Market Performance - The grid equipment sector increased by 1.36% compared to the previous trading day, with Zhongyuan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Top Gainers in Grid Equipment Sector - Zhongyuan Co., Ltd. (300018) closed at 11.90, up 8.58% with a trading volume of 644,500 shares and a transaction value of 752 million [1] - Kelu Electronics (002121) closed at 9.50, up 8.45% with a trading volume of 1,170,200 shares and a transaction value of 1.092 billion [1] - Zhiyang Innovation (161889) closed at 32.25, up 8.44% with a trading volume of 65,100 shares and a transaction value of 206 million [1] - Jinpan Technology (688676) closed at 64.63, up 8.31% with a trading volume of 248,800 shares and a transaction value of 1.568 billion [1] Top Losers in Grid Equipment Sector - Wuchuang Ruitong (301668) closed at 62.45, down 9.88% with a trading volume of 119,500 shares and a transaction value of 762 million [2] - Future Electric (301386) closed at 25.50, down 3.15% with a trading volume of 74,900 shares and a transaction value of 192 million [2] - Zhongneng Electric (300062) closed at 6.06, down 2.42% with a trading volume of 496,800 shares and a transaction value of 303 million [2] Capital Flow Analysis - The grid equipment sector saw a net inflow of 101 million from main funds, while speculative funds experienced a net outflow of 285 million, and retail investors had a net inflow of 184 million [2] - Key stocks with significant capital flow include: - Siyuan Electric (002028) with a main fund net inflow of 90.60 million, accounting for 9.85% [3] - China West Electric (601179) with a main fund net inflow of 60.28 million, accounting for 7.80% [3] - Kelu Electronics (002121) with a main fund net inflow of 56.72 million, accounting for 5.20% [3]

Core Viewpoint - Kelu Electronics has shown significant stock performance with a year-to-date increase of 98.39%, despite a recent decline of 4.64% over the last five trading days [1] Financial Performance - For the first half of 2025, Kelu Electronics achieved a revenue of 2.573 billion yuan, representing a year-on-year growth of 34.66%, and a net profit attributable to shareholders of 190 million yuan, which is a remarkable increase of 579.14% [2] Stock Market Activity - As of October 21, Kelu Electronics' stock price was 8.63 yuan per share, with a trading volume of 206 million yuan and a turnover rate of 1.73%, leading to a total market capitalization of 14.333 billion yuan [1] - The company has seen a net inflow of main funds amounting to 13.9169 million yuan, with significant buying activity from large orders [1] Business Segments - Kelu Electronics' main business revenue composition includes energy storage (49.83%), smart grid (48.74%), property management (0.91%), comprehensive energy management and services (0.43%), and other (0.10%) [1] Shareholder Information - As of June 30, 2025, Kelu Electronics had 69,900 shareholders, a decrease of 8.55% from the previous period, with an average of 20,013 circulating shares per shareholder, an increase of 9.35% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 7.988 million shares [3]

Group 1 - The company has launched liquid cooling energy storage system products, including Aqua-C2.5 and Aqua-C3.0 Pro [1] - The liquid cooling technology is independently controllable and has not yet been applied to non-energy storage industries [1]

Core Viewpoint - The company is expanding its energy storage production capacity with a current annual capacity of 10GWh at its Yichun base and an initial planned capacity of 3GWh for its Indonesia facility, which may be adjusted based on business development and market expansion needs [1] Group 1 - The Yichun energy storage base has an annual production capacity of 10GWh [1] - The Indonesia energy storage production base is initially planned for a capacity of 3GWh [1] - The company plans to adjust production capacity based on business development and market expansion [1]

Core Viewpoint - The company is leveraging its technical expertise and extensive project experience to actively expand in the domestic and international energy storage markets, seizing industry development opportunities [2] Company Summary - The company is focusing on the energy storage sector, indicating a strategic move to capitalize on growth opportunities within this industry [2] - The company has accumulated significant technical strength and project experience over the years, which it plans to utilize in its market expansion efforts [2] Industry Summary - The energy storage market is identified as a key area for growth, with the company positioning itself to take advantage of the evolving landscape [2]

Core Viewpoint - The company, Kelun Electronics, is recognized as one of the early entrants in the energy storage system integration field in China, with significant technical expertise and project experience in the sector [1] Group 1: Company Overview - The company has participated in the formulation of industry-related technical standards multiple times, showcasing its commitment to the energy storage industry [1] - It has achieved comprehensive self-research and production of core control units for energy storage systems, including PCS, BMS, EMS, DC/DC converters, and O&MS [1] - The company offers complete station solution services, indicating its capability to provide integrated energy storage solutions [1] Group 2: Market Presence - The company's grid-side business covers multiple major provinces for grid-side energy storage, highlighting its strong domestic market presence [1] - The overseas market footprint of the company is gradually expanding, suggesting growth potential in international markets [1]

Core Viewpoint - The company, Kelu Electronics, clarified that it does not engage in the production of energy storage cells, but has successfully developed and produced core control units for energy storage systems, including PCS, BMS, EMS, DC/DC converters, and O&MS [1] Group 1 - The company confirmed its non-involvement in energy storage cell production [1] - The company has achieved self-research and self-production of key components for energy storage systems [1]

Core Viewpoint - The company is actively monitoring industry-related policies and market dynamics, focusing on product updates and innovations to align with industry trends and market demands [1] Group 1 - The company is closely observing relevant policies and market trends within its industry [1] - The company is promoting product updates and iterations based on its main business operations [1] - The company is launching new products and technologies in response to industry development trends and market needs [1]

Core Viewpoint - Kelu Electronics (002121) emphasizes the strong support from its controlling shareholder, Midea Group (000333), in various aspects such as R&D, manufacturing, supply chain, and branding [1] Group 1 - Kelu Electronics responded to investor inquiries on October 20, highlighting the capabilities of Midea Group [1] - The company acknowledges the significant empowerment provided by Midea Group in multiple areas [1]

Core Viewpoint - The company, Kelu Electronics (002121.SZ), has clarified that it is not involved in the production of energy storage cells, but has successfully developed and produced core control units for energy storage systems, including PCS, BMS, EMS, DC/DC converters, and O&MS in-house [1] Group 1 - The company does not engage in the production of energy storage cells [1] - The company has achieved self-research and production of key components for energy storage systems [1] - The core control units developed include PCS, BMS, EMS, DC/DC converters, and O&MS [1]