According to EnergyTrend, on April 28, GoodWe released a number of announcements, disclosing its convertible bond issuance plan of RMB 1.48 billion, a RMB 65 million capital increase to its subsidiary, as well as its 2025 annual report and 2026 Q1 financial report, aiming to strengthen its integrated PV and energy storage layout.
Planned RMB 1.48 Billion Fundraising for Energy Storage Capacity Expansion
According to the announcements, GoodWe plans to issue convertible corporate bonds to unspecified investors to raise a total of no more than RMB 1.48 billion. The raised funds will be mainly invested in the capacity expansion and R&D upgrading of energy storage systems, energy storage inverters and batteries.
The fundraising covers four major initiatives:
- 6GWh Annual Production Project of Medium and High-Power Energy Storage
SystemsLocated in Guangde City, the project has a total investment of RMB 538.1453 million, with RMB 500 million to be funded by the proceeds. Leveraging its existing site in Guangde, GoodWe will build an intelligent production line integrating production, assembly and testing, forming an annual production capacity of 6GWh for medium and high-power energy storage systems to improve order delivery efficiency.
- 2GW Energy Storage Inverter & 6GWh Energy Storage Battery Annual Production
ProjectSited in Suzhou High-tech Zone, the project involves a total investment of RMB 622.2991 million, including RMB 600 million of raised funds. It will boost the manufacturing capacity of GoodWe’s Suzhou headquarters and build an integrated R&D, production and sales agile system. The project will effectively shorten the technical feedback loop of pilot testing and realize seamless integration of R&D and production.
- R&D Center Construction Project
Also located in Suzhou High-tech Zone, the project totals RMB 101.028 million in investment, with RMB 100 million allocated from the raised funds. The company plans to expand its R&D center to develop new-generation products including PV-energy storage converters, grid-tied PV inverters and energy storage box transformers. Upon completion, the project will greatly enhance the company’s technological innovation capability and accelerate product iteration and upgrading.
- Supplementary Working Capital
GoodWe plans to allocate RMB 280 million of the raised funds as supplementary working capital to meet operational capital demands driven by continuous business expansion.
RMB 65 Million Capital Increase to Improve Integrated PV & Energy Storage Layout
On the same day, GoodWe announced that it, together with its actual controller Huang Min and multiple employee shareholding platforms, will make a proportional capital increase of RMB 65 million to its holding subsidiary Huidian Technology (Suzhou). GoodWe will contribute RMB 42.25 million, maintaining its 65% shareholding ratio.
Focusing on new energy technical services and R&D of power distribution switch control equipment, Huidian Technology will use the capital increase to meet its working capital needs. It will generate business synergy with GoodWe’s energy storage, virtual power plant and smart energy segments, further optimizing the integrated layout of source-grid-load-storage-intelligence. The transaction is priced at a fair value and will not affect the company’s operational independence.
Latest Financial Results Released; Q1 Net Profit Exceeds RMB 100 Million
On April 29, GoodWe unveiled its 2025 annual report and 2026 first-quarter financial report.The financial data showed that in 2025, GoodWe achieved annual operating revenue of RMB 8.889 billion, a year-on-year increase of 31.93%; its net profit attributable to parent company reached RMB 135 million, marking a turnaround from losses to profits.
In 2025, the revenue of its energy storage battery business surged 226.95% year-on-year, while overseas revenue grew by 80.45%, reflecting a marked recovery in market demand across Europe, Australia and other overseas regions.
In the first quarter of 2026, GoodWe posted operating revenue of RMB 2.361 billion, up 25.42% year-on-year; net profit attributable to parent company stood at RMB 101 million, also turning profitable from a year-earlier loss.
Source：EnergyTrend
