Hoymiles(SH:688032) Chang Jiang Shang Bao·2025-11-27 00:03Core Viewpoint - HeMai Co., Ltd. (688032.SH), the highest-priced IPO in A-share history, is facing a significant share reduction by major shareholders, who plan to sell up to 3% of the company's shares in the next three months [1][4]. Group 1: Shareholder Actions - Major shareholders, including Hangzhou Gangzhi Investment Partnership and Han Hualong, hold a combined 8.94% of HeMai's shares and plan to reduce their holdings by up to 372,220 shares [4][5]. - If the maximum reduction occurs at the closing price of 100.89 CNY per share on November 25, the shareholders could realize approximately 376 million CNY [2][6]. Group 2: Stock Performance - HeMai's stock price has significantly declined from its peak of 1,338.88 CNY per share to around 100.89 CNY, marking an 80% drop [2][7]. - The company was initially celebrated for its high IPO price of 557.80 CNY per share, but it has since lost its status as a high-value stock [7]. Group 3: Financial Performance - HeMai's profitability has deteriorated, with a reported net profit of 344 million CNY in 2024, down 32.75% year-on-year, and a net loss of 59.11 million CNY in the first three quarters of 2025 [3][9]. - Despite a revenue increase of 31.86% in 2023, the company experienced a decline in net profit, indicating a trend of rising costs outpacing revenue growth [8][9]. Group 4: Market Position and Challenges - HeMai specializes in micro-inverter technology and was the top domestic supplier and second globally in product shipments [3]. - The company faces increasing competition in the photovoltaic storage market, which may impact its ability to return to high growth and recover its stock price [9].