Sungrow Power's H1 Revenue Down 29% YoY, Net Profit Falls 32%, Solar Business Weighs Heavily | Earnings Report

In the first half of 2026, Sungrow Power reported revenue of RMB 30.912 billion, down 28.99% year-over-year, with net profit attributable to shareholders of RMB 5.259 billion, down 32.01% YoY. The solar business was a clear drag, while energy storage revenue share rose above 50% for the first time, becoming a core pillar. Gross margin improved against the trend to 35.92%, but energy storage margins came under pressure. The company is actively extending toward an integrated solution provider for "new energy + energy storage + AI computing power supply," with operating cash flow improving, though inventories and accounts receivable remain at elevated levels.