Sunwoda Completes Distribution-Side Energy Storage Project in Belgium

On April 28, CNGR Advanced Material Co., Ltd. disclosed its first quarter report for 2026. The financial report shows that in the first quarter of 2026, CNGR achieved operating revenue of 15.750 billion yuan, a year-on-year increase of 46.00%; net profit attributable to shareholders of the listed company was 555 million yuan, a year-on-year increase of 80.54%; net profit after deducting non-recurring gains and losses was 518 million yuan, a year-on-year increase of 96.87%. As of the end of the reporting period, the company's total assets were 83.432 billion yuan, an increase of 2.24% compared to the end of the previous year.

Sungrow stated at a conference call on April 27 that rising raw material prices such as lithium carbonate had challenged project-end returns. The impact on small and medium-sized projects was relatively small, as these projects could agilely pass through costs, while particularly large projects were constrained. Overall, the total installed capacity of energy storage would still increase over the next three years, with expected growth of 30%–50%.