Huabao New Energy H1 Report: Deep Cultivation in Residential Energy Storage Segments Drives 123% Revenue Surge in Europe, Secures Double Top Titles in Japan

【Ebrun Original】Huabao New Energy (301327.SZ) recently released its semi-annual financial report for 2026. Data shows that in the first half of 2026, the company's operating revenue reached 2.206 billion yuan, up 34.71% year-on-year. Its net profit attributable to shareholders of the parent company stood at 10.3803 million yuan, while net cash flow from operating activities hit 147 million yuan, soaring 126.04% year-on-year.

Currently, Huabao New Energy operates in multiple countries and regions globally, with several overseas subsidiaries. During the reporting period, the company's overseas sales generated 2.074 billion yuan in revenue, accounting for 94.04% of total operating revenue, rising 34.71% year-on-year with a gross margin of 41.14%. Domestic sales reached 1.32 billion yuan, with a gross margin of 31.87%, up 34.66% year-on-year.

By region, Huabao New Energy's H1 performance reflects its strategic layout of "stable growth in core markets, explosive expansion in emerging markets":

North America remained the company's most important core market in H1 2026, contributing 1.282 billion yuan in revenue, up 39.13% year-on-year and demonstrating strong resilience. The Asian market (excluding mainland China) maintained modest growth, with revenue reaching 470 million yuan, up 0.93% year-on-year. The European market saw explosive growth, with a 123.15% year-on-year increase, bringing sales to 314 million yuan during the reporting period.

Notably, its Jackery brand recently received Frost & Sullivan certification for leading both sales volume and sales revenue in the Japanese market for seven consecutive years, underscoring its solid performance in the Asian market.

By product line, the substantial R&D investment Huabao New Energy made over the past year has been effectively translated into new products across multiple lines. Its concentrated launch of differentiated new products has formed a diversified SKU matrix.

Currently, the company has five main product categories: portable energy storage products and solar-charged portable energy storage, outdoor solar panels, outdoor solar backpacks, yard and balcony energy storage, and residential photovoltaic products.

The yard and balcony energy storage and residential photovoltaic product lines are the key new business directions the company has focused on developing in recent years.

For the former, take the SolarVault 3 series as an example: it precisely covers three scenarios, namely light power demand, high-energy-consumption households, and energy storage matching with existing photovoltaic systems. It adopts a plug-and-play design that supports direct use via wall sockets in multiple European countries, and can be installed by electricians in regions without relevant policy requirements in 20 to 30 minutes, far faster than the 5 to 7 hours required for traditional residential energy storage installations. This year, the Jackery SolarVault 3 series of yard and balcony energy storage products also obtained grid connection certifications for multiple European countries issued by SGS, further removing compliance barriers for market access across Europe.

For the residential photovoltaic product line, its curved photovoltaic tiles "Moyu / Chixia" became the world's first curved photovoltaic tile product to pass the rigorous testing of UL 7103 (Safety Standard for Photovoltaic Module Roof Covering Installation Systems) last year, winning the first BIPV UL 7103 certification certificate in this category for a Chinese enterprise.

In addition, Huabao New Energy has rolled out a series of new products this year targeting more diversified residential energy storage and backup power scenarios, including the FridgeGuard refrigerator backup power product, photovoltaic awnings, the Jackery EnergyGuard Max 100kWh residential energy storage cabinet, and flexible modules. In this regard, its strategic intent to actively expand the residential energy storage segment is very clear.

In terms of specific financial performance, the energy storage product category remains Huabao New Energy's core mainstay, contributing 1.778 billion yuan in revenue, up 40.16% year-on-year and accounting for 80.60% of total revenue. Photovoltaic solar panel products rank second, contributing 397 million yuan in revenue, up 16.28% year-on-year and accounting for 18.00% of total revenue. The "other" category, which includes residential energy storage systems and curved photovoltaic tiles as the company's heavily promoted new businesses, grew 11.96% year-on-year.

Regarding channel construction, the financial report shows that to strengthen global market penetration, Huabao New Energy has continued to build a three-in-one global channel network consisting of "official independent websites, third-party e-commerce platforms, and offline retail", aiming to cover more comprehensive sales scenarios. Currently, its channel network covers more than 50 countries and regions including China, the US, Japan, Germany, the UK, and Canada, with 21 brand official websites established globally.

On the online front, revenue from brand official independent websites increased 39.78% year-on-year, accounting for 30.52% of total revenue, ranking among the highest in the industry, which is expected to reduce Huabao New Energy's channel reliance on third-party platforms;

Meanwhile, as energy storage products are a typical category that relies heavily on offline experience and has a long decision-making cycle, Huabao New Energy has partnered with globally renowned retail channels including Costco, Lowe's, Home Depot, and Best Buy, with its products available in more than 10,000 offline stores. Revenue from offline retail channels grew 26.63% year-on-year, with global brand influence and market share continuing to rise steadily.

As of the end of the reporting period, the company has established 21 overseas warehouses and 10 global after-sales service points, covering nearly 3 billion potential users. In terms of logistics, it has deep partnerships with globally renowned logistics providers including UPS and FedEx to optimize its global logistics network layout and achieve last-mile delivery.

In terms of cost control, in the first half of 2026, the company's sales expense ratio decreased 1.98 percentage points year-on-year, and its management expense ratio dropped 0.31 percentage points year-on-year. The results of quality improvement and efficiency enhancement are gradually emerging, with overall operational efficiency continuing to improve.

In terms of technology R&D, as its core competitive barrier in the market, Huabao New Energy maintained steady R&D investment during the reporting period. The financial report shows that R&D expenditure in H1 2026 reached 123 million yuan, surging 61.18% year-on-year. As of the end of the reporting period, 47.62% of the company's employees hold a bachelor's degree or above, and R&D personnel account for 22.60% of the total workforce.

Meanwhile, the scale of its patent portfolio has further expanded.

As of the end of the reporting period, Huabao New Energy had a total of 2,915 patents filed globally, up 50.34% year-on-year. Among them, 1,418 patents (including 134 invention patents) have been granted at home and abroad, with 1,497 patents under examination. In the photovoltaic technology field, it has filed a total of 884 patents, including 502 granted patents at home and abroad and 382 under examination.

Some of its key innovative technological achievements have been officially put into production and application.

As of the end of the reporting period, the company has completed the development and launch of the EHB core residential backup energy storage system, as well as the third-generation balcony energy storage product. It has completed the upgrade and application of all-in-one technology and CTP 2.0 module structure technology, reducing product structural costs while cutting product size and weight. It has applied the industry's fastest 45-minute full charge technology and -20°C charge-discharge technology without heating, expanding product application scenarios. It has also completed the development and launch of the first IP65-rated product and the industry's first titanium alloy module structure product, which is 48% smaller in volume and 47% lighter than the industry average.

In addition, the financial report also disclosed Huabao New Energy's new progress in participating in the formulation of industry standards: in 2026, it once again participated in the formulation of China's first mandatory national standard specifically for power banks, the *Safety Technical Specification for Power Banks*.

Founded in 2011, Huabao New Energy is known as China's "first listed portable energy storage company", and is also the first large-scale technology enterprise in the portable energy storage industry to be awarded the national-level "Green Factory" title certified by the Ministry of Industry and Information Technology. It owns the well-known global brand "Jackery". As of the end of the reporting period, cumulative global sales of its energy storage and photovoltaic products have exceeded 7 million units.

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