Hiconics Drive Tech Co

China

300048.CS▼

Hiconics New Energy swings to loss with net loss of 65.48 million yuan in 2026 interim report

Hiconics New Energy released its 2026 interim report, showing total operating revenue of 3.414 billion yuan, down 24.08% year on year. Net profit attributable to the parent company was a loss of 65.4823 million yuan, a decrease of 137 million yuan compared with the same period last year, down 191.99% year on year, swinging from profit to loss. Net cash flow from operating activities was negative 380 million yuan, down 251.32% year on year. The company's asset-liability ratio was 67.71%, gross margin was 9.83%, return on equity was negative 3.67%, and diluted earnings per share was negative 0.06 yuan. The number of shareholders was 31,300, and the top ten shareholders held 32.14% of the total share capital.

Hiconics Drive… ▼

300048.CS · Capital · Negative Company swung to a net loss of 65.48 million yuan with revenue down 24.08% year on year.

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China

Energy Transition & Power Demand2

Hiconics Eco-energy H1 revenue hits 3.414 billion yuan, residential storage accelerates overseas expansion

Hiconics Eco-energy disclosed its 2026 half-year report on the evening of August 27. First-half revenue was 3.414 billion yuan, down 24.08 percent year on year, mainly due to the rush installation wave for residential solar in the first half of 2025 and changes in photovoltaic module policies in 2026, putting phased pressure on operating performance. In the green energy solutions segment, grid-connected capacity reached 333.22 megawatts in the first quarter and rose to 666.78 megawatts in the second quarter, while the company also took on diversified projects such as internet data centers and fishery-solar hybrid installations. In residential energy storage, the company launched new 3 to 6 kilowatt single-phase low-voltage and 15 to 30 kilowatt three-phase high-voltage hybrid products, focusing on the European and Asia-Pacific markets, with batch shipments of storage inverters and battery packs. The high-voltage variable frequency drive business has achieved full cooperation with three core nuclear power customers: CNNC, Huaneng, and State Power Investment Corporation. On the capital operations front, on August 19 the company's application to issue shares to specific investors was accepted by the Shenzhen Stock Exchange. Controlling shareholder Midea Group plans to subscribe in full with cash, for an amount not exceeding 1.652 billion yuan. The raised funds will be used for research, development, and industrialization of high-voltage variable frequency drives, grid-connected photovoltaic inverters, and residential energy storage systems, among other projects.

Hiconics Drive… Midea Group Co… ▲

Energy Transition & Power Demand ▼Electrification & Mobility

About megatrends

Energy Transition & Power Demand › Solar ▼Demand

Electrification & Mobility › Battery Components & Materials Demand

Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▲Demand

Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Competition

300048.CS · Capital · Neutral H1 revenue declined 24% due to policy changes, but residential storage expansion and capital raise provide mixed outlook.

000333.CS · Capital · Positive Midea Group plans to subscribe in full to Hiconics' share issuance, reinforcing its controlling stake.

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China

Energy Transition & Power Demand▲

He Kang New Energy's private placement application accepted; 1.652 billion yuan fundraising enters review stage

He Kang New Energy's 1.652 billion yuan private placement application has been accepted by the Shenzhen Stock Exchange, and the company's 2026 issuance of A-shares to specific investors has officially entered the review stage. The indirect controlling shareholder Midea Group will subscribe in full with cash, with the number of shares issued not exceeding 288 million. After completion, Midea Group's direct and indirect shareholding ratio will further increase. The funds raised will focus on the two core business segments of electrical equipment and new energy. Approximately 439 million yuan will be invested in the high-voltage frequency converter research and industrialization project. The photovoltaic grid-connected inverter and residential energy storage system research project will leverage Midea Group's global brand and channel resources. The distributed photovoltaic benchmark power station project will promote the company's transformation into a smart energy operator, and the remaining funds will be used to supplement working capital. Acceptance by the Shenzhen Stock Exchange means the subsequent review process for this private placement has entered a clear and predictable time window. Subsequent approval and registration with the China Securities Regulatory Commission will be key milestones for realizing the value of this private placement.

Hiconics Drive… ▲Midea Group Co… ▲

Electrification & Mobility ▲Energy Transition & Power Demand ▲

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Electrification & Mobility › EV Powertrain & Power Electronics ▲Capital

Energy Transition & Power Demand › Solar ▲Capital

300048.CS · Capital · Positive Hiconics' private placement application accepted, raising 1.652 billion yuan for core business expansion.

000333.CS · Capital · Positive Midea Group will subscribe in full to the private placement, increasing its stake in Hiconics.

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China

Energy Transition & Power Demand▲

Hiconics Eco-energy Plans Private Placement to Raise Up to 1.652 Billion Yuan, Midea Group to Fully Subscribe

Hiconics Eco-energy has disclosed a revised draft of its plan to issue A-shares to a specific target, proposing to issue shares to its indirect controlling shareholder Midea Group, with total funds raised not exceeding 1.652 billion yuan. Midea Group will subscribe in full for all shares in this offering in cash, and upon completion its controlling shareholder status will be further strengthened, while the actual controller remains He Xiangjian. The raised funds will be allocated to five projects: the high-voltage inverter R&D and industrialization project will receive 439 million yuan, the photovoltaic grid-connected inverter R&D and industrialization project will receive 437 million yuan, the household energy storage system R&D and industrialization project will receive 292 million yuan, the distributed photovoltaic benchmark power station construction and R&D project will receive 184 million yuan, and 300 million yuan will be used to replenish working capital. The company stated that this move aims to enhance the controlling shareholder's position, promote the strategic transformation into a smart energy operator, and optimize the capital structure. This issuance still requires review and approval by the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission.

Hiconics Drive… ▲Midea Group Co… ▲

Energy Transition & Power Demand ▲

About megatrends

Energy Transition & Power Demand › Energy Storage & Grid Flexibility ▲Capital

Energy Transition & Power Demand › Solar ▲Capital

300048.CS · Capital · Positive Hiconics plans to raise up to 1.652 billion yuan via private placement to fund R&D and working capital.

000333.CS · Capital · Positive Midea Group will fully subscribe to the private placement, strengthening its controlling stake in Hiconics.

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Semiconductors▲

Hiconics and State Power Investment Corporation Launch Domestic Development of High-Voltage Inverter for Guohe One Main Pump

Hiconics announced a partnership with the Shanghai Nuclear Engineering Research and Design Institute under State Power Investment Corporation to officially launch a joint project for the domestic development of the high-voltage inverter for the Guohe One reactor main pump. Previously, Hiconics had worked with State Nuclear Power Beijing Nuclear Power Conventional Island and Power Engineering Research Center, a subsidiary of State Power Investment Corporation, to complete the development of an intelligent high-voltage inverter system for nuclear power, which has been applied in conventional island equipment and main helium fans. This collaboration focuses on the core drive devices of the nuclear island, establishing a new domestic substitution model of state-owned capital top-level design plus private enterprise achievement transformation, with State Power Investment Corporation serving both as a technology co-builder and a core purchaser. As nuclear power construction accelerates during the 15th Five-Year Plan period, the value of high-voltage inverters and supporting equipment for a single unit is approximately 80 million to 100 million yuan, and the nuclear island main pump inverter, as a core category accounting for over 50 percent of the value, has broad market potential.

Hiconics Drive… ▲

Semiconductors ▲

About megatrends

Semiconductors › Analog, Power & Discrete ▲Demand

300048.CS · Demand · Positive Partnership to develop high-voltage inverter for nuclear main pump, with State Power Investment as core purchaser, creating direct demand for Hiconics' product.

国家电投上海核工程研究设计院有限公司 · Demand · Positive As technology co-builder and core purchaser, the institute benefits from advancing domestic substitution in nuclear power.

国核（北京）核电常规岛及电力工程研究中心有限公司 · Demand · Positive Previous collaboration with Hiconics on intelligent inverter system for conventional island equipment positions it to benefit from nuclear power acceleration.

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