Yuneng Technology Co. Ltd. A

Silan Microelectronics reported attributable net profit of 516 million yuan for the first half of 2026, up 94.84 percent year on year, but recurring net profit rose only 0.67 percent to 271 million yuan. First-half revenue was 7.262 billion yuan, up 14.62 percent year on year. Non-recurring gains and losses totaled 245 million yuan, accounting for 47.52 percent of attributable net profit, mainly from about 194 million yuan in after-tax gains linked to changes in the share prices of Anlogic Infotech and Yuneng Technology, as well as valuation changes in restricted shares of Lianxun Instruments. By quarter, second-quarter revenue was 3.743 billion yuan, up about 6 percent quarter on quarter, with attributable net profit of 307 million yuan and recurring net profit of only 113 million yuan. Compared with peers such as China Resources Microelectronics and Yangjie Technology, Silan's recurring profit growth lagged significantly. Its first-half gross margin was about 18.56 percent, down 1.86 percentage points year on year. The company raised prices for power device products twice this year. Integrated circuit revenue was 2.976 billion yuan, up 16.36 percent year on year, while discrete device revenue was 3.444 billion yuan, up 14.50 percent.

The US Federal Communications Commission has updated its Covered List, adding certain foreign networked power inverters. In principle, these products cannot obtain FCC equipment authorization and are prohibited from sale in the United States, with the decision taking effect immediately upon announcement. On July 29, A-share photovoltaic inverter concept stocks showed mixed performance. Sungrow Power Supply fell 4.93%, GoodWe Technologies dropped 1.54%, and Kstar Science and Technology declined 1.01%, while Ginlong Technologies, Sineng Electric, Airo Energy, Deye Technology, Shouhang New Energy, Hewang Electric, Yuneng Technology, and Kehua Data held slight gains. The policy landed faster than market expectations; earlier in July, there were reports that the FCC was drafting such a ban. Industry insiders believe the US market will struggle to wean itself off Chinese inverter products in the short term. Sungrow Power Supply previously noted that US domestic brands account for only about 10% of the market, and it would take at least five years to build a complete supply chain. A representative from Deye Technology's securities department also said Chinese inverter products offer better cost performance.