Sige New Energy's First Post-IPO Interim: Revenue Up 261%, Net Profit Up 201%, Gross Margin 40.5%
Sige New Energy, listed on the Hong Kong Stock Exchange in April 2026, reported its first interim results as a public company. For the first half of 2026, revenue rose 261.2% year on year to RMB 9.874 billion, while net profit attributable to shareholders increased 201.0% to RMB 2.428 billion. Adjusted net profit grew 135.8% to RMB 2.485 billion. Gross margin fell to 40.5% from 51.9%, due to higher raw material costs and channel incentives. Europe remained the largest market, contributing RMB 4.179 billion in revenue.
Sige New Energy disclosed its first interim results after listing on the Hong Kong Stock Exchange. For the first half of 2026, the company recorded revenue of RMB 9.874 billion, up 261.2% from RMB 2.734 billion in the same period of 2025. Profit for the period was RMB 2.428 billion, up 201.0% year on year. Adjusted net profit under non-IFRS was RMB 2.485 billion, up 135.8%.
The company listed on the Main Board of the Hong Kong Stock Exchange on 16 April 2026, with an offer price of HKD 324.2 per share. On the first day of trading, the share price closed at HKD 659.5, up 103.42%, before entering a period of volatility and adjustment. As of the close on 24 August, the share price stood at HKD 331.6, giving a total market capitalisation of HKD 82.51 billion.
By product structure, the solar-storage series remained the core revenue driver, generating RMB 9.296 billion in the reporting period, accounting for 94.2% of total revenue, up 267.1% year on year. Smart energy gateways contributed RMB 358 million, or 3.6% of revenue. Other products, including AC chargers and accessories, brought in RMB 219 million. The group's overall gross profit was RMB 3.999 billion, up 181.7% year on year. The consolidated gross margin fell to 40.5% from 51.9% in the same period of 2025, which the company attributed mainly to higher raw material costs and increased channel incentive policies.
Geographically, Europe remained the company's largest revenue market, contributing RMB 4.179 billion in the first half. The Asia-Pacific region followed with RMB 3.894 billion. Mainland China generated RMB 1.299 billion, while Africa and other regions together contributed RMB 502 million.
On expenses, research and development spending rose 62.9% year on year to RMB 371 million, mainly due to higher labour costs from expanding the R&D team. Sales and distribution expenses increased 102.3% to RMB 330 million. Administrative expenses fell 29.7% to RMB 172 million, primarily due to a decline in share-based payment expenses.
On cash flow, the company recorded net operating cash inflow of RMB 1.974 billion in the first half. Net cash inflow from financing activities was RMB 5.658 billion, driven by proceeds from the IPO global offering. As of the end of June 2026, cash and cash equivalents stood at RMB 8.236 billion, up sharply from RMB 1.109 billion at the end of 2025. The debt-to-asset ratio was 49.7%, down from 55.2% at the end of 2025. Interest-bearing bank borrowings amounted to RMB 3.120 billion, up 81.4% from the end of 2025, to fund working capital needs for business expansion. Headcount grew from 1,597 at the end of 2025 to 2,550.
The over-allotment option for the IPO was fully exercised on 13 May, bringing total net proceeds to HKD 4.827 billion.