Sungrow Power Supply (300274) Q4 2025 earnings summary

Executive summary

• Achieved record operating income of CNY 89.18 billion in 2025, up 14.55% year-over-year, with net profit attributable to shareholders rising 21.97% to CNY 13.46 billion.

• Gross margin improved to 31.83%, up 1.89 percentage points, driven by brand premium, product innovation, and economies of scale.

• Global PV inverter shipments reached 143 GW and energy storage system shipments hit 43 GWh.

• Significant R&D investment of CNY 4.18 billion, up 31.97% year-over-year, with 7,625 R&D staff and over 2,200 new patent applications filed.

• Expanded global presence with over 20 overseas subsidiaries and more than 520 service outlets.

Financial highlights

• Operating income: CNY 89.18 billion (+14.55% YoY); net profit attributable to shareholders: CNY 13.46 billion (+21.97% YoY).

• Net cash flow from operating activities: CNY 16.92 billion (+40.18% YoY).

• Total assets: CNY 118.68 billion (+3.13% YoY); net assets attributable to shareholders: CNY 46.61 billion (+26.30% YoY).

• Basic EPS: CNY 6.55; weighted average ROE: 31.26%.

• Dividend: CNY 6.9 per 10 shares (tax inclusive), total payout CNY 1.42 billion.

Outlook and guidance

• Plans to reinforce core business, increase R&D, and deepen global market presence.

• Focus on integrated solutions, digital transformation, and scenario-based innovation.

• Anticipates continued growth in global clean energy and energy storage markets, but notes risks from trade barriers, supply chain fragmentation, and intensified competition.