Recently, several listed energy storage companies have successively disclosed their 2025 financial performance. Benefiting from the explosion in global energy storage demand and the implementation of cost-reduction and efficiency-enhancement strategies, LG Energy Solution, REPT BATTERO, and Shanshan Co., Ltd. have delivered strong results characterized by profitability or successful turnarounds. Meanwhile, Clou Electronics and Narada Power have leveraged their energy storage businesses to significantly narrow their losses. Although individual companies faced temporary pressure due to overseas market fluctuations, the "energy storage engine" has clearly driven a recovery in the industry's overall performance.
LG Energy Solution: Energy Storage Becomes the Core Growth Engine
LG Energy Solution reported a consolidated revenue of 23.7 trillion KRW for the full year of 2025. While this represents a 7.6% year-on-year (YoY) decrease, the annual operating profit soared to 1.3 trillion KRW—a 133.9% increase YoY—with an operating profit margin of 5.7% (including North American production incentives).
In the energy storage battery sector, LG Energy Solution has achieved localized production of Lithium Iron Phosphate (LFP) batteries in North America and plans to expand from pouch-type to prismatic cells. By enhancing its system integration capabilities, the company has significantly boosted its manufacturing competitiveness, accumulating an energy storage battery order backlog of 140 GWh.
Looking ahead to 2026, the company aims to secure over 90 GWh in new energy storage orders and strengthen its supply capacity by increasing global production capacity to over 60 GWh, with more than 80% located in North America. Regarding capacity allocation, the company will prioritize resources for energy storage battery production, which includes expanding capacity at its Holland and Lansing plants in Michigan and temporarily utilizing portions of its joint-venture production lines with Stellantis and Honda.
Narada Power: Strategic Focus on Lithium Storage to Reduce Losses
Narada Power expects its net profit attributable to shareholders for 2025 to range from a loss of 890 million RMB to 1.25 billion RMB, with the net loss after non-recurring gains and losses estimated between 930 million RMB and 1.29 billion RMB.
During the reporting period, the company's operating revenue decreased slightly compared to the previous year, a result of its proactive strategic transformation and focus on the lithium battery business. The company continued to optimize its business structure by actively scaling back its lead recycling operations; consequently, revenue from this segment decreased by approximately 2 billion RMB compared to 2024, with its share of total revenue dropping from over 40% to approximately 15%. Concurrently, the energy storage business achieved rapid growth, with its revenue contribution rising from 50% to approximately 75%. This represents a fundamental optimization of the business structure, establishing high-growth, high-value-added lithium storage operations as the core pillar of revenue.
REPT BATTERO: Shipment Growth Drives Turnaround to Profitability
REPT BATTERO issued an announcement expecting to record a net profit of approximately 630 million RMB to 730 million RMB in 2025, achieving a turnaround compared to the net loss of approximately 1.353 billion RMB in 2024.
This reversal in performance is primarily attributed to the continuous increase in shipments of power and energy storage battery products, which directly drove steady revenue growth. At the same time, improved capacity utilization and cost-reduction measures led to a significant increase in gross profit margins.
Relevant data indicates that REPT BATTERO’s shipments exceeded 23 GWh in the third quarter of 2025. Combined with the first half of the year, the company’s battery shipments reached a new record of 55.4 GWh in the first three quarters of 2025 alone.
Clou Electronics: Surge in Energy Storage Project Deliveries
Clou Electronics expects its 2025 net profit attributable to shareholders to be a loss of 115 million RMB to 170 million RMB, a significant reduction compared to the 464 million RMB loss in the same period last year. Net loss after non-recurring gains and losses is expected to be 125 million RMB to 180 million RMB, representing a loss reduction of 62.26% to 73.79% compared to the 477 million RMB loss in the prior year.
Against the backdrop of high-speed development in the energy storage industry and continuous market expansion, the company seized strategic opportunities and deepened its business layout. During the reporting period, a significant increase in the delivery volume of energy storage projects drove a year-on-year increase in operating revenue.
APsystems: Impacted by European Market Volatility
APsystems expects its 2025 net profit attributable to shareholders to be a loss of 115 million RMB to 140 million RMB, a decline from the 140 million RMB profit recorded in the same period last year. Net loss after non-recurring gains and losses is estimated at 135 million RMB to 160 million RMB.
The primary reason for the loss is the volatility of the European photovoltaic (PV) market, influenced by energy price fluctuations and the tapering of support policies for residential PV, which led to a substantial YoY decrease in residential installations. Consequently, the sales and gross profit of the company’s microinverters declined. Furthermore, the company continued to increase R&D investment in 2025 to iterate its optical storage integrated product matrix and steadily advanced the construction of localized overseas channels in emerging markets such as Asia, Africa, and Latin America. This led to rapid growth in R&D and sales expenses, placing pressure on current profits.
Shanshan Co., Ltd.: Significant Recovery in Profitability
Shanshan Co., Ltd. expects to achieve a net profit attributable to shareholders of 400 million RMB to 600 million RMB in 2025, successfully turning a profit compared to the 367 million RMB loss in the previous year. Net profit after non-recurring gains and losses is expected to reach 300 million RMB to 450 million RMB, a vast improvement over the 768 million RMB loss in the same period last year.
Its core negative electrode (anode) material business benefited fully from robust demand in the downstream electric vehicle and energy storage markets. Coupled with the continuous release of integrated production capacity, the company achieved a significant YoY increase in sales volume. Additionally, the narrowing of parent company expenses and asset impairment provisions also positively impacted the bottom line.
Source：EnergyTrend
