China's "socket king" Bull Group buys inverter maker Xiwei to expand energy push
What's the deal? Bull GroupDealroom has a profile for this one. Try Dealroom → (SH: 603195), the Chinese electrical maker known as the "socket king," has acquired Xiwei New Energy TechnologyDealroom has a profile for this one. Try Dealroom →, a Shanghai-based solar inverter company. The deal was announced in September 2026; terms were not disclosed.
What each side brings: Bull, founded in 1995, built its name on durable sockets and wall switches before listing in Shanghai in 2020 and expanding into charging piles and energy storage. Xiwei, founded in September 2010, is a national-level "little giant" firm focused on grid-tied and off-grid solar inverters and storage systems, with 68 patents.
Why now? Bull's new-energy business remains small and is losing steam. Revenue reached US$113M in 2025, up 5.71% — the group's only growing segment, but under 5% of total sales.
That growth rate collapsed from 104.75% a year earlier, while gross margin slipped 5.26 points to 29.55%. Everbright SecuritiesDealroom has a profile for this one. Try Dealroom → blamed a downturn and rising competition in the consumer charging market.
What's the endgame? The acquisition adds inverters to Bull's lineup, shifting it from selling standalone charging piles and storage units toward complete home and commercial energy systems. Xiwei also opens a fast route into global solar-and-storage markets: it serves more than 300 clients across over 60 countries, with an established installer and distributor network in Europe.
What could go wrong? Bull is a consumer-facing company, while Xiwei's customers are overseas installers and distributors who care about grid certification and after-sales support, not brand recognition. Merging two channel systems and two customer languages will be difficult.
The wider market is also cooling. In the first half of 2026, 11 inverter firms grew combined revenue 6.77% but saw net profit fall 4.48%, and new European residential solar installations dropped 26.88% in 2025 — the region where Xiwei's overseas sales are concentrated.
The signal: After a stumble in new energy, Bull is betting acquisition can do what organic growth could not. With 2025 revenue and profit both down and investors watching, the group has little time to prove the integration pays off before slowing markets test the deal.
Image credit: Activ Solar
