Over 40% of Nearly 200 Energy Storage Companies Report Annual Profits Exceeding 100 Million Yuan

Nearly 200 publicly listed companies related to energy storage have reported their performance, with more than 40% of these companies achieving net profits exceeding 100 million yuan!

As of October 9, 2025, the recent half-year reports from publicly listed companies have been released, revealing that 193 energy storage companies reported their performance for the first half of 2025. Overall, the energy storage sector performed well, with total revenue amounting to approximately 1.5 trillion yuan and net profits totaling about 98.8 billion yuan. Notably, nearly 48% of these companies reported net profits exceeding 100 million yuan.

In various sub-sectors of energy storage, revenue growth has faced challenges. For instance, companies like China Energy Engineering, Conch Cement, South Grid Energy Storage, New Energy Green, Jinko Solar, Shenzhen Energy, and Sheneng have achieved decent revenue, though their net profit performance has been under pressure. South Grid Energy Storage announced a revenue of 3.301 billion yuan for the first half of 2025, reflecting a year-on-year increase of 13.38%, with a net profit of 832 million yuan, up by 32.93%. As of June 30, 2025, South Grid Energy Storage had a new installed capacity of 654.2 MW/1298.3 MWh for its innovative energy storage systems.

During this reporting period, three new electrochemical energy storage stations were brought online, including the Wenshan Qiubei Energy Storage Project (200 MW/400 MWh), Hainan Lingao Energy Storage Project (20 MW/40 MWh), and Hunan Central South Cement Plant matching storage project (5.1 MW/14.7 MWh). The Wenshan Qiubei demonstration project is notable for being the first energy storage station in China to integrate both lithium and sodium batteries.

China Energy Engineering reported a revenue of 212.091 billion yuan for the first half of 2025, up by 9.18%, with a net profit of 2.802 billion yuan, a slight rise of 0.72%. Their energy storage business has expanded beyond EPC services to include the development of compressed air energy storage projects and the provision of associated technical equipment. The world’s first 300 MW compressed air energy storage demonstration project, the Hubei Yingcheng Energy Storage Station “Nengchu No. 1”, commenced commercial operation in January 2025, setting three world records in terms of unit power, storage scale, and conversion efficiency. This project has a maximum storage capacity of 1,500 MWh and a conversion efficiency of nearly 70%, with daily storage and discharge durations of 8 hours and 5 hours, respectively, producing an average annual electricity output of approximately 500 million kWh.

Jinko Solar has made significant strides in the energy storage field and, as of June 30, 2025, operated approximately 5,953 MW of self-owned photovoltaic power stations and 657 MWh of independent energy storage stations. In the Gansu Province alone, the company added 360 MWh of grid-connected independent storage in the first half of the year and developed 3.9 GWh of storage projects, rapidly increasing its resource reserves. Jinko Solar reported a revenue of 2.124 billion yuan, up by 10.47% year-on-year, with a net profit of 123 million yuan, a 39.76% increase.

In the first half of 2025, Kelu Electronics achieved a net profit growth of approximately 187.23% and developed over 10 GWh of quality independent storage projects in Hebei, Shandong, Inner Mongolia, and Guangdong provinces. However, Lita New Energy reported a total revenue of 496 million yuan, down by 6.02%, with a net profit attributable to shareholders of 8.9517 million yuan, a staggering 90.17% decline. This drop was attributed to delays in subsidy payments for renewable energy projects, leading to an increase in accounts receivable and corresponding credit impairment losses.

The Guangdong Construction Group’s mid-year report indicated a total revenue of 29.312 billion yuan, ranking third among disclosed peer companies, with an increase of 2.82 billion yuan year-on-year. However, the company’s net profit fell by 23.44% to 350 million yuan. Their clean energy generation operations are primarily located in regions like Xinjiang, Guangdong, Gansu, Hunan, and Shandong. The first “grid-side” independent energy storage station, the Yunfu Energy Storage Station, commenced operations in November 2024, with a cumulative installed clean energy generation capacity of 4.566 million kW by the end of June 2025.

China Three Gorges Energy reported total revenue of 14.736 billion yuan for the first half of 2025, down by 2.19%, with a net profit of 3.815 billion yuan, a decrease of 5.48%. The quarterly data for the second quarter showed a total revenue of 7.107 billion yuan, a decline of 0.79%, with a net profit of 1.368 billion yuan, down by 15.41%.

Among 30 companies in the “3S” sector, over half reported year-on-year net profit growth. Deye Co., Ltd. topped the list with a net profit of 1.522 billion yuan. XJ Electric and Jinlong Technology followed closely with net profits of 634 million and 602 million yuan, respectively. XJ Electric saw a net profit increase of over 24.78%, while Guodian Nanzi reported a net profit growth of approximately 197.03%. XJ Electric’s half-year revenue was 2.184 billion yuan, a rise of 13.42%, with a net profit of 201 million yuan, reflecting a year-on-year increase of 24.78%.

Overall, the energy storage industry showcases strong growth potential, with many companies capitalizing on the increasing demand. The performance results from nearly 200 listed energy storage companies indicate a promising future for the sector, with robust revenues and significant advancements in technology and project development.