Household Treasury Claims King, Motivation Attacks: The “Three Strings Parallel” Logic Behind Ruipu Lanjun's (00666) Interim Report

The global energy transition is advancing at an accelerated pace, and the boom in the lithium battery industry continues to rise. According to SNE Research data, in the first half of 2026, global energy storage battery shipments reached 461.3 GWh, up 71% year on year. Among them, household energy storage increased the most rapidly. Shipments increased 128% year on year from 20.9 GWh to 47.7 GWh; in terms of power batteries, global electric vehicle power battery usage reached 608.5 GWh, an increase of 20% year on year.

Against the backdrop of the continuous expansion of the industry market, Ruipu Lanjun (00666) handed over an impressive mid-term report card. During the reporting period, the company achieved revenue of 14.916 billion yuan (RMB, same below), an increase of 57.2% year on year; total sales of lithium batteries were 42.7 GWh, an increase of 31.8% year on year. Profitability further jumped from the reversal of losses for the full year of last year. Profit during the period reached 778 million yuan, surpassing the full year level of 2025 in just half a year.

Behind the sharp jump in profits is a comprehensive improvement in a series of operating indicators. During the reporting period, the company's gross profit reached 1.98 billion yuan, a year-on-year increase of 138.8%; gross margin increased from 8.7% in the same period last year to 13.3%, an increase of 4.6 percentage points over the previous year, and the profit level increased significantly. Behind this are multiple resonances of scale effects, the implementation of technology cost reduction, and an increase in the share of high-value-added products such as household storage. At the same time, net cash flow from operating activities reached 3.46 billion yuan, an increase of about 252.7% over the previous year. Simultaneous improvements in scale, profit, and cash flow indicate that the company has entered a healthy operating cycle.

According to the Zhitong Finance App, the most noteworthy highlight of this interim report is the leapfrog advance in the company's position in the energy storage circuit market. According to SNE Research data, in the first half of 2026, Ruipu Lanjun ranked sixth in the world in terms of energy storage battery shipments. Among them, household energy storage battery shipments ranked first in the world, and industrial and commercial energy storage battery shipments ranked second in the world. Household storage was the fastest-growing segment in the global energy storage sector in the first half of the year, surging 128% year on year. This means that Ruipu Lanjun not only won the championship title, but also occupied the fastest growing and most flexible core ecosystem on the entire track.

It is no accident that account storage has reached the top in the world; it is the result of a combination of technical route selection and accurate card slots in the product matrix. Relying on the self-developed Wending technology platform, the company has built a complete household storage product matrix covering high-voltage, low-voltage and high-capacity batteries. Take the Wengding 392Ah battery as an example. Under 0.5P operating conditions, this product has an energy efficiency of 95% and a single power capacity of 1.25 kWh. It has both high energy efficiency and platform versatility. It can also cover multi-level energy storage needs such as household, industrial, commercial, and power grid-side, and achieve full-scene penetration from the household end to the power side.

In the first half of this year, driven by the rapid expansion of global household storage demand, Ruipu Lanjun's energy storage battery shipments reached 27.2 GWh, an increase of 43.9% year on year; energy storage battery revenue reached 9.225 billion yuan, a year-on-year increase of 81.5%, accounting for about 62% of total revenue. The energy storage sector has unquestionably become the company's number one growth engine. The scale effect and the collaborative release of brand potential are continuing to consolidate the company's leading position in the global energy storage circuit.

During the reporting period, the company's three-tier “energy storage+passenger car+commercial vehicle” business matrix continued to gain strength, and its market position rose steadily. The power battery business also showed a clear upward trend in rankings. According to statistics from the China Automobile Power Battery Industry Innovation Alliance, in the first half of 2026, Ruipu Lanjun ranked 6th in the loading volume of domestic power battery companies, up two places from 8th place in the whole year of 2025; pure electric passenger cars and commercial vehicles ranked 7th and 6th respectively. According to the interim report, the company shipped 15.5 GWh of power batteries in the first half of this year, an increase of 14.8% over the previous year, achieving revenue of 5.225 billion yuan, an increase of 29.8% over the previous year.

Looking forward to the future, technological iteration and globalization are still the two main lines. In the field of energy storage, 588Ah ultra-high-capacity batteries and Powtrix 6.26MWh container energy storage system card space long-term energy storage circuit; in the power sector, 4C supercharging and flash charging chemical systems are progressing steadily, and emerging application scenarios such as the low-altitude economy have also developed a forward-looking layout. At the same time, relying on the Aoyama Group's industrial chain synergy, the Indonesian manufacturing base has been successfully put into operation, the British and Japanese subsidiaries are also stepping up preparations, and the global service network is improving day by day.

Under the general trend of the global energy storage industry rapidly expanding and power batteries growing steadily, Ruipulan, which has taken the top spot in the world in household storage and jumped two trumps in power rankings, is now at the starting point of a new round of growth.