Midea Group(000333) 新浪证券·2025-03-26 09:50Core Points - Kelu Electronics has reported a continuous loss for the eighth consecutive year, with a net profit of -4.64 billion yuan in 2024, despite a revenue increase of 5.50% to 44.31 billion yuan [1][3][5] - The company's debt ratio has reached a historical high of 93% following the acquisition by Midea Group, which invested 830 million yuan to become the controlling shareholder [1][5][7] - Management inefficiencies are directly linked to Kelu Electronics' long-term poor performance, with management expenses rising to 17%, significantly higher than most peers [2][9][10] Financial Performance - Kelu Electronics has experienced six years of losses out of the last seven, with a notable recovery in 2020 due to asset sales [1][4] - The company has been forced to sell subsidiary equity to mitigate losses, generating approximately 22 million yuan from recent transactions [6][7] - Despite the financial struggles, executive salaries have increased, with an average salary of 275,600 yuan in 2024, reflecting a 27.8% year-on-year growth [9][10] Operational Challenges - The planned investment in the Foshan energy storage industrial park was terminated after nearly 70 million yuan was spent, with over 11 million yuan written off as impairment [2][8] - Kelu Electronics has faced significant operational setbacks, including being blacklisted by a major client, Southern Power Grid, which restricts participation in bidding activities for 18 months [8][9] - The company’s core business includes smart grid equipment and electrochemical energy storage, yet it continues to struggle despite the industry's growth potential [4][5]