the inuence of the "Jinpan" brand and jointly building aworld-renowned enterprise with the brand of "Jinpan".Lake Mary, FL — JSTPower Equipment, Inc. hasbeen honored with the "TopWorkplace 2024" award bythe Orlando Sentinel MediaGroup for the secondconsecutive year.
Global Talents
Highlight Projects in 2024
We make significant contributions to the renovationproject of the Itaipu Hydropower Station in Brazil,which is recognized asthe world's second-largesthydropower facility. Our involvement includes thedelivery of four dry-type transformers with a combinedcapacity of 18,000 kVA.
Delivered six transformers with a combined capacityof 6,960 kVA for Australia's largest battery project.
For the Kazakhstan combined cycle power generationproject, a total of 8 transformers with an aggregate capacityof 15,200 kVA are designed and produced.
The world's second largesthydroelectric power station
Australia's largest battery project
Support the development ofKazakhstan's energy sector
3131
"Zero" Carbon Revelation: Digital Leadership,Carbon Exploration for an Innite Future
Build digital zero-carbon factories in Haikou, Guilin, and Wuhan
Produce green equipment with green energy
Digital power equipment IntelligentO&M management system
By2050,Jinpan Smart Technologywill have achieved
By2050,Jinpan SmartTechnology will haveachievedSBTicarbon targetCarbon footprint of a SCLB10/5500kVA resin-cast dry-type transformerThe carbon footprint from cradle to grave is 12.922 t CO
-eq(with a carbon footprint per 1 kVA of 2.35 kg CO
-eq)
Carbonneutrality
CarbonpeakHappiness is achieved through hard work
New energysourcesNew energy-saving airconditioning system
Waste gas and sewagetreatment
Intelligent Light SystemDistributed photovoltaicdigital platformIntegrated energymanagement system
Independently developed metal CSPcharging pile application platform
Energy storage power station
SMART household energy storage
all-in-one device
The energy e?ciency ratio of the airconditioner can reach between 4 and 6High-e?ciency energy-saving airconditioning room with a rating of 5.0
100% treatment, recycling, and reuseof waste gas and sewage
Sensing human activities
The lighting system in the area
corresponding to the smart switch
TCFD
"Climate-related Financial Disclosure Report"The mighty Yangtze River owseastward, never to returnThe total installed capacity of therooftop photovoltaic power station atHaikou-based digital factory is 2.7MWAs of the reporting period in 2023, atotal of 2.9339 million kWh of electricityhas been generated
Procurement of green electricity
Industrial and commercialenergy storage products
Carboncalculator
The carbon emission per kilometer of abus is approximately 0.1~0.2kg CO
-eq
Climate change has become a common challenge for mankind. Jinpan Smart Technology is committed to aligning with the national strategies of "carbon peaking and carbon neutrality" as well as "industrial digitalization" and"digital industrialization" in this new era. We explore various low-carbon technological solutions, integrating the concept of sustainable development into every stage of a product's lifecycle. By promoting green, low-carbonnew energy products, we connect the industrial chain to collectively build a sustainable green ecosystem, opening a new chapter in carbon "zero".
Carbon "Zero" Opens a New Chapter
Zero-Carbon revelation
With the goal of "peaking carbon dioxide emissions by 2025 and achievingcarbon neutrality by 2050," we have established a green evaluation system,set up SBTi scientic carbon targets, disclosed TCFD climate-related nancialinformation reports, and expanded the use of clean energy through research,development, and the construction of new energy products and solutions.We have developed comprehensive energy management systems,photovoltaic monitoring and operation systems, new energy centralized controlsystems, and virtual power plant systems to fully manage environmentalrisks, improve efficiency, and offset carbon emissions by purchasing greenelectricity and green certificates. Currently, we have established four zero-carbon factories in Haikou, Guilin, Wuhan, and Shanghai, making solidprogress towards our "zero-carbon" goal.We emphasize green product design and research, implement productlifecycle management, actively promote a circular economy, and minimizethe environmental impact of our products. At the same time, we encourageemployees to manage their carbon footprint in daily life through carboncalculators and reduce carbon emissions by taking measures such as greentravel, garbage classication, and promotion of paperless o?ce.This year, we started a new chapter in our carbon "zero" journey. From theproduction, operation and other dimensions, Jinpan Smart Technology hascontinued to explore and make unremitting e?orts to achieve "zero carbon".We are committed to driving Jinpan Smart Technology's ecosystem to takejoint actions, propelling both ourselves and the entire industrial chain towardsa zero-carbon future.
We have established a climate-related governance mechanism,clearly defining the primary responsible departments and thecooperating departments for responding to climate change. Weactively identify climate risks and opportunities, formulate mitigationstrategies, and manage product carbon footprints throughout theentire lifecycle. Our goal is to enhance carbon emission performanceacross the entire value chain and reduce our impact on climatechange.The Company has built a three-tier governance structure consistingof the Board of Directors, the ESG Committee, and the ESG WorkingGroup. The Board of Directors integrates climate-related risks intomajor strategic planning, risk assessment systems, and performanceevaluations to ensure that climate strategies and risk managementare fully embedded in the Company's business development. Underthe Board of Directors, the ESG Committee is directly responsiblefor climate change affairs. It regularly reviews and assesses theimplementation of climate strategies and targets, making necessaryadjustments and modications. Additionally, it oversees and guidesthe Company in addressing climate-related risks and opportunities.The ESG Working Group is responsible for implementing resolutionsfrom the Meeting of Shareholders, the Board of Directors, and theESG Committee. It conducts regular assessments of climate risksand opportunities, tracks the execution of climate-related initiatives,ensures the implementation of climate-related goals, and reportsregularly to the Board on climate change-related targets, actionplans, and progress.
Climate-related governance
Jinpan Smart Technology continues to focus on the impact of climatechange on the Company's business operations. Based on climatescenario analysis, we identify and assess climate change risks relatedto the Company. At the same time, we develop targeted measures toenhance our ability to adapt to climate change.
Strategy
We refer to publicly available scenarios set by the InternationalEnergy Agency (IEA) and the Intergovernmental Panel on ClimateChange (IPCC), such as the Stated Policies Scenario (STEPS),Announced Pledges Scenario (APS), Shared SocioeconomicPathways (SSP), and Representative Concentration Pathways (RCP).Based on these references, we have developed two contrastingfuture societal models:
Climate scenario analysis
1.5
℃ Scenario
This scenario anticipates stricter energy-saving and low-carbon regulations, widespread use of clean energy, andcustomer preference for low-carbon products.In this scenario, energy-savingand low-carbon regulations arefragmented, fossil fuel prices rise,and natural disasters becomemore frequent.
℃ Scenario
Society Prone to Natural Disasters
Net-Zero Society
Low-Carbon Consumption Society
More frequent warm weather globallyFrequent natural disasters such as typhoons, oods, earthquakesRising sea levels
[Risks]High temperatures leading to reduced productperformance and shortened lifespan, necessitating higher R&Dcosts; frequent natural disasters may cause logistics disruptions.[Opportunities]Increased demand for energy-related productsfor large-scale power generation, sales increase for highlydurable transformers with low power distribution losses, andenergy storage devices.
Strict carbon emission managementRising carbon prices/carbon tari?sWidespread use of clean energyCommon use of low-carbon products[Risks]Delay in adopting low-carbon technologies and failureto meet carbon emission management standards leads to lostsales opportunities, while also increasing R&D costs.
[Opportunities]Growing demand for new energy storage,increased sales of products with low carbon emissionsthroughout their lifecycle.
Delayed or disjointed implementation of energy-saving/low-carbon regulationsDepletion of fossil fuel resources, leading to widespread use ofexpensive clean energyWidespread use of high-priced low-carbon products[Risks]Losing opportunities due to late adoption of cleanenergy, coupled with the need to increase investments in low-carbon technology research and development.[Opportunities]Signicant increase in demand for new energystorage, along with increased sales of products that have lowpower distribution losses and low in carbon emissions.
Fossil Fuel-Dependent Society
Strict carbon emission managementRising carbon pricesIncrease in fossil fuel prices, transitioning towards the use ofclean energy[Risks]Strict requirements for carbon emission managementand rising fossil fuel prices lead to increased product prices andreduced sales opportunities.[Opportunities]Reduced costs resulting from the earlyintroduction of clean energy and leading the market throughinnovation in low-carbon technologies.
1.5°C
scenario
Preference for Low-carbon products
Stringent Energy-saving/low-carbon regulations
4°Cscenario
Through a comprehensive assessment of climate-related risks, we have identified both the risks andopportunities associated with climate change. Bystrengthening our climate resilience, we endeavorto capitalize on the developmental prospectsarising from the global energy transition and low-carbon transformation. In alignment with therecommendations of the Task Force on Climate-related Financial Disclosures (TCFD), we haveidentied, prioritized, and managed both physical andtransitional risks that may impact company assets,thereby laying the groundwork for devising responsestrategies.We have dened short-term, medium-term, and long-term time frames for addressing climate-related risksand opportunities. Short-term refers to the next 1-2years, medium-term refers to 3-5 years, and long-term refers to ve years and beyond. Specic climaterisks and opportunities are as follows:
Identifying and assessing climaterisks and opportunities
RiskOpportunity
Physical risks and opportunityAcute risks
Frequent typhoons,rainstorms, etc.
[Short-term] Increased costs for ood and waterlogging control[Short-term] Increased demand for resilient infrastructureFrequent earthquakes anddroughts
[Short-term] Sales decrease due to supply chain disruptions
[Short-term] Increased demand for disaster preparednessequipment and facilitiesChronic risks
Rising sea levels
[Medium to long-term] Some operations in coastal provinces and regions of China
may be damaged, increasing corporate infrastructure costs
[Medium to long-term] Increased demand for resilientinfrastructureIncreased hot weather
[Short-term] Poor health condition of employees may reduce work e?ciency
[Medium to long-term] Reduced product lifespan and quality
[Medium to long-term] Production interruptions due to electricity usage restrictions
Transitional risks and opportunityPolicies andregulations
Increase in carbon taxes
[Long-term] Increased costs for energy procurement, leading to increasedproduction and transportation costs
[Long-term] Gaining business opportunities through earlyadoption of renewable energy di?erentiation[Medium-term] Increased export costs for products leading to higher prices andlower sales volumes
[Medium-term] Stabilizing costs through early adoption ofrenewable energyIncreasingly stringentenergy-saving/ low-carbonregulations
[Medium-term] Strict carbon emission management increases carbonmanagement costs
[Medium to long-term] Increase in sales of energy storagebusiness[Short-term] Strict requirements for the carbon footprint of the entire productlifecycle, increasing calculation costs
[Short to medium-term] Increased sales opportunities byproducing compliant energy-saving/low-carbon products[Short-term] Increased introduction costs for renewable energy certicatesTechnologiesandinnovation
Rapid development of low-carbon technologies
[Medium-term] Missing opportunities due to delayed R&D in decarbonizationtechnologies
[Medium-term] Increased demand for technologiespromoting decarbonization[Medium-term] Increased investment in the development of low-carbontechnologies
[Medium-term] Business opportunities for prioritizing highlysustainable productsLow-carbon productsreplacing traditionalproducts
[Short-term] Increased investment in renewable energy facilities
[Short-term] Increased demand for renewable energy andenergy-saving products[Medium to long-term] Traditional products replaced by low-carbon productsMarkets
Changes in customerbehavior patterns
[Medium to long-term] Failure to achieve 100% use of renewable energy in theproduction process, resulting in lost sales opportunities
[Medium to long-term] Enhancing brand inuence throughsustainable value chain realization[Medium to long-term] Failing to keep pace with customer preferences for low-carbon products
[Medium to long-term] Customers achieve sustainability intheir own value chains by purchasing sustainable productsTransition to a circulareconomy
[Short-term] Customers not favoring products from resource recycling
[Short term] Transition from traditional to circular economybusiness models[Medium to long-term] Increased costs due to resource recycling and circulartechnologies
[Medium to long-term] Expanding demand related to low-carbon products and energy management businessesReputation
Increased publicenvironmental awareness
[Medium to long-term] Damage to reputation due to insu?cient e?orts in emissionreduction
[Medium to long-term] As a sustainable business, o?eringsustainable products attracts more customers
Jinpan Smart Technology has integrated climate change risks into its daily risk management system and regularly reports to the Board of Directors.The Company has established a mature risk identication and management process, continuously monitoring international, national, and industrydevelopments to promptly identify regulatory trends, potential risks, and opportunities relevant to the Company's growth.
Risk management
We continuously monitor climate change trends and their potential actual impacts on production and operations. We also closely track domesticand international climate change regulations, maintaining close communication with external stakeholders such as investors, customers, andsuppliers to stay informed of their expectations regarding climate issues. We regularly conduct a comprehensive climate-related risk identicationprocess to optimize and improve relevant contingency plans.
Climate-related risk identication process
Collect internal and externalinitial information related to theCompany's climate risk, organizepotential climate risks that maya?ect the Company's business,including potential physical risksand transition risks.
Collectpotentialclimate risks
Evaluate the extent andlikelihood of impact ofclimate risks by meansof group discussions,expert consultation, policyanalysis, etc.
Utilizediversemethods forassessment
Based on the preliminaryassessment results of climaterisks, comprehensively take intoaccount the potential impact,probability of occurrence, urgencyand controllability of di?erentrisks, determine the order ofclimate risks, compile a list ofclimate-related risks, and clarifythe priority of related tasks.
Compile aclimate riskinventory
We follow the Basic Norms for Internal Control of Enterprises, the Risk Management Guidelines (ISO 31000:2018), and the COSO Enterprise Risk Management - Integrating with Strategy and Performance 2017, amongother guidelines and standards, to establish the Jinpan Smart Technology Risk Management System. This system integrates climate change risks into the core content of strategic planning, and recognizes them as keymanagement issues in supply chain management to enhance the overall importance of climate risk management.Aligned with the Company's comprehensive risk management system, climate risk management primarily involves four key procedures: risk identication, risk analysis, risk response, and risk monitoring. The ESG Committeeoversees and supervises all climate-related risk assessments and decision-making processes.
Climate-related risk management process
Conduct climate-related risk screeningat both the industry level and thecompany business levelAssess the priority of climate risksthrough diversified methods such asquestionnaires, group discussions,expert consultations, scenario analysis,and interviews
Conducting an in-depth analysis and rankingof identied climate change risks based on twokey criteria: the likelihood of occurrence and theextent of impact on business operations andnancial performanceUtilizing analytical tools such as scenarioanalysis and risk matrix analysis to evaluaterisks
The audit department regularly reviewsthe self-inspection reports from variousdepartments, and continuously carriesout risk monitoring and management
Risk identicationRisk monitoring
Risk analysisRisk response
Avoiding riskAccepting riskReducing riskSharing risk
Indicators and goals
As a pioneer in the new energy sector, Jinpan Smart Technology strives to play a greater role and takeon more responsibility in global climate action. In response to the national "carbon peaking" and "carbonneutrality" goals, Jinpan Smart Technology has formulated specic dual-carbon strategic goals. In 2023,Jinpan Smart Technology applied to join the Science Based Targets initiative (SBTi) to ensure that ourcarbon emissions goals are consistent with the global scientic carbon reduction pathways.Our science-based carbon targets are currently under o?cial review by SBTi, and we publicly commit totaking all necessary measures to achieve our emissions reduction targets.
Jinpan Smart Technology continuously monitors multiple climate-related indicators in combination with itsown business characteristics, asset distribution, and potential climate-related risks. Among them, we regardgreenhouse gas emission intensity and energy e?ciency as key indicators. The Company quanties carbonemissions data in daily management and conducts in-depth assessments of energy utilization e?ciency,enabling the timely identication and e?ective response to potential carbon emission challenges.Compared with 2022, the greenhouse gas emissions of Jinpan Smart Technology in 2024 decreased byabout 70.39%, achieving the near-term emission target earlier than expected.
Scope 1 greenhouse gas emissions refer to carbon emissions generated from the combustion of direct energy sources such asnatural gas, gasoline, and diesel, as well as carbon emissions from renewable energy power generation. Scope 2 greenhousegas emissions refer to carbon emissions generated from indirect energy sources such as purchased grid electricity and purchasedgreen electricity. The standards for accounting greenhouse gas emissions are based on Greenhouse gases -Part 1: ISO 14064-1:2018 Specication with guidance at the organization level for quantication and reporting of greenhouse gas emissions andremovals and the GHG Protocol.
Goals and commitmentsIndicators
Reduce Scope 1 and Scope 2greenhouse gas emissions by at least
Reduce Scope 3 greenhousegas emissions by at least
Total greenhouse gas emissions (Scope 1 & Scope 2)
Greenhouse gas emission intensity (Scope 1 & Scope 2)
| Unit: Tons of carbon dioxide equivalent | Unit: Tons of carbon dioxide equivalent /RMB 10,000 of revenue |
Reduce Scope 1, Scope 2, and Scope 3greenhouse gas emissions by at least
50%25%
90%
Based on the 2022 baseline year, we have set the following specic targets:
Net zero target (by 2050):
Short-term goals (by 2030):
Greenhouse gas emission data
16,041
2,105
8,7730.0131
1,9586,815
0.0338
13,936
4,749.29
1,679.76
0.007
3,069.53
2022
2022
2022
2022
2023
2023
2023
2023
2024
2024
2024
2024
Scope 1 greenhouse gas emissions
Scope 2 greenhouse gas emissions
| Unit: Tons of carbon dioxide equivalent | Unit: Tons of carbon dioxide equivalent |
Climate action responseWe have integrated the concept of respondingto climate change response into the Company'sbusiness strategy and production operations. With"achieving low-carbon production" and "empoweringlow-carbon development of the industry" as the twoprimary objectives, we have been steadily promotingthe realization of Jinpan Smart Technology's "dual-carbon" goals and driving the transformation andupgrading of the new energy manufacturing industry.
Since the introduction of the dual carbon goals, China has made them one of the key national strategies for high-quality development. The countryhas formulated multiple supportive documents for systematic planning and overall deployment, and has completed the integration of the "dual carbon"implementation plans across 17 provinces, e?ectively and orderly advancing the "dual carbon" agenda. In the national dual-carbon plan, industrial parksplay a crucial strategic role as key areas of energy consumption and carbon emissions. Starting from the concept of a "Zero-Carbon Factory", we adhere tothe development philosophy of "green ecology," deepen the green revolution in the industrial sector, and promote the establishment of more green factoriesand "zero-carbon factories". Together with industry peers, we aim to build a "community of shared destiny" for the green energy equipment manufacturingindustry and jointly promote the green and high-quality development of the manufacturing sector.The zero-carbon factories of Jinpan Smart Technology fully integrate the concept of carbon neutrality in the dimensions of park planning, construction,management and operation. Relying on a zero-carbon management system, it accurately calculates and plans carbon neutrality targets, utilizes theInternet of Things to comprehensively monitor the generation and reduction of carbon elements, and integrates carbon-neutral measures such as energyconservation, emission reduction, carbon xation, and carbon sink through digital means. With intelligent management, it achieves low-carbon industrialdevelopment, energy green transformation, facility specialization and sharing, and resource recycling, achieving a self-balancing of carbon emissions andabsorption within the park, while deeply integrating production, ecology, and life.Virtual power plant systemIntegrated energy managementsystemPark-wide water and gas monitringsystemEnergy system park powerdistribution systemEnergy storage systemPhotovoltaic systemPark air conditioning systemCharging pile system and otherequipment
Jinpan Smart Technology actively responds to thenational "carbon peaking" and "carbon neutrality"goals, driven by high-quality development, and relyingon advanced technology, intelligent transformation,and green development concepts, to achieve eco-friendly production of green energy equipment.The Company incorporates eco-friendly principlesthroughout the entire production lifecycle. This year,Jinpan Smart Technology continues to expand cleanenergy use, increasing the share of clean energy inoperations, and accelerating its transition to greenand sustainable operations.
Achieving low-carbon production
Zero-carbon factories
Zero-carbonpark energycontrol hub
Edge terminal gatewayEdge data gateway
Multi-energy scheduling andmulti-energy coordinationalgorithmOptimized energy-saving controlalgorithm for air conditioningAI algorithm
Zero-carbonpark energycontrol units
Zero-carbonpark energycontrolterminals
Zero-carbonpark energy
controlalgorithms
By the end of 2024, Jinpan Smart Technology’s production bases in Haikou, Guilin, and Wuhan have earned national recognition asGreen Factories and Zero-Carbon Factories. The Shanghai base has become a model for Shanghai Green Factory and Zero-CarbonFactory. We are making steady progress on the path of green transformation, continuously establishing benchmarks for green intelligentmanufacturing.To meet the company's scientic carbon targets, Jinpan Smart Technology has actively promoted the establishment of zero-carbonfactories since 2023. As a result, four such factories have been successfully established in Haikou, Guilin, Wuhan, and Shanghai. By2024, each factory had achieved signicant progress in green carbon reduction. Compared to 2022 (the baseline year for Jinpan SmartTechnology's SBTi target setting), the Haikou factory reduced carbon emissions by 95.8% throughout the year, the Guilin factory by
78.8%, and the Shanghai factory by 99.4%. The Wuhan factory, which was o?cially completed and put into operation in December
2023, achieved a carbon reduction ratio of 97.4% throughout the year of 2024 (compared to the calculated carbon emissions withoutcarbon reduction measures in 2024).
In 2024, Wuhan Jinpan Intelligent Technology Co., Ltd. (hereinafterreferred to as "Wuhan Jinpan Intelligent") and Jinpan Electric Group(Shanghai) Co., Ltd. (hereinafter referred to as "Shanghai Jinpan"),subsidiaries of Jinpan Smart Technology, achieved signicant milestones,showcasing the Company's unwavering commitment and outstandingachievements in digitalization and green, low-carbon transformation.Wuhan Jinpan Intelligent successfully obtained the Zero-CarbonFactory certication and the AAA-level Integration of Informatization andIndustrialization Management System certificate, becoming the thirddigital factory under Jinpan Smart Technology to receive the "Zero-CarbonFactory" recognition, following the recognition of Haikou and Guilin digitalfactories. Meanwhile, Shanghai Jinpan was awarded both the ShanghaiGreen Factory and the Shanghai Zero-Carbon Factory honors, furtherdemonstrating Jinpan Smart Technology's excellence in green, low-carbon transformation. Shanghai Jinpan, with its well-established greenmanufacturing management system, signicant environmental protectionoutcomes, and advanced production technologies, was successfullylisted as a Shanghai Green Factory, becoming the fourth green factoryunder Jinpan Smart Technology. Wuhan Jinpan Intelligent and ShanghaiJinpan fully harness clean energy to its maximum potential. In conjunctionwith their self-developed Jinpan Smart Technology Integrated EnergyManagement System, they utilize advanced technologies such as theInternet of Things, big data analytics, and articial intelligence to optimizeand integrate resources within the park, culminating in the establishmentof a zero-carbon emission smart park.
Wuhan Jinpan Intelligent and Shanghai Jinpanadded new "zero-carbon factories", furtherstrengthening Jinpan Smart Technology'ssustainable development blueprintCase
Jinpan Smart Technology remains committed to green andlow-carbon development, actively promoting regional greeneconomic growth. This year, the Guilin Juntaifu Energy StoragePower Station under Jinpan Smart Technology was successfullyintegrated into the power grid and put into operation, contributing tothe improvement of regional economic and environmental benets.Relying on the "Jinpan Digital Energy Management System"platform, Guilin Juntaifu Energy Storage Power Station hasdemonstrated excellent energy storage and discharge flexibility.By managing peak and o?-peakpower grid usage it has e?ectivelyimproved the energy efficiency at the base, reduced the overallelectricity cost, and further reduced carbon emissions.
Guilin Juntaifu Energy Storage Power Station connected to the grid and operationalCase
In
2024
million
31.9698
Direct reduction of greenhouse gas emissions dueto retrotting equipment
Capital investment in greenhouse gas emissionreduction
Tons of carbon
dioxide equivalent
Direct reduction of greenhouse gas emissions dueto process improvements
Tons of carbondioxide equivalent
447.68
Direct reduction of greenhouse gas emissions dueto fuel replacement
Tons of carbondioxide equivalent3,426.1
RMB
Jinpan Smart Technology, leveraging its unique product attributes and technical expertise, actively collaborates with industry chain partners tojointly advance toward a low-carbon economy. We continue to increase R&D investment in the renewable energy sector, providing clean energygeneration services for numerous partners. At the same time, we actively respond to national strategies by replicating and promoting the successfulexperience of agrivoltaics projects. In rural areas, we make full use of wind energy resources and scattered idle non-arable land and organize the"Thousand Towns and Ten Thousand Villages Wind Action" to promote the development of decentralized wind power in various places, supportinglocal economic development and environmental protection.
Effective carbon emission data management is the foundation ofcarbon reduction e?orts. We continuously advance carbon inventoryand carbon footprint certication, systematically promoting emissionreduction initiatives. By assessing high-carbon-emission processes,we are gradually reducing the carbon footprint across the entireindustry chain and our products. In 2024, we successfully obtainedcarbon footprint certication for 16 products.
Empowering low-carbon development in the industry
In 2024, we assisted a grain reserve company in implementing a solar rooftop project. The project o?cially started on April 29, 2024, andachieved energy self-su?ciency by installing solar energy panels on the top of the warehouse. With a total installed capacity of 6,382.8 kWp,after four months of intensive construction, the project was successfully connected to the grid at full capacity on August 15, 2024, and passedits nal acceptance inspection on August 30, 2024.
Solar rooftop project empowering industrial low-carbon developmentCase
Photovoltaic Project of Chongqing Grain Reserves Group
Since reaching full-capacity grid connection, the solar powerstation has been operating smoothly, with actual powergeneration aligning with expected targets. According toforecasts, over its 25-year operational lifespan, the powerstation will generate an average of 4,628.15 MWh annually.The implementation of this project is expected to save about569 tons of standard coal per year, significantly reducecarbon dioxide emissions by about 2,480 tons.
Reduce carbon dioxide emissions by about
2,480
tons
4343
Jinpan Smart Technology abides by its commitment to environmental protection, continuously improves the environmental management system, and ensures the implementation of environmental management responsibilities.We strictly abide by the laws and regulations in the countries and regions where we operate, such as the Environmental Protection Law of the People's Republic of China, the Law of the People's Republic of China on thePrevention and Control of Atmospheric Pollution, the Law of the People's Republic of China on the Prevention and Control of the Environmental Pollution of Solid Wastes and the Law of the People's Republic of China on thePrevention and Control of Water Pollution. We have established control procedures for sewage and solid waste, etc., and strictly control the use of resources and pollutant emissions during production and operation throughsource management and process governance to achieve green production and green operation. In 2024, Jinpan Smart Technology recorded no environmental violations.We have referred to relevant national standards and, in conjunction with our company’s circumstances, established environmental management objectives that cover all operational production bases of Jinpan SmartTechnology (from 2024 baseline).
Focus on Environmental Management
IndicatorUnitYear 2023Year 2024Changes2030 target (from 2024 baseline)National standardsCOD Emission Concentration ofIndustrial WastewaterVolatile organic compounds (VOCs)emission concentrationsIndustrial wastewater dischargeintensityIntensity of non-hazardous wastegeneration
The discharge concentration of CODof industrial wastewater shall notexceed 150mg/LVolatile organic compounds (VOCs)emission concentrations do notexceed 10mg/m?Reduce industrial wastewaterdischarge intensity by 10% by 2030compared to base yearReduce industrial solid wasteemission intensity by 5% by 2030compared to the base year
500mg/L (Integrated wastewater dschargestandard GB8978)120mg/m? (Integrated emission standard of airpollutants GB 16297)
mg/L
mg/m?Tons/RMB10,000Tons/RMB10,000
2.04
0.0417
0.0054
60.67
2.82
0.0372
0.0051
40.52%
38.47%
10.86%
5.1%
Environmental management systemBased on the requirements of the ISO 14001 Environmental Management System, Jinpan Smart Technology has developed policy documents covering various environmental impact factors, including the ‘Water PollutionPrevention and Control Procedure,’ ‘Air Pollution Prevention and Control Procedure,’ and ‘Noise and Vibration Pollution Prevention and Control Procedure,’ providing institutional support for the company’s environmentalmanagement. During the reporting period, all Jinpan Smart Technology’s operational bases have obtained ISO 14001 Environmental Management System certication.
We ensure the effective advancement of theCompany's environmental management workthrough three aspects: environmental managementframework, environmental performanceassessment, and environmental managementaudits, promoting our transformation and upgradingtoward resource conservation and environmentalfriendliness.
At the same time, the Company integrates environmental management concepts into its supplier management strategy, encouraging and requiring suppliers totake environmental responsibility and work together to build a green supply chain.
Environment governancestructure
The general manager is the primary personin charge, and each base shall set up EHS(environment, health, and safety) officersresponsible for implementing the specific tasks.We set environmental performance indicatorsand designate the responsible departmentfor managing these indicators. This ensurescomprehensive management of Jinpan SmartTechnology's environmental performance, controlsenvironmental risks, and aligns environmentalgoals with business strategy.
Set environmental performance indicatorsand designate the responsible department formanaging these indicators"Safety and environmental protection" hasbeen set as a key performance indicator forthe factory's general manager's annual review,ensuring that environmental managementgoals are given full attention and effectivelyimplemented.
The Environmental Review Plan has beenestablished, with regular environmentalmanagement audits conducted. Designatedpersonnel follow up on identified issuesand implement corrective actions, ensuringcontinuous reduction of environmentalrisks.
Environmental
governance
structure
Environmental
performance
evaluation
Environmental
managementaudit
Energy managementJinpan Smart Technology strictly abides by the Law of thePeople's Republic of China on Energy Conservation andother relevant laws and regulations. We improve the energymanagement system, continuously optimize the energy usestructure, and explore more space for energy conservationand consumption reduction, so as to maximize the energy usee?ciency. As of the end of the reporting period, Hainan Jinpan,Guilin Juntaifu, Wuhan Jinpan, and Shanghai Jinpan haveobtained ISO 50001 Energy Management System certication,marking signicant progress in our energy management e?orts.Optimizing energy management
Photovoltaic monitoring and operation and maintenancesystem improves power generation efficiency, reducesoperating costs, optimizes energy utilization, and promotesthe development of clean energy. The application ofintelligent operation and maintenance technology hassignificantly improved the power generation efficiencyand stability of photovoltaic power plants, and reduceddowntime and maintenance costs. At the same time,through real-time monitoring and data analysis, theoperation and maintenance system can timely discoverand deal with faults, ensure the long-term stable operationof power stations, and reduce transmission losses.
The virtual power plant uses information technologyand intelligent control to achieve unied managementand optimized scheduling of various types of powersources in the power system. It also guides real-time charging and discharging scheduling strategiesthrough photovoltaic power generation forecasts, plantload forecasts, and energy storage scheduling strategyforecasts, thereby achieving a balance between theplant power grid, photovoltaic generation, and energystorage loads. This will save energy costs and achievethe regulation and control of the power grid load.
Virtual power plant system
The new energy centralized control systemintegrates data collection and control, electricenergy collection and summary calculationfunctions of each station, and can carry out uniedand centralized monitoring and management ofsubstations scattered across the country. Throughthe "connection, movement, storage, processingand analysis" of real-time data, combined with bigdata and AI applications, the system guides thepower generation optimization control strategyto reduce power loss and improve the powergeneration e?ciency of new energy power plants.
New energy centralized control system
Photovoltaic monitoring and operationand maintenance system
We have developed multiple energy management systems with digitalization as the core,established energy consumption data application and service systems, monitored energyconsumption through intelligent systems, innovatively developed the integrated energymanagement and distributed asset management model for green smart parks, andcontinued to expand the coverage of our energy management systems to help the parkreduce their environmental footprint. Our system also provides real-time data on greenenergy utilization for operation and maintenance personnel by analyzing the percentageof new energy consumption. We have built a comprehensive energy management systemthat incorporates photovoltaic monitoring and operation and maintenance systems, newenergy centralized control systems, and virtual power plant systems. Through intelligentmonitoring and data analysis, we increase the proportion of clean energy and renewableenergy use, reduce energy waste, and reduce greenhouse gas emissions. In addition,the integrated energy system can also improve the efficiency of the energy systemby integrating energy storage facilities and distributed energy, effectively promote theconsumption of clean energy, enhance the hierarchical utilization of energy, and realizethe green and low-carbon development of the park.
The adoption of clean energy plays a crucial role in achieving carbonneutrality goals, adjusting energy structures, and promoting social harmonyand economic stability. This year, Jinpan Smart Technology has reducedits dependence on fossil energy by increasing the installed capacity ofdistributed photovoltaic power and purchasing green electricity. The Companyhas also independently developed and implemented an energy managementsystem to improve the digitalization, networking, and intelligentization of itsinternal energy management. Jinpan Smart Technology continues to improveenergy e?ciency and increase the proportion of clean energy usage. In 2024,the Company's clean energy consumption increased by 74.46% compared to2023, reaching a clean energy utilization rate of 61.35%.
Leveraging our technological prowess, Jinpan Smart Technology harnesses its product technology advantages to actively explore and tapinto potential opportunities for energy savings and emissions reduction. In 2024, our unit revenue carbon emission intensity decreased to 0.007tons of carbon dioxide equivalent/RMB 10,000, demonstrating our commitment to environmental responsibility.
Adoption of clean energy
The Shanghai Base has achieved significant environmental andeconomic benefits through a series of energy efficiency improvementprojects. This year, the Shanghai Base upgraded its photovoltaicprojects, which increased the annual power generation by 340,000kWh and effectively increased the proportion of self-supply electricity.Additionally, a lighting system retrofit reduced lighting electricityconsumption by 30%, while simultaneously improving lighting quality.In addition, the Shanghai Base has also developed an energymanagement system, which enables optimized energy planning toreduce unit product energy consumption, further improving economicbenets and reducing carbon dioxide emissions.
Energy e?ciency retrot at the Shanghai BaseCase
a lighting system retrot reduced lightingelectricity consumption by
30%
5,685.95
Total energyconsumption
Tons ofstandardcoal
0.0082
Energy consumption intensity
Tons of standardcoal/RMB 10,000of Revenue
9,094Carbon reduction from clean energy use
Tons of carbondioxide equivalent
61.35%
Clean energy usage ratio
In 2024
For the calculation of energy consumption for various energy sources and resources, refer to General Rules for Calculation of the Comprehensive EnergyConsumption (GB/T2589-2020).
1,565.6
Total amount of solarenergy used
Total amount ofhydroenergy used
43.47
Tons ofstandard coal
1,880.12
Total amount of greenelectricity purchased
Tons ofstandardcoalTons ofstandardcoal
Total installed capacityof photovoltaic powergeneration projects
MW
16.95
Cumulative powergeneration
GWh
12.74
Supplying the powerplant itself
GWh
4.21
Feed to the power grid
GWh
Water resource managementJinpan Smart Technology adheres to the Water Law of the People's Republic of China, the Action Plan for Improving Industrial Water E?ciency, and other relevant laws, regulations, and systems across its operational sites tosave water for daily operation and improve the water utilization e?ciency of factories in various places.Through digital manufacturing and digital factory systems, we realize intelligent management of water resources in production and operations toimprove the e?ciency of water resource utilization. We continually improve water-saving measures, introduce advanced water-saving equipment,promote the recycling of water resources, and improve employee's awareness of water conservation through comprehensive training, andstrengthen the supervision of water resources.
Water conservation
We regularly conduct comprehensive inspections of water recycling pipelines, timelyfind and identify leakage problems of water pipelines, take repair and rectificationmeasures to ensure the effective use of water resources. Meanwhile, we keepexploring more ways to recycle water. We recycle wastewater in Haikou Base.In 2024, we treated and reused about 1,353 tons of wastewater, achieving zerodischarge and zero pollution of industrial wastewater. At the same time, we havetried to adopt a new treatment process for coil painting waste gas treatment in thenew factory at Wuhan Jiangxia to achieve the ecological benets of not using waterresources and not discharging industrial wastewater.
In terms of canteen tableware washing, we have adopted a centralized machinedishwashing model, which has greatly improved the effective utilization of waterresources. At the same time, we have adjusted the water flow rate and tankcapacity of domestic water facilities to control the consumption and flow rateof water, thereby achieving rational use and conservation of domestic water. Inaddition, we have implemented recycling measures for air conditioning condensate,achieving the reuse of cooling sources and further improving energy use e?ciency.
Industrial water conservation
Conservation in daily life
Jinpan Smart Technology fully complies with the Law of the People'sRepublic of China on the Prevention and Control of Water Pollution andother relevant laws and regulations, and implements a strict wastewatermanagement system.On the operation side, our advanced rainwater and sewage separationtechnology is applied to the drainage system, and domestic sewageundergoes deep treatment through the municipal sewage networkbefore safe discharge.On the production side, we continuously carry out wastewater dischargetreatment and monitoring, and replace and install new equipment basedon actual needs to ensure that the industrial wastewater generated inthe production process can be recycled after treatment. We use theRixin membrane wastewater treatment system to remove suspendedsolids, organic matter, bacteria, viruses and other harmful substancesin the wastewater by physical separation to achieve the purpose ofpurifying water quality and protecting water resources and environment.
Reducing wastewater discharge
Industrial wastewaterdischarge intensity
ton/RMB 10,000of Revenue
0.03716
In 2024
Industrial wastewaterdischarge
Tons
25,661.6
In 2024
Water use intensity
ton/RMB 10,000of Revenue
0.2986
Water withdrawal
Tons206,202
Water reuse volume
Tons1,353Water use intensity decreased
11.34%
Waste gas managementJinpan Smart Technology strictly follows the Integrated Emission Standard of Air Pollutants along with other national and local regulations and standards to regulate waste gas emissions.In our commitment to meeting environmental protection requirements, we have installed advanced waste gas collection and treatment facilities at each production base as per the specications outlined in environmentalimpact assessments. These installations ensure that emissions, following e?ective collection and treatment by environmental protection equipment, adhere to standard discharge criteria. Jinpan Shanghai base replaced thewaste gas treatment equipment, so that its waste gas was discharged after UV photolysis and activated carbon treatment. As a result, its non-methane hydrocarbon emission concentration was reduced by 96.63%, whiche?ectively improved the waste gas treatment e?ciency and reduced the impact of waste gas on the environment.
Nitrogen oxide (NO
X
)emissions
Sulfur dioxide (SO
)emissions
Volatile organic compounds
(VOCs) emissions
Particulate emissions
Tons
Tons
Tons
Tons
0.493
0.49
1.5
Hazardous waste
In order to build a green enterprise reduce solid waste discharge and pollution and Jinpan Smart Technology signed the Green Packaging ActionPlan Commitment Letter and Green Packaging Joint Implementation Commitment Letter, formulated and improved the Product PackagingProcurement System, Product Packaging Management System, Packaging Recycling and Reuse Management Measures and other systems, andissued the Green Packaging, Warehousing and Transportation (Plan Implementation Scheme) to standardize the Company's green packagingprocurement and recycling work. This year, our green packaging work has been certied by an external third party and evaluated as a "greenpackaging implementation unit".We give priority to materials that are recyclable, degradable or have less impact on the environment, and according to the characteristics ofpackaging materials, we have established a recycling mechanism for packaging materials to minimize packaging waste. After the product is usedor discarded, we recover or recycle the packaging or parts as much as possible. Meanwhile, for recyclable packaging materials, we strictly followthe Company's system and process for use. For recyclable packaging, we cooperate with packaging manufacturers for timely recycling.
To prevent leaks, spills, and other potential issues during production processes that could compromise the soil environment, all liquid materialstorage tanks in our workshops are equipped with leak-proof trays. We provide dedicated chemical cabinets for proper chemical storage, withthe oor of the chemical storage area constructed from cement with an epoxy resin coating to prevent chemical leakage. Additionally, the area isequipped with specialized leak-proof trenches and collection pools to further ensure proper handling of leakage incidents.
Packaging materials and wastemanagementJinpan Smart Technology adheres to the Law of the People's Republicof China on Prevention and Control of Environmental Pollution bySolid Waste and the Guidelines for the Formulation of GeneralIndustrial Solid Waste Management Ledger of People's Republic ofChina (Trial) among other national and local laws and regulations. Inalignment with the ISO 14001 environmental management system,we have established a rigorous waste management system anddelineated the responsibilities of dedicated supervisory personnel.
We implement categorized collection practices and, incompliance with relevant national regulations, hand it over toa qualified third party for treatment, resource recovery andreuse. Household waste undergoes uniform processing byprofessional environmental sanitation departments.
After temporary storage in specially designed hazardous wasterooms, it is handled by qualified professional entities. Weensure that storage sites for hazardous waste are equippedwith measures for rain, leakage, spill, and theft prevention,clearly marked with warning signs. Additionally, we maintaindetailed hazardous waste management ledgers and submitannual hazardous waste disposal plans to environmentalprotection departments to ensure compliant management.
In 2024
3,554.3496.85%
0.00014
Total non-hazardous wastePercentage of non-landlled waste
Hazardous waste intensityTons
ton/RMB 10,000of Revenue
0.0051
97.49
Non-hazardous waste intensity
Total hazardous waste
ton/RMB 10,000of Revenue
Tons
General industrial solid waste
Advocating for Green Development
Jinpan Smart Technology focuses on building green products, using environmentally friendly materials and designs, while optimizingproduction processes to reduce energy consumption and waste. We implement intelligent operation and maintenance and recycling, andconduct comprehensive life cycle assessments to reduce environment impact. At the same time, we pay attention to the protection ofnatural ecology, carry out green o?ce practices, and have put forward a Green, Low-carbon and Sustainable Development Initiative topromote the green transformation of the industrial chain and contribute to the construction of a green future.
We adhere to the concept of environmental protection, give priority to the use of renewable resources, and useenvironmentally friendly materials such as bio-based plastics and recycled metals, so as to reduce the burdenon the environment. Meanwhile, we strictly follow RoHS (Restriction of Hazardous Substances Directive)standards to avoid the use of harmful chemicals to ensure that all products meet environmental protectionstandards, thereby providing customers with safe and environmentally friendly solutions.We have adopted a modular design concept to design a recyclable and easily disassembled product structure,making the product easier to expand and maintain, while reducing energy waste and material consumption.We continuously optimize our production processes. Through the use of energy-saving equipment and greenmanufacturing technologies, we have significantly reduced energy consumption and greenhouse gas emissions. Atthe same time, we have implemented stringent waste management measures to ensure that all waste can be properlytreated and recycled, thereby reducing the burden on the environment.In terms of supply chain management, we collaborate with suppliers who have a strong environmental awareness toensure that our sources of raw materials meet sustainability standards. In addition, we gradually conduct carbon footprintassessments of our supply chain and formulated emission reduction strategies to further promote energy conservationand emission reduction in the production process and reduce the environmental impact of our supply chain.
In the process of product design and development, we always take the concept of green environmental protection as the core strategy,and are committed to creating green products that are both e?cient and safe as well as environmentally friendly. This year, Jinpan SmartTechnology's "dry-type transformer" was selected into the National Catalogue of Recommended Energy-saving and Carbon ReductionTechnologies and Equipment in the Industrial and Information Technology Fields (2024 Edition).
Promoting green products
Greendesign
Environmentally
friendlyproduction
We work closely with professional recycling organizations to develop comprehensive recyclingprograms to minimize environmental pollution. For different types of materials, we adopt differentrecycling treatment methods to reduce the accumulation of hazardous and non-hazardous wastesand the environmental impact of hazardous wastes, so as to reduce production costs and resourceconsumption.
In order to ensure stable operation of the energy storage system and prolong the service life of theequipment, we have adopted an intelligent monitoring and maintenance strategy that utilizes the Internetof Things (IoT) technology to monitor the energy storage system in real time, so as to identify and dealwith potential problems in time. At the same time, we have developed a preventive maintenance strategythat e?ectively reduces failures and downtime through regular inspections and maintenance, therebyextending the service life of the equipment.
Intelligentoperation andmaintenance
Recycling
Jinpan Smart Technology, in accordance with the laws, regulations,standards, and technical requirements of the locations where itoperates, systematically evaluates and manages the negative impactthat business activities may have on the ecological environment.The Company consistently enhances and refines ecological andenvironmental protection measures to preserve the ecologicalenvironment of its project sites.Throughout the development, construction, and operation andmaintenance phases of projects, we remain vigilant about theirecological impact, actively mitigating threats to biodiversity andecosystems. This year, we found terrestrial wildlife under nationalsecond-class protection during our routine patrols and ecologicalprotection activities in the park. By taking prompt action and workingwith professional wildlife protection agencies, we have successfullyrescued the rare animals, making a positive contribution tomaintaining the biodiversity and ecological balance of the park.
Protecting natural ecology
Wildlife Rescue Certicate
We promote the concept of green environmental protectionand low-carbon life, encouraging employees to embrace eco-friendly commuting and office practices while promoting resourceconservation and environmental protection. We continuously carryout the accounting of Scope 3 greenhouse gas emissions, newlyincorporating employees' business travel by high-speed rail whileimproving the disclosure of relevant information.In order to improve the e?ciency of resource utilization and reducewaste, Jinpan Smart Technology has implemented a series of paper
Carrying out green o?ce practices
recycling and saving measures. We have implemented a unifiedpaper recycling plan, and the recycled paper will be collected andsorted for secondary use or recycling into pulp to minimize resourcewaste. We encourage employees to utilize duplex printing and toreuse obsolete documents that have been printed on one side tofurther reduce the demand for new paper.This year, we have fully launched the electronic seal system,established a unified group-wide seal management platform, andrealized full-process electronic signing. While reducing compliance
risks and enhancing management efficiency through digitalmeans, we also minimize paper wastage and conserve resourcescomprehensively. We actively participate in the industry low-carbondevelopment forum, and earnestly learn from the advanced greendevelopment concepts and experiences in the industry. At the sametime, we actively share the achievements and experience of JinpanSmart Technology on the road of low-carbon development with allsectors of society, hoping to share our achievements in low-carbondevelopment and contribute our strength to building a green and low-carbon future.
Jinpan Smart Technology Participates in 2024 Macao InternationalEnvironmental Co-operation Forum & Exhibition
Jinpan Smart Technology was honored as one of the Top 50 Cases ofGreen and Low-Carbon Development of National Private Enterprisesin 2024 for its "Zero-Carbon Park (Factory) Comprehensive EnergyManagement Solution"
Jinpan Smart Technology participates in the Second ChinaCarbon Finance Forum
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We are committed to innovation-led development, providing customers with high-quality products and services and creatingdiversied values for customers. We work hand in hand with customers to meet their diverse service needs and continuouslyoptimize customer service experience.
Empowering Customers and Pursuing Excellence
As a listed company on the STAR Market, Jinpan SmartTechnology focuses on technological innovation and promotecontinuous innovation and improvement to adapt to the marketenvironment and achieve sustainability goals. The Companycontinuously improves the innovation management system,integrates internal and external resources including the ElectricResearch Institute, the Intelligent Technology ResearchInstitute, and the Energy Storage Technology ResearchInstitute, so as to enrich the innovation talent team, improve thelevel of innovation and research and development, and promotethe innovation and development of the industry.We continuously increase R&D investment and activelyencourage technological innovation. In 2024, we revised theMajor Technical Development Project Reward System to furtheroptimize the project categories, evaluation criteria, incentivestandards and other contents, and to clarify the incentiverange, aiming to promote the technological development ofenterprises, encourage technicians to continuously improvetheir professional capabilities and actively participate in thedesign and development of key technology projects, so as toovercome key common technical problems in the industry. Atthe same time, in terms of innovation project review incentives,
R&D and innovation
we revised the Innovation (Management) Regulations to refinethe review rules and scoring rules to ensure a comprehensiveassessment from three levels: economic benefits, technicalforesight, and practical applicability of the project.In terms of attracting and developing R&D talents, Jinpan SmartTechnology has attracted and cultivated a group of outstandingR&D talents by engaging in in-depth cooperation with universitiesand scientic research institutions, and participating in technologycooperation projects and major project applications. In 2024,the Company deepened the industry-academia-researchcollaborations with Shanghai Jiao Tong University, and closelycooperated on the key technology R&D of high-voltage direct-mounted energy storage system, and achieved a series ofimportant technological achievements including adaptive Socequalization technology, ripple suppression technology, faultisolation and fault tolerance control technology. In 2024, theCompany independently undertook key R&D projects (ProjectName: Research and Application of Key Core Technologiesfor Large-Capacity Medium- and High-Voltage Direct-AttachedMarine Major Energy Storage Equipment, Project No.:
ZDYF2024GXJS305) in Hainan Province.
In order to comprehensively improve the researchsystem of basic materials for dry-type transformers,the Company has established the dry-type transformermaterials laboratory, which is dedicated to conductingbasic performance research related to thesematerials, aiming to provide accurate data supportfor simulation analysis. By deeply exploring the lawsof material performance, the Company has identiedeffective ways to optimize material performance,which significantly enhances its material researchsystem capability. The establishment of the dry-typetransformer materials laboratory not only enables theCompany to understand the basic properties of thesematerials, but also lays a solid foundation for researchinto their application performance and provides robusttechnical support for cost reduction and performanceoptimization of dry-type transformer products.
We actively promote the transformation of innovative achievements and have completed several projects,including the 20.6MVA Nacelle-integrated Dry-type Transformer for Floating Wind Power Generator Set,the Dry-type Transformer with Climate Grade C4 and Environment Grade E4, and the 11.3MVA Nacelle-integrated Dry-type Transformer for Land 10MW Wind Power Generator Set. These projects have beensuccessfully recognized as the rst set of advanced equipment manufacturing projects in Hainan Province.We have also achieved continuous new breakthroughs in areas such as technical routes, structural design,manufacturing processes, and standard parameters, all of which are related to functions and performance.
The dry-type transformer material laboratory provides technical support forcost reduction and e?ciency improvement of dry-type transformer products.Case
Year 2024
Amount invested in researchand development
R&D team hasAccounting forbillion RMB persons%
0.35640817.6
Proportion oftotal revenue
%
5.15
Key Scientic Research of Jinpan Smart Technology (2024):
This project, independently undertaken by Jinpan Smart Technology andrecognized as a key R&D project in Hainan Province, aims to developan offshore medium- and high-voltage direct-mounted energy storagesystem. This system is designed to meet the needs of medium- and large-scale electrochemical energy storage, is suitable for a 6/10/35kV grid-connected voltage, and targets practical application in new energy powergeneration scenarios as well as promoting industrialization.
Research and application of core technologies in key eldsof large-capacity medium- and high-voltage direct-mountedmarine major energy storage equipment
100KW/215kWh Integrated Prototype Project for Industrial andCommercial Storage Energy
This project focuses on the research and industrialization of new energylow-voltage energy storage systems. It features an innovative design ofupper and lower structured battery compartments and integrated cabinetsto reduce size and cost. Equipped with a PACK-level re protection systemto ensure safety, the battery cells utilize full liquid cooling technology toenhance thermal management e?ciency, and the industrial-grade designimproves aesthetics and environmental adaptability.High-Low Voltage Integrated Smart TransformerSubstation ProjectThis project is primarily designed for application in the intelligentdata centers, with a focus on studying and resolving the product'sspecific application scenarios within these environments. Thetechnical challenges include the need for the product to have aminimal footprint, excellent heat dissipation capabilities, and e?ectivemonitoring of power equipment data.
20.6MVA Nacelle-integrated Dry-type Transformer for
Floating Wind Power Generator Set
This project develops a 66kV grade, 18MW nacelle-integrated dry-type transformer for oating wind power generator set. It addressesissues related to transformer component vibration, investigatesthe horizontal winding and casting process of high-voltage coil,and studies the external insulation structure to improve the level ofexternal insulation.
Dry-type Transformer with Climate Grade C4 andEnvironment Grade E4This project develops dry-type transformers capable of safeoperation under severe climatic conditions, meeting Climate GradeC4 and Environmental Grade E4; It researches the technology toresist cold and heat impact, high salt spray, and high pollution inresin-cast dry-type transformers and veries the bonding and heatresistance between the ller resin and conductors.
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Jinpan Smart Technology has respondedpositively to the local policy of Hainan Province. Inaccordance with the requirements of the Measuresto Promote R&D Investment Across Society inHainan Province and the Action Plan to Optimizeand Reform the S&T Planning System of HainanProvince, it has closely followed the local policyguidance in terms of R&D project application,actively used the government's incentive policiesfor R&D investment, and actively integrated intoregional development strategies.
The project Research and Application of Core Technologies in Key Fields of Large-capacity Medium- andHigh-voltage Direct-mounted Marine Major Energy Storage Equipment was successfully appliedCase
As of the end of 2024
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The Company focuses on the domestic energy storage field, especially theR&D of medium- and high-voltage direct-mounted marine major energy storageequipment. It has successfully applied for the project of Research and Applicationof Core Technologies in Key Fields of Large-capacity Medium- and High-voltageDirect-mounted Marine Major Energy Storage Equipment, which not only providesa solid technical and innovative foundation for the Company in the applicationfor national scientic research projects, but also reects the Company's accurategrasp of the needs of local industrial development and the direction of scienticand technological innovation. At present, the project has successfully completedkey steps such as system hardware design and preliminary simulation of theliquid cooling system, and is moving forward steadily as planned.
Accumulated patentedtechnologies
Cumulative participation instandards preparation
Among them, there are atotal of new standards:
Domestic designpatents
International inventionpatents
Domestic inventionpatents
Domestic utility modelpatents
Published nationalstandards
Group standards
Industry standards
Local standards
Protecting intellectual property (IP) is protecting innovation. We continueto upgrade the IP protection system, strictly abide by the Patent Law of thePeople's Republic of China, the Trademark Law of the People's Republicof China, the Copyright Law of the People's Republic of China, along withrelevant local regulations. We have updated and improved our IntellectualProperty Management System, standardizing the application, approval, andmanagement processes for IP. We also implement real-time monitoring andcontrol of IP applications and costs, promptly track the application statusand related data at each base, and provide decision-making support for theoverall development and strategic planning of the Company's IP.In addition, we have established an IP risk early warning and controlmechanism, integrating legal protection into the Company's comprehensiverisk management system. Various departments, in line with their respectiveresponsibilities, oversee all aspects related to the whole process of IPinnovation, patent application, copyright registration and strictly control thelegal risks of IP.
Intellectual property protection
Jinpan Smart Technology actively promotes the research and application of productsimulation, uses simulation technology to predict potential risks in dry-type transformerdesign, and e?ectively reduces product risks and material costs. Simulation analysiscan help accurately diagnose product faults, shorten the troubleshooting cycle, reducemanual operations, and reduce the requirements for operator skills. At present, theCompany has gradually realized the automatic simulation technology of modules suchas magnetic eld and electric eld, which has signicantly improved the quality andsafety of products.
In November 2024, the Company was successfully selected into the Quality StrongCountry Leading Enterprise Cultivation Database, becoming the first enterprise inHainan Province to win this honor. The Company shared and exchanged its strongenterprise experience at the National Quality-strong Enterprise Experience Exchangeand On-site Promotion Conference. It also jointly signed the Action Initiative on QualityStrong Country Construction with other selected enterprises, which emphasizes theneed to establish a strong awareness of prioritizing quality, vigorously promote qualitytechnology innovation, strengthen the implementation of comprehensive qualitymanagement, and contribute to the creation of regional quality highlands.
Jinpan Smart Technology jointly signed the Action Initiative on Quality Strong Country
Construction with Other Selected Enterprises
Promote product simulation research to improve productquality and safety
Jinpan Smart Technology was selected into the Quality StrongCountry Leading Enterprise Cultivation Database
Case
Case
Jinpan Smart Technology leverages cutting-edge informationtechnologies such as AI, digital twins, IoT, big data, andcloud computing to vigorously promote a digital qualityplatform, advance industrial digitalization transformationand upgrading, and help enterprises actively meet qualitychallenges under new industries, business forms, andbusiness models.We are continuously optimizing and improving our qualitymanagement system, updating our quality systems andprocesses to cover multiple aspects such as productdesign, manufacturing, and quality control. This furtherensures the quality and safety of our products, andenhances the standardization and sustainability of ourinternal quality system. In 2024, Jinpan Smart Technologyand its subsidiaries were all certified by ISO 9001 QualityManagement System.We fundamentally eliminate any possibility that our productscould harm our customers' health and safety. Each year, weset company-wide quality objectives and break them down tovarious departments. By regularly monitoring and analyzingdata, we effectively track the progress and completion ofthese objectives. For specific projects, we adopt APQP(Advanced Product Quality Planning) and quality gateprocesses to foresee and resolve potential quality risks inadvance. In key production processes, we have set up strictquality checkpoints to prevent non-conforming products fromcontinuing to the next process, thereby signicantly reducingquality losses and costs. In 2024, Jinpan Smart Technology'sone-time passing rate of nished products reached 100%.We have established a comprehensive product recall
Product quality and safety
system, formulated related system requirements suchas Production and Service Provision Control Proceduresand Non-conforming Product Output Control Procedures,and implemented product quality inspection and testingprocedures. We carry out the product recall procedurein accordance with the process for non-conformingproducts. In 2024, there were no incidents of productrecalls due to safety and health reasons at the company.We have developed the Jinpan Smart Technology QualityDigitalization Platform. Through the four-step processof standardizing process, digitizing quality processrecords, structuring quality records, and digitizingquality information, we have achieved comprehensivequality digital management across the foundationaloperational level, mid-level data management, and high-level decision-making layers. The Quality DigitalizationPlatform has established a traceability tree diagramfor each product, enabling one-click rapid forward andreverse life-cycle information traceability. By using thedigital identity of the product and the product traceabilitytree diagram, the source of quality issues can bequickly located. Furthermore, in terms of quality datamanagement, our quality digitalization platform hasestablished a key performance indicator (KPI) analysismodel for quality. By correlating quality data collectedfrom the Manufacturing Execution System (MES), theplatform can automatically generate quality performancedata, charts, and alerts, and then deliver them to thedecision-making level for e?ective and prompt decision-making. This significantly enhances the accuracy ofthe Company's quality data and the scientic nature ofdecision-making.
Jinpan Smart Technology has always been based on the specific needsof customers and is committed to providing services with maximum value.Relying on efficient, professional and considerate services, Jinpan SmartTechnology has won the trust and recognition of customers.We are committed to providing an exceptional service experience for everycustomer. The company has established internal policies such as the‘Customer Service Behavior Standards and Requirements,’ ‘Sales ContractSigning and Management Regulations,’ ‘First-Point Responsibility Systemfor Sales,’ and ‘Customer Service Behavior Code’ to standardize customerservice practices. By leveraging the Customer Relationship Management(CRM) platform, we integrate digitalization into our customer serviceprocesses. This enables us to manage the entire life-cycle of projects in aone-stop manner, from tracking and filing to bidding and quoting, and fromcontract signing to execution. Consequently, we comprehensively enhance thelevel of customer relationship management and further provide our customerswith more cost-e?ective, convenient, and considerate products and services.In 2024, Jinpan Smart Technology's customer satisfaction reached 98.26%.
Improving customer experience
In order to meet the higher expectations of customers for after-sales servicein the digitalization era, especially in terms of product installation, use andtroubleshooting, the Company actively promotes the digital transformationof after-sales service and realizes the electronic after-sales planning andguidance documents. The Company has built an e?cient online documentmanagement platform to achieve convenient and centralized control overelectronic after-sales service planning and guidance documents. Thisfacilitates smooth access to relevant service documents on various mobiledevices, enhancing the timeliness of information acquisition for employeesand providing more comprehensive training and support.To enhance customer experience, we provide after-sales support services,including product installation, operation, and troubleshooting, through videotutorials. This makes the guidance more intuitive and convenient. At thesame time, we continuously optimize the content according to differentuser requirements to improve the work efficiency of on-site techniciansand e?ectively reduce service costs. Additionally, we introduce AI tools ande?ectively utilize prompts to enhance the intelligence level of our service,making full use of the convenience brought by digitalization and intelligence.
To enhance customer satisfaction and improve employee work e?ciency,the Company has launched digital after-sales service training. It has setclear goals to improve customer satisfaction and work e?ciency throughdigital means and has resolved to implement a series of measures.These include increasing the recovery rate of customer satisfactionsurveys, developing a function form for after-sales service planning thatautomatically incorporates project information, widely using electronicguides and videos, and introducing AI tools to promote the standardizationand intelligence of services. This training has significantly enhancedemployees' prociency in digitalization tools, helping them to respond moree?ectively to customer needs in future services, thus improving customersatisfaction in an all-round way.
Implement digital after-sales service trainingCase
Carry out After-Sales Service Digital Training to improve Customer
Satisfaction and Work E?ciency
Jinpan Smart Technology'scustomer satisfaction reachedIn 2024,
98.26%
Digital training for after-sales service department
Enhance customer satisfaction and work e?ciency
Presented by: Li BinPresented in: July 2047
Jinpan Smart Technology strictly abides by the CyberSecurityLaw of the People's Republic of China, the Data Security Lawof the People's Republic of China, the Personal Data (Privacy)Ordinance and other relevant laws and regulations, formulatesthe Customer Information Security Condentiality ManagementSystem and the Data Security Management Measures,and clarifies the responsibility system, basic principles andworkflow of the Company's data and information security andcondentiality management, to ensure clear responsibilities andfeasible measures.To safeguard customer privacy and information security, wehave implemented several stringent measures to enhancethe security of information interfaces. By utilizing advancedtechnologies such as HTTPS encryption for data transmission,AccessToken token verication, and network rewalls, we ensureinformation security and data security during the transmissionprocess. Furthermore, the interconnectivity of our key systemssuch as Enterprise Resource Planning (ERP), Product LifecycleManagement (PLM), Manufacturing Execution System (MES),Supply Chain Management System (SRM), and CustomerRelationship Management (CRM) enables comprehensivedigitalization management throughout the product life-cycle andfurther solidies the security and reliability of the data. In 2024,there were no violations of customer privacy and informationsecurity at Jinpan Smart Technology.The Company attaches great importance to data security, andregularly conducts data security audits in accordance with theData Security Audit Norm to check the implementation of varioussecurity policies and measures. The audit covers areas including,but not limited to, access control, data transmission, backup and
Customer privacy and information security
recovery, and user permission management. Any issues andrisks identified during the audit must be promptly rectified andmonitored to ensure ongoing data security.To enhance the compliance and security of third-party data,the Company conducts comprehensive risk assessments andcompliance checks before introducing any third-party data.This ensures that the data sources are legal, the data qualityis reliable, and the use of data complies with relevant laws,regulations, and company policies. By entering into clear datacooperation agreements, the Company stipulates in detailthe use of data, scope of sharing, security responsibilities,confidentiality clauses, and ownership of data, among otherimportant matters. At the same time, the Company classies andmanages data based on its importance and sensitivity, adoptingappropriate security measures to align with the Company'sinternal data security standards.Additionally, the Company regularly conducts data securitytraining to enhance employees' awareness and skills regardingdata security, covering topics such as data security regulations,company policies, operational procedures, and risk awareness,and ensures that every new employee receives tailored datasecurity training upon hiring and when they change positions.
Talent is the key to high-quality technological innovation of JinpanSmart Technology. We continue to improve the talent recruitmentsystem and are committed to providing a safe and comfortableworking environment, as well as creating an inclusive, open, diverse,and equal workplace atmosphere. We value the development of adiverse workforce and support the growth of professional talentsneeded for our business development with a comprehensive trainingand incentive mechanism.
Caring for Employees,Co-Creating, and Sharingthe Benets
We strictly abide by the Labor Contract Law of the People's Republicof China, the Labor Law of the People's Republic of China, theRegulations on Work-related Injury Insurance, the Provisions onthe Prohibition of Using Child Labor, and the Law of the People'sRepublic of China on the Protection of Minors, along with other lawsand regulations. During the recruitment and employment process,we always comply with local laws, regulations, and internationalstandards. We respect and protect the rights and interests of ouremployees, ensuring compliance and fairness.
We adhere to the principle of equal employment, and haveformulated internal management systems such as the PersonnelManagement System, the Regulations on Non-Discriminationof Employees, the Recruitment Management System, theEmployee Handbook to eliminate any discriminatory andprejudiced language, behavior, and decision-making in therecruitment process. The Company improves its Human RightsPolicy, clarifies labor practices and human rights managementprinciples, ensures that it always complies with international anddomestic human rights standards in its global business, makesa firm commitment to the protection of employees' labor rightsand human rights, and provides employees with a fair, safe, andrespectful working environment for personal dignity. We firmlyprohibit the use of child labor, and prevent the employment ofchild workers through our employee le management system andstringent recruitment review processes. We further improve theProvisions on Remedial and Preventive Measures for Child LaborRecruitment and Management of Minor Workers. In the event thatthe employment of child labor is discovered, the Company takesproactive and e?ective remedial actions to ensure the protectionof children's rights. Additionally, we establish a sound internalsupervision mechanism to regularly conduct self-examinationand self-correction on the recruitment process and employmentsituation, and resolutely oppose illegal acts such as employmentdiscrimination, forced labor, employment of child labor, andworkplace harassment. In 2024, the Company had no incidentsof child labor or forced labor. To promote and protect employees'
Employee Rights and Diversication
Employee recruitment and employment
human rights, the Company sets a dual target of achieving a100% labor contract signing rate and a 100% coverage rate foremployee health check-ups, and contributes to employee socialinsurance in accordance with national laws and regulations. In2024, the Company achieved a 100% labor contract signing ratesuccessfully meeting its goals.We strive to provide good employment opportunities forcandidates by establishing diversified recruitment channels toattract a wide range of talents, and ensuring an accurate matchbetween jobs and talents with a rigorous interview process.We have set up a variety of recruitment channels such as theCompany's website, WeChat o?cial account, online recruitmentplatform and campus recruitment. During the recruitmentprocess, we attach importance to the investigation of thecandidate's professional knowledge, skills, comprehensive qualityand potential, and adopt diversified means such as structuredinterview, leaderless group discussion and psychologicalevaluation to fully understand the candidate's ability, potentialand personality traits, aiming at achieving precise and efficienttalent selection. To ensure the fairness and professionalism of theinterview, the interviewers must undergo strict screening, training,and assessment, and receive regular evaluation.Relying on the export business, the Company has absorbedsenior technical management talents and overseas businesstalents for the export business of transformers and energystorage products, which provides a solid human resourceguarantee for the continuous expansion of its overseas business.In 2024, the Company achieved a labor contractsigning rate of100%
Diversication and inclusion
Employee employment
By employee type
By educational background
By job level
By age
By gender
By geographical region
Total number of employees2,318Employee turnover rate
9.03
%Number of new employees
%%
%
%%%%%
%%%Full time sta?Senior
management
High schoolor below
Age 30 and under
Age 30 and under
Southern China
Southwestern China
Male
Male
Generalmanagement
Bachelor’sdegree
Age 41-50
Age 31-50
Northern China
Hong Kong, Macao, andTaiwan
Part time sta?Middle
management
Associate degree
Age 31-40
Age 50 and above
Central China
Northeastern China
Female
Female
Generalemployees
Graduate degreeand above
Age 50 and above
Eastern China
Overseas
Northwestern China
Employee turnover
By gender
By age group
By geographical region
6.99
1,799
2,199
2.04
4.04
2.59
2.83
0.47
1.96
%%%%
0.32
0.27
0.39
0.20
3.30
1.18
0.51
2,318
1,556
We provide inclusive and fair developmentand promotion opportunities for employeesof different nationalities, ethnicities, ages,genders, beliefs, and cultural backgrounds,and provide broad employment spacefor talents of different educational levelsand professional backgrounds. We payspecial attention to the career developmentof vulnerable employees and strive topromote a diverse, equal, inclusive, andopen workplace environment. As of theend of December 2024, Jinpan SmartTechnology had a total of 2,318 full-time employees, including 22 disabledemployees and 35 veterans. In addition,we have established a comprehensivemechanism and channels for appealingagainst discrimination or harassmentincidents. In 2024, there were no incidentsof discrimination or harassment.We value the growth and developmentof female employees, ensuring that theyhave the same rights and opportunities asmale employees in terms of recruitment,promotion, and training. We encouragewomen to set higher career goals andachieve remarkable success in theircareers. By the end of December 2024,the percentage of female employees inJinpan Smart Technology was 22.4%,and the percentage of women in seniormanagement was 36.4%.
Southern ChinaSouthwestern China
Central ChinaNorthern ChinaEastern ChinaNorthwestern China
Northeastern ChinaHong Kong, Macao, and TaiwanOverseas
Through the establishment of a sound compensation system andincentive mechanism, we provide employees with competitivecompensation treatment and clarify the employee compensation andwelfare system in the Employee Handbook to facilitate employees'understanding of the composition of compensation.
Remuneration and benets
We have established a compensation management system that takespersonal value, job value, and contribution value into considerationto provide employees with competitive compensation. In order toensure the fairness and efficiency of the Company's remunerationsystem, we have formulated the Compensation and PerformanceManagement Measures for Directors, Supervisors, and SeniorExecutives of Hainan Jinpan Smart Technology Co., Ltd. to establisha more scientific and systematic remuneration managementframework for senior managers. We continuously refine our talentincentive mechanism to make it more targeted and directional,ensuring that our R&D objectives are more closely aligned with theCompany's goals. Based on employee performance assessments,we identify and discover talents, increasing incentives for those whodemonstrate signicant value to the Company.
The Company strictly adheres to laws and regulations, ensuringtimely contributions to employees' social securities, including the vesocial insurances and one housing fund. In 2024, the amount investedin work injury insurance was RMB 844,100. Additionally, it providesaccident insurance to further strengthen the employees' protectionsystem. We provide comprehensive welfare benefits, includinghigh temperature subsidies, nutrition subsidies, fuel subsidies,transportation subsidies, commuting transportation subsidies,washing fees, heat prevention and heating fees, catering subsidies,paid leave, etc., and are committed to improving employees' lifequality.
We adhere to open communication, establish multi-dimensionalcommunication channels such as suggestion boxes, symposiums,and employee satisfaction surveys, and disclose communicationchannel information in the Employee Handbook, so as to make everyemployee's voice heard. We value the complaints and suggestions ofevery employee, investigate and deal with the complaints accordingto the facts, properly protect the identity of the informants, and strictlyprohibit any form of retaliation. In 2024, we formulated a soundemployee labor dispute mediation process, set up an employee labormediation room, and promised to review the application within 5working days after the party concerned had submitted the mediationapplication, so as to provide a fair and efficient dispute resolutionplatform for employees.
Salary systemEmployee benetsEmployee communication
Jinpan Smart Technology consistently practices a sustainable development pathof digitalization aligned with ESG principles, safeguarding the shared destiny ofemployees, the Company, and society, and continuously focusing on the work-life balance of its employees. In June 2024, the Company organized “Children’sDay” family open day and the 2nd Digital Factories Science Popularization DayThrough visits from the science and technology museum to the Carbon ZeroMagic Interactive Wall, and from the data operations monitoring center to thedigital factories' production lines, children get an up-close look at the digital andcarbon-neutral initiatives their parents strive for, and feel the new world broughtby science and technology and innovation. This exposure sows the seeds oftechnological curiosity in the youth of the digital age and contributes to the futurestrength of technological development for the great rejuvenation of the nation.
Jinpan Smart Technology held2024 “Children’s Day” Family Open Day
The Company organizes “Children’s Day” family open day and the 2ndDigital Factories Science Popularization DayCase
The Company encourages and supports employeesto develop their hobbies and build a rich anddiverse cultural and sports atmosphere. In 2024,the Company worked closely with the Trade Unionsto organize a variety of activities, including tressmanagement training titled Empowerment throughStress Reduction, a female employees' book clubcalled Rose Book Fragrance, family educationactivities focusing on parent-child reading, trainingon social and business etiquette, “Children’s Day”family open day, and youth social events, all aimedat enriching employees' leisure lives.Additionally, to fully meet employees' reading needs,the Company established an employee library witha collection of 3,000 books. In 2024, it was honoredwith the title of Municipal Model Employee LibraryDemonstration Site by the Haikou Federation ofTrade Unions.
Care for employees
Jinpan Smart Technology's Party Committee party-
building day event
Jinpan Smart Technology's Table Tennis Matches
International Children's Day Family Open Day
The Company carries out Family Education Activities focusing on
Parent-child Reading to share the Joy of Reading
Jinpan Smart Technology's Badminton Competition
Jinpan Smart Technology's Team Building Activities for EmployeesEmployees of Jinpan International USA Limited
Employees Development TrainingJinpan Smart Technology's Team Building Activities for EmployeesEmployees of Jinpan International USA Limited
Jinpan Smart Technology'sYouth Fellowship Event
The Company strictly follows the Work Safety Law of the People'sRepublic of China, the Administrative Provisions on Protective Articles,the Regulations on Work-Related Injury Insurance and other laws andregulations, and formulates the Safe and Civilized Production ManagementSystem, which lays out clear regulations and requirements for theCompany's work safety. By the end of 2024, Jinpan Smart Technology hassuccessfully obtained ISO 45001 certication for occupational health andsafety management systems in Haikou, Guilin, Shanghai, Wuhan Jintuoand other bases, demonstrating our strong commitment to employeesafety and environment protection. In 2024, the Company achieved itsannual occupational health and safety management objectives with nowork-related fatal incidents or recordable work accidents occurring. Therewere zero work-related deaths and zero lost workdays due to occupationalinjuries and health issues; the safety education and training sessions wereconducted for a cumulative duration of 4,544 hours, and the safety drillswere carried out 26 times.In order to promote the front-end of work safety and environmentalmanagement, the Company has built a safety and environmentalprotection cloud platform, which has realized online management fromoccupational health les to hazardous waste disposal, e?ectively reducingaccident risks, and improving emergency response capabilities andenvironment compliance. Through third-party testing agencies, eachbase conducts an annual assessment of occupational hazard factorsand a triennial evaluation of the current state of occupational hazards.Positions identified with occupational hazards from these assessmentsand evaluations are incorporated into the Company's occupationalhealth management system. On-site, hazard notice signs are posted,and workers are provided with personal protective equipment such asprotective earplugs, dust masks, gas masks, and protective gloves.Pre-employment, ongoing, and post-employment occupational healthcheck-ups are carried out. Employees with identified occupationalcontraindications are reassigned away from exposed positions, and
Occupational health and safetyWork safety
Jinpan Smart Technology's Key Measures to EnsureEmployee Occupational Health and Safetyindividual occupational health records are established to effectivelysafeguard the occupational health of employees.The Company fully protects the contractor's employees' safety andhealth, develops safety management regulations for contractors,strengthens the supervision and management of risk identificationand assessment of the contractor's work process and site, providesconsultation and advice to the contractor, ensures that the contractorcan comply with the Company's safety requirements, and collaboratesto create a safe and healthy working environment. The Companyevaluates and reviews the new contractor and signs a safetyagreement with the contractor to clarify the contractor's scope of work,work methods, work requirements, and safety responsibilities, in orderto ensure that the contractor complies with the Company's health andsafety management regulations. In 2024, the coverage rate for signingsafety agreements was 100%.The Company provides the contractor's employees with the necessaryhealth and safety training before their on-site operation, includingan explanation of workplace safety regulations and operatingprocedures, as well as preparation for preventing and responding tosafety accidents. It also develops relevant education plans to ensurethat the contractor's employees have appropriate safety awarenessand emergency response skills. Furthermore, the Company strictlyenforces the contractor's on-site operation management supervisionand inspection system, carries out the contractor's safety operationsupervision responsibilities, and monitors the contractor's on-siteoperation safety prevention and control through regular specialinspections, irregular spot inspections, and other means.
Combustible gas detection and alarm deviceswere installed on liquefied gas cylinders toe?ectively detect and remind operators, therebyeliminating potential accident risks.Life-saving swimming rings were installed aroundthe sewage pool, and pull ropes were hung inthe pool to improve the on-duty employee'semergency response and rst aid skills.Electric scooter sheds were built and outttedwith fire safety features such as "simplefire sprinkler systems" and "timed chargingdevices" to eliminate the risk of fire whenelectric scooters were parked and charging.
Weight limit devices were addedto the cranes to prevent the risk ofoverload when lifting large capacitytransformers with the cranes andto ensure employees' occupationalhealth and safety.
GuilinBase
Shanghai
Base
Yangzhou
Base
In 2024, the coverage rate for signing safety agreements was
100%
The Company prioritizes the physical and mental well-beingof its employees. We schedule professional occupationalhealth examinations for workshop employees once a year andcomprehensive physical examinations for all employees everytwo years. We also purchase commercial accident insurance toensure that the health of employees is fully protected. We focuson the mental health of our employees, set up a psychologicalcounseling room, and invite external experts to conduct mentalhealth education lectures for them. We actively encourageemployee participation in sports and cultural activities and haveestablished a variety of leisure and entertainment facilities,including a gym, a reading lounge, and basketball courts, toencourage employees to adopt a healthy lifestyle.
Employee Health
We continue to optimize our talent development management system and are committed to broadening employee growth paths. We havecreated diverse and fullling career development opportunities for our employees by implementing a job qualication level system, dual-channel promotion pathways, and a perfect internal talent mobility mechanism, allowing them to continuously climb the career ladder andachieve a win-win situation for both personal value and company development.
Employee training and development
Talent development management system
Jinpan Smart Technologyestablishes job qualification levelstandards tailored to various jobcategories. We identify competencygaps among employees throughjob qualification assessmentsand implement targeted talentdevelopment and training initiatives.
Jinpan Smart Technology plansa dual track (management +professional direction) careerdevelopment channel foremployees. We o?er diversieddevelopment opportunitiesthrough career promotion andtransfers.
Jinpan Smart Technology hasimplemented an internal competitiverecruitment mechanism, whichconducts internal and publiccompetitive recruitment for somepositions. This approach enables two-way selection between employeesand positions, considering employees'career development aspirations andfostering mutual growth.
QualicationLevel System
Dual-channelPromotion Pathways
Internal TalentMobility Mechanism
Sports Association
Female sta? reading clubWe invited external experts toconduct mental health educationlectures for our employees tohelp them reduce stress andempower themselves
To support each employee in realizing their full potential, the Company tailors its trainingapproach to suit the unique talents of each individual, fostering an environment whereeveryone has to succeed and showcase their talents. In 2024, Jinpan Smart Technologyconducted a total of 252 training sessions. The completion rate of training projectsreached 100%, with a cumulative participation of 65,165 person-times and a totaltraining duration of 183,335 hours.
We are committed to providing comprehensive resources for new employees to help them quickly integrate into the companyculture, maximize their potential, and realize their own value. We attach great importance to campus recruitment talents,formulate the 2024 college student training plan, and successfully conduct the 2024 college student orientation training ofJinpan Smart Technology. This helps new employees quickly understand the company culture, assessment system, jobresponsibilities, production technology, operation basics, and other things. It also gives them a solid starting platform, helpingthem grow rapidly in the early stages of their career and contribute to the future development of the Company. In 2024, 68college students attended the training, including 22 marketing management trainees and 46 technical college students.Furthermore, we introduced a training mode in which the experienced guide the inexperienced and arranged tutors for newtechnical college students. Tutors' systematic and personalized training and guidance allows them to integrate into the teammore quickly, stimulate their personal potential, and advance their careers.
We conducted the 2024 college student orientation training of Jinpan Smart Technology
We implemented a mentorship program ceremony for new technical college students in 2024 to help them grow quickly
with the help of tutors
Type of training
Number of
trainingscarried out
(times)
Training content
Basic quality training
Employee mental health, stressmanagement, professional etiquette, legalknowledge, digital knowledge, informationand data security, etcQuality, safety andinternal control training
Environmental safety, occupationalhealth and safety, re safety, safe useof hazardous chemicals, product qualitymanagement, etcEmployee skillstraining
Post standardized operation, platformsystem use, post expertise, businessprocess management, key elements ofquality control, product knowledge, etc
General training in
management
Manage knowledge and tool use, digitaltransformation cases, project practices, etc
Thematic training
Sustainability reporting guidelines, integrityand self-discipline, ESG, etc
We place a high value on cadre and core personneltraining, and we use it in conjunction with the currentdevelopment of digital transformation, AI, and automationtechnology to improve the leadership, managementstrategy, innovative thinking, and technical integrationability of management cadres and core personnel,allowing the Company to cope with market changes andachieve strategic development objectives. The traininguses a combination of organizational joint learning anda benchmarking project system, and the training contentis based on specific project objectives. We intend toassist management cadres in identifying and improvingtheir inadequate abilities, comprehensively improvingtheir management skills and leadership, and furtherstrengthening the team's cohesion and cooperationability by implementing a series of well-plannedcourse training and learning activities, combined withtargeted team learning management strategies andbenchmarking project practices.
The Company successfully completed the second management cadre and core personnel training program. We carefully designed training contentbased on clear project objectives and integrated benchmarking project learnings.The entire training process is divided into three stages: general management knowledge training and assessment, management practice training,and training result display. The training includes fundamental management knowledge, practical application of management tools, project practice,management ability assessment, team building and management, leadership training, and other topics.In 2024, we organized 11 training activities in which 139 cadres and core personnel participated, with an average training time of 33 hours perparticipant. This series of training activities not only improved the employees' professional skills, but also established a solid foundation for theCompany's talent training and development.
Opening ceremony of the 2024 cadre/core personneltraining class of Jinpan Smart Technology
The Second Jinpan Smart Technology Management Cadre/Core Personnel Training in 2024Case
we organizedtraining activities
in whichcadres and core personnelparticipated
with an average training time ofhours per participant
In 2024
1113933
We also attach great importance to the cultivation and development of technical, functional and marketingtalents. For technical and functional talents, we followed the annual training plan for employees andimplemented comprehensive job skills improvement training, which included basic quality training, quality safetyand internal control training, job skills improvement training, bright sharing meetings, and so on. We mainly usevideo self-study and online training for marketing training, including marketing courses and training for sales andbusiness skills. These training programs are intended to provide employees with business skills and productknowledge, as well as to help employees master sales skills, technical specications, manufacturing processes,and other things in a systematic manner, in order to effectively improve sales representatives' professionalknowledge and business ability.Furthermore, the Company has improved AI and AI large model talent training. We provide regular trainingon large AI models for intelligent manufacturing in collaboration with external agencies, and we organizeemployees to participate in AI trainer qualication certication. Eleven people are certied as AI trainers.
To improve the digitalization operation e?ciency of the group in an all-round way, the Companycomprehensively promotes the benchmarking department training mode and is committed to sharingthe successful digital transformation of the high-end dry-type transformer digital factory in Guilin,Intelligent Technology Research Institute and the o?shore wind power transformer digital factorywith all departments through systematic training, enhancing the professional ability, managemente?ciency and innovative thinking of the team at each base in the digital transformation.The benchmarking department training is mainly aimed at cadre/core personnel class trainees andmembers of the digitalization practice group project in 2024, including key position employees suchas workshop managers and technical core personnel. Employees can improve their ability to usedigitalization tools in daily work with diversication training methods such as on-site teaching, caseanalysis, and scenario simulation. They can also fully understand the basic concepts, key tools,and technical methods of digital transformation, as well as clarify the specic goals and quantitativeevaluation indicators that each team must achieve during the digital transformation process. Thiswill significantly improve the intelligence level, production efficiency, and continuous innovationcapability of the group's overall business processes, propelling the group into a new stage of digitaltransformation.
Benchmarking department training for cadres and core personnelCase
Employee training and development
Proportion of trained employees by gender
Employee training coverage
%
MaleMale
Senior management
General management
FemaleFemale
Middle management
General employees%
%
%%
%
%Trained hours by gender
(Hours)
MaleFemale
Number of trained employees by gender
Trained hours by employee category
(Hours)
Total number of employees trained
2,318
Total training hours for employee
183,335
hoursThe average training hours per employee
hours
Senior managementMiddle managementGeneral managementGeneral employees
MaleFemaleSenior managementMiddle management
General managementGeneral employees
Number of trained employees by
employment category
Trained hours by employee category
(Hours)
Proportion of trained employees by
employment category
Trained hours by gender
(Hours)
Senior managementMiddle managementGeneral managementGeneral employees
2,514
11 38
2,199
5,239
137,352
45,983
174,653
1001,799
100519
Jinpan Smart Technology has consistently broadened its extensive, cross-eld,and in-depth strategic cooperation network with and beyond the industry. It hasbeen actively involved in industry exchanges and cooperation, improved thesupplier management system, established a responsible supply chain, and co-authored a new chapter in the industry's development with its partners.
Collaborate with Partners for Win-win
Outcomes and Mutual Benet
We actively establish communication channels with local governments, industry chain partners, industry organizations, and otherpartners in order to create and share mutual benets. We actively participate in the development of industry standards, exchangeideas and collaborate with partners from various elds, and promote the industry's coordinated growth. In 2024, we received atotal of 452 batches of 2,215 people for visits and exchanges, fully demonstrated Jinpan Smart Technology's digital and intelligentachievements to our partners, and contributed Jinpan Smart Technology's wisdom and experience to the intelligent developmentof the industry.
Empower Industry Development
In MarchIn AprilIn July
A delegation of Russian small andmedium-sized enterprises visitedWuhan Jinpan Smart TechnologyGreen Industry Park to learn moreabout Jinpan Smart Technology'spractical achievements in digitaltransformation and intelligentmanagement.
Wuhan Jinpan Smart TechnologyGreen Industry Park celebratedits third anniversary and hosteda supplier conference, where aceremony was held for the listingof data assets and the unveiling ofthe dual zero-carbon factory.
The Wuhan Municipal Committeeof the Communist Party ofChina and its United Front WorkDepartment led a delegation ofWuhan's leading technology-basedprivate enterprises to WuhanJinpan. The enterprises conductedin-depth observation, exchange,and discussion, as well as mutuallearning, at Wuhan Jinpan SmartTechnology Green Industry Park.
Jinpan Smart Technology receiveda research visit from the Sino-African Trade and InvestmentPromotion Training Classand demonstrated its leadingtechnology in the eld of intelligentmanufacturing and digitalfactory practices to the Africanparticipants.
The Wuhan Municipal Bureauof Economy and Informatizationheld a supply and demandmatchmaking conference inWuhan Jinpan Smart TechnologyGreen Industry Park. WuhanJinpan introduced the actualapplication results of the enterprisein many cutting-edge technologies.
In June 2024, the Company held a meeting of theStandardization Technical Committee in Chongqing, where thetwo industry standards, Technical Specications for CompactType Box Transformer Substation for Photovoltaic PowerGeneration and Technical Specifications for PhotovoltaicInversion Compact Type Box Transformer Booster IntegratedDevice, were thoroughly discussed with experts. Combiningproduct design experience, customer usage, and otherinformation, the meeting provided the Standardization TechnicalCommittee with practical and feasible recommendations,contributing wisdom to the industry's development.
Jinpan Smart Technology activelyparticipates in the formulation ofindustry standards
Jinpan Smart Technology and its partners,such as universities and researchinstitutes, carried out intensive industry-academia-research collaborations
Jinpan Smart Technology attendedChina Wind Power 2024 in Beijing
Case
Case
Case
Loop Maglev Test Bench Project
Jinpan Smart Technology appeared at China Wind Power
2024 to share its R&D achievements
The Company has conducted extensive industry-academia-research collaborations with Shanghai Jiao Tong University,focusing on core technologies in key fields of high-voltagedirect-mount energy storage systems. They collaborated onjoint research and development, which resulted in a numberof significant technological achievements. Furthermore,Jinpan Electric Group and Tongji University's Maglev Centerare conducting extensive research and development onmagnetic pole technology for maglev vehicles, as well as theconstruction project of a loop maglev test bench.
Jinpan Smart Technology showcased its large-capacity,high-voltage, floating offshore wind power transformerseries products at China Wind Power 2024 in October 2024,capturing the attention of peers and industry customers. Duringthe exhibition, Jinpan Smart Technology had full exchangeswith well-known companies in the industry, such as Goldwind,Shanghai Electric, Sany Renewable Energy, and Envision,to jointly explore the application potential and industrydevelopment trend of wind power technology, effectivelyincreasing the Company's brand inuence in wind energy.
In July 2024, Guangzhou Tongxiang Digital Technology Co. Ltd., a wholly owned subsidiary of JinpanSmart Technology, successfully held the 2nd Digitalization Case Study Meeting to discuss in-depth digitaltransformation cooperation with industry clients, jointly seek to expand the digitalization applicationmarket, improve the practical application value of digitalization solutions, and jointly create a green andlow-carbon digitalization ecosystem. During the meeting, Tongxiang Digital Technology's team presentedspecial reports on digitalization innovation research and development, technological innovation,overall solutions, supply chain management, project implementation, intelligent distribution, simulationapplications and other topics under the theme "Sharing the Future with Joint Development". The teamalso comprehensively demonstrated the Company's independent innovation achievements in industrialsoftware and hardware products, serving as a valuable reference for enterprises undergoing digitaltransformation in the industry.
Tongxiang Digital Technology held the 2nd Digitalization Case StudyMeetingCase
Jinpan Smart Technology continues to improve its suppliermanagement system, strengthens social responsibilityassessment and dynamic monitoring of suppliers, and iscommitted to collaborating with suppliers to promote thesustainable development strategy and jointly open a new chapterin sustainable development.
The Company continuously improves its supplier managementsystem and implements full life cycle management for supplierscreening, access, assessment, and evaluation via a hierarchicaland classified supplier management mechanism in order toimprove supplier management efficiency. We strictly controlsupplier risks, conduct social responsibility risk assessments priorto supplier access, and conduct annual reviews of all suppliersto continually improve supplier quality and social responsibilitymanagement. The Company establishes a mature hierarchicalassessment and audit mechanism, implements a hierarchicalmanagement system for various categories of suppliers, andreviews and assesses suppliers' overall ability through annualreviews.The Company continues to standardize the supplier managementprocess, continuously refines the evaluation system, developsthe Control Procedure for External Supply Processes, Products,and Services management system, claries the control measuresfor key activities such as supplier selection, developmentand review, and imposes higher requirements on suppliers incompliance, environmental protection, business ethics and socialresponsibility. The company ensures the stability and security ofthe supply chain through a series of technological innovations.
Supply chain management
Supplier Management System
The Company follows the principle of openness, fairness, and equity byimplementing a transparent digital supplier procurement mechanism. Thisincludes the introduction of the SRM system, which oversees sourcing,negotiation, bidding, and contract signing throughout the entire platform.This standardized approach enhances transparency in procurement, biddingcontrol processes, and contract signing. As a result, the Company hasestablished enduring partnerships with a group of high-quality suppliers,fostering long-term stability and avoiding any actions detrimental to businesspartners.
Supplier Sourcing
The Company has established a comprehensive supplier admission system, evaluating suppliers based on multiple dimensionsincluding capability, quality control, and green low-carbon practices, to ensure the selection of high-quality suppliers that meetthe Company's needs.Supplier admission
To e?ectively manage the social responsibility risks of all suppliers,the Company has developed the Supplier Social ResponsibilityRisk Assessment and Management Regulations. According to theregulations, the Company conducts a social responsibility risk analysisand assessment before engaging new suppliers and subcontractors,which is also a key criterion for supplier approval, covering all ClassA/B qualied suppliers. Based on the Supplier Social ResponsibilityRisk Assessment Form, the Company evaluates suppliers throughvarious methods such as on-site assessments and online audits.These evaluations cover multiple aspects, including human rights,business ethics, and health and safety. Suppliers assessed as "highrisk" will not be granted admission.The Company signs agreements with suppliers on human rights,environmental commitments, occupational health and safety,quality, and conflict minerals, incorporating social or environmentalclauses into supplier contracts. It strictly reviews the correspondingprofessional qualications of suppliers and gives priority to supplierscertied under ISO 9001, ISO 14001, and ISO 45001 managementsystems.
Jinpan Smart Technology classies suppliers into four categories according to their businesstypes and evaluates them on quality, price, and service. Each year, the Company evaluatessuppliers' overall capabilities through their delivery performance and conducts unannouncedon-site inspections.The Company gives priority to cooperating with suppliers that meet environmental standardsand energy-saving requirements to ensure that the products they produce meet environmentalregulations. For critical materials, the Company insists on third-party identication by suppliersto ensure their safety and reliability. In 2024, the Company completed 15 identifications,including battery commission tests, battery UN38.3 certication, REACH SVHC reports, RoHStest reports, MSDS-UN38.3 reports, and more.
Supplier assessment
Jinpan Smart Technology promises that we won'tcooperate with suppliers that have high socialresponsibility risks, including:
To ensure that suppliers deliver products and services meeting expected quality standards, reduce procurement risks,and foster collaborative growth, Jinpan Smart Technology audited 70 suppliers in 2024. The audit covered multipleaspects, including quality assurance, delivery e?ciency, environmental health and safety (EHS), and more. Additionally,to identify issues in advance, the Company conducted on-site supervision for some critical materials and complexcomponents, such as machined parts, enameled wires, battery cells, and high/low voltage equipment. In 2024, a total of42 on-site supervisions were carried out, further ensuring the quality of incoming materials.In response to issues existing in the supplied materials, a material team is set up in the Company to jointly tacklequality problems with suppliers. Simultaneously, Jinpan Smart Technology assists suppliers in adopting advancedquality management methods and technical approaches, such as online inspection and automated testing, to help themenhance their digital quality management and technical capabilities.
Supplier quality management
Suppliers that use forced labor (debt-bonded, slave, involuntary prison labor)either within their own organization orthrough their subcontractors;Suppliers who have been penalizedby labor inspection authorities orexposed by the media for employingchild labor;
Suppliers who have been penalizedby labor inspection authorities orexposed by the media for inhumanetreatment;Suppliers who have experiencedfatal or higher-level work safetyincidents within the past year;
Suppliers who have been reported,complained about, or exposed by themedia for failing to adhere to integritystandards, engaging in corruption,extortion, or embezzlement.
X
X
X
X
X
We incorporate the principles of safety, environmental protection, and recycling into ourprocurement processes, continuously improving green procurement standards, andupdate the Code of Conduct for Suppliers in Collaboration with Jinpan Smart Technologymanagement practices in environmental protection and green, low-carbon initiatives.This helps us continually reduce the environmental impact of the materials we purchaseand actively optimize production technologies. We continuously expand the scope of ourprocurement of low-carbon, energy-e?cient products and work hand-in-hand with suppliersto build a green supply chain, thereby expanding our environmental contributions.We encourage our suppliers to embrace the principles of green and low-carbondevelopment, actively implement green production methods, reduce the generation ofsolid waste, and lower emissions into the air, water, and soil, thereby lessening impacts onbiodiversity, climate change, and water resources. Suppliers should drive down emissionsacross the supply chain through green procurement initiatives, thereby enhancinggreenhouse gas reduction efforts. By analyzing carbon footprint data, we assess thepotential impacts of climate change on business operations and develop effective riskmanagement strategies. We encourage suppliers to regularly monitor and report on theprogress of their carbon reduction targets, in order to jointly promote the achievement ofsustainable development.
Green procurementYear 2024
Target supplier refers to those raw material suppliers who have a long-term collaboration and hold keystrategic value for Jinpan Smart Technology. In 2024, there are a total of 55 target suppliers.
Total number of suppliers
1,108
Number of domestic suppliers
1,102
100%
Target supplier
SustainableProcurement Charter orSupplier Code of Conductsigning rate
100%
Percentage of target suppliers whohave signed contracts containingenvironmental, labor, and humanrights requirements
Number of suppliers by geographical region
Southern ChinaEastern China
Northeastern ChinaNorthwestern ChinaNorthern ChinaHong Kong, Macao, Taiwan, and overseasSouthwestern China
Awarded the National
Supply ChainInnovation and ApplicationDemonstration Enterpriseby the Ministry ofCommerce of the People'sRepublic of China
In the midst of the rapid development of digital technologies andAI, we deeply recognize that digitalization and intelligence are keypathways for enterprises to improve quality, increase e?ciency, andreduce costs. In the face of the accelerated advancement of digitaltransformation, building a more resilient, sustainable, and highlycollaborative new supply chain system is particularly crucial. We arededicated to strengthening communication and cooperation with oursuppliers, ensuring that communication channels are always clearand accessible. By working hand in hand with our suppliers, we striveto achieve mutual growth and build a better future together.
Jinpan Smart Technology always adheres to the principles oftransparency and openness in procurement. Throughout its businessactivities, it strictly complies with all applicable laws and regulations.It resolutely opposes any unfair competition, corruption, or otherimproper practices during the procurement process and supplierresponsibilities. Jinpan Smart Technology is committed to workinghand in hand with suppliers to promote a fair and honest responsibleprocurement supply chain, aiming to achieve high standards inintegrity, compliance, and sustainable development. We conductbackground checks on supplier access information through theSupplier Survey Form of the SRM digital system. To ensure theintegrity and honesty of our suppliers, we establish open reportingchannels and conduct training on the code of conduct for all suppliers,and require suppliers to sign a Supplier Condentiality and IntegrityAgreement before establishing any business relationships.Email: jstcg@jst.com.cnWebsite: Jinpan Smart Technology SRM Welink SCFhttps://jst.going-link.com
Supplier communication and empowermentSupplier integrity construction
Supplier contact channels
Jinpan Smart Technology is committed to eliminating the purchaseof metallic mineral such as gold, tantalum, tungsten, cobalt, and tinthat involves "conict areas", actively implementing a zero-tolerancepolicy, and will continue to require suppliers to fulll their responsibleprocurement and supply responsibilities through responsible supplychain management measures. We actively promote conict mineralstraceability and supplier due diligence regarding conflict minerals.We use methods such as querying the country of origin for mineralsfrom "conict areas" and identifying and verifying upstream smeltersor refiners through the Responsible Minerals Initiative (RMI) toaccurately determine whether smelters or refiners have beenvalidated as conict-free. In 2024, all 10 metal suppliers signed theNon Use of Conflict Minerals Warranty, and there was no use ofconict minerals.Additionally, we prioritize the use of certied raw materials to minimizethe environmental and social impacts of our procurement processes.This includes prioritizing eco-friendly raw materials, such as papercertified by sustainable forest certification programs, and inks andadhesives certified by the China Environmental Labeling ProductCertication.
Conict minerals management
In 2024, we attained a
signing rate for the Integrity Agreement with our suppliers100%
Jinpan Smart Technology upholds its corporatecitizen responsibilities. It is not only tenacious inpromoting the steady development of the enterprise,but also persistent in public welfare undertakings. Itactively responds to the national rural revitalizationstrategy and gives back to the society withenthusiasm. The Company deeply recognizesthe significance of corporate social responsibility.It continuously fosters a public welfare culture,motivating employees to participate in charitableactivities. By collaborating with partners acrossvarious sectors, it works together to spread love andcontribute to the building of a harmonious society.
Fostering Community Growthand Rural Revitalization
The Company actively carries out a series of public welfare donation activities to give back to society through concrete actions. In 2024, Jinpan SmartTechnology donated a total of RMB 932,700. The Company encourages employees to actively participate in public welfare and charitable activities. In2024, over 40 employees participated as volunteers, contributing love and support to society. In addition, U.S. subsidiaries match employee donations bya certain proportion to encourage sta? participation in public welfare initiatives, thereby fostering the sustainable growth of public welfare programs.
Public welfare and charity
Jinpan Smart Technology received an award certificate and trophy from the Suining County Education Promotion Association in Shaoyang City inrecognition of their RMB 200,000 donation to the association in 2023.
In 2024, Jinpan Smart Technology donated RMB 36,000 to HaikouSpecial Education School and held a donation activity for a studentassistance program. Since signing the donation agreement withHaikou Special Education School in 2022, this is the third year ofhosting the donation activity.
Supporting special education with love and donationsCase
Jinpan Smart Technology donates educational tools and materials
to Haikou Special Education School
Jinpan Smart Technology donation campaign for school sponsorshipIn September 2024, after typhoon "Yagi", teachers at HaikouSpecial Education School swiftly returned to clear obstacles andclean up, ensuring students could resume classes on time. In orderto honor the dedicated teachers in special education, Jinpan SmartTechnology donated RMB 20,000 in teacher bonuses and providedapproximately RMB 40,000 worth of office equipment to aid inpost-disaster recovery. By continuously backing special educationinitiatives, Jinpan Smart Technology not only shows its brand'swarmth but also makes signicant contributions to building a moreharmonious society.
Jinpan Smart Technology assists in power restoration
Jinpan Smart Technology carries out obstacle clearance work
In September 2024, in the face of the severe challenges brought about by the scale 17 super typhoon ‘Yagi’, Jinpan Smart Technology, whilequickly resuming its own work and production, and guaranteeing the delivery of tasks to customers, actively participated in the disaster reliefaction, and carried out a series of public welfare charitable and voluntary service activities, to practise its social responsibility with practical actions.
Jinpan Smart Technology actively cooperated with Qionghai Power Supply Bureau, mobilizing a team of over ten employees to help with post-typhoon power restoration, demonstrating its strong corporate responsibility. Before the typhoon arrived, Jinpan Smart Technology's Hainan PowerInstallation Division had already made advance preparations and conducted inspections. After the disaster struck, the team quickly assembledand worked around the clock on anti-typhoon disaster relief and repair e?orts. From meticulous inspections of damaged lines to rapid equipmentreplacements, each operation was carried out with precision and efficiency, significantly reducing power outage time and ensuring minimaldowntime and reliable power supply for homes and enterprises. Jinpan Smart Technology teamed up with Qionghai Power Supply Bureau,contributing professional technical support to the power restoration in the disaster area.
The 100MW agrivoltaic photovoltaic power generation project of Jinpan Smart Technologyin Jiazi Town is a significant force in promoting local new energy development. Afterthe typhoon struck, Jinpan Smart Technology immediately organized a team to go tothe Jiazi photovoltaic project site to assist with frontline disaster relief e?orts, clear roadobstructions, and ensure that rescue supplies and support teams could pass throughsmoothly.
Rallying volunteer teams to help with power repairs
Volunteer to clear road obstructions on the front line
Jinpan Smart Technology successfully held the "2024 Super Typhoon'Yagi' Resistance - Advanced Collectives and Individuals in Typhoonand Flood Prevention and Resumption of Work and ProductionCommendation Meeting", to commend individuals and collectives whoactively participated in and performed excellently in the process oftyphoon and ood prevention and resumption of work and production.
Additionally, the Company donated approximately RMB 60,000 worth of emergency supplies toboth Jiazi Town and Longtang Town, including rice, cooking oil, instant noodles, and drinking water,totaling approximately RMB 120,000 of essential supplies. These donations aimed to meet the basicliving needs of the a?ected residents and bring warmth to the local community.
Jinpan Smart Technology provided urgent aid to disaster-stricken areas with donated supplies
Jinpan Smart Technology donates emergency supplies
Jinpan Smart Technology actively responds to the national rural revitalization strategy, leveraging its experience and resource advantages to empower rural development and construction. By showing care and support forrural disadvantaged groups, Jinpan Smart Technology brings warmth to the villages and promotes the development of "Warm Village".Rural revitalization
Jinpan Smart Technology supported therural revitalization e?orts in DongshanVillage
Jinpan Smart Technology participatedin the public welfare project of "WarmVillage Initiative"
Jinpan Smart Technology illuminated theway for beautiful rural constructionCaseCaseCase
Donation ceremony of "Caring for the Masses, Supporting
Rural Revitalization"
Jinpan Smart Technology participated in the public welfare
project of "Warm Village Initiative"
The secretary of Dazhang Village presented a banner to
Jinpan Smart Technology
Considering the large number of left-behind elderly in DongshanVillage, Jinpan Smart Technology donated 40 outdoor backreststone benches, with a total value of RMB 29,000, at the "Caringfor the Masses, Supporting Rural Revitalization" donationceremony. With the assistance of the officers of Haikou FreeZone and the village affairs committee of Dongshan Village,the backrest stone benches were distributed along the tree-lined lanes of the village, effectively improving the rural livingenvironment and enhancing the villagers' sense of happinessand fulllment.
With the aim of enriching the spiritual and cultural lifeof the villagers, Jinpan Smart Technology purchasedHisense LCD TV for the village residents under theQihui Village Party Branch of Xianghuaqiao Street, as agesture of concern for the rural disadvantaged groups.The Company also took this activity as an opportunity tocontinuously deepen the implementation of the "WarmVillage Initiative" activity, bringing a brighter and happierfuture to the rural areas.
In June 2024, Jinpan Smart Technology and Hainan ProvincialDepartment of Industry and Information Technology held a PVstreet light donation ceremony and a party day activity with thetheme of "Party Branch Joint Construction for Revitalization,Concentrated Efforts for Construction" in Hongfeng Village,Qicha Town, Changjiang County. From donating o?ce supplies toproviding photovoltaic (PV) streetlights, Jinpan Smart Technologyhas consistently focused on improving the living environmentin Dazhang Village, actively fulfilling its social responsibilityand commitment, illuminating the way for a more beautiful andprosperous rural community.
Case
The Jinpan Smart Technology Jiazi 100MW Agricultural-Photovoltaic Complementary Power Generation Project is a comprehensivedemonstration initiative that integrates "abandoned mine restoration, rural revitalization, efficient agriculture, and photovoltaic powergeneration." By advancing photovoltaic power generation, fostering efficient agriculture tailored to local conditions, engaging andempowering farmers to revitalize rural areas, and promoting local employment, this project stands as a pioneering effort in Hainan.Remarkably, it demonstrated remarkable resilience during Super Typhoon "Yagi" in 2024 with minimal damage, showcasing its robustnessin the face of natural disasters.Jinpan Smart Technology actively explores diversied economic development modes. Suitable shade-tolerant plants, as well as plantsand vegetables with medicinal value, are planted under photovoltaic panels. This initiative aids local villagers in developing high-valueagriculture and explores a new industrial development model that integrates agriculture and photovoltaics. After completion, the projectwill generate approximately 130 million kWh of green power annually, yielding an income of about RMB 52 million. This equates to saving16,000 tons of standard coal, and reducing carbon dioxide emissions by about 70,000 tons. The project brings an annual agricultural outputvalue of about RMB 20 million, o?ers stable employment for over 100 people, e?ectively drives local economic growth and employment,and provides solid support for rural revitalization.
Jinpan Smart Technology Jiazi 100MW Agricultural Photovoltaic Power Generation Project
Jinpan Smart Technology's Jiazi 100MW agricultural solar power generation project promotes ruralemployment
8989
Jinpan Smart Technology adheres to the principle of integrity as its core business philosophy,strictly complies with relevant laws and regulations, continuously optimizes its corporategovernance structure, and conducts operations with transparency and fairness. It consistentlyimproves its risk management framework and systems, actively earning the trust of investors,partners, and the broader community, ensuring the Company's stable and long-term development.
The Company earnestly fullls its obligations as a listed company andestablishes an e?ective and professional corporate governance system.Jinpan Smart Technology strictly abides by the Company Law of thePeople's Republic of China, the Securities Law of the People's Republicof China, the Guidelines for Corporate Governance of Listed Companies,the Rules Governing the Listing of Stocks on Shanghai Stock Exchange,and other legal regulations and relevant normative documents. Basedon these, we revised documents including the Articles of Association,Rules of Procedure of the Shareholders' Meeting, and IndependentDirectors Work System. It constantly improves the "three-tier" corporategovernance structure, which consists of the General Meeting ofShareholders, the Board of Directors, and the Board of Supervisors,by focusing on their core responsibilities to "set strategies, makedecisions, and prevent risks." It fully participates in the organizationand implementation of the corporate governance structure, improvesperformance service guarantees, and ensures standard operation.We strive to promote the diversity of the Board of Directors in termsof gender, culture, professional skills, and other areas to align withthe ongoing diversification of our business. Based on the directors'backgrounds and responsibilities, the Board of Directors strategicallyappoints members to various committees. With each board memberpossessing professional knowledge and supervisory capabilities, theboard e?ectively fullls its oversight duties, ensuring the professionalismand efficiency of the Board of Directors' deliberations and decision-making. We also enhance our company governance capabilities by
Jinpan Smart Technology's Governance Structure
Governance in Compliance with Laws
Corporate governance
regularly organizing specialized training sessions forBoard members, supervisory board members, andsenior management. As of the end of December 2024,Jinpan Smart Technology has a total of six boardmembers, including two executive directors, two non-executive directors, and two independent directors.Among them, one is a female director, and the twoindependent directors have backgrounds in accountingand electrical industry expertise respectively.We pay attention to protecting investor rightsand have established a diverse range of investorcommunication channels, primarily consisting of digitalfactory site visits for research, public performancebriefings, shareholder meetings, investor exchangemeetings, investor open day, an investor hotline,and E-interactive. Additionally, to promote the deepintegration of management and shareholder interests,the Company's Board of Directors approved theProposal on Increasing Variable Performance Rewardsand Adjusting Compensation for Senior Executivesand the Compensation and Performance ManagementMeasures for Directors, Supervisors, and SeniorExecutives, aiming to encourage senior executives tofocus more on the Company's business developmentand goal achievement.
General boardsof shareholders
Board ofDirectors
Chairman
RotatingPresident
Board ofSupervisorsSecretary of theBoard of DirectorsO?ce of the Boardof Directors
General Manager's
O?ce
Strategy CommitteeNominationCommitteeRemuneration andEvaluation CommitteeESG CommitteeAudit CommitteeInternal AuditDepartment
The Company continues to improve its risk management and internal control system, having established the Risk Management System. A risk management framework led by the Board of Directors has been set up, therebyforming a "three lines of defense" risk management mechanism that functions at all levels. This provides strong support for the Company's stable development. In 2024, The company has optimized and upgraded its riskmanagement system by incorporating the 21 topics from the newly released ‘Sustainability Reporting Guidelines’ by the Shanghai Stock Exchange, further enhancing the comprehensiveness, focus, and accuracy of its riskmanagement.
Identify and analyze risks in business processes in real time using the JinpanSmart Technology digital risk management platform. Develop and implement riskresponse strategies, and promptly report updates to higher-level risk managementbodies, ensuring the e?cient operation of the risk management system.The audit department independently conducts regular reviews to evaluate thedesign and execution of control systems and procedures. It also thoroughlyinvestigates signicant losses or negative events resulting from inadequate riskcontrol, drives corrective actions by business departments, and ensures e?ectiveproblem resolution, while providing real-time reports to the Audit Committee.
The Board of Directors andthe decision-makers
Jinpan Smart Technology's "Three Lines of Defense" Risk Management Mechanism
Risk management
All business divisions andbusiness departmentsThe rstline ofdefense
Thesecondline ofdefense
The third
line ofdefense
The Audit Committee underthe Board of Directors andthe Audit Department
As the highest decision-making body of the Company, the Board of Directorsassumes ultimate responsibility for risk management. It is responsible forapproving risk management preferences, strategies, policies, and processes,establishing the overall risk thresholds acceptable to the Company, andcontinuously monitoring the real-time status of risk management and thedevelopment and improvement of the risk management system.
Jinpan Smart Technology strictly complies with the laws and regulations including the Supervision Law of the People’s Republic of China, Anti-Money Laundering Law of the People’s Republic of China, and Anti-Unfair Competition Law of the People's Republic of China. The Company hasestablished internal policies such as the Code of Business Conduct and Ethics, the Anti-Corruption and Anti-Bribery Management System, and theAnti-Monopoly and Anti-Unfair Competition Management Regulations. These policies apply to all employees, including those at subsidiaries andcontracted sta?ng agencies, ensuring proper business conduct across the organization. In 2024, Jinpan Smart Technology had no incidents ofcommercial bribery or corruption, and no lawsuits or signicant administrative penalties due to unfair competition.
Adhering to Business Ethics
The company has established an anti-corruption organizationalstructure, which includes the General Manager's O?ce, managementteams at the company level and its subsidiaries, as well as the AuditDepartment.The General Manager's Office is responsible for drafting anti-corruption policies and regulations and establishing relevant internalcontrol systems.Management teams at the company level and its subsidiaries aretasked with building, improving, and e?ectively implementing internalcontrols. They must take appropriate corrective actions againstany acts of corruption, bribery, or embezzlement and comply withsupervision from the Audit Department.The Company's audit department oversees and investigates anti-corruption and anti-bribery efforts within both the Company and itssubsidiaries. It conducts regular or irregular special audits in high-riskbusiness areas that are prone to corruption and bribery, thoroughly
Business ethics management
identifying and assessing potential fraudulent risks. This ensures thatthe Company can proactively mitigate and prevent corruption risks.Additionally, Jinpan Smart Technology conducts credit ratings foreach of its partner clients, evaluating risks from multiple perspectivesand categorizing them into risk levels. Targeted preventive measuresare implemented for identied risk points to enhance the Company'sability to manage business ethics risks in commercial partnerships.In 2024, Jinpan Smart Technology conducted a comprehensiveassessment of the company's risks of corruption, bribery, and fraud. Itidentied potential vulnerabilities across twelve key business cycles,including sales, procurement, production and warehousing, salaryand personnel management, fund management, nancial reporting,fixed assets management, engineering projects, research anddevelopment activities, information systems management, planningoversight, and listing compliance. To effectively manage theseidentified risks associated with business ethics, specific measuresand improvement action plans were proposed for thorough reviewand response.
Jinpan Smart Technology rmly opposes any form of bribery, corruption, unfaircompetition, and other behaviors that violate business ethics, maintaininga strict "zero tolerance" stance on such actions. To ensure a fair operatingenvironment and protect the Company's reputation, we have established aWhistleblowing System, along with comprehensive reporting and investigationprocedures. We o?er multiple reporting channels, including a hotline and anEmail. Our Anti-Corruption and Anti-Bribery and Anti-Corruption ManagementSystem publicly available on the Company's official website, along withcontact information for submitting reports. We welcome reports from anyorganization or individual. In the event of a report, the Company's Board ordesignated personnel will promptly initiate an investigation into the allegedviolations, conducting a thorough review and taking appropriate correctiveactions. Upon conrming a violation, the company will impose correspondinginternal penalties on the personnel involved based on the severity of themisconduct. In cases of serious offenses, we will take decisive action byterminating employment and referring the matter to judicial authorities forfurther handling. In 2024, the number of reports that were either not reportedor, after investigation, were veried to be true, was zero.
The Company encourages reports made underreal names and also accepts anonymous reportsvia letters or phone calls. The Company upholds astrict whistleblower condentiality policy, ensuringthat the personal information of whistleblowers—whether employees, suppliers, or other partners—as well as any materials they provide, are kept fullycondential. Any retaliation against whistleblowersis strictly prohibited. Personnel responsiblefor handling reports who disclose confidentialinformation or fail to perform their duties properly,as well as individuals who retaliate againstwhistleblowers or their families, will be subject todisciplinary action according to the gravity andimpact of their actions. If the behavior constitutesa criminal o?ense, the matter will be handed overto the judicial authorities for criminal prosecution.
Report and complaint management
The Company is committed to maintaining a fair and competitive marketenvironment, regulating the market conduct of sales personnel, and preventingthe risks of unfair competition. A mechanism for regularly reviewing anti-unfaircompetition risks has been established, focusing on key business areas such assales, marketing, and procurement. This includes evaluating risks related to pricemanipulation, market division, and other forms of unfair competition. The auditdepartment oversees the implementation of this process to ensure the accuracyand e?ectiveness of risk assessments.In 2024, the Company provided specialized training on the "Bidding ComplianceLaw" for all sales personnel at marketing centers nationwide and bidding andquoting sta? across departments. The training covered areas such as tenderingand bidding laws and regulations, operation procedures, and risk prevention,aiming to comprehensively enhance the team's ability to compete legally andcompliantly in the market. It also sought to strengthen employees' awarenessof legal compliance, thereby reducing the Company's exposure to unfaircompetition risks.
Anti-unfair competition
Reporting Channels
Tel: 86-0898-66811301-349Email: hanh@jst.com.cn
Business Ethics Training for Total Sta? of Jinpan
Smart Technology
The Company advocates a culture of integrity, honesty, and self-discipline. The core values for employees are "mutual assistanceand care, loyalty and gratitude, professionalism and e?ciency, andintegrity and self-discipline." Anti-corruption and anti-bribery policiesand procedures are made available to employees and partnersthrough emails, bulletin boards, and the o?cial website, ensuringtimely and effective communication of the Company's businessethics and compliance governance culture. The Company requiressuppliers and procurement personnel to sign the Supplier Integrityand Condentiality Agreement and the Personal Integrity and Self-Discipline Commitment Letter. The audit department updates theagreements and commitments annually based on policies andCompany development needs. In 2024, the Company achieved a100% signing rate for employee integrity commitment letters anda 100% signing rate for new suppliers' integrity and condentialityagreements.The Company offers training programs to strengthen employees'awareness of integrity and compliance, promotes full employeeinvolvement in building a culture of honesty and integrity, andfosters a clean and fair work environment. Every year, the Companybrings in external lawyers to conduct a specialized training sessionon business ethics standards for all employees, covering key areassuch as anti-corruption, integrity and compliance, and anti-unfaircompetition. In 2024, the Company organized internal training forall employees on business ethics, integrity and self-discipline, andconfidentiality policies, reinforcing the shared understanding ofmaintaining a clean and ethical work environment, and achieving100% training coverage across the Company.
Fostering a culture of business integrity
Year 2024
DirectorsPer Capita Anti-Corruption Training Duration
Senior executives
Hours/Person
EmployeesHours/PersonHours/Person
SupervisorsHours/Person
AppendixesAppendix I Key Performance IndicatorsESG indicatorsYear 2023Year 2024UnitChangesEnviroment indicatorsPhotovoltaic self-consumption power832.051,273.88 10,000 kilowatt-hours53.10%Clean energy generation9811,694.8 10,000 kilowatt-hours72.76%Proportion of clean energy used36.2161.35%69.43%Amount invested in environmental protection570.85770.47RMB 10,00034.97%GHG emissions (Scope 1 and Scope 2)8,773 4,749.29 Tons of carbon dioxide equivalent45.86%Total greenhouse gas emissions (Scope 1, Scope 2)0.0130.007
Tons of carbon dioxide equivalent /RMB 10,000 of Revenue
46.15%
Scope 1 GHG1,958 1,679.76 Tons of carbon dioxide equivalent14.21%Scope 2 GHG6,815 3,069.53 Tons of carbon dioxide equivalent54.96%Sulfur dioxide (SO
) emissions0.0230Tons100%Water use intensity0.33680.2986 Tons per RMB 10,000 of Revenue11.34%Industrial wastewater discharge intensity0.041660.03716 Tons per RMB 10,000 of Revenue10.80%Social indicatorsNumber of training sessions conducted243252Times3.70%Average training hours per employee7779Hours2.60%Cumulative patent technology250284Items13.60%
ESG indicatorsYear 2022Year 2023Year 2024Unit
Enviroment
Emissions
Nitrogen oxides (NO
X
) emissions0.1180.4580.493TonsSulfur dioxide (SO
) emissions0.1080.0230TonsVolatile organic compounds (VOCs) emissions0.0860.180.492TonsParticulate matter emissions0.2831.441.51TonsTotal amount of non-hazardous waste4,092.163,616.273,554.34TonsIntensity of non-hazardous waste0.00860.00540.0051Tons/RMB 10,000 of RevenueKitchen waste/77.4928.53TonsQuantity of waste cardboard/108.49123.78TonsRecycling volume of non-hazardous waste2,725.202,771.073,105.44TonsDisposal volume of non-hazardous waste1,361.26845.2448.9TonsTotal amount of hazardous waste11582.56297.488TonsIntensity of hazardous waste0.000240.000120.00014Tons/RMB 10,000 of RevenueRecycling volume of hazardous waste//4.45TonsDisposal volume of hazardous waste/79.36293.040TonsGHG
GHG emissions (Scope 1 and Scope 2)16,0418,7734,749.29Tons of carbon dioxide equivalentGHG intensity (Scope 1 & Scope 2)0.03380.01310.007
Tons of carbon dioxide equivalent/RMB 10,000 of RevenueScope 1 GHG2,1051,9581,679.76Tons of carbon dioxide equivalentScope 2 GHG13,9366,8153,069.53Tons of carbon dioxide equivalentResource usage
Total energy consumption4,9215,522.75,686.95Tons of standard coalLPG consumption//0.368910,000 standard cubic meterNatural gas67.6267.477855.08810,000 standard cubic meterGasoline64,85650,23452,240LitreDiesel38,33322,29020,024Litre
ESG indicatorsYear 2022Year 2023Year 2024Unit
Resource usage
Energy consumption intensity0.01040.00830.0082
Tons of standard coal /RMB 10,000
of RevenueElectricity usage/35,875,34242,265,429kWhElectricity intensity/53.7761.20kWh/RMB 10,000 of RevenuePurchased electricity25,198,38827,554,86529,526,598kWhPV self-consumption electricity611.6832.051,273.88 10,000 kilowatt-hoursClean energy generation/9811,694.80 10,000 kilowatt-hours— Equivalent to reduction in greenhouse gas emissions/5,5959,094Tons of carbon dioxide equivalentPhotovoltaic power generation output/9811,694.8 10,000 kilowatt-hours— Equivalent to reduction in greenhouse gas emissions/5,5959,094Tons of carbon dioxide equivalentInstalled capacity of deployed photovoltaic generation projects9.892323MegawattClean energy usage ratio/36.2161.35%Renewable resource consumption//3,489.19Tons of standard coal—Total amount of solar energy used by the Company//1,565.6Tons of standard coal—Total amount of hydroenergy used by the Company//43.47Tons of standard coal—Total amount of green electricity purchased by the Company//1,880.12Tons of standard coalPercentage of renewable resources//61.35%—Proportion of solar energy used by the Company//27.53%—Proportion of hydroenergy used by the Company//0.76%—Proportion of green electricity purchased by the Company//33.06%
Water Resourcemanagement
Water consumption203,215224,720206,202TonsWater intensity0.4280.33680.2986Tons/RMB 10,000 of RevenueVolume of water recycled1,2121,2361,353TonsVolume of water saved/9.672.65TonsIndustrial wastewater discharge volume23,33327,79625,662TonsIndustrial wastewater discharge intensity0.050.041660.03716Tons/RMB 10,000 of RevenueCOD emissions2.09/1.56 TonsAmmonia nitrogen emissions 0.22/0.08 TonsTotal nitrogen emissions0.42/0.11 Tons
ESG indicatorsYear 2022Year 2023Year 2024Unit
Packagingmaterials
Packaging materials consumption 1,903.61,772.91,887.0TonsOthers
Amount of environmental protection investment/570.85770.47RMB 10,000
Capital investment in greenhouse gas emission reduction//3,196.98RMB 10,000
Number of environmental incidents or administrative penalties
for environmental issues
000TimesSocial indicators
Employeeemployement
Total number of employees2,0462,2072,318PersonsNumber ofemployees byemployment type
Full time sta?2,0462,2072,318 PersonsPart time sta?000 PersonsNumber ofemployees by joblevel
Senior management101111 PersonsMiddle management403938 PersonsGeneral management537170 PersonsGeneral employees1,9432,0862,199 PersonsNumber ofemployees bygender
Male1,6091,7351,799 PersonsFemale437472519 PersonsThe proportion of women in senior management4036.436.4%Number ofemployees byeducationalbackground
High school and below/979955 PersonsAssociate degree/467468 PersonsBachelor’s degree/709824 PersonsGraduate degree and above/5271 Persons
ESG indicatorsYear 2022Year 2023Year 2024Unit
Employeeemployement
Number ofemployees by age
Age 30 and under519630612PersonsAge 31-501,4251,4641,556PersonsAge 50 and above102113150Persons
Number ofemployees byregion
Southern China1,476956938 PersonsCentral China/616651 PersonsNorthern China485351 PersonsEastern China239259298 PersonsNorthwestern China454148 PersonsSouthwestern China109111116 PersonsNortheastern China646161 PersonsHong Kong, Macao, and Taiwan//1 PersonsOverseas65110154 PersonsTotal number of disabled employees/2422PersonsTotal number of veterans employed/4135PersonsNumber of new employees63161111Persons
Employee turnover
Employee turnover rate10.9310.99.03 %By gender
Male7.978.446.99 %Female2.962.462.04 %By age group
Age 30 and under4.753.514.04 %Age 31-40
6.01
4.523.3%Age 41-501.661.18 %Age 50 and above0.171.210.51 %
ESG indicatorsYear 2022Year 2023Year 2024Unit
Employee turnover
By geographicalregion
Southern China6.844.42.59 %Central China/2.922.83 %Northern China0.30.280.47 %Eastern China2.261.781.96 %Northwestern China0.130.360.2%Southwestern China0.870.520.32%Northeastern China0.30.440.27 %Hong Kong, Macao, and Taiwan//0%Overseas/0.20.39 %Remunerationandwelfare
Rate of labor contract signing/100100%Average annual paid leave days per employee/66.7Days
Occupationalhealth and safety
Number of new cases of occupational diseases/00PersonsRate of employee physical examination//100%Number of work-related fatalities000PersonsNumber of workdays lost due to work-related injuries246.500DaysTotal duration of safety education and training3,2583,4564,544HoursNumber of factories certied with ISO 45001 OccupationalHealth and Safety Management System
/47PiecesPercentage of factories certied with ISO 45001 OccupationalHealth and Safety Management System
//100 %Expenditure on work-related injury insurance//84.41RMB 10,000Percentage of employees covered by work-related injuryinsurance
//100%
ESG indicatorsYear 2022Year 2023Year 2024UnitOccupationalhealth and safety
Number of workplace accidents involving employees//0 OccurrencesRate of workplace accidents involving employees//0 %Number of safety drills/1426 Times
Employee trainingand development
Employee training coverage100100100%Number of training sessions conducted237243252 TimesTotal number of employee training participation26,61463,80565,165 PersonsTotal number of employees trained/2,2072,318 PersonsProportion of trainedemployees bygender
Male100100100 %Female100100100 %Number of trainedemployees bygender
Male1,6091,7351,799PersonsFemale437472519 PersonsProportion oftrained employeesby employmentcategory
Senior management100100100 %Intermediate management100100100 %General management100100100 %General employees100100100 %Number of trainedemployees byemploymentcategory
Middle management101111 PersonsMiddle management403938 PersonsGeneral management537170 PersonsGeneral employees1,9432,0862,199PersonsTrained hours bygender
Male/130,361137,352HoursFemale/40,60045,983HoursTrained hours byemployee category
Senior management/904929HoursMiddle management/2,4802,514HoursGeneral management/5,0625,239HoursGeneral employees/162,515174,653Hours
ESG indicatorsYear 2022Year 2023Year 2024Unit
Employee trainingand development
Total training hours of employees169,573170,961183,335HoursAverage training hours per employee837779HoursTrained hours fortrained employeesby gender
Male827576HoursFemale878689HoursNumber of trainedemployees byemploymentcategory
Senior management948284HoursMiddle management1176466HoursGeneral management1137175HoursGeneral employees817879HoursProduct qualityand service
Percentage of products sold or delivered that were recalled forquality reasons
0.0130.0080.011%Number of products and service-related complaints received131311 PiecesComplaint resolution rate for products and services100100100 %Customer satisfaction/98.0398.26%Number of products that obtained quality certication242306355Nos.
Product R&D
R&D investment2.473.513.56RMB 100 millionR&D team
Total number of members 340394408PersonsPercentage 16.6217.8517.6%Number of Invention Patents Applied to Core Business(Cumulative Patented Technologies)
231250284ItemsDomestic inventionpatents
Cumulative163136 ItemsFiled11927ItemsNew3155ItemsDomestic utilitymodel patents
Cumulative204206235ItemsNew333136ItemsDomestic designpatents
Cumulative988 ItemsNew203 Items
ESG indicatorsYear 2022Year 2023Year 2024Unit
Product R&D
Internationalinvention patents
Cumulative255ItemsNew030ItemNumber ofstandardsparticipated incompilation
Cumulative91013 ItemsNew213 ItemsNational standards347 ItemsIndustry standards444 ItemsGroup standards111 ItemsLocal standards111 ItemsTraining onintellectual property
Number of times121 TimesCumulative time348 hoursNumber of participants714610 PersonsNumber of trademark rights323637 ItemsNumber of copyrights344973 ItemsNumber of products certied for carbon footprint41816Pieces
Supply chainmanagement
Total number of suppliers9271,1371,108 SupplierNumber of domestic suppliers9221,1321,102 Supplier
Number of suppliersby geographicalregion
Southern China457371442 SupplierCentral China//0SupplierNorthern China889785 SupplierEastern China296557490 SupplierNorthwestern China192722 SupplierSouthwestern China425744SupplierNortheastern China202119SupplierHong Kong, Macao, Taiwan and overseas576SupplierNumber of suppliers reviewed in accordance with the practicesrelating to engaging suppliers
446370Supplier
ESG indicatorsYear 2022Year 2023Year 2024Unit
Supply chainmanagement
Percentage of suppliers that have undergone corporate socialresponsibility (CSR) assessment (e.g., through questionnaires)
//8.75%Percentage of suppliers that have undergone on-site corporatesocial responsibility (CSR) audit
//2.08%Number of suppliers that have failed the audit due toenvironmental, safety, and health factors
//0SupplierPercentage of audited/assessed suppliers that have engagedin corrective actions or capacity-building initiatives
//96%Signing rate of the Supplier Condentiality and IntegrityAgreement among suppliers
100100100 %Signing rate of the Code of Conduct for Suppliers inCollaboration with Jinpan Smart Technology among targetsuppliers
//100 %Signing rate of the Commitment Letter on Social Responsibilityand Occupational Health and Safety Protection among targetsuppliers
//100 %Percentage of target suppliers who have signed contractscontaining environmental, labor, and human rights requirements
//100 %Number of suppliers who have signed the Non Use of ConictMinerals Warranty
/610 SupplierPercentage of suppliers providing conict mineral information(e.g., CMRT)
//100%The amount of overdue payments to small and medium-sizedenterprises
//0RMB10,000
Anti-corruption
Number of participants in anti-corruption/2,2072,318PersonsAverage duration of anti-corruption training222HoursNumber of employees attending anticorruption training2,0462,2072,318PersonsManagement Integrity Agreement signing rate100100100%Employee Integrity Agreement signing rate100100100%Number of corruption lawsuits led or concluded000CasesESG indicatorsYear 2022Year 2023Year 2024Unit
Public welfare andcharity
Total investment amount for rural revitalization/6.711 RMB 10,000Number of employees receiving nancial aid657 PersonsNumber of employees with di?culties who were visited duringthe Spring Festival
343239 PersonsAmount of nancial assistance provided to employees in need12.671412.34RMB 10,000Number of charitable donations initiated3911 TimesTotal amount of charitable donations27.3681.9793.27RMB 10,000Number of volunteers//40PersonsEconomic indicatorsEconomicperformance
Revenue47.4666.6869.01RMB 100 millionNet prot attributable to shareholders of the listed company2.835.055.74RMB 100 millionSocial contribution per share1.862.572.88RMB/shareGovernance indicators
Governance
Shareholders’ meetings532TimesBoard of Directors meetings161312TimesSupervisory Board meetings1388TimesNumber of directors666 PersonsExecutive directors222 PersonsNon-executive directors222 PersonsIndependent directors222 PersonsFemale directors111 Persons
Appendix II Self-Regulatory Guidelines for Listed Companies—Sustainability Report (Trial)DimensionNo.IssueCorresponding articlesReport sections
Environmental
1Responding to climate changeArticles 21 to 28Carbon "Zero" Opens a New Chapter2Pollutant emissionArticle 30Waste gas management3Waste disposalArticle 31Packaging materials and waste management4Ecosystem and biodiversity conservationArticle 32Protecting natural ecology5Environment compliance managementArticle 33Environmental management system6Energy utilizationArticle 35Energy management7Water resource utilizationArticle 36Water resource management8Circular economyArticle 37
Packaging materials and waste managementPromoting green products
Social
9Rural revitalizationArticle 39Fostering Community Growth and Rural Revitalization10Social contributionArticle 40Fostering Community Growth and Rural Revitalization11Innovation-driven developmentArticle 42
R&D and innovationIntellectual property protection12Science and technology ethicsArticle 43Not applicable13Supply chain securityArticle 45Supply chain management14Equal treatment of SMEsArticle 46Supply chain management15Product and service safety and qualityArticle 47
Product quality and safetyImproving customer experience16Data security and customer privacy protectionArticle 48Customer privacy and information security17EmployeesArticle 50Caring for Employees, Co-Creating, and Sharing the BenetsSustainability-relatedgovernance
18Due diligenceArticle 52ESG governance19Stakeholder CommunicationArticle 53Stakeholder communication20Anti-bribery and anti-corruptionArticle 55
Business ethics managementFostering a culture of business integrity21Anti-unfair competitionArticle 56Anti-unfair competition
AppendixⅢ GRI Content Index
GRI STANDARDDISCLOSURELOCATION
GRI 2: General Disclosures 2021
2-1 Organizational detailsP4-72-2 Entities included in the organization’s sustainability reportingP12-3 Reporting period, frequency and contact pointP12-5 External assurance2-6 Activities, value chain and other business relationshipsP6, P27-302-7 EmployeesP64-652-8 Workers who are not employeesP992-9 Governance structure and compositionP912-10 Nomination and selection of the highest governance bodyP912-11 Chair of the highest governance bodyP2-32-12 Role of the highest governance body in overseeing the management of impactsP91-922-13 Delegation of responsibility for managing impactsP922-14 Role of the highest governance body in sustainability reportingP82-16 Communication of critical concernsP102-23 Policy commitmentsP332-24 Embedding policy commitmentsP8
Statement of use
Hainan Jinpan Smart Technology Co., Ltd. reported the information referenced inthis GRI content index for the period from January 1, 2024, to December 31, 2024, inaccordance with GRI standards
GRI 1 usedGRI 1: Foundation 2021
GRI STANDARDDISCLOSURELOCATION
GRI 2: General Disclosures 2021
2-27 Compliance with laws and regulationsP44, P48-50, P63-64, P70, P91, P932-29 Approach to stakeholder engagementP10GRI 3: Material Topics 2021
3-1 Process to determine material topicsP11-153-2 List of material topicsP13, P153-3 Management of material topicsP15GRI 201: Economic Performance 2016201-1 Direct economic value generated and distributedP4GRI 205: Anti-corruption 2016
205-1 Operations assessed for risks related to corruptionP93205-2 Communication and training about anti-corruption policies and proceduresP93205-3 Conrmed incidents of corruption and actions takenP94GRI 302: Energy 2016
302-1 Energy consumption within the organizationP46-47302-2 Energy consumption outside of the organizationP46-47302-3 Energy intensityP47302-4 Reduction of energy consumptionP46-47
GRI 303: Water and E?uents 2018
303-1 Interactions with water as a shared resourceP48303-2 Management of water discharge-related impactsP48303-3 Water withdrawalP48303-4 Water dischargeP48303-5 Water consumptionP48GRI 304: Biodiversity 2016
304-1 Operational sites owned, leased, managed in, or adjacent to, protected areas and areasof high biodiversity value outside protected areas
P53304-2 Signicant impacts of activities, products and services on biodiversityP53
GRI STANDARDDISCLOSURELOCATION
GRI 305: Emissions 2016
305-1 Direct (Scope 1) GHG emissionsP39305-2 Energy indirect (Scope 2) GHG emissionsP39305-4 GHG emissions intensityP39305-5 Reduction of GHG emissionsP42305-7 Nitrogen oxides (NOX), sulfur oxides (SOX), and other signicant air emissionsP49
GRI 306: Waste 2020
306-1 Waste generation and signicant waste-related impactsP50306-2 Management of signicant waste-related impactsP50306-3 Waste generatedP50306-4 Waste diverted from disposalP50306-5 Waste directed to disposalP50GRI 308: Supplier EnvironmentalAssessment 2016
308-1 New suppliers that were screened using environmental criteriaP80308-2 Negative environmental impacts in the supply chain and actions takenP80-81GRI 401: Employment 2016
401-1 New employee hires and employee turnoverP65401-2 Benets provided to full-time employees that are not provided to temporary or part-timeemployees
P66
GRI 403: Occupational Health and Safety2018
403-1 Occupational health and safety management systemP70-71403-2 Hazard identication, risk assessment, and incident investigationP70403-3 Occupational health servicesP71403-5 Worker training on occupational health and safetyP70403-6 Promotion of worker healthP70403-7 Prevention and mitigation of occupational health and safety impacts directly linked bybusiness relationships
P70403-8 Workers covered by an occupational health and safety management systemP70403-9 Work-related injuriesP101
GRI STANDARDDISCLOSURELOCATION
GRI 404: Training and Education 2016
404-1 Average hours of training per year per employeeP75404-2 Programs for upgrading employee skills and transition assistance programsP72-74GRI 405: Diversity and Equal Opportunity2016
405-1 Diversity of governance bodies and employeesP91GRI 406: Non-discrimination 2016406-1 Incidents of discrimination and corrective actions takenP64GRI 407: Freedom of Association andCollective Bargaining 2016
407-1 Operations and suppliers in which the right to freedom of association and collective
bargaining may be at risk
P64GRI 408: Child Labor 2016408-1 Operations and suppliers at signicant risk for incidents of child laborP64GRI 409: Forced or Compulsory Labor 2016409-1 Operations and suppliers at signicant risk for incidents of forced or compulsory laborP64GRI 414: Supplier Social Assessment 2016
414-1 New suppliers that were screened using social criteriaP79-81414-2 Negative social impacts in the supply chain and actions takenP79-81GRI 418: Customer Privacy 2016
418-1 Substantiated complaints concerning breaches of customer privacy and losses ofcustomer data
P63
Appendix IV Feedback Form
1. Which stakeholder category do you belong to?
□ Senior Management (including directors, supervisors, senior executives, etc.)
□Employees□Customers□ Government/Regulatory Agencies
□Shareholders/Investors□ Suppliers/Partners
□Non-Governmental Organizations□ Other:____________
2. Your overall impression of this report:
□Excellent□Good□Fair□Poor□ Very Poor
3. How do you rate Jinpan Smart Technology in the following
aspects? Corporate Governance:
□Excellent□Good□Fair□Poor□ Very Poor Environmental Management:
□Excellent□Good□Fair□Poor□ Very Poor Social Responsibility:
□Excellent□Good□Fair□Poor□ Very Poor ESG Management:
□Excellent□Good□Fair□Poor□ Very Poor
5. What are your opinions and suggestions for Jinpan Smart
Technology in promoting sustainable development?
6. What are your opinions and suggestions regarding the
compilation of the ESG report by Jinpan Smart Technology?
Respected Readers,Thank you for reading the Hainan Jinpan Smart Technology Co., Ltd. 2024 Environmental, Social, and Governance (ESG) Report. To better meet your needs and providemore valuable information to you and all stakeholders, while promoting Jinpan Smart Technology’s comprehensive management capabilities and work performance, andenhancing our ability and level of social responsibility, we sincerely hope that you can provide valuable feedbacks on the report. You can do so by contacting us throughthe following channels:
Phone: 0898-66811301Email: info@jst.com.cn
4. In terms of the amount of information disclosed, accuracy,
completeness, readability, and layout design in this report,you would rate them as follows:
Amount of information disclosed:
□Very High□High□Moderate□Low□ Very Low Accuracy:
□Very High□High□Moderate□Low□ Very Low Completeness:
□Very High□High□Moderate□Low□ Very Low Readability:
□Very Good□Good□Moderate□Poor□ Very Poor Layout design:
□Very Reasonable□Reasonable□Moderate□Poor□ Very Poor
Appendix IV Independent Verication Statement
Independent Verification Statement
| T?V S?D Certification and Testing (China) Co., Ltd. | |
| No.151 Heng Tong Road, | |
| Shanghai 200070 |
| Page 1 of 3 | ||
| Tel: +86 21-61410123 | ||
| Fax: +86 21-61408600 | ||
| Web: www.tuvsud.com | ||
ID: CCB_EIV_F_10.03E Version: 2 Effective Date: 19 Dec 20245 Page 1 of 3
Verification Statement：EIV2 119843 0015 Rev. 00
To the management and stakeholders of Jinpan Technology,T?V S?D Certification and Testing (China) Co., Ltd. (hereinafter referred to as “T?V S?D”) has been engaged by HainanJinpan Smart Technology Co., Ltd. (hereinafter referred to as “Jinpan Technology” or “the Company”) to perform anindependent third-party verification on Jinpan Technology 2024 Sustainability Report (hereinafter referred to as “theReport"). During this verification, T?V S?D's verification team strictly abided by the contract signed with JinpanTechnology and provided verification regarding the Report in accordance with the provisions agreed by both parties andwithin the authorized scope stipulated in the contract.This Independent Verification Statement is based on the data and information collected by Jinpan Technology andprovided to T?V S?D. The scope of verification is limited to the given information. Jinpan Technology shall be heldaccountable for authenticity and completeness of the provided data and information.
Scope of VerificationTime frame of this verification:
? The Report contains the data disclosed by Jinpan Technology during the reporting period from January 1st, 2024to December 31st, 2024, including governance, environmental and social information and data, methods formanagement of material issues, actions/measures and the Company's sustainability performance during thereporting period.Physical boundary of this verification:
? The on-site verification sampling took place at below listed location:
No.168-39 Nanhai Avenue, Haikou City, Hainan Province, ChinaScope of data and information for the verification:
? The scope of verification is limited to the data and information of Jinpan Technology and all companies under its
operational control covered by the Report.The following information and data are beyond the scope of this verification:
? Any information and contents beyond the reporting period of this Report; and? The data and information of Jinpan Technology’s suppliers, partners and other third parties; and? The financial data and information disclosed in this Report that have been audited by an independent third party
are not verified again herein.
Limitations? The verification process is conducted in the above scope and place. Sampling and verification are adopted for
the data and information in the Report by T?V S?D, and only the stakeholders within the Company are
interviewed; and? The Company's standpoint, opinions, forward-looking statements and predictive information as well as the
historical data and information before January 1st, 2024 are beyond the scope of this verification.
? T?V S?D's verification conclusions are based on the analysis of the data and information collected by T?V S?D
and may not identify all problems and conditions, nor constitute a guarantee of the credibility or status of the
subject of verification.
Independent Verification Statement
Verification Statement：EIV2 119843 0015 Rev. 00
| T?V S?D Certification and Testing (China) Co., Ltd. | |
| No.151 Heng Tong Road, | |
| Shanghai 200070 |
| Page 2 of 3 | ||
| Tel: +86 21-61410123 | ||
| Fax: +86 21-61408600 | ||
| Web: www.tuvsud.com | ||
ID: CCB_EIV_F_10.03E Version: 2 Effective Date: 19 Dec 20245 Page 2 of 3
Verification Statement：EIV2 119843 0015 Rev. 00
Basis for the Verification
This verification process was conducted by T?V S?D's expert team with extensive experience in the economic,environmental, social and other relevant areas and drew the conclusions thereof. The verification conforms to thefollowing standards:
? AA 1000AS v3, Type 2 Engagement and Moderate Assurance? International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or
Reviews of Historical Financial Information, Limited Assurance? Sustainability report verification programme operation rule (CCB_EIV_GR_002E Rev02)
In order to perform adequate verification in accordance with the contract and provide reasonable verification for theconclusions, the verification team conducted the following activities:
? Preliminary investigation of the relevant information before the verification;? Confirmation of the presence of the topics with high level of materiality and performance in the Report;? On-site review of all supporting documents, data and other information provided by Jinpan Technology; tracing
and verification of key performance information;
? Special interview with the representative of Jinpan Technology’s management; interviews with the employees
related to collection, compilation and reporting of the disclosed information; and
? Other procedures deemed necessary by the verification team.
Verification ConclusionsAccording to the verification, we believe that the data and information presented in Jinpan Technology’s report areobjective, factual and reliable, without systematic problems, and can be used by stakeholders.The verification team has drawn the following conclusions on this Report:
Inclusivity
Verification Statement：EIV2 119843 0015 Rev. 00Jinpan Technology has identified the internal and external stakeholders such as shareholders
and investors, employees, customers, suppliers, governments, and regulatory authorities, etc.,and established a stakeholder communication mechanism to collect the demands ofstakeholders on a regular basis.
Materiality
| Jinpan Technology has identified the internal and external stakeholders such as shareholders |
| Jinpan Technology has established the prioritization process of material topics determination, |
identified and assessed the priority of the sustainability topics which are highly related to theindustry, the Company disclosed the strategy, management approach as well as sustainabilityperformance in corporate operation, therefore the Report’s adherence to materiality principleis guaranteed.Responsiveness
material topics that stakeholders concern, such as product quality and safety, climate change,emission management, and digital transformation, etc., and has established a communicationmechanism, to fully respond to the demands and expectations of stakeholders.
Impact
| Jinpan Technology has disclosed the management approach and performance of high |
| Jinpan Technology has established a Sustainability Committee to oversee, monitor, measure, |
and hold the Company accountable for its performance in environmental, social responsibility,and corporate governance. The committee integrates impact assessments into organizationalgovernance and strategy, and establishes clear processes and mechanisms to measure and
Independent Verification Statement
| T?V S?D Certification and Testing (China) Co., Ltd. | |
| No.151 Heng Tong Road, | |
| Shanghai 200070 |
| Page 3 of 3 | |||
| Tel: +86 21-61410123 | |||
| Fax: +86 21-61408600 | |||
| Web: www.tuvsud.com | |||
ID: CCB_EIV_F_10.03E Version: 2 Effective Date: 19 Dec 20245 Page 3 of 3
Verification Statement：EIV2 119843 0015 Rev. 00
Verification Statement：EIV2 119843 0015 Rev. 00manage ESG-related risks and opportunities, ensuring the transparency and credibility of the
Company's reporting.
Recommendations on Continuous Improvement? It is recommended that the Company consistently implements and executes its low-carbon developmentstrategy, regularly updates climate change-related reports, and enhances the disclosure of quantitativeinformation.
Statement on Independence and Verification CapabilityT?V S?D is a trusted partner of choice for safety, security and sustainability solutions. It specializes in testing,certification, auditing and advisory services. Since 1866, the company has remained committed to its purpose of enablingprogress by protecting people, the environment and assets from technology-related risks. Today, T?V S?D is present inover 1,000 locations worldwide with its headquarters in Munich, Germany. Through expert teams represented by morethan 26,000 employees, it adds value to customers and partners by enabling market access and managing risks. Byanticipating technological developments and facilitating change, T?V S?D inspires trust in a physical and digital world tocreate a safer and more sustainable future.
T?V S?D Certification and Testing (China) Co., Ltd. is one of T?V S?D's global branches and has an expert team whosemembers have professional background and rich industrial experiences.T?V S?D and Jinpan Technology are two entities independent of each other and both T?V S?D and Jinpan Technologyand their branches or stakeholders have no conflict of interest. No member of the verification team has businessrelationship with the Company. The verification is completely neutral. All the data and information in the Report areprovided by Jinpan Technology. T?V S?D has not been involved in preparation and drafting of the Report, except for theverification itself and issuance of the verification statement.
Signature:
On Behalf of T?V S?D Certification and Testing (China) Co., Ltd.
Zhu WenjunT?V S?D Sustainability Authorized Signatory OfficerFeb 24th, 2025Shanghai, ChinaNote: In case of any inconsistency or discrepancy, the simplified Chinese version "Independent Verification Statement CN" of thisverification statement shall prevail, while the English translation is used for reference only.