Group 1 - The stock price of Kelu Electronics is reported at 7.03 yuan, down 0.15 yuan from the previous trading day, with a decline of 2.09%. The intraday high reached 7.21 yuan, while the low dipped to 6.94 yuan, with a trading volume of 675 million yuan [1] - Kelu Electronics' main business focuses on smart grid equipment and energy storage system solutions, including smart meters, charging piles, and energy storage batteries. In the first half of 2025, the total revenue is projected to be 2.573 billion yuan, with the energy storage business contributing 1.282 billion yuan, accounting for 49.83% of total revenue [1] - On August 20, the company hosted an institutional research meeting with CICC and indicated that it is constructing an energy storage production base in Indonesia, with an initial planned capacity of 3 GWh. The company believes that emerging markets such as the Middle East and Latin America will become new growth points for the energy storage industry [1] - Data shows that Kelu Electronics experienced a net outflow of 164 million yuan in main funds on that day, with a cumulative net outflow of 292 million yuan over the past five days [1]

8月20日，科陆电子（002121）接待了中金公司（601995）等多家机构投资者的集中调研。在谈及储能 行业前景时，科陆电子表示，全球储能市场将持续增长，新兴市场成新增长点。 据了解，2025年上半年，科陆电子接近一半(49.83%)的营收来自储能业务，达12.82亿元，上半年科陆电 子总营收25.73亿元，同比增长34.66%，净利润1.9亿元，同比增长579%。 在最新调研活动中，科陆电子详细阐述了该公司上半年业绩实现增长背后的故事。"2025年上半年，公 司持续深耕国内市场，通过开发新客户以寻求增量，通过战略绑定与生态共建推动合作项目落地，海外 市场实施差异化布局，推动业务多点发展。" 其中，在储能方面，上半年，科陆电子持续深耕美洲、欧洲市场，搭建集销售、技术、服务于一体的本 地化团队，聚焦客户需求挖掘与业务落地，同时重点攻坚亚太、中东非市场，通过组建区域营销团队、 联合当地合作伙伴渗透市场，逐步建立市场认知与渠道网络。 "公司先后中标中广核新能源2025年度储能系统框架采购、中船风帆350MWh框架采购、绵阳港青 200MWh储能系统采购等项目，新开拓希腊、捷克、波兰等市场，产品覆盖电网侧储能及工商 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 257,345.65 million CNY, representing a year-on-year growth of 34.66% [1] - The net profit attributable to shareholders was 19,008.03 million CNY, with a remarkable year-on-year increase of 579.14% [1] - The gross margin for the main business was 33.05%, an increase of 1.02% compared to the previous year [1] - Research and development investment amounted to 18,693.01 million CNY, accounting for 7.26% of total revenue [1] Group 2: Business Segmentation - The smart grid business generated revenue of 12.54 billion CNY, contributing 48.74% to total revenue with a gross margin of 32.90% [2] - The energy storage business achieved revenue of 12.82 billion CNY, making up 49.83% of total revenue with a gross margin of 32.95% [2] - Other income, excluding smart grid and energy storage, was 0.37 billion CNY [2] Group 3: Market Expansion - The company focused on deepening its domestic market presence while developing new customers and strategic partnerships [2] - In the overseas market, the company implemented a differentiated layout, achieving a revenue of 12.81 billion CNY, which accounted for 49.78% of total revenue [2] Group 4: Technological Advantages - The company has nearly 30 years of experience in the power industry, contributing to its deep understanding of new power systems and participation in national standards [4] - It has developed core technologies in smart grid solutions, including IoT communication and advanced measurement [4] - The company has a robust certification system for its products, including multiple international standards [5] Group 5: Production Capacity and Future Plans - The current annual production capacity of the energy storage base in Yichun is approximately 10 GWh [6] - A new energy storage production base is being established in Indonesia, with an initial planned capacity of 3 GWh, expected to commence production in 2026 [6] Group 6: Industry Outlook - The energy storage industry is rapidly developing, transitioning from policy-driven to market-driven dynamics [7] - Emerging markets in the Middle East, Latin America, and Africa are becoming significant growth points for energy storage solutions [7] Group 7: Support from Major Shareholder - The company's major shareholder, Midea Group, provides substantial support in R&D, manufacturing, supply chain, and branding, enhancing operational efficiency and management [8]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's energy storage business has returned to a positive trajectory, with clear operational turning points [1] - The energy storage segment achieved revenue of 1.282 billion yuan, a year-on-year increase of 177.15%, with a gross margin of 32.95% [2] - The company is actively expanding its domestic and international markets, with traditional smart grid business showing steady progress [3] Financial Summary - Revenue projections for 2025-2027 are 5.475 billion yuan, 6.992 billion yuan, and 8.495 billion yuan, respectively, with year-on-year growth rates of 23.6%, 27.7%, and 21.5% [3] - The net profit attributable to the parent company is expected to be 51 million yuan, 150 million yuan, and 351 million yuan for 2025-2027, reflecting year-on-year growth of 110.9%, 196.3%, and 134% [3] - The latest diluted EPS is projected to be 0.03 yuan, 0.09 yuan, and 0.21 yuan for 2025-2027 [3] Market and Business Development - The company has secured significant contracts in the energy storage sector, including projects with China General Nuclear Power Group and international expansions into markets like Greece, Czech Republic, and Poland [2] - The company is also planning to establish a storage production base in Indonesia, with an initial capacity of 3 GWh expected to be operational by 2026 [2] - The smart grid segment reported a revenue of 1.254 billion yuan, a year-on-year decrease of 9.17%, but the company is focusing on overseas business development to stabilize performance [3]

Summary of Key Points Core Viewpoint - As of August 19, 2025, 663 companies have released their semi-annual reports, with 432 reporting a year-on-year increase in net profit, while 231 reported a decline. Additionally, 440 companies saw an increase in operating revenue, and 223 experienced a decrease. A total of 355 companies reported simultaneous growth in both net profit and operating revenue, while 146 companies saw declines in both metrics. Notably, 111 companies achieved a net profit growth rate exceeding 100%, with Zhimingda leading at an impressive 2147.93% increase [1]. Company Performance - Zhimingda (688636) reported earnings per share of 0.2284, with a net profit of 38.30 million and a year-on-year increase of 2147.93%. Its operating revenue reached 294.76 million, reflecting an 84.83% increase [1]. - Rongzhirixin (688768) achieved a net profit of 14.24 million, marking a 2063.42% increase, with operating revenue of 25.63 million, up 16.55% [1]. - Shijia Guangzi (688313) reported a net profit of 216.65 million, a 1712.00% increase, and operating revenue of 992.63 million, up 121.12% [1]. - Aorui De (600666) had a net profit of 6.14 million, a 1263.22% increase, with operating revenue of 21.94 million, up 10.12% [1]. - Huile B (900939) reported a net profit of 4.21 million, a 1222.72% increase, with operating revenue of 0.76 million, slightly down by 0.11% [1]. Revenue and Profit Trends - The overall trend indicates a significant number of companies are experiencing substantial growth in both net profit and operating revenue, with a notable concentration of high growth rates among specific firms [1][2]. - Companies like Nanjiguang (300940) and Hongjing Technology (301396) also reported impressive growth rates in net profit of 982.43% and 725.73%, respectively, indicating a robust performance across various sectors [1][2].

Group 1 - The core stock price of Kelu Electronics on August 18 was 7.16 yuan, down 0.42% from the previous trading day [1] - The trading volume on that day was 957,605 hands, with a transaction amount of 686 million yuan and a turnover rate of 6.84% [1] - Kelu Electronics operates in the power grid equipment industry, focusing on smart grids, renewable energy, and energy conservation [1] - The company has strong R&D capabilities in power electronics technology as a listed company in Shenzhen [1] Group 2 - Kelu Electronics' boost converter-integrated machine products have received access certifications in multiple countries, including the US, Latin America, Europe, and Southeast Asia [1] - The company is actively expanding its related business [1] - Information regarding the number of shareholders will be disclosed in the regular reports [1] Group 3 - On August 18, the net outflow of main funds was 34.90 million yuan, accounting for 0.35% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 212 million yuan, representing 2.11% of the circulating market value [1]

（文章来源：证券日报） 证券日报网讯科陆电子8月18日在互动平台回答投资者提问时表示，为保证所有投资者平等获悉公司信 息，公司会在定期报告中披露对应时点的股东人数。 ...

Group 1 - The core viewpoint of the article is that Kelun Electronics has made significant progress in obtaining certifications for its integrated boost converter products in various international markets [2][3] - The company has successfully acquired access certifications in the United States, Latin America, Europe, and Southeast Asia [2] - Kelun Electronics is actively expanding its business in these regions following the certification achievements [2]

Macro Economic Group - In July, the industrial added value of above-scale enterprises in China grew by 5.7% year-on-year, a decline of 1.1 percentage points from June, while the market expectation was 5.8% [5] - The fixed asset investment growth rate from January to July was 1.6%, significantly below the WIND expectation of 2.7%, and down 2.1 percentage points from the first half of the year [5] - The retail sales of consumer goods in July saw a nominal year-on-year growth of 3.7%, lower than the WIND expectation of 4.9%, and a decrease of 1.1 percentage points from June [6] Industry Comprehensive Group - Guangdong Jiantao Group announced a price increase for copper-clad laminates due to high raw material costs, with prices rising by 10 yuan per sheet, leading to a price increase trend across the PCB and copper-clad laminate industry [9] - Multiple LED packaging companies have announced price hikes of 5%-10% due to rising costs of key materials like gold, silver, and copper, indicating a potential recovery in the LED packaging industry after a period of oversupply [9] Advanced Manufacturing Group - The import of 20 tons of recycled black powder for lithium-ion batteries marks a significant step towards a circular economy in China's battery industry, alleviating some supply pressures in the short term [12] - In July, the production and sales of new energy vehicles reached 1.243 million and 1.262 million units respectively, showing year-on-year growth of 26.3% and 27.4%, indicating a strong market performance [12] Consumer Group - Shengnong Development reported a revenue of 8.856 billion yuan in H1 2025, a slight increase of 0.22% year-on-year, with a net profit of 910 million yuan, reflecting a significant growth of 791.93% [16] - The company’s growth was driven by a decrease in comprehensive meat costs and investment income from acquisitions, alongside a strong performance in retail channels [16]

Core Viewpoint - Kelu Electronics, a subsidiary of Midea Group, has turned profitable in the first half of this year, achieving significant revenue and profit growth compared to the previous year [1][3]. Financial Performance - In the first half of the year, Kelu Electronics reported revenue of 2.573 billion yuan, a year-on-year increase of 34.66% [1][6]. - The net profit reached 190 million yuan, a substantial increase of 579.14%, compared to a loss of approximately 40 million yuan in the same period last year [1][3]. - The first quarter saw a net profit increase of 857.45%, amounting to 67 million yuan, while the second quarter's net profit was approximately 123 million yuan, up 362.5% year-on-year [1]. Business Segments - Kelu Electronics has shifted its revenue structure, with the energy storage business now accounting for 49.83% of total revenue, surpassing the smart grid segment, which contributed 48.74% [3][4]. - The energy storage segment generated 1.282 billion yuan in revenue, a significant increase of 177.15% year-on-year, while the smart grid revenue declined by 9.17% [3][4]. Market Expansion - The company has successfully entered new markets, including Greece, Czech Republic, and Poland, and has secured significant contracts for energy storage systems [7]. - Kelu Electronics' overseas revenue reached 1.280 billion yuan, a year-on-year increase of 126.84%, indicating a balanced domestic and international revenue split [7]. Strategic Initiatives - The company has implemented a dual-brand strategy with "Midea + Kelu" for its industrial and commercial storage products [8]. - Kelu Electronics is constructing a new energy storage production base in Indonesia, with an initial planned capacity of 3 GWh, expected to commence operations in 2026 [8]. Financial Health - The company's debt ratio stands at 90.88%, with total liabilities of 7.294 billion yuan, reflecting a 2.82% increase from the previous year [8]. - Operating cash flow turned negative at -6.613 million yuan, a significant decline from 123 million yuan in the same period last year [8]. Future Outlook - Kelu Electronics has set ambitious revenue growth targets for 2025-2027, aiming for increases of no less than 43%, 90%, and 150% respectively, with net profit targets of 20 million yuan, 110 million yuan, and 370 million yuan [9][10].