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In the first half of 2025, the global frequency converter market showed a trend of structural differentiation amid the main theme of "weak recovery": investment pace in traditional manufacturing slowed down, while demand in emerging industries erupted like a blowout. Price wars coexisted with high-end product substitution, and the entire industry was entering a new phase of in-depth integration featuring "tough technical breakthroughs + industrial ecological collaboration."
By sorting out the data from the semi-annual reports (covering the period from January 1 to June 30, 2025) of listed enterprises in China's frequency converter industry, it can be found that the industry's growth rate has slowed down, and enterprises' profit margins have been significantly compressed amid fierce market competition.
The current industry pattern presents a striking contrast of "ice and fire": leading enterprises continue to take the lead with their advantageous positions, and the differentiation trend among small and medium-sized enterprises has become increasingly obvious. Among them, there are many rapidly emerging dark horses in the industry, but some enterprises have fallen into operational difficulties.
Despite the dual challenges of survival pressure and rising costs, many enterprises are actively responding, striving to explore ways to break the deadlock and seize development opportunities in adversity.

So, what are the areas worth paying attention to in the inverter industry this year? We can get a glimpse of the development of the inverter market by looking at the first-half performance of some inverter listed companies this year.

1：Inovance

In the first half of 2025, Inovance Technology achieved a total operating revenue of 20.509 billion yuan, a year-on-year increase of 26.73%; it recorded a net profit attributable to shareholders of listed companies of 2.968 billion yuan, a year-on-year growth of 40.15%.
Inovance Technology stated that the reasons for the company's revenue growth are: ① The revenue of the new energy vehicle business increased by approximately 50% year-on-year; ② The revenue of the general automation business rose by 17% year-on-year. The drivers behind the net profit growth include: ① A year-on-year revenue increase of about 27%; ② Effective overall cost control, with the year-on-year growth rate of selling, general and administrative expenses lower than that of revenue; ③ A year-on-year increase in investment income.
Focusing on automation, digitalization and intelligence in the industrial field, Inovance Technology specializes in core technologies covering the "information layer, control layer, drive layer, execution layer and sensing layer". After more than 20 years of development, the company has formed four major business segments: general automation, new energy vehicles, smart elevators, and rail transit.
From the perspective of business structure, the intelligent manufacturing segment (including general automation, smart elevators, etc.) achieved a revenue of 11.244 billion yuan, a year-on-year increase of 12.96%, with a gross profit margin of 40.75%, an increase of 0.94 percentage points year-on-year; the new energy and rail transit segment generated 9.266 billion yuan in revenue, a year-on-year surge of 48.74%, becoming the core driver of performance growth.
Benefiting from the industry dividends—domestic new energy vehicle penetration rate rising to 44.3% and overseas export volume increasing by 75.2% year-on-year—the revenue of Inovance Technology's new energy vehicle business reached 9 billion yuan in the first half of the year, a year-on-year growth of 50%.
In terms of global layout, the company's overseas revenue was 1.32 billion yuan, a year-on-year increase of 39%, accounting for 6.4% of total revenue. Revenue from emerging markets such as Vietnam, the Middle East and Thailand grew rapidly; the company achieved major breakthroughs with leading customers in the lithium battery and mobile phone industries in South Korea and Vietnam. In the European market, it established cooperation with TOP customers in industries such as air compressors and textiles. The production capacity of its Hungarian and Mexican factories is gradually being released, with an overseas inverter production capacity of 50GW, providing capacity support for global market expansion.

2：Wolong

In the first half of 2025, Wolong Electric Drive achieved operating income of 8.031 billion yuan, a year-on-year increase of 0.66%; and net profit attributable to shareholders of 537 million yuan, a year-on-year increase of 36.76%.
According to the announcement, Wolong Electric Drive has further advanced its "overseas expansion strategy" and vigorously expanded overseas markets. Meanwhile, the company has actively promoted market diversification, anchored its business growth targets, and further implemented the "three-thirds strategy": on the one hand, it continues to deepen OEM business to enhance service depth and stickiness; on the other hand, it accelerates the pace of distribution and actively layouts emerging industries.
Wolong Electric Drive stated that it will steadily promote the construction of a technology-leading enterprise. During the reporting period, relying on the IPD R&D system, the company has initially formed a project-based R&D expense management model. At the same time, the company has actively increased industry-university-research cooperation, maintained continuous strategic cooperation agreements with Northeastern University and other institutions, and continued to strengthen its core technological competitiveness.
The announcement shows that Wolong Electric Drive's main business covers the R&D, production, sales and service of motors and controls, which can be applied in fields such as explosion protection, heating, ventilation and air conditioning (HVAC), industry, and new energy transportation. The company has acquired several well-known overseas motor and control product manufacturers as well as Nanyang Explosion Protection, a leading domestic large-scale motor enterprise. It has obvious industry competitive advantages in global manufacturing layout, marketing and service network, sales scale, product coverage, technological innovation capability and brand influence.
In the R&D field, Wolong Electric Drive has established five global R&D centers and a central research institute in Shanghai. The company is committed to the research and development of leading technologies in the field of motor and control technology, holds a large number of independent intellectual property rights, and maintains a leading technological position in new motor product fields such as high-efficiency motors, permanent magnet motors, and motor + frequency conversion.

3：Megmeet

In the first half of 2025, Megmeet achieved operating income of 4.674 billion yuan, a year-on-year increase of 16.52%; and net profit attributable to shareholders of the listed company of 174 million yuan, a year-on-year decrease of 44.82%.
During the reporting period, the domestic economic environment still faced adverse conditions such as weaker-than-expected consumption recovery, intensified drag from the real estate sector, increasing global trade frictions, and heightened inward-looking competition in the industry. Amid the continuously deteriorating industry competition in the first half of 2025, the company encountered gradually rising cost pressures, leading to a decline in operating gross profit margin and profit margin. Affected by the external environment, the revenue of the variable frequency home appliance business fell short of expectations in the second quarter, while other businesses maintained growth. The company operated steadily overall, with main business revenue keeping an upward trend and operating scale gradually expanding. Multiple businesses and products achieved phased progress, and the operational resilience and risk resistance capacity were further enhanced.
In the first half of 2025, the sales revenue of the company's industrial automation products reached 389 million yuan, a year-on-year increase of 27.90%, accounting for 8.32% of the total operating income. The company's industrial automation business mainly includes frequency converters, servo systems, programmable logic controllers (PLCs), hydraulic servo pumps, linear motors, encoders, engineering machinery and other products. Its R&D advantage lies in mastering independent and controllable core automation technologies. After years of in-depth development and accumulation, the company has continuously optimized and upgraded products such as frequency converters, servo systems, linear motors and PLC controls. Currently, the R&D follows a product strategy centered on platform products supplemented by customized products. For platform products, the company has launched a new generation of general-purpose automation products including the MV800 series general-purpose frequency converters, M5 series servo systems, MU200/MU300 series PLC products and MC8000. The launch of the new generation of platform products has greatly enhanced the market competitiveness of the company's products in terms of technical solutions. The company's industrial automation business is expected to maintain a sound growth trend in the future.
Going forward, the company will continue to adhere to the tenet of providing high-quality services to key customers, improve its product strength and cost-performance ratio, further accumulate high-quality customer resources, and strengthen cooperation to increase market share.

4：Hiconics

In the first half of 2025, Hiconics achieved operating income of 4.497 billion yuan, a year-on-year increase of 163.06%; and net profit of 71.1837 million yuan, a year-on-year increase of 732.83%.
Hiconics stated that in the first half of 2025, against the backdrop of the global active promotion of green energy transition, the new energy industry, driven by the dual forces of policies and the market, has entered a critical period of "restructuring and transformation". As an important platform and carrier for Midea Group's new energy solutions and core products, the company has undertaken the group's strategic layout in green energy, focusing on three core business segments: green energy solutions, residential energy storage and photovoltaic grid-connected inverters, and high-voltage frequency converters. It has continuously increased R&D investment and market layout to enhance product competitiveness and profitability.
According to the semi-annual report, Hiconics' revenue maintained rapid growth in the new energy business segment, while its high-voltage frequency converter business also achieved key breakthroughs in nuclear power industry applications. During the reporting period, the company's independently developed high-voltage frequency converter passed the supervision and acceptance by China National Nuclear Corporation (CNNC) and was successfully delivered to the circulating water pump project of Xudapu Nuclear Power Units 3 and 4, becoming the first application case of a domestic frequency converter in the circulating water pump of a commercial nuclear power reactor. The new generation of self-developed HC2000 four-quadrant high-voltage frequency converter was put into operation at Shanxi Coking Coal Group. Its bidirectional energy feedback technology realizes intelligent recycling of electrical energy, significantly improves the operation efficiency of coal mine hoist systems, provides a demonstration solution for the green upgrading of high-energy-consuming industries, and consolidates the company's leading position in the domestic high-end mining frequency converter market.
In terms of market expansion, while stabilizing its domestic market share, the company has actively explored overseas markets such as South America and Southeast Asia, focusing on industries including HVAC, mining, and cement. It continues to explore new paths for business growth and improve its global market layout.

5：INVT

In the first half of 2025, INVT achieved operating income of 2.039 billion yuan, a year-on-year decrease of 3.51%, and net profit attributable to shareholders of 123 million yuan, a year-on-year increase of 13.01%. Specifically, in the second quarter, revenue reached 1.199 billion yuan (+2.99% YoY), and net profit was 88.1835 million yuan (+43.27% YoY).
Against the backdrop of weak industry recovery, INVT's industrial automation business maintained steady growth, generating 1.357 billion yuan in revenue (+6.69% YoY) with stable gross margin. The company advanced its global business layout and upgraded comprehensive solution capabilities, capitalizing on industry opportunities such as equipment replacement and import substitution. By strengthening vertical market operations and expanding key accounts, INVT effectively tapped into structural growth in downstream sectors. Overseas markets demonstrated resilience and growth momentum, with overseas business resuming growth.
The network energy segment saw revenue decline but margin improvement. Affected by slower investment in traditional sectors and ongoing strategic layout in emerging areas like intelligent computing, revenue reached 328 million yuan (-13.67% YoY). The new energy vehicle business underwent significant structural adjustments, with profitability improving systematically and breakthroughs achieved in the medium and heavy-duty truck segment. Revenue stood at 270 million yuan (-13.13% YoY), with gross margin rising 2.04 percentage points YoY to 14.89%. INVT accelerated product iteration for leading automakers, enhancing R&D in core technologies and processes while refining product validation systems.
In photovoltaic and energy storage, INVT accelerated product upgrades aligned with overseas demand, with its differentiated strategy focusing on quality yielding results. Amid intense price competition characterized by across-the-board price cuts, profit margin compression, and rising safety risks, the company strategically exited low-price-sensitive customers to prioritize technological innovation and value creation. This repositioning improved gross margin despite revenue contraction. Reported revenue was 84 million yuan (-17.65% YoY), with gross margin surging 15.27 percentage points YoY to 18.31%.

6：ZONCN

In the first half of 2025, ZONCN Technology achieved operating income of 326.6404 million yuan, an increase of 2.16% year-on-year; while operating income grew compared with the same period last year, the company's profitability declined due to the combined impact of multiple factors including increased early-stage investments such as the rapid expansion of R&D and sales teams driven by the company's intensified new product development and new market exploration, higher management costs arising from the addition of newly merged entities, and further intensified competition amid a complex environment. During the reporting period, the company recorded an operating profit of 101.4002 million yuan, a year-on-year decrease of 16.64%; a total profit of 102.5198 million yuan, a year-on-year decrease of 15.85%; and a net profit attributable to shareholders of the listed company of 91.1615 million yuan, a year-on-year decrease of 13.64%. During the reporting period, the company continued to enrich the product lines of frequency converters, servo systems and their upstream and downstream products, promoted the construction of supporting product systems, successively acquired Jiangsu Sanmuhe and Zhejiang Beituo, and strived to build an industrial chain layout covering the drive layer, control layer and execution layer. Based on the growing demand for integrated solutions from industrial customers, the company provides one-stop solutions for them, and its industry-specific machine products achieved a growth of 10.27% during the reporting period. In terms of product lines, the serialized products launched by the company, such as low-voltage servo systems, programmable human-machine interfaces (HMI) and small-to-medium-sized programmable logic controllers (PLC), have been put into mass production, enhancing the company's comprehensive competitiveness; in terms of product hierarchy, the company continued to upgrade and expand its existing product series, forming frequency converter and servo system product lines covering high, medium and low voltage as well as small, medium and large power segments, and realizing the full-scenario application of frequency converters and servo systems.