Sungrow reported a strong first half in 2025, with revenue rising 40% year on year to CNY 43.53 billion (USD 5.99 billion) and net profit up 56% to 7.74 billion yuan. Storage revenue surged 128% to CNY 17.8 billion, accounting for more than 40% of total sales, while solar revenue edged up 5% to CNY 22.51 billion. Gross and net profit margins improved to 34.4% and 18% respectively. Research and development spending increased 37% to CNY 2.04 billion, or 4.7% of revenue. The company shipped 12 GWh of storage systems, up 80%, while inverter volumes were not disclosed. Sungrow plans to list H-shares in Hong Kong and forecasts 40 GWh to 50 GWh of storage shipments and about 160 GW of inverters for the full year.
Ginlong Solis posted CNY 3.79 billion of revenue, up 13%, with net profit rising 71% to CNY 602 million. Earnings per share were CNY 1.52, with a return on equity of 7%. Gross margin increased to 35.7% and net margin to 15.9%. Expenses grew modestly to CNY 739 million, or 19.5% of revenue. Sales from grid-connected inverters reached CNY 1.82 billion, with a margin of 26.1%, while storage inverters brought in CNY 793 million at 30.3%. Rooftop solar generation and renewable power production contributed CNY 808 million and CNY 304 million, both with margins above 50%.
GoodWe reported revenue of CNY 4.09 billion, up 30%, but remained marginally loss-making with a net loss of CNY 16.6 million. Gross margin slipped to 19.9% while net margin stood at 0.4%. Expenses rose to CNY 757 million, or 18.5% of revenue. Residential systems contributed 45% of sales, followed by grid inverters at 33%, storage batteries at 7%, and hybrid storage inverters at nearly 7%.
Deye achieved revenue of CNY 5.54 billion, up 17%, with net profit rising 23% to CNY 1.52 billion. Gross margin was steady at 37.5% and net margin climbed to 27.5%. Expenses increased to CNY 409 million but fell as a share of revenue to 7.4%.
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