Hekang New Energy, a subsidiary of Midea Group, reported a remarkable increase in household energy storage revenue, with a year-on-year growth of 303%. The company also turned a profit in 2024.
On the evening of March 25, Hekang New Energy disclosed its 2024 financial report, revealing an operating income of 4.776 billion yuan, which marks a year-on-year increase of 220.31%. This revenue figure represents a historic high for the company. Additionally, the net profit attributable to the parent company reached 10.296 million yuan, reflecting a year-on-year growth of 104.68% and indicating a return to profitability.
Hekang New Energy is a technology enterprise under Midea Group, focusing on the fields of new energy and industrial automation. The company primarily operates in three main business areas: green energy solutions, household energy storage, and photovoltaic grid-connected inverters.
In 2024, all three of the company’s main business segments experienced significant growth. Notably, the green energy segment saw an increase of over five times year-on-year. Specifically, Hekang New Energy’s photovoltaic power station grid-connected capacity exceeded 1.3 GW, and the revenue from green energy solutions reached 3.778 billion yuan, an increase of 524%.
In the field of household photovoltaic EPC, the company achieved key breakthroughs in high-capacity, high-density regions and introduced villa green electricity solutions for high-end clients. In terms of household energy storage and photovoltaic grid-connected inverters, Hekang New Energy launched several products tailored to different countries and regions. In 2024, the revenue from the household energy storage business amounted to 137 million yuan, marking a year-on-year growth of 303%.
The company’s high-voltage inverter business generated 547 million yuan in revenue for 2024, reflecting a year-on-year increase of 9%, with a gross profit margin of 30.30%, up 11.37 percentage points from the previous year.
Hekang New Energy invested 320 million yuan in research and development in 2024, a year-on-year increase of 117.22%. The company filed 348 new patents, including 139 inventions, and received authorization for 91 patents. Over the past three years, the company has significantly ramped up its R&D investments, with 2024’s spending nearly quadrupling compared to 2021.
In the household energy storage and photovoltaic grid-connected inverter sector, Hekang New Energy initiated mass production of its first-generation self-developed single-phase all-in-one and three-phase all-in-one machines, while simultaneously developing second-generation products. The company is also preparing to launch third-generation household storage solutions.
