Stock code: 688472 Stock abbreviation: Canadian Solar Announcement No.: 2025-010

Canadian Solar Group Co., Ltd

Regarding the voluntary disclosure of the controlling shareholder of the Company for the fourth quarter of 2024, the full year of 2024

Announcement of results and business outlook for the first quarter of 2025 and FY2025

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 released on March 25, 2025 Beijing time

In the United States, the company disclosed its results for the fourth quarter of 2024 and the full year of 2024, as well as for the first quarter of 2025,

FY2025 business outlook and other information. As of the disclosure date of this announcement, CSIQ directly held 62.24% of the company

of equity.

CSIQ's fourth quarter 2024, full year 2024 financial data, and first year 2025 in this announcement

Quarterly, 2025 business outlook forecasts prepared by CSIQ in accordance with U.S. GAAP

The accounting standards used are different, foreign exchange conversion, etc., and the data will exist with 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 2024 is expected to account for more than 90% of CSIQ's operating income (unaudited).

Shareholders CSIQ is the main production and operation entity.

CSIQ's fourth quarter 2024 and 2024 financial data are unaudited and final figures are audited

The content of the annual report shall prevail.

CSIQ expects module shipments in the first quarter of 2025 to be between 6.4 and 6.7 GW (taking into account current light

The company has made a balance and trade-off between price and volume due to the market price factor of volt products), and it is expected that the energy storage system will be released

The volume of goods is about 800 MWh. CSIQ expects total revenue of $1 billion to $1.2 billion for the first quarter of 2025

RMB (equivalent to approximately RMB 7.19 billion to RMB 8.628 billion), and the gross profit margin is expected to be between 9% and 11%.

Space. For the full year of 2025, module shipments are expected to be between 30 and 35 GW, with energy storage system shipments at 11

Between 13 GWh, of which about 1GW and 1GWh of energy storage systems are expected to be used by the company

There are projects. The above forecast data is based on the current market conditions and the global economic environment

Forecasts are subject to customer demand, supply chain constraints, and geopolitical conflicts

The impact of changes is uncertain, investors are advised to pay attention to investment risks.

According to the Securities Law of the People's Republic of China (hereinafter referred to as the "Securities Law"), Information Disclosure of Listed Companies

Administrative Measures, Rules Governing the Listing of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange (hereinafter referred to as the "Listing Rules")

In order to allow investors to better understand the company's operating conditions, the company will follow up according to the facts

The specific operating performance is disclosed in the annual periodic report for investors' reference.

1. CSIQ's operational and financial fundamentals for the fourth quarter of 2024 and the full year of 2024

Total shipments for Q4 2024 were 8.2 GW, up 1% year-over-year and down 2% quarter-on-quarter.

The revenue for the fourth quarter of 2024 was US$1.52 billion (equivalent to approximately RMB 10.85 billion), and the gross profit margin was

14.3%。

The full-year revenue for 2024 will reach US$5.99 billion (equivalent to about RMB 42.59 billion), of which the full-year group

Unit shipments reached 31.1 GW.

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

CSIQ expects module shipments in the first quarter of 2025 to be between 6.4 and 6.7 GW (considering current PV

The company has made a balance and trade-off between price and volume due to the price and volume of the product market price factor), and it is expected that the energy storage system will be shipped

About 800 megawatt hours. CSIQ expects total revenue of $1.0 billion to $1.2 billion for the first quarter of 2025

approximately RMB7.19 billion to RMB8.628 billion), and gross margin is expected to be between 9% and 11%. Full 2025

Annual module shipments are expected to be between 30 and 35 GW and energy storage system shipments are between 11 and 13 GWh

, approximately 1 GW and 1 GWh of these energy storage systems are expected to be used in the Company's own projects. At the same time, CSIQ has updated the capacity plan for each link of the PV manufacturing industry as follows:

Unit: GW

End of 2024 End of 2025

Session (GW)

(Actual) (Forecast)

Pull rod 25.0 33.0

Wafer 31.0 37.0

Cells 48.4 36.2

Component 60.2 61.0

Note: The above table shows the estimated capacity in point in time, and the capacity expansion plan is subject to change based on market conditions and capital allocation plans.

As of December 31, 2024, Canadian Solar, a CSIQ company, owned approximately 79

The order backlog for gigawatt-hours of energy storage systems, including the signing of long-term service agreements, has signed contracts with an order value of 3.2 billion US dollars (equivalent to about 23.01 billion yuan).

Energy storage system capacity planning (in GWh*) December 2024 December 2025

Actual plan

SolBank Energy Storage System Solution 20.0 30.0

Energy storage cells 0.0 3.0

Note: The above is an estimated capacity, and the capacity expansion plan is subject to change based on market conditions and capital allocation plans.

3. Other risk reminders

1. CSIQ's financial data for the fourth quarter of 2024, the full year of 2024, and 2025 in this announcement

The forecast data for the first quarter and 2025 business outlook 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, 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 interests in a number of operating entities, including the company, but the company has a 2024 annual revenue

The proportion of business revenue to CSIQ's operating income is expected to exceed 90% (unaudited), which is the main controlling shareholder of CSIQ

The main body of production and operation.

2. CSIQ's business outlook for the first quarter of 2025 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. CSIQ Q4 2024, 2024 Full Year Results and Q1 2025, 2025

For details of the company's business outlook, please refer to the "Canadian Solar Group (CSIQ) Fourth Quarter 2024 and 2024 Annual Results Statement" disclosed on the website of the Shanghai Stock Exchange (www.sse.com.cn) on the same day

The fourth quarter of 2024 report and the 2024 annual results report released by CSIQ, a U.S.-listed company

If there is any conflict between the Chinese of the translated version of the Chinese related to the company's performance and the content of the English report, the content of the English report shall prevail, and the content of the English report can be accessed on www.canadiansolar.com.

The announcement is hereby made.

Board of Directors of Canadian Solar Group Co., Ltd

March 26, 2025