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ASHES BORN

EVIDENCE BRIEF · ISSUE 001

Three claims from page 36 of a 230-page annual report

Sungrow Power Supply (300274), 2025 annual report. Each claim below is one quote, the page it sits on, and a crop of that page as printed. The link at the end of a claim opens the page itself, at the line quoted. I add no interpretation; where the report is silent, the last section says so.

CLAIM 1 · FACT · PAGE 36

Top five suppliers take a quarter of procurement.

RMB 11.924bn to the top five suppliers — 25.12% of the year's total procurement.

原文 / as printed

前五名供应商合计采购金额占年度采购总额比例 25.12%
Page 36 of the Sungrow 2025 annual report: the supplier table as printed, with the top-five procurement share outlined.

Page 36, as printed; the quoted cell outlined.

Open page 36 ↗PDF p.36

CLAIM 2 · FACT · PAGE 36

The largest supplier has no name, and it is bigger than the next four together.

RMB 6.929bn at 14.59% of procurement, recorded only as 供应商一. The other four of the top five add up to 10.53%.

原文 / as printed

供应商一 6,928,853,013.03 14.59%
Page 36 of the Sungrow 2025 annual report: the supplier table with the unnamed largest supplier outlined.

Page 36, as printed; 供应商一 outlined.

Open page 36 ↗PDF p.36

CLAIM 3 · FACT · PAGE 36

Both named cell makers together come to about a third of that unnamed line.

瑞浦兰钧 RMB 1.205bn at 2.54%. 欣旺达 sits on the same page at 2.55%, so the two named cell makers come to 5.09% — against 14.59% for the supplier with no name.

原文 / as printed

瑞浦兰钧能源股份有限公司 1,205,109,250.86 2.54%
Page 36 of the Sungrow 2025 annual report: the supplier table with the named cell maker outlined.

Page 36, as printed; the named cell maker outlined.

5.09% is arithmetic on this page, not a figure the report prints. It is labelled as computed in the full sample.

Open page 36 ↗PDF p.36

What this report did not say

Sample run: 29 claims, 29 anchors matched against the PDF text layer, 0 misses. A single miss fails the run.