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TBEUTNc_ryntrENr co Lro
iEN€W pOl#R COMPAN r t,M rtLr
 Soshine Green Energy (Beijing)
Investment Co., Ltd
Da.Hua.S.Z.[202 I ]No.002 I 005640

J0 rulmr

Da Hua Certified Public Accountants (Special General Partnership)

Of SOSHINT 6RIEtI ENERGY

(aEUrtGl rYYrvlr Nr co rro
RENEw p.ftEF coMp^ry LIMIT€o
 Soshine Green Energy (Beijing) Investment Co., Ltd

Audit reports and financial statements

(I st January 2021 to 3 I st December 2021)

Contents Pages (S)

1. Auditors' Report t-4

2. Audited Financial Statements

Consolidated Balance Sheet t-2

Consolidated Income statement t

Consolidated Cash flow starement 4

Notes to the Financial Statements 1-61

c0N s0Rnutl 0t s0 sHtNE GR EEN ENE RGy

{AElJlNGr rN v,Ets co
L|vlErt I I ro
.-rafio
iENEW POI'ER COMPANY TIMITO
 lr+r*rf*r
na.Hua.S.Z.[202 l]No.002 | 00J640 Audhors' Repon
MOORE
AAEE
*rltltt]jir (ttltltt)
ltFt f EEE4+E[ 16 qE 7 qi* 12 E [rooo3s]
€iE 86 (10) 5835 mrr {tl 86 {rO) 5835 0006
**Y.AhtD-q.@i

Indepedent Audit Report

Da.Hua.S.Z-[202 I ]No.002 I 005640

Soshine Green Energ (Beijing) Inyestment Co., Ltd all shareholders:

1. Audit Opinion
We have audited the Soshine Green Energy (Beijing) Investrnent Co., Lrd. (hereinafter
referted to as "Soshine Green Energy") which comprise the Consolidated Balance
Sheet as at December 31 2021, Consolidated Income Statement for the year 2021.
Consolidated Cash Flow Statement. and notes to the financial statements.
In our opinion, the accompanying financial statements in all material respects
accordance with the requirernents of Accounting Standards for Business Enterprises,

and fairly reflect Soshine Green Energy's financial position at December 31 2021 utd
financial performance and cash flows for the year then ended.
2. Basis of Forming Audit Opinior
We conducted our audit in accordance with China Standards on Auditing for Certified
Public Accountants. Our responsibilities under those standards are further described
inthe Auditor's Responsibilities for the Audit of the Financial Statements section of
oureport. We are independent of Universal Energy in accordance \ryith the China
Code ofEthics for Certified Public Accountants ('the Code"'). and we have fulfilled
all otherethical responsibilities in accordance with the Code. We believe that the
auditevidence we have obtained is sufficient and appropriate to provide a basis for
auditopinion.
3. Other Informetion
The management is rqsponsible for the other information. The other information
comprises the information included in Shouxin Green Energy Company's 2021 annual
report but does not include the financial statements and our audit report.
Our opinion on the financial statements does not cover the other information, and we

1
OF SOSHINE GREEN
ENER 6
(BEIJING} co LT o

LIMITEO
RENEW
 Da.Hua-S.2.[202 I JNo.002 10056,10 Audirors' Reoorr

do not express any form of assurance conclusion thereon.

In connection with our audit ofthe financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is

materially inconsistent with the financial statements or our knowledge obtained in the
audit, or olherwise appears to be materially rnisstated.
If. based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
4. Management and Governance's Responsibility for the Financial Statements

The management is responsible for preparing and presenting farily the financial
statements in accordance with China Accounting Standards for Business Enterprises as

well as designing, implementing, and maintaining intemal control relevant to the

preparation of financial statements that are free from material misstatement, whether
due to fraud or error.

In preparing the financial statements, the Management is responsible for assessing the
Company's ability to continue as a going concem. disclosing matters related to going
concem as applicable, and using the going concem basis of accounting unless the
management either intends to liquidate the company or to cease operations. or has no
realistic altemative but to do so.
Those charged with governance are responsible for overseeing Company's financial
reporting process.
5. Certified Public Accountant's Responsibility for the Financial Statements'
audit
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, tvhether due to fraud
orerror, and to issue an auditor's report that includes our opinion. A reasonable
assurance is a high standard assurance; however, it could not ensure an audit comply
with audit standards could always detect an existed material misstatement.
Misstatements can arise from fraud or error and are considered material if.
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions ofusers taken on the basis ofthese financial statements.
During our audit under audit standards. we would apply our professional
judgement.and maintain professional scepticism, as well as performing following
procedure:

2
CONSORIIUM OF SOSHINE GFEENENERGY
raEUrNGr rNvipENr co tto
nt r,rt w podn c ouPer{v r rtrrtto
 Da.HuaS.Z.[202 I l]\-o.002 I 0056-{0 Audirors' Renon

(l) Identify and assess the risks of material misstatement of the financial statements.
whether due to fraud or eror, design and perform audit procedures responsive to
thoserisks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk ofnot detecting a material misstatement resulting from

fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of intemal control.
(2) Obtain an understanding of intemal control relevant to the audit in order to design
audit procedures that are appropriate in the circumslSnces.
(3)Evaluate the appropriateness of accounting policies used and the
reasonablenessofaccounting estimates and related disclosures made by management.
(4) Conclude on the appropriateness of management's use ofthe going concembasis of
accounting and, based on the audit evidence obtained, whether a materialuncenainty
exists related to events or conditions that may cast significant doubt on Soshine Green

Energy's ability to continue as a going concem. If we conclude that amaterial

uncertainty exists, we are required to draw attention in our auditor's reportto the
related disclosures in the financial statements or, if such disclosures areinadequate, to
modiff our opinion. Our conclusions are based on the audit evidenceobtained up to the
date ofour auditor's rcport. However, future events or conditionsmay cause Universal

Energy to cease to continue as a going concem.

(S)Evaluate the overall presenlation, structure and content of the financialstatements,

and whether the financial statements represent the underlying transactionsand events
in a manner that achieves fair presentation.
(6) Obtain sufificient and appropriate audit evidence for financial information
onentities or business activities of Soshine Green Energy; then to express views on the
financial statements. We are responsible for directing, supervising and executing
Group audits. We take full responsibility for the audit opinion.
We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in intemal control that we identiS, during our audit.

We have also provided the governance with a statement that we have complied with
relevant ethical requirements regarding independence and communicated with them all
relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable. related safeguards.

3
CONSOR]IUM OF SOSHINT GiEEN ENERGY
raeurrc, rlqficrr co rro
RFNFwPo(,,FR CoMPANY I III,ITF o
 Da.Hua-S.2.[202 l]No.002 I 005640 Auditors' Repon

From the matters communicated with those charged with governanc€, we determine
those matters that were of most significance in the audit ofthe financial statements of
the current period and are therefore the key audit matters. we describe these matters in
our audit report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare cirqrmstances. we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits ofsuch communication.

Da Hua Certified Pubilc Accounts Chinese Certified Public A

(Spec ip) +B
tjlfitt
] Yan Xi fq .r.t
{H EH

aa
Ch na Chinese Cenified Public A r+ ErJ
I a
It,}trtt
L
t; lt tr-lt
Yin Ho

4
CONSONNUM OT SOSHINTGRE!N ENERGY
raEurNG!2ffiI{r'lr N I co Lro
RENEW PodER cofiPANY u rEo
 Consolidrted Balance Sheet
AsBlll Dcclhb.r 2021
Prcplred by, Soohinc Gr.cn Eftrry (B€ijing) lnrcstneflt Co.J-ld.
(The cumcy ofthc *llamcnts is Chincsc Yuan or'Cl.lY, unlcss othcrwasc indic-atcd)

ClosrnE Balance OpenlnS Balancr

Clrrart rlratr:
Casb and btnk 225,t44,5i1 02 I t4,035,7t5 09

TradiDS Finoncial asscts

Dcrivativc fi n&rial ess€ts

Notcs rcccivablc
Accounts rcccivsblc 293,t 43.972 2t | 26.8?1,986 l2
Accounts rcccivablc fi nsncinS

Prcpayh.nts u,844,264. I t,992,t32 48

Oihcr recrivablcs 416,288,532 62 550.845.117 64

In!'crltonas 105,212,711.W 73,136.t38.50

Contrac,t alscis

Hald-for-sslc a$cts
Cufent ponion ofnon-cudcnt asscts
othcr cunant asi.6 t59.461 63 19.730.82

Tot{ curr.rl lrt G t,055,453.05946 875.890 8,10 64

No!-curraat rrtat!i
Dcbl inycstnrc s
othar dcbt invaatrncnts
Long-tlim rccaivsblcs
Long-tnm .quiry invasmcnls
lnv.strncnt rn othcr aquity instruments
Othcr non-cuncnt fin ncial rls.ls
lnvBtment propcnics
Fixcd assctr t.771.175,EE0 97 785,587,940,{8
Construction in progrcss 2, r 95,550,503.47 t,297,715,251 13

Productivc biologicd assct3

Oil end ga! a$c!s
Ri8ht to usr .6s.ts 1.405,456,438 68 502.728,2r9 !1
lntangiblc arsct!
Dcvlloptnan! axpcnditure
Goodwill
Long.term dcfcrcd o(pens.3
DcfcnEd tai lsicts
Othcr non-cu,tmt asscts 259.39t.228 40 129,695,6t4 20

Tottl to}arrrarl tlsra! s.63r.574.05r 52 2.8t 5 ,187 .O25 16

Tolal assats 6.691 .021 .t t0 97 3.692.677.E66 39

(Atlechcd notas to siatcmcn6 are pen ofthc consohdaacd financral staEncnB)

Lc$l Repr€sqrtatve Financc Officcr (CFO) Frnanc,al MaiaScr

CONSORIII]I{ Of SOSHINE GREEN

1 ENERGY
(aEUrNGl rNvt :jrENT cO LrO
RENEw poJ[(R coMpANy UMllEo
 Consolidated Balance Sheet (Continued)
As ar 3l D.cembc. 2021
Pr.Fred bv, Soshlne Green Encrgy (BcrJing) Investment Co..Ltd
(The currcncy ofrhe rot.mcnts is Chincsc yuan or,CNl|, unless oihcrwise Indicatcd)

Liabrlrt\ and EouN Closing Bal.nce Openrng Bolance

Currcri lirbllitl.r;
Shon-term borrowings
Fiffincrrl liabrlrtacs hcld for rrading
D.nvativc financral Iiabilitr6
Notcs payabl€
Accounts payablc 578,645.81I 46 2E9,122-goj.73
Payments r€ccivcd in advancc 354,1t7.45916 167,058.729 8t
Contractual li.bllitics
Eft ployee benafi ts payable 3.293.E50.41 I,646,925 22
Tax payablcs I t,26t.E46.50 5.630.923 25
Othcr payablcs | 1760E,01t.04 6t.804,005.52
Hcld- for- sale liabilities
No cuncnt liabillos due withh one year
Olhd auncnb lBbilitics 06.1 926 979.18 512,,161.489 59
Tot.l cnrr.ra lbbllid..

NotFcorttnl llablllti.s:
Long-tarm borro\pings 1.103.100.000 00 55 t,550.m0 79
Bonds pay.bl.
Includin8 Prcfcncd stock
lncluding: Perpctual debr
Lcase liabilitlcs 2.854.743.354 05 1,359,370-926 79
Long.tcrm payablcs
Long-lcrm cmployce bcnrfi rs psysble
Provisions

Deferr.d incon.
Dclerred tax liabilitics
Othcr non-currcnt liabilitics
Toirl !or-<rrr.rt E billli.. ,354.05 iri
t.9 q:0 9l 6 79
Toa.l lbblld.. 5.0?2.7?0.lll23 2.4,r].184.416lE

Equity:
Paid-in capitd m
462.0()0.000 220,000.000 m
Olh.r cquiay inltrumcnB
Including: kcfcncd slock
lncluding: Pcrpaual dcbr
Capital rascrvcE 88,000.000 m 4,0m,000 00
Lcss:Tr€asurc stock
Olher cornprchansive lncomc
Surplus rcsarvcs r,349.60t.21 t.349.608 2l
R.taincd .aming! 1.122,907,t69.53 1,023,943,841 80
E4uity attriblublc to parcnr comp€iny r,574,256. '71
.14'1.191.450 0l
Nod-controllnS i
cr6ts
Toa.l orrar'r .quity I ,674,256,771 74 I,149,193.150 0l

Tot.l li.biliti.r rnd owo.r'' Gquity 6,691 ,021 ,t 10.97 77.866l9

(Atlechcd noEs to ststcmcnts arc pan ofrhc cdnsolidatcd fioancEl slstrncnB)

Lcgel Rcprcscntrtivc: Financc Officar (CFO) Frnancial MalraSer

2
CONSORNUMOT SOSHINE 6REEN E ERGY
IBETJTNG))fl,#!!ENr CO Lro
RE NEw PodlR coMPANY LlMtrED
 Consolidated Stetement of Comprehensicve
Y.,r 2021
PrcpIEd by' Sorhinc Grccn Encrgy (BcUin8) Invcstm.nt Co.,Ltd.
(Thc clrrlncy ofthc lutlmcnts b Chin6c Yum or'CiIY, unlcsr odlcrwia. indicalcd)

Li6bility and Equity Closing Balancc Op.ning Bslsncr

.n9.t,l,190.4 314,662497.,
7t\51495 20 116.2,,19 t0
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L& Ncr..'oltn| .iD . - - - - --- 1,1.1119 8- - -- - - ---------\1Lel$-
l2l.:ll7@! it @.7,13 51076

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tr lr.nr .a..L .dF.larM iL sill t

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'.@

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ADd,r dltxtEht .n- 6Lar'.d in d..@lE*-&

N. Pr&itic & s.dit eFili6i.ada il& i!r6.!.

v Tl!. dtcit rd!@ oasrB d IG siit tn di i.r

TilrL!6dirL-4.66a 66 6..t 1i'E66 fG3,

lll.d. n6 Dv-m! i!.$.i,:li.,id b.ac !a oadrol

vii
viilN.jr.d F.FB d ni, v.le drqtrl Ed dr
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lL Dt-d rd.ar F rbr.

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CONSORNU OF SOSHIU GREEN ENERGY
L.arlla.l.trrdv. Fircotfidcro): {aturtrct rnrrtslMrnr co rro
3 RENEw PgrfER co^rpaNy uM[Eo
t

Conrolideted Crrh Flowc Strtement

Y.rr202l
hcprr.d by, Sodlrc GrEcn EE rry (B.iji!g) IDvlrlFd Co..Ld
Ohc qrrllcy ofrh. r,,lcm.ol, i. CbiD.!. yu c ,CNy,, unh$ odtlnri6. indc.t.d)

IraD6 crrEn p.nod prid pdi6d

l. CaL fte. no. oD.rrilt ..ityii..

Cllhr.c.ird to'l sd.r sd !.rvia
E3l.lt{.t85 97 i26.:169.667 0l
Ta dd ardlrr.
'.fild!
Orf,Gr...h r.*ipE rchr.d to op..iing r.dvirica
I t5.3?8.217 9l 9.1E9.011 t6
Tod cr* tm oFuing eln.ilic.
'nflori 946.703.t1t 8E 5.15.658.?0E r9
C.d p.id f6 8ood. lnd scf.ic..
t90.t85.96t.70 145,514. 5 94
Crrhp.id to .trd f6 cnploycca
ll,Jt5,9tJ.EJ 7.93),1m.7a
T.rG. ri .u.d.,S.s plid
25.31t,561.27 l1-72t .597 .93
Olt.r crth p.yn@6 t.lltcd to opanlirg .(rivitid
55,552.936.25 33.62t.6t6 30
To.l .rrlt oulfwr
icr oFning rriviii.!
floir ftor op.r.ri4 ft&dti..
N.l crtl
0?
29J.903.152 20t.798.a70 9t

650.799.682.8t 133,851).21? 2t
L C-t r. frc LrBd.t ..rHd..
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dd od(' lma-i.rE rr.{rs
Na FBc.d. to|r dirpo6.l of rubcidi.ri.. ,d 06.r bu,in...

Oltcr c.d r! .ipB rcl.rcd ro rlr.ding ..rjvinB

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C.'h prid frr 6rcd .tt.E, ilt n{ib{. s.d. -d dha td€:
2.E15,78?.025 ?6 I,l%.66:1.446 88
C..[ p.id fo.
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066 crrh pqr.lrlt rcl.td lo l'Irtlrilg Erivili..

217 E31.291 11
Tld nd inv.rlng rdivitie,
c.!h outflow.
2.E15,1a1.02575 I.rl4l.498,7t.t2l
N.. ..th no't lttr hv..d!t .<trid.t
-2.Et5.7a7.02575 I.t44.498.74a2I
I C..h lh,i. fro. lb.ldnt ..ri!iaL.
C.dt tEivd t0n iN.lre..tl by odlc.l 326.000.000 00 r I 6.500.000 00

Iocluding Crn tlc€ivcd by .ubdditi.. tm trG

cot rdlirS ilr!.dorr
C.th Eclacd too bffiDs.
2,0,15-922.t2126 97t.E91.J89 26
Oth!tr c.dr ruc.iDt rELtcd to orta firuciag raivitnr
Tod c.rt ilfor! 6,wr fitrei48.iiriti.r 2.37i,922,427 26 1.0EE.393.58e t6
C.A ftp.)m.i . 6r d.b..
C.![ Fd fo. dii,lbsrid ofdirida& .nd Fofit rd fo. inr.i6r crqar..i 96.616.2{E 3E 4r,a76,.18t 0E
lncludi!$ Diyidodr or Fofit p.d by l[bsdidi.. t! rcn.coot otli.s irvcr

Otta e.,h prylrtra rcldld to fs.rciDg xrivniE

Tod .rb ordo*. fro.n fDrncing &tiyiti.. 96,E26.1.t8 38 15.175.3810E
N.. c.rh Odrt frr arrr.i.! l.dliti.
2J76,096,t7! E8 1.0:12.917.205 lE
{ tlL.r old.!!.. h fordtl .t(5.!t rr. ! ..4 Dd
II l_10t.t15.93 -6?.7I.30t 75
5. NGI la.{. h..A .!d olt .tde.L6
Iu,035.7t5 09 Itl,75?.0t6 E{
Add: Op.nirg bd.re ofcl.h .nd c.!h cquivrlcd.
225,144.J5t.02 ll4,03t.715 09
6, CL&r blt ...f .r.l ...1 orl qrivd.r!

t Anachcd norcr ro rrtcrrc.nrs rc

rin rc. OSc.t (CFO):

4
CONSORIIUM Of SOSHINE GREEN ENERGY
IBErJll,tcl tNvE r+aENr co LTo
RENEw PO*tR coMpaNy I tMtrFn
Soshinc Grccn Encrly (Beijing) Invcstmcnt Co..Ltd.
Ye{ 2021
Notes to llllarcial stalcmcnts

Soshine Green Energy (Beijing) Investment Co.,Ltd.

Notes financial statements 2021

I. Basic hformetior ofthc comprny

(l) Compeny rcglstrstiotr phce, ortenlzationrl form eld beadquarters rddrcss
Soshine Grecn Energy (Beijing) lnvestment Co., Ltd. (lercinafter refened to as "the Company")

was established on Ma;r 2016. It is a limited liability company incorporated in Chaoyang

District, Beijing, with a registered capital of CNY 100.00 million. The Company has obtained a
business license with the unified social credit code 9l I I0I05MA005K0GX9. The legal
representative of the Company is Zhao Chunfang. The registered office of the Company is
located al No. 1608, Floor 16, Building l, Yard 8, Bcichen East Road, Chaoyang District,
Beijing.

(2) Nrturt ofBusircss end Principel Activities

Industry: Business Sewices

Business Scope:The Company operates in the business services industry. Its scopc of business
includcs:lnvcstment managcment, Asset management, Project investm€n! Rsal estate

information consulting, hoviding {inancial information technology outsourcing scrvices

entrusted by financial institutions.Providing financial business process outsourcing scrvices
entrusted by financial institutions, Providing financial knowledge process outsourcing sewices
cntrusted by financial institutions,Business management consulting,Corporate planning.
(Restrictions: a.Without approval from relevant authorities, the Company shall not publicly
raise firnds. b.The Company shall not publicly conduct sccurities-related products and financial

derivativcs trading activities, c.The Company shall not issuc loans. d.The Company shall not
provide guarantees to enterprises other than the invested enterprises. e.The Company shall not
promise investors that their invefinent principal will not suffer losses or guarantee minimum

retums. Compliance: Market entilies independently choose business projects and conduct
business activities according to law. For projccs that require approval by law, rhe Company
will conduct business activities according to the approved content after obtaining approval from

relevant authorities. The Company shall not engage in business activities prohibited or
restricted by national ard municipal industrial policies.)

(3) Approv.l of Financirl Ststeoerts

These financial statements werc approved for issuance by the Board of Dircctors of the
Company on May 31,2022.

ll, Basis of Preparation of Financial Statemenls

(!) Basis of Preparation of Finarcial Strtements

OF GRETN

IEEUING)
co LTD
1
RENEYI LIMITED
 Soshine Green Energy (Bcijing) Invostmem Co..t-rd
Yeatr 2021
NotEs ro fuEncial statements

The Company prepares its financial statements based on actual transactions and events in
accordance with the 'Basic Standard of Enterprise Accounting Standards,' and specific
enterprise accounting slandards, application guidelines for enterprise accounting standards,
interpretations of enterprise accounting standards, and other relevant provisions (collectively
refened to as "Enterprise Accounting Standards") issued by the Minisrry of Finance. On this
basis, the Company prepares its financial shtements in conjunction with the requirements ofthe
"No. 15 Rules for the Compilation and Reporting of Information Disclosures by Companies
Offering Securities to the Public--4eneral Provisions on Financial Reports', (revised in 2014)
issued by the China Securities Regulatory Commission.

(2) Going Concern

The Company has assessed its ability to continue as a going concem for the 12 monrhs
following the end of the reporting p€riod and has not idenlified any matters or circumstances
that cause significant doubt about its ability to continue as a going concem. Accordingly, these
financial statements have be-en prepared on the basis ofthe going concem assumption.

(3) Basis of Accounting slId Mersrrement Principles

The Company maintains its accounting records on an accrual basis. Except for certain financial
instruments which are measured at fair value, thesc financial statements are prepared on a
historical cost basis. If assets are impaired. the corrrsponding impairmcnt provision is made in
accordance with relevant regulations.

lll. Signllicant Accounting Policles and Accounting Estlmetes

(l) Specific Accounting Pollcies ard Accountitrg Estlmrtes

The Company determines specific accounting policies and estimates based on the
characteristics of is production and operations. These are primarily reflected in the method for
accruing expected credit losses on receivables (Note 4&12) and the timing of revenue
recognition (Note 4&35) among others.

(2) Stat€mrnt of Compliance with Enterprise Accounting Standards

The financial statements prepared by the Company comply with the requiremeots of Enterprise
Accounting Standards. and they truthfully and completely reflect the Company,s financial
position, operating results, cash flows, and other relevant information for the reporting period.

(3) Accounting Period

The accounting year of the Company is from January I to December 3l of the Cregorian
calendar year.

(4) Functlonal Currency

2 CONSORTIU[1 OT SOSHINE GREEN ENERGY

laEUrN2 l)ffiH'rENI co Lro
RENEW PE"ER COMPANY IIMIIEO
Soshinc CrreqD Energy Gcijing) Invesnncnt Co..Lrd.
Year 2021
Notcs to flnarrcial stalements

The functional curency used for bookkeeping is ttrc CNY (RMB). Subsidiaries operating
overseas use the currency of the primary economic environment in which they operate as their

functional cuncnry, and their financial statements arc u€$slated into CI,IY for consolidation.

(5) Acconntlng Trertment for Brslness Combinrtions Irvolving Entities und.r rnd Not
otrder Comlron CoDtrol

i. For transactions involving step acquisitions in business combinations, if the terms, conditions,
and economic impacts of each transaction meet onc or more of the following conditions,
multiple transactions are treated as a single transaction for accounting purposes:

(a) Thcse transactions are entered into simulhncously or considering their mutual impact.

(b) Thcse transactions as a whole arc needed to achieve a complete commercia.l resull

(c) TlE occurrence of one transaction depends on the occurrence of at least one other
transaction.

(d) A single transaction is uneconomical when viewed indcpendently, but it is economical when

considered together with other transactions.

ii. Busincss Combinations Involving Entities Under Common Control

For business combinations under common control, thc Company measues the assets and
liabilities obtained in the combination at their carrying amounts in the consolidated financial
statements ofthe ultimale controlling party at the combination date. The difference between the
carrying amount ofthe net assets acquired and the carrying amount of thc consideration paid (or
the total par value of shares issued) is adjusted against the capital reserve (share premium) in
the capital surplus. lf the share prcmium in the capital surplus is insuflicient to absorb the
differcncc, the remaining amount is adjusted against retafured earnings.

If contingert consideration is involved and it requires thc rccognition of a liability or an asset,

the difference between the amount ofthe liability or asset and the subsequent senlement amount
of the contingent consideration is adjusted against the capilal reserve (share prcmium). If the
capital reserve is insuflicient, the difference is adjusled against retained eamings.

For business combinations achicved in slages thrcugh multiple transactions, if they are
considered as a package transaction, each transaction is trcated as a single transaction to acquire
contol. lfnot considered as a packaBe transaction, on the acquisition date ofconuol, the initial
investment cost of the long-term equity investment is lhe carrying amount of lhe equity
investment before the combination plus fte new consideration paid on the acquisition date. The
differcnce is adjusted against the capihl rcserv€; if the capital reserve is insufficient to absorb
the difference, the rcmaining amount is adjusted against retained eamings. For equity
investmenls held before the acquisition date, other comprehensive income recognized fiom

CONSOR]IUM OF SOSHINE GREEII ENERGY

3
tBEr.xNG) rNvtPjl\ftNr co Lro
RENE$/ Po{€R cOMPANY r-rMtr€D
 Soshine Grccn Energy (Bcijing) Invcstment Co..Lrd
Yeu 202 I
Notes to furascial sta&ments

applying the equity methd or financial insfuments recognition and measurement standards is
not accountcd for until the investment is disposed of, at which point it is treated in the same
manner as directly disposing ofthe related assets or liabilities of the investee. Changes in other
equity, other than net profit or loss, other comprehensive income, and pro{it distibution,
recognized from applying the equity method, are not accounted for until the investment is
disposed of, at which point they are transferred to current profit or loss.

iii.Business Combinations Involving Entities Not Under Common Control

The acquisition date is the date on which the Company actually obtains control over the
acquiree, i.c., the date on which the net assets or production and operation decisions of the
acquiree are t-ansferred to the Company. The Company generally considers that control has
been transferred when the following conditions are simultaneously met:

a. The business combination contract or agreement has been approved by the Company's
intemal authority.

b. The business combination has been approved by the relevant regulatory authorities, if
requirrd.

c. Necessary property tansfer procedures have been complaed.

d. The Company has paid the majority of the consideralion for the combination and has the
capability and plans to pay the remaining consideration.

e. The Company has effectively aken control over the financial and operating poticies ofthe
acquiree and enjoys corresponding benefits and bears corresponding risks.

On the acquisition date, the Company measures the asscts given, liabilities incurred or assumed,
and equity securities issued as consideration in the business combination at their fair values, and

thc difference between their fair values and carrying amounts is recognized in the current profit
or loss.

The Company recognizes goodwill for the excess of the cost of the combination over the fair
value ofthe identifiable net assets acquired fiom the acquiree. Ifthe cost ofthe combination is
less than the fair value of the identifiable net assets acquired fiom the acquiree, the Company

rechecks the measuremenl and the difference is recognized in the current profit or loss.

For business combinations not under common conlrol achieved in stages through multiple
transactions, ifthey are considered a package transacrion, each ransaction is treated as a single
ransaction lo acquire contol. If not considercd a package trfisaction, for equity investments
held before the acquisition date that are accounted for using the equity method, the carry.ing
amount of the equity investrnent and the additional invesEnent cost on the acquisition date are

4 CONSORIIUITI Of SOSHiNE GREEN ENEROY

co
(B€ u rNG ),,llrtriniE N r Lro
nelrw potlEn compar,rv t rtrtrrro
 SoshirE Orcc,r Energy (Bcijing) lnvestment Co.,Lrd.
Yet 2021
Notes b finan ial statEments

combined to form the initial cost of the investrnent. Other comprehensive income recognized
from applying the equity method before the acquisition date is accounted for in the same way ari

directly disposing of rclated assets or liabilitics ofthe invcstee when lhc investment is disposed
of. For equity investments held before the acquisition datc that arc accounted for under the
financhl instrumens recognition and measurement standards, the fair value of the equity
investmenl on the acquisition date plus the cost ofthe new investment is combined to form the
initial cost ofthe investrnent on the acquisition datc. The difference between the fair value and
carrying amount ofthe originally held equity and the accumulated fair value changes previously
recognized in other comprehensive income are transferred to investment income for the period
on the acquisition date.

iv.Related Costs for the Combination

Audit fees, legal service fees, valuation consuh,ation fees, and olher intermediary fees directly
related to thc business combination are exp€nsed as incuned and recognized in the curent
profit or loss. Transaction coss directly attributable to thc issuance of equity securities for the
business combination are deducted from equity.

(6) Prcpamtion Method for Consolidated Fitrancisl Ststements

(l) ScopeofConsolidation

The scope of consolidation for the Company's consolidated financial statements is determined
based on conrol. All subsidiaries (including separate entities controlled by the Company) are
included in the consolidated financial statemenls.

(2) Consolidation Procedures

The Company prepares the consolidated financial statements based on its own financial
statemenls and those of its subsidiaries, using other rclevant information as well. The
consolidated financial statements treat the entir€ corporatr group as a single accounting entity
and are prcpared in accordance with the recognition, measuement, and presentation

requiremcnts of the relevant accounling standards. They rcflect the overall financial position,
operating results, and cash flows ofthe corporate group based on uniform accounting policies.

All subsidiaries included in the consolidation scope urie accounting policies and periods
consistent with those of the Company. If the accounting policies or periods of a subsidiary
differ from those of the Company, necessary adjustments are made in the prcparation of the
consolidated financial statements to align with the Company's accounting policies and periods.

During ftc consolidation process, the effects of intemal transactions bctween lhe Company and
its subsidiaries, and between subsidiaries themselves. are eliminated from the consolidated
balance shc€t" consolidated income statement, consolidated cash flow statement, and
consolidated statement of changE in equity. If rhe rccognition of the same transaction differs

CONSONIIUI.I OI SOSHIT{E GREEN EN!RGY

(aE urNG ): co
Nr Lro
l)rrlii"'rE
RENEW P['ER COMPAI,iY LIMITEO
 Soshinc Grecn Energy (Bcijing) Invcstrnent Co..Ltd
Yeu 2021
Notes to financial stalemenb

from the perspective of the consolidated financial statenrents and the accounting eftity of the
Company or its subsidiaries, adjustrnents are made from the p€rsp€ctive ofthe corporate group.

The portion of equity, net profit or loss, and olher comprehensive income attributable to
minoriry shareholders is separaEly presented in the consolidated balance sheet under equity, in
the consolidated income statement under net profit, and in the consolidated statement of
comprehensive income under lotal comprehensive income.

Ifthe losses attributable to minority shareholders exceed their share ofthe subsidiary,s equity at
the beginning ofthe period, the excess is deduaed from the minority shareholders. equity.

For subsidiaries acquired through business combinations under common control, the financial
statements of the subsidiary are adjusted based on the carrying amounts of the assets and
liabilities (including goodwill arising ftom the acquisition of the subsidiary by the ultimate
conuolling party) in the ultimate controlling party's financial statements.

For subsidiarics acquired through business combinations under not common control, the
financial statements of the subsidiary are adjusted based on the carrying amounts of the
identifiable na assets at fair yalue on the acquisition date.

a, Addition of Subsidiaries or Businesses

If additional subsidiaries or businesses are included due to business combinations under

common control during the reponing period, the opening balances of the consolidated balance
sheet are adjusted.The revenues, expenses, and pro{its of the subsidiar_v or business aom the
beginning of the period of consolidation to the end of the reporting period are included in the
consolidated income statement.

The cash flows ofthe subsidiary or business fiom the beginning ofthe period ofconsolidation
to the end of the reporting period are included in the consolidated cash flow
statement.comparatiye statements are adjusted to rcflect that the combined eDtity has existed
since the point ofcontrol by the ultimate controlling party.

For entities that become controlled through additional investments or similar reasons,
adjusunents are made as if the parties involved in the consolidation had existed in their current
state from the point when control by the ultimate controlling party began.For equity investments
held before gaining control over the subsidiary, any previously recognized gains or losses. other
comprehensive income, and changes in net assets from the date when the original equity was
held to the date of consolidation are adjusted against the opening retained eamings or current
period profis and losses in the comparative statemens.

During the reporting period, if a subsidiary or business is added due to a merger of companies
under common control, the opening balance of the consolidated balance sheet shall not be
adjusted; the income, expenses and profits of the subsidiary or business from the date of

6 c0Ns0RTlUM 0f S0Sf{N€ 6REEr'r ENERGy

ISEUINGI INICSIMENI co LIo
ro#4%r^*,,,r,r. o
"rnr*
 Soshinc Grecn Encrgy (Bcijing) Invcsuncnt Co..Lrd.
Year 2021
Notes to financial st8temer[s

acquisition to the end of lhe reporting period shall be included in the consolidated income
statemenl; the cash flow ofthe subsidiary or business from the date ofacquisition to the end of
the reporting pcriod shall be included in the consolidated cash flow statement.

If the Company is able to exercisc control ovcr the investee under common control due to
additional investrnent or other reasors, the Company shall remeasure the equiry of the acquiree
held before the acquisition date at the fair value of rhe equity on the acquisition date, and the
difference between the fair value and its book value shall bc included in the current investment
income. If the equity of the acquiree held before lhe acquisition date involves other
comprchcnsive income under the equity method and other changes in ou'ners'equity other than
net profit or loss, other comprehensive income and profit distribution, the other comprehensive
incomc and other changes in ovmers'equity related to it shall be transfemed to the investment
incomc of lhe current period to which the acquisition date belongs, except for other

comprehensive income arising from the remeasurement of thc net liabilities or net assets ofthe
defincd bcnefit plan by the investee.

b. Disposal ofSubsidiaries or Businesses

i. General Treatment Method

If the company disposes of a subsidiary or business during tfie reporting period, the following
Ecatment applies: Consolidated Income Statement: Include the revenue, expenses, and profit of
the subsidiary or business from the beginning of the period to th€ disposal date in the
consolidated income statement.Consolidated Cash Flow Statement: Include the cash flows ofthe
subsidiary or business from the beginning of the period to the disposal date in the consolidated
cash flow statement.

When control over the investee is lost due to the disposal of pan of the equiry invesfnent or for
other reasons, the remaining equity investrnent should bc re-measured at its fair value on the date
control is lost. The difference between the consideration received tom the disposal and the fair

value of the remaining equity investnen! minus the difference between the sharc of net assets
and goodwill of the original subsidiary calculated from the acquisition date or the consolidation

date up to the date of control loss, should be rccognized as investment income for the period of
control loss. other comprehensive income or changes in equity related to the original subsidiary's
equity investrnent, except for net profit or loss, other comprehensive income, and profit
distribution, should be reclassified to investment income for the period of control loss, excluding
other comprehensive income arising from changes in the dcfined benefit plan net liability or net
assets ofthc investee.

ii. Stepby-Step Disposal of Subsidiary

ryhen disposing of equity investnents in a subsidiary through multiple ransactions until control

is lost, if the terms, condilions, and economic impacts ofthese transactions meet one or more of

CONSORIIUiT OF SOSITINT GRTEN ENERGY

7 IAEUING) INVEsIMENI CO LID
q€New p(rdd^r"e*v .,^,t, r. n
 Soshinc Grccn Ener$i (Beijing) Invesrnent Co..Ltd.
Year 202 I
Notcs to finacial $atements

the following conditions, it generally indicates that the multiple transactions should be accounted
for as a single transaction:

A. The transactions are entered into simultaneously or considering each other's effects.

B. The transactions must be completed as a package to achieve a complete commercial outcome.

C. The occurrence ofone tsansaction depends on the occunence ofat least one other trsnsaction.

D. A transaction alone is not economically viable but is economically viable when considered
with other transactions.

If the transactions involving the disposal of thc subsidiary's equity investmens until control is
lost are considered as a package, they should be accounted for as a single dispoeal of the
subsidiary and loss of control. However. any difference between the disposal consideration and
the share of the subsidiary's net assets corresponding to the equity disposed of should be
recognized in other comprehensive income in the consolidated financial statements before losing
control. and should be transfened to profit or loss for the period ofcontrol loss.

If the transactions involving the disposal of the subsidiary's €quity investments until controt is
lost are not considered a package, they should be accounted for according to the policy for partial
disposals of equity investments in subsidiaries without losing control beforc the loss of control,
and according to the general treatmEnt method for disposal of subsidiaries at the time of losing
conEol.

iii. Purchase of Minority Equity in Subsidiaries

For the company's acquisition of additional minority equity leading to new long-term equity
investments, the difference between the newly acquired equity and the share of thc subsidiary's
net assets from the acquisition date (or consolidation date) should be adjusted against the capital

reserve under the consolidated balance sheet. If the capital reserve is insufficient to cover the
adjustment, the remaining amount should be adjusted against retained eamings.

iv. Partial Disposal ofEquity Invcstments in Subsidiaries Without Losing Control

When partially disposing of long-term equity investments in a subsidiary without losing control,
the difference between the disposal consideration and the share of the subsidiary's net assets
corresponding to the disposed equity should be adjusted against the capital reserve under the
consolidated balance sheet. If the capital reserve is insufficient to cover the adjustrnent, the
remaining amount should be adjusted against retained earnings.

(7) Clrssification ofJoint Arrangements and Accoutrting for Joint Operations

a. ClassilicstionofJointArrangcments

I CONSORIIUM OF SOSi]lNE GREIN ENERCY

tBEurNG) rNvts#ENT co Lto
RENEw po*R coMpaNy rrMtrEo
 Soshine Crrccn Energy (Bcijing) tnvesfncnt Co..Ltd.
Year 2021
Notes to frnmcial star€m.nts

The company classifies joint arrangements into joint operations and joinl ventures based on the
structure, legal form, contractual terms, and othcr r€levanl facts and circumslanccs of the joint
arangemcnt,

Joint Arrangements Not Achieved Through a Separate Entity: Classified as joint

operations.Joint Arangements Achieved Through a Separete Entity: Generally classified as
joint ventures; however, a joint arangement can be clsssified as a joint operation if there is
clear evidence thet it meets one or more ofthe following conditions and complies with relevant
laws and regulations:

I Legal Form: The legal form of the joint arangement indicates that the joint parties
have rights to the assets and obligations for the liabilities ofthe arrangement sepamtely.

2 Contractual Tetms: The contractual terms of thc joint anangement stipulate that the
joint parties have rights to the ass€ts and obligations for the liabilities of the arrangement
scpantely.

3 Other Relevant Facts and Circumstances: Indicate that the joint parties have righs to
the assets and obligalions for the liabilities of the arrangement scparately, such as when the joint
parties havc rights to almost all ofthe output rclated to the joint anangement, and the settlement
ofliabilities rclies on the support ofthe joint panies.

b. Accounting for Joint Operrtlors

Thc company recognizcs its share of the following items in a joint operation and accounts for
them according to rel€vant accounting standards:

I Assets: Recognize asses held individuatly and those jointly held in proportion to the
company's share.

2 Liabilities: Recognize liabilities incuned individually and those jointly incuned in

proportion to the company's share.

3 Revenue: Recognize rcvenue from the sale of the company's share of the omput of the
joint operation.

4 Income fiom Sale of Output: Recognize revenue from the sale of output by the joint
operation in proportion to the company's share.

5 Expenses: Recognize expenses incured individually and those incurred by the joint
operation in proportion to the company's share.

If the company transfers or sells assets (excluding thosc that constitute a business) to a joint
operation, it should only recognize the portion of gains or losses from the transaction that is

attributable to the other joint participants until the ass€ts are sold to a third p8rty. If the

c0NsoRIlutl 0t s0sHlNI GRTEN E ERGy

9 {BEUTNG) rN\t futNrCo Lro
RENEW PdtR COMPANy rrMtTEO
 Soshine Gteen Energy (Bcijing) Invcsttncnt Co.,Ltd
Yea 2021
Notes !o futatlcial stalements

ransferred or sold assets incur impairment losses according to the Accounting Standard for
Business Enterprises No. &-Asset Impairment, the company should fully recognize the
impairment loss.

If the company purchases assets (excluding those that constitute a husiness) {iom a joint
operation, it should onl1, recognize the portion of gains or losses from the transaction that is
attributable to the other joint participanrs until the assrts are sold to a third party. If the
purchased assets incur impairment losses according to the Accounling Standard for Business
Enterprises No. 8-Asset Impairmcnt, the company should recognize the impairment loss in
proponion to its share.

Ifthe company does not have joint control ovcr the joint operation but enjoys assets and bears
liabilities related to the joint operation, it should still accounr for these items according to the
principles outlined above. Otherwise, it should accou for them according lo relevant
accounting standards.

(8) Crlterir for Defining Casb and Cash Equivalents

When preparing the cash flow statemenl the company classifies the following as cash and cash
equivalents: that can be used for paymenl at any time are recognized as cash. Invesunents that
meet the following four conditions: short term (generally duc within tfuee months fiom the date
of purchase), high liquidity, easy conversion to a known amount of cash, and low risk of value
change are recognized as cash equivalents.

(9) Foreigtr Currency Trensactions srd Foreign Currency Trenslation

I Foreign Cunency Transactions

Initial Recognition: Foreign currency transactions are initially recorded using the spot exchange
rate on the tmnsaction date to convert amounts into CNY (RMB).

Foreign currency monetaDr items are converted at the exchange rate on the balancc sheet date.
Any resulting exchange differences are generally recognized in prolit or loss, except for
exchange differences related to foreign currency borrowings that are specifically for the
acquisition or construction of assets meeting capitalization criteria, which are capitalized as
borrowing costs.Foreign curency non-monetary items measured at historical cost are still
converted using the exchange rate on the transaclion date, and their RMB care/ing amounl
remains unchanged.

For non-monetary items measured at fair value, the conversion is done using the exchange rate
at the date of fair value measurcment. The difference between the converted carrying amount
and thc original RMB carrying amount is treated as a fair value change (including exchange rate

changes) and recognized in profit or loss or as other comprehensive income.

't0 CONSORIIU|li OT SOSHINE GRTEN ENERGY

rBEurNGr rjUPM€Nr co rrD
RENEw PoudF coMpANy LtMtrED
 Soshinc O?cetr Energy (Bcijing) Invcstrncnt Co.,Ltd
Yw 2021
NoEs ro fmarEial stslements

2 Trarslation ofForeign Currency Financial Statements

Assets and liabilities are translated using the exchange rat! on the balance sheet date. For equity

items, except for "retained eamings," other items are translated at the exchange rate on the date
they arosc.lncome and expense itcms are translated using the exchange rate on the transaction
datc. Translation differences arising from the above conversions are recognized in other
comprchcnsive income.

When disposing of a foreign operation, the translation differences related to that foreign
operatbn rccorded in other clmprehensive income are reclassified to profit or loss for the
period. If a partial disposal of equity interests or a rcduction in the proportion of imerest in a
forcign operation occurs but control over the forcign opcration is retaine4 the translation
differenccs r€lated to the disposed portion of the foreign operation will be attributed to non-
conrolling interests and will not be reclassified to profit or loss. In the case of partial disposal
of equity interests in a foreign joint venture or associste, the translation differences related to
the foreign operation are reclassified to profit or loss proportionate to th€ disposal ofthe foreign
op€ratbn.

(10) Flnrochl Instruments

The company recognizes a financial assel or financial liability when it becomes a party to a
fi nancbl instrument contract.

The effectiyc interest msthod refers to the method of calculating the amortized cost of a

financbl assa or financial liability and allocating interest income or interest exp€nse over each
accounting period.

The effectivc interest rate is the rate used to discount the estimated future cash flows of a

financial assct or financial liability over its expected lifc to i6 carrying amount or amortized
cost. When determining the effective interest rate, estimated future cash flows are considercd
based on all contractual terms of the financial asset or financial liability (such as pr€paymenl
options, cxtension options, call oplions, or othcr simila options), but expected credit losses are
not considertd.

The amortized cost of a financial asset or financial liabiliry is calculated as the initial
recognition amount of the financial asset or financial liabitity minus any repayments of
principal, plus or minus the accumulated amortization of the difference between the initial
recognition amount and the amount at maturity, using thc effective interest method, and minus
any accumulated impairment losscs (applicable only to financial assets).

i. Classification, Recognition, and Measurement ofFinancial Assets

CONSORNUM OF SOSHINE
GREENENERGY
(EEurNG) lNVrar_MENr co LTD

11 ^.nr*ru@%"o*r.,r,r.o
 Soshine Crecn Energy (Beijing) Invesrmcnt Co.,Lrd.
Year 2021
Notes to financial ststements

The company classifies financial assets into thc following three categories based on the
business model for managing the finaocial assets and the contractual cash flow characlerislics

ofthe financial assets:

t Financial assets measwed at amortized cos1.

2 Financial assets measued at fair value with changes recognized in other

comprehensive income.

3 Financial assets measured at fair value with changes recognized in profit or loss.

Financial assets are initially measured at fair value; however, receivables or notes receivable
arising from the sale ofgoods or provision ofservices that do not include a significant financing
component or where the financing component is not significant (i.e., less than one year) are
initially measured at the ransaction price.

For financial assets measured at fair value with changes recognized in profit or loss, transaction
costs are dir€ctly expensed in profit or loss. For other categories of financial assets, transaction

costs are included in the initial recognition amount.

Subsequent measurement of financial assets depends on their classification. Financial assets are

reclassified only when the company changes is business model for managing financial assets.

(t) Classification as Financial Assets Measured at Amortized Cost

A financial asset is classified as measured at amortized cost if its con$actual tenns provide for
cash flows on specific dates that solely represent payments of principal and interest on the
unpaid principal amounl and the business model for managing the financial asset is to hold the
asset to collect contractual cash flows. This category includes cash and cash equivalents, notes
receivable, accounts receivable, other rcceivables, debt inyestmenls, long-term rrceivables. and
similar fi nancial assets.

The company recognizes interest inmme for such financial assets using the effective interesl
method and measures them subsequently at amortized cost. Any impairment, derecognition, or
modification of these financial asse6 resulting in gains or losses is recognized in profit or loss.
Excepl in the following cases, intercst income is det€rmined based on the carrying amount of
the financial asset multiplied by the effective interest rat€:

l) For purchased or originated financial assets that have experienced credit impairment,
interest income is calculated based on thc amortized cost ofthe financial asset and the credit
-adjusted effective interest rate from initial recognition.

2) For purchased or originated financial assets that were not impaired at initial recognition but
become impaired subsequently, inrerest income is calculated based on the amonized cost of
the financial asset and the effective interest rate during the subsequent period. If the credit

CONSORIIUMOf SO$TN€ GREEN ENERGY

rsEurNG) rNl:?r*rrNT co Lro
iENEw PoIdR coMPANY LIMITEo
 Soshin€ Greco Energy (Beijing) lnvesment Co.,Ltd
Year 2021
Notes to frnancial staEments

risk of lhe financial instrument improves during the sub6equent period and it is no longer
credit-irnpaired, interest income is calculated based on the carrying amounl of the financial
asset multiplied by the effective interest ratc.

(2) Classilication as Financial Assels Measured at Fair Value with Changes Recognized in
Other Cornprehensive Income

A finmcial asset is classified as measured al fair value with changes recognized in other
comprehcnsive income if its conractual terms provide for cash flows on specific dates that
solely rcprcsent payments of principal and interest on thc unpaid principal amount, and the
business model for managing the financial asset is both to collect contractual cash flows and to

sell the finarrial asset.

lnteres income for such financial asse6 is recognized using the effective intcrest method.
Except for interest income, impairment losses, and foreign exchange differences recognized in
profit or loss, other fair value changes are recognized in other comprehensive income. Upon
derecognition of the financial asset, the cumulative gains or losses previously recognized in
othcr c.omprehensive income are reclassified from other comprehensive income to profit or loss-

Receivables such as notes receivable and accounts reccivable classified as messur€d at faia
value with changes recognized in other comprehensive income are reported as receivables
financing. Othcr such financial assets are reported as other debt investnents. Armng these,
other debt investments maturing within one year from the balance sheet date are classified as
non-curent assets maturing within one year, while those originally maturing within one year
are classified as current ass€ts,

(3) Designation as Financial Assers Measured at Fair Value with Changes Recognized in Other
Comprehensive Income

Upon initial rccognitioq the company can irrevocably derignate non-rading equity invesunents
as mersured at fair value with changes recognized in other comprehensive income on an
individual basis.

Fair value changes for these financial assets are rccognized in other comprehensivc income, and
impairment provisions are not rcquired. Upon derecognition of such a financial asset. the
cumulative gains or losses previously recognized in other comprehensive income are

reclassified from other comprehensive income to.ctained €amings. During the period of
holding such equity investments, dividends received are rccognized and included in profit or
loss when the right to rcceive dividends has bccn established, it is probable that the economic
benefits associated with the dividends will flow to the company, and the amount of dividcnds
can be reliably measured. Such financial assets 8re reported under equity investment projecls.

COIISORIIUiI OF SOS'1INE GFEEN ENERGY

TAEUINGI INvEIMtNT CO LIO
13 ,.4xNo
RENEw P4R coMPANY LtMlTEo
 Soshinc Grccn Energy (Beijing) tnvesrmflr Co..Ltd.
Year 2021
Not€s to financial statements

Equity investnents that meet one of the following crit€ria are classified as financial assets
measured at fsir value with changes recognized in profit or loss:

The primary objective for holding the financial asset is to sell it in the near term.

At initial recognitiorl the financial asset is part of a ponfolio of identifiable financial assets
managed together and evidence suggests that there is a short-term profil-taking stratcgy.

The financial asset is a deriyative (except for derivatives that meet the definition of financial
guarantees or are designated as effective hedging instrumerrls).

(4) Classification as Financial Asscts Measured at Fair Vdue with Changes Recognized in
Profit or Loss

Financial assets that do not meet the criteria for classificarion as measured at amortized cost or
as measured at fair volue with changes recognized in other comprehensive income, and are not
designated as such, are classified as financial assets measwed at fair value with changes
recognized in profit or loss.

The company measures such financial assets subsequently at fair value, with gains or losses
arising from fair value changes and related dividend and interest income r€cognizcd in profit or
loss.

The company repons such financial assets based on their liquidity under trading financial assels
or other non-cunen( financial assets.

(5) Designation as Financial Assets Measured at Fair Value with Changes Recognized in profit
or Loss

At initial ,ecognition, the company may irrevocably designate a financial asset as measured at
fair value with changes recognized in profit or loss on an individual basis in order to eliminate
or significantly reduce an accounting mismatch.

For hybrid contracts that include one or more embedded derivatives and where the host contract
does not fall into the categories offinancial asses described above, the company may designate

the entire contract as a financial instrument measured at fair value with changes recognized in
profit or loss. However, the following exceptions apply:

l) The embedded derivative does not significantly alter rhe cash flows ofthe hybrid conrract.

2) When initially determining whether similar hybrid conracts need to be separated, it is

nearly obvious that the embedded derivatives should not b€ separated without much analysis.
For example, an early repayment option embedded in a loan that allows the holder to repay
the loan early at an amount close to amortized cost does not require separation.

14 CONSORlII]IVI OF SOSHINE GRTEN ENERGY

lBturNG) TNVLSIiILNI CO LTO
RENEW PO#MPANY LIMIIEO
 Soshinc Grecn En€rgy (Bcijing) Invcslhcnt Co.,Ltd.
Year 2021
Notes to llo rcisl statemfits

Thc company measures such financial asse6 subsequcritly at fair value, wilh gains or losses
arising from fair value changes and rclated dividends and intarest income recognized in profit or
loss.

Thc company reports these financial assets based on their liquidity under trading financial
assets or other non-current financial assets.

2.Classification, Recognition, and Merurement of Financial Liabilities

The cornpany classifies a financial instrument or its componcnts as a financial liability or equiry

instrument at initial recognition bascd on the contractual terms and the economic substance
rather than just the legal form of the issued financial instruments, in combination with the

definitions of financial liabilities and equity instruments.

Financial liabilities at initial recognition are classified into: financial liabilities measured at fair
value wilh changes recognized in profit or loss, other financial liabilities, and derivatives
designated as effective h€dging instruments.

Financial liabilities are initially measured at fair value. For financial liabilities measured at fair
value with changes recognized in profit or loss, lransaction costs are directly expensed in profil
or loss For other categories of financial liabilities, transaction costs are included in the initial
recognition amount.

The subscquent measurement offinancial liabilities depends on their classification:

(I ) Fimncial Liabilities Measured at Fair Value with Changes Recognized in Profit or Loss

This catcgory includes trading finmcial liabilities (including derivatives that are financial
liabilities) and financial liabilities d€signated at initial recognition as measured at fair value
with changes recognized in profit or loss.

A financiol liability is considered rading if it meets onc of the following conditions:The

financhl liability is primarily incuned to sell or repurchase in the near term.It is part of a

portfolio of identifiable financial instrumenls managed together, with objeclive evidence

indicating a shon-term profit-taking strategy.lt is a derivative, except for derivatives designated
as effective hedging instruments or those meeting the definition offinancial guarantees.

Trading financial liabilities (including derivatives that arc financial liabilities) arc subsequently
measured at fair value, with all fair value changcs rtcognized in profit or loss, except for those
relaied to hedge accounting.

At initial rccognition, in order to provide more relevant sccounting informatiorg the company
irrevocably designates financial liabilities meeting one ofthe following conditions as measured
at fair value with changes rccognized in profit or loss:

COiiSORTIUII OF SOSHINE GREEN ENERGY

(BEUTNGI CO LIO
-rNvftn{ENr
15 RENEw Po{FR coMPAr{Y LrMrrEo
 Soshine Grccn Encrgy (Beijing) Invesrmcnt Co.,Ltd.
Year 2021
Notes to fio8ncial statemcnts

l) Eliminate or significantly reduce accounting mismatches

2) Based on formal written documentation of the comparry's risk management or inveshent

stratery, manage and evaluatc the p€rformance of the financial liability portfolio or the
portfolio of financial asseB and financial liabilities on a fair value basis, and report to key
management personnel on this basis within the company.

The company measures such financial liabilities subsequently at fair value. Except for fair value

changes arising from the company's own credit risk, which are included in other comprehensive
income, other fair value changes are recognized in profir or loss. Unless including fair value
changes duc to the company's own credit risk in other comprehensive income would create or

enlarge an accounting mismatch in profit or loss, the company includes all fair value changes
(including those due to changes in its own credit risk) in profit or loss.

(2) Other Financial Liabilities

Except for thc following items, the company classifies financial liabilities as financial liabilities
measured at amortized cost and measures them subsequently using the effective inkrest method.

Gains or losses arising from derecognition or amortization are recognized in profit or loss:

I ) Financial liabilities measured at fair value with changes recognized in profit or loss.

2) Financial liabilities formed due to the transfer offinancial ass€ts that do not meet the criteria
for derecognition or rvhen continuing involvement in the transferred financial assets.

3) Financial guarantee contracts that do nol fall under the first two categories, and loan
commitments provided at below-market interest rates that do not fall under the first category.

A financial gnarantee contract is a contract that requires the issuer to make specified payments

to reimburse the holder for a loss it incurs because a spccified debtor fails to make payment
when due in accordance with the original or modified terms of a debt instrument. Financial
guarantee contracts that are not designated as financial liabilities measured at fair value with
changes recognized in profit or loss are measured at the higher of the loss allowance amounr

and the amount initially recognized less cumulative amortization within the guarantee period.

3. Derccognition ofFinancial Assets and Financial Liabilities

(I ) Conditions for Derecognizing Financial Ass€ts. A financial asset is derccognized when one
ofthe following conditions is met, and it is wrinen offfrom the accounts and balance sheet:

I ) The contractual righu to the cash flows Aom the financial asset expire.

2) The hnancial asset has been transferred, and the transfer meets the criteria for derecognition
of financial asses.

(2) Conditions for Derccognizing Financial Liabilities

to CONSORIIUM OF SOSIIINE 6REEN ENERGY

(BETJTNG)24!MEN r co Lro
REN€W P(}If,R COMPANY TIMIIEO
 Soshirr Grccn Energy (BcijinS) lnvcstllcnt Co..Ltd
Ycr 2021
NotEs to final.ial stalrmeols

A financial liability (or part of it) is derecognized when the obligation specified in the contract

is discharged or canceled or expires.

lfthe company enters into an agreement with thc lender to replace the original financial liability
with a ncw one. and the terms of the new financial liability are substantially different from
those ofthe original financial liability, or the temx ofthe original financial liability (or part of it)
are substantially modified, the original financial liability is derecognized, and a new financial
liability is recognized. Tlre diffcrence between the carrying amount of the original financial
liability and the consideration peid (including any non-cash assets transferred or liabilitics
assumed) is rccognized in profit or loss.

lf the company repurchases part of a financial liability, the overall carrying amount of the
financld liability is allocated based on the relalive fair values ofthe portion that continues to be

recognized and the ponion that is derecognized as of thc rcpurchase dale. The difference
between the carrying amount allocated to the portion d€recognized and the consideration paid
(including any non-cash assets uansferred or liabilities assumed) is recognized in profit or loss.

4. Basb for Recognition and Measurement ofFinancial Asset Transfers

When the company fansfers a financial asset, it assesses the extent to which it retaim the risks
and rewards of ownership of tlr financial assel and handles it as follows:

(l) Ifthe company has tansferred almost all the risks and rewards ofownership ofthe financial
asset. it derecognizes the financial asset and separately recognizes any rights and obligations

created or retained in the transfer as assets or liabilities.

(2) Ifthe company retains almost all the risks and rewads ofownership ofthe financial asset, it
continues to recognize the financial asset.

(3) If the company has neither transferred nor retained almost all the risks and rewards of
ownership ofthe financial asset (i.€., other than in the cases of (I ) and (2) above). it determines
whether it has retained control ofthe financial asset and handles it as follows:

I ) If the company has not retained control of the financial asset, it derecognizes the financial

asset and separately recognizes any rights and obligations created or retained in the transfer

as ssseb or liabilities.

2) If the company has retained control of the financial asset, it continues to r€cognize the
financial asset to the extent of its continuing involvement in the transfened financial asset
and rccognizes an associated liability. The extent of continuing involvement in the
transferred financial asset is the extent to which the company is exposed to changes in the
value ofthe ransferred financial asset.

COtisOR]IUIli OI SOSHINE GREEN Et{ERGY

lSEUlt{G) rNvit,rMENr CO LID
17 RENEw porlER coMpANy r-rMtrEo
 Soshine Gttcn Encrgy (Bcring) InvesoTem Co..Lrd.
Yea 2021
Notss to imancial stalements

In determining wherher the transf€r ofa financial asset satisfies the conditions for derecognition,
the company applies the principle of substance over form. The company distinguishes between
the transfer ofan entire financial asset and the transfer ofa part ofa financial asset.

( l) If the transfer of the entire fnancial asset meets the derecognition condilions, the difference

between the following two amounts is recognized in profit or loss:

I ) The carrying amount ofthe transferred financial asset on the derecognition date

2) The sum ofthe consideration received for the Eansfer ofthe financial asset and the amount
of any cumulative gain or loss previously recognizcd in other comprehensive income that is
attributable to the derecognized pan (if the transferred financial asset is measured at fair
value and changes in its value are recognized in other comprehensive income).

(2) Ifthe tansfer ofa pan ofthe financial asset meets the derecognition conditions, the carrying

amount of the entire financial asset before the transfer is allocated between the part that is
derecognized and the pan that continues to be recognized (in this case, any retained servicing
asset is treated as part of the continuing recognizcd financial asset) based on the relative fair
values on lhe transfer date, and the difference between the following two amounts is recognized

in profit or loss:

l) The carrying amount ofthe part derecognized on the dcrecognition date.

2) The sum of the consideration received for the derecognized part and the amount of any
cumulative gain or loss previously recognized in other comprchensive irrcome that is
atributable to the derecognized part (if the transferrcd financial asset is measured at fair
value and changes in its value are recognized in other comprehensive income).

If the transfer of a fin:ancial asset does not sadsry the dcrecognition conditions, the company
continues to recognize the financial asset, and the considcration reccived is recognized as a
financial liability.

5. Methods for Determining the Fair Value ofFinancial Assets and Financial Liabiliries

For financial assets or financial liabilities that have an active market, their fair value is
determined using the quoted prices in the active market, unless the financial asset is subject to a
restriction that is specific to the assct iself. For financial assets subject to such restictions, the
fair value is determined by deducting from the quoted pricc the compensation amount required
by market participants for bearing the risk of not being oble to sell ths financial asset in the
open markei for a specified period. Quotes from active markets include those that are easily and
regularly obtainable from exchanges, dealers, brokers, industry groups, pricing services, or
regulatory agencies and that represent actual and rcgularly occurring market transactions on an
arm's length basis.

18 CONSORIII]IiI OF SOSBIiIE GRE T N ENT R6 Y

(aEUrNG) rNytsTMENr co rtD
.,r,,, o
"r*.* "o&#r"^n,
SoshirE Grc€o EnerSy (Beijing) Invcstrncnt Co,.Ltd.
Yea: 2021
NotEs to fmanaial slat€meits

The initial rcquisition or derivation of financial assets or thc assumption of financial liabilities
uses the transaction price as the basis for determining their fair value.

For fimncial assets or financial liabiliti€s without an aclive mafket, the fair value is determined
using valuation techniques. In the valuation, the company employs valuation techniques that are
appropriate under the curent circumstances and for which sufiicient available &ta and other
information suppon the inpus used. Preference is givcn to relevant observable inputs as much
as possible, When relevant observable inputs are not available or not feasible, unobservable
inputs are uscd.

6. Impsirmcnt of Financial Instruments

The company accounts for impairment and recognizes loss allowances based on expected credit
losses for financial assets measur€d at amortized cos! financial assets classified as measured at
fair value through other comprehensive income, lease receivables, contract assets, loan
commitmcnts not measured at fair value through profit or loss, financial liabilities not measwed
at fair value through profit or loss, and frnancial guarantee contracts formed by the transfer of
financial assets that do not meet the derecognition conditions or continue invotvement in
transfe,rred fi nancial assets.

Expected crcdit loss is the weightcd average of credit losses for financial instruments, weighted
by the risk of a default occurring. Credit loss is the prcsent value of the differencc between the
contractual cash flows due to the company under the contract and the cash flows the company
exp€cts to receive, discounted at thc original effective int€rest rate. For purchased or originated
financial assets that have exp€rienced credit impairment, the credit-adjusted effective interest
rate is uscd to discount the expected credit losses.

For receivablcs, contact ass€ts, and lease reccivables arising from transaclions regulated by
revenue standards, the company uses a simplified measurement method to measure loss
allowances at an amount equal to the expected credit losses over the entire life ofthe asset.

For purcha-scd or originated credit-impaired financial assets, at each balance sheet date, only the
cumulative changes in lifetime expccted credit losses since initial recognition are recognized as
loss allowances. At each balance sheet date, thc amount of changes in lifetime expected credit
losses is recognized as impairment loss or gain in the current period's profit or loss. Even if the
lifetime expected credil loss determincd at the balance shect date is less than the amount of
cxpected credit losses estimated based on rhe initial cash flow forecast, the favorable changes in
expected crcdit losses are recognized as impairment gains"

Except for the aforementioned simplified measurement mcthod and purchased or originated
credit-impaired financial assets, the company assesses at each balance sheet datc whether the
credit risk of the related financial instrumcnts has significantly increased since initial

COI,/SONTIUi,I OF SOSI]INE GREEN ENERGY

'19 rBEUrNGj,,,jry:ffrdEN r co Lro
RENEW PqITER COMPANY I-IMITEO
 Soshine Grccn Energy (Beijing) Invesnnenr Co.,Ltd.
Yeu 2021
Notes to financial stalements

recognition. The loss allowances, expected credit losses, and their changes are measured and
recognized based on the following situations:

(l) If the credit risk of the financial instrumnt has nor significantly increased since initial
recognition, it is in Stage l. Loss allowances are measured at an amount equal to the 12-
month expected credit losses, and interest income is calculated based on the carrying
amount and the effedive interest rate.

(2) If the credit risk of the financial instrument has significantly increased since initial
recognition but there is no credit impairment, it is in Stage 2. Loss allowances arc measured
at an amount equal to the lifetime expect€d credit losses, and interest income is calculated
based on the carrying amount and the effective interest rate.

(3) If thc financial instnrment has experienced credir impsirment since initial recognition, it is
in Shge 3. Loss allowances are measured at an smount equal to the lifetime expected credil
losses, and interest income is calculated based on thc amonized cost and the effective
interest rate.

The increase or reversal in the amount of loss allowances for credit losses is recognized as
impairment losses or gains in lhe cunent period's profit or loss. For financial assets classified as
measured at fair value through other comprehensive income. the loss aflowances for credit
losses are recognized in other comprchensive income without teducing the carrying amount of
the financial asset in the balance shcet.

If, in the previous accounting period, loss allowances were measured at an amount equal to the
lifetime expected credit losses for a financial instrument, but at the balance sheel date in the
current period, the financial instrument is no longer classified as having significantly increased
credit risk since initial recognition, the company measures the loss allowances at an amount
equal to the l2-month expected credit losses at the balance sheet date, and the reversal of loss
allowances is recognized as an impairment gain in the current period,s profit or loss.

(I ) Significant Increase in Credir Risk

The company uses reasonable and supportable forward-looking information to compare the risk
of default on the financial instrum€nt at the balance sheel date with the risk of default at the
initial recognition date to determine whether the crcdit risk of the financial instrument has
significantly increased since initial recognition. For financial guarantee contracts, the company
considers the date on which it becomes a party to the inevocable commitment as the initial
rccognition date when applying the impairment provisions offinancial insrruments.

In assessing whether credit risk has significantly increased, rhe company considers the
following factors:

I ) Whether the actual or expected op€rating results ofthe dcbtor have significantly changed;

20 CONSORIIUIlI Of SOSHINE GREEN ENERGY

rBErJrNGl r})f,rMtN I co LIo
RExEw poftn couParlv LttutttED
 Soshirr Grccn Energi (Bcijing) lnvcstmcnt Co.,Ltd.
Ye6 2021
NoEs to flnancial staremfits

2) Whether there have been significant adverse clnnges in the regulatory. cconomic, or
technological environmcnl in which the debtor operates;

3) Whether there have been significant changes in the valuc ofcollateral securing rhe debt or in
the quality of guarantces or credit enhancements provided by third parties, which are
expected to reduce the debtor's economic irrentive to repay on the contractual due dates or

lo affcct the pmbability ofdefsult;

4) Whether there have been significant changes in the debtor's exprcted performance and
repaymcnt hhavior;

5) Whether there have been changes in the company's credit management methods for
fmmcial instrumems.

lf the company determines that a financial instrumenl only has low credit risk a1 the balance
sheet datc, it assumes that the credit risk of the financial instrument has not significantly
increased since initial recognition. A financial instmment is considered to have low crcdit risk if
the default risk is low, the borrower has a strong sbility to meet its contractual cash flow
obligations in the short term, and adverse changes in economic and business conditions over a
longer period of time may not necessarily reduce the borrower's ability to meet its contractual
cash flow obligations.

(2) Financial Assets with Credit Impairment

A financial asset becomes credit-impaired when one or more events that have a deEimental
impact on the estimaled future cash flows ofthat financial asset occur. Evidence thal a financial
asset is crcdit-impaired includes obscrvable information such as:

l) Significant financial difficulty ofthe issuer or debtor:

2) A breach ofcontracl such as a dcfault or past due event in intercst or principal paymcnts;

3) For economic or contractual rcasons relating to the dcbto/s financid difliculty, the crcditor
grants thc debtor a concession that the creditor would not otherwise consider;

4) lt is becoming probable that the debtor will ent€r bankruptcy or other financial
rcorganization;

5) The disappearance of an active msrket for that financial asset because of financial
difticulties ofthe issuer or dehor;

6) The purchase or origination ofa financial asset at a deep discount that reflects the incurred

credit losses.

COI,ISORIIUM OI SOSHINE GNEEN €NERGY

(aEUrNG) TNVa6TMENT CO !IO
21
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"rn.,,,
 Soshine 6rccn Energy (Bcijing) Investment Co..Ltd-
Yea, 2021
NoEs to hnsncial statem€ots

Credit impairment of financial assets may resuh from the combined effect of multiple events,
and not necessarily from identifiable single events.

(3) Determination of Expected Credit Losses

The company assesses expected credit losses on financial instruments on an individual and
collective basis, considering reasonable and supportable information about past evcnts, curent
conditions, and forecasts of futrne economic conditions.

The company groups financial instruments based on shared credit risk characteristics. The
common credit risk characteristics used by the company include: type of financial instrument,
credit risk rating, age of receivables, age of overdue receivables, contract settlement cycle,
industry of the debtor, etc. The individual assessment criteria and the shared credit dsk
characteristics for relevant financial instruments are detailcd in the accounting policies for those
financial instruments.

Determination ofExpected Crcdit Losses for Financial Instruments

l) Financial Assets, The credit loss is the present value of the difference between the
contractual cash flows that the company is entitled to receive and the expected cash flows
that it will actually receive.

2) Lease Receivables,The credit loss is the present value of the diflerence between the
contractual cash flows that the oompany is cntitled to rcceive and the expectcd cash flows
that it will actually receive.

3) Financial Guarantee Contracts.The credit loss is the present value of the expected payments
to be made by the company to reimburse the holder for a credit loss incurred, less any
arnounts that the company expects to recover from lhe holder, debtor, or any other party.

4) Credit-lmpaired Financial Assets (excluding purchased or originated credit-impaired

assets):The credit loss is the difference between the carrying amount of the financial asset
and the present value of the estimated future cash flows discounted at the original eflective

interest rate.

The company's method for measuring expeeted ffedit losses on financial instruments reflects
the following factors: An unbiascd, probability-weighted amount determined by evaluating a
range of possible outcomes;The time value of money;Reasonable and suppnrtable information
about past events, curent conditions, and forecasts of fi,rture economic conditions that are
available without undue cost or effon at the balance sheet date.

(4) Write-off of Financial Assets

22 cons0knuM 0f s0shlNt 6ittN €NtRGY

taEurNcr r?li;il L* I co t rD
RENEW POIG i COMPANY LIMIIf O
 Soshine Grccn Encrgr (B€ijin8) Inv6tmrnt Co.,Ltd.
Y@t 2021
Noles to fmancisl sta&ne s

When the company no longer reasonably expects to recover all or part of the conmctual cash
flows ofa financial asset, the carrying amount ofthe financial asset is directly written off. This
write-off constitutes the derecognition of the fi nancial asset.

T.Offsening Financial Assets and Financial Liabilities

Financial asses and financial liabilities are presented separstely in thc balance shea and are not
offsel unless both ofthc following conditions are met:

(I ) The company has a legally enforceable right to offset the recognized amounts, and the right
is currently enforceable;

(2) The company intends lo settle on a net bssis or to rcalize the financial asset and settle the
fi nancial liability simultaneously.

(l t), Notes Receivable

The method for determiniru expected credit losses and accounting treaunent for notes
rcceivablc is detailed in Note (10) 6 - Impairment ofFinancial Instruments.

For notes rcceivable with significant individual amounts that have become credit-impaired after
initial recognition, the company determines the credit loss individually.

When su{Iicient evidence for assessing expected credit losses at an individual instrument level
cannot be obtained at a reasonable cost, the company refers to historical credit loss experience,
current conditions. and future economic forccasls. The company groups notes reccivable based
on credit risk charactcristics and calculates cxpected credit losses on a collective basis. The
basis for dctermining these groups is as follows:

Group Name Basis for Grouping Provision Method

This group includes notes Expected credit losses are

rcceivable where the issuer calculated using historical

has a high credit rating and credit loss experience, current
Bank Acceptance Bills has no history of defaults. conditions. and futurc
Portfolio The credit loss risk is economic forecasts. The

extremely low, and the issuer calculation involves the

has a strong capacity to fulfill exposure at default and the
its contractual cash flow expected credit loss rate over
obligations in the short tcrm. the entire lifcspan of the
notes.

Commercial Acceptance Bills Commercial Acceptance Bills Detcrmining Allowance for

Portfolio Issued by Low Credit Risk Bad Debts Based on

OF SOSI{NE GREEN ENERGY

|BEUTNGT rNv*d[lENr co LTD

RENEw P$rfi coaJPANY LrMlrED

 Soshine Grccn Energr (Bcijing) Invcstment Co..Lrd.
'lcar 202l
Noles to Statemcnts

Acceptors Historical Credit Loss

Experience, Cunent
Conditions, ard Future
Economic Outlook

( l2). Accounts Receivable

The methods and accounting beamrents for determining the exp€cted fiedit losses for accounts
receivable are detailed in Note 6 (Financial Instruments Impairment) ofthis anner.

For accounts receivable with a significant single amount that have experienced credit
impairment after initial recognition, the company will determine their credit loss individually.

When sufficient evidcnce to assess expected credit losses on an individual basis is not available
at a reasonable cost, the company will refer to historical credit loss experience, current
conditions, and forecasts of future economic conditions. Accounts receivable will be grouped
based on credit risk characteristica, and expected crcdit losses will be calculated on a portfolio
basis. The basis for determining these groupings includes

Group Name Basis for Grouping Provision Method

Based on the nature of the

business, exc€pt for objective
Related Party Portfolio Alliliated Companies
evidence indicating
impaiment losses on
amounts reccivable fiom
third parties.

For accounts receivable nol The company calculates the

included in the expected credit losses by
aforementioned portfolios, the referring to historical credit
Other Receivables company makes the best loss experience, current
estimate of the provision ratio conditions, and forecasts of
based on historical fuhtre economic conditions.
experience, and classifies This involves assessing
credit risk portfolios based on default risk exposure and
the aging ofthe receivables. calculating the expected
credit loss rate oYer the entire
life of the receivables.

(13) Recelvables Financing

CONSORTIUM OI SOSHINE GREENENERGY

24
rEEurNGt rNvlBrrrENr co Lro
nEtEw porf,n coaapany lrtur rt o
Soshinc Grccn Energy (Beijing) lnvestment Co.,Ltd.
Yesr 2021
Notls to financial stslcncnts

The method for determining the expected credit losses and accounting teatment for receivables
financing arc detailed in Note ( l0) 6. Financial Instrument Impairment.

(14) Other Receivables

The method for determining the €xpected crcdit losses and accounting treaincnt for other
receivables are detailed in Note (10) 6. Financial Instrurnent Impairment.

For significant individual amounts of other receivables that have experienced credit impairment
after initial recognition, the company determines the credit losses separately.

When adequate evidence for estimating expectcd credit losscs at the individual instrument level
cannot b€ obtained at a reasonable cost, the company refers to historical credit loss experience,
considers current conditions, and makes judgments about future economic conditions. Other
receivables are classified into scveral portfolios based on credit risk characteristics, and
expect€d credit losses are calculated on a portfolio basis. The basis for determining these
portfolios is as follows:

Group Name Basis for Grouping Provision Method

Risk-Free Portfolio This includes items such as Based on the natureof the
advances, dcposits, margin business, unless there is
payments, receivables for objective evidence indicating
individual income tax, and bad debt losses,
receivables for VAT refunds
within other receivables.

Based on the nature of the

business, no provision for bad
Related Party Portfolio Affiliated Companies
debs is made unless there is
objective evidence indicating
that bad debt losses have
occuned.

Including accounts receivable The company cslculates the

other than those in the expected credit losses by
aforementioned categories, referencing historical credit
Other Receivables the company makes its best loss experience, considering
estimate of the provision for the current conditions and
accounts receivable bascd on forecasts of future economic
past historical experience, and conditions, and using the
classifies the credit risk of exposure to default risk and
accounts receivable bascd on the credit loss rates over the

CONSORIIUI'I OT SOSHINE GREEN ENERGY

taEUrNG) TNUEIiIMENI CO LIO
aenew
@pon, .,mreo
 Soshine Grcen Energy (Beijing) lnvctment Co..Ltd
Yw 2021
Notes to firEncial stalements

their aging. entire life of lhe financial

instruments.

(lt Irventory

l. Classification of Inventory

Inventory refers to goods held by the company for sale in the ordinary course ofbusiness, work
in progress, and malerials consumcd in the production process or service delivery. It primarily
includes raw materials. supplies, materials entrusted foi processing, work in progress, self-
produced semi-finished gmds, finished goods (stock goods), and goods in transit.

2. Inventory Valuation Method

Upon acquisition, inventory is initially measwed at cost, which includes purchase costs,
processing costs, and other costs. When inventory is issued, raw materials are accounted for
using the FIFO (First-ln, First-Out) method, and finished goods are accounted for using the
specifi c identifi cation method.

3. Basis for Determining Net Realizable Value of Inventory and Provision for Invenlory rvrite-
Down

At the end of the period, inventory is thoroughly inspected, and inventory *dte-down is

adjusted based on the lower ofcost or net realizable value.For finished goods, stock goods, and
materials directly intended for sale, the net realizable value is determined by subtracting
estimated selling expenses and related taxes from the estimated selling price ofthe inventory in
the normal course of production and business.For materials that require processing, the net
realizable value is determined by subtracling estimated costs to complete, estimated selling
expenses, and related taxes from the estimated selling price of the finished goods produced
from those materials in the normal course of production and business.For inventory held to
execute sales or service contacts, the ner realizable value is calculated based on the contract
price. If the quantity of inventory held exceeds the quantity ordered in the sales contract, the net
realizable value ofthe excess inventory is based on the general sales price.

At the end of the period, inventory write-down is provided on a per-item basis. However, for
nurnerous low-cost items, the write-down is provided based on inventory categories. For
inventory related to a series of products produced and sold in the same region, with the same or
similar final use or purpose, and where it is difficult to measure separately from olher items, the
*rite-down is provided on a combined basis.

If the factors causing a previous write-down of inventory value have disappeared, the w te-
down amount is revcrsed and restored within the previously provided inventory write-down
amounl with the reversal amount included in the current period's profil or loss.

26 CONSORIIUM OF SOSHINE GRETN ENTi6Y

tBErJrNGt rN\t#M€NI CO r-rO
nElrw poy'En comtlrv uttrrtEo
SoshirE Grccn EnerSy (Bcij ing) Investmem Co.,Ltd.
Yee 2021
Notes to ffn ncial slatements

4. Inventory Counting Systcm

The p€rprtusl inventory system is used.

5. Amonization Methods for Low-Value Consumables and Packaging Materials

(I ) Low-value consumables are expensed in full upon rcquisition.

(2) Packaging materials are experxed either in full upon acquisition or amortiz€d over time.

(16) Cotrarrct Assets

Contrac't assets are recognized when the company has transferred goods to customers and has

the right to receive consideration fo. that transfcr, which is dependent on factors othcr than the
p{$age of time. Unconditional rights to receive consideralion from customers, which are solely
dependent on the passage oftime, are recognizcd separately as receivables.

The nrthod for determining and accounting for expected credit losses on corrtract assets is
detailed in Note ( l0) 6. Financial Instmments Impairmcnt-

(17) AsseE Held for Srle

l. Criteria for Classification as Held for Sale

Non-current assets or disposal groupo are classified as held for sale when they mect all of the
following conditions:

(| ) Thcy are available for immediate sale in thcir current sondition, as per the usual practice for
selling such assets or disposal groups in similar transactioos.

(2) The sllc is highly probable, meaning that thc company has made a decision to sell and has

obtained o firm purchase commitment with the sale expected to be completed within a year.

A firm purchase commitment is defined as a legally binding agreement wilh anolher party thar

includes significant terms such as tnmsaction price, timing, and substantial penalties for non-
performancc, making the likclihood of significant adjusonenrs or cancellation of thc agrcement
minimal.

2. Accounting Treatment for Assets Held for Salc

Non-current assets or disposal groups classified as held for sale are not depreciated or amortized.
If the carrying amount excceds tbe fair value lcss costs to scll, the carrying amount is written
down to fair valuc less costs to sell. The write-down amount is recognized as an impairment
loss and included in the cunent period's profit or loss, and a provision for impairment of assets
held for sale is made.

CONSORNUM OF SOSHINE GREENENERGY

27 tBEUTNG) rNvIt[,lENr CO LTO

RENEW PO'GR COMPANY I-IMIIED

 Soshine Grc€h Energy (Beijing) Invesrmenl Co..Lrd.
Yeu 2021
Noirs to hnatrcial statemenls

For non-current assets or disposal groups classified as held for sale on acquisitioq the initial
measurement is compared between the amount assumed ifnot classified as held for sale and the
fair value less costs to sell, with the lower ofthe two being used.

These principles apply to all non-curent assels except for investrnent properties measured using

the fair value model, biological assets measured at fair value less costs to sell, assets arising
from employee benefits, deferred tax assets, financial assets regulated by financial instrument
standards, and rights arising from insurance contracts regulated by inswance contract standards.

(lE) Other llebt Inv$tments

The methods for determhing and accounting for the expected credit losses of other debt
invesInenls are described in Note (10) 6. Financial Instruments Impairment.

(l 9) Long-term Receivrbles

The methods for determining and accounting for the expected credit losses of long-term
receivables are described in Note (10) 6. Financial Instruments Impairment.

(20) Long-term Equity lnvestments

I .Determination oflnitial Investment Cost

(l) For long-term equity inyestmerits acquired through business combinations, refer to the
accounting policies for business combinations under common confol and not under common
control as detailed in Note (5).

(2) For other types oflong-term equity investments:

Cash Payments: Long-term equity investments acquired by cash payment e recorded at the
actual purchase price paid. The initial investment cost includes expenses directly related to the
acquisition ofthe long-term equity investment, taxes, and other necessary expenditures.

Issuance of Equity Securities: Long-term equity investments obtained through the issuance of
equity securities are recorded at the fair value ofthe issued equity securities. Transaction costs
incurred when issuing or acquiring equity instruments are deducted direcfly from equity related
to equity transactions.

Non-Monetaq/ Asset Exchanges: For non-monetary asset exchanges with commercial substance
and where the fair value ofthe exchanged assets can be reliably measured, the initial investment

cost of long-term equity investnents is based on the fair value of the exchanged assets. Ifthere
is oonclusive evidence that the fair value of the received assets is more reliable, it should be
used. Ifthe exchange does not meet the above criteria, the initial investment cost is based on the

carrying amount ofthe exchanged assets and any related taxes payable.

28 CONSOiIIUM OF SOSI]INE GREEN ENIRGY

IBEIJINGI INV,S]IMENT CO LTt)
-4,1fto
SENEw POI,ER cOMPANY LIII,ITEO
 Soshine Gresn Energy (Beijing) Invesftcnt Co..Ltd.
Yes! 2021
Notes b frnalcial statements

Debt Restructuring: Long-term equity investrnents obtained through debl restructuring are
initially measured based on fair value.

2.Subsequent Measurement and Profit or Loss Recognition

(l) Cost Method

Long-term equity investments where the company can exercise control over the investee are
accounted for using the cost method. The investments ore recorded at initial cost, with
adjustnents for additional investments or recoveries. Dividends or profits declared by the
investee are recognized as investment income for the period, except for cash dividends or
profits declared but not yet paid at the time ofacquisition.

(2) Equity Method:

Long-term equity investments in associates and joint ventures are accounted for using the
equity method. For equity inveslments in associates held indirectly through venture capital
organizations, mutual funds, trust companies, or similar entities, including unit-linked insurance
funds, the investments are measured at fair value with changes recognized in profit or loss.

Ifthe initial investment cost ofa long-term equity investment exceeds the proportionate share of
the identifiable net assets of the investee at the time of investment, the initial investment cost
remains unchanged. If the initial investment cost is less than the proportionate share of the
identifiable net assets of the investee at the time of investmcnt, the difference is rccognized in
the current period's profit or loss.

After acquiring a long-tenn equity investment, the company recognizes investm€nt income and
other comprehensive income based on its share of [he investee's net profit or loss and other
comprehensive income. The carrying amount of the long-term equity investrnent is adjusted
accordingly. The company's share of the investee's profits ff cash dividends declared reduces
the carrying amount of the long-term equity invesffnent. Any other changes in t}le investee's
cquity, except for net profit or loss, other comprehensive income, and profit distributions, adjust
the carrying amounl ofthe long-term equity investment and are included in shareholders' equity.

When recognizing the share of t.he investee's net profit or loss, adjustments are made to the
investee's net profit based on the fair value of lhe investee's identifiable asscts at the time of
investment. Unrealized internal fansaction profits or losses between the company and its
associates or joint ventures are offset based on the share attributable to the company, and
investrnent income is recognized accordingly.

rUhen recognizing the company's share of losses incurred by the investee, the following steps
are taken:First, reduce the carrying amount of the long-term equity investment.Second, if the
carrying amout ofthe long-term equity investment is insufficient to cover the losses, additional
losses are recognized up to th€ extent ofother long-term interests in the investee that essentially

CONSORIIUiI OT SOSITII{T GREETI

ENERGY
29 {BEUING) INyISTMINI co LIo

^.nr*
*fiffi*on" .,r,r.o
 Soshine Grecn Encrgy (Beijing) Investmcnr Co.,Ltd.
Year 202l
Notrs to finarrcial stalements

constitute net investmen8 in the investee, reducing thc carrying amount of long-term
receivables or similar assets.Finally, if there are additional obligations as per investment
contracts or agreemenG, rccognize I provision for anticipaled liabilities based on the expected
obligations, and include it in the curent p€riod's investment loss.

If the investee subsequently becomes profitable, the company first reslores any recognized
provision for anticipated liabilities, adjuss the carrying amount of long-term equity investments
and other long-term interests that constitute net investments in the investee, and recognizes
investment income,

3.Conversion from Fair Value Measurement to Equity Method

(I ) Conversion from Fair Value Measurement to Equity Method Accounring

When a company' s previously held equity investment in an investee, which was initially

accormted for under financial instrument standsrds as not having control, joint control, or
significant influence, becomes one where the company can exercise significant influence or
joint control (but not contol) due to additional investment or other reasons, The fair value of
the previously held equity invcstment, as determined under the "Accounting Standards for
Business Enterprises No. 22 - Financial Instruments: Recognition and lvleasurement."

lfthe initial investment cost under the equity method is less than the proportionate share ofthe
investee' s identifiable net assets' fair value at the date of the additional investment, the
carrying amount of the long-t€rm equity investment is adjusted. The difference between the
initial investment cost and the proportionate share of the identifiable net assets' fair value is
recognized as non-operating income in the current period.

(2) Transition from Fair Value Measuremenr or Equity Method to Cost Method

If the company ' s previously held equity investments in investees, which were accounted for

under financial instrument standards as not having control, joint control, or significant influence,
or previously held long-term equity investrnents in associates or joint ventures, subsequently
acquire conrol over the investee that is not under the same confol due to additional
investrnents or other reasons, the initial investment cost under the cost method is determined as
follows:lnitial Investment CostThe initial investment cosl under the cost method is the sum of
the carrying amount of the previously held equity inves0nent plus the cost of the additional
i nvestrnent.

For equity investments held before the purchase date that were accounted for using the equity
method and resulted in recognized other comprehensive income, the same accounting treatment
is applied upon disposal ofsuch investments, consistent with the treatment ofdfectly disposed
related assets or liabilities ofthe investee.

30 CONSORIIUIlI OF SOSHINE GREENENTRGY

tBEL|ING! lNVrsrlvlENr co llo
*r*.* *t t '''" o
"o#,o
Soshine Ct!€n Encrgy (Bcijing) Investmcnt Co..Ltd.
Year 2021
Notcs b fmsnaisl sat€ments

For equity investmens held before the purchase date and accounted for under the "Accounting
Standar& for Business Enterpriscs No. 22 - Financial Instruments: Recognition and
Measurement," the accumulated fair value changes recognized in other comprehensive income
are transferred to curent profit or loss when transidoning to the cost method.

(3) Transition from Equiry Method to Fair Value Measurement

Ifthe company loses joint control or significant influence ovcr an investee due to the disposal of
pan of dre equity investment, the remaining equity is Eccounted for under the "Accounting
SBndards for Business Enterprises No. 22 - Financisl Instruments: Recognition and
Messwemcnt." The difference betteen the fair value of thc remaining equity on the date joint
control or significant influenee is lost and its csrrying amount is recognized in currenl profit or
loss,

For equity investments account€d for under the equity mcthod that resulted in recognized other
comprehcnsive income, the same accounting treatnent is applied upon ceasing to use the equity
method, consistent with the treainent of directty disposed related asses or liabilities of the
invcslee.

(4) Transition from Cost Method to Equity Method

Ifthe company loses control ovcr an investee due to the disposal of part of its equity investment,

and the remaining equity can provide joint control or significant influence over the investee, it
transitions to equity method accounting. The remaining equity is trealed as if it had b€en
accounted for using the equity mahod from the time ofacquisition.

(5) Tmnsition from Cost Method 10 Fair Value Measuement

Ifthe company loses control over an investee due to the disposal of part of its equity investment,
and thc rcmaining equity cannot provide joint control or significant influence over the investee,

it transitions to accounting under lhe "Accounting Standards for Business Enterprises No. 22 -
Financial Instruments: Recognition and Measurement." The difference between the fair value of
the remaining equity on the date conrol is lost and its carrying amount is recognized in current
profit or loss.

4. Disposal of Long-term Equity Investments

When disposing of long-term equity investrnents, the diffcrence between the carrying amount of
the investncnt and the acnral proceeds received should bc recognized in curent profit or loss.
For long-term equity investments accounted for using the cquity method, upon disposal, the
portion of other comprehensive income prcviously recognized and related to the investee should
be accorurted for in accordance with the same basis used for directly disposed related assets or
liabilities.

CONSORTIUM OT SOSHINT GREEN ENERGY

31 (EEUINGr INVESITENI CO LrO

RENEtri PoFa coMPANY LlMlrED

 Soshine Grecn Energy (Beijing) Inyesuncnt Co..Ltd.
Yq 2021
Notes !o fuuncial statements

Transactions involving the disposal of equity ilvestments in subsidiaries that meel one or more
ofthe following conditions should be accounted for as a bundled transaction:

(I ) The Aansactions are ent€red into simultaneously or in contcmplation of each other ' s

effects.

(2) The aansactions only achieve a complete commercial effect when considered as a whole.

(3) The occurrcnce of one transaction depends on thc occurrence of at least one other
transaction.

(4) A transaction is not economical on its own but is economicalwhen considered together with
other transactions.

If the company loses control over a subsidiary due to the disposal of pafl of its equity
investment or other reasons, and the transactims do not constitute a bundled transaction, the
accounting treatment should be distinguished between individual financial statements and
consolidated financial statements:

(l ) Individual Financial Statements,For the disposed equity, the difference between the carrying
amount and the actual proceeds should be recognized in current profit or loss. If the
remaining equity provides joint control or significant influence over the investee, it is
account.d for using the equity method. and the remaining equity is adjusted as if it had been
accounted for under the equity method fiom the time of acquisition.lf the remaining equiry
does oot provide joint conhol or significant influcnce, it is accounted for under the
"Accounting Standards for Business Enterprises No. ?2 - Financial Instruments:
Recognition and Measurement," and the dilference between its fair value on the date control
is lost and the carrying amount is recognized in cunent profit or loss.

(2) Consolidated Financial Stateanents: For transactions occurring before losing control over a
subsidiary, the difference bet*'een the disposal proceeds and the share ofthe subsidiary' s

net assets (calculaled from the acquisition date or the date of the business combination)
shoutd be adjusted against capital reserve (sharc premium). Any shonfall in capital reserve
should be adjusted against retained eamings.Upon losing control over a subsidiary, the
remaining equity should be rcmeasured at its fair value on the date control is lost. The
consideration received from the disposal and the fair value of the remaining equity, less the
share of the subsidiary' s net assets (calculated from the acquisition date) based on the

original holding percentage, is recognized as investmext income in the period of losing

control and goodwill should be written down accordingly. Other comprehensive income
related to the original subsidiary' s equity invcstment shoutd be reclassified to current
investment income upon losing control.

32 C0NS0RllUlil 0t S0SlilN€ GREEN Et{ERGy

tBEurNGl
ryPrrrrENr
co rro
RENEw PorER coMpaNy rrMrrro
 Soshinc Grccn Energy (Bcijing) Inv€soncnt Co..Ltd.
Year 2021
Notas io frnEEial statements

When multiple tansactions related to the disposal ofsubsidiary equity investments and the loss
ofcontrol are considered bundled lransactions, these transactions should be accounted for as a
single disposal of subsidiary equity investmcnt and loss of control, with the accounting
treatmenl distinguished between individual financial statcments and consolidated financial
statements:

(l) Individual Financial Statemenls, The difference between the proceeds ofeach disposal and
the carrying amounl of the disposed equity investment should be recognized as other
comprehensive income and reclassified to current profit or loss upon losing control.

(2) Consolidated Financial Statemens, The difference between each disposal procecds and the

share ofthe subsidiary' s net assets conesponding b lhe disposed investment should be
recognized as other comprehensive income and reclassified to cunent profit or loss upon
losing control.

(5) Criteria for Joint Control and Significant Influence

The company has joint control over an arangement if, according to relevant agreements, the
collectivc control of the arrangemeflt requires unanimous consent from all parties sharing
control, and the company has significant influence over thc retum from the arangemert.

If the company has righs to the net assets of a joint arrangement determined based on relevant
agreeme s, the joint arrangcment is classified as a joint venture and accounted for using the
cquity method.lfthe company does not have rights to the net assets ofthe joint arangement, the
joint arrangement is classified as a joint operation. and the company rccognizes and accormts
for its share of interests in thejoint operation according to relevant accounting standards.

Significantinfluencereferstotheinvestor'spowertoparticipateinthefinancialandoperating
policy decisions of the invcstee but does not amount to control or joint control. The company
determincs whether it has significant influence ovcr an investee based on one or more of the
following oiteria 8nd considers all rElevant facts and circumstances: (l) Representation on the
investee' s board of directors or similar goveming body-(2) Participation in the financial and
operating policy-making processes. (3) Significant transactions with the investee. (4) Provision
of key managerial personnel to the inveslee. (5) Provisioo of essential technical information to
the investcr.

(21 ) Inv€stment Property

Investn:rent prop€rty refers to property held to eam rental income. for capital apprcciation, or

both. This includes leased land use righs, land use rights held for transfer after appreciation,
and leased buildings. Additionally, if the company's board of dircctors makes a written
resolution stating that vacant buildings held by the company are intended for operating leases

CONONNUi' OT SOSIIINE CREEN ENERGY

{aEUtNGt co rrD
33 ryraNruENr
RENEwPOf,ER coMpaNy LtMtTEo
 Soshhe Grcen Energy (Bcijing) lnvcsrnem Co..Ltd.
Yed 2O2l
NolEs to luurcial staremeots

and this intention is nor expected to change in the shon Erm. these buildings will also be
classified as investment property.

The initial cost of the company ' s investment property is recorded at its purchase cost. The cost

of purchased invesfnent property includes the purchase price, related taxes, and any other
expenses directly attributable to the acquisition of the assct. For self-constructed investnent
property, the cost includes all necessary expenditurcs incurred before the asset is ready for its
intended use.

The company adopts lhc cost model for subsequent measurement of investment property.
Depreciation or amortization is calculated on buildings and land use rights based on their
cstimated useful lives and residual values.

When the use of invesunent property changes to owner-occupied property, the company
reclassifies the inyestment property as fixed assets or intangibte assets starting from the date of
the change. Conversely, when the use of owner-occupied property changes to eaming rental
income or capital appreciation, the company rcclassifies fixed assets or intangibte assets as

investment property starting from the date of the change. The carrying amount before the
reclassification is used as the carrying amount after the reclassification.

Investment property is derecognized when it is disposed of, or when it is permanently

withdrawn fiom use and no fi.rture economic bcnefits are expected from its disposal. Gains or
losses arising from the disposal, transfer. scrapping, or destruclion of investment property,
calculaGd as the difference between the net disposal proceeds and thc carrying amount of the
asset, are recognized in profit or loss for the period.

(22) Flxed Assets

l.Recognition Criteria for Fixed Assets

Fixed assets refer to tangible assers held for the purpose of producing goods, providing services,
leasing, or for adminisrative rse, with a useful life exceeding one accounting year. Fixed assets
are recognized when they simultaneously meet the following conditions:

(l) It is probable that the economic benefits associated with the fixed asset will flow to the
cnterprise,

(2) The cosr ofthe fixed asset can be reliably measured.

2.lnitial Measurement of Fixcd Assets

The company measures fixed assets at cost initially.

v CONSORTI!M OF SOSHINE GR€TN TN[RGI

tBEurNG) rNyAjlarEN r co rtD
,.nt* ,#L%oon, , nrr.o
Soshile Circcn Energy (Bcijing) Inlestsncrlt Co.,Lrd.
Yca 2021
Notes to fill8tlcial stalcments

(l ) The cost of purchased fixed asses includcs the purchas€ price, import duties, md related
taxes, as well as any directly attributable expenses incurred to bring the asset to thc location and

condition necessary for it to be capable ofoperating in thc manner intended by management.

(2) The cost of self-constructed fixed assets comprises all necessary expenditurcs incuned
before the asset is ready for ils intended use.

(3) Fixed assets contributed by investors are recorded at the value agreed upon in the
investme contract or agreement. Iflte value stipulated in the contract or agrecmcnt is not fair,
the fair value is used.

(4) If thc payment for purchasing fixed assets is defened beyond normal credit terms and
cffectively contains a financing element, the cost ofthe fixed assets is determined based on the
prese value ofthe purchase price. The difference betwecn the actual payment and the present
value of the purchase price is recognized as intercst expcnsc over the credit period, exce for
amouns capitalized.

5.Subsequent Measurement and Disposal of Fixed Assets

(I ) Depreciation of Fixed Assets

Fixed assets are depreciated over their estimated useful lives, using the stfaigtrt-line method
after deducting the estimated residual value. For fixcd assets that have been impaired,
depreciation is calculated based on thc carrying amount after deducting thc impairment
provision and the remaining useful life. Fixed assets that arc still in use after full depreciation
are not depreciated further.

The company determines the useful life and estimated residual value of fixed asscts based on
their naturc and usage. At the end of each year, the useful life, estimated residual value, and
depreciation method of fixed assets are reviewed, and adjustments are made if there are
differenccs from the previous estimales.

The methods, useful lives, and annual deprcciation rates for different q?es of fixed assets are as

follows:

Annual
Type of Fixed Depreciation Useful Life (Yca$) rrsidual valu€ ratc Depreciation Rate
As6€t Merhod (%) ("/"

slraiSht-line method
Buildings 10.10 ) 2.3154.150

straight-line merhod
Machincry l0 5 9.500

straight-line method
Transprytation l0 5 9.500

CONSORTIUM OF SOSIIINE GREEIl ENERGY

{AEL!NG} IN\.I,i(lENI co LIo
REN€W Pq{IER COMPANY TIMITEO
 Soshine Grecn Energy (Beijing) Investment Co..Lrd.
Yex 2O2l
Nores io financial $arcmenls

Equipment

OtIce Equipmenl straighr-line method 5 ) t9.000

and Other Fixed

Asscts

(2) Subsequent Expenditures on Fixed Assets

Subsequent expenditures related to fixed assets that mect the criteria for recognition as fixed
assets are included in the cost of the fixed assets. Those that do not meet the criteria for
recognition are expensed in the period in which they are incuned.

(3) Disposal ofFixed Assets

When a fixed asset is disposed of or is expected to generate no firture economic ben€fits either
through use or disposal, it is derecognized. The proceeds from the sale, transfer, scrapping, or
damage of a fixed asset, after deducting its carrying amount and related taxes and fees, are
recognized in the curent period's profit or loss.

(23) Construction in Progress

LInitial Measurement of Construction in Progrxs

The company's self-constructd construction in progress is measured at actual cost. The actual
cost consists of all necessary expenditures incurred before the asset reaches its intended usable
state. This includes the cost of materials, labor costs, relevant taxes paid, capitalized bonowing

costs, and allocated indirect costs.

2.Criteria and Timing for Transferring Construction in Progress to Fixed -Assets

Constmction in progress projects are transferred to fixed asses based on all expenditures
incurred to bring the asset to its intended usable state. If thc construcled project has reached its
intended usable state but has not yet undergone final acceptance. it is transferred to fixed assets
at its estimated value based on the pmject's budget, cost, or actual expenses. Depreciation is
then calculated according to the company's fixed asset depreciation policy. Upon completion of
final acceptance, the initially estimated value is adjusted to the actual cost, but the previously
calculaled depreciation is not adjusted.

(2.1) Borrowing Costs

l.Principles for Capitalizing Borowing Costs

Bonowing costs directly atributable 10 the acquisition, construction, or production of assets

that meet the criteria for capitalization are capitalized and included in the cost of the related

36 CONSORTIUM Of SOSHINE GREENENER6Y

{aEurNG) rNvFs_yENr co rto
RENEw Pote€R coMpaNy LtMrr€o
Soshin€ Glccn Ercrgy (Bcijing) Invcstncnt Co.,Lrd.
Yee 2021
NotEs to finatrcial statem€ots

assets. Othcr borrowing costs arc expensed as incurred and recognizd in the currcnt period's
profit or loss.

Asses eligible for capitalization are those that require a significanl period of acquisition or
production to reach their intended usable or saleable state, such as fixed ass€ls, investment
propcfi ies" and inventories.

Capitatization ofborrowing costs begins when all ofthe following conditions are met:

(l) Expenditures for the asset have been incurred, including cash pa).menls, transfers of non-
cash assets. or interest-bearing debts.

(2) Bonowing coss have beer incurred.

(3) Activities necessary to prcpare the asset for its intended use or sale have commcnced.

2.Capitalization Period

The capitalization period is the period from the start of capitalization of borrowing costs to the
cessation ofcapitalization. Periods ofsuspension of capitalization are excluded.

Capitalization of borrowing costs c€ases when the 8ss€t that meets the capitalization criteria is
ready for usc or sale.

lf parts of lhe asset that meet the capitalization criteria are completed and can be used
independently, capitalization ofborrowing costs for those parts ceases.

For assets with components fiat are separately completed but must wait until the entirc asset is

complcted for use or sale, capitalization of borrowing costs ceases when the entire asset is
complcted.

3.Suspension of Capitalization

lf there is an abnormal intemrytion in the acquisition or production of asets thal meet the
capitalization criteria, and the interruption excecds thrce consecutive months, capitalization of
bonowing costs is suspended. If the intemrption is neccssary for preparing the asset for its
intendcd use or sale, capitalization continues. Bonowing costs incurred during the interruption
are recognized in the current period' s profit or loss untll activities resume and capitalization

contrnues

4.Calculation Method for Capitalized Borrowing Costs

Specific Borrowings: Interest expenses on specific borrowings (net of interest income from
unused borrowings or temporary investments) are capitalized until the asset rcaches its intended

use or sale status.

CONSORIIUI',l OF SOSHINT GRTEN ENERGY

37
taeuroyArrue rr co lro
RENE\i/ PolrER coMPANy LrMtrEo
 Soshinc Grccn Energy (B€ij ing) Invcsilrne Co.,Ltd.
Yer 2021
Notcs to financial statements

General Bonowings: For general borrowings, capiralized interest is calculated by multiplying

the weighted average amount of asset expenditures lhal exceed specific borrowings by the
capitalization rate applicable to general bonowings. The capitalization rate is determined based
on the wcighted average interest rate ofgeneral borowings.

Discount or Premium on Borrowings: The amount of discount or premium is amo*ized using

the effedive interest method. adjusting the interest expensc for each accounting period.

(25) Right-of-Use Assets

Initial Mcasurement of Right-of-Use Assets

l.Right-oGuse assets are initially measued at cost, which includes:

2.The initial measurement amount ofthe lease liability.

3.Lease paymenls made at or before the commencement date of the lease, minus any lease
incentives received.

4.lnitial direct costs incurred by the company

Costs expected to be incurred for dismantling, removing the leased asset, restoring the site, or
restoring the asset to th€ cordition required by the lease terms (excluding costs related to
producing invenrories).

After the commencement date ofthe lease, the company uses the cost model to measure right-of
-USe aSS€tS.

(25) Rtght-of-Use Assets

Rightrf-use assets are initially measured * cosr, which includes:

1. The initial measuremenl amount ofthe lease liability;

2. Lease payments made on or before the commcncemenl date of the lease, less aay lease
incentives received;

3. Initial direct costs incurrcd by the company;

4. Costs expected to be incurred for dismantling and removing the lease asset, restoring the site
ofthe lease asse! or retuming the asset to the condition specilied in the lease terms (excluding

costs incurrcd to produce inventory).

After the lease commencement date, the company applies the cost model for subsequent
measurcment of right-otuse assets.

38 CONSORIIUIi,I OT SOSHINE 6REEN ENERGY

IBEUING} IIU/ESIMENI CO TIO
o##o%"on, .,r,r.o
^unr*
Soshinc Gr€€n Energy (Beijing) Investment Co..Ltd
Yea! 2021
Notes to finall.ial stalements

lflhe company can reasonably determine that it will obtain ownership ofthe lease asset by the

end ofthe lease term, depreciation should be charged over the remaining useful life of the lease

asset.

If it cannot reasonably determine that ownership of the lease asset will be obtained by the end
of the lease term, depreciation should be charged over the shorter of the lease term or the
remaining useful life ofthe lease asset.

For right-of-use assets that have been impaired, depreciation in futwe periods should be based
on the book yalue after deducting the impairment provision, following the above principles.

(26) Intangible Assets and Development Costs

lntangible Assets refer to identifiable non-monetary assels without physical substance that are
owned or controlled by the company. This includes items such as land use rights, patents, and
non-patented technologies.

l. Initial Measurement of Intangible Assets

The cost of acquired intangible assets includes the purchase price, related taxes, and other
expenses directly attributable to making the asset ready for its intended use. If the purchase
price of intangible assets is deferred beyond normal credit terms and effectively involves
financing, the cost of the intangible asset is determined based on the present value of the
purchase price.

For intangible assets obtained through debt restructuring, the initial recognition value is based
on the fair value of the intangible assst. The difference between the carrying amount of the
restructured debt aJld the fair value ofthe intangible asset used to settle the debt is recognized in
the current period's profit or loss.

ln the case ofnon-monetary asset exchanges that have commercial substance and where the fair
value of either the acquired or exchanged asset can be reliably measured, the intangible asset
acquired is recognized at the fair value of the exchanged asset. If there is conclusive evidence
that the fair value of the acquired asset is more reliable, it is used; otherwise, the cost of the
acquired inlangible asset is based on the carrying amount of the exchanged asset plus any
related taxes, with no recognition ofprofit or loss.

Intangible assets obtained through mergers ofentities under common conkol are recognized at
the carrying amount of the acquircd entity. Intangible assets acquired through mergers of
entities not under common control are recognized at fair value.

For inlemally developed intangible assets, the cost includes: materials consumed, Iabor costs,
registration fees, amonization of other patrents and licenses used during development,

CONSORIIUI OF SOSHINT GREENENERGY

(AEUING) INI,,ESfMEN T co LTD
39 RENE!! pqttR coMpaNy t- VrrED
 Soshine Green Energy (Boijing) lnyesrment Co..Lrd.
Year 2021
Notes to lillancial statements

capitalizable interest cosrs, and other direct costs incurred to make the intangibte asset ready for
its intended use.

2. Subsequent Measurement of Intangible Assets

Upon acquisition ofintangible assets, the company determines their useful life, classifing them
as either having a finite or indefrnite useful life.

(l ) Finite Useful Life Intangible Assets

Amortization: Intangible assets with a finite useful life are amortized on a straight-line basis
over their useful lif€. This amortization continues as long as the asset is expected to bring
economic benefits to the company.

Review: At the end ofeach period, the useful life and arnortization method of finite useful life
intangible assets are reviewed. Ifthcre are differences from the previous estimates, adjustments
are made accordingly.

Consistency: After review, if the useful life and amortization method of the intangible asset
remain unchanged from the previous estimates, no flirther Edjus$nents are made.

(2) Indefinire Usefirl Life Intangible Assets

No Amortization: Intangible assets with an indefinite useful life are not amortized. Instead, their
useful life is reviewed at the end ofeach period.

Impairment Testing: Il after review, the useful life ofthe asset is still indefinite, it continues to
undergo impairment testing each accounting period.

3. Research and Development Phases

Research Phase: This phase involves original and planned investigation activities to gain new

scientific or technical knowledge. Cosr incrmed during this phase are expensed as incured.

Development Phase: This phase applies research findings or other knowledge to a plan or
design to produce new or significantly improved materials, devices. products, etc. Costs
incurred during this phase are capitalized ifcertain conditions are met.

4. Capitalization Criteria for Development Phase Expendiure

Expenditure during the development phase of intemal research and development projects is
recognized as an intangible asset if it meets the following conditions:

(l) Technical Feasibility: The asset can be completed to make it available for use or sale.

(2) Intent: There is an inlention to complete tlle asset and use or sell it.

40 CONSORTIUI!1 Of SOSHINE 6RTEN ENERGY

(sEUINGr lNvfs.i$ENI CO trO
nerEw Po*En couPanv trtulttto
 Soshinc Grccn Encrgy (Bcijing) Invcsmrm Co..Ltd.
Ycs'2021
Noles io finmrial sta&m.0ts

(3) Economic Benefits: There is evidence thal the asset will generate economic benefits. either

through market existence or intemal use.

(4) Resourccs: Adequate technical, financial, and other rcsowces are available to complete
developnent and use or sell the asset.

(5) Reliable Measurement: The expenditure attributible to the development phase can be
reliably measured.

If thes€ criteria ar€ not meq development costs are expenscd as incured. Previously expensed
development costs arc nol re-recognized as assels in subsequent periods Capitalized
development costs are listed as d€velopment expenditurcs on the balance shcct and are
uasferred to intaflgible assets once dre project is resdy for its intended use.

(27) lmpai7ment of Long-Term Assets

The Company determines whether there are signs ofpossible impairment oflong-term assets on
the balance sheet date. If of impairment of long-term assc6, thc recoverable
there are signs

amount is estimated on the basis ofindividual assets; if it is dilficult to estimate the recoverable

amount of individual assets. the recoverable amount of the asset group is determined based on
the asset group to which the asset belongs.

The estimatc ofthe recoverablc amount ofan asset is determined based on the higher ofthe net
amount of its fair value less disposal costs and lhe prcsent value of the asset's expected future
cash flows.

If the measurement result of the recoverable amount shows that the recoverable amount of a
long-t€rm asset is lower than its book value, the book value of the long-term asset shall be
written down to the recoverable amount, and the amount of the write-down shall be recognized
as an asset impairment loss and included in the current profit and loss, and the corresponding

asset impairment provision shall b€ made at the same time. Once an asset impairment loss is
recognized, it shall not be reversed in subsequenl accounting periods.

After the asset impairment loss is recognized, the depreciation or amortization orperse ofthe
impair€d asset shall be adjusted accordingly in future periods so that the adjusted asset book
value (less the estimatcd net residual value) can be systematically arnortized over the remaining
useful life ofthe asset.

Goodwill and intangible assets with uncenain useful lives resulting from business combinations
are tested for impairment every year, regardless ofwhether there are signs of impairment.

When conducting impairment tests on goodwill, the book valuc ofgoodwill is amortized to the
asset groupc or asset group combinations that are expected to benefit from the synergies of
business combinations. When conducting imprairment tesls on relatcd asset groups or asset

CONSOR]IUMOT SOSHINE GREEN ENERGY

41
(BEUING) lyflqENI co Lro
textw Por(n couPatY ttutreo
 Soshine Grcen Energy (Brijing) lnvcstment Co..Ltd.
Yea" 2021
Notes to lmarlcial stalemer(s

group combinations that include goodwill, if there are signs of impairment on the asset groups
or:rsset group combinations related to goodwill, first conduct impaimrent tests on the asset
groups or asset group combinations that do not include goodwill, calculate the recoverable
amounl and compare it with the relevant book value to recognize the conesponding impairment
loss. Then conduct impairment tests on the asset groups or asset group combinations that
include goodwill, compare the bmk values of these related asset groups o, asset group
combinations (including the book value portion of the amortized goodwill) with their
recoverable amounts. If the recoverable amount of the related asset groups or asset group
combinations is lower than their book values, recognizc the impairment loss ofgoodwill.

(28) Long-Term Prepaid Expenses

Long-term prepaid expenses refer to expenses that the company h:rs already incurred but are to
be allocated over a period exceeding one year. Long-term prepaid expenses a," amortized over
their benefit period using the straight-line method.

(29) Contract Liabilities

The company recognizes contact liabilities for obligations to ransfer goods to customers for
which it has received or is entitled to receive consideration Aom customers.

(30) Employee Benerits

Employee benefits are various forms of compensation or benefits provided by the company for
services rendered by employees or for terminating employment. Employee benefits include
short-term benefits, post{mployment benefits, termination benefits, and other long-term
employee bcneflrts.

l. Short-Term Benefits

shorr-term bcnefits refer to employee benefits that the company expects lo settle within twelve
months afler the end ofthe annual reporting period in which the employees render their services,
excluding post-employment benefits and termination bencfits. The company recognizes the
amount payable for shon-term benefits as a liability during the accounting period in which the
employee rcnders services and accounts for it as relatcd asset costs and expenses based on the
benefi ciary of the services.

2. Post-EmploymentBenefits

Post-employment benefits are various forms

of compensation and benefits provided by the
company after employees retire or leave the company, excluding shon-term benefits and
termination benefits.

The company' s post-employment benefit plans are classified into defined cont bution plans

and defined b€nefit plans.

CONSORIIUiI,I Of SOSHINE GREEN ENERGY

42
tBETJTNG) rN?rr!{ENr co rro
RENEw Po|(ER cciMpaNy Ui,ltTEo
 Soshine Green Energ5i (Beijing) Invesnnert Co.,Ltd.
Year 2021
Notes to fmancial statements

The company panicipates in social basic pension insurance, unemployment insurance, and other

schemes organized by local labor and social security agencies. During the accounting period in
which thc employees provide services to the company, the amount payable under the defined
contribution plan is recognized as a liability and charged to the current profit or loss or related
asset costs.

The company has no further payment obligations afr€r making the regular contributions
according to national standards and p€nsion plans.

3. Termination Benefits

Termination benefis refer to comp€nsation provided by the company when terminatinB the
labor relationship before the expiration of the employec ' s labor conlract, or to encourage
cmployees to voluntarity accep redundancy. A liability for compensation arising from
termination is recognized at the ea ier of the point when the company cannot unilaterally
withdraw the termination plan or redundancy proposal, ot when the related restrusturing costs
involving termination benefits are recognized. This liability is also included in the current profit
or loss.

The company provides irrtemal retirement benefits to ernployees who accept intemal retirement
arrangements. Intemal retirement benefis are payments made to employees who, not reaching

the statutory retiremen age, voluntarily leave their positions with the company' s approval,
including wages and social insurance conributions. The company pays these intemal retirement
benefis from the start of the intemal retirement arrangFment until the employee rcaches the
normal rethement age. For intemal retirement benefits, accounting reatment is similar to
termination benefits. When the conditions for recognizing termination benefits are met, the
wages ald social insuance contributions payable from the employee ' s last day of service to
the nomal rctirement date are recognized as liabilities and charged to the curent profit or loss
in a lump sum. Any actuarial assumption changes or bcnefit standard adjusments affecting
intemal retirement benefits are recognized in the cunent profit or loss when they occur.

The benefit obligations arising from the plan relare to the period in which the employees
provide services and are charged to the current profit or loss or related asset costs.

(31) Provlrioas for Li.biliti€g

I .Recognition Criteria for Provisions

A provision related to a contingent liability is recognized when all of the following conditions
are met:

The obligation is a prcsent obligation ofthe company.

It is probable that an outflow ofeconomic benefits will be required to settle the obligation.

C0llS0lllulil 0F S0SfllNE GRttN ENERGY

43 {BEUINGI INV,'S-P/IEN 1 CO LTt)
,,,r,r, o
"un.* "!@oor"ou,
 Soshine Green Energy (Beijing) Investm€nt Co..Ltd
Year 2021
Notes to financial statemmls

The amount ofthe obligation can be reliably estimated.

2.Measurement of Provisions

Provisions are initially measured at the best estimate of the expenditure required to settle the
present obligation.

ln detemining the best estimate, the company considers the dsks, uncertainties, and the time
value of money associated with the contingent liability. For significant etTects ofthe time yalue
of money, the best estimate is determined by discounting the relevant future cash flows.

The best estimate is teated as follows:

For Expenditures Within a Continuous Range: If the expenditure falls within a continuous range
(or interval) where the probabilities of various outcomes are equal, the best estimate is

determined as the average ofthe upper and lower limits ofthe range.

For Expenditures Without a Continuous Range or with Unequal Probabilities: If there is no

continuous range or if the range has unequal probabilities, or ifthe contingent liability involves
a single item, the best estimate is determined as the most likely amount to occu. For contingent
liabilities involving multiple items, the best €stimate is calculated based on various possible
outcomes and their associated probabilities.

If the expenditure required to settle the provision is €xpected to be fully or partially

compensated by a third party, the compensation amount is recognized as an asset when it is

virtually certain to be received. The recognized compensation amount should rot exceed the
carrying amount ofthe provision.

(32) Lease Liebilities

The company initially measures lease liabilities at the present value of lease payments not yet
paid as of tle commencement date of th€ lease. In calculating the present value of lease

payments, the company uses the interest rate implicit in the lease as the discount rate. If the
interest rate implicit in the lease cannot be dEtermined, the company uses its incremental
bonowing rate as the discount rale. Lease payments include:

l. Fixed payments and substantive fixed payments, net of any lease incentives;

2. Variable lease payments that depend on an index or rate;

3. The exercise price ofa purchase option, if the company reasonably expects to exercise the
option;

4. Payments expected to be made to exercise a termination option ifthe company reasonably

exp€cts to exercise the termination option;

44 CONSORTIU[1 OF SO^SHINE GREEN EI,IERGY

(aEUrNGr tNlFrttENI co Lro
nrr.rrw por#n coupatY LttvtttED
 Soshine Creeir Energy (Beijing) Investmcnt Co..Ltd.
Yee 2021
NotEs to fmancial statements

5. Paymerts expected m be made based on the residual value guarantee provided by the
company

The company calculates interest expenses on lease liabilities for each preriod of the lease term
using a fixed discount rate and rccognizes it in profit or loes or in the cost of related assets.
Variable lease payments not included in the measurement of lease liabilities are recognized in
profit or loss or in the cost of related assets when they are incuned.

(33) Slare,Based Pslments

I. Types of Share-Based Payments

The company's share-based payments are classified into equity-settled share-based payments
and cash-settled share-based paymenls.

2.Determination of Fair Value of Equity Instruments

For equity instruments granted where an active market exists. the fair value is determined based
on quotes in that acdve market.For equity instrumens granted where no active market exists,
the fair value is determined using option pricing models. The option pricing modets selected
take into account the following factors( I ) The exercise price of the option;(2) The option,s
termi(3) The current price of the underlying shares;(4) The expected volarility of the share
price;(s) Expected dividends on the shares;(6) The risk-free interest rate during the option term.

When determining the fair value of equity instruments on the grant date, the impact of both
martel cmditions and non-market conditions specilied in the share-based payment agreement is
considered. If the share-based pafnent includes non-market conditions, the cost expense
corresponding to the service received is recognized as long as the employe€ or other party
meets all non-market conditions.

3. Impact of Conditions on Equity lnstruments

When detErmining the fair value of equity instruments on the grant date, the impact of both
market conditions and non-market conditions specified in the share-bxed payment Egreement is
considered. If there are non-market conditions attached to the equity payment, the cost expense
conesponding to the service received is recognized as long as the employee or other parties
meet all non-market conditions (e.g., service periods).

4. Determining the Best Estimat€ ofExercisable Equity Instruments

On each balance sheet date during the waiting period, the b€st estimate of the number of
exercisable equity instruments is revised based on the latest information about changes in the
number of employees rvho can exercise the options and other subsequert events. On the
exercise datc, the final estimated number ofexercisable equity instruments will match the actual
number exercised-

CONSORTIUM OF SOSHTNE GREEN EIIERGY

tasutxc) rnYsrfUrxr co rro
45 RENEW PIIER COMPANY LIMITEO
Soshine Grcsn Energy (Bei,iing) Investment Co..Ltd.
Year 2021
Notes to fi[ancial statemsnts

For equify-settled share-based payments, the fair value of the equity instruments granted is
measured. For equity instruments that are immediately exercisable upon grant, the fair value of
the equity instruments on the grant date is recognized in the relevant cost or expense and
credited to capital reserves. For equity instruments that can only be exercised after compleling
the waiting period or meeting specified performance conditions, the fair value on the grant date

is used to recognize the cost or expense and capital reserves based on the best estimate of the
number of exercisable equity instruments on each balance sheet date during the waiting period.
No adjustnents are made to the recognized costs, expenaes, or total equity after the exercise
dale.

For cash-settled share-based payments, the fair value of the liability based on the company's
obligation to deliver shares or other equity iostruments is measured. l'or cash-settled share-
based payments thal are immediately exercisable upon grant, the fair value ofthe liability on the
grant date is recognized in the rel€vant cost or expense and cr€dited to the liability. For cash-
settled share-based payments that can only be exercised after completing the waiting period or
meeting specified performance conditions, the cost or exp€nse and corresponding liability are
recognized based on the best estimate of exercisability on each balance sheet date during the
waitiog period, with the tiability measured at fair value. The fair value of the liability is re-
measured on each balance sheet date before settlement and on the settlement date, with any
changes recognized in profit or loss.

Ifthe granted equity instruments are canceled during the waiting period, the company treats the
cancellation of granted equity instruments as accelerated vesting, recognizing the remaining
unrecognized amount in profit or loss immedialely and crediting capital reserves. If an
employee or other party chooses not to meet the non-exercisable conditions but fails to meet
them during the waiting period, the company ueats this as a cancellation of the granted equity
instruments.

(34) Prefcrred Shar€s, Pcrpeturl Botrds, and Other FinErcial Instruments

In accordance with financial instrument standards, the company classifies issued preferred
shares, perpetual bonds, and other financial instruments into financial liabilities or equity
instruments at initial recognition based on the contractual terms and the economic substance of
the insfuments rather than solely on their legal form. The classification is determined by
considering the definitions ofhnancial liabilities and equity inslruments.

l.Financial instruments are classified as financial liabilities if they meet any of th€ following
conditions:

(I ) Obligations under contracts to deliver cash or other financial assets to other parties;

(2) Obligations under contracts to exchange financial assets or financial liabilities with other
parties under potentially unfavorable conditions;

CONSORTIUM OF SOSHIITE GREEN ENERGY

46
IBEUING) INUESIIVlENT CO LTO

ooffi%rou" .,r,r.o
"rn.*
 SoshLE Green Energy (Beijing) Investm6nt Co.,Ltd
Year 2021
NotEs to fuErrcial stalements

(3) Non-derivative contracts that ar€ to be setlled or can be settled in thc future using the
company's own equity instruments, where the company is rcquired to deliver a variable number
of its own equity instruments according to the contractl

(4) Derivative contracts that are to be settled or can be settled in the future using the company's
own equity instruments, except for derivative contmcts where a fixed number of equity
instnrmenls are exchanged for a fixed amount ofcash or other financial assets.

2. Financial instruments will be classified as equity instruments ifthey meet all ofthe following
conditions:

( l) The financial instrument does not include obligations to deliver cash or other financial assets

to oth€r parties, or to exchange financial asses or financial liabilities under potentially

unfovorable conditions;

(2) The financial instrument will b€ settled in the future using the company's own equity
if it is a nonderivative instrument, it does not include obligations to deliver
instruments, where,
a variable number of equity instnrments for settlemcnt; if it is a derivative irBtrument, the
company can only settle it by exchanging a fxed number of its own equity instruments for a

fixed amount of cash or other financial assets.

3. Accounting Treatment Methods:

For financial instruments classified as equity instrumens, interest expenses or dividend

distributions should be treated as distributions of profits of fte issuing company. Transactions
such as repurchase and cancellalion should be handled as changes in equity. Transaction costs
such as fees and commissions should be deducted fiom equity.

For financial instruments classified as financial liabilities, interest expenses or dividend

distributions should generally be treated as borrowing costs. Gains or losses arising from
repurchasc or redemption should be included in the current period's profit or loss. Transaction
costs such as fees and commissions should be included in lhe initial measurement amount ofthe
issued instrument.

(35) Revenue

l. General Principles for Revenue Recognition

Revenue is recognized when the company has fulfilled its performance obligations in the
contrac! lhat is, when the customer obtains control of the relevant goods or sewices. The
revenue is recognized at the tansaction price allocated to that performance obligation.

A performance obligation refers to a promise in a contact io transfer a distinct good or service

to the customer.

CONSORNUM OT SO$HINE GREEN ENERGY

rBEUrNc) rNvr6rrENr co LrD
.,,,,ao
47 ".na* ""#oorrony
Soshinc Green Energr (Beijing) Investment Co.,Ltd.
Ye 202l
Note s to fmancial statemenrs

Obtaining control of the relevant goods means having the ability to direct the use ofthe goods
and obtain nearly all ofthe remaining economic benefits from them.

The company evaluates the confact at the start date to identiry the separate performance
obligations in the contract and detemines whether each performance obligation is satisfied over
time or at a point in time. A performance obligation is satisfied over time if it meets one of the
following criteria: (l)The customer simultaneously receives and consumes the benefits provided
by the company's performance as the company performs(2)The customer conkols the work in
progress of the goods being crcated or produced by the company's performance;(3)The goods
produced by the company's performance have no alternative use. and the company has an
enforceable right to payment for performance completd to date and expects to fulfill the
contract as agreed.

Otherwise, revenue is recognized at the point in time when the customer obtains control of the
relevant goods or services.

For performance obligations satisfied over time, the company determines the appropiate
progress using the output method or input method based on the nature ofthe goods and services.

The output method measures progress based on the value of the goods trdnsferrcd to the
customer relalive to the total goods' value to the customer. The input method measw€s progress
based on the inputs used by the company to fulfill the performance obligation. When the
progress of fulfrlling the obligation cannot be reasonably measued, if the costs incured are
expected to be recovered, revenue is recognized based on the costs incured until the progress o1'
performance can be reasonably measured.

2. Specific Methods for Revenue Recognition

For services provided by the company, if the contract specifies that the performance obligation
is satisfied over time, revenue is recognized using the output method. lf the obligation is not
satisfied over time, it is determined to be satisfied at a point in time, and revenue is recognized
when the performance obligation is completed.

For construction or service contracts where the customer controls the work in progress, revenue
is recognizcd over time based on the progess of completion. This is determined by the
proportion of actual contract costs incurred to the total eslimated contract costs, the proportion
of work completed relative to the total estimated work, or the measurement of completed
contract work. At the balance sheet date, the company reassesses the progress of completed or
ongoing services to reflect any changes in performance. For contacts with small amounts,
revenue is recognized upon final acceptance.

Income from the transfer of asset usage rights includes interest incomg usage fees, etc. Interest
income is calculated based on th€ time and effective interest rate for the use of the company's

CONSORTIUM OT SOSHINE GREEN ENEfiGY

48
IAEUINGIryETMENT co Lro
RENEW POVTIR COMpaNy LrMrrEo
Soshinc Grccn Energy (Beuing) Investment Co..Lrd.
Year 2021
Notes to llnslcial stltements

monetsry funds by others. Usage fee income is calculaEd based on the timing and method of
charging spocified in the relevant contract or agreement.

$ome contracts with customers include arrangcments for compensation for rmmet targets,
contract discounts, penalties, fines, and bonuses, which form variable consideration. The
company estimates the variable consideration based on the expected value or most likely
amount. However, the transaction prioe including variable consideration does not exceed the
amount of rcvenue that is highly probable of not being revoned signihcantly when the related
uncertainties are resolved.

(3Q Conlrect Costs

l.Conbact Performance Cost6

Costs incuncd by the company to fulfill a contract, which are not covered by other enterprise
accounting slandards except for revenue recognition standards, are recognized as contract
performancc costs ifthey' meet the following conditions:

(l) The costs are directl), relat€d to a current or cxpected contract, including direct labor, direct
materials, manufacturing expenses (or similar costs), costs explicitly bome by the customer, and
other c.osts incurred solely due to lhe contract.

(2) The costs increase the company's resources used to fulfil! the performance obligations in the
futule.

(3) The cosls are expected to be recoverable.

This asset is reported under inventory or other non-cun€nt assets depending on *'hether the
amortizalion period exceeds a nbrmal operating cycle at the time ofinitial recognilion.

2.Contact Acquisition Costs

Incremental costs incurred by the company to obtain a c{ntract, which are expcct€d to be
recoverable. are recogniz€d as contracl acquisition costs.

Incremental costs are those that would not have been incuned if the contmct had not been
obtained, such as sales commissions. Costs with ar amonization period of one year or less are
recognizcd as expenses when incuned.

3.Amortization of Confact Costs

Assets related to contract costs are amortized based on the same criteria used for recognizing
revenue ftom the related goods or services, either at the point in time when the performance
obligation is satisfied or according to the progress of fulfilling the performance obligation, and
are tecorded as expenses in the current period.

4.Impairment of Contract CosB

CON.SORIIUM OF SOSHINE
GREEN Et./ERGY
(utUrNGt lNvrB_r{/tE rCO
LTD
49 .,^r,rao
^rna* "@o%"ony
 Soshine Green Energy (Beijing) lnvestment Co..Ltd.
Year202l
Notes to furancial stal€mefts

If the carrying amount of the assets related to confact costs exceeds the expected residual

consideration to be received from transfering the related goods and the estimated costs to
transfer those goods, an impairment provision should be recognized, and an impaiment loss
should be recorded.

After recognizing an impairment provision, if conditions from previous periods change such
that the difference between the expected residual consideration and the estimated costs exceeds
the carrying amount of the asset, the Feviously recognized impairment provision should be
reversed and recorded as income in the current period. However, the reversed carrying arnount

of the asset should not exceed the carryring amount of the asset if no impairment provision had

been recognized.

(37) Government Grants

l. Types

Covernmcnt grants are monetary and non-monetary assels received by the company Aom the
govemment without compensation. According to the relevant government documents,
govemment grants are classified into asset-related govemment granr and income-related
govemment grants.

Asset-related govemment grants refer to government g'ants received for p[chasing,

constructing, or otherwise acquiring long-term assets.Income-related govemment grants refer to
govemment grants other than those related to assets.

2. RecognitionofGovernmentGrants

Govemment grants are recognized based on whether there is evidence at the end of the
repodng period that the company meets the conditions stipulated by fscal support policies and
expects to raceive the financial suppon. Ifso, the grant is recognized at the receivable amount.

Otherwise. govemment gmnts are recognized when actually received.

Monetary asse6: Recognized at the amount received or receivable. Non-monetary assets:

Recognized at fair value: if fair value cannot be reliably measured, recognized at nominal value
(RMB l). Govemment grants recognized at nominal value are directly recorded in the cunent
period's profit or loss.

3. AccountingTreatment

The company determines whether to use the gross method or the net method for accounting
treatmenl ofgovernment grants based on the substance ofthe economic tlansactions, Cenerally,
the company applies only one method consistently for similar types ofgovemment grants.

Asset-related government grants should either reduce the carrying amount of the rclated assets
or be recognized as defered income. Government grants recognized as defened income should

50 CONSORlIUI!1 OT SOSHINE GREEN ENEROY

l8E'JrNGrj)Et'lrvlENr CO ( rD
iENEw Po*R coMPANY LrMtrEo
 Soshinc Grcen Energy (Beting) InvestmGrt Co.,Ltd.
Year 2021
Noles to fmarEial statemems

be amortized to profit or loss over the useful life of the conrtructed or purchased ass€t using a
$ystematic and rational method.

Income-related govemment gran6:For compensating fuure expenses or losses, recognized as

deferred income and included in profit or loss or deducted from related costs in the pcriod when
the related expenses or losses are recognized.For compensating expenses or losses that have
already occurred, recognized dircctly in profit or loss or deducted from related costs when
received.

Governmcnl grants relal€d to the company's daily activities are included in other income or
deducted from related costs and expenses; govemment grants uffelated to daily activities are
included in non-operating income and expenses.

Government grants related to policy-oriented loan intcrest subsidies should rcduce related
borrowing costs. For loans with policy-oriented preferential interest ntes provided by banks,
the actual received loan amount is used as the initial loan value, and borrowing costs are
calculated based on the loan principal and the preferential inlerest rate.

When government gran6 that have been recognized need to be retumed:lf the grant was
initially recognized by reducing the carrying amount ofrelated assets, adjust th€ asseds carrying

amount.lf there is a balance in related defened income, reduce the balance of deferred income,
and any cxcess amount should be recorded in profit or loss for the current period.lfthere is no
related deferred income, directly record the amount in the current period's profit or loss.

(3E) Deferred Tax Assets ard Deferred Tax Liabilities

Defened tax assets and defened tax liabitities are calculated based on the differenc€s
(temporary differences) between the tax bases of assets and liabilities and their carrying
amounts. At the balance sheet date, defemed tax assets and deferred tax liabilities are measured
at the applicable tax rales expected to apply when the asset is recovered or the liability is settled.

l. Recognition ofDeferred Tax Assets

The company recognizes deferred tax assets arising from deductible temporary differences,
deductiblc losses that can be carried forward to future years, and tax credits up to the amount of
taxable income that is likely to be available to offset these amounts. However, deferred tax
assets arising from the initial recognition of assets or liabilities in transactions meeiing the
following criteria are not recognized: (l)The transaction is not a business combination.(2)At the

time of dte transaction, it neither affects accounting profit nor taxable income or deductible
losses.

For deductible temporaq' differences related to investments in associates, deferred tax assets are
recognized itThe temporary differences are expected to reverse in the foreseeable future.h is
probable that taxable income will be available to offset the dcductible temporary differences.

CONSORIIUMOF SO SHINE GRETN ENERGY

5t {BEurNGt rNvri6rifENr co LrD

.,r,ra o
".na* "oi#o%"or,
 Soshine Groen Energy (Beijing) Investment Co..Ltd.
Yew 2021
Notes to Iinadcial stalemeits

2.Recognirion of Defened Tax Liabilities

Defered tax liabilities are recognized for taxable temporary differences arising from lhe current
and prior periods. However, the following are excluded:

(I )Taxable temporary differences arising from the initial rccognition ofgoodwill.

(2)Taxable lemporary differerrces arising from tlansactions or events not involving a business

combination, and which do not affect accounting profit or taxable income (or deductible losses)
when the transaction occurs.

(3)Taxable temporary differcnces related to investments in subsidiaries and associates where

the reversal timing ofthe differenccs is conhollable and it is unlikely that the differences will
reverse in the foreseeable future.

(39) Leascs

At the start ofthe contract, the company assesses whether the contract is or contairu a lease. If
one party grants the right to control the use ofone or morc identified assets for a period of time
in exchange for consideration, then the contact is a lease or contains a lease.

I .Separation oflease Contracts

When a contract contains multiple separate leases, the company separates the contract and
accounts for each individual lease separately.

When a contract includes both lease and non-leme components, the company separates the lease
and nonJcase components, accounts for the lease components according to lease standards, and

accounts for the non-lease components according to other applicable accounling standards.

2.Combining Lease Conlracts

Multiple contracts with the same counterparty or lls afliliates entered into at the same time or
close in time are combined into one contract for accounting purposes if:

(l) The contracts are negotialed as a package to achieve an overall commercial objective that
would not be appar€nt ifconsidered separately.

(2) The consideration in one contract depends on the pricing or performance of other contracts.

(3) The combined use rights ofasseis in the contracts constitute a single lease.

3.Accounting Treatrn€nt for Lessees

At the start of the lease term, except for short-term leases and leases of low-value assets, tlle
company recognizes right-of-use assets and lease liabilities.

(l ) Short-term Leases and Low-Value Asset Leases

COI'ISORTIUM OF SOSHINE GR€!N TIlER6Y

trEurNcr rN\?iJ-lrENr CO LIO
nExtw poGa cot"reaxv utr,reo
 Soshine Creen Energlr (Beijing) Invesmlcnt Co.,Lrd
leer 2O2l
Nol€s to f&ancial slatements

A short-torm lease is o{re that doeo not include a purchasc option and has a lease term of 12

months or loss.A low-value asset lease refers to leases ofaoscts that are |ow in value when new.

The company does not rccogniu right-otuse assets and lease liabilities for short-term leases
and low.value asset leases. Instead, lease payments are reeognized as expense orr'er the lease
term on s stsaightline basis or another systematic and rational method.

For all other short-term and low-value asset leases, right-of-use assets and lease liabilities are
recognized [if applicable].

(2) Accounting Policies for Riglrt-of-Use Assets and Lease Liabilities

Detailed accounting policies for right-of-use assets and lease liabilities are described in Note 4,
Section 25, Right-of-Use Ass€ts, and Note 4, Scction 32, Lease Liabilities.

(,10) Disconlinued Operations

The comgany classifies a component of the business as discontinued operadotrs if it meets one
ofthe following conditions and has either been disposed ofor is classified as held for sale, and

is a distinct and separate component:

(I ) The component represents a major line of business or geographical area of operalions.

(2) The component is part ofa plan to dispose ofa major line of business or geographical area
of operations.

(3) The component is a subsidiary ocquired specifically for resale.

The impairment losses, reversals, and other gains or losses from discontinued operations arc
presented as discontinued operations in the income statement.

(41) Chenges in Sigrilicrnt Accounting Policies and Accounting Estimates

l.Changcs in Accounting Policics

There have been no changes in accounting policies during the reporting period.

2.Changes in Accounting Estimdes

There have been no significant changes in accounting estimates during the reporting period.

IV. Tax

(l) Meir Taxes end Trx Rrtes

Tax Tax Rate

CONSORTIUM OF SOSHIN! GREEN ENERGY

{aEUrxG) rlrSHlrENr co L.ro
RENEw POVIER coMPANY LIMITED
Soshine Green Energy (Beijing) Investment Co.,Ltd.
Year 2021
Notcs to inancial statements

For taxable income, VAT is calculated based

VAT on the following tax rates:

(l3Yo,9%, 60/o. or SYo)

Income Tax 257o of Taiable lncome

The tumover tax is calculated at 7/o and 5% of
Urban Maintenance and Construction Tax the actual tumover tax paid.

Education Surcharge The tumover tax is calculated at 3olo ofthe

actual turnover tax paid.

Local Education Surcharge The tumover tax is calculated at 20z6 of the

actual tumover tax paid.

Property Tax
1.2%,12%

(2) Tax Incentives and Basis

None

V. Notes to Mrior Items in Corsolidated Fhsncisl Strtcrcnts

(The amounts are in RMB unless otherwise stated. The end ofthe period refers to December 3 l,
202l,the beginning ofthe period rcfers to January 1, 2021 and the end of the previous period
refers to December 3l, 2020)

Note l. Cash and Crsh Equivslenas

Item Closing Balance Opening Balance

Cash on Hand

Bank Deposits
225. t44, 551.0? t t4, 035, 715.09

Other Monetary Funds

Total 225, t44, 551.02 114, 035, 715.09

Total Amount ofFunds Held
Overseas

Noae 2. Accounts Receivablr

Item Closing Balance Opening Balance

Receivables and Pavables 293,743,972.23 126,87t,986.12

54 COIISORTIUM OF SOSHINE GREEN ENERGY

IBEUTNGt rNvEJfrlENI CO LTD
RENEW POUdi CO[4PANY LrMtrE D
 Soshinc Gt9er Energy (Beijing) lnvcstnrnt Co.,L1d.
Yeu 2021
Noles to financia.l statements

Others

Total 293,743.972.23 126,87 t,986.12

Note 3. Prepayments

Item Closing Balance Opening Balance

Receivables and Payables 24,844,264.96 I t,y22,t32.48

Others

Total 24,844,264.96 |,v22,t32.48

Note 4, Oth€r Receivsbles

Item Closing Balance Opening Balance

Interest Receivable

Dividends Receivable

Others 416,288.532.62 550,E45,137.64

Total 4t 6,288,532.62 550.t45.t37.64

Note 5, Inventories

l.lnventory Classifi cation

Closing Balance Opening Balance

Provision for Provision for
Inventory lnventory
Impairment? lmpairment/Pr
Item Book rovision for Book Book ovision for Book Value
balance
Contact Value balance Contract
Fulfillment Fulfillment
Cost Cost
Impairment Impairment

Invsn 105,272,277 105272,27 73,136,138. 73.136,138.50

tori€s 00 7.00 50

Total t05,272,2',77. 105212,27 73,136,138. 73,136,138.50

00 7.00 50

C0NSoRIlUli4 0t SOSTitNE CREEN ENERGY

(SEUINGI INyEFMEN T
CO LTO

".n.*o/4oor"o NY IIMITEO
 Soshine Green Energ- (Beijing) Investmen( Co..Ltd.
Year 202l
Notes to firancial statements

Note 6. Other Current Assets

Item Closing Balance Opening Balance

Other Curent Assets 159,461 .63 19,730.t2

Total 159361.63 79,730.E2

Note 7. Fixed Assets

Item Closing lJalance Opening Balance

Net Book Value ofFixed 1.771,175,880.97 785.587.940.,+8

Assets

Total I .771,175.880.97 785.587.940.48

Note E. CoDstructior in Progress

Item Closing Balance Opening Balance

Construction in Progress 2, r 95,550,503.47 | ,297 .77 5 ,251 .7 3

Total 2, 195,550,503.47 | ,297 .77 5 ,251 .7 3

Note 9. Rlght-of-Use Assets

Item Closing Balance Opening Balance

Right-of-Use Assets r ,405,456,43 8.68 602,728,219.34

Total l .405,456,43 8.68 602.728.219.34

Note 10. Other Non'Current Assets

ltem Closing Balance Opening Balance

Other Nori-Curent Assets 259 ,391 ,228 .40 129,695.614.20

Total 259,39t.228.40 t29,695,614.20

56 CON SORIIU[1 OF SOSHINE GR EEN ENERGY

{BEIJING} INV'SIMENT CO LID
--z,^fro
RENEw Po#R coMPANY LlMrrEo
Soshinc Gt"Gn Encrgy (Beijing) lnvettrn nt Co.,Ltd.
Ycar 2021
Nold to fin8nci8l stalrllefts

Note I l. Accounts Psyable

Item Closing Balance opening Balance

Accounts Payable 578.645.81 l .46 289,327,905.73

Other

Total s78,645.81 1.46 289.327.905.73

Note l2.Advance Paymetrt

Item Closing Balance Opening Balance

Advance Payment 354,t t7 .459 .7 6 167,058,729.88

Other

Total 354 ,t t7 .459 .7 6 167.058.729.E8

Note l3.Employee Broefits Psyrble

Item Closing Balance Opening Balance

Employee Benefi ts Payable 3,293,850.43 t,646,925.22

Total 3,293,850.43 t,646,925.22

Note l4.Trxes Payable

Item Closing Balance Opening Balance

Taxes Payable I r .261,846.50 5,630,923.2s

Total I I,261,846.50 5.630,923.25

Note 15. Other Payables

Item Closing Balance Opening Balance

Interest Payable

COIISORNUM OT SOSHINE GREEN ENIRGY

TAEUINGI CO Llo
5'1 'yFJ.irENr
nrtew cqftn coueenv rrtutteD
Soshine Grsen Encrgy (B€ijing) lnvcstment Co..Ltd.
Yew 2021
Notes to hrlancial stalements

Dividends Payable

Other Payables 117.608.0t 1.04 68.804.005.s2

Total l17,608,011.04 68,804,005.52

Note 16. Long-Term Loans

Item Closing Balance Opening Balance

Long-Term Loans i. 103.100,000.00 551,550,000.00

Total I,103, r00,000.00 551 ,550,m0.00

Note 17. Leas€ Liabilities

Item Closing Balance Opening Balance

Lease Liabilities 2.854,743,354.05 t,359,370,926.79

Total 2,854,743,354.05 t,359,370,926.79

Note 18. Paid-in Capital

Item Closing Balance Opening Balance

Paid-in Capital 462,000"000.00 220.000,000.00

Total 462.000.000.00 220.000.000.00

Note 19. Capital Reserve

Item Closing Balance Opening Balance

Capital Reserve 88,000,000.00 4,000,000.00

Total 88,000,000.00 4.000.000.00

Note 20 Surplus Reserve

58 OF SOSHINE GREEN ENERGY

taELrNGr lNyf,,,ulEN I CO LrO
nEnEw nor,I(n cotrPlrv lttltrtE o
 Soshine Grcm Energy (Beijing) Inv6unEnr Co..Ltd
\an 2021
Notcs to linsncisl statements

Item Closing Balance Opening Balance

Surplus Reserve 1,349,608.2 r 1,349,608.?r

Total 1,349.608.21 r,349,608.21

Note 2l Rctsired Eanings

Item Closing Balance Opening Balance

Retained Eamings 1,t22,907.169.53 t ,923 ,943 ,Ut .80

Total 1.122,907,t69.53 1.o23,943,E41 .80

Note 22 Operating Rcvenue &Cost

Amount for the Period
Item Amount for the Previous Period

Revenue Cost Revenue Cost

Main Business 629,325,7C0.U 292,542,394.20 324.662,8895.2? t56271,197.10

Other Business

Total 629,325,7m.U 29?,542.394 .20 324,662,8895.22 t56271,t97.tO

Note 23 Trxes and Surcharges

Item Closing Balance Opening Balance

Taxes and Surcharges 513,I q5.00 756,597 .50

Total 513, t s5.00 256.597.50

Note 24 Selling Erpcrses

Item Closing Balance Opening Balance

Selling Expenses 60.020,791 .46 30.010J95.73

Total 60,020,79t.46 30,0r 0,395.73

c0l{s0Fnu 0f s0 sHlNE cREEN EIIERGY

IBEUINGI INVIBIMENT CO LIO
59 .,*rao
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 Soshine Grcen Encrgy (Beijing) lnvestnent Co..Ltd.
Yeu 2O2l
Nolcs to linancial $alerrents

Note 25 Administrative Erpetrs€g

Item Closing Balance Opening Balance

Administrative Expenses 19,107,920.28 24.553.960.14

Total 49,101 ,920.28 24,553,960.14

Note 26 Flnancial Expenses

Item Closing Balance Opening Balance

Financial Expenses 98,106,680.38 49.053,340.19

Total 98. t 06,680.38 .19.053J40.19

Note 27 Non-operating Income

ltem Closing Balance Opening Balance

Non-operating Income 1,791,462.32 998,73 t.16

Total t ,797 ,462 .32 998,73 t.16

Note 2t Non-operating Expenses

Item Closing Balance Opening Balance

Norroperati ng Expenses 9 .345 .2.49 .92 4,772,6U.96

Total I,345,249.92 4,'172,624.96

Note 29 Nlncome Tax Expensc

Item Closing Balance Opening Balance

lncome Tax Expense 22,523,693.79 r 2,069,735.59

Total 22,523,693.',79 r 2,069.735.59

Vl. CbrnSes in the Scope ofConsolidation

C0NSoRITU[1 OF S0SHtNt GREEN

60 ENERGy
(8E'Jrtrct yfp,rvrENr co LrD
Re tEw eo*R ccjMpaNy LlMtrEo
Soshinc Grcclr Encrgy (Bcijing) Investmcnt Co..Ltd.
Yer 2021
Nolcs to nnarrial sraremants

(I ) Busirrcsr Combinations Not Undq Common Control

No busincse combinations not under common coniol @curred during thc period.

(2) Busincss Combinations Under Common Conlrol

No business combinations undcr common contol o€lutr€d during the period.

(3) Rcvenc Acquisitions Occured During the Period

No rcvenc acquisitions occurred during the period.

(4) Dispocal of Subsidiaries at Period-End

The dispoeal of subsidiaries at perio&end is described below:

(5) Otier Rcasons for Changes in thc Scope ofConsolidation

None

VII. Commitmcnts and Conthgcncles

(l ) Signifi cant Commiunents

The Company has no significant commitments that r€quire disclosure.

(2) Significant Contingencies at the Balance Shcct Datc

The Company has no significant contingencies that require disclosure.

VIII. Ev.nt3 After thc Brhncc Shc.t Drte

( l) Significant Non-Adjusting Evcns

None.

(2) Other Events After the Bslancc Sheet Date

None.

lX. Other Irnportant Disclosures

None.

Soshine Green Energy (Beijing) In Ltd

(official seal)
)q
May 3l (
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COT,ISORTIU O'SOSHIIlE6RTEN ENERGY

IAEUINGI INVE6TMENT CO LTO
--Ar.o
aENEw po\atER coMPANY trMlrED
 Soshine Green Energy (Beijing)
Investment Co., Ltd
Da.Hua. S.Z. [2022]No.002200564 1

lu mA

Da Hua Certified Public Accountants (Special General Partnership )

CONSORIIUM Of SOSHINE GREEN ENERGY

raEUrNcllry&rJ{lNr co LTo

RENEW PgrrER COMPANY LTMITEO

 Soshine Green Energy (Beijing) Investment Co., Ltd

Audit reports and financial statements

( I st January 2022 to 3 lst December 2022)

Contents Pages (S)

I. Auditors' Report t-4

2. Audited Financial Statements

Consolidated Balance Sheet t-2

Consolidated Income statement 3

Consolidated Cash flow statement 4

Notes to the Financial Statements l -61

J0 lut- zua

COI.]SOR]IUM O' SOSHINE GREEN ENENGY

(SEUINGI IN*SIMENT CO LIO
iENEw pMEn COMPANy LTM|TEO
Y *+eE I
MOORE
r+t+rf*r DaHur S Z lr022lNo

(itttai)
11022005641 Auditon Rerxrn

*{artllrr
jtHft EEEEfi+E 16 gft 7 g* 12 E lro@3sl
rtif 86 {t0) 5835 00tr ftI 86 (10) 5835 0006
.rv*.hltt.-?..dtr

Indepedent Audit Report

Da.Hua.S.Z.[20221No.002200564 I

Soshiue Green Energ @eijing) Investment Co.n Ltd all shareholdors:

l. Audit Opinion
We have audited the Soshine Green Enerry (Beijing) Investment Co., Ltd. (hereinafter
referred to as "Soshine Green Energy") which comprise the Consolidated Balance
Sheet as at December 31 2022, Consolidated Income Statement for the yeat 2022,
Consolidated Cash Flow Staternent, and notes to the financial statements.
In our opinion, the accompanying financial statemenls in all material respects
accordance with the requirements of Accounting Standards for Business Enterprises,
and fairly reflect Soshine Green Energy's finarcial position at December 3l 2022 and
financial performance and cash flows for the year then ended.
2. Bsris of Formiry Audit Opinion
We conducted our audit in accordance with China Standards on Auditing for Certified
Public Accountants. Our responsibilities under those standards are further described
inthe Auditor's Responsibilities for the Audit of the Financial Statements section of
ourreport. We are independent of Universal Encrgy in accordance with the China
Code ofEthics for Certified Public Accountants (,.the Code',,), and we have fulfilled
all otherethical responsibilities in accordance with the Code. We believe that the
auditevidence we have obtained is sufficient and appropriate to provide a basis for
auditopinion.
3. Other Information
The management is responsible for the other information. The other information
comprises the information included in Shouxin Green Energy Company,s 2022 annual

report but does not include the financial statements and our audit report.
Our opinion on the financial statements does not cover the other information, and we

coilsoRllux 0f sostllllt GREEll ENERGY

(B€rxt{Gl lxu6rMENr co LrD
.,**o
"r**"2@ron,
 r\a Hua S 7 I2022lNo 00220056.{l Auditors Renon

dD not express any form ofassurance conclusion ther€on.

In connection with our audit of the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to repon that fact. We have

nothing to report in this regard.

4. Manag€ment and Governrncc's Responsibility for the Financial Statements

The management is responsible for preparing and presenting farily the financial
statements in accordance with China Accounting Standards for Business Enterprises as

well as designing, implementing, and maintaining intemal control relevant to the

preparation of financial statements that are free from material misstatemen! whether
due to fraud or error.

ln preparing the financial statements, the Management is responsible for assessing the

Company's ability to continue as a going concem, disclosing matters related to going

concern as applicable, and using the going concern basis of accounting unless the

management either intends to liquidate the company or to cease operations, or has no

realistic alternative but to do so.

Those charged with governance are responsible for overseeing Company's financial
reporting process.
5. Certifred Public Accountanl's Responsibility for the Financiel Strtements'
audit
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are fiee from material misstatement, whether due to fraud

orerror, and to issue an auditor's report that includes our opinion. A reasonable

assurance is a high standard assurance; however, it could not ensure an audit comply

with audit standards could always detect an existed material misstatement.

Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions ofusers taken on the basis ofthese financial statements.
During our audit under audit standards. we would apply our professional

judgement.and maintain professional scepticism, as well as performing following

procedure:

CONSORTIUI.lOI SOSHINE GREE EI.IERGY

{aEulNG) tNvrdl_lrENr co (IO
RENEw polIER coMpaNy LrMtrEo
 Da Hua S 7l2p?2lNo 0022005641 Audiiors' Reoo(

il) ldentity and assess the risks of material misstatement of the financial statements.
*hether due to fraud or error, design and perform audit procedures responsive to
thoserisks, and obtain audit evidcnce that is sufficient and appropriate to provide a

basis for our opinion. The risk ofnot detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of intemal control.
(2) Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances.
(3)Evaluate the appropriateness of accounting policies used and the
reasonablenessofaccounting estimates and related disclosures made by management.
(4) Conclude on the appropriateness of management's use of the going concembasis of
accounting and, based on the audit evidence obtained, whether a materialuncertainty
exists related to events or conditions that may cast significant doubt on Soshine Green

Energy's ability to continue as a going concern. If we conclude that amaterial

uncertainty exists, we are required to draw aftention in our auditor's reportto the
i'elated disclosures in the financial statements or, if such disclosures areinadequate, to
modifo our opinion. Our conclusions are based on the audit evidenceobtained up to the
date ofour auditor's report. However, future events or conditionsmay cause Universal
EnergJ to cease to continue as a going concern.
(S)Evaluate the overall presentation, structure and contenr of the financialstatements,
and whether the financial statements represent the underlying transactionsand events
in a manner that achieves fair presentation.
(6) Obtain sufificient and appropriate audit evidence for financial information
onentities or business activities of Soshine Green Energy; then to express views on the
financial statements. We are responsible for directing, supervising and cxecuting
Group audits. We take full responsibility for the audit opinion.
We communicate with those charged with govemance regarding, among other matters,

the planned scope and timing of the audit and significant audit findings, including any

significant deficiencies in internal control that we identifo during our audit.

We have also provided the govemance with a statement that we have complied with
relevant ethical requirements regarding independence and communicated with them all
relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable. related safeguards.

s0silllE
(AEUING)
co Lm.
LIiIITED
RENEW
 Da Hua S Z 1202?lNo 00220056,11 Aud]tols'Renon

Irrom the matters communicated with those charged lvith govemance, we determine
those matters that were of most significance ilr the audit of the financial statements of
the current period and are therefore the key audit matters. We describe these matters in

our audit report unless la*' or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our repon because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Da Hua Ce(ified Pubilc Accounts Chinese Certified Public A

(s hiP) +E
il*fitt
Yan X rqf,,t
.1u Ell

ing. China
a
Chinese Certified Public Acc {, BI
t i*it'l
T.E{E
Yin
 Consolidrted Balenco Sheet
A! ,r 3l Dccrmbcr 2022
Ft p.tld q, So.hiD. Crc.tl EJrrs/ (B.ijin8) Irv6oDc Co.,Ltd
(Thc corrcrEy ofth€ st.lcntiu is Chincsc YlEn or,CNy, lEl.ss ottErwis. irdicatd)

ClosrnS 86larc€ Balanc.

Crrrqrt r!.alr:
Calh and b.nl 358,210,240.69 2:5,14,r.55t02
TradinS Fiuncirl ass.rs

Dcrivatila llnlncial rssats

NoGs rcccivablc

Accounts tc.livrblc 465,094,6?2 70 293,713,9?2 23

Accourls l! rNsblc fimncing
Prcpaymcntg 39,136,752.85 24,841,29 96
Odcr rcc.ivrblcs 636,794,932.62 416,28r,532 62
Invantorics 166,6u,t05.2a t05 2?2.2?7 .fi
Contaacl rslats
H.ld-foFsal. .3scG
Currcnt portion ofDonrurrcnt asscts

Othcr curatr a$d3 252.480 93 l59.t6t 63

Total arltttl ar&tr t,666,395,1l5 2l t.06r,453,059 46

NoE-coarrlt artatr:
D.bt intlslnEnta
Odl.r d.bl irv.stmanB
Lon8.Grm rc.civsblas
Long-t rm .quity investsncnts
IDvcauncnt in othar cquity insEumcnti
Olhcl nonrurrant financial aarr6
Idv.sh.nt paop.nias

Firad Bsals 1.451 ,072,715.13 l,77l.t7i.tt0 97

Construction in progrcss 2,604,361.81r 53 :,t95.r50,503 47
Productive biological asrcts
Oil rnd gA3 $!.ts
Right ro usc lsrcrs :,125.106,017 9l 1.405.456.4J8 68
lht rgible $..!g
DavcloprDcnt axpcr{itul!
Ooodwill
Long.tcrm dafcrcd cxpcflscs

Dcfcrrad tar lsslts

Othcl non-curari ass.ts 1t0,70:,778 l0 259,39t,1:810
Totll ron.c!ftrt r,lao 8,597,443,t5:.t7 5.631.57.t,051 5:

t0,:63.838,{88 09 6,697.027.1 1 0.97

(Altachcd notcs (o sr.tcmcnrs arc pan ofthe conlolidated financia stermenbl

L.aal Repr€s€ntstiv. i Fimnce Officer (CFO) F,nancral Mana8lr:

0f
{BEL'INGJ
co rtD
RENEW
I-IMIEO
 Consolidrted Belence Sheet (Continued)
As at 3l D.c.mter 2022
It.p$.d by, Soshinr Grc.n Ener8y (BcUiog) lntestmcnl Co,Ltd
(Th€ currcrEy ofth. stat.[rcnts 13 Chincs. Yuan or'CNY, unless oth€rwisc lndrcatcd)

l-iabilirr" and EqurB Ckrsing tulance Or€nin8 Balan.e

Currclt ll.Hlti.!:
Short-tem bo[orrngs
Fin3ncial liabilitics held for trad.ng
Dcovalivc fii.Dcisl liabilitics
Nolca payiblc
AccourG pryablc 932.855.868 t4 57r,645.8 r 1.46

Paymcnts recivcd in ldvancc J44.019.3t I 29 354,11?.159't6

Contr..tual liabilitr.s
Employcc bancfi 13 payabl. 3.581,8E5.56 3.293.t50.43

Tax p.yrblls t5.917,:4:30 l r.26t,846.50

Othcr pay.blcs 640.016,369 38 I17,608,011.04

H.l4for-sdc lirbiliocs
No qnrco( lisbilit s drE *,thi! oflc ycr
Olhcr currc 6 lirbiliti€s I, 136.391.676 67 1.064.9:6.979 l8
T.r.l clrr.rr [rblf,k
Non{o:flni [rholtl .:
l-o.r8-tcrm borowings t,830.000.000 00 I,103,100,000 m
Bonds paylblc
lncludin8: Prefdrcd stock
lncluding. P.rpcturl dcbl
liabili!.s
Lcasc r.986.585,3r0 59 2.854.743,3 t.1 0i
LmE-t rm p.ylblcs
LonS-tcm.rnploycc bcnafitsp6yeble

Dcfencd ancolrlc
D.ferrcd Ex li.bilitics
Othcr non-curdr litbiliti.s
Tot l ro...!Errl llrbllltL. 5.6t6,583,110 58 1,957, J54ir5
Tor.l hbtlttlt 7,95:.978.9E? l5 t022.770Jr3 23

E{ollt:
Paid-in crpaul 810.000.0u, oo 462.000,000 00
Ohcr.quiry i t um.nts
Including Pr.fcr.cd ock
Irlcluding P.rp.tual debt :0.1.000,000 00 88,000,0m.00
Crpitsl r.slrves
Lass:Trcasurc sloak
C)thcr comprchaDsiva incomc
Surplus rcs.rEt 23 ,61i ,185 .r7 1,149,608.21
Rat ined .&ings l,:54.tt6,1t5,16 I,t:2,907,169 5l
E4urty rttributsblc to p€rEnt cornFny i3 io.8-5-e-,s.o0 iA 1.6 74.256.777 74

Non-coorolliag intcrEsts
Tol.l o*ncr's .qrlay 2.3 t0,859,500 8{ 1,6 14.256,717 74

Torrl lhblltiiB .rd olrrc]!' .quirr_ t0,261.t3t.488 09 o11 lLo.97

(Anrchcd notcs to strtcm.nts .r. part ofth. cotuohddcd finaftid statncnrs)

L.gd R.pfilscdalivc: FiratEc Ofric€r (CFO): Fhancral ManaScr

COITSORIIUM Of SOSHINE GREEN

ENEiGY
ME N I Lroco
(BE ur NG r
llfta)
RENEw Po#R coMPANY LIMII€o
 Consolideted Statement ol Com prehensicve
Ycar 2022
Pr.Frld by: Soshin! Grccn Encrtr_ (B.ijing) lnvcrtmcnt Co.,Ltd
(Th. curErry ofth. stircrmntt is Chitr!! yurn or'CNy, mlesr odr€r*ir. trdicatcd)
Lubility .rd E4uity Cl06rog &lancc OFnin! Balanc.

e9J:J,79O.ra
163,trll2l It ,973149rfr
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br'Ettd r.iEt
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 Corsoli&ted Crsh Fbws StrteDetrt
Y.ir 2022

kc?dcd br, Soihtn. Glg EnE$' (B.irtrB) Ie6!n itco.Ltd

(Th. .MBy of rh. strrd.it is ChrEr. Yu.r d'CNY', E @ oilEve irdicrt d)

L C..h llrrr ,ftr op.ltltt.cth/d€

C.rr, r..av.d fm rld &d svl.s
| ,t14,519,C27 79 tll.l:4.886 97
Id sd trrdurg. rdurd!
OdE odl r..!rrl! rcldld lo opalDg *tva6 .n l,.l ta, rEl Es | 15.t78,147 9l
Tolrl .ah 6fl@r 116 op.rdu..riuo.!
1,586.9t4,1I I 6? 946,703. t 3r 88
cd' p.d fq rood dd r.rv,.6
51.0!r,507.a1 t90.485,968 70
C.!h pod ro lnd fd aplry..s
t 5,0?6,594 7l l],515,9E5 E5
Tn.i .d 9frh.t86 Fd
:90,90?,9?4 5 26,1.18.561:7
Othd c$h Flln.als rcld.d to oDdrins ativtt e 5E?.990,.!t7 62 65,552.936 Ut
Tod crrh ddlov! n6 op..rot .ceti.
587,990,4,(16r :9J.903,15107
Iirl o.t 0!it rro. oDe.dtt t d!,td- 998,943,tt6.105 650,799,6t2E1
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clh ft.ird ftd wilh&.$ri of aN.dEGoL
Csr! r.c.iv.d Ld iB!6s,t inc.d.

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Tdrldh lflfftm Ev..!rg a1'lt6
Cdt p.rd f.i rrxod ..lsq inl.r{ru. t !.t. rtd ots los.
2,965.869.10t l7 1,81t.787,0:J 16

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Nd c.rr! Fd fc ..qutit's ,rbcdn i.! ad odE bl'rBl

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Tod c.!b adld3 na i dling tdnrd.s 2.965,869,10! 37 1Et5,787,0?5 76
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!, C.tl nor. &o. I!.rdrt r.rli'|rl.
481,000,!l1lo o0 126,000,000 00
Cirt r.c.iy.d fi.o nlvctlDd|L b! odrd
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Tod 6!h dlo5 t@ inftog arlvni6 2.lr|.7.rl.956 55 2,312.9X2,421 26

c8b .G!.td6lt for d.h.

C.$ Fd fd dlralhrlro ofdividei. sd !.oft 3d fo. htrrd apds 241,710.629 56 96,816,1{8l8
bEhruE: D&d.id6 { Fofit Fld by ntb.dti.. lo recdLslog nv..r
O$d c.Jr p.yhd! r.bed ro fmi.s8 .civili6
Tol,l elh adlo*r tdn lorl.in3.6ieiti6 :4r,110.6:9 56 96,8:6.1,18 l8
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+ EfrBr old.r$.l. t rLr adut i.!.. .tlrd

133.085,689 67 tI I,108,835.93
l, lrd b.!!. L ..tl rd drl .{.lv.r-o 225.1.1,4,55102 I1a,0i5.715 09
.Add O9.n tr b.l-e of c$It od ah .querla8 35E,210,2,10 69 t?5.1,14,551O:
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Gtt8Ea dd.r .. iiramtl d. p.n olth. cosol'dit d fnEcd lrdndti

FuEc. ofrrcs (cFO)

1

COTISORIIUM OT SO SHINI CREEII ENERGY

ISEUINGt INVISIMENI CO LTO
nErew pottlEa criucerv r-uwrto
 Soshinc Grrct! Encrgy (BcijiDg) Irv6tmgtll Co.Itd.
Y(ar2A)2
Nol.3 to fnrncial strtamcnts

Soshine Green Energy (Beijing) Investment Co.,Ltd.

Notes financial statements 2021

I. Brsic lnformrtion ofthe comprny

(l) Compmy registration plscc, orgrnizrtlonal form and ictdqurrtcrs rddress
Soshinc Grccn Energy @eijing) Invcsrment Co., Ltd. (hercin8fter rcferrcd to as ',the Company")
rvas establishcd on May 2016. It is a limited liability company incorporated in Chaoyang
Districr, Beijing, with a registered capital of CNy 100.00 million. The Company has obrained a
business license with rhc unilied social crcdit code 9l I l0l05MA005X0cX9. The lcgal
representativcof the Company is Zhao Chunfang. The rcgistered office of the Company is
located at No. 150t. Floor 16, Building I, Yard t, Beichcn East Road, Chaoyang District,
Be ijing.

(2) Nrturc of Buslness eod Principrl Activities

Industry: Business Services

Busincss Scope:The compsny opcraGs in the busincss services industry. Its scope of busincss
includes:Invcstment managemcnt! Asset managcment, projcct investtnen( Real estate
information consulting, Providing financial information technology outsourcing services
entrustcd by financial institutions,Providing financial business process outsourcing sewices
entrustcd by finarcial institutioos. Pmviding financial knowledgc process outsourcing scrviccs
enru$cd by finsncial institutiols,Business maoagemcnt consulting,Corporate planning,
(Restrictions: a.Without approval from relcvant authoritics, the Company shall rot publicly
raise funds. b.The company shall not publicly conduct securiti€s-relatcd products and financial
derivatives treding sctivities. c.Thc Company shall not issuc loans. d.The Company shall not
providc guarantees to enterprises other than the inYcsted entcrpris€s. e.The Company shall not
promise invcstors that their invcstment principal uill not suffer losses or guarantcc minimum
rctums. Compliancc: Market cntities independ€ntly choos€ business projects and conduct
busincss activities according to law. For projccts that require approval by law, the Company
rvill conduct business activities according to the approvcd contcnt after obtaining approval from
rclcvant authorities. The Company shall not engage in business activities prohibit€d or
restricted by national and rnunicipal industrial policies.)

(3) Approvel of Finrncirl Strtcrnctrt!

These financial statemetrts wcre approved for issuance by the Board of Directors of lhc
Compsny on May 31, 2023.

ll. Basis of Preparation ofFinrncirl Statements

(l) Brsis of PreprratioD of Finrncirl Strtemcrts

CONSORNUil OF SOSHINE GREEN ENERGY

IAEUINGI IN\,SIMENI CO LIO,
1
L,**o
"a,la**ffiron,
Soshinc Crrcen Energ.v (Bcijirt) lnrestmenl Co.,Lld.
Ycat 20)2
Nolcs to finucid stltcrns s

Th€ Company prcpares its financial statements based on actual transactions and events in
accordancc with the "Basic Standard of EnterprisE Accounting Standsrds" and specific
cnterprise accounting standards, application guidelines for enterprise accounting standards,
interpretations of entcrprisc accounting standards, and othcr relevant provisions (collcctively
referred to as "Enter?rise Accounting Standards') issued by the Ministry of Finance. On this
basis, the Company prcpares its financial statements in conjunction with the requirements ofthe
'No. 15 Rules for the Compilation and Reporting of Information Disclosures by Companies
Offering Securities to the Public---General Provisions on Financial Rcpons" (revised in 2014)
issued by the China Securities Regulatory Commission.

(2) Going Concern

The Company has assessed its ability to continue as a going concem for the 12 months
following the end of the reporting pcriod and has not identified any matters or circumstances
that cause significant doubt about iB ability to continue as a going concem. Accordingly, thcse
financisl statements have bccn prepared on the basis ofthe going concem assumption.

(3) Brsis of Accounting rnd Mcrsurcment Principlcs

The Company mainlains its accounting records on an accrual basis. Except for certain financial
instrumcnts which arc measured at fair value, these financial statements are prepared on a

historical cost basis. If asscts are impaired, the corr€sponding impairment provision is made in
accordancq with relevant regulations.

lII. Sigui0crnt Accounting Policics rnd Accounting Estimrtcg

(l) Specilic Accountlng Policics end AccountiBg Estim.tcs

The Company determines specific accounting policies and estimates based on the

characteristics of its production and operations. Thcse are PrimErily reflected in the mcthod for
sccruing exp€cted cr€dit losses on receivables (Note 4&12) and the timing of revenue

recognition (Note 4&35) among othcrs.

(2) Ststemert of Complisnce with Enterprise Accounting Standards

Thc financial statements prcparcd by the Company comply with the requircments ofEntcrprisc
Accounting Staodards, and they truthfully and completely reflect the Company's financial
position, operating results, cash flows, and other relevant informalion for the reponing pEriod.

(3) Accounting Pcrlod

The accognting ycar of the Company is from January 1 to Decembcr 3l of the Grcgorian
calendar ycar.

(4) Furctionrl Curcncy

2
C0NS0iIIUM 0f SOSNINE GREEN EiltnGy
rEErJrNGr2x MEN r co l.rD
RENEw Pa-ER coMpaNy LrMrrED
 Sosbh. Cre€n Eoergy (Bcijing) Int'esnncol Co.,Ltd.
Y@r 2022
Nolcs to furatreirl stat€mcnts

Thc lhnctional cuncncy used for bookkeeping is the CNY (RMB). Subsidiarics opcrating
ov€rscas use the cunenry of the primary economic environment in which they opcratc as their

functional currcncy, and thcir financial statements are translated into CNy for colsolidation.

(5) Accounting Trertmcnt for Buslness Combinition3 Involving Etrtiti.s ubd€r rrd Not
undcr Common Control

i. For transactions involving step acquisitions in business combinations, if the terms, conditions,
and economic impacts of eEch transaction mect one or morc of the following conditions,
multiple transactions are treated as a single transaction for accounting purposes:

(a) These Eansactions are entcrcd into simultancously or considcring their mutual imp8ct.

(b) These Esnsactions as a whole arr necdcd to achieve a complete commercial result.

(c) Thc occurrence of onc Eansaclion depends on thc occurrcnce of at least onc other
transaction.

(d) A single transaction is uncconomical when vicwed independcntly, but it is economical when

considcred ogether with other transactions.

ii. Business Combinations Involving Entilies Under Common Control

For business combinations under common conhol, the Compary measures the asscts and
lisbilities obtained in the combination at their carrying amounts in the consolidated financial
statemcnts ofthe ultimate conaolling party at the combinstion date. Thc differencc between the
carrying amount ofthe net assets acquired and the carrying amount ofthe consideratiol paid (or
thc total par valuc of sharcs issued) is adjusted against the capital rescrve (sharc prcmium) in
the capital surplus. If the share prcmium in thc capital su4rlus is insufticient to absorb the
diffcrence, the remaining amount is adjustcd against retained camings.

If contingent consideration is involved and it requires the recognition of a liability or an asset,

the difference bctwecn the amount ofthe liability or asset and thc subsequena settlemcnt amount

of the contingcnt consideration is adjustcd against the capital reservc (share premium). If the
capital reserve is insufiicient. the difference is adjusted against r€tained earnings.

For busincss combinations achieved in stages through multiple transactions, if thcy are
considcred as a package transaction, each transaction is trcatcd as a single rsnsaction to acquire
control. Ifnot considered as a packagc oansaction, on the acquisition date of control, drc initial
investrnent cost of the long-term equity invcstment is thc carrying amount of thc equity
invesunenl before the combinarion plus the new consideration paid on the acquisition date. The
differcncc is adjusted against the capital reserve; if the capital reserve is insufficient to absorb
thc diffcrcnce, the remaining amount is adjusted against rctained eamings. For equity
investmcnts held before thc acquisition date, other comprchcnsive income recognized from

CONSORTIUIlI OF SOSHINE GREEN ENERGY

(BEIJINGI INYISIMENI CO LTO

n, ,-,r,rao
",na*"#ro
 Soshinc Grccn Eocr8y (Beijing) tNestmcDl Co.,Ltd
Year 2&2
Nolcs to finarciol stllcmenls

applying the equity method or financial instruments recognition and mcasurcmcnt standards is
not accounted for until thc investment is disposcd of, at which point ir is treared in the samc
manner as directly disposing ofthe related assets or liabilities ofthc invcste€. Changes in othcr
cquity, other than net profit or loss, other comprehensive income, and profit distribution,
recognized from applying the equity method. are not accounted for until the investment is
disposed of, at which point they are transfcrred to cunent profit or loss.

iii.Business Combinations Involving Entities Not Under Common Control

The acquisition date is the date on which the Company actually obtains control over the
acquiree, i.e., the date on which the nsl assets or production and operation decisions of the
acquiree are tansferred to the Compmy. The Company generally considers that control has
been transferred whcn the following conditions are simultaneously met:

a. The business combination conract or agr€€ment has bcen approved by the Comp8ny's
intemal authority.

b. The business combination has bcen approved by the relevant rcgulatory authorities, if
required.

c. Necessary property transfer procedures have be€n completed,

d. Thc Company has paid the msjority of the consideration for thc combination and has the
capability and plans to pay the remaining consideration.

c. The Company has efTectively takcn congol ovcr the financial and operating policies ofthe
acquiree and enjoys conesponding benefits and bears corresponding risks.

On the acquisition date, the Company measurcs the asscts givcn, liabilitics incurrcd or assumcd.
and equity securities issued as consideration in the business combination at their fair values, and
thE dillerence between their fair values and carrying amounts is rccognized in the curent profit

or loss.

The Company recognizcs goodwill for the excess of the cost of the combination over the fair
lalue ofthe identifiable n.t assets acquired from the acquircc. If the cost of thc combination is

less than the fair value of the identiliablc net assets acquired from the acquirce, the Company

recheck thc measurement, and the diffcrencc is recognized in the curent profit or loss.

For busincss combinations not under common control achicved in stages through multiple
transactions, if they are considered a package transaction, each transaction is treated as a single
transaction to acquire contlol. If not considcred a package trarsaction, for cquity investnents
held before the acquisition date thal are accounted for using the equity method. the catrying
amount of thc equity ilvcstment and the addkional invesunent cost on the acquisition date are

CONSORIIUM Of SOSHINE GREEN ENERGY

( BE UTNG )JnfJir E N r CO Lro
RENEw Pol,(tn compexv rrrrrro
 Sosbinc Grcco Encrgy (Bcijiig) Invesmc Co.,Ltd
Yeat 242
Not6 !o finaacial st8tcmcnts

combined !o form thc initial cost of tre invcstment. Other comprehensivc incomc rccognized
fiom applying the equity method bcfore the acquisition date is accounted for in th€ sirme \f,ay as
directly disposing ofrelated assets or liabilities ofthe invcstee when the investrnent is disposed
of. For equity investments held beforc the acquisition datc that are accounted for under the
financial instruments recognition and measurement standards, the fair yalue of the equity
invcstrnent on the acquisition date plus the cost of the new investment is combined to form the
initial cost of the investunent on the acquisition datc. The differcnce between the fair value and
carrying amount ofthe originally held equity and the accumulatcd fair value changes prcviously
recognized in other comprehcnsive income are trBnsferred to inv€stnent income for the pcriod
on the acquisition date.

iv.Related Costs for the Combination

Audit fees, legal servicc fees. valuation consultation I'ees, and othcr intermediary fecs directly
related to the business combination are expensed as incuned and recognizcd in rhc currEnt
profit or loss- Transaction costs dircctly attributable to the issuancc of equiry securitics for the
business combination are dcducted from equity.

(6) Prcprrraion Method for Consolidated Financiel Strtcmeltts

(l) ScopcofConsolidation

The scopc of consolidation for the compaly's consolidated financial st{tements is determined
based on control. All subsidiaries (including separare entitics controlled by thc Compsny) are
included in the consolidatcd financial statcments.

(2) Consolidation Procedures

The Company prepares the consolidated financial statements based on its own financial
statements and those of is subsidiaries, using other relevaot information as wcll. The
consolidatcd financial statemcnts trcat the cntirc corpoBte group as a single accounting cntity
and are prcparcd in accordance with the rccognition, measurcmcnt, &nd prcsentation
requircments of the relevant accounting standards. Th€y reflect thc overall financial posirion,
operating results, and cash flows ofthe corporatc group based on uniform accounting policies.

All subsidiaries included in the consolidation scope use accounting policies and periods
consist€nt with those of rhe Company. If the accounting policies or periods of a subsidiary
differ from those of thc Company, nccessary adjustments arc madc in the prcparation of the
mnsolidated financial statemcnts to align with the CompEny,s accounting policies and p€riods.

During the consolidation process, $c cffccs of intcmal transactions bctween the Company and
its subsidiaries, and between subsidiarics themsclvcs, are eliminated from the colsolidated
balance sheet, consolidated income statcment, consolidatcd cash flow statement, and
consolidatcd statcment of changes in equity. If the recognition of the samc transaction diffeB

5
 Soshinc Grcqt En.rS/ (Bcijitrg) Inv€surcot Co.,Ltd
Y.u 242
Nolcs to finaocial statcmcnB

from the perspective of the consolidated financial statements and the accounting Gntity of the
Company or its subsidiaries, adjustments arc made lrom the perspective ofthe corporate group.

The ponion of cquity, net profit or loss, and other comprehensivc income atributable to
minority shareholders is separately presented in the consolidsted balance sheet under equity, in
the colsolidated income statemenl under net profit. and in the consolidated statement of
comprehcnsive income under total comprehensive income.

Ifthe losses attributable to minority shareholders exceed rheir share ofthe subsidiary's equity at

the beginning ofthe period, the excess is dcducted from thc minority sharcholders' equity.

For subsidiaries acquired through business combinations undet common control, thc financial
statemcnts of the subsidiary are adjusted based on the carrying amounts of the asscs and

liabilities (including goodwill arising from the acquisition of the subsidiary by the ultimate
controlling party) in the ultimate controlling party's financial statcments.

F'or subsidiaries acquired through business combinations under not common confol' the
financial smtements of the subsidiary are adjustcd based on the carrying amounts of the

identifiable nct assets at fair value on the acquisition date.

a. Addition of Subsidiaries or Businesses

lf additional subsidiaries or businesses are included due to business combinations under

common control during the reporting period, the opening balances of the consolidated balancc
sheet arc adjusred.Thc revenues, exp€nses, and profits of the subsidiary or business from thc
beginning of thc period of consolidation to the end of thc repo(ing period arc included in the
consolidated income statement.

The cssh flows ofthe subsidiary or business from the beginning ofthe period of consolidation
to the end of the reporting period are includcd in the consolidated cash flow
statement.Comparalive statements are adjusted to rcflect lhat thc combined cntity has existed
since thc point ofcontrol by the ultimlre controlling party.

For entitics that bccome controlled through additional invcstments or similar rcasons,

adjusunents are made as if the panies involved in the consolidstion had cxisred in their current
state from the point when control by the ultimate controlling party began.For equity investments

held before gaining conbol over thc subsidiary, any previously recognized gains or losses, other
comprehensive income, and changes in net assets from thc date whcn the original equity was
held to fie date of consolidation are adjusted against the opening retained eamings or current
period profits and losses in the comparative statements.

During thc rcporting period, if a subsidiary or business is added due to a merger of companies
undcr common control, the opening balance of the consolidated balance sheet shall not be
adjusted: thc incomc, expenses and profits of the subsidiary or business from thc date of

c0Ns0RIruri 0F s0slltf,lt GRt€N tNER6Y

(BEUINGI INVESIMENI CO (ID
FENEII/ --/<fr6
Po*a coMPAtrY LrMrIfo
 So3hine G.rcn Encrg-v (Bethg) Invcstd.Dl Co.J-td.
YC,r 20.22
Notes to finencisl stalcmenls

acquisition to the cnd of the reporting period shall be includcd in thc consolidatcd incomc
stalement; the cash flow ofthe subsidiary or busincss from the date of acquisition to the end of
thc reponing period shall be included in rhe consolidatcd cash flow statcment.

If the Company is able to exercisc control over the invesGe under common control due to
sdditional investrnent or other rcasons, the Company shall rcmcasurc thc equity ofthe a€quiree
hcld beforc thc acquisition date at $c fair value of the equity on the acquisition datc, and the
diffcrence bctwcen the fair value and is book value shall be included in the current invrstment
income. If the equity of thc acquirec held bcfore the ac4uisition dat€ involves othcr
comprehensive income under the equity method and othcr changcs in owncrs,equity othcr than
nct profit or loss, other comprchensive income and profit distribution. thc other comprehcnsive
income and other changes in owners'equity relatcd to it shall bc transfened ro thc invcstnent
income of the curent period to which thc acquisition date belongs, except for othcr
comprehensivc income arising from the remcasurcmcnt ofthc nct liabilities or net asscts ofthe
defined bcnefit plan by the investee.

b. Disposal ofSubsidiarics or Busincsses

i. General Trcatment Method

lf the company disposes of a subsidiary or busincss during the reporting period, the following
trcatmcnt applies: Consolidated Incomc Statcmcnt lnclude thc rcvcnue! exp€nses, and profit of
the subsidiary or busincss from the bcginning of the period to thc disposal datc in the
consolidated income statement.consolidated Cash Flow statcment: Includc the cash flowr ofthc
subsidiEry or business from the beginning of the period to thc disposal date in the consolidatcd
cash flow stat ment-

When conrol ovcr thc investee is lost due to the disposal of part of the cqui5, invesmcnt or for
other reasons. the rcmaining equity invcstsnent should be re.mcasured at its fair valuc on th€ date
control is losl, Thc difference betwes]l the consideration reccived fiom the disposal and the fair
value of the remaining equity invesuncnt, minus the difference between the sharc of net assets
and goodwill of thc original subsidiary calculated liom the acquisition date or the consolidation
date up to thc date of control loss, should bc rccognizcd as investmcnt incomc for thc period of
control loss. other comprehensive incomc or changes in equity related to the original subsidiary,s
cquity invcstment, except for n€t profit or loss, other comprehensive income, and profit
distribution, should be reclassified to investment income for thc period ofcontrol loss, excluding
other comprehensive income arising from changcs in the defined benefit plan net liability or ner
sssets ofthe investee.

ii. Stcpby-Stcp Disposal of Subsidiary

when disposing of cquity investments in a subsidiary through multiple transsctions mtil control
is lost. if thc tcrms, conditions, and economic impacts ofthcsc tsansactions meet one or more of

7
 Sosbhe C.lco EncrSy (B.riry) lnvcslrlctrl Co.,Ltd
Ycar 2An
Notca to financial stst€mcnts

the following conditions. it gcnerally irdicates that thc muliplc tssnsactions should be accountcd

for as a single transaction:

A. The transactions are entercd inlo simultafleously or considering each other's effects

B. The transactions must be completed as a package to achicve a complete commercial outcome

C. The occurrcnce ofone transsction depends on the occurrencc ofat least onc other lransaction,

D. A transaction alone is not economically viable but is economically viable when considered
with other transaclions.

If thc transsctions involving the disposal of the subsidiary's cquity invcstments until control is
lost arE corsidered as a package, thcy should be accounted for as a single disposal of the

subsidiary and loss of control. However, any differcnce between the disposal consideration and
the share of the subsidiary's nct asscts corresponding o dre equity disposed of should be
recognized in other comprehensive income in the consolidatcd financial statem€nts beforc losing
control, and should be transfened to profit or loss for the p€riod ofconuol loss.

lf the transactions involving the disposal of the subsidiary's cquity investnents until contml is
lost are not considercd a package, they should be accounted for according to the policy for partial
disposals of equity investsncnts in subsidiaries without losing control bcfore thc loss of control,
and according to the gencral treatment method for disposal of subsidiarics at the time of losing
control.

iii. Purchase of Minority Equity in Subsidiaries

For the company's acquisition of additional minority equity letding to new long-term cquity
investments, the difference betwcen thc newly acquired equity and the sharc of the subsidiary's
nct assets fiom the acquisition date (o. consolidation date) should be adjusted against the capital
rcserve under the consolidated balance shcet. lf dle capit8l rescrve is insufficient to covct the
adjustrnent, the remaining amount should be adjusted against retained esmings.

iv. Partial Disposal ofEquity Investsnents in Subsidiaries Without Losing Control

When partially disposing of long-term equity investmens in a subsidiary without losing control,
the diffcrcnce between the disposal consideration and the sharc of the subsidiary's net assets
corresponding to the dispos€d cquity should be adjusted agsinst the capital res€rve under the
consolidared balance sheet. If the capital reserve is insufficienl !o cover the adjustment, the
remaining arnount should be adjustcd against retained eamings.

(7) Chsiftcrtioo ofJoirt Arrsngdtrcnts rnd AccountiDg for Joint Opcrrtion3

e. ChssiftcrtionofJointArrangcments

CONSORIIUI OT SOSI]II,IE GRE€N€NERGY

tBEurNGt tuv#l4€Nrco Lro
REN€w PovffR coMpaNy LtMtrED
 Soshhc Grcta Encrgy (Bcring) lnv.stnr Co.,Ltd.
Year 2022
Nolcs to slatemen6

The company classifies joint arangements inio joint operationa 8nd joint vcnturcs bascd on the
sEucture, Ietal form, contr.ctual tcrms, and othet relcvant fEcts and circumstanccs of thc joint
urangcmcnt.

Joint Anangemcnts Not Achieved Through a Separata Entity: Classificd as joint

operations.Joint Arrangements Achicvcd Through a Scpararc Entity: Gcnerally classified as
joint vcnNres; however, a joint arrangemcnt can bc classified as a joint operation if thcre is

clear evidcnce that it mcets onc or more ofthe following conditions and complies with rclevant
laws and rEgulations:

I Lcgal Form: The legal form of the joint arrangemcnt indicates that the joint parties
have rights to the assets and obligations for the liabilities ofthe arrangement s€parately.

2 Contractual Terms: Thc conu-actual terms of thc joint ansngement stipulatc that the
joint panics havc rights to the asscts and obligations for thc liabilities of thc arangement
scparately.

I olhcr Relcvant Facts and Circumslarces: Indicatc that the joint pertics have rights to
the assets and obligations for the liabilities of thc arrangement scparately, such as whcn the joint
partics havc rights to almost all of thc output relat€d to thc joint arangemcnt, and the sctlemcnt
ofliabilities rclies on thc suppon ofthejoint parties.

b. Accounting for Joint Operrlions

The company rccognizes is share of the following items in a joint operation and accounts for
them according to relevant accounting standards:

-l Asscts: Recognize assets hcld individually and those jointly held in proportion to the
company's ihrrc.

2 Liabilitics: Recognize liabilities incurrcd individually and those jointly incurred in

proponion to the company's share.

3 Rcvcnue: Rccognize rcvenuc from the sale of the company's share of thc output oflhe
joint operstion.

4, Incomc from Sale of Ougut: Recognizc rcvenue from thc sale of output by the joint
operation in proportion to thc company's share.

5 Expenscs: Recognize expcnses incurred individually and those incurred by the joint
operation in proponion to the company's sharc.

lf the company ransfers or sclls ass€ts (cxcluding those thrt constitute a business) to a joint
opcration, it should only recognizc dre portion of gains or losscs fiom the U-ansaction that is
attributablc to the other joint participants until the asscrs arc sold to a third paiy. If thc

I {aEurnc)
co t- IO
RENEW
UMTIEo
Sosbin. Grcer ENrgy (Beijing) ltrvcsoncal Co.,Ltd
Yczr 20,22
Nolca io fiorncisl 6tstcmc s

transfcrred or sold asscts incur impairment losses according lo thc Accounting Standard for
Business Enterprises No. 8-Assct Impairment the company should fully recognizc the
impairment loss.

If the company purchases assets (excluding those that constitute a business) from a joint
openrtion, it should only recognize the portion of gains or losses from the transaction lhat is
attributable to thc other joint participants until the assets are sold to a third party. If the
purchased assets incur impairment losses according to the Accounting Standard for Business
Entcrprises No. 8-Assct lmpairmcnt. the company should recognize thc impairmcnt loss in
proportion to its share.

If the company does not have joint conkol over the joint operation but enjoys assets and bears

liabilities related to the joint operatioo, it should still account for these ilcms according to the
principles outlined above. Otherwise, it should account for thcm according to relevant
accounting standards.

(t) Criteria for Defining Crsh and Crsh Equivrlents

Whcn preparing the cash flow statement, the company classifics the following as cash and cash
equivalents: that can be used for payment 8t any time are recognized as cash. Investments that
meet the following four conditions: short term (gcnerally due within three months from lhe date

of purchase), high liquidity, easy convercion to a known 8mount of cash, and low risk ofvalue
change are rccognized as cash equivalcnts.

(9) Foreign Currcncy Trlnsactions rnd Foreign Currency Trrnslrtion

I Foreign Currency Transactions

Initial Recognition: Foreign currency transactions are initially rccorded using the spot cxchange
rate on the transaction datc to convert amounts into CNY (RMB).

Forcign currency monctary items are converted at the cxchange ratc on the balance shect date.
Any resulting cxchangc differcnces are gcnerally recognizcd in profit or loss, cxccpt for
cxchange differcnces related to forcign currency borrowings that are specifically for the
acquisition or construction of assets meeting capitslization criteria, which arc capitalized as

borrowing costs.Forcign curency non-monctary itcms messured at historical cost are still
convened using the exchange iate on the ransaction dste, and their RMB carrying amount
remains unchanged.

For non-monetary items measured at fair value, the conversion is donc using the cxchangc rate
at the date of fair value mcasurement. The differcncc between thc convencd carrying amount
and the original RMB carrying amount is trcated as a fair value change (including exchange ratc

changes) snd recognized in profit or loss or as olhcr comprehcnsive income,

10

coNs0Rlrur.! 0f s0sHN€ GRE€ El,{ERGy

IBEUIIiGI IIJJ/ESTMENT CO LTD

"#ffiorro*, .,*oo
o, n.,,.,
 Sosbhc Gftcrl EocrBy (BciJirS) Investrn.nl Co.,Ltd.
YetN22
Nolas to finsocid strtcmctrls

1l Translation ofForeign Curency Financial Sratcments

Assets and liabilities are translsted using the cxchange ratc on thc balance sheet datc. For cquity

items, cxccpt for "retained eamings," other items arc translat€d at the exchange ratc on thc date
they arcsc.lncomc and expense itcms are translated using thc cxchange rat€ on thc tr.nsaction
date. Translstion differences arising fiom the sbove convcrsions are recognized in other
comprehcns ive income.

When disposing of a foreign opqstion, rhe translation diffcrences related to that foreign
opcration recorded in other comprchensive income are reclassified to profit or loss for the
period. If a partial disposal of equity interests or a reduction in the proportion of intercst in a
foreign operation occurs but control over thc foreign opcr8tion is retained, thc translation
differenccs relatcd to thc disposed ponion of the forcign opration will be attributed to noo-
contolling interests and will not be reclassified ro profit or loss. In the case of partial disposal
of equity intcrests in a foreign joint venh,rre or associatc, thc translation differenccs relatcd to
the foreign op€ration are reclassified to profit or loss proportionstc to the disposal ofthc foreign
operation.

(10) Firsncisl lnstrumcnts

The company recognizes a financial asset or financial liability when it becomes 8 p6rty to a
fi nancial instrument contmct.

The effectivc intercst method refers to the method of calculating thc amonizcd cost of a
financial asset or financial li8bility and allocating interest income or interest expense ovcr each
sccounting period.

The cffcclive intercst rate is the rrtc used to discount &e estimated future cash flows of a
Iinancial asset or financial liability ovcr its expected life to its carrying arnount or arnortized
cost. Whcn determining the effective intercst rate. cstim8ted future cash flows arc considered
bascd on all contractual terms of thc financial assct or financial liability (such as prcp8yment
options, extension options, call options, or other similar options). but expected crcdit losscs are
not considcred.

The amortized cost of a financial asset or financial liability is calculated as the initial
r€cognidon amount of the financial assct or {inancial liability minus any rcpaymcnts of
principal. plus or minus the accumulated amortization of the difference b€twcen the initial
rccognition amount and the amount at maturity, using the effectivc intcrest method, and minus
ary accumulated impairmcnt losses (applicable only to financial asscts).

i. Classification, Rccognition, and Measurcment ofFinancial Assets

CONSORN!M OF SOSHIi/T
6REE EI/ERCY
11 It'EUINGI IN,If,SIMENT CO (TO
nrnrw n
"ff#o%r^*v,.,,,r,r.
 Soshinc Cr.cn Encrgy (Beihg) lnvestncnl Co.,Lrd
Y.ar2A2
Noles to finrtrcial 6ttlcmculs

Thc company classifies financial asscts into the following three categories based on the
business modcl for managing the finaocial assets and the contractual cash flow characteristics

ofthe financial asses:

I Financial assets measured al amortized cost

2 Finarcial assets measured at fair valuc with changcs rccognized in other

comprehensive income.

I Financial asscts measured at fair value with changes recognized in profit or loss.

Financial assets are initially measured at fair value: however, receivables or notcs rcceivable
arising fiom the sale of goods or provision ofscrvices lhat do nol include a significant finarlcing
componenl or where the financing component is not significant (i-e., less than one yesr) are
initially mcasurcd at the transaction price.

For financial asscts measured at fair valuc with changcs rccognized in profit or loss, nrnsaction
costs are dircctly expenscd in profit or loss. For other catcgorics of financial assets, tmnsaction

costs are included in the initial recognition amount.

Subsequcnt measurement offinancial sssets depends on their classification. Financial assets are

reclassified only when the company changes its business model for managing financial assets.

(| ) Classificstior as Financial Assets Measured at Amortized Cost

A financial asset is classified as measured at amortized cost if its contractual terms provide for
cash florvs on specific dates that solely represent paymerts of principal and intcrest on the
unpaid principal amount, and the business model for managing the financial asset is to hold the
ssset to collcct conractual cash flows. This category includes cash and cash equivalents, notes

rcccivable, accounts rcceivable. othcr receivables, dcbt inyestmcnts. long-terrr rcccivables. and
similar fi nancial assets.

The company recognizes interest income for such financial a$ets using the effectivc interest
method and measurcs them subsequently at amortized cost. Any impairment, derccognition, or
modification of these financial assets resulting in gains or losses is recognized in prolit or loss.
Except in the following cases, intercst income is determined based on thc carrying amount of
the financial asset multiplied by the effective interest rate:

l) For purchased or originatcd financial assets that havc expericnced credit impairment.
interest income is calculatcd bascd on the amortized cost ofthe financial asset and lhc credit
-adjusted cffective int€rcst rate from initial rccognition.

2) For purchased or originated financial assets that were not impaired at initial rccognition but
bccomc impaired subsequenrly, interest income is calculated based on the amortized cost of
the financial assct and th€ effectiye int€rest rate during the subsequent period. If the crcdit

12
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si:,j
ue * n, .,, o o
^, "o'-nCi?norro
 Soshine G.ccn Ener8y (Beijing) tnvesmcnl Co.,Ltd.
Year m22
Notcs lo financial st8lemots

risk of thc financial instrumcnt improvcs during the subscquent period and it is no longcr
crcdit-impaired, interest income is calculatcd based on thc carrying amount of thc financial
assct nultiplied by the cffective interest rate.

(2) Classificrtion as Financial AsscE Mcasured at Fair Valuc with Changcs Recognized in
Other Comprehensive Income

A financial asset is classificd as mcaswcd at fair value with changes recognized in other
comprehensive income if its contractual terms prcvide for cash flows on specific datrs thst
solcly represcnt paymcnts of principrl and intercst on the unpaid principal amount, rnd thc
business model for managing the financial asset is both to collect contractucl cssh flows and to

sell the financial asset.

Interest income for such financial assets is recogrized using thc effective interest method.
Except for inter€st income, impairment losses, and foreign cxchange differences recognized in
profit or loss, other fair valuc changcs are recognizcd in othcr comprchensive income. Upon
derecognition of the financial asset, the cumulatile gains or losses previously recognized in
othcr comprchensivc income are rcclassified from othcr comprchensive income to profit or loss,

Reccivablcs such as not€s receivablc and accounts rcceivablc classified as measurcd at fair
valuc with changes rccognized in olher comprehensive income arc rcported as rcceivables
financing. Other such financial asseta are reporled as other dcbt investncnb. Among thcse,
other dcbt inv$tmcnts maturing within onc year from the bahnce sheet darc arc classified as

non-current assc6 maturing within one year, whilc those originally maturing within one yesr
are classified as current osscts.

(3) Dcsignation as Financial Assets Measured at Fair Value wi6 Changes Recognized in Other
Comprehcnsive Income

Upon initial recognition, thc company can incvocably designatc non.trading equity investments
as measurcd at fair value with changes recognized in other comprchensive income on an
individual basis.

Fair value changes for these financiel rsscts are recognized in othcr comprehensivc income, and
impairment provisions arc not requircd. Upon dcrccognition of such a financial assct, thc
cumulative gains or losscs previously recognizcd in olher comprehensive income are
reclassified from other comprehensivc income to rctaincd eamings. During the period of
holding such cquity investments, dividcnds receivcd arc recognizcd and includcd in profit or
loss when the righr to rcceive dividends has becn csublished, il is probable that the economic
benefits associated with the dividends will flow to thc company, and the amount of dividcnds
can be reliably measured. Such financial assets arc reported undcr equity investment projccts.

CONSORIIUM OF SOSHII{E GRTEII

ENER6Y
{BEUING) IIIv,!lsIMENI co LID

"rna* "uffioo"ron, a,",rao

 Sosbirc Grcen E le gy (Bei.iing) lnv€stncnt Co.Ild.
Yex 2t22
Notcs to finsncial statcmeots

Equity investrncnts that mcet one of thc following critcria are classified as financial assets

measured st fair value with changes rccognizrd in profit or loss:

The primary objective for holding thc financial asset is to sell it in the near term.

At initial rccognition, the financial aset is pai of a ponfolio of identifiablc financial asses
managcd iogether and evidencc suggests that thcrc is a short-term profit-taking strategy.

The financial assct is a derivative (except for derivatives fiat meet the definition of financial
guarantees or are designated as effectivc hedging instrumeots).

(4) ClassificEtion as Financial Ass€ts M€asured at Fair Valuc with Changes Recognizcd in
Profit or Loss

Financial asses that do not meet thc criteria for classification as measured at amortizcd cost ot
as measured at fair value with changcs recognized in other comprehcnsive incomc. and cre not

designated as such, arc classified as financial assels measured at fair value with dranges
recognized in profit or loss.

Thc company measures such financisl assels subsequendy !t fair value, with gains or losses
arising from fair value changes and related dividend and interest income recognizcd in profit or
loss.

The company repons such financial assets based on thcir liquidity undcr trading financial assets
or other non-current financial assets.

(5) Designation as Financial Assets Measured at Fair Value with Changes Recognized in Profit
or Loss

At initial recognition, the company may inevocably designate a financial asset as mcasured at

fair value with changes recognized in profit or loss on an individual basis in ordcr to climinate
or significantly reduce an accounting mismatch.

For hybrid conracts that include one or more embcddod derivatives and where the host contract
does not fall into the categories offinancial assets dcscribed above. the company may designate

the entire contract as a financial instrument measured at fair value with changes rccognized in
profit or loss. However, the following exceplions apply:

t) The embedded derivative does not significantly alter the cash flows ofthe hybrid contract.

2) When initially determining whcther similar hybrid conlracts need to be scparaled, it is

ncarly obvious that the embedded derivatives should not be sepErated without much arralysis
For cxamplc, an esdy rcpayment option embeddcd in a loan that allows the holdcr to repay
thc loan carly at an amount close to amortiz€d cost does not rEquire separstion.

14

CONSORIIUM O' SOSHINI GREEI] €NERGY

IAEUING} INV,SJMENT CO LIO
RENEw PovCh coMPANY LrMlrED
 Soshinc G.9cn Encrgy @eijing) lnvcsturetrl Co.Id
Year ?022
Nolcs to financisl statcmcnb

The company measures such financial assets subscquently at fair value, with gains
o, losses
arising from fair value changes and related dividends and intercst i,'come recognizcd in plofit or
loss.

The company reports rhese financiar sssets based on their liquidity under tracling financiar
assets o. other non-current financial assets.

2.Classification, Recognition, and Measurement of Firnncial Liabilities

The company classifies a financial instrument or its compo[ents as a finarcial liability or equity

instrument at initial recognition based on the contractual terms and the economic substance
rather than just thc legal form of the issued financial insruments, in combination with thc
delinitions of financial liabilitics and equity instruments.

Financial liabilities at initial recognition are classified into; financial liabilities measured at fair
with changes recognized in profit or loss, other financial liabilities. and derivatives
'alue
designatcd as effective hedging instrumcnts.

Financial liabilities are initially measured at fair value. For financial liabilities measured at fair
value with changes recognized in profit or loss, transaction costs are direcrly expensed in profit
or loss. For other categories of financial liabilities, transaction costs are includcd in the initial
recogDition amount.

The subsequent measurement offinancial liabilities depends on thcir classification:

(l ) Financial Liabilities Measured at Fair Value with Changes Recognized in profit or Loss

This category includcs rading financial liabilities (including derivatives that are financial
liabilities) and financial liabilitics designated at initial recognition as measured at fair yalue
rvith changes recognized in profit or loss.

A financial liabilify is considered trading if it meets one of the following conditions:The

financial liability is primarily incufred to sell or repurchase in the near term.It is pa of a
portfolio of identifiabtc financial instruments managed togethcr, with objective evidence
indicating a short-term Fofit-taking strarcgy.It is a derivativc, except for derivatives designated
as eflectivc hedging instruments or those meeting the definition offinancial guarantees.

Trading financial liabiliries (including derivativcs that are financial tiabilities) are subsequently
measured at fair value, with all fair value changes recognized in profit or loss. exccpt for those

related to hedge accounting.

At initial recognition, in order to providc more relevant accounting information, the company
irrevocably designates financial liabiliti€s mceting one ofthe following conditions as mcssurcd
at fairvalue with changes recognized in profit or loss:

0t
15
(AEUING) Er{tfiG
co L ID
I
(IMTEO
 Sosbine Grcen EnerEy (Beijio8) Intestrnenl Co.,Ltd
Y eu 2U22
Notes to fioancial statements

I ) Eliminatc or significantly reduce accounting mismatchcs

2) Based on formal written documentation of the compsny's risk managem€nt or investmcnt

stratery, manage and evaluate the performance of the financial liability ponfolio or the
portfolio of financial assets and financial liabilities on a fair value basis. and report to key
management personnel on this basis within the company.

The company measures such financial liabiliries subsequently at fair Yalue. Except for fair value
changes arising from the company's own credit risk" which are included in other comprehensive

income, othcr fair value changes are recognized in profit or loss. Unless including fair value
changes due to the colnpany's own credit risk in other comprehensive income would create or

enlarge an accounting mismatch in pmfit or loss, the company includes all fair value changes
(including those due to changes in its own credit risk) in profit or [oss.

(2) Other Financial Liabilities

Except for the following items, the company classifies financial tiabilities as tinancial liabilities
measured at amortized cost and measures them subsequently using the effective intcrcst method

Gains or losses arising from derecognition or amortization are rccognized in profit or loss:

l) Financial liabilities measured at fair value with changes recognized in profit or loss.

2) Financial liabilities formed due !o the transf€r offinancial assets that do not meet the criteria
for derecognition or when continuing involvement in the transferred financial assets.

3) Financial guarantee contracts that do not fall under the first two categories, and loan

commitmcnts provided at below-market interest rates that do not fall under the first category.

A financial guarantee conract is a contract that requires the issuer to make specified payments
to rcimbuGe the holder for a loss it incurs because a specified debtor fails to make payment
rvhen due in accordance with the original or modified terms of a debt instrument. Financial
liuamntee conhacts that are not designated as financial liabilities mcasured at fair value with
changes recognized in profit or loss are measured at the higher of the loss allowance amount
and the amount initially recognized less cumulative amortization within the guarantee period.

3. Derecognition ofFinancial Assets and Financial I-iabilities

(l) Conditions for Derecognizing Financial Assets. A financial asset is derecognized whcn one
ofthe following conditions is met, and it is written off from tte sccounts and balanc€ sheet:

[) The contractual rights to the cash flows from the financial asset expire.

2) The financial asset h6 been transferred. and the transfcr mects the criteria for derecognition

offinancial assets.

(2) Conditions for Derecognizing Financial Liabilities

16

CONSORTIUM OF SOSHINE GREENENER6Y

(aElJrNGl lNVfJi-TlvtEN r CO LIO
RENEW POdR COMPANY LII!1ITEO
 Soshinr C.ccn Encr&r (Bcijhg) IDvcsthcnl Co.,Lld.
Yqr 2022
Notcs lo financial statcments

A financial liability (or part of it) is dcrecognized ryhen tbe obligation specificd in thc contrscr
is discharged or cancelcd or expires.

Ifthe company cnters into an agrccmcnt with the lender to replace the origiml financial liability
rvith a new one, and the terms of thc new financial liability arc substantially diffcrent from
those ofthc originsl financial liability. or the terms ofthe original financial liability (or p8n of it)
arc substantially modified, the original financial liability is derccognized, and a new linancial
liability is recognizcd. The differcnce bctween rhe csrrying arnount of the original fiMncial
liability and the consideration paid (including any non-cash assets transferred or |iabilities
assumed) is recognized io profit or loss.

If the company rcpurchases pan of a financial liability, the overall carrying amount of the
financial liability is allocated based on the relativc fair values ofthe portion that continucs to b€
recognized and thc ponion that is derecognized as of thc rcpurchase datc. The difftrence
bctween the carrying amount allocated to the ponion derecognized and the consideration paid
(including any non-cash assets transfered or liabilities assumcd) is recognizcd in profit or loss.

4. Basis for Recognition and Mcasurement ofFinancial Asset Transfcrs

whcn the company transfen a financial asset, it assc$es thc exrcnt to which it retains thc risks
and rewards ofownership ofthe financial asset and handles it as follows:

(l) Ifthe company has transfcrred almost all the risks 8nd rewards ofowncrship ofthc firanci8l
8sset, it derecognizes the financial asset and separatcly recognizes any rights and obligations

created or rstaincd in thc transfcr 8s assets or liabilities.

(2) lfthc company retains almost all the risks and rcwards ofownership ofthe financial asset, it
continues to rccognize the fi[ancial asset.

(3) If the company has neither transfcnEd nor rctained almost all the risks and rewards of
ownership of thc financial asset (i.e., othcr than in the cases of (I ) and (2) above), it dctcrmin€s
rvhether it has retained connol ofthc financial asset and handles it as follows:

I ) If the company has not retained control of the financial asscl it derecognizes the financial
assct and separately recognizes any rights and obligations creatcd or r€tainod in thc rarsfer
8s asscts or liabilities.

2) If the company has retaincd control of thc financial a.sset, it continucs to recognize the
financial asset to thc extent of its continuing involvement in th€ transferrcd fnancial asset
and rccognizes an essociated liability. The cxtent of continuing involvement in th€
transfcrrcd financial asset is thc cxtent to which the company is exposed to chfiges in the
value ofthc transferrcd financial 8sset.

17 tgEurrtc,
co tIo
LlLTIEO
 Soshine Gr..n Energy (Beijing) Investmenl Co.,Ltd.
Yeu 2022
Nolas to financial s1alcmcnls

In determining whethcr the transfer of a financial asset satisfics the conditions for derecognition,
the company applies thc principle of substance over forrn. The company distinguishes betwcen

the tralsfcr ofan entire financial asset and the transfer ofa pan ofa financial asset.

(I ) If the transfer ofthe entire financial asset meets the derecognition conditions. the diflbrence
behveen the following two amounts is recognized in profit or loss:

I ) The carr),ing amount ofthe transfcred financial asset on the derecognition date

2) The sum of the consideration received for thc transfer ofthc financial asset and the amount
of any cumulativc gain or loss previously recognized in othcr comprehensive income thal is
attributable to the derecognized pan (if the transferrcd financial asset is mcasured at fair
value and changes in its value arc recognized in other comprehensive income).

(2) Ifthc transfer ofa part ofthe financial asset meets the derccognition conditions, the carrying
amount of the entire financial asset bcfore the transfer is allocatcd between the pan that is
derecognized and the part that continues to be recognized (in this case, atly retained servicing
asset is treated as pan of the continuing recognizcd financiEl ssset) based on the relative fair
Yalues on thc transfer date, and the difference betwcen the following two amounts is recognized

in profit or loss:

l) The carD,ing amount ofthe part dcrecognized on the derecognition datc

2) The sum of the consideration received for the derecognized part and the amount of any
cumulative gain or loss prcviously recognized in othcr comprehensive income that is
atfiibutable to the derecognized part (if the transferred financial assct is measured at fair
value and changes in its value arc recognized in other comprehensive income).

If the transfcr of a financial asset does not satisry the dcrecognition conditions, the company

continues to recognize the financial assct, and the consideration received is recognized as a
financial liability.

5. Methods for Determining thc Fair Value ofFinancial Assets and Financial Liabilities

For financial assets or financial liabilities that have an active mark€t, their fair value is

detcrmined using the quoted prices in the active market, unless the financial asset is subjcct to a
restriction that is specific to the assct itself. For financial asscs subject to such rcstrictions, the
fair value is determined by deduaing from the quoted price thc compcnsation amount required
by market participants for bearing the risk of not being ablc to sell the financial assel in the
open market for a specified period. Quotes from activc markets include those that ate casily and

regularly obtainable from exchanges, dcalers, brokers, industry groups. pricing services, or
regulatory agencies and that represent actual and rcgularly occurring market transactions on aIl
arm's length basis.

18
cOtls0RItglr 6p 595111pp 6REEN ENERC y
tBEutNGl rNVJ?!,.l{!tENT Co LID
roffio%"o"y .,*r.o
"r":*
 Soshinq G.latt Eo.rgy (BcijinS) InvcsuDcDl Co.,Ltd.
Year 2s22
Notcs to finEncial statcEen6

The initial acquisition or derivation of financial assets or thc assumption of financial li8bilities
uses the ransaction price as the basis fpr detcrmining their fair value.

For financial assets or financial liabilitics without an active market, the fair valuc is dacrmincd
using valuation tcchniques. In the valuation, the cornpany employs valuation techniqucs that are

appropriatc under the curent circumstances and for which suffcient available data and other
information support the inputs used, Preference is givcn !o rclcvant obsewabtc inputs as much
as possible. When relevant observsble inputs are not availablc or not feasiblc, unobservable
inputs ar€ us€d.

6. lmpairment of Financisl Instmments

The company accounts for impairmcr and recognizcs loss allowances bascd on expectcd crcdit
losses for financial asscts measur€d at amortized cost, financial asses classificd as measured at

fair valuc through other comprehensivc income, lease rcccivables, conract assets, loan
commitments not measurcd at fair value through profit or loss, financial liabilitics not mcasured
at fair valuc through profit or loss. and fiaancial guaraltee contracts formed by the transfcr of
financial gssets that do not meet lhc dcrecognition conditions or continue involvemcnt in
transferred fi nancial assets-

Expected crcdir loss is the weighted averagc ofcredit losses for financial instrumcnts, wcighted
by thc risk of a default occuning. Crcdit loss is the prcscnt valuc of thc differcnce bctwen the
contractual cash {lows duc to the company under thc contract and the cash ,lows the company
expects to receive, discounted at thc original effectiv€ intcrest r8tc. For purchascd or originated
financial assets that have experienccd credit impairment, thc credit-adjusted effcctiv€ intcrest
ratc is uscd to discount the cxpected crcdit losscs.

For reccivables, con!-act assets, and leasc receivablcs arising from transactions regulatrd by
rcvcnuc standards, the company uses a simplified mcasurcm€nt mcthod to measurc loss
allowanccs at an amounl cqual to thc cxpected credit losses ovcr thc entirc life ofthc asset.

For purchascd or originated credit-impaired financial assets. at cach balance sheet date. only the
cumulativc changes in lifetime expected crcdit losses since initial recognition are rccognized as

loss allowances. At each balance shect d8te, the amount of changes in lifetime cxpected credit
losses is rccognized as impairment loss or gain in thc currcnt pcriod's profit or loss. Even if thc

lifetimc expected credit loss determined at the balance sheet date is lcss than thc amount of
expectcd crcdit losses estimated bascd on thc initial cash flow forecast, the favorable changes in
expected credit losses are recognized as impairment gains.

Except for the aforcmentioned simplified measurrmcnt mcthod and purchased or originated
credit-impair€d financial assets, thc company assesses at each balancc sh€et datc whether the
credit risk of the relared finsncial iostrumsnts has significantly incr€ased since initial

19 CONSORTIUIi OF SOSHINE GREEN EilERGY

(gEurrG) rtv6;uErr co rto

"rnr* "o#*"on, .,rr.o

 Soshhr Orcqn EncrSy (Beijing) lnvestrncnt Co.,Ltd
Y(ar 2022
Notcs to finsocial slltameots

rccogniaion. The loss allowances, expected crcdit losses, and their changcs arc measured and
recognized based on the following situations:

(l) If th€ credit risk of thc financial instrument has not significantly increased sinc4 initial
recognition, it is in Stagc l. Loss allowances are measured at an arnount equsl to lhe 12-
month expected credit losses, and intcrest incomc is calculated based on thc carrying
amount and thc cffective intcrest rate.

(2) If the qedit risk of the financial instrument has signifrcantly increased since initial
recognition but there is no crcdit impairment, it is in Sagc 2, Loss allowances are mcasured
8t an amount equal to the lifetimc expected credit losses, and interest income is calculated
based on the carrying amout and the effective interest ratc.

(3) Ifthe financial instrument has experienccd credit impairmcnt since initial r€cognition, it is
in Stage 3. Loss allowances are measured at an amount cqual to the lifetime expected credit
losses. and interest income is calculatcd based on the amortized cost and drc effective
interest rate.

The increase or reversal in the amount of loss allowances for credit losscs is recognizcd as

impairment losses or gains in thc currcnt period's prcfit or loss. For financial assets classified as
measured at fair value through other comprehensivc incomc, the loss allowances for credit
losses are recognized in other comprchensive incomc without reducing the carrying amount of
the financial asset in the balancc sheet.

If, in the previous accounting period, loss allowances were measured at an amount equal to the

lifetimc expccted credit losscs for a financial irstrument. but at thc balance shcel date in the
current period, the financial instrument is no longer classified as having significantly increased
crcdit risk since initial recognition, thc company measures the loss allowances at an amount
cqual to the l2-month expected credit losses at the balance shcct date, and the rcv€rsal of loss
allowances is rccognized as an impairment gain in the current period's profit or loss.

(l) Significant Increase in Credit Risk

The company uses reasonable and supportable forrardJookinB information to compare $e risk
of default on the financial instnrmenl at the balance shect datc with the risk of default at the
initial recognition date to determinc whether the credit risk of the financial instrument has

significantly increased since initial recognition. For financial guarante€ conracts, the company
considers thc datc on \f,hich it becomes a party to thc irrcvocable commitrnent as the initial
recognition datc when applying the impaiment provisions of hnancial instruments.

In asscssing whether credit risk has significantly increascd, the company considcrs the

following factors:

I ) Wheihcr the actual or cxpected opcrating results ofthe debtor have significantly changed;

20

CONSORNUM OF SOSHINE GREEN TNERGY

TBEUTNGt#EaruENt co LrD
RENEw PotfIE R coM'ANY LIMITEO
 Soshinc Gltcll Encr&v (Bciing) tnv6t6lDl Co.,Ltd.
YarN22
Nol€s to finiacial st tcmcols

2) Whethcr thcrc havc been significant advenc changcs in the rcgulatory. cconomic, or
technological environment in which the debtor opcrates;

3) Whethcr therc havc been significant changes in the value ofcollatcral sccuring the dcbt or in
thc quality of guarantees or crcdit enhancements FovidEd by third partics, which are

expcctcd to reduce thc debtor's economic inccntive to repay on thc conEactual duc datcs or
to affcct the pmbabilitv ofdefault;

4) Whethcr there have been significant changes in the dcbor's expected performrnce and
repEymcnt bchavior:

5) Whethcr thcre have bccn changes in the company's crcdit managcment merhods for
financial instrumcnts.

Ifthe company determines that a financial instrumcnt only has low credit risk ar the balance
shect datc, it assumcs that the credit risk of the financial instrumcnt has not significantly
increased since initial recognition. A financial instrument is considcred to have low credit risk if
the default risk is low, thc bonower has a s$ong ability to meet its contractual cash flow
obligations in thc shon term, and adverse changes in economic and business conditions over a

longcr period of time may not neccssarily reducc the bonower's ability to mect its contractual
cash flow obligations.

(2) Financial Assets with Credit Impairmcnt

A financial assct becomes credit-impaircd when one or more events that have a dctrimental
impacl on the estimatcd future cash flows ofthat finsncial asset occur. Evidcnce that I finarcial
asset is credit-impaired includcs observable information such as:

I ) Signilicant financial difficulty ofthe issuer or dcbtor;

2) A brcach ofcontract, such as a default or past duc event in interest or principal payme[tsi

3) For economic or contractual reasons relating to the debtor's financial difficulty, thc creditor
gr8nts thc debtor a conccssion that the crcditor would not othcnvise consider;

4) It is becoming probable that the debtor rvill enter bankruptcy or orher financial
reorgan ization;

5) Thc disappearance of an active markct for that financial asset because of financial
difficulties ofthe issuer or dcbtorg

6) The purchax or origination ofa financial asset at a dcep discount that reflccts thc incurred
crcdit losses.

Credit impairm.nt of financial assets may rcsult from thc combined cffect of multiplc cvents,
and not neccssarily from idcntifiable singlc cvents.

s0s8'llt
(AEUING)
21 co rro
RENEW
UMtTEO
 Soshrne Crccr Ener8l (Bcring) InvesEned Co..Ltd
Y.ar 2022
Notcs to finlncial Etatcmenls

(3) Dctermination ofExpected Credit Losses

The company assesses expected credit losses on financial instruments on an individual and
collectivc basis, considering rcasonablc and supportablc information aboui past events, currcnt
conditions, and forecasts of future economic conditions.

The company groups financial instruments based on sharcd credit risk charactcristics. The
common credit risk characteristics used by the company includc: type of financi8l instrument,
credit risk roting, age of receivables, agc of overdue receivables, contract settlem€nt cycle,
industry of the debtor, ctc. The individual assessment criteria and the sharcd crcdit risk
charactcristics for rclevant hnancial instruments arc d€tailed in the accounting policies for those
financial instruments.

Detcrmination ofExpected Credit Losses for Financial Instruments

l) Financial Assets, The credit loss is the prcsent value of the difference betw€cn the
contractual cash flows that the cotnpany is cntitled to receive and the expected cash flows
that it will actually rcceive .

2) Lease Rcceivables,The credit loss is th€ prescnt valuc of the difference betwecn the
contractual cash flows that the cornpany is entitled to reccivc and the expected cash flows
that it will actually receive.

3) Financial Guarantee Contracts,The credit loss is the present value of the expected paymens
to be made by thc company to rcimburse the holder for a credit loss incurred, lcss any

amounts thal the company expects to recover from the holdcr, debtor, or any other party.

4) Credit-lmpaircd Finalcial Assels (excluding purchascd or originated crcdit-impaired

Esscts):The crsdit loss is the differsnce betwecn the carrying amount of the finmcial asset

and thc present valuc of the estimatcd future cash flows discounted at the original effective

interest ratc.

The company's method for measuring €xpect€d credit losses on financial instrumcnts reflects
the following factors: An unbiased, probability-weighted amount determined by evaluating a
rangc of possible outcomes:The timc value of money;Reasonable and supponable information
about past events, cument condirions, and forecasts of firturc economic conditions thal are

available without undue cost or effort at the balance sheet datc.

(4) Write-off of Financial Assas

When the company no longcr rcasonably expects to recover all or part of the conlracrual cash
flows ofa financial asset, the carrying smount ofthe financial asset is directly written off. This
rvritc-off constitutes thc derecognilion ofthe financial asset.

c0l{sonIruM 0t sosHtNE GREEN ENERGy

{BE u rNGLl4lESa JME N r co rro
QENtw PCTtrER coMpaNy r rMrrFo
 Soshinc Crcen Encrgy (BrUutg) Investncnt Co.,Ltd.
Year 2022
Not s to Enrlcid statcmar[s

T.Offsctting Financial Assets and Financial Liabilities

Financial assets and financial liabilities are prescntcd separstcly in the balancc shc€t and are not
offset unlcss both ofthe following conditions are mct:

(l) The company has a lcgally enforceable right to offset thc rccognized amounts, and the right
is cuncntly enforceablc;

(2) The company intends to settlc on a net basis or !o rEalize the financial assot 8nd scttlc the
fi nancial liability simultaneously.

(l l). Notx Receivablr

The method for determining expGcted credil losses and accounting treatrncnt for notcs
receivablc is detailed in Note (10) 6 - Impairment ofFinancial Instrumcnts.

For notes receivablc with significant individual amounts thal have become credit-impaircd after
initial recognition, thc company determines the crcdit loss individually.

When sufficient evidence for assessing cxpccted credit losses at an individual instrumcnt level
cannot bc obtained at a reasonable cosl. thc company refcrs to historical credit loss cxpcricnce,
current conditions, and futurc economic forecasts. The company groups notes receivable based
on crcdit risk characteristics and calculates expecred credit losses on a collective b8sis. The
basis for dctcrmining these groups is as follows:

Group Name Basis for Grouping Provision Method

This group includcs notcs Expected crcdit losses are

receivable whcre the issuer calculated using historical
has a high credit rating and crcdit loss e4rrience. currcnt
Bank Acccptancc Bills of defauhs.
has no history conditions, and future
Portfolio The credit loss risk is economic forccatt!. The
extrcmcly low, and the issuer calculation involvcs the
has 8 strong caiacity to fulfill exposure at defauh End the
its contractual cash flow expected cr€dit loss rate over
obligations in the shon tcrm. the entire lifespan of the
ootcs.

Commcrcial Acceptancc Bills Commercial Acceptance Bills Dctcrmining Allowance for

Portfolio Issued by Low Crcdit Risk Bad Debts Bascd on
Acceptors Historicsl Credit Loss
Expericnce, Current
Conditions, and Futurc
Economic Outlook

s0$iiM GREEil
co Lro
RE,{EIt
uM'tEo
Soshine Cr€qn EnerSy (B.rm8) Investstert Co.,Ltd
Yeu 2022
No(es to finaocial statem. s

( l2). Acoounts Reoeivablc

The methods and accounting treatmcnts for determining the erpectcd credit losses for accounts
receivable are detailed in Notc 6 (Financial lnst uments lmpairment) ofthis an[€x.

For accounts receivable with a significant single amount that have experienced credit
impairment aftcr initial recognition. the company rvill determine their credit loss individually.

When suflicient evidencc to nssess expected credit losses on an individual basis is not available
at a reasonable cost, the company will refer to hisorical crcdit loss expcrience, current
conditions, and forecasts of future economic conditions. Accounts receivable will be grouped
based on credit risk characteristics, and expected credit losses v{ill be calculated on 8 ponfolio

basis. The basis for det€mrining these groupings includes

Group Name Basis for Grouping Pmvision Method

Based on the naturc of the

business, €xc€pt for objective
Related Party Portfolio Afliliated Companies
cvidence indiceting
impairment losses on
amounts receivablc from
third parties.

For accounts receivable not The company calculates the

includcd in the cxpecled credit losscs by
aforamcntioned portfolios, the refening to historical credit
Other Receivables company makes the best loss experience. curent
estimate ofthe provision ratio conditions, and forccasts of
based on historical futurc economic conditions.
experience, and classifies This involves assessing

credit risk portfolios bas€d on default risk exposure and

the aging of&e receivables. calculating thc expccted

credit loss rate over the entire
life of the receivablcs.

(13) Rc.civrbles Fiunciry

The method for determining the expected crcdit losses and accounting treatment for reccivables

financing are detailcd in Note (10) 6. Financial Instrumcnt Impairment.

(14) Othcr Receivsblcs

24

coNsonrluM 0r s0 sHtNt cREEN EIERG y

taEUNGlyJrMENr cO LrD
RENEw PogfF coMpaNy LlMtTEo
 So6hinc Crceo Encrg)- (Bcijmt) Invesuncflt Co.,Ltd.
Year 2022
Notcs to finucial statcmmts

The method for determining the expectcd credit losses and accounting treatmenl for other
receivables are detailed in Note ( l0) 6. Financial Instrument Impairment.

For significant individual amounts ofother receivablcs that havc expericnced credit impairment
after initial recognition, the company detcrmines the crcdit losses separately.

When adcquatc evid€nce for estimating cxpected credit losses at the individual instrument level
cannot bc obtaincd at a reasonable cost, the company refers to historical crcdit loss cxpcricnce,
considers current conditions, and makes judgmcnts about future cconomic conditions- Other
rcccivables are classified into several portfolios based on credit risk characteristics, and
expected credit losses are calculrted on a portfolio basis. Tle basis for determining these
portfolios is as follows:

Group Name Basis for Crouping Provision Method

Risk-Free Porrfolio This includes itcms such as Based on the naturcof the
advances, deposits, margin business, unless there is
pay cnts, receivables for objective cvidencc indicating
individual income tax, and bad debt losses.
receivables for VAT refunds
wilhin other receivables.

Based on the naturc of the

business, no provision for bad
Related Party Ponfolio Alliliated Companies
debts is madc unless there is
objectivc cvidence indicating
that bad debt losses have
occurrcd.

Including accounts rcccivable The company calculates the

other than those in the cxpected credit losses by
aforementioncd catogorics, refercncing historical credit
Other Receivables lhe company makcs its best loss cxperience, considering
estimate of the provision for the cur€nt conditions and
accounts receivable based on forecasts of future economic
past historical expericncc, and conditions, and using the
classifies the crcdit risk of exposure to defauh risk and
accounts receivable based on the credit loss ratc.s over the
their aging. cntire life of the financial
inslruments.

( l5) Inventory

C0NSoRIlutil 0f s0sBltit GREEN EIIERG

25
(BEUrNGljy/SNTJJtEN I c o LTO

rneweqJEn coueat LI MITE D

Soshhr Grcco Encrgy (BcijirS) lrv6m.nl Co.,LId.
Y(nt 2tr22
Notcs to fBrncirl statcmcnts

l. Classifi cation of Invcntory

Invcntory rcfcrs to goods hcld by thc company for sale in the ordinary course ofbusincss, work
in progress, end materials consumcd in the production proccss or servicc delivery. It primarily
includes raw materials. supplies, materials cn$usted for processing, work in progrcss, self-
produced semi-finishcd goods, finished goods (stock goods), and goods in transit.

2. Inyentory Valustion Method

Upon acquisition, inventory is initially measurcd at cost, which includes purchase costs,
processing costs, and other costs. Whcn invcntory is issucd, raw matcrials arc accounted for
using the FIFO (Iirst-In, First-Ou0 method, and finished goods 8re accounted for using the
specific idcntification merhod.

3. Basis for Dctermining Net Realizable Valuc oflnvcntory End Provision for Invenlory Write-
Down

At thc end of the period, invcntory is thoroughly inspected, and inventory write.down is
adjusted based on thc lower ofcost or net realizable value.For finishcd goods, stock goods, and
matcrials dircctly intended for sale, the net realizable valuc is determined by subtracting
estimated sclling expenscs and related taxes from thc estimated selling price of the inventory in
the oormal course of production and business.For materials that require processing the nct
realizable value is determined by subtrscting estimaled costs to complete. estimated selling
cxpenses, and related taxes from thc estimated selling pricc of the finished goods produced
from thosc materials in the normal course of production and business.For invcntory held to
cxccutc salcs or scrvicc contracts. thc net realizable value is calculated based on thc contract
price. If thc quantity of inventory held exceeds thc quantity ordcred in the sales contract, thc nel
realizable value ofthe excess inventory is based on the gcneral sales price.

At the end of the period, inventory \+,rit6.down is pmvided on a per-item basis. However, for
numerous low-cost itcms, thc write-down is provided based on invenory categorics. For
inventory relatcd to a scrics of products produced and sold in the samc region, with the samc or
similar final use or purpose, and whcrc it is diflicult to measurc separately fiom other items, the
lvriie-down is provided on a combined basis.

If the factors causing a prcvious write-down of inventory value have disappcarcd, dle write-
down amount is rcvencd and restored within thc previously providcd inventory writo'down
amount, with thc rcversal amount included in the current period's profit or loss.

4. Inventory Counting System

The perpetual inventory s)'stem is used

5. Amortization Mcthods for Low-Value Consumables and Packaging Materials

26
CONSORIIUi! OF SOSHINE GREEN EN!R6Y
{EEurrict TNUESIMENT CO LTO
neNr w ffiToD.reary rrur rEo
Soshine G.cen Encrgy (Beijhg) Invest$enr Co.,Ltd.
Y.ar 2A22
Notcs to financial statcments

(l) Low-v8lue consumables are expcnsed in full upon acquisition.

(2) Packaging materials are expensed either in full upon acquisilion or amortized over time.

(16) Contnct Assets

Contr&ct assets are recognized whcn th€ company has transfered goods to customers and has
the right to receive considsration for that transfer, \vhich is dependent on factors olher than the
passage of time. Unconditional rights to receive consideration from customers, which arc solely
depcndent on the passage of time, are recognized separatety as rcceivables.

The method for determining and accounting for expectcd credit losses on contract asscts is
detailed in Note ( t0) 6. Financial Instruments Impairment.

(17) Assets H€ld for Ssle

l. Critcria for Classification as Held for Sale

Non-currcnt assets or disposal groups are classified as held for sale when they meet all of the
following conditions:

(l) They are available for immediate sale in their culrent condition, as per the usual practice for
selling such assets or disposal groups in similar transactions.

(2) The sale is highly probable, meaning that the company has made a decision to sell and has
obtained a firm purchase commitrnenl with the sale expected to be completc{ within a year.

A firm purchase commitment is defined as a legally binding agreement with another parry thar
includes significant terms such as transaction price, timing, and substantial penalties for non-
performance, making the likelihood of significant adjustments or cancellation of the agreement
minimal.

2. Accounting Trcatment for Asscts Held for Sale

Non-currett assets or disposal groups classified as held for sal€ are not depreciated or amortized.
If the carrying amount exceeds the fair value less costs to sell, the carrying amount is wfitten

down to fair value less costs to sell. The write-down amount is recognized as an impairmenl
loss and included in the current period's profit or loss, and a provision for impairment ofassets
held for sale is made.

For non-curent assets or disposal groups classified as held for sale on acquisition, thc initial
measuremcnt is compared between the amount assumed ifnot classified as held for sale and the
fair value less costs to sell, with the lower ofthe two being used.

These principtes apply to all non-current assets except for investment propcrties measured using

the fair value model, biological assets measured at fair value less costs to sell, assets arising

CONSORIIUM OF SOSHINT CREEN ENERGI

tAEUING, INYFSTMENT CO LTD,

^.n
* rffi&oou, .,t.rro
Soshinc Cflcr Enc.g) (Bcijing) tnvesmeot Co.,Ltd
Ycar 2022
Nolcs to finsocid ststcmcnb

from cmployee benefis, deferrcd tax assets, financial asse6 rcgulated by financial insh'ument
standards, and rights arising fiom insurance contracts regulated by insurancc contrsct standards.

(18) Othcr Debt lnvcatments

The mcthods for determininB and accounting for the cxpccted credit losses of othcr debt
invcstrnents Erc dcscrib€d in Not€ (10) 6. Financial Instsumens Impairment.

(l 9) Long-tcrm Reccivrblcs

The melhods for detcrmining and rccounting for the expected credit losses of long-term
receivablcs are described in Notc (10) 6. Financial Insfumcnts knpairment.

(20) LonS.tcrm Equity Investmcnts

l.Dctermination of Initi8l Investment Cost

(l) For long+erm equity investmenG acquired through business combinations, refcr to the
accounting policics for business combinations under common control and not undcr common
control as detailed in Notc (5).

(2) For oth€r types of long-term cquity inyestments:

Cash Paymcns: Long-term equity invcstments acquircd by cash paymcnt arc rccordcd at the
actual purchase price paid. The initial investment cost inclu&s cxpenses direcdy rclated to the
acquisition ofthc long-term equity invcstment, taxcs, and othcr necessary expenditures.

Issuance of Equiry Securities: Long-tcrm equity investments obtained through the issuance of
equity securities arc recorded at thc fair value of the issucd equity securities. Transaction costs
incurred whcn issuing or acquiring cquity instrumcnts are deducted dircctly from equity related
to equity transactions.

Non-Monctary Asset Exchangcs: For non-monetaq/ asset sxchanges with commcrcial substance
and wherc the fair value ofthe exchangcd assets can bc rcliably measured, the initial investrnent

cost of long-tcrm cquity investmcnts is bascd on the fair value of the cxchanged asses. lf there
is conclusivc evidence that thc fair valuc of the rcceived ass€ls is more rcliable, it should be
used. Ifthc cxchangc does not meet thc above critcria. the initial invcstmcnt cost is basrd on the

carrying amounl ofthe exchanged ass€ts and any rclated taxcs payable.

Debt Restructuring: Long-term equiry investrncnts obtained through dcbt rcstructuring are
initially mcasurcd based on fair value.

2.Subscqucnt Measurement and Profit or Loss Rccognition

(l) Cost Method:

2A

COIISORTIUM OT SOSHINT GREEN ENERGY

(a€ur GI4FSrrr,lEfi r co Lro
REN€w pOftER coMpANy LrMrrEo
Soshine C.een Energ.v (Beijing) Invesmenl Co.,Ltd.
Ye,J2c,2
Noles to finatrcial statcmcnts

Long-term equity investments where the company can excrcise control ovcr the investee are
accounted for using the cost method. The investments are recorded at initial cost, with
adjustrnents for additional investments or recoveries. Dividends or profits declared by the
invcstee ate recognized as investment income for the period, except for cash dividends or
profits declared but nol yet paid 8t the time ofacquisition.

(2) Equity Method

Long-rerm equity investments in associates and joint venfures are accounted for using the
equity method. For equity investments itl associates held indirectly through venture capital

organizations, mutual funds, trust companies, or similar entities. including unit-linked insurance
funds, the investments are measured at fair value with changes recognized in profit or loss.

Ifthe initial investment cost ofa long-term equiry invesunent exceeds the proportionate share of
the identifiable net assets ofthe investee at the time of investment, the initial invcstment cost
remains unchanged. If the initial investment cost is less thsn the proportionate share of the
identifiable net sssets of the investee at the time ol' investment, the differenae is recogniz€d in
the current period's profit or loss.

After acquiring a long-tenn equity investment, the company recognizes invostment income and
other comprehensive income based on its share of the investee's net profit or loss and other
comprehensive income. The carrying amount of the long-tcrm equity investment is adjusted
accordingly. The company's share ofthe investee's profits or cash dividends dcclarcd rcduces
the carrying amount of the long-term equity investmcnt. Any other changes in the investee's
cquity, except for net profit or loss, other comprehensive income, and profit distriburions, adjust
the carrying amount ofthe long-terrn equity investment and are included in shareholders' equity.

When recognizing the share of the investee's net profit or loss, adjustments are mads lo the
investee's net profit based on the fair value of thc investee's identifiable assets at thc time of
invcslmelt. Unrealized intemal transaction profits or losses between the company and its
associates or joint ventures are offset based on the share attributsble to the company, and

investtnent incomc is recognized accordingly.

When recognizing the company's share of losses incurred by the investee, the following steps
are taken:First, reduce the carrying amount of the long-term equity investment-Second. if the
carrying amount ofthe long-term equity inyestment is insufficient to cover thE losses, additional
losses are recognized up to the extent of other long-term interests in the investee that essentially
constitute net investments in the invcstee. reducing the carrying amount of long-temr
receivablcs or similar assets.Finally, if there are additionsl obligations as per investment
contracts or agreemenls. recognize a provision for anticipated liabilities based on the expected
obligations, and include it in the current period's investment loss.

29 CONSORTIUM OF SOSHINE GREEN ENERGT

IEEIJING) INV'SIMENT CO LIO
.-,4*No
iENErl/ Po,rtR coMPAry uMrrED
 Soshine Crcen Energy (BeijirS) lnvestm€ol Co.,Ltd.
Year 2022
Nol€s to finao€ial BtstcmeDts

If thc invcstee subsequently becomcs profitable, the company first restores aay rccognized
provision for articipatcd liabiliries, aqiusts $c carrying amounr of long-term equity investtnents
and other long-term interests that constitute net investments in lhe investee, and recognizes
investment income.

3.Conversion from Fair Value Measurement to Equity Method

(l ) Convusion from Fair Value Measurement to Equify Method Accounting

When a company' s previously held equity investment in an investee, which was initially

accounted for under financial instrument standards as not having co[trol, joint confol, or
significant influence. becomcs one where the company can exercise signiticant influence or
joint control (but not control) due to additional investment or other reasons, The fair value of
the previously held equity investsnent, as determined under the "Accounting Standards for
Business Enterprises No. 22 - Financial lnstruments: Recognition and Measur€ment.n

Ifthe initial investment cost under the equity method is lcss than the proportionate share ofthe
investee' s identifiable net &ssets' fair value at the date of the additional investment, the
carrying amount of the long-term cquity investrnent is adjusted. The difference between the
initial investment cost and thc proportionate share of the idcntifiable net assets' fair value is

recognized as non-operating income in the current period.

(2) Transition from Fair Value Measurement o. Equity Method to Cost Method

lf the company ' s previously held equity investments in investees, which were accounted for

under financial instrument standards as not having control,joint control, or significant influence,
or prcviously held long-terrn equity invcstments in associates or joint ventures, subsequently
acquire conrol over the iflvestee ftar is not under ftc same conffol due to additional
investments or olhel reasons. the initial investment cost undcr thc cost method is delermin€d as
follows:Initial Investrnent Cost:Th€ initial investment cost undcr the cost m€thod is the sum of
thc carryiDg amount of the prcviously held equity investment plus the cost of the additional
investmenl,

For cquity investments held before the purchase date that were accountcd for using the equity
method and resuhed in recognized other comprehensive income, the same accountirg reatment
is applied upon disposal of such investrncnts, consistent with the treatment of directly disposed
related assets or liabilities ofthc investce.

For equity investments held before the purchase date and accounted for under the 'Accounting
Standards for Business Enterprises No. 22 - Financial Instruments: Recognitrion and
Measurement " the accumulated fair value changes recognized in othcr comprehensivc income
are transferred to crrrent profit or loss when Eansitioning to the cost method.

30

CONSORIIUM OF SOSHINE GREEN

ENERGY
(BELJING, ly-,t'*r{ENr co LTD
RENEW POI*R COMPANy LtMtrFD
 G.€n Energy (Beijing) Investne,rt Co.,Ltd.
Soshine
Yc^rN22
Noles to finircisl statcmenls

(3) Transition from Equity Method to Fair Value Measurement

Ifthe company loses joint control or significant influence over an investee due to the disposal of
part of thc equity investment, the remaining equity is accounled for under the 'Accounling
Standards for Business Enterprises No. 22 - Financial Instruments: Recognition and

Measuremcnt." The difference between the fair value of the remaining equity on the date joint
control or significant influence is lost and its carrying amount is recognized in curent prcfit or
loss.

For equity investments accounted for under the equity method that resulted in recognized other
comprehensive income, the same accounting treatment is applied upon ceasing to use the equity
method. consistent with the treatment of directly disposed related assets or liabilities of the
inYestee.

(4) Transition from Cost lUethod to Equity Method

lfthe company loses contol over an investee due to thc disposal ofpan ofits equity investment,
and the remaining equity can provide joint connol or significant influence over the investee, it
transitions to equity method accounting. The remaining equity is rreated as if it had been
accounted for using the equity method from the time ofacquisition.

(5) Transition from Cosl N{ethod to Fair Value Measurement

lfthe company loses control over an investee due to the disposal ofpan of its equity invcstrnenl.
and the remaining equity cannot provide joint confiol or significant influence over the investee,
it transitions to accouoting under the 'Accounting Standards for Business Enterprises No. 22 -
Financial Instruments: Recognition and Measurement." The ditlbrence between the fair value of
the remaining equity on the date control is lost and its carrying amount is recognized in current
profit or loss.

.1. Disposal ofLong-term Equify Investments

When disposing of long-term equity investment's. the difference between the carrying amount of
the investment and the actual proceeds received should be recognized in current profit or loss.
For long-term equity investments accounted for using rhe equiry mcthod, upon disposal. the
portion ofother comprehensive income previously recognized and related to the investce sbould
be accounted for in accordance with the same basis used for directly disposed related assets or

liabilities.

Transactions involving the disposal ofequity invcstments in subsidiaries that meet one or more
ofthe following conditions should be accounted for as a bundled transaction:

(l) The transactions are entercd into simultaneously or in contemplation of each other' s

effects.

c0it5-0Rlutit ot s0sHtNE
31 GREET,/ EIIER6Y
IEEIJINGJ IN)fSTMENI
CO LIO

^.n.* "ffiToorron, ,-, MITEO

 Soshine Grre[ En6gy (BeijirS) InvesgneDl Co.,Ltd.
Y.4r 2UZ2
Nolcs to financial ttstencnts

(2) The kansactions only achicvc a cornplete commercial cffcct whcn considered as a whole.

(3) The occurrcnce of onc transaction depends on the occurrence of at least on€ other
transaction.

(4) A transaction is not economical on its own but is economical when considered together with
other transactions.

If the company loses control ovcr a subsidiary due to the disposal of part of its equity
invesunenl or other reasons, and the transactions do not coDstitute a bundlcd transaction, the
accounting treatment should bc distinguished between individual finarcial statements and
consolidatcd financial statements:

(l) Individual Financial Slatements,For the disposed equity, the difference between the carrying
amouot and the actual proceeds should be recognized in current profit or loss. If the
rcmaining equity provid€s joint control or significant influence ovcr the investee, it is
accounted for using the equity method, and thc remaining equity is adjusted as if it had been
accounted for underfte equity m€thod from the time of acquisition.If the remaining cquity
does not provide joint control or significant influcncc, it is accounted for under the
"Accounting Standards for Busin€ss Enterprises No. 22 - Financial Instruments:
Recognition and Measurement," and the difference between its fair value on the dBtE control
is lost and the carrying amount is recognized in curent profit or loss.

(2) Consolidated Financial Statcmcnts: For transacfions occurring before losing control ovcr a
subsidiary, the diffcrence between the disposal proceeds and the share of the subsidiary ' s

net assets (calculated ftom the acquisirion date or the date of the business combination)
should be adjusted against capital reserve (share premium). Any shortfall in capital reserve
should be adjusted against retained eamings.Upon losing control over a subsidiary, the
remaining €quity should be remeasured at its fair value on the date mntrol is lost. Th€
consideration received from the disposal and the fair value ofthe remaining equity, lcss rhe
share of the subsidiary' s net assets (calculated fiom the acquisition date) based on the

original holding pcrcentage, is recognized as investment income in the period of losing

control and goodwill should be written down accordingly. Other comprehensive income
related to the original subsidiary' s equity invcstment should be reclassified to curent
investment income upon losing control.

When multiple transactions rclatcd to the disposal ofsubsidiary equity investments and the loss
of con0ol are considered bundled transactions, these transactions should be accounted for as a
single disposal of subsidiary equity investment and loss of conaol, ,xith the accounting
teatment distinguished between individual finalcial stateme[ts and consolidated financial
statemcnts:

CONSOR]IUM Of SOSIIINE GREEN EXIRGY

taEurNG) rNxtrtlENr co LrD
RE NEI/v po-It(R coMpaNy
LtMlrEo
 Soshine C.ten Energy (Beijing) IDvestbcnt Co.,Ltd-
Yeat ?0'22
Notcs to financial statcmeflts

( I ) lndividual Financial Statcments, The difference between the procceds of each disposal and
the carrying amount of the disposed equity inyestment should be recognized as other
comprehensive income and reclassified to current profit or loss upon losing control.

(2) Consolidatcd Financial Statements, The difference belween each disposal proceeds and the
share of the subsidiary ' s net assets conesponding lo the disposed investment should be

recognized as other comprehensive income and reclassified to current profit or loss upon
losing connol.

(5) Criteria for Joint Control and Significant Influence

The company has joint conrrol over an arangement if, according to relevaot agreements, the
collective control of the arrdngemcnl requires unanimous conscnt from all parties sharing
control, and the company has significant influencc over the returo from the arrangement.

If the company joint arangement determined based on rclevant

has rights to the net assets of a

agrcements, the joint arrangement is classified as 8 joint venture and acco{.rnted for using the
cquity method,If the company does not have rights lo the net assets ofthejoint arrangement. the
joint arrangemenl is classified as a joint operation, and the company recognizes and accounts
for its share of interests itr thejoint operation according !o relcvant accounting standards.

Significantinfluencereferstotreinvestor'spowertoparticipateinthefinancial and operating

policy decisions of lhe investee but does not amourt to control or joint control. The company
determines whether it has significant influence over an investee based on one or more of the
following criteria and considen all relevant facts and circumstances: (l) Representation on the
investee' s board of directors or sinilar goveming body.(2) Panicipation in the financial and

operaling policy-making processes. (3) Significant transactions wirh the invesree. (4) Provision
of key managerial personnel to the investee. (5) Provision of essential technical information to
the investee.

(21) Investment Property

lnvestment property refers to property held to eam reirtal income, for capital appreciation, or
both. This includes leased land use rights. land use rights hcld for transfer after appreciation,
and leased buildings. Additionally, if the company's board of direcrors makes a written
resolution stating lhat vacant buildings held by the company are intended for operating leases
and this intention is not expecled to change in the short term. these buildings will also be
classified as investment property.

The initial cost of the company' s investment property is recorded at its purchase cost- The cost

of purchased investment prop€rty includes the purchase price, rclated taxes, and any other
expenses directly attributable to the acquisition of the asset, For self-constructed investment

CONSORIIUM OF SO SHINE 6REEII EI.IERGY

(BEIJING, INVESTMENT CO LTO
RENEw Poylh coiipaNy L|MITED
 Soshinc Grccn En.rEy (Beuing) lnvestncnt Co.,Ltd.
Yczr 2022
Not.s to fimrcirl Etstcmcn6

propcny, Urc cost includcs all ncccssary expenditurcs inclrrcd before thc asset is ready for its
intcnded use.

Thc company adopts thc cost modcl for subsequcnt measurcment of invcstment property.
Depreciation or amonization is calculated on buildings and land use rights based oo their
cstimated uscltl lives and residual values.

Whcn the usc of investmcnt propsrty changes to owner-occupied prcperty, the company
reclassifics the investment property as fixed assets or inongiblc assets staning from the date of
the changc. Convcrsely, whcn the uge of owner-occupied propcrly changcs to eaming rental
income or capital appreciation, the company reclassifics fixed asses or intangible ass€ts as

invcstment property stafiing fiom the date of thc change. The carrying amount bcfore the
reclassification is used as thc carrying amount after thc reclassification.

Invcstmenl property is dcrecognized when it is disposed of, or when it is permanently

rvithdrawn from use and no fuNre cconomic benefits are expected fiom its disposal. Gains or
losses arising ftom thc disposal, transfcr, scrapping, or destruction of investmsnt property,
calculatcd as the diffcrcnce between the net disposal proceeds and the carrring amount of th€
asset, are recognized in profit or loss for the period.

(22) Fixed Assets

l.Recognition Criteria for Fixed Assets

Fixcd asscts rcfcr to tangiblc assets held for the purpose ofpmducing goods, providing scrvices,
leasing, or for adminislrative use, with a useful life excceding one accounting year. Fixed assets

are recognized when they simultaneously meet the following conditions:

( l) It is probablc that the economic benefits associated wilh the fixed ass€t will flolr !o the
enterprise.

(2) The cost ofthe fixed asset can be reliably measurcd

2.Initial Mcasurcmenr of Fixed Ass€ts

The company measures fixed asscts at cost initially.

(l ) Thc cost of purchased fixcd assels includes the purchasc price, import dutics, arld r€lated
taxcs, as wcll as any dircctly attributable cxpenses incured to bring the asset !o the location end

condition ncccssary for it to bc capable ofoperating in the manner illtended by management.

(2) The cost of self-construcled fixcd assets comprises all necessa4/ expenditures incuned
bcforc thc assct is rcady for its intcnded usc.

34

CONSORIIUiI OF SOSHINE GREEN ENERGY

(sEurNG) co rro
)y4Pr,/rENr
RENEW PO\IfER COMPANY TIMIIEO
 Soshint Creen Encrgy (Beijing) Investrnent Co.,Lrd.
Yeaj 2422
Noles to finaocisl statements

(3) Fixed assets contributed by int,estors are recordcd at the value agreed upon in the
iovestmenl contract or agreement. Ifthe value stipulated in the contract or agreemelt is not fair,
the fair value is used.

(4) If the payment for purchasing fixed assels is defened beyond normal credit terms and
effectively contains a financing element, the cost ofthe fixed assets is determined bascd on the
present valuc ofthe purchase price. Thc differercc between the actual payment and the present

r.alue of the purchase price is recognized as interest cxpense over the credit period. except for
amounts capitalized.

5.Subsequent Measurement and Disposal ofFixed Assets

(I ) Depreciation ofFixed Assets

Fixed assets are depreciated over their estimated useful lives, using the straightJine method
after deducting the cstimated residual value. For fixcd assets that have been impaired,
depreciation is calculated based on the carrying amount after deducting the impairment
provision and the remaining useful life. Fixed assets that are still in use after full depreciarion
are not depreciated further.

The company determines the useful lif€ and estimated residual value of fixed asses based on
their nature and usage. At the end of each year, the useful lifc, estimated residual value, and
depreciation method of fixed assets are teviewed, and adjusunents are madc if thcre are
differences from the previous estimatcs.

The methods, useful lives, and annual depreciation rates for different types offixed assets are as

follows:

Annual
Type ofFixcd Deprecialion Usefi.rl Life (Years) lesidual value rale Depreciation Rate
As,sat Method (%) (9;l

straight.line method
Buildings 2040 5 2.3754.750

straight-line method
Machin€fl, l0 9.500

straighr-l ine method

Transporfljion l0 9.500
Equipment

OIIic€ Equipment sraight-line m€Ihod 5 5 t9 000

and Other Fixed
Assets

(2) Subsequent Expenditures on Fixed Assets

35 OF
{AEUING)
co IO
R€NEW
!IMIEO
Sosbine Grcm Energy (Beijing) Investmenl Co.,Ltd
Ye$ 2UZ2
Nolcs to filancial 6tatements

Subs€quent expcnditures rclatcd to fixed assets that meet the critcria for recognition as lixed

assets ore included in the cost of the fixed assels. Those that do not m€et the criteria for

recognition are expensed in the period in which thel'are incurred,

(3) Disposal ofFixcd Assets

When a fixed asset is disposed ofor is expected to gcnerate no future economic bcnefits either

through use or disposal, it is derecognized. The proceeds Aom the sale. transfer, scrapping, or
damagc of a fixed asset, after deducting its carrying amount and relaled taxes and fecs, are

rccognized in thc currcnt period's profit or loss.

(23) Construction in Progress

l.Initial Measurement of Construction in Progress

The company's self-constructed construction in pmgress is measured at actual cosl. The actual
cosl consisls of all necessary expenditures incuned beforc the gsset reaches its intended usable
st8te. This includes the cost of materials, labor costs, relevant taxes paid, capitalized bonowing

cosrs, and allocated indirect costs.

2.Criteria and Timing for Transferring Construction in Progress o Fixed Assets

Construction in progress projects are transferred to fixed assets based on all expenditures
incurred to bring the asset to is intended usable state. Ifthe constructcd project has rcached is
intended usable state but has not y€t undergone final acceptance, it is ransferrcd to fixed assets
at its estimated value based on the project's budget, cost, or actual expenses. Depreciation is
then calculated according to thc company's fixed asset depreciation policy. Upon completion of
final acceptance, the initially cstimatd value is adjusted to thc actual cost, but the previously
calculated depreciation is not adjusted.

(24) BorrowiDg Costs

l.Principles for Capitalizing Bonowing Costs

Borrowing costs directly attributable to the acquisition, construction, or production of assets

that mcet the criteria for capitalization are capitalized ard included in the cost of the related
assets, Odrer borrowing costs are expensed as incurred and recognized in the curent period's
profit or loss.

Assets eligible for capitalization are those that require a significant period of acquisition or
production to r€ach th€ir intended usable or saleable st8te, such as fixed assets, investment
propenies, and inventories.

Capitalization ofborrowing costs begins when allofthe following conditions are met:

36

CONSORIIUI{ OT SOSHII,IE 6REEN ENERGY

(AEUINC} IIIV€SIMENT co LTD
RENEw --4AlD
pqrfR corvlpaNy L \,1trED
 Soshine Creen Energy @eting) lnvesttnenl Co.,Ltd
Ye r2O22
Noles to fiEalcial statemeds

(l) Expenditures for the asset have been incurred, including cash payments, transfers of non-
cash assets, or interest-bearing debts.

(2) Borrowing costs have bcen incurrcd.

(3) Activities necessary to prepare the asset for its intendcd use or sale have commenced

?.Cepitslization Period

The capitalization period is rhe period from thc stan of capitslization of borrowing costs to the
cessation ofcapitalization. Periods ofsuspension of capitalization are excluded.

Capitalization of borrowing costs ceases when the asset that meets the capitalization criterie is
ready for use or sale.

If parts of the asset that meet the capitalization criteria are completed and can be used
independently, capitalization ofborrorving co$s for those parts ceases.

For asses with components that are separately completed but must wait until the entirc asset is
completed for use or sale, capitalization of bonowing costs ceases when the entire asset is
aompleted.

3.Suspension of Capitalization

If there is an abnormal interuption in the acquisition or production of assets that me€t the
capitalization criteria, and the interruption exceeds three consecutive months, capitalization of
borrowing costs is suspended. If the interruption is neccssary for preparing the asset for its
inteoded use or sale, capitalization continues. Borrowing costs incurred during the interuption
arc recognized in the currcnt period' s profit or. loss until activities resume and capitalization

continues.

4.Calculation Method for Capitalized Borrowing Costs

Specific Bonowings: lnterest expens€s on specific borrowings (net of interest income fronr
unused bonowings or temporary investments) are capitalized until the asset reaches its intended
use or salc status.

General Borrowings: For general borrowings, capiralized interest is calculaed by multiplying

the weighted average amount of asset expenditures thal exceed specific borrowings by the
capitalization rate applicat le to general borrowings. The capitaiization rate is determined based
on th9 weighted average inte.est rate ofgcneral borrowings.

Discount or Premium on Borrowings: The amoult of discount or premium is amonized using

the effective interest method, adjusting the interest expense for cach accounting period.

(25) Right.of-Use Assets

CONSOR TIU[I OT SOShINE

GRE E N ENERGY
(TJEIJINGI IN}fSIMENI
37 CO LTD
roffi?nor"^n, .,r,r. n
"ana*
Soshine Cr.eo Eneray (Bei.iing) InvcstheDl Co.,Ltd.
Ycar 2o22
Nol€s lo fimocial ststcocDls

Initial Measurement of Right-of-Use Assets

l.Right-of.use assets are initially measured at cost, which includes:

2.Th€ initial measurement amount oflhe lease tiability.

SJ.ease payments madc at or before thc commencement datc of the leasc, minus any lease
incentives received.

4.Initial direct costs incurred by the company.

Costs exp€cted to be incurrcd for dismantling, removing the leased asset, restoring the site, or
restoring thc asset to the mndition rcquired by the lcase terms (excluding costs rclated to
producing inventories).

After the commencement date ofthe lease, the company us€s thc cost model to mcasur€ right-of
-use assets,

(25) Right-of-Ure Assets

Right-of-use asseu are initially measured at cost, which includes:

l. The initial measurement amount ofthe lease tiability;

2. Lease payments made on or before the commencement date of the lease, less any lease

incentives received;

3. Initial direct costs incurred by the company;

4. Costs expected to be incurrcd for dismantling and removing thc lcasc ass€t, restoring the sitc

of the leasc asset, or retuming the assct to the condition specified in the lease terms (excluding
costs incured to produce inventory).

After the lease commencem€nl data, the company applics the cost model for subsequent
measur€mcnt of right-of-use assets.

lf the company can reasonably determine that it will obtain ownership of the lease assot by the
end of the lease term, dcpreciation should bc charged over the remaining useful life ofthe lease

asset.

If it cannot rcasonably determin€ that ownership of the leas€ asset will be obtained by the end

of the lease term, depreciation should be charged over thc shofter of the lease term or the
remaining useful life ofthe lesse assel.

For right-of-use assets that haye beer impaired, dcprcciation in future periods should bc based
on the book value after deducting the impaitment provision, following the above principlcs.

(26) lntrtrgiblc Assets rnd Development Costs

38

CONSORNUM OF SOSHINE GREEI.I ENERGY

IBEUIiIG) IN,E IM€NT CO LTO
-/a{o
RENEWPO*ER COMPANY LIMITEO
 Soshin€ C.ren Energ,v (Bei.irng) Investment Co.,Ltd.
YqrN22
Noles to enIs

Intangible Assets refer to identifiable non-monet8ry assels without physical substsnco that are
(rwned or controlled by the company, This includes items such as land usc rights, patcnts, and

non-patentEd technologies.

l. lnitial Measurement oflntangible Assets

The cost of acquired intangible asscts includes the purchase price, relatcd ta\es, and other
expenses directly attributable to making the asset ready for its inrended use. If the purchase
price of intangible assets is defened beyond normal credit terms and effectively involves
financing, the cost of the intangible asset is determined based on the present value of the
purchase price.

F'or intangible assets obtained through debt restructuring, the initial recognition valuc is based

on the fair value of the intangible asset. The difference betwe€n the carrying amount of the
restructured debt and the fair value of the intangible asset used lo setrle the debr is recognized in
the cunent period's profit or loss.

In the case ofnon-monetary asset exchanges that have commcrcial substance and where the fair
value of cither the acquircd or exchanged asset can be reliablv measured, the intangible asset
acquired is recognized at the fair value of the exchanged asset. If there is conclusive evidence
that the fair value of the acquircd asset is more reliable, it is used; otherwise. the cost of the
acquired intangible asset is based on the carrying amount of the exchanged asset plus any
related taxes, with no recognition ofprofit or loss.

Intangible assets obtained through mergers of entities under common control are recognized at
the carrying amount of the acquired entity. Intangible assets acquircd through mergers of
enlities not under common control are recognized at fair value.

For intemally developed intangible assets, the cosl includes; materials consumed, labor costs,
registration fees, amortization of other patents and licenses used during development,
capitalizable interest costs, and other direct costs incurred to make the intangible asset ready fqr
its intended use.

2. Subsequent Measurement of Intangible Assets

Upon acquisition of intangible asscts. the company detcrmines their useful life, classiryilg them
as either having a finite or indefinite usefiil life.

(I ) Finite Usefrl Life Intangible Assets

Amortization: Intangible assets with a finite useful life are amorlized on a straightJine basis
over their useful life. This amortization continues as long as the asset is expected to bring
economic benefits to the company.

CONSORIIUM OT SO SHINT GR!EN ETIERGY

(AEUING) lNVt6(rrvlEN I CO LTO

RENEW POI,IR COMPANY LIMITED

39
 Soshine Crecn Encrgy (B€ijing) Invsstncnl Co.,Ltd.
YearX22
Nolcs lo finnncial statcrneDls

Review: At thc end of each p€riod, the useful life and amortization method of finite uscfirl life
intangiblc assets are revicwed. Ifthere are differerrccs from the preyious estimat€s, adjBtments
arc made accordingly.

Consistency: Aftcr review, if the useful life and amortization mcthod of the intangiblc asset
remain unchanged from the pr€vious estimates, no further adjustments are made.

(2) Indefinite Useful Life Intangible Assets

No Amortization: lntangible assets with an indcfinitc usefrrl life are not amortized. Instca4 their
useful life is reviewed at the end ofeach period.

Impaiment Testing: If, after review, the useful lifc ofthe asset is still indcfinite, it continues to
undergo impairment tcsting each accounting period.

3. Research and Development Phascs

Rescarch Phase: This phase involves original and planned investigation activities to gain ncw
scientific or rcchnical knowledge. Costs incuned during this phase are expensed as incurred.

Development Phase: This phase applies research findings or other knowledge to a plan or
design to produce new or significantly improved matcrisls, dcvices, products, €tc. Costs

incurred during this phase are capitalized ifccrtain conditions are mct,

4. Capitali?ztion Criteria for Development Phase Expenditure

Expenditure during the developmcnt phase of intemal researph and development projects is
recognized as an intangible asset if it meets the following conditions:

(l ) Technical Feasibility: The ass€t can b€ completcd to make it available for use orsalc.

(2) Intent: There is an intention to complete the asset and use or sell it.

(3) Economic Benefits: There is evidence that the asset will generate economic benefits, eithcr

through market existence or intemal use.

(4) Resources: Adequate technical, financial, and other r,esounces are available to complete
development and use or sell the asset.

(5) Reliable Measurement: The cxpenditure attributable to the development phase can be
reliably measured.

If thesc criteria ar€ not met, development costs are expensed as incurred. Previously cxpensed

dcvelopment costs are not re-recognized as assets in subsequent periods. Capitalized

dcvelopment costs are listed 8s development expenditurcs on the balance sheel and are
transferred to intangible assets once the project is ready for its intended use.

(24Imprim€nt of Long-T€rm As!.ts

40

COIISORTIUM Of SOSHINE GREEI{ ENERGY

(BEUINGI INE9IMENI CO LTO
42ANo
RENEW POlfrR COMPANY LITIITED
 Soshirc Creen Energy (Bei.jing) Investrne Co.J-td.
Yeal 2422
Notes to filancisl statcmenls

Tlre Company determincs whether there are signs of possible impairment of long-tenn asscts on

the balance sheet date. If there are signs of impairment of long-term assers, the recoverable
amount is estimated on the basis of individual assets; if it is difficult to estimate the recoverable
amount of individual assets. the recoverable amount of the asset group is deterrnined based on
the asset group to which the asset belongs.

Tlre estimate of the recoverable amount of an asset is determined based on the higher of the net
amount of its fair value less disposal costs and the present value of the asset,s expected futur€
cash flows,

lf the measurement result of the recoverable amounl shows that the recovcrablo amount qf a
long-term asset is lower than its book value, the book value of the long-term asset shall be
rwitten down to thc recoverable amount, and the amount of tlre write-down shall be recognized
as an assel impairment loss and included in the current profit &nd loss. and the corresponding

asset impairment provision shall be made at the same time. Once an asset impairment loss is

recogniz€d, it shall not be reversed in subsequent accounting periods.

Afler the asset impairment loss is recognized, the depreciation or amortization expense of the
impaired asset shall be adjusted accordingly in future periods so that the adjusted assct book
Yalue (less the estimated net residuat rralue) can be systematically amortized over the rcmaining

useful life ofthe asset.

Goodwill and intangible assets with uncertain useful lives resulting from business combirrations
are tested for impairment every year, regardless ofwhether there are signs of impairment.

When conducting impairment tests on goodwill, the book value of goodwill is amonized to rhe
asset groups or asset group combinations that are expected to benefit from the synergies of
business combinations. When conducting impairment tests on related asset groups or assel
group combinations thar include goodwill, if there are signs of impairment on the assct groups
or asset group combinations related to goodwill, first conduct impairment tests on the asset
groups or asset group combinations that do not include goodwill, calculate the recoverable

amount, and compare it with the relevant book value to recognize the corresponding impairment
loss. Then conduct impairment tests on the assel groups or asset group combinations that
include goodwill, compare the book values of these related asset groups or asset group
combinations (including thc book value porrion of the amortized gqodwill) with their
recoverable amounts. lf the recoverable amount of the releted asset groups or ass€t group
combinations is lower than their book values, recoguize the impairment loss ofgoodwill.

(28) Long-Term Prepaid Experses

Long-term prepaid expenses refer to expenses that the company has already incurred but arc to
be allocated over a period exceeding one year. Long-term prepaid expenses are amortized over

their benefit pcriod using the straight-line method.

c0Ns0RTluM 0F s0silrfiE GREEN EiERGy

(AEUING) co LTD
41
RENEW
,-ANo
'N),fSIMEITI
coMPANY LrMtrEO
7r{€R
 Soshine Gr.en En€rgy (BeijinS) hvesme Co.,Ltd
Ycar 2022
Nolcs to finArrci&l statemcnls

(29) Cortrrct Llebilitics

The company recognizcs conract liabilities for obligations to lnnsfer goods to customers for
rvhich it has rcccivcd or is cntitled to receive consideration fiom €ustomcrs.

(30) Employer Bene{its

Employee benefits are various forms of compensation or hnefits provided by the company for
services rendered by employees or for terminating employment. Employee benefits include
short-tcrm bencfits, post-employment benefits. termin8lion bencfis, and othcr long-term
employee benefits.

l- short-Term Benefits

Short-term benefits refer to employee benefits that the company expects to settlc wilhin twelve
months after the end ofthe annual rcporting period in which the cmployees rendcr their scrvices,
excluding post-employment benefits and termination beneffts. The compnny recognizes the
amount payable for short-term benefits as a liability during the accounting period in which the
cmployee renders services and accounts for it as rclated asset costs and expenses based on the
beneficiary of thc services,

2. Post-EmploymentBenefits

Post-employment benefib are various forms of compensation and benefits provided by the

company ater employees retire or leave the company, excluding shon-term bencfits and
termination benefits.

The company' s post-employment b€nefit plans are classificd into defined contribution plans

and defined benefit plans.

The company participates in social basic pension insurance, unemployment insuranc€, snd other
schemes organized by local labor and social security agencies. During the accounting pcriod in

lvhich the employees provide services to the company, the amount payable under the defined
conlribution plan is recognized as a tiability and charged to lhe current profit or loss or rclated
asset costs.

The company has no further payment obligations after making the regular contributions
according to national standards and pcnsion plans.

3. Termination Benefits

Termination benefits refer to compensation provided by the company when terminating the
labor relarionship before the expiration of the employee ' s lgbor contract, or to encourage

employees to voluntarib accept redundancy. A liabiliry for compensation arising from

termination is recognized at lhc earlier of the point when the company cannot unilatcrally

c0NsoRrlulu ot s0stilNE GRtEn FNFp^ Y

IrrErJrNGl tNvrSrMENr.. ; ;; -
"r*ar
roffiu""on, .,r,'io
 Soshine Gften Energy (Beting) Inlest$enl Co.Itd.
Yw 2422
Nol€s to statemenE

rvithdraw the termination plan or redundsncy proposal, or whcn the related restructuring costs
involving termination benefits are recognized. This liability is also included in the current profit
or loss.

The company provides intemal r€tirement benefits to employees who accept intemal rctirement
arrangemenB. Intemal retirement trcnefits are payments made to employees who, nol reaching
the statutory retirement age, voluntarily leave their positions with the company' s approval,

including wages and social insurance conrributions. The compafly pays these intemal retirement
benefits from the start of the intemal retirement arangement until thc employee reaches the
normal retirement age. For intemal retirement benefits, acmunting treatment is similar to
termination benefits. When the conditions for recognizing termination benefits are met, the
rvages and social insurance contr-ibutions payable from the employee' s last day ofservice to

the normal retirement date arc recognized as liabilities and charged to the current profit or loss
in a lump sum. Any actuarial assumption changes or benefit standard adjustrnents affecling
int€rnal retirement benefits are recognized in the cutrent profit or loss when they occur.

The benefit obligations arising fiom the plan relate to the period in which the employees
provide services and are chargcd to the current profit or loss or related asset costs.

(31) Provisims br Liabilitics

I .Recognition Criteria for Provisions

A provision related to a contingent liabiliry is recognizcd when all of the following conditions
ar€ mcl:

The obligation is a present obligation ofthe company.

It is probable that an outflow ofeconomic ben€fits witl be requircd to settle the obligation.

The amount ofthc obligation can be reliably estim&ted.

2.Measurcment of Provisions

Provisions are initially measured at the best estimate of the expenditure requircd to settle the
present obligation.

In determining the besl estimate, the company considers the risks, uncertainties, and the time
value ofmoney associated with the contingent liability. For significant effects ofthe time value
ofmoney, the best estimate is determined by discounting the relevant future cash flows.

The best estimate is lreated as follows

For Expenditures Within a Continuous Range: Ifthe expenditure falls within a continuous range
(or interval) where the probabilities of various outcomes arE equal, the best estimate is
determined as the average ofthe upper and lower limits ofthe range.

CONSORTIUM Of SOSHINE GREEN ENENGY

43
{BEIJING) INVEqIJ!1ENI CO L]O
RENEW POIlvER COMPANY LIMITEO
 soshhe C(een Energy (Beting) lrvesEnenl Co.,Ltd.
Yeu 2a)2
Noles to finaocirl Etatcments

For Expenditurcs Without a Continuous Range or with Umqual Probabilitics: If thcre is no

continuous range or ifthe range has urequal probabiliti€s, or if the contingcnt liability involvos
a single item, the best estimatc is d€termined as the most likcly amount to occur. For contingent
liabilities involving multiple items, the best estimatc is calculated based on various possible
outcomes and thcir associated probabilities.

lfthe expcnditurc required to s€ttle the provision is cxpcctcd to bc fully or panially

compcnsated by a third party, the compensation amount is recognized as an asset whcn it is
virtually cenain to be received. The recognized compensatbn amount should not excccd the
carrying amount ofthe provision.

(32) Lcase Liabilitics

The company initially measures lease liabilities at thc prcsent value of lease payments not yet
paid as of the commercement date of the lease. In calculating the present value of lease

payments, th€ company uscs tho intercsl rate implicit in thc lease as thc discount rare. If thc
interest rate implicit in the lease cannot be determin€d, the company uses its incremental
borrowing rate as the discount rate. Lease payments include:

l- Fixed payments and substantive fixed paym€nts, nct of any lease incentives;

2, Variable lease paymcnts that depend on an index or rate;

3. The exercise price ofa purchase option, if the company rcasonably ex?ects to exercise the
option:

4. Payments expected to be made to exercise a termination option ifthe company reasonably

expects to exercise the termination option;

5. Payments expected to be made bascd on thc residual value guarantee provided by the
company.

The company calculates intercst expcnses on lease liabilities for each period of the lease tcrm
using a fixed discount rate and recognizes it in profit or loss or in thc cost of related assets.
Variable lease payments nol ilcluded in the measurement of lease liabilities are recognized in
profit or loss or in the cost ofrelated assets when they are incurrcd.

(33) Sharc-Brscd Prymcnts

l. Typcs of Share-Based Payments

The company's share-based payments are classified into equity-settlcd sharc-based paymcnts
and cash-scttlcd share-based paymcnts.

2.Determination of Fair Value of Equity Instruments

44

C0NS0RTIUl'rl 0F S0SHJNE GREEN ENERGY

(aEurNGt
pOJTMENt co Lro
RENEw Po4R coMpaNy Lt^4,TEo
 Soshi e Cften Ener8y (Beijing) Invesrmenl Co.,Lrd.
Yeat 2A22
Notes to financial statcmmls

For equity iflstrumcnts granted where an active market exists, the fair value is detcrmined based
on quotes in that active markct.For equity instmments granted where no active market exists,
the fair value is determined using option pricing models. The option pricing models selected
take into account the following factors:(l) The exercise price of the option(2) Th€ option,s
term;(3) The current price of the underlying shares;(4) The expected volatility of the share
price(5) Expected dividends on thc shares:(6) The risk-Iiee int€rest rate during the option term.

When dctermining the fair value of equity insmrments on the grant date, the impact of both
market conditions and non-market conditions specified in the share-based payment agr€ement is
considered. If
thc share-based paymeot includes non-market conditions, the cost sxpense
corresponding to the service receiyed is recognized as long as the ernployee or other party
meets all nor-market conditions.

3. Impact ofConditions on Equity Instruments

When determining the fair value of cquity instruments on the grant date, the impact of both
market condilions and non-market conditions specified in the share-based payment agr€ement is
considered. lfthere are non-market conditions attached to the equity payment, the cost sxpense
corrcsponding to the s€rvice received is recognized as long as the employee or other parties
mect all non-market conditions (e.g., service periods).

4. Determihing the Bsst Estimate ofExercisable Equity Instruments

On each balance sheet date during the waiting period, the best estimate of the number of
exercisable equity instruments is revised based on the latest information about chang$ io th€
number of employees who can exercise the options and other subsequent cvents. On the
exercise date, the final estimated oumber ofexercisable equity instruments wilt match thc actual

number exercised.

For equity-settled share-based payments, the fair value of the equity instruments granted is
measured. For equity instruments that are immediately exercisable upon grant, the fair value of
the equity instruments on the grant date is recognized in lhe relevant cost or expense and
credited to capital reserves. For equity instruments that can only bc exercised after cornpleting
the waitilg period or meeting speci{ied performance conditions, the fair value on the grant date
is used to recognize the cost or experse and capital reserves based on the best estimate of the
number of exercisable equity instruments on each balance sheet date during lhe waiting period.
No adjustments are made to the recognized costs, expenses, or total equity after the exercise
date.

For cash-settled share-based payments, the fa value of the liability based on the company,s
obligation to deliver shres or othcr equity instuments is measured. For cash-settled share-
bascd payments that are immediately exercisable upon grant, the fair value ofthe liability on the
grant date is recognized in th€ relevafll cost or expense and credited to the liability, Fqr cash-

45 c0Ns0RIlull oF sosHtnt cREEN Efl ERGy

(aEurNG)Y'f{rMEN-r co Llo
RENEw pc{rER coMpANy LtMlrED
Soshinc Grccn Encrgy (Beijing) Investncnr Co.,Ltd.
YczrN22
Notcs to fioalcisl st8tcmenls

settlcd share-bascd paymcnts that can only b€ exercised after complcting thc wailing p€riod or
meeting specified performance conditions, the cosl or expensc and corresponding liability are
recognized based on the best estimate of exercisability on e&ch balance sheet date during the
rvaiting period, with the liabilrty mcasured at fair value. The fair value of th€ liabiliq is re-
mcasured on each balance sheet date before scttlement and on the settlement date. wi6| any
changes recognized ir profit or loss.

If the granted equity instrumenls are canceled duting the waiting period, the company tre{s the
cancallation of granted equity instruments as accelcral€d vcsting, recognizing the remaining
unrccognized amount in profit or loss immediately and crediting capital reserves. lf an

employec or other party chooses not to mcet thc non-exercisable conditions but fails to meet
them during the waiting period, lhe company treats this as a cancellation ofthe grankd equity
insruments.

(34) Pref€rred Shares, Perpetual Bonds, and Other Financirl lnstruments

In with financial instrument standards, thE company classifies issued prefered

accordance
shares. perpetual bonds, and other finarcial instrum€nts into financial liabilities or equity
instruments at initial recognition based on the conractual terms and the economic substance of
the instrumcnts rather than solely on their legal form. The classification is detcrmined by
considcring the definitions offinancial liabilities and equity instuments.

l.Financial instruments are classificd as financial liabilitics if they meet any of the followin8
conditions:

(l) Obligations under contracts to deliver cash or other financial asscts to other parties;

(2) Obligations under conbacts to exchange financial assets or financial liabilities with other
parties under potcntially unfuvorablc conditions;

(3) Non-derivative contracts thaa are to be senled or can be settled in the futurc using the
company's own cquity instruments, where the company is required to deliver a yariablc number
of its ovm equity instruments according to the contract;

(4) Derivalive contracts that are to be settled or can be settled in the future using the cornpany's
own equity instrumeitts, except for derivative contracts where a fixed number of equity
instruments are exchanged for a flued amount ofcash or othcr financial assels.

2. Financial instrumcnts will be classified as equity instruments if they meet all ofthe following

conditions:

(l) The financial instrument docs not include obligations to dclivcr cash or other financial assets
to other partics, or to exchange financial assets or financial liabilities under potentially
unfavorable conditions;

46 ENERGY
COIISORIIUIIiI OT SOSHINE GREEI{
(BEUING) rNjffiTMENr co Lro
nentw ecrfln couerlY uutlEo
 Soshifle C.ce, Energy (Beijing) Invest nent Co.,Ltd.
Year Xt?2
Noles to finaocial statemenls

(2) The financial insfulnent will he settled in the future using the company,s own equity
instrumeDts, where, if it is a non-derivative instrument. it does not inctude obligations to deliver
a variable number of equity instruments for settlement; if it is a derivative instrument, the
company can only settle it by exchanging a fixed number of its own equiB instrumenls for a
fixed amount ofcash or other financial assets.

3. Accounting Treatment Methods

For financial instruments classified as equity instruments, intelest expenses or dividend

distributions should be treated as distributions of profits of the issuing company. Transactions
such as repurchasc and cancellation should be handled as changes in equity. Transaction costs
'\-
such as fees and commissions should be deducted from equity.

For linancial insruments classified as financial liabilities, interest expenses or dividend

distributions should generally be ueated as bonowing costs. Gains or losses arising from
repurchase or redemption should be included in the current period's profit or loss. Transaction

costs such as fees and commissions ehould be included in the initial measurement amount ofthe
issued instrument.

(35) Revenue

I . General Principles for Revenue Recognition

Revenue is recognized when the company has fulfilled its performance obligations in the
contract. that is, when the customer obtains control of the relevant goods or sewices_ The
revenue is recognized at the transaction price allocated to that performance obligation.

A performance obligation refers to a promise in a contract to transfer a distinct good or service

to the customer.

Obtaining control ofthe relevant goods means having the ability to direct the use ofthe goods
and obtain nearly all ofthe remaining economic benefits from them.

Tte company evaluates the conract at the stafi date to idcntiS the separate performance
obligations in the contract and determinei whether each performaace obligation is satisfied over
time or at a point in time. A performance obligation is satisfied over time if it meets one of the
following criteria: (l )The customer simultaneously receives and consumes the benefits provided
hy the company's performance as the company performs(2)The customer controls the work in
progress of the goods being created or produced by the company's performance;(3)The goods
produced by the company's performance have no altemative use, and the company has an
enforceable right to palment for performance completed to date and expects to irlfill the
confract as agreed.

CONSORTIUi,I OF SOSHIIIE GREEN ENERGY

IBEUING, INV,STMENI CO LIO
47
RENEw
,-*ro
cofiPANy UMrrEo
ryrfR
Soshine Crcen Encrgy (Beijing) ln!'cstrnlnr Co.,Ltd.
Yeatr 2022
Nol.s to finaDcial Etatcme s

Otherwisc, revenue is recognized at the point in time when the customcr obtains control of the
relevant goods or services.

For performance obligations satisficd ovcr time, the company determines the apPropriate

progress using the output method or input method based on the nature ofthe goods and services.

The output method measures progrcss based on the value of the goods transferred to the
customer relative to the total goods'value to the customer. The input mEthod measures progtess
bascd on the inputs used by the cunpany to fulfill the performance obligatior. When the
progress of fulfilling the obligalion cannot be reasonably measured, if the costs incurred are
expected to be recovered, revenue is recognized based on the costs incurred until tlte progress of
performance can be reasonably mcasured.

2. Specific lvlethods for Revenue Recognition

For serviccs provided by the compan5', ifthe contract sp€cifics that the performance obligation
is satisfied over time, revenue is recognizcd using the output method. If the obligation is not

satisfied ovor time, it is detcrmined to be satislied at a point in time, and rcvenue is recognized
rvhen the pcrformance obligation is completed.

For construction or service cortrdcts where the customer controls the work in progress, revenue
is recognized over time based on the progress of completion. This is determined by the
proponion of actual contmct costs incurred to the total estimstcd confiact costs, the proportion
of work completed relative to the tolal €stimated work, or the measurement of completed
contract 'work. At the bala[ce sheet d8te, the company rcassesses the progress of completed or
ongoing scrvices to reflect any changes in performance. For contracts with small amounts,
revenue is recognized upon final acceptance.

Income from the transfer of asset usage rights includes interest income, usage fees, erc, Interest
income is calculatcd bascd on the time and effective interest ratc for the use of the company's
monetary funds by others. Usage fee income is calculated based on the timing and method of
charging specified in the relevant contract or agreement.

Some contracts with customers include arrangemenls for compensation for unmet largets,
contract discounts, penalties, fines, and bonuses. which form variable consideration. The
company estimates the variable considcration based on the expected value or most likely
amount. However, the transaction price including variable consideration does not excced the
amount of rcvenuc that is highly probable of not being reverscd significantly wh€n the rclatcd
uncertainties are resolved.

(36) Contrrct Costs

[ -Conract Performance Costs

48

CONSORTIUM OF SOSHINE GREENENEiCY

IBEIJINGI IN\'ESIMINI CO LTO
ANo
RENEw PoGtR coMPcNY LIMITED
 Soshine Grcen Energy (Beijing) IDvesmeot Co.,Ltd.
YeN2a2
Notas to financial statemenE

costs incurred by the company to firlfill a contract, which arc not covered by other enterprise
sccounting standards except for revenue recognition standards, are recognized as contra6
performance costs ifthey meet the following conditiolls:

(I ) The costs are directly relat€d to a currcnt or expected contract. including direct labor. direct
materials, manufacturing expenses (or similar costs), costs explicitly bome by the customcr, and
othcr costs incurrcd solely due to thc confact.

(2) The costs increase the company's resources used to fulfill the performance obligations in the
future,

(3) The costs are expected to be recoverable.

This asset is reported under inventory or other non-current assets depending on whether the
amonization period exceeds a normal operating cycle at the time ofinitial recognition.

2.Contract Acquisition Costs

lncremcntal costs incumd by lhe company to obtain a contract, which are expected to be
recoverable, are recognized as contract acquisition costs,

lncreme[tsl costs are those that would not have been incurred if the contract had not been
obtained, such as sales commissions. Costs with an amortization period of one year or lcss are
recognized as expenses when incurred.

3.Amonization ofCont act Costs

Assets relat€d to contract costs are amortized based on the same criteria used for recognizing
revenue fmm the related goods or services, either at the point in time when the performance
obligation is satisfied or according to the progress of fi.rlfilling the performance obligation, and
are recorded as expenses in the curr€flt period.

4.lmpairment of Contract Costs

If the carrying amount of the assets related to conlract costs exceeds the expected residual
consideration to be received from transferring the rclated goods and tte estimated costs to
transfer those goods, an impairment provision should be recognizcd, and an impairment loss
should be recorded.

After recognizing an impairment provision, if conditions from previous periods change such
that the difference between the expected residual corsideration and the estimated costs exceeds
the carrying amount of the asset, the previously recognized impairment provision should be
revcrsed and recorded as income in the current period. Howevcr, the reversed carrying amount
of th€ asset should not exceed the carrying amount ofthe asset if no impairment provision had
been recognized.

CONSORTIU OF SOSHII.IE GREEt,I E}IERGY

49 (BEUING) IN?IVIENI CO LID
RENEW PO{'ER COi,tPANY LIM/TEO
 Soshine Crcm Eoergy (Beijing) Investuedr Co.,Ltd.
Y.u 242
Nolrs to finaocial ststcments

(37) Government Grrlrts

l. Types

Govemment grants are moneta4/ and non-monetary assets reccived by the company from the
govemment lvithout compensation. According to thc relevant govemment documents,
government granls arc classified into asset-related governmcnt grants and income-related
government grants .

Assct-related govemment grants rcfer to govcmment grants received for purchasing,

constructing, or otherwise acquiring long-term assets.lncome-related govemment grants rcfer to

government grants other than those related to assets.

2- Recognition of Govemment Grants

Govemment grants are recognized based on whether there is evidencc at the end of the

reporting period that the company meets the conditions stipulated by fiscal support policics and
expects to receive the financial support. If so, the grant is recognized at the receivable amount.

Othcrwise, government grants are recognized when actually received.

Monctary assels: Recognized at the amount receivcd or receivable. Non-monelary assets:

Rccognizcd at fair value; if fair value cannot be reliably measurcd, recognized at nominal value

(RMB I ). Govemment grants recognized at nominal value are directly recorded in the current
period's profit or loss.

3- AccountingTr€atmcnt

The company dctcrmines whether to usc the gross method or the net method for accounting
treatnrnt ofgovemment grants based on the substancc ofthe ecooomic transaations. Generally,
the company applies only one mcthod consistently for similar types ofgovemment grants.

Assct-related govemment grants should either reduce the carrying amount ofthc related assets
or be recognized as deferrcd income. Gov€mment grants recognized as deferred income should
be amonized to profit or loss over thc useful life of the constructed or purchased asset using a

systematic and rational method.

Income-related govemment grants:For compensating future expenses or losses, recognized as

deferred income and includcd in profit or loss or deducted fiom rclated costs in the period when
the related cxpenses or losses are recognized.For compensating expenses or losses that have
already occurred, recognized d ectly in profit or loss or deducted from related costs when
received.

Govemmcnt grants related to the company's daily activities are included in other income or
deducted from related costs and expenses; govemment grants uffelated to daily activities are
included in non-operating income and expenses.

50
CONSORIIUTl OT SOSHINE GREEN ENEiG Y
IBEUING) INV,STM€NT CO LIO
RENEW PoEfR coMPA Y uifirEo
SoSinc Grlto hcrgy (Bcijhg) hv€s[ncol Co.Ird.
YarN)2
Nolca lo fttatcial st tamcDts

Govemmcnt grants relatcd to polic,-oriented loan intcresl subsidies should reduce related
borrowing costs. For loans with policy-oriented preferential interest rates provided by banks.
the actual received loan amount is used as the initial loan value, and borowing costs are

calculatcd based on the loan principal and the preferenlial interest rate.

When government grants that have been recognized need to be retumcd:lf the grant lryas

initially rccognized by reducing the carrying amount of related assets, adjust the asset's carrying
arnount.Iffiere is a balance in relatcd deferred incomc. rcduce the balance of defened income.
and any excess amount should be rccorded in profit or loss for the current period.Iftherc is no
related defened income. di.cctly record the anlount in the current period's profit or loss.

(38) Defered Trr Asscts and Dcfcrred Trx Liabilities

Deferred tax assets ard deferred tax liabilities are calculated based on the differences
(tempora$/ diffcrcnces) betwe€n thc tax bases of assets and liabilities and thcir carrying
amounts. At the balance sheet date, defened tax assets and defcned tax liabilities are mcasurcd
at the applicsble t8x rates expected to apply when the asset is recovered or the liability is settled.

L Recognition ofDeferred Tax Asser

Thc company recognizes deferred tax assets arising from deductible tcmporary differences,
deductible losses that can be carried forward to future ye8rs, and tax crcdits up to the amount of
taxable income that is likely to be available to offset these amounts. Ho\ ever, defcned tax
assets arising from the initial recognition of assets or liabilities in transactions meeting the
following criteria are not recognized: ( I )The transaction is not a business combination.(2)At lhe

timc of the transaction. it neither affects accounting profit nor taxable income or deductible
losscs.

For deductible temporary differences related to investrnents in associates, deferrcd tax assets are
recognized if:The temporary differences arc cxpccted to reverse in the foreseeabl€ future.It is
probable that taxable income will be available to offset the deductible temporary differences.

2.Recognition of Deferred Tax Liabilities

Deferred tax liabilities are recognized for taxable temporsry differences arising from the curent
and prior pcriods. However, the following arc excluded:

(l )TaxEble tcmporary differences arising from the initiBl recognirion ofgoodrvill

(2)Taxable temporary differences arising from ransactions or events not involving a business
combination, and which do not affect accounting profit or taxable income (or deductible lossesl
when the ransaction occurs.

CO SORTIUIi.! OF SOSHIIiT
GREEN ENERG
IurutNG) |NUIS']MENI CO LTD -

".nrru
ro6"ffiro", .,roo
51
 Sosbrne Crsen Energ-v (B€ijing) Investrnanr Co.ttd.
Yw2U22
Noles to financial statemenls

(3)Taxable tcmporary diffcrenccs related to invcstm€nts in subsidiarics and associatcs rvhere

the reversal timing ofthc differcnccs is controllable and it is unlikely that th€ differences will
reverse in the foreseeable firturc.

(39) Lelseg

At the stad of the clntract, the company assesses whether thc contract is or contains a lease. If
one pafy grants the right to control the use ofonc or more identified assets for a period of time

in cxchange for consideration, thea the contract is a l€ase or c.ont ins a leasc.

I .Separation of Lease Contracts

When a contract contains multiple separatc leases, the company scparatos the conEact and
accounts for each individual lease separately.

Whcn a contmct includes both lcase and non-lease components, the company separales thc lcase
and non-lease components, accounls for the lease components according to leasc $andards, and

accounts for the non-lcase componcnts according to other applicable accounting standards.

2.Combining Leasc Contracts

Multiple conracts with the samc counterparty or its alliliates entered into at the samc time or
close in time are combin€d into ooe contract for accounting purposcs il
(l) The contracts are negotiatcd as a package to achicv€ an overell commercial objective thst
would not be apparcnt ifconsid€red separately.

(?) The consideration in one contract dep€nds on the pricing or performance of other contracts.

(3) The combincd use rights ofassets in the contracts constifite a single leasc.

3.Accounring Trcatment for Lessecs

At the start of the lease term, except for short-tcrm lcases and leases of low-value assets, the

company recognizes right-of-use assets and lease liabilities.

(I ) Short-term Leases and Low-Value Asset Leascs

A short-term lcase is one that do€s not include a purshase option and has a leas€ term of 12

months or lcss.A low-value asset lease rcfers to leases ofassets that arc low in value when new.

The company does not recognize right-of-usc ass€ts and lcase liabilities for short-term lcascs
and low-value asset leases. Instead, lcase payments are recognized as expense over the lease
term on a straight-line basis or another systematic and rational mcthod.

For all other short-term and low-valuc asset leases, right-of-use ass€ts and Iease liabilities are
recognized Iif applicablc].

C0NS0RIlUlil 0F S0SHINE GREEN ENERGY

reeurrclly?soruexr co rro
RENEw Poltt R coMPANy LrMrrED
 So6hine Creen Ener$/ (Beijind Investment Co.,Ltd.
Year 2022
Noles to financlal statemmts

(2) Accounting Policies for Right-of"Usc Asscts and Lcase Liabilitics

Dctailed sccounting policies for rightrf-use assets and leasc liabilities are described ir Note 4,
Section 25, Right-of-Usc Assea, and Notc 4, Section 32, Leesr Liabilities.

(40) Discontinued Operations

The company classifies a componcm ofthe business as discontinued operstiols if it mcets ono
ofthe following conditions and has cither been disposed ofor is classified as held for srle, and
is a distinct and separate componena:

(l) The component reptesents a major linc ofbusiness or geographical area ofoperations.

(2) The component is part ofa plan to dispose ofa major line ofbusiness or geographical area
of opcrations.

(3) The component is a subsidiary acquired specifically for resale.

The impairment losses, reversals, and other gains or losses fiom discortinued operalions are
preserted as discontinued operations in the income $atement.

(41) Chmgcs in Sigrificrnt Accouitlng Policies end Accounting Estimetcs

l.Changes in Accounting Policies

There have been no changes in acmunting policics during the rcporting period.

2.Changes in Accounting Estimates

There have been no significant changes in accounting estimates during the reponing period.

fV. Ter

(1) Mrin Tsxes rnd Tsr R.tes

Tsx Tax Rate

For taxable income, VAT is calculatcd based
VAT on the following tax rates:

(l3o/o,9Yo, 6Yo. or 5o/o'l

Income Tax 257o ofTaxable lncome

The tumover tax is calculated at ?6 ui 5o/o of
Urban Maintenance and Const.uction Tax the actual tumover tax paid.

Education Surcharge The tumover tax is calculated at 3olo of the

CONSORTUM Of SOSHIIIE GREEN ETIERGY

rBEurxc) rryrsjMrNr co (rD.
RENEW PO(ER COt/tPANy LIM|IEO
So6hin€ Cr.en Energy (Brijrng) lnves(mcnl Co.,Ltd.
Year 2022
Notes to I'inencial statemmls

actual nrmover ta\ paid.

The turnovcr tax is calculated al 2?6 of the

Locat Education Surcharge
actual tumover tax Paid.

Property Tax
I .2o/o,12o/o

(2) TrI Inccntlves snd Brsi!

None

V, Notcs to Mrjor IteEB ir Consolidrtcd Financiel Strt€oclts

(The amounts are in RMB unless oth€rwise stated. The end ofthe period rcfers to Deember 31,
2022, the bcginning ofthe pcriod r€fcrs to January l, 2022, and the end ofthe prcvious period
refcrs to December 31, 2021)

Nota l. Crsb rnd Cash EquiYrlcnts

Irem Closing Balance Opening Balancc

Cash on Hand

Bank Deposits
358,230,240.69 225,144,551.02

Other Monetarv Funds

Total 358,230,240.69 225 ,t44,55t .02

Total Amount ofFunds Held
Overseas

Note 2. Accounts Receivable

Item Closing Balance Opening Balance

Receivables and Pavables 465,094,622.'10 293,743,9',72.23

Others

'[otal 465,094,622.70 293 ;1 43 ,972.23

Note 3, Pr.payments

Item Closing Balance opening Balance

Receivables and Payables 39 ,336,',l 52.85 24,844,264.96

54

CONSOR]IUM OT SOSHINE GRTEN ENEi6Y

IBEUING) IN]'ESTMENI CO ITD
-.4-aNo
RENEw PQ,[ER coMpaNy !tMtrEo
 Soshinc Cre.n Energv (Beijing) IovestDelt Co.,Ltd
Year2U2
Notes to ODancial statcmerr{

Others

Total 39 ,336,7 52 .85 24,844,264.96

Note,l. Other Receiyables

Item Closing Balance Opening Balance

Interest Roceivable

Dividends Receivabls

Others 636,799 ,932.82 4r 6,288,532.62

Total 636,799,932.82 416,288,532.62

Not€ 5. Int-entories

l.Inventory Classification

Closing Balance Opening Bahnce

Provision for Provision for
Inventory Itrventory
Impairment/P Impairment/Pr
Item Book rovision for Book Book ovision for Book Value
balance Contract Value Contract
balancc
Fulfillment Fulfillmenr
Cost Cost
Impairment Impairment

Inven 166,681,105 166,681,10 105,272,27 105,272,2'17.00

torics 24 5.24 7.00

Total r66,681.105 166.681,10 tos,272,2? 105,2'72,2',11 .00

24 5.24 7.OO

Note 6. Olhcr Clrrr€nt.{ssets

ltem Closing Balancc Openi[g Balance

Other Current Assets 252,480.92 r 59,461.63

Total 252.480.92 159,461.63

CONSORTIUM OF SO SHINE GREEN ENERGY

IBEUINGI INV'STMENICO LTD
55
".na* "offior"onr,-,r,.o
Soshine CrEen Energy (B.tmg) Investmeflt Co.,Ltd.
Year 2022
Notes to sEtemmts

Note 7. Fired Assets

Item Closing Balance Opening Balance

Net Book Value ofFixed 3,45',7,072,735.t3 | ,1',| I ,17 5 ,880 .97

Assets

Total 3 ,457 ,072,735 .13 t ;11 I ,t7 5,880.9'l

Note 8. Co[struction in Progress

Item Closing Balance Opening Balance

Construction in Progress 2,604,361,t r r.53 2, r 95,550,503.47

'fotal 2,604,36r,811.53 2,195,550.503 .47

Note 9. Right-of-Use Assets

Item Closing Balance Opening Balance

RighGoiUse Assets 2,225,306,02'7.91 1.405,456,438.68

Total 2,225 .306,027 .91 l ,405,456,43 8.68

Note 10. Other Non-Current Assets

Item Closing Balance opening Balance

Other Non-Current Assets 3 t0,7 02,778 .30 259,391,228.40

Total 310,702,778.30 259,391,228.40

Note I l. Accounts Psyable

Item Closing Bslance Opening Balance

Accouots Payable 932,855,868.l4 s78,&5, 1.46

C)ther

Total 932,t55,868.14 578.645,t rI .46

56

c0Ns0Rlui! oF sosHtr,lE 6REtN

,"r r*, .:ryffii*rJr.nr.oLro
EENEW PO6tR COMPANY LIMITEO
 Soshirc Cre€u Ene.gy (Bciillg) Invesrdelt Co_J_td.
Ytu 2022
Notes to liDanclal stateme&s

Note l2.Advance Paymena

Item Closing Balance Opening Balance

Advance Payment 544.0r9.311.29 3 54,1 t7 ,459 .7 6

Other

Total 544,0t9,3l|.29 3 54,t t7 ,459 .7 6

Not€ l3.Employee Benelits Payrblr

Item Closing Balance Opening Balance

Employee Benefits Payable 3,584,8E5.56 3,293,850.43

Total 3,584.885.56 3.293.850.43

Note l.l.Taxes Payable

Itenl Closing Balance Opening Balance

Taxes Payable t 5,9 t1 ,242.30 I1.261.846.50

'fotal 5,917,242.30
t l r.261.E46.50

Note 15, Other Payables

Irem Closing Balance Opening Balance

Interest Payable

Dividcnds Payable

Other Payables 640,016,369.38 7,60E,0 U .04

'[otal 640,016.369.38 1r7,608,01t.04

Note 16. l,ong-Term Loans

Itenl Closing Balance Opening Balance

57
CONSORTIUM OF SOSHINE GREEN ENERGY
tBElxNG) rN4S{I,!ENI co Llo
RENE$J PffER COMPANY LIMITED'
Soshine C.eeu Energy (B.ijIng) Investmetrt Co.,Ltd
Year 2022
Notes to s6ten)en$

l,ong-Term Loans r ,830,000,000.00 I, r03,100,000.00

Total 1,830.000,000.00 I ,103,100,000.00

Note 17. t ease Liabilities

Item Closing Balalce Opening Balance

Lease Liabilities 3,986,5 E5,3 10.59 2,t54,7 43 ,351 .05

Total 3.986.585,3 10.59 2,854 ,7 43 ,351.05

Note 18. Plid-in Cspitrl

Itenr Closing Balance Opening Balance

Paid-in Capital 830.000.000.00 462,000,000.00

'[otal 830,000,000.00 462.000,000.00

Note 19. Crpitrl Reserve

Item Closing Balance Opening Balance

Capital Reserve 203,000,000.00 88,000.000.00

ToIal 203.000,000.00 88,000,000.00

Note 20 Surplus Reserve

Item Closing Balance opening Balance

Surplus Reserve 23 ,67 3 ,t85 .3'7 1.349,608.2r

Total 23 ,6',7 3 ,1E5 .37 1.349,608.21

Note 2l Rrtrined Earnings

hem Closing Balance Opening Balance

Retaincd Eamings 1,254,186,3 15.46 1,122,907, t69.53

58

CONSORTIUM OF SOSHINE GREENENERG

TAEUI$G) IN)GSTMENI CO LTO
_4tr/xNo
RENEw PLdER coMPANY LlfulrrED
 Soshin€ Greetr Energv (Beijing) Investmelr Co.,Ltd.
Year 2022
Not€s lo ti0 ancial statem€nlr

Total 1.254.186.3 t5.46 t ,122,907 ,t 69 .53

Note 22 Operrting Reyenue &Cost

Amount fcr the Period

Itenl Amount for the Previous Psriod

Revenue Cost Revenue Cost

Main Business 996,432,50 t .53 463,192,t21.t5 629,325.7 90 .44 292,542,394.20

Other Business

Total 996,432,501.53 629.325 .',l9t) .44 62qj25,790.44 292.542.394 .20

Note 23 Taxes rnd Surcharges

Item Closing Ba!ance Opening Balance

Taxes and Surcharges 812.558.75 513,195.00

Total 812,558.7s 5 r3,195.00

Note 24 Selling Expenses

hem Closins Balance Opening Balance

Selling Expenses 37 ,403 ,332.6r 60,020,791.46

'fotal 37 ,403 ,332 .6 I 60,020,791.46

Note 25 Administrativc Expcnses

IteIr| Closins Balance Opening Balance

Administrative Expenses 43,908,260.02 49,107,920.2t

Total 43,908,260.02 19 ,107 ,920 .28

Note 26 Financial Expenses

Item Closing Balance Opening Balance

59
SOSHINE
co LTO,
(BEIJING)
LIMITED,
RENE\AJ
Soshin€ Crcen Encrg-v (BeijrnS) Investmelt Co.,Ltd.
Year 2022
Notes to finlncial stat€meds

Financial Expenses 246,81 t, t.56 49,053,340-19

Total 246.811,1I1.56 49.053,340. | 9

Note 27 Non-operrtilg Income

ltem Closing Balance Opening Balance

Non-operating lncome 2,850,000.00 I,797 ,462.32

Total 2,850,000.00 1.797 ,462.32

Note 28 Non-operating Expenses

ltem Closing Balance Opening Balance

Non-operating Expenses 14,800,663.70 9.345.249.92

'fotal 14.800,663.70 9-345,249.92

Note 29 Nlncome Trr Expetrse

ltem Closing Balance Opening Balance

Income Tax Expense 38,751,'12',1.65 22,523 ,693 .79

Total 38,151;72'1.65 22,523,693.79

VI. Chrngcs in th€ Scope of Conrolidetion

(l ) Business Combinations Not Und.r Common Conaol

No businpss combinations not under common control occurred during the period.

(2) Business Combinations Under Common Control

No business combinations under common contml occurred during the period.

(3) Revers€ Acquisitions Occurred During the Period

No reverce acquisitions occurrcd during the period.

(4) Disposal of Subsidiaries at Period-End

60

CONSORNUM Of SOSHINE GREEt,{ ENERGY

(BEIJINGI ING'TMENT CO LTO

*.* r#?&oonv .,,",rso

^.
Sosbine Grccr Encr$r (Beijrng) Irvesmcnt Co.Itd.
Yar 2022
Notes to financial statcmenls

Thc disposal ofsubsidiarics at period-end is dcscribed below:

(5) Other Reasons for Changes in thc Scope ofConsolidation

None

Vl l. Commitments aod Contingencies

(l) Significant Commitments

The Comprny has no significant commitments that requirc disclosure.

(2) Significant Contingerries at the Balance Sheet Datc

The Company has no significant contingcncics that requirc disclosure.

VlIl. Evcrts After the Brhncc Shcct Drte

(I ) Significant Non-Adjusting Events

None.

(2) Other Evens After the Balance Shcct Date

None.

[x. OthcI Imponant Disclosurcs

Nonc.
,l
Soshine Green Ltd

(ofEc ial

tI 14

61
Audited Financial RePort
(2023)
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CONSORTIUM OT SOSH!NE GREEN

(BEUTNGT rNts5^JMENT CO trO
RENEw oMPAN Y r-rMrrEo
ryr,€fc
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43E CONSORNU OF SOSHINf GREEIT ENERGY

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(gEutrict rNvdl44tnt co tto
nerew Po@n corvPar,rv ututrto
 Soshine Green Energy (Beijing)
Investment Co., Ltd
Da.Hua.S.Z. [2023]No.002300564 I

I E .tUt- 2ll2t

Da Hua Certified Public Accountants (Special General Partnership )

IIUMOI SO SHINE GREEN ENERGY

{aErJlNG) co LT o

U TE o
 Soshine Green Energy (Beijing) Investment Co., Ltd

Audit reports and financial statements

(lst January 2023 to 3lst December 2023)

Contents Pages (S)

I. Auditors' Report t-4

2. Audited Financial Statements

Consolidated Balance Sheet t-2

Consolidated Income statement 3

Consolidated Cash flow statement 4

Notes ro the f .nancial Statements l-61

1E rut 02r

EI{ER6Y

(BEUINC) co LTO

IMITEO
Y *#Effi
MOORE
I r+t*rr*r naHu, S Z [2022]No D022005641 Auditors'Reno{

*firrttui; (l.ttr'fi)
lbf,fitEAEES+E r5 qE 7 5ll r2 ,t []om3el
eiE, 86 lr0) 5835 mrl El, s6 {10) 5835 0006
Yyw.dit -ap..dn

Indepedent Audit Report

Da.Hua.S.Z.[2023]No.002300564 I

Soshiue Green Energr (Beijirg) Investment Co., Ltd all sharcholders:

l. Audit Opinion
We have audited rhe Soshine Green Energy (Beijing) Invesffnent Co., Ltd. (hereinafter

rcferred to as "Soshine Green Energy") which comprise the consolidated Balance

Sheet as at December 31 2023, Consolidated Income Statement for the year 2023,
Consolidated Cash FIow Statement, and notes to the financial statements.

In our opinion, the accompanying financial statementt, in all material respects

accordance with the requirements of Accounting Standards for Business Enterprises,
and fairly reflect Soshine Grren Energz's financial position ar December 31 2023 and

financial performance and cash flows for the year then ended.
2. Basis of Forming Audit Opinion
we conducted our audit in accordance with china Standards on Auditing for certified
Public Accountants. our responsibilities under those standards are further described
inthe Auditor's Responsibilities for the Audit of the Financial statements section of
ourreport. We are independent of Universal Encrgy in accordance with the China
Code olEthics for Certified Public Accountants (,rthe Code,"), and we have fulfilled
all otherethical responsibilities in accordance with the Code. we believe that the
auditevidence we have obtained is suflicient and appropriate to provide a basis for
auditopinion.
3. Other Information
The management is responsible for the other infonnation. The other information
comprises the information irchrded in Shouxin Green Energy Company's 2023 annual
rcport but does not include the financial statements and our audit report.
our opinion on the financial statements does not cover the other information, and we

ENE RG
D

1E o
 Da.ltua S.Z l2022lNo 00220056.11 audit trs Rerbn

dr) not express any form ofassurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated.

li based on the work we have performed, we conclude that there is a material

misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
4. Management and Governance's Responsibility for the Financial Slatements
The management is responsible for preparing and presenting farily the financial
statements in accordance with China Accounting Standards for Business Enterprises as

well as designing, implementing, and maintaining intemal control relevant to the

preparation of financial statements that are free from material misstatement, whether
due to fraud or error.

In preparing the financial statements, the Management is responsible for assessing the
Company's ability to continue as a going concem, disclosing matters related to going
concem as applicable, and using the going concem basis of accounting unless the

management either intends to liquidate the company or to cease operations, or has no

realistic altemative but to do so.
Those charged with govemance are responsible for overseeing Company's financial
reporting process.
5. Certilied Public Accountanl's Responsibility for thc Financial Stetements'
audit
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are fiee fiom material misstatement, whether due to fraud

orerror, and to issue an auditor's report that includes our opinion. A reasonable

assurance is a high standard assurance; however, it could not ensure an audit comply

with audit standards could always detect an existed material misstatement.

Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions ofusers taken on the basis ofthese financial statements.
During our audit under audit standards. we would apply our professional
judgement.and maintain professional scepticism, as well as performing following
procedure:

CONSORTIUM OT SOSHIHICREEN ENERGY

raEUrNcl INvTTTMENT co LTo
,/7/^Nl\
aen€w pot{n coumttY ttMttEo
 fia Hua S 7 [20221No 002200591 Audirds Repon

(l) Identily and assess the risks of material misstatement of the financial statements.
,*-hether due to fraud or error, design and perform audit procedures responsive to
thoserisks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk ofnot detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
(2) Obtain an understanding of intemal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstsnces.
(3)Evaluate the appropriateness of accounting policies used and the
reasonablenessofaccounting estimates and related disclosures made by management.
(4) Conclude on the appropriateness ofmanagement,s use ofthe going concembasis of
accounting and, based on the audit evidence obtained, whether a materialuncertainty
exists related to events or conditions that may cast significant doubt on soshine Green

Energy's ability to continue as a going concem. If

we conclude that amaterial
uncertainty exists, we are required to dra\ attention in our auditor,s reportto the
related disclosures in the financial statements or, if such disclosures areinadequate, to
modif' our opinion. Our conclusions are based on the audit evidenceobtained up to the
date of our auditor's report. However, future events or conditionsmay cause Universal
Energy to cease to continue as a going concern.
(S)Evaluate the overall pr€sentation, structure and content of the financialstatements,

and whether the financial statements represent the underlying transactionsand events

in a manner that achieves fair presentation.

(6) Obtain sufificient and appropriate audit evidence for financial information
onentities or business activities of Soshine Green Energy; then to express views on the
financial statements. We are responsible for directing, supervising and executing
Group audis. We take full responsibility for the audit opinion.
We communicate with those charged with govemance regarding, among other matters,
the planned scope and timing ofthe audit and significant audit findings, including any
significant deficiencies in internal control that we identi$ during our audit.

We have also provided the govemance with & statement that we have complied with
relevant ethical requirements regarding independence and communicated with them all
relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

3
CONSOflU Of SOSHI}IE GR€EN ETIERGY
raEull{G} lNvE ri/lENr co LIo
.,r,,.o
"anar, "gffi"on,
 I\a Hua S 7 [20221No 002200561 Audrton Rcoon

From the matters communicated with those charged with govemance, we determine
those matters that were of most significance in the audit ofthe financial statements of
the current period and are therefore the key audit matters. We describe these matters in

our audit report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be
ccrmmunicated in our report because the adverse consequences of doing so would
reasonably be expected to outrveigh the public interesl benefits ofsuch communication.

Da Hua Certified Pubilc Accounts Chinese Cetified Public Ac

( ip) ..- +E
-1.*fitl
Yan X TA*,L
.11.1 Ebi

China Chinese Certified Public Acccoun {[hr

aa a

L ttitl
l[' fl-lr-
Yin Hon
May 3 1.2024

T ERCY
rIo
iMrrEo
 Consolidatcd Balance Sheet
As at 3l D.ccmb.r 2023
PrcparEd by, Sodlam Grcen En.rg (BcijiDS) lnv.snrl.nr Co.,Ltd
(Th. curcrE, ofth€ statclnctt$ is Chincsc Ylsn or,CNy, unlcss othcr*is. ifidicscd)

Closrng Balanc€ ODenr n8 Balancc

Crr'trt ttraa:
Csih sod brnf 584,462,:9.100 358,110.:10 69
TradinS Finmaid alscts
Dadvstil! timrcrd asscls

Notcs rc..iBbl.
Accounls Ec.ivablc 685,40:,60t 87 .165.091,62: 70
Accoun6 rccaivlblc fi nancing

Prapaymcnts J7,969,951.57 19.315.752.85

Olh.r rca.ilabl6 r,055,208,326 0t 636,19,,$2a2
Inv€nlon.s 245,615,I2.99 166,681.105.24
Contarat &slatj
Hcld-foFB.la e!5.ts
Currcnt pstion of nonqrrcnt assats

Olhcr cunErl aslclj 372.t71 t1 252.t80 9l

Trtrl cartrl .t&tr 2,629.050,J63.58 t,666,39J,t35.2 t

Non{[rrrat tttatr;
Dabt inwstrrc r
Othcr dcti i4v.nmcnts
l-oalg-tarm rac.lvsblcs

Long-tarm cquity invcsoncnts

InvcsEncnt in othcr aquity ins.Iuncnts

Othcr Don-cunant financial assats
Inv.strhlnt Fopaftias
Fixcd rssals 5,122,9s1,17416 1,457,072,135 t1
Construchon in progrcss 4,132,29t.J56 92 ?,604361,8r I 53
Producriv. biological Erscrs
Oil snd gas rslaB
fuEht to usa asLts 3,:79,198.356 9: l.:15 106.0:7 9l
InLngible es6.!r
Devaloprhcn! cxFtdirurc
Coodwill
Long.lcm dcfcnad cxpcnscs
Dcfcrrcd l.x assats
OlhcI non-curant ssseB 311,6t9.071 29 310,703,7?8 l0
Totrl totr.alrr.lt rrt.l' 12.848.782,1:5.23 8.59 7 .U3,152. 87

l 5,4 77.81-J88T i 10.163.831.4E8 09

(Attach.d notcs to stalcmcnts ara pan ofthc conlolidrl.d frnaDcral staherGt

L.gal Repr.s€ntslivc: Fin nc. Crficer (CFO) FirlErlcial Managcr:

1
€.NE f,G
LIo

TE
 Consolideted Balence Sheet (Continued)
As at 3l D.ccmbcr 2023
Pr.psred by, Soshinc Oreen Eoergy (B.ijang) Investmcnl Co.,Lld.
lThe curcrq oflh€ {aretrE s 6 Chn6. Yusn or'C],fY, ud.ss otlE sc rrdicatrd)

Lr!brli\_ and Equrt\ Closing Balance OlEnrn8 Balance

Curr.rl llibllhict:
Short-iarm bonoungs
Fina,lcEl liahiliucs hcld for lrading
Derilarivc {inancial liabiliri.s
Notes psyablc
Accounts pty8blc 1,016,840,226 7l 9.,2,8J5,E68 r4

Paymcnts rcc.ivld in ldvancc 659.607.a06 I I 54.1.019,1u 29

Conlractu l liabilitrcs
Employ.c b.ncfi ts payeblc
.1.0tt.5t6.67 3.581,t85.56
'tar payablls :0.144,369.50 15 ,9 t7 ,242.30

Othcr payaucs 807,989,9tI77 640,0t6,36e 18

Hel(lfor-salc liibitocs
No clncnt liabilit s duc *ioin onc ycr
O$.r currenl5 liabililics 508 6to ril 78 t-116.193.676 67
Torrl clrr'trr Irbind..

No.{Ertr6t ll.Hlid6:
Lgl!-term bonowinSs 2,610.000.000 00 I .830.000.000.00
Bonds payablc
Includin8: Prcf.ned sto.k
I n.ludrng Perpctual dcbt
Lc6s. h.bililcs 6,:24,967.8?6 l2 3.986,585.310 59

Loog-t.rm payables
LonB"term.mploye. bcnefi ts pslabl.

D€ferr.d incom.
Defcncd rax habilrtres
Odrer nonrunent liabrlhies -- -- - -- -
Tot l .oHrr".ni ll.btlitL. 6:ii4-.e-6 7ilo l 2 5 816.583.1l0 58

Totrl lLblllrl.. t 1.143.638.:77 90 7.952.978.981 25

l,qEtir:
Pri&an c&pital 920 000 000 00 E10.0m.000 00
other cquity ,n3tirlncn6
Iocluding: hcfcned slock
Ilcluding FrrD.tual dcb! t?t.20,000.00 101,000,000 m
Cipital rcseNes
Less:Trcrsurc rtock
Othcr comprchcnsivc incomc
Surplus rcsen'cs 45,961,409 2l 2.1.671.185 37
Rctalncd eamings 2.ES5,0t:"20r.69 l:54.r E6,ll5 16
Equrty .ttsibulable to parent cornpany ,1.114.19.+.610 9l 2.i io. t5e:ino ii
NoHontaollmg inlarcsts
Totil o*mr'a aqulty ,1.84.t94.610.91 10.859.500.84

Totrl lirbiliiLs.nd owr.rs' .quity 15, 177.83:.888 8l r0.163 818..{88 09

(Attachcd notcs lo slet.mcnis are pan ofihc couoltdated financial slrimcnts)

t-.Esl R.prcs.ntslivc: Financ. Clfii.lr (CFO) Financtal Manaacr

CONSOIIIUM OT SOSHINI 6RTEN ENEiGY

tBEUINGt lN)f,sjMEN r co !rD
rErEw Pqrlt r cotuPexv ttr'r'rEo
 Consolidrted Strtement of Comprehensicve
Yc.r 2023
Ilcpar.d hy. Soshinc Grccn Energy (BeUirg) Inv.stmcn! Co,Ltd
(Tt curarEy ofdE slsrEmcnlr is Chitas. Yu6n or'CNY. unlcss o(her]rlc indrcat.d)
Lirbility and Equiry Cl06rog Balancc Balarcc

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 Coasolidrted Cash Fhws Strtcment
Y..r 2o2,

PrcF.rcd by, S6h'n GF6 En rs] tBc'ln3) lflBuGi Co .Ltd

(It .@crry of&. tlt&r.nt 6 Chlre Ye d 'CNY', Dld caEviE tdid.d)

l. Crb lt.rr aior oporrht lrft,tltt

Cadr..ov.d Actr i.l6nrd
'drc.t l,06:,602,.ra9 78
Ta ald Eisd!
'l!ch{rs!
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118.619,8J:95 a,{!,4 t 4,l8l 88
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3,2, .222,302 ?l r,586.914.1 I I 67
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t 6,360,66t.1,t 1J,076,59.1r1
Ts.r !.d $ntw8E! 9.d
2A,6J2,5t9 12 294.,908.924 25
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:26.r3t,0513r 1t3.085,689 67
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6, Cldht b.L....fcrl rd .d .{rlv.Lr!

aAn&F-noE3to lrioan$ d. pa of th. @s.l'd,t d riMc!.| sr*' tt

OF GREEN

IBEUING}
co Lto
tlMriEo
 Soshha Gr€cn Encr$ (Bcrin8) Inlestbcnr Co.,Lrd.
Ycar 2U23
Notcs to finrncirl $!tcmen6

Soshine Green Energy (Beijing) Investment Co.,Ltd.

Notes linancial statements 2023

I, Beric Informrtion ofthc comprny

(l) Comprny regiEtration placc, orgrnizrtionrl form end leadqurrt.rs tddresj
Soshinc Grccn Energy (Beijing) Invcstment Co., Ltd. (hcrcinrftcr referrcd to as "the Company,,)
was cstablished on May 2016. It is a limited liability coopany incorporated in Chaoyang
District. Beijing, with a registered capital ofCNy 100.00 million. The Company hr obtained a
busincss license with the unified social credit codc 9l I I0I05MA0O5X0GX9. The legal
rcprescntaliveof the Company is Zhao Chunfang. The rcgist red office of the Company is
located at No. 1608. Floor 16. Building I, Yard 8, Beichen East Road, Chaoyang Disrict,
Beijing.

(2) Nrturc ot Business rod Prlnciprl Activiti€s

lndustry: Business Services

Busincss Scope:The Company opcrites in the business scrvices industry. Its scopc ofbusiness
includcs:lnvcstmcnt managcment, Asset management, projcct investrrcnt, Rcal estate
information consulting. Providing financial information tecinology outsourcing scrvices
cnt'ustcd by financial institutiqrs,Providing financial business proccss outsourcing serviccs
cntrusrcd by financial institutions, Providing financial knowhdge pmccss outsourcing se.vices
enEustcd by financial insfitutions,Business management consulting,Corporate planning.
(Rcstrictions: a.Without approval from relevant authorities, the Company shall not publicly
raise funds. b.The Comprny shall not publicly conduct securities-related products and financial

dcrivatives fsding activities. c.Thc company shall not issuc loons. d.The company shall nor
providc guarantees to enterprises odrer than the iN'csted entcrpriscs. e.The Compmy shall not
promise invcstors thar their invcstmEnt principal will not suffer losses or guarantec minimum
rctums. Compliance: Market entitics independcntly choose business projects and conduct
business activities according to la\ . For projects that requirc approval by law. the Company
rvill conduct busincss activities according to the approved content after obtaining approval aom
.clcvant au$oritics. The company shall not cngage in business activities prohibitd or
restricted by national and municipal industrial policics.)

(3) Approvrl of Finrnci.l Strtcmcnts

These financial statements wcre approved for issuancc by the Board of Directors of the
Company on May 31, 2024.

II. Besis of Preparatior of Financill Strtement!

(l) B$is of Prep$rtion ofFinrncirl Strtcments

CONSORTIUIlI Of SOSHINE GREEN ENERGY

1 IBEIJINGI INVEWEiJT CO LIO
-.rhfD
RENEw POF CoMPANY L rMIlEo
Soshinc GIe€a EnerEy (Bcijing) lnvcstncna Co.,Ltd.
YC.r ZA23
Notcs to fiEancirl 6t tcmcnts

Thc Company prepares its financial statements based on acoal transactions and events in
accordancc with the "Basic Standard of Entcrprise Accounting Standards" and specific
enterprise accounting sondards, application guidelines for enterprise accounting standards,
interprctations of €nterprise accountirg sundards, and other rclevant provisions (collectively
referred to as "Enterprisc Accounting Standards") issued by the Ministry of Finance. On this
basis, the Company prepares its financial statemcnts in conjuodion with the requirements ofthe
"No. 15 Rules for the Compilation and Rcporting of Infomation Disclosures by Companics
Offering Secu ties to thc Public---General Provisions on Financial Rcpons" (rcviscd in 2014)
issued by the China Securities Regulatory Commission.

(2) Golng Conccrn

Thc Company has asscssed its ability to conlinuc as a going concem for the l2 months

following the cnd of thc reporting period and has not idcntifiod any matteE or circumstances
that cause significanr doubt about iB ability to continue as a Soing concem. Accordingly, these
financiat statements have been prepared on the basis ofthe going concem assumption.

(3) Brsis of Accounting.nd MGrsurcmcnt Principlcs

Thc Company maintai[s its accounting records on an accrual basis. Except for csrtain financial
instrumcnts which are measured at fair value, these financirl statements arc prepared on a
historical cost basis. If asscts arc impaired, the coresponding impairment provision is made in
accordancc with rclevant rcgulations.

I lI. Signiticrnt Accounting Policics rnd Accoundng Estimltcs

(l) Spcciftc Accounting Policles end Accountirg Estim.tcs

The Company dctermines spccific accounting policies and €stimates based on the
characteristics of its production and operatiom. These are primrily reflected in the method for
accruing expected credit loss€s on receivables (Not€ 4&12) and the timing of revenue
recognition (Note 4&35) among others.

(2) Strt€ment of Complirtrc. with EntcrPrise Accoutrdtrg Stlndrrds

The financial statcments preparcd by the Company cornply with the requirements ofEntcrprise
Accounting Standards, and thcy truthfully and complctcly reflect the Company's financial
position, operating rcsults, cash flo\rs, and other relevant information for the reponing period.

(3) Accourtlng Pcriod

The accounting ycar of the Company is from January I to Decembcr 3l of the Grcgorian
calendar year.

(4) Functionrl Currcncy

COIISORTIUM OF SOSHINE GREEN EIlERGY

IBEUINCI INV,SIMENI CO LIO
RE NE
--'l/llo
\l/ PoMIR coMPANY UMrrEo
 Soshinc GrecD Encrg] (Bcijing) lnvcstnrnt Co.,Lld
Ycar 2GL3
Notes !o finsncial stalemcnls

Thc {hnctional currcncy used for bookkecping is the CNY (RMB). Subsidiarics opcraaing
overscas use thc currency ofthe primsry economic cnvironmcnt in \f,hich they operatc as their
firnctional currency, and their financial statemcnts are rranslated into CNy for consolidation,

(5) Accounting Tr€stncnt for Buslness Combinrtions InvoMng Etrtitics und.r snd Not
undcr Common Control

i. For transactions involving step acquisirions in business combimtions, if the terms, oonditions,
and economic impacts of cach transaction mcct one or morc of the following mnditions,
multiple transactions arc trcated as s single transaction for accounting purposcs;

(a) These transactions are cn0crcd into simultaneously or considcring thcir mutual impact.

(b) These EBnsactions as a wholc arc nccded to achieve a complcte commercial result.

(c) The occurrcnce of onc transacrion dcpends on thc occurrence of at l€ast onc other
transaction.

(d) A singlc transaction is uneconomical whcn viewed indcpcndcntly, b',t ir is cconomical when

considcred together with other transactions.

ii. Business Combinations Involving Entities Under Common Control

For busincss combinations under common control, thc Company measures thc ass€B and
liabilities obtained in rhe combination at their carrying amounts in thc consolidated financial
statemcnts ofthe ultimate controlling party at the combinstion date. The dilrercnce between the

carrying amount ofthe net assets acquired and the carrying amount ofthe consideratioo paid (or
the total par valuc of shares issued) is adjusted against thc capital rcservc (sharc prcmium) in
the capital surplus. If the share prcmium in the capiral surplus is insufficicnt to absorb the
differcnce, the remaining amount is adjusted against retained €amings.

lf contingent considerarion is involved and it requircs the recognition of a liability or an asscr,

thc difference bctween the amount ofthe liability or as6et and thc subscquent settlement amount

of the contingent considcration is adjustcd against the capital rescrve (share prcmium). If the
capital reservc is insufiicient. the difference is adjusted against rctaincd earnings.

For busincss combinations achieved in stagcs through multiple transactions, if they are
considered as a package transaction, €ach transaction is trcatcd as a single transaction to acquire
control. Ifnot considercd as a package ransaction, on thc acquisition datc ofcontrol, drc initial
investment cost of the long-term equity investrncnt is the carrying amount of the equity
investment before the combination plus the new consideration paid on the acquisition date. The
differcnce is adjusted against the capital reserve; if the capital reserve is insufficient to absorb
the diffcrence, the remaining amount is adjustcd agaimt retained eamings. For equity
investments held beforc the acquisition date. other comprehcnsivc income rccognized from

3 SOSHINE GREEN ENERG

(BEUltlcl
co to
TEO
RENEIII
 Soshinc Cr€so Energy (BeijirS) InvestrneDl Co.,Ltd
Ycar 2023
Notcs to finaocial statcmmts

applying the equity method or financial insfuments recognitioo and measurcmcnt standards is
not accounted for until the investment is disposcd of, at which point it is trealed in lhe same
manner as directly disposing ofthe relatcd assets or liabilitics of the investee. Changes in other
equity. other than net profit or loss, other comprehensivc incomc, and profit distribution,
recognized liom applying the equity method, arc nol accountcd for until the inYestment is

disposed of, al which point they are transfcred to current profit or loss.

iii.Business Combinations lnvolving Entilies Not Under Common Control

Thc acquisition datc is the date on which the Company actually obtains conEol over the
acquiree, i.e,, the date on which the net assets ot production and operation decisions of the

acquiree are fansferred to the Company. The Company gcnerally considers that control has
been transferred when thc following conditions are simultaneously met:

a, The business combiostion commt or agreement has becn approved by the Company's
intemal authodty.

b. The business combination has becn approvcd by the relevant regulatory authorities, if
rcquired.

c. Nccessary prop€rty transfer proc€durcs have bcen completed.

d. The Company has paid thc majority of thc considcration for the combination and has the
capability and plans to pay the remaining consideration.

e. The Company has effectively takcn control over the financial and operating policies ofthc
acquiree and enjoys corrcsponding bencfits and bean conesponding risks.

on the acquisition date, the Company measures the asscB given. liabilities incurred or assumcd.

and equity securities issued as consider8tion in the business combination at their fair values, and
the diflerence between their fair values and carrying amounts is recognized in thc curcnl profit
or loss.

The Company recognizes goodrrill for the cxcess of the cost of the combination over thc fair
value of the identifiable net assets acquired from thc acquiree. lf the cost of thc combination is

less than the fair value of the identifiablc net assets acquired tom the acquiree, the Company
recheck the measurcment, and the difrercnce is rccognized in thc current profit or loss.

For business combinations not under common control achievcd in stages through multiple
transactions, if they are considered a packagc transaction, each transaction is trgaled as a single
transaction to acquire control. If not considered a package hansaction, for equity investments

held before the acquisition datc tb8l are accounted for using the equity method' the carrying
amount of thc equity investrneot and the additional investment cost on the acquisition date are

III]M 0t s0sBlNt GR EEN ENERG

I co LT o
lsEulNG)
NY !IMITE o
 So6hilc c,,wD Ellcr$/ (Beijing) lDvcsm. Co.,Ltd
Y(ar 2@3
Notes to ral statemenls

combined to form the inidal cost of thc inycstrn€nt. Other comprehensivc incomc rccognized
Iiom applying the equity method before thc acquisition date is accounted for in the same lyay as
directly disposing of relatcd asscts or liabilitics ofthe invcstee when the investrnent is disposed
of. For cquity inveshents held before the acquisition datc that are accounted for under the
financial instruments recognition lnd measurement standards, the fair value of the equity
invesunent on the acquisition date plus the cost ofthc new invcstment is combiled to form the
initial cosr of the investrnent on thc acquisition datc. Thc differencc bet\,leen the fair value and
carrying amount ofthe originally held equity and the accumulatcd fair valuc changcs prcviously
recognized in orhcr comprchensive income are trsnsfe[cd to invcsinent income for the period
on the acquisition date.

iv.Related Costs for the Combination

Audit fees, legal service fees, valuation consurtation r!es, and other intermediary fces directry
related to the business combination are expensed as incuned and recogniz€d in thc current
profit or loss, Transaction costs dirccrly attributable to the issuance of equiry sccurities for the
busincss combination are deducted from equity.

(6) Preprrrtion Method for Consolidtt€d Finrncirl Strtrnents

{ l) Scope of Consolidation

The scopc of consolidation for the company's consolidated financial statemenrs is d.iemined
hased on control. All subsidiaries (including sepamte entitics conkolled by tte company) are
included in the consolidated financial statements.

( 2) Consolidation Procedures

The Company prepares the consolidated financial shtements bascd on its own financial
statcmcnts and those of is subsidiaries, using olher rclevrnt informstion as well. The
consolid&tcd financial statemens trcat the entire corponrte group as a single accounting entity
and are preparcd in accordance with the rccognition, mcasuremcnt, and prcsentation
requiremcnts of the relevant accounting standards. They rellect the overall financial position,
operating rcsults, and cash flows oflhe corporate group bascd on uniform accounting policies.

AII subsidiaries included in the consolidation scope use accounting policies ard periods
con'istent with thosc of the company. If the accounting policies or periods of a subsidiary
differ from those of the Company, necessary adjustrncnts arc made in thc preparation of the
con6olidatcd finencial statements to align with thc Company's accounting policics and periods.

During the consolidation process, thc effects of intemal transactions between thc Company and
its subsidiarics, and bet$'een subsidiarics themselves, are climinated from thc consolidated
balance sheet, consolidated income statement, consolidarcd cash florv stat€mant, and
con6olidstcd statcmcnt of changcs in equity. If the recognition of thc samc traosaction differs

CONSORIII]{ OT SOS}IIiII GREEN ENERGY

rsEUtt{Gr INB}TMENT co LTD
nel:w Po@oouPe*v t'uto
Soshinc Green Energy (Beijing) lrvcsurco, Co.,Ltd
Ycat 2023
Notcs to financiol statcmenls

from the perspective of the consolidated financial stalements and thc accounting €ntity of the
Company or its subsidiari€s, adjustmsnts are made l'rom the p€rspective ofthe corporatc group.

The portion of equity, net profit or loss, ard othcr comprehEnsive income attributable to
minority shareholders is separately prcsenled in the consolidotcd balance sh€et und€r equity, in
the consolidated income stalcment under net profit, and in the consolidated stat€mcnt of
comprehensive income under total comprehensivc income.

Ifthe losses attributable to mioority sharcholders exceed ttreir share of the subsidiary's equity at

the beginning ofthe period. thc cxcess is deducted from the minority sharcholders' cquity.

For subsidiaries acquired through business combinations under common control, lhe financial
statements of the subsidiary are adjusted based on thc carrying amounts of thc ssscts and

liabilities (including goodwill arising from the acquisilion of the subsidiary by the ultimate
controlling party) in the ultimate controlling party's financial 8tatements.

!'or subsidiaries acquircd through business combinations under not common control. the

financial statemcnts of the subsidiary are adjusted based on the carrying arnoun$ of the

identifiable net assets at fair value on the acquisition date.

Addition of Subsidiaries or Businesses

lf additional subsidiaries or businesses are included due to business combinations under

common control during the reponing period, lhe opening balances of the consolidated balance
sheet are adjusted.The revenues, expenses, and profis of thc subsidiary or business from the

beginning of the period of consolidation to the end of the reporting period are included in the
consolidated income statement.

Thc cash flows of the subsidiary or business from the bcginning ofthe period of consolidation
to the end of the reporting period are included in thc consolidated cash flow
stat€ment.Comparative statements are adjusted to rcflcct lhat thc combincd cntity has existed
since the point ofcontrol by the uhimrte controlling parry.

For €ntities that become controlled through addirional investments or similar reasons,
adjustmcnls are made as ifthe parties involved in the consolidation had existed in their current
stare fiom thc point when control by the ultimate controlling party began.For cquity invest nents
hcld before gaining controI over the subsidiary, any previously recognized gains or losses, other
comprehensive income. and changes in net assets from the date when thc original equity was
held to thc date of consolidation are adjusted against the opcning rctained eamings or curent
period profiS and losses in the comparative statements.

During the reporting period, if a subsidiary or business is added due to a merger of companies
under common control, the opening balance of thc consolidated balance sheet shall not bc
adjusted: thc incomc, cxpenses and profits of the subsidiary or business from the dat€ of

CONSORIIUM OT SOSHINE GREET'I ENEiOY

taEUlNGl rNxslMEN I CO LtO
npr,rrw poudn cot\^paNv trloTEO
 Soshine G.wn EncrSy (Bcring) Investircnt Co.,Lrd.
Yc,.I2023
Nolcs to statfments

acquisition to thc cnd of thc rcponing period shall be includcd in thc consolidatcd income
statement; thc cash flow ofthc subsidiary or business from the date ofacquisition to the cnd of
the reporting period shall be included in the consolidatcd cash flow statement.

If the Company is able to exercisc control over the investfe undcr common control due to
additional invesgnent or other rcasons, the Company shall rcmcasurc th€ equity of the acquirce
held beforc thc acquisition date at thc fair value of the equity on the acquisition datc, and the
difrerencc betwecn the fair value and its book value shall be includcd in the cuncnt investment
income. lf thc equity of the ac4uirec held bcfore the acquisition date involv€s olher
comprehcnsive income under the equity method and other ch8nges in owners'equity other than
nct profit or loss, other comprehensivc incomc and profit distribution, the other comprehcnsivc
income and other changes io o\ Ters'equity related to il shall bc hansferred to the invcstment
income of thc current period to which the acquisition date belongs, except for other
comprehensivc incomc arising from the rcmeasurement of thc nct liabilities or nct asscts of the
defined bcnefit plan by the investee.

b. Disposal ofSubsidiaries or Busincsses

i. General Treatmcnt l\rethod

lf the company disposes of a subsidiary or business during thc reponing period, the following
trcatment applics: Consolidated Incomc Statemen! Include thc rcvenue, expenses, and profit of
thc subsidiary or busincss from the beginning of the period to rhe disposal datc in the
consolidated income statement.consolidated cash Flow statcmcnt: Include the cash flows ofthe
subsidiary or business from the beginning of the period to the disposal datc in the consolidated
cash flow statement.

when control ovcr the investee is lost due to thc disposal of part of the equiq, investrnent or for
o{her reasons, thc remaining cquity inveshnent should bc re.mcasured at its fair valuc on the date

control is lost. The differcnce between the consideration received from the disposal and the fair
value of the remaining equity investnent, minus the difference betvreen the share of net assets
and goodwill of the original subsidiary calculated from the acquisition date or the consolidation
datc up to thE dste of control loss, should be recognized as iovcstmcnt incomc for the period of
control loss. other comprehensive income or changcs in equiry ralated to the original subsidiary,s
equity invcstment, except for net prcfit or loss. other comprehensive incomc, aod profit
distribution. should be reclassified to invEstmcnt income for thc pcriod of control loss. cxcluding
other comprehensive incomc arising from changes in the dcfined benefit pran net riability or net
sssets ofthc invcstec.

ii. Stepby-Step Disposal of Subsidiery

when disposing ofequity investnents in a subsidiary through multiplc transsctions until control
is lost, if rhc tcrms, conditions, and economic impacs ofthese hansactions meel one or morc of

7
CONSORIIUT! Of SOSHINE GREEN ENERGY
IBEUII,'G) INESIMENI CO LIO
,zlaNo
RENEIV PO(,.R COMPANY LIMITEO
 Soshine Gr.cn Encrgy (Beijitrg) Inv6tfient Co.,Ltd.
Ycar 2!23
Nol6s to financial ltstcmenls

the following corditions. it generally indicstcs that thc multiplc transactions should be accounted
for as a singlc transaction:

A. The transactions are enkred into simultaneously or considcring cach other's effects.

B. The transactions must be completed as a packagc to achicve a mmplete commercial outcome.

C. The occurrcnce ofone transaction dcpends on th€ o€currenc! of at l€ast onc other ransaction.

D. A transaction alone is not economically Yiable but is economically viable when considered
with other [ansactions.

If the transsctious involving the disposal of the subsidiary's equity investments until control is
lost are considered as a packagc, thcy should be accounted for as a single disposal of the
subsidiary and loss of conrol. However, any differencc betwecn the disposal consideration and
the share of the subsidiary's net assets corresponding to the equity disposed of should be

recognized in other comprehensive income in the consolidated financial statemcnts before losing
control, and should be transferred to profit or loss for the period ofcontrol loss.

If the nansactions involving the disposal of the subsidiary's equity investmens until control is
losl are not considered a package, they should be accounted for according to the policy for panial
disposa.ls of equity investnents in subsidiaries without losing control beforc thc loss of control,
and according to the general treatment method for disposal of subsidiaries at the time of losing
control,

iii. Purchase of Minority Equity in Subsidiaries

For the company's acquisition of additionat minority cquity lcrding to new lon8-term equity
investments, the difference between th€ ncwly acquired equity and the share of thc subsidiary's
net assets fiom thc acquisition date (or consolidation date) should bc adjusted against the capital
reserve undcr the consolidated balance sheet. If the capitsl rcscrvc is insufiicient to cov€r thc

adjustment, the remaining amount should be adjusted agsinst retained earnings.

iv. Panial Disposal ofEquity Investrncnts in Subsidiaries Without Losing Control

When partially disposing of long-tcrrn cquity investments in a subsidiary without losing conrol,
thc differcnce between the disposat consideration and the sharc of the subsidiary's nei asscls
conesponding to the disposed equity should be adjusted against the capital reserve under the
consolidated balance sheet. If the capital reserve is insufficient lo cover the adjustrnent, the
remaining amount should be adjusted against retained €amings

(7) Chssincrtio! ofJoint Arrsngeoents rnd AccounlinB for Joint Op€rrtions

s. Clsssificrtion of Joirl Arrangcments

8
CONSORIIUIiI OF SOSHINE GRTEN ENERCY
(AEurxGl r?rqslvENI CO LID
R€NEw PorER coMPANY LrMrrEo
 Soshinc Grcan Encrgy (Betirg) lnvcsth.rt Co.,Ltd.
Y.at2t23
Nolcs to financirl statcmcnts

Tho compuy classifies joint arrangcments into joilt operationr 8nd joinl venturcs bascd on the
structure, legsl form, contractual terms, and other relcvant facts and circumstsnces of thc joint
arangcmcnt.

Joint Arrangements Not Achicved Through a Separat. Entiry: Classified as joint

opcrations.Ioint Arrangements Achicved Through a Separate Entity: Gcnerally classified as
joint venNres; however, a joint iurang€mcnt can bc classified as a joinr operation if thcre is
clear evidencc that it mects one or more ofthe following conditions and complies with relevant
laws and regulations:

t Lcgal Form: The legal form of thc joint arangemant indicates that thc joint panics
havc rights to $c asscts and obligations for the liabilities ofthc arrangement scparatcly.

2 contraatual rerms: The contractusl terms of the joint arrangement stipulate that the
joint panics have rights to th€ asscrs and obliguions for thc liabilitics of thc arangcmcnt
scparatcly.

3 other Relcvant FacB and Circumstanccs: Indicate that the joint parties have rights to
thc assas and obligatiom for the liabilities ofthe a*angcment scparsrely, such as when thc joint
panics have rights to almost all ofthc output relatcd to thejoint arrangemcnt" and rhe
scttlcment
ofliabilitics rclies on the support ofthejoint parties.

b. Accounting for Joint Opentions

The company recognizes its share ofthe following items in ajoint operation and acclults for
them according to relcvsnt accounting standards:

IAsscts: Recognize assets held individually and those jointly hcld in proportion to the
company's sharc.

2 Liabilitics: Recognize liabilities incurred individually and those jointly incuned in

proportion to the company's share.

-3 Revenuc: Recognize rcvenue from the sale of the company,s share ofthc output ofthe

Jornt operaaton

4 lncome from Sale of Output: Rccognizc revenuc from the sale of output by thc joint
operation in proportion to the company's share.

5 Expenses: Rccognize expenscs incurred individually and those incurred by the joint
operation in proportion to thc company's share.

If the company transfcrs or sclls asscts (cxcluding thosc that constitutc a busincss) to a joint
operalion, it should only recognize thc portion of gains or losscs from the tansaction that is
attributablc to the other joint participants until thc assets arc sold to 8 third party. If the

s
OF SOSHIN! 6FEEII ENERGY
IBEUTNG| rrU:{rr!!EN ! CO LIO
RENEw FCrtR coMPANY LrMrEo
soshinc Greefl Eoergy (BeijiDg) Invesmeni Co..Ltd.
Y.$ 2023
Notcs to financirl ststemcnls

transfcrred or sold assets incur impairmcnt losses according !o thc Accounting Stsndard for
Business Enterprises No. 8-Assct Impairment the comPany should fully recognize thc

impairment loss.

If the comp8ny purchases asscts (excluding those that constitute a business) Ilom a joint
operation, it should only recognize thc portion of gains or losses fiom the transaction lhat is
attributablc !o the other joint panicipants until thc assets are sold to a third party. If the

purchased assets incur impairment losses according to the Accounting Standard for Business
Enlerprises No. t-Ass€t Impairment. the company should r€cognizc the impairment loss in
proportion to its sharc.

If the company does not have joint control over the joint operation but enjoys assas and bears
liabilities related to the joint opffatior, it should still account for these items according to the
principles outlined above. Otherwise, it should account for them according to relevant

accounting standards.

(E) Criterie for Delining Cesh and Cash Equivrlents

Whcn preparing the cash flow statemcnt, the company classifies the following as cash and cash
cquivalents: that can be used for payment at any time are recognized as cash. Investments thst
meet rhe following four conditions: short term (gcncrally due within three months from the date

of purchase), high liquidity, casy conversion to a known amount of cash, and low risk of value

changc are rccognized as cash equivalents.

(9) Foreign Currency Trsnsrctions end Foreign Currency Trenslation

I Forcign Currency Transactions

Initial Recognition: Foreign currcnry transactions are initially recorded using the spot €xchange
rat€ on the transaction date to convert amounts into CNY (RMB).

Foreign currency monctary items iuc converted at the exchangc rate on the balance shect date.
Any rcsulting cxchange differences are generally recognized in profit or loss' except for
exchange differcnces related to foreign cunency borrowings lhat are specifically for the
acquisition or construction of assets meeting capitalizarion criteria, which arc capitalized as

borrowing costs.Foreign currency non-monetary items measured at hislorical cosl arc still
convened using the exchargc rate on the transaction dare, and their RMB carrying amount
remains unchanged.

For non-mon€tary items measurcd ai fair value, thc conversion is done using the cxchange rate
at lhe date of fair value measuremcnt. The differencc bctwcen the convencd carrying amount
and the original RMB carrying amount is tr€ated as a fair valuc change (including exchange rate

changcs) and recognized in pofit or loss or as other comprehcnsive income.

10

CONSORTIUI'I OT SOSHINE GRT'EII EITERGY

IBEUINGI INESTMEIIT CO LTO
.'"to
"ana* "a#oor"o",
 Sosbine Grcen Encrtr- (Bcijrng) lnvestrr.nl Co.,Lrd.
Ycu 202j
Not.s to finsocial st temcnts

2 Translation ofForeign Cunency Financial Ststements

Assets and liabilitics are translated using the exchsrge rate on thc balance shcct date. For cquity

itcms, cxcept for "retaincd eamings," othcr items are translatcd at the exchange rate on thc date
they arosc.lncome and cxpcnse items are tmnslatcd using rhc cxchange rate on thc transaction
date. Translation differcnces arising fiom the above conversions are recognized in other
comprehcnsive incomc.

Whcn disposing of a foreign operation, the translation diffcrcnces related to that foreign
operation rccorded in other comprchensive income are reclassilicd to profit or loss for thc
period. lf a partial disposal of cquity interests or a reduction in the proponion of intcrcar in a
forcign operation occurs but control over thc foreign opcration is retained, thc translation
differcnces related to the disposed ponion of the foreign operation will be attributed to non-
controlling inrerests and will not be rcclassified to profit or loss. In the case of panid disposal
of equity interests in a foreign joiol venture or associatc, thc translstion differcnces related to
the foreign operation are reclassified to profit or loss proponionate to the disposal ofthc foreign
operation.

(10) Finrnchl lnltrumcnts

Thc company rccognizcs a financiol assct or financial liability whcn it bccomcs a psrty to a
fi nancial ins0umcnt contsct,

Thc effectivc intcrest method refcrs to thc method of calculating the amonized cost of a
finsncial asset or financial liability and allocating interest income or interesr expcnse ovcr each
accounting period.

Thc effective interest rate is the rat€ used to discount the cstimated future cash flows of a
financial asset or financial liability over is expccted life to its csrrying amount or amortized
cost. whcn dctermining the effectivc intercst rate. estimated future cash flows are considercd
bascd on all contractual terms of the financial asset or financial liability (such as prepayment
options, extcnsion oprions, call options, or other similar options), but expected crcdit losses are
not considcrcd.

The amortized cost of a financial assct or financial liability is calculated as the initial
rccognition amount of the financial assct or financial liability minus any rcpaymcnts of
principal. plus or minus the accumulated amoni?ztion of thc diffcrence betwcen the initial
recognition amount and 0re amount st maturity, using the efrectivc interest method, rnd minus
ary accumulatcd impairnrent losses (applicable only o financial assets).

i. Classification, Recognition, and Measurement ofFinancial Assets

coxsonnux 0F sosrlutt GREE( ENERGy

(B€UIIlG) II{95IMEllI CO LTD
11
.,r,rao
^an.,r, "@r"o*,
 Soshinc Crrcqn Enerty (Berhg) lnves!trcnt Co.,Ltd.
Ycar 20,3
Nolcs to fiMncisl gtalcmc s

The company classifies financial assets into the following thrce catcgorics based on the
business model for managing the financial assets and the contractual cash flow characteristics

ofthe financial assets:

I Financial assets measured at amonized cost

i Financial assets mcasured at fair vslue with changes rccognized in other

comprehensive income.

3 Financial assets measured at fair value with changes recognized in profit or loss

Financial assots are initially measured al fair value: however, receivables or notes rcceivable
arising from the sale ofgoods or provision ofservices that do not include a significant financi[g
component or wherc the financing componcnt is nol significant (i.e., less than one ye8r) are
initially mcasurcd at the transaction price.

For financial assets measured at fair valuc with changes recognized in profit or loss, transaction
costs are dircctly cxpcnsed in profit or loss. For other catcgories of financial assets, transaction

costs are includcd in the initial recognition amount.

Subsequent measurement offinancial asscts depends on thcir classification. Financial assets are

rcclassified only whe[ the company changcs its business modcl for managing financial assets.

(l ) Classification as Financial Assets Measured at Amonized Cost

A financial assct is classified as measured at amonized cost if its contractual terms pmvide for
cash flows on spccific dates that solely represent payments of principal and int€rest on the
unpaid principal amount, and the business model for managing the financial asset is to hold the
asset to collect con[actual cash flows. This catcgory includcs cash and cash equivalents, notes
rcceivable, accounts reccivable, other receivables. dcbt invcstments. long'term receivables, and
similar fi nancial asses.

The company recognizes interest incomc for such financial assets using the effective interest
method and mcasures them subsequentty at amottized cosl. Any impairment, derecognition, or
modification ofthese financial assets resulting in gains or losses is recognized in profit or loss.
Except in thc following cases. interest income is detcrmined based on the carrying amount of
th€ financi8l asset multiplied by the effective interest rate:

l) For purchased or originatcd financial asscts that have experienced credit impairment.
iDterest income is calculated bascd on the amo(ized cost of the financial asset and thc credit

-adjustcd cffective interest rate from initial recognition.

2) For purchased or originated financial assets that were not impaired at inirial recognition but
become impaired subsequently, interest ircomc is calculated based on the amortizrd cost of
the financial assct and the effective intcrest rate during the subsequent pcriod. If the credit

12

cONSORIIUIi! Ot SOSHINE GREEN ENERGY

IAEUINGI INtGliJMENI CO LIO

"r"r* "o##&"o*"'''"o
 Soshi[c Grccrr Encrg] (BcijinS) Investsncnt Co.,Ltd.
Yw 2023
Notca to finsocirl sotcmcnB

risk of thc fin8ncial instrumcnt improvcs during the subscquent period and it is no longer
crcdit-impaired, int€rcst income is calculatcd based on thc carrying amount of the financial
asset multiplicd by the effective intercst rate.

(2) Classification as Financial Asscts Measured at Fair Valuc with Changcs Recognized in
Other Compreheosive Income

A financial asset is classified as mcasurcd at fair valtr with changes rccognized in other
comprehensive income if its contractual terms provide for crsh flows on specific dalcs that
solely represcnt paymcnts of principal and interest on thc unpaid principal amount, and the
business model for managing thc financial asset is both to collect contractual cash flows and to

sell thc financial asset.

Inlercst income for such financial asseis is recognized using thc effective interest mcthod.
Exccpt for interest incomc, impairment losses, and foreign exchangc differences recognized in
profit or loss, other fair value changes arc recognized in othcr comprehcnsive income. Upon
derecognition of the financial asset, the cumulative gains or losses previously rccognized in
other comprchensive income are reclassified from other comprehensive income to profit or loss.

Receivables such as notes receivablc and accounrs receivablc classificd as measured at fair
valuc with changes rccognized in other comprchensive income arc reponed as rccsivables
financing. Other such financial assets are reportcd as oher dcbt investnents. Among thcse,
other debt invcstmcnts maturing within one year from thc balancc sheet dare are classified as
non-current asscts maturing within one year, whilc those originally maturing withil one year
are classified as currcnt ass€ts.

(l) Designation as Financial Assets Messured at Fair Value with Changes Recognized in Other
Comprehensive Income

Upon initial recognition, thc company can irrevocably designatc non-trading cquity investnents
ari measurcd at fair value with changes recognized in other comprchensive income on an
individual basis.

Fair value changes for thesc financial asscts are recognized in other comprehensivc incomc, and
impairment provisions arc not required. Upon dcrccognition of such a financial asset, the
cumulatiyc gains or losses previously recognizcd in olhcr comprehensive income are
reclassificd fiom other comprehensivc ircome to retained eamings. During thc period of
holding such cquity inv€stments, dividcnds receivcd arc recognized and included in pmfit or
loss when thc right to rcceive dividends has been cstablished, it is probable rhat the economic
bencfits associated with the dividends will flow to thc company, and the amount of dividends
can be reliably measured. Such financial assets are reported undcr equity investment projecs.

ENERG
SOSHINE
co TO
(BEUING)
IJ 1E o
RENEW
 Sosbine Gr.cn Encrgy (Bci.jinE) lnvcstm€nl Co.,Lld
Ycer 2423
Notcs to finaacial sutem€nls

Equity invesuncnts that mcet one of thc following critcria arc classified as financial assets

mcasured st fair value with changes rccognized in profit or loss:

The primary objcctive for holding thc financial asset is to sell it in the ncar tcrm.

At initial recognition, the financial asset is part of a portfolio of identifiable financial assets

managcd togethcr and evidencc suggcsts that therc is a short-tcrm profit-taking strategy.

The financial asset is a derivative (exccpt for d$ivativcs thaa me€t the dcfinition of financial
guarantees or are designated as effective hcdging i$truments).

(4) Classificstion as Financial Assets Measured at Fair Valuc with Changes Recognized in
Profit or Loss

Financial assets that do not meet thc criteria for classification as measured at amortized cost or
as measurcd at fair value with changcs recognizcd in othcr comprehcnsivc income. and are not

designated as such, arc classified as financial assets measuted at fair value with changes

recognized in profit or loss.

The company mcasures such financial asscts subsequently at fair value, with gains or losses
arising from fair value changes and rclated dividend and interest income rccognizcd in profit or
loss.

The compsny r€ports such financial assets based on thcir liquidity under trading financialassets
or other non-current financial assets.

(5) Dcsignation as Financial Asses Measured ai Fair Value with Changes Recognized in Profit
or Loss

At initial rccognition, thc company may inevocably designate a financial asset as measured 8t

fair value with changes rccognized in profit or loss on an individual basis in order to climinate
or significantly reduce an accounting mismatch.

For hybrid conracts that include one or more embcdded derivatives and where thc host cortract
does not fall into the categories of financial assets described abovc, the company may designate

the entire contract as a financial instrument measured at fair Yslue widt changes recognized in
profit or loss. However, the following exccptions apply:

t) The embeddcd derivative does not significantly alter the cash flows ofthe hybrid contract.

2) When initially determining whether similar hybrid conracts need to be separated, it is

nearly obvious that the embedded derivatives should not bc srparated without much analysis
For cxample, an early repaymenl option cmbedded in a loan that allows the holdcr to repay
the loan carly at an amount close to amortized cost does not rcquire separation.

14

CONSORTIUM OI SOSHINE GREEN EITERGY

LrO
{BEUrnG) TNTtrJMENI CO
rertw port(n cot"tPlxY ttutlEo
 Soshinc G,!cn En..gy (Bcijhg) Investncnt Co.,Ltd.
Yct M3
Not6 to finrncisl ststcficnls

The cornpany measurcs such financial sssets subscquently rt fair value, with gains or losses
arising from fair value changes and related dividends and i[tercst income recognized in profit or
loss.

The company reports thcse financial assets based on thcir liquidity under trsding financial
assets or other non-cffrent financial ass€ts,

2.Classification. Recognition, and Measurement of Financial Lisbilities

Thc company classifics a financial instrumcnt or its componcnts as a financial liability or equity
instrument 8t initial recognition bascd on the confiactual tcrms and the economic substance
rather than just thc legal form of rhe issued financial irstrum€nts, in combination with the
defi nitions of financial liabilities and cquity instruments.

Financial liabilities at initial rscognition are classified inao: financial liabilities measurcd at fair
value with changes rccognized in profit or loss" other financial liabilities, and derivativcs
dcsignatcd as effective hedging instrumcns.

Financial Iiabilities are initially measured 8t fair value. For financial liabilities measurcd at fair
with changes recognized in profit or loss, transaction costs atc directly expensed in profit
'alue
or loss. For other categorics of financial liabilitics, transaction costs arE included in thc initial
rccognition amount.

The subsequent measurement offioancial liabilities depends on lieir classification:

(l ) Financial Liabilities Measured at Fsir Value with Changes Rccognized in profit or Loss

This category includes trading financial liabilities (including derivatives that are financial
liabilities) and financial liabilhies dcsignated at inidal recognition as measured Bt fair value
rvith changes rccognized in profit or loss.

A financial liability is if it mects one of the following conditions:The

considered trading
financial liability is primarily incurrcd to sell or repurchase in the near term.lt is part of a
portfolio of identifiablc financial instruments mansgcd togc&cr, with objective cvidcnce
indicating 8 shon-term profit-taking stratcgy.It is a derivativc. except for dcrivativcs dcsignated
as effectivc hedging instruments or those me€ting the definition offioarcial guarantees.

Trading financial liabilitics (including derivativcs that arc financial liabilities) arc subsequently
moasured st fair v8lue, with all fair value changes recognized in profit or loss, except for those

related to hcdge accounting.

At initial recognition, in order to prwidc more rclevant Eccounting information, thc company
irrevocably designates financial liabilities meeting one of the following conditions as mcssured
at fair valuc with changcs recognizcd in profit or loss:

*iffltl9&$9,,919i1'3' I
15
REnrw poffiH,parv t,ureo
 Sosbin. Grccn Ener8y (Berjing) InvdEncna Co.,Lld
Ycar 2023
Notcs to financid 6t tements

I ) Eliminatc or significantly rcduce accounting mismatches.

2) Based on formal \yritten documentalion of the company's risk management or irwcstment

strates/, manage and evaluate thc performance of the financial liability portfolio or the
portfolio of financial assets 8nd financial tiabilities on a fair value basis. and report to k€y
managcmcnt personnel on this basis within rhc company.

The company measures such financial liabilities subsequently at fair valuc. Exccpt for fair value

changes arising fiom the company's own crcdit risk, which arc included in other comprehensive

income, othcr fair value changes are recognized in profit or loss. Unless including fair value
changes due to the company's own credit risk in other comprehensive income would cr€ate or

enlarge an accounting mismatch in pmfit or loss, the company includes all fair valuc changes
(including those due to changes in its own credit risk) in profit or loss.

(2) Other Financial Liabilities

Except for the following items, the company classifies financial liabilities as financial liabilities
measured at amortized cost and measurcs them subsequently using the effective interest method.

Gains or losses arising from dcrecognition or amoni2ation are rcmgnizcd in profit or loss:

l) Financial liabilities measured at fairvaluc with changes rccognized in profit or loss.

2) Financial liabilities formed due to the transfer of financial asscts that do oot meet the critcria
for derecognition or when continuing involvcment in the transfcned financial assets

3) Financial guamntee conracts that do not fall under the first two categories, and loan

commitmcnts provided at below-market interest rates that do not fall under the first cetagory.

A financial guarantec contrdct is a contract thal requires the issucr to make specificd payments
to reimburse the holder for a loss it incurs because a specificd debtor fails to makc payment
rvhen due in accordancc with the original or modified tcms of a debt instrument. Financial
guarantee conbacts that are not designated as financisl liabilities measurcd at fair value with
changcs recognizcd in profit or loss are measured at the higher of the loss allowance amount
and the amount initially rccognized less cumulativc amortization within the guarantee period.

3. Derccognition ofFinancial Assets and Financial Liabilities

(I ) Conditions for Derecognizing Financial Asscts. A financial asset is derecognizcd whcn one
ofthe following conditions is met, and it is wrincn off from the accounts and balance sbeet:

I ) The contractual rights to the cash 0ows from the financial assct expirc.

2) Thc financial asset h6 becn transfcned, and the transfer mccts thc criteria for derccognition

offinancial assets.

(2) Conditions for Derecognizing Financial Liabilities

16
E ERGY
RETN
TCO LID
NY LIMITEO
 Soshinc G.!cn En€rgy (Beijing) Investmlnl Co.,Ltd.
Yesr 2023
Notcs to finaDcisl ststcmcols

A financial li8bility (or part of il) is dcrecognized when tle obligation specified in the contract
is discharged or canceled or expires.

lfthe company enters into an agreemcnl with the lender to replace thc origiml financial liability
rvith a new one, and the terms of thc ncw financial liability are substantially diffcrent from
those ofthe original financial liability, or thc tertrs ofthe original financial liability (or part of it)

are substantially modified, the original financial liability is doecognized, snd a new financial
liability is rccognized. The differcncc berween thc car4ring amount of the original financial
liability and the consideration paid (including any non-cash assets transfcncd or liabilitics
assumed) is recognized in profit or loss.

lf thc company repurchases pan of I financial liability, the overall carrying amount of the
hnancial liabiliry is allocared based on thc relative fair values ofthe portion that continucs to be
recognizcd and the portion that is derecognized as of thc rcpurchase date. The diffcrence
between $e carrying amount allocatcd to the portion derecognized and the consideration paid
(including any non-cash assets transfcrred or liabilities assumcd) is rccognized in profit or loss.

4. Basis for Recognition and Measurcment ofFinancial Assct Transfem

When the company transfers a financial asset. it asscsses the extcnt to which it retains the risks
and rewards ofownership ofthe financial asset and handles it as follows:

(l ) Ifthe company has transfcned almost all the risks and rewards ofowncrship ofthc financial
ass€t, it derecognizes the financial assct and sepamtely recognizes any rights and obligations
created or retain€d in the transfer as assets or liabilities.

(2) Ifthe company retains almost all the risks and rewards ofownership ofthe financial asset, it
continues to recognize the financial asset.

(3) If the company has neither transfered nor rctained almost all the dsks and rcwards of
ownership ofthe Iinancial ass€t (i.e., other than in the cases of(l) and (2) above), it detemines
rvhether it has retained control of fic financial ass€t and handles it as follows:

I ) lf the company has not rctained control of the financial usc! it derecognizes thc financial
asscr and separately recognizes atry rights and obligations creatcd or retaincd io thc aransfcr
Bs assds or liabilities.

2 ) lf the company has retained control of the financial as6et, it continucs to recognize the
financiBl ssset to the extent of its continuing involvement in rhe transferred financid ssset
rnd recognizes an associated liability. The extent of continuing involvement in the
tsansferrcd financial asset is thc cxtent to which the company is cxposed to changes in the
value ofthe transfcned financial asset.

COIISORIIT]II OT SOSBINE GREEN ENERGY

17 {8EU[{GI ll,oE rMENr CO LrO
nexew p5ft#oonperv r-rmre o
 Soshrnc Crcen Elergy (Boijin8) Investrnrot Co..Ltd.
Ycar 2023
Notcs to financial 6tatcme s

ln determining whethcr the transfer ofa financial asset satisfies the conditions for derccognition.
the company applies the principle of substance oyer form. The company distinguishes between
the ransfer ofan entire financial asset and the transfer ofa part ofa financial asset.

(I ) Ifthe transfer of the entirc financial asset meds thc derecognition conditions. the difference
betrveen the following two amounts is recognized in profit or loss:

| ) The carrying amount ofthe transfened financial asset on the derecognition date.

2) The sum of the consideration received for the transfcr of thc financial asset and thc amount
of any cumulative gain or loss previously recognized in othcr comprehensive income that is
amibutable to the derccognized pan (if the ransfencd financial asset is mcasured at fair
value and changes in its valuc arc recognized in olher comprehensivc income).

(2) Ifthe transfer ofa part ofthe fioancial asset mcets the dcrccognition conditions, the carrying
amount of the entire financial assct before the transfer is allocated between the pan that is
derecognized and the parl that continues to be recognized (in this case, any retained servicinB
asset is treated as pan of the continuing recognized financial asset) based on the relative fair

r.alues on thc transfer date, and the difference between the following two amounts is recognized

in profit or loss:

l) The carrying amount ofthe pan dcrecognized on the derecognition date

2) The sum of the consideration received for the derecognized pan and the amount of any
cumulalivc gain or loss previously recognized in other comprehensive income that is
attributable to the derecognized pan (if the transferrcd financial asset is mcasured at fair
value and changes in its value are recognized in other comprehensive income).

If the ransfcr of a financial asset docs not satisry thc dcrccognition conditions, thc company

continues to recognize the financial assct, and thc consideration rcceived is rccognized as a
financial liability.

5. Methods for Determining the Fair Value ofFinancial Assets and Financial Liabilitics

For financial assets or financial liabilities that haye an active market, their fair value is

determined using the quoted prices in the activ€ markeq unless the financial asset is subject to a
restriction that is specific to the assci iself. For financial assets subject to such restrictions. the
fair value is determined by deducting from the quoted price the compensation amouot requir€d
by market panicipants for bearing the risk of not being able to sell the financial asset in thc
open market for a specified period. Quotes from active markcts include those that are easily 8nd

rcgularly obtainable fiom exchanges, dcalers, brokers, industry groups. pricing services, or
regulatory agencies and that represent actual and regularly occurring market transactions on an
arm's lengrh basis.

t8
CONSORTIUM OT SOSHINE GREENENERGY
tBErJrNGt rylsjMENr co Llo
Rr NFw poleR COMPANY lrMrlto
 Soshinc G.!sn Encrgy (Bcijing) In\,esfficrfl Co.,Ltd.
YatZA3
Notca to fursncial stltamcnts

Thc initial acquisition or dqivation of financial assets or thc assumption of financial liabilities
uses the tanssction pricc as the basis for determining their fair valuc.

For financial assets or financial liabilitics without an active markct, thc fair valuc is daetmined
using valuation techniques. In the yalustion, the cornpany employs valuation techniqucs that arc
appropri8tc under the current circumstances and for which suffcient available data and other
information suppon the inpus used, heference is givcn to rclcvant observablc inputs as much
as possiblc. Whcn relevant obscrvable inputs are not available or not feasible, unobscrvable
inputs arc uscd.

6. lmpairmcnt of Financial Instrum€nts

The company accounts for impairmcrt and recognizcs loss allowances bascd on cxpccted credit
losses for financial assets measured al amortized cos! finmcial sssets classified as mcasured at

fair value through othcr comprchensive incomc, lease reccivables, co{rtract asscts, loan
commitmcnts not measurcd at fair value through profit or loss, financial liabiiities not mcasured
at fair valuc through profit or loss. Bnd financial guarsntee contracts formed by the transfer of
financial assets that do not meet the derecognition condidons or continue involvemcnt in
transferred fi naocial asscts.

Expected credit loss is the weighted averagc ofcredit losses for financial instruments, wcighted

by the risk ofa default occurring. Credit loss is the prcscnt valu€ ofthe differcncc bcrwccn the
contractual crsh flows due to lhc company under thc contract and the cash flows the company
expects lo receive, discounted at the original effective intcrest rate. For purchascd or originated

financial asscts that have experienccd credit impairment, the credit-adjusted cffectivc interest
ratc is used to discount the expected crcdit losses.

For receivables, contract assets, and lease receivables arising from transactions regulated by
revcnue standards, the company uses a simplified measurcmcnt mcthod to measur€ loss
allowances at an amount equal to thc cxpccted credit losses over th€ entire lifc ofthe as6et.

For purchascd or originated crcdit-impaircd financial assels, at cach balancc sheet datc, only thc
cumulativc changes in liferimc expected credit losscs since initial rccognilion arc rccognized as

loss allowances, At each balancc sheet datc, the amount of changes in lifetime exp€ct€d credit
losscs is rccognized as impairmcnt loss or gain in the currcnt pcriod,s profit or loss. Even ifthe
lifctime expccted credit loss dctermincd 8t the balance shect datc is less than thc smount of
expected crcdit losses estimated bascd on the initial cash flow forecast, the favorable changcs in
expected crcdit losses are rccognized as impairment gains.

Except for the aforcmentioncd simplified measurcmcnt mcthod and purchased or originatcd
crcdit-impaircd financial assets, thc company asscsses at each balance shcet datc whcther thc
crcdit risk of the .elarcd financial instrumcnts has significantly increased sincc initial

19 CREEtt ENERG

(BEUItrc)
co I o
LIMITEO
RENE9T
 Sosbine Grccn Energy (Beijing) Invcatncnl Co..Lld
Ycu 20.23
Nolas to finsncial dltcmcnts

r€cognition. Thc loss allowanccs, cxpected crcdit losses, and lhcir changcs arc mcasurcd and
rccogniz€d based on the following situations:

(l) If th€ ffcdil risk of thc financial instrument has not significantly increased since initial
recognition, it is in Stage l. Lms allowances are memured at an amount equal to the 12-

month expected credit losses, end inter€st income is calculated based on the carrying
amount and the effectivc intcrcst rate.

(2) lf the credit risk of the financial instrument has significantly increased sincc initial
recognition but there is no credit impairment, it is in Stagc 2. Loss allowances iue mcssured
at an amount equal to the lifetimc expected credit losses, and interest income is calculated
based on the carrying amount and the effective intsrest ratc.

(J) If Ue financial instrument has experienced credit impairment since initial recogrition, it is

in Stage 3. Loss allow.urccs are measurcd at an amount e4ual to the lifctime expected credit
losses- and intercst income is calculatcd based on the amonized cost and the effective
inter€st rate.

The increasc or reversal in thc amount of loss allowances for credit losses is recognized as

impairment losses or gains in the currcnt pcriod's profit or loss. For financial assets classified as
measured at fair value through other comprehensive income, the loss allowanccs for credit
losscs are recognized in other comprehensive income without reducing thc carrying amount of
the financi8l 8sset in the balance shcet.

If. in the previous accounting period, loss allowances werc measured at an amount equal to the

lifctimc expccted credit losses for a frnancial instrumenl bul at the balance sheet datc in thc
current period, the financial instrumcnt is no longer classified as having signilicantly increased
crcdit risk since initial recognition, the company measurcs thc loss allowances at an amount
cqual to thc l2-month expccted crcdit losses at the balance shcct datc, and the rcversal of loss
allowances is recognized as an impairment gain in the current period's profit or loss.

(l) Significant Incrcase in Credit Risk

The company uses reasonablc and supportable forward-looking information to compare $c risk
of default on thc financial instrument at the balance shcct date with rhe risk of default at the
initial recognition date to dete.mine whether the ocdit risk of the financial instrument has

significantly increased since initial recognition. For financial guarantee conhcts, the company
considcrs thc datc on which it bccomes a party to $e irrevocablc commitncnt as the initial

recognition date when applying the impairmcnt provisions offinancial instrumenls.

In asscssing whether credit risk has significantly increascd, the company considers thc
followhg factors:

I ) Whelhcr the actual or expectcd operating results ofthe debtor have significantly changcd:

20

CONSORTIU OT SOSHINE GREEII ENERGY

TBEUING} INTESIM€NI CO (IO
*, na* * o
"offi.,Dr"o*,,,r,
 Soshinc c.rcn Enc4y (Bcijing) Itrvcstmcnr Co.,Ltd.
Ycar 2023
Notas to fiDtacial rtltcmcnts

?) Whether thcre have been significant adversc changes in the regulatory, economic, or
technological environment in which the debtor operates:

3) Whethcr therc havc been significant changcs in the valuc ofcollatcral sccuring rhe dcbt or in
thc quality of guarantees or $edit enhancements providcd by third panies, which are
cxpected to reduce the debtor's cconomic inccntivc to repay on the cono-actual due dates or
to affcct the probability ofdefault;

4) Whcthcr there have bcen significant chang€s in the dcbtor's expectcd performrnce and
repaymcnt bchavior;

5) Whethcr thcrc havc bcen changcs in the company's cr€dit managcmcnt mcthods for
financial instruments.

lf the company dctermines that a financial instrument only has low crcdit risk at thc balarce
shcct date, it assumcs that rhe crcdit risk of the financial instrument has not significantly
incrcased since initial recognition. A financial instrumcnt is considcrcd to havc low crcdit risk if
the default risk is low, the borrower has a strong abilify to meet its contractual crsh flow
obligations in the shon tcrm, and advarse changes in cconomic and busincss conditions ovcr a

longer period of time may not necessarily reduce the borrower's ability to meet its contractusl
cash flow obligations.

(2) Financial Assets with Credil Impairmcnt

A financial assct becomes crcdit-impaired when onc or more events that have a dctrimentsl
impact on thc estimatcd futurc cash flows of that financial asset occur. Evidcncc that s financial
asset is credit-impsired includes observable information such as;

I ) Significant financial difiiculty ofthc issuer or debtor;

2) A breach ofcontract, such as a default or past due event in interest or principal paymcnts;

3) For cconomic or contractual resrons rclating to the debtor's linancial difficulty, thc crcditor
gralts th€ debtor a concession that the creditor would not othenrise consider;

4) lt is becoming pmbable that th€ dcbtor rvill cnter bankruptcy or other financial
rcorganization;

5) The disappcarance of an actiye markct for that fin8nci8l asset because of financial
difficulties ofthe issucr or dcbtor;

6) The purchasc or origination ofa financisl ass€t at 8 deep discount that rcflecB thc incurrcd
crcdit losses,

21 CONSORTIU,l OT SOSHINE GREEN ENER6Y

IAEUINGI INVI6TMENI CO LID
.tn n ,'r,rro
"@&"on
 Soshinc Grrcn Ener8l- (Beijirg) Inrcstmenl Co.,Lrd
Yar 2023
Nolcs to financial statcmcnE

Credit impairment of financial assets may rcsult from thc combincd cffect of multiple events.
and not necessarily from identifiable singlc cvents.

(3) Determination of Expected Credit Losses

The compmy assesses cxpcctcd credit losses on financial instnm€nts on an individual and
collcctive basis, considering rcasonable and supportable informalion about past events. curent
conditions, and forccasts of future ccooomic conditions.

The company groups tnancial instruments based on shared credit risk characteristics. The
common credit risk characteristics uscd by the company includc: type of financial instrument.
credit risk rating, age of receivablcs, age of ovcrdue rcceivables, contract settlemcnt cycle,
industry of thc dcbtor, etc. Thc individual assessmcnt critcria and the shared credit risk
charactcristics for relevant financial instruments are detailed in the accounting policies for those
finarcial instruments.

Determination ofExpected Credit Losscs for Financial Instruments

l) Financial Assets, The crcdit loss is $e prcscnt valuc of $e difference betwecn the

contractusl cash flows that thc colflpafly is entitled to receive and the cxpected cash flows
that it will actually rcceive.

2) Leasc Receivables,The credit loss is the present valuc of the difference bctwecn thc
contractusl cash flows th8t th€ company is entitled to receive and the expectcd cash flows
that it will actually rcceivc.

3) Financial Guarantee Contracts,The crcdit loss is thc prescnt valuc of the expected payments
to be made by the company to reimburse the holdcr for a crcdit loss incurred, less any

amouots that the company expects to recover fiom the holdcr, debtor, or any other party.

.l) Credit-Impaired Financial Assets (excluding purchased or originated credit-impaired

asscts);ThE credit loss is the difference betwecn thc carrying amount of the financial assct

and thc present value of the estimated futue cash flows discounted 8t the original effective

interest rate.

The company's method for measuring cxpected credit losses on financial instruments r€flects
the following facton: An unbiased, probability-weighted amount detcrmined by evaluating a
range of possible outcomesiThe time value of moneylReasonable and supportable information
about past events, curent conditions. and forecasts of fiJture economic conditions that are

svailable without undue cost or effort at the balance sheet datc.

(4) Write-offof Financial Assets

CONSORTIUM Of SOSHINE GREEN ENERGY

rsEurNG) r{rEf rMENI CO LTO.
RENEW PCI4R COMPANY LIi,IITEO
 S6hi.c Crrcn Encrgy (Bcijmg) Ibvcatncnt Co.,Ltd.
Y@ 2073
Notcs to furocid ltatcm.nts

Whcn thc company no longcr reasonably expects !o recovcr all or pan of thc contractual cash
flows of a financial assa, the carying amount ofrhe financial asset is directly written off. This
writ€-off constitutcs the derecognition of thc financial asset.

T.Offsetting Financial Asses and Financi8l Liabilities

Financial asscts and financial liabilitics are prcscntcd scparately in the balance shcet and are not
offsel unless both ofthe following conditions are met:

(l) The company has a legally cnforccable right to offset thc rccognizcd amounts, and the right
is currcntly enforceable;

(2) Thc company intcnds to settlc on a nct basis or to rEalize thc financial assct and scttle thc
Iinancial liability simuhareousty.

(l l). Nottr Rcccivrblc

The mcthod for determining €xpcctcd crcdit losscs and accounting trcatmcnt fo, notes
r€ceivabl. is dctailcd in Note (10) 6 - Impairmcnt ofFinancial Instrumcnts.

For notes rcceivable wi$ significant individual amounts that have become credit-impoired after
initial recognition, the company d€{eamines rhe crcdit loss individually.

When sulficicnt evidence for assessing cxpected credit losses at an individual instrument level
cannot bc obtained at a reasonable cost, thc company refers to historical crcdit loss cxpcrience,
current conditions, and future economic forccasts. The company groups notcs receivable based
on credit risk characteristics and calculates expected credit losses on a collcgtive basis. The
basis for detcrmining these groups is as follows:

Group Name Basis for Grouping Pmvision Method

This group includcs notes Expected credit losscs are

rcccivablc wherc thc issuer calculatcd usinS historical
has a high credit rating and credit loss exp€riencc. current
Bank Acccptance Bills has no historyof dcfaults. conditions, and future
Portfolio The credit loss risk is cconomic forccasts. The
extrcm€ly low, and the issuer calculation inyolvcs the
has I strong capacity to fulfill exposure at default and the
its conEactual cash flow expected credit loss retc over
obligations in thc shon term. the entire lifespan of the
notes.

Commcrcial Acceptance Bills Commcrcial Acceptsnce Bills Determining Allowance for

Portfolio Issu€d by Low Credit Risk Bad Debts Based on

COII$RIIUII OT SOSHINE GRTEN ENERGY

(aEUrNG) NW*ti6EN I CO rro
RENEW PqlrER Car{\aP^NY r-[VrJ rE O
Soshinc Crcctr Encrgy (Beijlng) lnvestment Co.,Ltd.
Year 2023
Notes to firl.trcial statcm.nls

Acccptors Historical Credit Loss

Experience, Current
Conditions, and Future
Economic Outlook

( l2). Ac.ounts Rc€civablc

The methods and accounting treatments for determining thc expected credit losses for sccounts
receivable are detailed in Note 6 (Financial lnstruments Impairment) ofthis annex.

For accounts receivablc with a significant single amount that have experienced credit
impairment after initial recognition, the company rvill determin€ thcir credit loss individually.

When sufficient evidence to assess expected credit losses on an individual basis is not available
at a reasonable cost, the company will to historical credit loss experience, current
refer
conditions, and forecasts of future cconomic conditions. Accounts receivablc will be grouped
based on credit risk charactcristics, and expected credit losses will be calculated on a portfolio

basis. The basis for determining thcse groupings includes

Group Name Basis for Grouping Provision Method

Based on the naturc of the

business, except for objective
Related Party Portfolio Affiliated Companies
evidence indicating
impairmcnt losses on

amounts receivable from

third parties.

For accounts receivable not The company calculatcs the

included in thc cxpected credit losses by
aforcmentioned portfolios, the referring o historical credit
Other Receivables company makes the best loss expericnce, cu[ent
estimate of the provision ratio conditions. and forecasts of
based on historical future economic conditions.
expcrience, and classifies This involves assessing

credit risk portfolios based on default risk exposure and

the aging ofthe receivablcs. calculating the expected

crcdit loss rate over the entire

life of thc receivablcs.

(13) Receivsbles Fin8ncing

24

CONSORTIUM OT SOSHINE GREEI{ ENERGY

IBEUTNG) rN?M€NT CO LID
RENEw Por*R coMPANY l rMrrFD
 So6hirc Crrm Encr$/ (BcijuE) lEvesmc[r Co.Itd.
Yc.I 2023
Notcs to t[rncid statcmds

Thc method for dctermining thc cxpccted credit losses and rccounti[g trcatmcnt for rcccivables
financing are dctailcd in Notc ( l0) 6. Finsncial lnstrunenl Imprirment.

(14) Othcr Receivables

The mcthod for determining thc expected credit losses aIld accounting trcatment for other
receivablcs are detailed in Note (10) 6. Financial Instrument Impairment.

For significant individual amouns ofother receivablcs that havc cxperienced credir impairment
after initial recognition, the company determines the crcdit losses separately.

Whcn adequate widence for estimating expected credit losscs at the individual instrumcnt level
cannot be obtained at a reasonablc cost, thc company rcfeB to historical crcdit loss cxpcrience,
consid€rs currenl conditions, and makes judgmcns about futurc economic conditions. Other
receivables arc classified into scveral portfolios bascd on crcdit risk characteristics, and
expected credit losscs are calculatcd on a portfolio basis. The basis for determining these
portfolios is as follows:

Group Name Basis for Grouping Provision Method

Risk-Frcc Ponfolio This includes itcms such as Based on rhe naturcof thc
advances, deposits, margin business, unless thcre is
paymonts, rcceivsbles for objectivc evidence indicating
individual income tax, and bad debt losses.
receivables for VAT rcfunds
within othcr rccciyables.

Bascd on the naNrc of the

business, no provision for bad
Related Party Ponfolio Afliliated Companies
debts is made unless there is
objective cvidencc indicating
that bad debt losses have

occurred.

Including accounts rcccivable The company cslculatcs the

other than those in the cxp€cted crcdit losses by
aforcmentioncd categories, rcferencing historical crcdit
Other Receivables the company makes its bcst loss cxperience, considcring
estimaae of thc provision for the curr€nt condilions and
accounts receivable bascd on forecasts of future economic
past historical expericncc, and conditions, and using the
classifics thc credit risk of cxposure to default risk and
accounts reccivable based on the crcdit loss rates ov€r the

CONSORNW ff SOSTIINI GREEN EIIERGY

{aEuic) |NVBTMENI co Lro

^r*r*
*#&r"^n, ,,*n,
Soshinc Crrco Erlc gy (B.rrng) tnvesmetrt Co.,Ltd
Year 2023
Notcs lo lin&cial statcm.rrls

their aging. cntirc life of the financial

instruments.

(15) Inventory

l. Classifi cation of lnventory

Inventory rcfcrs !o goods held by the company for sale in the ordinary course ofbusiness, work
in progress, and materials consumed in the produclion p()cess or service delivery. It primarily
includes raw materials, supplies, materials entrustcd for processing. work in progress, self-
produced scmi-finished goods. finished goods (stock goods), and goods in transit-

2. Inventory Valuation Method

Upon acquisition, inventory is initially measured at cost, which includes purchasc costs,
processing costs, and other costs. When inyentory is issued, raw matcrials are accounled for

using the FIFO (First-ln, First-Out) method, and finished goods are accounted for using the
specifi c identifi cation method.

3. Basis for Determining Net Realizable Value of Inventory and Provision for Inyentory Write-

Down

At the end of the period, invenrory is thoroughly inspected, and invearrory write-down is

adjusted based on the lo\ve. of cost or nct realizable value.For finished goods, stock goods, and
materials directly int€nd€d for salc, the net realizable value is detcrmined by subtracting
estimated sclling expenses and related taxes from the estimated selling price ofthe inventory in
thc normal course of production and business.For materials that require processing, the net
realizable value is dctermined by subtracting estimated costs to complele, estimated selling
expenses, and related taxes liom the estimated selling price of the finished goods produced
from thosc materials in the normal course of production and busincss.For inventory hcld to
exccute salcs or service conaacts. the net realizablc value is calculated based on the contract
price. Ifthe quantity ofinventory held exceeds the quantity ordered in the salEs contact. the net
realizable valuc ofthe excoss inventory is based on the general sales price.

At thc end of the period, inventory write-down is provided on a per-item basis. However, for
numeroun low-cost itcms, the wrile-down is providcd based orl invcntory catcgories. For
inventory related to a scries ofproducts produced and sold in the same region, with the same or
similar final use or purpose, and whcre it is difiicult to measurc scparately from other items, the
write-down is pmvided on a combincd basis,

If the factors causing a previous write-down of inventory value havc disappcared, thc write-
down amount is revcrsed and r€stored within the previously p.ovided inventory writc-down
amount, with the reversal amount included in the currcnt period's profit or loss.

26

CONSORTIUM Of SOSHINE GREEII ENERGY

tBEUTNGI lN#ll\4ENr co LIo
qr Ntw po#n contpat{Y t-tr trro
 Soshin€ C.rqn Encrgy (Bcijing) Invesnncnt Co.,Lrd-
Ycar 2fl3
Notcs !o financial gtatamcnts

4. Invcntory Counting System

The perpctual inventory s1'stem is used.

5. Amonization Methods for Low-Value Consumables and Packaging Materials

([) Low-valuc consumables arc expcnscd in full upon acquisition.

(2) Packsging msterials are expenscd cither in full upon acquisition or amonizcd over time.

(15) Contnct A$cts

Contract assets are recogniud when the company has trsnsfcrrcd goods to customeE srd has
the right to receive consideration for that transfer, rvhich is dependent on factorc other 0ran the
passagc of time. Unconditional rights to rcceive considcration from customcrs, which arc solcly

dcpendent on the passage of time, arc recognized separatcty as rcceivables.

Thc mcthod for determining and accounting for oxpcctcd crcdit losses on contract ass€ts is
detailcd in Note (10) 6. Financial Instnments Impairment.

(t7) Assra! Hcld for Salc

l. C teria for Clsssificatior as Hcld for Sale

Non-current asscts or disposal gmups are classificd as hcld for sale when thsy meet all of thc
following conditions:

(l ) They are available for immediate sale in their current condition, as per thc usual prac,tice for
selling such asscts or disprosal groups in similar transactions.

(2) The sale is highly probable, merning that th€ company has made a decision to selt and has
obtained a firrn purchasc cornmilmcnt, with the sale expcctcd to b€ completed wirhin I ycsr.

A firm purchase commitment is defincd as a legally binding agreement wilh another psrty thst

includes significanl terms such as trsnsaction pricc, timing, and subsuntial penalties for non-
pcrformance, making thc likelihood of significanr adjustments or cancellation of the agrcement
minimal.

2. Accounting Trcatmcnt for Assets Hcld for Sale

Non-current assets or disposal groups classified as held for sale arc not depreciated or amortized
lf the carrying amount exceeds the fair valuc lcss costs to scll. the carrying amount is written
down to fair value less costs to sell. The write.down amount is recognizcd as an impairment
loss and included in the current pcriod's profit or loss, and a provision for impairment of assets

held for sale is madc.

CONSORT[J}I Of SOShINE GREEN ENERGY

27 (BEUING) II,ESIMLN I CO LIO

".n.* ";ff Tno""on, .,",r.o

Soshinc Crcetr Energy (BcrJing) lnvestmenr Co.,Ltd.
Ycu 2023
Notcs to finEncial Etatcmcn(s

Iror non-current assets or disposal groups classificd as hcld for sale on acquisition, thc initial
measurement is comparcd between thc amount assumed ifnot classified as held for salc and the
fair value less costs to sell, with the lower ofthe two being used.

These principles apply to all non-currtnt assets cxccpt for investment properties measured using

the fair value model, biological assets mEasured at fair value less costs to sell, asses arising
from employee benefits. deferred tax assets, financial assets rcgulatcd by financial insoument
standards, and rights arising from insurance conlricts rcgulated by insurance contact standards.

(18) Othcr Debt lnvestmcnb

The methods for determining and accounting for the cxpected credit losses of other debt
investrnents are described in Note (10) 6. Financial InstrumenE Impairment.

(19) Long-term Receivrbles

Thc mcthods for determining and rccounting for the expected credit losses of long-term
receivables arc described in Note (10) 6. Financial Instruments lmpairment.

(20) Longterm Equity ltrvestmcnls

l.Detcrmination of tnitial Investmeot Cost

(l) For long-term equity investments acquired through business combinations, rcfcr to the
accounting policies for business combinations under common control and not under common
control as detailed in Note (5).

(2) For other typcs of long-term equity investmenls:

Cash Paymcnts: Long-tcnn cquity investnents acquired by cash payment are recordcd at thc
sctual purchase pricc paid. The initial investment cost includes cxpenses dir.ctly related to thc
acquisition ofthe long-t€rm equity investment, taxes, and other nccessary expenditures.

Issuancc of Equity Sccurities: Long-term equity investments obtained through thc issuance of
equity securities arc recorded at the fair value ofthc issucd equity securities. Transaction costs
incurred when issuing or acquiring equity instrumcnts are deducted dircctly from equiry rclated
to equity transactions.

Non-Monetary Asset Exchangcs; For non-monetary asset exchanges with commercial substance
and where the fair valuc ofthe exchanged assets can be reliably measured, the initial investment

cost of long-term equity investments is based on the fair value ofthe exchanged assets. If there
is conclusivc evidence that thc fair valuc ofthe received assets is more reliable, it should be
used. Ifthc exchange do€s not meet the above criteria" the initial invcstment cost is bascd on the

carrying amount ofthe exchanged assets and any rclated taxes payable.

28

CONSORTIUM OT SOSHINE GREEI{ ENERGY

IBEUINGI IXV'SIMENT CO LID
,.tlNO
nrr.rtw pcdn cotuPalY ttutlEo
 Sosbinc G.csr, En.rB/ (Beijing) Invesme,ll Co.,Lld-
Yeqr 2A23
Notes to financial stat m mls

Debt Rcs0ucturing: Long-term equity investunents obtained through debt restructuring arc
initially measured based on fair value.

2.Subsequent Measurement and Profit or Loss Recognition

(l ) Cost Method:

Long-term equity investments B,here the company can excrcise control over thc investce are
accounted for using the cost msthod, Th€ investrnents arc recorded at initial cost, with
adjustments for additional invcstrncnts or recoveries. Dividends or profits declarcd by the
investee are recognized as irvestsnent income for the period, except for cash dividends or
profits declarcd but not yet paid at the time ofacquisition.

(2) Equity Method

Long-term equity investments in associates and joint ventures are accountcd for using the
cquity method. For equity investrncnts in associates held indirectly through ventur€ capital
organizations, mutual funds, trust companies, or similar entiti€s, including unitJinked insurance
funds, the investrnents are measured at fair value with changes recognized in profit or loss.

Ifthe initial invesonent cost ofa long-term equity investment exceeds the proportionate share of
the identifiable net asseB of the investce at the timc of ilves0n€nt, the initial invcstmcnt cost
remains unchanged. If the initial investment cost is less than the proportionate share of the
identifiable net assets of the investee at the tim€ of invcstment, the difference is recognized in
the current pcriod's profit or loss.

After acquiring a long-tenn equity investment, the company recognizes invesftlent income and
other comprehensive income based on its share of the invcstce's net profit or loss and other
comprehensive income. The carrying amount of the long-term cquity investmenl is adjustcd
accordingly. The company's share of the investce's profits or cash dividends declared rcduces
the carrying amount of the long-term equity investrncnt. Any other changes in the invcstee's
cquity, except for net profit or loss, other comprehcnsive income, and profit distributions, adjusl
the carrying amount ofthe long-term Equity investment and are included in shareholders' equity.

When recognizing the share of the investee's net profit or loss, sdjustnelts are made to the
investee's net profit based on the fair value of thc inv€ste€'s identifiable assets at the time of
investment. Unrcalized intemal rarsaction profits or losscs between th€ company and its
associates or joint ventures arc offsct based on the share attributablc to the company, and
invcstment income is recognized accordingly.

When recognizing the company's share of losses incurrcd by the inyestee, the following stcps
are taken;First, reduce the carrying amount of the long-term equity investmcnt.Second, if the
carrying amount ofthe long-term equity investment is insurlicient to cover the losses, additional
losses are recognized up b the extent ofother long-term interests in dle investee that essentially

29
COIISORIII]I' Of SOSHINE GNEEN ETERGY
(BEUITG) INV'ISTMENT CO LIO
aettew coffi&eew uu,rco
 Soshine Crcen EnerSy (BeijinS) Investmenl Co.,Lld
Ycu 2023
Noles to financial statcmenb

constitutc nct investments in the invcstee, reducing the carrying amount of long-tcrm
receivables or similar asscts.Finally, if there are additional obligations as per invcstment
aontracts or agreements, recognize a provision for anticipated liabilities based on the expected
obligations, and include it in the current period's invcstment loss.

lf the investee subsequently becomcs profitablc, the compaly first restor€s any recognized
provision for anticipated liabilities, adjusts thc carrying amount of long-tcrm equity investsrents
and other long-term interests that constitute net investnents in the invcstee, and recognizes
invcst nent income.

i.Conversion fiom Fair Value Measurement to Equity Method

(I ) Convcrsion from Fair Value Measurement to Equity Method Accounting

When a mmpany' s previously held equity investment in an investee, which was initially

accounted for under financial instrument standards as not having contIol, joint mntol, or
significant influence, bccomcs one where the company can cxercise significant influcnce or
joint control (but not control) due to additional invcstmcnt or other reasons, The fair value of
the previously held cquity investment, as detcrmined under the "Accounting Standards for
Business Enterprises No. 22 - Financial Instrumcnts: Recognition and Measurement."

If the initial investmcnt cost uoder the equity mcthod is less thao the propodonate sharc ofthe
investee' s identifiable net assets' fair value at the date of thc additional investment, thc
carrying amount of the long-term equity investmcnt is adjustcd. The difference betwccn lhe
initial investmenr cost and thc proportionate share of the identifiable net assets' fair valuc is

recognized as non-operating incomc in thc current period,

(2) Transition from Fair Value Measurement or Equity Method to Cost Method

lf the company ' s previously held equity invesknents in investees. which were accounted for

under {inancial instrument standards as not having control, joint control, or significant influence,
or previously held long-term equity investmcnts in associatcs or joint ventures, subsequenlly
acquire control over the invcstce lhat is not undcr lhc same control due to additional

investments or othcr reasons, thc initial investment cost undcr thc cost method is determined as
follows:Initial Investment Cost:The initial investment cost under the cost method is the sum of
the carrying amount of the previously held equity investment plus thc cost of the additional
investment.

For equity investmens held before thc purchase date that were accounted for using the equity
method and resultcd in recognizcd other comprehcnsive income, the samc accounting trcstmcnt
is applied upon disposal ofsuch investrncnts, consistent wi$ thc treatment of directly disposed

rclated assets or lisbilitics ofthe invcstce.

30
CONSORIIUM OT SOSHINE GREEN ENEROY
(BEUIIiG) INESTMENT CO LIO
.-7-1ND
arNrw pofER coMpaNy LrMjTEo
 Soshi4e G.!en Ener$/ (Beijin8) Investment Co.J-td.
Y(ar 2023
Notca to finrncial statemerls

F'or equity investments held bcfore the purchasc date and accounted for undcr thc ,Accounting

Standards for Business Enterprises No. 22 - Financial Instruments: Recognition and

Measurement." the accumulated fair value changes recognized in other comprehensivc income
are transferrcd to current profit or lo6s when transitioning to the cost method.

(3) Transition from Equity Merhod !o Fair Value Measurement

Ifthe company loses joint control or significant influcnce over an investee due to the disposal of
part of the cquity invcstment, the remaining equity is mcounted for under the .Accounting
Standards for Business Enterprises No. 22 - Financial Instruments: Recognition and
Measurement." The differencc between the fair value of the rcmaining equity on the date joint
control or significant influence is lost and i* carrying amount is recognized in current profit or
loss.

For equity investrnents accounted for under the equity method that resulted in recognized other
comprehensive income, the same accounting treatrnent is applicd upon ceasing to use the equity
method, consistent with the treatment of directly disposed rclated assets or liabilities of the
investee.

(4) Transition from Cost luethod to Equity Method

Ifthe company loses control over an investee due to th€ disposal ofpart ofik equify investmcnt,
and the remaining equity can provide joint control or significant influence over the invcstee, it
transilions to equity method accounting. The rcmaining equity is treated as if it had been
accounted for using the equity method from the timc ofacquisition.

(5) Transition from Cost Method to Fair Value Measuremcnt

Ifthe company loses control over an inyestoe due to the disposal of part of its equity investment.
and the remaining equity cannot provide joint colrol or significant influence over the investee,
it trsnsitions to accounting mder the "Accounting Standards for Business Enlerpriscs No. 22 -
Financial Insmrments: Recognition and Measurement." The difference between the fair valuc of
the remaining equity on the date control is lost and its carrying amount is recognizEd in current
profit or loss.

4. Disposal ofLong-term Equity Investncnts

When disposing oflong-term equity investments, thc difference between the carrying amount of
thc investrnent and the ac al pmceeds received should be recognized in curent profit or loss.
F'or long-term equity investmeDts accounted for using the equity method, upon disposal, the
portion ofother comprehensive income previously recognized and relatcd to the investee should
be accounted for in accordance with the same basis used for directly disposed relatcd assets or
liabilities.

0t SOSHINE GREEN ENERG

I
coNsoRTlUli N T co Lro
3'1 (B€UI NG IN
o TE D
c LI
RENEVI
 Soshine Creen Energy (Beijing) Investscnr Co.,Ltd.
Ycq2A3
Nores to financial slatcms s

Transsctions involving the disposal ofequity invcstments in subsidiaries thal meet one or more
ofthe following conditions should be accounted for as a bundlcd transaction:

(l) The trsnsactions are entered into simultaneously or in contemplation of each other' s

effects.

(2) The transactions only achieve a complete commercial cffect when considered as awhole.

(3) The occunence of one transaction depends on lhe occurrence of at least one olher
transaction.

(4) A fansaction is not economical on its oun but is economical when considered togclher with
other ransactions.

If the company loses control over a subsidiary due to the disposal of part of its equity
investnent or other reasons, and the transactions do not constitute a bundled transactioo, the
accounting treament should be distinguished between individual financial stal€ments and
consolidated financial statements:

( I ) Individual Financial Statements,For the disposed equity, the difference between the carrying
amount and the actual proceeds should be rccognized in current profit or loss. If th€
remaining equity provides joint control or significant influence over the investee, it is

accounted for using the equity method, and the remaining equity is adjusted as if it had been

accounted for under the equity method fiom the time of 8cquisition.If the remaining cquity
does not providejoint control or significant influencc, it is accounted for under the
"Accounting Standards for Business Enterprises No. 22 - Financial lnstruments:
Recognition and Measurement," and the difference between its fair value on the dato control
is lost and the carrying amount is recognized in current profit or loss.

(2) Consolidated Financial Statements: For transactions occuring before losing contml over a
subsidiary, the difference bctween the disposal proceeds and the share of the subsidiary' s

net assets (calculated from the acquisition dale or the date of the business combination)
should be adjusted against cspital reserve (sharc premium). Any shortfatl in capital reserve
should be adjusted against retaincd eamings.Upon losing control over a subsidiary. the
remaining equity should be remcasured at iB fair value on the date control is lost, The
considcration reccived from the disposal and 0re fair value ofthe remaining equity, lcss the
share of the subsidiary' s net assets (calculated from thc acquisition date) based on the

original holding perccntage, is rccognized as investmcnt income in the period of losing

control and goodwill should be lvritten dovm accordingly. Other comprehensivc income
rElated to the original subsidiary' s equity investment should be reclassified to current
investmcnt income upon losing control.

coNsoRIluM0t SO SHINE GREEN ENERGY

(BEUTNGI rNwtrMENT CO
LTD

RENEwPdER coMPAN Y LTMITEO

 Sosbinq G.cen Ener$/ (BeijitrB) IDvestncol Co.J-rd
Yaar 2g23
Notca to finmcial statements

when multiple transactions related to the disposal ofsubsidiary cquity investments and the loss
of control ar€ considered bundled trdnsactions, these transacrions should be accounted for as a
single disposal of subsidiary equity investment and loss of control, with the accounting
treatment distinguished betwe individual financial statements and consolidated financial
statemenls:

(l ) Individual Financial Statements, The differcnce bcrween the proceeds of each disposal and
the carrying amount of the disposed equity investment should be recognized as other
comprehensive income and reclassified to cunent profit or loss upon losing control.

(2) Consolidated Financisl Statements, The differencc betwccn each disposal procceds and the
share of rhe subsidiary ' s net assets corresponding to the disposed investmert should be
recognized as other comprehensive income and reclassified to currc[l profil or loss upon
losing conrol.

(5) Criteria for Joint Control and Significant Influence

The company has joint control over an arrangement if. according to relevant agreements, the
collective contml of the arrangement requires unanimous conscnt from all parties sharing
control, and the company has significant influence over the rctum from the arangement.

Ifthe company has rights to the net asscts of a joint anangement dctermined based on relevant
agrcements, the joint arrangement is classified as a joint venture and accomted for using the
equity me&od.If the company does not have rights to the net 8ssets ofthejoint arangemcnt, the
joint arrangement is classi{ied as a joint operation, and the company recognizes and accounts
for its share ofintcrests in thejoint operation according to relevant accounting st ndards.

SignificantinfluencereferstothEinvcstor'spow€rtoparticipatcinthefinancialandopcrating
policy decisions of the inv€stee but docs not amount to control or joint control. The company
determines whether it has significanr influence ovcr an investee based on one or more of the
following criteria and considers all relevant facts and circumstances: (l) Representation on the
investee' s board of directors or similar goveming body.(2) participation in th€ financial and
operating policy-making processes- (3) Signi{icant transactions with the investee. (4) provision
of kcy managerial personnel to thc investee. (5) Provision of esscntial technical information to
the investee.

(21) lrvestment Property

lnvestment prop€fy refers to properfy held to eam rental income, for capital appreciation, or
both. This includes leased land usc rights, land use rights hcld for ransfcr after appreciation,
and leased buildings. Additionally, if the company's board of directors makes a written
resolution stating that vacant buildings held by the company are intended for operating leases

C0ttS0RnUM Ot SOSHII'lE GREETI ENERGY

IBEUINGI INVIEIMENT CO LTO
t'''"o
^ana* "@oou"^*,
Soshinc Green Ener8y (Beijing) lnvestmenr Co.,Ltd.
Yczr 2423
Noles to fina.ocial statements

aod this intertion is not expected to changc in thc short term, these buildings will also be
classified as investment property.

Theinitialcostofthecompany'sinvestmentprop€rtyisrecordedatitspurchas€cost-Th€cost
of purchased investment property includes the purchasc price, rclated taxes, and any other

expenses directly attributable to the acquisition of the asset. For self-constructcd invcstment

propefty, the cost includes all n€cessary expenditures incurrcd bcfore the assct is rcady for its
intended use.

The company adopts lhe cost model for subscquent measurEment of investm€nt property.
Depreciation or amortizarion is calculated on buildings and land use rights based on their
estimatcd useful lives and rcsidual values.

When the use of invcstment property changes to orvner-occupied property, the company
reclassifies the investment propsrty a6 fixed assets or intangiblc assets staning fiom the date of
the change. Conversely. when the use of owner-occupied propcrty changes to earning rental
income or capital appreciation, the compaay reclassifies fixed assets or intangible assets as

investment property starting fiom the date of the change. The carrying amount bcfore thc
reclassification is used as the carrying amount after the reclassification.

Invcstrnent property is dcrccognized when it is disposed of, or when it is permanently

rvithdrawn fiom use and no futule economic benefits are expected from its disposal. Gains or
losses arising from the disposal, transfer, scrapping, or destruction of investment prcperty,
calculated as the difference between the net disposal proceeds and the carrying amount of the
asset, are recognized in profit or loss for the period.

(22) Fixed Assets

LRecognition Criteria for Fixed Assets

Fixed assets refer to tangible assets held for the purpose ofpmducing goods, providing services,
leasing, or for administrative use, with a useful life exceeding one accounting year. Fixed assets
are recognizcd when they simultaneously meet the following conditions:

(l) It is probabl€ that tlte economic benefits associated with the fixed asset will flow to the
enterprise.

(2) Th€ cost ofthe fixed asset can be reliably measured

2.Initial Measurement of Fixed Assers

The company measures fixed assets at cost initially

34
COIiSORTIUM OF SOSHINE GREEII ENERGY
IAEUII{G) INVESJMENI CO, LTD,
._r-a$o
RENEW POqfR COMPANY LIMIIEO
 Soshine Grcan Encrgv (Berhg) Investfient Co.,Ltd.
Y?ar 20)i
Nolcs to fhatrcial statcmentE

(l) The cost of purchascd fixed assets includes the purchasc prlcc, import duties, aird rElated
taxes' as well as any directly attributable expenses incuned to brhg the asset to the locstion 8nd
condition ncccssary for it to be capable ofoperating in the manner int€nded by management.

(2) The cost of s€lf-consruded fixed assets comprises all necessary expendih,es incurred
before the asset is ready for its intended use.

(3) Fixed assets contributed by investors are recorded at the value agreed upon in the
investmenr contract or agreement. Ifth€ value stipulated in the contract or agreemcnt is not fair,
the fair value is used.

(4) If thc payment for purchasing fixed assers is deferred bcyond normal credit t€rms and
effectively contains a financing element, the cost of the fixed assets is determined bascd on the
present value ofthe
purchase price. The difference between the actual payment and thc
Fresent
value of the purchase price is recognized as intercst expense over the credit period, exccpt for
amounts capitalized.

5.Subsequrnt Measurement a.d Disposal ofFixed Assets

(l ) Depreciation ofFixed .4ssets

Fixcd assets are deprcciated over thcir estimatcd useful lives, using the straightJinc mcthod
after deducting the estimaled residual value. For fixed asspts that have been impaired,
depreciation is calculated based on the carrying amount after deducting the impairment
provision and the remaining usefirl life. Fixed assets that are still in use aflcr firll deprEciation
are not depreciated funher.

The company detcrmines the useful lifc and estimated rcsidual value of fixcd assets based on
their nature and usage. At the end of each year, the useful life, estimated residual value, and
dcpreciation method of fixed assets are reviewed, and adjustnents are made if thcrc are
differences from the previous estimatcs.

The methods, useful lives, and annual depreciation rates for different types of fix€d asscts are as

follows:

Amual
Tr?c ofFixcd Depr€ciation Usetul Lifc (Years) rasidual valuc ratc Deprcoiati,oD Rat€
Assct Medrod (o/") (Y")

straight-l ine method

Buildings 20-40 5 2.3754 750

straight.line merhod
Machinerv l0 5 9 500

straighr-line melhod
Transportation l0 5 9 500

CONSORIU Of SOSHIIIE GREEIIENENGY

(BELIIi{G),yfiJM€N r co LTD
REnEw PorrER cctaaPANY LtMtrEO
SosLin. Crren EnerSy (Beijing) lnvestnen, Co.,Ltd
Year 2U23
Notcs to financial rtatcments

Equiprnent

office Equipment straight-line method 5 l 19.000

and Oth6 Fi\ed

Assets

(2) Subsequent Expenditures on Fixed Assets

Subsequent expenditures related to fix€d assets thfi meet the criteria for recognition as fixed
assets are included in the cost of the fixed assets. Those that do not meet the criteria for
recognition are expensed in the period in which they are irrcuned.

(3) Disposal ofFixed Asseis

When a fixed asset is disposed of or is expected to generate no future economic bcnefits either
through use or disposal, it is derecognized. The proceeds Aom the sale. transfer. scmpping, or
damage of a fixed asset, after deducting its carrying amount and relat€d taxes and fees, are

recognized in the cunent period's profit or loss.

(23) Constuction in Progress

l.lnitial Measurement of Construction in Progress

The company's self-constructed construction in progress is measured at actual cost. The actual
cost consists of all necessary expenditures incurred before the asset reaches its intend€d usable
state. This includes the cost of materials, labor costs, relevant taxes paid, capitalized bonowing

costs, and allocated indirect costs.

2.Criteria and Timing for Transferring Construction in Progress to Fixed Assets

Construction in progress projects arc transferred to fixed asscts based on all expenditures
incuned to bring the assct to its intended usable state. Ifthe constructed project has reached its

intended usable state but has not yet undergone final acceplarc€, it is transferred to fixed assets
at its estimated value based on the project's budget, cosl, or actual expenses. Depreciation is
then calculated according to the company's fixed asset dcpreciation policy. Upon completion of
final acceptance, the initially cstimatcd value is adjusted to the actual cost, but thc previously
calculated depreciation is not adjustcd.

(2,1) Borrowing Costs

l.Principles for Capitalizing Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction, or production of assets

that mcet thc criteria for capitalization are capitalized and included in the cost of the rElated

Jb

CONSORTIUMOF SOSHINE GREEN ENERGY

rBEurNGt rN?lV€nT CO LTO
nerrw poGn cotlpatY rttutrEo
 Soshinc Gr.€n Ener8)- (Beijing) Invesmedr Co_,Ltd.
Year 2423
Noles to financial statcmenls

assets. Other borrowing costs are expenscd as incurred and recognized in the cu'ent pcriod,s
profit or loss.

Assets eligible for capitalization 8re those thst require a significant period
of acquisition or
production to reach their intended usable or saleable s6te. such as fixed assets, investment
properties, and invenlori€s.

Capitalization of borrowing costs begins when all ofthe following conditions are mct:

(l) Expenditures for the asset have been incurred, including cash payments, transfers of non_
cash assets, or intercst-bcaring debts.

(2) Borrowing costs have been incured.

(3) Activities necessary to prepare thc Ess€t for its intended use or sale have commenced,

2.Capitalization Period

The capitalization period is the period fiom the stad of capitalization of borrowing costs to rhe
cessation ofcapitalization. Periods ofsuspension of capitalization are excluded.

capitalization of borrowing costs ccases when the asset that meets the capitalization srit€ria is
ready for use or sale.

lf pans of the assel that meet the capitalization criteria are completed and can be used
indcpendently, capitalization ofborrowing costs for those pans ceases.

For assets with components that are separately completed but must wait until the entirc assel is
completed for use or sale, capitalization of borowing costs ceases when the entire asset is
completed.

3.Suspension of Capitalization

If therc is an abnormal interruplion in the acquisition or productioo of assets that mcet the
capitalization criteria, and the interruption exceeds three conseqrtive months, capitali?ation of
borowing costs is suspended. If the int€rruption is necessary for preparing the asset for its
intended use or sale. capitalization continues. Borrowing costs incuned during the intemrption
are recognized in the current period' s profit or loss until activities resume and capitalization

continu€s.

4.Calculation Merhod for Capitalizcd Borrowing Costs

Specific Borrowings: Interest expenses on specific borrowings ([et of interest income fiom
unused borrowings or temporary investmcnts) are capitalized until the asset reaches its intcnded
use or sale status.

COI{SORIIUTI OF SOSHII.IE GREEN ENERGY

37 (BEUTNG) rNyi;iTMENT co LrD

RENEW PoUfR coMPANY LlrvllrEo

Soshine Grcen En€rgy (Beijing) lnvestmenl Co..Ltd
Year 2023
Norcs (o finalcial statemmts

General Borrowings: For general borowings, capitalized interest is calculstcd by multiplying

the weighted average amount of asset expenditures that exceed specific borrowings by the
capitalization rate applicable to gencral borrowings. The capitalization rate is determined based
on the weighted average interest rate ofgeneral bonowings.

f)iscount or Premium on Borrowings: The amount of discout or Pr€mium is amortized using

the cffective intcr€st method, adjusting the interest expEnse for cach accounting period.

(25) Right-of-Use Assets

lnitial Measurcment of Right-of-Use Assets

l.Right-of-usc assets are initially measured at cost, which includes:

2.The initial measurement amount oflhe lease liability,

3.Lease payments made at or before the comm€ncement datc of the lease, minus any lease
incentives received.

4.Initial direct costs incuned by the company.

Costs expected to be incurred for dismantling, removing the leased asset, rEstoring the site, or
restoring thc asset to the condition required by the lcase lerms (excludiog cosls related to
producing inventories).

After the commencement date ofthe lease, the compsny uses thc cost mod€l to measurc right-of
-use assets.

(25) Right of-Use Assets

Right-of-use assets are initially measured at cost, which includes:

l. The initial measuremcnt amount ofthe lease liability;

2. Leas€ payments made on or before the commencement date of the lease, less any lease

inccntives received;

3. Initial direct costs incurred by the company;

4. Costs expected to be incurred for dismantling and removing the lease asset, restoring the site

ofthe lease asset, or retuming the ass€t to the condition specified in the lease terms (excluding

costs ilcured to produce inventory).

Aflcr the lease commencemert date, the company applies the cost model for subsequent

measurement of right-of-usc assets.

38

EIIERGY
CONSORIIUM OT SOSHINE GREEN
raEUll{Gl ll{)rEsTMEi{T CO LIU
t'''"o
"."., "r6"Too,'on'
 Soshinc Gruen Encrgy (Beijitr8) Investrned Co.,Ltd.
Yqr2V23
Not€s to fitrucial statcmcrls

If the company can reasonably determinc that il will obtain ownership of the lease asset by the
end ofthe leasc term, dcpreciation should be charged over the remaining useful life of the lease

asset.

If it cannot reasonably determine that ownership of the lease asset will be obtained by the end
of the lease term, depreciation should be charged over the shorter of the leasc term or the
remaining useful life of the lease assct.

For right'of-us€ assets rhat have bccn impaired, depreciation in firture periods should be based
on the book value after deducting the impairment provision, following the above principlcs.

(26) Irtrngible Assets rnd Development Costs

lntangibte Ass€ts refer to identifiable non-monet8ry assets without physical substancc that are
owned or controlled by the company. This includes items such as land usc rights, patents, and
non-patented technologies.

l. Initial Measurement oflntangible Assets

The mst of acquired intangible asscts includes the purchase price, related taxes, and othcr
expenses directly attributablc to making the asset rcady for its intended use. If the purchase
price of intangible assets is defered beyond normal credit terms and effectivcly involves
financing, the cost of the intangible asset is d€tcrmined based on the prcsent yalue of the
purchase price.

For intangible assets obtaincd through debt restructuring, the initial recognition valuc is based
on thc fair value of the intangible asset. The diffcrence between the car4ring amount of the
restructured debt and the fair value ofthe intangiblc asset used to settle fte debr is recognized in
the current period's profit or loss.

In the case ofnon-monetary asset exchanges that have commcrcial substanc€ and where the fair
value of cither the acquired or exchanged asset can be rcliably measured, th€ intangiblc asset
acquired is r€cognized at the fair value of the exchanged asset. If lhcrc is conclusive eyidence
that the fair value of the acquired asset is more rcliable, it is used; otherwise, the cost of the
acquired intangible asset is based on the carrying amount of the exchanged asset plus Bny
related taxes, with Do recognition of profit or loss.

lntangible assets obtained through mergers of entitics under common control are rccognized at
the carrying amount of the acquired entity. lntangible assets acquired through mcrgers of
entities not under common control are recognized at fair valuc.

For intemally developed inrangible assets. the cost includes: materials consumed, labor costs,
registration fces, amonization of other patents and licenses uscd during development,

39 CONSORTIU OT SOSHINE GREETI ENERGY

IBEUII{GI INVISTMENI CO LTO

.,r,r.o
"rn.r, "#9,o^n,,
 Soshi[r Grce, Energy (B€ijing) Invcstnenr Co.,Ltd.
Year 20,3
Notes to Statenrenls

capitalizabl€ interest costs, and othcr direct costs incurr€d to make the inlangible assel ready for
its intended use.

2. Subscquent Mcasu.ement of lntangible Assets

Upon acquisition ofintangible assets, the company determines their useful life, classifuing them
as either having a finit€ or indefinite useftl life.

(I ) Finite Useful Life Intangiblc Assets

Amortization: Intangible assets with a hnite useful life .re smortized on a straight-line basis
over their useful life. This amortization continues as loflg as the asset is expected to bring
cconomic benefits to the company.

Review: At the end of cach period, the useful lifc and amortization method of finite usefitl life
intangible assets are reviewed. If therc are differences from the previous estimates, adjustments

are made accordingly.

Consistency: After review, if the uscful life and amortization method of the intangible asset
remain unchanged from the previous cstimates, no funher adjustmcnts are made.

(2) Indefinitc Usetul Life lntangiblc Assets

No Amortization: lntangible assers wilh an indefinite usefirl life are not amortized. Instead their
useful life is reviewed at the end ofeach period.

Impairment Testing: If, after review, lhe uscful life ofthe asset is still indefinite, it continues to
undergo impairment testing each accounting period.

3. Rescarch and Developmcnt Phases

Research Phase: This phase involves original and planned investigation activities to gain new

scientific or tcchnical knowledgc. Coss incumed during this phase are expensed as incurred.

Development Phase: This phase applies research frndings or other knowledge to a plan or
dcsign to produce new or significantly improved materials, devices, products, ctc. Costs

incuned during this phase are capitalizcd ifcertain corditions are m€t.

4. Capitali?ation Criteria for Development Phase Expcnditure

Expenditure during the development phase of intemal rcscarch and development projects is
rccognized as an intangible asset if it meets the following conditions:

(I ) Technical Feasibility: The ass€t c r be completed to make it available fot use or salc.

(2 ) Intent: There is an intention to complete the asset and use or sell iL

40
ENERGY
CONSORTIUM OF SOSHINE GREEII
IN,ESTMENT CO LTO
IBET]INGI'-VaNn
'
nc rurw pd(en couPelv tturEo
 Soshinr G.cc, Energv (Beijing) lnvestnent Co.J_td.
Yedt 2o.23
Noles to finaocial statemenls

(!) Economic Benefits: There is evidence that the asset will gcncrate economic bencfits, either
through market existence or internal use.

(4) Resources: AdequaE kchnical, financial, and otfier resources arc available to complcte
developmenl and use or sell the asset.

(5) Reliabie Measurement: Thc expcnditrLrre atributable to the dovclopmcnt phase can bc
reliably measurcd.

If these criteria are not met. development costs are expensed as incurred. hcviousty cxpensed
development costs arc not re-recognized as asscts in subsequent periods. Capitalized
development costs are listed as development expenditurcs on the balance sheet and are
transfened to intangible assels once the project is ready for its intcnded use.

(27) Impalrment of Long-Term Assets

The Company determincs $,hether there are signs ofpossible impairment of long-term assets on
the balance sheet date. If there are signs of impairment of long-term asscts, the rccovcrable
amount is estimated on the basis of individual assets; if it is difficuh to estimate th€ rccoverable
amount of individual assets, the recoverable amount of the agset group is determined based on
thc asset group to which the asset belongs.

The estimate ofthe recoverable amount ofan asset is determincd based on the higher ofthe net
amount of its fah value less disposal costs and the preseot vslue of the asset's expected firture
cash flows.

If the measurement result of the recoverable amounl shows that the rccoverable amount of a
long-term asset is lower than its book value, the book value of thc long-t€rm asset shall be
r\ritten down to the recoverable amount, and the amount of thc wrile-down shall bc recognized
as an assel impairment loss and included in the current profit and loss, and the corresponding

asset impairmert provision shall be madc at the same time. Orce an asset impairment loss is

recognizcd, it shall not be reversed in subsequent accounting pe ods.

After thc assct impairment loss is recognized, the depreciation or amortization expense of the
impaired asset shall be adjusted accordingly in future periods so that the adjusted assct book
value (less the estimated net residual value) can be systematically amortized over the remaining
useful life ofthe asset.

Goodwill and intangible asses with uncertain useful lives resulting from busincss combinations
are tested for impairmcnt every ycar, regardless ofwhether there are signs of impairment.

When conducting impairment tests on goodwill, the book value of goodwill is amortized to the
asset groups or asset group combinations that are expected to benefit from the syncrgies of
business combinations. When conducting impairment rc$s on relatcd asset groups or assct

41 CONSORIlUM OT SOSHINT GREENENERGY

lBEU,ltG)jXJMEN r co Lro
RENEw PortER co.rpANy LrMrrao
Sosbine Crsen Energy (BeijilS) lnvostmeol Co.J-td
Year 2023
Notes to fitrencial statemenls

group combinations that include goodwill, if there are signs of impairment on the assct groups

or asset grcup combinations related to goodwill, first conduct impairment tests oo the ssset

groups or asset group combinations that do not include goodwill, calculate the recoverable
amount, and compare it with the rel€vad book value to recognize the corresponding impaiment
loss. Then conduct impairment tesb on the assct groups or asset group combinations that
include goodwill, compare the book values of these related asset groups or asset group
combinations (including the book value portion of the amortized goodwill) \'ith their
recoverable amounts. If the recovcrable amount of thc relgted asset groups or ass€t group
combinations is lower than their book values, recognDe lhe impairment loss ofgoodwil[.

(2E) Long-Term Prepaid Expenses

Long-term prepaid expenscs refer to expcnses that the company has already incuned but arc to
be allocated over a period exceeding one year. Long-term prcpaid expenses are amonized over

their benefit period using the staightJine method.

(29) Contrrct Liabilities

The company recognizes conract liabilities for obligations to transfer goods to customers for
rvhich it has received or is entitled to receive consideration from customers.

(30) Employee Berelits

Employee bencfits are various forms of compensation or benefits provided by the company for
services rendered by employees or for terminatjng employment. Employee benefis include
short-term ben€fits, post-employment benefits, termination benefits, and other long-term
employee benefits.

L Short-Term Benefits

Short-term benefits refer to employee benefits that fie company expccts !o settle within twelve
months after the end ofthe annual reporting period in which rhe employees render their services,

excluding post-employment benefits and termination benefits. Ths company recognizes the
amount payable for short-term benefits as a tiability during the accounting period in which the
employee renders services and accounts for it as relatcd asset costs and expenses based on the

beneficiary of the services.

2. Post-EmploymentBenefits

Post-employment benefits are various forms of compensation and benefits provided by the
company after employees retire or leave the company, excluding shon-term benefits and
termination benefits,

Thc company' s post-employment bcnefit plans are classified into defined contribution plans

and dcfincd benefit plans.

42
CONSORIIUiI OF SOSHINE GREEN ENEiGY
raEU|NGr rNvtsrMENT co Lro
Z^No
RENEW POWER COMPANY LIMITEO
 Soshinc Cre.n Energy (Beijing) Investrent Co.,Ltd.
Year 2123
Notes to financial statcm entS

Thc company participatcs in social basic pension insurance, unomployment insurancc, and
other
schemes organized by local labor and social security &gencies. During the accounting pcriod
in
rvhich the employees provide services to the company, thc amount payable under the d€fined
contribution plan is recognized as a liability and chargcd to lhe current profit or loss or related
asset costs,

Thc company has no firrther payment obligations aftcr making the regurar contributions
sccording to nstional standards and pcnsion plans.

3. Termination Benefits

Termination benefis refer to compensation provided by the company when terminating the
labor relationship before the cxpiration of the employee' s labor contract, or to encoumge

employecs to voluntarily accept redundancy. A liability for compensation arising from

termination is recognized at the earlier of thc point when the company cannot unilaterally
ivithdrdw thc termilation plan or redundancy proposal, or when the related r€structuring costs
involving termination benefits are recognized. This liability is also included in the current prcfit
or loss.

The company provides intemal retirement benefits to employces who accept intemal retircment
arrangemcnts. Intcmal retirement bencfits arc payments made to employees who, not rcaching
the statutory retirement age. voluntarily leavc their positions with the company, s approval,
including wages and social insurance contributions. The company pays these internal retirement
benefits from the start of the intemal retirement arrangement untit the cmployee rcaches the
normal retirement age, For i[temal retirement ben€Iits, accounting treatment is similar to
termination benefis. When the conditions for recognizing termination benefits are met, the
rvages and social insurance contributions payablc from the employec' s last day of seryice to
the normal retirement date arc recognized as liabilities and charged to the cunant profit or loss
in a lump sum. Any actuarial assumption changes or benefit standard adjustrnents affccting
intemal retirement benefits are recognized in the current profit or loss when they occur.

The benefit obligations arising from the plar relate to the period in which the anployees
provide services and are charged to the current profit or toss or related asset costs.

(31) Provirions for Lisbilitic;

I .Rccognition Criteria for Provisions

A pmvision rclsted to a contingent lisbility is recognized when all of the following conditions
are met:

The obliguion is a present obligation ofthe company.

It is probablc that an oudlow ofeconomic benefits will b€ required to settlc the obligation.

43
CONS0RTlUtil 0F S0SnlNE GREETI ENERG Y

'
IBEIJINGI II!VIIs'I'ENI CO LTD

RENEW -4aNo
PQfER CON'PANY LIMI]ED
 Sosbine Crcen Energy (BeijinS) Invessne Co.,Ltd.
Yeat 2023
Noles to financial statem€rls

The amount ofthe obligation can be rcliably €stimated.

2.Measurement of Provisions

Provisions are initiatly measured sl the best estimate of the expenditure required to settle the
present obligation.

In determining the best estimate, the company considen the risks, unc€rtainties, and thc time
value ofmoncy associated with thc contingent liability. For significant effects ofthe time value
ofmoney. the bcst estimate is determined by discounting thc relcvant futurc cash flows.

The best estimat€ is treatcd as follows:

For Expenditures Within a Continuous Range: Ifthe expendiirre falls within a continuous range
(or interval) where the probabilities of various outcomes are equal, rhe best estimate is

determined as the averagc of lhe upper and lower limits ofthc range.

For Expenditurcs rrly'ithout a Continuous Range or with Uncqual Probabilities: If therc is no

contiruous rangc or ifthe rangc has urequal probabilities, or if the contingent liability involves
a singlc item, the best estimate is detcrmined as the most likely amount to occur. For conlingent
liabilities involving multiple items, the best estimate is calculated based on various possible
outcomes and their associatcd probabilities.

If the expenditure required to s€ttle the proyision is expected to be fulty or partially

clmpcnsated by a third party, the compensation amount is recognized as an asset when it is

virtually cenain to be received. The recognized compensation amount should not excccd the
carrying amount ofthe provision.

(32) Lerse Lirbilities

The company initially measures leasc liabilities at the present value of lease payments not yet
paid as of the commencement date of the lease. In calculating the present value of lease

paymenls, the company uses the interest ratc implicit in the lerse as the discount rat€. lf the

interest rate implicit in the lease cannot be determined, the company uses its incr€mental
borrowing rate as the discount rate. Lease payments include:

l. Fixed payments and substantive fixed payments, net ofany lease incentives;

2, Variable lease payments that depend on an ifldex or rate;

3. The exercise price ofa purchase option, if the company rcasonably expects to exercise the

option:

4. Paym€nts expected to be made to exercise a terminatior option if th€ company reasonably

expccts !o exercise the termination option;

44
CONSORTIUMOF SOSIIIN€ GREEN ENERGY
(aEUINGl TNWMENI CO LrO
RENEw PoGR coMPANY LrMtrEo
 Sosbine Grcen Energy (Beijing) Investrncnl Co.,Ltd.
Yeu 2O2i
Nolcs to financial statemenls

5 Payments cxpected to be madc based on the residual value guarantee proyided by the
company

The company calculates interest expcnses on lease liabilities for each period of the leacc term
using a fixcd discount rale and recognizes it in profit or loss or in the cost of related assets,
Variable lease payments not included in the measurement of rcase liabilities are rccognized in
profit or loss or in the cost ofrelated assets when they are incurred.

(33) Shere.Bssed Peymerts

l. Types ofShare-Based Payments

The company's share-bascd payments are classified into equity-settled share-based paymens
and cash-settled share-based payments.

2.Determination of Fair Value of Equity Instruments

For equity instrumcnts granted wh€re an active market exists, the fair value is determined based
on quotes in that active market-For equity instruments grantcd where no activc market exists.
the fair value is determined using option pricing modcls. The option pricing models selected
take into accounl the following factors:(l) The exercise price of the option(2) Thc option,s
term(3) Thc current price of the underlying sharcs;(4) The expected volarility of the share
price(5) Expected dividends on the shares;(6) The risk-frce interest rate during rhe option term.

Whcn detcrmining the fair value of equity instruments on the grant datc, the impact of both
market conditions and non-market conditions specified in the share-based payment agreement is
considered. If
thc share-based payment includcs non-market conditions, the cost cxpense
corresponding to thc sen'ice rcceived is recognized as long as the employee or other party
meets all non-market conditions.

3. Impact ofConditions on Equity lnstruments

Whcn determining the fair value of cquity instruments on the grant date, the impast of both
market condilions and non-markct conditions specified in tlrc share-based payment agrcement is
considered. If there are non-market conditions attached to the equity paymeot, the cosl expcnse
corresponding to the service receivcd is recognized as long as the employee or other parties
meet all non-market conditions (e.g., scrvice periods).

4. Determining the Best Estimate ofExercisable Equity Instrumcnts

On each balance sheet dale during the waiting period. the best estimate of the number of
exercisablc equity instruments is revised based on the latest information about changes in the
number of employees who can exercisc the options and othcr subsequcnt evcnts. On the
exercise date, the final estimated number ofexercisablc equity instruments will match the actual
number exercised.

45
CONSORlIUM OF SOSHINE GREEIi ENER6Y
(BETJTNG) rNv_t6L$EN r CO rrt)
RENEW
--ALn
PO!6ft COMPANY LIMIIEO
Soshinc Grccn En€r8y (Beting) Investrne Co.,Ltd.
Yw2Ai
Notes to financial statemenls

For equity-scttled shar€-based paymcnts, the fair value of thc equity insFuments granted is
measured. For equity instuments thal are immediately exercisable upon grant, the fair value of
the equity instruments on the grant date is recognized in the relevant cost or €xpcnse and

credited to capilal reserves. For equity instruments that can only be exercised after completing
the waiting pe od or mc€ting specified performance conditions, the fair value on th€ grant date

is used to recognize the cost or expense and caPital reserves based on th€ best estimate of the
number of exercisable equity instrumcnts on each balance shcel date during the waiting period.
No adjustments are made to the recogniz€d costs. expenses, or total equity affer the exercise

date.

For cash-settled share-based payments, the fair value of the liability based on the company's
obligation to deliver shares or other equity instruments is measured. For cash-settled share'
based payments that are immediately exercisable upon granr, the fair value ofthe liability on the
grant date is recognized in the relevant cost or expeose and credited to the liability. For cash-
settled share-based payments that can only be exercised after completing tho wailing p€riod or
meeting specified performauce conditions, the cost or expense and corresponding liability are
recognized based on the best estimate of exercisability on each balance sheet date during the
waiting period, with the liability measured at fair value. The fair value of the liability is re-
measured on each balance sheet date before settlement and on the settlement date, widl any
changes recognized in profit or loss.

Ifthe granted equity instruments are canceled during the wailing period, the company trcats the

cancellation of granted equity instruments as accelerated vcsting, recognizing thc remaining

unrccognized amount in profit or loss immediately and crcditing capital reserves. If an

employee or other party chooses not to meet the non-exercisable conditions but fails to meet
them during the waiting period, the company t.eats this as a canc€llation of the grantcd equity
instruments.

(34) Preferred Shares, Perpetual Bonds, and (Xher Financial lnstruments

In accordance with financial instrument standards, the company classifies issued preferred
shares, perpetual bonds, and other financial instruments into financial liabilities or equity
instruments at initial recognition based on the contractual terms and the economic substance of
the instrumerts rather than solely on their legal form. The classification is determined by
considering the definitions offinancial liabilities and equity instruments.

l.Financial instruments are classificd as financial liabilities if they meet any of the following
conditions:

( l) Obligations under contracts to deliver cash or other financial assets to olher parties;

(2) Obligations under cootracts to exchange financial assets or financial liabilities with other
parties under potentially unfavorabl€ conditions;

46
CONSORTIUM OF SOSIi]NE GREEI,I ENERGY
(a€rJrNG) lgtsrMENr CO rtO

"r*.* "#*1Lro""ou, , 'r,r.n

 Soshinc G.rq! Ene.gy (Bcijirg) lnvcsmlrl Co.Itd.
Y(*.r 2123
Nolrs to ftratrcid strtcmcnts

(3) Non-dcrivative contracts that arc to be settled or can bc scttled in the future using the
company's own equity instruments. where the company is requlrcd to delivcr a variablc numbcr
of its own equiry instruments according to the contract;

(4) Dcrivarive contrac$ that are to b€ seftled or can be scttled in the future using the company's

own equity insbuments, exccpt for derivativc contracts where a fixed number of equity
inslruments are exchanged for a fixed smount ofcash or olher financial asscts.

2. Financial instruments will be classified as equity instruments ifthey mcet all ofthe following
conditions:

( t) The financial instmment does not include obligations to dcliver cash or other financial asscts

to othcr parties, or to exchangE financial assets or financial liabilitics under potcntially

unfavorable conditions;

(2) The frnancial instrument will bc scttled in the future using &c company's own cquity
insrumcnts, where, if it is a non-dcrivative insfument, it doct not include obligatioos to deliver
a variable numbcr of equity instruments for settlement; if it is a derivative instrumcnt, thc
company can only settle it by exchanging a fixed numbcr of its own cquit) instrumcnB for a
fixcd amount of cash or other financial assets.

3. Accounting Treatment Methods:

For financial instruments classificd as equity iflstruments, interest expenses or dividend

distributions should bc treated as disributions of profits of fie issuing company. Transactions
such as repurchase and cancellation should be handled as changes in cquity. Transaction costs
such as fees and commissions should be deducted from equity.

For financial ilstruments classified as financial liabililics, intercst expenses or dividend

distributions should gcnerally be trcated as borrowing cos6. Gains or losses arising from
repurchase or rcdemption should be includcd in thc curent Pcriod's pmfit or loss. Transaction

costs such as fees and commissions should be included in the initial mcasurcmcnt amount ofthe
issucd inst ument.

(35) Revenue

I. Genral Principles for Revcnue Recognition

Revenue is recognized whcn the company has fulfilled its pcrformancc obligarions in &e
contract, thrt is, when the customcr obtains control of thc rclevant goods or scrviccs. The
revenuc is recognizcd at the transaction price allocatcd to that pcrformance obligation.

A pcrformancc obligatiorr refers to I promise in a contract to tmnsfcr a distinct good or service

to the customcr.

CONSORTIUM OF SOSiIINE GRETN EIIEROY

{EEUINGI )NV6IMENI CO LID
47 -ltdo
REr{tw PgdF coMP^NY LrMrrEo
 Soshin. Cr.!n EnerSy (Beting) lnvesmed Co.,Ltd
Yar 2023
Not.s to finsncial ltltcm.nb

Obtaining control of thc relevant goods means having the ability to dircct the usc of thc goods
and obtain nearly all ofthe remaining economic benefits fiom them.

The company evaluates the contract al the start dale to idendry the separate p€rformance
obligations in the contract and dctermincs whethcr each pcrformance obligation is satisfied over
time or at a point in time. A pcrformance obligation is satisfied over time if it meets one ofthe
following critcria: (l )Thc customer simultaneously receivcs and consumes the benefits providcd
by the company's performance as the company performs(2)The customer controls the work in
progress of the goods being created or produced by the company,s performance;(3)The goods
produced by the company's performancc have no altemative use, and the company has an
enforceable right to payment for pcrformance completcd to darc and expccts to fulfill the
contract as agrccd.

Otherwise, revenue is recognized al thc point in time whcn tle customer oblains control ofthc
relevant goods or services,

For p€rformsnce obligations sstisfied over timc, the company dctermines the appropriate
progrcss using the output m€thod or irput method based on the nature ofthe goods and services.

The output method measures progress bascd on the vslue of the goods aansferred to thc
customer relativc to thc total goods'value to thc cuslomer. The input method mcasures progress
based on the inputs used by the company to fulfill the pcrhrmance obligation. When the
progress of fulfilling the obligation cannot be reasonably measured, if the costs incurred are
expectcd !o be recovered, revenue is recognized based on the costs incurred until the progress of
performance can be reasonably measured.

2. Specific Methods for Revenue Recognition

For services provided by the company, ifthe contract specifies that the performance obligation
is satisficd over time, rcvenue is recognized using the output method. If the obligarion is not
satisfied over time, it is determined to be satisfied at a point in timc, and rcvenue is recognized
rvhen the performance obligation is completed.

For construction or service contracts where the customer conEols lhe work in progress. rcvenue
is recognized over time based on the progress of completion. This is determined by the
proponion of actual contract costs incurred to thc total estimated contract costs, thc proportion
of work complcted relative to lhc toial estimated work, or thc measurcment of completed
contract work. At the balance sheet date, the company reassrsses the progress of complaed or
ongoing scrvices to rcflcct any changes in performance. For contracts with small amounts,
rcvenue is recognized upon final acceptancc.

lncomc from thc transfer ofasset usage rights includes intercst income, usage fees, etc. Interest
income is calculated based on the time and effective intercst rate for the use of the company's

48
COI,ISORIIUM OF SOSIIINI GRETN TNEiGY
IEEUINGI INVETMENI CO IIO
,1?aND
SENEW POI,fR COMPANY IIMIft N
Soshinc Grccn Encrry (Bc{ing) Ihvesthlnl Co.Itd
Ycar 2023
Notcs to fiorncirl satcmcoB

monelary firnds by othcrs. Usagc fcc income is calculated boscd on thc timing and method of
charging specified in thc relevant contract or agreemeni.

Somc conElcts with customcrs inchde arangcments for compcnsadon for unmet tBrgcts,
contract discounts, penalties, fincs, and bonuses. which form variable consideration. The
company astimatcs thc variablc consideration bascd on the cxpecled value or most likcly
amount. Howcver, thc transsction price including variable considcration docs not cxcccd thc
amount of rtvenue thst is highly probable of not being rcvcrscd significandy when the relatcd
uncenainties arc rcsolved.

(36) Contrrct Costs

I .Contract Pcrformancc Costs

Costs incurrcd by the company 0o firlfill a contract, which are not covcrcd by othq cntcrprise
accounting standards except for rcvcnue recognilion standards, are recognized as contract
p€rformancc costs ifthcy meet the following conditions:

(l) The costs 8re directly rclatcd to a current or expectcd contract, including direct labor, dircct
matcrials, manufacturing expenscs (or similar costs), costs explicitly bome the customer, 8nd
"yr.'

othcr costs incurred solely duc to thc conract.

(2) The costs increasc the company's resources uscd to fulfill thc pcrformancc obligations in the
ftrture,

(3) The corB arc expcctcd to bc rccoverable.

This asset is rcportcd under invcntory or othcr non-currcnt alsets dcpcnding on whclhcr thc
amorrization period exceeds a normrl operating cyclc at the timc ofinitial recogrition.

2.Contract Acquisition Costs

Incremcntal costs incurred by the company to obtain a contract, which 8re expectcd to b€
recovcrable, arc recognized as contract acquisition costs.

Incrcment l costs are those that would not havc bccn incurrcd if the contract had not becn
obtaincd, such as sales commissions. Costs with an amortization period of one year or lcss are
recognized as cxpcnses when incunpd.

3 .Amortization of Contract Costs

Asscts relatcd to contract costs are amortizcd bascd on the same critcria uscd for recognizing
revcnuc ftom the related goods or senices, either at the point in time whcn the performancc
obligation is satisfied or according to the progress of fulfilling thc pcrformance obligation, and
are recorded as expcnscs in the current period.

4.Impairment of Contract Cosls

CONSOR'IIUX OF SOSHINE GREEN ENMGY

49 taEuirc) rN\ftsTMENT CO LIO
z4?{No
RENEw PgGR co$PAny LtirTEo
 Soshinc G.ceo Enetgy (Beijhg) In\'6trnedl Co.,Ltd.
Year 2g23
Noles to {inancisl stBtemenls

If the carrying amount of the assets related to contract costs excecds the expected residual
consideration to be received fiom transferring the rclated goods and the estimaled costs to
transfer those goods, an impairment provision should be recognized, and an impairment loss
should be recordcd.

Aftcr recognizing an impairment provision, if conditions fmm previous periods change such
that the differcnce betwe€n the cxpected residual consideration and the estimated costs cxceeds
the carrying amount of the asset, the previously recognized impairment provision should be
reversed and recorded as income in the current period. Howevcr, the reve$ed carrying amount

of the asset should not exceed the carrying amount of the asset if no impairment provision had

been recognized.

(37) Government Grants

l. Types

Govcmment grants are monetary and non-moneta4/ assets receivcd by the company from the

€aovernment without compensation. According to the relcvant govemment documents,

govemment grants are classified into asset-reiated govemment grants and income'related
govemment grunts.

Asset-relatcd govemment grants refer to govemment grants received for purchasing,

constructing, or otherwise acquiring long-term assets.Income-related govemment gmnt6 refer to

govemmert grants other than those related to assets,

2. Recognition ofcovemment Grants

Govemment grants are recognized based on whether there is evidence at the end of the

reporting period that the company meets the conditions stipulated by fiscal support policies and
expects to receive the financial support. If so, the grant is recognized at the receivable amount.

C)therwise, govemment grants arc recognized when actually received.

Monetary assets: Recognized at the amount received or receivable, Non-monetary Bssets:

Recognized at fair value; if fair value cannot be reliably measured, rccognized at nominal value
(RMB l). Oovemment gmots recognized at nominal yalue are directly recorded in the cunent

period's profit or loss.

3. AccountingTreatment

The company determines whelher to use the gross method or the n€t method for accounting
treatment ofgovemment gants based on the substance ofthe economic transactions- Generally,
the company applies only one method consistently for similar types ofgovemment grants.

Asset-related govemment grartts should either reduce the carrying amount ofthe r€lated assets
or be recognized as deferred income. Govemment grants recognized as deferred income should

50

CONSORIIUM OT SOSHINT GRTENENERGY

tBEurNG) rNvtastMENT co Llo
pEN€w pertER CoMpaNy LrMrT€o
 Soshinc Grcen Encrgy (Beri[g) Ilv.stsncdl Co.,Ltd.
Yan 2s27
Nolcs to finrocirl ltrtamcnb

bc amonizcd !o profit or loss ovcr tha useful life of thc constuctod or purchased assst u6ing I
systematic and rstional method.

Incamc-rclated govemment grans:For compcnsating futurc expcnses or losses, rccognizcd as

dcfcrrcd incomc and included in profit or loss or deducted from rclated costs in the period when
the relsted expcnses or losses are rccognizcd.For compensating cxp€nses or losses ahat have
alrcady occurrcd, recogrized directly in profit or loss or dcducted from related co6ts when
received.

Govcmmcnt grants related !o the company's daily activities arc included in othcr income or
dcductcd from related costs and expcnses; govemment grants unrelated to daily acrivities are
included in non-operating income and expenses.

Govemmcnt gr8nts rcl&ted to policforiented lo8n intercst subsidies should rcduce r€lated

borrowing costs. For loans with policy-orientcd prcferrntial intcrest rates provided by banks,
thc actual receivcd loan amount is uscd as the initial loan valuc, and borrowing costs are
calculatcd based on the loan principel and the preferential intcrest tstc.

Whcn governmcnt granB that havc bcen recognizcd need to bc retumcd:If ihe gant was
initially rccognized by reducing the carrying amount of relstcd 8ssets, adjust fi€ asset's carrying
amount.Ifthcre is a balance in relatcd deferred incomc, rcduce the balancc of defcrrcd income,
and any cxccss amount should be rccorded in pmfir or loss for the currcnt period.If oterc is no
related dcferred income, directly record the amount in thc curent period's profit or loss.

(3E) Deferrcd Tar Assets rnd Defcrred Trr Liabilitles

Dcfcrred tax assets and defened tax liabilities arc calculated based on the diffcrcnces
(tcmporary difrerences) between thc tax bases of assets and liabilities and their carrying

arnourts. At the balance sheet date, deferred tax ssscts and dcfcrrcd tax liabilitics sre mc8sured
8t lhe applicable tax rates expected to spply whcn the asset is rccovered or lhc liability is settlcd.

l- Rccognition ofDeferred Tax Assets

The company rccognizcs defcned tax assets arising from deductible tcmporary difrercnces,
deductiblc losses that csn be carried forward to future years, and tax cr€dits up to the smount of
taxable income that is likely to be availablc to offset these amounts. Howevcr, dcfcncd ux
assets srising from thc initial recognition of asscts or liabilities in transactions meeting thc
following criteria are not recognizcd: (I )The transaction is not a business combination.(2)At thc
timc of the transaction. it neither affccts accounting profit nor taxablc income or dcductible
losses-

For deductiblc temporary differcnccs related to invcstments in associates, defencd tax 8ss€ts arc
r€cogniz€d if:The temporary diffcrences are cxpcctcd to revcrsc in the foreseeable futurc.It is
probable rhat taxable income will be available to offset the dcductible temporary differcnccs.

51
COTISORTIUM OF SOSNINT GNEEN TNERGT
taEUrNGt rNYIlIMttrI co LIO

",u.*
r.6t1,, on, .,r,*o
 Sosbrnc Grcen Energy (Beijing) lnvestrncnt Co..Ltd.
Ye 2023
Nolas !o linancral statem mls

2.Recognition of Dcfened Tax Liabilities

Dcfcred tax lisbilities are recognizcd for taxablc tcmporaD/ diflcrences arising from the currcnt
and prior pffiods. Howevcr, fie following arc excluded;

(l)Taxable tcmporary differcnces arising from thc initial rtcognirion ofgoodwill.

(2)Taxable tcmporary differenccs arising from transactions or cvents not involving a business
combination, and which do not affect accounting profit or taxable income (or deductible losses)
rvhcn the transaction occurs.

(3)Taxablc tcmporEry differenccs r€lated to invcstments in subsidiaries and associatcs where

the reversal timing of thc diffcrenccs is controllable and it is unlikely that the differenccs will
reverse in ihc foreseeable future.

(!9) Lcrscs

At the start ofthe contract, th€ company assesscs whethcr thc contract is or contains a lcasc, If
onc party grants $e right to control the usc ofonc or morc identified asscts for a period of time
in exchange for consideration, thell tha contracl is 8 lease or @ntrins a leasc.

I .Scparation of Lease CoDtracts

Whcn a conkact contains multiple scparate leases, the company separates the contract and
accounts for each individual lease separately.

WhEn a contract includes both lease and non-leasc components, the company separates the lease

and oon-lcasc componenlsr accounts for the lease components acrcording to lease stsndards, and

accounts for thc non-lease components according to other applicablc accounting standards.

2.Combining Lease Contracts

Multiple contrads with thc same counterparB/ or i$ affliatc6 cntered into at ttc samc time or
close in timc arc combincd into one contact for accomting purposrs if:

(l) The contracts are negotiated as a package to schicvc an overall commcrcial objeclive thst
would not bc apparent if considered separately.

(2) The consideration in onc contract depcnds on the pricing or pcrfomrance ofother contracts.

(3) The combircd use rights ofassets in the contracts constitutc a single lease.

3.Accounting Treatrnent for Lessees

At the stan of the leasc term. except for short-tcrm lcascs and leases of low-valuc asscts, the
company rccognizes right-of-usc assets and lease liabil ies.

(I ) Shon-tcrm Leases and Low-Valuc Asset L€ascs

COIISORIUMOT SOSHINE GRETN ENTR6Y

IBEUII'GI II{ESIMENI CO LTO
*, ,,r* .,r, r, n
"#ooroon,
 Sochinc 6rcen Enc.B/ (Bcijtng) tnvestrcot Co.,Ltd.
Y@2023
Not s to firlrcirl $ltcmctrts

A sholl-tcm leasc is onc that does not includc a purchase option and has a lcase tcrm of 12

months or lcss,A low-value assct leasa refers to lesses ofassets that are low in value when ncw.

Thc company does not recognizc right-of-use asscts and lcasc lisbilities for short-tcrm lcases
and low-value asset lcases. Inst€sd, leasc paymcnts are rccognizcd as exp€nse ovcr the lease
term on a straight-linc basis or another systematic and rational method.

For all othcr short-term and low-value asset lelscs, right-of-use assets and lcsse liabilitics ar€
recogniz.cd Iif applicable].

(2) Accounting Policies for Right-of-Use Asscts and Lease Liabilities

Detailcd accounting policies for riSht-of-usc asscls and leasc liabilities are described in Norc 4,
Section 25, Right-of-Use Assets, and Note 4, Section 32, Lcasc Liabilities.

(40) Discontinu.d Opcr.tions

The company classifics a component ofthe business as discontinucd operations if it mc€ts one
of the following conditions and has cither been disposed ofor is classified as held for salc. and
is 8 distinct and separate componeot:

(l) The component rcpresents I major line ofbusiness or geographical area ofoperations.

(2) Thc componcnt is part ofa plan to dispose ofa major line ofbusincss or gcographical area

ofopcrations.

(3) Thc componert is a subsidiary acquircd specificall5r for rcsrlc.

Thc impairment losses, revercals, and othcr gains or losscs from discontinued opcrations arc
prescnted as discontinued operations in the incomc statement.

(41) ChrngB in Signillcrnt Accou[tirg Policics rnd Accountlrg Estimrt.s

l.Changes in Accounting Policies

There havc becn no changes in accounting policies during the rcporting period.

2.Changcs in Accounting Estimates

Therc have been no significant changcs in acclunting estimatcs during thc reponing period.

lV, Trx

(l) Mrin Trres rnd Tr! Rrtes

Tsx Tax Rate

CONSORIIUTT OI SOSHINT GREEN TNESGY

rBE.JrNGr rxvtslMENt CO LTO

.r*r*,offi!8,, n,,'*'no n
 Schhc CrccIl Encrgy (BGruU) tnv€srrncor Co.,Ltd.
Yca( 2023
Notes to fi ncial ttatcmer s

For taxablc income, VAT is calculatcd based

VAT on the follo\rying tax rates:

(l3oh,9o/o, 60/o. or 5ohl

Income Tax 257o ofTaxable Income

The turnover tax is calculated at ft
and 5% of
Urban Maintenance and Construction Tax the actual tumover tax paid.

Education Surcharge The turnovcr tax is calculated at 3?6 of thc

actual tumover tax paid,

Local Education Surcharge The tumovcr tax is calculated at 20z6 ofthe

actual turnover tax paid.
Property Tax
1.2%,12%

(2) TrI IncctrtiYcs rnd Brsi!

Nonc

V. Noac' to Mrjor ltems io Consolidrted Finrncirl Strtc[lrts

(Thc amounts are in RMB unlcss otherwise statci. The cnd ofthe period rEfers to December
31,
2023, the beginning ofthe pcriod refers to January l, 2023, and the end ofthe prEvious period
refeB to Decemb€r 31, 2022)

Note l. Crsh rnd Crsb Equiyrtcntt

Item Closing Balance Opening Balance

Cash on Hand

Bank Deposits
581,462,294 .00 3 58.230 ,240 .69

Other Monetary Funds

Total 584 .462,294 .00 3 5E,230.240 .69

Total Amount ofFunds Held
Overseas

Note 2. Accourts Receivsble

Item Closing Balance Opening Balance

Receivablcs and Payables 6t5..t02,60t.t7 165 ,094,622 .7 0

54

C0NS0RIlUti! 0t S0SstNt GR€EN EN€RGy

ttualutrl co rro
tgEr.:rtrc)
-ANo
INEW PI).fER CoMPANY t IMIITc
Sshitrc 6l!!0 Encrg,r (Bctrrg) InvcsrDc Co.,Ltd.
Yca.2023
Notrs to o!8rci.l !t t tnds

Others

Total 685,402,60 r .87 465,094,622.70

Note 3. Prepayments

Item Closing Balance Opening Balance

Rcceivables and Payables 51,969,95t.57 39 ,336,7 52 -85

Others

Total 51,969.951.57 39 ,336.? 52.85

Note 4. Other Receivables

Itenr Closing Balance Opening Balance

Inter€st Receivable

Dividends Receivable

Others I ,055,208,326.01 636;199.932.82

Total r .05 5,208,326.0 I 636;t99.932.t2

NotG 5. Invcntories

l.lnventory Classifi cation

Closing Balance Opening Balance

Provision for Provision for

lnventory lnventory
ImpairmenciP I mpai rment/Pr
Item Book rovision for Boo& Book ovision for Book Value
Contract Valuc balance Cootract
balance
Fulfillment Fulfillment
Cost Cost
lmpairment Impairment

Itrvcn 245,635,3t2 r66,6E l.l0 166,5 ,10 r 66,68 r, r05.24

ttriag 99 s.24 5.24

Total 245,635,3t2 166,681,10 166,68l,l0 166,681,t05.24

99 5.21 5.24

C0NSoRIIUtil 0t S0 SHINE CREEN EtIERGY

(BEUING} INJ''STMENI CO LIO
-r'aNo
RENEW PO6/ER COMPANY LIMI]ED
 So6hine Grccn Encrgy (BcijDS) In!'estinetr Co.,Ltd.
Yeer 2023
Notes to finracid statemq[s

Noae 6. Othtr Current Asscts

Item Closing Balance Opening Balance

Other Current Assets 372,077.t4 252.480.92

Total 372.07',t.14 252,180.92

Note 7. Fired Assets

Item Closing Balance Opening Balance

Net Book Value ofFixed 5,122,95t,t74.76 3,457,072,735.t3

Assets

Total 5.t22,95t,t14.76 3,457,072,735.13

Noae 8. Construclion in Progress

Item Closing Balance Opening Balance

Construction in Progress 4,t 32,7 43 ,722.26 2,604,361,E 1t .53

Toral 4,132,7 43,? 22.26 2,604,361,Er 1.53

Nore 9. Right-of-Lise Assets

kem Closing Balance Opening Balance

Right-of-Usc Assets 3.279.398.356.92 2.22s,306.027.9t

Total 3 ,279.398,356 .92 2.225,306.027.91

Note 10. Other Non-Current Asscts

ltem Closing Balance Opening Balance

Other Non-Current Assets 310,6E9,071.29 310,702,778.30

Total 310,689,07t.29 310.702.778.30

c0NS0RTlu oF sosiltN€ GRttN tNtRGr

tBEu[rct tNvrSlMtNl Co r rD
--rKNo
Rt Nt w 11,Jrf R coMpaNr LrMrrFD
So5hirc Crc.o Encrgy (BcUmg) lrvcstilrcrrt Co.,Ltd.
Year 2023
Not s to 6r&cisl $atcrn.ots

Note I l. Accounts Psysble

Item Closing Balance Opening Balance

Accounts Payable l.0t 6.E40.226.73 931.855.t66.l4

Other

Toral 1.016.840.226.73 932,855,t6E. r 4

Note l2.Advarce Pryment

Item Closing Balance Opening Balance

Advance Payment 659.607.406. r l 544,019,311.29

Other

Total 659.607,406. r r 544,0t9,311.29

Note l3.Employee Bcnefits Pryrblc

ltem Closing Balance Opening Balance

Employee Bencfits Payable 3,584,8E5.56 3.293,E50.41

Total 3,584,885.56 3.293,t50.43

Note l4.Trxes Payable

Item Closing Balancc Opening Balance

Taxes Payable 20.144,369.50 15.9t7 ,242.30

Total 20,1u,369.50 1 5 ,917 ,242.30

Note 15. Other Peyables

Item Closing Balance 0pening Balancc

Interest Payable

M$ORIIU{ Of SOSIIII,IE GREEN EIIERGY

IAEIII6) INVETMENI CO LTO

t'*t'o
"r*, "gffioo*,
 So6hrnc Crecn Encrgy (B.ijm8) Invcstnrcrt Co.,Ltd.
Yeer 2021
Not€s to fiolnciel ctatcme s

Dividcnds Payable

Other Payables 807 .989 .912.7 7 640,0t6,369.38

Total 807.989.912.7'7 640.016.369.38

Note 16. l,ong-T€rm Loans

Item Closing Balance Opening Balance

Long-Term Loans 2,6 10.000,000.00 l ,E30.000,000.00

Total 2.6 r0.000,000.00 | ,830,000,000.00

Note 17. l,erse Liabilities

Item Closing Balance Opening Balance

Lease Liabilities 6.224.967.826.12 3,986,585,3 10.59

Total 6.224.967 .E 26 .t2 3.986,585,310.s9

Note 18. Prid-in Capitel

Item Closing Balance Opening Balance

Paid-in Capital 920,000.000.00 830,000,000.00

Total 920.000.000.00 830,000,000.00

Note 19, Crpitrl Reserve

Itenr Closing Balance Opening Balance

Capiral Reserve 273,220.000.00 203,000,000.00

Total 273.220.000.00 103.000.000.00

Note 20 Surplus Reserve

58

CONSORTIUIT OF SOSHINE GREEN ENERGY

IAEUINGI INI'AS#ENI CO LIO
RL NEI,! PO,ER COMPANY LIMIIEO
 Soshinc Crcen Energy (Bcijng) Invcstnart Co.,Lld.
Yea 2023
Notcs to fitrmcirl gtataments

Itenr Closing Balance Opening Balance

Surplus Reserve 45,962,409 .21 23 ,6? 3 ,tts .37

Total 45 ,962,109 .21 23,6?3,185.37

Notc 2l Retsined Esrnings

Item Closing Balance Opening Balance

Retained Eamings 2.895.0 t2,201 .69 t,254,186,3t5.46

Total 2.895,012,201.69 1,254,r66,3rJ.46

Note 22 Operrting Revenue &Cosl

Amount for the Period
Item Amount for thc Previous Pcriod

Revenue Cost Revenue Cost

Main Business 3.068.426.844.36 6t2,598,919.80 996,432,50 r .53 463,192,124.15

Othcr Busincss

Total 3,068,426,E44.36 6t2,598,919.t0 9%,.132,501.53 629 ,325 ,790 .44

Note 23 Trxes and Surchargcs

Item Closing Balance Opening Balance

Taxcs and Surcharges 8,197,455.00 812,55E.75

Total 8,197,455.00 812,558.75

Notc 24 Sellirg Experses

Item Closing Balance opening Balance

Sclling Expcnses t00.889.483.44 37 ,403 ,332.61

Total 100,889,483.,14 37,403,332.6t

COIISORNU OT SOSHINECREEN EIIUGY

la€url{Gt TNv9tTMENI co LTo.

"enrr, "o{ffi"on, .'rr.o

 Soshine Crcen Energy (Brijmg) Investment Co.,Ltd
Yedr 2021
Notes to finonciol stalemeolr

Note 25 Administrative Expcnses

Item Closing Balance Opening Balance

Administrative Expenses 103 .7 54,499 .20 43,908,260.02

Total 103.754.499.20 43.90E.260_02

Note 26 Finsncirl Erpenses

ltenr Closing Balance Opening Balance

Financial Expenses 278,905.265.64 246,8r l,l I 1.56

Total 278,905,265.64 246,En,1r 1.56

Noac 27 Non-opcratirg lncome

hem Closing Balance Opening Balancc

Non-opcrating Income 4,200.000.00 2.850,000.00

Total 4,200.000.00 2.850.000.00

Note 28 Notr-op€rrting Erpenses

ltem Closing Balance Opening Balance

Non-operating Expenses 21,81r,504.40 9.345,249.92

Total 2r,811,504.40 9,345,249.92

Note 29 NlDcome Tax Expense

Item Closing Balance Opening Balance

lncome Tax Expense 213,354.606.8r 38,7st,727.65

Total 213,354,606.81 38 .1 5 t .727 .65

Vl, Chargcs in the Scope of Consolidation

60

CONSORIIUM Of SOSHIN€ GiE€I,I ENERGY

IBEUINGI I )f,sTMENIco LID
'IE NEW
--r.AND
PO'ER COMPANY LIMIIf O
Soshirc Grtco Encrgy (Blijing) Itrvcshlcnt Co.,Ltd.
Yw2@3
Notas to ftrancirl stlEmcnb

(l) Busincss Combinations Not Under Common Control

No busincss combinations not under common control oc4urred during the pcriod.

(2) Busincss Combinations Undcr Common Conrol

No business combinations under common contlol occurrcd during thc period.

(3) Reverse Acquisitions Occurrcd During the Period

No revcrse acquisitions occurred during lhc pcriod.

(4) Disposal ofSubsidiaries at Pcriod-End

The disposal ofsubsidiaries at pcriod-cnd is described bclow:

(5) Othcr Reasons for Changes in thc Scope ofConsolidation

None

VlI. Comnhm.nt! end Contingcncics

(l ) Significant Commitrnents

The Company has no significanr commitmen6 that requirc disclosurc.

(2) Significant Contingcncies at thc B.lancc She€t Datr

Thc Company has no significant contingencies that requirc disclosurc.

VIII. Evctrtr Aftcr thc Brhncc Shatt Drtc

(I ) Significant Non-Adjusling Evcnts

None.

(2) Other Evcnts After th€ Balancc Shcet Date

None.

tX. Other lmportant Disclosures

None.
l
Soshine Green Lrd

{erlic ial

3 \\
.,
E

coilsonTul0f sosffilt GREEN Ei€RGY

(AEUNG} INYI6TMENI CO LIO,
--I,AND
NEW PqdER COMPANY
RE UitTEO