Historical Baggage Gradually Cleared, Keli Electronics Achieves Substantial Improvement in Core Business Operations in 2025

Contemporary Electronics released its 2025 annual report on March 21. The company’s total revenue for the year exceeded 6.31 billion yuan for the first time in recent years, reaching a new high. Net profit attributable to shareholders showed a significant narrowing of losses compared to the previous year, with equity incentive targets achieved, signaling positive operational changes.

A deeper analysis of the performance shows that, although the company’s net profit attributable to shareholders in 2025 still recorded a loss, this was mainly due to the impact of asset disposals, impairments, and related non-recurring gains and losses in earlier periods, which do not reflect the core business results. The equity incentive performance targets have been reviewed and approved by the company’s board of directors and shareholders’ meeting, explicitly excluding the aforementioned non-recurring impacts to objectively evaluate management’s true operational capabilities. After excluding these factors, the company’s revenue in 2025 grew by over 43% compared to 2023, reaching the exercise conditions. This change also reflects that, after Midea’s acquisition, the company has focused on core operations, optimized assessment criteria, and through the management team’s efforts, is continuously improving operational quality and business resilience.

The equity incentive uses a “revenue + net profit” dual indicator approach. In 2025, revenue must increase by no less than 43% compared to 2023, and net profit must be at least 20 million yuan. Based on actual performance, the company’s revenue in 2025 reached 6.31 billion yuan (over 43% growth from 2023), and the net profit met the exercise threshold. This performance target balances scale growth with quality improvement, making it more scientific and rigorous than single indicators. The achievement of the exercise conditions confirms that the company’s operational quality and efficiency are steadily improving, and the foundation of core business operations is being solidified. This exercise is conducive to stabilizing the core management team, ensuring the implementation of the company’s long-term strategy, and ultimately aligning with the long-term interests of all shareholders.

The successful achievement of performance goals is backed by rapid growth in energy storage revenue and continuous breakthroughs in market expansion. In 2025, energy storage revenue exceeded 3.796 billion yuan, a year-on-year increase of over 160.74%. The company successfully delivered several large domestic energy storage projects within the year, while expanding into overseas markets, including new entries into Greece, Czech Republic, Poland, and Japan, alongside deepening efforts in the Americas and Europe. To match the expanding business scale and market demand, the company has optimized capacity layout accordingly. The Yichun energy storage base currently has an annual capacity of 12 GWh, and the Indonesia energy storage production base is planned with a capacity of 3 GWh, expected to be operational this year, providing capacity support for ongoing global expansion.

In 2025, Midea Group officially established the New Energy Business Unit, with Contrel Electronics as a core pillar of the energy storage segment, receiving multi-dimensional support in R&D, manufacturing, supply chain, and channels. The company launched the “Midea + Contrel” dual-brand strategy for energy storage products, creating a new paradigm of “strong delivery, high stability, and full-cycle service.” Midea Group’s Executive President Wang Jianguo was appointed as President of the Energy Business Unit, highlighting the group’s strategic emphasis on the energy sector.

2025 is a pivotal year in Contrel Electronics’ development. With record-high revenue, steady improvement in operational metrics, and the successful achievement of equity incentive targets, these changes collectively point to a conclusion: the company’s growth momentum in core business continues to increase, and operational quality is steadily improving. The surge in energy storage orders, accelerated overseas breakthroughs, and deepened Midea empowerment further enhance Contrel Electronics’ growth certainty, making its future development path clearer.