04,08,2026 32 views
【instrumentInternet industry financial report】On March 21st, Kelu Electronics (002121) disclosed its 2025 annual performance report. This financial report presents a core trend of rapid growth in revenue scale and significant narrowing of losses. It not only reflects the company's efforts in energy storage business and internal cost reduction and efficiency improvement, but also exposes the current situation of operating cash flow and some traditional businesses still under pressure. The overall performance is in a critical transitional period of turning losses around.
Image source: Kelu Electronic Announcement
In 2025, the overall business indicators of Kelu Electronics show a significant improvement trend, with multiple core data optimized year-on-year, and the narrowing of losses exceeding market expectations
business income:The total operating revenue for the year was 6.31 billion yuan, a significant increase of 42.41% year-on-year, and the revenue scale reached a new high in recent years. It mainly relied on the explosive growth of energy storage business and the expansion of overseas markets, becoming the core support for performance improvement.
Net profit attributable to parent company:The annual loss was 156 million yuan, compared to a loss of 464 million yuan in the same period last year, a year-on-year decrease of 308 million yuan, with a reduction of 66.33%. The scale of losses has been significantly reduced, and the pace of profit recovery has accelerated.
Deducting non net profit:The annual loss was 161 million yuan, with a loss of 477 million yuan in the same period last year, a year-on-year decrease of 316 million yuan, a reduction of 66.26%. After deducting non recurring expenses, the loss narrowed synchronously, and the profitability of the main business gradually recovered.
Operating cash flow:The net cash flow generated from operating activities was 144 million yuan, a year-on-year decrease of 82.23%. Although it still maintained a net inflow, the decline was significant, mainly due to the increase in prepayments for raw material procurement in energy storage business and the impact of accounts receivable turnover.
Shareholder income indicator:The basic earnings per share were -0.0941 yuan, a significant decrease in losses compared to the same period last year; The weighted average return on equity was -36.51%, an increase of 27.93 percentage points compared to the same period last year, indicating a continuous improvement in shareholder return ability.
The significant reduction in losses by Kelu Electronics in 2025 is not solely driven by a single factor, but rather the result of the combined efforts of emerging businesses, traditional business adjustments, and internal control upgrades
1. Energy storage business explodes, supporting the main engine of revenue growth
As the core strategic business of the company, the energy storage sector will achieve a breakthrough in scale by 2025, with a significant year-on-year increase in revenue and gradually showing economies of scale, effectively hedging against short-term fluctuations in traditional smart grid business. At the same time, the company has achieved significant results in expanding its overseas markets, with overseas revenue growth far exceeding that of the domestic market. Its global layout has opened up incremental space.
2. Effective cost control and implementation of cost reduction and efficiency improvement results
The company continues to promote internal management optimization, during which the growth rate of expenses is far lower than the growth rate of revenue. Management and financial expenses have significantly decreased year-on-year, and the reduction of financing costs and improvement in exchange rate gains and losses have further reduced the pressure on profitability. At the same time, the company's R&D investment remains resilient, with a total R&D investment of 400 million yuan for the year, a year-on-year increase of 6.18%. It continues to increase its research and development of core technologies for energy storage and smart grids, laying a solid foundation for long-term development.
3. Optimize asset disposal and increase current income
During the reporting period, the company obtained investment returns by disposing of equity in some subsidiaries, combined with asset structure adjustments, further reducing the amount of losses, promoting a significant reduction in net profit attributable to the parent company, and helping the company overcome the period of profitability.
Despite a significant improvement in performance, Kelu Electronics still faces temporary operational pressure, and some indicators in the financial report also release signals for optimization: operating cash flow has declined significantly, mainly due to the expansion of energy storage business leading to an increase in raw material procurement expenses, and the growth rate of cash outflow is higher than that of inflow; The smart grid business is under short-term pressure due to market fluctuations in the early stage, coupled with intensified industry competition and fluctuations in raw material prices, and it still takes time to fully turn losses around.
From the perspective of asset liability structure, the company's accounts receivable and notes receivable have increased significantly year-on-year, while the inventory scale remains high, and the efficiency of capital turnover needs to be improved; Although the short-term debt repayment indicators remain stable, it is still necessary to continuously optimize the debt structure, activate existing assets, and alleviate financial pressure.
As an energy technology enterprise controlled by Midea Group, Kelu Electronics relies on shareholder resources to focus on the core tracks of energy storage and smart grid, with strong expectations for performance recovery in 2026. With the lifting of the ban on entry into the smart grid market and the continued strong demand in the energy storage industry, the company's traditional business is expected to gradually recover, and the scale effect of emerging businesses will be further released.
Industry analysis believes that 2025 is a crucial transitional year for Kelu Electronics to turn losses around. The significant reduction in losses proves the effectiveness of the company's business strategy. If it can continue to optimize cash flow control and improve product gross profit margins in the future, it is expected to accelerate the achievement of comprehensive profitability and return to a stable development track.
