康佳集团中年“减肥”有焦虑，华润接盘能否“增肌”

Core Viewpoint - Konka Group, once a flagship in China's home appliance industry, is currently facing significant challenges, with losses expected to continue despite a slight narrowing of losses in the first three quarters of 2025 [1][5]. Financial Performance - In the first three quarters of 2025, Konka Group reported revenue of 7.679 billion yuan, a year-on-year decrease of 5.43%, and a net loss attributable to shareholders of 982 million yuan, narrowing by 38.89% compared to the previous year [5]. - However, in the third quarter of 2025, the company experienced a revenue drop to 2.431 billion yuan, down 10.19% year-on-year, with a net loss of 598 million yuan, which is an increase in losses compared to 518 million yuan in the same period last year [6]. Historical Context - Konka Group's revenue has plummeted from over 55.1 billion yuan in 2019 to around 11.1 billion yuan in 2024, indicating a significant decline in its operational scale [2][8]. - The company's previous revenue was inflated by low-margin trading businesses, which accounted for nearly 60% of its revenue in 2019, but this segment has seen declining profitability [8][10]. Strategic Moves - In an effort to revitalize its business, Konka has pursued a diversification strategy, including acquisitions and investments in sectors like artificial intelligence, energy storage, and semiconductors, but many of these initiatives have not yielded positive results [3][12][17]. - The company underwent a significant change in ownership in 2025, with the controlling shareholder shifting from Overseas Chinese Town Group to China Resources Group, which is seen as a critical opportunity for survival and strategic realignment [4][18]. Future Outlook - The new ownership by China Resources Group is expected to provide Konka with resources and support to enhance its strategic direction and operational capabilities [23][24]. - Analysts suggest that while the change in control offers potential for recovery, significant challenges remain, particularly in improving core business profitability and effectively integrating new resources [11][24].