大众交通（集团）股份有限公司 2025年度董事会审计委员会履职情况报告 2025年，根据中国证监会、上海证券交易所相关法律法规以及《公司章程》 《董事会审计委员会工作规程》等规定，公司董事会审计委员会本着勤勉尽责的 原则，认真履行职责。现对董事会审计委员会2025年度的履职情况汇报如下： 一、 董事会审计委员会的基本情况 报告期内，公司第十一届董事会审计委员会由4名董事组成，具体组成人员 为：曹永勤、王开国、严健军、梁嘉玮，其中曹永勤为委员会召集人。 上述公司董事会审计委员会成员均为不在公司担任高级管理人员的董事，其 中3人为公司独立董事，占该届董事会审计委员会成员过半数，委员会召集人由 会计专业独立董事担任，符合法律法规及《公司章程》等相关文件的规定。 经公司2024年年度股东大会审议通过了《关于取消监事会暨修改〈公司章程〉 的议案》，公司实施监事会制度改革，调整了治理结构，取消监事会并由审计委 员会行使监事会监督职责，相应扩大了审计委员会的职责和权限。 二、 董事会审计委员会会议的召开情况 2025年度，公司共召开董事会审计委员会会议4次。报告期内，全体审计委 员会委员出席了4次会议，各位委员认真审议会议 ...

经公司报告期末在任独立董事自查及董事会核查报告期末在任独立董事在 2025 年内的履职情况，公司报告期末在任独立董事担任境内上市公司独立董事 均不超过 3 家，公司董事会认为独立董事曹永勤女士、严健军先生、王开国先生 均具备胜任独立董事岗位的资格，于 2025 年度内未在公司担任除独立董事及董 事会专门委员会委员以外的任何职务，与公司及公司附属企业、主要股东不存在 直接或者间接利害关系，不存在影响独立董事独立性的情况，独立董事严格遵守 法律法规、上海证券交易所相关规定和公司章程，忠实守信、勤勉尽责，有效履 行独立董事职责，为公司决策提供了客观、公正、独立的专业意见。 大众交通（集团）股份有限公司董事会 2026 年 3 月 27 日 大众交通（集团）股份有限公司 董事会对独立董事独立性自查情况的专项报告 根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》的规定，独立董事应当每年对任职独立性进行自查，并 将自查情况提交董事会。董事会应当每年对在任独立董事独立性情况进行评估并 出具专项意见。基于上述规定，大众交通（集团）股份有限公司（以下简称"公 司"）独立董事对自身独 ...

Investment Rating - The report maintains a "Recommended" investment rating for the Robotaxi industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The Robotaxi industry is accelerating towards large-scale commercialization, driven by advancements in autonomous driving technology, favorable policies, and the maturation of the business ecosystem. Key players are rapidly iterating technologies and expanding globally, suggesting significant investment opportunities [1][10]. - Robotaxi represents a core application scenario for Level 4 (L4) autonomous driving, characterized by high technical challenges, clear business models, and substantial cost restructuring potential. The industry is expected to enter a phase of large-scale investment and application expansion from 2026 to 2030 [1][10]. Summary by Sections 1. High-Level Autonomous Driving Penetration - Autonomous driving is categorized from Level 0 to Level 5, with L3 and L4 being the focus of global regulatory and competitive landscapes. By 2025, the penetration rate of passenger cars with Level 2 and above in China is projected to reach approximately 66%, with significant growth in higher-level L2++ vehicles [14][21]. - The report highlights that the penetration of L2 and above vehicles is expected to cross 60% by 2025, marking a pivotal point for the widespread adoption of advanced driving assistance systems [21][22]. 2. Industry Catalysts - Multiple catalysts are propelling the Robotaxi industry towards commercialization: - **Policy Improvements**: Countries like China and the U.S. are gradually opening regions for L4 level paid operations, removing mandatory safety driver requirements, thus facilitating commercial operations [2][32]. - **Technological Advancements**: Hardware and algorithm iterations are enhancing safety redundancies, with companies like Waymo and Tesla leading the way in sensor fusion and vision-based approaches [2][32]. - **Cost Reductions**: The BOM (Bill of Materials) cost for vehicles has decreased significantly, enabling large-scale fleet deployments and reducing overall operational costs [2][32]. - **Unit Economics**: Robotaxi can save over 70% in labor costs, with some leading companies already achieving profitability in select cities, indicating a shift towards commercial viability [2][32]. 3. Competitive Landscape - The Robotaxi industry is characterized by a "U.S.-China dominance with multiple strong competitors" framework. In the U.S., Waymo and Tesla are leading, while in China, companies like Pony.ai, WeRide, and others are expanding aggressively [7][10]. - The report notes that the Robotaxi fleet size is increasing, with leading companies already operating fleets of over a thousand vehicles and expanding into more cities for paid operations [7][10]. 4. Market Size - The global autonomous driving mobility service market is projected to grow from $140 million in 2025 to $67.3 billion by 2030, with a compound annual growth rate (CAGR) of approximately 232.7%. In China, the market is expected to grow from $70 million to $39.4 billion during the same period, with a CAGR of about 253.6% [8][10].

Performance Overview - The company announced a profit forecast for 2025, expecting a net profit attributable to shareholders of between 52 million and 76 million yuan, representing a year-on-year decrease of 64.08% to 75.42%, primarily due to changes in the fair value of financial assets and industry adjustments [2] Management Changes - On January 30, 2026, the company elected Zhang Qianting as a representative director of employees; additionally, on February 8, 2026, it announced a change in the signing registered accountants for the 2025 fiscal year, with Yan Shenghui and Xiao Peng taking over [3] Financial Movements - From February 13, 2025, to January 26, 2026, the company reduced its holdings in Guotai Junan and other stocks, with a total transaction amount of 272.25 million yuan, aimed at optimizing its asset structure, which is expected to impact profits and losses by approximately 22.76 million yuan [4] Business Development - According to the company's innovation business plan, it will phase in the scaling of autonomous taxi services and the construction of low-altitude economic stations from 2026 to 2030, including collaboration with Wo Fei Chang Kong to expand eVTOL scenarios [5]

一、签字会计师变更情况 立信会计师事务所（特殊普通合伙）作为公司2025年度财务审计机构，原委派朱颖女士（项目合伙 人）、严盛辉女士作为签字注册会计师为公司提供审计服务。由于内部工作调整，现委派严盛辉女士和 肖鹏女士作为公司2025年审计项目签字会计师，其中严盛辉女士担任项目合伙人。 二、本次变更的签字注册会计师基本信息 1、基本信息 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法律责任。 大众交通（集团）股份有限公司（以下简称"公司"）于2025年3月27日召开第十一届董事会第六次会 议、2025年5月23日召开2024年年度股东大会审议通过了《关于续聘2025年度审计机构和内部控制审计 机构的议案》，同意续聘立信会计师事务所（特殊普通合伙）（以下简称"立信"）为公司2025年度审计 机构和内部控制审计机构，具体内容详见公司于2025年3月29日在上海证券交易所网站披露的《关于续 聘2025年度审计机构和内部控制审计机构的公告》（公告编号：临2025-019）。 近日，公司收到立信《关于签字注册会计师变更的告知函》，现将具体情况公告 ...

Core Viewpoint - The company announced a change in its financial auditing team for the fiscal year 2025, which will not affect the audit work for that year [1] Group 1: Audit Firm Change - The auditing firm, Lixin Certified Public Accountants (Special General Partnership), has undergone internal adjustments leading to a change in the signing auditors [1] - The new signing auditors are Yan Shenghui and Xiao Peng, with Yan serving as the project partner [1] - Xiao Peng has been involved in auditing listed companies since 2006 and has been a key component leader for the company in the past three years, with no penalties and meeting independence requirements [1] Group 2: Impact on Audit Work - The change in auditors is stated to have no impact on the financial and internal control audit work for the fiscal year 2025 [1]

| 证券代码：600611 | 证券简称：大众交通 | | | 公告编号：2026-004 | | --- | --- | --- | --- | --- | | 900903 | 大众 | B | 股 | | | 债券代码：241483 | 债券简称：24 | 大众 | 01 | | | 242388 | 25 | 大众 | 01 | | 大众交通（集团）股份有限公司 关于变更签字注册会计师的公告 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法律责任。 大众交通（集团）股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第十一届董事会第六次会议、2025 年 5 月 23 日召开 2024 年年度股东大 会审议通过了《关于续聘 2025 年度审计机构和内部控制审计机构的议案》，同意 续聘立信会计师事务所（特殊普通合伙）（以下简称"立信"）为公司 2025 年度 审计机构和内部控制审计机构，具体内容详见公司于 2025 年 3 月 29 日在上海证 券交易所网站披露的《关于续聘 2025 年度审计机构和内部控制审计机 ...

Core Viewpoint - Shanghai aims to seize global opportunities in the low-altitude economy, establishing itself as a comprehensive demonstration zone and an internationally influential "Sky City" to contribute to national low-altitude economic development [2] Group 1: Space Computing and Commercial Aerospace - The global space computing market is projected to reach $24.94 billion by 2026, with a compound annual growth rate (CAGR) of 15.08% from 2026 to 2035, indicating significant growth potential [4] - Shanghai is encouraged to accelerate research and industrial layout in space computing technologies, including radiation-resistant CPUs/GPUs and high-speed inter-satellite laser communication [5] - The commercial aerospace sector is expected to see a surge in activity, with the "Thousand Sails Constellation" launch expected to double in scale compared to the previous year [6] Group 2: Low-Altitude Economy - The low-altitude economy is viewed as a rapidly approaching growth area, with expectations for mass production of "air taxis" by 2027 [8] - Shanghai is advised to establish itself as a leading area for low-altitude economic development, providing a model for national growth and contributing to the overall industry [8] - Recommendations include accelerating local legislation to create a comprehensive regulatory framework for low-altitude flight management and infrastructure development [9]

- The report introduces a quantitative model framework for market trend analysis, focusing on five asset style stages: external growth, quality growth, quality dividend, value dividend, and bankruptcy value. The model evaluates assets based on their intrinsic attributes and prioritizes them using the sequence of g > ROE > D, analyzing whether there are "good assets" and whether they are "expensive" [5][8][9] - The model incorporates key factors such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (B/P). Each factor is associated with specific market phases, e.g., expected growth is relevant across all phases, while profitability is emphasized during maturity phases [9][12] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.67% since 2009. It has shown consistent excess returns in most years, particularly post-2017, with limited effectiveness in years like 2011, 2012, and 2016 [19][22] - The model's backtesting results for specific years include notable excess returns, such as 51% in 2009, 36% in 2013, and 62% in 2022. However, it also recorded underperformance in years like 2011 (-11%) and 2014 (-4%) [22] - The report details six specific strategies derived from the model, each focusing on different factors: - **Expected Growth Strategy**: Selects industries with the highest analyst-forecasted growth rates. Recent recommendations include sectors like automotive sales, lithium equipment, and tungsten [38][39] - **Actual Growth Strategy**: Focuses on industries with the highest unexpected growth (△g). Current recommendations include photovoltaic equipment, insurance, and coal chemical sectors [40][41] - **Profitability Strategy**: Targets high-ROE industries with low valuations under the PB-ROE framework. Recommended sectors include copper, liquor, and non-dairy beverages [43][44] - **Quality Dividend Strategy**: Utilizes a DP+ROE scoring system to identify industries. Current recommendations include forestry, lithium equipment, and fiberglass [46][47] - **Value Dividend Strategy**: Employs a DP+BP scoring system. Recommended sectors include security, daily chemicals, and buses [49][50] - **Bankruptcy Value Strategy**: Focuses on industries with the lowest PB+SIZE scores. Current recommendations include automotive sales, ceramics, and cotton textiles [53][54]

Group 1 - The company held a staff representative meeting on January 30, 2026, to elect a staff director, in compliance with relevant laws and regulations [1] - Zhang Qianting was elected as the staff representative director, with her term starting from the approval date of the meeting until the end of the 11th board term [1] - The number of directors who are also senior management and staff representatives does not exceed half of the total number of directors, meeting legal requirements [1] Group 2 - Zhang Qianting, born in 1984, holds a bachelor's degree and is currently the General Manager of the Human Resources Department at the company [3] - She has previous experience as the Manager of the Comprehensive Administration Department at Shanghai Xuhui Dazhong Microfinance Co., and has served as the Assistant General Manager and Deputy General Manager of the Human Resources Department [3] - Zhang Qianting possesses practical experience in human resources management within joint-stock enterprises [3]