Sanxing Electric wins overseas and grid orders, but margins stay squeezed
Overseas smart-meter contract in Poland Its Fox subsidiary signed a deal with Poland's power grid to supply AMI smart meters and communication modules, worth about 175 million yuan — roughly 1.2% of 2025 revenue. Small, but it shows overseas demand for its metering products is real and growing.
A signed overseas contract is a concrete new revenue source for the company.
Southern Power Grid distribution equipment pre-win Wholly owned subsidiary Aux Intelligent was named a likely winner in China Southern Power Grid's 2026 distribution equipment tender, about 205 million yuan of transformers. It signals steady domestic grid orders, though it is only a pre-win, not yet a signed contract.
This is a new domestic order win that supports future revenue.
Big US data-centre transformer order Wholly owned subsidiary Ningbo Aux won a 132 million US dollar contract (about 885 million yuan) to supply oil-immersed transformers for a US data-centre energy storage project — 6.16% of 2025 revenue. This is the largest of the period's wins and opens a new growth market.
It is the biggest new order and points to a new overseas growth area.
Profit squeezed despite grid spending boom China's 15th Five-Year Plan targets over 5 trillion yuan for the power grid, a tailwind for the sector. But Sanxing was flagged among firms hurt by high raw material costs, falling bidding prices and exchange losses, with profit down or in loss — so policy demand is not yet reaching its bottom line.
It is the main counterweight: strong industry demand but weak company profitability.