Wanlian Securities: The overall environment for inverter exports has seen a rebound, focusing on the overseas layout and leading market position of the head companies.

released a research report stating that in the long term, global renewable energy installed capacity is growing rapidly, grid instability is increasing, and energy storage demand is expected to continue to rise. By region: (1) the impact of European household storage is weakening, large-scale installation of energy storage is accelerating, replacing household storage incrementally, and the overall market is expected to gradually recover; (2) there is a high demand for large-scale energy storage installations in the United States, and energy storage projects are expected to accelerate connection to the grid, driving market size growth. Currently, the impact of US tariffs has weakened, and exports are expected to rebound; (3) emerging markets are growing rapidly, with vast household storage spaces in Asia, Africa, South America, Oceania, providing new momentum for the continued growth of energy storage demand; (4) investment in renewable energy in the Middle East is increasing, and energy storage project construction is accelerating. Saudi Arabia and the UAE's large-scale storage installations are expected to maintain stable growth. It is recommended to pay attention to leading overseas companies with complete layouts and leading market positions. The main points of Wanlian Securities are as follows: Core View On October 20, 2025, the General Administration of Customs released the September 2025 inverter export data. In September 2025, China's inverter export amount was 5.067 billion yuan, down 19.37% month-on-month, and up 4.60% year-on-year, with a widening month-on-month decline and a slight year-on-year increase. From January to September 2025, China's cumulative inverter export amount was 48.322 billion yuan, an increase of 7.30% year-on-year. In terms of regions, the structural adjustment of the Asian market continued, with a decline in export month-on-month, and a small year-on-year decrease; Europe's export fell significantly month-on-month, with a bright performance in the UK; North American demand weakened, and the export scale continued to shrink; the Latin American market overall declined, but maintained high growth year-on-year; the African market differentiated, with good performance in South Africa, while Nigeria saw a slight decline month-on-month, but maintained high growth year-on-year; Oceania remains at a high level, and export momentum continues. Overall, the inverter export in September indicates a strengthening regional differentiation, with structural adjustments in many regions, and Oceania's market performance is bright, showing continued high prosperity. By arrival region Asia: The Asian market continued its structural adjustment, with relatively good performance in the UAE and India. In September 2025, China's inverter export to Asia was 1.695 billion yuan, down 12.70% month-on-month and 3.48% year-on-year, with overall export scale slightly declining compared to the previous month. By country, in September 2025, China's inverter exports to Saudi Arabia, UAE, India, and Pakistan were 100 million, 281 million, 265 million, and 83 million yuan, respectively, with year-on-year changes of -80.56%, +85.18%, +48.99%, and -55.06%, respectively. Overall, the Asian market continues its structural adjustment, with intensified internal differences in trends. The Middle East market is volatile, with a significant drop in exports in Saudi Arabia, over 90% month-on-month; the UAE's exports were at a high level, with a 31% decline month-on-month, but maintain high growth year-on-year; the Indian market experienced a short-term decline, with a decline month-on-month but high growth year-on-year; Pakistan's market remained weak, with declining exports month-on-month and year-on-year. Europe: A significant month-on-month decline in exports, but a slight year-on-year decrease. In September 2025, China's inverter exports to Europe were 1.881 billion yuan, down 30.11% month-on-month and 9.51% year-on-year, with a significant month-on-month decline in exports and a slight year-on-year decrease. By country, in September 2025, China's inverter exports to Germany, the Netherlands, the UK, and Poland were 297 million, 862 million, 127 million, and 54 million yuan, respectively, with year-on-year changes of -9.01%, -8.56%, +33.19%, and -70.04%, respectively. Exports to Germany saw a decline month-on-month and a slight year-on-year decrease; exports to the Netherlands saw a significant month-on-month decline and a slight year-on-year decrease; exports to the UK increased month-on-month, with impressive performance; exports to Poland saw significant month-on-month and year-on-year declines, leading the decline. Other regions: North America and Latin America markets declined, while Oceania maintained high export prosperity North America: Exports continued to decline, with declines both month-on-month and year-on-year. In September 2025, China's inverter exports to North America were 151 million yuan, down 24.84% month-on-month. Specifically, in September 2025, China's inverter exports to the United States were 138 million yuan, down 10.81% month-on-month and 24.90% year-on-year. Overall, the North American market demand continued to be weak, with exports shrinking compared to the previous month. Latin America: The market overall declined, but maintained high growth year-on-year. In September 2025, China's inverter exports to Latin America were 529 million yuan, down 5.07% month-on-month and up 36.60% year-on-year. By country, in September 2025, China's inverter exports to Brazil and Mexico were 202 million and 74 million yuan, with year-on-year changes of +7.61% and -19.02%, respectively. Brazil saw large short-term fluctuations, with a significant month-on-month decline; Mexico had a slight month-on-month decline. African region: South Africa's exports overall increased, Nigeria's exports maintained high growth year-on-year. In September 2025, China's inverter exports to Africa were 373 million yuan, down 13.42% month-on-month and up 22.69% year-on-year. Specifically, in September 2025, China's exports to South Africa and Nigeria were 110 million and 106 million yuan, with a year-on-year increase of 25.65% and a 1.97% month-on-month decrease, respectively, and a year-on-year increase of 88.49% and 48.61%, respectively. Overall, the South African market rebounded, achieving high growth month-on-month and year-on-year, while Nigeria's exports remained steady, with a slight month-on-month decline but maintaining high growth year-on-year. Oceania: Exports maintained a high amount, with a slight month-on-month decline and continued high growth year-on-year. In September 2025, China's inverter exports to Oceania were 456 million yuan, down 7.17% month-on-month and up 288.29% year-on-year. Specifically, in September 2025, China's inverter exports to Australia were 447 million yuan, down 4.34% month-on-month and up 305.75% year-on-year. Overall, the Oceania market's exports remained prosperous, with strong growth momentum. By shipping location Guangdong and Anhui saw declines both month-on-month and year-on-year, while Zhejiang and Jiangsu saw year-on-year growth. In September 2025, China's inverter exports from Guangdong, Zhejiang, Anhui, and Jiangsu were 1.825 billion, 1.365 billion, 464 million, and 686 million yuan, with month-on-month decreases of 19.40%, 17.30%, 38.34%, and 17.36%, and year-on-year changes of -2.78%, +10.69%, -13.68%, and +59.32%, respectively. Looking at the performance of provinces, Guangdong saw a month-on-month decline and a slight year-on-year decline; Zhejiang and Jiangsu saw a month-on-month decline but a year-on-year increase; Anhui saw declines both month-on-month and year-on-year. Note: Major inverter companies in each province are as follows: Guangdong (Shenzhen Sinexcel Electric, Shenzhen Hopewind Electric, Huawei); Jiangsu (Jiangsu Goodwe Power Supply Technology Co.,Ltd., Sineng Electric); Zhejiang (Ningbo Deye Technology, Ginlong Technologies, SolaX Power Network Technology, Yuneng Technology, Hoymiles Power Electronics Inc.); Anhui (Sungrow Power Supply). Risk factors: Overseas market demand falling below expectations, changes in trade policies, extreme weather impact, intensified industry competition, and downward pressure on product prices.