Sunpower Group (5GD) Q4 2025 earnings summary

Executive summary

• Revenue for FY2025 decreased by 4.8% year-over-year to RMB 3,336.7 million, mainly due to price adjustments and lower construction service revenue from BOT projects.

• Gross profit rose 9.9% to RMB 981.3 million, driven by stable steam sales margins, higher demand for clean steam, and improved GI project efficiency.

• Net profit attributable to equity holders surged 162.0% to RMB 312.9 million, with profit before tax up 77.9% to RMB 604.2 million, aided by lower finance costs and operating expenses.

• No dividends were declared for FY2025, as capital was retained for business needs.

Financial highlights

• Revenue: RMB 3,336.7 million (down 4.8% YoY).

• Gross profit: RMB 981.3 million (up 9.9% YoY).

• Profit before tax: RMB 604.2 million (up 77.9% YoY).

• Net profit attributable to equity holders: RMB 312.9 million (up 162.0% YoY).

• Excluding convertible bond effects, net profit attributable to equity holders: RMB 360.9 million (up 45.0% YoY).

• Basic EPS: 39.28 RMB cents (FY2024: 15.01 RMB cents).

• Diluted EPS: 30.29 RMB cents (FY2024: 15.01 RMB cents).

• Net asset value per share: RMB 3.68 (FY2024: RMB 3.20).

Outlook and guidance

• Demand for clean industrial energy remains resilient, supported by industrial upgrading, environmental standards, and China's energy transition policies.

• The group will focus on AI-powered operational enhancements, capacity expansion, and integrated energy management to improve margins and cost discipline.

• Incremental growth targeted through new GI projects, zero/low-carbon park developments, and expansion into biomass and photovoltaic applications.