2025年上半年合康新能营收利润双高增 经营质量稳健改善

Core Viewpoint - Hekang New Energy (300048) reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and effective management strategies [1]. Group 1: Financial Performance - The company achieved operating revenue of 4.497 billion yuan, a year-on-year increase of 163.06% [1]. - The net profit attributable to shareholders reached 71.1837 million yuan, reflecting a substantial growth of 732.83% compared to the same period last year [1]. - The net cash flow from operating activities was 251 million yuan, indicating healthy cash flow management [1]. Group 2: Operational Strategies - The company has implemented refined management practices, leading to a significant reduction in operational costs [1]. - Continuous investment in research and development is aimed at enhancing the core competitiveness of products [1]. Group 3: Business Expansion - Hekang New Energy focuses on three main business areas: green energy solutions, household energy storage, and photovoltaic grid-connected inverters, as well as high-voltage frequency converters [1]. - The household photovoltaic EPC business expanded its market presence from 15 to 22 provinces, with a cumulative grid-connected capacity exceeding 3 GW as of June 30, 2025 [1]. - The company has entered the electricity sales and virtual power plant sectors, supported by Midea Group [1]. Group 4: Product Development - In the household storage sector, the company is advancing product research and market capability, with a robust order reserve supporting future growth [2]. - A new range of photovoltaic grid-connected inverters (20KW-40KW) was launched, covering approximately 70% of the market application scenarios for household inverters [2]. - The high-voltage frequency converter business has seen significant order growth, including a joint development agreement with China National Nuclear Corporation for a nuclear power intelligent high-voltage frequency conversion system [2].