Sunpower Group (5GD) Q2 2026 earnings summary

Executive summary

• Revenue rose 11.3% year-over-year to RMB1,783.0 million, driven by higher demand for utilities and ramp-up of existing projects.

• Net profit attributable to equity holders increased 30.2% to RMB179.7 million, with total comprehensive income up 16.7%.

• Profit before tax grew 20.1% to RMB309.8 million, aided by foreign exchange gains, lower finance and administrative costs, and reduced operating expenses.

• Gross profit declined 4.3% due to higher fuel costs and a lag in steam price adjustments.

Financial highlights

• Revenue: RMB1,783.0 million (up 11.3% year-over-year).

• Gross profit: RMB449.5 million (down 4.3% year-over-year).

• Net profit attributable to equity holders: RMB179.7 million (up 30.2% year-over-year).

• Earnings per share (basic): 22.24 RMB cents (up from 17.34 RMB cents).

• Net cash from operating activities: RMB122.1 million.

Outlook and guidance

• Demand for clean industrial utility services expected to remain resilient, supported by China’s industrial upgrading and environmental policies.

• Coal prices remain volatile and elevated; mitigation strategies include price adjustments, procurement optimization, and AI-driven efficiency.

• Management remains cautiously optimistic about long-term growth and profitability.