Sineng Electric

Business

Sineng Electric (上能电气股份有限公司) makes power electronics: solar inverters, bidirectional storage power conversion systems (PCS), power supplies for hydrogen electrolysers, and power quality equipment. It also sells integrated storage systems and home storage products (2026 interim report, pp. 9, 10).

Its storage converters range from 100 kW to 2,000 kW per unit, and it can integrate converters of up to 13.8 MW. The company describes the PCS as the device that moves energy both ways between a storage system's DC batteries and the AC grid, and says it directly affects a system's conversion efficiency and economics (pp. 10, 11).

Position

• Storage PCS. Citing the China Energy Storage Alliance (CNESA), it says it ranked in the top two for storage PCS shipments in China every year from 2021 to 2025. Citing S&P Global, it says it ranked fifth worldwide in 2024 (p. 18).
• Solar inverters. Citing S&P Global, it says its 2025 inverter shipments ranked third in the world (p. 18).
• Customers. It names China's large state power groups (SPIC, China Energy, Datang, CNNC and CGN) and EPC firms China Energy Engineering and PowerChina at home, and TATA, ACWA, L&T and Solaria abroad (p. 19).

Results in the first half of 2026

• Revenue rose 30.84% to ¥2.86bn and net profit attributable to shareholders rose to ¥216.5m from ¥200.5m (p. 7).
• Solar inverters were ¥2.20bn of revenue, up 39.36%, at a 23.27% gross margin. Storage PCS and system integration products were ¥598.7m, up 6.88%, at 27.05%, down 0.76 points (p. 21).
• Storage was therefore about a fifth of revenue (our calculation). Operating cash flow was negative ¥308.6m, an improvement on negative ¥771.7m a year earlier (p. 20).
• In 2025 it raised ¥1.65bn in a private placement of A shares (p. 25).

The company's own caveats

It lists policy changes at home and abroad and sharper competition in new energy among its main risks, and says it is responding by expanding in Europe, Asia-Pacific, the Middle East and Africa and adding data centre and direct green-power supply markets (p. 29).