EVE Energy released its H1 2026 performance forecast, with net profit attributable to shareholders expected to increase by 95%-110% year-on-year, nearly doubling. The energy storage battery business has become the largest growth engine, with shipments surging over 120% YoY. Against the backdrop of declining power battery prices, EVE Energy has charted a profit curve completely opposite to automakers through its high-margin energy storage business and product differentiation.
Performance Highlights: H1 Net Profit Near Doubling
According to 21st Century Business Herald, EVE Energy released its H1 2026 performance forecast, with net profit attributable to shareholders expected to increase by 95%-110% year-on-year, nearly doubling. This performance is particularly impressive against the backdrop of declining power battery prices.
From a business structure perspective, the energy storage battery business has become the biggest contributor:
- Energy storage battery shipments: Surged over 120% YoY, with share of total shipments rising from 35% in 2025 to 48%
- Energy storage battery gross margin: Maintained at 22-25%, far exceeding power batteries' 8-12%
- Overseas energy storage orders: North America, Europe, and Middle East energy storage project orders are robust, with over 80GWh in hand
Profit Growth Driver Analysis
EVE Energy's ability to chart an opposite profit curve to automakers stems from three core differentiation strategies:
- Energy storage-first strategy:
- Laid out the energy storage track 3 years ahead, building first-mover advantages in capacity, technology, and customers
- Energy storage battery products cover 280Ah, 314Ah, 560Ah and other large-capacity cells for different application scenarios
- Deep binding with system integrators like Sungrow and Huawei Digital Energy
- Technology cost reduction path:
- Mass-produced Lithium Manganese Iron Phosphate (LMFP) batteries with 15% higher energy density than traditional LFP
- Introduced large cylindrical battery (46-series) production lines, improving production efficiency by 30% and reducing manufacturing costs by 18%
- Self-developed BMS system, improving overall energy storage system efficiency to 92%
- Customer structure optimization:
- Transitioned from pure cell supply to "cell + system + service" one-stop solutions
- Overseas customer share increased from 40% in 2025 to 58%
- Signed multiple 5-year long-term contracts with locked price ranges, reducing raw material volatility risk
Profit Curve Comparison with Automakers
| Dimension | EVE Energy (2026 H1) | Industry Average (Automakers) | Difference |
|---|---|---|---|
| Net profit growth | +95%~110% | -15%~-5% | Significantly outperforms |
| Gross margin | 20-23% | 12-16% | +8-10pp |
| Overseas revenue share | 58% | 35% | +23pp |
| Energy storage business share | 48% | 10% | +38pp |
| Capacity utilization | 85% | 60-70% | +15-25pp |
Industry Insights and Outlook
Analysts note that EVE Energy's performance confirms the "differentiation survival" rule. In the industry winter of power battery overcapacity and price wars, companies relying solely on power batteries face severe profit compression, while those that laid out second curves like energy storage, solid-state batteries, and sodium-ion batteries show stronger anti-cyclical capabilities.
Automotive industry expert Zhao Yang believes that EVE Energy's energy storage business explosion has important reference value for new energy infrastructure in Central Asia, Russia, and other markets. These regions have relatively weak grid infrastructure with huge demand for energy storage systems. Through platforms like EX1000.COM, EVE Energy's energy storage products are expected to enter emerging markets like Central Asian photovoltaic + energy storage and Russian Far East microgrids, opening a second growth curve.
