GoodWe Technologies (688390) H2 2025 earnings summary

Executive summary

• Achieved revenue of ¥8.89 billion in 2025, up 31.93% year-over-year, driven by domestic PV installation surge, Australian residential storage subsidies, and European market recovery.

• Net profit attributable to shareholders was ¥134.91 million, reversing last year's loss, with significant improvement in profitability.

• Operating cash flow turned positive to ¥644.64 million, reflecting improved collections and reduced payments.

• No cash dividend or bonus share distribution for 2025; profit retained for future development.

Financial highlights

• Gross margin for main business was 21.47%, stable year-over-year.

• Basic and diluted EPS both at ¥0.56, up from -¥0.26 last year.

• Weighted average ROE was 4.87%, up 7.03 percentage points year-over-year.

• R&D investment reached ¥613.70 million, 6.90% of revenue.

• Total assets grew 18.51% to ¥9.42 billion; net assets attributable to shareholders slightly decreased by 0.48%.

Outlook and guidance

• Industry faces deep adjustment, with focus shifting from expansion to quality growth.

• Company will continue to invest in R&D, expand global markets, and promote integrated energy solutions.

• 2026 strategy centers on “source-grid-load-storage-intelligence” integration and digital transformation.