Kelu Electronics 2025: Still in Losses, Energy Storage Sales Growth Far Exceeds Revenue Growth

(Source: Energy Storage and Power Market)

Energy Storage and Power Market has learned that recently, Shenzhen Kelu Electronic Technology Co., Ltd. (Stock code 002121) released its 2025 annual report.

The 2025 annual report shows that Kelu Electronics has not yet fully turned around its losses. Although revenue increased by 42.41% year-over-year, net profit attributable to the parent company remains negative. In mid-2025, the company briefly achieved a profit turnaround, with net profit attributable to the parent reaching 190 million yuan, but this situation clearly did not last.

In 2025, Kelu Electronics’ energy storage device sales increased by 387.3% year-over-year, driving a 160.74% growth in business revenue. However, affected by market price declines, the increase in sales volume did not fully translate into proportional revenue growth, resulting in a 6.87 percentage point decrease in gross profit margin for the energy storage business, showing a “higher income but lower profit” situation.

In 2025, the revenue from Kelu Electronics’ energy storage business rose from 49.83% at mid-year to 60.17% for the full year, becoming the company’s largest business segment, with its performance directly influencing overall results.

Key data regarding Kelu Electronics’ energy storage performance in 2025 are as follows:

• Operating revenue: 6.31 billion yuan, up 42.41% year-over-year
• Net profit attributable to shareholders of the listed company: -156.1 million yuan, reducing losses by 307.8 million yuan compared to the previous year

Energy storage business revenue: 3.797 billion yuan, up 160.74%

Energy storage revenue share: 60.17%, up from 32.86% in 2024, an increase of 27.31 percentage points

Gross profit margin for energy storage: 17.03%, down 6.87 percentage points year-over-year

Sales of energy storage devices: 6.754 GWh, up 387.3%

New signed energy storage projects total approximately 11.6 GWh; production volume of energy storage devices: 7.036 GWh; inventory: 0.943 GWh; shipment volume of energy storage systems: about 6.9 GWh

Energy storage capacity: Yichun energy storage base with an annual capacity of 12 GWh; Indonesia energy storage production base initially planned with 3 GWh capacity, scheduled to start operation in 2026.

Revenue: 6.31 billion yuan, up 42.4%

Energy storage revenue: 3.779 billion yuan, up 160.74%

During the reporting period, Kelu Electronics achieved operating income of 6,310,392,200 yuan, up 42.41%; net profit attributable to shareholders: -156.2 million yuan, reducing losses by 307.7 million yuan compared to the same period last year.

Source: Kelu Electronics 2025 Annual Report

Among them, energy storage business revenue was 3.797 billion yuan, a 160.74% increase. Gross margin: 17.03%, down 6.87 percentage points.

Source: Kelu Electronics 2025 Annual Report

The report discloses that in 2025, Kelu Electronics sold 6.754 GWh of energy storage devices, a 387.3% increase.

Main reasons for increased sales volume of energy storage devices:

• During the reporting period, market demand for energy storage continued to grow, boosting sales volume.
• The growth rate of sales volume exceeded revenue growth mainly due to market conditions, which led to lower sales prices.

In 2025, production volume of energy storage devices was 7.036 GWh, a 315.35% increase; inventory: 0.943 GWh, up 42.66%.

Main reasons for increased production volume: increased shipment demand led to higher factory output.

Main reasons for inventory increase: inventory at year-end increased due to contractual delivery arrangements.

Source: Kelu Electronics 2025 Annual Report

Top 5 customers accounted for 49.79% of sales

The top customer accounted for 22.58% of sales

The annual report reveals that Kelu Electronics’ customer concentration was high in 2025, with the top 5 customers’ total sales accounting for 49.79% of annual sales, and the top customer alone accounting for 22.58%.

Source: Kelu Electronics 2025 Annual Report

Kelu Electronics’ top five suppliers accounted for 39.17% of annual procurement.

Details of the company’s top 5 suppliers’ share.

Source: Kelu Electronics 2025 Annual Report

Capacity, R&D investment, and R&D products

Kelu Electronics’ Yichun energy storage base currently has an annual capacity of 12 GWh; Indonesia energy storage production base initially planned with 3 GWh capacity, scheduled to start operation in 2026.

During the reporting period, R&D investment was 400.40 million yuan, accounting for 6.35% of operating revenue. In 2025, Kelu Electronics (including holding subsidiaries and subsidiaries) applied for 212 patents and obtained 145 patents; as of December 31, 2025, a total of 2,461 patent applications had been filed, with 1,649 patents granted.

Main R&D projects include zero-carbon energy management platform for parks, next-generation lithium battery liquid-cooled energy storage system, lithium battery liquid-cooled commercial energy storage system, large-scale energy storage string/concentrated PCS products, Aqua3 next-generation lithium battery liquid-cooled energy storage system, and smart energy storage operation and maintenance platform projects.