Chinese PV Industry Brief: Sungrow storage overtakes inverters in 2025

<p class="p1"><span class="s1">Sungrow says energy storage systems overtook PV inverters as its largest business segment in 2025, as the company posted double-digit revenue and profit growth.</span></p><p class="font-claude-response-body break-words whitespace-normal leading-[1.7]"><strong>Sungrow</strong> said revenue reached CNY 89.184 billion ($12.95 billion) in 2025, up 14.55% year on year, with net profit attributable to shareholders rising 21.97% to CNY 13.461 billion. Energy storage systems generated CNY 37.287 billion in revenue, up 49.39%, accounting for 41.8% of total revenue, while global storage shipments reached 43 GWh. PV inverter revenue totaled CNY 31.136 billion, with global shipments of 198 GW and an estimated 30% market share. Overseas revenue rose 48.7% to CNY 53.992 billion, representing 60.5% of total revenue. The company attributed a more than 50% year-on-year decline in fourth-quarter net profit to a CNY 1.0 billion incentive fund provision and adjustments to overseas project delivery schedules, and said it is advancing plans for a Hong Kong listing to support global expansion.</p>
<p class="font-claude-response-body break-words whitespace-normal leading-[1.7]"><strong>Laplace</strong> has denied market rumors that it had secured a second-phase PV project from Tesla valued at nearly CNY 10 billion, saying no such orders existed and no undisclosed material information was being withheld. The company warned investors against irrational speculation following recent stock gains.</p>
<p class="font-claude-response-body break-words whitespace-normal leading-[1.7]"><strong>The National Energy Administration</strong> (NEA) said China's nationwide PV utilization rate reached 90.8% in January to February, down four percentage points from the 2025 average and approaching the commonly cited 90% curtailment threshold. The decline was attributed to reduced electricity demand during the Lunar New Year holiday period, when lower industrial and commercial activity typically increases solar curtailment.</p>
<p class="font-claude-response-body break-words whitespace-normal leading-[1.7]"><strong>GCL New Energy</strong> said its board has proposed changing the company's English name to Dynasty Digital Holdings Ltd, reflecting a strategic shift toward integrating digital technologies including AI and Web3.0 into its business development.</p>
<p class="font-claude-response-body break-words whitespace-normal leading-[1.7]"><strong>The China Nonferrous Metals Industry Association</strong> (CNMIA) said polysilicon prices are falling sharply, with n-type re-feed and granular silicon both averaging CNY 36,500 per metric ton on April 1, down 9.88% week on week. N-type re-feed polysilicon traded between CNY 35,000 and 37,000 per metric ton (MT), while n-type granular silicon traded between CNY 36,000/MT and 37,000/MT, with both averaging CNY 36,500/MT.</p>