Hoymiles Power Electronics (688032) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached ¥1.01 billion, up 10.78% year-over-year, but net profit attributable to shareholders dropped 91.33% to ¥16.27 million due to slower sales growth and increased R&D and market investments.

• Operating cash flow was negative at -¥127.64 million, mainly due to optimization of financing structure and increased payments to suppliers.

• The company maintained a leading global market share in microinverters, with a 22% share and 25% year-over-year growth in global shipments, ranking first outside the US.

• New product launches included the HIT series three-phase low-voltage storage inverter and the HoyUltra 2 liquid-cooled commercial storage system.

Financial highlights

• Operating income: ¥1,005.32 million, up 10.78% year-over-year.

• Net profit attributable to shareholders: ¥16.27 million, down 91.33% year-over-year.

• Operating cash flow: -¥127.64 million, compared to ¥161.61 million last year.

• Basic and diluted EPS: ¥0.13, down 91.45% year-over-year.

• R&D expenses: ¥165.66 million, up 36.61% year-over-year, representing 16.48% of revenue.

• Gross margin: 27.6% (calculated from revenue and cost figures).

Outlook and guidance

• The company will continue to focus on technological innovation, product optimization, and global market expansion.

• Domestic and international market development will be balanced to diversify revenue and mitigate risks.

• Ongoing investment in R&D and talent to support long-term competitiveness.