Why it matters
Sungrow Power Supply, Shenzhen ticker 300274, builds the inverters and battery systems that tie solar arrays and storage to the grid. In the first nine months of 2026 it shipped 103 GW of inverters and 41 GWh of storage. Storage revenue was RMB 23.2 billion and inverter revenue was RMB 17.5 billion, so storage was the larger of those two product lines in a period when group revenue was lower than a year earlier.
Nine-month revenue was RMB 48.863 billion, down 26.41 percent, and attributable profit was RMB 6.599 billion, down 44.46 percent. The quarterly report is unaudited. Management described the inverter business as keeping a leading market position, with overseas inverter shipments up 13 percent to 75 GW.
How it started
Cao Renxian was a teacher at Hefei University of Technology. In 1997, at age 30, he left that post and started Sungrow in Hefei to make renewable-energy equipment. The company listed on the Shenzhen Stock Exchange in November 2011. He remains chairman and joined the 30 October 2026 investor call with the board secretary and the finance director.
The English Wikipedia page, read on 5 November 2026, still shows 2023 revenue and a 2023 headcount. Those infobox figures are not the current accounts.
What it ships
Inverter shipments for the nine months were 103 GW, compared with 110 GW a year earlier, after domestic shipments fell to 28 GW from 43 GW. Overseas shipments rose from 66 GW to 75 GW. Inverter gross margin stayed above 40 percent. In the same period the company released a matrix inverter and a new high-power string inverter for commercial and industrial users, opened a separate unit for residential and commercial channel sales, and launched a new residential solar-and-storage unit for overseas homes.
Storage shipments were 41 GWh, up 43 percent from 29 GWh. Management put the quarterly pace at about 11 GWh, about 13 GWh and then 17 GWh. Storage revenue was still lower than a year earlier. The call tied that to a Middle East comparison RMB 5.2 billion lower, because the prior-year period included a large project, and to customers pausing orders while lithium carbonate spiked. Third-quarter storage revenue was RMB 7.7 billion, up from RMB 6.7 billion in the second quarter, and the storage gross margin fell from 34 percent to 21 percent. Overseas jobs often take about half a year from shipment to recognized revenue, so third-quarter revenue still reflected earlier shipments. Management said volume delivery of PowerTitan 3.0 is concentrated in 2027.
On data-center power, the same call put solid-state transformers in customer contact and product validation, and said the category has no volume application yet. Management said a Sungrow unit was the first solid-state transformer with both European and US system-level certification, and that a 35 kV unit is planned for June 2027. That date is a development plan.
The 2026 accounts
The board dated the unaudited third-quarter report 30 October 2026. Third-quarter revenue was RMB 17.950 billion, down 21.51 percent, and attributable profit was RMB 1.341 billion, down 67.67 percent. Recurring attributable profit was RMB 1.693 billion, down 57.58 percent. The report records a RMB 489 million fair-value and disposal loss for the quarter on financial assets outside the company's normal hedging.
For the nine months, operating cash flow was RMB 3.648 billion, down 63.21 percent. Total assets were RMB 136.73 billion and attributable equity was RMB 49.44 billion. Inventory was RMB 40.97 billion, up 50.33 percent from the end of 2025. Management said the build follows signed delivery plans, because storage shipments are running ahead of revenue recognition.
Nine-month gross margin was 33.5 percent, compared with 34.9 percent a year earlier. Third-quarter gross margin was 29.4 percent, about 9 points below the second quarter's 38 percent. New-energy project development contributed RMB 2.7 billion, compared with RMB 11.3 billion a year earlier, and lost about RMB 700 million. Domestic revenue was RMB 13.4 billion, down 47 percent from RMB 25.5 billion. Middle East and Africa revenue was RMB 1.8 billion, compared with RMB 7.5 billion.
Costs, Europe and the Hong Kong filing
Management described storage-system prices as relatively steady. Lithium carbonate had fallen from above RMB 200,000 a tonne to below RMB 100,000, while copper and other materials were rising. The storage export rebate moved from 9 percent to 6 percent on 1 April 2026, and a battery consumption tax began on 1 September 2026. The company said it turned down some low-priced domestic orders when lithium was at the peak. On Europe, management said EU policy banks will judge inverter risk from the actual product or company, and that the screen is not directed at one country. The Poland factory is hoped to make an initial production start in 2027, with a plan for 20 GW of inverters and 12.5 GWh of storage a year.
Sungrow's second Hong Kong filing is the live application. On 21 August 2026 HKEX said eligible new-listing applications that were still valid that day, or were filed later, would have 12 months from the application-form date, through 20 August 2029, where vetting had not been suspended and no SFC requisition or major-concerns letter was outstanding. On 26 October 2026 the company told an investor that, under that announcement, the second filing is valid until April 2027 and the listing is still being advanced, with timing left to regulatory review and the market. The exchange notice does not name Sungrow, so those waiver conditions are the company's account. The reply gives no offer price and no listing date.
What to watch
Management expects fourth-quarter storage shipments above 20 GWh and full-year 2026 shipments above 60 GWh, and said that matches the expectation set at the start of the year. For 2027 it said company shipments may approach twice this year's level, based on orders in hand. That is an expectation, not a booked total. The same answer put next year's global storage additions, on a conservative view, above 30 percent, with overseas growth above 40 percent. The margin path named on the call is scale delivery of PowerTitan 3.0 in 2027, after a third-quarter storage margin of 21 percent.
Data-center power is the other open product thread. The October call still places solid-state transformers in validation, with a 35 kV release planned for June 2027. The Hong Kong listing is a process the company says is active, with the timetable left to regulators and the market.