Broker Name: Not explicitly stated, inferred as an institutional research provider (broker name not provided in the document).

Date of Report: July 31, 2025 (based on the latest subsidy receipt date mentioned).

Excerpt from {broker} report.

Report Summary:

• Sunpower Group Ltd. stands to benefit from China’s supportive liquidity environment, which lowers funding costs and eases working capital needs.
• Recent receipt of significant biomass subsidies reduces receivables risk and improves cash flows, with more payments expected as projects are added to the national subsidy list.
• The company has made clear progress in deleveraging, repaying major liabilities, and shifting to longer-term funding, thus reducing refinancing pressure and improving financial resilience.
• 1H25 financials show a slight decline in revenue but notable profit growth and strong operating cash flow, demonstrating the company’s improved balance sheet and operational strength.

Above is an excerpt from a report by {broker}. Clients of {broker} can be the first to access the full report from the {broker} website: {website}