Group 1 - Xiamen Haiyi Hemai New Energy Equity Investment Fund Partnership has been established with a total investment of 800 million yuan, focusing on private equity investment, investment management, and asset management activities [1][2] - The fund is a limited partnership and is registered in Xiamen, Fujian Province, with a business duration from November 5, 2025, to 2065 [2] - The main partners include Hangzhou Hemai Power Electronics Co., Ltd. (49.875%), Xiamen Advanced Manufacturing Equity Investment Fund Partnership (30%), and Xiamen Guomao New Energy Technology Co., Ltd. (19.875%) [3]

Group 1 - The core point of the article is the establishment of a new investment fund, Xiamen Haiyi Hemai New Energy Equity Investment Fund Partnership, with a total investment of 800 million yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by Hemai Co., Ltd. and other partners [1]

Core Insights - The photovoltaic industry has shown significant improvement in Q3 2025, with many companies turning losses into profits, indicating a positive trend that is expected to continue [1][22] - The future evolution of the photovoltaic industry is determined by "storage capacity" for mid-term valuation and the integration of AI in data centers for long-term success [1][23] Industry Overview 1. Silicon Material - GCL-Poly's Q3 profit from photovoltaic materials reached approximately 960 million yuan, a significant recovery from a loss of 1.81 billion yuan in the same period last year [2] - Tongwei and Daqo New Energy also reported substantial improvements, with Daqo achieving a profit of 73 million yuan in Q3 [2] - The silicon material sector has seen a price surge, with futures prices rising from 30,000 yuan/ton in Q2 to 58,000 yuan/ton in Q3, indicating a strong recovery [2][4] 2. Silicon Wafer - Second-tier silicon wafer companies like Hongyuan Green Energy and Shuangliang Energy have turned profitable, with Hongyuan reporting a profit of 500 million yuan in Q3 [7] - Longi Green Energy has also shown a notable reduction in losses, approaching breakeven [8] 3. Battery Components - Battery component manufacturers, including Longi, Jinko, Trina, and Tongwei, have reported improvements, except for JA Solar, which saw a decline in Q3 performance [10] 4. Inverters - Most inverter companies have experienced profit growth, driven by the expanding energy storage market, with Sungrow reporting a net profit of 11.8 billion yuan [14] - However, companies like Hemai and YN Energy faced losses due to weak demand in the European residential market [12][14] 5. Auxiliary Materials - The auxiliary materials sector, particularly the film industry, faced a challenging period in Q3, but prices have started to recover, indicating a potential turnaround [15][16] - Foster's overseas market share has increased significantly, contributing to its revenue growth [16] 6. Photovoltaic Equipment - Overall profits in the photovoltaic equipment sector are declining, but many companies still maintain good profitability [18] - Companies like Jiejia Weichuang and Maiwei are actively expanding into overseas markets, which is becoming a new growth point [19] Key Recognitions from Q3 Reports - The darkest period for the photovoltaic industry appears to be over, with most companies showing improved performance [22] - The demand for energy storage has exceeded expectations, with significant growth projected for the global storage market [23][25] - The residential market is showing signs of weakness, prompting companies to shift focus towards commercial markets [26][27] - Leading companies are beginning to demonstrate robust operational performance, indicating a shift towards a more competitive landscape [28][29] - New technologies that align with the AI era are expected to gain traction, enhancing the commercial value of photovoltaic products [31]

杭州禾迈电力电子股份有限公司 证券代码：688032 证券简称：禾迈股份 公告编号：2025-057 关于召开2025年第三季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10月30日在上海证券交易所网站（www.sse.com.cn）披露了 公司2025年第三季度报告。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年第三季度经营成果、财务状况，公司拟于2025年11月7日下午 15:00-16:00举行2025年第三季度业绩说明会，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11月7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11月7日前访问网址 https://eseb.cn/1sBggHaSgKc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，在信息披露允许范围内 ...

Core Viewpoint - The stock of Hema Technology Co., Ltd. has shown a positive trend with a 2.76% increase on November 5, 2023, reaching a market capitalization of 13.654 billion yuan [1] Company Overview - Hema Technology Co., Ltd. specializes in the research, manufacturing, and sales of photovoltaic inverters, energy storage products, and electrical equipment [2][7] - The company's main products include micro-inverters, monitoring devices, distributed photovoltaic systems, modular inverters, and energy storage systems [2][7] - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2] Financial Performance - For the period from January to September 2023, Hema Technology achieved a revenue of 1.323 billion yuan, representing a year-on-year growth of 4.57%, while the net profit attributable to the parent company was a loss of 59.1154 million yuan, a decrease of 124.07% year-on-year [8] - As of September 30, 2023, the company had 10,200 shareholders, an increase of 3.82% from the previous period, with an average of 12,134 circulating shares per person, a decrease of 3.68% [8] Market Dynamics - The company benefits from the depreciation of the RMB, with overseas revenue accounting for 64.25% of total revenue in the 2024 annual report [3] - Hema Technology is set to receive a capital increase from Hangkai Holdings Group, with an investment ranging from 111.5 million yuan to 223 million yuan, supported by a special loan from China CITIC Bank [3] Technical Analysis - The average trading cost of the stock is 111.95 yuan, with the current price near a support level of 107.60 yuan, indicating potential for a rebound if this support holds [6]

Core Viewpoint - HeMai Co., Ltd. has not yet engaged in the research and development of carbon capture technology products as of November 4 [2] Group 1: Company Overview - HeMai Co., Ltd. has a diverse range of energy storage products with varying gross profit margins based on category and sales region [2] - The company focuses on power electronics technology, demonstrating strong capabilities in power electronic equipment and power grid technology [2] - HeMai Co., Ltd. possesses competitive advantages in research and development innovation, product quality, and the implementation of projects in various global scenarios [2]

Core Points - The company has approved a share repurchase plan using excess funds from its initial public offering, with a maximum repurchase price of RMB 170 per share and a total repurchase amount between RMB 100 million and RMB 200 million [1][7] - As of October 31, 2025, the company has not yet repurchased any shares [2] - The company will adhere to relevant regulations and guidelines during the repurchase period and will disclose information in a timely manner [4][3] Shareholder Information - The company has announced the names, shareholdings, and shareholding ratios of the top ten shareholders and the top ten unrestricted shareholders as of the board meeting on October 29, 2025 [6][7]

Group 1 - The company HeMai Co., Ltd. announced that as of October 31, 2025, it has not repurchased any shares [1]

证券代码：688032 证券简称：禾迈股份 公告编号：2025-056 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7 号——回购股份》等相关规定，在回购股份期间，上市公司应当在每个月的前3个 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： | 回购方案首次披露日 | 2025/10/30 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 29 日~2026 10 | 10 | 月 | 年 | 月 | 28 | 日 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 0万股 ...

股东持股情况的公告 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。 杭州禾迈电力电子股份有限公司（以下简称"公司"）于2025年10月29日 召开第二届董事会第二十六次会议，审议通过了《关于以集中竞价交易方式回 购公司股份方案的议案》。具体内容详见公司于2025年10月30日披露于上海证 券交易所网站（www.sse.com.cn）的《关于以集中竞价交易方式回购股份的方 案暨回购报告书》（公告编号：2025-054）。 证券代码：688032 证券简称：禾迈股份 公告编号：2025-055 杭州禾迈电力电子股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 二、公司前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量 | 占无限售流通 | | --- | --- | --- | --- | | | | （股） | 股比例 （%） | | 1 | 杭开控股集团有限公司 | 40,722,753 | 32.82 | | 2 | 海南信荷投资合伙企业（有限合 伙） | 22,414,866 | 18.07 ...