PVTIME – Sungrow Power Supply Co., Ltd. (Sungrow) released its mid-year report for 2025 on 26 August, showcasing robust financial growth alongside significant product launches and a new listing announcement.
During this period, the company recorded operating revenue of RMB 43.533 billion, marking a 40.34% year-on-year increase. Operating costs rose by 36.31% to RMB 28.576 billion, driven by an expansion in market reach and increased sales volume. The gross profit margin improved by 1.94 percentage points to 34.36%, supported by brand premium, product innovation, and economies of scale. Net profit attributable to listed shareholders increased by 55.97% year-on-year to RMB 7.735 billion.
Administrative expenses increased by 59.29% to RMB 838 million due to higher staff pay, while selling expenses rose by 29.13% to RMB 2.29 billion. Research and development spending grew by 37.08% to RMB 2.037 billion, reflecting greater investment in projects and higher R&D staff compensation. Financial expenses stood at -RMB 263 million (a 239.86% year-on-year drop), thanks to significantly higher foreign exchange gains from currency fluctuations. Net cash flow from operations surged by 231.91% to RMB 3.434 billion, driven by stronger sales collections.
In photovoltaics, Sungrow launched two world-first inverters: the 400 kW+ string inverter SG465HX and the 1+X 2.0 split modular inverter. These products support its “5A Integrated System Solution”, offering all-weather cost-effectiveness, all-scenario reliability, end-to-end security, full-lifecycle intelligent maintenance, and grid-forming capability. By the end of the reporting period, Sungrow’s new energy business covered 30 Chinese provinces, autonomous regions and municipalities, and had an international presence in countries along the “Belt and Road” initiative. The company has built over 57 GW of solar and wind power plants worldwide.
The day before, on 25 August, Sungrow announced plans to issue H shares and list on the Main Board of the Stock Exchange of Hong Kong Limited, seeking to expand its overseas capital presence.
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