Recently, Deye released its 2025 annual report and the earnings growth forecast for the first quarter of 2026.
In 2025, Deye achieved an operating revenue of RMB 12.224 billion, a year-on-year increase of 9.08%; the net profit attributable to the parent company was RMB 3.171 billion, up 7.11% year-on-year; the net profit excluding non-recurring gains and losses was RMB 3.035 billion, a year-on-year increase of 8.2%.
Looking at the business segments, the new energy business performed exceptionally well. In 2025, the company's inverter products generated an operating revenue of RMB 6.322 billion, an increase of 13.78% compared to the same period last year; meanwhile, the energy storage battery pack business achieved an annual operating revenue of RMB 3.832 billion, a substantial year-on-year increase of 56.34%.
In terms of global market expansion, Deye ushered in comprehensive, explosive growth across multiple overseas regions in 2025. In the European market, driven by multiple factors such as subsidy policies and the energy crisis, demand surged, leading to rapid sales growth in commercial and industrial energy storage; the Middle East market achieved breakthrough growth relying on long-term brand accumulation, with its business rapidly radiating to neighboring countries such as Iraq and Yemen; in addition, sales volume in Asian countries such as India and Vietnam doubled, and the Australian market also experienced a sharp rise in demand stimulated by new policies.
To further deepen its global layout and broaden diversified financing channels, the company is planning to issue overseas shares (H shares) and list on the Hong Kong Stock Exchange, and it has already invested in and built a production base in Malaysia to more flexibly respond to potential changes in the international trade landscape.
Stepping into 2026, the company's profitability continues to grow. According to the 2026 first-quarter earnings growth forecast, the company is expected to achieve a net profit attributable to the owners of the parent company of RMB 1.1 billion to RMB 1.2 billion in Q1 2026, reaching a year-on-year increase of 55.91% to 70.08%; at the same time, the estimated net profit attributable to the owners of the parent company excluding non-recurring gains and losses will be RMB 1.04 billion to RMB 1.14 billion, achieving a year-on-year growth of 69.78% to 86.11%.
Regarding the reasons for the performance growth, the company stated that since the beginning of 2026, affected by geopolitical fluctuations, energy shortages and price volatility have intensified, and the importance of energy security has been elevated. Coupled with the continuous momentum of energy storage-related subsidy policies in multiple countries, the demand for residential, commercial, and industrial energy storage in regions such as Europe, the Middle East, and Southeast Asia has significantly increased. Consequently, the sales revenue of the company's energy storage inverters and energy storage battery pack products in Q1 2026 grew substantially year-on-year.
Source：EnergyTrend