Sungrow reports soaring energy storage revenue, plans Hong Kong listing

Sungrow’s latest earnings report reflects robust financial performance and a shift in its business model, underscoring its continued push for global expansion.

For the first half of 2025, Sungrow reported revenue of CNY 43.53 billion ($6.09 billion), up 40.34% from CNY 31.02 billion in the same period last year. Net profit surged to CNY 7.73 billion, up 55.97% from CNY 4.96 billion a year earlier.

For the first time, Sungrow’s revenue from energy storage surpassed that of power electronic conversion equipment.

The revenue from power electronic conversion equipment was CNY 15.327 billion, a year-on-year increase of 17.06%, accounting for approximately 35.21% of total revenue; revenue from energy storage systems reached CNY 17.803 billion, a year-on-year increase of 127.78%, accounting for approximately 40.89% of total revenue.

At the same time, Sungrow’s overseas revenue also surpassed that of mainland China for the first time. In H1 2025, its mainland China revenue was CNY18.155 billion, up by 3.48% year-on-year and accounting for 41.7% of its total revenue, while its overseas revenue amounted to CNY25.379 billion, up by 88.32% year-on-year and accounting for 58.3%.

On the same day the earnings report was released, Sungrow announced plans to issue H-shares and seek a listing on the main board of the Hong Kong Stock Exchange. The move aims to support the company’s global strategy, boost its international brand image, diversify its financing channels, and reinforce its core competitiveness.

Hong Kong continues to attract a growing number of Chinese battery energy storage companies, backed by strong investor demand. Listings in Hong Kong – often denominated in offshore currencies such as HKD or USD – allow firms to fund overseas expansion, M&A, and factory construction without being constrained by foreign exchange controls.

Earlier this year, China’s CATL, the world’s leading battery manufacturer, raised around HK$35.6 billion ($4.6 billion) on its first trading day in Hong Kong, making it the largest global listing in 2025. Other major energy storage players like Sunwoda and Hithium are also eyeing Hong Kong for their stock listings.

Sungrow’s Hong Kong ambitions follow its previously announced plan in October 2024 to list on the Frankfurt Stock Exchange via Global Depositary Receipts (GDRs), aiming to raise up to CNY 4.88 billion.

Its plan was to invest nearly CNY 2 billion in a 20 GWh advanced energy storage facility and to allocate an additional CNY 1.76 billion to expand overseas production of inverters and energy storage products. It also intended to earmark an additional CNY 630 million for digital upgrades to its corporate operations, while CNY 496 million would be used for a new R&D center in Nanjing, Jiangsu province.

Its latest earnings report shows that in the first half of 2025, the company continued to increase R&D investment to CNY 2.037 billion, a year-on-year increase of 37%, with R&D personnel making up about 40% of its total workforce. By the end of the reporting period, the company filed a total of 10,541 patent applications, including 5,690 invention patents, 4,142 utility model patents, and 709 design patents.