Keuntungan mencapai rekor tertinggi, harga saham justru turun 10%, kuartal keempat mengalami kekalahan yang merusak Sunlight Power

31日晚, Suning Power (300274.SZ), a leading company in solar-storage and storage sectors, submitted a year report that is a mixed bag of good and bad news. Overall, last year the company achieved operating revenue of 89.18B yuan, up 14.55% year-on-year; net profit attributable to shareholders of listed companies was 13.46B yuan, up 21.97% year-on-year, setting a new record for its highest annual net profit in history. However, its stock price on April 1 plunged at the open and closed down 10.82%.

The issue lies in the last quarter of last year failing to meet market expectations. The Paper (澎湃新闻) noted that after delivering its strongest quarterly report in history, Suning Power’s net profit in the fourth quarter of last year sharply shrank, down 54.02% year-on-year and down 61.90% quarter-on-quarter. In 2025, net profit for each quarter was 3.83B yuan, 3.91B yuan, 4.15B yuan, and 1.58B yuan respectively. This is its worst quarterly performance since April 2023.

After the stock price reached a new high of 209.88 yuan in November last year, as a dual oligopolist in photovoltaic inverters and energy storage systems, Suning Power’s share price fluctuated and trended downward. In mid-March this year, due to the restart of gains tied to the green electricity concept, its rise was briefly resumed; in recent five trading days it has also continued to decline. Persistent concerns always include policy uncertainty in overseas markets, intense competition and price pressures in the domestic market, and intensifying competition in integrating energy storage systems. Especially after upstream prices such as lithium carbonate kept climbing, market anxiety about the sustainability of its high earnings growth further intensified.

At an investor conference call held on the 31st, Suning Power executives explained the significant decline in gross margin in the fourth quarter of last year: “The fourth-quarter gross margin fell from around 36% to around 23%. On the one hand, there are factors related to changes in the revenue mix. The新能源 investment development business with a relatively lower gross margin saw deliveries concentrated in the fourth quarter for large projects, which led to its revenue contribution ratio rising by about 10%, dragging down the overall gross margin. On the other hand, the fourth-quarter energy storage business gross margin was around 24%, down about 17% quarter-on-quarter.”

The reasons for the decline in gross margin for the energy storage business include: “In the third quarter of last year, some overseas high-gross-margin projects such as those in the UK were recognized, which meant the third-quarter gross margin itself was relatively high. In addition, in the fourth quarter, lithium carbonate had some price increases. Some of our existing project prices did not have time to transmit the changes. Also, compared with the signed order prices in the third quarter, the prices in the fourth quarter declined to some extent. At the same time, there are reasons related to regional structure: the proportion of low-gross-margin domestic and South America revenue increased in the fourth quarter, which also affected gross margin.”

The annual report shows that in 2025, Suning Power’s global shipment volume for photovoltaic inverters was 143GW, and its global shipment volume for energy storage systems was 43GWh. The revenue contribution ratios of photovoltaic and energy storage were 49.95% and 41.81% respectively, showing significant changes compared with 2024: at that time, their revenue contribution ratios were 61.53% and 32.06% respectively.

From the perspective of gross margin, the energy storage system is Suning Power’s most profitable business, with a gross margin of 36.49%; photovoltaic inverters and other power electronic conversion equipment have a gross margin of 34.66%; and the新能源 investment development business has a gross margin of 14.50%. By region, overseas markets have a gross margin far higher than China’s mainland, at 40.36% and 18.75% respectively.

During the conference call, Suning Power disclosed that in the fourth quarter of last year, the overall energy storage shipments were about 14GWh, of which domestic was about 2GWh, and the rest was all overseas.

Regarding investors’ concerns that low-gross-margin transmission from the domestic energy storage market to overseas would affect performance, the company said that on the supply side, it has signed long-term cooperation agreements with core cell suppliers. Relying on the advantages of large-scale procurement, it can lock in cell prices within a certain timeframe, and the prices are markedly competitive compared with the market. On the technical side, the company also continuously reduces costs every year through various means such as technological innovation and supply-chain coordination. On the client side, negotiating prices with customers can be quite painful, but the company will try hard to ensure price transmission.

For the energy storage shipment target in 2026, Suning Power said it expects the global market to grow at 30-50% and that raw material price increases have put some projects in a stage of waiting and watching. These demands should still be there, but they will be delayed. The company will work toward the upper limit of market growth, hoping to reach over 60+GWh.

AIDC is the second growth curve that Suning Power is banking on with great expectations. In the conference call, the company said that in AIDC, energy storage mainly has two application scenarios: power supply + backup power and smoothing load fluctuations. The former is the traditional project that provides power with solar-storage; relevant orders have been ongoing. The latter is power quality management inside data centers, which needs to achieve millisecond-level response. The company is currently working with customers on customized R&D, and there are no orders yet.

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