Group 1 - The company, Shuguang Co., has decided to terminate the issuance of stocks to specific entities for the year 2024 and has withdrawn related application documents after careful consideration of the external environment and its own development plans [1] - In October, the company sold a total of 108 vehicles, representing a year-on-year decline of 56.8% [1] - From January to October, the total vehicle sales reached 1,349 units, which is a year-on-year decrease of 36.04% [1]

Core Viewpoint - The company has decided to terminate the issuance of shares to specific investors and withdraw related application documents due to a comprehensive consideration of the external environment and internal factors [1] Group 1 - The company and its intermediaries have actively advanced various tasks following the announcement of the stock issuance, adhering to legal and regulatory requirements [1] - The decision to terminate the stock issuance was made after thorough communication and careful analysis among relevant parties [1] - The company is taking into account its actual situation and development plans in making this decision [1]

Core Viewpoint - The company, Shuguang Co., Ltd. (600303.SH), has decided to terminate its plan for a private placement of shares and withdraw related application documents due to a comprehensive consideration of the external environment and its own circumstances [1] Group 1 - The company and its intermediaries have actively advanced various tasks following the announcement of the private placement, adhering to legal and regulatory requirements [1] - The decision to terminate the private placement was made after thorough communication and careful analysis among relevant parties [1] - The company has fulfilled its decision-making procedures and information disclosure obligations as required [1]

Core Viewpoint - Shuguang Co. reported a significant decline in vehicle sales and production for the year 2025, with total vehicle sales amounting to 108 units and production at 6 units, indicating a challenging market environment [1] Summary by Category Sales Performance - Cumulative vehicle sales from January to October 2023 reached 1,349 units, representing a year-on-year decrease of 36.04% [1] - The sales of new energy buses were particularly low, with only 3 units sold, marking a drastic year-on-year decline of 94.23% [1] Production Metrics - The total vehicle production for the year 2025 is projected to be only 6 units, highlighting a significant reduction in manufacturing output [1]

曙光股份公告称，2025年11月10日，公司召开第十一届监事会第十五次会议，审议通过终止2024年度向 特定对象发行股票事项并撤回申请文件的议案。本次发行原计划向实际控制人梁梓发行A股股票，2025 年7月31日公司收到上交所审核问询函。综合考虑外部环境、公司实际情况及发展规划等因素，公司决 定终止发行。 ...

Core Points - The company reported a significant decline in vehicle production and sales for the current month, with a production of 6 units, representing an 83.33% year-on-year decrease, and sales of 108 units, down 56.80% year-on-year [1] - The production of axle components also saw a notable decline, with a total of 51,914 units produced, reflecting a 48.60% decrease year-on-year, while the production of new energy axles was 33,306 units, down 48.90% year-on-year [1] - Cumulatively, the company produced 1,693 vehicles, marking a 10.94% year-on-year decline, and sold 1,349 vehicles, which is a 36.04% decrease year-on-year [1] - In contrast, the total production of axles reached 1,032,900 units, showing a year-on-year increase of 41.50%, and the production of new energy axles was 680,100 units, reflecting a substantial year-on-year growth of 118.16% [1]

Market Overview - The commercial vehicle sector experienced a decline of 0.28% on November 10, with Yutong Bus leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Jianghuai Automobile (600418) closed at 47.68, up 1.55% with a trading volume of 310,200 shares and a turnover of 1.469 billion yuan [1] - Ankai Bus (000868) closed at 5.42, up 1.50% with a trading volume of 127,800 shares and a turnover of 68.9342 million yuan [1] - Yutong Bus (600066) closed at 31.76, down 2.58% with a trading volume of 124,800 shares and a turnover of 399 million yuan [3] - The overall trading data for the commercial vehicle sector shows mixed performance among individual stocks, with some experiencing gains while others faced losses [1][3] Capital Flow Analysis - The commercial vehicle sector saw a net outflow of 174 million yuan from institutional investors, while retail investors contributed a net inflow of 254 million yuan [4] - Notable capital flows include: - Foton Motor (600166) had a net inflow of 17.9142 million yuan from institutional investors [4] - Yutong Bus (600066) experienced a net outflow of 7.5470 million yuan from institutional investors [4] - Ankai Bus (000868) saw a net inflow of 0.9552 million yuan from retail investors [4] Summary of Trading Data - The trading data for key stocks in the commercial vehicle sector indicates varied performance, with some stocks showing resilience while others are under pressure [1][3][4] - The overall sentiment in the sector appears cautious, reflecting broader market trends and investor behavior [1][4]

一、取消监事会情况 辽宁曙光汽车集团股份有限公司 2025 年第三次临时股东会 会议材料 2025 年 11 月 18 日 1 2025 年第三次临时股东会会议材料 议案一： 关于取消监事会并修订《公司章程》 的议案 各位股东及股东代理人： 2025 年第三次临时股东会会议材料 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上 市公司章程指引》《上市公司治理准则》的相关规定，结合公司实际 情况，公司拟不再设置监事会和监事，监事会的职权由董事会审计委 员会行使，《监事会议事规则》相应废止，公司各项制度中涉及监事 会、监事的规定不再适用。 公司对监事会及全体监事在任职期间为公司所做的贡献表示衷 心感谢！ 二、《公司章程》修订情况 根据《公司法》《上市公司章程指引》等相关法律法规、规范性 文件的最新规定，并结合取消监事会和增设职工董事事项，公司拟对 《公司章程》进行修订。公司董事会同时提请公司股东会授权公司管 理层或其授权代表办理工商变更登记及章程备案等相关事宜。 本议案已经公司第十一届董事会第二十二次会议审议通过，具体 内 容 详 见 公 司 于 2025 年 10 月 31 日 在 上 海 证 券 交 ...

Core Viewpoint - The emergence of "post-90s" chairpersons in the A-share market is reshaping corporate governance, with a notable example being Lin Xiaoqing, born in 1996, who has been re-elected as the chairperson of Chengdu Road and Bridge, highlighting the trend of younger leaders driving innovation and new business strategies in traditional industries [3][4]. Group 1: Demographics and Distribution - A total of 78 listed companies in the A-share market are led by "post-90s" chairpersons, with the youngest being only 24 years old [3][4]. - These young leaders are primarily found in economically vibrant provinces, with Guangdong, Zhejiang, and Jiangsu having the highest numbers of such chairpersons, indicating a regional concentration of youthful entrepreneurship [4]. Group 2: Industry Involvement - The companies led by "post-90s" chairpersons span diverse sectors including pharmaceuticals, electronics, machinery, power equipment, media, and agriculture, with many also venturing into high-growth areas like renewable energy, semiconductors, and smart manufacturing [4][5]. - For instance, Shihua Medical, under the leadership of 1998-born Shi Wenling, has significantly increased its market share in orthopedic implants and expanded its overseas presence [4]. Group 3: Leadership Characteristics - The "post-90s" chairpersons are characterized by a strong focus on research and development (R&D) and employee incentives, with 9 out of 78 companies investing over 100 million yuan in R&D in the third quarter [7]. - Notably, Yang Mu of Wentai Technology led the company to invest 1.598 billion yuan in semiconductor technology, showcasing the high R&D intensity among these young leaders [7]. Group 4: Challenges and Opportunities - Despite their innovative approaches, some companies face significant challenges, including financial losses, with companies like Yijing Optoelectronics and Shuguang Co. reporting net losses exceeding 200 million yuan in the third quarter of 2025 [8]. - Young chairpersons often struggle with inexperience, resource integration difficulties, and internal resistance within family businesses, necessitating a balance between maintaining legacy and pursuing innovation [8].

Market Overview - The commercial vehicle sector increased by 0.71% compared to the previous trading day, with CIMC Vehicles leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Notable gainers in the commercial vehicle sector included: - Zhongshun Vehicles: Closed at 9.97, up 2.26% with a trading volume of 227,100 shares and a turnover of 226 million [1] - China National Heavy Duty Truck: Closed at 18.62, up 1.64% with a trading volume of 175,000 shares and a turnover of 328 million [1] - Yutong Bus: Closed at 32.45, up 1.00% with a trading volume of 147,700 shares and a turnover of 477 million [1] - Conversely, Hanma Technology saw a decline of 3.93%, closing at 7.33 with a trading volume of 770,400 shares and a turnover of 573 million [2] Capital Flow - The commercial vehicle sector experienced a net outflow of 414 million from institutional investors, while retail investors saw a net inflow of 260 million [2] - The detailed capital flow for specific stocks showed: - Foton Motor: Net outflow of 8.14 million from institutional investors, but a net inflow of 8.14 million from retail investors [3] - Zhongtong Bus: Net inflow of 12.16 million from retail investors, despite a net outflow from institutional investors [3] - King Long Motor: Significant net outflow of 59.01 million from institutional investors, with a net inflow of 42.44 million from retail investors [3]