In today’s global wave of green development, the new energy industry has become a powerful engine for China’s high-quality development. Leading companies in its ten key sectors, with their strong technological barriers, large market share, and outstanding supply chain integration capabilities, have become industry leaders. In 2025, with rapid technological advancements and continued market expansion, these leading companies are guiding the entire industry’s direction. Today, we will provide an in-depth analysis of the core leading stocks in these sectors, based on the latest market dynamics as of October 2025.
I. Photovoltaic Power Generation: A Globally Leading Scale-Up Industry
Photovoltaics is the cornerstone of the new energy industry, and my country has built the world’s largest photovoltaic industry chain. By 2025, high-efficiency cells such as TOPCon and HJT (conversion efficiency exceeding 25%) will become mainstream, and perovskite tandem cells (laboratory efficiency exceeding 30%) will enter the pre-mass production stage. Leading companies include:
Longi Green Energy (601012): A global leader in photovoltaic modules, possessing full-chain technology in monocrystalline silicon wafers, cells, and modules. In the first half of 2025, its module shipments exceeded 30GW, ranking first globally in market share.
Tongwei Co., Ltd. (600438): A leading integrated photovoltaic industry chain company, covering silicon material, cells, and modules. In 2025, its silicon material production capacity will reach 200,000 tons, and its cell conversion efficiency will exceed 26%.
Sungrow Power Supply Co., Ltd. (300274): A global leader in photovoltaic inverters, with products covering centralized, string, and micro-inverters. In the first half of 2025, its inverter shipments exceeded 100GW, ranking among the top three globally in market share.
II. Wind Power: Expanding into Deep Water and Offshore Areas
Wind power is the second largest form of new energy power generation after photovoltaics, and my country’s wind power industry chain boasts significant global competitiveness. In 2025, large-scale wind power bases in desert and Gobi areas (in conjunction with photovoltaics), the development of offshore wind power in deep water areas (over 50 meters deep), and distributed wind power (rural areas and industrial parks) will be key focuses. Leading companies include:
Goldwind Technology (002202): A leading domestic wind power equipment manufacturer, with products covering onshore and offshore wind turbines. In the first half of 2025, its wind turbine shipments exceeded 5GW, ranking among the top three in the domestic market share.
Mingyang Smart Energy (601615): A leading offshore wind power company, possessing large-scale offshore wind turbine technology (such as 11MW turbines). In 2025, its offshore wind power project bids exceeded 10GW.
Dongfang Electric (600875): A leader in the entire wind power equipment industry chain, covering wind turbines, blades, and towers. In the first half of 2025, its wind power business revenue increased by 35% year-on-year.
III. Energy Storage Technology: A Key Track for Solving Consumption Bottlenecks
Energy storage is the core support for the “large-scale utilization” of new energy. In 2025, new energy storage technologies (such as flow batteries, sodium batteries, and compressed air energy storage) are expected to become growth highlights. Leading companies include:
CATL (300750): A global leader in power batteries and energy storage systems. Its energy storage business revenue exceeded 30 billion yuan in the first half of 2025, ranking first globally in market share.
BYD (002594): A leader in new energy vehicles and energy storage. Its energy storage battery shipments exceeded 10GWh in the first half of 2025, covering residential, commercial, and grid-scale energy storage.
Pylontech (688063): A leader in residential energy storage, with products sold to markets in Europe and Southeast Asia. Its residential energy storage revenue increased by 50% year-on-year in the first half of 2025.
IV. Hydrogen Energy Industry: The Entire Chain of Green Hydrogen Production
Hydrogen energy is a core direction for “non-electric utilization,” and integrated green hydrogen production, transportation, storage, and utilization (such as the green hydrogen projects in Ordos, Inner Mongolia, and Zhundong, Xinjiang) will become a key focus in 2025. Leading companies include:
Meijin Energy (000723): A leader in the entire hydrogen energy industry chain, covering hydrogen production, storage, refueling, and hydrogen fuel cell vehicles. Its hydrogen energy business revenue exceeded 2 billion yuan in the first half of 2025.
Yihuatong (688339): A leader in hydrogen fuel cells, with products covering commercial vehicles and passenger vehicles. Its fuel cell shipments exceeded 1,000 units in the first half of 2025.
Xueren (002639): A leader in hydrogen fuel cell systems, possessing hydrogen production, storage, and fuel cell stack technologies. Its hydrogen energy business revenue increased by 40% year-on-year in the first half of 2025.
V. Smart Grid: Supporting the Transmission Track for High-Proportion New Energy
The smart grid is the “blood vessel” of “new energy consumption.” In 2025, AI-driven power grid coordination (AI-optimized grid dispatching) and virtual power plants (aggregating distributed energy resources to participate in grid regulation) will become new growth points. Leading companies include:
NARI Group Corporation (600406): A leader in power automation, providing smart grid dispatching, substation monitoring, and distribution automation solutions. Its revenue exceeded 15 billion yuan in the first half of 2025, ranking first in the domestic market share.
XJ Electric Corporation (000400): A leader in UHV and distribution network intelligence, participating in benchmark projects such as the Qingyun Power Station of the Three Gorges Energy Group. Its energy storage EMS system revenue increased by 30% year-on-year in the first half of 2025.
Far East Power Technology Co., Ltd. (600869): A leader in “electricity + computing power + AI,” providing UHV cables, data center backup power supplies, and smart grid equipment. Its AI computing power business revenue increased by 200% year-on-year in the first half of 2025.
VI. New Energy Vehicles: An Application Track of Industrial Chain Integration
New energy vehicles are the core scenario for the “end-end application” of new energy. Plug-in hybrid electric vehicles (PHEVs)/range-extended electric vehicles (accounting for over 50%) are expected to become the main drivers of growth by 2025. Leading companies include:
BYD (002594): A global leader in new energy vehicles, with sales exceeding 1.5 million units in the first half of 2025, ranking first globally in market share.
Seres (601127): A leading high-end new energy vehicle manufacturer in cooperation with Huawei, with sales of its “Wenjie” series exceeding 200,000 units in the first half of 2025, demonstrating significant advantages in technological cooperation and regional orders.
Changan Automobile (000625): A leader in new energy vehicles, with sales exceeding 800,000 units in the first half of 2025, jointly developing next-generation intelligent connected vehicle technology.
VII. Biomass Energy: A Track Combining Rural and Industrial Development
Biomass energy is an upgrade direction for “traditional new energy.” In 2025, the integration of biomass energy with rural revitalization (such as farmers using their own rooftops to build biomass boilers) will become a key focus. Leading companies include:
Disen Group (300335): A leading biomass heating company, providing biomass boilers and integrated energy solutions for heat, cooling, and electricity. Its revenue exceeded 500 million yuan in the first half of 2025.
TEDA Group (000652): A leading biomass power generation company, with over 1GW of installed biomass power generation capacity in 2024. Its net profit increased by 25% year-on-year in the first half of 2025.
Shaoneng Group (000601): A leading company in comprehensive biomass energy utilization, covering biomass power generation, heating, and biomethane. Its net profit increased by 30% year-on-year in the first half of 2025.
VIII. Geothermal Energy: A Unique Track in Clean Heating
Geothermal energy is a representative of “low-temperature new energy.” In 2025, the integration of geothermal energy with urban heating (such as Beijing’s “geothermal + photovoltaic” heating project) will become a key focus. Leading companies include:
Hanbell Precision Machinery (002158): A leading company in geothermal heating, providing water-source heat pump compressors. Its geothermal energy revenue increased by 35% year-on-year in the first half of 2025.
Shuangliang Energy Saving (600481): A leading company in comprehensive geothermal energy utilization, covering geothermal heating, cooling, and power generation. Its geothermal energy revenue increased by 25% year-on-year in the first half of 2025.
Kaishan Shares (300257): A leading company in geothermal power generation. The first phase of the SGI geothermal power plant in Indonesia commenced commercial operation. Its geothermal power generation revenue increased by 40% year-on-year in the first half of 2025.
IX. Nuclear Energy: A Safe and Efficient Baseload Sector
Nuclear energy is the core of “baseload energy.” Coastal nuclear power projects (such as those in Ningde, Fujian, and Shantou, Guangdong) are expected to commence construction in 2025. Leading companies include:
China General Nuclear Power (003816): A leading company in nuclear power generation. Its installed nuclear power capacity exceeded 30GW in the first half of 2025, ranking first in the domestic market share.
China Nuclear Power (601985): A leading company in the entire nuclear energy industry chain, covering nuclear power design, construction, and operation. Its net profit increased by 15% year-on-year in the first half of 2025.
Guangzhi Technology (300489): A leading company in nuclear energy equipment, providing nuclear fuel assemblies and core components of nuclear reactors. Its nuclear energy business revenue increased by 50% year-on-year in the first half of 2025.
X. Energy Digitalization: An Empowering Track for Industrial Upgrading
Energy digitalization is the “brain” of “high-quality development of new energy.” In 2025, digital twins (simulating the operation of new energy power plants) and blockchain (new energy transaction traceability) will become new growth points. Leading companies include:
Langxin Group (300682): A leading company in energy internet platforms, providing power marketing systems, virtual power plants, and demand response platforms. Its AI-enabled power trading revenue increased by 40% year-on-year in the first half of 2025.
State Grid Information & Communication (600131): A leading company in energy digitalization infrastructure, launching the professional large-scale power industry model “Siji GPT.” Its revenue exceeded 3 billion yuan in the first half of 2025.
Southern Power Grid Energy (003035): A leading provider of integrated digital energy services, offering industrial energy conservation, building energy conservation, and virtual power plant services. In the first half of 2025, its digital platform managed over 1,000 projects.
The booming development of the new energy industry has not only driven high-quality economic development in China but also brought unprecedented opportunities to investors. Through today’s analysis, we present you with the core leading stocks in various sectors for 2025. These companies not only demonstrate strong capabilities in technology, market share, and supply chain integration but also play a crucial role in driving industry innovation and sustainable development.
