On February 27, APsystems (SH: 688348) released its 2025 performance report, showing the company achieved operating revenue of 1.153 billion yuan, a year-on-year decrease of 34.87%. It reported a net loss attributable to shareholders of 131 million yuan, compared to a profit of 140 million yuan in the same period last year. The core net loss after deducting non-recurring gains and losses was 158 million yuan, compared to a profit of 121 million yuan in the same period last year. Basic earnings per share were -0.84 yuan/share, compared to 0.90 yuan/share in the same period last year. The above financial data are preliminary calculations and have not been audited by an accounting firm.
The announcement indicated that during the reporting period, the European photovoltaic market was affected by factors such as fluctuations in energy prices and the tapering of support policies for residential photovoltaic systems, leading to a significant year-on-year decline in residential photovoltaic installations. Against this backdrop, both the sales revenue and gross profit of APsystems’ microinverters declined.
The announcement also noted that APsystems has always been driven by R&D and innovation. During the reporting period, the company further strengthened its reserve of R&D talent and increased R&D investment, resulting in relatively fast growth in R&D expenses. At the same time, APsystems steadily advanced its global business layout and increased its efforts to expand into emerging markets such as Asia, Africa, and Latin America, leading to increases in both sales and management expenses. Furthermore, the provisioning for credit impairment losses and asset impairment losses also impacted the company’s operating performance.
