Sungrow Power Supply (300274) investor relations material

Executive summary

• Achieved revenue of ¥89.18 billion in 2025, up 14.55% year-over-year; net profit attributable to shareholders rose 21.97% to ¥13.46 billion.

• Gross margin increased to 31.83%, up 1.89 percentage points year-over-year, driven by brand premium, product innovation, and scale effects.

• Operating cash flow reached ¥16.92 billion, up 40.18% year-over-year, reflecting improved collection efficiency.

• Proposed cash dividend of ¥6.9 per 10 shares, totaling ¥1.42 billion, with no bonus shares or capital increase.

Financial highlights

• Revenue: ¥89.18 billion (+14.55% YoY); net profit: ¥13.46 billion (+21.97% YoY); basic EPS: ¥6.55 (+23.12% YoY).

• Net assets attributable to shareholders: ¥46.61 billion (+26.30% YoY); total assets: ¥118.68 billion (+3.13% YoY).

• Gross margin: 31.83% (+1.89ppt YoY); R&D expenses: ¥4.17 billion (+31.97% YoY); sales expenses: ¥4.83 billion (+28.49% YoY).

• Cash and equivalents at year-end: ¥22.83 billion; operating cash flow: ¥16.92 billion (+40.18% YoY).

• Non-recurring profit: ¥632 million, mainly from other income and asset disposals.

Outlook and guidance

• Focus on deepening global market presence, strengthening R&D, and digital transformation.

• Plans to accelerate product iteration, expand integrated solutions, and enhance supply chain resilience.

• Anticipates continued growth in global clean energy and storage markets, but notes risks from trade barriers, supply chain disruptions, and commodity price volatility.