CSI Solar Rises on Storage; Profit Plunges 64%

• CSI Solar’s Q3 2025 profit slid 64% to CNY 258m, as energy storage propped results amid broader pressure; Canadian Solar’s majority-owned unit remains a key earnings engine despite headwinds.

CSI Solar Co. (SHA:688472), majority-owned by Canadian Solar (NASDAQ:CSIQ), posted third-quarter 2025 net profit attributable to shareholders of CNY 258 million (USD 36.3 million; EUR 31.4 million), down 64% year over year. The company cited strength in its energy storage segment as a key support to quarterly performance.

The sharp profit decline underscores pressure elsewhere in the business even as storage helped cushion results. CSI Solar did not disclose additional headline figures in the brief update. Canadian Solar maintains control of CSI Solar, which operates its module and battery storage businesses and serves as a core earnings engine for the group.

How much did energy storage offset losses from low module ASPs in Q3?

• Undisclosed. CSI Solar did not provide a quantified breakdown to determine how much storage offset low module ASPs in Q3.
  
• The CNY 258 million net profit (down 64% y/y) implies storage strength was not enough to fully counter ASP compression.
• Expect any numerical attribution, if provided, in the detailed quarterly filing or earnings call (storage MWh shipped, storage gross margin, and module ASPs are the key metrics to watch).