According to EnergyTrend, five leading energy storage enterprises including Sungrow, BYD, Deye, HyperStrong and Gotion High-Tech have successively released their 2026 Q3 financial reports recently.
Sungrow: Net Profit of RMB 6.599 Billion in the First Three Quarters
On October 30, Sungrow released its 2026 Q3 report. In the third quarter of 2026, Sungrow posted operating revenue of RMB 17.950 billion, a year-on-year decrease of 21.51%; and net profit attributable to parent of RMB 1.341 billion, down 67.67% year on year.
For the first three quarters of 2026, the company recorded operating revenue of RMB 48.863 billion, a year-on-year decline of 26.41%; net profit attributable to parent stood at RMB 6.599 billion, dropping 44.46% year on year. The performance change was mainly attributable to lower sales volume and higher exchange losses caused by currency fluctuations.
In its latest investor relations activity record, Sungrow disclosed that its gross margin remained largely stable, edging down to 33.5% from 34.9% in the same period last year. On a quarter-on-quarter basis, revenue rose sequentially from RMB 15.3 billion in Q2 to RMB 17.9 billion. Growth was seen across energy storage, inverters and new energy investment & development businesses.
In terms of regional revenue mix, revenue from China and the Middle East fell sharply. Domestically, the decline was driven by lower PV installations and the company’s strategic withdrawal from loss-making projects. Revenue from residential PV, new energy project investment & development, and domestic energy storage businesses all shrank. Domestic revenue dropped to RMB 13.4 billion in the first three quarters of this year from RMB 25.5 billion a year earlier, a 47% decrease.
Revenue from the Middle East and Africa also declined due to the delivery schedule of large-scale projects. Supported by a major Saudi project in the same period last year, revenue from the region fell from RMB 7.5 billion to RMB 1.8 billion in the first three quarters of 2026.
BYD: Profit Rebounds in Q3
On October 29, BYD released its 2026 Q3 financial report. In Q3, BYD achieved operating revenue of RMB 221.488 billion, up 13.59% year on year; net profit attributable to parent reached RMB 10.020 billion, a year-on-year increase of 28.08%. The simultaneous growth in quarterly revenue and profit marked a notable shift in BYD’s operating performance this year.
Financial figures show that BYD generated operating revenue of RMB 566.304 billion in the first three quarters of 2026, almost flat with a 0.01% year-on-year rise. Its gross margin came in at 18.52%, improving from the prior-year level. While its cumulative revenue for the first three quarters was largely unchanged, BYD saw a profit recovery in the third quarter.
Deye: Net Profit of Approximately RMB 4.272 Billion in the First Three Quarters
On October 29, Deye released its Q3 financial report. In 2026 Q3, Deye recorded operating revenue of roughly RMB 6.539 billion, surging 97.49% year on year; net profit attributable to parent was about RMB 1.555 billion, up 88.50% year on year.
For the first three quarters, operating revenue reached approximately RMB 17.180 billion, a year-on-year jump of 94.20%; net profit attributable to parent stood at around RMB 4.272 billion, rising 82.03% year on year.
Deye attributed the performance growth to its distribution network covering more than 160 countries and regions. The company has expanded into diversified energy storage scenarios and iterated residential and commercial & industrial (C&I) energy storage products to match local market demand. It has kept costs under tight control via vertical supply chain integration, while optimizing internal management and adjusting sales strategies flexibly. Revenue from residential and C&I energy storage increased substantially, driving higher top-line and overall earnings growth.
HyperStrong: Overseas Business Becomes Core Growth Driver
On October 29, HyperStrong unveiled its Q3 results. In the third quarter, HyperStrong posted operating revenue of RMB 5.138 billion, a year-on-year increase of 51.55%; net profit attributable to parent hit RMB 0.524 billion, up 70.72% year on year.
In the first three quarters, operating revenue reached RMB 11.434 billion, rising 44.51% year on year; net profit attributable to parent was RMB 1.156 billion, a year-on-year increase of 85.65%. HyperStrong stated that revenue growth benefited from its global expansion strategy, development of high-value application scenarios, and strategic upgrade from an equipment supplier to a comprehensive energy service provider covering the full life-cycle value chain of energy storage.
Meanwhile, HyperStrong continued to push forward its “Energy Storage + X” strategy. Technology deployment in cutting-edge tracks such as computing-power-electricity coordination and AI-enabled power trading is being rolled out, which will gradually create new growth curves.
HyperStrong’s overseas business has maintained rapid expansion and become its core growth engine. Its footprint now covers major markets including Europe, the Americas, Asia-Pacific, the Middle East and Africa. Subsidiaries have been set up in Singapore, the United States, Germany, Australia, the Philippines, Malaysia and other markets to accelerate the build-out of a localized service network.
On the delivery side, HyperStrong has established a manufacturing network centered on five smart production bases in Fangshan (Beijing), Zhuhai (Guangdong), Jiuquan (Gansu), Datong (Shanxi) and Baotou (Inner Mongolia).
Gotion High-Tech: First-Three-Quarter Revenue Surpasses Full-Year 2025 Level
On October 28, Gotion High-Tech released its 2026 Q3 report. Data shows that the company booked Q3 operating revenue of RMB 17.662 billion, up 74.62% year on year, while net profit attributable to parent posted a loss of RMB 0.537 billion, down 124.78% year on year, swinging from profit to loss.
In the first three quarters, Gotion High-Tech achieved operating revenue of RMB 45.437 billion, a year-on-year increase of 53.98%; net profit attributable to parent was RMB 0.849 billion, falling 66.48% year on year. The firm explained the decline in attributable net profit was mainly due to fair value changes of equity assets it holds and exchange rate fluctuations.
Looking back at Gotion High-Tech’s 2025 financials, its full-year operating revenue stood at RMB 45.070 billion. Its revenue in the first three quarters of 2026 has already exceeded the total for the whole of 2025.
Source：EnergyTrend
