Stock code: 688472 Stock abbreviation: Canadian Solar Announcement No.: 2024-077

Canadian Solar Group Co., Ltd

Regarding the voluntary disclosure of the Company's controlling shareholder's results for the third quarter of 2024 and

Announcement of business outlook for the fourth quarter of 2024 and fiscal year 2025

The board of directors and all directors of the company guarantee that there are no false records, misleading statements or material omissions in the content of this announcement, and assume legal responsibility for the authenticity, accuracy and completeness of its content in accordance with the law.

Important Content Notes:

Canadian Solar Inc. (Canadian Solar: CSIQ, "CSIQ")

It is the controlling shareholder of Canadian Solar Group Co., Ltd. (hereinafter referred to as the "Company").

A company listed on the NASDAQ stock exchange in the United States. CSIQ was announced in December 2024, Beijing time

On the 5th, the company disclosed its results for the third quarter of 2024 and the fourth quarter of 2024 and the 2025 annual results in the United States

camp outlook and other information. As of the end of the third quarter of 2024, CSIQ directly held 62.24% of the company's equity.

In this announcement, CSIQ results for the third quarter of 2024 and operations for the fourth quarter of 2024 and 2025 are reported

The forward-looking forecast data is prepared in accordance with U.S. GAAP and is based on different accounting standards used

and for reasons such as differences in the scope of offset, foreign exchange conversions, etc., will be present with the data in the company's final periodic report

There are certain differences, which are for investors' reference only, and the relevant data cannot be directly compared with the company's operating performance data

Contrast. As a holding company, CSIQ holds equity interests in a number of operating entities, including the company

The company's operating income in the third quarter of 2024 accounted for more than 90% of CSIQ's operating income (unaudited), which is:

The controlling shareholder, CSIQ, is the main production and operation entity.

CSIQ's Q3 2024 financial data is unaudited, investors are advised to be aware of the investment risks.

CSIQ expects total revenue of $1.5 billion to $1.7 billion for the fourth quarter of 2024 at November 30 exchange rate

calculated, equivalent to about RMB 10.785 billion to 12.223 billion yuan), the gross profit margin is expected to be 16% to

18%. CSIQ expects module shipments to be between 8.0 and 8.5 GW in Q4 2024, 2025

The annual estimate is between 30 and 35 GW. CSIQ expects energy storage system shipments in the fourth quarter of 2024 in:

Between 2.0 and 2.4 GWh, and in 2025 it is expected to be between 11 and 13 GWh. The above forecast data

The CSIQ is conducted on the basis of current market conditions, production capacity and global economic environment

may be affected by changes in customer demand, supply chain constraints, and geopolitical conflicts

Investors are advised to pay attention to investment risks.

In accordance with the Securities Law of the People's Republic of China, the Administrative Measures for Information Disclosure of Listed Companies, and the Shanghai Securities Exchange

The Listing Rules of the Science and Technology Innovation Board and other relevant regulations, in order to allow investors to better understand the company's economy

Business status, the company will disclose the specific operating performance in the regular report according to the actual situation.

For investors' reference.

1. CSIQ's operational and financial fundamentals for the third quarter of 2024

Module shipments of 8.4 GW in Q3 2024.

Revenue for the third quarter of 2024 was $1.51 billion (at the average exchange rate for the third quarter of 2024

equivalent to approximately RMB10.721 billion), with a gross profit margin of 16.4%.

2. Basic information on CSIQ's business outlook for the fourth quarter of 2024 and 2025

CSIQ expects total revenue for the fourth quarter of 2024 to be between $1.5 billion and $1.7 billion (as of November 30

The gross profit margin is expected to be between 16% and 18%

Between. CSIQ expects module shipments to be between 8.0 and 8.5 GW in Q4 2024, with a forecast for 2025

Count between 30 and 35 GW. CSIQ expects energy storage system shipments to be between 2.0 and 2.4 in the fourth quarter of 2024

Between GWh, 2025 is expected to be between 11 and 13 GWh. At the same time, CSIQ updated PV

The production capacity plan of each link of the manufacturing industry is as follows:

Unit: GW

Session (GW) End of Q3 2024 End of 2024

(Actual) (Forecast)

Lever 25.0 25.0

Wafer 31.0 31.0

Cell 48.4 48.4

Component 61.0 61.0

Note: The above table shows capacity in point in time, and capacity plans are subject to change based on market conditions and capital allocation plans.

As of September 30, 2024, Canadian Solar, a CSIQ company, owns about

60 GWh order backlog for energy storage systems; Includes signing a long-term service agreement as of November 30, 2024

This includes $3.2 billion in signed contracts on hand (per person at the Nov. 30 exchange rate

RMB 23.008 billion), delivered orders are not included in the statistics.

In March 2024, the manufacturing capacity of the SolBank energy storage system has been expanded to 20 GWh. It is expected to be by 2025

By the end of the year, its manufacturing capacity will be further expanded to 30 GWh. (The above is an estimated capacity, and the capacity plan is subject to change based on market conditions and capital allocation plans.) ）

3. Other risk reminders

1. CSIQ's results for the third quarter of 2024, as well as the fourth quarter of 2024 and 2025 in this announcement

The business outlook forecast data is prepared by CSIQ in accordance with US accounting standards, and will be different from the data in the company's final periodic report due to different accounting standards used, differences in the scope of consolidation and elimination, foreign exchange conversion, etc., and is for investors' reference only. The data cannot be directly compared with the company's operating performance data. As a holding company, CSIQ holds equity in a number of operating entities, including the company, but the company's operating income in the third quarter of 2024 accounted for more than 90% of CSIQ's operating income (unaudited), and it is the main production and operation entity of the controlling shareholder CSIQ.

2. CSIQ's business outlook for the fourth quarter of 2024 and 2025 is based on CSIQ's current forecast

Forecasts based on market conditions, production capacity and global economic environment may be affected by changes in customer demand, supply chain constraints and geopolitical conflicts, and the actual performance in the future is highly uncertain, and may differ from the final actual data, and there may be the following risks:

(1) The risk that the customer's order situation and market demand are less than expected, including but not limited to the estimated sales order and market development are less than expected; or delivery delays, cancellations, etc., caused by force majeure factors that affect future sales revenue.

(2) The shipment and revenue forecasts are appropriately prepared based on the assumptions determined by CSIQ, and although various factors have been taken into account as much as possible, the assumptions underlying the forecasts are uncertain, and investors are advised to be aware of the investment risks.

3. In order to let investors better understand the company's operation, please pay attention to the company's regular reports.

4. For details of the specific disclosure information of CSIQ, please refer to www.canadiansolar.com.

The announcement is hereby made.

Board of Directors of Canadian Solar Group Co., Ltd

December 6, 2024