Di Yi Cai Jing·2025-08-26 11:36Core Viewpoint - The financial performance of both Sungrow Power Supply (阳光电源) and Deye Technology (德业股份) shows significant growth in revenue and net profit, primarily driven by their inverter and energy storage businesses, which together contribute approximately 75% of their total revenue [1][2]. Group 1: Financial Performance - Sungrow Power Supply achieved a revenue of 43.53 billion yuan in the first half of 2025, representing a year-on-year increase of 40.34%, with a net profit of 7.73 billion yuan, up 55.97% [1]. - Deye Technology reported a revenue of approximately 5.54 billion yuan, an increase of 16.58% year-on-year, and a net profit of about 1.52 billion yuan, up 23.18% [1]. - Sungrow's energy storage product revenue surpassed traditional inverter business for the first time, with energy storage systems generating 17.80 billion yuan, a growth of 127.78%, accounting for 40.89% of total revenue [2]. Group 2: Market Focus - Both companies have increasingly focused on overseas markets, with Sungrow generating 25.38 billion yuan from international sales, a growth of 88.32%, making up 58.30% of total revenue [3]. - Deye Technology derives approximately 70% of its revenue from international sales, emphasizing emerging markets in Asia, Africa, and Europe [3]. - The European market is identified as a key area for growth, with expectations of recovering demand for household energy storage driven by supportive policies and decreasing prices [3]. Group 3: Business Evolution - Sungrow Power Supply started as an inverter manufacturer over 20 years ago and has expanded into the energy storage sector [2]. - Deye Technology began its inverter business in 2016 and has seen significant growth in both inverter and energy storage segments, with inverters contributing 47.93% and energy storage batteries 25.78% to its revenue [2].