Sunshine Power submits the 2025 plan: Energy storage "takes the baton," AIDC "stands by"

Originally from: Shell Finance

Against the backdrop of “anti-overcompetition” in the photovoltaic industry and margin pressure, Sunshine Power has turned in a 2025 performance report with strong watershed significance: while revenue and net profit both grew, its energy storage systems for the first time rose to become the company’s largest business.

Backed by large-scale Middle East projects such as those in Saudi Arabia, Sunshine Power’s overseas revenue share first exceeded 60%. After establishing its edge in the energy storage main business, Sunshine Power is now setting its sights on AIDC, an emerging scenario, seeking to find the next growth curve in a new cycle where computing power and electricity converge.

With the energy storage system becoming the company’s largest business for the first time, stable gross margin with orders from the Middle East

In 2025, Sunshine Power achieved operating revenue of 89.184 billion yuan, a year-on-year increase of 14.55%; it achieved net profit attributable to shareholders of listed companies of 13.461 billion yuan, a year-on-year increase of 21.97%.

In 2025, the revenue share of Sunshine Power’s energy storage systems for the first time surpassed that of power electronic conversion equipment such as photovoltaic inverters, indicating that the company’s revenue pillar has quietly completed one baton handoff.

Sunshine Power began laying out its energy storage business in 2015. In the 2016 annual report, the energy storage business first received separate quantitative disclosure in Sunshine Power’s financial statements. When the company disclosed its specific revenue breakdown, the energy storage industry was listed as a major industry on par with photovoltaic and others, and energy storage inverters were listed as major products on par with solar photovoltaic inverters and others. Over the past decade, the energy storage business’s share of total revenue in Sunshine Power rapidly rose from initially less than one percentage point to become the most core segment contributing to performance.

Charting/ Shell Finance reporter Zhu Yuyi

In 2025, the company’s revenue share from overseas regions for the first time exceeded 60%, showing a noticeable increase compared with the prior period, and the main contribution came from overseas market development in the energy storage business.

At an earnings briefing held at the end of last October, Sunshine Power disclosed that in the first three quarters of 2025, the company’s energy storage shipment mix changed significantly: the overseas shipment share rose from 63% in the same period last year to 83%. The increase in the overseas share is also the main reason energy storage gross margin stayed stable.

Charting/ Shell Finance reporter Zhu Yuyi

The top five customer information disclosed in Sunshine Power’s annual report also confirms the contribution of the energy storage business to increasing the share of overseas market revenue—especially orders coming from the Middle East.

Sunshine Power’s largest customer in 2025 is the Arab energy company Algihaz Contracting Company (“Algihaz”). The company’s sales to it exceeded 4 billion yuan, accounting for 4.50% of total annual sales. Algihaz signed an energy storage project cooperation agreement with Sunshine Power in July 2024 with a total installed capacity of 7.8GWh. It will deploy more than 1,500 Sunshine Power PowerTi‐tan2.0 liquid-cooled energy storage systems in Saudi Arabia. By the end of 2025, the project achieved full-capacity grid connection, becoming the world’s largest grid-connected energy storage project.

The company’s fifth-largest customer last year, the EPC engineering company Larsen and Toubro Limited (“L&T”), also purchased energy storage products from Sunshine Power, with sales of 2.370 billion yuan, accounting for 2.66%. In May 2024, Sunshine Power signed a supply agreement with L&T to provide 165MW of photovoltaic inverters and a 160MW/760MWh energy storage system for the ultra-luxury resort integrated development Amaala in Saudi Arabia.

Shell Finance reporter noted that both of the above major projects are important energy projects under Saudi Arabia’s “Vision 2030” framework.

The “Energy Storage Industry Research White Paper 2026” released by the Zhongguancun Energy Storage Industry Technology Alliance points out that, as the scale of renewable energy installations continues to expand and demand for grid flexibility and調節 resources keeps increasing, energy storage deployments in regions including the Middle East, Latin America, Southeast Asia, Africa, and India have clearly accelerated and are gradually becoming an important source of global energy storage market growth. Among them, large new energy base construction in the Middle East has driven rapid growth in energy storage demand. For example, Saudi Arabia, relying on its National Renewable Energy Program (NREP), continues to advance tendering for large-scale energy storage projects, while the United Arab Emirates strengthens the grid’s peak-shaving and reserve capacity by deploying megawatt-level energy storage projects.

Moving into AIDC

In addition to “topping up” energy storage, Sunshine Power is accelerating its setup of a follow-up plan.

In its 2025 annual report, Sunshine Power clearly stated that the company will develop AIDC power supply business, and in the future will speed up the implementation of scenario-based solutions including AIDC to accelerate the development of emerging industries such as AIDC.

So-called AIDC (Artificial Intelligence Data Center, i.e., artificial intelligence data center) is an upgraded form of the traditional IDC (internet data center) driven by AI computing power. Its core is to provide computing power, data, and algorithm services required for AI. It can be described as the “computing power factory” of the intelligent era. Compared with IDC, AIDC differs significantly in computing power density and heat dissipation technology to meet the high computing power and high stability demands of AI. Some institutions predict that by 2030, the global AIDC sector alone will drive energy storage installation demand exceeding 300GWh, becoming a new growth pole for the energy storage industry.

At an earnings briefing in August last year, Sunshine Power said the company currently does not yet have customers related to AIDC, but after initial contacts, it said it is confident. It has already established an AIDC business unit and is stepping up R&D, aiming to bring out some products in 2026.

Sunshine Power also stated the advantages of its AIDC layout: on the power supply side and in electronic power conversion technology, the company has abundant technological accumulation and innovative results awaiting application, which aligns well with AIDC power supply; at the same time, with the rapid construction of artificial intelligence and data centers worldwide, energy for data centers—especially green electricity—has become increasingly tight, and the company has advantages in providing end-to-end solutions for green electricity.

The broad prospects in the AIDC sector have attracted multiple companies to move into it. In a proposal made last year, CATL said that because data centers consume large amounts of electricity and require stable power, quality requirements for energy storage batteries are higher, making it a future high-quality increment market. Based on current trends, the amount of energy storage paired with data centers is also growing, “for example, the company’s project in the UAE reaches a scale of 19GWh, and it is only just starting.”

“From the earlier IDC to today’s AIDC, and then to the AI factory in the future—essentially it is a production line for the computing power that produces tokens. Requirements for energy storage application scenarios have also increased significantly. AIDC is no longer a niche track; it is the main runway leading to the AI factory era.” Yang Rui, Chairman of EVE Energy Co., Ltd., asserted at the opening ceremony of ESIE 2026: computing power is like a tide, electricity is the foundation, and energy storage is the pulse—connect the three and you get the future. Behind this speech, EVE Energy, a veteran company, is returning to the spotlight with the halo of “the first energy storage stock in AIDC.”

Beijing News Shell Finance reporter Zhu Yuyi Editor Chen Li Proofreader Wang Xin

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