The market value of Sungrow Power Supply Co.,Ltd. (300274.SZ) remains the highest in the Wande Photovoltaic Index (884045) and it is the only company with a market capitalization exceeding 200 billion yuan.
As of 10:25 AM on July 1st, shares of Sungrow Power Supply Co.,Ltd. (300274.SZ) plummeted 18.26% to 129.99 yuan per share, resulting in a market capitalization of 269.5 billion yuan, falling below the 300 billion yuan threshold.
It was noted that the company's market cap was approximately 329.7 billion yuan at the close of the previous trading session. Since the market opened this morning, its value has evaporated over 60 billion yuan, exceeding the decline triggered by its previous earnings miss.
In early April this year, Sungrow Power Supply Co.,Ltd. shares closed down 10.82% on April 1st after its 2025 financial performance fell short of market expectations, wiping out over 30 billion yuan in market value in a single day.
For the full year 2025, the company's performance still showed growth. It achieved operating revenue of 89.184 billion yuan, a year-on-year increase of 14.55%, and net profit attributable to shareholders of 13.461 billion yuan, a year-on-year increase of 21.97%. However, a breakdown by quarter reveals that in the fourth quarter of 2025, the company reported operating revenue of 22.782 billion yuan and net profit attributable to shareholders of 1.580 billion yuan, representing year-on-year declines of 18.37% and 54.02%, respectively.
This marks the first instance in nearly four years, since the fourth quarter of 2021, that Sungrow Power Supply Co.,Ltd. has experienced a simultaneous decline in both quarterly revenue and net profit.
Despite the morning's sharp share price drop, Sungrow Power Supply Co.,Ltd. currently maintains the top market capitalization in the Wande Photovoltaic Index (884045). It remains the sole enterprise with a market value surpassing 200 billion yuan, with a scale exceeding the combined market capitalizations of the second and third-ranked companies—Tbea Co.,Ltd. (600089.SH) and Longi Green Energy Technology Co.,Ltd. (601012.SH).
Previously, the company's secondary market valuation was driven by its strategic positioning in AIDC (Artificial Intelligence Data Center) power supplies and solid-state transformer (SST) technology. The high level of attention on SST technology stems from its ability to directly step down medium-voltage AC to 800V DC, simplifying the multiple transformer stages in traditional power supply architectures. This aligns with the trend towards rebuilding power supply architectures around 800V DC, as proposed by companies like Nvidia. According to Nvidia's official website, future 800V DC architectures will utilize medium-voltage rectifiers or solid-state transformers.
In late April this year, during an institutional investor briefing, executives from Sungrow Power Supply Co.,Ltd. stated that AIDC power supplies are in a critical research and development phase, with leading customers already expressing interest in prototype units. The company plans to launch its first-generation trial product by the end of 2026, achieve mass production in 2027, and is also developing secondary and tertiary power supplies.
According to information disclosed in the institutional research notes at that time, the company indicated that the synergistic effects between AIDC and energy storage have begun to materialize in overseas markets, particularly in regions with power shortages like the United States, where demand for AIDC paired with storage is emerging. Orders in this area are expected to materialize next year.
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