Hunan Huamin Holdings Co Ltd

Huamin Shares announced that it intends to subscribe for partnership interests in Yangzhou Dingfeng Leading Equity Investment Partnership as a limited partner with 10 million yuan of its own funds. The fund has a total size of 30.1 million yuan and primarily invests in high-quality companies with high technological content and growth potential along the semiconductor materials industry chain. The company stated that this investment aims to leverage professional institutional resources to deepen its industrial layout in the semiconductor sector.

Huamin Holdings has disclosed a draft equity incentive plan, proposing to grant no more than 17.68 million restricted shares to up to 38 incentive recipients. The plan ties company-level performance assessment to net profit loss reduction and revenue growth from semiconductor-grade silicon rods and silicon components. The draft requires that, using 2025 net profit attributable to the parent after deducting non-recurring items as the base, the company achieve loss reductions of 30 percent and 60 percent in 2026 and 2027 respectively, and turn profitable in 2028. Alternatively, revenue from semiconductor-grade silicon rods and silicon components must reach no less than 6 million yuan, 30 million yuan, and 80 million yuan in those years. The company recorded 1.4681 million yuan in revenue from this business in 2025. Based on the targets, cumulative revenue over the three years would reach 116 million yuan, representing a compound annual growth rate of 279.12 percent. With gross margins exceeding 50 percent, the business is expected to contribute over 58 million yuan in incremental profit. Huamin Holdings has established a semiconductor subsidiary and plans to achieve a production capacity of 15 units in 2026, with subsequent expansion based on demand, aiming to capture opportunities as the global market for semiconductor silicon components is projected to grow from approximately 2.05 billion US dollars in 2025 to 3.6 billion US dollars by 2032. The company stated that while its core photovoltaic business is currently under profit pressure, it expects to gradually restore profitability by leveraging its core crystal pulling technology to extend into high-value-added semiconductor silicon components, along with measures to reduce costs and improve efficiency.