作为A股市场迄今为止发行价最高的公司，禾迈股份（688032.SH）将遭重要股东减持。 长江商报消息 ●长江商报记者 沈右荣 11月25日晚，禾迈股份披露，公司重要股东及其一致行动人抛出了一份减持计划，拟在未来三个月内减 持不超过公司3%的股权。 如果按11月25日收盘价100.89元/股计算，顶格减持，上述股东将套现约3.76亿元。 备受关注的是，禾迈股份曾以557.80元/股的发行价拔得A股市场头筹，公司股价一度达到1338.88元/ 股，成为继贵州茅台后第二只千元股。然而，上市近四年，公司每股股价已经跌至百元，区间跌幅达 80%，千元神话不再。 禾迈股份专注于微型逆变器细分领域，微型逆变器产品出货量曾连续三年居国内第一、全球第二。 不过，从2023年开始，禾迈股份的盈利能力持续下降。2024年，公司实现的归母净利润为3.44亿元，同 比下降32.75%。2025年前三季度，公司归母净利润为-5911.52万元，首次出现亏损。 重要股东拟减持不超3%股权 禾迈股份的重要股东抛出一份减持股份计划。 禾迈股份发布的公告显示，截至目前，九智汇科（杭州）私募基金管理有限公司－杭州港智投资合伙企 业（有限合伙）[曾 ...

Core Viewpoint - Hainan Holdings and Everbright Financial Holdings are collaborating to promote the establishment of industrial funds and explore cooperation in various sectors including aviation, low-altitude economy, low-carbon environmental protection, and financing [1] Group 1: Collaboration Areas - The two companies aim to accelerate the application and establishment of industrial funds, leveraging their guiding role to enhance the construction of green and low-carbon international cooperation demonstration projects in Hainan Free Trade Port [1] - There is a focus on practical cooperation in areas such as airport-related industries, low-altitude economy, urban development, low-carbon environmental protection, and cultural tourism health [1] Group 2: Leadership Statements - Hainan Holdings' General Manager Li Guohong expressed the desire for close collaboration to expedite the industrial fund initiatives [1] - Everbright Financial Holdings' Vice President Zhang Mingao emphasized the importance of utilizing both companies' resource advantages to deepen cooperation in industrial funds, aviation, photovoltaic energy storage, and tourism health [1]

Core Viewpoint - Airo Energy (stock code: 688717) received a warning letter from the China Securities Regulatory Commission's Zhejiang Regulatory Bureau due to three violations in fundraising management, including inaccurate disclosure of project progress, untimely disclosure of changes in project implementation locations, and failure to disclose pre-litigation preservation of fundraising accounts [2] Company Overview - Airo Energy was established on March 2, 2012, with a registered capital of 160 million RMB. The legal representative is Li Xinf, and the registered address is in Tonglu County, Hangzhou, Zhejiang Province [2] - The company specializes in photovoltaic energy storage systems and products, providing photovoltaic storage inverters, storage batteries, and grid-connected inverters to overseas customers [2][3] - The current chairman is Li Xinf, with a total of 3,006 employees. The actual controllers are Li Xinf and Li Guomei [3] Financial Performance - The company's operating revenues for 2022, 2023, the first three quarters of 2024, and 2025 were 4.612 billion RMB, 4.473 billion RMB, 3.073 billion RMB, and 3.028 billion RMB, showing year-on-year growth rates of 453.86%, -3.01%, -31.30%, and 25.80% respectively [4] - The net profit attributable to the parent company for the same periods was 1.134 billion RMB, 1.065 billion RMB, 204 million RMB, and 150 million RMB, with year-on-year growth rates of 1703.61%, -6.12%, -80.88%, and -6.32% respectively [4] - The asset-liability ratios for the same periods were 60.27%, 18.95%, 28.31%, and 37.77% [4] Risk Information - The company has four internal risk alerts, 61 surrounding risk alerts, five historical risk alerts, and 177 warning risk alerts according to Tianyancha information [4]

Core Viewpoint - Linyang Intelligent Manufacturing is strategically expanding its automotive business by acquiring a 96.15% stake in Zhejiang Xianglong for 2.404 billion yuan, indicating a shift towards becoming a Tier 1 supplier in the automotive sector [1][2][3] Group 1: Acquisition Details - The acquisition involves Linyang Technology, a wholly-owned subsidiary, purchasing the stake for 2.404 billion yuan, which represents 12.09% of the company's audited net assets from the previous year [2] - Post-transaction, Zhejiang Xianglong will be included in Linyang's consolidated financial statements, with an assessed value of 2.51 billion yuan, reflecting a 203.55% increase in equity value [2] - Zhejiang Xianglong specializes in automotive components, serving major clients like Volkswagen, Toyota, BYD, and NIO, with projected revenues of 1.994 billion yuan and net profits of 127 million yuan for 2024 [2] Group 2: Strategic Intent - The transaction aims to deepen Linyang's presence in the automotive industry, enhancing its product matrix to align with trends in electrification and intelligence in vehicles [3] - The acquisition is part of a broader strategy to transition from a Tier 2 to a Tier 1 supplier, leveraging synergies with other recent acquisitions like Jiangsu Kedas [3] - Linyang has previously entered the automotive sector through acquisitions, including Zhejiang Jintai in 2021, indicating a long-term commitment to this market [3] Group 3: Diversification Efforts - Linyang has been diversifying its business beyond automotive, with significant investments in photovoltaic energy storage, thermal management, and robotics [5][6] - The company has established partnerships in the robotics sector, including collaborations with Hanson and Zhiyuan Innovation, aiming to become a key player in robot assembly [6] - Linyang's revenue from AI terminals constitutes about 90% of its income, while automotive and low-altitude economy sectors are emerging growth areas, contributing only 4.79% of total revenue in 2024 [10] Group 4: Financial Performance - Linyang reported a revenue of 37.59 billion yuan in the first three quarters of 2025, marking a 19.25% year-on-year increase, with a net profit of 1.941 billion yuan, up 37.66% [9] - Despite revenue growth, net profits have shown fluctuations from 2019 to 2024, indicating potential challenges in maintaining profitability amidst expanding operations [9][10] - The company’s reliance on a few major clients has increased, with sales to the top five clients rising from 36.62% in 2018 to 56.04% in 2024, highlighting a risk in customer concentration [8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [2][8]. Core Insights - The company reported a revenue of 2.801 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.55%. The net profit attributable to the parent company was 343 million yuan, up 20.47% year-on-year [4]. - In Q3 2025, the company achieved a revenue of 982 million yuan, a year-on-year increase of 13.06%, with a net profit of 142 million yuan, reflecting a significant growth of 34.02% year-on-year [4]. - The company continues to focus on the industrial and automotive electronics sectors, launching several new products aimed at expanding market share [4]. Financial Performance Summary - Revenue and Profitability: The company’s revenue for Q3 2025 was 982 million yuan, with a gross margin of 50.89%, slightly down from the previous year. The net profit margin improved to 14.13% [4]. - Earnings Forecast: The company’s projected net profits for 2025-2027 are adjusted to 600 million, 840 million, and 1.19 billion yuan respectively, with corresponding P/E ratios of 79, 56, and 40 [4][6]. - R&D Investment: The company maintained a high level of R&D investment, with R&D expenses amounting to 810 million yuan in the first three quarters, representing an increase in the proportion of revenue [4]. Market Position and Product Development - The company is actively expanding its product offerings in emerging fields such as AI, robotics, and new energy vehicles, with several key products launched in Q3 2025 [4]. - The focus on high-end analog IC localization is expected to drive significant growth in 2024, with a projected doubling of non-recurring profit [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 2.99 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 23.82%, while the net profit attributable to the parent company was 382 million yuan, down 9.80% year-on-year [1][2]. - In Q3 2025, the company achieved a revenue of 1.05 billion yuan, a year-on-year increase of 19.58% and a quarter-on-quarter increase of 3.70%. However, the net profit attributable to the parent company was 106 million yuan, down 28.39% year-on-year and 38.05% quarter-on-quarter [1][2]. - The gross margin and net margin for Q3 2025 were 24.54% and 10.19%, respectively, showing a decline compared to previous periods [1][2]. Summary by Sections Revenue and Profitability - The company’s revenue is expected to reach 4.115 billion yuan in 2025, with a year-on-year growth of 21.35% [2][3]. - The gross margin for Q3 2025 decreased by 7.46 percentage points year-on-year and 4.62 percentage points quarter-on-quarter [2]. Market Demand - The demand for new energy vehicles and photovoltaic energy storage is driving steady revenue growth for the company. In Q3 2025, China's new energy vehicle sales reached 4.2614 million units, up 26.18% year-on-year and 10.34% quarter-on-quarter [2]. - The company anticipates further growth in new energy vehicle sales in Q4 2025, which will positively impact the shipment expectations for its automotive power chips [2]. Research and Development - The company has increased its R&D investment significantly, with R&D expenses rising by 37.79 million yuan year-on-year and 22.66 million yuan quarter-on-quarter in Q3 2025 [2]. - This high level of R&D investment is aimed at consolidating the company's leading position in downstream industries and capturing market opportunities in emerging sectors such as AI servers, data centers, humanoid robots, and aerial vehicles [2].

Core Viewpoint - The photovoltaic and energy storage sectors are experiencing a significant surge driven by a combination of favorable policies, strong earnings reports, and a global demand explosion, creating substantial investment opportunities in high-quality stocks [1] Group 1: Four Core Drivers of Sector Surge - Policy changes have ended the low-price competition in the photovoltaic industry, leading to improved profit expectations [3] - Third-quarter earnings exceeded expectations, attracting institutional investment as companies demonstrated solid performance [4] - A global supercycle in power construction is benefiting Chinese equipment manufacturers, with overseas demand outpacing domestic [5] - Technological advancements are shifting the sector's perception from "cyclical stocks" to "growth stocks," allowing for significant valuation expansion [6] Group 2: High-Quality Stocks in Sub-Sectors Photovoltaic Equipment - Longi Green Energy leads with advanced technology and a strong overseas presence, with plans for significant production capacity [7] - Tongwei Co. benefits from the lowest silicon material costs and high production efficiency, enhancing profit margins [7] - JA Solar is recognized for its extensive global channels and significant overseas revenue [7] - Dongfang Risheng excels in heterojunction technology, translating technical advantages into substantial profit growth [7] Energy Storage Batteries - CATL holds a 40% market share in global energy storage batteries, with stable profit margins [8] - EVE Energy ranks second in domestic energy cell shipments, with a strong order backlog [8] - Guoxuan High-Tech is advancing its localization strategy in the U.S. while experiencing significant growth in energy storage shipments [8] Energy Storage Inverters & System Integration - Sungrow Power Supply leads in global energy storage system shipments, with a strong overseas market presence [9] - Deye Technology excels in household storage inverters, benefiting from early market entry in emerging regions [9] - Jinlang Technology ranks among the top three in string inverters, with increasing profitability from energy storage applications [10] Power Grid Equipment - Sifang Electric is a leading exporter of transformers, capitalizing on European grid upgrades [11] - State Grid Corporation of China is a global leader in grid automation, with a strong order visibility [11] - Haixing Electric leads in smart meter exports, benefiting from global grid modernization [11] Solid-State Battery Prospects - Ganfeng Lithium is advancing solid-state battery production, positioning itself for future market leadership [12] - Rongbai Technology leads in high-nickel cathode materials for solid-state batteries, with strong technical partnerships [12] Photovoltaic/Energy Storage Auxiliary Materials - Foster is a leader in EVA film with a strong market share, benefiting from rising product prices [13] - CITIC Bo is the top provider of tracking brackets in Asia-Pacific, with increasing profitability from major projects [13]

Market Overview - Major A-share indices collectively rose, with the Shanghai Composite Index closing above 4000 points, up 0.70% [1] - The Shenzhen Component Index increased by 1.95%, and the ChiNext Index rose by 2.93%, while the North China 50 Index surged by 8.41% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets approached 2.3 trillion yuan [1] Sector Performance - The photovoltaic sector led the gains, with several ETFs showing significant increases, including the ChiNext 50 ETF (up 12.29%) and various photovoltaic ETFs (ranging from 8.10% to 8.81%) [2] - The strong performance in the photovoltaic sector is attributed to a 31.79% month-on-month increase in new installed capacity in September, totaling 9.7 GW [3] Demand and Supply Dynamics - Domestic demand for electricity is rising, with structural new energy needs emerging, supported by market reforms and carbon market developments [3] - The photovoltaic industry is experiencing a recovery in pricing and a reduction in disorderly competition, aided by coordination among industry associations [3] - Internationally, Chinese photovoltaic companies are securing significant orders, indicating strong overseas demand despite some trade environment challenges [3] ETF Trading Activity - The Short-term Bond ETF recorded the highest trading volume at 33.3 billion yuan, followed by other ETFs such as the Silver Day Benefit ETF and Hong Kong Securities ETF [5] - The turnover rate for the benchmark government bond ETF reached 148%, indicating high trading activity [6] New ETF Launch - A new ETF tracking the CSI 500 Index is set to launch, appealing to long-term investors seeking market-average returns and those looking to diversify their portfolios [7]

Core Insights - The company reported a revenue of 4.105 billion yuan for the first three quarters of 2023, representing a year-on-year growth of 24.86%, and a net profit of 232 million yuan, up 52.51% year-on-year [1] - In Q3 2023, the company achieved a revenue of 1.438 billion yuan, a 24.10% increase year-on-year, with a net profit of 81.59 million yuan, reflecting a 65.95% year-on-year growth [1] Company Overview - The company specializes in the development, production, and sales of magnetic components such as electronic transformers and inductors, as well as switch power products including power adapters and battery chargers [1] - Its magnetic components are primarily used in sectors like new energy vehicles, photovoltaic energy storage, charging piles, UPS power supplies, AI server power supplies, industrial and consumer power supplies, and medical applications [1] - The company's chargers and switch power products are utilized in network communication, power tools, garden tools, computing servers, industrial equipment, robotics, smart home LED lighting, and instrumentation [1] Market Potential - Research institutions indicate that power supply is a key direction for AI server upgrades, with a market exceeding 15 billion yuan for power magnetic components combined with UPS power supplies [1] - Magnetic components are crucial components in power distribution, accounting for 7% to 8% of power supply costs, with the overall market for server power magnetic components exceeding 5 billion yuan [1] - The data center UPS market is essential, with a market space nearing 10 billion yuan [1] Client Base and Acquisitions - The company has a strong client base, including industry leaders, and expanded its application fields and customer base after acquiring a controlling stake in Haiguang Electronics in 2022 [2] - Haiguang Electronics, established in 1988, specializes in the R&D, manufacturing, and sales of magnetic components, and has been a key supplier for major companies like Huawei for over 20 years [2] - The company’s magnetic components are categorized into three main types: power transformers, switch power transformers, and inductors, with electronic transformers being the leading products [2] R&D Investment - The company is committed to continuous investment in technology R&D, with an allocation of 135 million yuan for R&D in 2024 and 109 million yuan spent in the first three quarters of this year [2]

Core Viewpoint - The company held its 2025 semi-annual performance briefing on October 23, 2025, to address investor inquiries and provide updates on various projects and collaborations [1][8]. Meeting Overview - The performance briefing was attended by key executives including the chairman, vice chairman, independent directors, and other senior management [1]. - The meeting was conducted via the Shanghai Stock Exchange's online platform, allowing for interactive communication with investors [1]. Investor Questions and Company Responses - **Project Updates**: Investors inquired about the status of the Tianchen Nengke factory and its production timeline. The company confirmed that the factory is currently in the government construction phase, with equipment procurement aligned with construction progress [2][3]. - **Financial Transactions**: Questions were raised regarding a prepayment of 15 million yuan to Suzhou Dexingyun Intelligent Equipment Co., which is for equipment currently in production. The company also clarified that a previous contract with Haishida has been terminated due to market price fluctuations [3][4]. - **Collaborations**: Investors expressed concerns about the lack of progress in the partnership with CATL. The company stated that it is actively seeking collaborations with various industry partners in the new energy sector [3][6]. - **Project Developments**: The Health City East Plot 1-B project has reached structural completion as of September 2025, with plans for exterior and mechanical engineering work to continue, aiming for completion in 2026 [3][4]. - **Sales Performance**: The company reported that 11 units were sold from the Health City East Plot 1A project in the first half of 2025, with ongoing efforts to optimize sales strategies [4][5]. Additional Information - The company has 19 employees currently working at Tianchen Nengke [7]. - There are no plans to package the project for transfer to other capital sources [7]. - Investors can access the performance briefing details through the Shanghai Stock Exchange's online platform [8].