Jiangsu Zenergy Battery Technologies Group (3677) H1 2026 earnings summary

Executive summary

• Revenue rose 71.4% year-over-year to RMB5,438.4 million for the six months ended June 30, 2026, driven by strong growth in both EV and energy storage battery shipments.

• Net profit increased 68.6% year-over-year to RMB371.6 million, with EPS up 66.7% to RMB0.15.

• Delivery volume reached 13.01 GWh, up 66.1% year-over-year.

• The company expanded its market share in the domestic EV battery sector, rising to fifth in installed capacity for new energy passenger vehicles.

• Energy storage battery business revenue surged 799.1% year-over-year, with new product launches and expanded customer base.

Financial highlights

• Gross profit increased 19.6% year-over-year to RMB680.4 million, but gross margin declined from 17.9% to 12.5% due to higher raw material costs and pricing pressure.

• Power battery revenue grew 53.3% to RMB4,576.8 million; ESS and other revenue rose 361.4% to RMB861.6 million.

• Net cash flow from operating activities was RMB640.0 million, reversing a net outflow in the prior year.

• Capital expenditures totaled RMB1,970.5 million, mainly for property, plant, and equipment.

• Gearing ratio increased to 68.4% from 61.8% at year-end 2025.

Outlook and guidance

• Plans to further expand EV and ESS battery production capacity, including new lines for large-capacity and sodium-ion batteries.

• Focus on technological innovation, ultra-fast charging, and high-energy-density products for EV, energy storage, and aviation applications.

• Continued customer expansion in domestic and overseas markets, targeting new application scenarios such as AIDC, robots, and electric vessels.