Clou Electronics released its 2026 interim report on August 26. Operating revenue was 2.185 billion yuan, down 15.1 percent year on year. The company posted a loss of 219 million yuan, a year-on-year decline of 215.2 percent. Excluding non-recurring items, the loss was 213 million yuan, down 248.01 percent year on year. Net operating cash flow was negative 474 million yuan, a year-on-year decline of 7,065.1 percent. The company has now been loss-making for five consecutive years since 2021. Net profit attributable to the parent company from 2021 through 2025 was negative 665 million yuan, negative 101 million yuan, negative 529 million yuan, negative 464 million yuan and negative 156 million yuan respectively. By product, smart grid revenue was 1.062 billion yuan, down 15.32 percent year on year, with a gross margin of 27.29 percent, a decrease of 5.61 percentage points. Energy storage revenue was 1.084 billion yuan, down 15.50 percent year on year, with a gross margin of only 16.85 percent, a sharp decrease of 16.10 percentage points. By region, domestic market revenue was 1.297 billion yuan, a slight increase of 0.33 percent year on year, with a gross margin of 18.71 percent, down 5.56 percentage points. Overseas market revenue was 888 million yuan, a sharp year-on-year decline of 30.67 percent, with a gross margin of 27.38 percent, down 14.61 percentage points. Financial expenses surged 208.33 percent to 115 million yuan, mainly due to exchange losses from the depreciation of the US dollar and the Egyptian pound. As of the end of the second quarter, the company's total assets were 9.954 billion yuan, up 20.3 percent from the end of the previous year. Net assets attributable to the parent company were 195 million yuan, down 45.3 percent from the end of the previous year. The company's controlling shareholder is Midea Group, with a stake of 22.63 percent. The company had previously announced plans to issue no more than 2.5 billion yuan in a private placement to Midea Group to repay interest-bearing debt and replenish working capital. At the same time, it plans to sell part of the assets of the Guangming Smart Energy Industrial Park for 1.307 billion yuan, of which Midea Group will pay 520 million yuan to acquire part of the assets. The asset sale has not yet been completed.
Shenzhen Clou Electronics Co LtdClou Electronics reported a 219 million yuan loss in H1, with revenue down 15.1% and continued losses for five consecutive years.
Midea Group Co Ltd