GoodWe Technologies (688390) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 2.36 billion, up 25.42% year-over-year, with net profit attributable to shareholders at RMB 101.47 million, reversing a loss in the prior year.

• Gross margin and profitability improved significantly, driven by strong overseas inverter and energy storage battery sales.

• R&D investment increased 12.38% year-over-year to RMB 155.90 million, though its share of revenue declined slightly.

Financial highlights

• Operating income: RMB 2.36 billion, up 25.42% year-over-year.

• Net profit attributable to shareholders: RMB 101.47 million, compared to a loss of RMB 28.03 million last year.

• Basic and diluted EPS: RMB 0.41, up from -0.12 year-over-year.

• Operating cash flow: -RMB 81.54 million, improved from -RMB 253.43 million year-over-year.

• Total assets: RMB 10.40 billion, up 10.31% from year-end 2025.

Outlook and guidance

• Profit growth attributed to increased overseas sales and higher gross margin, with continued investment in R&D and expansion.

• Management notes increased sales receipts outpacing procurement payments, supporting cash flow improvement.