格隆汇1月27日丨禾迈股份(688032.SH)近日接受特定对象调研时表示，从市场端来看，纯光伏需求增速 放缓，光储市场需求增加，但是公司始终占据微逆市场龙头地位，除北美地区外保持出货量第一；从产 品端来看，公司通过不断迭代新产品来稳定毛利率，2025年度微逆的毛利率维持在40%以上。 ...

Group 1 - The core viewpoint of the article highlights that Hemaikong is maintaining its leading position in the micro-inverter market despite a slowdown in pure photovoltaic demand and an increase in energy storage market demand [1] - The company continues to hold the number one shipping volume in the micro-inverter market outside of North America [1] - Hemaikong is focused on product innovation to stabilize its gross margin, projecting a gross margin of over 40% for micro-inverters in 2025 [1]

（编辑 袁冠琳） 证券日报网1月26日讯 ，禾迈股份在接受调研者提问时表示，公司坚定未来发展的战略规划，由单一的 设备供应商逐步向全面光储解决方案供应商转型。在战略转型过程中，受产品结构变化影响，公司整体 毛利率有所下降；同时，公司大力加强人才储备，大幅增加了研发与销售方面的投入，深耕本地化布 局，为整体业务的开展积蓄力量。 ...

Core Viewpoint - The company, HeMai Co., is experiencing rapid growth in its energy storage business, with expectations for significant revenue increases in the coming years [1] Group 1: Business Development - The company is transitioning from a single AC side to energy storage systems, indicating a strategic shift in its business model [1] - The sales channel is moving towards project-based operations, which supports the rapid development of the business [1] - Changes have been made in the R&D and sales systems to facilitate this growth [1] Group 2: Future Outlook - The company has accumulated project experience and business opportunities, which are expected to contribute to substantial revenue growth in the energy storage systems segment in the next few years [1]

Group 1 - The core viewpoint of the article is that HeMai Co., Ltd. expects its overall operating revenue to remain relatively stable in the fiscal year 2025 [1]

证券日报网1月26日讯，禾迈股份在接受调研者提问时表示，目前研发和销售人员合计大约900余人。这 也是公司近几年的重点布局和规划，为公司长期持续稳定发展提供坚实基础。 ...

Core Viewpoint - HeMai Co., Ltd. is transitioning from a single equipment supplier to a comprehensive light-storage solution provider, optimizing its product structure and organizational framework during this process [1] Group 1: Organizational Changes - The company has refined its internal strategic modules and detailed its market layout externally [1] - The previous flat functional division has been segmented into three business units and six product lines, ensuring end-to-end responsibility for product development to market launch [1] Group 2: Marketing and Global Operations - HeMai Co., Ltd. is enhancing its marketing service team and continuously improving its global operational system [1] - The company has nearly completed the localization of operational management in its main sales regions [1]

证券日报网1月26日讯，禾迈股份在接受调研者提问时表示，2025年对比2024年研发、销售费用大幅增 长。未来几年会保持一个温和增长的态势，不会有剧烈的大幅波动。 ...

Group 1 - HeMai Co., Ltd. (688032.SH) closed at 111.50 yuan, with a decline of 7.04%, currently in a broken state [1] - HeMai Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an issuance price of 557.80 yuan per share and a total of 10 million shares issued [1] - The total amount raised from the initial public offering (IPO) was 5.578 billion yuan, with a net amount of 5.406 billion yuan after deducting issuance costs, which was 4.848 billion yuan more than originally planned [1] - The funds raised are intended for the construction of an intelligent manufacturing base, industrialization of energy storage inverters, upgrading of intelligent complete electrical equipment, and supplementing working capital [1] Group 2 - The total issuance costs for the IPO amounted to 172 million yuan, including underwriting and sponsorship fees of 142 million yuan [2] - On May 30, 2022, HeMai Co., Ltd. announced a dividend plan of 30 yuan (pre-tax) per 10 shares, with a bonus issue of 4 shares, with the ex-dividend date on June 7, 2022 [2] - On June 6, 2023, the company announced a dividend plan of 53 yuan (pre-tax) per 10 shares, with a bonus issue of 4.9 shares, with the ex-dividend date on June 13, 2023 [2] - On June 13, 2024, the company announced a dividend plan of 36 yuan (pre-tax) per 10 shares, with a bonus issue of 4.9 shares, with the ex-dividend date on June 19, 2024 [2]

Summary of HeMai Co., Ltd. Conference Call Company Overview - **Company**: HeMai Co., Ltd. (禾迈股份) - **Industry**: Energy Storage and Renewable Energy Solutions Key Points Financial Performance - In 2025, HeMai's revenue from large-scale energy storage (大储) exceeded 300 million RMB with a gross margin of 15% [2] - The company anticipates at least 1 billion RMB in revenue from large-scale energy storage in 2026, with the first quarter potentially achieving half of the annual target [2][5] - HeMai expects to incur a loss of over 100 million RMB in 2026, despite achieving over 600 million RMB in revenue in Q4 2025 [3][28] - The gross margin is projected to reach 30%-40% in 2026 [4][21] Market Strategy - HeMai focuses on developed markets such as Europe, the US, and Australia, as well as emerging markets in the Middle East and Latin America [2][6] - The company employs a differentiated product strategy to enhance market position and profitability [2] - HeMai's large-scale energy storage business is a strategic priority, with plans to strengthen supply chain capabilities to meet future demand [5][7] Product Development and Innovation - HeMai has expanded its R&D team to 200-300 members, focusing on centralized and string inverters, as well as AC coupling systems [8] - The company has successfully launched new product lines in the household energy storage sector, expecting significant growth in 2026 [4][18] - HeMai is transitioning from traditional energy solutions to integrated energy systems, aiming for a comprehensive approach to energy management [8][32] Challenges and Risks - Rising battery cell prices are impacting the large-scale energy storage business, but the company maintains a controlled overall gross margin through risk management and price transmission strategies [10] - The increase in lithium carbonate prices may temporarily affect domestic project demand, but global demand for energy storage remains strong [11] - HeMai faces competition from established players like Sungrow and CATL, necessitating continuous improvement and innovation [14][32] Future Outlook - HeMai expects to see revenue growth in Q1 2027, with a gradual improvement in quarterly performance [29] - The company aims to leverage its technological advancements and market expansion to enhance profitability in the coming years [3][38] - HeMai is committed to becoming a leading player in the energy storage sector, with a focus on product excellence and marketing integration [38] Regional Focus - The Middle East and Europe are identified as key markets for large-scale energy storage, with a focus on affluent customers in these regions [7] - The company acknowledges the high entry barriers in the Australian and US markets, which may limit short-term contributions [6][7] Competitive Position - HeMai's competitive edge lies in its brand reputation and technological capabilities, particularly in safety and reliability for energy storage applications [6] - The company is working to improve its market position against competitors by enhancing product offerings and operational efficiency [14][32] Investment and Resource Allocation - HeMai plans to maintain a stable investment level in R&D and marketing, focusing on optimizing existing resources rather than significant increases [34] - The company currently employs around 600 R&D personnel and over 300 in marketing services, totaling nearly 1,000 employees [35] This summary encapsulates the key insights from HeMai Co., Ltd.'s conference call, highlighting its financial performance, market strategies, product development, challenges, and future outlook.