Sunpower Group (5GD) H2 2025 earnings summary

Executive summary

• FY2025 saw a 5.8% year-over-year increase in total steam sales volume to 12.13 million tons, highlighting robust operational performance amid a challenging macroeconomic environment.

• Net profit attributable to equity holders surged 162.0% year-over-year to RMB 312.9 million, reflecting significant profitability improvements.

• The Green Investments (GI) business delivered strong recurring profit after tax and minority interests (PATMI), up 45.4% year-over-year to RMB 424.7 million, including a one-off bad debt provision in 3Q2024.

Financial highlights

• GI recurring revenue declined 2.2% year-over-year to RMB 3,242.3 million, mainly due to lower feedstock prices impacting industrial steam prices.

• GI recurring gross profit increased 10.2% year-over-year to RMB 981.9 million.

• GI recurring EBITDA rose 19.3% year-over-year to RMB 1,124.7 million (including bad debt provision).

• GI recurring operating cash flow grew 26.3% year-over-year to RMB 856.8 million, supported by improved cash generation, inventory management, and receivables collection.

• Excluding the financial effects of Convertible Bonds, net profit attributable to equity holders increased 45.0% year-over-year to RMB 360.9 million.

Outlook and guidance

• Demand for clean and efficient industrial energy solutions is expected to remain resilient, driven by industrial upgrading, zoning policy, stricter environmental standards, and China’s commitment to energy transition.

• The company will deepen AI integration across its portfolio to enhance operational excellence and transition into a technology-driven, AI-powered clean energy services provider.