Ningbo Deye Technology Group Co (605117) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 10.64 billion, up 92.23% year-over-year, driven by rapid expansion in energy storage battery packs and sustained inverter business growth.

• Net profit attributable to shareholders was RMB 2.72 billion, up 78.53% year-over-year; adjusted net profit (excluding non-recurring items) was RMB 2.57 billion, up 75.81%.

• Cash flow from operating activities increased 176.72% year-over-year to RMB 4.19 billion.

• The board proposed a cash dividend of RMB 1.6 per share, totaling RMB 2.04 billion, representing 74.97% of net profit for the period.

Financial highlights

• Gross margin for H1 2026 was 37.6%, slightly up from 37.5% in H1 2025.

• Basic and diluted EPS were RMB 2.14, up 78.33% year-over-year.

• Net assets attributable to shareholders increased 11.39% to RMB 11.49 billion; total assets rose 25.24% to RMB 24.93 billion.

• Non-recurring profit items contributed RMB 147.98 million, mainly from government grants and fair value changes.

Outlook and guidance

• The company expects continued growth in global energy storage and inverter markets, with policy support and rising demand in Europe, Africa, and emerging markets.

• Plans to further integrate inverter and battery pack sales, enhance system solutions, and expand global channels.