GoodWe — FY2024 at a Glance

SHSE: 688390 · Founded 2010 · Suzhou, China
Total revenue
CNY 6.74 B
YoY change
-8.36 %
Net profit (loss)
CNY -61.8 M (from CNY 852 M profit)
Gross margin
20.92 % (-9.79 ppt)
ESS inverter revenue
CNY 461.7 M (-70.53 %)
ESS battery revenue
CNY 472.9 M (-45.57 %)
Combined ESS revenue
~CNY 935 M (~14 % of revenue, from ~33 %)
R&D spending
CNY 551.3 M (8.18 % of revenue)

Key takeaways

  • GoodWe swung to a net loss of CNY 61.8 million in FY2024, down from a CNY 852 million profit the prior year. The report attributes the change to European destocking and price competition.
  • Combined ESS revenue (inverters + batteries) fell to roughly CNY 935 million, down ~62 % year-on-year, falling from one-third to just 14 % of total revenue.
  • Residential systems grew 85 % to CNY 3.06 billion, becoming the company’s largest segment at 45.8 % of main business revenue. Domestic gross margin was 14.17 %, against 36.75 % overseas.
  • The geographic mix changed: domestic revenue rose to 70 % (from ~41 %), while overseas revenue declined 54 % to CNY 2.0 billion.
  • GoodWe maintained its #1 global ranking in small-power PCS shipments (under 30 kW) according to EESA, even as storage inverter unit sales fell 67 %.

1. Headline numbers

GoodWe reported total revenue of CNY 6.74 billion for the year ended December 31, 2024, down 8.36 % from CNY 7.36 billion in 2023. Net profit attributable to shareholders turned to a loss of CNY 61.8 million, compared with a profit of CNY 852 million in the prior year.

Overall gross margin fell from 30.71 % to 20.92 %, a 9.79 percentage point contraction, over a year in which overseas revenue (36.75 % gross margin) declined and domestic residential systems revenue (14.17 % domestic gross margin) grew. Operating cash flow swung to negative CNY 793 million from positive CNY 1.03 billion, and the company declared no dividend.

R&D spending was CNY 551.3 million, representing 8.18 % of revenue.

2. The ESS revenue decline

Energy storage revenue contracted across both product lines.

ESS segment FY2024 Revenue FY2023 Revenue (implied) YoY Change
ESS inverters CNY 461.7 M ~CNY 1.57 B -70.53 %
ESS batteries CNY 472.9 M ~CNY 869 M -45.57 %
Combined ESS ~CNY 935 M ~CNY 2.43 B ~-62 %

ESS inverter revenue fell 70.53 % to CNY 461.7 million, with unit sales dropping from ~154,200 to 51,240 — a 66.76 % decline. The gross margin on ESS inverters was 49.72 %.

ESS battery revenue fell 45.57 % to CNY 472.9 million, with gross margin of 31.78 %. Battery production was 180.6 MWh and sales totalled 217.1 MWh during the year.

The combined ESS business fell from roughly one-third of total revenue to approximately 14 %. The report attributes the decline to the European destocking cycle and price competition in storage inverters.

3. Residential systems revenue

While ESS contracted, GoodWe’s residential systems revenue grew.

Residential systems revenue reached CNY 3.06 billion, up 84.96 % year-on-year, making it the company’s largest segment at 45.8 % of main business revenue. Grid-tied inverter revenue, by contrast, fell 22.50 % to CNY 2.22 billion.

The report describes residential systems as bundled solar-plus-storage offerings for the domestic Chinese market. Domestic gross margin was 14.17 %, against 36.75 % overseas.

4. Gross margin by segment and region

Reported margins:

Metric FY2024 FY2023 Change
Overall gross margin 20.92 % 30.71 % -9.79 ppt
ESS inverter margin 49.72 % — —
ESS battery margin 31.78 % — —
Overseas margin 36.75 % — —
Domestic margin 14.17 % — —

The gap between overseas margin (36.75 %) and domestic margin (14.17 %) is 22.58 percentage points. As the revenue mix shifted from ~59 % overseas / ~41 % domestic in FY2023 to ~30 % overseas / ~70 % domestic in FY2024, the blended margin fell arithmetically, before any change in pricing within each market.

ESS inverters carried a 49.72 % gross margin on revenue 70.53 % below the prior year.

5. Domestic vs overseas revenue

The geographic mix changed in FY2024.

Region FY2024 Revenue % of Total YoY Change Gross Margin
Domestic (China) CNY 4.69 B ~70 % +57.96 % 14.17 %
Overseas CNY 2.00 B ~30 % -53.83 % 36.75 %

In FY2023, overseas revenue represented approximately 59 % of total revenue. In FY2024, it fell to roughly 30 %. The CNY 2.0 billion in overseas revenue is less than half the prior-year level.

Europe contributed CNY 937 million in inverter and battery revenue at a 42.13 % gross margin.

Domestic revenue grew 57.96 %, almost entirely from the residential systems segment, at a 14.17 % gross margin, against an overall FY2023 gross margin of 30.71 %.

6. ESS product portfolio

GoodWe’s energy storage product line spans residential, commercial, and utility-scale applications.

Residential and C&I PCS

GoodWe ranked #1 globally in small-power PCS shipments (under 30 kW) according to EESA. The ET Plus and HT series remain core products for hybrid storage applications.

Grid-tied inverters

Grid-tied inverter revenue was CNY 2.22 billion, down 22.50 %.

Storage inverter units

Storage inverter unit sales fell from ~154,200 in FY2023 to 51,240 in FY2024 — a 66.76 % decline. Implied average revenue per unit fell from approximately CNY 10,200 to approximately CNY 9,000 (derived from the revenue and unit figures above).

7. Manufacturing capacity and utilization

GoodWe’s manufacturing footprint includes its Guangde factory with 3.1 GWh of battery production capacity. However, actual battery production during FY2024 was just 180.6 MWh, implying a capacity utilization rate of 11.65 %.

The company produced 661,350 inverter units during the year, serving both its grid-tied and storage inverter lines. The company does not break out inverter-specific utilization figures.

8. Market context

The report describes several industry-wide dynamics.

European destocking. The European residential storage market experienced a prolonged inventory correction in 2024 as distributors worked through excess stock accumulated during the 2022-2023 supply-constrained period. GoodWe’s overseas revenue fell 53.83 %, of which Europe accounted for CNY 937 million in inverter and battery revenue.

Price competition. The report describes price competition across inverter and storage categories in the Chinese domestic market. GoodWe’s domestic gross margin was 14.17 %.

Category mix. GoodWe’s largest product lines by revenue are PCS and inverters. Battery production at the Guangde factory was 180.6 MWh in FY2024 against 3.1 GWh of installed capacity, a utilization rate of 11.65 %.

Peer comparison. While GoodWe’s ESS revenue fell ~62 %, peers with utility-scale focus such as Sungrow (ESS revenue +40 %) and CATL (ESS shipments +29 %) continued to grow. GoodWe’s ESS business is concentrated in residential and small C&I storage; Sungrow and CATL report utility-scale storage volumes.

9. Summary of reported figures

Overseas ESS revenue. Overseas revenue fell 53.83 % to CNY 2.00 billion at a 36.75 % gross margin, with Europe at CNY 937 million and a 42.13 % gross margin.

Battery capacity utilization. The Guangde factory has 3.1 GWh of battery capacity; FY2024 production was 180.6 MWh, a utilization rate of 11.65 % (derived).

Cash flow. Operating cash flow moved from positive CNY 1.03 billion to negative CNY 793 million. No dividend was declared.

Domestic mix. Domestic revenue was ~70 % of the total at a 14.17 % gross margin, against ~41 % of the total in FY2023.

11. Sources

All data in this article is sourced from GoodWe’s official 2024 Annual Report, published on the Shanghai Stock Exchange.

Get BESS manufacturer intelligence

Financials, datasheets, ESG data, and market analysis — delivered when it matters.

Free updates. Unsubscribe anytime.

Got feedback on this article? We'd love to hear it.