GoodWe's best-in-class Altman-Z score on BloombergNEF's 2021 report reflects strong financial performance and bankability

SINGAPORE,Nov. 25,2021 -- The past few years have seen GoodWe gaining significant market share across the various segments that it is engaged in. It has managed to sign a number of global distribution agreements with some of the world's largest PV distributors,with reach spanning across six continents and all inverter product categories.

GoodWe's strong market and financial performance over the period has landed it the highest Altman-Z score among PV manufacturers on BloombergNEF's annual report,displaying its strong financial health and bankability. The Altman-Z score is a measure used to determine the financial stability of companies,particularly within the manufacturing space,taking into account profitability,liquidity,leverage,solvency,as well as activity ratios.

GoodWe's operational strategy is to bring forward the digitalization and smart transformation of all power plants,and new energy at large. To realize this,it is working to provide complete,integrated solutions for the future of smart energy by creating software and hardware products that allow for smarter and more efficient energy systems.

Figures from the company's Semi-Annual Report show that GoodWe shipped a total of 330,000 units of its grid-connected PV inverters across the globe in 2020. The same report also showed that it shipped about 156,500 inverter units to overseas markets in the first half of the year — accounting for 65.62% of its total inverter shipments.

Beyond this,the company was able to make shipments of about 21,000 units in the fast-emerging segment of energy storage Power Conversion Systems (PCS) during the same period,totaling nearly the same amount as total annual shipments from the previous year (22,300 units).

In the past 3 quarters of 2021,GoodWe had managed to achieve a revenue of US $269 million — constituting a 65.12% year-on-year increase. This successful performance has come as a result of GoodWe's continuous investments in the research and development of innovative net-zero-enabling systems. This has also been accompanied by successful market penetration strategies that have enabled GoodWe to continuously gain more market share and receive higher dividends,while maintaining its lead as a pioneer in smart energy and the premier storage inverter company.

About GoodWe:

GoodWe is a world-leading PV inverter and energy storage systems manufacturer listed on the Shanghai Stock Exchange (Stock Code: 688390). GoodWe storage inverters were ranked No. 1 globally by Wood Mackenzie in 2020,with over 15% market share,and the company was ranked one of the world's Top 10 inverter suppliers by IHS Markit. Having achieved over six consecutive TÜV Rheinland "All Quality Matters'' awards and consistently being ranked at the top in terms of overall product quality,GoodWe's comprehensive portfolio of products and solutions for residential,commercial,and utility-scale PV systems. For more information,please visit goodwe.com.