时隔11年再披露减持计划，横店东磁控股股东拟抛不超1626万股

Core Viewpoint - The controlling shareholder of Hengdian East Magnetic (002056.SZ), Hengdian Group Holdings, plans to reduce its stake by up to 16.26 million shares, representing 1% of the total share capital, marking the first reduction plan in 11 years since December 2014 [2][10]. Company Overview - Hengdian East Magnetic is a leader in the iron oxide magnetic industry and one of the first companies to receive low-carbon certification for photovoltaic components. Its main business includes magnetic materials and new energy products, with photovoltaic products contributing 67.47% of revenue in the first half of 2025, magnetic materials 16.24%, and lithium batteries and related products 10.77% [6][14]. Shareholding Structure - As of December 24, the controlling shareholder holds 82.3 million shares, accounting for 50.59% of the total share capital. If the maximum reduction of 16.26 million shares is executed, the holding percentage will decrease to 49.59%, still maintaining control of the company [6][14]. Business Expansion and Financial Needs - The company is actively expanding its production capacity and global footprint, with a 3GW battery base in Indonesia already operational, and new facilities in Vietnam and Thailand under development. These expansions require significant financial support [6][14]. - The company plans to increase the scale of the Dong Magnetic Fund by 300 million yuan (approximately 28.7 million), focusing on artificial intelligence, magnetic materials, and semiconductor integration [6][14]. Financial Metrics - The company's debt levels have increased due to expansion efforts, with the debt-to-asset ratio rising from 30.27% in 2018 to 57.97% by the end of Q3 2025. Despite having ample cash reserves and a low proportion of interest-bearing debt, there are concerns about future debt repayment capacity if performance does not meet expectations [7][15]. Raw Material Price Risks - The company is significantly dependent on upstream raw materials such as silicon and lithium, with the average price of polysilicon rising by 38.9% since the beginning of 2025. Predictions indicate that the global lithium market may face tighter supply due to surging demand from energy storage [8][16]. - As of September 2025, the company's inventory reached 4.967 billion yuan, accounting for 19.37% of total assets, reflecting a 32.49% year-on-year increase. High inventory levels may pose a risk of impairment if future demand falls short [8][16]. Industry Trends - The domestic photovoltaic installation market is experiencing fluctuations, with a significant increase in installations in the first half of 2025 followed by a decline in the latter half. Forecasts suggest that 2026 may see the first negative growth in new installations [8][16]. - The industry is facing challenges such as slower capacity clearance and intensified competition, which may compress product profit margins [8][16].