On October 17, Hemai disclosed that due to policy changes, changes in market demand and the expected decline in the original revenue of the household photovoltaic market, the company and Huarong Financial Leasing Co., Ltd. Recently, it signed the Termination Agreement to terminate the household photovoltaic cooperation in advance. On May 27,

2025, Hemai announced that the company and its wholly-owned subsidiary Hangzhou Heli New Energy Co., Ltd. signed the Cooperation Agreement with Huarong Rent, with a total amount of 1 billion yuan, and the two sides carried out household distributed photovoltaic business in the cooperation area.
The content shows that Hemai and its subsidiaries recommend photovoltaic power plant projects to Huarong Rent, while Huarong Rent purchases household photovoltaic system equipment from Hemai and signs corresponding sales contracts. Heli New Energy is responsible for providing maintenance and repair services for power plant equipment and signing corresponding operation and maintenance and service contracts for household photovoltaic power plants. It accepts the power generation assessment of Huarong Financial Leasing for the operation and maintenance of photovoltaic power plants as agreed in the operation and maintenance agreement, and undertakes the power generation guarantee to Huarong Financial Leasing for the operation and maintenance effect of photovoltaic power plants.

According to the announcement, from the signing of the Cooperation Agreement to the disclosure date of the announcement, the cumulative cooperation scale between Hemai shares and its subsidiaries and Huarong Rent is about 162 million yuan .
Hemai said that the signing of the Termination Agreement was the result of careful study by the company and consensus with the other party. The rights and obligations of the parties were automatically terminated with the entry into force of the Termination Agreement, and the parties were not liable for breach of contract. At the same time, the company also said that it did not rule out the possibility of subsequent cooperation with Huarong Rent in other areas, including but not limited to industry and commerce, ground power stations, energy storage, wind power projects and so on. The semi-annual report
of 2026 shows that the total revenue of Hemai shares in the first half of this year was 1.780 billion yuan, an increase of 77.09% over the same period last year; The net profit loss was RMB164 million, representing a year-on-year increase of 1107.86%; the net profit loss after deduction of non-profits was RMB178 million, representing a year-on-year increase of 1887.25%.
For the above significant situation of " increasing income without increasing profits ", Hemai shares said that the year-on-year growth of business income was due to the optimization of product structure in the first half of the year and the expansion of business scale of energy storage projects; At the same time, due to the change of sales product structure, the fluctuation of exchange rate and the increase of talent reserve and market investment, the company's net profit and non-net profit in the first half of the year decreased year on year.
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