Jiangsu Ankura Smart Transmission Engineering Technology Co Ltd

Ankura Smart Electric released its 2026 interim report. The company achieved operating revenue of 399 million yuan, up 21.90 percent year on year, and net profit attributable to the parent of 76.4201 million yuan, up 15.73 percent. However, net cash flow from operating activities was negative 79.6536 million yuan, swinging from a net inflow of 5.3534 million yuan in the same period last year. Revenue from smart modular substations was 87.554 million yuan, up 66.67 percent year on year, with gross margin up 6.53 percentage points to 17.95 percent, making it a growth highlight. Revenue from 220 kilovolt products was 43.8509 million yuan, surging 84.47 percent year on year. Revenue from GIL products and system services was 58.9356 million yuan, down 15.64 percent year on year, with gross margin down 9.54 percentage points. Management noted that revenue growth was mainly driven by overseas expansion of the transformer business, which pushed related agency fees and selling expenses up 58.72 percent year on year. Investment income in the reporting period reached 28.8871 million yuan, accounting for more than 30 percent of total profit, mainly from wealth management of idle raised funds. Accounts receivable at the end of the period stood at 791 million yuan, with its share of total assets rising. Combined with reduced sales collections, this led to a large net outflow of operating cash flow. The company expects that accelerated construction of ultra-high voltage projects and AI-driven power supply demand will bring opportunities for GIL and smart modular substation products, but it needs to watch raw material price fluctuations, overseas trade policies, and exchange rate risks.

More than 5 trillion yuan of incremental grid investment during the 15th Five-Year Plan period has officially entered the implementation phase, with distribution network upgrades becoming the largest structural increment in this round of investment. Data from the National Energy Administration shows that grid investment in the first half of this year rose 13.5 percent year on year. State Grid completed fixed asset investment of more than 310 billion yuan, up 12.6 percent year on year, while China Southern Power Grid completed 89.262 billion yuan, up 14.79 percent, the highest level for the same period on record. The National Development and Reform Commission has made clear that it will plan and build a number of transmission corridors and inter-provincial power mutual support projects, and implement three major programs: upgrading urban distribution networks, renovating weak county-level grids, and addressing frequent power outages in rural grids. In the first quarter of 2026, State Grid invested 56.8 billion yuan in distribution networks, already accounting for as much as 55 percent of grid investment at all levels. According to estimates by the National Energy Administration, the 5 trillion yuan of investment will drive total upstream and downstream activity of more than 10 trillion yuan and directly create over one million jobs.