Summary of Inverter Monthly Tracking (February 2026) Industry Overview - The report focuses on the inverter export industry in China, highlighting significant growth driven by policy changes and market dynamics. Key Points - **Overall Export Performance**: In January-February 2026, China's total inverter exports reached $713 million, representing a year-on-year increase of 56% [1] - **Policy Impact**: The cancellation of the VAT rebate policy has catalyzed a strong trend in export activities for Q1 2026 [1] - **Regional Performance**: - **Europe**: Exports totaled $620 million, with a remarkable year-on-year growth of 82%. Notable increases include Italy at 399%, Germany at 179%, Eastern Europe (4 countries) at 88%, and Ukraine at 62% [1] - **Asia**: Exports amounted to $560 million, showing a year-on-year increase of 40%. The Middle East (5 countries) experienced a significant growth of 105%, while Southeast Asia (6 countries) grew by 39%. However, India and Pakistan combined saw a decline of 6% [1] - **Africa**: Exports reached $170 million, with a year-on-year increase of 84%. Nigeria exhibited the highest growth at 184% [1] - **North America**: Exports were $46 million, with a modest year-on-year increase of 3%. The U.S. market, however, saw a decline of 5% [1] - **Oceania**: Exports totaled $130 million, marking a substantial year-on-year growth of 193%, with Australia alone growing by 197% [1] - **Provincial Performance**: Key provinces in China showed varied growth rates: - Zhejiang: +82% - Guangdong: +64% - Jiangsu: +59% - Anhui: -1% [1] Additional Insights - The overall trend indicates a robust recovery and expansion in the inverter export market, with specific regions and countries outperforming others significantly. The data suggests a strong demand for inverters globally, particularly in Europe and Africa, while some regions like South America and the U.S. are facing challenges [1]

Core Viewpoint - Ningbo Deye Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of solar and energy storage products to offer sustainable energy solutions globally [1]. Company Overview - Deye Technology focuses on the renewable energy sector, particularly in energy storage inverters, photovoltaic inverters, and energy storage battery packs, while also maintaining a strong presence in environmental appliances such as dehumidifiers and solar air conditioners [3]. - The company has diversified its product offerings, selling to over 150 countries across six continents, which has contributed to its growth and resilience [3]. Product Details - Energy storage inverters are a core business for Deye, capable of converting direct current to alternating current and supporting energy storage functions. They offer seamless switching and customizable charging/discharging periods [5]. - Deye's energy storage inverters range from 3KW to 125KW, catering to residential and commercial applications, and it ranks first in global revenue for household energy storage inverters in 2024 [5]. - The company provides a full range of energy storage battery packs designed for various applications, ensuring compatibility with its inverters and featuring modular designs for flexibility and easy installation [6]. - Deye's photovoltaic inverters include string inverters and microinverters, with power ratings from 1kW to 136kW, and it ranks seventh in global revenue for household photovoltaic inverters in 2024 [7]. Financial Performance - For the fiscal year 2023, Deye reported revenues of approximately RMB 7.48 billion, with a projected increase to RMB 11.21 billion in 2024 [10]. - The company achieved a net profit of around RMB 1.79 billion in 2023, expected to rise to RMB 2.96 billion in 2024 [10]. - The gross profit margin for 2023 was 39.2%, with slight decreases projected for 2024 and 2025 [11]. Industry Overview - The global household energy storage inverter market is expected to grow significantly, with a projected market size increase from RMB 1.7 billion in 2020 to RMB 14.5 billion by 2024, reflecting a compound annual growth rate (CAGR) of 71.8% [12]. - The solar photovoltaic inverter market is also expanding, with revenues expected to rise from RMB 63.7 billion in 2020 to RMB 154 billion in 2024, indicating a CAGR of 24.7% [15].

Core Viewpoint - Greebo (301260.SZ) currently offers micro-inverters with photovoltaic charging capabilities, but does not yet have high-power inverters for use at electric vehicle charging stations [1] Group 1 - The company is focusing on enriching its existing product ecosystem in the development of inverter products [1]

Group 1 - The core viewpoint of the news is that Jinlang Technology's stock has seen a significant increase, with a rise of 5.81% to 84.86 CNY per share, and a total market capitalization of 33.784 billion CNY [1] - Jinlang Technology, established on September 9, 2005, specializes in the research, production, sales, and service of string inverters, with its main products being string inverters [1] - The revenue composition of Jinlang Technology includes grid-connected inverters at 47.97%, household photovoltaic power generation systems at 21.28%, energy storage inverters at 20.91%, new energy power production at 8.01%, and others at 1.83% [1] Group 2 - From the perspective of fund holdings, Zhejiang Merchants Securities Asset Management has a fund that heavily invests in Jinlang Technology, specifically the Zhejiang Merchants Zhijiang Phoenix ETF (512190), which held 22,700 shares in the third quarter, accounting for 3% of the fund's net value [2] - The Zhejiang Merchants Zhijiang Phoenix ETF (512190) was established on August 5, 2019, with a latest scale of 70.0671 million CNY, and has achieved a year-to-date return of 36.43% [2] - The fund has a one-year return of 30.73% and an overall return since inception of 153.74%, ranking 1253 out of 4216 and 969 out of 3951 in its category, respectively [2]

Core Viewpoint - Gotion High-Tech reported a significant increase in net profit and revenue for the third quarter and the first three quarters of the year, driven by higher sales of inverters and battery products [1] Financial Performance - In the third quarter, the company achieved operating revenue of 2.108 billion yuan, representing a year-on-year growth of 17.42% [1] - The net profit attributable to shareholders for the third quarter was 97.78 million yuan, showing a year-on-year increase of 200.83% [1] - For the first three quarters, the company reported operating revenue of 6.194 billion yuan, which is a year-on-year growth of 25.30% [1] - The net profit attributable to shareholders for the first three quarters was 811.198 million yuan, reflecting a remarkable year-on-year increase of 837.57% [1] Sales Growth Drivers - The substantial growth in performance is primarily attributed to the increase in sales of inverters and battery products compared to the same period last year, leading to a significant rise in total profit [1]

Company Overview - Jinlang Technology Co., Ltd. is located in Xiangshan Economic Development Zone, Zhejiang Province, and was established on September 9, 2005. The company went public on March 19, 2019. Its main business involves the research, production, sales, and service of string inverters, with the primary product being string inverters [1]. Financial Performance - As of September 29, Jinlang Technology's stock price increased by 5.05%, reaching 88.17 CNY per share, with a trading volume of 1.161 billion CNY and a turnover rate of 4.16%. The total market capitalization is 35.102 billion CNY [1]. - The revenue composition of Jinlang Technology includes: grid-connected inverters (47.97%), household photovoltaic power generation systems (21.28%), energy storage inverters (20.91%), new energy power production (8.01%), and others (1.83%) [1]. Shareholder Information - Among the top ten circulating shareholders of Jinlang Technology, E Fund's ETF (159915) reduced its holdings by 139,800 shares in the second quarter, now holding 5.5145 million shares, which accounts for 1.72% of the circulating shares. The estimated floating profit today is approximately 23.3814 million CNY [2]. - E Fund's ETF (159915) was established on September 20, 2011, with a current scale of 85.537 billion CNY. Year-to-date returns are 48.88%, ranking 607 out of 4220 in its category; the one-year return is 85.8%, ranking 568 out of 3835; and since inception, the return is 258.32% [2]. Fund Management - The fund managers of E Fund's ETF (159915) are Cheng Xi and Liu Shurong. As of the report date, Cheng Xi has a cumulative tenure of 9 years and 148 days, managing assets totaling 195.312 billion CNY, with the best fund return during his tenure being 131.04% and the worst being -67.89% [3]. - Liu Shurong has a cumulative tenure of 8 years and 76 days, managing assets totaling 112.299 billion CNY, with the best fund return during his tenure being 194.12% and the worst being -48.01% [3].

Company Overview - Jinlang Technology Co., Ltd. is located in Xiangshan Economic Development Zone, Zhejiang Province, and was established on September 9, 2005. The company went public on March 19, 2019. Its main business involves the research, development, production, sales, and service of string inverters, with the primary product being string inverters [1]. Business Revenue Composition - The revenue composition of Jinlang Technology is as follows: grid-connected inverters account for 47.97%, household photovoltaic power generation systems for 21.28%, energy storage inverters for 20.91%, new energy power production for 8.01%, and other revenues for 1.83% [1]. Stock Performance - On September 3, Jinlang Technology's stock rose by 5.13%, reaching a price of 71.47 CNY per share, with a trading volume of 1.345 billion CNY and a turnover rate of 5.99%. The total market capitalization is 28.453 billion CNY [1]. Fund Holdings - According to data from the top ten holdings of funds, Yimi Fund has one fund heavily invested in Jinlang Technology. The Yimi Kaitai Mixed A Fund (015703) held 31,200 shares in the second quarter, representing 4.13% of the fund's net value, making it the eighth-largest holding. The estimated floating profit today is approximately 108,900 CNY [2]. Fund Performance - The Yimi Kaitai Mixed A Fund (015703) was established on November 8, 2022, with a latest scale of 34.8855 million CNY. Year-to-date, it has achieved a return of 20.76%, ranking 3,650 out of 8,180 in its category. Over the past year, it has returned 55.9%, ranking 2,034 out of 7,967. Since its inception, it has incurred a loss of 6.54% [2]. Fund Management - The fund manager of Yimi Kaitai Mixed A (015703) is He Wenqi, who has been in the position for 2 years and 244 days. The total asset scale of the fund is 78.0803 million CNY, with the best return during his tenure being 34.84% and the worst return being 0.33% [3].

Core Viewpoint - Ningbo Deye Technology Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, driven by strong demand in the photovoltaic and energy storage sectors, while also announcing a cash dividend distribution plan for shareholders [1][2][3]. Financial Performance - The company's operating revenue for the first half of 2025 reached RMB 5,535,465,365.91, a 16.58% increase compared to RMB 4,748,194,445.57 in the same period last year [2][3]. - The total profit amounted to RMB 1,736,648,078.55, reflecting a 23.14% increase from RMB 1,410,310,331.13 year-on-year [2][3]. - Net profit attributable to shareholders was RMB 1,522,164,569.91, up 23.18% from RMB 1,235,683,828.04 in the previous year [2][3]. - The company plans to distribute a cash dividend of RMB 1.108 per share, totaling approximately RMB 1,000,015,340.47, which represents 65.70% of the net profit for the period [1][2]. Industry Overview - The company operates in the electrical machinery and equipment manufacturing industry, focusing on the photovoltaic sector and home appliances, including dehumidifiers [3][4]. - The global inverter market is projected to reach RMB 66.3 billion by 2025, with an expected shipment volume of 570 GW, driven by increasing adoption of renewable energy and supportive policies [4][5]. - The energy storage market is anticipated to become a second growth driver, with significant demand emerging from commercial and industrial sectors due to policy support and peak-valley price differences [4][5]. Product Development and Market Strategy - The company has developed a comprehensive product matrix covering energy storage, string, and micro-inverters, positioning itself as a leader in the inverter market [3][4]. - New product launches include off-grid storage inverters and integrated solutions that enhance flexibility and reduce costs by 30% [5][6]. - The company actively participates in international exhibitions and regional roadshows to promote its brand and products, reaching over 110 countries and regions [5][6]. Operational Highlights - The company sold a total of 763,800 inverters in the first half of 2025, with household storage inverters accounting for 272,700 units and commercial storage for 42,900 units, marking an 85.80% increase year-on-year [5][6]. - The company’s cash flow from operating activities was RMB 1,515,942,460.28, a 14.63% increase from the previous year [2][3]. - The total assets of the company reached RMB 18,568,024,806.26, a 22.85% increase compared to the previous year [2][3].