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To eliminate the imbalance in the combat system, we need to remove the root cause. This applies to many games, not just Heroes. During combat, it should be absolutely forbidden to replenish mana in any way!
The main cause of the imbalance is definitely special abilities. Both for heroes and for creatures. Because of them, it is impossible to mathematically calculate how to make the game perfectly balanced. But we shouldn't destroy these features for the sake of balance – that would be a serious degradation. Then it would be better to play checkers :) And I don't see any other way to balance the game.