04,08,2026 32 views
【instrumentOnline Industry Financial ReportOn the evening of March 20th, HeKang New Energy (300048) officially disclosed its 2025 annual financial report to the public. This report card, full of growth data, has become a key milestone for the company to deepen its new energy strategic transformation. During the reporting period, the company's revenue scale continued to expand and its profitability significantly increased. The core financial indicators achieved a breakthrough, and the net profit attributable to the parent company increased by 502.28% year-on-year, completely reversing the previous business situation and entering the harvest period of strategic layout.
Image source: HeKang New Energy Announcement
According to the annual report data, in 2025, HeKang New Energy achieved a revenue of 7.449 billion yuan, a year-on-year increase of 55.95% from 4.776 billion yuan in the same period last year. The revenue scale doubled, demonstrating the strong momentum of the company's business expansion; The net profit attributable to shareholders of the listed company reached 62.012 million yuan, a year-on-year increase of 502.28%. Compared with the net profit of tens of millions in 2024, the profit scale has achieved a qualitative leap; After deducting non recurring gains and losses, the net profit attributable to the parent company was 10.6126 million yuan, a year-on-year increase of 38.96%, reflecting the continuous recovery of the company's main business profitability and steady enhancement of its ability to generate revenue.
Meanwhile, the company's basic earnings per share were 0.06 yuan, a year-on-year increase of 500.00%; The weighted average return on equity rose to 3.53%, an increase of 2.92 percentage points compared to the same period last year, and the return on invested capital improved synchronously, gradually highlighting the value of shareholder returns. The net cash flow generated from operating activities reached 248 million yuan, although slightly fluctuating year-on-year, it still maintained a positive inflow, ensuring the financial stability of the company's daily operations and business expansion.
As the core carrier of Midea Group's energy sector, HeKang New Energy will firmly promote strategic upgrading in 2025, completely divest non core assets, optimize business structure, and fully focus on green energy solutions, household energy storage, and photovoltaic grid connectioninverter、high-voltage frequency converterThe three major advantage tracks, relying on technological innovation and industrial synergy, create a full chain energy service system, which is also the core driving force for the company's performance explosion.
Green Energy Business: Benchmark Projects for Global Layout Landing
In the field of green energy solutions, the company's photovoltaic business has covered 30 provinces and municipalities directly under the central government in China, established over a thousand cooperation channels, and implemented more than 200 industrial and commercial comprehensive energy projects. Among them, the photovoltaic project of Shanghai Midea Global Innovation Headquarters has won the "Near Zero Carbon Park" certification. The company has partnered with leading industry enterprises to establish an energy investment and construction platform, deeply cultivating the construction of zero carbon industrial and commercial parks, and promoting international layout. It has landed a photovoltaic project for a household air conditioning lighthouse factory in Thailand, opening up overseas market channels. In addition, the company's virtual power plant aggregation platform has been officially launched and successfully connected to the Anhui Provincial Electric Power Trading Center. The AI assisted trading platform 1.0 has been launched simultaneously, and has obtained qualifications for electricity sales in multiple provinces and cities. The cumulative signed trading electricity volume has reached 3.12 billion kWh, building a closed-loop ecosystem of "solar energy storage+electricity sales+virtual power plants".
Optical storage products: technological iteration, breakthroughs in both domestic and international lines
In the photovoltaic inverter sector, the company has completed the development of 20kW-40kW household and 150kW commercial products, constructed a full scenario power range product matrix, verified product reliability through its own projects, and successfully entered the investor procurement whitelist. The household energy storage business has achieved overseas breakthroughs, releasing multiple energy storage systems at the German International Solar Energy Exhibition, optimizing and upgrading products to meet dynamic electricity price demands overseas, achieving mass delivery in the Australian market, and steadily advancing channel layout in the European market, opening up growth opportunities with the help of overseas subsidy dividends.
High voltage frequency conversion: high-end breakthrough, domestic substitution, and acceleration
The traditional high-voltage inverter business is accelerating its transformation from an "equipment supplier" to a "full lifecycle value partner", deeply cultivating high-precision and cutting-edge tracks such as nuclear power and molten salt energy storage. It has successfully delivered multiple key projects to Xudabao Nuclear Power Plant and Fuqing Nuclear Power Plant, providing core equipment for the country's largest "thermal power+molten salt" energy storage project and the world's first "twin tower one machine" solar thermal energy storage project, achieving domestic substitution of high-end equipment. At the same time, the company has overcome the difficulties of automated testing technology and further consolidated its leading position in the industry.
The dual wheel drive of policy and industry has broad long-term growth potential
In 2025, the global energy transformation process will accelerate, and domestic policies for the new energy industry will continue to increase. The sub sectors of photovoltaics, energy storage, and industrial energy conservation will enter a golden period of development, providing a high-quality external environment for HeKang New Energy. The company relies on the channels, supply chain, and technological resources of Midea Group to achieve business synergy and cost optimization, coupled with its own organizational restructuring and asset divestment to reduce burden, significantly improving operational efficiency and driving high-speed performance growth.
Industry insiders analyze that the significant increase in net profit of HeKang New Energy this time is not only a short-term improvement in operations, but also a long-term signal for the implementation of strategic transformation. In the future, with the large-scale promotion of the company's optical storage products, deepening layout of virtual power plant business, continuous breakthroughs in the high-end frequency conversion market, and continuous expansion of channels at home and abroad, the company is expected to continue to release performance elasticity and further consolidate its core competitiveness in the fields of new energy equipment and comprehensive energy services.
