On April 30, YN Energy Technology (688348) released its 2024 annual report, revealing a revenue of 1.771 billion yuan and a net profit attributable to shareholders of 140 million yuan. The company noted that its industrial storage business experienced lower-than-expected performance in the first quarter due to project timing. However, demand for micro-inverters remained stable, with profit margins remaining high.
Since its listing in 2022, YN Energy has consistently paid cash dividends each year, totaling 349 million yuan. For 2024, the company plans to distribute a cash dividend of 4 yuan per 10 shares, amounting to a total payout of 61.81 million yuan, which represents 44.14% of the net profit attributable to shareholders.
The company’s strategy to deepen its integrated solar storage approach has led to significant investments in research and development, resulting in the formation of three major sectors: micro solar storage, residential solar storage, and commercial solar storage. This diverse product matrix is continuously expanding, showcasing synergistic effects.
In the micro solar storage sector, the newly developed EZHI hybrid inverter efficiently combines micro photovoltaic and micro energy storage functionality, catering to balcony and DIY applications. In the residential solar storage sector, the DS3 and DS3D series are recognized for their high energy density and reliability, suitable for home photovoltaic systems. Meanwhile, the ELS and ELT series are specifically designed for residential energy storage, featuring safe low-voltage components and battery connections. For commercial applications, the company’s self-developed Ocean series offers high safety, reliability, and efficiency, making it suitable for higher power scenarios.
YN Energy has also secured a 435 million yuan energy storage project in Shenzhou and a 15MW photovoltaic station renovation project in Laos, marking significant breakthroughs in its commercial energy storage business both domestically and internationally. In 2024, the company participated in over 20 international solar and energy storage exhibitions across the United States, Brazil, Sweden, the Netherlands, Thailand, Australia, and more, expanding its business reach across the Americas, Europe, Asia, and Oceania while enhancing its global sales channels and brand recognition.
As a national-level specialized “little giant” enterprise, YN Energy adheres to a core development strategy of “strong R&D, heavy marketing, and light assets.” In 2024, the company applied for 63 new intellectual property rights and received 22 new authorized rights, bringing its total to 188, including 91 invention patents. Research and development expenses reached 94.06 million yuan in 2024, representing a 30.97% increase compared to 2023, excluding the impact of share-based payments. Moreover, the number of R&D personnel increased by 56 in 2024, with R&D staff now accounting for 50% of the total workforce.
YN Energy is seizing opportunities in digitalization and intelligence, leveraging AI technology to empower its solar storage products and provide clients with “AI smart energy services,” facilitating long-term corporate development. For instance, in residential scenarios, the “BESS AI” model analyzes historical data to understand photovoltaic generation patterns and plan battery charging and discharging strategies, significantly improving energy management’s economic benefits. In corporate settings, the company has obtained electricity sales qualifications from the Jiangsu Electric Power Trading Center and employs a “power spot trading auxiliary decision-making platform,” integrating big data and AI to predict electricity prices and loads, providing intelligent charging and discharging solutions for enterprises.
Looking ahead to 2025, YN Energy aims to implement its operational objective of “dual-wheel drive in domestic and foreign markets, with coordinated advancement of solar storage integration.” The company will continue to increase R&D investments while actively exploring the deep integration of artificial intelligence and power electronics technology, utilizing AI to enhance its solar storage products and accelerate the development of a smart energy ecosystem.
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