Sany Renewable Energy 2025 Net Profit Down 60%, Overseas Revenue Surges 1,806%

Sany Renewable Energy (688349), a wind turbine manufacturer, reported 2025 net profit of 7.12 billion yuan, down 60.69% year-over-year and at its lowest level in six years, according to the company’s annual report disclosed on April 22, 2024. Revenue reached 273.8 billion yuan, up 53.89% year-over-year to a record high, driven by increased domestic and international installed capacity. The company attributed the profit decline to lower domestic onshore turbine bidding prices from 2024 contracts delivered in 2025, as well as renewable energy grid pricing market reforms.

2025 Financial Performance

The company’s comprehensive cost for main products surged 67% year-over-year in 2025. Direct material costs for turbine manufacturing increased 54%, while wind power services costs rose 1,847%, and power station business costs climbed 120%. As a result, the overall gross margin for main products fell to 9.45%, down 7.26 percentage points. Turbine manufacturing gross margin contracted to 4.43%, down 6.56 percentage points, while power station business margin declined to 24.84%, down 11.53 percentage points.

Domestic Market Performance

In the domestic market, Sany Renewable Energy achieved 14.71GW of onshore turbine installed capacity in 2025, up approximately 61% year-over-year and the highest in company history for that period. Domestic market share increased to 11.24%, up 0.72 percentage points. Backlog orders in the domestic market reached approximately 23GW as of end-2025.

Overseas Expansion

Overseas revenue reached 13.64 billion yuan in 2025, up 1,806.64% year-over-year and representing 4.98% of total revenue, with a gross margin of 20.78%, approximately 12 percentage points higher than the domestic market. The company completed an investment agreement for a 1GW greenfield project in Uzbekistan, advanced projects in Serbia, and secured greenfield project development rights in Southeast Asia. Cumulative signed overseas contract orders exceeded 10 billion yuan.

Turbine Specifications and Global Standing

Onshore turbines achieved an average single-unit capacity of 7.068MW in 2025, up 20.1% year-over-year, while offshore wind turbines averaged 10.095MW, up 1.4% year-over-year. According to Bloomberg NEF (BNEF), Sany Renewable Energy’s 2025 new installed capacity reached approximately 13.5GW, ranking among the global top six.

Q1 2026 Turnaround

Entering 2026, profitability improved significantly. In Q1 2026, the company reported revenue of 39.85 billion yuan, up 82% year-over-year, and net profit of 1.79 billion yuan compared to a net loss of 1.91 billion yuan in Q1 2025. The company attributed revenue growth to faster turbine delivery rates and profit growth primarily to wind farm sales.

Forward Outlook

Sany Renewable Energy noted that 2025 turbine bidding prices improved, which should support higher profit margins in subsequent periods. However, the company cautioned that wind energy industry competition remains intense, with “involutional” competitive dynamics persisting. The company warned that failure to continuously strengthen technical capabilities and optimize product and service quality could result in market share erosion.

According to research from Guangfa Securities, onshore wind turbine bidding prices in China have recovered notably since Q4 2024, maintaining a range of 1,600–1,700 yuan/kW (excluding towers) in 2025, representing a 10% year-over-year increase. If orders follow typical 1–2 year delivery cycles, wind turbine manufacturers’ earnings are expected to concentrate in 2026–2027.

As of the market close on April 22, Sany Renewable Energy’s stock price was 25.07 yuan per share, with a total market capitalization of 30.7 billion yuan.