Guangdong Mingyang Electric Co.,Ltd. (SHE:301291)

Revenue by Segment

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2023	FY 2021	FY 2020	FY 2019	FY 2018
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Jan 1, 2023	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Box-Type Transformer Substation			3.46B	1.97B	772.03M	901.65M	-
Box-Type Transformer Substation Growth			75.28%	155.53%	-14.38%	-	-
Complete SET of Switchgear			508.12M	670.26M	889.09M	504.37M	-
Complete SET of Switchgear Growth			-24.19%	-24.61%	76.28%	-	-
Transformer			687.93M	444.85M	280.86M	214.32M	-
Transformer Growth			54.64%	58.39%	31.04%	-	-
Other			272.53M	105.77M	43.78M	25.78M	36.56M
Other Growth			157.67%	141.60%	69.83%	-29.49%	-
Unallocated Other Business			44.99M	42.22M	44.27M	18.63M	-
Unallocated Other Business Growth			6.57%	-4.63%	137.69%	-	-
Box-Type Transformer Substation - Prefabricated Substation			-	-	-	-	161.02M
Box-Type Transformer Substation - Combined Substation			-	-	-	-	128.86M
Box-Type Transformer Substation - Photovoltaic Inverter Boost Integrated Device			-	-	-	-	138.22M
Complete Switchgear - Low-Voltage Switchgear			-	-	-	-	355.03M
Complete Switchgear - Medium Voltage Switchgear			-	-	-	-	117.78M
Transformer - Dry Type Transformer			-	-	-	-	61.90M
Transformer - Oil-Immersed Transformer			-	-	-	-	15.38M
Total			4.97B	3.24B	2.03B	1.66B	1.01B
Total Growth			53.64%	59.40%	21.94%	64.05%	-

Revenue by Geography

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2023	FY 2021	FY 2020	FY 2019	FY 2018
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Jan 1, 2023	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
China			4.97B	3.21B	-	-	1.01B
China Growth			54.86%	-	-	-	46.40%
Overseas			2.56M	27.20M	-	-	-
Overseas Growth			-90.61%	-	-	-	-
Export			-	-	-	-	804.00K
Export Growth			-	-	-	-	-39.00%
Total			4.97B	3.24B	-	-	1.01B
Total Growth			53.64%	-	-	-	46.24%

Source: S&P Global Market Intelligence.