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Currently, the lithium battery industry bids farewell to unbridled growth, entering a new phase of capacity clearance and quality-focused competition, where short-term involution and profit divergence have become industry norms. Against this backdrop, enterprises that adhere to long-term strategies, delve deep into technological innovation, and optimize operational efficiency and quality are the ones that can navigate industry fluctuations and achieve certain growth.
Recently, REPT Energy (00666.HK) disclosed its impressive interim performance for the first half of the year. Core indicators such as revenue, net profit, shipment volume, and cash flow all surged, with net profit even surpassing the level of the full year 2025. This high-scoring financial report that defies the trend upward is not supported by short-term industry dividends, but is the result of the company's deep dive into the track, adherence to long-termism, and continuous optimization of the operational system, fully demonstrating the enterprise's hard competitiveness and industry champion background in crossing the cycle.
The REPT Energy 2026 mid-year performance announcement shows that during the reporting period, the company achieved revenue of RMB 14.916 billion, a year-on-year increase of 57.2%; and achieved net profit of RMB 778 million, exceeding the net profit level of the full year 2025.
The company stated that the growth in operating performance mainly benefited from the continuous increase in power and energy storage battery shipments. In the first half of 2026, the company sold a total of 42.7 GWh of lithium battery products, a year-on-year increase of 31.8%. Among them, power battery shipments reached 15.5 GWh, a year-on-year increase of 14.8%, and power battery product revenue increased by 29.8% year-on-year; energy storage battery shipments reached 27.2 GWh, a year-on-year increase of 43.9%, and energy storage battery product revenue increased by 81.5% year-on-year. With the expansion of sales scale and improvement of capacity utilization, the effect of economies of scale is further highlighted.
In the first half of the year, the company's gross profit reached RMB 1.98 billion, a year-on-year increase of 138.8%; the net cash flow from operating activities reached RMB 3.46 billion, a significant increase compared to the same period last year, with profitability and operational quality improving simultaneously.
This impressive financial report is not an occasional result brought by short-term industry dividends, but the phased fruit borne by the long-termism management path after the company promoted "Strategic Focus, System Reshaping" in 2025. REPT Energy, through organizational integration and upgrade of business strategies, has completed the continuous optimization of business structure, walked out a path of resilient growth crossing the cycle, and interpreted the multi-dimensional "champion" core.
A Marathon Champion of Track Deep Dive: From Single-Point Leadership in Niche Scenarios to All-Scenario AdvancementIt is not difficult to see that the energy storage sector is becoming an important engine for REPT Energy's performance growth.
According to SPIR Research Institute data, REPT Energy's residential energy storage cell shipments remained in the first tier of the global top tier in the first half of 2026, ranking Top 1 in the competitiveness TOP list of global residential energy storage cell enterprises in H1 2026; commercial and industrial energy storage cell shipments also ranked among the global top tier, being rated as BloombergNEF Tier 1 energy storage supplier continuously for 11 quarters. At the same time, REPT Energy is not confined to existing achievements in niche fields, but is continuously pioneering innovation and advancing towards broader market space.
Note: SPIR Research Institute strives for objective and complete data and list information. If there is a deviation from official enterprise data, the official release by the manufacturer shall prevail. This content only represents SPIR research views, does not constitute commercial endorsement or investment basis, and SPIR reserves the right of final interpretation and explanation.
Facing the AI computing power era AIDC full new energy demand, REPT Energy has advanced layout of Powtrix®6.9MWh energy storage system equipped with Wendin®648Ah cells. The product cycle life breaks through 10,000 times, and the system round-trip efficiency can reach 96%, effectively reducing the O&M costs of computing power projects; meanwhile, it launches Wendin®85Ah high-power lithium iron phosphate energy storage cells customized for AI data center pulse load scenarios. This product supports 10C continuous discharge, pulse cycle life exceeds 60,000 times, working temperature range covers 40°C to 65°C, and can calmly cope with instantaneous impact of computing power load, ensuring the stable operation of computing power facilities; in addition, it releases Wendin®320Ah sodium-ion battery, owning ultra-wide temperature range and high safety characteristics, adapting to power grid, commercial and industrial, extreme scenario energy storage needs, transforming the continuously accumulated technological R&D strength into fast response capability facing new tracks.
Performance in the market is particularly noteworthy. Entering 2026, REPT Energy's overseas market expansion continues to accelerate, with overseas orders landing at multiple points. In March 2026 at the Italian International Renewable Energy Expo, REPT Energy signed a future two-year combined 8.3 GWh energy storage supply agreement with 7 European partners; in June of the same year, at the Munich European Smart Energy Expo, the company reached GW-level framework cooperation with multiple European partners again, covering Germany, the Netherlands, Belgium, Austria, and multiple Eastern European countries, and released the Global Delivery Assurance System on site, outputting the "80% global unified standards + 20% local flexible adaptation" export delivery model. At the same time, it reached 3 GWh supply cooperation with Energy Vault, covering the US, Australia, and European markets; joined hands with Hanwa to layout the Japanese market, delivering over 1 GWh of energy storage systems in two years.
Currently, cooperation results have been realized. In Nitta City, Tochigi Prefecture, Japan, a 1.99MW/8.35MWh independent grid-side energy storage project has completed grid connection and operation, providing local power grid frequency regulation, power quality optimization, and BCP emergency backup power. In addition, the Indonesia 8 GWh overseas manufacturing base has started production, achieving local delivery, the proportion of overseas business continues to rise, and the global layout is gradually deepened.
In the power sector, REPT Energy's differentiated advantages gradually stand out.
During the reporting period, REPT Energy's power battery installation volume ranked sixth in the country, and monthly installation volume in June entered the global top ten. According to the latest industry statistics data, in the first half of 2026, REPT Energy's new energy heavy-duty truck power battery cumulative installation volume reached 3.33 GWh, a year-on-year increase of 188.0%, far exceeding the 90.8% industry average level.
REPT Energy continues to polish Chenxing S Series, Chenxing D800 Pro scenario-based customized products, digging deep into commercial vehicles, new energy heavy trucks, mining trucks and other vertical tracks. Among them, Chenxing D800 Pro achieves system weight reduction of 700kg on the premise of large capacity, supports 1.3MW high-power fast charging, calculated to help heavy truck users increase about 160,000 yuan in operating income in 5 years; as the exclusive power supplier, the company provides battery solutions for Huaneng Yimin Open-Pit Mine 100 90-ton unmanned electric mining trucks, achieving stable operation at -40°C.
In the passenger car sector, facing plug-in hybrid, range-extended, and pure electric passenger car markets, Wendin® Hybrid Charging 4C Ultra-fast Charging Cell and supporting systems are launched, supporting average 4C, peak 6C fast charging. 10%80% energy replenishment can be completed in 10 minutes, working temperature range covers 40°C to 60°C, cycle life exceeds 4,500 times, system volume utilization reaches 70%, possessing zero thermal runaway safety characteristics, and has entered the supply chain of multiple mainstream automakers, adapting to urban commute, long-distance travel, and other diverse home travel scenarios; facing next-generation passenger cars, Wendin® Solid-Liquid Mixed Manganese Battery is launched, balancing high safety, low cost, and wide temperature performance, achieving 800 km range under whole vehicle conditions.
Not only that, REPT Energy further extends scenario-based power capabilities outward, laying out construction machinery, electric vessels, low-altitude aircraft (eVTOL) and other multi-innovative power fields. Facing forklifts, loaders, aerial work platforms and other construction machinery, high protection, long cycle special battery solutions are developed, adapting to high-frequency heavy load, bumpy and harsh operating environments at construction sites; in ship power, marine battery systems passing China Classification Society (CCS) certification are launched. Products have landed on Wenzhou Oujiang Asian Games Sightseeing Boat, Fujian Ningde Port 5,400 horsepower port tugboat, Beijing-Hangzhou Grand Canal 2,000-ton class cargo ship and other projects, meeting requirements for inland and coastal shipping salt spray, high humidity complex environments. In the low-altitude economy track aspect, relying on Wendin® Solid-Liquid Mixed High-Nickel battery technology, eVTOL aviation-grade cells are developed. Energy density can reach 375Wh/kg, supporting 15C peak discharge, working temperature range covers 40°C to 70°C, and strategic cooperation is reached with Uflytech, providing high-reliability power solutions for electric vertical takeoff and landing aircraft. Multi-dimensional scenario-based technology accumulation creates a differentiated growth curve.
Facing the industry's low-price involution and the common situation of swapping profit for scale, REPT Energy adheres to commercial underlying logic, abandoning disorderly vicious competition. Through pre-screening customers and risk control, building a raw material price linkage mechanism, it actively abandons low gross margin and high-risk orders.
This strategy implementation results are significant. Against the backdrop of the industry's overall capacity utilization rate declining, the company maintains high capacity utilization rate, order structure continues to tilt towards high-value overseas energy storage and core power customers, achieving two-way parallel of scale expansion and profit growth. In the first half of 2026, net profit surpassed 2025 full year, verifying the development concept that "long-term rational management is far more vital than short-term scale expansion".
Beyond commercial growth, REPT Energy synchronously deepens ESG and sustainable development construction, practicing Reliable, Environmental, Pioneering, Talented corporate concepts. Wenzhou, Jiashan, Liuzhou bases have been awarded National Green Factories. All operating bases have obtained ISO14001 environmental management system certification, carbon emission intensity per unit output decreased by 39.53% year-on-year. The company jointly pushes battery passport pilot with TÜV Rheinland, Circulor, completed pilot verification with Powtrix®2.0 energy storage system, achieving full lifecycle data traceability such as carbon footprint, raw material tracing, and building out overseas compliance capabilities.
As a member of the UN Global Compact, REPT Energy first rating won CDP Climate B Grade, Wind ESG A Grade, received multiple authoritative certifications for sustainable development, building solid confidence for enterprises to withstand industry fluctuations.
People-Oriented Growth Champion: Making Human Creativity the Core Value"Without people's sustainability, there is no corporate sustainability." REPT Energy believes that technological progress ultimately relies on people. AI can assist efficiency improvement, but the enterprise's endless innovation vitality comes from the creativity and continuous investment of every employee.
In April 2026, the company officially released the corporate culture system, establishing "Healthier, Happier, Wealthier" core value pursuit, incorporating employee growth and sense of gain into the enterprise's long-term development goals, advocating building a cultural ecology of "Shared Destiny, Symbiotic Value, Same Frequency Development". At the August 8 "Champion's Heart · Dream Time" brand day event, REPT Energy joined hands with Dream Ambassador Liu Hao, with the story of the struggle to chase musical dreams, echoing the team spirit of R&D breakthrough, operational efficiency improvement, and production delivery guarantee, achieving resonance between enterprise core and individual dream spirit.
Overall, the impressive performance of the first half of 2026 is the concentrated realization of REPT Energy's strategic determination, technical strength, operational capability and corporate culture. In the current context of deep reshuffling of the lithium battery industry and high-quality development becoming the main melody, the company relies on full-scenario track layout, rational and steady operating strategy, continuous iterative technological innovation, and people-oriented development concept to build a deep enterprise barrier.
Based on the present and looking far into the future, with the continued landing of energy storage global layout, the continuous strengthening of power battery differentiated advantages, and emerging tracks gradually scaling up, REPT Energy's long-term value is expected to continue to be released, will continue to lead the industry with a steady growth posture, and write a new model for the long-term development of lithium battery enterprises.
