Sungrow — 2025 at a Glance
- Total revenue
- RMB 89.18 B (~$12.56 B)
- YoY change
- +14.55 %
- Net income (attrib.)
- RMB 13.46 B (~$1.90 B)
- Gross margin
- 31.83 % (up 1.89 pts)
- ESS revenue
- RMB 37.29 B (41.81 % of total)
- ESS shipments
- 43 GWh globally
- ESS gross margin
- 36.49 % (down 0.20 pts)
- Overseas revenue
- RMB 53.99 B (60.54 % of total)
Key takeaways
- Sungrow shipped 43 GWh of energy storage systems globally in 2025, according to the annual report. Energy storage revenue reached RMB 37.29 billion (~$5.25 B), up 49.39 % year-on-year and 41.81 % of total revenue.
- ESS carried a higher gross margin than the inverter and PV lines. At 36.49 % (down 0.20 pts), the storage business margin exceeded the PV inverter line (34.66 %) and the PV-industry line (29.37 %).
- Overseas revenue crossed 60 %. Overseas sales reached RMB 53.99 billion (60.54 % of total, +48.76 %) at a 40.36 % gross margin, while mainland China revenue fell 15.33 % to RMB 35.19 billion at an 18.75 % margin.
- Sungrow launched the PowerTitan 3.0 AC-integrated storage platform (up to 12.5 MWh per 30 ft unit, >500 kWh/m² density) and reported the world’s largest fully grid-connected grid-forming storage project in Saudi Arabia at 7.8 GWh.
- The company began a Hong Kong (HKEX) H-share listing process during 2025.
1. Headline numbers
Sungrow reported total revenue of RMB 89.18 billion (~$12.56 B) for the year ended December 31, 2025, up 14.55 % year-on-year (p.9, p.27). Net income attributable to shareholders reached RMB 13.46 billion (~$1.90 B), up 21.97 %; net income excluding non-recurring items was RMB 12.83 billion, up 19.98 % (p.9).
| Metric | FY2025 | Change YoY |
|---|---|---|
| Total revenue | RMB 89.18 B (~$12.56 B) | +14.55 % |
| Net income (attrib.) | RMB 13.46 B (~$1.90 B) | +21.97 % |
| Net income ex-non-recurring | RMB 12.83 B | +19.98 % |
| Overall gross margin | 31.83 % | +1.89 pts |
| Basic EPS | RMB 6.55 | +23.12 % |
| Weighted avg ROE | 31.26 % | −2.73 pts |
| Operating cash flow (net) | RMB 16.92 B | +40.18 % |
| Total assets | RMB 118.68 B | +3.13 % |
| Net assets (attrib.) | RMB 46.61 B | +26.30 % |
| R&D spending | RMB 4.17 B (4.68 % of revenue) | +31.97 % |
Overall gross margin expanded 1.89 points to 31.83 % (p.27). R&D spending rose 31.97 % to RMB 4.17 billion, equal to 4.68 % of revenue, with R&D personnel of 7,625 (+9.10 %) (p.36, p.38). Overseas staff reached 2,208, up 24.5 % (p.26). The financial statements were audited by RSM China (容诚) with an unqualified opinion. Group total employee headcount was not reported.
2. Energy storage shipments and revenue
Sungrow shipped 43 GWh of energy storage systems globally in 2025 (p.28). The company quotes directly: “2025 年公司储能系统全球发货 43GWh” (p.28). A prior-year ESS shipment figure was not reported in the filing.
Energy storage revenue (labeled 储能行业 / 储能系统) reached RMB 37.29 billion (~$5.25 B), up 49.39 % year-on-year from RMB 24.96 billion in 2024, and represented 41.81 % of total revenue (p.32, p.34). ESS operating cost was RMB 23.68 billion, up 49.88 % (p.34).
3. ESS margins
ESS gross margin was 36.49 % in 2025, down 0.20 points year-on-year (p.34). At that level the storage line carried a higher gross margin than the PV inverter and power-electronics conversion line (34.66 %) and the PV-industry line (29.37 %). Sungrow did not disclose ESS gross profit as a separate line item; it is derivable at roughly RMB 13.60 billion from the reported revenue and operating cost. ESS manufacturing capacity in GWh was not reported.
4. Segment breakdown
The revenue split across Sungrow’s reported businesses:
| Segment | 2025 Revenue (RMB B) | % of Total | YoY Change | Gross margin |
|---|---|---|---|---|
| Energy storage (储能行业) | 37.29 | 41.81 % | +49.39 % | 36.49 % |
| PV inverter & power-electronics conversion | 31.14 | 34.91 % | +6.90 % | 34.66 % |
| PV industry (光伏行业) | 44.55 | 49.95 % | −7.00 % | 29.37 % |
| New-energy investment & development | 16.56 | 18.57 % | −21.16 % | 14.50 % |
| PV power station generation | 1.31 | 1.47 % | +14.97 % | — |
| Other | 7.35 | 8.24 % | +47.14 % | — |
PV inverter shipments were 143 GW in 2025, down 2.72 % from 147 GW in 2024 (p.28, p.35). The PV inverter and power-electronics conversion equipment line grew 6.90 % in revenue to RMB 31.14 billion, with gross margin up 3.76 points to 34.66 % (p.32, p.34). The PV-industry line, at RMB 44.55 billion, declined 7.00 % but held the largest single share at 49.95 % of total revenue (p.32, p.34).
5. Products and reference projects
Sungrow detailed its energy storage and inverter product range in the annual report (p.16, p.28).
Storage platforms
The new PowerTitan 3.0 AC-integrated smart storage platform spans three configurations: Flex (15 ft / 5.358 MWh), Class (20 ft / 7.14 MWh), and Plus (30 ft / 12.5 MWh). It uses 600 Ah+ stacked cells and reports energy density above 500 kWh/m². The prior-generation PowerTitan 2.0 is described in the filing as an AC-integrated, fully liquid-cooled 10 MWh storage system. For commercial and industrial applications, Sungrow lists the PowerStack 255CS / 510CS / 835CS and the modular PowerKeeper. Residential storage products include the SBH, SBR, MGL, and SBS lines.
Inverters
The inverter range includes the SG465HX and the 1+X 2.0 modular inverter (p.16, p.28). Overseas PV inverter capacity reached 50 GW during 2025 (p.26, p.31).
Reference projects
Reference projects cited in the filing (p.28) include Saudi Amaala (165 MW PV inverter plus 160 MW / 760 MWh storage), Saudi NEOM, Australia’s Palmerston (described as the country’s first 100 MW-class grid-forming storage project), Uzbekistan, and the UK Bramley storage project. The filing describes a Saudi 7.8 GWh grid-forming storage project as the world’s largest grid-forming storage installation, fully grid-connected.
6. Geographic revenue
Overseas sales crossed the 60 % mark in 2025 (p.32–34):
| Region | 2025 Revenue (RMB B) | % of Total | YoY Change | Gross margin |
|---|---|---|---|---|
| Mainland China (excl. HK/Macau/Taiwan) | 35.19 | 39.46 % | −15.33 % | 18.75 % (−2.16 pts) |
| Overseas (incl. HK/Macau/Taiwan) | 53.99 | 60.54 % | +48.76 % | 40.36 % (+0.07 pts) |
Overseas revenue reached RMB 53.99 billion (~$7.60 B), up 48.76 %, at a 40.36 % gross margin — more than double the 18.75 % mainland China margin. Mainland China revenue declined 15.33 % to RMB 35.19 billion (p.32–34).
The top-five customers accounted for 16.96 % of sales: Algihaz Contracting Company (4.50 %), China Energy Engineering (3.51 %), 中建投租赁 (3.40 %), 湖北联投集团 (2.89 %), and Larsen & Toubro (2.66 %) (p.35).
7. Global ESS market context
The filing includes market data on the broader storage and solar markets (p.12):
- Global new BESS installations reached approximately 317 GWh in 2025, up 74 % year-on-year.
- China added 178 GWh (+82 %); overseas markets added 139 GWh (+65 %).
- Global new PV installations reached 513 GWac, up 12 %.
8. What to watch
Several points from the annual report are worth monitoring:
ESS margin held while price competition intensifies. Sungrow’s ESS gross margin was 36.49 %, down 0.20 points, even as ESS revenue grew 49.39 %. The filing flags intensifying competition and ESS price declines as a margin-compression risk (p.43).
Overseas concentration cuts both ways. Overseas revenue is now 60.54 % of the total at a 40.36 % margin, versus 18.75 % domestically, so mix continues to favor exports. The filing lists policy, tariff and trade-barrier risk, and FX volatility across USD, EUR, and AUD as exposures (p.43).
Mainland China revenue declined. Domestic revenue fell 15.33 % with margin down 2.16 points, and the filing cites new-energy project investment risk tied to China Document 136 (p.43).
HKEX listing in progress. Sungrow launched an H-share listing process on the Hong Kong Stock Exchange during 2025 (p.31). The filing also flags raw-material price volatility (cells, lithium, copper, aluminum) and accounts-receivable collection risk (p.43).
9. Sources
All data in this article is sourced from Sungrow’s official 2025 Annual Report (announcement number 2026-008), filed on the Shenzhen Stock Exchange ChiNext board via CNINFO. The report covers the period January 1 to December 31, 2025, is reported in RMB, and was audited by RSM China (容诚) with an unqualified opinion. USD figures are approximate, converted at ~7.1 RMB/USD; no official translation rate was disclosed in the filing.
- Sungrow 2025 Annual Report (PDF) — Filed on SZSE ChiNext via CNINFO, full text (Chinese), financial statements and MD&A
- Sungrow Manufacturer Profile — BESS Manufacturers directory page
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