Empowered by Midea, how did Kelu Electronics achieve a strategic breakthrough during the industry reshuffle period?

In the first half of 2026, the energy storage industry continued to be divided between high demand and profit squeezing — installed capacity and production schedule data frequently reached new highs, but sharp fluctuations in raw material prices and rising policy compliance thresholds caused industry chain profits to experience an unprecedented squeeze. According to Kelu Electronics' 2026 semi-annual performance forecast, the revenue for the first half of the year is estimated to be 2.1 billion yuan to 2.3 billion yuan. Taken together, this fluctuation is mainly due to industry-specific cost and price mismatches, as well as seasonal effects on the pace of delivery of some orders. It is also in this adjustment cycle that the industry reshuffle accelerates simultaneously, and enterprises with core technology accumulation and global delivery capabilities will usher in structural opportunities.

Industry transformation: the triple squeeze of cost, price, and compliance

In the first half of 2026, the profit margins of the energy storage industry were compressed as never before. The root cause was the resonance of cost, price, and compliance. On the cost side, lithium carbonate rose close to 70% in half a year, and copper prices surpassed 90,000 yuan/ton, and cell costs rose 25%-35%; on the price side, according to CNESA data, the standard average price for a 2h energy storage system in the first half of 2026 was 602.1 yuan/kWh, up only 8.8% year on year. The average price of the 4H system was 541.3 yuan/kWh, up 21.1% year on year - the cost increased by less than 9%-21%, and integrators' profit margins were squeezed in both directions; on the compliance side, the 4th National Development Commission on July 1 Order officially implemented for the first time The grid-related performance of electrochemical energy storage power plants was included in the scope of “major accident risk” determination, and the four departments simultaneously deployed to rectify “internal rolling” competition, standardize price order, and reduce supplier billing periods. The industry is moving from scale expansion to a new phase where both compliant operations and profit quality are emphasized.

Strategic depth: 2.5 billion strategic capital increase, optimization of financial structure

Midea's strategic empowerment of science and technology is progressing in depth from management collaboration to capital and strategy levels. In June 2026, at the annual shareholders' meeting of Midea Group, it was proposed that the new energy business sector hit 50 billion yuan in revenue over the next 5 years. Landing under the target is just as intense. Recently, Kelu Electronics announced a fixed increase plan. It plans to raise no more than 2.5 billion yuan in capital. After deducting issuance fees, all of the funds will be used to repay interest-bearing debts and supplement working capital. The controlling shareholder Midea Group will subscribe in full in cash. This fixed increase is a strategic capital increase for the controlling shareholder, which can further consolidate the stability of the company's control and optimize the shareholding structure and governance mechanism. After the capital raised this time is in place, the size of the company's net assets will increase significantly, the balance ratio will decrease, and financial expenses will be reduced, providing important support and guarantee for the company's subsequent development.

The empowerment of beauty continues to be deepened, and industrial collaboration is being advanced in depth

As a green energy management partner in the entire Midea Group's “smart factory” overseas matrix, Kelu continues to benefit from Midea's deep empowerment in terms of management and channels.

At the overseas market level, Midea's global layout and localized operation capabilities can provide solid support for Kelu's overseas energy storage business expansion. Relying on the Midea Group's global sales network, intelligent manufacturing base, and digital industry chain resources, Kelu can effectively promote the cost reduction and efficiency of energy storage equipment and efficiently develop large-scale overseas energy storage businesses.

At the enterprise management level, Kelu can rely on the controlling shareholders' advanced enterprise management, internal risk control and supply chain management systems to further improve the company's business governance level. With the deep binding of capital, the two sides will accelerate the collaborative implementation of the energy business. Midea Empowers is continuing to build competitive barriers that differentiate between the two sides in terms of management and channels, and the industrial collaboration logic where the two sides complement each other's advantages is becoming more and more complete.

If Midea's empowerment establishes Kelu's external support system, then the accumulation of full-stack self-developed technology and long-term recognition of BNEF Tier 1 are internal proof of Kelu's own competitiveness.

Full-stack self-development builds technical barriers and has been ranked as BNEF Tier 1 for 9 seasons

In 2026, when industry profits are being compressed like never before and compliance thresholds are being raised systematically, technical barriers are becoming a key ability for energy storage companies to get through the cycle. Kelu has been deeply involved in the power industry for nearly 30 years. It has achieved comprehensive self-development and self-production of core technologies such as PCS, BMS, EMS, etc., and has full-station solution service capabilities. After the implementation of Order No. 41, the new regulations set a rigid red line for key grid-related performance such as low voltage crossing, high voltage crossing, and frequency adaptability of energy storage power plants. Enterprises without core grid-related technology will face rectification or even elimination. Kelu's technology accumulation in the field of power electronics over the past 30 years has given it a significant first-mover advantage in network-related performance compliance. The company's products have passed many international authoritative certifications such as UL, IEC, and VDE, and its technical strength has been recognized by the global market.

The value of technology accumulation has been continuously verified at the level of third-party approval. Bloomberg New Energy Finance (BNEF)'s list of world-class energy storage manufacturers has a hard threshold — projects that companies invest for their own use are not included in the selection, buyers of energy storage systems must be independent third parties, and all eligibility for selection is based entirely on actual records of overseas projects. Kelu Electronics has been on the BNEF Global Tier 1 Energy Storage Vendor List for nine consecutive quarters. This achievement directly validates its mature ability to independently deliver third-party projects to the global market. In the same period, Kelu was selected by CNESA as “2025 Top 10 Global Market Energy Storage System Shipments”. The long-term recognition of BNEF Tier 1 and CNESA's shipment rankings confirm each other, providing an objective credit endorsement for its participation in domestic and foreign energy storage projects.

The energy storage industry in 2026 is at a key point of the triple superposition of “cost squeezing+compliance tightening+pattern restructuring”, and industry differentiation is accelerating. Many companies face short-term profit pressure, but under pressure, the true depth of strategy depends on hard power — Kelu Electronics has nearly 30 years of power electronics technology accumulation, nine consecutive BNEF Tier 1 third-party delivery records, and the combination of Midea's multi-dimensional empowerment from capital to supply chain to channels, forms the differentiated foundation of Kelu on the energy storage circuit.