Between January 23 and January 24, Pylontech, Linyang Energy, and Hoymiles successively released their annual performance forecasts for 2025.
Based on the disclosed data, the performance of these three companies shows a significant trend of divergence: Pylontech achieved substantial growth in net profit, benefiting from a market recovery. Conversely, Hoymiles and Linyang Energy saw their performance decline or slip into losses, affected by investments in strategic transformation and industry cycle fluctuations, respectively.
Pylontech: Market Recovery Drives Net Profit Increase of Over 50%
Pylontech projects that its net profit attributable to owners of the parent company for the annual year 2025 will range from RMB 62 million to RMB 86 million. Compared with the same period last year, this represents an increase of RMB 20.89 million to RMB 44.89 million, a year-on-year growth of 50.82% to 109.21%. The net profit after deducting non-recurring gains and losses is expected to be a loss of between RMB 8 million and RMB 12 million.
Regarding the primary reasons for these performance changes, Pylontech stated that it mainly benefited from a recovery in demand in the international energy storage market, continuous growth in domestic energy storage demand, and rising demand for Lithium-ion and Sodium-ion batteries in the light-duty power market. Consequently, the company achieved high-speed growth in its overseas Commercial & Industrial (C&I) and residential storage businesses. Additionally, it made breakthrough progress in domestic C&I storage, shared battery swapping, and sodium-ion battery businesses for light-duty power, driving a significant increase in the company’s production, sales volume, and revenue scale.
Linyang Energy: Intensified Competition Leads to Net Profit Drop of Over 50%
Linyang Energy expects its net profit attributable to owners of the parent company for 2025 to range from RMB 225 million to RMB 335 million. Compared with the same period last year, this is a decrease of RMB 418 million to RMB 528 million, representing a year-on-year decline of 55.50% to 70.11%. Net profit after deducting non-recurring gains and losses is projected to be RMB 235 million to RMB 350 million, a decrease of RMB 413 million to RMB 528 million compared to the previous year, marking a year-on-year drop of 54.10% to 69.18%.
The factors influencing performance were concentrated in the New Energy and Energy Storage sectors:
New Energy Sector: Affected by cyclical fluctuations in the photovoltaic (PV) industry, some of the company’s Build-Transfer (BT) renewable energy power station projects are still under construction, meaning revenue has not yet been recognized. At the same time, a phased downward trend in market prices for PV cells put pressure on profit margins, and fluctuations in settlement prices within market-based electricity trading also affected the stability of returns.
Energy Storage Sector: Due to continued fierce competition within the domestic industry, the company adopted a business strategy focused on improving quality and efficiency, resulting in phased adjustments to project scale.
In response to market changes, Linyang Energy stated that it will accelerate overseas market expansion and deepen lean management to cope with industry cycle adjustments.
Hoymiles: Projected Loss of RMB 135 Million to 165 Million
Hoymiles forecasts that its net profit attributable to owners of the parent company for 2025 will be a loss of RMB 135 million to RMB 165 million. This represents a shift to a loss compared to the same period last year, a year-on-year decrease of 139% to 148%. Net profit after deducting non-recurring gains and losses is expected to be a loss of RMB 163 million to RMB 193 million, a year-on-year decrease of 155% to 166%.
regarding the main reasons for the performance fluctuation, Hoymiles indicated that this was primarily due to the company undertaking strategic adjustments and high-intensity investments. On one hand, the company is transforming from a single-equipment supplier to a "comprehensive PV and energy storage solution provider"; affected by changes in product structure, the overall gross margin has declined. On the other hand, to support future development, the company significantly increased investments in R&D and sales and deepened its localization layout, leading to a rise in costs and expenses.
Despite facing losses, Hoymiles emphasized that the company's overall operating revenue remained relatively stable and that it will continue to adhere to an R&D-driven approach while continuously optimizing its business structure.
Source：EnergyTrend