GoodWe Technologies (688390) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 2.11 billion, up 17.42% year-over-year, with net profit attributable to shareholders at RMB 97.72 million, a 200.83% increase year-over-year.

• For the first nine months, revenue totaled RMB 6.19 billion, up 25.30% year-over-year, and net profit attributable to shareholders was RMB 81.12 million, up 837.57% year-over-year.

• Strong growth driven by increased sales of inverters and batteries, with cost and expenses rising in tandem.

Financial highlights

• Q3 gross margin and net margin improved significantly compared to the same period last year.

• Basic and diluted EPS for Q3 were RMB 0.40, up 207.69% year-over-year; for the first nine months, EPS was RMB 0.33, up 725%.

• R&D investment in Q3 was RMB 173.40 million, up 35.08% year-over-year, representing 8.22% of revenue.

• Total assets at quarter-end were RMB 8.49 billion, up 6.70% from year-end 2024.

Outlook and guidance

• Management continues to emphasize R&D and product innovation to maintain competitiveness.