According to the Zhitong Finance App, InnoSec (02577) announced interim results for the six months ended June 30, 2026, achieving sales revenue of 834 million yuan (RMB, same below), up 50.6% year on year; gross profit of 97.082 million yuan, up 156.50% year on year, gross margin continued to rise to 11.6%; net loss of 309 million yuan, narrowing 27.9% year on year.
According to the announcement, during the reporting period, the increase in gross margin was mainly due to the increase in the share of the company's high-margin products and the cost reduction brought about by the production capacity scale effect; the group achieved a positive milestone in net operating cash flow, marking another significant improvement in the company's industrialization scale and profitability; the group shipped a total of 547 million units, and the cumulative shipment over the years has exceeded 2.5 billion units, stabilizing the leading position of gallium nitride.
During the reporting period, the Group's product structure moved from leading the scale of consumer electronics in the past to a new stage driven by high-value markets such as AI data centers, industrial and energy storage, and new energy vehicles. During the reporting period, the company achieved revenue of RMB 532 million in the above high-end application fields, an increase of 70% over the same period last year, which is higher than the growth rate of the consumer market.
Compared to simple revenue growth, the Group's most notable change in the first half of 2026 was the continuous optimization of products and application structures. In the past, the company relied on consumer electronics to complete large-scale commercialization of GaN technology and established a leading edge in manufacturing scale, cost control, customer coverage and supply chain capabilities; currently, the company is systematically replicating this advantage to higher value markets such as industrial and energy storage, AI data centers, and new energy vehicles.
Industry and energy storage have begun to become important contributors to revenue growth. AI data centers and new energy vehicles are speeding up the transition from product verification to large-scale introduction, while humanoid robots provide longer-term growth flexibility. Meanwhile, consumer electronics continues to provide stable basic market and cash flow support. As a result, the company is forming a new business structure where “consumer electronics provide a scale base, industry and energy storage contribute current increases, AI data centers and automobiles open up high-value spaces, and robots provide long-term growth flexibility”.
As the share of revenue from high-value applications continues to rise, the company's future growth will not only be reflected in the expansion of revenue scale, but also expected to be reflected in increased value of individual products, extended customer life cycles, increased technical barriers, and improved profitability. The company is gradually transforming from a supplier known for large-scale applications of GaN in consumer electronics to a comprehensive power semiconductor platform covering strategic markets such as AI computing power, automobiles, industrial energy, and robotics, and its long-term value release space is being further opened up.