---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/39641453.md"
description: "First Take on Sungrow 4Q25: Results fell well short of expectations, with revenue stalling and profits plunging, dragged by the storage biz. ① Revenue: Storage shipments up but ASPs down; tariff cost-sharing weighed on sales. Q4 revenue was RMB 22.8bn, down 18% YoY and flat QoQ. It was far below the RMB 30.6bn the market expected. By segment, storage systems were the main drag. Shipments rose 40% QoQ to 14GWh, yet storage revenue fell ~22% YoY and 23% QoQ to RMB 8.5bn. The key driver was a sharp drop in ASP. Q4 storage ASP was RMB 0.61/W, down ~45% from RMB 1.1/W in Q3. We see two main reasons behind this pressure. Details follow. 1) A higher share of lower-ASP domestic shipments. In Q4, domestic revenue rose 29% QoQ to RMB 9.6bn, while overseas revenue fell 14% QoQ to RMB 13.2bn. 2) More importantly, for existing signed orders, the company is sharing incremental costs arising from U.S. tariff changes with customers. Mgmt. previously disclosed that this 'tariff sharing' would reduce 2025 net profit by ~RMB 500mn, pressuring Q4 revenue recognition and margins. ② Profit: Mix deterioration and rising costs crushed margins. Q4 GP fell 32% YoY. GPM dropped from ~36% in Q3 to ~23%, with the step-down again driven by storage. Storage GPM fell from ~40% in 1H to 33.4% in 2H, with even greater pressure in Q4. Multiple factors likely contributed. ① First, an adverse mix shift as domestic low-price products increased. ② Second, tariff cost-sharing directly eroded margins. ③ Third, rising lithium carbonate prices started to lift battery costs. ③ Bottom line: OP and NP both collapsed. With revenue stagnant and GPM collapsing, Q4 OP fell nearly 60% YoY. Higher asset and credit impairment charges (up nearly RMB 600mn QoQ) further hit earnings. As a result, attributable NP fell 54% YoY to RMB 1.6bn, with NPM plunging ~11.2ppt QoQ to 6.9%. We will track the upcoming call for mgmt.'s explanations and guidance. Stay tuned! $Sungrow Power Supply(300274.SZ)"
datetime: "2026-03-31T12:58:42.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39641453.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39641453.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39641453.md)
author: "[Dolphin Research](https://longbridge.com/zh-HK/news/dolphin.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/39641453.md) | [简体中文](https://longbridge.com/zh-CN/topics/39641453.md)


# First Take on Sungrow 4Q25: Results fell well shor…


### 相關股票

- [Sungrow Power Supply (300274.CN)](https://longbridge.com/zh-HK/quote/300274.CN.md)

## 評論 (6)

- **永远不要买中概 · 2026-03-31T14:40:32.000Z**: Is there a conference call?
  - **Dolphin Research** (2026-04-01T01:46:24.000Z): There will be, I'll post it later.
- **小散户可怜 · 2026-03-31T13:11:17.000Z**: There aren't many good companies, so where does the illusion of an improving macroeconomic environment come from?
- **新用户_MPq · 2026-03-31T13:06:14.000Z**: With such a good environment, how did it end up like this? Is the management level too poor?
- **孙文先生 · 2026-03-31T13:04:00.000Z · 👍 1**: You're analyzing Sungrow Power but not Foxconn Industrial Internet?
  - **Dolphin Research** (2026-04-01T01:48:53.000Z): Well 😂, we'll still focus on Hong Kong and US stocks for now, and won't add coverage of A-shares yet.