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.

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.08亿 | 10.05 亿 | 10.78% | | 归母净利润（元） | 1.88 Z | 1627.16万 | -91.33% | | 扣非净利润(元) | 1.85亿 | 997.64万 | -94.60% | | 货币资金(元) | 44.23亿 | 37.14亿 | -16.01% | | 应收账款(元) | 5.04亿 | 6.05 亿 | 19.92% | | 有息负债(元) | 1.53亿 | 11.54亿 | 652.26% | | 毛利率 | 47.52% | 26.86% | -43.47% | | 净利率 | 20.69% | 1.56% | -92.46% | | 三费占营收比 | 13.34% | 13.18% | -1.21% | | 每股净资产 (元) | 49.83 | 47.47 | -4.75% | | 每股收益(元) | 1.52 | 0.13 | -91.45% | | 每股经营性现金流(元) | 1.31 | -1.0 ...

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 ...

证券代码：688032 证券简称：禾迈股份 公告编号：2025- 047 杭州禾迈电力电子股份有限公司 关于2025年半年度募集资金存放与实际使用情况的 专项报告 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。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间情况 根据中国证券监督管理委员会于2021年11月9日出具的《关于同意杭州禾迈 电力电子股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕 3569号），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"）获准向社会公众公开发行股票1,000.00万股，每股发行价为557.80元，共 计募集资金557,800.00万元，扣除发行费用后，实际募集资金净额为540,638.39 万元，上述募集资金已经全部到位。天健会计师事务所（特殊普通合伙）对公 司本次公开发行新股的募集资金到位情况进行了审验，并出具了《验资报告》 （天健验〔2021〕742号）。 （二）募集资金使用和结余情况 截至2025年6月30日，公司募集资金使用情况及结余情况为： ...

证券代码：688032 证券简称：禾迈股份 公告编号：2025-048 二、说明会召开的时间、地点 杭州禾迈电力电子股份有限公司 关于召开2025年半年度业绩说明会的公告 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： 一、说明会类型 公司于2025年8月29日在上海证券交易所网站（www.sse.com.cn）披露了公 司2025年半年度报告。为加强与投资者的深入交流，便于广大投资者更全面了 解公司2025年半年度经营成果、财务状况，公司拟于2025年9月12日下午 15:00-16:00举行2025年半年度业绩说明会，就投资者关心的问题进行交流，欢 迎广大投资者积极参与。 会议召开时间：2025年9月12日（星期五）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议问题征集：投资者可于2025年9月12日前访问网址 https://eseb.cn/1qPYS4QU9Ta或使用微信扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在 ...

一、监事会会议召开情况 证券代码：688032 证券简称：禾迈股份 公告编号：2025-046 杭州禾迈电力电子股份有限公司（以下简称"公司"）第二届监事会第十 八次会议于2025年8月28日在公司六楼会议室召开，会议通知已于2025年8月22 日以通讯方式送达至全体监事。本次会议应到监事3人，实到监事3人，会议由 监事会主席李威辰先生召集并主持。会议的召集和召开程序符合《中华人民共 和国公司法》（以下简称"《公司法》"）和《杭州禾迈电力电子股份有限公 司章程》（以下简称"《公司章程》"）等相关规定，会议形成的决议合法、 有效。 杭州禾迈电力电子股份有限公司 第二届监事会第十八次会议决议公告 本公司监事会及全体监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。 （二）审议通过了《关于2025年半年度募集资金存放与实际使用情况的 专项报告的议案》 报告期内公司严格按照《上市公司募集资金监管规则》《上海证券交易所 科创板上市公司自律监管指引第1号——规范运作》等相关法律法规以及《杭 州禾迈电力电子股份有限公司募集资金管理制度》等规定和要求管理募集资 ...

杭州禾迈电力电子股份有限公司2025 年半年度报告 公司代码：688032 公司简称：禾迈股份 杭州禾迈电力电子股份有限公司 2025 年半年度报告 1 / 207 杭州禾迈电力电子股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细描述可能存在的风险，敬请查阅本报告第三节"管理层讨论与分析" 之"四、风险因素"中的内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人邵建雄、主管会计工作负责人李鑫媛及会计机构负责人（会计主管人员）许智 慧声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 是否存 ...

Core Viewpoint - Brazil's energy storage industry is on the verge of explosive growth, driven by the implementation of regulatory frameworks and increasing demand for solar energy storage solutions [2][3]. Group 1: Market Overview - Brazil's solar power generation is expected to increase its share in the total energy mix from 22.2% at the end of 2024 to 32.9% by 2029, with installed capacity rising from 51.7 GW to 88.2 GW, a net increase of 36.5 GW [2]. - The Brazilian Energy Storage Association (ABSAE) predicts that the solar energy storage sector will attract approximately 44 billion Brazilian Reais (around 8.46 billion USD) in investments by 2030, with off-grid systems, grid-level projects, and commercial/industrial storage each accounting for one-third of total investments [2]. - In 2024, battery storage demand in Brazil surged by 89%, with some regions experiencing over 190 hours of power outages annually, highlighting the urgent need for storage solutions among households and agricultural users [2]. Group 2: Regulatory and Policy Environment - The urgency of integrating battery storage systems into Brazil's electricity structure was emphasized by Rodrigo Sauaia, Executive Chairman of the Brazilian Solar Energy Association (ABSOLAR), noting that approximately 1 billion Brazilian Reais of renewable energy in the Northeast market remains unused due to a lack of infrastructure and planning [3]. - The development of storage solutions is currently hindered by pending regulatory policies, but the market is expected to flourish once these policies are established [3]. Group 3: Company Developments - CATL showcased its TENER Stack, a 9MWh modular energy storage system that improves land use efficiency by 45% and energy density by 50% compared to traditional systems [6]. - Trina Solar presented its Elementa series, which combines components, brackets, and storage to address grid stability challenges in Latin America, with a total shipment of 9 GW in Brazil and 19 GW in Latin America [10]. - Risen Energy introduced its Risen Sunease system and Risen Stack1, emphasizing safety and rapid deployment capabilities [12]. - Kehua Tech displayed its 1500V energy storage solution, designed to operate reliably in diverse climatic conditions across South America [15]. - Sungrow launched its integrated solar-storage solutions, addressing the structural electricity shortages in Brazil [17]. Group 4: Strategic Collaborations - During the exhibition, several companies, including Sungrow and DONG Energy, signed strategic cooperation agreements with local renewable energy firms to deepen collaboration in the storage sector [20].

Group 1 - HeMai Co., Ltd. (688032.SH) experienced a stock price decline of 3.59%, closing at 109.72 yuan, currently in a state of breaking issue [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an initial offering price of 557.80 yuan per share and issued 10 million shares [1] - The total funds raised from the initial public offering (IPO) amounted to 5.578 billion yuan, with a net amount of 5.406 billion yuan after deducting issuance costs, exceeding the original plan by 4.848 billion yuan [1] Group 2 - The company announced a dividend plan on May 30, 2022, distributing 30 yuan (pre-tax) for every 10 shares and a bonus of 4 shares, with the ex-dividend date on June 7, 2022 [1] - On June 6, 2023, HeMai Co., Ltd. announced another dividend plan, distributing 53 yuan (pre-tax) for every 10 shares and a bonus of 4.9 shares, with the ex-dividend date on June 13, 2023 [1] - A new dividend plan was announced on June 13, 2024, distributing 36 yuan (pre-tax) for every 10 shares and a bonus of 4.9 shares, with the ex-dividend date on June 19, 2024 [2]