Analysis of Export Situation of Ginlong Technologies (SZ300763) Microinverters

Based on collected public information and market data, the following is a detailed analysis of Ginlong Technologies’ microinverter export business:

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As China’s third-largest photovoltaic inverter exporter (after Huawei and Sungrow), Ginlong Technologies’ overseas sales are as follows [0][1]:

Time Period	Overseas Sales Amount (10,000 CNY)	Overseas Sales Ratio
January-March 2025	68,007.53	66.19%
2024	277,644.18	63.63%
2023	234,167.69	52.01%
2022	317,744.12	62.66%
2021	175,839.70	58.25%

• In 2024 and January-March 2025, the company’s overall export business achieved
  year-over-year growth
  [1]
• The decline in exports in 2023 was mainly due to changes in demand in the European market (falling electricity prices in major European countries led to slower demand in the photovoltaic market) [1]
• The company has actively deployed in emerging Asian markets to drive the recovery of export revenue [1][2]

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• Inverter sales revenue from Asia has grown rapidly [1]:

  • 2023: 29,001.47 ten thousand CNY, accounting for 9.13% of export revenue
  • 2024: 105,348.98 ten thousand CNY, accounting for 37.94% of export revenue
  • January-March 2025: 31,236.97 ten thousand CNY, accounting for 45.93% of export revenue

• Key Markets: India, Pakistan
  • The Indian government released the National Electricity Plan 2022-2032, projecting photovoltaic installed capacity to reach 186GW in 2026-2027 [1]
  • India launched the ‘Prime Minister’s Solar Home Scheme’ in 2024, targeting 40GW of distributed installed capacity [1]
  • The Pakistani government released the Power Generation Capacity Expansion Plan, targeting 13.7GW of new photovoltaic installed capacity from 2022 to 2031 [1]

• After two years of high inventory, Europe has recently entered the
  inventory normalization
  phase [2]
• Overall, demand in overseas markets is relatively optimistic, with significant absorption of grid-connected inventory [2]
• Demand in the European market has started to show signs of recovery, especially in the commercial and industrial segments [2]

• The company’s current export business to the U.S. accounts for a
  small share
  with limited impact [2]
• Focused on expanding the U.S. market in 2024 [2]
• Previously, sales were mainly grid-connected inverters (mostly for commercial and industrial use), and residential energy storage is expected to grow now [2]

• The company also has a presence in markets such as the Middle East, Southeast Asia, and Latin America (e.g., Brazil, Mexico) [3]
• Its globalization strategy includes setting up strategic offices in the U.S., Europe, Australia, India, Brazil, Mexico, and other regions [3]

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Ginlong Technologies’

has a complete microinverter product line:

Product Series	Power Range	Key Features
Solis Mini Series	0.7kW-4kW	Suitable for residential photovoltaic systems
Solis Microinverter Series	See product specifications for details	Maximum efficiency of 96.5%, warranty period up to 25 years

• Obtained qualification certifications and market access permits from export destinations
• Passed multiple international safety and quality certifications [3]

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Indicator	Data
2024 Global Market Size	USD 26.6 Billion
2025 Forecast	USD 29.2 Billion
2033 Forecast	USD 61.7 Billion
Compound Annual Growth Rate (CAGR)	9.8%

• Growing demand for residential and commercial distributed photovoltaic systems
• Advantages of microinverters in terms of safety and power generation efficiency
• Continuous growth in global new photovoltaic installed capacity

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• Established local teams and service systems in major global markets
• Expands overseas business by participating in international exhibitions and visiting key industry clients
• Set up a subsidiary in Australia responsible for local marketing and promotion [1]

• The maximum efficiency of the company’s inverters has reached
  99.1%
  [1]
• Adopted new SiC semiconductor materials, high-efficiency magnetic components, and DSP control technology
• Continuously increases R&D investment to promote product iteration and updates [2]

• In September 2024, the Solis brand’s global shipments exceeded
  100GW
  , making it the world’s third-largest inverter manufacturer [3]

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Risk Factor	Explanation
International Trade Frictions	The impact of Sino-U.S. tariffs is limited (due to the small share of exports to the U.S.), and the company will continue to closely monitor relevant policy developments [2]
Exchange Rate Fluctuations	Exchange gains and losses are matched with overseas revenue, and risk control measures such as hedging have been adopted [1]
Market Competition	The growth rate of the global photovoltaic market has slowed down, and industry competition has intensified
Inventory Adjustment	The European market has gradually normalized after two years of high inventory [2]

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Ginlong Technologies’ microinverter export business has the following characteristics:

1. Overall export share remains stable above 60%
   , with growth resuming since 2024
2. Emerging Asian markets have become new growth drivers
   , with rapid volume growth in India and Pakistan
3. Inventory adjustment in the European market is basically completed
   , and demand has started to recover
4. The U.S. market accounts for a small share
   , with limited tariff impact
5. The global microinverter market has broad prospects
   , and the 9.8% CAGR will continue to drive demand

With its technological advantages, global layout, and brand influence, the company is expected to maintain its competitive edge in overseas markets.

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[0] Jinling API Data - Company Profile and Financial Indicators

[1] Reply Report of Ginlong Technologies Co., Ltd. and Guotai Haitong Securities Co., Ltd. on the Review Inquiry Letter for Ginlong Technologies’ Application for Issuing Convertible Corporate Bonds to Unspecified Objects (http://static.cninfo.com.cn/finalpage/2025-07-21/1224237136.PDF)

[2] Investor Relations Activity Record of Ginlong Technologies Co., Ltd. - 2024 Online Performance Briefing (https://file.finance.qq.com/finance/hs/pdf/2025/05/09/1223513059.PDF)

[3] Solis Inverters - Solis Surpasses 100GW in Global Shipments (https://www.solisinverters.com/lk/conews/Solis_Surpasses_100GW_in_Global_Shipments_lk.html)