Hoymiles(SH:688032) Di Yi Cai Jing·2025-05-09 14:36Core 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].