ZENERGY (03677) announced its annual results for the period ending December 31, 2025. The group reported revenue of 81.01 billion yuan (same currency unit below), an increase of 57.9% year-on-year. Net profit reached 8.09 billion yuan, surging 788.4% compared to the previous year. Basic earnings per share were 0.33 yuan.
In 2025, the group's power battery business generated sales revenue of 76.81 billion yuan, representing a growth of 64.7% year-on-year. According to data from the China Automotive Power Battery Industry Innovation Alliance, the company significantly increased both its domestic power battery installation volume and market share throughout 2025. The company ranked seventh in new energy passenger vehicle battery installations nationwide. Specifically, it ranked ninth in installations of lithium iron phosphate batteries for domestic passenger vehicles and rose to sixth place in installations of ternary batteries for passenger vehicles.
The growth in the power battery business was primarily driven by support and trust from numerous high-quality industry customers. The group's power battery clients include large central state-owned enterprises, emerging electric vehicle manufacturers, and leading multinational automakers. The company has been increasing its supply share for core models of several global industry leaders, such as FAW Hongqi, GAC Trumpchi, Leapmotor, SAIC-GM-Wuling, SAIC General Motors, GAC Toyota, and Volkswagen (including FAW-Volkswagen, SAIC Volkswagen, and Volkswagen Anhui).
Furthermore, the company is set to support the launch of multiple key core models from clients in 2026, which is expected to further boost its overall installation volume.
The group's joint venture, XZY Toyota, supplies various lithium-ion and nickel-metal hydride battery packs suitable for hybrid electric vehicles (HEVs), providing batteries for all HEV models produced by Toyota's major joint venture manufacturers in China. Historically, it has supplied over 3.6 million vehicles without any battery safety incidents. The global HEV market is projected to maintain steady growth in 2026, with Business Research Insights forecasting a compound annual growth rate of approximately 20.99% from 2026 to 2035.
In the energy storage sector, the company's flagship 104Ah standardized cell has become a primary supply product for global residential energy storage systems. Mass production of the 314Ah cell has now commenced, gradually replacing the 104Ah as an option for residential storage. Additionally, the company expects its four products—100Ah, 235Ah, 587Ah, and 588Ah—to achieve scaled sales in the second half of 2026. These products will be applied in various scenarios, including home energy storage, commercial and industrial energy storage, independent energy storage power stations, long-duration energy storage, and AIDC applications, contributing to further growth in the company's energy storage business scale.
In the field of batteries for manned aircraft, the company has made phased progress after years of forward-looking research and development. It pioneered the "three highs and one fast" technical indicators for aviation batteries, which have been adopted by the Ministry of Industry and Information Technology and included in the 2025 roadmap for low-altitude aircraft power battery technology. Regarding aviation battery products, the company has obtained airworthiness certification from the Civil Aviation Administration of China for its batteries used in the Liaoning General Aviation fixed-wing manned electric aircraft RX1E. In the low-altitude economy sector, the group has not only become the first power battery company in the industry to obtain AS9100D aerospace quality management system certification but has also achieved batch supply of the industry's first battery pack system for a two-seat electric fixed-wing manned aircraft. It has secured an exclusive development contract for a subsequent four-seat fixed-wing model.
Simultaneously, the group has signed an exclusive development agreement with Zero Gravity Aircraft Industry Co., Ltd. for the multi-rotor ZG-ONE model. Moreover, the company is in discussions with leading domestic aircraft manufacturers for the full-pack development of tilt-rotor models, potentially achieving comprehensive coverage across the manned flight spectrum—from traditional fixed-wing to multi-rotor and further to the more technically and safety-demanding tilt-rotor aircraft. This strategy effectively enables the company to produce current-generation technology, develop the next generation, and research future advancements.