Risen Energy's H1 2026: Energy Storage Gains Momentum as HJT Moves Toward Scale

<p>In the first half of 2026, Risen Energy generated revenue of RMB 4.021 billion, down 45.97% year on year. Net loss attributable to shareholders of the parent company reached RMB 820 million, while net loss excluding non-recurring gains and losses amounted to RMB 877 million. However, a closer look at its business segments and quarterly performance reveals several positive changes worth noting.</p><h2>Energy storage-related revenue grows by more than 40%</h2><p>The most visible area of growth in Risen Energy's interim report came from its energy storage systems and related businesses.</p><p>In the first half of 2026, the company's "energy storage systems, lighting products and auxiliary photovoltaic products" segment generated revenue of RMB 674 million, up 41.63% year on year. Its operating costs were approximately RMB 441 million, increasing by only 13.27%. Revenue grew by more than 40%, while costs rose by just 13.27%. As revenue outpaced costs, the segment's gross margin improved accordingly.</p><p><img src="https://energyplanet.oss-cn-shenzhen.aliyuncs.com/uploads/images/20260829160040_fc395c96.png" alt="" loading="lazy" decoding="async" /></p><p>During the period, the segment recorded a gross margin of 34.57%, an increase of 16.38 percentage points from a year earlier. Based on the revenue and cost figures disclosed in the interim report, the segment generated approximately RMB 233 million in gross profit, compared with only about RMB 86.56 million in the same period last year—an increase of roughly 169%.</p><p>In other words, while revenue increased by 41.63%, gross profit grew by approximately 169%. At the same time, the segment's share of Risen Energy’s total revenue increased from 6.39% in the first half of 2025 to 16.76% in the first half of 2026.</p><p>Many businesses appear to be growing rapidly, but higher revenue does not necessarily translate into higher gross profit. The change in Risen Energy's energy storage-related business is different: not only has the business expanded, but it is also retaining significantly more gross profit.</p><p>In terms of its product portfolio, Risen Energy's controlled subsidiary Ningbo SYL has established a product system covering battery management systems (BMS), power conversion systems (PCS), energy management systems (EMS), DC-side integration and medium-voltage integration.</p><p>Its products cover utility-scale, commercial and industrial, and residential energy storage applications, including the eTron utility-scale energy storage system, the eFlex C&amp;I all-in-one system and the RisenStack residential energy storage series.</p><p>These products are no longer confined to a product catalogue. By the end of the reporting period, the company's energy storage business had delivered more than 900 projects worldwide, including several utility-scale projects exceeding 100 MW. Its markets now cover Europe, the Americas, Asia-Pacific and Africa.</p><p>In the past, these products, projects and overseas markets were mainly evidence of business expansion. In this interim report, they are beginning to translate more clearly into revenue and gross profit.</p><h2>Q2 gross margin recovers to 8.15%, with gross profit nearly doubling quarter on quarter</h2><p>In addition to the growth of its energy storage business, Risen Energy's second-quarter performance is also worth examining separately. Based on calculations using data from the interim report and the first-quarter report:</p><li>In the first quarter of 2026, Risen Energy generated revenue of approximately RMB 2.702 billion, with an overall gross margin of around 2.02%, corresponding to gross profit of about RMB 55 million.</li><li>In the second quarter, revenue declined to approximately RMB 1.319 billion—less than half the first-quarter level—but the overall gross margin recovered to around 8.15%, corresponding to gross profit of approximately RMB 108 million.</li><p>This creates a clear contrast: second-quarter revenue was roughly half that of the first quarter, yet the gross profit generated was nearly twice as high. So where did the losses come from? In the first half of 2026, Risen Energy's financial expenses reached RMB 300 million, up 88.39% year on year. This included foreign-exchange losses of approximately RMB 88.07 million, compared with foreign-exchange gains of around RMB 119 million in the same period of 2025.</p><p>The shift from a gain to a loss created an adverse year-on-year change of approximately RMB 207 million in foreign-exchange gains and losses, directly weighing on profitability. A simple calculation based on profit before tax helps illustrate the impact.</p><p>In the first half of 2026, Risen Energy recorded a pre-tax loss of approximately RMB 949 million. Adding back the foreign-exchange loss results in an adjusted loss of around RMB 861 million. In the same period of 2025, the company recorded a pre-tax loss of approximately RMB 854 million. Excluding the foreign-exchange gain results in an adjusted loss of around RMB 973 million.</p><p>Comparing the two figures, the adjusted loss narrowed by approximately RMB 112 million. This calculation is intended only to illustrate the effect of foreign-exchange gains and losses on changes in profitability; it is not an adjusted performance measure disclosed by the company.</p><p>In addition, revenue from solar cells and modules reached RMB 2.087 billion, down 45.15% year on year. Revenue from solar power plant EPC and project transfers fell 58.51% to RMB 1.096 billion, while revenue from electricity sales by PV power plants declined 66.69% to approximately RMB 96.66 million. Revenue declined across all three traditional PV-related business segments.</p><p><img src="https://energyplanet.oss-cn-shenzhen.aliyuncs.com/uploads/images/20260829160040_513d5459.png" alt="" loading="lazy" decoding="async" /></p><h2>Winning a 1 GW Datang tender puts HJT closer to a volume-growth window</h2><p>According to the interim report, Risen Energy's heterojunction cell conversion efficiency has exceeded 27%, while its HJT module conversion efficiency has surpassed 24.70%. Through production-process optimization and continued improvements in core technologies, the company has reduced the non-silicon manufacturing cost of its HJT cells to RMB 0.15/W.</p><p><img src="https://energyplanet.oss-cn-shenzhen.aliyuncs.com/uploads/images/20260829160041_c7f3c090.png" alt="" loading="lazy" decoding="async" /></p><p>As of the first quarter of 2026, the mass-production output of Risen Energy's Hyper-ion Pro modules had reached more than 740 W, while the average cell efficiency of its best-performing production batches reached 26.4%.</p><p>Cumulative shipments of the series have exceeded 12 GW, covering more than 80 countries and regions worldwide. Tender results published in July showed that Risen Energy had successfully secured a lot under China Datang Corporation's 2026–2027 framework procurement for N-type HJT modules, with an estimated procurement volume of 1 GW. In the previously published candidate announcement, Risen Energy was ranked as the first-choice bidder.</p><p>In the second half of 2026, Risen Energy also plans to advance the commissioning of its next-generation capacity, including a 15 GW HJT cell and 15 GW module project in Ninghai, Zhejiang, as well as a 4 GW cell and 6 GW module project in Jintan, Jiangsu.</p><p>Taken together, Risen Energy's HJT business is developing a relatively clear path toward greater scale: technological efficiency and cost reductions at the front end, validation through a state-owned enterprise procurement programme and global customers in the middle, and new manufacturing capacity prepared to support future demand.</p><p>As these projects begin operations and gradually ramp up production, the company’s accumulated technological and market advantages in HJT may increasingly translate into larger shipment volumes and financial contributions.</p><p>The photovoltaic industry remains in an adjustment period, and the operating pressure facing Risen Energy has not been fully resolved. A broader business recovery will still require time.</p><p>For Risen Energy, however, the real "gear shift" is not simply about rebuilding the scale of its existing businesses. It is about allowing energy storage and HJT to take on a larger share of the company’s future growth.</p><p>That change is already visible in the interim report. The next question is whether it can continue to translate into shipments and profits.</p>