Recently, Guangzhou Great Power Energy and Technology Co., Ltd. (Great Power), Shenzhen Sinexcel Electric Co., Ltd. (Sinexcel), and Shenzhen Kstar Science & Technology Co., Ltd. (Kstar) successively disclosed their third-quarter financial reports for 2026.
Great Power
On October 26, Great Power released its third-quarter report for 2026. For the first three quarters, the company recorded operating revenue of RMB 17.866 billion, a year-on-year increase of 135.67%; net profit attributable to shareholders of the parent company reached RMB 1.178 billion, surging 928.81% year-on-year; and net profit excluding non-recurring gains and losses totaled RMB 1.202 billion, soaring 7,545.71% year-on-year.
On a single-quarter basis, the company achieved operating revenue of RMB 6.888 billion in the third quarter, representing a year-on-year growth of 109.98%; net profit attributable to shareholders of the parent company stood at RMB 362 million, up 78.55% year-on-year; and net profit excluding non-recurring gains and losses came in at RMB 382 million, an increase of 118.52% year-on-year.
Regarding the earnings growth, the company stated that it was primarily driven by deepening its focus on the core energy storage business and actively seizing market opportunities to propel rapid top-line expansion. With the enlargement of the energy storage business scale, the company's selling expenses, administrative expenses, and research and development (R&D) expenses all saw increases. Concurrently, affected by the price decline of lithium carbonate and the impact of consumption taxes, provisions for inventory write-downs increased on a quarter-on-quarter basis in the third quarter; meanwhile, revenue growth led to higher accounts receivable, resulting in an increase in credit impairment losses.
Beyond its financial figures, the company’s progress on new products also merits attention. During an earnings conference held on the same day, Great Power announced that its 587Ah large-format battery cells officially rolled off the mass production line at its Quzhou manufacturing base on October 10. The production line is currently undergoing capacity ramp-up and is expected to contribute a certain portion of sales revenue in the fourth quarter.
In overseas markets, the company's export shipments grew substantially year-on-year during the first three quarters, with overseas sales volume in 2027 projected to increase significantly compared with 2026.
Additionally, the company's AIDC (Artificial Intelligence Data Center) batteries remain in the customer onboarding and verification phase; UPS backup power cells are undergoing client factory audits; and its BBU (Battery Backup Unit) products have already been submitted for sample testing.
Sinexcel
On October 22, Sinexcel published its third-quarter report for 2026. For the first three quarters, the company generated operating revenue of RMB 2.771 billion, representing a year-on-year increase of 25.05%; net profit attributable to shareholders of the parent company reached RMB 366 million, up 32.31% year-on-year; and net profit excluding non-recurring gains and losses stood at RMB 366 million, up 37.42% year-on-year.
Looking at the third quarter alone, Sinexcel recorded operating revenue of RMB 1.012 billion, up 18.51% year-on-year; net profit attributable to shareholders of the parent company was RMB 138 million, a year-on-year increase of 16.58%; and net profit excluding non-recurring gains and losses reached RMB 138 million, rising 20.21% year-on-year.
As of September 30, 2026, the company's inventories stood at approximately RMB 1.015 billion, an increase of 58.45% from the beginning of the year, primarily driven by inventory stockpiling in preparation for the fourth quarter. Contract liabilities were approximately RMB 440 million, up 59.03% from the start of the year, mainly due to an increase in advance payments received from customers.
Kstar
On October 26, Kstar released its third-quarter report for 2026. For the first three quarters, the company posted operating revenue of RMB 4.169 billion, an increase of 15.53% year-on-year; net profit attributable to shareholders of the parent company reached RMB 501 million, a year-on-year increase of 12.48%; and net profit excluding non-recurring gains and losses stood at RMB 473 million, up 12.75% year-on-year.
On a quarterly basis, Kstar generated operating revenue of RMB 1.578 billion in the third quarter, representing a year-on-year growth of 9.12%; net profit attributable to shareholders of the parent company was RMB 211 million, up 10.97% year-on-year; and net profit excluding non-recurring gains and losses totaled RMB 205 million, up 11.92% year-on-year.
In terms of cash flows, net cash flow from operating activities for the first three quarters was RMB 139 million, down 71.81% year-on-year. Kstar explained that this was predominantly attributable to an increase in payments for goods during the reporting period compared with the same period last year.
Furthermore, as of late September 2026, the company's construction in progress totaled approximately RMB 392 million, up 54.45% from the beginning of the year, which was mainly driven by expanded capital investments in its High-End New Energy and Energy Storage Industrial Base project.
Source：EnergyTrend