证券代码：688032 证券简称：禾迈股份 公告编号：2025-034 杭州禾迈电力电子股份有限公司 关于签订日常经营重大合作协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ●合同类型：户用光伏合作协议 2、因本合同为交易双方对后续交易的框架性约定，合同金额仅代表在合作期限 内，双方拟开展的合作规模，不代表客户采购承诺且不存在最低采购量承诺。合同的 具体执行需根据交易双方实际签署的销售订单予以确定，且本合同履行过程中，可能 存在产能不如预期、交货量不足、交货及时性不够等原因导致的采购量可能不达预期 及采购金额变动的风险。同时，公司若存在未按约定交货、未足额供货等情形将承担 违约责任风险。 3、若本合同顺利履行，预计将对公司2025年及后续年度经营业绩产生积极影响。 但由于本合同仅为框架性约定，且履行过程中存在不确定性，本合同对公司业绩的影 响尚无法准确预计，相关财务数据的确认请以公司经审计财务报告为准。 一、审议程序情况 近日，杭州禾迈电力电子股份有限公司（以下简称"公司"或"乙方二"）及全 资 ...

Core Viewpoint - The company has signed a cooperation agreement with Huarong Financial Leasing Co., Ltd. for a total amount of 1 billion yuan, focusing on the provision of household photovoltaic system equipment and maintenance services [1] Summary by Categories Agreement Details - The total amount of the cooperation agreement is 1 billion yuan [1] - The contract is classified as a significant contract for daily operations and has undergone internal approval procedures [1] - The cooperation is expected to last for 3 years from the effective date of the agreement [1] Expected Impact - If the contract is successfully executed, it is anticipated to have a positive impact on the company's operating performance in 2025 and subsequent years [1]

Core Viewpoint - The strategic cooperation agreement between Shanghai Chemical Research Institute and Hebei Jinli New Energy Technology Co., Ltd. aims to enhance the development and technological upgrade of high-performance ultra-high molecular weight polyethylene (UHMWPE) separator materials for lithium batteries [1][2]. Group 1: Company Overview - Hebei Jinli New Energy Technology Co., Ltd. was established in 2010 and focuses on the research, production, and sales of lithium battery wet separators and coated separators [1]. - The company's products, including wet separators, coated separators, and breathable membranes, are primarily used in downstream sectors such as new energy vehicles, energy storage stations, electric tools, electric two-wheelers, and 3C electronic products [1]. - Jinli's major clients include well-known lithium battery manufacturers such as BYD, CATL, Guoxuan High-Tech, and Yiwei Lithium Energy [1]. Group 2: Product and Technology - Jinli has achieved mass production of 3μm ultra-thin separators, which can enhance the energy density of batteries by over 15%, catering to the needs of high-end consumer electronics and long-range electric vehicles [1]. - The company's separator products are compatible with emerging technologies such as solid-state batteries, sodium-sulfur batteries, and fuel cells, positioning them advantageously in the next-generation energy storage market [1]. Group 3: Industry Context - Shanghai Chemical Research Institute, established in 1956, has a history of developing production processes for UHMWPE, with a significant milestone being the successful development of a 30,000 tons/year UHMWPE production facility in Puyang, Henan, which commenced operations in March 2023 [2]. - Lithium battery separators are thin films with a microporous structure that separate the positive and negative electrodes of batteries, preventing short circuits while allowing electrolyte ions to pass through [2]. - The domestic production capacity for lithium battery UHMWPE separator materials is limited, with only five companies capable of producing these materials in China, indicating a high reliance on imports [2].

关于 杭州禾迈电力电子股份有限公司 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于杭州禾迈电力电子股份有限公司 浙江天册律师事务所 法律意见书 编号：TCYJS2025H0810 号 致：杭州禾迈电力电子股份有限公司 浙江天册律师事务所（以下简称"本所"）接受杭州禾迈电力电子股份 有限公司（以下简称"禾迈股份"或"公司"）的委托，指派本所律师参加 公司 2024 年年度股东大会，并根据《中华人民共和国证券法》 （以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和《上 市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他 有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席 人员的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见， 不对会议所审议的议案内容和该等议案中所表述的事实或数据的真实性和准 确性发表意见。 本法律意见书仅供公司 2024 年年度股东大会之目的使用 ...

证券代码：688032 证券简称：禾迈股份 公告编号：2025-033 杭州禾迈电力电子股份有限公司 2024 年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 20 日 （二） 股东大会召开的地点：杭州市拱墅区康桥街道候圣街 99 号财智顺丰创新 中心 5 幢 6 层 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 72 | | --- | --- | | 普通股股东人数 | 72 | | 2、出席会议的股东所持有的表决权数量 | 73,611,809 | | 普通股股东所持有表决权数量 | 73,611,809 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 59.7009 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 59.7 ...

浙江天册律师事务所 关于 杭州禾迈电力电子股份有限公司 2024 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于杭州禾迈电力电子股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H0810 号 致：杭州禾迈电力电子股份有限公司 浙江天册律师事务所（以下简称"本所"）接受杭州禾迈电力电子股份 有限公司（以下简称"禾迈股份"或"公司"）的委托，指派本所律师参加 公司 2024 年年度股东大会，并根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和《上 市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他 有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席 人员的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见， 不对会议所审议的议案内容和该等议案中所表述的事实或数据的真实性和准 确性发表意见。 （ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.993 billion yuan in 2024, a decrease of 2% year-on-year, and a net profit attributable to shareholders of 344 million yuan, down 33% year-on-year. In Q4 2024, revenue reached 727 million yuan, an increase of 18% year-on-year and a 103% increase quarter-on-quarter. The first quarter of 2025 saw revenue of 336 million yuan, a 1% increase year-on-year but a 54% decrease quarter-on-quarter, with a net loss of 10 million yuan, down 115% year-on-year and 111% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - In 2024, the company sold 990,000 micro-inverters, a decrease of 25% year-on-year, while monitoring equipment sales remained stable at 230,000 units. The demand in Europe and the US was subdued due to economic conditions and policy changes. The average selling price of micro-inverters slightly increased due to a higher proportion of high-power micro-inverters. The gross margin for micro-inverters and DTUs was 53.5%, up 5.3 percentage points year-on-year [9]. Business Expansion - The company actively expanded its energy storage business, launching several new products, with annual revenue of 310 million yuan, remaining stable year-on-year, and a gross margin of 18.9%, up 2.3 percentage points. Revenue from photovoltaic power generation systems reached 400 million yuan, a 157% increase year-on-year, although the gross margin decreased by 30.7 percentage points due to a higher proportion of low-margin commercial photovoltaic power generation systems [9]. Future Outlook - For Q1 2025, a decline in micro-inverter sales is expected due to revenue recognition timing and continued weak demand in Europe and the US, although monthly trends are showing improvement. The company anticipates a profit of around 400 million yuan in 2025, corresponding to a PE ratio of 32 times. The report maintains a "Buy" rating based on the potential for significant growth in the commercial storage sector and the expected recovery in demand [9].

杭州禾迈电力电子股份有限公司 2024年年度股东大会会议资料 证券代码：688032 证券简称：禾迈股份 杭州禾迈电力电子股份有限公司 2024年年度股东大会 会议资料 二零二五年五月 1 杭州禾迈电力电子股份有限公司 2024年年度股东大会会议资料 杭州禾迈电力电子股份有限公司 2024年年度股东大会会议资料目录 | 2024年年度股东大会会议须知 | 3 | | --- | --- | | 2024年年度股东大会会议议程 | 5 | | 2024年年度股东大会会议议案 | 7 | | 议案一：《关于2024年年度报告及摘要的议案》 | 7 | | 议案二：《关于2024年度董事会工作报告的议案》 | 8 | | 议案三：《关于2024年度监事会工作报告的议案》 | 14 | | 议案四：《关于2024年度财务决算报告的议案》 | 17 | | 议案五：《关于2024年年度利润分配方案的议案》 | 21 | | 议案六：《关于2025年度董事、高级管理人员薪酬方案的议案》 | 23 | | 议案七：《关于2025年度监事薪酬方案的议案》 | 24 | | 议案八：《关于续聘天健会计师事务所（特殊普通合伙）为 ...

Core Viewpoint - HeMai Co., Ltd. has significantly advanced its plan to purchase land and build a headquarters building in 2024, raising concerns about potential information disclosure violations due to the timing of announcements [1][3][6]. Group 1: Investment and Financial Details - HeMai plans to acquire the land use rights and ownership of buildings on the Hangzhou site for a total of 5.48 billion yuan, with an estimated total construction investment not exceeding 10.7 billion yuan [1][3]. - As of the end of 2024, HeMai's balance sheet shows the "Headquarters Building" project with a book value of 6.54 billion yuan, despite the company not announcing the project until April 29, 2025 [1][3][6]. - The company has raised 54.06 billion yuan through its IPO, with 48.48 billion yuan being excess funds, of which 26.7 billion yuan remains uninvested as of the end of last year [2][8]. Group 2: Funding Sources and Usage - HeMai states that the funding for the headquarters construction will come from self-raised and own funds, despite market speculation that it may primarily use excess IPO funds [2][6]. - As of the end of the first quarter, HeMai's monetary funds reached 37.72 billion yuan, which is sufficient to cover the construction costs of the headquarters building [2][6]. - The company has allocated 14.35 billion yuan of excess funds for working capital, with additional plans to supplement working capital by nearly 7.3 billion yuan this year [2][8]. Group 3: Market Reactions and Concerns - The market has raised questions about whether HeMai's actions constitute a violation of information disclosure regulations, given that the land purchase occurred before the official announcement [1][3][6]. - Investors are particularly concerned about the transparency of the funding sources for the headquarters project, as a significant portion of the excess funds has been used for working capital rather than for production-related investments [8][9].

杭州禾迈电力电子股份有限公司： 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》的有关要求，对贵公司认真履行了持续督导职责。 基于 2024 年度现场检查，本保荐人提请贵公司关注以下事项： 建议公司继续严格按照《公司法》、《证券法》、《上海证券交易所股票上市规 则》等法律法规的要求，不断完善公司治理结构，及时履行信息披露义务，合规 合理使用募集资金，有序推进募投项目的建设及实施，确保募投项目完成并实现 预期收益。 附件：《中信证券股份有限公司关于杭州禾迈电力电子股份有限公司 2024 年持续督导工作现场检查报告》 中信证券股份有限公司 关于杭州禾迈电力电子股份有限公司 2024年持续督导工作现场检查结果及提请公司注意事项 (本页无正文,为《中信证券股份有限公司关于杭州禾迈电力电子股份有限 公司 2024 年持续督导工作现场检查结果及提请公司注意事项》之盖章页) 保荐人: 2 1 ...