Data shows that all 156 A-share listed companies in the power equipment sector have released their 2026 semi-annual reports. Among them, 96 companies saw year-on-year growth in operating revenue, while 60 companies reported growth in net profit attributable to shareholders of the parent company. Regarding the sector's overall performance in the first half of the year, Guo Tao, deputy director of the China Electronic Commerce Expert Service Center, said in an interview: "The power equipment sector has shown a generally positive trend in both revenue and profit during the first half. Leading companies have maintained a stable scale, while a large number of companies have achieved exponential profit growth, reflecting a thriving industry. However, the internal divergence within the sector deserves attention."

Looking at revenue scale, 22 companies sit in the tens of billions of yuan tier. In the first half of this year, Shanghai Electric Group Co., Ltd. (hereinafter referred to as Shanghai Electric), TBEA Co., Ltd., and Dongfang Electric Corporation Limited recorded operating revenues of 63.031 billion yuan, 56.555 billion yuan, and 38.123 billion yuan, respectively, securing the top three positions in the industry with a clear scale advantage and stable operations among the leading players. As an industry frontrunner, Shanghai Electric secured new orders totaling 100.39 billion yuan in the first half, with energy equipment orders accounting for the highest share at 64.24 billion yuan.

In terms of net profit attributable to shareholders, 11 companies exceeded the 1 billion yuan mark. Among them, Sungrow Power Supply Co., Ltd. led the industry, achieving 5.259 billion yuan during the reporting period. Zhejiang Chint Electrics Co., Ltd. and Nari Technology Co., Ltd. ranked second and third with net profits of 3.130 billion yuan and 3.073 billion yuan, respectively.

Against this backdrop of rising overall industry prosperity, Guo Tao noted to reporters that some traditional equipment giants with large revenue bases have seen flat revenue performance, but due to slower growth in traditional business segments and intensifying competition, their profit performance has lagged behind companies in the new energy track, revealing a distinct cold-hot divergence between old and new arenas within the sector.

Guo Tao stated: "The continued large-scale installation of new energy, the expanding market space for wind and solar power supporting equipment and energy storage products, the grid upgrades prompted by new power system construction, and the steady release of orders for ultra-high-voltage and flexible transmission equipment together form the most critical demand foundation for the industry."

Zhan Junhao, partner at Fuzhou Gongsun Ce Public Relations Consulting Co., Ltd., said to reporters: "Currently, the sharp rise in energy storage installations has driven both revenue and profit growth for companies in the energy storage track, making it a highly dynamic growth segment within the power equipment sector."

"The explosive demand in emerging tracks has also become a core variable driving company divergence," Zhan Junhao told reporters. "The rapid expansion of AI computing infrastructure has spurred fast-growing demand for equipment such as AIDC high-voltage DC power supply and intelligent power distribution, creating a new growth curve for the power equipment industry." Additionally, with overseas market demand continuing to recover, combined with technological upgrades and cost advantages among domestic companies, the scale of power equipment exports is growing steadily.