HyperStrong 2025 Annual Results: RMB 11.6 Billion Revenue, Net Profit Up 46.83%, Operating Cash Flow Down 40.19%

This article is based on HyperStrong’s 2025 annual report summary (2025年年度报告摘要), not the full annual report. The summary is the condensed document Chinese listed companies file alongside the full report; HyperStrong states in it that the full annual report is available only on the Shanghai Stock Exchange website. The summary carries the headline financial table, the quarterly split, the shareholder register and a business and industry overview — but it omits the income statement, the balance sheet detail, and every segment-level disclosure. That shapes what can and cannot be said below.

Key takeaways

• HyperStrong reported total revenue of RMB 11,611,985,454.18 (RMB 11.61 billion) for FY2025, up 40.42 % year-on-year, and net profit attributable to owners of the parent of RMB 951.2 million, up 46.83 % (p.15, p.18).
• Operating cash flow fell 40.19 % to RMB 532.3 million even as net profit rose 46.83 %. The first two quarters were both cash-negative; the swing came entirely in H2.
• No energy storage revenue, shipment, backlog or capacity figure is broken out anywhere in the summary. The filing states only that revenue and profit came mainly through sales of energy storage system products (p.3, p.9), so ESS GWh, ASP and market share cannot be derived from this document.
• Gross margin is not disclosed — the summary contains no cost-of-sales or gross-profit line. Absolute R&D spend, headcount, geographic split and segment breakdown are likewise absent.
• The company cites third-party rankings: per the China Electricity Council, it ranked No. 1 in China by installed capacity of commissioned storage stations at end-2025; per S&P Global Energy, it ranked top three globally among BESS integrators by new storage installations in 2024 (p.13). These are third-party claims reproduced by the company, not independently verified figures.
• A cash dividend of RMB 15.90 per 10 shares (RMB 1.59 per share) is proposed, totalling approximately RMB 286.3 million pre-tax, or 30.10 % of attributable net profit (p.2).

1. Headline numbers

HyperStrong’s FY2025 covers 1 January to 31 December 2025. The accounts were audited by ZhongHui CPA (中汇会计师事务所（特殊普通合伙）), which issued a standard unqualified opinion (p.2).

Metric (RMB)	FY2025	FY2024	Change	FY2023
Total revenue	11,611,985,454.18	8,269,704,348.65	+40.42 %	6,981,909,823.14
Total profit (pre-tax)	1,112,104,100.03	727,233,467.93	+52.92 %	704,624,511.59
Net profit attributable	951,199,621.63	647,838,100.80	+46.83 %	578,117,525.71
Net profit ex-non-recurring	878,376,746.83	628,080,873.67	+39.85 %	561,417,613.75
Net operating cash flow	532,262,652.65	889,984,819.39	−40.19 %	109,720,331.50
Total assets	15,699,887,313.74	10,971,504,698.05	+43.10 %	9,232,927,981.21
Net assets attributable	4,797,355,817.01	3,141,201,957.64	+52.72 %	2,384,810,731.16
Weighted average ROE	22.25 %	23.38 %	−1.13 pt	28.54 %
Basic EPS	5.42	4.86	+11.52 %	4.34
Diluted EPS	5.33	4.75	+12.21 %	4.28
R&D investment / revenue	2.62 %	3.03 %	−0.41 pt	2.56 %

Source: FY2025 annual report summary, three-year comparison table (p.14–15). Percentage changes are the filing’s own change column.

Three items from this table:

Profit grew faster than revenue. Total profit rose 52.92 % and attributable net profit 46.83 %, against 40.42 % revenue growth. Because the summary contains no cost-of-sales line, it is not possible to say from this document whether that came from gross margin, operating expense leverage, non-operating items or tax. Net profit excluding non-recurring items grew 39.85 %, below the 40.42 % revenue growth, so the gap between the two profit measures widened: the difference between the two disclosed lines is RMB 72.8 million in 2025 against RMB 19.8 million in 2024. Those are derived figures — the summary discloses no non-recurring-items line and does not state either amount.

EPS grew more slowly than profit. Basic EPS rose 11.52 % and diluted EPS 12.21 %, against 46.83 % net profit growth. Net assets attributable rose 52.72 % in the same year. The summary does not explain the gap, and it does not disclose weighted average share count.

Return on equity fell. Weighted average ROE declined 1.13 points to 22.25 %, continuing a downward path from 28.54 % in 2023, as the equity base expanded faster than profit.

R&D investment is reported only as a ratio: 2.62 % of revenue, down 0.41 points from 3.03 %. The absolute R&D figure is not disclosed in the summary, nor is the split between expensed and capitalised spend, the R&D headcount, or the patent count. Total employee headcount is likewise absent.

The filing reports no corporate bonds outstanding (p.18).

Quarterly detail

Metric (RMB)	Q1	Q2	Q3	Q4
Revenue	1,548,060,746.74	2,974,209,672.20	3,390,302,844.34	3,699,412,190.90
Net profit attributable	93,857,163.67	221,982,661.77	306,761,599.99	328,598,196.20
Net profit ex-non-recurring	78,494,661.03	181,107,067.42	301,047,340.59	317,727,677.79
Net operating cash flow	−782,057,353.93	−871,881,064.64	+851,729,900.72	+1,334,471,170.50

Source: p.15. The quarterly figures sum exactly to the annual totals.

Revenue rose in every successive quarter, from RMB 1.55 billion in Q1 to RMB 3.70 billion in Q4, and attributable net profit did the same. Q1 alone was 13 % of the year’s revenue — a derived share, not one the filing states. The filing gives no explanation for the profile and does not disclose order backlog or delivery scheduling, so the seasonality cannot be attributed to any specific cause from this document.

The cash flow line

Net operating cash flow of RMB 532.3 million was 40.19 % below FY2024’s RMB 890.0 million, in a year when attributable net profit rose 46.83 %. The quarterly table shows how it happened: Q1 and Q2 were both cash-negative, at −RMB 782.1 million and −RMB 871.9 million respectively, a combined H1 outflow of roughly RMB 1.65 billion. Q3 and Q4 generated roughly RMB 2.19 billion between them.

On a derived basis, operating cash flow therefore covered about 56 % of attributable net profit in 2025, against roughly 137 % in 2024; neither ratio is stated in the filing. The summary discloses no working-capital detail — no receivables, inventory, payables or contract-liability figures — and no investing or financing cash flow, so the driver cannot be identified from this filing. Total assets grew 43.10 % to RMB 15.70 billion over the same period.

2. Energy storage revenue and shipments

Neither is disclosed.

HyperStrong describes its main business as the R&D, production and sale of energy storage systems, and states that during the reporting period revenue and profit were realised mainly through sales of energy storage system products (p.3, p.9). Beyond that, the summary contains:

• no product-line or segment revenue breakdown
• no ESS shipment figure in GWh or MWh
• no order backlog or contracted pipeline figure
• no installed-capacity figure for the company’s own deliveries
• no customer concentration or named-customer disclosure

The only volume-adjacent statement in the document is that the company has delivered multiple GWh-scale projects in Inner Mongolia, Gansu and elsewhere, which it presents as validation of engineering capability in extreme cold, sandstorm and high-altitude conditions (p.13). No counterparty, capacity or contract value is attached to those references.

Revenue is therefore the only quantity in the summary that can be compared with listed peers. Because the company states that revenue came mainly from storage system sales, total revenue of RMB 11.61 billion is an upper bound on storage revenue; the filing does not state what share it represents, and shipments, ASP and per-GWh economics cannot be calculated from it.

On market position, the filing reproduces three third-party rankings (p.13):

• China Electricity Council: as of end-2025, HyperStrong ranked first in China by installed capacity of commissioned storage stations.
• S&P Global Energy: HyperStrong ranked among the top three globally among BESS integrators by newly added storage installations in 2024.
• S&P Global Energy, data as of July 2025: HyperStrong ranked first in the mainland China market on combined cumulative installed plus contracted project scale.

These are the company’s citations of third-party research, presented without the underlying data. None of the three is a shipment figure, and none is independently verifiable from the filing.

3. Margins

Gross margin is not disclosed in the summary — at company level or at segment level. The document contains no cost-of-sales line, no gross-profit line and no product-line margin table. Total profit of RMB 1,112,104,100.03 and attributable net profit of RMB 951,199,621.63 are the only profitability figures given, alongside weighted average ROE of 22.25 %.

Attributable net profit of RMB 951.2 million against revenue of RMB 11.61 billion implies a net margin of approximately 8.2 %, but that is a derived figure, not a disclosed one, and the summary does not state it.

For comparison purposes across the manufacturers tracked on this site, this means HyperStrong cannot be placed on a gross-margin basis alongside integrators and suppliers that do break the figure out. The full annual report, which is filed separately on the SSE, contains the audited income statement.

4. Products and capacity

The summary describes the product portfolio in some detail. All specifications below are the company’s own claims as stated in the filing (p.4–8).

Large-scale storage

• HyperBlock M — AC/DC enclosure with a modular design in which a single module weighs under 30 tonnes, which the company positions for sites with transport constraints. The DC module unit and the AC module unit share a common platform; the filing states that it is the AC unit that uses HyperStrong’s in-house PCS, supporting grid-forming and black start across 2 h to 8 h durations. Liquid or direct intelligent cooling is offered, and enclosures can be stacked to save footprint.
• HyperBlock IV — DC enclosure. The 4 h-plus long-duration version is stated at 7.8 MWh per enclosure, with energy density raised roughly 40 % and footprint reduced by more than 15 %; liquid cooled. The company attributes an approximately 33 % improvement in grid-connection efficiency to standardisation.
• HyperBlock III — AC/DC enclosure carrying both DC and integrated AC/DC configurations on a common platform, with in-house PCS, a stated system online rate of 99 %, intelligent liquid cooling and 2 h to 8 h duration. The company states it passed a third-party large-scale burn test.
• HyperCascade — high-voltage cascaded system with a fused in-house BMS/PCS power module, 35 kV direct high-voltage grid connection, stated overall station efficiency above 92 %, factory-completed AC/DC system-level commissioning, one-button field start, and automatic isolation of local faults without shutting the station down.

Commercial and industrial

• HyperCube C&I II Plus — integrated AC/DC outdoor cabinet with AI monitoring the company describes as providing seven-day advance warning, grid-forming capability, intelligent balancing, and HyperCloud web and app management.
• HyperCube C&I II Max — DC and AC output with end-to-end app-based O&M. AI-driven optimisation is claimed to extend battery life by 25 % and cut auxiliary power consumption by 40 %. Supports grid-connected, off-grid, hybrid and microgrid modes.
• HyperCube C&I Pro — combined charging and storage, allowing what the company describes as two- to five-times oversubscription of chargers on the same transformer capacity, using a semi-solid-state battery with AC bus energy sharing.

Power conversion and step-up

• 430X series PCS — fully liquid-cooled modular design with SiC three-level topology, HVRT and LVRT, islanding detection, very weak grid operation, and string-type grid-forming with inertia support, voltage regulation, broadband oscillation suppression and black start.
• Integrated PCS unit — a fully enclosed liquid-cooled PCS cabinet for high-altitude and high-sand environments, built from 430L liquid-cooled PCS modules at 2.5 MW per unit, stated to run without derating at 45 °C ambient, with a new EMU controller.
• Integrated conversion and step-up enclosure — built around the 430X PCS with a 10 MW-class transformer, 10 MW per unit.

System control and software

• BMS — functional safety design to ASIL-C grade, high-precision SOC and SOH algorithms, millisecond-level communication, and fused BMS/PCS control.
• EMS — a fully domestic (国产化) solution running on domestic chips and operating system, supporting centralised management of single stations above 3 GWh, with embedded real-time control and global optimal power allocation.
• PMS — embedded real-time control, millisecond transient grid support, primary and secondary frequency regulation, and province-specific K-value configuration.
• HyperCloud (海博云平台) — full-lifecycle data management and traceability from production through O&M, trading and retirement, combining physical and AI models with large-model O&M decision support.
• Intelligent trading platform (海博智能交易平台) — AI power-trading strategies using machine learning, neural networks, reinforcement learning, deep learning and operations-research optimisation, with large models applied to interpreting multi-province trading policy.

The company also states it was the first to break through the 500 Ah-plus large-capacity storage cell application boundary at the system-integration level, with energy density raised versus the previous generation (p.13).

Manufacturing capacity

Not disclosed. The summary contains no nameplate capacity, utilisation rate, capex figure, new-plant announcement or expansion plan. Production is described qualitatively only: mainly in-house, on automated lines using AGVs, robotic arms, CCD automatic recognition and semi-automatic assist arms (p.9). Sales are direct, with self-determined pricing, and procurement runs on a “purchase-to-production, produce-to-order” flexible sourcing model through a Supply Chain Center with a Qualified Supplier List (p.9).

Dividend and shareholders

The board proposed a cash dividend of RMB 15.90 per 10 shares pre-tax — RMB 1.59 per share — on total share capital of 180,092,492 shares, for an estimated total distribution of RMB 286,347,062.28 pre-tax, equal to 30.10 % of attributable net profit. No bonus shares and no capitalisation of reserves are proposed. The distribution requires approval at the 2025 AGM (p.2).

Ordinary shareholders numbered 14,441 at period end and 25,169 at the end of the month preceding disclosure of the annual report; the filing gives no explanation for the increase (p.16). The full top-ten register, in the filing’s own order, is (p.16–17):

#	Holder	Shares	%	Change in period
1	Zhang Jianhui (张剑辉), domestic natural person	36,091,889	20.04 %	0
2	Beijing Yinxing Tianshi Investment Centre LP (北京银杏天使投资中心（有限合伙）)	9,102,300	5.05 %	0
3	Beijing Tengye Innovation Investment Management Centre LP (北京腾业创新投资管理中心（有限合伙）)	9,102,300	5.05 %	0
4	Jiaxing HyperStrong Investment Management Partnership LP (嘉兴海博思创投资管理合伙企业（有限合伙）)	7,000,000	3.89 %	0
5	Wei Wei (魏巍), domestic natural person	5,990,868	3.33 %	+5,990,868
6	Qingkong Huachuang (Tianjin) Asset Management – Qingkong Huake (Tianjin) Investment Centre LP (清控华创（天津）资产管理有限公司－清控华科（天津）投资中心（有限合伙）)	5,556,250	3.09 %	0
7	Suzhou Qiming Ronghe Venture Capital Partnership LP (苏州启明融合创业投资合伙企业（有限合伙）)	5,416,769	3.01 %	0
8	QM10 LIMITED, overseas legal person	5,416,769	3.01 %	0
9	Qian Hao (钱昊), domestic natural person	4,649,779	2.58 %	0
10	Zhongtai Securities Asset Management – Minsheng Bank – Zhongtai HyperStrong employee STAR Market strategic placement collective asset management plan	4,435,000	2.46 %	0

Only one position changed during the reporting period: Wei Wei’s entire 5,990,868-share holding was newly added. Every other top-ten holder shows 0 in the filing’s change column. Wei Wei’s stake is also the only one in the top ten held as unrestricted stock — the other nine holdings are recorded in full as restricted, locked-up shares (有限售条件股份). None of the top ten has pledged, marked or frozen shares.

The filing also discloses two acting-in-concert relationships (p.17): Zhang Jianhui is the executive partner of Jiaxing HyperStrong Investment Management Partnership LP, so the two act in concert; and Suzhou Qiming Ronghe has signed an acting-in-concert agreement with QM10 LIMITED. The 20.04 % figure is Zhang Jianhui’s direct holding alone. Beyond these two relationships, the company states it is unaware of any other affiliation or concert-party arrangement among the top ten.

5. Geographic revenue

Not disclosed. The summary contains no domestic-versus-overseas split and no regional breakdown of revenue.

The only structural reference is that sales are handled through a domestic sales centre, regional subsidiaries and HyperStrong International (海博国际) (p.9). The filing attaches no revenue, order or project figure to that entity. QM10 LIMITED appears in the shareholder register as an overseas legal person (p.17), which is a shareholding, not a commercial disclosure.

No exchange rate is reported anywhere in the summary. USD figures in the At a Glance card above are approximate conversions at roughly 7.1 RMB/USD and are not from the filing.

6. Market context

The filing cites National Energy Administration data on the Chinese market (p.10–11):

• New-type storage commissioned nationwide reached 136 GW / 351 GWh at end-2025, up 84 % versus end-2024.
• Standalone storage added 35.43 GW in 2025 and reached 51.2 % of the cumulative installed base, up roughly 5 points versus end-2024.
• Projects of 100 MW and above accounted for 72 % of installed capacity at end-2025, up roughly 10 points.
• Four-hour-and-longer stations reached 27.6 % of installed capacity, up roughly 12 points.
• North China added 21.88 GW, 35.2 % of national additions; Northwest China added 19.66 GW, 31.6 %.
• National equivalent utilisation hours reached 1,195 in 2025, up nearly 300 hours versus 2024.

On policy, the company cites four measures (p.10):

• January 2025 — NDRC and NEA “Notice on Deepening Market-Based Reform of New Energy On-Grid Tariffs to Promote High-Quality Development of New Energy” (Document No. 136), which the company describes as a watershed pushing storage demand toward market-driven allocation.
• August 2025 — NDRC and NEA “Special Action Plan for Large-Scale Construction of New-Type Energy Storage (2025–2027)”, targeting more than 180 GW of national new-type storage installed by 2027 and, per the plan, driving roughly RMB 250 billion of direct project investment.
• September 2025 — NDRC and NEA “Implementation Opinions on Advancing ‘AI+’ High-Quality Energy Development”, setting out eight application scenarios.
• January 2026 — NDRC and NEA “Notice on Improving the Generation-Side Capacity Tariff Mechanism” (Document No. 114), allowing localities to establish capacity tariff mechanisms for grid-side standalone new-type storage.

Management’s own reading of the market (p.10–14): the industry has moved from policy-driven demonstration into a phase of scaled, market-driven acceleration; the competitive logic is shifting from price competition toward technology-value and full-lifecycle-return competition; lithium-ion remains dominant while sodium-ion commercialisation accelerates, flow batteries gain in long duration on intrinsic safety grounds, and solid-state is identified as the next-generation direction. The company also flags rising grid-forming demand, a revenue model moving from single peak-valley arbitrage toward a layered energy plus ancillary-services plus capacity market structure, and AI data centres as a new growth pole for storage demand.

The company positions itself against that backdrop with a stated strategic upgrade from “equipment and solutions provider” to “integrated energy service provider”, built on a full-stack capability spanning “battery digital modelling – battery management – system integration – smart O&M – power trading” and a business model anchored on “flagship product – precise delivery – smart O&M – power trading” (p.13). Its “储能+X” strategy targets standalone storage stations, compute-and-grid coordination (算电协同), PV-plus-storage, source-grid-load-storage integration, green-power direct connection, diesel-genset replacement, and PV-plus-storage-plus-charging.

Credentials listed in the summary include national high-tech enterprise status, national “specialized and sophisticated little giant” designation, a national enterprise technology centre, Beijing hidden-champion and Beijing top-100 private enterprise recognition, a CMA- and CNAS-accredited battery and battery-system testing laboratory, an approved electrochemical energy storage post-doctoral workstation, and a leading role in forming the Beijing Future Electrochemical Energy Storage System Integration Technology Innovation Center (p.12). Separately, the R&D organisation is described as comprising an R&D Center, Experimental Testing Center, Big Data Center and Future Technology Center (p.10).

7. Signals from the filing

8. Risk disclosure

The summary states that during the reporting period there were no material risks constituting a substantive impact on the company’s production and operations, and directs readers to Section 3 (Management Discussion and Analysis) of the full annual report for risk-factor detail (p.2). No individual risk factors are enumerated in the summary.

9. Related reading

• CATL 2025 Annual Results — 121 GWh ESS shipped, RMB 62.4B ESS revenue
• EVE Energy 2025 Annual Results — 71 GWh shipped, 39.76 % of revenue from ESS
• Sungrow 2025 Annual Results
• Sineng Electric 2025 Annual Results — RMB 2.04B storage PCS revenue
• Gotion High-Tech 2025 Annual Results
• Browse all DC Block manufacturers · Browse all AC Block manufacturers · Browse all Plant Controls manufacturers

10. Sources

All HyperStrong data in this article comes from Beijing HyperStrong Technology Co., Ltd.’s 2025 annual report summary (2025年年度报告摘要), filed on the Shanghai Stock Exchange STAR Market under stock code 688411 on 29 April 2026. The accounts were audited by ZhongHui CPA, which issued a standard unqualified opinion. The full annual report is a separate, longer filing and was not used for this article; it contains the audited income statement, balance sheet detail and enumerated risk factors that the summary omits.

• HyperStrong 2025 Annual Report Summary (PDF, Chinese) — Filed on the Shanghai Stock Exchange, 29 April 2026. This is the document analysed above. Both the filing date and the URL are confirmed against the SSE’s own announcement record for stock code 688411.
• HyperStrong 2025 Annual Report — full filing (PDF, Chinese) — Filed on the Shanghai Stock Exchange, 29 April 2026. Not used as a source for this article.
• HyperStrong Annual Report disclosure index on SSE (688411) — Shanghai Stock Exchange company announcement page, listing both filings
• HyperStrong Manufacturer Profile — BESS Manufacturers directory page

Market data attributed to the National Energy Administration, and market-position rankings attributed to the China Electricity Council and S&P Global Energy, are as cited by HyperStrong in its own filing and have not been independently verified here. USD figures shown in the At a Glance card are approximate conversions at roughly 7.1 RMB/USD; the filing reports no exchange rate.