（编辑 王雪儿） 证券日报网讯 科陆电子11月21日发布公告，在公司回答调研者提问时表示，公司将持续提升主营业务 盈利能力，通过业绩增长逐步优化负债结构，同时强化现金流管理，进一步提升资金使用效率。公司将 通过优化现金流、积极推进业务回款、加强与有关银行的合作等方式保障年末到期债务的偿付。 ...

（编辑 王雪儿） 证券日报网讯 科陆电子11月21日发布公告，在公司回答调研者提问时表示，公司宜春储能基地目前年 产能为10GWh，目前处于满负荷生产状态。公司目前经营情况正常，二级市场股价受宏观经济环境、 行业政策、市场情绪等多重因素综合影响，敬请注意投资风险。公司将努力做好经营管理，不断提高公 司质量，力争为股东创造更多价值。 ...

Core Viewpoint - The company, Kelun Electronics, announced on November 21 that it is conducting a comprehensive review and impairment testing of its assets in accordance with accounting standards to accurately reflect its financial status [1] Group 1 - The company is adhering to the principle of accounting prudence by recognizing potential impairment losses and making corresponding provisions [1] - The company emphasizes the importance of transparency in its financial reporting and encourages stakeholders to pay attention to its periodic reports and related announcements [1]

Core Viewpoint - The company maintains a strong partnership with battery cell suppliers and has signed volume lock agreements to mitigate cost pressures from rising battery material prices [1] Group 1 - The company has implemented price linkage clauses in external quotations to address the cost impact of increasing battery material prices [1] - The company is actively exploring additional supply channels to ensure a stable supply of battery cells for its energy storage business [1]

Production Capacity - The current annual production capacity of the Yichun energy storage base is 10GWh, which is operating at full capacity [2][6][12] - The planned initial production capacity for the Indonesian energy storage base is 3GWh, with a target operational date in 2026 [5][12][19] Financial Management - The company is addressing high debt levels by enhancing accounts receivable management, expanding bank credit, and disposing of non-core assets [3][20] - Measures to ensure cash flow include optimizing cash management and strengthening cooperation with banks [20][37] Market Strategy - The company is focusing on expanding its domestic and international energy storage markets, particularly targeting strategic clients such as state-owned enterprises [10][20] - The company aims to establish a localized team in overseas markets to better meet customer needs and drive business growth [10][20] Order and Project Updates - The company has not yet signed contracts for the Saudi Red Sea New City project and is actively monitoring market dynamics [8][19] - There is a focus on core business areas, with specific order situations to be disclosed in regular reports [8][20] Risk Management - The company acknowledges that its stock price is influenced by macroeconomic conditions, industry policies, and market sentiment, urging investors to be aware of investment risks [2][20] - The company is committed to improving operational management and quality to create more value for shareholders [2][20]

Core Insights - Solid-State Transformers (SST) are leading innovations in power transmission and distribution, utilizing power electronics and high-frequency electromagnetic induction principles [1][2] - China has established a well-defined vertical industry chain for SST, with upstream focusing on wide bandgap semiconductors and soft magnetic materials, midstream on modular manufacturing, and downstream on applications in smart grids and data centers [1][6] - The SST industry is transitioning from technology validation to large-scale commercialization, driven by AI computing power and energy transition, despite facing technical bottlenecks [1][12] Industry Overview - SST, also known as Power Electronic Transformer (PET), replaces traditional transformer components with semiconductor devices to achieve voltage transformation and electrical isolation [2][3] - The main types of SST include AC-SST, DC-SST, and Hybrid-SST, each serving different applications from smart grids to data centers [4][5] Cost Structure - The cost structure of SST is heavily concentrated in upstream components, with power electronic devices accounting for approximately 40% of costs, followed by high-frequency transformers, structural cooling, and control systems each at about 15% [8][10] Market Dynamics - The demand for SST is rapidly diversifying, primarily driven by global energy transition and digital infrastructure development, with AI data centers being the largest application segment [11][12] - The Chinese silicon carbide (SiC) market is projected to grow from approximately 1.6 billion yuan in 2024 to 1.91 billion yuan in 2025, indicating strong growth potential [10] Development Status - The SST industry in China is at a critical stage of transitioning from technology validation to commercialization, with challenges including high costs and lack of standards [12][13] - Major companies like China Xidian and TBEA are leading the market, with significant shares in high-end applications [15] Future Trends - The industry is expected to see breakthroughs in material performance and technology, leading to cost reductions and performance improvements [16] - Application scenarios are anticipated to expand from data centers and smart grids to electric vehicle charging and industrial applications [17] - The competitive landscape will evolve, emphasizing technology, capital, and supply chain capabilities, with a focus on domestic material sourcing [18]

Core Viewpoint - Kelu Electronics' stock price has seen significant fluctuations, with an overall increase of 88.28% this year, but a recent decline of 8.90% over the last five trading days [2] Group 1: Stock Performance - As of November 19, Kelu Electronics' stock price was 8.19 yuan per share, with a market capitalization of 13.602 billion yuan [1] - The stock has experienced a decline of 8.90% in the last five trading days and a decrease of 4.32% over the last 20 days, while it has increased by 14.07% over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, Kelu Electronics reported a revenue of 3.586 billion yuan, representing a year-on-year growth of 23.42%, and a net profit attributable to shareholders of 232 million yuan, which is a significant increase of 251.10% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Kelu Electronics was 75,000, an increase of 7.23% from the previous period [3] - The average number of circulating shares per shareholder was 18,664, a decrease of 6.74% from the previous period [3] Group 4: Business Overview - Kelu Electronics, established on August 12, 1996, and listed on March 6, 2007, specializes in the research, production, and sales of electrical instruments, power automation products, and renewable energy solutions [2] - The company's revenue composition includes 49.83% from energy storage, 48.74% from smart grid, 0.91% from property management, 0.43% from comprehensive energy management and services, and 0.10% from other sources [2] Group 5: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 57.6314 million shares, an increase of 35.0651 million shares from the previous period [4]

Core Points - Shenzhen Kelu Electronics Technology Co., Ltd. will participate in the 2025 Annual Online Collective Reception Day for Investors in the Shenzhen area [1] - The event aims to enhance interaction and communication with investors, allowing them to engage with company executives regarding various topics [1] Group 1 - The event will be held online on November 20, 2025, from 14:30 to 17:00 [1] - Investors can participate through the "Panjing Roadshow" website, WeChat public account, or by downloading the Panjing Roadshow APP [1] - Company executives will address investor concerns related to company performance, governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [1]

Core Viewpoint - The company, Kelun Electronics, has increased its interest-bearing liabilities primarily to ensure smooth production operations and timely order delivery, indicating a strategic approach to financing based on operational needs [1] Group 1 - The increase in interest-bearing liabilities is a result of the company's reasonable financing to meet actual operational demands [1] - The company aims to enhance the profitability of its main business and gradually optimize its debt structure through performance growth [1] - There is a focus on strengthening cash flow management to further improve the efficiency of fund utilization [1]

证券代码：002121 证券简称：科陆电子 公告编号：2025060 为进一步加强与投资者的互动交流，深圳市科陆电子科技股份有限公司（以下 简称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公 司协会与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司投资 者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本 次互动交流，活动时间为 2025 年 11 月 20 日（周四）14：30-17：00。届时公司高 管将在线就公司业绩、公司治理、发展战略、经营状况、融资计划、股权激励和可 持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参 与！ 董事会 深圳市科陆电子科技股份有限公司 关于参加 2025 年度深圳辖区上市公司 投资者网上集体接待日活动的公告 二○二五年十一月十四日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特此公告。 深圳市科陆电子科技 ...