Leaguer (Shenzhen) Microelectronics Corp. (SH: 688589), a leading domestic player in power line communication (PLC) chips, released its 2026 interim report on the evening of August 20. During the reporting period, the company returned to positive revenue growth, with the first quarter facing temporary pressure due to the delivery schedule of grid projects, before swinging back to profitability in the second quarter. The company continues to execute its dual-engine strategy of “smart grid plus non-grid IoT,” with its multi-scenario PLC chips deployed across several vertical industries. Non-grid business maintained a relatively high growth rate, with momentum from new business ventures continuing to build.

Financial data shows that for the six months ending June 30, 2026, the company generated revenue of RMB 210 million, up 6.01% year-over-year. Breaking down the business structure, the smart grid segment—serving as the company’s stable foundation—contributed RMB 183 million in revenue, an increase of 4.30% year-over-year. Meanwhile, non-grid business revenue reached RMB 26.88 million, surging 20.24% year-over-year, a growth pace notably ahead of the core grid operations. Smart hospitality, smart home, and solar PV new energy have emerged as the primary new growth tracks. As of the end of the reporting period, the company’s order backlog stood at RMB 171 million, up 4.63% compared to the same period last year.

On the profit front, the company recorded a temporary loss in the first quarter of 2026, impacted by grid supply chain cycles. However, as projects were delivered intensively in the second quarter, the company achieved a net profit attributable to shareholders of RMB 22.98 million for that single quarter, marking a turnaround and signaling a clear trend of earnings recovery.

In the smart grid sector, Leaguer (Shenzhen) Microelectronics Corp. has continued to participate in tenders for high-speed dual-mode modules at State Grid Corporation of China and high-speed PLC modules at China Southern Power Grid, while actively expanding into deeper application markets. During the reporting period, its chips were successfully deployed in a range of new power terminal devices, including PV switches, smart circuit breakers, smart metering switches, four-capability device all-in-ones, repeaters, IoT meter modules, energy controllers, integrated terminals, and instrument transformers. In response to the PV market demand from State Grid, the company completed the development of products for solar new energy grid integration and won bids in unified procurement tenders across provinces and cities such as Shandong, Hunan, Shanghai, and Chongqing, achieving volume shipments. Additionally, the company successfully developed a new-generation SPLC chip that is fully self-developed and compliant with China Southern Power Grid’s “Integrated Sensing and Communication Low-Voltage Power Line Broadband Carrier Communication Protocol.” This chip can comprehensively support the unified access of massive pan-terminals, including low-voltage distribution area meters, residential PV systems, energy storage devices, charging piles, and branch sensors, providing the underlying technology for the digitalization and intelligent upgrade of low-voltage distribution networks.

The continued progress of non-grid business is the core highlight of this interim report. In the smart hospitality track, Atour Group has adopted Leaguer (Shenzhen) Microelectronics Corp.’s PLC technology and PLCP interconnection ecosystem as the new-generation guest room control standard. Atour has explicitly required all vendors to customize their guest room control solutions based on Leaguer’s PLC control modules, covering all hotel brands including Atour, Atour S, and Sahe. The company’s wholly-owned subsidiary, Jiashi Intelligent, has emerged as one of the fastest companies to achieve large-scale nationwide deployment of PLC-based hotel guest room control. Its channel and service network covers six major regions across China, with over 300 distributors, and its service reach extends to mainland China, Hong Kong, Macau, Taiwan, Singapore, and Thailand. To date, it has successfully delivered more than 1,000 hotels and over 10,000 guest rooms.

In the smart home arena, in March 2026, Haier Smart Home officially unveiled its new-generation whole-home smart solution at the AWE exhibition, followed by a further announcement at the China International Building Decoration Fair in July. Haier named Leaguer (Shenzhen) Microelectronics Corp. as a key ecosystem partner, with the PLCP interconnection ecosystem included in Haier’s co-creation ecosystem. The company’s custom-developed dedicated PLC chips, the LME4015C and LME4015D, have achieved volume integration and large-scale commercial adoption. In July, Leaguer released its Matter-PLCP open ecosystem whole-home smart solution at the Guangzhou Construction Expo, supporting Apple Home and Siri voice control, enabling two-way interoperability between the domestic PLCP ecosystem and the global Matter ecosystem. Currently, the PLCP interconnection ecosystem has brought together over 100 equipment manufacturers and application vendors, forming more than 100 SKU products.

The solar PV new energy segment also achieved key breakthroughs. In the module-level power electronics (MLPE) field, Leaguer (Shenzhen) Microelectronics Corp.’s PLC chips completed a critical transition from technology introduction to scale validation. Module-level rapid shutdown devices and power optimizers with built-in PLC modules have achieved large-volume shipments, with batch exports to Southeast Asia and other overseas markets. These products have passed UL 1741-SA and IEEE 1547 safety certifications, meet North American rapid shutdown regulatory requirements, are adapted to the EN 50549 standard, and support the SUNSPEC Modbus protocol stack. The company’s self-developed PV-specific narrowband PLC SoC chip features a built-in 32-bit RISC-V self-developed core, is compatible with mainstream international PV communication safety standards including North America’s SunSpec and Europe’s EN50065, and has secured green low-carbon dual-band PV carrier communication patents. It achieves full-link communication coverage from the module level to the grid side, adapting to the EU’s CBAM carbon footprint traceability requirements.

Industry analysts point out that as grid digitalization investment enters a peak period during the 15th Five-Year Plan, Leaguer (Shenzhen) Microelectronics Corp.’s status as a core supplier to State Grid and China Southern Power Grid is expected to provide solid support for its foundational business. Meanwhile, the company’s PLC technology, characterized by “communication wherever there is electricity,” offers differentiated advantages in wiring-free scenarios. Its non-grid business—spanning smart hospitality, whole-home intelligence, PV MLPE, and high-speed rail energy efficiency management—is gradually transitioning from the project validation phase into a stage of scalable replication. Under this dual-engine approach, the company’s growth boundaries are likely to extend from a single grid chip market toward a broader energy IoT communication solutions landscape.