On the evening of March 20, Clou Electronics officially released its 2025 annual report. During the reporting period, the company achieved an operating revenue of 6.31 billion yuan, representing a substantial year-on-year increase of 42.41%. Meanwhile, the net loss attributable to shareholders of the listed company was 156 million yuan, marking a significantly narrowed loss compared to the same period last year.
Notably, the energy storage business has become the core engine for the company's performance growth. In 2025, this segment generated an operating revenue of 3.797 billion yuan, surging 160.74% year-on-year and accounting for 60.17% of the company's total revenue. This marks the first time it has surpassed the smart grid business to become the primary source of revenue. However, the gross profit margin for the energy storage business stood at 17.03%, down 6.87 percentage points from the previous year.
On the production and sales front, Clou Electronics recorded energy storage equipment sales of 6.754 GWh in 2025, a year-on-year increase of 387.3%. Over the same year, the total capacity of newly signed energy storage projects reached approximately 11.6 GWh, while energy storage system shipments totaled around 6.9 GWh.
The company noted that the massive growth in sales volume was primarily driven by the continuous release of demand in the energy storage market. However, the fact that the sales volume growth rate far outpaced the revenue growth rate was due to a significant drop in selling prices, which was heavily influenced by prevailing market conditions.
Against the backdrop of increasingly fierce competition in the domestic market, Clou Electronics' steadfast advancement of its overseas strategy has yielded remarkable results, unlocking a vastly broader space for incremental growth. In 2025, the company's overseas business achieved revenue of 2.77 billion yuan, a massive 86.54% year-on-year increase, with its share of total revenue climbing to 43.89%.
Currently, Clou Electronics is rapidly accelerating the expansion of its global footprint. Not only has it successfully penetrated emerging markets such as Bosnia and Herzegovina, Japan, Greece, and Bulgaria, but it has also secured a massive gigawatt-level (GW) system supply contract for data center energy storage applications in the Americas. Additionally, the company has successfully completed the delivery of multiple key energy storage projects across North America, Europe, Latin America, and the Asia-Pacific region.
To support the rapid expansion of its global business, Clou Electronics is building a deeper economic moat in both capacity layout and technological R&D. Domestically, its Yichun energy storage base has currently reached an annual production capacity of 12 GWh. Simultaneously, to meet the development needs of its energy storage business and flexibly respond to changes in the international trade landscape, the company is planning the construction of an energy storage production base in Indonesia. This facility has an initial planned capacity of 3 GWh and is scheduled to officially commence production in 2026.
On the technological front, the company continues to enrich its R&D matrix. It is focusing heavily on zero-carbon energy management platforms for industrial parks, new-generation lithium-ion battery liquid-cooled energy storage systems, liquid-cooled commercial and industrial lithium-ion battery energy storage systems, large-scale energy storage string and central PCS (Power Conversion System) products, the Aqua3 next-generation lithium-ion battery liquid-cooled energy storage system, and intelligent O&M (operation and maintenance) platform projects for energy storage. Through these efforts, Clou Electronics aims to sustain its technological competitive edge in the future zero-carbon arena.
Source：EnergyTrend