Deye 2025 Annual Results: RMB 9.05 Billion From Energy Storage

Deye’s 2025 annual report covers a year in which storage inverters and battery packs brought in RMB 9.05 billion, three quarters of group revenue. The report counts sales in units, not gigawatt-hours (GWh). This overview summarises the energy storage figures first, then the rest of the group.

1. Headline numbers

Deye’s revenue rose 9 % to RMB 12.22 billion in 2025. Net income attributable to shareholders rose 7 % to RMB 3.17 billion.

The report attributes the growth to market demand, “rapid expansion of the battery pack business and continued inverter growth”. Revenue rose in every quarter, from RMB 2.57 billion in the first to RMB 3.38 billion in the fourth.

Gross margin was 38.1 %, against 38.8 % in 2024. Research and development (R&D) spending was RMB 562 million, 4.6 % of revenue.

2. Energy storage revenue and units

Storage inverters brought in RMB 5.22 billion, up 19 %, and battery packs RMB 3.83 billion, up 56 %. Together that is RMB 9.05 billion, 32 % more than in 2024. The report has no single energy storage revenue line.

Unit sales rose faster than revenue for both products:

• battery packs: 777,000 sold, up 67 %
• storage inverters: 771,500 sold, up 43 %

Energy storage products

3. Energy storage margins

The battery pack gross margin fell 9.5 percentage points to 31.8 %. Battery pack costs rose 82 % while revenue rose 56 %.

The storage inverter margin was 51.1 %, down 0.7 percentage points. Battery packs earned a higher margin in China (36.6 %) than overseas (31.5 %).

4. The rest of the group

Deye reports revenue under two industries: new energy products (inverters and battery packs) at RMB 10.18 billion, up 27 %, and environmental appliances at RMB 2.01 billion, down 36 %.

Outside energy storage:

• solar inverters for grid-connected systems: RMB 1.05 billion, down 7 %
• heat exchangers: RMB 938 million, down 52 %
• dehumidifiers: RMB 805 million, down 17 %
• solar air conditioners: RMB 241 million, up 16 %

5. New factories

Deye has two new production projects under way:

• Cixi, Ningbo: a commercial and industrial storage line of 7 GWh a year, costing RMB 1.11 billion, with production expected from October 2028
• Johor, Malaysia: 3 GW a year of inverters and 200,000 battery sets a year, costing USD 150 million, with production expected from January 2027

RMB 651 million for the Cixi line comes from a 2024 share placement. It is the unspent balance of a 25.5 GW a year inverter line whose buildings were largely complete; shareholders approved the move in November 2025. The report gives the reason as slower growth in inverter demand and “strong” demand for commercial and industrial storage.

Deye’s 2025 sustainability report describes a 16 GWh line in Cixi, to be built in two phases. The annual report gives 7 GWh for the line funded by the placement and does not mention 16 GWh.

The report gives no total production capacity. Factories ran at 80 % of capacity for inverters and 78 % for battery packs.

6. Where Deye sells

Overseas sales rose 23 % to RMB 9.75 billion, 80 % of the total. Sales in China fell 24 % to RMB 2.44 billion.

Germany was the largest single market for new energy products at RMB 1.88 billion, a fifth of overseas new energy sales. India, South Africa, Ukraine and the United Arab Emirates followed, each with RMB 0.5–0.6 billion. The report gives no United States figure.

The five largest customers made up 32 % of sales. The report does not name them.

Overseas new energy sales by country

7. Market context in the report

The report cites third-party data of 317 GWh of lithium-ion storage installed worldwide in 2025, up about 74 %. It also lists:

• Germany: electricity prices of EUR 0.40–0.50 per kWh and a subsidy of up to 30 % for home solar and storage from Germany’s federal development bank
• Australia: more than 4.2 GWh of home batteries installed from July to December 2025, which the report links to the Cheaper Home Batteries subsidy
• Europe: destocking “complete”, and commercial and industrial storage beginning to recover in 2025
• India and Vietnam: Deye’s sales in both countries doubled

Citing Frost & Sullivan, the report states that Deye ranked first worldwide by revenue in residential storage inverters in 2024.

8. Dividends and Hong Kong listing

Deye proposes a final dividend of RMB 1.8 per share and 0.4 new shares per share converted from capital reserve, subject to the annual general meeting. With the interim dividend and a share buyback, it returns RMB 2.74 billion in cash for 2025, 86 % of net income.

The company is also planning to list H-shares on the Hong Kong Stock Exchange. The report gives no size or date.

9. Risks listed

The report lists six risks:

• fast technology change in inverters
• trade measures, including United States Section 301 tariffs that cover solar inverters
• copper and aluminium prices, with selling prices adjusting later than costs
• shortages of electronic components such as insulated-gate bipolar transistors (IGBTs)
• changes to tax incentives, including export tax rebates
• exchange rates, as most overseas sales are settled in US dollars

It does not give shipments in GWh, an order backlog, battery cell suppliers or any guidance for 2026.

10. Key data

Group results

Revenue by product

11. Data notes

• Energy storage revenue. The report has no energy storage line. The RMB 9.05 billion is storage inverter plus battery pack revenue from the product table (p.22). 2024 values are derived from the reported growth rates.
• Inverter revenue. The management discussion gives total inverter revenue of RMB 6,322M (pp.16, 30). The product table’s inverter lines add up to RMB 6,348M (p.22). This article uses the product table.
• Cixi project. Total investment is RMB 1,112M (p.30), the placement allocation RMB 651M (p.93) and the construction budget in the accounts RMB 625M (p.193).
• Our calculations. The report gives most growth rates and margin changes itself. BESSmanufacturers calculated only: the combined storage revenue, its growth and share of group revenue; the combined storage gross margin; the group gross margin and its change; the country shares of overseas sales; and the RMB 6,348M sum of the product table’s inverter lines.
• Page numbers are PDF page numbers:
  • headline numbers: pp.7–8, 21, 25, 51
  • storage revenue, units and margins: pp.22–23, 30
  • rest of the group: pp.16, 22–23
  • new factories: pp.30, 34, 93–95
  • where Deye sells: pp.23–24, 31
  • market context: pp.13–16, 18
  • dividends and listing: pp.2, 17, 50, 53–54
  • risks: pp.35–37

Sources