Clenergy Technology Co., Ltd. (Stock Short Name: Clenergy) (603628)

Equity Research Report　|　Industry: PV Mounting Systems and Integrated Smart Energy Solutions　|　Report Date: September 13, 2026　|　As of the close on September 11, 2026; moving averages and Bollinger Bands are estimates based on publicly available historical closing prices, while MACD and certain RSI data are based on information lagging through September 4, 2026

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Clenergy’s latest operating performance is clearly under pressure. In the first half of 2026, operating revenue was RMB 818 million, down 32.15% year on year; net profit attributable to the parent was RMB 21.0553 million, down 75.74% year on year; and non-recurring-adjusted net profit attributable to the parent fell 77.85% year on year. The decline in profit was mainly attributable to lower domestic ground-mounted system sales and PV power-plant EPC revenue, as well as the conversion of foreign-exchange gains into losses. During the same period, net cash flow from operating activities improved to RMB 44.3937 million, but accounts receivable increased to RMB 1.048 billion and inventories rose to RMB 304.10 million, so the quality of working capital remains subject to monitoring.

The company’s business is centered on PV mounting-system manufacturing and extends to EPC, smart operations and maintenance, and PV power-plant investment and operation. Overseas distributed mounting systems and channel services are relatively important areas of differentiation. In the first half of 2026, overseas revenue was approximately RMB 572 million, accounting for approximately 70%; overseas distributed PV mounting-system sales revenue was approximately RMB 543 million, up 41.93% year on year. However, the conversion of overseas business into profit was affected by exchange-rate fluctuations. In 2025, the company’s gross margin for principal businesses declined to 17.34%. A higher proportion of domestic revenue, price competition in domestic fixed-mounting systems, and rising power-plant engineering costs jointly compressed profitability.

The company recently launched a share repurchase program, proposing to repurchase RMB 32.50 million to RMB 65.00 million worth of shares for equity incentives. As of September 8, RMB 6.3110 million worth of shares had been repurchased. Meanwhile, the company plans to provide total credit guarantees of no more than RMB 40 million for its overseas subsidiaries. As of August 27, the total external guarantees provided by the company and its subsidiaries amounted to RMB 1.308 billion, equivalent to 99.24% of net assets attributable to the parent at the end of 2025. These matters, as well as the debt-servicing capabilities of overseas subsidiaries, warrant continued attention.

As of September 11, 2026, the share price closed at RMB 10.49, above the MA10 and MA20 but below the MA5, indicating a low-volume consolidation pattern following a volume-driven rise. RMB 10.75–10.90 is the short-term resistance zone, while RMB 10.30–10.50 and RMB 9.90–10.10 are support zones to monitor. The company’s total market capitalization was approximately RMB 2.864 billion, with a static P/E ratio of approximately 50.65x. The current valuation is highly sensitive to the subsequent recovery in profit, improvement in foreign-exchange gains and losses, and realization of overseas business growth.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Portfolio

• PV mounting systems and related products: including distributed PV mounting systems, ground-mounted fixed PV systems, smart PV trackers, PV power-electronics products, and certain energy-storage products; products cover residential rooftops, commercial and industrial rooftops, BIPV, and ground-mounted power plants, with more than 200 system and accessory products
• PV power-plant development, construction, and smart operations and maintenance: including PV power-plant EPC, surveying and design, equipment procurement, construction and installation, grid-connection services, and O&M services, covering both centralized and distributed PV projects
• PV power-plant investment and clean-energy investment: primarily focused on investment in Chinese commercial and industrial distributed PV power plants, while expanding into digital-energy applications such as energy storage, charging stations, microgrids, and virtual power plants

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Clenergy operates in the middle of the PV value chain. Its core business is PV mounting-system manufacturing, while it also extends into PV EPC, smart O&M, and PV power-plant investment and operation. Profitability is affected by the cost of bulk metals such as steel and aluminum, as well as the proportion of overseas and distributed-market sales, product design and certification capabilities, project collections, and operating efficiency.

• The company primarily purchases aluminum profiles, carbon-steel structural components, stainless-steel structural components, galvanized and machining services, and certain electronic control components. In 2025, aluminum-profile purchases amounted to RMB 337 million, or 24.57% of total purchases; carbon-steel structural components amounted to RMB 754 million, or 55.04%; stainless-steel structural components amounted to RMB 74 million, or 5.37%. The three categories together accounted for 84.98% of total purchases.
• In 2025, direct-material costs in the PV business were RMB 1.307 billion, or 76.79% of PV-business operating costs; direct-material costs for PV mounting systems were RMB 1.288 billion, accounting for approximately 75.69% of PV mounting-system costs.
• The company’s overall upstream bargaining power is limited. Prices of bulk metals such as steel and aluminum are affected by market supply and demand, and the company is generally a price taker or has weak bargaining power regarding raw materials. If sales contracts lack raw-material price-adjustment mechanisms, increases in material prices will squeeze margins.
• Purchases from the top five suppliers in 2025 amounted to RMB 650 million, or 43.98% of annual total purchases. Certain supplier names were disclosed anonymously, so the specific degree of supplier concentration cannot be determined solely from the annual report.
• Downstream customers mainly include large PV power-plant investors and developers, PV EPC contractors, commercial and industrial enterprises and industrial parks, overseas residential and commercial and industrial PV-system distributors and installers, and certain energy, power, and manufacturing customers.
• Direct sales revenue in 2025 was RMB 1.614 billion, accounting for approximately 78.40% of principal-business revenue, with a gross margin of 13.52%; distribution revenue was RMB 445 million, accounting for approximately 21.60%, with a gross margin of 31.23%. Distribution gross margin was higher, but revenue declined 13.77% year on year.
• Sales to the top five customers in 2025 amounted to RMB 616 million, or 29.51% of annual total sales. This is based on the 2025 full-year caliber. Certain customers were disclosed anonymously as “new top-five customer one” and similar descriptions, so specific customer quality and dependence on any single customer cannot be confirmed.
• The overseas distributed mounting-system market places greater emphasis on certification, reliability, ease of installation, and localized services. The company has a certain brand, channel, and service premium. Domestic ground-mounted fixed systems are more standardized and face more intense price competition, while customers are sensitive to cost and delivery times.
• EPC business is project-based, and revenue fluctuations and collection schedules are affected by project progress. In 2025, collections from domestic centralized power-plant projects affected operating cash flow.
• As of December 31, 2025, the carrying value of accounts receivable was RMB 991 million, compared with operating revenue of RMB 2.088 billion. Accounts receivable equaled approximately 47.5% of full-year operating revenue and approximately 17.3x 2025 net profit attributable to the parent. The closing balance of accounts receivable was RMB 1.071 billion, with a bad-debt provision of RMB 80.3464 million. During the same period, notes payable were RMB 418 million, accounts payable were RMB 170 million, and contract liabilities were RMB 31.05 million. Accounts receivable remained significantly higher relative to supplier financing and contract liabilities. Net cash flow from operating activities was negative RMB 164 million in 2025, compared with RMB 184 million in 2024, indicating substantial pressure from downstream collections and project-related capital occupation. It is not appropriate to simply conclude that the company has strong bargaining power over downstream customers. The top five accounts-receivable customers accounted for 32.14% at the end of 2024; the comparable 2025 data was unavailable in the research notes and cannot be extrapolated.
• Customer concentration: sales to the top five customers in 2025 accounted for 29.51% of annual total sales; supplier concentration: purchases from the top five suppliers accounted for 43.98% of annual total purchases. Some customers and suppliers were disclosed anonymously, so concentration in specific categories of large customers or suppliers cannot be confirmed. The above data comes from the 2025 annual report, and anonymous customer names limit further cross-checking.

The company is a hybrid business combining “midstream manufacturing + overseas channel services + partial power-plant operations.” PV mounting-system manufacturing is a midstream business with high material costs and limited bargaining power over bulk-metal prices, making economies of scale and cost control key to profitability. Overseas distributed mounting systems, product certification, structural design, and localized services are relatively high-value-added activities. PV power generation has a high gross margin but is subject to capital occupation, project-development cycles, electricity prices, and grid-consumption constraints. Future gross-margin improvement will mainly depend on a higher proportion of overseas and distributed mounting systems, increased sales of higher-value-added products such as smart trackers and system-design services, easing domestic fixed-system price competition, improved raw-material cost pass-through, higher capacity utilization, and better collections and working-capital management in power-plant EPC projects.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

As of August 31, 2026, the company had disclosed its 2026 interim report. The report was unaudited and was the latest available formal financial report. In the first half of 2026, non-recurring-adjusted net profit attributable to the parent was RMB 19.0387 million, down 77.85% year on year; basic EPS was RMB 0.0774, down 75.59% year on year; and basic EPS after non-recurring items was RMB 0.0700, down 77.71% year on year. Net cash flow from operating activities was RMB 44.3937 million, compared with negative RMB 157.77 million in the same period of the prior year, an improvement of 128.14% year on year. As of June 30, 2026, net assets attributable to the parent were RMB 1.33431 billion, up 1.25% from the end of 2025; total assets were RMB 3.49978 billion, up 6.07%; accounts receivable were RMB 1.04750 billion, representing 29.93% of total assets and up 5.71%; and inventories were RMB 304.10 million, up 29.96%.

Revenue and profit both declined significantly in the first half of 2026. The revenue decline mainly reflected slower domestic new PV installations, lower domestic ground-mounted system sales, and a year-on-year decline in PV power-plant EPC revenue. The key factor behind the sharp profit decline was the conversion of foreign-exchange gains into losses, with foreign-exchange gains and losses decreasing by approximately RMB 68.9973 million year on year. The earnings preview projected first-half net profit attributable to the parent of RMB 18 million to RMB 26 million and non-recurring-adjusted net profit attributable to the parent of RMB 16 million to RMB 24 million; the formally disclosed figures both fell within the preview ranges. Overseas revenue was approximately RMB 571.8 million and domestic revenue approximately RMB 230.6 million, with overseas revenue accounting for approximately 70%. Overseas business remained the main source of revenue. Foreign-exchange risk, accounts-receivable collections, inventory turnover, and impairment risk require attention.

3.2 Earnings Forecast

The above figures are forecasts from the initial coverage report published by Minsheng Securities on October 16, 2025. They represent a historical forecast from a single broker rather than a multi-institution consensus forecast following the 2026 interim report. The report forecast 2025 operating revenue of RMB 2.455 billion and net profit attributable to the parent of RMB 152 million, materially above the company’s disclosed actual 2025 operating revenue of RMB 2.08783 billion and net profit attributable to the parent of RMB 57.4342 million. Its 2026 forecast was also materially higher than the company’s actual first-half 2026 performance, indicating significant timing lag and downward-revision risk. The report additionally forecast gross margins of 18.97%, 21.05%, and 21.40% for 2025–2027, respectively, and net margins of 6.18%, 6.93%, and 7.48%, respectively. The forecast logic included expansion of the overseas PV mounting-system business, growth in PV power-plant engineering and investment, and gradual volume ramp-up of residential energy-storage products in 2026–2027. As of the time of this search, no publicly verifiable multi-institution consensus earnings forecast following the 2026 interim report had been identified.

3.3 Valuation and Institutional Rating

As of September 11, 2026, public valuation platforms showed total market capitalization of approximately RMB 2.909 billion, a P/E ratio of approximately 69.08x, a P/B ratio of approximately 2.17x, a dividend yield of approximately 0.4%, a P/S ratio of approximately 1.3x, and ROE of approximately 1.58%. As of September 10, the latest complete trading day, the closing price was RMB 10.67; another market-data source showed an intraday price of approximately RMB 10.37 on the morning of September 11. This report uses the P/E and P/B data disclosed by platforms as of September 11 and does not treat the intraday price as the official closing price. According to Tonghuashun, based on the 2026 interim-report caliber, EPS was approximately RMB 0.08 and net asset value per share approximately RMB 4.82. It also showed a static P/E of approximately 50.65x and a dynamic P/E of approximately 69.08x. Differences among platforms reflect differing static/dynamic P/E definitions, data-update times, and whether TTM profit is used. Annualizing first-half 2026 net profit attributable to the parent of RMB 21.0553 million yields estimated full-year profit of approximately RMB 42.11 million, implying an annualized P/E of approximately 69x based on market capitalization of approximately RMB 2.9 billion. However, this method does not account for second-half seasonality, exchange-rate changes, order recognition, or business volatility and is provided only as a valuation-sensitivity reference. The current P/B of approximately 2.17x is not extremely high, but the P/E of approximately 50x–69x is clearly affected by the low profit base. If profit recovers to Minsheng Securities’ original 2026 forecast of RMB 207 million, the forward P/E based on market capitalization of approximately RMB 2.9 billion would be approximately 14x. If full-year 2026 profit is close to the annualized first-half level, the current P/E would remain high. Valuation mainly depends on whether foreign-exchange gains and losses recover, whether overseas mounting-system growth is realized, and whether residential energy storage can generate incremental profit.

4. Recent News and Announcements

4.1 Company Launches Share Repurchase Plan for Equity Incentives

Clenergy held the third extraordinary meeting of the fifth Board of Directors on September 4, 2026, and disclosed the repurchase plan on September 5. The company plans to use its own funds to repurchase shares through centralized bidding, with a repurchase amount of no less than RMB 32.50 million and no more than RMB 65.00 million and a maximum repurchase price of RMB 13 per share. It expects to repurchase 2.5 million to 5.0 million shares, representing approximately 0.92%–1.83% of total shares. The repurchased shares are intended for equity incentives and will not be cancelled or used to convert convertible bonds. The repurchase period is September 7, 2026 to September 6, 2027.

4.2 Company Completes Initial Repurchase, with Cumulative Repurchases of RMB 6.3110 Million

The company first implemented the repurchase on September 7, 2026, and disclosed the progress on September 8. As of the announcement date, it had repurchased 617,077 shares, representing approximately 0.23% of total shares, for RMB 6.3110 million excluding transaction costs. The transaction-price range was RMB 9.86–10.76 per share, implying an actual average transaction price of approximately RMB 10.23 per share based on the announcement data. Relative to the repurchase plan, approximately 19.4% of the minimum amount and 9.7% of the maximum amount had been completed. Subsequent progress will depend on market prices, funding arrangements, and the pace of implementation.

4.3 Shareholdings of the Top Ten Shareholders Before Disclosure of the Repurchase

On September 10, 2026, the company disclosed the shareholdings of its top ten shareholders and top ten shareholders of unrestricted shares before the repurchase. Among the top ten shareholders, HONG DANIEL held 81,407,607 shares, or 29.86% of total shares; Xiamen Financial Holdings Co., Ltd. held 41,257,827 shares, or 15.13%; Wang Xiaoming held 6,710,243 shares, or 2.46%; and Xiamen Heying Investment Management Co., Ltd. held 4,353,050 shares, or 1.60%. The announcement was an information disclosure required for the repurchase procedure. These holdings represent a shareholder snapshot and cannot be used to conclude that the relevant shareholders had conducted new purchases or sales.

4.4 First-Half 2026 Net Profit Declines 75.74% Year on Year

The company disclosed its 2026 interim report on August 31, 2026. First-half operating revenue was approximately RMB 818 million, net profit attributable to shareholders of the listed company was approximately RMB 21.0553 million, down 75.74% year on year, and basic EPS was approximately RMB 0.0774. The company plans not to distribute profits or capitalize its capital reserve during the 2026 interim period.

4.5 Overseas Mounting-System Business Grows, but Foreign-Exchange Gains and Losses Weigh on Profit

In the first half of 2026, overseas distributed PV mounting-system sales revenue was approximately RMB 543 million, up 41.93% year on year. During the same period, foreign-exchange gains turned into losses, materially weighing on net profit attributable to shareholders of the listed company. Revenue and growth in certain businesses therefore did not fully translate into net-profit growth.

4.6 No New Earnings Preview or Earnings Flash Identified as of September 12

As of September 12, 2026, no new earnings preview, earnings flash, or profit increase/decrease announcement separately issued by Clenergy in September 2026 had been identified. The latest formal earnings information remained the interim report disclosed on August 31, 2026. This conclusion is based on searches of relevant announcement indexes and announcement-summary pages and does not mean that the company will not issue new earnings-related announcements in the future.

4.7 Interim Report Discloses Shareholder Count and Changes Among Top Ten Shareholders

As of June 30, 2026, the company had 28,489 ordinary-shareholders, down 5,642 from March 31, 2026, a decrease of approximately 16.53%. The interim report showed that Wang Xiaoming held 7,322,143 shares at period end, down 1,922,200 shares during the reporting period; Clenergy International Limited reduced its holdings by 477,500 shares; and Ni Wanglong reduced holdings by 172,475 shares. Wang Chenghua, Wang Huilan, Deng Huigen, and other shareholders increased their holdings to varying degrees.

4.8 Executive Share Sales and Share Pledges

Public announcement summaries show that around July 17, 2026, directors Cao Changsen, Fang Rongmin, and others sold a combined approximately 107,700 shares, representing approximately 0.04% of the tradable share capital, at an average transaction price of approximately RMB 6.51 per share. As of September 4, 2026, the company’s total share-pledge ratio was approximately 0.73%, involving approximately 1.99 million pledged shares in two pledges.

4.9 Wholly Owned Subsidiary Plans to Provide Guarantees for Bank Credit Facilities of Subsidiaries

The company disclosed on August 31, 2026, that its first-tier wholly owned subsidiary, Clenergy International (Hong Kong) Limited, plans to provide joint and several liability guarantees for comprehensive bank credit facilities applied for by wholly owned subsidiaries including Clenergy Deutschland GmbH and Clenergy International (UK) Limited. Total guarantees will not exceed RMB 40 million, with each of the two subsidiaries corresponding to a RMB 20 million guarantee limit. As of August 27, 2026, total external guarantees provided by the company and its subsidiaries amounted to RMB 1,307.7478 million, representing 99.24% of the company’s audited net assets attributable to the parent at the end of 2025. There were no overdue external guarantees. The asset-liability ratios of some guaranteed subsidiaries exceeded 70%, and the guarantee remains subject to shareholder approval.

4.10 Company to Hold Extraordinary Shareholders’ Meeting to Review Guarantees and Articles Amendments

The company plans to hold its first extraordinary shareholders’ meeting of 2026 on September 15, 2026, to review the provision of guarantees by wholly owned subsidiaries for bank credit facilities applied for by subsidiaries, as well as changes to registered capital and amendments to the Articles of Association resulting from changes in registered capital and share count caused by convertible-bond conversions. As of September 12, 2026, the shareholders’ meeting had not yet been held, and the above matters remained subject to review.

4.11 No New Major Acquisition or Major Asset Restructuring Announcement Identified in September

As of September 12, 2026, no newly disclosed announcement regarding a major asset restructuring, major acquisition, change of control, or external acquisition by Clenergy in September 2026 had been identified. The company’s recent business focus includes PV mounting systems, overseas markets, and energy storage. In its 2026 interim disclosure, the company stated that it had launched Smart-series and Advance-series residential and commercial and industrial energy-storage products and was advancing overseas sales.

4.12 Company’s Private-Equity Fund Investment Enters Liquidation Arrangements

On July 29, 2026, the company disclosed an announcement on the liquidation of its external investment in the establishment of a private-equity fund. This was a liquidation arrangement for a prior investment and was not a new acquisition event in September 2026.

4.13 No Regulatory Penalty or Investigation Announcement Identified as of September 12

As of September 12, 2026, no announcement had been identified indicating that Clenergy received a regulatory inquiry, disciplinary action, investigation, or administrative penalty from the Shanghai Stock Exchange during August–September 2026.

4.14 Clenergy Included in the Margin-Financing and Securities-Lending Eligible List

In July 2026, the Shanghai Stock Exchange issued its notice on the regular adjustment of margin-financing and securities-lending eligible securities for the second quarter of 2026. Clenergy (603628) was included in the eligible list. This was an adjustment at the trading-system level rather than a major positive or negative development in the company’s operations.

4.15 Company Will Not Lower the Conversion Price of the “Clenergy Convertible Bond”

On August 8, 2026, the company disclosed that it would not lower the conversion price of the “Clenergy Convertible Bond.” Previously, the company had adjusted the conversion price of the bond due to matters including the repurchase and cancellation of restricted shares. Continued convertible-bond conversion will affect the company’s share-capital structure and is one of the reasons why the company plans to review changes to registered capital and amendments to the Articles of Association on September 15, 2026.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Clenergy closed at RMB 10.49, continuing to retreat from the high reached after the volume-driven rise on September 7. The share price had fallen below MA5 but remained above MA10, MA20, and the Bollinger middle band. Short-term momentum had cooled, while the medium-term rebound structure had not been completely broken. Turnover increased to RMB 193 million–221 million on September 7–8 and then declined to approximately RMB 74.61 million on September 11, indicating low-volume consolidation after the volume-driven rise. RMB 10.75–10.90 corresponds simultaneously to MA5, the recent high area, and the Bollinger upper band, making it a concentrated short-term resistance zone. RMB 10.30–10.50 and RMB 9.90–10.10 constitute near-term and strong support zones, respectively. Dynamic P/E should not be expressed as a single multiple because earnings for the latest four quarters may be negative or close to breakeven.

5.3 Short-Term Outlook (Next Week, Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is only a subjective scenario analysis based on closing data, historical prices, and technical indicators as of September 11, 2026. It does not constitute investment advice or a single-point price forecast.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher heuristic subjective weight, approximately 50%–60%; not a statistical probability): the range to monitor is RMB 10.20–10.80. Trigger conditions include holding around RMB 10.30, turnover remaining at approximately RMB 60 million–120 million, and no obvious sector-wide negative catalyst. From a logical perspective, the gradual low-volume adjustment from the sharp rise on September 7 through September 11 may allow supply and demand to rebalance between RMB 10.30 and RMB 10.80.
• Moderately weaker decline (medium heuristic subjective weight, approximately 30%; not a statistical probability): the range to monitor is RMB 9.80–10.30. Trigger conditions include repeated failure to hold around RMB 10.30, a renewed increase in daily turnover accompanied by a lower close, or broad weakness in the PV-equipment sector. A break below RMB 10.30 could lead to a retest of MA20 and the Bollinger middle band near RMB 9.99; if RMB 9.90 is also decisively breached, the monitored range could move lower.
• Stronger rebound (relatively low heuristic subjective weight, approximately 10%–20%; not a statistical probability): the range to monitor is RMB 10.80–11.20. Trigger conditions include reclaiming RMB 10.75–10.90 and a clear recovery in daily turnover to above RMB 120 million, preferably with two consecutive closes above RMB 10.90. Renewed volume expansion would be needed to confirm that selling pressure near the September 8 high has been absorbed; without volume confirmation, a rebound could again encounter resistance.

③ Funding and Liquidity Background

Recent turnover rates were 6.68% on September 7, 7.55% on September 8, 3.98% on September 9, 3.18% on September 10, and 2.62% on September 11. Normal recent turnover was broadly RMB 23 million–75 million, while turnover expanded to RMB 193 million–221 million on September 7–8 due to the sharp gain and high volatility. Turnover of approximately RMB 74.61 million on September 11 was materially below the earlier peak, reflecting a decline in short-term trading activity and shrinking volume. Concentration among the top ten tradable shareholders was approximately 53%–54%, with data as of June 30, 2026 or September 4, 2026, and therefore lagged. No clear evidence of public funds, social-security funds, insurers, or securities-firm asset-management products among the top ten tradable shareholders was identified. Major holders were controlling shareholders, local state-owned enterprises, individuals, and investment companies. This structure implies relatively limited freely tradable shares but does not support an inference about future share-price direction; holdings may have changed during the period.

If the share price breaks above RMB 10.80–10.90 with daily turnover recovering to above RMB 120 million and remaining at that level for at least one trading day, this may serve as an observation signal that the rebound has volume confirmation. If the share price declines on increased volume and turnover exceeds RMB 120 million, this should more appropriately be viewed as a signal of selling-pressure release rather than simply a signal of fund inflow.

④ Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether RMB 10.30–10.50 can form short-term support and whether a breakdown would lead to a move toward the strong-support zone of RMB 9.90–10.10.
• Observe whether MA20 and the Bollinger middle band around RMB 9.90–10.10 provide effective support; if RMB 9.90 is decisively breached, monitor RMB 9.60–9.80 and the further area near RMB 9.10.
• Observe whether the resistance zone at RMB 10.75–10.90 can be broken with increased turnover, and monitor the subsequent resistance area near RMB 11.10–11.20.
• Observe whether turnover can return above RMB 120 million and whether the share price rises or falls when volume expands. These are observation frameworks only, not trading instructions.

The above scenario analysis is based on closing data, historical prices, and technical calculations as of September 11, 2026. Short-term share prices will also be affected by news flow, fund flows, the broader market environment, and other factors. Technical indicators themselves have lagging effects and limitations. This analysis does not guarantee future actual performance and does not constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Landscape and Competitor Analysis

6.1 Industry Overview

PV mounting systems belong to the PV equipment and PV auxiliary-materials industries and are positioned in the middle of the PV value chain. Demand is highly correlated with global new PV installations. In addition to steel and aluminum costs, product value depends on structural design, wind and snow resistance, installation efficiency, certification, project delivery, and after-sales service. Fixed mounting systems are relatively standardized and face strong price competition. Tracking systems incorporate drive systems, control systems, algorithms, and structural design, requiring relatively higher technical capabilities and project experience.

6.2 Competitive Landscape

• Fixed-mounting products feature relatively mature technology and structures and a high degree of homogenization. Customers are sensitive to material costs, quotations, and delivery schedules. Clenergy’s domestic fixed-mounting gross margin came under pressure in 2025, reflecting this competitive environment.
• Tracking systems can increase power generation by adjusting module angles and have higher requirements for technology, project experience, and system reliability. Competition is not purely based on material prices, but certification, project validation, and overseas delivery requirements remain important.
• The Qianzhan Industry Research Institute, citing public industry data, stated that in 2024 the top three Chinese PV-mounting companies accounted for approximately 37.9% of global shipments, the top five approximately 51.3%, and the top ten approximately 73.8%. This is third-party industry research rather than unified official statistics and should be used as a reference for industry concentration rather than as precise market-share data.
• Overseas markets have high requirements for product certification, structural safety, corrosion resistance, wind-tunnel testing, and local after-sales service. Clenergy has overseas branches or service organizations in Australia, Germany, the United Kingdom, Japan, Thailand, and the Philippines, but its overseas business faces risks related to exchange rates, trade policies, transportation costs, and regional demand fluctuations.
• In 2025, domestic principal-business revenue was RMB 1.267 billion, accounting for 61.55%, with a gross margin of 11.50%; overseas revenue was RMB 792 million, accounting for 38.45%, with a gross margin of 26.68%. Overseas gross margin was higher than domestic gross margin, but the increased share of domestic revenue in 2025 lowered the overall gross margin.

6.3 Major Competitors

Clenergy is comparable with Arctech Solar, Changzhou Integrated Precision, and Zhenjiang in PV-mounting manufacturing, but their business focuses differ. Clenergy is characterized by distributed rooftop mounting systems, overseas residential and commercial and industrial markets, overseas channels, and power-plant services. Arctech is more focused on large ground-mounted power plants and tracking systems; Changzhou Integrated Precision has stronger contract-manufacturing and major-customer supporting characteristics; and Zhenjiang has a more diversified business. Compared with Trina Solar, Clenergy differs in scale and business concentration, with overlap mainly in tracking systems and system solutions. Industry-concentration data comes from third-party research and lacks a unified official statistical caliber. Disclosure of revenue, margins, customer structure, and capacity by unlisted comparable companies is limited.

7. Risk Factors

• Foreign-exchange gains and losses: In the first half of 2026, foreign-exchange gains turned into losses, creating a year-on-year drag of approximately RMB 68.9973 million on net profit attributable to the parent. The company has a high proportion of overseas revenue, and exchange-rate fluctuations may continue to cause revenue growth and profit growth to diverge.
• Domestic mounting-system price competition and gross-margin decline: Domestic principal-business gross margin was only 11.50% in 2025, while domestic fixed-mounting gross margin fell to 14.88%. If domestic ground-mounted demand and the price-competition environment do not improve, overseas growth may be insufficient to offset profitability pressure in domestic operations.
• Accounts-receivable and collection risk: At the end of 2025, the carrying value of accounts receivable was RMB 991 million, equivalent to approximately 47.5% of full-year operating revenue, while 2025 net cash flow from operating activities was negative RMB 164 million. Accounts receivable had increased further to RMB 1.048 billion by the end of June 2026. Delayed collections from domestic centralized power plants and EPC projects could increase bad-debt and capital-occupation pressure.
• Inventory and impairment risk: Inventories were RMB 304 million at the end of June 2026, up 29.96% from the end of 2025. If domestic mounting-system sales slow, project delivery is delayed, or product prices continue to fall, inventory turnover may slow and impairment pressure may rise.
• External guarantees and overseas subsidiary credit risk: As of August 27, 2026, total external guarantees provided by the company and its subsidiaries amounted to RMB 1.308 billion, or 99.24% of net assets attributable to the parent at the end of 2025. The company plans to provide total credit guarantees of no more than RMB 40 million for overseas subsidiaries, and the asset-liability ratios of certain guaranteed subsidiaries exceed 70%, requiring attention to potential guarantee-compensation risk.
• Overseas operating risk: The company has a high proportion of overseas revenue. Overseas markets are affected by exchange rates, trade policies, transportation costs, certification, and localized services. Regional demand fluctuations or rising overseas delivery costs could compress the profit of the distributed mounting-system business.
• Earnings-forecast and valuation risk: Minsheng Securities’ previous forecasts for 2025 revenue and net profit attributable to the parent were materially higher than the company’s actual disclosed results, and its original 2026 earnings forecast was also materially higher than actual first-half 2026 performance. With a low profit base, the company’s static P/E is approximately 50.65x; if profit recovery falls short of expectations, valuation volatility could increase.
• Technical and shareholding-structure volatility risk: After the volume-driven rise on September 7–8, the share price underwent consecutive low-volume adjustments, with resistance around RMB 10.75–10.90. The top ten tradable shareholders hold approximately 53%–54%, leaving relatively limited freely tradable shares that could amplify short-term price volatility. However, the relevant shareholder data is lagged.

8. Conclusion and Outlook

Clenergy’s medium- to long-term growth logic mainly comes from overseas distributed PV mounting systems, product certification and localized service capabilities, and extensions into smart trackers, energy storage, and integrated PV power-plant services. Revenue from overseas distributed mounting systems grew rapidly in the first half of 2026, indicating continued support from the company’s overseas channels and product competitiveness. If the proportion of overseas business continues to rise, foreign-exchange gains and losses stabilize, and domestic fixed-mounting price competition eases, there is room for overall gross and net margins to recover.

However, current results have not yet validated that these growth drivers have translated into stable profitability. Revenue increased while net profit attributable to the parent declined in 2025; revenue and profit declined further in the first half of 2026; and historical forecasts differed materially from actual performance. Existing earnings forecasts cannot be directly extrapolated. Key items to monitor include whether overseas order growth can offset the contraction in domestic business, whether the impact of exchange-rate movements on profit diminishes, whether accounts receivable and inventories can be controlled, and whether collections from EPC projects and the efficiency of power-plant investment and operations improve.

The share repurchase and equity incentive program may demonstrate management’s long-term operating arrangements, but it does not eliminate the current uncertainties surrounding profitability and cash flow. Technically, the share price is in a post-rebound consolidation phase, while valuation is clearly affected by the low profit base. Future fundamentals, developments related to the guarantee matters, and changes in price-volume structure will jointly determine the market’s repricing of the company’s earnings recovery.

Data Sources

• Clenergy (603628)_Company Announcements_Clenergy: 2025 Annual Report_Sina Finance_Sina.com
• Company Introduction—Clenergy
• Clenergy Technology Co., Ltd. 2025 Annual Report
• Clenergy (603628)_Company Announcements_Clenergy: Relevant Bonds 2026 Tracking Rating Report_Sina Finance_Sina.com
• Clenergy (603628)_Company Announcements_Clenergy: 2024 Annual Report_Sina Finance_Sina.com
• Industry Deep Dive: Insights 2026—Competitive Landscape and Corporate Positioning in China’s PV-Mounting Industry (Including Market Shares and Listed-Company Results)_Qianzhan Industry Economics
• Company Announcements_Arctech Solar Prospectus for Initial Public Offering and STAR Market Listing_Sina Finance_Sina.com
• 2021 Comparison of Key Companies in China’s PV-Mounting Industry: Arctech Solar vs. Akcome Technology vs. Clenergy vs. Zhenjiang vs. Changzhou Integrated Precision (Chart)_Huaon.com
• The Most Comprehensive 2026 Comparison of Listed Companies in the PV-Mounting Industry (Including Business Footprints, Results, and Business Plans)_Qianzhan.com
• Clenergy (603628)_Company Announcements_Clenergy: 2026 Interim Report_Sina Finance_Sina.com
• Clenergy (603628)_Company Announcements_Clenergy: 2026 Interim Report_Sina Finance_Sina.com
• Clenergy (603628)_Company Announcements_Clenergy: 2025 Annual Report_Sina Finance_Sina.com
• Clenergy (603628)_Company Announcements_Clenergy: 2026 Interim Earnings Preview_Sina Finance_Sina.com
• Clenergy (603628) Company Events_F10_Tonghuashun Financial Services
• https://pdf.dfcfw.com/pdf/H3_AP202510161763381221_1.pdf?1760683120000.pdf=
• Clenergy Financial Report Analysis_2025 Financial Data and Fundamental Review | Caibaobang Stock Investment Guide
• Clenergy (603628)—Historical Trading Data | Dabanke.com
• Clenergy (603628) Latest Developments_F10_Tonghuashun Financial Services
• Latest Announcements | Shanghai Stock Exchange
• Clenergy (603628)_Company Announcements_Clenergy: Announcement and Repurchase Report on the Plan to Repurchase Shares Through Centralized Bidding_Sina Finance_Sina.com
• Clenergy (603628)_Company Announcements_Clenergy: Announcement on the Initial Repurchase of Company Shares Through Centralized Bidding_Sina Finance_Sina.com
• Clenergy (603628)_Company Announcements_Clenergy: Announcement on Shareholdings of the Top Ten Shareholders and Top Ten Shareholders of Unrestricted Shares Before the Repurchase_Sina Finance_Sina.com
• Clenergy (603628) Latest Developments_F10_Tonghuashun Financial Services
• Clenergy_Individual Stock Calendar_Eastmoney Data Channel
• Clenergy (603628)_Company Announcements_Clenergy: Announcement on Guarantees by a Wholly Owned Subsidiary for Bank Credit Facilities Applied for by Subsidiaries_Sina Finance_Sina.com
• Clenergy (603628)_Company Announcements_Clenergy: Notice of the First Extraordinary Shareholders’ Meeting of 2026_Sina Finance_Sina.com
• Clenergy—Jisilu
• Notice on Matters Relating to the Regular Adjustment of Margin-Financing and Securities-Lending Eligible Securities for the Second Quarter of 2026 | Shanghai Stock Exchange
• List of Main-Board Listed Companies on the Shanghai Stock Exchange
• Clenergy (603628) Stock Information—Data Platform
• Clenergy (603628.SH) Stock Quotes_Historical Data_Main Funds—Dabolang Data
• Clenergy (as of June 30, 2026) Had 28,489 Shareholders, Down 16.53% Quarter on Quarter

This report was automatically searched, compiled, and generated by AI based on publicly available information. Information is current as of the close on September 11, 2026; moving averages and Bollinger Bands are estimates based on publicly available historical closing prices, while MACD and certain RSI data are based on information lagging through September 4, 2026, and may differ in timeliness. Specific data should be based on the company’s formal announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.