According to EnergyTrend, Sungrow, BYD, CALB, and Hoymiles have released their 2026 half year reports. The energy storage 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 energy storage in their core operations. For Sungrow, energy storage revenue has exceeded 50% of total revenue for the first time and become its largest business segment. Energy storage 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: Energy storage System Revenue Accounts for 50% of Total Revenue
On August 28, Sungrow released its announcement disclosing half year performance for 2026. In H1 2026, Sungrow posted operating revenue of RMB 30.912 billion, a year on year decrease of 28.99%; net profit attributable to parent shareholders reached RMB 5.259 billion, down 32.01% YoY; non GAAP net profit stood at RMB 4.275 billion, representing a 42.96% YoY decline.
According to the report, Sungrow shipped 25 GWh of energy storage systems in H1 2026, an increase of approximately 5.5 GWh compared with the same period last year. Notably, revenue from energy storage 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 year on year.
Energy storage system shipments rose 28% YoY in H1. For the first time, energy storage 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, Asia Pacific, 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 half year 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; non GAAP net profit hit RMB 12.373 billion, falling 9.02% YoY.
In energy storage business, BYD’s half year report states that its energy storage system shipments ranked No.1 globally in H1 2026. Its products are available in over 110 countries and regions, covering generation grid side energy storage, commercial & industrial energy storage, residential energy storage, and AIDC computing power energy storage scenarios.
During the first half of the year, BYD signed a 11.275 GWh energy storage supply agreement with UAE renewable energy firm Masdar. The 3.5 GWh Elena solar plus storage power station in Chile went into operation.
EnergyTrend notes a notable structural shift reflected in this half year 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% Year on Year
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 energy storage sectors.
Revenue breakdown:
Within energy storage, CALB’s battery shipments kept climbing with growing overseas installations. Mass production deliveries of its new generation Zhijiu 600Ah+ long cycle life large format energy storage cells have been realised. Progress has also been made in green power direct supply, zero carbon city initiatives and AIDC high rate product development. For utility scale energy storage, CALB will deepen group level cooperation with State Power Investment Corporation and strengthen project level collaboration with China Huadian, Datang Corporation and China Three Gorges Corporation.
Hoymiles: Energy storage Revenue Accounts for 78.29% of Total Revenue
Hoymiles unveiled its 2026 half year 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; non GAAP 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 energy storage project business. Lower total profit was attributable to expanded talent recruitment, higher R&D and marketing investment, as well as foreign exchange related gains and losses. The sharp decline in both reported and non GAAP net profit was driven by changes in sales product portfolio, exchange rate volatility, increased headcount and larger marketing spending.
Source：EnergyTrend