2026 Energy Storage SemiAnnual Report: Ganfeng Lithium’s Net Profit Surges 901%, Clou & East Under Pressure

According to EnergyTrend, energystorage enterprises have successively released their 2026 semiannual reports in the first half of the year. Among them, Ganfeng Lithium, a leading lithiumsalt producer, saw a sharp business recovery driven by rising lithium prices and booming energystorage demand. Clou Electronics posted losses amid multiple headwinds including project deliveries, overseasmarket setbacks and asset impairments. Meanwhile, East recorded revenue growth in its energystorage segment.

Ganfeng Lithium: Net Profit Surges 901.36%

On August 29, Ganfeng Lithium released its 2026 semiannual report. In H1 2026, the company booked operating revenue of RMB 23.097 billion, up 175.75% yearonyear; attributable net profit reached RMB 4.257 billion, a yearonyear increase of 901.36%; nonGAAP net profit stood at RMB 3.848 billion, rising 521.56% yearonyear.

Ganfeng Lithium attributed the substantial performance improvement to the following factors:

• First, downstream demand kept rebounding, especially the explosive growth in energystorage demand and newenergyvehicle exports. Lithiumsalt market prices rose markedly yearonyear, fully unlocking profit elasticity for its lithiumsalt business. In addition, its lithiumcell business operated at nearfull capacity with a notable yearonyear shipment increase.
• Second, the company kept rampingup production at highquality upstream lithiummine projects, optimizing its cost structure and unlocking economies of scale, which significantly diluted expense ratios.

For its lithiumcell business, leveraging upstream lithiumresource supply and fullindustrialchain strengths, Ganfeng Lithium’s lithiumcell portfolio covers more than 20 products across five categories: solidstate batteries, power batteries, consumer batteries, energystorage cells and energystorage systems. At present, its lithiumcell production bases are located in Xinyu, Nanchang, Dongguan, Huizhou, Suzhou, Chongqing and other cities.

In terms of energystorage cells, buoyant market demand in H1 2026 created tight supply. Ganfeng Lithium maintained fullload production for energystorage cells with capacity utilization close to 100%.

Commissioning and trial production have commenced for its 588 Ah largecell production line. Capacity rampup is scheduled for Q3 2026, with gradual volume expansion by yearend. Construction of the 648 Ah largecell production line is being accelerated.

On the energystoragesystem front, mass production of the 5 MWh standard energystorage container has been achieved. Its products are deployed across Inner Mongolia, Guangdong, Xinjiang, Shanxi, Yunnan, Ningxia and other regions, adapting to diverse local environmental conditions.

Ganfeng Lithium rolled out the 6.25 MWh containertype energystorage system in 2025, making it one of the earliest suppliers of such products. The 6.26 MWh containertype energystorage product built around higherenergydensity 588 Ah cells is expected to enter massproduction and delivery in Q4 2026.

Clou Electronics: H1 Operating Revenue of RMB 2.185 Billion

On August 27, Clou Electronics unveiled its 2026 semiannual report. In H1 2026, it generated operating revenue of RMB 2.185 billion, down 15.10% yearonyear; attributable net profit hit RMB 219 million, dropping 215.22% yearonyear; nonGAAP net profit stood at RMB 213 million, a 248.01% yearonyear decline.

By business segment, Clou Electronics’ two core businesses are newtype electrochemical energy storage and smart grid, each contributing nearly 50% of total revenue. H1 energystoragebusiness revenue was RMB 1.084 billion, falling 15.50% yearonyear and accounting for 49.60% of total revenue. Smartgrid business revenue reached RMB 1.062 billion, down 15.32% yearonyear and representing 48.62% of total revenue.

Geographically, domestic revenue edged up 0.33%, while overseas revenue tumbled 30.67% yearonyear.

Clou Electronics cited three major causes for its sizable losses:

• First, delivery delays for some overseas energystorage projects due to siteselection adjustments, coupled with prior marketaccess sanctions imposed by China Southern Power Grid, led to shrinking operatingrevenue scale.
• Second, exchangerate fluctuations triggered foreignexchange losses. Financial expenses surged 208.33% yearonyear to RMB 115 million.
• Third, assetimpairment losses reached RMB 93.7587 million, mainly stemming from a RMB 65.5822 million impairment provision for equity interests in its associate enterprise Chewangdian, plus impairment writedowns for certain assets at Guangming Smart Energy Industrial Park classified as heldforsale. Moreover, operating costs fell less steeply than revenue, further squeezing profit margins.

Notably, prior to the semiannualreport release, Clou Electronics launched a new round of financing. In July, it disclosed a private placement plan to issue shares to controlling shareholder Midea Group, aiming to raise no more than RMB 2.5 billion, to be fully subscribed in cash by Midea Group.

Public documents show Midea Group became Clou Electronics’ controlling shareholder in 2023. Midea subscribed for 252 million Clou Electronics shares at RMB 3.28 per share, injecting RMB 828 million into the listed firm. The proposed RMB 2.5 billion investment is roughly three times the size of the previous private placement and exceeds Clou Electronics’ H12026 operating revenue.

East: EnergyStorageSegment Revenue Rises 37.46%

On August 28, East released its 2026 semiannual report. During the reporting period, the company posted operating revenue of RMB 1.692 billion, up 1.45% yearonyear; attributable net profit was RMB 147 million, down 271.78% yearonyear; nonGAAP net profit amounted to RMB 21 million, a 77.07% yearonyear decrease.

East attributed its underperformance to overlapping pressures: fierce industry competition, strategic productportfolio adjustments and intensifying market homogenization, which dragged down overall grossprofit margins and materially impaired profitability.

Against accelerated globalenergytransition momentum, East draws on yearslong technical accumulation in newenergy industries to advance its energystorage, windpower and photovoltaic businesses. By business segment, its energystorage division delivered robust growth: H1 revenue from energystorage products and systems hit RMB 719 million, increasing 37.46% yearonyear.

Centered on “AI + New Energy”, East pursues coordinated development of windPVstorage businesses. It keeps expanding market share via cooperation with clients including Huadian, China National Nuclear Corporation, China Energy Investment Corporation, China Energy Engineering Corporation, China Southern Power Grid and Lixin Comprehensive Energy.

In H1 2026, East continued developing highsafety, highrate backuppower products based on sodiumion batteries. It rolled out starter batteries for vessels, heavyduty trucks and mobile emergencyenergystorage vehicles, alongside sodiumionbattery backuppower and highrate energystorage modules tailored for AIDC powercomputecollaboration scenarios.

Furthermore, its sodiumioncell massproduction line in Zhangye, Gansu, officially came online at endMay 2026. The company has deepened R&D covering sodiumioncell processes, PACK integration and system adaptation, building fullchain inhouse capabilities spanning sodiumion cells, battery PACKs and system integration. During the reporting period, East secured sodiumionbattery orders both domestically and overseas, marking its sodiumionbattery business’s transition from demonstration validation to largescale commercial delivery.

Source：EnergyTrend