Stock code: 688032 Stock abbreviation: Hoymiles shares Announcement No.: 2025-013

Hangzhou Hoymiles Power Electronics Co., Ltd

Announcement on the use of part of the over-raised funds to permanently replenish liquidity

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.

Hangzhou Hoymiles Power Electronics Co., Ltd. (hereinafter referred to as the "Company") held the 21st meeting of the second board of directors and the 15th meeting of the second board of supervisors on March 18, 2025, and deliberated and passed the "Proposal on the Use of Part of the Over-raised Funds to Permanently Replenish Liquidity", and agreed that the Company will use 65000000 yuan of over-raised funds for permanent replenishment of liquidity, and the over-raised funds to be used for permanent replenishment of liquidity account for 13.41% of the total over-raised funds. The amount of the company's cumulative use of over-raised funds to permanently replenish liquidity in the last 12 months shall not exceed 30% of the total over-raised funds. The use of part of the over-raised funds to permanently replenish the working capital will not affect the capital needs of the raised funds for the construction of investment projects, and the company promises not to make high-risk investments and provide financial assistance to objects other than the holding subsidiaries within 12 months after the permanent replenishment of liquidity. The sponsor, CITIC Securities Co., Ltd. (hereinafter referred to as the "Sponsor"), issued a no-objection verification opinion. This proposal still needs to be submitted to the general meeting of shareholders for deliberation and approval.

First, the basic situation of the funds raised

According to the Reply on Agreeing to the Registration of the Initial Public Offering of Shares of Hangzhou Hoymiles Power Electronics Co., Ltd. issued by the China Securities Regulatory Commission on November 9, 2021 (Zheng Jian Xu Xu [2021] No. 3569), the Company was approved to issue 10 million shares to the public at an issue price of RMB 557.80 per share, raising a total of RMB 557,800.00 and the actual net amount of funds raised was RMB 540 after deducting the issuance expenses, 6.3839 million yuan, the above raised funds have all been in place. Tianjian Certified Public Accountants (Special General Partnership) verified the funds raised by the company's public offering of new shares and issued the "Capital Verification Report" (Tianjian Yan [2021] No. 742).

In accordance with relevant regulations, the company has carried out special account storage management of raised funds, and signed a tripartite supervision agreement on raised funds with the sponsor institution and the bank supervising the special account for raised funds.

(1) The use of raised funds

According to the company's "Prospectus for Initial Public Offering of Shares and Listing on the Science and Technology Innovation Board", "Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on Using Part of the Over-raised Funds to Permanently Replenish Liquidity" (Announcement No.: 2022-031), "Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on Using Part of the Over-raised Funds and Own Funds to Bid for Industrial Plants under Construction" (Announcement No.: 2022-038), " Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on Using Part of the Over-raised Funds to Continue the Construction of Industrial Plants under Construction (Announcement No.: 2022-059), Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on Using Part of the Over-raised Funds to Permanently Replenish Liquidity (Announcement No.: 2023-036), Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on Using Part of the Over-raised Funds to Acquire 100% Equity of Hangzhou Hangkai Lvxing Environment Co., Ltd. and Related Party Transactions(Announcement No.: 2023-005), "Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on Adjusting the Implementation Subject, Location and Postponement of Part of the Fund-raising and Investment Projects" (Announcement No.: 2023-043), "Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on the Related Party Transaction of Equity Transfer of Wholly-owned Subsidiaries and Change of Fund-raising and Investment Projects" (Announcement No.: 2023-045), "Announcement on Using Part of the Over-raised Funds to Permanently Replenish Liquidity" (Announcement No.: 2024-066) The proceeds from the Company's initial public offering of RMB ordinary shares (A shares) will be used for the following items after deducting the issuance expenses:

Unit: RMB 10,000 yuan

Serial No. Raised Funds Investment Project Total Investment Amount Proposed Use of Raised Funds

forehead

1 Hoymiles Intelligent Manufacturing Base Construction Project 25,756.22 16,670.27

2 Energy storage inverter industrialization project 8,877.10 8,877.10

3 Energy storage system integration intelligent manufacturing base item 20,300.00 7,210.16

Project (Phase I)

4 Replenishment of liquidity 23,085.95 23,085.95

5 Over-raised funds to supplement liquidity 160,000.00 160,000.00

6 Hengming Electronic Industrial Plant Construction Project 62,400.00 62,400.00

7 Acquisition and continuation of Lvxing Environment 5,500.00 5,500.00

Total 305,919.27 283,743.48

(2) The use of excess raised funds

On July 15, 2022, the company held the 17th meeting of the first board of directors and the 15th meeting of the first board of supervisors, and deliberated and passed the "Proposal on Using Part of the Over-raised Funds to Permanently Replenish Liquidity", and agreed that the company will use 40,000 yuan of over-raised funds to permanently replenish liquidity, and the over-raised funds to be used to permanently replenish liquidity account for 8.25% of the total over-raised funds. For details, please refer to the "Hangzhou He" disclosed by the company on the website of the Shanghai Stock Exchange (www.sse.com.cn) and designated media on July 16, 2022

Announcement of Mai Power Electronics Co., Ltd. on the Use of Part of the Over-raised Funds to Permanently Replenish Liquidity (Announcement No.: 2022-031).

On September 19, 2022, the company held the 19th meeting of the first board of directors and the 17th meeting of the first board of supervisors, and deliberated and approved the "Proposal on Using Part of the Over-raised Funds and Own Funds to Bid for Industrial Plants under Construction", and agreed that Zhejiang Hengming Electronics Co., Ltd. (hereinafter referred to as "Hengming Electronics"), a wholly-owned subsidiary, should use no more than 460 million yuan (of which the over-raised funds shall not exceed 384 million yuan and its own funds shall not exceed 76 million yuan) to bid for industrial plants under construction. It is used to expand the production capacity of inverters, monitoring equipment, shutdowns and other products to meet the needs of the company's business scale expansion. For details, please refer to the "Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on Using Part of the Over-raised Funds and Own Funds to Bid for Industrial Plants under Construction" (Announcement No.: 2022-038) disclosed by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) and designated media on September 21, 2022.

On December 7, 2022, the Company held the 23rd meeting of the first board of directors and the 21st meeting of the first board of supervisors, and deliberated and approved the "Proposal on Using Part of the Over-raised Funds to Continue the Construction of Industrial Plants under Construction", and the Company intends to use the over-raised funds of no more than RMB 240 million to provide loans to its wholly-owned subsidiary, Hengming Electronics, for the continuation of the above-mentioned auction proceeds of the industrial plants under construction. For details, please refer to the "Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on Using Part of the Over-raised Funds to Continue the Construction of Industrial Plants under Construction" (Announcement No.: 2022-059) disclosed by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) and designated media on December 8, 2022.

On January 17, 2023, the Company held the 25th meeting of the first board of directors and the 23rd meeting of the first board of supervisors, and deliberated and approved the "Proposal on Using Part of the Over-raised Funds to Acquire 100% Equity of Hangzhou Hangkai Lvxing Environment Co., Ltd. and Related Party Transactions", the Company intends to use the over-raised funds of no more than RMB55 million to provide loans to its wholly-owned subsidiary, Hengming Electronics, for the acquisition of 100% of the equity of Hangzhou Hangkai Lvxing Environment Co., Ltd. (hereinafter referred to as "Lvxing Environment"). and the continuation of the plant of Lvxing Environment at No. 151 Kangzhong Road, Gongshu District, Hangzhou, to expand the production capacity of the company's inverter products and meet the needs of the company's existing business scale expansion. For details, please refer to the "Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on Using Part of the Over-raised Funds to Continue the Construction of Industrial Plants under Construction" (Announcement No.: 2023-005) disclosed by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) and designated media on January 18, 2023.

On March 17, 2023, the company held the 27th meeting of the first board of directors to deliberate and pass the "Proposal on Repurchasing the Company's Shares by Centralized Bidding Transaction", and agreed that the total amount of funds used by the company is not low

The over-raised funds of RMB100 million (inclusive) and not exceeding RMB200 million (inclusive) shall be used to repurchase the shares of the Company. For details, please refer to the "Repurchase Report of Hangzhou Hoymiles Power Electronics Co., Ltd. on Repurchasing the Company's Shares by Centralized Bidding Transaction" (Announcement No.: 2023-013) disclosed by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) and designated media on March 30, 2023.

On June 19, 2023, the company held the 29th meeting of the first board of directors to deliberate and pass the "Proposal on Using Part of the Over-raised Funds to Permanently Replenish Liquidity", and agreed that the company should use 50,000 yuan of over-raised funds for permanent replenishment of liquidity, as detailed in the "Proposal on the Use of Part of the Over-raised Funds to Permanently Replenish Liquidity", as detailed in the "Proposal on the Use of Part of the Over-raised Funds to Permanently Replenish Liquidity", as www.sse.com.cn detailed in the " Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on the Use of Part of the Over-raised Funds to Permanently Replenish Liquidity (Announcement No.: 2023-036).

On February 23, 2024, the Company held the ninth meeting of the second session of the Board of Directors to deliberate and approve the "Proposal on the Plan for Repurchasing the Company's Shares by Centralized Bidding Transaction", and agreed that the Company should use no less than RMB 100 million (inclusive) and no more than RMB 200 million (inclusive) of over-raised funds to repurchase the Company

shares. For details, please refer to the company's website on the Shanghai Stock Exchange on February 26, 2024

(www.sse.com.cn) and the "Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on the Repurchase Report on the Repurchase of the Company's Shares by Centralized Bidding Transaction and the Action Plan of "Improving Quality and Efficiency and Emphasizing Returns" (Announcement No.: 2024-007) disclosed by the designated media.

On July 29, 2024, the company held the thirteenth meeting of the second session of the board of directors to deliberate and pass the "Proposal on the Plan for Repurchasing the Company's Shares by Centralized Bidding Transaction", and agreed that the company should use no less than RMB 100 million (inclusive) and no more than RMB 200 million (inclusive) of over-raised funds to repurchase the company

shares. For details, please refer to the company's website on the Shanghai Stock Exchange on July 30, 2024

(www.sse.com.cn) and the "Hangzhou Hoymiles Power Electronics Co., Ltd.'s Plan and Repurchase Report on Repurchase of Shares by Centralized Bidding Transaction" (Announcement No.: 2024-040) disclosed by the designated media.

On October 30, 2024, the company held the 17th meeting of the second board of directors and the 13th meeting of the second board of supervisors, and deliberated and passed the "Proposal on Using Part of the Over-raised Funds to Permanently Replenish Liquidity", and agreed that the company should use 70,000 yuan of over-raised funds for permanent replenishment of liquidity, as www.sse.com.cn detailed in the " Announcement of Hangzhou Hoymiles Power Electronics Co., Ltd. on the Use of Part of the Over-raised Funds to Permanently Replenish Liquidity (Announcement No.: 2024-066).

3. The plan to use part of the over-raised funds to permanently replenish liquidity

On the premise of ensuring that the normal progress of the investment project of the raised funds is not affected, in order to meet the company's liquidity needs, improve the efficiency of the use of raised funds, further enhance the company's operating ability, and safeguard the interests of listed companies and shareholders, in accordance with the relevant provisions of the "Regulatory Guidelines for Listed Companies No. 2 - Regulatory Requirements for the Management and Use of Raised Funds by Listed Companies" and the "Self-Regulatory Guidelines for Listed Companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation", the company intends to use 65, 0 million yuan of over-raised funds to permanently supplement the working capital, for the company's main business related business activities, to meet the needs of the company's actual business development.

The amount of over-raised funds of the company is 484,846.00 yuan, and the amount to be used for permanent replenishment of liquidity is 65,000 yuan, accounting for 13.41% of the total over-raised funds. In the past 12 months, the company has used the over-raised funds to permanently replenish the working capital and the amount does not exceed 30% of the total over-raised funds, which does not violate the relevant regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange on the use of funds raised by listed companies.

4. Relevant commitments and explanations

The over-raised funds will be used for production and operation related to the company's main business, which can meet the company's liquidity needs, improve the efficiency of the use of raised funds, reduce financial costs, further enhance the company's profitability, and safeguard the interests of the company and shareholders.

In accordance with the requirements of relevant normative documents such as the Self-Regulatory Guidelines for Listed Companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation, the company promises that the cumulative amount of over-raised funds used to supplement liquidity in every 12 months will not exceed 30% of the total over-raised funds, and will not make high-risk investments and provide financial assistance to objects other than holding subsidiaries within 12 months after the replenishment of liquidity.

V. Procedures for the review of performance

On March 18, 2025, the company held the 21st meeting of the second board of directors and the 15th meeting of the second board of supervisors, and deliberated and passed the "Proposal on Using Part of the Over-raised Funds to Permanently Supplement Liquidity", which still needs to be submitted to the general meeting of shareholders for deliberation.

6. Explanation of special opinions

(1) Opinions of the Board of Supervisors

On the premise of ensuring the capital needs of the construction of the raised funds investment project and the normal progress of the raised capital projects, the company intends to use the over-raised funds of 650 million yuan to permanently supplement the working capital, which is conducive to improving the efficiency of the use of the raised funds, in line with the interests of the company and all shareholders, and there is no disguised change in the use of the raised funds, which will not have a substantial impact on the implementation of the fund-raising projects, and is in line with the "Guidelines for the Supervision of Listed Companies No. 2-

- Regulatory Requirements for the Management and Use of Funds Raised by Listed Companies, Self-Regulatory Guidelines for Listed Companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation and other relevant laws, administrative regulations, normative documents and the provisions of the Company's Management System for Raised Funds. The Board of Supervisors agreed to the company's use of part of the over-raised funds to permanently replenish liquidity, and agreed to submit the proposal to the company's second extraordinary general meeting of shareholders in 2025 for deliberation.

(2) The sponsor's special verification opinions

After verification, the sponsor CITIC Securities believes that Hoymiles' use of part of the over-raised funds to permanently replenish liquidity has been reviewed and approved by the company's board of directors and board of supervisors, and needs to be submitted to the company's general meeting of shareholders for deliberation, which meets the requirements of the "Regulatory Guidelines for Listed Companies No. 2 - Regulatory Requirements for the Management and Use of Funds Raised by Listed Companies" and "Self-Regulatory Guidelines for Listed Companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation" and other regulations.

The announcement is hereby made.

Board of Directors of Hangzhou Hoymiles Power Electronics Co., Ltd

March 19, 2025