Kehua Data

Business

Kehua Data (科华数据股份有限公司) builds its business on power electronics in three areas: data centres (equipment and data centre services), uninterruptible power supplies and other industrial power ("smart power"), and new energy, which covers solar inverters, storage power conversion systems and related system solutions (2026 interim report, pp. 10, 13).

In storage it sells liquid-cooled 3.15 MW and 3.5 MW PCS units and 6.25 MW and 6.9 MW combined converter and step-up transformer units, built to sit beside large battery cabins, as well as grid-forming converters (p. 13).

Position

• The company says it has led China's storage PCS shipments for three years running and had more than 53 GW of storage installed worldwide by the end of 2025 (p. 14). Citing S&P Global, it says it ranked first in global shipments of storage PCS above 500 kW (p. 17). Sineng Electric separately cites CNESA placing it in China's top two every year from 2021 to 2025, so the rankings depend on the source and the size class.
• Its named new-energy customers include China's state power groups, CATL and HyperStrong (p. 14).

Results in the first half of 2026

• Revenue rose 4.05% to ¥3.88bn. Net profit attributable to shareholders rose 62.69% to ¥396.2m, but profit excluding non-recurring items rose only 8.37% to ¥242.4m (p. 8).
• New energy products were ¥1.93bn, up 4.01% and 49.60% of revenue, at a 21.81% gross margin, up 4.30 points. The segment includes solar inverters as well as storage, and the report does not split them (p. 18).
• Overseas revenue rose 135.15% to ¥852.9m, earning a 36.37% margin against 19.89% at home (p. 18).
• Data centre revenue was ¥1.59bn, up 13.81% (p. 18).