Sunwoda Semi-Annual Report: Power Battery and Energy Storage Business Become Core Engines Driving Revenue

Fu Rong, Interns Fang Weibo, Cheng Siyu

On the evening of August 26, Sunwoda (300207.SZ) released its 2026 Semi-Annual Report. In the first half of the year, the company achieved revenue of 381.79 billion yuan, a year-on-year increase of 41.48%, setting a historical high for the same period; however, net profit attributable to shareholders was 6.03 billion yuan, a year-on-year decline of 29.59%, and deducted non-recurring net profit was only 0.97 billion yuan, a sharp year-on-year drop of 83.32%. The company exhibited the characteristic of "revenue growth without profit growth", and the profitability of the battery main business is under pressure.

From the perspective of business structure, Sunwoda is accelerating the shift away from dependence on a single business. As the core business, consumer batteries achieved revenue of 144.52 billion yuan in the first half of the year, up 4% year-on-year, firmly ranking first in global mobile phone battery market share. However, affected by weak global consumer electronics demand and rising upstream material prices, the gross margin of this sector declined year-on-year.

Power battery and energy storage businesses have become the core engines driving revenue. Regarding power batteries, the company's HEV hybrid battery installation volume jumped to first place globally in the second quarter, with 28.36GWh shipments in the first half of the year, revenue reaching 141.34 billion yuan, a year-on-year surge of 85.87%. The energy storage business is also in a period of accelerated scale release, benefiting from the explosion of global AIDC backup power demand, with relevant orders reaching a historical high. However, despite the significant increase in shipments of the power and storage businesses, profits are yet to be realized in the future, affected by industry price wars and high capital expenditures during the scale expansion period.

In the first half of the year, the company's R&D investment reached 23.63 billion yuan, with an R&D expense ratio exceeding 6%, continuously delving into electrochemical basic research and material innovation. At the same time, Phase I of the Thailand base has been put into production, and Phase II has also been launched simultaneously. The Hungary and Vietnam bases are currently in the orderly construction phase, the proportion of overseas customers continues to increase, and the company's profit elasticity is also expected to be released further. However, high R&D investment and globalization layout also test the company's cash flow.

Looking ahead to the second half of the year, Liang Rui, Vice President and Chief Sustainability Officer of Sunwoda Electronics Co., Ltd., stated in an interview with media that the consumer market is basically saturated, and the combined proportion of Sunwoda electric vehicle batteries and energy storage system businesses will exceed that of consumer batteries.

Under industry cycle fluctuations, whether Sunwoda can improve deducted non-recurring net profit, convert the high market share of HEV into more pure electric design wins, and whether AIDC energy storage orders can continue to land, will be the key points to watch for its subsequent breakthrough.