证券代码：688032 证券简称：禾迈股份 公告编号：2025- 049 杭州禾迈电力电子股份有限公司 关于取消监事会、增加董事会人数、修订《公司章程》 及部分治理制度的公告 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。 杭州禾迈电力电子股份有限公司（以下简称"公司"）于2025年9月11日召 开第二届董事会第二十五次会议审议通过了《关于取消监事会、增加董事会人 数并修订<公司章程>的议案》《关于制定及修订公司部分治理制度的议案》现 将有关情况公告如下： 一、取消监事会并修订《公司章程》的原因及依据 为全面贯彻落实最新法律法规要求，确保公司治理与监管规定保持同步， 进一步规范公司运作机制，提升公司治理水平，根据《中华人民共和国公司法》 （以下简称"《公司法》"）和《上市公司章程指引》《上海证券交易所科创 板股票上市规则》等相关法律法规，结合公司治理实际需求，公司决定取消监 事会，原监事会的职权由董事会审计委员会承接，《杭州禾迈电力电子股份有 限公司监事会议事规则》等监事会相关制度相应废止。公司现任监事将自公司 股东大会审 ...

证券代码：688032 证券简称：禾迈股份 公告编号：2025-051 杭州禾迈电力电子股份有限公司 关于召开2025年第三次临时股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第三次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 29 日 14 点 00 分 召开地点：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 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 无 至2025 年 9 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年9月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会召开当日的交易时间段，即 ...

Investment Rating - The report downgrades the investment rating of the company to "Accumulate" due to performance pressure and increased market competition [3][4]. Core Insights - The company achieved a revenue of 1.005 billion yuan in H1 2025, representing a year-on-year growth of 10.78%, while the net profit attributable to shareholders decreased by 91.33% to 16 million yuan [1]. - The revenue from micro-inverter and monitoring equipment fell by 40.42% to 446 million yuan in H1 2025, with a gross margin of 47.60%, down 5.62 percentage points [2]. - The energy storage systems revenue grew by 37.05% to 188 million yuan in H1 2025, although the gross margin decreased by 5.22 percentage points to 11.80% [2]. - The company continues to enhance its R&D capabilities, with R&D expenses increasing by 36.61% to 166 million yuan, accounting for 16.48% of revenue [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a total revenue of 1.005 billion yuan, with a net profit of 16 million yuan, reflecting a significant decline compared to the previous year [1]. - The second quarter of 2025 saw revenues of 669 million yuan, a 16.14% increase year-on-year, but net profit still fell by 77.87% [1]. Product Performance - The micro-inverter segment faced challenges, with a revenue drop of 40.42% in H1 2025, while the energy storage segment showed resilience with a 37.05% revenue increase [2]. - The company launched new energy storage products, including the HoyUltra2 and HPCS2500, aimed at addressing safety and profitability issues in commercial storage systems [2]. R&D and Future Outlook - The company is focusing on expanding its R&D team and increasing investment in research, with R&D expenses rising significantly [3]. - The profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 228 million yuan, 359 million yuan, and 476 million yuan respectively, reflecting a reduction of 50%, 42%, and 38% [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - In the first half of 2025, the company achieved a revenue of 1.005 billion yuan, representing a year-on-year growth of 10.78%. However, the net profit attributable to the parent company was 16 million yuan, a significant decline of 91.33% year-on-year. In Q2 2025, the revenue reached 669 million yuan, with a year-on-year increase of 16.14% and a quarter-on-quarter growth of 99.08%. The net profit attributable to the parent company in Q2 was 27 million yuan, down 77.87% year-on-year but turned profitable quarter-on-quarter [2][4] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 1.005 billion yuan, a 10.78% increase year-on-year, while the net profit decreased by 91.33% to 16 million yuan. In Q2 2025, revenue was 669 million yuan, up 16.14% year-on-year and 99.08% quarter-on-quarter. The net profit for Q2 was 27 million yuan, down 77.87% year-on-year but showing a quarter-on-quarter recovery [2][4] Sales and Margins - The company sold 412,000 micro-inverters and 65,100 DTUs in H1 2025, with overall sales declining year-on-year due to subdued demand in Europe. The gross margin for micro-inverters and DTUs was approximately 48%, remaining stable. Other business segments, such as energy storage systems, generated 190 million yuan in revenue, a 37% increase year-on-year, with a gross margin of about 12% [9] Cost and Expenses - The company's expense ratio in Q2 was 24.3%, a decrease of 16 percentage points quarter-on-quarter, primarily due to the growth in other business revenues. As of the end of Q2, cash and cash equivalents stood at 3.71 billion yuan, supporting the company's expansion plans. Inventory reached a historical high of 995 million yuan, indicating a positive operational trend [9] Market Outlook - The report anticipates a marginal recovery in European demand, with long-term growth potential for micro-inverters. The company is diversifying its business, actively expanding into overseas markets for energy storage, and expects significant revenue growth in this segment. The distributed photovoltaic power generation system is also projected to maintain a strong growth momentum [9]

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index at 3814.20 points, down by 1.14%, while the total trading volume reached 1.8782 trillion yuan, indicating a fluctuating market environment [1] Group 1: Market Performance - The Shanghai Composite Index is currently above the annual line, reflecting a slight decline of 1.14% [1] - The total trading volume of A-shares today is reported at 1.8782 trillion yuan [1] Group 2: Stocks Breaking Annual Line - A total of 12 A-shares have surpassed the annual line today, with notable stocks including: - Shangneng Electric (300827) with a deviation rate of 8.99% and a daily increase of 11.84% [1] - Renfu Pharmaceutical (600079) showing a deviation rate of 8.06% and a daily increase of 9.99% [1] - Saiteng Co., Ltd. (603283) with a deviation rate of 5.06% and a daily increase of 7.32% [1] - Other stocks with smaller deviation rates that have just crossed the annual line include: - ST Jinglun (600355) with a deviation rate of 0.53% and a daily increase of 1.14% [1] - Shichuang Energy (688429) with a deviation rate of 0.76% and a daily increase of 2.14% [1]

Core Viewpoint - The article highlights the performance and business operations of Hangzhou Hemai Electric Power Electronics Co., Ltd., focusing on its growth in the photovoltaic and energy storage sectors, as well as its recent stock market activity and strategic investments. Company Overview - Hangzhou Hemai Electric Power Electronics Co., Ltd. specializes in the research, manufacturing, and sales of photovoltaic inverters, energy storage products, and electrical equipment [2][7] - The company's main products include micro-inverters, monitoring devices, distributed photovoltaic systems, modular inverters, and energy storage systems [2][7] - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2][3] Financial Performance - For the first half of 2025, the company achieved a revenue of 1.005 billion yuan, representing a year-on-year growth of 10.78%, while the net profit attributable to shareholders decreased by 91.33% to 16.27 million yuan [8] - As of June 30, the number of shareholders decreased by 5.73% to 9,849, while the average circulating shares per person increased by 6.08% to 12,597 shares [8] Market Activity - On September 1, the company's stock price increased by 2.85%, with a trading volume of 189 million yuan and a turnover rate of 1.37%, bringing the total market capitalization to 14 billion yuan [1] - The company benefits from a 64.25% share of overseas revenue, aided by the depreciation of the Chinese yuan [3] Strategic Investments - Hangzhou Kaikai Holdings Group plans to increase its stake in Hemai shares, with an investment amount between 111.5 million yuan and 223 million yuan, funded by its own resources and special loans [3]

Summary of the Conference Call for HeMai Co., Ltd. Company Overview - HeMai Co., Ltd. was established in 2012 and is headquartered in Hangzhou, Zhejiang. The company went public on the Shanghai Stock Exchange in 2021. It primarily produces microinverters and electrical equipment, and is one of the top three manufacturers in the global microinverter industry with a market share of approximately 8% in 2021 [11][12]. Key Financial Performance - In the first half of 2025, HeMai's net profit decreased by 91% year-on-year to 16.3 million RMB, falling short of market expectations. The second quarter of 2025 recorded a net profit of 26.6 million RMB, recovering from a net loss of 10.4 million RMB in the first quarter [1][2]. - The gross margin for the second quarter of 2025 contracted by 11 percentage points year-on-year and 23 percentage points quarter-on-quarter to 23%, primarily due to the increased proportion of low-margin energy storage business and the decline in microinverter profit margins [2][3]. Sales and Marketing Insights - Microinverter shipments in the first half of 2025 totaled 410,000 units, with over 200,000 units shipped in the second quarter alone [2]. - Sales and marketing expenses increased by 48% year-on-year, while R&D expenses rose by 30% year-on-year. It is anticipated that SG&A and R&D expenses will remain high as the company develops new products and explores new markets [2][3]. Future Outlook - The company previously guided a microinverter shipment target of 1.2 to 1.3 million units for 2025. Management expects the energy storage business to account for 30% of revenue in 2025, up from 20% in 2024. They also anticipate that overseas sales of energy storage products will reach 60% in 2025 [3][4]. - The company maintains a "Buy" rating despite lowering earnings per share forecasts for 2025-2027 by 31%, 39%, and 37% respectively, reflecting adjustments in profit margins and shipment assumptions. The target price has been revised down from 141 RMB to 127 RMB [4][5]. Market Position and Valuation - As of August 28, 2025, HeMai's stock price was 110.46 RMB, with a market capitalization of 13.7 billion RMB (approximately 1.92 billion USD). The stock has a 52-week price range of 199.40 RMB to 93.60 RMB [5][22]. - The estimated earnings per share for 2025 is projected at 2.39 RMB, down 31% from previous estimates [5][7]. Risks and Challenges - The microinverter industry faces risks including lower-than-expected demand for distributed photovoltaics and energy storage, delayed supportive policies, and slower penetration rates of microinverters. HeMai specifically faces risks related to slower market share expansion, product upgrades, and distribution network growth [12][12]. Additional Insights - Analysts rated the industry structure as likely to improve in the next six months, with a score of 4 out of 5. The regulatory environment is also expected to improve, scoring 4 out of 5 [14]. - Positive catalysts anticipated in the next three months include further ramp-up in energy storage shipments and recovery in European demand [14]. This summary encapsulates the key points from the conference call regarding HeMai Co., Ltd., highlighting its financial performance, market outlook, and associated risks.

Core Viewpoint - HeMai Co., Ltd. (688032) reported a mixed performance in its 2025 mid-year financial results, with revenue growth but a significant decline in net profit compared to the previous year [1]. Financial Performance - The total revenue for the first half of 2025 reached 1.005 billion yuan, representing a year-on-year increase of 10.78% [1]. - The net profit attributable to shareholders was 16.2716 million yuan, showing a drastic decline of 91.33% year-on-year [1]. - In Q2 2025, total revenue was 669 million yuan, up 16.14% year-on-year, while net profit was 26.6291 million yuan, down 77.87% year-on-year [1]. Key Financial Ratios - Gross margin decreased to 26.86%, down 43.47% year-on-year, while net margin fell to 1.56%, a decline of 92.46% [1]. - The total of selling, administrative, and financial expenses was 132 million yuan, accounting for 13.18% of revenue, a slight decrease of 1.21% year-on-year [1]. - Earnings per share dropped to 0.13 yuan, down 91.45% year-on-year, and operating cash flow per share was -1.03 yuan, a decrease of 178.79% [1]. Accounts Receivable and Debt - The accounts receivable balance was 605 million yuan, which is 175.64% of the net profit, indicating a significant concern regarding cash flow [1][3]. - Interest-bearing debt surged to 1.154 billion yuan, an increase of 652.26% year-on-year [1]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 3.68%, indicating weak capital returns, with a historical median ROIC of 6.24% since its listing [1]. - The company has experienced a poor investment return in the past, with the worst ROIC recorded at -9.88% in 2017 [1]. Market Position and Fund Holdings - The largest fund holding HeMai shares is the FuGuo Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Price ETF Link A, with a current scale of 320 million yuan [4].

Group 1 - The core viewpoint of the announcement is that the supervisory board of Hangzhou Hemai Power Electronics Co., Ltd. has reviewed and approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's operational status for the first half of 2025 [1][2]. - The supervisory board meeting was held on August 28, 2025, with all three supervisors present, and the meeting procedures complied with relevant laws and regulations [1]. - The board unanimously approved the special report on the storage and actual use of raised funds, confirming that the management of the funds was legal and compliant, with no changes in the use of funds that could harm shareholder interests [2][3]. Group 2 - The voting results for the resolutions were unanimous, with all three votes in favor and no votes against or abstentions [2][3]. - The company has disclosed the detailed semi-annual report and the special report on the use of raised funds on the Shanghai Stock Exchange website [2].

半年度评估报告 为贯彻落实上海证券交易所关于开展上市公司"提质增效重回报"专项行 动的倡议，及倡议中提出的落实以投资者为本的理念，推动上市公司持续优化 经营、规范治理和积极回报投资者，大力提高上市公司质量，助力信心提振、 资本市场稳定和经济高质量发展的精神要求，杭州禾迈电力电子股份有限公司 （以下简称"公司"）制定了2025年度"提质增效重回报"行动方案，并于2025 年4月29日经公司第二届董事会第二十二次会议审议通过。公司根据行动方案内 容，积极开展和落实各项工作，现将2025年上半年的主要工作成果报告如下： 关于2025年度"提质增效重回报"行动方案的 一、聚焦主业稳健经营，突破创新提升核心竞争力 公司自2012年成立以来，一直从事光伏逆变器及相关产品、储能相关产品 的研发、制造与销售。依托自主研发的电路拓扑与控制算法等理论成果，打造 了微型逆变器、储能逆变器等多个电力电子产品研发平台，持续优化光伏、储 能产品的性能、可靠性及成本，推出多个极具市场竞争力的产品系列，产品广 泛应用于全球光伏发电、储能相关领域，产品安装覆盖客户遍及全球140多个国 家、地区。 杭州禾迈电力电子股份有限公司 2025年上半年 ...