EnergyTrend has learned that on the evening of August 14, Sieyuan Electric disclosed its semi-annual report for 2026. During the reporting period, the company achieved total operating revenue of RMB 10.795 billion, representing a year-on-year (YoY) increase of 27.05%. Net profit attributable to shareholders of the listed company reached RMB 1.464 billion, up 13.23% YoY, while net profit excluding non-recurring gains and losses stood at RMB 1.398 billion, up 13.12% YoY.
In terms of quarterly performance, Sieyuan's Q2 results rebounded significantly compared to Q1. In Q1, the company generated revenue of RMB 4.569 billion, with net profit attributable to the parent company of RMB 550 million and net profit excluding non-recurring gains and losses of RMB 493 million. Calculated based on the semi-annual report data, Q2 revenue reached approximately RMB 6.227 billion, up 36.29% quarter-on-quarter (QoQ); net profit attributable to the parent company was around RMB 914 million, up 66.15% QoQ; and net profit excluding non-recurring gains and losses was RMB 906 million, up 83.89% QoQ.
Energy storage emerged as Sieyuan's fastest-growing business segment in the first half of the year. During the reporting period, the company's energy storage systems and components business generated revenue of RMB 1.391 billion, soaring 231.25% YoY. Its proportion of total revenue rose from 4.94% in the same period last year to 12.89%, while the gross margin reached 10.50%, up 4.22 percentage points YoY.
Meanwhile, revenue from the EPC business reached RMB 1.117 billion, up 38.42% YoY. Within the traditional power transmission and distribution segment, revenue from switchgear, transformers, and protection & automation products grew by 22.46%, 12.46%, and 15.80% YoY, respectively.
The overseas market remains a vital revenue source. In H1 2026, Sieyuan generated RMB 3.183 billion from overseas markets, up 11.22% YoY and accounting for 29.49% of total revenue. To date, the company's footprint covers over 100 countries and regions globally, with subsidiaries established in more than 20 countries, including Brazil, Egypt, Zambia, Spain, and Switzerland.
Overall, Sieyuan's growth in H1 2026 was primarily driven by the steady expansion of its core transmission and distribution business and the rapid acceleration of its energy storage segment. Energy storage revenue more than tripled YoY, significantly boosting its revenue share and becoming a key new growth engine. Meanwhile, the company continues to ramp up investments in R&D, energy storage production capacity, and global markets, further expanding its business structure into new power systems and energy storage sectors.
Source：EnergyTrend