CORUN(SH:600478) Zheng Quan Shi Bao Wang·2026-01-26 12:19Core Viewpoint - Company Kolyuan (600478) expects a significant increase in net profit for 2025, driven by its emerging energy storage business, which has become a new profit engine while traditional business remains stable [1] Group 1: Financial Performance - Kolyuan anticipates a net profit attributable to shareholders of 135 million to 158 million yuan for 2025, representing a year-on-year increase of 72.76% to 102.20% [1] - The net profit, excluding non-recurring gains and losses, is projected to be between 75 million and 98 million yuan, showing a substantial growth of 1156.74% to 1542.15% compared to the previous year [1] Group 2: Business Development - The energy storage segment has rapidly increased revenue through the acquisition of multiple energy storage integration orders, marking a transition from the "cultivation period" to the "harvest period" [1][2] - Kolyuan has commenced approximately 4 GWh of independent energy storage projects, with 1.8 GWh already operational, including a significant project in Ordos that will contribute approximately 400 million kWh of clean energy annually [2] Group 3: Strategic Initiatives - The company has over 15 GWh of various energy storage projects planned, with around 10 GWh expected to start construction in 2026, providing a foundation for future growth [2] - Kolyuan is part of a large energy storage ecological innovation consortium, which has successfully assisted in the establishment of a national-level zero-carbon park, showcasing its core capabilities in technology and scenario innovation [2] Group 4: Resource Management - Kolyuan holds four major lithium mine resources, with a total capacity of 400,000 tons of lithium carbonate equivalent, enabling an integrated layout from natural mining to terminal energy storage [2] - This integration enhances the company's resilience against price fluctuations and ensures the economic viability and competitiveness of its products [2] Group 5: Traditional Business Performance - The traditional nickel battery business has seen increased sales volume due to higher demand from core customers, contributing to the growth of nickel products and battery sales [3] - The company has implemented cost-reduction strategies that have improved gross margins, alongside an increase in ownership of its subsidiary, leading to a rise in net profit attributable to the parent company [3] Group 6: Future Goals - Kolyuan has set ambitious performance targets for its stock option incentive plan, aiming for a minimum revenue of 5 billion yuan or net profit of 150 million yuan in 2025, and progressively higher targets for 2026 and 2027 [3] - The company expects further breakthroughs in its energy storage business, supported by ongoing project commissioning and a favorable industry outlook [3]