On the evening of February 27th, CALB, HyperStrong, Zhuhai CosMX, SolaX Power, and Tianneng successively disclosed their annual performance reports for 2025. Overall, benefiting from the global energy transition and market expansion, the operating revenues of these enterprises generally demonstrated a growth trend. However, a significant divergence emerged in their net profit performance, with some companies facing the challenge of increasing revenue without a corresponding increase in profit.
01 CALB：Simultaneous Efforts in Three Major Sectors Drive Net Profit to Double
CALB ushered in a massive leap in profits in 2025. According to preliminary calculations, the company expects its net profit for 2025 to be approximately 2.025 billion to 2.193 billion RMB. Compared to the net profit of about 844 million RMB in the same period last year, this represents a staggering year-on-year surge of roughly 140% to 160%.
Regarding this significant performance improvement, the company stated that it was primarily due to its leading technological products maintaining a sustained high-growth momentum in the passenger vehicle, commercial vehicle, and energy storage sectors.
02 HyperStrong：Seizing Energy Storage Opportunities for High Revenue and Profit Growth
For the full year of 2025, HyperStrong achieved a total operating revenue of approximately 11.604 billion RMB, a substantial increase of 40.32% compared to the previous year. Among this, the net profit attributable to the parent company's owners was about 949 million RMB, up 46.49% year-on-year; the net profit after deducting non-recurring gains and losses was around 876 million RMB, a year-on-year increase of 39.53%.
During the reporting period, the company firmly grasped the historical opportunity presented by the rapid development of the domestic energy storage market. Relying on the competitive advantages in market, technology, and R&D built up over years of accumulation, it secured a relatively high market share domestically. Simultaneously, by accelerating its expansion into the global market, the company's operating revenue and profits exhibited a continuous growth trend.
03 Zhuhai CosMX：Notable Results in Market Expansion, with Short-Term Pressure on Core Net Profit
In 2025, Zhuhai CosMX realized a total operating revenue of 14.397 billion RMB, an increase of 24.74% over the same period last year. Of this, the net profit attributable to the parent company's owners reached 472 million RMB, up 9.7% year-on-year; however, the net profit attributable to the parent company's owners after deducting non-recurring gains and losses was 313 million RMB, a decrease of 10.38% year-on-year.
The company attributed the growth in operating revenue to the remarkable results achieved in market expansion, an effective increase in customer share, and the company's focus on the automotive low-voltage lithium battery and drone battery businesses, which drove continuous improvements in the operating efficiency of its power-related business.
04 SolaX Power：Emerging Markets Drive Revenue Growth, While Expenses and Gross Margins Drag Down Current Profit
SolaX Power faced a classic challenge of "increasing revenue without increasing profit" in 2025. During the reporting period, the company achieved an operating revenue of 4.082 billion RMB, a year-on-year growth of 32.84%. However, in stark contrast, the net profit attributable to the parent company's owners was only 116 million RMB, a sharp year-on-year drop of 43.16%; the net profit after deducting non-recurring gains and losses stood at 64 million RMB, a plunge of 54.48% year-on-year.
The company stated that vigorously developing emerging markets such as Asia, Africa, and Australia effectively drove the overall increase in operating revenue. However, because the overall gross margin levels in emerging markets are relatively low, this created a dilutive effect on the company's comprehensive profitability. Furthermore, to accelerate technological innovation and market expansion, the company incurred higher R&D, sales, and management expenses. Compounded by the impact of asset impairment loss provisions, this ultimately resulted in a substantial decline in profit for the current period compared to the previous year.
05 Tianneng：Revenue Scale Expands Steadily, and Main Businesses Maintain a Robust Posture
The performance of Tianneng in 2025 was overall stable. During the reporting period, the company realized a total operating revenue of 45.792 billion RMB, an increase of 1.67% over the same period last year. Among this, the net profit attributable to the shareholders of the listed company was 1.591 billion RMB, up 2.32% year-on-year; the net profit after deducting non-recurring gains and losses reached 1.099 billion RMB, representing a slight year-on-year increase of 0.09%.
The company pointed out that the steady growth in performance benefited from its continuous deepening of the strategic layout in the lithium battery business. Through technological innovation, capacity optimization, and supply chain synergy, the production and sales scale of the lithium battery business expanded steadily, enhancing both overall operational quality and profitability.
Source：EnergyTrend