Chinese PV Industry Brief: Inverter manufacturers report solid H1 results

<p class="p1"><span class="s1">Sungrow, Ginlong Solis, GoodWe and Deye all posted higher first-half revenue in 2025, with Sungrow leading on storage growth and Deye delivering the strongest margins.</span></p><p><a href="https://www.pv-magazine.com/2025/09/10/sungrow-unveils-modular-inverter-battery-energy-storage-systems/" rel="noopener" target="_blank"><strong>Sungrow</strong></a> 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.</p>
<p><a href="https://www.pv-magazine.com/2024/09/13/chinese-pv-industry-brief-aiko-goodwe-posts-losses-in-h1-ginlong-reports-profit-decline/" rel="noopener" target="_blank"><strong>Ginlong Solis</strong></a> 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%.</p>
<p><a href="https://www.pv-magazine.com/2025/05/06/chinese-pv-industry-brief-financials-from-tonwgei-ginlong-goodwe-flat-glass/" rel="noopener" target="_blank"><strong>GoodWe</strong></a> 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%.</p>
<p><a href="https://www.pv-magazine.com/2025/02/10/deye-debuts-off-grid-inverters-for-residential-pv/" rel="noopener" target="_blank"><strong>Deye</strong></a> 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%.</p>