August 25, 2025 – Sun.King Technology Group Limited (“the Group” or “Sun.King Technology”) held its 2025 interim results online briefing, providing a comprehensive review of its financial and operational performance for the first half of the year. Key highlights are as follows:

· Revenue reached RMB 888 million, up approximately 35% year-on-year;

· Net profit attributable to shareholders was RMB 93.77 million, representing a 178% increase year-on-year;

· Net profit margin was 9.6%, an increase of 6.4 percentage points year-on-year;

· Basic earnings per share were RMB 0.0585, up 180% year-on-year;

· Interim dividend declared: HKD 0.01 per share (no dividend was declared in the same period last year).

Total revenue reached RMB 888 million, representing 35% growth compared to the same period last year. Flexible and conventional HVDC transmission contributed the largest share with a 38% increase, primarily benefiting from project deliveries such as “Saudi Arabia” and “Gansu-Zhejiang.” Renewable energy generation and storage followed with a remarkable 108% increase, supported by growth in the Group’s renewable power station business and sales of self-developed power semiconductors, laminated busbars, and integrated busbars. Other markets and businesses grew by 15%, mainly driven by sales of the Group’s self-developed power semiconductors and power electronic capacitors.

Figure 1: Total Revenue

Strong Momentum in Flexible DC Transmission Projects

Revenue from flexible DC transmission projects recorded substantial growth in the first half of 2025, driven by deliveries of projects launched in 2024, including Shaanxi-Anhui, Gansu-Zhejiang, and Saudi Arabia Central-South. Looking ahead, growth momentum remains strong, with multiple projects expected to be approved in 2025, including Tibet Southeast–Greater Bay Area and West Inner Mongolia–Beijing-Tianjin-Hebei, both already approved and pending tendering. Brazil’s Meri Hill Phase III has been awarded to State Grid Corporation of China and is pending formal tendering, while Xinjiang–Sichuan/Chongqing and Badain Jaran–Sichuan are expected to be approved by year-end.

Figure 2: Conventional and Flexible HVDC Orders

 Looking longer term, a large pipeline of ultra-high-voltage (UHV) DC projects is planned during the “15th Five-Year Plan” period, with new demand expected under the “16th Five-Year Plan.” Notably, as the outbound transmission project for the Yajiang Hydropower Plant, 8–12 flexible or hybrid DC projects are anticipated during the “16th Five-Year Plan,” providing a solid and sustainable growth foundation for years ahead.

Figure 3: UHV DC Projects Planned under the 15th and 16th Five-Year Plans

Multiple innovative technologies and application scenarios are emerging. In the first half of 2025, deliveries included projects such as Yangzhou-Zhenjiang DC Transmission Phase II, Brazil’s Itaipu Hydropower DC export, Chile/Peru DPFC, and CGN Shengsi Offshore Wind Transmission. Additional projects scheduled for later this year include Shanghai Electric’s Shandong Peninsula Offshore Wind and Huaneng’s Shandong Offshore Wind projects.

Breakthroughs in Self-Developed Power Semiconductors

The Group continued to enhance its portfolio of self-developed power semiconductor products, broadening downstream market coverage. New products launched in H1 2025 include the seventh-generation i23 series IGBT chips with micro-trench design, ED-packaged IGBT modules, and multiple module products in FP, EP, and TF packages. In SiC chips, the Group reached an internationally advanced level with 1200V/13mΩ devices and HE-EV and EVD modules featuring resistance as low as 2–4mΩ.

Revenue from self-developed power semiconductors reached RMB 53.14 million in H1 2025, up 231% year-on-year and 23% quarter-on-quarter, driven by rising customer demand and increased orders, particularly for new 1700V products. The full-year revenue target for self-developed semiconductors is RMB 150 million.

Figure 4: Revenue from Self-Developed Power Semiconductors

Leading Technologies Unlocking Global Market Potential

With several world-leading technologies, the Group is well-positioned for significant market opportunities. Its solid-state DC circuit breaker, certified by the world’s top three classification societies, has been successfully applied in major pilot projects across China and Europe. As the world’s first product covering 1–3kV with current ratings up to 5kA, it achieves microsecond-level switching performance and has established partnerships with Siemens Marine, Kongsberg Maritime, and China State Shipbuilding Corporation.

In pulsed power switching, the Group has delivered more than 80 projects across frontier applications, including nuclear fusion, high-energy particle research, radar systems, underwater exploration, and high-voltage laboratories. Products reach up to 100kV in voltage and tens to hundreds of kA in current ratings, with solutions based on thyristors, high di/dt thyristors, IGCTs, and multiple IGBT module platforms (Hipak, Stakpak, Linpak), tailored to customer requirements.

Dual Growth Drivers: UHV Transmission and Semiconductors, Full-Year Revenue Target of RMB 2 Billion”

Looking ahead, Sun.King Technology will seize global opportunities in energy transition, deepen its participation in UHV grid construction, and maintain strong growth in transmission and distribution. The Group will continue to advance R&D and market expansion of self-developed power semiconductors, while also promoting solid-state switches and pulsed power switches in emerging sectors such as electric ships and controlled nuclear fusion.

The Group remains committed to enhancing operational management and strengthening marketing efforts to achieve its 2025 targets: revenue of RMB 2 billion and net profit attributable to shareholders of RMB 140 million.