Deye(SH:605117) Xin Lang Cai Jing·2025-08-28 09:33Core Viewpoint - The report from Open Source Securities indicates that the company achieved a net profit attributable to shareholders of 1.522 billion yuan in the first half of 2025, representing a year-on-year increase of 23.18%, with a gross margin of 37.48% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 817 million yuan, showing a year-on-year increase of 1.72% and a quarter-on-quarter increase of 15.74%, with a gross margin of 37.71%, aligning with expectations [1] - For the first half of 2025, the company sold a total of 315,600 energy storage inverters, marking a year-on-year increase of 47.41%, with 272,700 units for household storage inverters and 42,900 units for industrial storage, the latter showing a growth of over 200% year-on-year [1] Business Growth - The energy storage battery pack business experienced rapid growth, achieving operating revenue of 1.422 billion yuan in the first half of 2025, a year-on-year increase of 85.80%, accounting for 25.78% of the company's main business revenue, with a gross margin of 35.01% [1] - The company has launched an employee stock ownership plan to enhance employee cohesion [1] Market Demand - Global industrial and commercial storage demand has rapidly increased, particularly in Europe, driven by subsidy support and FIT decline, while countries like Pakistan, Myanmar, Nigeria, and those in the Middle East are experiencing strong demand due to high electricity prices and frequent power outages [1]