Weekly Energy News | The State Council issues the “15th Five-Year Plan” carbon peak action plan; several lithium battery companies expect favorable earnings in their first-half reports

This week (July 6–July 10), the State Council issued the “14th Five-Year Plan” (”十五五”) Carbon Peak Action Plan,部署 carbon peak work during the “14th Five-Year Plan” period; multiple lithium battery industry companies including Zangge Mining, Yahua Group, CATL? (actually 容百科技), and Shengxin Lithium Energy released forecasts for their 2026 first-half performance, with most expecting a substantial year-on-year increase in net profit in the first half.

I. Policy Highlights

State Council Issues the “14th Five-Year Plan” Carbon Peak Action Plan

Recently, the State Council issued the “14th Five-Year Plan” Carbon Peak Action Plan. It sets out that by 2030, China will reduce carbon dioxide emissions per unit of GDP by 17% compared with 2025, increase the share of non-fossil energy consumption to 25%, and ensure that the carbon peak target is achieved on schedule, laying a solid foundation for meeting the national independent contribution goals in 2035 and advancing carbon neutrality.

II. Company Updates

Zangge Mining Expects First-Half Net Profit to Rise 97%–108% YoY

On July 6, Zangge Mining announced that it expects 2026 first-half attributable net profit of RMB 3.55 billion–3.75 billion, up 97.20%–108.31% year-on-year. The performance change is mainly due to continued strong profitability from its potassium chloride business, a significant improvement in its lithium carbonate business performance, and a large increase in investment income from its investee, Julong Copper Industry. The company accounts for investments using the equity method and expects to recognize investment income of about RMB 2.8 billion in this period, representing a significant increase versus the same period last year.

Lithium salt products see both volume and price rising; Yahua Group expects first-half net profit up 710%–857% YoY

On July 6, Yahua Group announced that it expects 2026 first-half net profit attributable to shareholders of listed companies of RMB 1.1 billion–1.3 billion, up 710.17%–857.48% year-on-year. During the reporting period, lithium salt market prices continued to rise. The company’s lithium salt product sales volume and average selling price both increased in parallel, and main business revenue rose significantly.

Rongbai Tech expects first-half profit of RMB 100 million to RMB 120 million; scalable shipments of sodium battery cathodes

On July 6, Rongbai Tech announced that it expects 2026 first-half attributable net profit of RMB 100 million–RMB 120 million, turning from loss to profit year-on-year. Regarding the growth, the company said that benefiting from the sustained improvement in the new energy industry’s market conditions, its operating performance has rebounded significantly and it has achieved profitability for three consecutive quarters. During the reporting period, the company continued to advance its platform-based strategy, continuously optimizing its product structure and business model. The profitability of its ternary cathode business improved steadily, and shipment volumes to overseas customers increased by a relatively large margin. Meanwhile, the lithium iron phosphate cathode project advanced as planned, and its lithium manganese iron phosphate business achieved full production and full sales. Its sodium cathode entered the stage of large-scale shipments, and the effects of the platform-based strategy gradually became apparent.

Jinlang Technology expects first-half net profit to fall 23%–32% YoY; orders for high-power grid-tied and energy storage inverters keep improving

On July 7, Jinlang Technology announced that it expects 2026 first-half attributable net profit of RMB 410 million–RMB 460 million, down 23.61%–31.91% year-on-year. The performance change is mainly due to exchange losses from a weakening exchange rate, an increase in share-based incentive expenses, and seasonal fluctuations in the new energy generation business. In this reporting period, the company’s order volumes for high-power grid-tied inverters and energy storage inverters continued to improve. The proportion of overseas shipments increased, gross margin rose somewhat, and overall performance remained relatively stable.

Strong overseas energy storage demand; DeYe Shares expects first-half net profit to rise 75%–79% YoY

On July 8, DeYe Shares announced that it expects 2026 first-half attributable net profit of RMB 2.67B–RMB 2.73B, up 75.28%–79.22% year-on-year. The company also expects net profit excluding non-recurring gains and losses of RMB 2.49B to RMB 2.55B, up 70.56%–74.67% year-on-year. The announcement states that the main reason for the expected profit increase is strong demand in overseas energy storage markets, and the company seized the window period to expand sales volume.

Shengxin Lithium Energy expects first-half profit of RMB 1.0 billion to RMB 1.2 billion; turnaround from loss

On July 8, Shengxin Lithium Energy announced that it expects 2026 first-half attributable net profit of RMB 1.0 billion–RMB 1.2 billion, compared with a loss of RMB 841 million in the same period last year. The announcement explains that during the reporting period, benefiting from the rapid development of the global new energy industry, the selling prices of its lithium salt products rose by a relatively large margin year-on-year. The company also continued to optimize production efficiency and implement cost controls to drive cost reduction and efficiency improvement. Its lithium salt plant in Indonesia saw a significant release of capacity. In the first half, the company’s lithium salt products achieved both volume and price growth, and its operating performance improved markedly versus the same period last year.

Yahua Group: the company’s existing lithium ore inventory can support normal domestic production demand

On July 8, Yahua Group released an announcement of its investor relations activity record. During research and discussions with institutions, the company said that its existing lithium concentrate inventory can meet the normal production demand for domestic lithium salts. The Kamativi lithium mine in Zimbabwe continued normal production during the export ban period, and its lithium ore output was not affected. After obtaining Zimbabwe lithium concentrate export quotas and related export procedures, the company shipped the materials back to China in a timely manner; the shipment is currently still en route.

11.275 GWh! BYD Energy Storage lands another Middle East deal

On July 9, according to BYD Energy Storage’s official microblog update, BYD Energy Storage has recently signed an 11.275 GWh cooperation agreement with UAE energy giant Masdar to provide energy storage solutions for the RTC (Round The Clock) project. The RTC project is located in Abu Dhabi and is the world’s first GW-scale all-weather renewable energy project. It is jointly developed by Masdar and the Emirates Water and Electricity Company (EWEC). It is the world’s largest-scale and most technologically advanced PV-plus-storage project. The project aims to tackle the intermittency challenges of renewable energy through deep integration of “photovoltaics + energy storage,” enabling 24-hour continuous clean power supply.

Weilan Lithium Core plans to invest $290 million in Indonesia to build a lithium battery project

On July 9, Weilan Lithium Core announced that its 15th meeting of the 7th session of the board of directors approved the resolution on investing in a lithium battery project in Indonesia. The company agreed to invest in building the lithium battery project in Indonesia. The project’s total investment is planned at $290 million, including a newly built 5 GWh cylindrical lithium battery manufacturing project. After all facilities are completed and reach full production capacity, it is expected to form annual production capacity of 5 GWh for lithium batteries of various types such as 21700.

Kelu Electronics plans to raise funds via an A-share private placement of no more than RMB 2.5 billion to controlling shareholder Midea Group

On July 9, Kelu Electronics announced that it plans to issue A-share stock to its controlling shareholder Midea Group, raising total proceeds of no more than RMB 2.5 billion, to repay interest-bearing debts and supplement working capital. This issuance constitutes a related-party transaction. The issue price will not be lower than 80% of the company’s average stock trading price over the 20 trading days prior to the pricing benchmark date. Midea Group will subscribe for all shares in this issuance in cash. This issuance still needs approval by the company’s shareholders’ meeting and review approval by the Shenzhen Stock Exchange, and then be registered with the CSRC with approval.

Strong downstream demand for lithium battery separators; Enjie Co. expects first-half net profit to turn profitable

On July 9, Enjie Co. announced that it expects 2026 first-half net profit attributable to shareholders of listed companies of RMB 736 million–RMB 900 million, turning from loss to profit year-on-year. During the reporting period, the downstream market for lithium battery separators continued to show strong demand. The company actively allocated production capacity to effectively match downstream customers’ demand for high-quality separators, driving steady growth in product sales volume. Combined with full-process cost management and control, unit cost control results were strong. At the same time, as industry supply-and-demand relationships continued to improve, separator product prices had stabilized and rebounded from the lows of last year, providing solid support for the company’s profit improvement.