PVTIME – Deye Co., Ltd. (SH.605117) has released its financial results for the first three quarters of 2025, alongside details of the strategic reallocation of unused funds raised from previous initiatives. During this period, the company recorded operating income of RMB 8.846 billion, representing a year-on-year increase of 10.36%. Net profit attributable to shareholders reached RMB 2.347 billion, a 4.79% increase compared to the same quarter last year. Excluding non-recurring gains and losses, net profit attributable to shareholders stood at RMB 2.279 billion, a 9.38% year-on-year rise. Basic earnings per share were RMB 2.60.
The company has also confirmed plans to redirect RMB 651.1407 million of unused funds raised to a new industrial and commercial energy storage project. These funds were originally earmarked for the ‘Construction Project of an Annual 25.5GW String-Type and Energy Storage Inverter Production Line’, but remained unused as of 17 October 2025. The reallocated amount will now support the ‘Construction Project of an Annual 7GWh Industrial and Commercial Energy Storage Production Line’, which has a total investment of RMB 1.112 billion.
According to the announcement, the new 7GWh project will be constructed on Deye’s existing Cixi Binhai Plot II (Plot No. 202409#), with completion and commissioning scheduled for April 2028. The core product will be a standard, cabinet-type industrial and commercial energy storage system that integrates batteries, battery management systems (BMS), power conversion systems (PCS), energy management systems (EMS) and other electrical components within standardised cabinets. This enables efficient and flexible energy storage and discharge. Custom integration of energy storage converters and EMS will also be offered to meet client requirements. Financial forecasts indicate that, once fully operational, the project will generate annual operating income of RMB 4.87635 billion, annual total profit of RMB 978.61 million, and annual net profit of RMB 733.96 million.
Deye highlighted two key reasons for the fund reallocation. Firstly, while market demand for inverters has stabilised and recovered, growth has slowed; conversely, the industrial and commercial energy storage market has entered a phase of rapid expansion. Secondly, the company’s energy storage battery pack business, which boasts a higher gross profit margin, has grown strongly. This business has become a key driver of profitability and has solidified the company’s second growth curve.
Deye commented that the reallocation of raised funds was a prudent decision, reached following in-depth research and analysis and aligned with the company’s long-term development strategy and market outlook. This move aligns with evolving industry trends and Deye’s future growth needs. It is expected to enhance the efficiency of fund utilisation, ultimately creating greater value for the company and its shareholders.
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