On March 31, Hekang New Energy announced significant personnel changes. Mr. Wu Dehai resigned from his position as a director and a member of the Board’s Audit Committee due to work relocation. Similarly, Mr. Chen Ziqiang stepped down from his roles as a director, a member of the Board’s Strategic Committee, the Compensation and Assessment Committee, as well as Vice General Manager and Chief Financial Officer. Following their resignations, neither individual will hold any position within the company.
To ensure smooth financial management, the Board has appointed Mr. Wang Wenliang as the new Vice General Manager and Chief Financial Officer, effective immediately upon approval by the Board until the end of the sixth Board’s term. Mr. Wang, born in 1982 and a Chinese national with no permanent residency abroad, holds a bachelor’s degree in accounting from Hunan University. He served as the Cost Management Manager and Budget Management Manager for the Home Air Conditioning Division at Midea Group from November 2014 to December 2021, and subsequently worked as the Marketing Finance Director for the same division until February 2025.
The Board also agreed to elect Mr. Wang Wenliang and Mr. Wang Zonghao as non-independent directors of the sixth Board, pending review by the company’s shareholders.
Hekang New Energy reports a remarkable 303% increase in household storage revenue, totaling 137.2 million yuan. The company, a subsidiary of Midea Group specializing in new energy and industrial automation, was founded in 2003 and primarily focuses on three major business areas: green energy solutions, household energy storage, and photovoltaic grid-connected inverters.
According to their 2024 annual performance report released on March 26, Hekang New Energy achieved total revenue of 4.776 billion yuan, reflecting a year-over-year increase of 220.31%. The net profit attributable to shareholders reached 10.2961 million yuan, up 104.68% compared to the previous year, when the company reported a net loss. The net profit after excluding non-recurring gains and losses was 7.6372 million yuan, a 103.70% increase year-over-year. In terms of quarterly performance, the highest revenue was recorded in the fourth quarter at 1.663 billion yuan, while the first and third quarters were profitable with earnings of 11.0312 million yuan and 2.2646 million yuan respectively, whereas the second and fourth quarters experienced slight losses.
In terms of product performance, Hekang New Energy’s household energy storage business reported revenues of 137.2 million yuan, with a cost of revenue amounting to 122.01 million yuan, marking a year-over-year increase of 131.59%. The gross margin for household energy storage reached 11.07%, up 65.75% from the previous year.
The company continues to focus on research and development, increasing R&D investment to 320 million yuan during the reporting period, which is a 117.22% increase. With this intensive investment, Hekang has launched the first generation of its self-developed household energy storage all-in-one single-phase and three-phase machines, while simultaneously developing second-generation all-in-one and split machines, as well as photovoltaic grid-connected inverters.
Hekang New Energy is currently working on four household energy storage projects aimed at meeting the demands of high-end all-in-one markets in Europe and Australia, as well as product needs in small commercial energy storage in Europe and regions in Asia, Africa, and Latin America.
