Rept Battero 2026 H1 Revenue RMB14.92B, Profit RMB778M, Storage Shipments 27.2GWh

In the first half of 2026, Rept Battero generated revenue of RMB14.92 billion, up 57.2% year on year, and recorded a profit of RMB778 million, exceeding its full-year 2025 net profit of RMB681 million. During the reporting period, total design capacity reached 100GWh with high utilization rates. The gross margin for power and energy storage battery products rose from 8.5% in the same period of 2025 to 13.1%, with gross profit up 142.7% year on year. Net cash flow from operating activities jumped from RMB981 million to RMB3.46 billion, reflecting a major improvement. Total assets stood at RMB57.05 billion at period-end, up 22.8% from end-2025, while net assets reached RMB13.06 billion, up 10.1% from end-2025. The gross margin for the period was 13.3% overall. The battery industry is experiencing a mixed mid-cycle phase. After two years of overcapacity and price competition, the 2026 interim reporting season saw broad profit recoveries among lithium battery makers, but the recovery has favored companies that maintained commercial discipline and avoided short-term fads. Domestic new energy vehicle penetration is approaching the 50% historical threshold in the first half of 2026, yet growth has slowed markedly from the double-digit pace of the same period in 2025, moving the industry from a rapid expansion phase into a more moderate one. According to SNE Research data, the global power battery market is undergoing structural transformation, with demand centers becoming more dispersed. Competition in energy storage remains intense, with global storage battery shipments reaching 461.3GWh in the first half of 2026, up 71% year on year, but average storage cell prices have fallen from about RMB0.8/Wh in early 2023 to roughly RMB0.26/Wh by mid-2025, compressing profit margins even as the industry scales up. Against this backdrop, addressing the challenge of rising revenue without corresponding profit growth has become a key focus for battery companies. Rept Battero has chosen to avoid disorderly price wars, instead implementing upfront customer screening and risk controls, establishing price-raw material linkage mechanisms, and proactively rejecting low-margin, high-risk orders. Its order mix has shifted toward high-value overseas storage and core power customers. In storage, the company pioneered the 50Ah industry standard for residential storage in 2019, and by the first half of 2026 it ranked first globally in residential storage cell shipments and second globally in commercial and industrial storage cell shipments. Storage battery shipments reached 27.2GWh, up 43.9% year on year, while storage revenue grew 81.5% to RMB9.23 billion from RMB5.08 billion in the same period of 2025. Among the top eight global storage cell shippers, all Chinese companies, Rept Battero held the sixth position and has been named a BloombergNEF Tier 1 energy storage supplier for 11 consecutive quarters. In the power segment, the company started by focusing on new energy heavy-duty trucks, ranking second nationally in 2025 truck installations, and in the first half of 2026 its power battery installations rose to sixth nationally, with June monthly installations entering the global top ten. Power battery shipments reached 15.5GWh, up 14.8% year on year, with revenue growing 29.8% to RMB5.23 billion from RMB4.03 billion. The company ranked seventh nationally in both pure electric passenger vehicle and new energy commercial vehicle installations. As of period-end, the company held 3,692 granted patents, including 371 invention patents, and employed 1,588 R&D personnel. Its invention patent applications mainly cover secondary battery materials and structures, system integration, battery management systems, production processes, equipment, and battery recycling, with more than 10 granted patents related to solid-state batteries. At its August brand day, the company launched multiple products across three scenarios: AIDC, commercial vehicles, and innovative applications on land, sea, and air. For AIDC, it introduced the Powtrix® 6.9MWh energy storage system and the Top® 320Ah sodium-ion battery. The Powtrix® 6.9MWh system, equipped with the Top® 648Ah large-capacity storage cell, can reduce equipment count and on-site installation hours by 28% compared with a 5MWh solution in a 1GWh project, reduce floor space by 30%, achieve 96% round-trip efficiency over four hours, and exceed 10,000 cycles. For commercial vehicles, the Chenxing S350, S455, and S600 models are tailored to different transport conditions, balancing range, weight, and dimensions. The Chenxing D800 Pro for long-haul routes reduces weight by 700kg, shortens the battery box length by 10%, reduces the vehicle wheelbase by 300mm, and supports 1.3MW megawatt-level fast charging, potentially adding about RMB160,000 in operating revenue per vehicle over five years. Two Top® solid-liquid hybrid batteries target higher-end passenger vehicles, low-altitude aircraft, and embodied intelligence applications. The solid-liquid hybrid manganese battery supports an 800km vehicle range with an 85kWh pack, while the solid-liquid hybrid ternary battery achieves cell energy density above 375Wh/kg, supports 15C peak discharge and 6C continuous discharge, and has passed more than 100 safety validations covering cells, modules, and systems. Globalization has become another growth engine. In the first half of 2026, the company's overseas storage cell shipment share continued to rise. It has established subsidiaries in the United States, Germany, and Southeast Asia, and is setting up subsidiaries in Australia, Japan, and the United Kingdom. It is investing in an Indonesian battery manufacturing base, with first-phase planned capacity of 8GWh per year for power and storage batteries, systems, and battery components, located in the Tsingshan Indonesia industrial park, while European and North American markets are being advanced in parallel. Backed by Tsingshan's global upstream resource layout in nickel, cobalt, manganese, lithium, and graphite, the company holds natural advantages in supply chain security and cost control. In Japan, several storage projects have entered grid-connection commissioning, following a delivery principle of 80% global unified standards plus 20% local flexible adaptation. The project in Kanuma City, Tochigi Prefecture, was the first to complete grid connection. As an independent storage power station, the project generates revenue by participating in Japan's frequency regulation ancillary service market, capacity market, and spot power market, while also revitalizing idle local land and improving grid stability and power quality. Anchored on the theme of strategic focus and system reshaping, the company's R&D is concentrated on residential storage and commercial vehicles, manufacturing has clarified the functional positioning of four major bases, and market efforts are deepening domestic presence while accelerating overseas expansion. After this systemic transformation, the company moved from a turnaround profit of RMB681 million in 2025 to a profit of RMB778 million in the first half of 2026, with profit growth outpacing the industry average. After achieving its first full-year profit in 2025, the company stated that profit results belong to all employees, allocating about one-third to employee incentives, while internally emphasizing efficiency and results orientation, reducing formalism, ineffective overtime, and inefficient meetings. The company's cultural values pursue healthier, happier, and more prosperous outcomes, aiming to build a culture of shared destiny, value symbiosis, and synchronized development with employees. As company president Feng Ting said at the brand day, technology is the tool, humanity is the root; intelligence is the wing, and the human heart is the foundation—this is the company's consistent development essence and the core confidence to navigate industry cycles and sustain long-term progress. As the industry structure shifts, companies that truly root themselves in technology and adhere to long-termism are emerging through the cycle's fog. Rept Battero's interim report is not just a display of results—RMB14.9 billion in revenue, RMB778 million in net profit, 13.3% gross margin, and RMB3.46 billion in operating cash flow—but also a rational model of long-term business management during an industry downturn. In the face of price competition, it did not sacrifice quality for orders; at technology crossroads, it consistently advanced Top® technology iteration; and amid industry noise, it maintained strategic focus. Since its founding, the company has spent nearly a decade demonstrating that lasting operation matters more than momentary speed, and that a temporary ranking is not the end point. What is rare is maintaining passion and continuous progress through long industry cycles, step by step converting technological accumulation, strategic foresight, and customer trust into tangible business results, and this craftsmanship of accumulated quality will drive the company to see higher and go further.