of Jinlang Science and Technology in 2026 shows that the company's total operating income in the first half of the year was 3.882 billion yuan, a slight increase of 2.32% over the same period last year; Net profit attributable to shareholders of listed companies was 423 million yuan, down 29 from the same period last year.
In the first half of 2026, when the energy storage industry was in a high growth trend and the photovoltaic industry continued to grind the bottom, the report handed over by Jinlang Science and Technology was slightly " dull ". However, it is not difficult to find that this 21-year leading optical storage enterprise is switching its layout and breaking through against the trend.
Secondly, affected by the weather, the power generation hours of the Company's own new energy power stations and household photovoltaic systems dropped year-on-year, and the corresponding business income shrank accordingly. The third pressure comes from more than 23 million equity incentive fees. On May 26 this year, Jinlang Science and Technology completed the first grant of the restricted stock incentive plan, which resulted in 2351
during the reporting period. The impact on the profit of Jinlang Science and Technology is nearly 100 million yuan .
In addition to the above external and equity incentive costs, changes in business structure also affect the company's revenue. Energy storage inverter business has made great progress, but the revenue of traditional grid-connected inverters has shrunk dramatically. Under the hedge of the two, Jinlang Technology's revenue in the first half of the year has only achieved a weak growth.
Energy storage takes over! Although the overall performance of the grid-connected inverter
with a revenue of 400 million yuan is relatively flat, it can be found from the annual report data of Jinlang Technology that the " split quarter. The performance of Jinlang Technology in the first half of the year achieved a "V-shaped" reversal : in the first quarter of 2026, the net profit of Jinlang Technology was only 61.1644 million yuan; By the second quarter, the energy storage business of Jinlang Technology was concentrated, and the single-quarter net profit attributable to the parent company soared to 362 million yuan, a sharp increase of 491.
Jinlang Technology's energy storage inverter revenue was 1.640 billion yuan , an increase of 106.7% over the previous year, accounting for 42% of the revenue.
Jinlang Technology's energy storage system revenue in the first half of the year was 160 million yuan, an increase of 3025.9% over the same period last year. In the second quarter of 2026, the single-quarter energy storage system revenue has equalled that of the whole year of 2025.
The net profit of Jinlang Science and Technology has ranked second in the industry . In fact, the rapid growth
of Jinlang's energy storage business is not accidental, but the result of precise stepping on the industry outlet and long-term deep ploughing layout .
First of all, from the demand side, after the completion of the European channel inventory, the demand has recovered, and the emerging markets such as Southeast Asia, the Middle East and Africa have accelerated their growth, leading to a turning point in demand for energy storage. In this context, the deep ploughing layout of Jinlang Technology for many years has begun to realize its value, and a number of household storage systems and industrial and commercial storage systems have been listed from the second half of 2025 to 2026, and the product matrix is becoming more and more perfect. Among them, the gross profit margin of energy storage inverters is as high as 31.
With precise market cards and mature product layout, Jinlang Technology, which has been deeply ploughing the energy storage track ahead of time, has received a "dividend". The strategic focus
of Jinlang Science and Technology has been clear. Jinlang Technologies said that in the next three years, it will take energy storage as a new round of core growth pole to promote its overall upgrade from a single "power electronic equipment supplier" to a "optical storage system solution provider".
Specifically, in terms of household energy storage, the company aims to increase this proportion to more than 50% in 2027 (the current matching rate of household storage system is about 20% -30%), when the system business will grow significantly faster than inverter business; In terms of industrial and commercial storage business, the current monthly order volume of industrial and commercial storage inverters has reached more than 4000 sets, the trend is upward month by month, and the return rate of system business is very high.
First, look at the overseas market. In particular, Europe, as the core position of the company, is facing the pressure of declining subsidies, raising the threshold of grid compliance, intensifying market competition, and other potential challenges of trade barriers. In response to the above problems, Jinlang Technology accepted digital new energy DataBM.
Secondly, in terms of gross profit margin of energy storage system, Jinlang Technology disclosed that in the first half of the year, the gross profit margin of energy storage system business was about 10% lower than expected due to the impact of low price areas. In this regard, the company expects that with the increase of the proportion of regional orders with high gross profit and the adjustment of price strategy, the gross profit rate will be gradually restored.
In addition, Jinlang Technologies said it would bind strategic suppliers and build a multi-procurement system to deal with the tight supply of batteries and upward pressure on purchasing prices faced by the energy storage system business. Hedging " Despite many external challenges, the veteran of light storage, who has been on the track for more than 20 years, has already prepared for a rainy day.
According to Jinlang Technology's investor exchange in July 2026, the company's orders in the third quarter are full, the inverter business is expected to grow by about 30% annually, and the growth rate of energy storage inverters is faster than that of grid-connected inverters , with sufficient ammunition reserves. After
21 years of continuous cultivation, Jinlang Technology has grown into the world's leading inverter manufacturer and energy storage system solution service provider. This half-year test of "increasing income without increasing profits" may be just a bump on the way to shift gears. The real answer lies in the next few quarters.
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