Sinexcel

Business

Sinexcel (深圳市盛弘电气股份有限公司, Shenzhen Sinexcel Electric) makes industrial power supplies, new-energy power conversion equipment (for storage and solar), electric vehicle charging equipment, and battery test and formation equipment. Its EV products are DC and AC chargers in 15 kW to 60 kW modules and battery-swap station charging systems and swap cabinets (2026 interim report, pp. 12, 13).

Results

In the first half of 2026 revenue rose 29.2% to ¥1.76bn and net profit attributable to shareholders rose 44.1% to ¥227.8m (p. 9). By product, with gross margins (pp. 13, 28):

• Industrial supporting power: ¥441.4m, up 57.8%, at 61.94%.
• New-energy power conversion: ¥383.9m, up 35.3%, at 38.08%.
• EV charging equipment: ¥747.7m, up 18.25%, at 30.43%, down 4.43 points.
• Battery test and formation equipment: ¥133.0m, flat, at 30.98%.

The company attributes growth to data-centre and AI computing build-out and to storage demand (p. 13).

Where it stands

EV charging equipment was 42.5% of Sinexcel's revenue (our calculation). It grew 18.25% at a 30.43% margin, against growth of 35% to 58% and margins of 38% to 62% in power conversion and industrial power supplies, which is where the company says its growth comes from: data centres and storage. Compare TGood in charging and battery swapping.