In 2025, the global energy storage industry officially entered the 100 GW era. The wave of energy transition drove the industry to achieve breakthroughs in both scale and quality. China continued to lead with a 58.6% share of global new installations, serving as the core engine of global energy storage development. From accelerating technological iteration and breakthroughs to explosive expansion of market size, from comprehensive upgrades in enterprise strategies to sustained capital inflows, the energy storage industry is embracing unprecedented development opportunities and industry transformation. At the launch of the survey for the " 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings, " we comprehensively reviewed the development trajectory of the global and Chinese energy storage industry in 2025, summarizing core highlights and development trends to provide comprehensive and authoritative decision-making references for industry participants including energy storage enterprises, industry investors, upstream and downstream suppliers, and related institutions, facilitating high-quality industry development. Global Energy Storage: Breakthroughs in Both Scale and Structure, with China Dominating the Supply Chain In 2025, global electricity ESS new installations reached 113.3 GW/323.5 GWh, up 48.2%/65.7% YoY, with cumulative installations exceeding 496.2 GW, demonstrating strong growth momentum. China contributed 66.4 GW/189.5 GWh of new installations, ranking first globally for four consecutive years. The US and Europe followed with 22.5 GW and 15.8 GW respectively, forming a stable "one dominant, multiple strong" global energy storage market landscape. In terms of technology routes, lithium-ion batteries remained mainstream with a 92.3% share. Meanwhile, long duration energy storage (LDES) technologies accelerated breakthroughs, with commercialization of flow batteries, compressed air energy storage, and gravity energy storage advancing rapidly. The share of global new LDES projects rose from 12.5% in 2024 to 18.7%. Sodium-ion battery technology maturity continued to rise, with top-tier enterprises achieving mass-produced battery cell energy density exceeding 160 Wh/kg and costs 20%-25% lower than LFP, offering new possibilities for cost reduction in the energy storage industry. At the supply chain level, Chinese enterprises held an absolutely dominant position. In 2025, global ESS battery shipments reached 651.5 GWh, up 76.2% YoY. Chinese enterprises shipped a combined 614.7 GWh, accounting for 94.4% of the global total. From upstream materials to downstream system integration, Chinese enterprises have built a complete and globally competitive supply chain system. China Energy Storage: Accelerating Market-Oriented Transformation with an Increasingly Mature Industrial Ecosystem Amid the rapid development of the global energy storage industry, China, as a core force, demonstrated a positive trajectory of accelerating market-oriented transformation and an increasingly mature industrial ecosystem. As of the end of 2025, China's cumulative electricity ESS installations reached 213.3 GW, accounting for 43.0% of the global total, up 54% YoY. Among them, new-type energy storage cumulative installations reached 144.2 GW, with its share rising to 67.6%, indicating continuous optimization of the industrial structure. In 2025, the global energy storage industry officially entered the 100-GW era. The wave of energy transition drove the industry to achieve dual breakthroughs in scale and quality. China continued to lead with 58.6% of global new installations, serving as the core engine of global energy storage development. From accelerated technological iteration breakthroughs to explosive market size expansion, from comprehensive upgrades in enterprise strategies to sustained capital inflows, the energy storage industry is embracing unprecedented development opportunities and industry transformation. At the launch of the " 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings " survey, we comprehensively reviewed the development trajectory of the global and Chinese energy storage industry in 2025, summarized core industry highlights and development trends, and provided comprehensive and authoritative decision-making references for industry participants including energy storage enterprises, industry investors, upstream and downstream suppliers, and related institutions, facilitating high-quality industry development. Global Energy Storage: Dual Breakthroughs in Scale and Structure, with China Dominating the Supply Chain In 2025, global electricity ESS new installations reached 113.3 GW/323.5 GWh, up 48.2%/65.7% YoY, with cumulative installations exceeding 496.2 GW, demonstrating strong industry growth momentum. China contributed 66.4 GW/189.5 GWh of new installations, ranking first globally for four consecutive years. The US and Europe followed with 22.5 GW and 15.8 GW respectively, forming a stable "one dominant leader with multiple strong players" pattern in the global energy storage market. In terms of technology routes, lithium-ion batteries remained the mainstream, accounting for 92.3%. Meanwhile, long duration energy storage (LDES) technologies accelerated breakthroughs, with the commercialization of flow batteries, compressed air energy storage, and gravity energy storage advancing rapidly. The share of global new LDES projects rose from 12.5% in 2024 to 18.7%. Sodium-ion battery technology maturity continued to rise, with top-tier enterprises achieving mass-produced battery cell energy density exceeding 160 Wh/kg and costs 20%-25% lower than LFP, offering new possibilities for cost reduction in the energy storage industry. At the supply chain level, Chinese enterprises held an absolutely dominant position. In 2025, global ESS battery shipments reached 651.5 GWh, up 76.2% YoY. Chinese enterprises shipped a combined 614.7 GWh, accounting for 94.4% of the global total. From upstream materials to downstream system integration, Chinese enterprises have built a complete and globally competitive supply chain system. China Energy Storage: Accelerating Market-Oriented Transformation and Increasingly Refined Industrial Ecosystem Amid the rapid global development of the energy storage industry, China, as a core force, demonstrates an accelerating market-oriented transformation and an increasingly refined industrial ecosystem. By the end of 2025, China's cumulative electricity ESS installations reached 213.3 GW, accounting for 43.0% of the global total, up 54% YoY. Among them, new-type energy storage cumulative installations reached 144.2 GW, with its share rising to 67.6%, indicating continuous optimization of the industrial structure. Application scenarios , standalone ESS accounted for 63% of new installations, up 2.7 percentage points from 2024. A coordinated development pattern between the power grid side and user side has taken shape, with the core values of energy storage in peak shaving, frequency regulation, and backup being fully released. Market entities, according to Qichacha data, the number of newly registered energy storage-related enterprises in China reached 107,000 in 2025, up 17.0% YoY, hitting a ten-year high. East China and south China demonstrated significant industrial cluster effects, accounting for 32.3% and 20.3% respectively. Meanwhile, industry reshuffle also accelerated, with approximately 50,000 enterprises exiting the market throughout the year, and a "the strong stay strong" industry landscape initially emerged. The dual drivers of policy and market injected sustained momentum into industry development. The NDRC and the National Energy Administration jointly issued the "Guiding Opinions on High-Quality Development of New-Type Energy Storage," setting a clear target of 200 GW for new-type energy storage installations by 2027. At the local level, 12 provinces have introduced standalone ESS support policies. Capacity electricity prices and peak shaving compensation mechanisms have been gradually refined, with the average IRR of standalone ESS reaching 8.5%-10% in 2025. The improvement in market-oriented returns further stimulated investment vitality in the industry. Top-Tier Enterprises Leading: Dual Empowerment of Technological Innovation and Market Expansion In 2025, key enterprises in the energy storage industry continued to intensify technological innovation and market expansion, leading the industry's transformation toward high-quality development. Top-tier enterprises leveraged their technological and scale advantages to continuously consolidate their market positions. CATL , as the industry leader, saw its ESS battery sales up 29.13% YoY in 2025, ranking first globally for five consecutive years. Its ESS revenue reached 62.44 billion yuan, accounting for 14.74% of total revenue. It also launched condensed-state battery technology with an energy density of 500 Wh/kg, and actively deployed sodium-ion batteries, planning to apply them on a large scale in the ESS sector in 2026. Sungrow delivered outstanding performance in the ESS sector, with full-year ESS revenue of 37.287 billion yuan, up 49.39% YoY, accounting for 41.8% of total revenue. Its global ESS shipments exceeded 25 GWh, with markets outside China accounting for 60%, focusing on core markets including the US, Europe, and the Middle East. Beyond technology deployment, major industry contract signings and capacity expansions also occurred frequently. Canadian Solar Inc. had ESS orders on hand worth $3.6 billion, with global ESS shipments hitting a record high. From publicly listed firms' performance, energy storage business has become a core growth driver for many enterprises, with significant performance divergence across the industry and top-tier enterprises further expanding their advantages. CATL, Sungrow, and other leading enterprises achieved steady growth in energy storage business through comprehensive deployment and strong competitiveness. Meanwhile, Sunwoda, Ginlong Technology, and other enterprises also achieved explosive growth in energy storage business. Ginlong Technology's energy storage business grew 185.31% YoY, with significant increases in string-type energy storage inverter shipments. CORUN, leveraging strategic transformation, achieved 1,700% YoY growth in energy storage business and 1,516.64% growth in non-recurring net profit, becoming an industry dark horse. These enterprises' performance fully reflected the strong momentum of the energy storage industry. 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings Survey Officially Launched Currently, the Strait of Hormuz blockade crisis continues to escalate, plunging global energy supply into a severely strained situation and posing enormous challenges to energy security. Against this backdrop, energy storage, as the "ballast stone" of new energy power, has seen its core value in stable power supply and peak shaving increasingly highlighted. It has not only met more urgent rigid market demand but also driven the industry to explore more cost-effective and practically applicable technology solutions, providing critical support for alleviating global energy tensions and safeguarding energy security. Standing at a turning point of the era, the energy storage industry is transitioning from rapid growth to high-quality development, with technology innovation, cost reduction, market expansion, and landscape reshaping becoming the core key words of industry development. To comprehensively review China's energy storage industry achievements, objectively assess enterprises' comprehensive strengths, and build bridges for industry exchange and cooperation, 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings Survey Has Officially Launched ! This 2026 China Energy Storage Top 20 will produce the 2026 China Energy Storage Enterprise Top 20 (Comprehensive), 2026 China ESS Battery Enterprise Top 20 , and 2026 China ESS Enterprise Top 20 . Ultimately, an authoritative ranking with industry influence will be established. This ranking will serve as an important reference for energy storage enterprises, industry investors, upstream and downstream suppliers, survey institutions, and others, facilitating optimal allocation of industry resources and driving higher-quality development of the energy storage industry. Relevant enterprises are welcome to actively participate in the survey and jointly witness the beginning of a new chapter in the energy storage industry. When solar panels in Lebanon broke through war and scarcity to sustain the survival hopes of an entire city; when Europe adopted household ESS as the primary alternative amid the energy crisis, fortifying energy security with household ESS; when Chinese energy enterprises erected an energy security shield for the world with core technologies, outstanding quality, and a sense of responsibility — we clearly see that new energy technologies and new forces are rising to safeguard global energy security. This force demonstrates the confidence and commitment of Chinese brands, and carries humanity's aspiration for stable energy. We believe that Chinese brands will ultimately inject lasting Chinese momentum into global energy security amid the global energy transformation. 2026 Global PV Top 20 Rankings NO.1 2026 Global PV Enterprise Top 20 (Comprehensive) *Based on enterprise's 2025 annual global PV-related project, product, and service revenue (1 million) NO.2 2026 China PV Enterprise Top 20 (Comprehensive) *Based on enterprise's 2025 annual global PV-related project, product, and service revenue (1 million) NO.3 2026 China PV Power Plant Investment Enterprise Top 20 *Based on enterprise's 2025 annual global PV power plant investment grid connection installations (MW) NO.4 2026 China PV Power Plant EPC General Contractor Enterprise Top 20 *Based on enterprise's 2025 annual global PV power plant grid connection installations (MW) NO.5 2026 China PV Module Enterprise Top 20 *Based on enterprise's 2025 annual global module shipments (MW) NO.6 2026 China PV Inverter Publicly Listed Enterprise Top 15 *Based on each publicly listed firm's (including the listed company and its subsidiaries) 2025 annual global inverter shipments (MW) NO.7 2026 China Solar Panel Mounting Bracket Enterprise Top 20 *Based on enterprise's 2025 annual global mounting bracket shipments (MW) Note: Ranking revenue is denominated in RMB (exchange rates are based on the local currency to RMB exchange rate as of December 31, 2025) 2026 China Energy Storage Top 20 Rankings NO.1 2026 China Energy Storage Enterprise Top 20 Rankings (Comprehensive) *Based on enterprise's 2025 annual energy storage-related project, product, and service revenue (1 million) NO.2 2026 China ESS Battery Enterprise Top 20 Rankings *Based on enterprise's 2025 annual ESS battery sales (MWh) NO.3 2026 China ESS Enterprise Top 20 Rankings *Based on enterprise's 2025 annual ESS installations (MWh) Contact Us ABOUT US 2026 Global PV Top 20 Rankings Declaration and Conference Inquiry: Ms. Zhou: 18651953272 Email: 772813695@qq.com 2026 China Energy Storage Top 20 Rankings Declaration and Conference Inquiry: Ms. Liu: 13584535579 Email: 343856673@qq.com

[SMM Analysis: Surging Demand for Energy Density Presses the "Fast-Forward Button" on Silicon Carbon Anode Capacity Expansion] As the demand for high energy density from high-end batteries continued to surge, silicon carbon anode products based on the CVD route from top-tier enterprises successively passed downstream client verification and achieved large-scale shipments.

This week (4.17–4.23), solid-state battery industrialization accelerated sharply. GreatPower struck two strategic deals and advanced a 2.8-billion-yuan project; PingAn and Jinghe Energy put all-solid-state pilot lines into operation with energy density over 400Wh/kg. Sinocera Materials launched an automated sulphide electrolyte line, while Gotion signed the world’s first 20,000-ton solid-state key material project. CATL also unveiled its Kirin condensed-state battery.

Recently, Haiwang (Ningdong) New Materials Co., Ltd. successfully completed the commissioning trial production of its annual 5,000 mt carbazole project, continuously producing high-quality products and achieving batch delivery to clients across multiple sectors, marking a new stage of industrialisation for the world's leading single-unit-scale organic liquid hydrogen storage carrier material production site. It is understood that the site was jointly established by Beijing Haiwang Hydrogen Energy Technology Co., Ltd. and Ningxia Ningdong Science and Technology Venture Capital Co., Ltd., located in the New Materials Park of the Ningxia Ningdong Energy and Chemical Industry Base. Covering 65 mu, the project features an annual 5,000 mt-class continuous carbazole production line, equipped with full-process facilities including raw material pretreatment, synthesis and preparation, and finished product refining, along with comprehensive utility systems, making it the world's leading specialised organic liquid hydrogen storage carrier production site in terms of process route and the largest in single-unit scale . The project's core relies on Haiwang Hydrogen Energy's independently developed original synthesis process , completely abandoning the traditional coal tar extraction route, fundamentally overcoming constraints on raw material supply and capacity expansion bottlenecks, and possessing industrialisation advantages of scalable expansion and continuously declining costs. The base purity of products consistently exceeds 99% , and through parameter adjustment, the line can also produce electronic-grade and pharmaceutical-grade high-end products with purity above 99.5%, with the overall production process being green, low-carbon, and environmentally controllable. This proprietary process represents the first industrial-scale application worldwide , having passed the chemical process safety and reliability assessment by the Ningxia Department of Science and Technology, and was evaluated by the China Petroleum and Chemical Industry Federation as reaching an internationally leading technology level . In terms of industrial value, carbazole and its alkyl derivatives have broad application scenarios. Beyond serving as a core organic liquid hydrogen storage (LOHC) carrier , they are also widely applicable to high-end fine chemical fields such as high-performance dyes, optoelectronic displays, perovskite batteries, and pharmaceutical chemicals, with significant room for industry chain extension and ample market demand potential. The successful trial production of this project will fill the gap in key materials for hydrogen energy storage and transportation, resolve current industry pain points in long-distance and large-scale hydrogen storage and transportation, lay a solid material foundation for the commercialisation and popularization of organic liquid hydrogen storage technology, and facilitate the large-scale, high-quality development of China's entire hydrogen energy industry chain. Haiwang Hydrogen Energy stated that it will take this commissioning trial production as a starting point to steadily advance capacity ramp-up and stable mass production, continuously optimise production processes, reduce energy consumption and costs, further improve the hydrogen storage material industry chain layout, and empower the hydrogen energy industry through independent innovation in core technologies.

[SMM Steel] Hoa Phat Group inaugurated a new steel pipe plant in Tay Ninh with an investment of over VND 2 trillion, adding 400,000 tpa and raising total pipe capacity to 1.2 million tpa. The 15-hectare facility produces black pipes, galvanized pipes, HDG pipes, coils, and large-diameter pipes meeting ASTM, BS EN, and JIS standards. Equipped with a 10 MW rooftop solar system covering over 50% of power demand, the plant supports both capacity expansion and green production goals, with plans to run at full utilization to meet domestic and export demand.

Benefiting from both rising gold prices and increasing volumes, Zijin Mining delivered a stellar report card. In Q1, the company achieved revenue of 98.5 billion yuan, up 24.79% YoY; net profit attributable to shareholders of the publicly listed firm reached 20.1 billion yuan, surging 97.50% YoY, nearly doubling; total profit soared 115% YoY to 31.6 billion yuan, with all core financial metrics hitting record highs across the board. The underlying logic behind the accelerating profitability was clearly identifiable: the historic breakthrough in gold prices served as the most direct catalyst. The unit price of gold ingots jumped from 661.83 yuan/g in the same period last year to 1,089.04 yuan/g, a gain of over 64%, and the gross margin of mine-produced gold expanded from 52.91% to 69.60%; silver prices also surged in tandem, soaring from 5.50 yuan/g to 15.33 yuan/g, with the gross margin of mine-produced silver leaping to a remarkable 85.59%. The company's overall mine enterprise gross margin rose from 59.94% to 71.01%, and the comprehensive gross margin also climbed from 22.89% to 36.33%, with the price dividend fully realized. Meanwhile, the rise of the lithium segment was reshaping the company's profit structure. Lithium carbonate equivalent production reached 16,229 mt in Q1, compared to only 1,376 mt in the same period last year, up over 10 times YoY, with an average selling price of 101,456 yuan/mt and a gross margin as high as 61.44%. The company expects full-year 2026 lithium carbonate production to reach 120,000 mt, and plans to increase it to 270,000–320,000 mt by 2028, at which point it will rank among the world's largest lithium ore producers. The lithium business is evolving from a marginal increment to a core profit engine. Gold Prices Exceeded Expectations, with the Gold Segment Contributing Core Profits Gold was the largest engine of profit growth this quarter. The company's mines produced 23,497 kg of gold, up 23% YoY, benefiting not only from volume growth but also from a price tailwind. The average price of gold ingots reached 1,089.04 yuan/g, and the average price of gold concentrates reached 1,010.55 yuan/g, up approximately 65% and 64% YoY, respectively. The sources of incremental growth also warranted attention. Zijin Gold International's newly acquired Akyem Gold Mine in Ghana and Ridgold Polymetallic Mine in Kazakhstan, acquired in 2025, had begun contributing production, with the benefits of external M&A gradually being released. Under the resonance of high gold prices and volume growth, the gross margin of mine-produced gold business surged significantly: the gold ingot gross margin rose from 52.91% to 69.60%, and the gold concentrates gross margin climbed from 71.05% to 80.89%, delivering a notable boost to overall profits. Copper: Kamoa-Kakula Production Cuts Dragged Down Output, While Other Mines Advanced Steadily The copper segment produced 259,214 mt of mine-produced copper in Q1, down from 287,571 mt in the same period last year, primarily due to a sharp decline in equity production at the Kamoa-Kakula copper mine — plunging from 59,163 mt in the same period last year to 27,361 mt, a drop of over 50%. Excluding this disruption, the company's other copper mines all advanced in an orderly manner as planned. Of particular note was the Julong Copper Mine Phase II, which was officially commissioned in late January 2026 and contributed 60,000 mt of mine-produced copper in Q1. The capacity was still in the ramp-up stage, with further incremental output expected going forward. Rising copper prices also effectively offset the volume pressure. The average price of copper concentrates rose from 60,179 yuan/mt to 81,543 yuan/mt, with the gross margin further improving from 65.05% to 70.84%; the gross margins of electrodeposition copper and copper cathode also expanded to 61.61% and 56.20%, respectively. The smelting copper business had a gross margin of only 0.32% due to thin processing profits, but scale effects still enabled it to contribute a considerable absolute profit amount. Lithium Segment: A Leap from Zero to One, Targeting the World's Largest by 2028 The lithium business was the segment with the most dramatic changes in this quarterly report. Lithium carbonate equivalent production reached 16,229 mt (with Q1 sales of 13,329 mt), achieving an order-of-magnitude expansion from the base of 1,376 mt in the same period last year, driven by the capacity ramp-up following the successive commissioning of multiple projects including the 3Q Salt Lake lithium mine, the Lagocuo Salt Lake lithium mine, and the Xiangyuan hard-rock lithium mine. Profitability was equally impressive — lithium carbonate had an average selling price of 101,456 yuan/mt and a gross margin of 61.44%, second only to silver and ranking as the second highest among all products, reflecting the inherent cost advantages of salt lake lithium resources. In stark contrast, the lithium carbonate gross margin in Q4 last year was only 24.59%, surging nearly 37 percentage points within just one quarter, benefiting from both improved product mix and a cyclical recovery in lithium prices. Of greater strategic significance was the long-term plan: the main mining and processing workflow of the Manono lithium mine northeast project had been fully connected, and is expected to be completed and commissioned in June this year; the company plans to achieve lithium carbonate equivalent production of 270,000–320,000 mt by 2028, at which point it will become one of the world's largest lithium ore producers. Management has explicitly positioned the lithium segment as the "third pillar" core profit source after copper and gold. Cash Flow and Balance Sheet: Ample Ammunition, Strong Foundation for Expansion Financial structure side, total assets reached 549.9 billion yuan at the end of Q1, up 7.41% from the beginning of the year; the cash and bank balance was 99.4 billion yuan, a significant increase of 33.8 billion yuan from 65.6 billion yuan at the beginning of the year, with cash and cash equivalents reaching 90.3 billion yuan at period-end. The ample cash reserves provided sufficient ammunition for the company to pursue global mine M&A opportunities and fund capital expenditures on projects under construction. Net assets side, equity attributable to shareholders of the publicly listed firm reached 200.4 billion yuan, up 8.02% from the beginning of the year; the weighted average return on equity (ROE) reached 10.35%, up 3.23 percentage points from 7.12% in the same period last year, with capital return efficiency continuing to improve. The liability side saw some expansion, with short-term borrowings increasing from 32.3 billion yuan to 41.2 billion yuan, bonds payable rising from 47.4 billion yuan to 56.3 billion yuan, and total liabilities amounting to 282.5 billion yuan, an increase of approximately 21.5 billion yuan from the beginning of the year, primarily to support project construction and capacity expansion. Although the absolute scale of debt rose, the company's debt-servicing capacity was not under pressure given the significant improvement in operating cash flow, with the asset-liability ratio at approximately 51.4%, remaining well under control overall.