Ginlong Technologies' credit rating affirmed amid strong performance

Ningbo Ginlong Technologies received a stable credit rating of AA for its main body and its 02 bonds, according to a 2025 follow-up report. The company demonstrated strong competitive advantages, leading shipment volumes in the inverter sector, and a promising outlook in the energy storage inverter market. The report highlighted increasing revenues, with sales growing from 61.01 bn yuan in 2023 to 65.42 bn yuan in 2024, and reaching 56.63 bn yuan by September 2025. Net profit also rose from 7.79 bn yuan in 2023 to 6.91 bn yuan in 2024, and 8.65 bn yuan by September 2025.

The company's asset-liability ratio improved from 71.55% in 2022 to 54.48% by September 2025, indicating strengthened financial stability. This improvement is attributed to reduced investment in distributed solar power plants and the sale of some plant assets to repay previous debts. Additionally, key executives, including Guo Junqiang, Zhang Chan, and Lu Hofeng, completed their shareholding reduction plans between September 19 and September 25, 2025, selling a total of 143,800 shares. These transactions were executed within the disclosed plan and did not impact the company's controlling shareholder structure or operations.

Despite fierce market competition and declining revenues from grid-tied inverters, Ginlong Technologies continues to benefit from its strong position in distributed solar power generation, which provides stable cash flow. The company’s focus on R&D and global market expansion, particularly in emerging markets like Pakistan and India, supports its sustained growth. The energy storage inverter market is expected to remain a significant driver of future demand.