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44、ergySaudi Arabia Limited567856789:;9:;&+,34&+,?&+,$ABCDEFGHI6JK&()*+,$ABCDEFGHI6Jash Energy PrivateLimitedArctech Solar Inc.Arctech Solar IndiaArctech Chile SpAArctech Solar Do BrasilLTDAARCTECH SOLARJAPAN CO.,LTD.01,0002,0003,0004,0005,000yz|gg“i”7fH+,#$2MW*$#+!$+)&+,+#+yzGrGffH H !#$%&()*+,-./0!#$

45、%&()*+,-./01 1-20-1111FGFG1 1 3.1.2#Y#Y67&H(*+67&H(*+n T#$OP89YFG ET#$OP89YFG E!38#2022HHcdefz;$+,cdefz;$+,!39#2022HHz;PQ$+,z;PQ$+,!#$%*12&pq)*1234)*+,-./0 7%2021 RrstuSTvwHOxyzY|!#$%*12&pq)*1234)*+,-./0 n#$6789#$6789&10%)H45()?|s?|s.H.H 11/0/0 yz;1p5qrvE LCOE !#$n+,#$;+,#$O/lv h;5!Hl#q 5!“$%&”-%()&

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48、P&vOn*+B-K“O”plmKl*+5L+,#$qk|-lm“;:”5!“/-qy”2024 WWW 4-Rjj-0qylm|-qyq”yqrR 3 1/HR+0.15)/Hlm/-qy+,#$tuv*-5 Ap0Ap0 1*;j-0O”p/p5qrno;j-0O”p$:bp HwAp0BCX 2*;+,#$*+ApP&v MNOMNO.HPQR;j-0O”p/p5qrno;j-0O”p$:bppeJ?0J23%&L !#$%*12&pq)LMNO34)zO$y)Ffg34)*+,-./0 !42#Pz!#Pz!#2017-2020HopjkHopjk$%$%!43#&()y*+W,-t.

49、z!&()y*+W,-t.z!#$%zO$y)*+,-./0!#$%z4)*./)*+,-./0 n 67F67FOjkzTOD67OjkzTOD67F%&78DEF%&78DE67Fjms*OPjk-7XdTOs-?&?J|E n-#$67*#$67*23I78I7815%3-5II“”D“”D25%FG78E 75%80%85%90%95%100%2017201820192020202120222023Hu0500010000150002000025000300003500005,00010,00015,00020,00025,00030,00035,00040,00045,00050,0

50、002017201820192020202120222023|z-KM0|k-.kWh0H H !#$%&()*+,-./0!#$%&()*+,-./01 1-22-1111FGFG1 13.1.3!YYYaYa n E#E#6789678994%G45H+*6789G45H+*6789lmlmYEYE&|qT./pqE#6789E Berkeley LabTF5ROPjkE#6789 2010 I 23.5%+D 2022 I93.7%E rs=IE#hicMQE#J45H+*6789IJYE Wood Mackenzie2022 I45E#67Y*33.2GWBeBehihijkjklmn

51、 lmn 666789lm6789lmEEEIA 24-25 IE#F5RWOP0 36.4/42.6GW6 95%?;?;?/PQ 1?/PQ 1202244 !#$%Berkeley Lab)*+,-./0 !#$%Wood Mackenzie)*+,-./0 n E#6789YMLM|EE#6789YMLM|E&X NEXTrackervArrayvGCSvFTC SolarvFlexRack E#E#67Y 86%*Y-Wood Mackenzie2020!4:v#h0E n FGFGCDE#Y-?ECDE#Y-?E 6EE#YJ+EFGE#UL 6vBV-6-.6E?3E#:;a-h

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53、-?I-?I n tuvzJ|FG0Z?etuvzJ|FG0Z?e”E&J|EE&J|E mDvKZUmD?_Ke)&6MvV:J|E M/&#$%!v$%WM!E STU6K 30 1$%?-22 Ig 250-300 M”&89$%J|E WXbYZ89c7XJ|E !49#U9:;qrjk#U9:;qrjkYZ?AB5=YZ?AB5 !#$%&()*+,-./0!#$%&()*+,-./0 0.400.500.600.700.800.901.0020182019202020212022:+,#$yz)/W*Array+,#$yz)/W*0.000.020.040.060.080.1020

54、17201820192020202120222023H1!#$-/W0%&#$-/W0-40%-20%0%20%40%60%80%100%0100020003000400050006000700080002017201820192020202120222023H1!#$-MW0%&#$-MW0!yoy%&yoyH H !#$%&()*+,-./0!#$%&()*+,-./01 1-25-1111FGFG1 1!51#CDE“”#CDE“”!#$%&()*+,-./0 n)|Z,TH STUSTUM”M”nUnUsBesBevCvC-/-/KKKEKE678989J|sRj_CEjKa!H)EC

55、K?1GWFG$/lm G?MQsJ|E)FG 54 1e-b 8GWC?sJ|EFGFGK)eCJ|gTK)eCJ|gT300=0.02EE M”+WXbM”+WXbEET-lm“FGblmMQ?lCD?BeEFGTvvM7+5h6?12.2GW?l(1y?3GW+:3GW 6GW2#$F?FGH(w:;+5h6789?3GW%op_n89?3GWEJ)FGJ)FGOPOP89?89?24.2GWEE!52#+,FJGH#+,FJGH uvuv TT U!U!UGUGGWHH vv mnU#uv 3.04$%&-8()*+Uz,-wxyd./?0=mnU-1uv 3.09 Uz-2345*+

56、3 67Uzz!89:q!;*+#?uv 3.96 Uz-*+3.AB !#$%2022 Re A tt“”)*+,-./0 n FG)QRX)E=)QRX)EOP89R)oHlE 0.100.200.300.400.500.602017201820192020202120222023H1!#$-/W0%&#$-/W0H H !#$%&()*+,-./0!#$%&()*+,-./01 1-26-1111FGFG1 1!53#XI;AKLsBXI;AKLsB11%44!54#XI;AXI;AKLKLBB1G1G/W44 !#$%*12&pq)*1234)*+,-./0!#$%*12&pq)*12

57、34)*+,-./0 4 BIPV=P$YNOZG+_B=P$YNOZG+_B 4.1 BIPV78D*+78D*+n BIPV+,+,BAPV+,+,EE BIPV G“OPU”*GqA?j+,MQJ*ST?wvv v)1*-MQOPjXT?-*DRXEBIPV“OP”-BAPVG0bjk*08BAPV GOP6,T+,XQBIPV GOPJX jjG/*/0E H BAPVBIPV TjJ|vj?vNv+,hi(7*10000 hOP+,jkBIPV BAPV D 30%6ZJ|200 1EBIPV RbH1+,;-bH!OPvOPAvOP8Ei#BIPV YL”(Z,-l“de=I,u_

58、ST)*BIPV*“U#H H mnIT H H JCKLM#?N 0 100 8&25 ZmnLMON 50 8&50 8&25 ZLMPQRN 0 100 8&?SoLMITS 1.1-1.5MW 0.8-0.9MW !#$%&()*+,-./0 n./-./-BIPV78DE78DE2020 I4#O 20 PY024681012141618202224201720182019202020212022G i0.000.020.040.060.080.100.12201720182019202020212022G H H !#$%&()*+,-./0!#$%&()*+,-./01 1-27

59、-1111FGFG1 1./h cdMQ8s BIPV*2021I 10 i#+OPQR-./2 BIPV QR?v?v?-?“b”32022 I 3 v“”?cd*w 2025 IJ7?i 3.5 hXBIPV*E!56#BIPVLMNLMN UVUV WXYWXY/ZZ TT 2022.7#?_ab=c d 2025 Zd#epE#fd#FGLMmnghKid 50%jk?6#d 2035 Z#?fg=Quvwao()2021.10 2030 Zab lo#fDE.#fpmn#fd2025 Z#f.Kd 8%d#epE#fd#FGLMmnghKid 50%2021.9 j.=$G!“HLM

60、”mn:Wp$#fLM4gomnBC 50%Ze#fLM4gomnBC 40%FGLM4gomnBC 30%LM4gomnBC 20%2021.2$wmn:q-1“#f:-mImn-_-mnv 3!mnUzGmn-x-(H(xGw 10MW z”1MW zHmn#f_mnz#fuvopTS0.1MW !#$%&(P*+,-./0 4.2-FGh-FGh n z0YPz0YPEOPQR*aBIPV QRvJ.Z*z BIPV*5jH 2020 IE BIPV*NV,l,7z*R3#$Z,75lvU?vO?vv&jv?v:;KRM7I;HT BIPV aE_-aFGj BIPV-sBe BIPV&

61、URc*E !57#$#$BIPVLA#LA#=5=5=qq BIPV Uzzojp BIPV-5#fo4=?Z-d?q#f_z!?H H !#$%&()*+,-./0!#$%&()*+,-./01 1-28-1111FGFG1 1/5-=Uzh!100 z?qM 280 u(“I”“U BIPV Lg(Q6w =v?mnU 650t/dn 100%=80%lU=|”+l?P BIPV mn!ISpZ CE%2012 Z=wtmnqmnI#?g&”j BIPV-2014 Z=30MW”mnuvBIPV-X()*+5=#fo?:qmnCDEBIM g BIPVvq,R-x.me“T 100MWp

62、 mnIzq/;x0|T#?30MWpm12uv34F&56M78 9:=;#f#=?GTPOHALg BIPV BvTPO 4Ceq8DmnmnLg !#$%./P*+,-./0 n BIPV7z H7z HBIPVYJcEYJcEFGH 2017 I BIPV aISTSTvqG+,OPF!f)W3wvvOP*89OPF3wSH2018 I+ZvOPQR BIPB 3wJQR3E2020 I 8 FG4 BIPV,II?yzBvvU6,m;wZvOwv v)v)zYEiFG*“,”67t2*+,-TTtXs6-t2yzR&ncR+,E 2022 IT4#17 PYJQhR4P BIPV=n

63、 67896789FGF 23 IFG6789T”36 22 ID 3.5 m 6789W()yYyOPlmcij6 23-25 I67897.5/11.3/14.6GWE(23H1 6789q 0.51/W 22I7Dij6 23-25 Iq(0.51/WE2022-2024 I 6 7 8 9 38.3/57.4/74.6 +138.3%/50.0%/30.0%EDvtu$%pq 20%22 I+D(20%E n 8989ij6 23-25 II89 9.0/11.7/14.0GWE89.Z 21-23H1Iq00.26/0.23/0.22/W_ij6 23-25 IqT 0.21/W=2

64、3-25I89 19.3/24.8/29.5 13%Z,Ftu$%?()STUBeJ|s(13%E n BIPVRR()0b*e BIPV YcijFG 23-25 I BIPV 0 50%/40%/30%(9%E n R20=WGijFG 2023-2025 I 64.3/91.6/116.2 R 3.5/5.3/6.6 c 696%/50%/25%klb PE 0 32.9/22.0/17.6 mE !61#+,AQR1#FG4#+,AQR1#FG4 2021A 2022A 2023E 2024E 2025E 3.5953.95109.15233.290%200%400%600%800%1

65、000%1200%1400%1600%0501001502002502019202020212022?-MW0pq0%500%1000%1500%2000%2500%05,00010,00015,00020,00025,00030,00035,00040,00045,00020192020202120222023H1+,-/0pqH H !#$%&()*+,-./0!#$%&()*+,-./01 1-30-1111FGFG1 1*+EF 11.94 16.05 38.25 57.38 74.59 YoY-30.18%34.45%138.26%50.00%30.00%6 10.19 13.84

66、30.55 45.82 59.57 EMK 14.66%13.77%20.14%20.14%20.14%F5*+EF 10.75 16.32 19.30 24.84 29.51 YoY-21.07%51.82%18.26%28.70%18.80%6 9.94 14.46 16.85 21.69 25.76 EMK 7.53%11.39%12.70%12.70%12.70%BIPV-EF 1.31 3.93 5.90 8.26 10.74 YoY 191.11%200.37%50.00%40.00%30.00%6 1.12 3.50 5.37 7.52 9.78 EMK 14.50%10.95%

67、9.00%9.00%9.00%-EF 0.15 0.72 0.90 1.12 1.40 YoY 32.35%366.53%25.00%25.00%25.00%6 0.07 0.61 0.72 0.90 1.12 EMK 54.42%14.77%20.00%20.00%20.00%EF 24.15 37.03 64.35 91.60 116.24 YoY-22.80%53.29%73.79%42.35%26.90%6 21.32 32.42 53.48 75.92 96.22 EMK 11.73%12.44%16.88%17.12%17.22%!#$%Wind)*+,-./0 5.2 n ijl

68、v%lvAOjU?-FGE!lv%l#$OP89KRZ,89K7z)Gy67:;:#$“”K789EAOjvU?0GKR_KR!_FG(HOPjX-Z,+|Gjk7-E n ijFG 2023-2025 I 64.3/91.6/116.2 R 3.5/5.3/6.6 c 696%/50%/25%klb PE 0 32.9/22.0/17.6 mE456789D FG45 rs?|v0-aYDrsJ|M”sFGzE _ BIPV jJFGcE FGR*nopq“s”uvE !62#B+,#B+,2022-2025iLB1FG4iLB1FG4=GH=GH IJLMNIJLMN IJLMNIJLMN

69、yoy 2022-2025LMNLMN CAGR KLKLPE 2022 2023E 2024E 2025E 2023E 2024E 2025E 2023E 2024E 2025E 0 1.09 2.05 2.78 3.63 87%36%31%49%24.73 18.24 13.97 N 2.40 1.44 3.68 4.97-40%155%35%27%40.07 15.69 11.61 lq0 35.93 95.75 111.42 134.27 166%16%21%55%13.53 11.62 9.65 H H !#$%&()*+,-./0!#$%&()*+,-./01 1-31-1111F

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71、J|*+tuX-?fgFGuJ|D_FG6789Z,0jkvvEv#_hEyXYv-vz+DzolPpq#zLP?vJE n QRzs|EQRzs|Ei#6789QRM QRzs|?E n BIPVR-wxER-wxEFG BIPV RWc5HFG2BIPV QR*MQ6 BIPV QRMzs|)-?fgFG BIPV RW_RE n wxEwxE*-?T*wxQfg-$H5_TE n QRWwxEQRWwxEQRWG5H6=!#$%WindP*+,-./0!#$%!#$%&%&%()*+()*+20222023E2024E2025E()*+()*+20222023E2024E2025E,-!

72、.1,4652,3733,7235,103/012/0123,7036,4359,16011,6243145144251357453/0673,2425,3487,5929,62231894938571,2201,548:.;?8965107153193ABC103199284360D,7581,2501,7752,249EFBC124251357453GH!9161,5922,2662,875IJBC127206229291KLMN!1,3962,2293,0613,812OPBC9-82665MN!G)4,3217,06710,28713,358QCRSTU-35-2-22-21KLVWX

73、!0000!RSTU-48-20-25-25VWYZX!2222SN1_-2-8-6-6a!8751,2211,6022,016X!1_14101010bcde106206206106KL1_25101315fg!152145138133/0&/0&33404606758KLhMN!137139140141/0i121222hMN!G)1,2721,7122,0882,397/0ijk0000!G)!G)5,5928,78012,37515,755&lm&lm34406608760nWo93641,5122,8053,912pq:-124973913?451,2792,1102,9953,79

74、6r&r&463575356693?897911,3051,8522,348stYuT_145719v0000wxyzr&wxyzr&45354530662GH#$284494703892NOPLAT58350558726KL3?910101010EPS|Y70.332.613.904.87*WhMN#$5555KLMN#$132214294367OPOPMN#$G)2,8655,6508,66511,330()*+()*+20222023E2024E2025EVWo946911371836V6V3?$0000/012V53.3%73.8%42.3%26.9%KLhMN#$1821821821

75、82EBITV452.2%810.9%59.4%30.1%hMN#$G)228273319365wyzr&V195.6%696.3%49.7%25.0%#$G)#$G)3,0935,9238,98411,695&wxyzpZ_2,4952,8493,3794,041&12.4%16.9%17.1%17.2%stYuZ_471319r&1.2%5.6%5.8%5.8%pZ_G)pZ_G)2,4992,8563,3914,060ROE1.8%12.4%15.6%16.3%#$YuZ_#$YuZ_5,5928,78012,37515,755ROIC1.6%9.3%10.3%10.4%$.M%.M%!

76、#$55.3%67.5%72.6%74.2%()*+()*+20222023E2024E2025E$PZ_23.9%62.7%92.3%105.5%/N.M/N.M-248225515729MN1.51.31.21.2.1_112429666865N1.21.01.01.0D,-37-492-524-475/31-12-493-489-440l!0.70.70.70.7/3?541,3451,4331,2963189t36384143KL-365-564-570-5183?89t85717579X!N.MX!N.M203-519-478-438D,t82687275!7jk-315-519-4

77、79-440YYYZX!-2000Y1_0.332.613.904.87KLVW!520012Y/.M-1.831.663.795.37!N.M!N.M2451,2021,3131,089Yr!18.3720.9824.8829.75o9=2281,1931,3391,153SSY&;&j?-14-42-93-144P/E262.232.922.017.6Yu!0000P/B4.74.13.42.9KL31516780EV/EBITDA7201519876:H H !#$%&()*+,-./0!#$%&()*+,-./01 1-33-1111FGFG1 1!“#!“#uvuv$.$.luvlu

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