Zijin Mining: Net profit in 2025 to grow over 60% year-over-year; Yu Energy Holdings: Plans to increase capital investment of 1.1 billion yuan in Xiantian Computing Power | New Energy Morning Brief

Monday, March 23, 2026

NO.1 Kelon Electronics: Net Loss of 156 Million Yuan in 2025

On March 20, Kelon Electronics announced that in 2025, the company achieved operating revenue of 6.31 billion yuan, a year-on-year increase of 42.41%; net profit attributable to shareholders of the listed company was a loss of 156 million yuan. During the reporting period, demand in the energy storage market continued to grow. The company actively seized industry development opportunities, leading to increased sales of energy storage products.

Comment: Kelon Electronics saw a 40% surge in revenue, indicating successful positioning in the energy storage boom and strong business expansion momentum. However, net profit remains in the red. While scale effects are emerging, how to quickly turn losses into profits and improve profitability remains a core challenge for the company.

NO.2 Zijin Mining: Net Profit in 2025 Grows 61.55% Year-on-Year, Plans to Pay 3.8 Yuan per 10 Shares

On March 20, Zijin Mining announced that in 2025, the company achieved operating revenue of 349.079 billion yuan, up 14.96% year-on-year; net profit attributable to shareholders was 51.777 billion yuan, an increase of 61.55%. The company plans to distribute a cash dividend of 3.8 yuan per 10 shares (tax included), subject to approval at the 2025 annual shareholders’ meeting. During the reporting period, the company’s mineral product output steadily increased, achieving 90 tons of gold, 1.09 million tons of copper, 25,500 tons of lithium carbonate equivalent, 400,000 tons of zinc (lead), and 439 tons of silver; among these, gold production growth ranks among the top globally, copper production has exceeded one million tons for the third consecutive year, and lithium projects have been put into operation to generate benefits.

Comment: Zijin Mining’s 2025 performance was impressive, with net profit soaring 60%, demonstrating its status as a leading global mining company. Core mineral outputs—gold and copper—remain stable, while the lithium sector contributed additional growth. Coupled with high metal prices, this led to simultaneous increases in volume and price. The company also announced a high-dividend plan, balancing growth and shareholder returns, further highlighting its long-term investment value.

NO.3 Yunnan Energy Holdings: Plans to Invest 1.1 Billion Yuan to Indirectly Stake in Zhengzhou Heying via Tianyan Computing Power

On March 20, Yunnan Energy Holdings announced that it, together with its controlling shareholder Henan Investment Group, plans to increase capital in Tianyan Computing Power (Henan) Technology Co., Ltd., with Yunnan Energy Holdings investing 1.1 billion yuan for a 42.29% stake; Henan Investment Group will invest 1.4 billion yuan for a 57.71% stake. Tianyan Computing Power intends to jointly acquire 91.2% of Zhengzhou Heying Data Co., Ltd., with a transaction price of 9.41184 billion yuan, and the stake acquired by Tianyan Computing Power will be no less than 55% of Zhengzhou Heying’s total equity. This transaction constitutes an associated transaction but not a major asset reorganization, pending approval at the shareholders’ meeting (with controlling shareholders abstaining from voting) and review by regulatory authorities. The company will only hold an equity stake and will not consolidate financial statements; its main business remains thermal power generation, with no change in fundamentals.

Comment: Yunnan Energy Holdings is investing 1.1 billion yuan to partner with its controlling shareholder in the AI (artificial intelligence) sector, aiming to break through the bottleneck of single thermal power and embrace AI trends. While this reduces some risks by not consolidating the investment, the large capital outlay still tests cash flow. As a passive investor, the company benefits from investment returns but does not hold control, making its transformation less substantial. Short-term boosts may come from industry hotspots, but long-term risks include cross-sector integration challenges and uncertain returns.

Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before acting. Use at your own risk.

Daily Economic News