On the evening of October 23, three energy storage enterprises—EVE Energy Co., Ltd., Pylon Technologies Co., Ltd. (Pylontech), and Zhuhai CosMX Battery Co., Ltd.—successively released their third-quarter financial reports for 2026.
EVE Energy
On October 23, EVE Energy released its third-quarter report for 2026. In the first three quarters, the company recorded operating revenue of RMB 73.39 billion, an increase of 63.08% year-on-year; net profit attributable to shareholders of the parent company reached RMB 5.24 billion, up 86.11% year-on-year; and net profit excluding non-recurring profit and loss stood at RMB 4.095 billion, surging 111.38% year-on-year. During the same period, shipments of energy storage batteries reached 67.52 GWh, rising 39.46% year-on-year.
Looking at the single quarter, the company generated operating revenue of RMB 27.698 billion in the third quarter, representing a year-on-year increase of 64.56%; net profit attributable to shareholders of the parent company was RMB 1.939 billion, up 60.18% year-on-year; and net profit excluding non-recurring profit and loss rose 110.64% year-on-year to RMB 1.644 billion.
The company stated that its gross margin for the third quarter improved quarter-on-quarter, primarily driven by disciplined cost controls, the gradual easing of cost drags as production stabilized at new facilities, and optimizations in customer and shipment structures. The company will continue to advance related operational improvements going forward.
On the same day, during an investor relations exchange, EVE Energy noted that market demand for energy storage batteries remains robust, with large prismatic cells being favored by the market, and that the company will coordinate resources to ensure order deliveries. It projects that both its power battery and energy storage battery businesses will achieve substantial growth in 2027. Furthermore, as deliveries to international clients expand, overseas shipments as a proportion of its energy storage business will also rise significantly.
Currently, deliveries under the multi-year energy storage battery framework contract signed between EVE Energy and Fluence have commenced. The delivery window under the new framework contract spans from 2027 through 2031, with approximately 16 GWh locked in for delivery in 2027 and the remaining capacity to be distributed between 2028 and 2031.
In terms of capacity and production, the company expects its production schedule in the fourth quarter of 2026 to increase quarter-on-quarter, with fourth-quarter manufacturing capacity already fully booked; monthly shipment schedules for the first quarter of 2027 are currently being finalized. In addition, mass-production facilities for the company's large cylindrical cells are operating at full capacity, with international client demand exceeding expectations and deliveries to domestic customers rolling out steadily.
Pylontech
On October 23, Pylontech released its third-quarter report for 2026. Over the first three quarters, the company generated operating revenue of RMB 4.078 billion, a year-on-year increase of 102.61%; net profit attributable to shareholders of the parent company totaled RMB 63.1202 million, up 31.91% year-on-year; and net profit excluding non-recurring profit and loss posted a net loss of RMB 18.978 million.
On a quarterly basis, Pylontech posted third-quarter operating revenue of RMB 1.433 billion, an increase of 66.05% year-on-year; net profit attributable to shareholders of the parent company registered a net loss of RMB 16.1659 million, down 147.63% year-on-year; and net profit excluding non-recurring profit and loss showed a net loss of RMB 45.4968 million, falling 627.05% year-on-year.
In terms of sales volume, Pylontech achieved sales of 5,221 MWh in the first three quarters of 2026, marking a 117.09% increase year-on-year; of this total, third-quarter sales volume reached 1,790 MWh, representing an increase of 66.05% year-on-year.
Pylontech explained that its growth over the first three quarters was predominantly fueled by sustained demand increases for residential energy storage and commercial & industrial (C&I) energy storage across Europe, the Middle East, and Southeast Asia, which accelerated sales in international markets, complemented by steady growth in its domestic light motive power segment.
However, profitability came under pressure in the third quarter. The company stated that heightened foreign exchange losses resulting from volatility in international currency markets, compounded by rising prices of upstream raw materials, shifts in export tax rebate policies, and increased product warranty expenses, adversely impacted net profit for the reporting period.
CosMX
On the same day, Zhuhai CosMX Battery also published its third-quarter report for 2026. For the first three quarters, the company generated operating revenue of RMB 11.622 billion, up 12.61% year-on-year; net loss attributable to shareholders of the parent company amounted to RMB 167 million, swinging from a net profit into a net loss year-on-year; and net loss excluding non-recurring profit and loss stood at RMB 280 million.
Looking at the third quarter alone, operating revenue reached RMB 4.295 billion, up 1.7% year-on-year; net profit attributable to shareholders of the parent company was RMB 35.9902 million, down 86.67% year-on-year; and net profit excluding non-recurring profit and loss stood at RMB 21.2992 million, decreasing 90.37% year-on-year.
Among its business units, subsidiary Zhejiang CosMX Battery Co., Ltd., which primarily operates power and energy storage battery businesses, achieved operating revenue of RMB 2.376 billion, representing a year-on-year surge of 63.89%.
Addressing the decline in profits, Zhuhai CosMX Battery stated that it was primarily attributable to the continued downward movement of the USD/CNY exchange rate, which led to a notable rise in foreign exchange losses and a substantial increase in finance costs; policy adjustments to export tax rebates, which drove up actual operating costs; and average raw material prices that remained elevated compared to the same period last year, alongside an inherent time lag in passing cost adjustments through to product selling prices.
Source：EnergyTrend
