2025 Annual Financial Report
Keda Intelligent Technology Co., Ltd. (hereinafter referred to as the "Company") has undergone an audit by Rongcheng Certified Public Accountants (Special General Partnership) for its consolidated and parent company balance sheets as of December 31, 2025, consolidated and parent company income statements for 2025, consolidated and parent company cash flow statements, consolidated and parent company statements of changes in owners' equity, and financial statement notes. An audit report with a standard unqualified opinion has been issued. The 2025 annual financial report is hereby presented as follows:
I. 2025 Operating Performance
In 2025, driven by the continuous advancement of the new power system construction and the expanding application of new energy scenarios, State Grid companies have increased their fixed asset investment, leading to a steady rise in the prosperity of the power industry. Concurrently, the Company has further strengthened internal refined management and focused on core business development, resulting in sustained improvement in its fundamentals and operating quality. In 2025, the Company achieved total operating revenue of 306,257.01 million yuan, an increase of 11.83% year-on-year. Operating profit was 8,731.88 million yuan, an increase of 18.79% year-on-year. Net profit attributable to shareholders of the listed company was 8,077.27 million yuan, an increase of 15.33% year-on-year.
II. Key Financial Indicators
| Project | 2025 | 2024 | Year-on-Year Change (%) |
|---|
| Operating Revenue | 306,257.01 | 273,852.30 | 11.83% |
| Net Profit Attributable to Shareholders of Listed Company | 8,077.27 | 7,003.53 | 15.33% |
| Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 4,936.13 | 1,608.15 | 206.94% |
| Basic Earnings Per Share (RMB/share) | 0.10 | 0.09 | 11.11% |
| Diluted Earnings Per Share (RMB/share) | 0.10 | 0.09 | 11.11% |
| Weighted Average Return on Equity (%) | 4.79% | 4.27% | 0.52% |
| Weighted Average Return on Equity After Deducting Non-recurring Gains and Losses (%) | 2.93% | 0.98% | 1.95% |
| Net Cash Flow from Operating Activities | 19,677.79 | 11,897.82 | 65.39% |
| Net Cash Flow Per Share from Operating Activities (RMB/share) | 0.25 | 0.15 | 66.67% |
| Project | As of End of 2025 | As of End of 2024 | Year-on-Year Change (%) |
|---|
| Total Share Capital (Million Shares) | 77,828.12 | 78,024.22 | -0.25% |
| Total Assets | 462,310.13 | 488,767.84 | -5.41% |
| Total Liabilities | 281,401.76 | 317,882.53 | -11.48% |
| Project | As of End of 2025 | As of End of 2024 | Year-on-Year Change (%) |
|---|
| Net Assets Attributable to Ordinary Shareholders of Listed Company | 173,156.11 | 164,787.65 | 5.08% |
| Earnings Per Share Attributable to Ordinary Shareholders of Listed Company (RMB/share) | 2.22 | 2.11 | 5.21% |
| Asset-Liability Ratio (%) | 60.87% | 65.04% | -6.41% |
III. Analysis of Key Financial Data
(I) Asset Item Analysis