Group 1: Executive Changes - The company director, Jia Muyun, resigned due to being listed as a dishonest executor and will no longer hold any position in the company or its subsidiaries after his resignation [2] Group 2: Performance and Financial Situation - The company expects a net loss attributable to shareholders of 300 million to 360 million yuan for the year 2025, which is similar to the 341 million yuan loss in 2024. The loss is primarily due to intensified market competition, lower-than-expected vehicle production and sales, and credit impairment and asset impairment losses totaling approximately 50 million yuan [3] - Jia Muyun's 3.606 million shares are subject to forced execution by the court due to private lending disputes, with the execution method being centralized bidding, and the timing remains uncertain [3] Group 3: Company Status and Stock Performance - As of December 25, 2025, 79 incentive targets can unlock 1.908 million shares from the 2024 restricted stock incentive plan, but due to unmet performance targets, these shares will be voluntarily locked until May 29, 2026 [4] - As of February 12, 2026, the company's stock closed at 3.38 yuan, with a market capitalization of approximately 2.3 billion yuan. The stock price has experienced significant fluctuations since late December 2025, reaching a high of 3.43 yuan and a low of 3.25 yuan [5] Group 4: Business Development - The company continues to advance in the new energy sector, including collaborations on alcohol-hydrogen electric commercial vehicles and hydrogen energy bus access, but overall performance remains under pressure [6]

Group 1 - The company Shuguang Co., Ltd. announced on February 12, 2026, that its board received a resignation letter from director Mr. Jia Muyun due to being listed as a dishonest executor by the people's court [1] - Following the resignation, Mr. Jia will not hold any position in the company or its subsidiaries [1] Group 2 - Investors Ge Weidong and Fang Wenyuan have jointly invested 1 billion yuan each in the company, leading to a significant increase in the company's stock price [1] - Historical analysis indicates that retail investors participating in private placements have experienced both gains and losses [1]

股票简称：曙光股份 证券代码：600303 编号：临 2026-006 1 告自送达公司董事会之日起生效。公司将按照有关规定，尽快完成董 事的补选工作，并及时履行信息披露义务。 辽宁曙光汽车集团股份有限公司 关于董事离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 一、公司董事提前离任情况 辽宁曙光汽车集团股份有限公司（以下简称"公司"）董事会于 2026年2月12日收到公司董事贾木云先生递交的辞职报告，贾木云先 生因被人民法院列为失信被执行人，申请辞去公司第十一届董事会董 事职务，辞职后将不在公司及其控股子公司担任任何职务。 | | 离任职务 | | 原定任 | | 是否继续在上 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | | 离任时间 | 期到期 日 | 离任原因 | 市公司及其控 股子公司任职 | （如适用） | 毕的公开 承诺 | | 贾木云 | 董事 | 2026年2月 | 2026年8 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing a significant shift with new energy vehicle brands showing varied sales performance, highlighting the advantages of brand recognition [1][22] - Over twenty provinces and cities in China have introduced subsidy policies to stabilize the automotive market amid downward pressure [2][26] - Internationally, Canada is opening up to cooperation with Chinese electric vehicle manufacturers, indicating a trend towards collaborative ventures in the automotive sector [3][42] Summary by Sections Market Overview - In January 2026, several new energy vehicle brands reported their delivery volumes, with significant year-on-year growth for some, such as Hongmeng Zhixing, which delivered 57,915 vehicles, a 65.6% increase [1][20] - The overall market is characterized by a "year-on-year increase, month-on-month decrease" trend, with many companies launching attractive financing options to stimulate demand [22][23] Policy Developments - The Chinese government has rolled out various consumer incentives, including trade-in and purchase subsidies, to support automotive consumption [2][26] - The Canadian government is set to announce new fuel efficiency standards and reintroduce purchase subsidies for electric vehicles, reflecting a shift in policy towards supporting the automotive industry [3][42] Investment Recommendations - The report suggests focusing on companies with strong brand recognition and systematic capabilities, as they are likely to present long-term investment opportunities [4] - The anticipated positive impact of government policies on the automotive market is highlighted, along with the potential for Chinese automotive companies to expand internationally [4]

Group 1 - The company, Liaoning Shuguang Automobile Group Co., Ltd., has announced its production and sales data for January 2026, which is preliminary and subject to final reporting [1] - The company guarantees the accuracy and completeness of the announcement content, ensuring no false records or misleading statements [1][3] Group 2 - The company has provided guarantees for its subsidiaries, including Liaoning Huanghai Automobile Import and Export Co., Ltd., Dandong Huanghai Special Vehicle Co., Ltd., and Dandong Shuguang New Fuyie Automobile Sales Service Co., Ltd. [4] - The total guarantee amount for Huanghai Import and Export is capped at 3 million yuan, with an actual guarantee amount of 93.9 million yuan already provided [5] - The company has also provided a guarantee of up to 2.2 million yuan for Huanghai Special Vehicle, with an actual guarantee amount of 28.9766 million yuan [5] - For Shuguang New Fuyie, the guarantee amount is capped at 2.6 million yuan, with an actual guarantee amount of 12.2 million yuan [5] Group 3 - The company has no overdue guarantees as of the announcement date, and the risk associated with the guarantees is considered controllable [7][8] - The company has set a total expected guarantee limit of 1.6 billion yuan for 2025, which includes provisions for subsidiaries with varying asset-liability ratios [10] - The remaining guarantee limit for subsidiaries with an asset-liability ratio below 70% is 33.0234 million yuan, while for those above 70%, it is 765.1 million yuan [11] Group 4 - The company has provided a maximum guarantee for Huanghai Import and Export to meet its operational funding needs, with a guarantee period of three years [17] - The guarantees cover principal debts, interest, penalties, and other related costs, ensuring the subsidiaries can efficiently secure financing [17]

Core Viewpoint - Shuguang Co., Ltd. (600303) announced that as of the disclosure date, the company and its subsidiaries have utilized a guarantee amount of 685.88 million yuan, which accounts for 51.13% of the company's most recent audited net assets [1] Group 1 - The outstanding guarantee debt balance is 521.24 million yuan, representing 38.86% of the company's most recent audited net assets [1] - The company has not provided guarantees for its controlling shareholders, actual controllers, or their related parties [1] - There are no overdue external guarantee situations reported [1]

Group 1 - The core viewpoint of the article is that Shuguang Co. has confirmed that its self-manufactured axles are used in the production of its vehicles [2] - The company indicated that specific production and sales data can be referenced in its monthly production and sales reports [2]

股票简称：曙光股份 证券代码：600303 编号：临 2026-005 辽宁曙光汽车集团股份有限公司 关于对外担保进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 重要内容提示： 被担保人名称：辽宁黄海汽车进出口有限责任公司（以下简 称"黄海进出口"）、丹东黄海特种专用车有限责任公司（以下简 称"黄海特种车"）和丹东曙光新福业汽车销售服务有限公司（以 下简称"曙光新福业"），黄海进出口和黄海特种车为辽宁曙光汽 车集团股份有限公司（以下简称"公司"）的全资/控股子公司，曙 光新福业为公司全资子公司丹东曙光汽车贸易有限责任公司（以下 简称"曙光汽贸"）的全资子公司。截至2025年9月30日，黄海进 出口资产负债率超过70%、黄海特种车和曙光新福业的资产负债率 均未超过70%。 本次担保金额及已实际为其提供的担保余额： 1、本次公司为黄海进出口提供担保金额不超过300 万元最高额 保证担保。截至本公告披露日，公司及下属子公司已实际为黄海进 出口提供的担保金额为9,390万元（含本次），担保债务余额3,148 万元（ ...

股票简称：曙光股份 证券代码：600303 编号：临 2026-004 辽宁曙光汽车集团股份有限公司 2026 年 1 月产销数据快报如下： 单位：辆 | | | 产品名称 | | 月度对比 | | | 年度对比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本月 | 去年同期 | 增减% | 本年累计 | 去年累计 | 增减% | | | | 客车 | 5 | 0 | - | 5 | 0 | - | | | | 皮卡 | 264 | 30 | 780.00% | 264 | 30 | 780.00% | | 产 | 整车 | 特种车 | 12 | 2 | 500.00% | 12 | 2 | 500.00% | | 量 | | 合计 | 281 | 32 | 778.13% | 281 | 32 | 778.13% | | | | 其中：新能源客车 | 5 | 0 | - | 5 | 0 | - | | | 其他 | 客车非完整车辆 | 0 | 0 | - | 0 | 0 | - | | | 汽车零 | 车桥（支） | ...

Core Viewpoint - Shuguang Co., Ltd. reported a total of 48 vehicle sales and 281 vehicle production in January 2026, indicating a significant decline in sales compared to the previous year [1] Group 1: Sales Performance - The cumulative vehicle sales for January 2026 were 48 units, representing a year-on-year decrease of 44.19% [1] - The sales of new energy buses amounted to 5 units, whereas there were no sales in the same period last year [1] Group 2: Production Metrics - The total vehicle production for January 2026 reached 281 units [1]