Yuneng Technology Reports 24.7% Revenue Growth Driven by Energy Storage and AI Innovations

On April 29, YN Technology (688348.SH) announced its annual report for 2024 and its Q1 report for 2025. Last year, the company experienced significant growth in its commercial and industrial energy storage business, achieving a total revenue of 1.771 billion yuan, representing a year-on-year increase of 24.70%. The net profit attributable to shareholders reached 140 million yuan.

In the first quarter of 2025, despite a decline in revenue due to heightened global trade tensions, YN Technology demonstrated resilience in its global business layout and flexibility in outsourcing. This allowed the company to maintain stable profitability while improving its gross margin to 43.49%.

YN Technology focuses on the photovoltaic and energy storage sectors, primarily engaging in the research, development, and commercialization of power electronic technologies at the component level in distributed photovoltaic systems, as well as residential and industrial energy storage technologies. The company provides comprehensive solutions for distributed photovoltaic + energy storage applications, centered around micro-inverters.

The report also revealed the company’s dividend plans. For 2024, YN Technology intends to distribute a cash dividend of 4 yuan for every 10 shares, totaling 61.81 million yuan, which accounts for 44.14% of the net profit attributable to shareholders for 2024. Over the past three years, the total cash distributed has reached 349 million yuan, with a cash dividend ratio as high as 145.05%.

As the global transition to clean energy accelerates, the significance of renewable energy in the global energy structure has become increasingly prominent. According to data from the International Energy Agency (IEA), the global installed capacity of photovoltaic systems increased by nearly 452 GW in 2024, marking a 32.2% year-on-year growth.

Simultaneously, the integration of energy storage with photovoltaic systems has become a widely accepted approach in the development of new energy worldwide. In line with industry trends, YN Technology has launched residential and commercial energy storage products, creating new growth momentum based on independent research and innovation.

In the annual report, YN Technology attributed its significant revenue growth to two key factors: first, the rapid expansion of its commercial and industrial energy storage business in the domestic market, which successfully implemented several benchmark projects; second, as inventory depletion in the European market neared completion, the demand for residential energy storage gradually recovered, leading to increased sales of the company’s residential energy storage products.

Specifically, in 2024, revenue from YN Technology’s commercial and industrial energy storage systems and services amounted to 542 million yuan, a remarkable increase of 229.42%. The sales volume of commercial and industrial energy storage equipment reached 1,666 units, with a growth rate exceeding 400%. The annual report highlighted that YN Technology’s Ocean200L and Ocean400L series products achieved coordinated control across various subsystems, including batteries, PCS, cooling systems, and fire protection systems, boasting high safety, reliability, and efficiency.

Leveraging its product advantages, YN Technology secured several large contracts last year, contributing to the successful completion of multiple projects, including those for Meishan Steel, Nanjing Steel Energy Storage, and Binhai Energy Storage. Notably, the Jiangsu Binhai 200MW/400MWh energy storage power station ranks among the largest string-type energy storage power stations in the country. The company’s total installed capacity surpassed 1 GWh for the year, ranking 8th nationally in terms of shipments of commercial and industrial energy storage systems (AC side) and 2nd in the shipment volume of string-type integrated cabinet systems.

YN Technology’s rapid expansion in the domestic commercial and industrial energy storage sector has also attracted more overseas customers to its residential energy storage products. In the European market, for instance, there is a dual scenario of structural demand adjustment and storage-driven growth. Low-cost components are expected to drive differentiated product demand in distributed photovoltaic installations, such as hybrid inverters designed for energy storage, further enhancing market share.

The ELS and ELT series residential energy storage products launched by YN Technology feature safe connections for low-voltage components and batteries. They offer multiple operating modes, including self-consumption and backup power, and can be integrated with photovoltaic grid-connected inverter systems to form microgrid systems. As a result, revenue from residential energy storage products reached 32.6 million yuan in 2024, reflecting a year-on-year increase of 364.88%. The sales volume of residential energy storage products grew by 255.4%, with inventory levels decreasing by 11.84%.

Looking ahead to this year, YN Technology plans to leverage its stable product quality and exceptional performance to further enhance its brand recognition in the industry. The company aims to refine its overseas market strategy while actively exploring business opportunities in emerging markets across Asia, Africa, and Latin America.

Notably, on the same day as the annual report release, YN Technology announced its “Quality Improvement, Efficiency Enhancement, and Return Action Plan” for 2025. The plan emphasizes the company’s commitment to dual market drives—domestic and international—and the collaborative advancement of photovoltaic and energy storage integration. It also highlights the intention to increase research and development investments and to explore the deep integration of artificial intelligence with power electronics technology, applying AI to enhance the company’s energy storage products.

In 2024, the company’s research and development expenses reached 94.06 million yuan. The number of R&D personnel increased by 56, with R&D employees now comprising 50.00% of the total workforce. In terms of intellectual property, the company submitted 63 new patent applications and received 22 new authorized patents, bringing the total number of intellectual property rights to 188 by year-end, including 91 invention patents.

From its inception, YN Technology has consistently focused on overcoming technical barriers in micro-inverter technology and has achieved breakthroughs in component-level disconnectors. The company has continually captured industry trends through sustained investment in technological innovation. In 2024, YN Technology positioned AI technology as a key direction for product upgrades and was the first in the industry to launch an “AI Smart Energy Business.” For home applications, the “BESS AI” model developed by the company can autonomously analyze historical data, understand photovoltaic generation patterns, and plan battery charging and discharging strategies, significantly enhancing the economic efficiency of home energy management.

The potential applications of AI extend further, such as using AI models to analyze weather and historical generation data to accurately predict photovoltaic power generation in advance, assisting in grid optimization. This includes managing the collaborative operation of photovoltaic power stations and energy storage batteries, dynamically optimizing charging and discharging strategies, extending battery lifespan, and improving overall energy management levels and economic efficiency of power stations.

These possibilities for integrating AI and energy storage require continuous exploration by companies like YN Technology, mirroring the pioneering spirit that began fifteen years ago in this blue ocean market, leading the industry’s transformation through technological innovation.