Sungrow Power Supply 300274.SZ 300274 CH EQUITY: TECHNOLOGY 4Q25 earnings miss on weak sales & GPM erosion Quick Note 4Q25: Earnings miss on weak sales, gross margin erosion, and impairment Sungrow reported 4Q25 results and hosted an investor and analyst meeting on 31 March after-market. The company's 4Q25 sales declined 0.4% q-q and 18.4% y-y to CNY22.8bn, 26%/36% below Bloomberg consensus/our estimates; the decline was mainly due to weaker-than-expected shipments. Moreover, its earnings decreased 61.9% q- ...