Hoymiles Power Electronics (688032) Q1 2026 earnings summary

Executive summary

• Revenue surged 194.22% year-over-year to RMB 988.99 million, driven by optimized product mix and expanded energy storage business.

• Net loss attributable to shareholders widened to RMB -62.19 million from RMB -10.36 million year-over-year.

• Operating cash flow turned positive at RMB 201.03 million, compared to a negative RMB -347.82 million in the prior year.

Financial highlights

• Gross margin compressed as operating costs and expenses rose sharply alongside revenue.

• R&D investment increased 32.59% year-over-year to RMB 98.98 million, but R&D as a percentage of revenue fell to 10.01% from 22.21%.

• Basic and diluted EPS dropped to -0.51 from -0.08 year-over-year.

• Total assets grew 6.05% to RMB 8.89 billion from the end of last year.

Outlook and guidance

• Management attributes revenue growth to product structure optimization and energy storage business expansion.

• Profitability impacted by increased talent, R&D, and market investments, as well as FX fluctuations.