From lighting drivers to energy-storage components: an analysis of a leading LED power supply company’s 2026 interim report

Recently, Songsheng Co., Ltd. released its 2026 semi-annual report. The report shows that in the first half of the year, the company achieved operating revenue of RMB 587 million, up 30.65% year over year; net profit attributable to shareholders of the listed company reached RMB 37.82 million, turning from a loss to a profit compared with the same period last year; and the overall gross margin stood at 25.55%, an increase of 3.13 percentage points year over year.

Songsheng Co., Ltd. specializes in the R&D, production, and sales of medium- and high-power LED driver power supplies. In recent years, the company has steadily strengthened its core business by pursuing a dual‑driving strategy centered on digital power supplies and energy storage core components.

The company stated that, overall, all business segments performed well in the first half of the year: its core business continued to grow steadily, while sales of its second growth curve—energy storage core components—increased quarter by quarter, suggesting promising prospects for new business initiatives.

The semi-annual report indicates that during the reporting period, the company’s LED lighting driver power supply business generated RMB 471 million in operating revenue, up 14.83% year over year, with a gross margin of 25.73%, an improvement of 2.14 percentage points compared to the same period last year. Sales volume reached 7.8656 million units, a year-over-year increase of 36.67%.

Within this segment, high-power driver revenue totaled RMB 425 million, up 18.98% year over year, while domestic sales amounted to RMB 405 million, up 18.71% year over year.

The company’s sports lighting business has expanded rapidly, with its LED driver power supplies successfully deployed in numerous domestic and international projects, including the renovation of the Alfredo Jaques Stadium in Brazil and the lighting upgrade of the tennis training courts at the Hangzhou Olympic Sports Center. Drawing on years of experience in sports lighting projects, Songsheng has launched its new NS‑V series—a five-in-one power supply specifically designed for sports lighting, supporting D4i, DMX/RDM, 0‑10V, PWM, and resistance dimming functions, thereby providing greater flexibility and control for sports lighting applications.

In addition, during the reporting period, the company introduced the compact, high-efficiency PA‑HF series of outdoor lighting D4i smart drivers, as well as the industry’s first commercial‑grade D4i product—the NH‑V‑F series. With these offerings, Songsheng’s portfolio of intelligent products continues to expand, enabling a wide range of smart functionalities.

(Image source: Songsheng Power)

The company has also consolidated its product lineup through the acquisition and integration of Guangdong Xinshen Technology Co., Ltd., creating a comprehensive “driver + control” product ecosystem that delivers complete, efficient, one-stop lighting solutions for road lighting, industrial lighting, campus lighting, and other applications.

Meanwhile, in the energy storage core components business, the company reported RMB 109 million in revenue during the reporting period, a year-over-year increase of 250.21%. It is worth noting that this business is primarily developed through the company’s controlling subsidiary, Shenzhen Songsheng Innovation Technology Co., Ltd. (hereinafter referred to as “Songsheng Innovation”), which collectively generated RMB 110 million in revenue, up 251.21% year over year.

(Image source: Songsheng Power)

The company disclosed that, in the first half of 2026, it shipped a total of 41,457 units of energy storage core components, an increase of 16,842 units compared to the second half of 2025—an impressive 68.42% rise in shipments. Notably, Q2 alone saw 29,703 units shipped, up 152.71% quarter over quarter, indicating that the energy storage core components business is gradually scaling up and entering a phase of accelerating revenue growth.

On the financial front, Songsheng demonstrated solid performance. Following the mandatory redemption of its convertible bonds, outstanding bond liabilities decreased by RMB 265 million, driving a 40.72% reduction in overall financial expenses. Operating expenses also fell by 4.91%, resulting in a significant improvement in the company’s financial structure.

At the same time, overseas sales reached RMB 104 million, up 27.81% year over year, accounting for 17.64% of total revenue and marking a milestone in the company’s overseas market expansion.

China Light Network also noted that in February this year, the company announced the establishment of a joint venture—Songsheng Yimai—to enter the AI data center and server power supply sectors. In its semi-annual report, Songsheng further stated that it will actively explore emerging application areas, leveraging its extensive R&D capabilities and technological expertise to respond promptly to growing market demands. Sectors such as data center lighting and sports lighting are expected to offer promising growth opportunities, prompting the company to proactively develop tailored products and secure a competitive edge.

Overall, the most notable highlights of Songsheng’s latest semi-annual report are the recovery of profitability and the optimization of its business structure. Today, Songsheng has established a robust development model characterized by a stable traditional core business complemented by rapid growth in its emerging energy storage segment. Its product portfolio continues to expand, technological barriers are steadily being reinforced, and market potential keeps widening. As smart lighting products gain wider adoption and overseas demand for energy storage remains strong, the company’s two core businesses have laid a solid foundation for synergy, making their future development worthy of close attention.