Hoymiles Power Electronics (688032) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 1.93 billion, down 3.06% year-over-year; net loss attributable to shareholders was RMB -161.12 million, a decrease of 146.81% from last year.

• Gross margin declined due to product mix changes and increased strategic investment in R&D and sales during a business model transition.

• R&D investment rose 31.10% to RMB 348.87 million, representing 18.06% of revenue.

• Overseas sales accounted for 51.97% of total revenue, with domestic sales at 48.03%.

Financial highlights

• Operating cash flow was negative RMB 286.55 million, a sharp decline from last year.

• Basic and diluted EPS were both -1.31, compared to 2.79 last year.

• Gross margin for microinverters and monitoring equipment was 43%, for storage systems 14%, and for PV systems 10.65%.

• Net assets attributable to shareholders at year-end were RMB 5.72 billion.

Outlook and guidance

• The company will focus on innovation-driven growth, global market expansion, and supply chain optimization.

• Strategic emphasis on “PV + storage” integrated solutions and full-scenario energy management.

• Plans to further enhance R&D, global marketing, talent development, and brand building.