China’s listed battery storage companies have entered the peak interim reporting season, with H1 2026 likely marking the broadest profit recovery in recent years.
The recovery is across the energy storage supply chain, based on the semi-annual reports and performance forecasts of those featured in this article: CATL, EVE Energy, CALB, Gotion High-Tech, Great Power, REPT BATTERO and Desay Battery, which are listed on exchanges in mainland China and, in some cases, also Hong Kong.
Global storage demand has continued to expand since the start of the year, driven by growth in both international utility-scale and residential markets. Coupled with stabilising lithium prices, cell makers have generally seen improving profitability.
Following the 2024–2025 price war over 314Ah/320Ah cells, when average prices fell to roughly RMB0.3/Wh (~US$0.045/Wh), utility-scale cell prices recovered quarter-on-quarter in H1 2026. Industry leaders leveraged their storage segments to lift gross margins and valuations, while second-tier suppliers achieved positive gross margins across the board. The rebound in capacity utilisation further amplified profit leverage.
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Yet beneath this broadly positive picture, risks remain. EVE Energy reported a storage gross margin of just 12.51%, compared with CATL’s 23.96%, a wide gap underscoring that second-tier manufacturers’ growth still hinges on volume-driven price concessions. Whether these players can defend pricing on overseas orders in H2 will be a key test of how robust the profit recovery truly is.
CATL: storage revenue growth outpaces power batteries, surging 87.54% YoY
CATL reported H1 2026 operating revenue of RMB 276.917 billion, up 54.80% year-on-year. Net profit attributable to owners of the parent reached RMB 43.284 billion, a 41.98% increase. The company’s capacity utilisation hit 94.86% in H1, while combined power and stationary storage battery sales grew roughly 60% year-on-year.
Growth was driven by strong demand from both the new energy vehicle and storage markets. Power battery system revenue reached RMB 192.125 billion (+46.02% YoY). Stationary storage battery system revenue surged to RMB 53.261 billion (+87.54% YoY), with a gross margin of 23.96%. The storage segment accounted for 19.23% of total revenue, a multi-year high.
Based on the financial report, CATL’s total battery output reached 498GWh in H1 2026, with sales of approximately 434GWh. Stationary storage battery shipments accounted for roughly one quarter of total volume, or approximately 108–116GWh.
Read our in-depth reporting of CATL’s interim financials, published late last month ahead of this feature.
| Core financial indicators of seven storage battery companies in H1 2026 | ||||
| Company | Revenue (RMB 100 million) | YoY Change | Net Profit attributable to owners of the parent (RMB 100 million) | YoY Change |
| CATL | 2769.17 | +54.80% | 432.84 | +41.98% |
| EVE Energy | 456.91 | +62.20% | 33.01 | +105.66% |
| CALB | NA | — | 15.06-15.81 | +100%-110% |
| Gotion High-Tech | 277.76 | — | 13.86 | +278.05% |
| Great Power | NA | — | 8-8.66 | Return to profitability |
| REPT BATTERO | 149.16 | +57.2% | 7.78 | +108% |
| Desay Battery | 107.16 | +9.78% | 2.05 | +110.44% |
| All data above are sourced from company announcements (interim reports and forecasts) | ||||
EVE Energy: storage shipments hit 44.46GWh as profitability improves
EVE Energy ranked second only to CATL in total lithium battery shipments in H1 2026. The company posted H1 operating revenue of RMB 45.691 billion, up 62.20% year-on-year. Net profit attributable to owners of the parent reached RMB 3.301 billion, surging 105.66% YoY. Driven by market growth opportunities, the company has maintained steady business expansion while effectively cushioning the impact of volatile material costs.
By segment, H1 2026 revenue was RMB 6.411 billion for consumer batteries (+26.22% YoY), RMB 17.278 billion for power batteries (+53.31% YoY), and RMB 15.094 billion for storage batteries (+69.15% YoY). Gross margins stood at 22.64%, 16.19%, and 12.51%, respectively. Battery materials revenue totalled RMB 6.866 billion, up 140.73% YoY.
In terms of shipments, power battery shipments reached 35.76GWh (+66.47% YoY), while stationary storage battery shipments hit 44.46GWh (+54.88% YoY).
| Company | Storage revenue (RMB) | YoY | Storage gross margin | Remarks |
| CATL | 53.261 billion | +87.54% | 23.96% | Higher than power batteries segment (20.63%) |
| EVE Energy | 15.094 billion | +69.15% | 12.51% | YoY -1.36pct, trading price for volume |
| Desay Battery | 1.346 billion (storage cells) | +696.64% | Not separately disclosed | Higher cell self-production rate-driven turnaround |
Gotion High-Tech: scaling its domestic and international footprint
Gotion High-Tech posted H1 2026 revenue of RMB 27.77 billion, up 43.22% year-on-year. Net profit attributable to owners of the parent totalled RMB 1.386 billion, surging 278.05% YoY.
The sharp profit growth reflected accelerated commercialisation of R&D breakthroughs, continued product upgrades, an improved customer mix, and expanded domestic and international market share. Non-recurring gains are also estimated to have contributed roughly RMB 1.1–1.4 billion to net profit.
According to South Korean analytics firm SNE, Gotion High-Tech captured approximately 4.5% of the global stationary storage battery shipment market in H1 2026, equivalent to around 20.8GWh.
Great Power: from RMB 88 million loss to over RMB 800 million profit
Great Power forecasts H1 2026 net profit of RMB 800–866 million, a sharp turnaround from the RMB 88 million net loss recorded in the same period a year earlier. The reversal was driven by favourable industry dynamics: strong production and sales across core product lines, rising order intake, and higher operating revenue.
The company’s core products ran at near-full capacity in H1 2026, with output fully sold. According to SNE Research, Great Power’s stationary storage battery shipments reached 20.5GWh in H1, surging 202% YoY.
Looking ahead, Great Power expects strong demand for its storage products to continue in H2 2026, while existing capacity remains largely maxed out. New production lines will support mainstream cell models, including the 314Ah and 588Ah, with volume production expected to begin in Q4 or by year-end.
REPT BATTERO: revenue tops RMB 14.9 billion; H1 net profit surpasses full-year 2025 earnings
REPT BATTERO projects H1 2026 operating revenue of approximately RMB 14.9 billion, representing a 57.2% year-on-year increase. Net profit for the period is estimated at RMB 778 million, up 108% YoY, marking a return to profitability.
Notably, REPT BATTERO’s H1 2026 net profit has already surpassed its full-year 2025 net profit of RMB 681 million, signalling a decisive shift toward sustained profitability. According to the company, earnings growth was driven by rising battery shipments that fuelled steady revenue expansion, alongside gross margin improvements from economies of scale and ongoing cost reduction and efficiency-enhancement initiatives.
Desay Battery: storage cell revenue surges 696%
Desay Battery posted H1 2026 operating revenue of RMB 10.716 billion, up 9.78% year-on-year. Net profit attributable to owners of the parent totalled RMB 205 million, rising 110.44% YoY.
Historically a battery pack assembler, Desay Battery has transitioned into in-house cell manufacturing. The company attributes its profit recovery primarily to the rising share of internally produced storage cells. In H1 2026, its storage cell business generated RMB 1.346 billion in revenue (including inter-segment sales), surging 696.64% YoY, swinging from losses to profitability.
CALB: H1 net profit forecast nearly doubles
CALB released its H1 2026 performance forecast, projecting net profit of RMB 1.506–1.581 billion — an approximate 100%–110% year-on-year increase, compared with RMB 753 million in the same period of 2025.
According to the filing, the profit growth was driven primarily by an expanded customer base and new application scenarios. New-product shipment volumes continued to rise across passenger vehicles, commercial vehicles, storage and other segments, supporting sustained business scale expansion.
According to SNE Research, CALB’s power battery shipments reached 31.2GWh in H1 2026, up 39.5% YoY, ranking fourth globally with a 5.1% market share. In storage, the company recorded 31.5GWh in shipments, up 51% YoY, ranking fifth worldwide.
