Ningbo Deye Technology Group Co., Ltd., along with its subsidiaries, researches, designs, develops, produces, sells, and services solar inverter systems, frequency conversion control systems, environmental electrical appliances, and heat exchangers in China. Its offerings include energy storage, string, and grid-tied micro inverters, energy storage systems, and a range of dehumidifiers for household, industrial, fresh air, pipe ceiling, and rotary applications, as well as integrated dehumidification and humidification machines, constant temperature and humidity machines, and customized non-standard air treatment equipment. The company also provides solar air conditioners (wall-mount PV generator, PV duct-type air conditioner, and PV water heater), solar water pumps, frequency conversion air conditioners, PCBA supporting solutions, and evaporators and condensers. Additionally, it engages in scientific research and technical services, technology promotion and application services, investment activities, and wholesale and retail trade. Its products are exported to Germany, India, South Africa, Ukraine, the United Arab Emirates, and other international markets. Founded in 2000, the company is based in Ningbo, China.
Deye's profit surges on overseas storage demand, but US/EU inverter restrictions and financial strains weigh
▲
First-half profit jumps ~80% on overseas energy storage demand Deye's first-half net profit rose nearly 80% to 2.717 billion yuan, with revenue up 92%. Strong demand for home and business energy storage in Europe, the Middle East, and Southeast Asia drove sales, as volatile fuel prices and heatwaves pushed countries to boost energy security and offer storage subsidies.
This is the core reason the stock is moving: blockbuster earnings show the business is booming.
▼
US and EU plan to restrict Chinese solar inverters The US FCC added new Chinese inverter models to a restricted list, and the EU is limiting funding for projects using inverters from high-risk countries. Deye's US revenue is only 2-3%, so direct impact is small, but the rules raise future compliance costs and could slow US sales. Deye is building a Malaysia factory to soften the blow.
This is a real regulatory threat that could cap growth and has already caused sharp swings in inverter stocks.
▼
Hong Kong IPO filing reveals rising receivables, inventory, and a Syria fine Deye filed for a second Hong Kong listing. The filing showed accounts receivable jumped to 2.04 billion yuan and inventory to 3.08 billion yuan, plus a potential $755,000 fine over a Syria sales violation and a 172 million yuan exchange loss. These signal financial strain even as revenue grows.
The IPO disclosure highlights balance-sheet risks that could worry investors and pressure the stock.
▲
Solar industry losses contrast with Deye's strong profit Major solar makers like LONGi and Tongwei expect combined first-half losses over 10 billion yuan, but Deye, in the auxiliary materials segment, is thriving. Analysts see signs of an industry bottom, which could lift sentiment for well-positioned suppliers like Deye.
This shows Deye is outperforming a struggling sector, reinforcing its relative strength.
Q3 2026
▲2▼2
Deye's profit surges on overseas storage demand, but US/EU inverter restrictions and financial strains weigh
▲
First-half profit jumps ~80% on overseas energy storage demand Deye's first-half net profit rose nearly 80% to 2.717 billion yuan, with revenue up 92%. Strong demand for home and business energy storage in Europe, the Middle East, and Southeast Asia drove sales, as volatile fuel prices and heatwaves pushed countries to boost energy security and offer storage subsidies.
This is the core reason the stock is moving: blockbuster earnings show the business is booming.
▼
US and EU plan to restrict Chinese solar inverters The US FCC added new Chinese inverter models to a restricted list, and the EU is limiting funding for projects using inverters from high-risk countries. Deye's US revenue is only 2-3%, so direct impact is small, but the rules raise future compliance costs and could slow US sales. Deye is building a Malaysia factory to soften the blow.
This is a real regulatory threat that could cap growth and has already caused sharp swings in inverter stocks.
▼
Hong Kong IPO filing reveals rising receivables, inventory, and a Syria fine Deye filed for a second Hong Kong listing. The filing showed accounts receivable jumped to 2.04 billion yuan and inventory to 3.08 billion yuan, plus a potential $755,000 fine over a Syria sales violation and a 172 million yuan exchange loss. These signal financial strain even as revenue grows.
The IPO disclosure highlights balance-sheet risks that could worry investors and pressure the stock.
▲
Solar industry losses contrast with Deye's strong profit Major solar makers like LONGi and Tongwei expect combined first-half losses over 10 billion yuan, but Deye, in the auxiliary materials segment, is thriving. Analysts see signs of an industry bottom, which could lift sentiment for well-positioned suppliers like Deye.
This shows Deye is outperforming a struggling sector, reinforcing its relative strength.
News & notes moving605117.CG
China
Energy Transition & Power Demand▲
Deye Shares Announces 2026 Interim Equity Distribution Implementation, Cash Dividend of 1.6 Yuan Per Share
Deye Shares has released the implementation announcement for its 2026 interim equity distribution, with a cash dividend of 1.6 yuan per share before tax. The record date is October 13, 2026, and the ex-dividend and ex-rights date is October 14, 2026. Deye Shares is a constituent of the Dividend Quality Index, which selects 50 listed company securities with continuous cash dividends, relatively high dividend payout ratios, and strong profitability as index samples. The index includes high-growth sectors such as pharmaceuticals and biotechnology, electronics, and computers, as well as traditional dividend sectors like power equipment, building decoration, and non-bank financials. The Huaxia Dividend Quality ETF is the only ETF tracking the Dividend Quality Index, with feeder fund Class A code 016440, Class C code 016441, and Class D code 024263.
Deye Technology plans buyback of up to 200 million yuan, with ceiling price of 133 yuan per share at 1.56 times the closing price
After market close on September 16, Deye Technology disclosed its share buyback plan via centralized bidding, proposing to use no less than 100 million yuan and no more than 200 million yuan of its own funds to repurchase shares, with a ceiling price of no more than 133 yuan per share, which is 1.56 times the company's closing price of 85.12 yuan on September 16. Based on this ceiling, the expected number of shares to be repurchased is approximately 751,900 to 1,503,800 shares, accounting for about 0.06 percent to 0.12 percent of the company's total share capital, while the buyback amount represents only 0.80 percent of total assets and 1.74 percent of net assets respectively. The repurchased shares will be used for employee stock ownership plans or equity incentives at an appropriate time in the future. If they cannot be transferred within the prescribed period, the untransferred shares will be cancelled. The buyback was proposed by the company's actual controller and chairman Zhang Hejun. The board of directors received his proposal letter on September 8, 2026, and subsequently approved the buyback plan at the 27th meeting of the third board of directors held on September 16. The announcement also stated that as of September 16, the company's controlling shareholder, actual controller, directors, and senior management have no plans to reduce their shareholdings in the next three months or six months.
605117.CG · Capital · Positive Deye Technology plans a buyback of up to 200 million yuan at a ceiling price 1.56x its closing price, funded by its own capital.
Kanghui Co. Subsidiary Signs 1.72 Billion Yuan Computing Power Deal; Accelink Technologies Sees 253 Million Yuan Net Institutional Buying
Kanghui Co.'s wholly owned subsidiary Beijing Kanghui Zhichuang signed a Computing Power Service Contract with Client Company A, with a total contract value of approximately 1.72 billion yuan including tax, for a term of five years. Computing power delivery will be implemented in batches from the end of the third quarter of 2026 through the end of the first quarter of 2027. Trading disclosure data from September 16 shows Accelink Technologies saw net institutional buying of 253 million yuan, accounting for 3.42 percent of total turnover. Luozhou Co. saw net institutional buying of 44.4196 million yuan, accounting for 6.03 percent of total turnover. Huawei disclosed that its next-generation Ascend supernode will soon be officially launched, targeting large-scale data center construction, trillion-parameter large model training, and high-concurrency inference scenarios. According to media reports, Japan's JSR, Tokyo Ohka Kogyo, Shin-Etsu Chemical, and others announced that starting October 1, 2026, new pricing for photoresist for global customers will be raised by 15 percent overall, with high-end ArF series long-term contract quotes raised by 16 to 22 percent, and HBM-specific immersion ArF raised by up to 24 percent. In addition, Deye Co. plans to repurchase shares for 100 million to 200 million yuan, with a repurchase price not exceeding 133 yuan per share. Henggong Precision plans to issue convertible bonds of no more than 810 million yuan for projects including embodied intelligent robots.
Artificial Intelligence › AI Compute & Accelerator Silicon Competition
301261.CS · Capital · Positive Henggong Precision plans to issue up to 810 million yuan of convertible bonds for embodied intelligent robot projects.
4186.JP · Pricing · Positive Tokyo Ohka Kogyo is among the Japanese firms raising photoresist prices 15% overall from October 1, 2026, with high-end ArF up 16-22%.
603139.CG · Demand · Positive Wholly owned subsidiary Beijing Kanghui Zhichuang signed a 1.72 billion yuan computing power service contract with a client for five years.
605117.CG · Capital · Positive Deye plans to repurchase shares for 100-200 million yuan at up to 133 yuan per share.
4063.JP · Pricing · Positive Shin-Etsu is among the Japanese makers raising photoresist prices 15% overall from Oct 1, 2026, with high-end ArF up 16-22% and HBM immersion ArF up to 24%.
Huawei · Technology · Positive Huawei disclosed its next-generation Ascend supernode will soon launch, targeting large-scale data centers, trillion-parameter model training, and high-concurrency inference.
On the evening of August 26, several A-share companies disclosed hefty dividend plans. Energy storage leader Deye plans to distribute 16 yuan in cash per 10 shares, totaling 2.037 billion yuan, representing 74.97% of net profit attributable to shareholders for the period. In the first half, the company achieved revenue of 10.641 billion yuan, up 92.23% year on year, with net profit attributable to shareholders of 2.717 billion yuan, up 78.53%. MicroPort Endovascular MedTech plans to distribute 13 yuan per 10 shares, totaling 157 million yuan, or 48.73% of first-half net profit attributable to shareholders. Giant Network plans to distribute 8 yuan per 10 shares, totaling 1.515 billion yuan, or 70.65% of net profit, and also released a shareholder dividend return plan for the next three years. NARI Technology plans to distribute 1.53 yuan per 10 shares, totaling 1.222 billion yuan, with first-half dividends and buybacks combined at 1.261 billion yuan, or 41.03% of net profit attributable to shareholders for the same period. In addition, China CITIC Bank plans to distribute 2.03 yuan per 10 shares, totaling 11.296 billion yuan; New China Life Insurance plans to distribute 7.3 yuan per 10 shares, totaling 2.277 billion yuan; Anhui Conch Cement plans to distribute 1.3 yuan per 10 shares, totaling 680 million yuan; Sinotruk plans to distribute 5.41 yuan per 10 shares, totaling 632 million yuan; Haisco Pharmaceutical plans to distribute 5.26 yuan per 10 shares, totaling 600 million yuan.
605117.CG · Capital · Positive Plans dividend of 16 yuan per 10 shares, totaling 2.037 billion yuan, 74.97% of net profit.
000951.CS · Capital · Positive Plans to distribute 5.41 yuan per 10 shares, totaling 632 million yuan.
002558.CS · Capital · Positive Plans to distribute 8 yuan per 10 shares, totaling 1.515 billion yuan, 70.65% of net profit, and released a three-year dividend return plan.
002653.CS · Capital · Positive Plans to distribute 5.26 yuan per 10 shares, totaling 600 million yuan.
688016.CG · Capital · Positive Plans to distribute 13 yuan per 10 shares, totaling 157 million yuan, 48.73% of first-half net profit.
600406.CG · Capital · Positive Plans dividend of 1.53 yuan per 10 shares and buybacks, returning 41.03% of net profit.
Deye Co. first-half net profit hits 2.717 billion yuan, up nearly 80% year on year
Deye Co. released its 2026 half-year report on the evening of August 26, showing attributable net profit of about 2.717 billion yuan in the first half, a jump of nearly 80% year on year. During the reporting period, revenue was about 10.641 billion yuan, up 92.23% year on year, while attributable net profit rose 78.53%. As of the close on August 26, Deye shares traded at 96.5 yuan per share, with a total market value of 122.9 billion yuan.
Deye Technology Files Second Hong Kong IPO Application, Overseas Revenue Nears 90%
Ningbo Deye Technology has submitted a second listing application to the main board of the Hong Kong Stock Exchange, with CICC, CITIC Securities, and CMB International as joint sponsors. The company reported revenue of 12.224 billion yuan and profit of 3.169 billion yuan for 2025, and revenue of 6.18 billion yuan and profit of 1.61 billion yuan for the first four months of 2026. The share of overseas revenue rose from 58.0% in 2023 to 87.6% in the first four months of 2026. As of April 30, 2026, the company held cash and cash equivalents of 5.615 billion yuan, but accounts receivable increased from 570 million yuan at the end of 2023 to 2.04 billion yuan, and inventory rose from 750 million yuan to 3.08 billion yuan. The company also disclosed a sales violation incident in Syria, with a potential fine of up to 755,000 US dollars, and an exchange loss of 172 million yuan due to currency fluctuations in the first four months of 2026.
605117.CG · Capital · Negative Accounts receivable and inventory surged, and the company faces a potential fine and exchange loss, indicating financial strain despite strong revenue.
FCC Ban Jolts Inverter Stocks: Sungrow Tumbles 10% Intraday, Existing Products Still Allowed
The US Federal Communications Commission has added Chinese-made new-type inverters and advanced robots to its restricted list. The rule takes effect immediately but applies only to new models not yet on the market. Existing units already in use or approved in the United States are not affected. Hit by the news, China's A-share inverter sector opened under pressure on the 29th. Leader Sungrow plunged as much as 10 percent intraday before closing down 4.93 percent. GoodWe, Kstar, and Chint Power all fell more than 3 percent in early trading but narrowed losses by the close. Kehua Data, SolaX Power, Sofar Solar, Sineng Electric, Ginlong Technologies, and Deye shares gradually recovered and turned positive. The China Photovoltaic Industry Association said the policy is not a blanket ban but will significantly raise compliance requirements for new products entering the US market. Companies need to pay attention to production location, software security, remote access mechanisms, and supply chain transparency, and evaluate conditional approval application pathways. An executive at a listed inverter company said the ban will no longer approve new inverter models for certification in the United States, so it mainly affects future product sales. Existing products are not impacted, and already certified models can still be sold to the US market. Over the past month, shares of global energy storage giant Sungrow have fallen by as much as one-third, wiping out over 100 billion yuan in market value. Chairman Cao Renxian has proposed a share buyback of 500 million to 1 billion yuan using the company's own or self-raised funds for equity incentives or employee stock ownership plans.
Top Three Solar Giants Project Combined First-Half Losses Exceeding 10 Billion Yuan, Early Signs of Industry Inflection Point Emerge
First-half earnings forecasts for the solar industry show that LONGi Green Energy, Tongwei Co., and TCL Zhonghuan together expect losses exceeding 10 billion yuan. According to an incomplete tally by China Business News reporters, 21 listed solar companies that have disclosed forecasts project combined losses of 13 billion to 16.8 billion yuan. Among them, Tongwei expects a loss of 4.8 billion to 5.4 billion yuan, the largest in the industry; LONGi Green Energy anticipates a net loss of 3.4 billion to 3.8 billion yuan; and TCL Zhonghuan expects a loss of 3 billion to 3.3 billion yuan, though its loss margin has narrowed by 22.21% to 29.28% year-on-year. Wang Bohua, former secretary-general of the China Photovoltaic Industry Association, said at a semi-annual meeting in Ningbo that the industry is facing a triple squeeze from supply-demand mismatch, shrinking demand, and escalating trade barriers, with the deep adjustment cycle still lengthening. However, the auxiliary materials segment has bucked the trend. Deye Co. projects first-half net profit of 2.668 billion to 2.728 billion yuan, up over 75% year-on-year; First Applied Material's net profit rose 75.35% year-on-year. Industry analysts believe that with the release of mandatory national standards, the exit of outdated capacity, and the deepening of electricity market reforms, solar feed-in tariffs are showing signs of bottoming out and rebounding, and an industry inflection point may not be far off.
On the evening of July 21, several A-share companies disclosed interim dividend plans proposed by their chairmen or controlling shareholders. G-bits Chairman Lu Hongyan proposed a cash dividend of 100 yuan per 10 shares for the first half of 2026, with a total payout of approximately 720 million yuan, and no conversion of capital reserve into share capital or other forms of profit distribution. Deye's controlling shareholder Aisirui Investment proposed an interim cash dividend of 16 yuan per 10 shares; the company expects a net profit attributable to the parent of 2.668 billion to 2.728 billion yuan for the first half, a year-on-year increase of 75.28% to 79.22%. Quectel Chairman Qian Penghao proposed an interim dividend of no less than 30% of the first-half net profit attributable to the parent; its first-quarter net profit attributable to the parent was 141 million yuan. Tinci Materials' controlling shareholder Xu Jinfu proposed an interim cash dividend of 1 yuan per 10 shares; the company expects a first-half net profit of 2.7 billion to 3 billion yuan, a sharp year-on-year increase of 907.84% to 1019.82%.
002709.CS · Capital · Positive Controlling shareholder proposed interim dividend of 1 yuan per 10 shares, and company expects net profit surge of 908-1020%.
603444.CG · Capital · Positive Chairman proposed a generous cash dividend of 100 yuan per 10 shares, total ~720 million yuan.
605117.CG · Capital · Positive Controlling shareholder proposed interim dividend of 16 yuan per 10 shares, and company expects strong profit growth of 75-79%.
603236.CG · Capital · Positive Chairman proposed interim dividend of at least 30% of first-half net profit, signaling shareholder return.
Deye Co. forecasts first-half net profit up 75.28% to 79.22%
Deye Co. issued a preliminary earnings announcement for the first half of 2026, projecting attributable net profit of 2.668 billion to 2.728 billion yuan, a year-on-year increase of 75.28% to 79.22%. The company said the profit growth was mainly driven by strong demand in the overseas energy storage market. Factors such as volatile oil and gas prices and widening electricity gaps caused by global warming have prompted many countries to strengthen energy security strategies and introduce storage subsidies, leading to a significant release of demand for residential and commercial energy storage in Europe, the Middle East, and Southeast Asia. The company seized this window of opportunity to achieve a surge in sales.
US and Europe Plan to Restrict Chinese Solar Inverters; Leading Firms Say Short-Term Impact Is Limited
The Trump administration is pushing the Federal Communications Commission to draft a ban on foreign inverter imports, planning to restrict new-model overseas inverters from entering the US market on grounds of grid security. The new rules could be implemented within the year and are currently in the draft consultation stage. Earlier, the European Commission had already decided, citing cybersecurity risks, to limit funding from institutions such as the European Investment Bank for renewable energy projects using inverters from high-risk countries. After the news spread, the A-share solar inverter sector saw a sharp correction on July 1 and 2. Sungrow Power Supply dropped nearly 20 percent intraday and closed down 13.9 percent, with its total market value falling below 300 billion yuan. GoodWe, Ginlong Technologies, and other concept stocks also fell. Sungrow said during a conference call that its US business accounts for about 15 to 20 percent of revenue, but the impact of funding restrictions by individual EU banks is limited. Deye and GoodWe both stated that their US market revenue shares are only about 2 to 3 percent and within 1 percent respectively, and that the likelihood of the policy being implemented is low. Companies can mitigate risks through overseas production capacity. Industry insiders point out that Europe and the US will find it hard to shake off their reliance on Chinese inverters in the short term. Ninety percent of utility-scale inverters in the US rely on imports, and Chinese inverter companies hold close to 80 percent of the global market share. In 2025, exports reached 9.04 billion US dollars, of which exports to the US were only 290 million dollars. Currently, Sungrow, Ginlong, and others have set up production capacity in Southeast Asia, Europe, and other regions. Sungrow's factory in Poland and Deye's factory in Malaysia are both under construction.
Energy Transition & Power Demand › Solar ▼Regulation
300274.CS · Regulation · Negative US and EU plan to restrict Chinese solar inverters; Sungrow's US business is 15-20% of revenue, leading to sharp stock drop.
300763.CS · Regulation · Negative US and EU plan to restrict Chinese solar inverters; Ginlong's stock fell along with sector, though US exposure not specified.
605117.CG · Regulation · Negative US and EU plan to restrict Chinese solar inverters; Deye's US revenue share is only 2-3% but policy risk remains.
688390.CG · Regulation · Negative US and EU plan to restrict Chinese solar inverters; GoodWe's US revenue share is under 1% but policy risk remains.
Giantec Semiconductor, Deye Technology, and Yuyantang File for Hong Kong IPO
Giantec Semiconductor, Deye Technology, and Yuyantang have submitted listing applications to the Main Board of the Hong Kong Stock Exchange. Giantec Semiconductor is a high-performance non-volatile memory chip design company, Deye Technology is a global manufacturer of solar and energy storage products, and Yuyantang is a private chain provider of traditional Chinese medicine healthcare services in China. Yonghe Medical expects net profit for the first half of the year to be no less than 70 million yuan, up no less than 150.9 percent year on year, with revenue expected to grow no less than 10.0 percent compared with the same period in 2025. Xipuni expects net profit for the first half to exceed 96 million yuan, up more than 70 percent year on year. Fosun International expects mid-term profit attributable to shareholders of the parent company to be approximately 1.5 billion to 1.8 billion yuan, up about 127 percent to 172 percent year on year.
China