As China enters Q4 2025, the capacity utilisation rate of the country’s energy storage battery manufacturing capacity will remain high, a trade body said.
According to research data from the Guangdong Battery Industry Association Research Center on the top 20 battery manufacturers in the industry, the scheduled capacity of power and energy storage battery manufacturing in the Chinese market for October 2025 is approximately 172GWh, a month-on-month increase of 22% and a year-on-year increase of 45.8%. Among these, energy storage cell production accounts for about 40.3%, with leading companies operating their production lines at full capacity.
China’s National Development and Reform Commission and the National Energy Administration issued the Action Plan for Large-Scale Development of New Energy Storage not long ago, proposing that by 2027, China’s installed capacity of new energy storage will exceed 180GW. This development goal is expected to bring huge market demand to the energy storage industry.
Against the backdrop of both booming production and sales, energy storage companies across the board have delivered strong performance. Following CATL’s and Sungrow’s results, Gotion High-Tech, Clou Electronics, Eve Battery and Kstar have recently released their Q3 2025 performance reports. The main performance indicators are presented in the chart below.
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| Energy Storage Companies Q3 2025 Reports | ||||
| Company | Q3 Revenue (100 million yuan) | Year-on-year Change (%) | Q3 Net Profit Attributable to Shareholders (100 million yuan) | Year-on-year Change (%) |
| Guoxuan High-Tech | 101.14 | 20.68 | 21.67 | 1434.42 |
| Clou Electronics | 10.12 | 1.81 | 0.42 | 136.72 |
| Eve Battery | 168.32 | 35.85 | 12.11 | 15.13 |
| Kstar | 14.46 | 41.71 | 1.9 | 38.36 |
Gotion High-Tech: net profit soars 514% in first three quarters, significant overseas orders signed
On October 25, Gotion High-Tech (002074.SZ) released its Q3 2025 report. The financial report shows that in the first three quarters of 2025, the company recorded operating revenue of 29.508 billion yuan (US$4.1 billion), a year-on-year increase of 17.21%; its net profit attributable to shareholders stood at approximately 2.533 billion yuan, surging 514.35% year-on-year.
In Q3 alone, the company’s operating revenue reached 10.11 billion yuan, a year-on-year increase of 20.7%; net profit attributable to shareholders totaled 2.17 billion yuan, a substantial increase of 1,434.4% year-on-year; and net profit attributable to shareholders after deducting non-recurring gains and losses came in at 12.51 million yuan, up 54.2% year-on-year.
Gotion High-Tech stated that its energy storage business maintained steady growth in the first three quarters, securing and executing multiple energy storage system orders. These include a cooperation intent for over 7GWh of energy storage signed at the Japan Battery Show, a 1.2GWh overseas project order signed with ACWA Power, and cooperation intentions agreed upon with multiple companies at the North America RE+ exhibition.
Clou Electronics: returns to profitability, with overseas energy storage orders delivered sequentially
On the same day, Clou Electronics (002121.SZ) released its Q3 2025 report. The report shows that in the first three quarters of this year, the company recorded operating revenue of 3.59 billion yuan, a year-on-year increase of 23.4%; its net profit attributable to shareholders stood at 232 million yuan, a turnaround from a 153 million yuan loss in the same period last year.
In Q3, the company’s operating revenue reached 1.01 billion yuan, a year-on-year increase of 1.8%, and its net profit attributable to shareholders totaled 41.78 million yuan. Clou Electronics noted in the report that the company’s various businesses are progressing steadily, focusing primarily on the R&D and production of energy storage equipment, as well as the provision of smart grid solutions and related services.
Particularly in the energy storage segment, the company has actively expanded its market. Overseas energy storage orders have been delivered sequentially, driving growth in operating revenue. Furthermore, an increase in advance payments for energy storage batteries indicates confidence in future orders, it said.
Eve Battery: energy storage battery shipments top 48GWh, with Q3 shipments hitting around 19.7GWh
On October 23, Eve Battery (300014.SZ) released its Q3 2025 report. According to the report, for the first three quarters of 2025, the company recorded total operating revenue of 45.002 billion yuan, a year-on-year increase of 32.17%; its net profit was 2.816 billion yuan, down 11.70% year-on-year.
In Q3, the company achieved an operating revenue of 16.832 billion yuan, a new single-quarter record, and a 35.85% year-on-year increase. The net profit attributable to shareholders totaled 1.211 billion yuan, up 15.13% year-on-year and 140.16% quarter-on-quarter.
In terms of shipment, the company shipped 34.59GWh of power batteries in the first three quarters, up 66.98% year-on-year, and 48.41GWh of energy storage batteries, a 35.51% year-on-year rise. Based on this data, Eve Battery’s energy storage battery shipments have now surpassed its power battery shipments in absolute terms, suggesting the former may drive more revenue growth than the latter.
Eve Battery is also accelerating its capacity expansion, with its Shenyang base having officially commenced operation. Furthermore, Eve Battery announced that it has filed an application with the Hong Kong Stock Exchange to issue overseas listed foreign shares (H-shares) and list on the exchange’s Main Board. The net proceeds from the offering are intended to partially fund the ongoing construction of its Hungary production base and the third-phase of its Malaysia production base.
Kstar: sustained delivery of orders to major European residential storage customers
On October 26, Kstar (002518.SZ) released its Q3 2025 report. In the first three quarters, the company recorded an operating revenue of 3.609 billion yuan, a year-on-year increase of 23.93%, and a net profit attributable to the listed company’s shareholders of 446 million yuan, a year-on-year increase of 24.93%.
In Q3, the company’s operating revenue was 1.446 billion yuan, a year-on-year increase of 41.71%, and the net profit attributable to the listed company’s shareholders totaled 190 million yuan, a year-on-year increase of 38.36%.
In terms of performance, the energy storage business has also emerged as a new growth engine for Kstar. Kstar stated that in 2025, global demand for energy storage continues to rise, with sustained delivery of orders to major European residential storage customers and ongoing expansion into emerging markets including Southeast Asia, the Middle East, South America and Africa, These efforts provide significant room for the accelerated growth of the company’s energy storage segment.
