Sungrow Power completes first restricted stock vesting period for 2023 incentive plan

Sungrow Power Supply Co., Ltd. has completed the first vesting for the reserved grant portion of its 2023 restricted stock incentive plan, with 298,900 shares vesting for 68 employees. This represents 0.01% of the company's current total share capital, with the shares becoming tradable on September 30, 2025. The vesting price per share, after adjustments for profit distribution, is CNY 29.10.

The company confirmed that all vesting conditions were met, including the company-level performance targets for 2024, which required a revenue growth of over 80% or net profit growth of over 120% compared to 2022. Additionally, all eligible individuals met personal performance evaluation criteria, with their individual vesting ratio at 100%.

Three participants from the initially reserved 73 employees were disqualified due to departure, resulting in 42,000 unvested restricted shares being forfeited. The capital raised from this vesting, totaling CNY 8,697,990.00, will be used to supplement the company's working capital. The vesting does not alter the company's total share capital or control structure.