Ningbo Deye Technology Group Co., Ltd., together with its subsidiaries, researches, designs, develops, produces, sells and services solar inverter systems, frequency conversion control systems, environmental electrical appliances, and heat exchangers in China. The company offers energy storage, string, and grid-tied micro inverters, as well as energy storage systems; and household, industrial, fresh air, pipe ceiling, and rotary dehumidifiers, as well as integrated dehumidification and humidification machines, constant temperature and humidity machines, and various customized non-standard air treatment equipment. It also provides solar air conditioners, including wall-mount PV generator, PV duct-type air conditioner, and PV water heater; solar water pumps; frequency conversion air conditioners; PCBA supporting solutions; and evaporators and condensers. In addition, the company is involved in scientific research and technical services; technology promotion and application services; investment activities; and wholesale and retail trade. It exports its products in Germany, India, South Africa, Ukraine, the United Arab Emirates, and internationally. The company was founded in 2000 and is based in Ningbo, China.
On the evening of August 26, several A-share companies disclosed hefty dividend plans. Energy storage leader Deye plans to distribute 16 yuan in cash per 10 shares, totaling 2.037 billion yuan, representing 74.97% of net profit attributable to shareholders for the period. In the first half, the company achieved revenue of 10.641 billion yuan, up 92.23% year on year, with net profit attributable to shareholders of 2.717 billion yuan, up 78.53%. MicroPort Endovascular MedTech plans to distribute 13 yuan per 10 shares, totaling 157 million yuan, or 48.73% of first-half net profit attributable to shareholders. Giant Network plans to distribute 8 yuan per 10 shares, totaling 1.515 billion yuan, or 70.65% of net profit, and also released a shareholder dividend return plan for the next three years. NARI Technology plans to distribute 1.53 yuan per 10 shares, totaling 1.222 billion yuan, with first-half dividends and buybacks combined at 1.261 billion yuan, or 41.03% of net profit attributable to shareholders for the same period. In addition, China CITIC Bank plans to distribute 2.03 yuan per 10 shares, totaling 11.296 billion yuan; New China Life Insurance plans to distribute 7.3 yuan per 10 shares, totaling 2.277 billion yuan; Anhui Conch Cement plans to distribute 1.3 yuan per 10 shares, totaling 680 million yuan; Sinotruk plans to distribute 5.41 yuan per 10 shares, totaling 632 million yuan; Haisco Pharmaceutical plans to distribute 5.26 yuan per 10 shares, totaling 600 million yuan.
Deye Co. first-half net profit hits 2.717 billion yuan, up nearly 80% year on year
Deye Co. released its 2026 half-year report on the evening of August 26, showing attributable net profit of about 2.717 billion yuan in the first half, a jump of nearly 80% year on year. During the reporting period, revenue was about 10.641 billion yuan, up 92.23% year on year, while attributable net profit rose 78.53%. As of the close on August 26, Deye shares traded at 96.5 yuan per share, with a total market value of 122.9 billion yuan.
Deye Technology Files Second Hong Kong IPO Application, Overseas Revenue Nears 90%
Ningbo Deye Technology has submitted a second listing application to the main board of the Hong Kong Stock Exchange, with CICC, CITIC Securities, and CMB International as joint sponsors. The company reported revenue of 12.224 billion yuan and profit of 3.169 billion yuan for 2025, and revenue of 6.18 billion yuan and profit of 1.61 billion yuan for the first four months of 2026. The share of overseas revenue rose from 58.0% in 2023 to 87.6% in the first four months of 2026. As of April 30, 2026, the company held cash and cash equivalents of 5.615 billion yuan, but accounts receivable increased from 570 million yuan at the end of 2023 to 2.04 billion yuan, and inventory rose from 750 million yuan to 3.08 billion yuan. The company also disclosed a sales violation incident in Syria, with a potential fine of up to 755,000 US dollars, and an exchange loss of 172 million yuan due to currency fluctuations in the first four months of 2026.
FCC Ban Jolts Inverter Stocks: Sungrow Tumbles 10% Intraday, Existing Products Still Allowed
The US Federal Communications Commission has added Chinese-made new-type inverters and advanced robots to its restricted list. The rule takes effect immediately but applies only to new models not yet on the market. Existing units already in use or approved in the United States are not affected. Hit by the news, China's A-share inverter sector opened under pressure on the 29th. Leader Sungrow plunged as much as 10 percent intraday before closing down 4.93 percent. GoodWe, Kstar, and Chint Power all fell more than 3 percent in early trading but narrowed losses by the close. Kehua Data, SolaX Power, Sofar Solar, Sineng Electric, Ginlong Technologies, and Deye shares gradually recovered and turned positive. The China Photovoltaic Industry Association said the policy is not a blanket ban but will significantly raise compliance requirements for new products entering the US market. Companies need to pay attention to production location, software security, remote access mechanisms, and supply chain transparency, and evaluate conditional approval application pathways. An executive at a listed inverter company said the ban will no longer approve new inverter models for certification in the United States, so it mainly affects future product sales. Existing products are not impacted, and already certified models can still be sold to the US market. Over the past month, shares of global energy storage giant Sungrow have fallen by as much as one-third, wiping out over 100 billion yuan in market value. Chairman Cao Renxian has proposed a share buyback of 500 million to 1 billion yuan using the company's own or self-raised funds for equity incentives or employee stock ownership plans.
Top Three Solar Giants Project Combined First-Half Losses Exceeding 10 Billion Yuan, Early Signs of Industry Inflection Point Emerge
First-half earnings forecasts for the solar industry show that LONGi Green Energy, Tongwei Co., and TCL Zhonghuan together expect losses exceeding 10 billion yuan. According to an incomplete tally by China Business News reporters, 21 listed solar companies that have disclosed forecasts project combined losses of 13 billion to 16.8 billion yuan. Among them, Tongwei expects a loss of 4.8 billion to 5.4 billion yuan, the largest in the industry; LONGi Green Energy anticipates a net loss of 3.4 billion to 3.8 billion yuan; and TCL Zhonghuan expects a loss of 3 billion to 3.3 billion yuan, though its loss margin has narrowed by 22.21% to 29.28% year-on-year. Wang Bohua, former secretary-general of the China Photovoltaic Industry Association, said at a semi-annual meeting in Ningbo that the industry is facing a triple squeeze from supply-demand mismatch, shrinking demand, and escalating trade barriers, with the deep adjustment cycle still lengthening. However, the auxiliary materials segment has bucked the trend. Deye Co. projects first-half net profit of 2.668 billion to 2.728 billion yuan, up over 75% year-on-year; First Applied Material's net profit rose 75.35% year-on-year. Industry analysts believe that with the release of mandatory national standards, the exit of outdated capacity, and the deepening of electricity market reforms, solar feed-in tariffs are showing signs of bottoming out and rebounding, and an industry inflection point may not be far off.
On the evening of July 21, several A-share companies disclosed interim dividend plans proposed by their chairmen or controlling shareholders. G-bits Chairman Lu Hongyan proposed a cash dividend of 100 yuan per 10 shares for the first half of 2026, with a total payout of approximately 720 million yuan, and no conversion of capital reserve into share capital or other forms of profit distribution. Deye's controlling shareholder Aisirui Investment proposed an interim cash dividend of 16 yuan per 10 shares; the company expects a net profit attributable to the parent of 2.668 billion to 2.728 billion yuan for the first half, a year-on-year increase of 75.28% to 79.22%. Quectel Chairman Qian Penghao proposed an interim dividend of no less than 30% of the first-half net profit attributable to the parent; its first-quarter net profit attributable to the parent was 141 million yuan. Tinci Materials' controlling shareholder Xu Jinfu proposed an interim cash dividend of 1 yuan per 10 shares; the company expects a first-half net profit of 2.7 billion to 3 billion yuan, a sharp year-on-year increase of 907.84% to 1019.82%.
Deye Co. forecasts first-half net profit up 75.28% to 79.22%
Deye Co. issued a preliminary earnings announcement for the first half of 2026, projecting attributable net profit of 2.668 billion to 2.728 billion yuan, a year-on-year increase of 75.28% to 79.22%. The company said the profit growth was mainly driven by strong demand in the overseas energy storage market. Factors such as volatile oil and gas prices and widening electricity gaps caused by global warming have prompted many countries to strengthen energy security strategies and introduce storage subsidies, leading to a significant release of demand for residential and commercial energy storage in Europe, the Middle East, and Southeast Asia. The company seized this window of opportunity to achieve a surge in sales.
US and Europe Plan to Restrict Chinese Solar Inverters; Leading Firms Say Short-Term Impact Is Limited
The Trump administration is pushing the Federal Communications Commission to draft a ban on foreign inverter imports, planning to restrict new-model overseas inverters from entering the US market on grounds of grid security. The new rules could be implemented within the year and are currently in the draft consultation stage. Earlier, the European Commission had already decided, citing cybersecurity risks, to limit funding from institutions such as the European Investment Bank for renewable energy projects using inverters from high-risk countries. After the news spread, the A-share solar inverter sector saw a sharp correction on July 1 and 2. Sungrow Power Supply dropped nearly 20 percent intraday and closed down 13.9 percent, with its total market value falling below 300 billion yuan. GoodWe, Ginlong Technologies, and other concept stocks also fell. Sungrow said during a conference call that its US business accounts for about 15 to 20 percent of revenue, but the impact of funding restrictions by individual EU banks is limited. Deye and GoodWe both stated that their US market revenue shares are only about 2 to 3 percent and within 1 percent respectively, and that the likelihood of the policy being implemented is low. Companies can mitigate risks through overseas production capacity. Industry insiders point out that Europe and the US will find it hard to shake off their reliance on Chinese inverters in the short term. Ninety percent of utility-scale inverters in the US rely on imports, and Chinese inverter companies hold close to 80 percent of the global market share. In 2025, exports reached 9.04 billion US dollars, of which exports to the US were only 290 million dollars. Currently, Sungrow, Ginlong, and others have set up production capacity in Southeast Asia, Europe, and other regions. Sungrow's factory in Poland and Deye's factory in Malaysia are both under construction.
Giantec Semiconductor, Deye Technology, and Yuyantang File for Hong Kong IPO
Giantec Semiconductor, Deye Technology, and Yuyantang have submitted listing applications to the Main Board of the Hong Kong Stock Exchange. Giantec Semiconductor is a high-performance non-volatile memory chip design company, Deye Technology is a global manufacturer of solar and energy storage products, and Yuyantang is a private chain provider of traditional Chinese medicine healthcare services in China. Yonghe Medical expects net profit for the first half of the year to be no less than 70 million yuan, up no less than 150.9 percent year on year, with revenue expected to grow no less than 10.0 percent compared with the same period in 2025. Xipuni expects net profit for the first half to exceed 96 million yuan, up more than 70 percent year on year. Fosun International expects mid-term profit attributable to shareholders of the parent company to be approximately 1.5 billion to 1.8 billion yuan, up about 127 percent to 172 percent year on year.