On 22 April 2024, Sungrow Power Supply Co., Ltd.(Sungrow, SZ：300274), the world’s leading supplier of inverters and energy storage systems, announced its financial results for the year ended December 31, 2024.

In the reporting period, it achieved operating income of 72.251 billion yuan, up 79.47% year on year, and net profit of 9.440 billion yuan, up 162.69% year on year. The compound growth rate of operating income from 2018 to 2023 is 47%, and the compound growth rate of net profit from 2018 to 2023 is 63%. Meanwhile, a major innovation of its 1+X inverter was launched in 2023, which reached a cumulative global shipment of more than 30GW.

In addition, in the first quarter of 2024, Sungrow achieved operating income of 12.614 billion yuan, up 0.26% year on year, and net profit of 2.096 billion yuan, up 39.05% year on year. And its net cash flow from operating activities was -488 million yuan, with a gearing ratio of 62.75%, down 4.10% year on year. Its R&D investment was 656 million yuan, accounting for 5.20% of operating income, up 1.78% year on year.

On the same day, Sungrow also announced a delay in the production of renewable energy equipment project. This particular product, with a production capacity of 100GW, is progressing at 63.95%. However, its operation will have to be postponed from 30 April 2024 to 30 June 2025 due to investment risks.