Jinpan Technology H1 Revenue Up 12.73% to RMB 3.56 Billion, Order Backlog Hits Record RMB 10.7 Billion

Jinpan Technology released its 2026 semi-annual report on August 20, 2026. The company posted revenue of RMB 3.556 billion for the first half, up 12.73% year on year. Net profit attributable to shareholders of the listed company reached RMB 303 million, up 14.22%, while net profit excluding non-recurring items was RMB 287 million, up 16.42%.

In the second quarter, revenue came in at RMB 2.033 billion, up 12.22% year on year; net profit was RMB 190 million, up 20.62%; and adjusted net profit excluding non-recurring items was RMB 187 million, up 26.49%.

The company continued to focus on its core business, expanding power equipment products for data centers, new energy and other sectors. Tariff refunds received from the U. S. Customs and Border Protection following a U. Supreme Court ruling were offset against current-period operating costs, correspondingly boosting net profit for the period. Net cash flow from operating activities was negative RMB 24 million in the period, compared with RMB 235 million in the same period of 2025, a decline of 110.12% and a swing from positive to negative. The main reasons were advance purchases to support a 41.87% year-on-year increase in order backlog, which increased operating cash outflows; prepayments to lock in material prices amid raw material price volatility; and payments for materials and equipment for contracted new energy power station projects.

As of the end of the reporting period, total order backlog reached RMB 10.697 billion, a record high, up 41.87% year on year. Research and development investment totaled RMB 159 million, up 8.86% from the same period in 2025, representing 4.48% of revenue. The company employed 413 R&D personnel, accounting for 17.96% of total headcount, up 0.73 percentage points from the same period in 2025, with an average salary of RMB 139,000. As of June 30, 2026, the company held 374 valid patents, including 77 invention patents, and 160 core technologies.

On project progress, the energy-saving and environmentally friendly power distribution equipment intelligent manufacturing project had cumulative investment of RMB 212 million, reaching 103.09% of planned investment, and had been available for use as scheduled since December 2023. The digital factory construction project for energy storage series products in Wuhan had cumulative investment of RMB 344 million, reaching 87.77% progress, and the project has been completed. On the same day, the company announced that its board approved using the remaining balance of RMB 28.16 million in the special accounts for proceeds from convertible bonds issued in September 2022 as permanent working capital, and closing the relevant accounts. The previously raised-fund projects were completed in 2024 and surplus funds had been transferred; the closure involves three special accounts with remaining balances. As of the close on August 20, Jinpan Technology shares traded at RMB 67.31, down 0.84%, giving a total market capitalization of RMB 30.95 billion.