HalfYear Performance Review of Four Firms Including Sungrow and BYD: Overseas Energy Storage Revenue Stands Out

According to EnergyTrend, Sungrow, BYD, CALB, and Hoymiles have released their 2026 halfyear reports. The energystorage industry as a whole is seeing expanding volume, accelerated global expansion, and optimized revenue mix.

On the business front, leading enterprises have raised the share of energystorage in their core operations. For Sungrow, energystorage revenue has exceeded 50% of total revenue for the first time and become its largest business segment. Energystorage revenue accounts for 78.29% of Hoymiles’ total revenue, making energy storage its primary revenue pillar. Overseas expansion has emerged as a key growth driver: BYD and Hoymiles reported overseas revenue shares surpassing 52% and 66% respectively.

Sungrow: Energystorage System Revenue Accounts for 50% of Total Revenue

On August 28, Sungrow released its announcement disclosing halfyear performance for 2026. In H1 2026, Sungrow posted operating revenue of RMB 30.912 billion, a yearonyear decrease of 28.99%; net profit attributable to parent shareholders reached RMB 5.259 billion, down 32.01% YoY; nonGAAP net profit stood at RMB 4.275 billion, representing a 42.96% YoY decline.

According to the report, Sungrow shipped 25 GWh of energystorage systems in H1 2026, an increase of approximately 5.5 GWh compared with the same period last year. Notably, revenue from energystorage systems totalled RMB 15.456 billion in the same period, dropping 13.18% YoY; gross margin came in at 32.43%, down 7.49 percentage points yearonyear.

Energystorage system shipments rose 28% YoY in H1. For the first time, energystorage systems contributed 50% of Sungrow’s total revenue, overtaking PV inverters to become the company’s top revenue source.

Sungrow currently operates seven R&D centres and four manufacturing bases worldwide, with strengthened presence across Europe, the Americas, AsiaPacific, Middle East & Africa, and China. It has established more than 30 overseas branches, with overseas PV inverter production capacity reaching 50 GW.

BYD: Overseas Revenue Exceeds 52% of Total Revenue

BYD published its halfyear report on August 28. In H1 2026, BYD achieved operating revenue of RMB 344.815 billion, a 7.13% YoY decrease; net profit attributable to parent shareholders was RMB 12.325 billion, down 20.54% YoY; nonGAAP net profit hit RMB 12.373 billion, falling 9.02% YoY.

In energystorage business, BYD’s halfyear report states that its energystorage system shipments ranked No.1 globally in H1 2026. Its products are available in over 110 countries and regions, covering generationgridside energy storage, commercial & industrial energy storage, residential energy storage, and AIDC computingpower energystorage scenarios.

During the first half of the year, BYD signed a 11.275 GWh energystorage supply agreement with UAE renewableenergy firm Masdar. The 3.5 GWh Elena solarplusstorage power station in Chile went into operation.

EnergyTrend notes a notable structural shift reflected in this halfyear report: overseas markets generated more than half of BYD’s total revenue.

Financial filings show BYD’s overseas operating revenue reached RMB 181.268 billion in H1 2026, compared with RMB 135.358 billion in the same period of last year, up 33.92% YoY. Overseas revenue represented 52.57% of total operating revenue.

CALB: H1 Net Profit Surges 102.2% YearonYear

On August 28, CALB released its 2026 interim results. In H1 2026, CALB recorded operating revenue of RMB 27.084 billion, rising 65.0% YoY; profit for the period amounted to RMB 1.523 billion, an increase of 102.2% YoY.

Revenue growth was mainly driven by expansion into new customers and application scenarios, as well as rising volumes of new products for passenger vehicles, commercial vehicles and energystorage sectors.

Revenue breakdown:

• Power battery sales: RMB 16.506 billion, accounting for 60.9% of total revenue, up 54.8% YoY, driven by robust sales volume growth.
• Energystorage system products and others: RMB 10.579 billion, accounting for 39.1% of total revenue, growing 83.8% YoY, fuelled by continuous expansion in energystorage system business.

Within energy storage, CALB’s battery shipments kept climbing with growing overseas installations. Massproduction deliveries of its newgeneration Zhijiu 600Ah+ longcyclelife largeformat energystorage cells have been realised. Progress has also been made in greenpower directsupply, zerocarboncity initiatives and AIDC highrate product development. For utilityscale energy storage, CALB will deepen grouplevel cooperation with State Power Investment Corporation and strengthen projectlevel collaboration with China Huadian, Datang Corporation and China Three Gorges Corporation.

Hoymiles: Energystorage Revenue Accounts for 78.29% of Total Revenue

Hoymiles unveiled its 2026 halfyear report on August 29. In H1 2026, Hoymiles generated operating revenue of approximately RMB 1.780 billion, up 77.09% YoY. Net profit attributable to parent shareholders stood at roughly RMB 164 million, down 1107.86% YoY; nonGAAP net profit was RMB 178 million, dropping 1887.25% YoY.

According to the financial statement, revenue growth stemmed from optimised product mix and expanded scale of energystorageproject business. Lower total profit was attributable to expanded talent recruitment, higher R&D and marketing investment, as well as foreignexchangerelated gains and losses. The sharp decline in both reported and nonGAAP net profit was driven by changes in salesproduct portfolio, exchangerate volatility, increased headcount and larger marketing spending.

• Productlevel breakdown: Energystorage system revenue: RMB 1.391 billion, representing 78.29% of total revenue；Microinverters and monitoringequipment revenue: RMB 353 million, representing 19.90% of total revenue. Hoymiles continues to execute its “solarstorage integration” strategy. Sales volume of energystorage systems keeps expanding, lifting the share of energystorage business in total revenue.
• Geographic revenue split: Overseas revenue: RMB 1.189 billion (66.87%); Domestic revenue: RMB 588 million (33.13%). Overseas markets maintained solid growth, with emerging markets delivering substantial incremental contributions.
• R&D investment totalled RMB 215 million in the reporting period, up 29.55% YoY, equivalent to 12.05% of operating revenue.

Source：EnergyTrend