szclou(SZ:002121) Nan Fang Du Shi Bao·2025-04-22 14:18Core Viewpoint - The appointment of Qiu Xiangwei as the new chairman of Kelu Electronics marks a significant leadership change following Midea Group's acquisition, which has led to improved financial performance but also presents ongoing challenges for the company [2][5]. Group 1: Company Performance - Kelu Electronics reported a substantial revenue increase in Q1 2025, achieving 1.214 billion yuan, a year-on-year growth of 16.2%, and a net profit attributable to shareholders of 67.45 million yuan, reflecting a dramatic increase of 857.45% [5][6]. - The company’s revenue for 2024 was 4.431 billion yuan, showing a year-on-year growth of 5.5%, while the net loss narrowed to 464 million yuan, a 12.24% improvement compared to the previous year [5][6]. Group 2: Historical Context - Kelu Electronics, founded in 1996, initially focused on smart meters and later entered the energy storage sector, becoming one of the first companies in China to do so [3]. - The company experienced a significant decline in performance starting in 2018, with losses reaching 1.22 billion yuan that year, followed by further losses in 2019 totaling 2.376 billion yuan, leading to a "delisting risk warning" status [3][4]. Group 3: Leadership Changes - Qiu Xiangwei, previously the president of Midea Group's Industrial Technology Division, has been appointed as the second chairman sent by Midea Group since its acquisition of Kelu Electronics [2][5]. - The transition in leadership follows a series of changes, including the resignation of former chairman Fu Yongjun, indicating a strategic shift in management [5][6]. Group 4: Challenges Ahead - Despite the recent financial improvements, Kelu Electronics faces significant challenges, including a reliance on past losses being cleared and ongoing issues from previous operations [6][7]. - The company is under a market ban from the Southern Power Grid for 18 months, which will impact its revenue from this critical segment, accounting for approximately 9.1% of its average annual revenue over the past three years [7].