Sineng Electric 2025 Annual Results: RMB 2.04 Billion Storage PCS Revenue, #5 Globally

Key takeaways

• Sineng Electric’s storage line — storage bidirectional PCS and system-integration products — generated RMB 2.04 billion in revenue in 2025, up 5.64 % year-on-year, and accounted for 36.18 % of total revenue.
• The storage segment’s gross margin rose to 23.28 %, up 1.30 points year-on-year, the highest-margin product line reported.
• ESS shipment volume in GWh/GW is not disclosed in the annual report; only combined PV-inverter shipment volumes (in MW) are broken out, so storage shipments cannot be derived from this filing.
• Sineng reports ranking top-two in China for storage PCS shipments for five consecutive years (2021–2025) per CNESA, and #5 globally for 2024 storage PCS shipments per S&P Global.
• Overseas revenue grew 78.14 % to RMB 2.07 billion (36.82 % of total), with the company attributing overall revenue growth mainly to its overseas PV-storage business.

1. Headline numbers

Sineng Electric reported total revenue of RMB 5.63 billion (~$793 million, approximate at ~7.1 RMB/USD) for the year ended December 31, 2025, up 17.95 % year-on-year (p.8, 22). Net profit attributable to shareholders was RMB 463 million (~$65 million), up 10.48 %, and net profit excluding non-recurring items was RMB 448 million, up 8.72 % (p.8).

FY2024 figures were retrospectively restated; the annual report notes basic EPS was restated from 1.17 to 0.84, and year-on-year comparisons use the adjusted comparatives (p.8).

Operating expenses rose across the board: selling expense RMB 248.7 million (+30.61 %), administrative expense RMB 125.8 million (+21.09 %), and financial expense RMB 100.1 million (+390.88 %), the latter driven by foreign-exchange losses and financing costs (p.26). Operating cash flow fell 36.42 % to RMB 77.3 million (p.8). R&D spending was RMB 328 million, 5.82 % of revenue, with 0 % capitalized (p.26, 28). The company employed 1,942 staff at year-end (parent 1,137, subsidiaries 805) (p.49).

2. Storage revenue: RMB 2.04 billion

Sineng breaks out its storage line as “storage bidirectional PCS and system-integration products” (储能双向变流器及系统集成产品), reported as a single line. Revenue was RMB 2.04 billion (~$287 million), up 5.64 % from RMB 1.93 billion in 2024, and represented 36.18 % of total revenue (p.23, 24).

The storage segment’s operating cost was RMB 1.56 billion, up 3.88 % (p.23, 24). PV inverter remained the largest line, at 61.71 % of revenue.

ESS shipment volume is not separately disclosed. The annual report breaks out combined PV-inverter shipment volumes — PV inverter shipments of 37,898.83 MW (+50.93 %) and production of 38,437.31 MW (+57.33 %) (p.24) — but does not report storage shipments in GWh or GW. As a result, storage volume and per-unit pricing cannot be derived from this filing.

3. Storage margins

The storage PCS and system-integration line carried a gross margin of 23.28 %, up 1.30 points year-on-year, the highest of the reported product lines (p.23, 24). By comparison, the PV inverter line was at 22.80 %, up 0.25 points. Storage operating cost of RMB 1.56 billion grew 3.88 %, below the segment’s 5.64 % revenue growth, consistent with the margin expansion.

Because the storage line combines PCS and system-integration products, the report does not separate PCS-only revenue or margin from system-integration revenue or margin.

4. Products and capacity

Sineng frames storage and hydrogen as new growth curves beyond its core PV inverter business (p.27, 33). The annual report describes the following storage-related products and developments (p.27):

• Liquid-cooled 250 kW string storage PCS — in mass shipment
• Liquid-cooled 430 kW high-power string storage PCS — small-batch, targeting third-generation 600 Ah+ cells
• Storage PCS from 100 kW to 2,000 kW, integrable up to 13.8 MW
• String PCS
• Storage system integration combining BMS, EMS, PCS, and battery
• Residential storage battery and PV-storage all-in-one products
• Three-phase 20–33 kW PV-storage inverter and 5–15 kW hybrid all-in-one for residential markets in Europe, Asia-Pacific, the Middle East, and Africa
• On the PV side, 2.4 MW and 800 kW central PV inverters in validation
• IGBT hydrogen-production power supply in validation

Manufacturing capacity (产能) is not disclosed in the report. Construction-in-progress stood at RMB 484.9 million (p.30). New consolidated entities in FY2025 were 上能沙特 in Saudi Arabia (SAR 30 million, June 2025) and 玉溪思能 (November 2025) (p.24).

The board proposed a dividend of RMB 1.2 per 10 shares, totaling approximately RMB 66.5 million (p.2, 51).

5. Geographic revenue

Overseas revenue was the primary growth driver in 2025 (p.22).

Overseas revenue grew 78.14 % to RMB 2.07 billion and carried a gross margin of 32.32 %, well above the 18.52 % domestic margin. The company attributes overall revenue growth mainly to its overseas PV-storage business (p.22).

Sineng’s top-five customers accounted for 28.56 % of sales. The largest single customer contributed RMB 526.6 million (9.35 %); Larsen & Toubro contributed RMB 281.9 million (5.01 %); and 高邮康博新能源 contributed RMB 177.7 million (3.16 %) (p.25, 26).

6. Market context

The annual report cites the following market data (p.19–21):

• Global new PV installations exceeded 580 GW in 2025.
• Global new energy-storage installations were 92–104 GW in 2025.
• China new storage installations reached 62 GW / 183 GWh in 2025, with a 2026 forecast of more than 72 GW / 208 GWh (optimistic case 85 GW / 243 GWh).

On competitive position, Sineng reports ranking top-two in China for domestic storage PCS shipments for five consecutive years (2021–2025) per CNESA, and #5 globally for 2024 storage PCS shipments per S&P Global (p.21, 22).

7. What to watch

Several points from the annual report are worth monitoring:

Overseas share is rising, and so is FX exposure. Overseas revenue grew 78.14 % to 36.82 % of total. The report states that the rising overseas share increases foreign-exchange settlement and exchange-loss risk (p.34), and financial expense rose 390.88 % year-on-year, partly on FX losses (p.26). The company notes it uses hedging (p.32–34).

Storage remains reported as a combined line. PCS and system-integration revenue are consolidated into one line, and ESS shipment volume in GWh/GW is not disclosed. Without separate volume figures, per-unit pricing and PCS-only versus integration mix cannot be tracked from the filing.

New overseas entities are being built out. Sineng consolidated a Saudi entity (上能沙特) and 玉溪思能 during FY2025, with construction-in-progress of RMB 484.9 million (p.24, 30). These indicate ongoing capacity or footprint expansion, though manufacturing capacity itself is not disclosed.

High-power PCS targets next-generation cells. The liquid-cooled 430 kW string storage PCS is in small-batch production and targets third-generation 600 Ah+ cells (p.27), positioning the product line for larger-format cell deployments.

8. Sources

All data in this article is sourced from Sineng Electric’s 2025 Annual Report (announcement 2026-018) for the year ended December 31, 2025, filed on the Shenzhen Stock Exchange ChiNext board (300827) via CNINFO. The report was approved by the board on April 23, 2026, and audited by 公证天业.

• Sineng Electric 2025 Annual Report (PDF) — Filed on SZSE ChiNext via CNINFO, full financial statements and MD&A (Chinese)
• Sineng Electric Manufacturer Profile — BESS Manufacturers directory page
• Market data attributed to CNESA and S&P Global as cited in Sineng’s report

USD conversions are approximate at ~7.1 RMB/USD.