The CHINT 2025 Semi-Annual Report was released on the evening of August 27th, highlighting our commitment to maintaining our core values while driving innovation and pursuing a steady growth path. With unwavering determination, we are venturing into new horizons in digitalization, intelligence, carbon neutrality, and peak carbon emissions, aspiring to become a globally renowned provider of smart appliances, green energy products, and cutting-edge system solutions.
Financial Results Overview：
Operating revenue was 4.14 billion USD, a year-on-year increase of 2.20%
Comparison of operating revenue in the past three years: H1 2023 3.89 billion USD, H1 2024 4.05 billion USD, H1 2025 4.14 billion USD.
Net profit attributable to shareholders of the listed company was 356.70 million USD, a year-on-year increase of 32.90%;
Comparison of net profits attributable to shareholders of listed companies in the past three years: H1 2023 265.92 million USD, H1 2024 268.44 million USD, H1 2025 356.70 million USD.
Smart Electric
1. CHINT China: Seeking change in stability and making progress through accumulation
a). Distribution Business: Restructuring and Optimization
We deepened and solidly advanced the development of a high-energy "532+1" channel ecosystem. Based on the distribution of urban clusters and economic belts, we optimized channel layouts in response to the "Three Differences". Strategy-driven initiatives were implemented to enhance comprehensive capabilities and support partners in achieving rapid transformation.
• 50+ partners reached the "100 million yuan" scale
• 190+ partners developed deep expertise in specialized fields
• Sales of "specialized, refined, unique, and innovative" products accounted for 15% of total sales
b). Industrial Business: Foundation Strengthening and Quality Improvement
2. Overseas Business: Strategic Expansion
Capitalizing on opportunities in grid modernization, digital infrastructure development, the green economy, and high-value-added industrial sectors, we deepened our “Glocalization” strategy, strengthened our presence in core European markets, aggressively expanded in Asia-Pacific and West Asia-Africa regions, and cultivated new growth in North American and Latin American markets.
3. R&D and Innovation: Excellence with a Long-Term Vision
We focused on emerging applications in new power systems, renewable energy (wind, solar, storage, and charging), data centers, and rail transportation, using evolving market demands to drive technological innovation. Key efforts were dedicated to developing new products in specialized fields such as smart power distribution and power electronics.
Through systematic research and application of new materials and processes, our non-contact high-precision voltage sensor achieved domestically leading technical performance. In addition, breakthroughs in vibration and temperature fluctuation resistance were made in nanocrystalline current transformers, which have been deployed in high-current molded case solutions.
• 404 patents and software copyrights
• Led or participated in the development of 5 international standards
• 5 new products reached internationally advanced levels
• 3 products achieved domestic leadership
Green Energy
1. Residential PV: High-Quality Development
a) Deepened Channel Layout, Building a Market Moat
CHINT Anneng actively responds to China’s "Dual-Carbon" strategy and rural revitalization policy. Through its "Dynamic Tiering + Regional Deep Cultivation" strategy, it enhances overall collaborative service capabilities and achieves extensive expansion of its channel network.
We built a collaborative ecosystem featuring diversified partnerships with central and state-owned enterprises, local government platforms, private capital, and industrial funds. Through the development of a six-dimensional brand matrix, we established end-to-end value chain coverage for residential distributed PV solutions.
• Nearly 3,500 authorized agencies
• Business coverage across 29 provincial-level administrative regions
• Serving over 2,000 districts and counties
Cumulative delivery of more than 1.8 million high-quality power stations characterized by efficiency, speed, reliability, and cost-effectiveness
b) Exploring Model Innovation, Revitalizing the Industry Ecosystem
We continued to increase R&D investment and resource allocation, driving innovation in applied scenario solutions. Initiatives such as the whole-village development and centralized convergence models gained support and promotion from the National Energy Administration and multiple provincial policies.
To address diverse application scenarios, we developed tailored solutions including the “Taishu Green Energy” integrated home energy package and the “Smart Power Super Station 2.0” solution.
c) Focusing on Carbon Asset Value, Opening New Growth Frontiers
We fully leveraged the environmental value of residential PV systems by actively exploring derivative business models such as green electricity and green certificate trading. As a pioneer in launching green power and certificate transactions in this sector, we have become one of China’s largest residential PV companies in terms of green electricity trading volume. We were also the first enterprise to achieve green certificate registration and issuance for over 10,000 residential PV power stations.
• Green certificates registered for over 250,000 power stations
• More than 700,000 green certificates issued for residential PV stations
• Over 160,000 green certificates traded
• Average monthly green electricity transaction volume exceeding 10 million kWh
d) Building a Digital Foundation, Driving an Efficiency Revolution
Intelligent upgrades have been promoted through the deep integration of digital technologies into the development, construction, and maintenance of distributed PV power stations. The application of AI technology led to the creation of the "Taizhi Hui" system. By utilizing machine learning algorithms across different power station scenarios, overall efficiency has been improved by more than six times.
2. Continuous Optimization and Upgrading of Power Station Business Structure
We promote the optimization of energy governance structures, reduce carbon emissions, and pioneer new patterns of green development through a dual-driven strategy of "domestic diversification and targeted overseas breakthroughs." By fully integrating essential resources and actively deepening strategic cooperation with partners, we facilitate industrial restructuring and upgrading.
a) Domestic Market
The Jilin Qian'an County Rural Revitalization Wind Power Project has officially commenced operation. Through innovative development models and revenue-sharing mechanisms, it has effectively expanded income channels for local village collectives and farmers, injecting strong momentum into rural revitalization.
The Jiangsu Taizhou Jiangyan 100MW Fishery-Photovoltaic Complementary Power Generation Project has been successfully connected to the grid. It not only improves comprehensive land utilization but also drives employment in surrounding areas and promotes diversified local economic development.
b) Overseas Market
In Simitli, Bulgaria, the Boychinovtsi 67.5MWdc photovoltaic project, undertaken by CHINT New Energy, has passed grid acceptance and officially entered commercial operation. This marks a new phase of localized operations in the Balkan region.
In Druten, the Netherlands, CHINT New Energy has successfully delivered the Larendeel 38MW photovoltaic project, adding another high-quality achievement to the company’s European project portfolio and providing a new paradigm for Sino-European green cooperation.
Inverters and Energy Storage: A Promising Future
Leveraging core proprietary technologies, we have built a leading portfolio of technological products covering photovoltaic inverters and energy storage. We continue to deepen our global strategic layout, with localized operations as a key driver, comprehensively enhancing the international competitiveness of our PV inverter and energy storage system businesses, and consistently leading industry technological upgrades and value innovation.
• In the North American market, we have successfully expanded into the string inverter and energy storage system markets for ground-mounted power plants. For several consecutive years, we have ranked first in shipments of three-phase string inverters in North America.
• In the South Korean market, we continue to deepen strategic collaboration with Hyundai Group, consistently strengthening and expanding our presence in commercial and industrial PV applications. We have maintained the top market share for inverters in South Korea for four consecutive years.
Key Honors
• CHINT Electric was recognized as the Outstanding Responsible Enterprise of 2024.
• CHINT Electric was certified as a Top Employer China 2025.
• CHINT Power was listed in BloombergNEF's Tier 1 Global PV Inverter Manufacturers Ranking for Q2 2025.
• CHINT Electric was accredited as a AAAAA Standardization Excellence Enterprise.
Chairman's Speech
In the first half of this year, amid profound restructuring of global industrial chains and new trends in technological competition, CHINT reinforced its commitment to transformation and innovation. We enhanced our operational and managerial capabilities and accelerated the development of an open, integrated, and synergized industrial ecosystem. Despite a complex and volatile environment, the company demonstrated strong resilience and achieved improvements in both operational quality and profitability.
During the reporting period, our Smart Electrical business consolidated its foundations while expanding into new areas, deepening its presence in global markets. Meanwhile, our Green Energy business underwent transformative growth, continuously unlocking new value opportunities and injecting vigorous momentum into the company’s steady and high-quality development.
Looking ahead, CHINT will continue to focus on the energy and power industry as well as green and low-carbon fields. We will further strengthen our core competitiveness, deepen integration into the new energy system, accelerate the integration of artificial intelligence with industrial applications, and promote the implementation of AI-driven multi-dimensional scenarios. At the same time, we will actively participate in global energy governance, embed ESG principles into our corporate DNA, and leverage technological innovation and global collaboration to drive sustainable development—creating lasting value for shareholders, customers, employees, and society.
