Huatai United Securities Co., Ltd

About Trina Solar Co., Ltd

2024 Semi-Annual Continuous Supervision Follow-up Report

Name of Sponsor: Huatai United Securities Co., Ltd. Abbreviation of the Sponsored Company: Trina Solar Co., Ltd

Name of sponsor representative: Wang Zhe Contact number: 021-38966515

Name of sponsor representative: Jiang Yifei Contact number: 021-38966515

In accordance with the provisions of relevant laws and regulations such as the Securities Law, the Administrative Measures for the Sponsorship Business of Securities Issuance and Listing, and the Rules for the Listing of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange, Huatai United Securities Co., Ltd. (hereinafter referred to as "Huatai United Securities" or the "Sponsor") as the sponsor of Trina Solar Co., Ltd. (hereinafter referred to as "Trina Solar", "the Company" or the "Issuer") in the continuous supervision stage, and issued a report for the first half year of 2024 (hereinafter referred to as the "Reporting Period") Continuous Supervision and Follow-up Report:

1. Problems found by the sponsor and the sponsor representative and their rectification

Not.

2. Major risk matters

The main risk factors currently faced by the company are as follows:

(1) The risk of phased overcapacity brought about by the expansion of the industry

In recent years, with the continuous improvement of the photovoltaic industry, some enterprises that were originally facing market elimination have begun to resume production, and at the same time, leading enterprises in the industry have accelerated the pace of capacity expansion in order to increase market share and maintain competitive position, resulting in a significant increase in new and potential new production capacity in the market. If the growth rate of the downstream application market is lower than the expected expansion or even declines in the future, the above-mentioned capacity expansion will further intensify the disorderly competition in the industry, resulting in an unreasonable decline in product prices and a decline in corporate profits, so the photovoltaic industry may face the risk of overcapacity caused by competitive expansion.

(2) The risk of intensified competition in the photovoltaic industry

In recent years, the photovoltaic industry has developed rapidly, and the leading enterprises in all links of the industrial chain have relied on the advantages of capital, technology, cost and channels to continuously expand their scale, expand production or extend the industrial chain around the upstream and downstream of the industry, and further concentrate industry resources on a small number of photovoltaic enterprises, making the competition in the photovoltaic industry more and more fierce. With the expansion of industry capacity and technological progress, the price of photovoltaic products has gradually decreased, and photovoltaic companies are facing more fierce competition in cost control and product performance. In addition, in recent years, some Chinese PV companies have built new production capacity overseas and increased their efforts to develop overseas markets, intensifying the competition in overseas markets. Therefore, the accelerated elimination of the industrial chain and the further improvement of concentration, as well as the acceleration of market layout, will make the company face the risk of intensified market competition.

(3) The risk of continuous decline in PV product prices and fluctuations in module gross profit margins

Attracted by the huge potential of domestic and foreign markets, more and more enterprises are entering the photovoltaic industry. The continuous technological progress of the photovoltaic industry in the silicon wafer, cell and module end has brought about a decrease in unit costs, which has led to an overall downward trend in production costs and selling prices in the photovoltaic industry. In addition, as countries promote PV parity, PV module prices are generally on a downward trend. With the continuous technological progress of the photovoltaic industry in the future, there is still room for the production cost and sales price of all aspects of the photovoltaic industry to decline, which may lead to the risk of fluctuations or even declines in the gross profit margin of modules.

(4) Risks brought about by technological progress

The photovoltaic industry is constantly emerging new technologies in silicon wafers, cells, modules and system products, requiring enterprises in the industry to increase R&D investment and improve innovation capabilities. If the company cannot accurately judge the development trend of technology and products, or fails to invest enough in scientific research and development efforts in the technology with the most market potential, there may be a risk of backward technology, resulting in the conversion efficiency and power of the company's related products lagging behind companies in the same industry, resulting in a decline in the company's market share.

N-type battery modules have become the development direction of the industry due to their excellent performance such as high conversion efficiency, high power and high bifaciality, and their market share has been increasing. The company continues to expand its production capacity in N-type high-efficiency cells and modules. Although the current N-type cell production equipment and technical capabilities have gradually matured and have the conditions for large-scale mass production, it is still not excluded that photovoltaic cells will appear in a new technical route with better performance and lower cost in terms of conversion efficiency, and if the company cannot grasp it in time, it will face the risk of losing its competitive advantage.

(5) The risk of leakage of core technologies

The core technology independently researched and developed by the company is the driving force for the sustainable development of the company's business and the embodiment of the company's core competitiveness. The company has undertaken and implemented a number of national scientific research projects, and established a national research and development platform, and has maintained a leading technical advantage in the industry for a long time. The company attaches great importance to information security and data protection, and has formulated a series of standardized systems and processes such as "Information Security Management System" and "Information Confidentiality Management System", but due to the limitations of core technology confidentiality measures, the mobility of core technical personnel and other uncontrollable factors, the company still has the risk of core technology leakage. Once the company's core technology is lost, it will affect the company's market competitiveness to a certain extent and adversely affect the company's business development.

(6) Raw material prices and logistics cost fluctuation risks

The company's photovoltaic products are based on silicon materials, processed into silicon wafers and cells, and finally assembled into photovoltaic modules in combination with various auxiliary materials. If large polysilicon manufacturers and other auxiliary material suppliers experience unpredictable capacity fluctuations, or if the demand in the downstream market exceeds expectations, the company's raw material prices will fluctuate. And if the price of sea freight rises sharply in the future, it will lead to a significant increase in the company's logistics costs, which will affect the company's profitability.

(7) The risk of increasing accounts receivable

The amount of the company's accounts receivable will grow with the growth of business scale, although the company's accounts receivable are related to the company's normal production and operation and business development, and most of the accounts receivable aging is concentrated within one year, and the aging structure is good, but it is not excluded that due to the expansion of the company's business scale or changes in the macroeconomic environment and customer operating conditions, the rapid growth of accounts receivable will lead to a decline in the turnover rate of accounts receivable and even the risk of bad debts.

(8) High asset-liability ratio and cash flow fluctuation risk of operating activities

The company's debt scale grows rapidly with business development, and the increase in the asset-liability ratio may increase the company's financial risk, which will adversely affect the company's financing ability and profitability. At the same time, with the changes in domestic and foreign macroeconomic and global liquidity policies, if the company cannot effectively carry out capital planning and fund management, it may have an adverse impact on the company's daily operations and solvency.

(9) The risk of a large inventory balance

The company's inventory is mainly composed of raw materials, products in process, inventory commodities, photovoltaic power plants and issued commodities

If the company cannot effectively implement inventory management and pay close attention to changes in business needs in the future, the company will face a certain risk of inventory decline due to changes in the market environment and major changes in downstream industry demand or other unpredictable circumstances.

(10) Risk of policy changes

According to the 14th Five-Year Plan, the country will vigorously increase the scale of wind power and photovoltaic power generation, and the proportion of non-fossil energy in total energy consumption will increase to about 20%. In addition to photovoltaic power generation, renewable energy also includes wind energy, solar thermal energy, hydro energy, geothermal energy, biomass energy, etc. The country's choice of renewable energy direction, investment intensity and competition of various renewable energy sources will affect the development of the photovoltaic industry in the country and have a certain impact on the company's operation. The state's macro-control policies and measures on photovoltaic installed capacity will directly affect the production and operation of companies in the industry, and the impact of future policy changes on the company's production and operation cannot be ruled out.

(11) Overseas business risks

The company promotes the globalization of production capacity layout and market sales, and has set up overseas factories in Thailand, Viet Nam and other places, and develops, builds and sells power stations in global target markets. The company's overseas business is mainly concentrated in Europe, United States, India, Latin America and other countries and regions, the company's overseas production and sales are affected by international political relations, different market environment, legal environment, tax environment, regulatory environment, political environment, exchange rate changes and other factors, if the company can not fully understand, master and apply international rules, there may be relevant overseas business risks.

The company also faces the risk of discontinuity of photovoltaic policies, trade policies and other policies caused by changes in the political situation, government change and leadership changes in various countries, as well as the risk of changes in national sovereignty and credit, resulting in the failure of the company's overseas business operations and the return on investment is lower than expected, resulting in losses in the company's overseas operations.

(12) Risks of international trade frictions

Renewable energy has become an important direction of energy structure reform in various countries, among which the photovoltaic industry is favored by countries due to its unique advantages such as large total developable amount, high safety and reliability, low environmental impact, and wide application range. For the purpose of protecting their own industries, United States, the European Union, India, Canada, Turkey and other countries and regions have successively launched "double anti-dumping" investigations, safeguard investigations or tariff increases on Chinese photovoltaic products. The continuous trade friction in the photovoltaic field will have a certain negative impact on the international development of photovoltaic enterprises, and the company is not excluded from being in the country

The risk of declining sales revenue in other regions.

(13) Exchange rate fluctuation risk

The company's overseas business is mainly concentrated in Europe, United States, India, Latin America and other countries and regions, overseas business is mainly settled in euros and US dollars, and the RMB exchange rate may fluctuate due to changes in the global political and economic environment, with certain uncertainties, and the possibility of adverse impact on the company's earnings level due to future exchange rate fluctuations is not ruled out.

(14) Other risks

As of the end of June 2024, the Company has two outstanding significant litigation or arbitration matters, as described above

Both cases arose out of the Company's normal business activities, as detailed in the Company's Shanghai Certification dated July 28, 2022

The "Trina Solar Co., Ltd. on the Company's Involvement" disclosed on the website of the Securities Exchange (www.sse.com.cn).

Announcement of Litigation Matters (Announcement No. 2022-075) and the Company's Listing on Shanghai Securities on October 14, 2023

Announcement of Trina Solar Co., Ltd. on the Company's Involvement in Arbitration Matters (Announcement No. 2023-135) disclosed on the Exchange's website (www.sse.com.cn). The final verdicts of the two cases have not yet been determined, and the possibility of adverse impact on the company's operating results in extreme cases cannot be ruled out.

3. Major violations

Not.

4. Reasons and reasonableness of changes in major financial indicators

The main accounting data are as follows:

Unit: RMB, 10,000 yuan

Key accounting data The reporting period The same period last year The reporting period was the same as that of the previous year

(Jan-Jun 2024) (Jan - Jun 2023) Period Change (%)

Operating income 4,296,809.90 4,938,363.77 -12.99

52,620.27 354,000.70 -85.14 attributable to shareholders of listed companies

Net profit

attributable to shareholders of listed companies

Net 39,762.54 371,208.45 -89.29 net of non-recurring gains and losses

profit

Cash flow from operating activities -15,664.54 280,473.15 -105.59

Net amount

At the end of the reporting period At the end of the previous year, the end of the reporting period was compared with the previous year

(End of June 2024) (End of December 2023) Year-end increase or decrease (%)

Key accounting data The reporting period The same period last year The reporting period was the same as that of the previous year

(Jan-Jun 2024) (Jan - Jun 2023) Period Change (%)

3,069,644.57 3,152,175.76 -2.62 attributable to shareholders of listed companies

Net assets

Total assets 14,073,011.44 12,031,228.65 16.97

Note: The above data has not been audited or reviewed.

The main financial indicators are as follows:

Key accounting data The reporting period The same period last year The reporting period was the same as that of the previous year

(Jan-Jun 2024) (Jan - Jun 2023) Period Change (%)

Basic earnings per share (RMB/share) 0.24 1.63 -85.28

Diluted earnings per share (RMB/share) 0.23 1.59 -85.53

Basic 0.18 1.71 -89.47 after deducting non-recurring gains and losses

Earnings per share (RMB/share)

Weighted average return on equity (%) 1.69 12.41 decreased by 10.72 percentage points

The weighted 1.28 13.02 after deducting non-recurring gains and losses decreased by 11.74 percentage points

Average Return on Equity (%)

R&D investment accounted for 6.31 5.42 percentage points of operating income, an increase of 0.89 percentage points

（%）

The reasons for the changes in the above key financial data and indicators are as follows:

1. During the reporting period, the company's operating income decreased by 12.99% year-on-year, the net profit attributable to shareholders of listed companies decreased by 85.14%, the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses decreased by 89.29% year-on-year, the basic earnings per share and diluted earnings per share decreased by 85.28% and 85.53% year-on-year respectively, and the basic earnings per share decreased by 89.47% year-on-year after deducting non-recurring gains and losses. During the reporting period, the company maintained the core competitiveness of the photovoltaic module product business and achieved a year-on-year increase in module sales. Affected by the imbalance between supply and demand in the industrial chain and the sharp decline in the market price of photovoltaic products, the profitability of the company's module business has declined.

2. During the reporting period, the year-on-year decrease in net cash flow generated by the company's operating activities was mainly due to the increase in the company's inventory and the corresponding increase in procurement cash outflow.

3. During the reporting period, the company's total assets increased by 16.97% year-on-year, mainly due to the expansion of the company's business scale and the increase in inventory. The increase in the commissioning of the company's projects under construction corresponds to the increase in fixed assets.

Fifth, the changes in core competitiveness

The company has the advantages of the world's leading brand, a wide range of overseas channels with deep coverage, and stable and high-quality key customer resources. The company has been accelerating the global layout, and the company has been in Changzhou, China,

Shanghai China, Zurich Switzerland, Silicon Valley of United States, Miami of United States, Singapore and Dubai of U.A.E. have set up 7 global and regional headquarters, and have set up offices and branches in Madrid, Mexico, Sydney, Rome and other places, with employees from more than 70 countries and serving more than 170 countries and regions around the world, actively building R&D, production capacity, service, operation management, risk management and control system in the era of globalization 3.0. The company has an international management and R&D team, and is one of the most internationalized companies in the global photovoltaic industry. With the deepening of the global layout, the company's market share is also increasing.

The company has always taken R&D and innovation as the first of the company's development strategy. The company continues to invest in the research and development of new technologies, new products and new materials, and comprehensively lays out and reserves a number of technical routes in the future. By actively exploring in the pilot stage and judging that the industrialization conditions are met, the company has continuously promoted the technological progress of itself and the industry, maintained its leading technical strength, and made the right choice in the technological change and technical route in the history of industry development. The company relies on the main platforms such as the National Key Laboratory of Photovoltaic Science and Technology, the National Enterprise Technology Center and the New Energy Internet of Things Industry Innovation Center to maintain industry-leading technological advantages for a long time. As of June 30, 2024, the company had 2,375 patents, including 943 invention patents.

Since the founder of the company, Mr. Gao Jifan, has been committed to the research and development and innovation of photovoltaic technology for more than 27 years since the company was founded in 1997, and other management of the company also has rich industry experience and management capabilities.

The company's management has a deep understanding of the development of the industry, and can formulate a development strategy in line with the company's actual situation in a timely and efficient manner based on the company's actual situation, industry development trend and market demand. The company has gathered outstanding talents from all over the world to carry out business layout in the global market, and the core team has been engaged in photovoltaic products and photovoltaic system business for a long time, with rich market, technology and management experience. The advantages of a professional core team help the company to be in a favorable position in the market competition and achieve sustainable development in the volatile industry.

To sum up, there will be no adverse changes in the company's core competitiveness in the first half of 2024.

6. Changes in R&D expenditure and R&D progress

The company actively carries out the research and development of cell and module technology, and launches differentiated module products according to different global market needs.

In terms of batteries, the company has been deeply engaged in the N-type advanced technology route and continues to iteratively upgrade TOPCon technology. In the first half of 2024, the company has developed and introduced carrier enhanced contact technology, low recombination high-efficiency emitter, and based on

The tandem passivation contact coating design of PECVD has increased the overall efficiency of the new generation of N-type i-TOPCon cells by 0.7%, and achieved a reduction of more than 27% in the unit consumption of the slurry through metallization graphic design, graphic technology upgrades and continuous improvement of slurry performance, reaching the industry-leading level. At the same time, the reliability level of the product is significantly improved through the design of high-efficiency anti-UV passivation coating, damp heat attenuation resistance process, anti-PID attenuation coating design, etc.

In addition, as one of the future high-efficiency cell module directions, HJT cell and module technology is also one of the company's current research priorities, the company through the development and introduction of microcrystalline silicon technology, high migration transparent conductive film technology and new electrode technology, mass production size HJT cell conversion efficiency reached 26.50% (Germany ISFH CalLab test certification), mass production of the same size cell conversion efficiency ranked first in the industry. In terms of cost reduction, through the cost control of the battery side, the silver consumption < 9.0mg/W.

At the same time, the company has made in-depth layout of new perovskite photovoltaic technology, and improved the conversion efficiency of perovskite/crystalline silicon tandem cells through perovskite phase doping, interface treatment, component control, process control and composite layer structure design, with the efficiency of large-size tandem cells at both ends reaching more than 29%, and comprehensive progress has been made in the research and development of tandem cell components and device reliability verification, which has taken an important step towards the industrialization of tandem cells.

In terms of modules, the company's R&D team has made a significant breakthrough in the power of supreme high-efficiency modules through the comprehensive photoelectric optimization design of cells and modules, and the maximum power of TOPCon components has reached 740.6W and the average power of mass production is 705~710W. In the first half of 2024, the company has achieved phased research results in the research of key technologies for module recycling: (1) through the self-developed environmentally friendly reagent TGM, using the synergistic promotion of polar esters, the efficient and high-purity separation of the adhesive film interlayer of glass, backsheet and cell has been realized, which is compatible with different adhesive film types; (2) The CPIA "Wet Chemical Method for Recycling and Reusing Cell Treatment Methods" standard formulated by the CPIA has been submitted for approval and publicity; (3) Focusing on the key technology of component recycling, apply for 10 invention patents in the field of component recycling.

In addition, during the reporting period, the company continued to upgrade the intelligent photovoltaic tracking system, and added more than 70 patent applications. The company's newly upgraded pioneer series products have passed the United States authoritative wind engineering organization (CPP) test and obtained TUV/UL certification. Combined with multi-point drive, fast structural assembly and the industry's original one-way locking technology, the maximum length of the company's bracket products has been increased by 50%, and the wind speed of gale protection has been increased by 25%, which is fully suitable for 700W+ ultra-high power modules and high wind pressure scene applications. At the same time, the company's bracket products also iterate high-performance electronic control technology, and the output power of electronic control is increased to 400W+; The company has newly released a new motor fault warning algorithm and upgraded the intelligent tracking algorithm in complex terrain scenarios, so that the overall reliability and additional issuance income of the intelligent photovoltaic tracking system have reached the industry-leading level.

During the reporting period, the company's R&D investment was 270,999.80 yuan, accounting for 6.31% of operating income. up to

As of June 30, 2024, the company has 2,375 patents, including 943 invention patents.

During the reporting period, the company published 9 new papers, including 6 SCI/EI papers. Company rectangular mid-profile

The standard-size Extreme N-type 625W module has excellent product reliability, ultra-high power generation performance, and excellence

The product quality was awarded the Renewable Energy Test Center of the authoritative testing agency in United States

Center (RETC) "Overall Highest Achiever" Award.

7. Whether the progress of the new business is consistent with the information disclosed in the previous period

Not applicable.

8. The use of the raised funds and whether they are compliant

(1) The actual funds raised by the issuance of convertible corporate bonds in 2023

Zheng Jian Xu Xu [2023] No. 157 issued by the China Securities Regulatory Commission (CSRC) "On Consent to Tianhe

Approval of the registration of the issuance of convertible corporate bonds by Solar Energy Co., Ltd. to unspecified objects", and the company was approved

It is allowed to issue convertible corporate bonds and bonds with a total face value of RMB8,864,751,000.00 to unspecified targets

The voucher period is 6 years. As of February 17, 2023, the Company issued convertible corporate bonds to raise a total of RMB

RMB8,864,751,000.00, after deducting the total issuance expenses of RMB48,650,279.85, the actual fundraising

Net funds amounted to RMB8,816,100,720.15. The above-mentioned funds have been approved by Rongcheng Certified Public Accountants

Rong Cheng Yan Zi [2023] No. 200Z0002 "Capital Verification Report" verification.

The company has adopted a special account storage system for the raised funds, and on February 11, 2023, it will cooperate with the sponsor institution and raise funds

The fund raising supervision bank signed the Tripartite Supervision Agreement on the Storage of Funds in the Special Account of Trina Solar Co., Ltd.

Trina Solar Co., Ltd. Four-Party Regulatory Agreement on the Storage of Funds in a Special Account. The above is deducted from the issuance costs

All the net proceeds were deposited in the special account of the Company for raising funds approved by the Board of Directors.

As of June 30, 2024, the balance of the company's raised funds in the special account is as follows:

Amount unit: RMB 10,000 yuan

Raised Funds Project Implementing Entity Account Name Opening Bank Account Balance Reserve

concentrate

With an annual output of 35GW, Trina Solar (Qingdao Trina Solar Industrial Bank Co., Ltd.406080100100005913 raised 13,535.52

Monocrystalline Project Hai) Crystalline Silicon Co., Ltd. (Qinghai) Crystal Division Changzhou Economic Development Zone Branch

The company Silicon Co., Ltd. and China Construction Bank have 32050162843609112255 87.25 shares

Limited to the company's Changzhou Xinbei Branch

Agricultural Bank of China has a special share

Limited to 10615101040248042 40,835.79 households in Changzhou Xinbei Branch

China CITIC Bank Co., Ltd. 8110501013402126538 -

Changzhou Xinbei Branch

Industrial Bank Co., Ltd. 406080100100005662 -

Changzhou Economic Development Zone Branch

China Merchants Bank Co., Ltd. 519902052610506 -

Replenishment of working capital of the business department of Changzhou Branch

and repayment of bank loans Trina Solar Trina Solar Shares China Minsheng Bank Shares 637906021 -

Section Co., Ltd. Limited Company Shanghai Tianshan Branch

China Construction Bank shares have 32050162843609112233 -

Limited to Changzhou Xinbei Branch

Agricultural Bank of China shares have 10615101040247861 -

Limited to Changzhou Xinbei Branch

Bank of Communications Co., Ltd. 324006040012000473638 -

Changzhou New District Branch

Total 54,458.57

(2) The actual use of the funds raised during the reporting period

1. Use of raised funds

In the first half of 2024, the company actually invested in the issuance of convertible corporate bonds to unspecified objects in 2023

The total amount of funds raised was RMB181,168,400.

2. Advance investment and replacement of fund-raising projects

In the first half of 2024, the company will not have the situation of replacing the early investment in fundraising projects.

3. Use idle raised funds to temporarily supplement liquidity

The company held the 27th meeting of the second board of directors and the second board of supervisors on February 20, 2023

At the 24th meeting, the "On Reviewing the Company's Use of Idle Raised Funds to Temporarily Supplement Liquidity" was deliberated and adopted

It is agreed that the company and its wholly-owned subsidiaries intend to use a quota of no more than RMB 250,000.00 yuan

The raised funds are temporarily used to supplement working capital, and are limited to production and operation related to the main business. use

The term is valid for 12 months from the date of approval by the Board of Directors of the Company, and the Company will at any time in accordance with the Solicitation

The progress of the purpose and the demand will be returned to the special account for raising funds in a timely manner.

On February 1, 2024, the company announced that it has temporarily replenished the above-mentioned liquidity in RMB

All the idle raised funds of RMB 2,500,000,000 will be returned to the special account for raised funds, and the sponsor and the sponsor representative have been notified of the return of the above-mentioned raised funds.

On February 5, 2024, the company held the second meeting of the third board of directors and the second meeting of the third board of supervisors

At the meeting, the "Proposal on Reviewing the Company's Use of Idle Raised Funds to Temporarily Replenish Liquidity" was deliberated and approved, and it was agreed that the company and its wholly-owned subsidiaries intend to use the amount of idle raised funds not exceeding RMB 200,000.00 to temporarily supplement liquidity, and it is limited to the production and operation related to the main business. The term of use is valid for 12 months from the date of approval by the board of directors of the company, and the company will return it to the special account for raising funds in a timely manner according to the progress and demand of the fundraising project at any time.

As of June 30, 2024, the company raised funds to temporarily replenish the liquidity balance of 200,000.00

10,000 yuan

As of June 30, 2024, the unused 2023 convertible corporate bonds were issued to raise funds

The amount of gold was 2544.5857 million yuan (including the amount of temporary replenishment of liquidity), accounting for 28.86% of the net funds raised. At present, the company's investment in the fund-raising project is proceeding as planned, and the company will continue to use the raised funds in an orderly manner according to the progress of the project plan.

4. Cash management of idle raised funds

As of June 30, 2024, the Company did not use idle raised funds for cash management.

5. Use over-raised funds to permanently replenish working capital or repay bank loans

As of June 30, 2024, the Company has not used the over-raised funds to permanently replenish liquidity or return it

In the case of bank loans.

6. The over-raised funds are used for projects under construction and new projects (including the acquisition of assets, etc.).

As of June 30, 2024, the company has not used the over-raised funds for projects under construction and new projects (packages).

including the acquisition of assets, etc.

7. The use of surplus raised funds

As of June 30, 2024, the Company has not used any surplus proceeds.

8. Other circumstances of the use of raised funds

On February 5, 2024, the company held the second meeting of the third board of directors and the second meeting of the third board of supervisors respectively deliberated and passed the "Proposal on Depositing Part of the Unused Raised Funds in the Form of Agreement Deposits", and agreed that the company will not affect the normal implementation progress of the company's raised funds investment projects, comply with the provisions of relevant laws, regulations and normative documents, and do not harm the interests of the company or small and medium-sized shareholders. The board of directors and the board of supervisors of the company issued an independent opinion on the matter, and the sponsor, Huatai United Securities Co., Ltd., issued a non-objection verification opinion on the matter. As of June 30, 2024, the company used 544.5857 million yuan of raised funds to deposit in the form of agreed deposits.

In addition, as of June 30, 2024, the company has not changed the use of funds for fundraising projects.

To sum up, as of June 30, 2024, the company has disclosed the deposit and actual use of the company's raised funds in a timely, true, accurate and complete manner in accordance with the provisions of the "Self-Regulatory Guidelines for Listed Companies on the Shanghai Stock Exchange No. 1 - Standardized Operation" and other relevant laws and regulations, and there is no violation of the management of raised funds. The company has truthfully fulfilled its disclosure obligations on the investment direction and progress of the raised funds, and there are no major problems in the use and disclosure of the company's raised funds.

9. Shareholding, pledge, freezing and reduction of shareholdings, pledges, freezes and shareholdings of controlling shareholders, actual controllers, directors, supervisors and senior managers

1. Shares controlled by controlling shareholders and actual controllers

The controlling shareholder and actual controller of the company is Gao Jifan. As of June 30, 2024, Gao Jifan controlled a total of 775,966,791 shares of the company, of which: (1) the number of shares directly held by the company was 352,219,885 shares; (2) the number of shares of the Company held by Jiangsu Panji Investment Co., Ltd. (hereinafter referred to as "Panji Investment"), Jiangsu Qinghai Investment Co., Ltd. (hereinafter referred to as "Qinghai Investment") and Trina Xingyuan Investment Development Co., Ltd. (hereinafter referred to as "Trina Xingyuan") controlled by it was 396,905,286 shares; (3) Wu Chunyan and Jiangsu Youze Venture Capital Group Co., Ltd. (hereinafter referred to as "Youze Venture Capital"), who acted in concert through the signing of the concerted action agreement, held 26,361,725 shares of the Company; (4) The number of shares of the company held by close relatives Gao Haichun, Gao Jiqing and Wu Weizhong is 479,895 shares.

2. Shareholdings of controlling shareholders, actual controllers, directors, supervisors and senior managers

As of June 30, 2024, the controlling shareholder, actual controller, director, supervisor and senior management of the company

The shares of the company held by the personnel are as follows:

(1) Direct shareholdings

Serial No. Name Position Number of Shares Held (Shares)

1 Gao Jifan, Chairman and General Manager 352,219,885

2 Gao Jiqing, Vice Chairman and Deputy General Manager 372,666

3 Gao Haichun Director 18,079

4 Wu Xiao, employee supervisor 64,138

5 Chen Yifeng, deputy general manager, core technical personnel 30,538

6 Ding Huazhang Deputy General Manager 75,200

7 Wu Sen, head of finance, 186,620

8 Wu Qun, Secretary of the Board of Directors 124,127

(2) Indirect shareholdings

Serial No. Name Position Indirect shareholding ratio

Hold 100% of the capital contribution share of Pan-based Investment, Pan-based

Investment holds 316,408,747 shares of the company; hold

1 Gao Jifan, Chairman and General Manager, has a 99% investment share of Qinghai Investment, Qinghai Investment

holds 35,156,527 shares of the Company; Hold the day

44% of the capital contribution of Hexingyuan is held by Trina

45,340,012 shares of the company

2 Gao Jiqing, vice chairman and vice president, holds 21.8075% of the capital contribution of Shiyan cohesion, ten

Liyan holds 17,551,415 shares of the company

Holding 7.9622% of the capital contribution share of Shiyan cohesion, ten

Yan Condensation holds 17,551,415 shares of the Company;

Holding 8.2691% of Shiyan Xiesheng's capital contribution, ten

Yan Xiansheng holds 14,914,675 shares of the company;

3 Gao Haichun Director holds 13.9798% of the capital contribution of Shiyan Yingjia, ten

Yan Yingjia holds 11,401,857 shares of the company;

Holding 40.6774% of the capital contribution of Shiyan Ruize, ten

Yan Ruize holds 6,272,974 shares of the company; hold

There is an 8.3890% investment share of Changzhou Tianchuang, Changzhou

Tianchuang holds 2,534,757 shares of the company

Holding 6.5423% of the partnership interest in Shiyan cohesion,

Shiyan Condensed holds 17,551,415 shares of the company

Portion; Holds a 5.1040% partnership in Shiyan Xiansheng

4 Zhang Yinhua Supervisor Yi, Shiyan Xiansheng holds 14,914,675 shares of the company

Share; Holds a 0.1492% partnership in Shiyan Yingjia

Equity, Shiyan Yingjia holds 11,401,857 of the company

shares

Holding 0.7460% of Shiyan Yingjia's capital contribution share, ten

5 Wu Xiao Employee Supervisor Yan Yingjia Enterprise holds 11,401,857 shares of the company

portion

Serial No. Name Position Indirect shareholding ratio

6 Ding Huazhang, deputy general manager, holds 10.8473% of Shiyan Ruize's capital contribution, ten

Yan Ruize holds 6,272,974 shares of the company

7 Chen Yifeng, deputy general manager, core technology holds 1.996% of Shiyan Xisheng's capital contribution

Operator Yan Xiansheng holds 14,914,675 shares of the company

8 Wu Sen, the head of finance, holds 3.3923% of the capital contribution of Shiyan cohesion, ten

Yan Condensation holds 17,551,415 shares of the Company

9 Wu Qun, secretary of the board of directors, holds 2.8514% of Shiyan Xisheng's capital contribution, ten

Yan Xiansheng holds 14,914,675 shares of the company

3. Pledge, freeze and reduction of shares held by controlling shareholders, actual controllers, directors, supervisors and senior managers

During the reporting period, the shares held by the company's controlling shareholders, actual controllers, directors, supervisors and senior management personnel were not pledged, frozen or reduced.

10. Other matters on which the Shanghai Stock Exchange or the sponsor deems it necessary to express its opinions

In the first half of 2024, the company's net profit attributable to shareholders of listed companies decreased by 85.14% year-on-year, showing a large decline, and the decline in the company's performance is consistent with the industry trend, mainly due to the phased overcapacity in the photovoltaic industry since 2023, the market price of photovoltaic products has fallen sharply, the average price of modules has fallen by more than 60%, and the decline in the price of photovoltaic products has led to a decline in the company's profitability, which in turn has affected the company's performance.

In the face of industry cycle fluctuations, the company has formulated a variety of countermeasures to actively respond to the impact of the imbalance between supply and demand in the industry. During the reporting period, the company continued to increase R&D investment, continued to promote technological innovation and product upgrading, and maintained the company's core competitive advantage. In April 2024, the maximum output power of the company's self-developed 210+N i-TOPCon photovoltaic modules exceeded 740.6W, creating and refreshing the world record in terms of conversion efficiency and module output power for the 26th time. At the same time, the company has moderately carried out a flexible vertical integration layout, with less production capacity in the upstream wafer segment and light investment in fixed assets, so the company has stronger profitability and anti-risk ability in the face of cyclical fluctuations in industry supply, demand and prices. On the basis of maintaining product and cost advantages, the company actively expands domestic and foreign markets, builds a global supply chain system, and forward-looking layout of 1GW cell and module production capacity in Indonesia and 5GW module production capacity in United States, both bases are expected to be put into operation in the second half of 2024, which will significantly enhance the company's profitability and ability to resist overseas policy risks. In addition, the company has forward-looking expansion of photovoltaic brackets, energy storage systems, photovoltaic distributed systems, photovoltaic centralized systems, photovoltaic storage integration systems and other collaborative development business segments, and has achieved the industry-leading level in various fields, and the diversified product layout has further enhanced the company's ability to resist risks.

The company has advantages in the main module business, capacity management, industrial layout and overseas markets, and maintains a leading position in the industry. In the first half of 2024, the company's module shipments will be 34GW, a year-on-year increase of more than 25%, ranking among the top in the industry for many consecutive years, and the company is also one of the few companies in the industry to remain profitable. In the future, the company is expected to further exert its dominant position in the industry competition and effectively resist the risk of industry fluctuations.

(There is no text on this page, it is the signature page of the "Huatai United Securities Co., Ltd. on Trina Solar Co., Ltd. 2024 Semi-annual Continuous Supervision and Tracking Report")

Signature of the Sponsor Representative:

Wang Zhe Jiang Yifei

Huatai United Securities Co., Ltd

date