Core Insights - The commercial vehicle sector saw a rise of 0.72% on October 31, with Foton Motor leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Commercial Vehicle Sector Performance - Foton Motor (600166) closed at 3.00, up 4.17% with a trading volume of 3.89 million shares and a transaction value of 1.183 billion [1] - China National Heavy Duty Truck Group (000951) closed at 18.14, up 3.78% with a trading volume of 312,300 shares and a transaction value of 564 million [1] - King Long Motor (600686) closed at 15.14, up 2.64% with a trading volume of 808,000 shares and a transaction value of 1.253 billion [1] - Other notable performances include Shuguang Co. (600303) up 1.86% and FAW Jiefang (000800) up 1.27% [1] Fund Flow Analysis - The commercial vehicle sector experienced a net outflow of 174 million from institutional investors and 167 million from speculative funds, while retail investors saw a net inflow of 342 million [2][3] - Yutong Bus (600066) had a significant net outflow of 91.16 million from institutional investors, while retail investors contributed a net inflow of 89.92 million [3] - Jianghuai Automobile (600418) saw a net inflow of 51.86 million from institutional investors, but a net outflow of 31.11 million from retail investors [3]

Group 1 - The resignation of Ms. Cui Qinglian from the Strategic Investment Committee is due to personal reasons, but she will continue to serve as an independent director and hold other committee positions [2][3] - The resignation will not affect the board's operation as the number of committee members is adjusted from 5 to 3, and no additional elections are required [3] - The company expresses gratitude for Ms. Cui's contributions during her tenure [3] Group 2 - The company has proposed to reappoint Beijing Dehao International Accounting Firm for the 2025 financial statement and internal control audit [6][32] - Beijing Dehao International was established in December 2008 and has 66 partners and 300 registered accountants, with a total revenue of approximately 435.06 million yuan in 2024 [7] - The audit fee for 2025 is set at 1.65 million yuan, consistent with the previous year [13][32] Group 3 - The board meeting on October 30, 2025, approved several resolutions, including the third quarter report and the cancellation of the supervisory board, transferring its powers to the audit committee [20][22] - The board also approved amendments to various governance rules to enhance operational standards [25][32] - All resolutions were passed unanimously with 9 votes in favor [21][33]

Core Viewpoint - Shuguang Co., Ltd. (600303.SH) reported its Q3 2025 results, indicating a significant decline in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 30, 2025, two institutional investors disclosed holdings in Shuguang Co., totaling 101 million shares, which represents 14.79% of the company's total share capital [1] - The institutional ownership percentage decreased by 6.93 percentage points compared to the previous quarter [1] Public Fund Holdings - In this reporting period, seven public funds were disclosed, including Morgan Stanley Dividend Select A, ICBC Aggregate Mixed A, Bosera Quantitative Balanced Mixed A, Bosera Quantitative Multi-Strategy Equity A, and Bosera Quantitative Value Equity A [1]

Core Insights - The company reported a total revenue of 1.172 billion yuan for Q3 2025, ranking 13th among disclosed peers [1] - The net profit attributable to shareholders was -222 million yuan, ranking 12th among disclosed peers [1] - The net cash flow from operating activities was -61.18 million yuan, ranking 11th among disclosed peers, a decrease of 48.18 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 65.17%, ranking 7th among disclosed peers, an increase of 0.52 percentage points from the previous quarter and 9.37 percentage points from the same period last year [3] - The latest gross profit margin is 2.26%, ranking 13th among disclosed peers, a decrease of 0.71 percentage points from the previous quarter [3] - The latest return on equity (ROE) is -19.74%, ranking 13th among disclosed peers, a decrease of 4.40 percentage points from the same period last year [3] Earnings and Turnover - The diluted earnings per share are -0.32 yuan, ranking 12th among disclosed peers [4] - The latest total asset turnover ratio is 0.34 times, ranking 13th among disclosed peers [4] - The latest inventory turnover ratio is 4.26 times, ranking 11th among disclosed peers [4] Shareholder Information - The number of shareholders is 38,800, with the top ten shareholders holding 155 million shares, accounting for 22.70% of the total share capital [4] - The largest shareholder is Beijing Weizi Xi Consulting Management Center (Limited Partnership) with a holding ratio of 14.32% [4]

Core Viewpoint - Shuguang Co., Ltd. announced the resignation of its Strategic Investment Committee member, Cui Qinglian, due to personal reasons, while she will continue to serve as an independent director and hold other committee positions [2] Group 1 - Cui Qinglian submitted her resignation report to the board of directors [2] - After resigning from the Strategic Investment Committee, Cui Qinglian will maintain her roles as an independent director, chair of the Nomination Committee, and member of the Compensation and Assessment Committee [2]

Group 1 - The core point of the article is that Shuguang Co., Ltd. (600303.SH) reported its Q3 financial results, showing a total operating revenue of 1.172 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 24.13% [1] - The net profit attributable to shareholders of the parent company was -222 million yuan, which is a reduction in losses by 1.8344 million yuan compared to the same period last year [1] - The basic earnings per share were -0.32 yuan [1]

Core Viewpoint - Shuguang Co., Ltd. is a significant player in the domestic automotive manufacturing industry, with a comprehensive business model covering light vehicles, commercial vehicles, and automotive parts, showcasing a differentiated advantage across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Shuguang's revenue reached 1.172 billion yuan, ranking 5th among 5 companies in the industry, with the industry leader Yutong Bus generating 26.366 billion yuan [2] - The company's net profit was -227 million yuan, also ranking 5th in the industry, while Yutong Bus reported a net profit of 3.364 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Shuguang's debt-to-asset ratio was 65.17%, higher than the previous year's 55.80% but lower than the industry average of 70.71% [3] - The gross profit margin for Shuguang in Q3 2025 was 2.26%, an increase from 1.17% year-on-year, yet significantly below the industry average of 12.19% [3] Group 3: Executive Compensation - The chairman, Quan Wei, received a salary of 813,400 yuan in 2024, an increase of 747,600 yuan from 2023 [4] - The president, Li Quandong, earned 1.5764 million yuan in 2024, up 1.0478 million yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Shuguang increased by 17.51% to 38,800 [5] - The average number of circulating A-shares held per shareholder decreased by 14.90% to 17,400 [5]

Core Insights - The company reported a revenue of 1.172 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 24.13% [1] - The net profit attributable to shareholders was -222 million yuan, showing a year-on-year increase of 0.82% [1] - The basic earnings per share stood at -0.32 yuan [1] Financial Performance - The gross profit margin for the first three quarters was 2.26%, an increase of 1.09 percentage points year-on-year [2] - The net profit margin was -19.36%, which improved by 4.70 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 0.25%, up 2.01 percentage points year-on-year but down 3.60 percentage points quarter-on-quarter [2] - The net profit margin for Q3 was -25.58%, an increase of 4.64 percentage points year-on-year but a decrease of 10.91 percentage points from the previous quarter [2] Expense Analysis - Total operating expenses for the period were 220 million yuan, an increase of 3.9725 million yuan year-on-year [2] - The expense ratio was 18.78%, down 4.11 percentage points year-on-year [2] - Sales expenses decreased by 10.45% year-on-year, while management expenses increased by 1.61% [2] - R&D expenses decreased by 14.39%, and financial expenses increased significantly by 96.14% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 38,800, an increase of 5,788 or 17.51% from the end of the previous half [2] - The average market value per shareholder decreased from 78,400 yuan to 68,800 yuan, a decline of 12.21% [2] Company Overview - Liaoning Shuguang Automobile Group Co., Ltd. is located in Dandong, Liaoning Province, and was established on December 11, 1995 [3] - The company was listed on December 26, 2000, and its main business includes light vehicles, commercial vehicles, and automotive parts [3] - The revenue composition is 98.88% from product sales and 1.12% from service provision [3] - The company is classified under the automotive industry, specifically in commercial vehicles and passenger vehicles [3]

二、离任对公司的影响 根据《公司法》《公司章程》及相关规定，崔青莲女士辞去战略 投资委员会委员职务不会导致公司董事会成员低于法定最低人数，其 将作为公司独立董事、提名委员会主任委员、薪酬与考核委员会委员 继续履职，不会影响公司董事会的正常运作。崔青莲女士不存在应当 履行而未履行的承诺事项，并将按照公司相关规定做好交接工作。公 司及公司董事会对崔青莲女士任职期间为公司发展所做出的贡献表 示衷心的感谢！ 股票简称：曙光股份 证券代码：600303 编号：临 2025-049 辽宁曙光汽车集团股份有限公司 关于战略投资委员会委员辞职的公告 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、公司战略投资委员会委员提前离任情况 辽宁曙光汽车集团股份有限公司（以下简称"公司"）董事会近 日收到战略投资委员会委员崔青莲女士的辞职报告，崔青莲女士因个 人原因申请辞去战略投资委员会委员职务。辞去上述职务后，崔青莲 女士将继续担任公司独立董事、提名委员会主任委员和薪酬与考核委 员会委员职务。 | | | | | | 是否继续在 | | ...

拟聘任会计师事务所名称：北京德皓国际会计师事务所（特殊 普通合伙）（以下简称"北京德皓国际"） 股票简称：曙光股份 证券代码：600303 编号：临 2025-052 辽宁曙光汽车集团股份有限公司 关于续聘会计师事务所的公告 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： 辽宁曙光汽车集团股份有限公司（以下简称"公司"）第十一届 董事会第二十二次会议审议通过了《关于续聘会计师事务所的议案》， 拟续聘北京德皓国际为公司 2025 年度财务报表和内部控制审计机构， 现将相关事项具体内容公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 名称：北京德皓国际会计师事务所（特殊普通合伙） 成立日期：2008 年 12 月 8 日 组织形式：特殊普通合伙 注册地址：北京市西城区阜成门外大街 31 号 5 层 519A 1 首席合伙人：杨雄 截至 2024 年 12 月 31 日，北京德皓国际合伙人 66 人，注册会计 师 300 人，签署过证券服务业务审计报告的注册会计师人数 140 人。 ...