Sungrow says energy storage systems overtook PV inverters as its largest business segment in 2025, as the company posted double-digit revenue and profit growth.

Sungrow said revenue reached CNY 89.184 billion ($12.95 billion) in 2025, up 14.55% year on year, with net profit attributable to shareholders rising 21.97% to CNY 13.461 billion. Energy storage systems generated CNY 37.287 billion in revenue, up 49.39%, accounting for 41.8% of total revenue, while global storage shipments reached 43 GWh. PV inverter revenue totaled CNY 31.136 billion, with global shipments of 198 GW and an estimated 30% market share. Overseas revenue rose 48.7% to CNY 53.992 billion, representing 60.5% of total revenue. The company attributed a more than 50% year-on-year decline in fourth-quarter net profit to a CNY 1.0 billion incentive fund provision and adjustments to overseas project delivery schedules, and said it is advancing plans for a Hong Kong listing to support global expansion.

Laplace has denied market rumors that it had secured a second-phase PV project from Tesla valued at nearly CNY 10 billion, saying no such orders existed and no undisclosed material information was being withheld. The company warned investors against irrational speculation following recent stock gains.

The National Energy Administration (NEA) said China's nationwide PV utilization rate reached 90.8% in January to February, down four percentage points from the 2025 average and approaching the commonly cited 90% curtailment threshold. The decline was attributed to reduced electricity demand during the Lunar New Year holiday period, when lower industrial and commercial activity typically increases solar curtailment.

GCL New Energy said its board has proposed changing the company's English name to Dynasty Digital Holdings Ltd, reflecting a strategic shift toward integrating digital technologies including AI and Web3.0 into its business development.

The China Nonferrous Metals Industry Association (CNMIA) said polysilicon prices are falling sharply, with n-type re-feed and granular silicon both averaging CNY 36,500 per metric ton on April 1, down 9.88% week on week. N-type re-feed polysilicon traded between CNY 35,000 and 37,000 per metric ton (MT), while n-type granular silicon traded between CNY 36,000/MT and 37,000/MT, with both averaging CNY 36,500/MT.

TCL Zhonghuan has agreed to take majority control of Chinese solar manufacturer DAS Solar, a producer of advanced n-type modules based on tunnel oxide passivated contact (TOPCon) and back-contact (BC) technologies.

TCL Zhonghuan has signed a definitive agreement to acquire control of DAS Solar through a combination of share transfers, capital injection, and voting rights delegation, in one of the most closely watched solar sector consolidation deals of 2026.

The Shenzhen-listed company, a unit of TCL Technology, said on March 30 that it had finalized transaction documents after securing a 90-day exclusive negotiation window under a framework agreement signed Jan. 16.

Under the terms of the deal, TCL Zhonghuan will pay CNY 1.258 billion ($182.7 million) in cash. This includes CNY 258 million to acquire 8.06% of DAS Solar’s pre-money equity from 50 existing shareholders, and CNY 1 billion in new capital, giving it 55.56% of post-money equity. The transaction implies a pre-investment valuation of CNY 800 million, roughly 10% of the company’s peak valuation. TCL Zhonghuan will also receive voting rights over an additional 7.20% of shares from founder Liu Yong and affiliated partnerships.

Following completion, TCL Zhonghuan will hold 59.14% of DAS Solar and control 66.34% of voting rights. DAS Solar will become a consolidated subsidiary.

The deal has been approved by TCL Zhonghuan’s board and does not require shareholder approval, according to the company. Remaining steps include state asset approvals, antitrust filing, and final closing.

Founded in 2018, DAS Solar has built significant capacity in n-type technologies. By the end of 2025, it had more than 50 GW of cell capacity and more than 70 GW of module capacity, with a strong presence in n-type TOPCon and BC module bidding in recent years.

However, the company faces financial pressure. As of the end of 2025, DAS Solar reported liabilities of CNY 14.189 billion and negative net assets of CNY 1.292 billion.

The acquisition would extend TCL Zhonghuan downstream from wafers into cells and modules, strengthening vertical integration. The company, via subsidiary Maxeon, holds BC-related intellectual property, while DAS Solar contributes manufacturing capacity. The combination could accelerate BC commercialization, according to the announcement.

Industry views are mixed. Supporters see a low-cost acquisition of a strategic asset at a depressed valuation and a signal of broader industry consolidation. Risks include near-term earnings pressure from DAS Solar’s losses, potential goodwill impairment, and integration challenges across operations, talent, and customers.

CNESA says China’s non-pumped storage technologies hit 144.7 GW in 2025, with 66.43 GW added.

From ESS News

China’s cumulative power-sector energy storage capacity reached 213.3 GW by the end of 2025, up 54% year on year, according to data from the China Energy Storage Alliance (CNESA). Pumped hydro accounted for 31.3% of the total, while “new-type” energy storage made up 67.9% – around 144.7 GW.

Based on CNESA DataLink 2025 annual energy storage dataset, presented at a press conference in Beijing on Jan. 22, a total of 66.43 GW/189.48 GWh of new-type energy storage systems were commissioned in 2025.

The added power and energy scales increased 52% and 73% year on year, respectively, which CNESA linked to a continued shift toward longer-duration configurations, it reported the average duration rising to 2.58 hours in 2025 (from 2.11 hours in 2021).

CNESA said the leading application scenario has shifted toward standalone energy storage, which accounted for 58%, while user-side storage fell to 8% and thermal-plus-storage frequency regulation to 1.4%; “renewables-paired storage” was described as stable.

Geographically, CNESA reported that the top 10 provinces each exceeded 5 GWh of newly commissioned capacity and together represented about 90% of additions. Inner Mongolia ranked first by both power and energy capacity, and Yunnan entered the top 10 for the first time.

Lithium iron phosphate (LFP) batteries continued to dominate, with CNESA reporting over 98% of new-type installed capacity. CNESA also noted emerging deployments of sodium-ion, vanadium flow, compressed air, gravity storage, and hybrid systems, separately citing a 40 MW/40 MWh grid-forming sodium-ion project in Wenshan, Yunnan as an example.

On procurement, CNESA reported 690 energy storage system tenders (excluding centralized/framework procurement), down 10.4%, while EPC tenders rose to 1,536, up 4.5%. Winning bid volumes (excluding centralized/framework procurement) reached 121.5 GWh for systems and 206.3 GWh for EPC.

CNESA’s tender-price analysis for LFP systems (excluding user-side applications) reported a 2025 winning bid price range of CNY 391.14/kWh ($55/kWh) to CNY 913.00/kWh ($128/kWh). For EPC (excluding user-side), CNESA reported average winning bid prices of CNY 1,043.82/kWh ($146/kWh) for 2-hour projects and CNY 935.40/kWh ($131/kWh) for 4-hour projects.

CNESA also launched a policy “map” for standalone storage market mechanisms covering 21 provinces.

Wuxi DK Electronic Materials is pursuing two patent infringement cases against domestic competitors, seeking injunctions, equipment destruction, and combined damages of CNY 400 million ($57.5 million).

Wuxi DK Electronic Materials has filed two patent infringement lawsuits with the Jiangsu High People’s Court against Jiangsu Riyu Photovoltaic New Materials and Suzhou Jinyin New Materials Technology , seeking CNY 200 million in damages and related legal costs in each case.

The company said both filings have been formally accepted and registered by the court, although hearing dates have not yet been scheduled.

The lawsuits concern two Chinese invention patents, ZL201180032359.1 and ZL201180032701.8, covering thick-film conductive paste formulations for semiconductor devices, including solar cells. DKEM said the patents are held by its subsidiary Solamet Electronic Materials and relate to lead-tellurium-lithium and oxide-based paste technologies.

DKEM is seeking injunctions to halt the manufacture, sale, and offering for sale of the allegedly infringing pastes. The company is also requesting the destruction of dedicated production equipment and molds, and compensation for economic losses, enforcement costs, and related expenses.

The patents trace back to the intellectual property portfolio of DuPont’s former Solamet photovoltaic paste business, acquired by another entity in 2021 for $190 million. DKEM later consolidated control of the Solamet assets and associated intellectual property.

Suzhou Jinyin is described in Chinese financial reporting as a leading supplier of front-side silver paste for solar cells, ranking third globally by market share. Founded in 2011, it was later acquired by listed electronics firm Suzhou Good-Ark Electronics. Jiangsu Riyu is a fast-growing paste supplier that filed a Hong Kong listing application in 2025, with plans to expand into n-type and back-contact paste products.

This follows earlier high-value patent actions by DKEM. In 2025, its subsidiary filed a suit against Zhejiang Guangda Electronic Technology seeking similar remedies. A Solamet-linked entity also pursued related claims against Changzhou Juhe New Materials in 2021, with domestic and overseas disputes reportedly settled in August 2022.

Separately, DKEM flagged earnings pressure, forecasting a net loss of CNY 200 million to CNY 300 million for 2025, primarily linked to non-operating factors, according to Chinese financial media.

Polysilicon trading in China remained largely inactive, with production cuts accelerating and wafer prices falling week on week, while downstream cell prices continued to rise and module prices held steady, according to a trade group representing China's nonferrous metals sector.

The China Nonferrous Metals Industry Association (CNMA) said polysilicon trading remained largely stalled, with only limited exploratory orders completed. One leading producer has halted operations, while two others have implemented production cuts. January output is expected to fall by about 15% month on month, broadly in line with wafer production schedules, with February output forecast at 82,000 to 85,000 metric tons. The association said most wafer prices declined week on week, with average transaction prices at CNY 1.26 per piece for n-type G10L wafers, down 3.82%; CNY 1.32 for n-type G12R wafers, down 7.04%; and CNY 1.52 for n-type G12 wafers, down 8.43%. Downstream cell prices rose to CNY 0.41/W to CNY 0.45/W, up 4.88%, while module prices were stable at CNY 0.71/W to CNY 0.75/W.

Hoymiles has signed a supply contract with Indian renewable energy solutions provider KOSOL Energie to deliver 360 MW of its HMS series microinverters in 2026. The company said the products are optimized for India’s high-temperature, high-humidity, and high-irradiance conditions, as well as for larger module formats, large-scale commercial and industrial rooftops, and complex grid environments.

Boway Alloy has issued a profit warning, forecasting full-year 2025 net profit attributable to shareholders of CNY 100 million to CNY 150 million, down 88.9% to 92.6% year on year. The China-listed parent of Vietnam-based Boviet Solar said the decline reflects impairment charges linked to high US anti-dumping and countervailing duties on Vietnam-manufactured products, which made relocating production uneconomic, as well as reduced subsidies and order losses at its United States subsidiary following passage of the United States “Big and Beautiful” Act. Boway Alloy said it is exploring equity divestment options.

PowerChina has signed an engineering, procurement and construction (EPC) contract through its Colombia branch for a 251 MW solar project in Santander province, Colombia. The scope includes PV plant development, equipment supply, installation and commissioning, with a string inverter plus tracking system configuration intended to improve generation efficiency and operational stability.

Deye said it submitted an application on Jan. 27 to issue H shares and list on the main board of the Hong Kong Stock Exchange. The company said its listing application materials were published on the exchange’s website the same day.

Longi, and Tongwei have predicted steep losses for fully fiscal year 2025, as persistent oversupply and falling solar module prices continue to pressure margins across China’s PV manufacturing sector.

Tongwei said it expects to post a net loss of CNY 9 billion ($1.29 billion) to RMB 10 billion for full fiscal year 2025. The polysilicon and module manufacturer said this loss is largely due to continued low pricing throughout the solar value chain, which has eroded margins, rising costs for key raw materials, and a persistent imbalance between supply and demand in the photovoltaic market. Tongwei posted a net loss of CNY 7.04 billion for 2024, down 152% from a net profit of CNY 13.58 billion in the preceding year, marking its first annual loss since listing.

Longi said it expects a net loss attributable to shareholders CNY 6 billion to CNY 6.5 billion for the fiscal year 2025. The company said the expected loss is mainly attributable to ongoing structural pressures in the photovoltaic industry — especially a persistent imbalance between supply and demand, which has kept solar product prices very low and intensified internal price competition. In 2024, the company posted a net loss of CNY 8.62 billion, down from a profit of CNY 10.75 billion in 2023, as annual revenue fell 36.2%. Longi also announced it signed a framework agreement with European distributor Brandmerchandising B.V. under which the partner will procure 300 MW of HPBC 2.0 high-efficiency modules.

JinkoSolar has announced distribution agreements totaling nearly 300 MW for its Tiger Neo 3 modules with Thailand-based UTI Energy, Solar Touch, JTN Energy, and IAN Solar, expanding its footprint in the Southeast Asian market. The company also announced its controlling subsidiary, Haining Jinko, plans to introduce strategic investors including Xingyin Asset Management and China Orient Asset Management through a capital increase of up to CNY 3.0bn ($412m) for a stake of no more than 24.68%. The proceeds will be used primarily to repay debt. JinkoSolar said it will waive its pre-emptive rights but retain an indirect holding of at least 68.94%, leaving control unchanged.

Trina Solar secured two supply agreements with ACWA Power covering utility-scale projects in Saudi Arabia. Trina will deliver 1.15 GW of modules for the Haden solar project and 900 MW of trackers for the 1.5 GW Al Khushaybi project. Both projects are scheduled for completion by July 2026, with grid connection planned for February 2027.

China Huadian Group has released its 2026 centralized PV module procurement tender, split into two lots of 6 GW and 2 GW, with minimum module efficiency requirements of 23.8% and 22.8%, respectively.

China’s leading stationary storage battery manufacturers are accelerating the rollout of 500 Ah-plus lithium iron phosphate (LFP) cells, betting that larger formats can cut system complexity and lift energy density in 6 MWh-class containers, even as safety, yield, and standardization challenges intensify.

From ESS News

China’s top stationary storage cell makers have accelerated the rollout of 500Ah-plus LFP formats since 2025, positioning “big cells” as a near-term pathway to reduce balance-of-system complexity and lift container-level energy density.

CATL is promoting a 587Ah energy storage cell as part of its large-format roadmap. The company cites a volumetric energy density of 434 Wh/L and a cycle life exceeding 10,000 cycles. CATL said it made its first deliveries in June 2025 and has installed four production lines at its Jining facility in Shandong province, with total annual capacity of 60 GWh. It also reported cumulative shipments of more than 2 GWh by December 2025.

EVE Energy is pushing its Mr. Big 628Ah product line into the market, positioning the cells around higher integration efficiency for long-duration storage systems.

To continue reading, please visit our ESS News website.