Deye shows first signs of significant profits for Chinese energy storage makers

The parent company behind Deye-branded energy storage and electrical equipment, including inverters, Ningbo Deye Technology Co., has provided a first look at balance sheets in China as geopolitical factors boost energy storage demands.

Ningbo Deye Technology reported both its annual report for 2025, while providing a forecast for first-quarter profits 2026. The company is expected to report its first-quarter earnings on April 30th, 2026. In preview, it said it expects a substantial rise in first-quarter profit attributed to increased overseas demand. Net profit was forecast for the first quarter to reach between 1.1 billion and 1.2 billion yuan (USD 161.1 to 175.7 million), a year-on-year increase of between 56% to 70%.

It said the growth remains primarily driven by the scaling up of its “new energy business.” Deye makes a range of all-in-one inverters and storage solutions, catering to diverse markets primarily across Europe, the Middle East, Africa, Asia, and the Americas, with a Brazil-based factory announced in 2024. It makes storage products for segments including residential, C&I, and utility-scale.

In terms of its annual reporting, the company’s energy storage batteries division was one of the fastest-growing areas of the business. In 2025, this segment generated revenue of RMB 3.832 billion, representing a year-on-year increase of 56.3%, though gross margins declined by 9.5 percentage points due to cost pressures.

Bloomberg News cited an investment note from analysts from Citigroup, including Pierre Lau, which said the global investment bank believed the company’s sales would further increase in the second quarter, thanks to energy prices.

“The increase is mainly attributable to geopolitical factors that have caused energy shortages and intensified price volatility, thereby raising the importance of energy security,” the company said in the statement, according to Bloomberg.

Other top Chinese storage manufacturers will also report first-quarter results in the weeks to come, which may also show sharp rises in revenues and potentially profits. CATL, BYD, Sungrow already saw market gains in the early days of the Iranian conflict.