When the era of rapid global photovoltaic installation comes to an end and the photovoltaic industry enters a period of deep adjustment. The photovoltaic inverter industry is inevitably shifting from "incremental dividends" to "stock games". But one thing hasn't changed! On August 6th, S&P released its global ranking of photovoltaic inverter shipments, with Sunac still ranking first and having held the top spot for five consecutive years.
When the blue ocean accelerates and turns red, the inverter track really changes! In this round of photovoltaic downturn cycle, the inverter track is one of the few exceptions. The most obvious change is the surge of entrants. According to photovoltaic headline statistics, there will be 192 companies participating in bidding in the domestic market in 2025 alone, and nearly 80 companies will also win bids in the first half of 2026.
Why has Sunshine Power been ranked first for five consecutive years? Under the dual pressure of the industry being deeply mired in internal competition and high overseas barriers, Sunac Power has delivered a counter trend report: the global shipment of photovoltaic inverters reached 143GW, ranking first in the world for five consecutive years, with a stable market share of over 25%; The gross profit margin of the inverter business was 34.7%, an increase of nearly 4 percentage points year-on-year. In 2025, the research and development expenses of Sunac Power will reach 4.175 billion yuan, a year-on-year increase of 31.97%.
当全球光伏装机狂飙时代落幕，当光伏行业进入深度调整期。光伏逆变器行业不可避免地从“增量红利”转向“存量博弈”。但，有一点没有变！就在8月6日，标普发布全球光伏逆变器出货量排名，阳光电源还是第一，而且已经蝉联榜首五年。
当蓝海加速“泛红”，逆变器赛道真的变了！本轮光伏下行周期中，逆变器赛道是为数不多的例外。最直观的变化，是入局者的井喷。据光伏头条统计，仅2025年国内市场就有192家企业参与招投标，2026年上半年也有近80家中标。
阳光电源何以连续五年第一？在行业深陷内卷、海外壁垒高筑的双重压力下，阳光电源交出了一份逆势成绩单：光伏逆变器全球发货143GW，连续五年全球第一，市占率稳定在25%以上；逆变器业务毛利率34.7%，同比提升近4个百分点。2025年，阳光电源研发费用达41.75亿元，同比增长31.97%。
Sunshine Power leads the way in releasing five signals: the industry has entered a "technology competition" from a "manufacturing competition"; The "jungle competition" in the early stages of the industry is giving way to a mature industry landscape; Inverter+is becoming a standard configuration; Globalization has entered the stage of 'compliance war'; The essence of a leading position is long-term 'evolutionary ability'.
Conclusion: Sunshine Power has been ranked first in the world for five consecutive years. This is not a story of "survival", but a sample of "evolution". In the coldest cycle of the industry, it dug deep into the technological moat with R&D investment, reshaped product boundaries with cross domain integration, hedged trade risks with global localization layout, and crossed the fog of the cycle with strategic prediction.
阳光电源领跑释放五大信号：行业已从“制造竞赛”进入“技术竞赛”；产业初期的“丛林竞争”正在让位于成熟的行业格局；“逆变器+”正在成为标配；全球化已进入“合规战”阶段；龙头地位的本质是长期的“进化能力”。
结语：阳光电源连续五年全球第一，这不是一个“守成”的故事，而是一个“进化”的样本。在行业最冷的周期里，它以研发投入深挖技术护城河，以跨域融合重塑产品边界，以全球本地化布局对冲贸易风险，以战略预判穿越周期迷雾。
(Using AI translation)
（使用AI翻译）
