Shenzhen Clou Electronics (002121.SZ): Historical matters handled in accordance with the law, business layout continues to advance.

On September 18, Shenzhen Clou Electronics (002121.SZ) disclosed a case originating from a guarantee in 2018. The guarantee was an ultra vires act by the then actual controller, without review by Shenzhen Clou Electronics' board of directors or shareholders' meeting, and without fulfilling information disclosure obligations. There are no guarantee documents related to the case in the company's archives. According to Article 9 of the Supreme People's Court's interpretation on the guarantee system, if a listed company's guarantee contract has not been publicly disclosed, it does not take effect against the company. In addition, the matter is far beyond the statute of limitations, and Shenzhen Clou Electronics can legally assert to the court that it does not bear guarantee liability or compensation liability. It should be noted that this case is essentially a legacy matter from a specific historical stage. More noteworthy than the case itself is what changes have been taking place in this long-established energy company in recent years with the change of controlling shareholder. Governance evolution: from state-owned regulatory governance to market-oriented management empowerment Tracing the history of Shenzhen Clou Electronics' controlling shareholder changes reveals a clear path of governance upgrading. The guarantee matter occurred in 2018. Since then, Shenzhen Clou Electronics has successively experienced stages under the control of Shenzhen Capital Operations Group Co., Ltd. and Midea Group Co., Ltd. In 2021, Shenzhen Capital Operations Group Co., Ltd. became the controlling shareholder of Shenzhen Clou Electronics. As a Shenzhen municipal state-owned capital operation platform, Shenzhen Capital Operations Group Co., Ltd. promoted continuous improvement in Shenzhen Clou Electronics' standardization and institutional development during its control period, further enhancing Shenzhen Clou Electronics' governance efficiency. After Midea Group Co., Ltd. took over in 2023, Shenzhen Clou Electronics built on its existing governance foundation, introduced advanced management concepts, and carried out systematic improvement and optimization around organizational structure, management processes, internal control and risk control, and supply chain management, strengthening the supporting role of processes, systems, and data in business decision-making. In July 2026, Shenzhen Clou Electronics released a private placement plan, proposing to issue shares to controlling shareholder Midea Group Co., Ltd. on a non-public basis. The private placement is currently being advanced in an orderly manner, and once completed, it will help optimize the company's financial structure. At a time when the industry generally faces cash flow pressure, the controlling shareholder's injection of real capital sends a signal of "long-term holding and firm empowerment." Energy storage main business: technology, production capacity, and market position steadily advancing At the technical level, Shenzhen Clou Electronics has achieved comprehensive in-house research, development, and production of core control units for energy storage systems such as PCS, BMS, and EMS, and has full-station solution service capabilities. In the first half of 2026, R&D investment was 168 million yuan, accounting for 7.69% of operating revenue; as of June 2026, it had obtained a total of 1,676 patents. Shenzhen Clou Electronics completed key technical breakthroughs in 2000V PCS, its cell-level DC-DC active balancing technology has been applied in projects, and the Aqua-C3.0 Ultra liquid-cooled energy storage system for large-scale overseas energy storage scenarios has completed research and development. In terms of market position, Shenzhen Clou Electronics continues to be listed on BloombergNEF's (BNEF) Tier 1 energy storage manufacturer list and ranks among the top ten globally in CNESA's 2025 annual energy storage system shipments. In terms of production capacity, the annual production capacity of the Yichun energy storage base has reached 15GWh, and the Indonesia base has already met conditions for localized production. In addition, the smart electrical headquarters base expansion project of Suzhou Clou Dongzi Electric Co., Ltd., a controlled subsidiary of Shenzhen Clou Electronics, was recently approved by the board of directors and will focus on high-end power equipment research and development, intelligent manufacturing, and global exports. In terms of asset disposal, the sale of certain assets of the Shenzhen Clou Electronics Smart Energy Industrial Park has been reviewed and approved by the board of directors and shareholders' meeting. Shenzhen Clou Electronics is currently actively advancing the delivery of the relevant assets. The funds recovered from this asset sale will be used to supplement working capital and invest in the main business. From "taking over" to "all-round empowerment" and then to "private placement," Midea Group Co., Ltd.'s support for Shenzhen Clou Electronics has been consistent rather than a short-term financial operation. Historical legacy issues are being handled in accordance with the law, Shenzhen Clou Electronics' governance system continues to improve, and its energy storage main business is advancing in an orderly manner. It is believed that for investors focused on Shenzhen Clou Electronics' long-term value, these changes may be more worthy of attention than short-term performance fluctuations.