Zhejiang Chint Electrics Co.,Ltd. released its interim report for 2026 on August 19. During the first half, the company achieved operating revenue of RMB 38.064 billion, up 28.46% year-on-year. Net profit attributable to shareholders reached RMB 3.130 billion, increasing 22.23%, while non-GAAP net profit stood at RMB 2.701 billion, up 6.35%. Cash flow from operating activities surged 84.66% to RMB 13.182 billion.
Looking at quarterly performance, revenue growth was primarily concentrated in the first quarter. Q1 revenue hit RMB 21.303 billion, a 46.33% increase, which the company attributed mainly to its residential power station business. Based on calculations from the semi-annual and quarterly reports, Q2 revenue was approximately RMB 16.761 billion, up about 11.3% year-on-year. Net profit attributable to shareholders rose roughly 34% to RMB 1.863 billion, but non-GAAP net profit increased only about 3% to RMB 1.491 billion.
The company's main operations now span smart electrical appliances and green energy. The former focuses on low-voltage products such as distribution, terminal, and control equipment, while the latter covers the development, construction, sale, and operation of residential photovoltaic power stations, as well as centralized stations, inverters, and energy storage. In 2025, the smart electrical appliance segment generated revenue of RMB 22.736 billion, up 4.76%, whereas the solar business saw revenue decline 15.62% to RMB 36.274 billion. The revenue rebound in this year's first half was again largely driven by residential solar.
However, there is divergence emerging within the solar business itself. As of the end of June, Zhejiang Chint Electrics Co.,Ltd. held installed photovoltaic capacity of 28.95 GW, including 26.02 GW from residential stations, representing year-on-year growth of roughly 4.0% and 4.4%, respectively. Power generation from solar stations reached 16.517 billion kWh in the first half, up about 12.2% year-on-year, but electricity sales revenue dipped from RMB 4.888 billion to RMB 4.792 billion, with the average feed-in tariff falling from RMB 0.38 per kWh to RMB 0.33 per kWh.
It is important to note that these electricity sales figures only reflect station operation, not station sales or engineering contracts. Chint Aneng adopts a model of developing, constructing, operating, and opportunistically selling stations, so the pace of station transactions significantly influences Zhejiang Chint Electrics Co.,Ltd.'s revenue scale and cash flow. Therefore, the operating performance of the entire solar segment cannot be judged based solely on electricity sales revenue.
Recently, the company has been tightening its control over Chint Aneng. In July, it acquired a 3.16% stake in Chint Aneng for RMB 1.116 billion, raising its direct and indirect shareholding from 68.08% to 71.24%. Chint Aneng recorded revenue of RMB 28.728 billion and net profit of RMB 3.040 billion in 2025, making it a vital source of both revenue and profit for Zhejiang Chint Electrics Co.,Ltd..
On the capital front, the company continues to advance its plan to issue H-shares and list on the Hong Kong Stock Exchange main board. In August, it proposed switching the relevant audit firm from Tianjian International to Deloitte Hong Kong, though details such as issuance size and pricing have yet to be finalized.
Overall, Zhejiang Chint Electrics Co.,Ltd. regained faster revenue growth in the first half, alongside improved cash flow. Future operational quality will depend on a combination of factors, including the growth rate of the low-voltage appliance business, the pace of residential station transactions, feed-in tariffs, and non-GAAP profit performance.