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A Letter to Shareholders from Sunrise Co.,Ltd.

Dear investors:

The passing of time and the advancement of innovation. We thank you for accompanying Sunrise Co., Ltd. through this challenging yet full-of-opportunities year. 2022 is the beginning year of our great transformation, and I am honored to report to you the achievements and developments of the company in the past year:

Amidst the challenges faced by our two major business sectors, new energy and fine chemicals, Sunrise Co. Ltd. has also encountered opportunities in significant change.

To face the challenges, Sunrise Co. Ltd. has been working hard to improve its internal strength. By establishing an operational system that complies with the International Marketing Center's OEM business in the fine chemicals sector, our competitiveness in the market has been significantly enhanced. As one of the earliest companies to engage in fine chemicals business, we believe that this sector will have a better development opportunity as our competitiveness is gradually restored.

Meanwhile, Sunrise Co. Ltd.'s solar power generation business is seizing the opportunity to transform energy and achieve green development, stepping into a new phase. Until December 31st, 2022, we held 10 solar power plants with a total of 131.82 MV in size. Under the trend of the "Double Carbon Target," we actively collaborated with local governments to promote the landing of photovoltaic power generation projects, supporting the development of green, low-carbon electricity. As the previously damaged power stations are fully repaired and grid-connected, and new power stations are gradually put into operation, our photovoltaic sector's business scale will enter a fast lane of development.

What is more important is that with the support and understanding of all shareholders of Sunrise Co. Ltd., we have maintained our judgment when lithium carbonate prices were high and did not blindly invest in this market hotspot. Instead, under the decision-making of the board of directors and shareholders' meeting, and with the help of external cooperators, we realized the premium realization of Qinghai Jintai's equity at the ideal time.

Furthermore, the urban renewal project of our company also made significant progress in 2022. Although this project was unsuccessfully traded twice between 2019 and 2021 due to land restrictions and overlapping mineral resources, we decided to establish a project body jointly with a partner with experience in investment, development, and defect handling, pushing forward the urban renewal project, and completed the delivery on time. The sale of Qinghai Jintai's equity and the company's land assets grasp the window period and maximize the benefits, completely activate the company's "sleeping" assets, and get rid of the dilemma of income and expenditure imbalance.

Regarding corporate governance, we have resolved the long-term shareholder disputes that have been troubling our company, making our shareholder structure healthier, and smoothly accomplished a stable transition. This provides a more solid foundation for the company's future development, optimizes the company's governance structure, and better creates value for shareholders.

From the perspective of internal management, we have placed emphasis on improving internal management systems and controlling company internals in 2022. This enhances our ability to respond to external disputes, optimize transaction design and landing capability, and effectively improve the company's management level and risk prevention ability. Meanwhile, we have flexibly used financing tools to reduce the debt-to-equity ratio and improve operation levels and efficiency. These measures not only provide strong guarantees for business development, maintain our leading position in the market competition, but also ensure that the company's operations are legal and compliant, significantly improving the company's risk resistance ability and effectively promoting the realization of performance goals.

Relying on the wisdom of the masses, there is nothing that cannot be achieved, and by using the strength of the masses, there is nothing that cannot be conquered. In this year, we have actively recruited talented individuals to create a professional and youthful management team, which has elevated the overall execution level of the company. A dynamic and innovative talent pool will help us better grasp market changes, explore innovative business models, and overcome various challenges, bringing stable returns for shareholders. In mid-2022, we launched a large-scale stock option incentive plan to further stabilize and motivate the core team and strengthen the alignment of company management and shareholder interests. We firmly believe that a united and outstanding team will be the most valuable asset of Zhejiang Chint Electrics Co., Ltd., and the cornerstone for its continuous self- breakthrough and surpassing.

On the financial front, we have gained strong external support in funds and industrial coordination by introducing more high-quality investment partners and strategic cooperation partners, effectively resolving high-interest debt and liquidity pressures. This will help us focus on the main business, increase investment in expanding business fields, and enhance the company's profit-making ability to create higher investment returns for shareholders. In addition, we have worked to resolve potential risks, eliminating high goodwill risks, optimizing accounts receivable structures, and improving accounts receivable security measures. These measures have also been recognized by regulators and the market as having contributed to the governance level, performance, and development prospects of the company. On October 24, 2022, Zhejiang Chint Electrics Co., Ltd. was listed on the Shenzhen Stock Exchange's margin trading stock, providing solid security for the company's future development and ensuring its continued steady growth.

In this year, Zhejiang Chint Electrics Co., Ltd. held 9 shareholder meetings, 17 board meetings, and 9 supervisor meetings, practicing open and fair deliberation of key issues. The company's securities affairs team has worked to protect the interests of investors, attaching great importance to investor relations management, and actively interacting with investors through various channels and methods. In 2022, the company replied to 247 questions from investors raised through interactive platforms, achieving a reply rate of 100.00%. The company hopes to communicate sincerely and efficiently with investors to enable them to better understand the company's current operations and development prospects, and to become close and unified partners.

Looking ahead to 2023, we will continue to shoulder the main responsibility for the high-quality development of the listed company.

In terms of business development, we will focus on revitalizing the two major business sectors of photovoltaics and refinement, and plan to integrate relevant internal resources such as brands, channels, production, fixed assets, etc., into two major business units, to enhance synergy and management consistency. We will promote the independent operations concept of each business unit, stimulating employee vitality while ensuring accountability. At the same time, we will continue to monitor market trends, delve into potential market demand, and actively expand emerging markets to increase market share.

In the photovoltaic power station business sector, we will continue to increase R&D investment, expand the scale of power station management, and resolutely promote technological innovation to meet the market's demand for efficient and low-cost photovoltaic power station management solutions. In the refinement business sector, we will continuously optimize the product structure and improve product quality, strengthen cooperation with downstream customers, and achieve stable business growth.

In addition, we will actively promote the company's digital transformation by introducing advanced information technology and management tools to enhance operational efficiency and management level. We will fully leverage technologies such as big data and artificial intelligence in various business areas of the company, especially for the intelligent operation and optimization of power plants, to help maintain the company's leading position in the new energy industry chain. At the same time, we will seek strategic partnerships with excellent global companies to explore new business opportunities and achieve win-win development. We believe that by deepening international cooperation, Sunrise Co.,Ltd. will be able to further expand its business scope and enhance global competitiveness.

Regarding corporate social responsibility, as a socially responsible listed company, we will actively practice a sustainable development strategy under global conditions, continuously optimize business sectors, and deeply integrate the concept of clean and low carbon into various business sectors of the company. In the new energy sector, the company will increase the power generation of existing power plants, while adhering to the value concept of "harmony between human and environment above all" in the refined chemical industry sector, and will continue to focus on research and development of sustainable products that are low carbon, environmentally friendly, and energy-efficient, and further help the development of solid waste and hazardous waste recycling businesses of our invested enterprises.

At the same time, we will actively participate in public welfare undertakings, make contributions to local economic development and social welfare, and respond to the national call by contributing to the achievement of the "dual carbon" goal, while improving the company's social value and social impact, bringing green, safe, and sustainable development products to consumers while creating greater social value.

Although the road is long, we will eventually reach the destination; although the task is difficult, it will be accomplished through persistent efforts. There is no experience of a powerful enterprise or successful person that is smooth sailing. All the past is a test for an enterprise that is about to become strong, but also a steppingstone for the enterprise to move towards higher and farther goals. Looking ahead, we will continue to forge ahead with a tenacious belief, step by step, continuously enhance enterprise value, and share the growth achievements with partners and investors from all walks of life.

Finally, we would like to express our heartfelt thanks to our investors for their long-standing trust and support to Sunrise Co.,Ltd., and look forward to working hand in hand with you to open a new chapter and create a brighter future!

Shenzhen Sunrise New Energy Co.,Ltd.

Chairman: Li Huachun

12 April 2023


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