31, Sunshine Power released its annual performance report, which showed that in 2025, the company realized business income of 89.184 billion yuan, an increase of 14.55% over the same period last year; The gross profit rate was 31.83% , an increase of 1.89% over the previous year, and the net profit attributable to shareholders of listed companies was 13.461 billion yuan . Year-on-year increase 21.
In 2025, when listed companies in the photovoltaic industry generally "lost a lot of blood", with the substantial growth of energy storage business and overseas business, the performance of Sunshine Power in 2025 is really eye-catching.
However, a careful study of the annual report data can also find that there are many hidden worries behind this adverse growth. In particular , the cliff-like decline in gross profit margin and net profit in the fourth quarter triggered a shock in the market. After the release of the
annual report, the share price of Sunshine Power Dived for two consecutive days , closing down 10.82% on April 1 and 5.36% on April 2, to a total market value of 263.8 billion yuan, evaporating 48.8 billion yuan in two days. It hit a new low since September 2025.
Sunshine Power Energy Storage Sector rose sharply against the trend in 2025. In 2025, the company's energy storage industry revenue was 37.287 billion yuan, an increase of 49.39% over the previous year . The gross profit margin of the energy storage industry reached 36. The energy storage business of Sunshine Power has quietly taken over the big stick of the photovoltaic inverter sector, becoming the largest revenue sector supporting the rapid growth of the company's performance. In terms of
revenue sources , in 2025, Sunshine Power gained a lot in the overseas market. In the whole year , 60.54% of the business income came from overseas regions , reaching 53.992 billion yuan, an increase of 48.76% over the previous year. Domestic market revenue fell 15.33% year-on-year to 351.
In addition, in terms of product shipments , in 2025, the global shipments of solar energy photovoltaic inverters were 143 GW. This is a slight decrease from last year (147GW), while the global shipments of energy storage systems are 43GWh, an increase of 53% year-on-year. Among them, overseas energy storage shipments climbed from 19 GWh in 2024 to 36 GWh in 2025, up 90% year-on-year. Especially in the fourth quarter, energy storage shipped 14 GWh, of which 12 GWh were shipped overseas, accounting for more than 80%.
As the photovoltaic industry as a whole enters the downward cycle, the strategic adjustment of the layout of overseas energy storage industry has supported the high growth of sunshine power supply against the trend.
Sunshine Power said in an institutional survey on March 31 that the main reason for the decline in shipments of photovoltaic inverters, the main products of the photovoltaic industry, was the decline in domestic business. The company took the initiative to give up its business strategy. However, its overseas shipments grew by 12% year-on-year, slightly higher than market growth rate. At the end of October
last year, at the company's three-quarter performance presentation, Sunshine Power said that the company's business structure had changed in the first three quarters of 2025, with the proportion of overseas shipments rising from 63% in the third quarter of last year to 83% . The increase of overseas proportion is also the main reason for the stability of gross profit margin of energy storage. It is worth noting that the cliff-like decline
in the
fourth quarter is that although the annual performance growth in 2025 is encouraging, compared with the data of the first three quarters of 2025 of Sunshine Power Supply, the operating income is 66.402 billion yuan, and the net profit attributable to shareholders of listed companies is 11.881 billion yuan. It can be seen that the company achieved revenue of 22.782 billion yuan in the fourth quarter, down 18.37% year-on-year, and the ring ratio was basically flat; The net profit of listed companies was only 1.58 billion yuan, a sharp drop of 61.9% annually. Also fell sharply year-on-year 54.
the decline in gross profit as a result of the price increase of raw materials in the energy storage business and the fierce competition among terminals; Large-scale unprofitable new energy projects and low gross margin domestic market business improved, raw material prices rose but prices fell, eroding profit margins of the photovoltaic industry, together pulling down the level of profitability in the fourth quarter.".
Looking ahead to 2026, the task of growth is still arduous
, but the situation has not been fundamentally reversed in 2026.
As the overseas market where the revenue of sunshine power supply accounts for more than 60% and continues to rise, the challenges are expanding rapidly this year, the international trade barriers and geopolitical risks are further aggravated, the global supply chain continues to be fragmented, and the gradual decline of domestic export tax rebates has become the biggest new risk point in the market in 2026.
In addition, in the face of the poor domestic market, Huawei, BYD, Ningde Times and other friends are also accelerating the layout of high-margin overseas markets, especially in Europe, the largest profit-contributing market. Such competition has reached a white-hot level in 2025, and prices have fallen again and again in the competition.
However, Sunshine Power said in an institutional survey that it is still firmly optimistic about the global energy storage market. "The company's strategy is to concentrate resources to serve high-quality customers, and it will continue to adhere to this strategy in 2026." Sunshine Power predicts that the global energy storage market will grow by 30-50% in 2026. "The company will work hard according to the upper limit of market growth. We hope to achieve the shipment target of more than 60 GWh (40% year-on-year growth).
In addition, the company places its profit growth on the second growth curve, AIDC (Artificial Intelligence Data Center) power supply business, which began to be laid out in 2025, focusing on the development of solid-state transformer SST and power supply solutions.
However, at present, part of the company's business for AIDC application scenarios is still in the stage of R & D and expansion. There are always orders for power supply business related to power supply + backup power; for the power quality management products in the data center under the demand scenario of "stabilizing load fluctuation", "the company is cooperating with customers to do customized research and development, and there is no order yet".
At present, the company has established the AIDC division. Sunshine Power said in an institutional survey that it plans to cover various scenarios of AIDC in the future, with the goal of landing and small-scale delivery of products this year and starting batches next year.
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