Summary of 2025 Annual Report of Konka Group Co., Ltd.
Stock code: 000016, 200016 Stock abbreviation: Konka Group-A, Konka Group-B
Announcement No.: 2026-37
Bond code: 133783, 134294 Bond abbreviation: 24 Konka 03, 25 Konka 01
Summary of 2025 Annual Report of Konka Group Co.,
Ltd.
I. Important notes
The summary of this annual report is from the full text of the annual report. In order to
fully understand the operating results, financial status and future development planning
of the Company, investors shall carefully read the full text of the annual report in the
media designated by the CSRC.
All the Company's directors have attended the board meeting for the review of this
Report.
Reminder of non-standard audit opinion
√ Applicable □ Not Applicable
ShineWing Certified Public Accountants (Special General Partnership) issued an
unqualified auditor's report with a paragraph on material uncertainty related to going
concern for the Company's 2025 annual financial report, which was clarified by the
Board of Directors and the Audit Committee. Investors are advised to pay attention to
such content.
ShineWing Certified Public Accountants (Special General Partnership) issued an
unqualified Internal Control Audit Report with an emphasis of matter paragraph for the
Company, which was clarified by the Board of Directors and the Audit Committee.
Investors are advised to pay attention to such content.
Profit distribution plan or plan for conversion of provident funds into share capital during
the reporting period deliberated by the board of directors
□ Applicable √ Not Applicable
The Company plans not to distribute cash dividends, issue bonus shares, or convert
capital reserve into share capital.
Preferred share profit distribution plan for the reporting period approved by the resolution
of the Board of Directors
□ Applicable √ Not Applicable
As of the end of the Reporting Period, the parent company had unappropriated losses.
√ Applicable □ Not Applicable
Summary of 2025 Annual Report of Konka Group Co., Ltd.
As of the end of the Reporting Period, the parent company had unappropriated losses,
and the profit available for distribution to shareholders was negative. In accordance with
the No.3 Guideline for the Supervision of Listed Companies - Cash Dividend Distribution
of Listed Companies, the Guidelines No. 1 of the STAR Market of Shanghai Stock
Exchange for Self-regulation of Listed Companies - Standardized Operation, and other
relevant regulations, the Company fails to meet the preconditions for implementing cash
dividends yet. Investors are kindly reminded to pay attention to investment-related risks.
II. Basic information of the Company
Stock Name Konka Group-A, Konka Group-B Stock Code
Stock exchange for stock listing Shenzhen Stock Exchange
Previous stock name (if any) None
Contact person and contact
Secretary of the Board of Directors Securities Representative
information
Name Yu Huiliang Miao Leiqiang
Konka R&D Building, No. 28 Keji Konka R&D Building, No. 28 Keji
South 12th Road, Science and South 12th Road, Science and
Office Address
Technology Park, Yuehai Street, Technology Park, Yuehai Street,
Nanshan District, Shenzhen 518057 Nanshan District, Shenzhen 518057
Fax 0755-26601139 0755-26601139
Tel. 0755-26609138 0755-26609138
E-mail szkonka@konka.com szkonka@konka.com
(1) Consumer Electronics Business
This division primarily comprises the color TV and white TV sub-divisions, with details as
follows:
① Color TV Business
The Company's color TV business serves the global market, mainly including domestic
and export businesses. The domestic color TV business mainly focuses on two business
models: B2B (an abbreviation for Business-to-Business, namely, business-to-business)
and B2C (an abbreviation for Business-to-Consumer, namely, business-to-consumer).
Branches, business departments, and after-sales maintenance service outlets have been
established across the country. The operating profit is derived from the price difference
between the cost of color TV products and their selling prices. As for selling its color TVs
abroad, the Company mainly relies on B2B. Its color TVs are sold to Asia Pacific, Middle
East, Central & South America, East Europe, etc., and operating profit is also
derived from the differences between the costs and the selling prices of its color TVs.
② White Goods Business
Summary of 2025 Annual Report of Konka Group Co., Ltd.
The Company's white TV business mainly deals in products such as refrigerators,
washing machines, air conditioners, freezers, and dishwashers under B2B and B2C
models, primarily targeting the global market and generating profit from product price
differences. By acquiring the "Frestec" brand, the Company has built a "KONKA +
Frestec" operation strategy. By acquiring the Chinese factory of Beko (front-loading
washing machine), the Company has made up for the technical shortcomings in front-
loading washing machine production. The Company also built a new Xi'an Smart Home
Appliance Industrial Park to explore and develop the dishwasher business. The
Company by now has formed a "KONKA + Frestec" operation pattern for its white TV
business, with the capability of production and operation of refrigerators, washing
machines, freezers, air conditioners, and kitchen appliances.
(2) Semiconductor Business
The Company by now has established a presence in the semiconductor optoelectronics
and memory sectors, the former focusing on three major segments - Micro LED and Mini
LED chips, mass transfer, and display. After industrialization, the operating profit is
derived from the price difference between product cost and selling price;the memory
business primarily focuses on the packaging and testing segment, mainly processing
steps such as wafer dicing, packaging, and testing.
(3) PCB Business
The Company's PCB business primarily focuses on metal substrate products, thick
copper products, and high multi-layer products. Operating under a B2B business model,
the Company targets four major electronics fields, namely new energy, automotive
electronics, communications & data centers, and new consumer electronics. Profitability
is achieved through the spread between product costs and sales prices.
(1) Main Accounting Data and Financial Indicators in Recent Three Years
Whether the Company needs to retrospectively adjust or restate the accounting data of
previous years
√ Yes □ No
Reasons for retrospective adjustment or restatement
Correction of accounting errors
Summary of 2025 Annual Report of Konka Group Co., Ltd.
Unit: RMB
Changes from
the end of the
previous year
End of 2024 End of 2023
to the end of
End of 2025 the current
year
Before After After Before After
Adjustment Adjustment Adjustment Adjustment Adjustment
Total assets -28.96%
Equity
attributable to -
the listed 6,083,071,689 -481.99%
.10 .28 .65 .84
company's .95
shareholders
Adjustment Adjustment Adjustment Adjustment Adjustment
Operating 9,835,474,916 11,114,763,96 11,114,763,96 17,849,331,42 17,849,331,42
-11.51%
revenue .53 9.59 9.59 9.24 9.24
Net profit
attributable to - - - - -
the listed 12,582,399,85 3,295,588,668 3,725,557,221 -237.73% 2,163,790,053 2,258,279,326
company’s 6.80 .77 .78 .17 .65
shareholders
Net profit
attributable to
the listed
company’s - - - - -
shareholders 10,380,838,80 3,205,504,053 3,534,999,165 -193.66% 2,914,445,076 2,938,068,349
before non- 3.56 .63 .55 .42 .90
recurring
gains and
losses
Net cash
generated -
from/used in 1,611,000,121 -1026.45% 553,101,277.9
operating .19 0
activities
Basic
earnings per
-5.2254 -1.3686 -1.5472 -237.73% -0.8986 -0.9378
share
(RMB/share)
Diluted
earnings per
-5.2254 -1.3686 -1.5472 -237.73% -0.8986 -0.9378
share
(RMB/share)
Weighted
average
不适用 -82.56% -108.62% 不适用 -32.58% -35.62%
return on
equity
Summary of 2025 Annual Report of Konka Group Co., Ltd.
Reasons for changes in accounting policies and details of corrections of accounting
errors
After self-examination, due to the failure to consider special provisions for some equity
transfer projects, insufficient provision for patent fees in previous years, and bad debt
provisions for individual customers' accounts receivable, the company has made
corrections to relevant error items, involving the consolidated balance sheet,
consolidated income statement, consolidated statement of changes in owner's equity
accounts for the years 2022 to 2024, the first quarter, half year, and third quarter of 2025,
as well as the parent company's balance sheet, parent company's income statement,
and parent company's statement of changes in owner's equity accounts. The specific
situation is as follows:
(hereinafter referred to as "ypfun") in 2021, the Company signed supplementary
agreements with 11 investors, promising that if ypfun failed to complete its IPO before
the agreed time, the Company would be obliged to repurchase their transferred equity at
the original transfer price and pay interest. The above-mentioned agreed matters did not
go through the approval procedures of the Company's Board of Directors and the
General Meeting, and were not subjected to appropriate accounting treatment and
information disclosure. Based on this contractual obligation and the facts currently known,
the Company's management recognized this obligation as a financial liability and
corrected previous accounting errors.
referred to as "Kaikai Vision") in previous years, the Company entered into an agreement
with Alibaba (China) Network Technology Co., Ltd. (hereinafter referred to as "Alibaba"),
under which the Company undertook to repurchase the transferred equity at the original
transfer price and pay interest if Kaikai Vision failed to complete its IPO before the
agreed time. Since Kaikai Vision failed to complete its IPO within the agreed period,
Alibaba filed a lawsuit against the Company in 2024, and the Company paid the equity
repurchase amount and interest to Alibaba in 2025. The above-mentioned agreed
matters did not go through the Company's internal approval procedures and were not
subjected to appropriate accounting treatment. Based on this contractual obligation and
the facts currently known, the Company's management recognized this obligation as a
financial liability and corrected previous accounting errors.
patents. Through self-inspection, the Company found that there were differences in
previous payment data and that some patented technologies without prior usage
agreements were recovered by the obligees. The Company should make supplementary
provisions for such patent royalties in previous years and correct previous accounting
errors.
Summary of 2025 Annual Report of Konka Group Co., Ltd.
not fully accrued due to underlying customers being difficult to collect payments from,
resulting in accounting errors and inaccurate disclosure of relevant financial information,
requiring correction of prior period accounting errors.
(2) Quarterly Main Accounting Data
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 2,544,411,519.38 2,703,096,329.89 2,431,462,871.94 2,156,504,195.32
Net profit attributable
to the listed
company’s
shareholders
Net profit attributable
to the listed
company’s
-440,636,189.54 -586,865,935.72 -494,190,886.44 -8,859,145,791.86
shareholders before
non-recurring gains
and losses
Net cash generated
from/used in -421,786,013.66 -253,837,417.27 -410,704,971.11 -524,671,719.15
operating activities
Whether there are significant differences between the above financial indicators or the
sum and the relevant financial indicators in the company's disclosed quarterly reports
and semi-annual reports
□ Yes √ No
(1) Number of ordinary shareholders and preferred shareholders with restored
voting rights and shareholdings of top 10 shareholders
Unit: Share
Number of
Number of
ordinary Number of preferred
ordinary Number of
sharehold shareholders with
shareholders at preferred
ers as at resumed voting rights
the end of at the month-end prior
prior to the resumed voting
the to the disclosure of this
disclosure of this rights
Reporting Report
Report
Period
Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)
Restricte Shares in pledge,
Nature of Shareholding Number of marked or frozen
Name of shareholder d shares
shareholder percentage shares held
held Status Quantity
Panshi Runchuang
State-owned Not
(Shenzhen) Information 21.76% 524,022,432 0 0
legal person applicable
Management Co., Ltd.
CITIC Securities Brokerage Foreign legal 8.24% 198,361,110 0 Not 0
Summary of 2025 Annual Report of Konka Group Co., Ltd.
(Hong Kong) Co., Ltd. person applicable
Guoyuan Securities Brokerage Foreign legal Not
(Hong Kong) Co., Ltd. person applicable
Foreign legal Not
HOLY TIME GROUP LIMITED 2.34% 56,289,100 0 0
person applicable
Domestic nat Not
Wang Jingfeng 1.12% 27,001,800 0 0
ural person applicable
Domestic nat Not
Li Tao 0.71% 17,000,000 0 0
ural person applicable
Foreign natur Not
NAM NGAI 0.64% 15,300,400 0 0
al person applicable
Foreign natur Not
Xu Zhiwang 0.37% 8,887,629 0 0
al person applicable
Hong Kong Securities Foreign legal Not
Clearing Company Ltd. person applicable
Foreign natur Not
Xu Xionggui 0.25% 5,995,480 0 0
al person applicable
Panshi Runchuang and Commotra Company Limited are both wholly-owned subsidiaries of
China Resources and parties acting in concert; panshi Runchuang holds 524,022,432 A-
Related or acting-in- shares of Konka Group Co., Ltd., accounting for 21.76% of the total share capital, and is
concert parties among the controlling shareholder of the company. Commotra Company Limited holds
the shareholders above 198,361,110 B-shares of Konka Group Co., Ltd. through CITIC Securities Brokerage (Hong
Kong) Co., Ltd., accounting for 8.24% of the total share capital; it is unknown whether other
shareholders are related or act in concert.
Description of
Shareholders A-share shareholder Wang Jingfeng holds 27,001,800 shares through the Client Credit
Participating in Margin Trading Collateral Securities Account of Guotai Haitong Securities Co., Ltd. A-share
Lending and Securities shareholder Li Tao holds 17,000,000 shares through the Client Credit Trading Collateral
Lending Business (if Securities Account of Guotai Haitong Securities Co., Ltd.
any)
Participation of shareholders holding more than 5% of the shares, the top 10
shareholders and the top 10 shareholders of unrestricted tradable shares in refinancing
business and lending shares
□ Applicable √ Not Applicable
Changes to the top 10 shareholders and the top 10 shareholders of unrestricted tradable
shares compared with the previous period due to refinancing lending/repayment
□ Applicable √ Not Applicable
(2) Total Number of Preferred Shareholders and Shareholdings of Top 10 Preferred
Shareholders of the Company
□ Applicable √ Not Applicable
There were no shareholdings of preferred shareholders during the reporting period.
(3) Disclose the Property Rights and Control Relationship Between the Company
and the De Facto Controller in the Form of Block Diagram
Summary of 2025 Annual Report of Konka Group Co., Ltd.
√ Applicable □ Not Applicable
(1) Basic Information of Bonds
Bond
Balance Intere
Name Abbr. Code Issue date Due date
(RMB'0,0 st rate
Privately placed corporate bonds to
March 18, March 18,
professional investors in 2024 of Konka 24 Konka 03 133783 40,000 4.03%
Group Co., Ltd. (Tranche II) (Variety II)
Privately placed corporate bonds to
June 23, June 23,
professional investors in 2025 of Konka 25 Konka 01 134294 41,000 3.50%
Group Co., Ltd. (Tranche I) (Variety I)
Privately placed corporate bonds to
July 04, July 04,
professional investors in 2025 of Konka 25 Konka 03 134334 79,000 2.80%
Group Co., Ltd. (Tranche II) (Variety I)
During the reporting period, the Company has paid the interest and principal of "22 Konka 01" for the
period from July 14, 2024 to July 13, 2025 on July 14, 2025. "22 Konka 01" was redeemed and delisted
Interest on the Shenzhen Stock Exchange on July 14, 2025.
Payment of The Company has paid the interest and principal of "22 Konka 03" for the period from September 8,
Corporate 2024 to September 7, 2025 on September 8, 2025. "22 Konka 03" was redeemed and delisted on the
Bonds Shenzhen Stock Exchange on September 8, 2025.
During the The Company has paid the interest and principal of "22 Konka 05" for the period from October 18, 2024
Reporting to October 17, 2025 on October 20, 2025. "22 Konka 05" was redeemed and delisted on the Shenzhen
Period Stock Exchange on October 18, 2025.
The Company has paid the interest of "24 Konka 01" for the period from January 29, 2024 to January
Summary of 2025 Annual Report of Konka Group Co., Ltd.
The Company has paid the interest of "24 Konka 02" for the period from March 18, 2024 to March 17,
The Company paid the interest on "24 Konka 03" for the period from March 18, 2024 to March 17, 2025
on March 18, 2025.
During the reporting period, "25 Konka 01" and "25 Konka 03" have not yet reached the first interest
payment date.
As of the date of approval of this annual report, the Company has paid the interest for the period from
January 29, 2025 to January 28, 2026 and the put-back principal of "24 Konka 01" on January 29,
The company has paid the interest for the period from March 18, 2025 to March 17, 2026 and the put-
back principal of "24 Konka 02" on March 18, 2026. "24 Konka 02" was redeemed and delisted on the
Shenzhen Stock Exchange on March 18, 2026.
The company paid the interest on "24 Konka 03" for the period from March 18, 2025 to March 17, 2026
on March 18, 2026.
Remarks: If the interest exchange/redemption date of the bonds issued by the Company is not a
trading day in the current year, it shall be postponed to the next trading day of the interest
exchange/reduction date.
(2) Latest tracking rating and rating changes of corporate bonds
During the reporting period, the credit rating results of the Company's entities and
corporate bonds were not adjusted.
On June 12, 2025, United Ratings Co., Ltd. issued the 2025 Tracking Rating Report on
Private Placement of Corporate Bonds of Konka Group Co., Ltd. (Lianhe [2025] No.
Company's main body is maintained at AA, the credit rating of "22 Konka 01" is AAA,
and the rating outlook is stable. On June 12, 2025, United Ratings Co., Ltd. issued the
Co., Ltd. (Lianhe [2025] No. 3482). The results of this tracking rating are as follows: the
long-term credit rating of the company's main body is maintained at AA, the credit rating
of "24 Konka 01" is AAA, and the rating outlook is stable.
(3) As of the end of the reporting period, the main accounting data and financial
indicators of the Company for the recent two years
Unit: RMB'0,000
Item 2025 2024 YoY change
Debt/asset ratio 126.22% 95.37% 30.85%
Net profit after deducting
-1,038,083.88 -353,499.92 -193.66%
non-recurring gains/losses
EBITDA/debt ratio -54.80% -12.51% -42.29%
Times interest earned -13.84 -4.75 -191.37%
Note: The financial data related to previous years in this report are the amounts
corrected for errors.
III. Important matters
Summary of 2025 Annual Report of Konka Group Co., Ltd.
In 2025, through professional integration, the Company continued optimizing its
business structure, while steadily promoting cost reduction and efficiency improvement,
laying a solid foundation for the Company's future development.
In 2025, the Company achieved operating revenue of RMB 98.35 hundred million, down
activities was RMB -16.11 hundred million, down 1026% year-on-year.
(1) Reasons for performance changes in 2025
① In 2025, the Company's consumer electronics business witnessed a decline in
operating revenue due to insufficient product competitiveness. Despite the decrease of
overall expenses year-on-year, the gross profit still failed to cover the expenses, leaving
the consumer electronics business in a loss-making state.
② In 2025, in accordance with the Accounting Standards for Business Enterprises, the
company made provision for impairment losses on accounts receivable, other
receivables, inventories, investment real estate, fixed assets, intangible assets,
construction in progress, goodwill, long-term equity investments, other current assets,
other non-current assets and other items, and recognized certain contingent liabilities. As
a result, the company incurred a net loss attributable to shareholders of listed companies
in 2025, and its net assets attributable to shareholders of listed companies turned
negative.
(2) Key tasks for 2025
In 2025, against the backdrop of professional integration, the Company further clarified
its strategic goals and paths for achievement, with focus on improving the operations of
its main businesses under the following work progress:
① Professional management of R&D, production, supply, and sales
In terms of R&D, the Company set up a Research Institute responsible for
coordinating Konka's strategic R&D strategies and building a three-tiered R&D
system.
For the supply chain, the Company gave full play to the role of the Supply Chain
Management Department in coordinating the procurement of bulk and unified raw
materials, thus promoting cost reduction in the supply chain.
As for marketing, the Company established China Marketing Headquarters and
International Marketing Business Division to steadily advance loss reduction and
conversion into profits in the domestic sales businesses, while building the overseas
brand image and transforming the marketing pattern of branded products through
integration and collaboration.
Summary of 2025 Annual Report of Konka Group Co., Ltd.
On the production side, the Company clarified the orientation for optimizing and
integrating production bases and planned to launch intelligent upgrading for some
factories for qualitative improvement in the Company's manufacturing capabilities in line
with the industry benchmarks.
② Further collaboration for market growth
Based on the Company's business characteristics and CR Group's industrial resources,
a cooperation plan covering 5 major areas was formulated to deepen business synergy
with subsidiaries of CR Group. The "China Resources Fuzhou Gas Store & Konka
Quality Base" officially opened at the end of 2025, while other cooperation plans are
under progressive implementation.
③ Loss reduction and efficiency improvement in existing businesses
In terms of business integration, the color TV business and the white goods business are
being integrated in some regions. Such measures such as marketing channels,
resources, and workforce reusing were taken to drive the Company's consumer
electronics businesses into a collaborative pattern, with an incremental performance of
approximately RMB 150 million for the year.
In terms of service integration, the Company completed a joint tender for black and white
goods express logistics, reducing the overall express logistics costs for both categories
by 23.37%; and constantly enhancing the reuse of service providers for the color and
white goods businesses, as well as for the Konka and Frestec brands.
In manufacturing efficiency enhancement, benchmarking against industry leaders, all
manufacturing bases steadily improved production efficiency, with manufacturing cost
per unit meeting the target. In the quality products, total sales exceeded 750,000 sets,
generating revenue of over RMB 1 billion. Ningbo Konka Hanrui Electrical Appliance Co.,
Ltd. surpassed its sales target for the 1 HP inverter series air conditioners, while Jiangsu
Konka Smart Appliance Co., Ltd. leveraged its 530 Platform to create differentiated
products, completing its product matrix.
On the other hand, the Company clarified its strategy for improving the structure of the
color TV business, focusing resources on its own brand business to further advance the
brand towards high-end positioning. The Company deepened its cooperation with key
customers in the white goods business, promoting in-depth exchanges in areas such as
product technology, design, and key indicators.
④ Corporate transformation and development through organizational optimization
The Company comprehensively advanced organizational restructuring efforts, optimized
its headquarters functions, and strengthened the professional capabilities of the
corporate headquarters team. The Company restructured its business units to adapt to
Summary of 2025 Annual Report of Konka Group Co., Ltd.
industry characteristics, scaled back non-core businesses, and established 4 secondary
business divisions to for the business development. A mechanism of job competition was
adopted to further revitalize the organizational vitality and to establish an organizational
structure that aligns with market principles and business management needs.
Konka Group Co., Ltd.
Board of Directors
April 29, 2026
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