Sungrow said it intended to deepen its global footprint, enhance international brand awareness and build diversified financing channels when it announced the IPO last year. The move fits a broader trend of Chinese mainland exchange-listed companies pursuing secondary H-Share listings, as detailed in an ESN Premium article published in July last year.
According to Frost & Sullivan analysis, the company has ranked first in solar PV inverter shipments worldwide for ten consecutive years. Based on 2024 shipment volumes, it held a global market share of about 25.2% in PV inverters.
As of 30 June 2025, its cumulative battery energy storage system (BESS) shipments had reached 70GWh. In the first half of last year, Sungrow’s BESS revenues overtook its PV inverter segment’s, accounting for 40.89% of total revenue versus 35.21% in H1 2025. It was ranked as a by analysis firm Rho Motion (now part of Benchmark Mineral Intelligence).
According to the company’s A-share report, Sungrow posted operating revenue of RMB89.184 billion in 2025, up 14.55% year-on-year. Gross margin came in at 31.83%, an increase of 1.89% from the previous year. Net profit attributable to shareholders was RMB13.46 billion, rising 21.97% year-on-year, while recurring net profit stood at RMB12.829 billion, up 19.98%.
Revenue from storage systems reached RMB37.287 billion, a 49.39% jump from a year earlier, though gross margin dipped slightly by 0.2% to 36.49%. Revenue from new energy investment and development fell 21.16% to RMB16.559 billion, with gross margin declining 4.9% to 14.5%. Revenue from PV inverters and other power electronic conversion equipment came in at RMB31.136 billion, up 6.9%, while gross margin for that segment rose 3.76 % to 34.66%.
SUNGROW POWER SUPPLY CO., LTD.
(A joint stock company incorporated in the People’s Republic of China)
| Item | Details |
| Number of [REDACTED] under [REDACTED]: | [REDACTED] H Shares (subject to the exercise or non-exercise of [REDACTED] and [REDACTED]) |
| Hong Kong [REDACTED] Number: | [REDACTED] H Shares (reallocable and subject to the exercise or non-exercise of [REDACTED]) |
| International [REDACTED] Number: | [REDACTED] H Shares (reallocable and subject to the exercise or non-exercise of [REDACTED] and [REDACTED]) |
| Maximum [REDACTED]: | HK$[REDACTED] per H Share, plus 1.0% brokerage commission, 0.0027% SFC transaction levy, 0.00565% Hong Kong Stock Exchange transaction fee and 0.00015% Financial Services and the Treasury Bureau transaction levy (to be paid in full in Hong Kong dollars at the time of [REDACTED]; overpayments will be refunded) |
| Nominal Value: | RMB 1.00 per H Share |
| [REDACTED]: | [REDACTED] |
Additional reporting by Andy Colthorpe.
A version of this article aimed at solar industry readers was first published on PV Tech.