Solareast Holdings Co., Ltd. (603366.SS) Bundle
From its beginnings in 1999 as a solar thermal specialist to a diversified clean-energy group listed on the Shanghai Stock Exchange in 2012, Solareast Holdings Co., Ltd. has grown into a vertically integrated manufacturer and solutions provider that by 2009 had already sold over 1 million solar water heaters and today serves more than 67 million families and 20,000 enterprises across 80+ countries through five Chinese production bases (Luoyang, Shunde, Lianyungang, Tibet and Yuyao), a dedicated energy-storage subsidiary and product lines spanning solar water heaters, air-source heat pumps, energy storage systems and EV chargers; financially the company reported revenue of 5.08 billion CNY in 2024, held approximately 813.05 million shares outstanding with a market capitalization near 8.22 billion CNY in late 2025, has seen a 4.61% decline in shares outstanding year-over-year while insiders retain about 3.35% ownership and institutions hold roughly 2.37%, and continues strategic moves-such as establishing a charging-pile entity in September 2025-that underpin its positioning among the top 500 global new energy enterprises.
Solareast Holdings Co., Ltd. (603366.SS): Intro
Solareast Holdings Co., Ltd. (603366.SS) is a China-based renewable energy equipment manufacturer best known for solar thermal products (solar water heaters) and complementary heating solutions. Founded in 1999, the company built a vertically integrated platform spanning R&D, manufacturing, sales and after-sales service for residential and commercial thermal systems, later diversifying into heat pumps, water treatment and related home-energy products.- Founded: 1999 (solar thermal focus).
- International expansion began: 2004 - initiated exports and overseas business operations.
- Market milestone: 2009 - first enterprise to sell over 1,000,000 solar water heaters cumulatively.
- Manufacturing scale-up: 2010 - production base established in Luoyang.
- Public listing: 2012 - listed on the Shanghai Stock Exchange (Ticker: 603366.SS).
- Product diversification: 2012 - completed heat pump production base in Shunde.
- Strategic acquisition: 2017 - acquired Zhejiang Sacon Electrical Co., Ltd., expanding domestic product portfolio and channel access.
- 1999-2003: Formation and domestic market penetration - focused engineering and manufacturing of solar water heaters, channel development in residential and commercial markets across China.
- 2004-2009: Export push and scale - entered international markets (Middle East, Africa, Asia-Pacific, parts of Europe and Latin America), achieving the significant cumulative sales landmark of over 1 million units by 2009.
- 2010-2012: Capacity and technology investment - opened Luoyang manufacturing base to increase production capacity and reduce unit costs; 2012 IPO provided capital for R&D and capacity expansion.
- 2013-2017: Portfolio expansion - invested into heat-pump technology (Shunde base) and broadened electrical/appliance capabilities via the Zhejiang Sacon acquisition in 2017.
- 2018-present: Integrated home-energy solutions - combination of solar thermal, heat pumps and water heaters; continued push into energy-efficiency upgrades and service-based revenue streams (warranty, installation, maintenance).
- Product manufacturing: core revenue from manufacture and sale of solar water heaters, heat pumps, storage tanks and related components sold through distributors, retailers and project sales.
- Project sales and EPC: turnkey installations for multi-unit residential, hospitality and institutional projects provide higher-margin, contract-based revenue.
- After-sales and services: installation, maintenance contracts, extended warranties and spare parts generate recurring service revenue and support customer retention.
- Channel and OEM: B2B sales to builders, developers and OEM partnerships for regional brands and export customers.
- M&A and diversification: acquisitions (e.g., Zhejiang Sacon) to capture adjacencies in electrical appliances and broaden distribution channels.
| Metric | Value / Date |
|---|---|
| Founding year | 1999 |
| First million units sold (solar water heaters) | 2009 (cumulative) |
| Luoyang production base established | 2010 |
| Listed on Shanghai Stock Exchange | 2012 (Ticker: 603366.SS) |
| Heat pump production base | Shunde, completed 2012 |
| Acquisition | Zhejiang Sacon Electrical Co., Ltd., 2017 |
| International footprint | Export markets across Middle East, Africa, Asia-Pacific and other regions (initiated 2004) |
- Listed entity: Solareast Holdings Co., Ltd. (603366.SS) - public shareholders include institutional investors, domestic mutual funds and retail shareholders in China.
- Major shareholders and related parties: typically include founding management, domestic strategic investors and state-affiliated investment vehicles in some historical filings (shareholder composition can change post-listing through market transactions).
- Board and governance: standard listed-company governance with board of directors, independent directors and audit committees as required by SSE rules.
- Unit sales: solar water heaters and heat pumps sold at scale to residential and commercial buyers generate primary product revenue.
- Project contracting: higher-ticket EPC and institutional projects increase average selling price and margins.
- After-sales & services: recurring revenue from maintenance, repairs and replacement parts.
- Channel economics: distributor margins, dealer networks and OEM partnerships expand reach without full retail burden.
- Cost and scale: manufacturing bases (Luoyang, Shunde) lower per-unit cost and support margin expansion when utilization is high.
| Year/Period | Business highlight | Operational/financial implication |
|---|---|---|
| 1999-2004 | Domestic market build-out | Established manufacturing and distribution, base revenue growth from domestic installations |
| 2004-2009 | International expansion; 1,000,000+ units sold by 2009 | Volume scale, brand recognition abroad, export revenue contributor |
| 2010-2012 | Luoyang plant; IPO in 2012 | Increased capacity, capital raised for R&D and expansion |
| 2012-2017 | Heat pump base (Shunde), Zhejiang Sacon acquisition (2017) | Product diversification, access to new channels and cross-selling opportunities |
Solareast Holdings Co., Ltd. (603366.SS): History
Solareast Holdings Co., Ltd. (603366.SS) started as a regional solar and clean-energy equipment manufacturer and evolved into an integrated PV components and system solutions provider listed on the Shanghai Stock Exchange. Over the past decade the company expanded capacity, moved into downstream project services, and pursued incremental vertical integration to capture more value across the solar value chain.- Founded as a manufacturing-focused entity and later diversified into downstream EPC and O&M services.
- Gradual shift from commodity module production to differentiated products and service contracts.
- Notable management and shareholding adjustments in mid-2025 reflecting liquidity needs among key executives.
| Metric | Value |
|---|---|
| Shares outstanding (late 2025) | 813.05 million |
| Market capitalization (approx.) | 8.22 billion CNY |
| Change in shares outstanding (1 year) | -4.61% |
| Insider ownership | 3.35% |
| Institutional ownership | 2.37% |
| Executive reduction (June 2025) | Collective sale of 0.29% of shares (including Mr. Li Jun) |
| Exchange / Ticker | Shanghai Stock Exchange / 603366.SS |
- Manufacturing and sale of photovoltaic modules and related components to developers and distributors.
- EPC (engineering, procurement, construction) contracts for utility-scale and distributed solar projects.
- O&M (operations & maintenance) services and long-term service contracts providing recurring revenue.
- Value-added downstream services and integrated system solutions that command higher margins than commodity module sales.
- Insiders hold a moderate 3.35%, aligning management incentives with performance but leaving control relatively dispersed.
- Institutional ownership is limited (~2.37%), suggesting lower foreign/institutional analyst focus compared with larger peers.
- Recent insider share reductions (0.29% in June 2025) may reflect personal liquidity needs rather than strategic shift.
- Overall share count contraction (-4.61% YoY) indicates modest reduction in share issuance or buyback activity.
Solareast Holdings Co., Ltd. (603366.SS): Ownership Structure
Solareast Holdings Co., Ltd. (603366.SS) positions itself around a clear mission: creating a 'clean world and beautiful life' through sustainable, innovative energy solutions. The company emphasizes technological innovation to lead the solar thermal industry and to rank among the top global new energy enterprises. Its strategic vision-'Green World, Better Life'-drives integrated offerings that combine energy storage, photovoltaics, air-source heat pumps and EV chargers to deliver end-to-end clean energy systems.- Mission & values: sustainability, technological leadership, integrated clean-energy solutions.
- Global reach: products and solutions delivered to over 67 million families and ~20,000 enterprises across more than 80 countries and regions.
- Manufacturing footprint: five production bases across China to support scale, localization and distribution.
- Wholly-owned subsidiary: SolarEast Energy Storage Technology Co., Ltd. - focused on R&D, manufacturing and sales of energy storage products for residential, commercial, industrial and utility-scale applications.
- Operating model: centralized corporate R&D and brand, decentralized production across five bases for rapid regional deployment.
| Entity | Role | Ownership / Note |
|---|---|---|
| Solareast Holdings Co., Ltd. (603366.SS) | Listed parent company | Publicly listed on Shanghai Stock Exchange (stock code 603366.SS) |
| SolarEast Energy Storage Technology Co., Ltd. | Subsidiary - energy storage R&D & manufacturing | Wholly owned by Solareast Holdings |
| Production Bases | Manufacturing & distribution | 5 production bases across China (supporting large-scale output and logistics) |
| Global Customers | End users & commercial clients | ~67 million households; ~20,000 enterprises in 80+ countries |
- Revenue streams:
- Product sales: solar thermal systems, energy storage packs, PV-integrated systems, heat pumps, EV chargers.
- Project solutions & EPC: integrated system design, installation and after-sales services for residential, commercial and utility customers.
- Service contracts & maintenance: long-term performance guarantees, O&M for large installations.
- Vertical integration: in-house R&D → manufacturing at 5 bases → global sales network minimizes margins leakage and accelerates deployment.
- Scale & volume advantages: large installed base (millions of household units implied by 67M served) enables recurring aftermarket revenue and component optimization.
| Metric | Figure / Description |
|---|---|
| Global reach | Products/solutions supplied to >67 million families and ~20,000 enterprises across 80+ countries |
| Production footprint | 5 production bases in China |
| Business segments | Energy storage, solar thermal, PV integration, heat pumps, EV charging |
| Subsidiary focus | SolarEast Energy Storage Technology Co., Ltd. - R&D, manufacturing & sales of energy storage |
Solareast Holdings Co., Ltd. (603366.SS): Mission and Values
Solareast Holdings Co., Ltd. (603366.SS) operates a vertically integrated clean-energy platform spanning R&D, manufacturing, system integration and sales. The company monetizes its technology and capacity through product sales, project contracting, after-sales services, licensing and channel partnerships across residential, commercial and industrial segments. How It Works Solareast organizes its business around end-to-end capabilities: in-house research and product development; multi-site manufacturing; system design and integration; sales, distribution and after-sales service; and export logistics. Key operational features:- Vertical integration - in-house R&D to reduce unit cost, accelerate product iteration and protect IP.
- Product diversification - solar water heaters, air-source heat pumps, energy storage systems, and EV chargers sold to households, enterprises and installers.
- Project & service revenue - EPC and O&M for commercial & industrial installations supplementing hardware sales.
- Global sales network - direct and channel partners enabling exports to over 80 countries and regions.
| Production Base | Location | Primary Products | Role |
|---|---|---|---|
| Base 1 | Luoyang | Solar water heaters, panels | Large-scale manufacturing & assembly |
| Base 2 | Shunde | Air-source heat pumps | R&D pilot & mass production |
| Base 3 | Lianyungang | Energy storage modules & batteries | Battery module assembly & testing |
| Base 4 | Tibet | High-altitude solar solutions | Field testing & localized production |
| Base 5 | Yuyao | EV chargers & power electronics | Electronics manufacturing & QC |
- SolarEast Energy Storage Technology Co., Ltd. (wholly owned) - dedicated to R&D, manufacturing and sales of energy storage products including battery modules, BMS, and integrated ESS units.
- Corporate R&D centers - focus on integration of PV + storage + heat pumps + EV chargers to create bundled energy solutions and smart home/SME energy management systems.
- Serves over 67 million families globally.
- Provides solutions to more than 20,000 enterprises.
- Active in excess of 80 countries and regions through exports and overseas partners.
- Hardware sales - solar water heaters, heat pumps, ESS units, EV chargers sold via retail, distributors and project contractors.
- Project contracting (EPC) - turnkey installation and integration for commercial and industrial customers.
- After-sales and service contracts - extended warranties, maintenance and O&M for installed systems.
- Export & channel sales - international distributors, wholesalers and branded partnerships in target regions.
- Technology & integration premium - bundled PV + storage + heat pump solutions commanding higher margins than standalone hardware.
| Metric | Value |
|---|---|
| Production bases | 5 (Luoyang, Shunde, Lianyungang, Tibet, Yuyao) |
| Household customers served | ~67 million families |
| Enterprise customers | ~20,000 enterprises |
| International reach | >80 countries/regions |
| Major product categories | Solar water heaters, heat pumps, ESS, EV chargers |
| Wholly-owned energy storage subsidiary | SolarEast Energy Storage Technology Co., Ltd. |
- Integration of energy storage with photovoltaic systems and heat pumps to provide dispatchable, low-carbon energy services.
- Focus on modular ESS design and standardized interfaces for easy pairing with rooftop PV and EV charging infrastructure.
- Software and BMS development to optimize charging/discharging, extend asset life and enable value stacking (time-shift, peak shaving, ancillary services where permitted).
- Direct sales to large commercial/industrial customers and public projects.
- Distributor and dealer networks for residential and small business channels.
- Partnerships with PV installers, property developers and government procurement programs to scale deployments.
Solareast Holdings Co., Ltd. (603366.SS): How It Works
Solareast Holdings Co., Ltd. (603366.SS) operates as an integrated clean-energy equipment manufacturer and solutions provider, generating revenue through product sales, system integration, services and overseas distribution. The company's commercial model centers on designing, manufacturing and selling residential and commercial thermal and electric energy systems, then scaling those products through a global sales and installation network.- Primary revenue sources: solar water heaters, air-source heat pumps, energy storage systems, EV chargers and integrated clean-energy system solutions.
- Subsidiary-driven R&D and manufacturing: SolarEast Energy Storage Technology Co., Ltd. focuses on energy storage product development, manufacturing and sales-feeding directly into the parent's product mix and revenue stream.
- After-sales, installation and system integration: recurring revenue from installation services, extended warranties, maintenance and B2B system integration contracts.
- Global sales network: distribution and service to over 67 million families and 20,000 enterprises across more than 80 countries and regions, expanding recurring and one-time sales opportunities.
- Strategic product and market expansion: entry into charging-pile business with a new company established in September 2025 to capture EV charging demand and diversify revenue.
| Metric | 2023 | 2024 | YoY Change |
|---|---|---|---|
| Total revenue (CNY) | 4.84 billion | 5.08 billion | +4.89% |
| Geographic reach | ~80+ countries | ~80+ countries | - |
| End-customers reached | 67 million families; 20,000 enterprises | 67 million families; 20,000 enterprises | - |
| Key product lines | Solar water heaters, heat pumps, storage, EV | Solar water heaters, heat pumps, storage, EV | - |
- Product sales: one-time revenue from manufactured units (solar water heaters, heat pumps, storage modules, EV chargers) sold to consumers, installers and distributors.
- System sales: bundled photovoltaic + storage + heat pump + EV charger solutions at higher average selling prices and margins than standalone units.
- B2B contracts: large-scale commercial or industrial system sales and service contracts to enterprises and institutions-higher contract values, longer payment cycles.
- After-sales & services: installation fees, maintenance contracts and spare parts-contribute to recurring revenue and improve lifetime customer value.
- Export & dealer margins: overseas distribution leverages local dealers and integrators; Solareast captures manufacturing margin while channel partners handle local installation and service.
- R&D and vertical integration through subsidiaries (notably SolarEast Energy Storage Technology Co., Ltd.) to lower BOM costs and differentiate via integrated storage + PV solutions.
- Product diversification, including entry into charging piles (Sept 2025), to capture adjacent electrification demand and expand TAM.
- Scale in manufacturing and global distribution to leverage fixed-cost absorption and expand gross margin over time.
- Cross-selling across existing 67M household and 20k enterprise customers-upgrading from water-heating to full home energy systems.
Solareast Holdings Co., Ltd. (603366.SS): How It Makes Money
Solareast monetizes its clean-energy expertise through diversified product lines, project development, services and international sales channels, leveraging scale, vertical integration and technology-driven solutions.- Product sales: photovoltaic (PV) modules for residential, commercial and utility-scale installations.
- Engineering, procurement & construction (EPC) contracts for ground-mounted and distributed solar projects.
- Energy storage systems (ESS) - battery packs, BESS integration and turnkey solutions for grid and behind-the-meter applications.
- EV charging equipment and related infrastructure sales and installation.
- Operation & Maintenance (O&M) services and long-term asset management contracts.
- Smart energy solutions and software services (monitoring, energy management, digital optimization).
- After-sales: warranties, spare parts, retrofit and upgrade services that generate recurring revenue.
- International distribution: exports and localized supply via global sales network across 80+ countries and regions.
| Metric | Value | Notes |
|---|---|---|
| Market capitalisation (late 2025) | 8.22 billion CNY | Reflects listed valuation on Shanghai Stock Exchange (603366.SS) |
| Global customers served | 67 million households; 20,000 enterprises | Presence in >80 countries and regions |
| Ranking | Top 500 global new energy enterprises | Industry ranking indicating scale and reputation |
| Estimated annual revenue (2024-2025) | ~6.5 billion CNY (FY2024 est.) | Revenue mix skewed to PV product sales and EPC; includes nascent ESS & EV charger sales |
| Estimated net profit (2024) | ~420 million CNY | Net margin compressed by expansion and R&D investments |
| R&D and capex focus | ~5-7% of revenue allocated to R&D; ongoing capex for new production bases | Supports technology upgrades, ESS and EV charger product development |
- Market capitalisation of ~8.22 billion CNY as of late 2025 signals significant scale within China's clean energy sector.
- Placement among the top 500 global new energy enterprises demonstrates competitive positioning and brand recognition internationally.
- Strategic expansion into energy storage systems and EV charging broadens addressable market and creates higher-margin, recurring-service opportunities.
- New production bases increase manufacturing capacity, improve unit economics and shorten delivery cycles for large EPC and export orders.
- Global sales network (serving >67 million families and 20,000 enterprises in 80+ countries) diversifies revenue and reduces single-market exposure.
- Commitment to "clean world and beautiful life" aligns with global decarbonization trends, supporting long-term demand for PV, ESS and integrated clean-energy solutions.
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