Hangzhou Huasu Technology Co. Ltd. A

Huasu Technology released its 2026 interim report on August 26. Relying on a dual-engine strategy of computing infrastructure and energy storage, the company achieved operating revenue of 128 million yuan in the reporting period, up 13.20 percent year on year. Net profit attributable to the parent company was 15.2353 million yuan, up 28.65 percent, while non-GAAP net profit was 8.8359 million yuan, up 6.37 percent. Net cash flow from operating activities was 6.0204 million yuan, a sharp decline of 65.30 percent from 17.3504 million yuan in the same period last year, mainly due to increased spending on upstream raw material stocking and procurement for new businesses. By business segment, backup battery BMS revenue reached 98.7892 million yuan, accounting for nearly 80 percent of total revenue, with gross margin down slightly by 3.88 percentage points to 31.47 percent. Energy storage PCS revenue surged 74.78 percent year on year to 15.4376 million yuan, becoming an important engine driving revenue growth. Overseas revenue rose 113.99 percent year on year to 14.3914 million yuan. In addition, a reversal of credit impairment losses of 13.7986 million yuan made a significant positive contribution to total profit. Looking ahead, the company's integrated solution of BMS plus PCS plus EMS plus liquid cooling is expected to enhance market competitiveness, but attention should be paid to gross margin pressure and working capital strain.