Hoymiles Power Electronics (688032) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 1.78 billion, up 77.09% year-over-year, driven by product mix optimization and expansion in energy storage business.

• Net loss attributable to shareholders was RMB -163.99 million, a sharp decline from a profit of RMB 16.27 million in H1 2025, mainly due to increased R&D and market investment, product mix changes, and significant FX losses.

• Gross margin and EPS both declined significantly; basic and diluted EPS were -1.34, down 1,130.77% year-over-year.

• Cash flow from operations was negative at RMB -177.26 million, impacted by higher bank guarantee deposits and increased staff compensation.

Financial highlights

• Operating income: RMB 1.78 billion, up 77.09% year-over-year.

• Net loss: RMB -163.99 million, down 1,107.86% year-over-year.

• Gross margin declined due to product mix and FX losses.

• R&D expenses: RMB 214.61 million, up 29.55% year-over-year.

• Cash and equivalents at period end: RMB 3.67 billion.

Outlook and guidance

• The company expects continued global demand for PV and storage, but notes industry is entering a phase of rational growth and structural optimization.

• Domestic market faces short-term headwinds from marketization of electricity pricing and demand adjustment, while overseas markets remain robust.

• Focus remains on technology innovation, global expansion, and product matrix optimization.