Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
CANADIAN SOLAR INC.
CSI Solar Co., Ltd. (“CSI Solar”),
a majority-owned subsidiary of Canadian Solar Inc. (“Canadian Solar”) with its shares listed on the Shanghai Stock Exchange
(“SSE”)’s Sci-Tech Innovation Board, has filed with the SSE its preliminary results for 2025 (the “Preliminary
Results For 2025”). Currently, Canadian Solar owns approximately 64% of CSI Solar.
Exhibit 99.1 provides an English translation of the Preliminary Results
For 2025.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Exhibit 99.1
| SSE Stock Code: 688472 |
SSE Stock Abbreviation: CSI Solar |
CSI
Solar Co., Ltd.
Preliminary
Results For 2025
| The board of directors of CSI Solar Co., Ltd. (the “Company”) and all members of the board of directors guarantee that the information of this public announcement contains no misrepresentations, misleading statements or material omissions, and they are legally responsible for the truthfulness, accuracy and completeness of the information contained herein. |
The key financial
data for 2025 of CSI Solar Co., Ltd. (“the Company”) contained in this announcement is preliminary and unaudited. The data
to be disclosed in the Company’s 2025 annual report shall prevail as final. Investors are advised to be mindful of investment risks.
1. Key Financial
Data and Metrics for the Full Year 2025
Unit:
RMB (unless otherwise indicated)
| Item | |
Current Reporting Period | | |
Same Period Last Year | | |
Increase/(Decrease)
Over the Same
Period Last Year
(%) | |
| Operating revenue | |
| 40,255,714,674.42 | | |
| 46,165,009,326.63 | | |
| (12.80 | ) |
| Operating profit | |
| 1,112,343,428.00 | | |
| 2,483,296,382.94 | | |
| (55.21 | ) |
| Total profits | |
| 1,081,686,369.70 | | |
| 2,579,734,453.55 | | |
| (58.07 | ) |
| Net profit attributable to the shareholders of the Company | |
| 1,021,264,621.57 | | |
| 2,247,350,176.49 | | |
| (54.56 | ) |
| Net profit attributable to the shareholders of the Company after deducting non-recurring gains and losses | |
| 1,005,535,388.90 | | |
| 2,226,468,194.62 | | |
| (54.84 | ) |
| Basic earnings per share (RMB per share) | |
| 0.28 | | |
| 0.61 | | |
| (54.10 | ) |
| Weighted average return on equity (%) | |
| 4.43 | | |
| 10.15 | | |
| Decreased by 5.72% | |
| | |
| | | |
| | | |
| | |
| | |
End of Current Reporting Period | | |
Beginning of Current Reporting Period | | |
Increase/(Decrease) at the End of Current Reporting Period over the Beginning of Current Reporting Period (%) | |
| Total assets | |
| 64,727,054,384.65 | | |
| 65,358,725,774.94 | | |
| (0.97 | ) |
| Equity attributable to the shareholders of the Company | |
| 23,485,754,443.64 | | |
| 22,901,516,044.38 | | |
| 2.55 | |
| Equity | |
| 3,643,140,112.00 | | |
| 3,688,217,324.00 | | |
| (1.22 | ) |
| Net Assets attributable to the shareholders of the Company per share (RMB per share) | |
| 6.53 | | |
| 6.30 | | |
| 3.65 | |
Note: 1. The opening
balance for the current reporting period is the same as the year-end balance for the prior year as disclosed in the Company’s statutory
filings.
2.
The above financial data and metrics are prepared based on the Company’s consolidated financial statements and are unaudited. The
data to be disclosed in the Company’s 2025 annual report shall prevail as final.
2. Description
of Operating Performance and Financial Status
(1) Results of
operations and financial condition for the reporting period
During the
reporting period, the Company recognized (i) operating revenue of RMB40,255,714,700, representing a year-over-year decrease of 12.80%;
(ii) operating profit of RMB1,112,343,400, representing a year-over-year decrease of 55.21%; (iii) total profits of RMB1,081,686,400,
representing a year-over-year decrease of 58.07%; (iv) net profit attributable to the shareholders of the Company of RMB1,021,264,600,
representing a year-over-year decrease of 54.56%; (v) net profit attributable to the shareholders of the Company after deducting non-recurring
gains and losses of RMB1,005,535,400, representing a year-over-year decrease of 54.84%; and (vi) basic earnings per share of RMB 0.28,
representing a year-over-year decrease of 54.10%.
At the end of 2025,
the Company’s total assets were RMB64,727,054,400, representing a decrease of 0.97% from the beginning of the year. Equity attributable
to the shareholders of the Company was RMB23,485,754,400, representing an increase of 2.55% from the beginning of the year.
(2) Main factors
affecting operating performance
During the reporting
period, the Company’s module shipment volume declined, resulting in a year-over-year decrease in operating revenue. Increased tariff
costs and higher overall product manufacturing costs led to a decline in gross margin. These impacts were partially offset by growth
in energy storage revenue and a slight increase in the average selling price of modules. In addition, the Company’s non-recurring
gains and losses, such as government subsidies, decreased compared with the same period last year.
In 2025, the photovoltaic
industry continued to face a supply-demand imbalance. Against intensifying industry competition and heightened external uncertainties,
the Company proactively responded to the national initiative to curb excessive competition. The Company maintained a “profit-first”
sales strategy, proactively optimizing its shipment mix and delivery cadence, prioritizing high-value regions and long-term strategic
customers, and steadily increasing its market share in key markets. During the year, a significant portion of the Company’s previously
accumulated energy storage project pipeline and contracted backlog progressed into the execution and monetization phase. Leveraging its
global brand and channel presence, integrated solution offerings, and long-term service capabilities, the Company’s energy storage
business provided strong support for maintaining a healthy level of profitability.
(3) Risk Reminder
The Company is
not aware of any material uncertainties that may affect the accuracy of the information contained in this preliminary results announcement.
The Company’s
key financial data for 2025 contained in this announcement are preliminary and unaudited. The data in the Company’s 2025 annual
report shall prevail as final. Investors are advised to be mindful of investment risks.
We hereby announce
the above.
Board
of Directors of CSI Solar Co., Ltd.
February 28, 2026
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are
made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as “may”, “will”, “expect”, “anticipate”,
“future”, “ongoing”, “continue”, “intend”, “plan”, “potential”,
“prospect”, “guidance”, “believe”, “estimate”, “is/are likely to” or similar
expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things,
our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies,
future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion
of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such
as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks;
our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute
supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships
with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation,
and compliance with environmental and sustainability regulations. Other risks were described in Canadian Solar’s filings with the
Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. Although Canadian Solar believes
that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity,
performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided
in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information,
except as required under applicable law.
Inherent Uncertainty of the Forecast
The forecast should be read in conjunction with
the assumptions and qualifications set forth herein. The forecast is based on numerous assumptions, many of which are beyond our control,
and some or all of which may not materialize.
Additionally, to the extent that the assumptions
inherent in the forecast are based upon future business decisions and objectives, they are subject to change. Although the forecast is
presented with numerical specificity and is based on reasonable expectations developed by our management, the assumptions and estimates
underlying the forecast are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many
of which are beyond the control of CSI Solar and Canadian Solar. Accordingly, the forecast is only an estimate and is necessarily speculative
in nature. It is expected that some or all of the assumptions in the forecast will not be realized and that actual results will vary from
the forecast. Such variations may be material and may increase over time. In light of the foregoing, readers are cautioned not to place
undue reliance on the forecast. The forecast should not be regarded as a representation or warranty by Canadian Solar, CSI Solar or any
other person that the forecast can or will be achieved.
PRC GAAP
CSI Solar’s financial statements were prepared
in accordance with PRC GAAP, whereas Canadian Solar’s financial statements are prepared in accordance with generally accepted
accounting principles in the United States (“U.S. GAAP”). PRC GAAP differs materially from U.S. GAAP. We have not
prepared a reconciliation of the financial statements between PRC GAAP and U.S. GAAP and has not quantified such differences.
In addition, Canadian Solar’s financial statements eliminate all intercompany transactions between Canadian Solar and its subsidiaries.
As a result, CSI Solar’s financial statements are not directly comparable to the corresponding consolidated financial performance
of Canadian Solar. Investors should consult their own professional advisors for an understanding of the differences between PRC GAAP and
U.S. GAAP and how those differences might affect the information contained in the financial statements.
No Audit or Review
The financial statements above have not been audited
or reviewed by the independent public accountants of Canadian Solar or CSI Solar. The financial statements should not be relied upon by
investors to provide the same type or quality of information as information that has been subject to an audit or review by independent
auditors.
