1. Guangdong’s 15th Five-Year Plan: Further Strengthen Energy Storage Industrial Chain
On April 28, the People’s Government of Guangdong Province issued the Outline of the 15th Five-Year Plan for National Economic and Social Development of Guangdong Province. The document proposes to continuously strengthen the electrochemical energy storage industrial chain, advance the layout of diverse solid-state battery technical routes, and promote the application of sodium-ion batteries, flow batteries, compressed air energy storage and other diversified energy storage technologies.
Guangdong will accelerate the development of the smart grid equipment industry, actively promote mature third-generation nuclear power technologies including Hualong-1 and Guohe-1, strengthen the construction of regulating power sources, rationally deploy pumped storage, and vigorously develop new energy storage.
2. New South Wales Warned to Accelerate BESS Development to Meet 2030 Targets
Paul Peters, CEO of Energy Security NSW, stated at the 2026 Australian Energy Storage Summit held in Sydney: “Two years ago, we projected a 40 GWh operational energy storage requirement by 2030. Today, driven solely by higher solar penetration, the demand has risen to 56 GWh.”
“Of the required 56 GWh, only 12.5 GWh has reached Final Investment Decision (FID). 75% of the energy storage capacity needed by 2030 is yet to be secured.”
3. Sungrow Reports Q1 2026 Revenue of RMB 15.561 Billion and Net Profit of RMB 2.291 Billion
On the evening of April 27, Sungrow released its Q1 2026 financial report. The company achieved revenue of RMB 15.561 billion and net profit of RMB 2.291 billion, with attributable net profit of RMB 2.29 billion, down 40% YoY. The overall gross margin stood at 33.3%, a YoY decrease of 1.8 percentage points but a 10.3 percentage point increase quarter-on-quarter.
The company attributed the revenue decline to multiple factors: the contraction of residential PV business after the 2025 “531 Policy”, the one-time recognition of approximately RMB 4 billion revenue from a 7.8 GWh Saudi project in the same period last year, and delayed order signing and delivery due to uncertain U.S. tariff policies.
4. CSI Solar Releases 2025 Annual Report: Energy Storage Business Grows Against Market Trend, Residential Storage to Become New Growth Driver
On April 27, CSI Solar released its 2025 annual report. The company recorded total operating revenue of RMB 40.256 billion, down 12.80% YoY; total profit of RMB 1.123 billion, down 56.48% YoY; and attributable net profit of RMB 1.016 billion, down 54.80% YoY.
PV modules remained the core revenue source, generating RMB 25.477 billion in revenue in 2025, down 19.08% YoY. Revenue from PV and energy storage system products reached RMB 10.847 billion, up 11.39% YoY.
5. Haibo Sichuang Achieves 24 GWh Energy Storage Shipment with 18.24% Gross Margin in 2025
On the evening of April 28, Haibo Sichuang released its 2025 annual report and Q1 2026 financial report. In 2025, the company achieved operating revenue of RMB 11.6 billion, up 40.42% YoY, and attributable net profit of RMB 950 million, up 46.83% YoY.
Energy storage product shipments reached 24 GWh, generating operating revenue of RMB 11.59 billion, up 41.51% YoY, with a gross margin of 18.24%, up 0.02 percentage points YoY.
In Q1 2026, the company posted operating revenue of RMB 2.37 billion, up 53.06% YoY, and attributable net profit of RMB 200 million, up 117.00% YoY.
6. EVE Energy’s Energy Storage Business Becomes Its Top Growth Engine in Revenue and Profit Contribution
EVE Energy achieved annual revenue of RMB 61.5 billion in 2025, up 26.44% YoY. In Q1 2026, its revenue reached RMB 20.68 billion, up 61.61% YoY, with attributable net profit of RMB 1.446 billion, up 31.35% YoY.
Notably, the company’s Q1 2026 energy storage shipment hit 20.38 GWh, surging 60.82% YoY, ranking as its primary growth curve, while power battery shipments stood at 14.34 GWh in the same quarter.
7. Inovance Files for HKEX Listing: 2025 Revenue of RMB 45.1 Billion, Industrial Automation Revenue of RMB 22.2 Billion with 40.1% Gross Margin
Revenue and profit performance: The company’s operating revenue reached RMB 30.392 billion, RMB 37.013 billion and RMB 45.085 billion from 2023 to 2025, representing a compound annual growth rate of 21.8%. Net profit stood at RMB 4.776 billion, RMB 4.346 billion and RMB 5.173 billion respectively, with a 19.01% YoY increase in 2025.
Business structure changes: The revenue proportion of industrial automation and digital business dropped from 63.7% in 2023 to 49.3% in 2025. The revenue share of new energy vehicle powertrain business rose from 30.8% to 45.1%, emerging as a key growth driver. However, its low gross margin of approximately 14.5% dragged down the company’s overall profitability.
8. CR New Energy’s IPO Approved, Targeting RMB 24.5 Billion Fundraising
One of the largest IPO projects under the A-share comprehensive registration system has been approved. On the evening of April 28, the Shenzhen Stock Exchange announced that the main board IPO application of CR New Energy Holdings Co., Ltd. had passed review, complying with issuance, listing and information disclosure requirements.
The fundraising scale sets a new historical record for SZSE IPOs and ranks second among all IPOs under the comprehensive registration system, only after the withdrawn Syngenta IPO (planned fundraising of RMB 65 billion). Upon successful listing, CR New Energy will become the largest IPO in the history of the Shenzhen Stock Exchange.
9. Narada Power Faces Severe Losses and ST Status Despite 80% Lithium Battery Business Growth
According to Narada Power’s 2025 annual report, the company achieved annual revenue of RMB 7.471 billion, down 6.43% YoY. Its lithium battery business revenue surged 81.34% YoY to RMB 4.263 billion, becoming its largest revenue segment.
Contrary to business growth, the company recorded a huge attributable net loss of RMB 2.642 billion, expanding 76.51% YoY. Its four core lithium battery subsidiaries achieved a combined revenue of over RMB 8.4 billion in 2025 but posted a total net loss of RMB 583 million.
In addition, the company’s lithium battery production capacity is only 10 GWh with a capacity utilization rate of 65.5%. Compared with industry giants such as CATL with hundreds of GWh capacity, Narada Power lacks scale effects and procurement bargaining power.