EnergyTrend has learned that recently, Zhiguang Electric, Pylontech, and Guoxia Technology have successively disclosed their 2026 semi-annual financial results. In the first half of the year, the energy storage businesses of all three companies maintained rapid growth.
On the evening of August 23, Guangzhou Zhiguang Electric Co., Ltd. disclosed its 2026 semi-annual report. During the reporting period, the company achieved an operating revenue of 2.269 billion RMB, a year-on-year increase of 38.06%; the net profit attributable to shareholders of the listed company was 43.835 million RMB, a year-on-year increase of 179.48%, turning losses into gains; the net profit after deducting non-recurring gains and losses was 41.759 million RMB, a year-on-year increase of 175.78%.
During the reporting period, orders for the company's energy storage equipment sales and system integration business maintained rapid growth. Due to large fluctuations in battery cell prices in the first half of the year, the delivery pace of some projects slowed down, resulting in the inability to recognize revenue in a timely manner. The reporting period realized an operating revenue of 919 million RMB. The company has taken various measures to ensure battery cell supply and reasonable cost control, further guaranteeing the timely delivery of related projects in the second half of the year. It is expected that the energy storage equipment sales and system integration business will still achieve rapid growth for the full year.
The independent energy storage power station business became an important component of the first-half performance. During the reporting period, Phase II and Phase III of the Qingyuan Power Station invested by Zhiguang Electric entered commercial operation in June, and Phase I of the Pingyuan Power Station entered commercial operation in March. In the first half of the year, the company's independent energy storage power station operation business achieved an operating revenue of 154 million RMB and a net profit of 109 million RMB. In May, the company completed the acquisition of minority shareholder equity in Pingyuan Hengyuan, achieving 100% shareholding, and plans to advance the commercial operation of the Pingyuan Phase II project.
In terms of production capacity, as of June 30, 2026, Zhiguang Electric already owned four manufacturing bases in Yunpu, Nansha, Yonghe, and Zengcheng (under construction), with the annual capacity of large-scale energy storage systems reaching 15GWh.
On the evening of August 21, Pylontech disclosed its 2026 semi-annual report. In the first half of the year, the company achieved an operating revenue of 2.644 billion RMB, a year-on-year increase of 130.07%; the net profit attributable to the parent company was 79.2862 million RMB, a year-on-year increase of 469.92%; and the net profit after deducting non-recurring gains and losses was 26.5188 million RMB.
During the reporting period, the company continuously optimized resource allocation on the sales and R&D ends. With the continuous growth of demand in the international energy storage market, the company's demand for residential and commercial and industrial (C&I) energy storage in Europe, the Middle East, and Southeast Asia continued to scale up, driving rapid growth in international market sales. Meanwhile, the domestic light motive power business continued to grow, and coupled with the improvement in the gross margin of the domestic business, the overall profitability was enhanced.
From a business perspective, energy storage remains the primary source of revenue. In the first half of the year, the company's revenue from energy storage battery systems was 2.260 billion RMB, and revenue from light motive power batteries and other businesses was 355 million RMB. The product sales volume in the first half of 2026 was 3431MWh, a year-on-year increase of 158.36%. The product sales volume in the second quarter was 2254MWh, a year-on-year increase of 143.15% and a quarter-on-quarter increase of 91.50%.
In terms of products, Pylontech continued to expand into large-capacity energy storage battery cells and systems. During the reporting period, the company released a 6.25MWh, 0.5C battery energy storage system based on 588Ah large cells, as well as an 8MWh, 0.25C long-duration energy storage system based on 601Ah large cells. At the same time, it launched C&I energy storage products with a single-cluster capacity of 73.6kWh that can be expanded to 294.4kWh, as well as a 60kW/126kWh 4-in-1 energy storage system.
Sodium-ion batteries are also a key strategic layout direction for the company. In the first half of the year, Pylontech launched several sodium-ion battery products targeting the new energy vehicle auxiliary power supply, light motive power, and energy storage markets. In the energy storage field, it developed large-capacity aluminum-case sodium-ion battery cells of over 300Ah, with a cycle life exceeding 10,000 times.
Regarding production capacity, Pylontech continued to advance the construction of production lines for battery cells and energy storage systems. The company stated that the pouch cell production line of its Anhui subsidiary has achieved stable delivery of international residential energy storage and shared battery swapping batteries, while the production efficiency of the light motive power PACK production line and C&I energy storage system production line continues to improve. Currently, the company has formed a manufacturing system based on the large-scale manufacturing of pouch cells, supplemented by the flexible supply of aluminum-case cells.
On August 20, Guoxia Technology Co., Ltd. disclosed its 2026 semi-annual results announcement. During the reporting period, the company achieved an operating revenue of 1.427 billion RMB, a year-on-year increase of 106.5%; gross profit was 274 million RMB, a year-on-year increase of 217.7%; profit for the period was 60.247 million RMB, a year-on-year increase of 980.7%; the gross profit margin was 19.2%, an increase of 6.7% from the same period last year, indicating a simultaneous improvement in earnings quality and operational efficiency.
Energy storage system solutions remain the main source of revenue for Guoxia Technology. In the first half of the year, the company's revenue from energy storage system solutions was 1.284 billion RMB, a year-on-year increase of 100.6%, accounting for 90.0% of the total revenue. Among them, revenue from large-scale energy storage systems was 1.038 billion RMB, up 102.4% year-on-year; revenue from residential energy storage systems was 234 million RMB, up 87.0% year-on-year; and revenue from C&I energy storage systems was 12.296 million RMB.
In terms of shipments, Guoxia Technology's domestic energy storage system shipments reached 3.7GWh in the first half of 2026, a year-on-year increase of 105.6%. The company stated that the continuous growth of demand for domestic large-scale energy storage projects, along with the accelerated growth of the global energy storage market and increased efforts in overseas market expansion, jointly drove the revenue growth of energy storage system solutions.
Regarding capacity layout, Guoxia Technology added two major production bases in Chengdu and Lianyungang in the first half of the year, forming a layout of four major production bases. It also advanced the construction of intelligent production lines for large-scale energy storage and the capacity expansion of residential energy storage production lines. By promoting the digital transformation of each base, it is gradually reducing its reliance on external OEM manufacturing; and through global supply chain integration, lean production, and large-scale procurement, it effectively buffers raw material price fluctuations to ensure stable profitability.
For the second half of the year, the company stated that it will continue to advance the R&D of energy storage system products, deepen the domestic large-scale independent energy storage power station market, while focusing on expanding into the European and African markets, and advancing businesses such as virtual power plants and "Green Power - Energy Storage - Computing Power".
Source：EnergyTrend