Core Points - The legal opinion letter was issued by Beijing Tongshang Law Firm regarding the second extraordinary general meeting of shareholders of Yutong Heavy Industries Co., Ltd. scheduled for August 8, 2025 [1][2] - The meeting was convened by the company's board of directors and followed the necessary legal procedures as per relevant laws and regulations [2][3] - The voting process combined on-site and online voting, with a total of 12 shareholders present at the meeting, representing 17,413,903 shares, which is 3.2653% of the total shares [3][4] Meeting Procedures - The meeting was held on August 8, 2025, at 14:30 in Zhengzhou, Henan Province, and was presided over by the chairwoman [3][4] - The voting took place during the trading hours of the Shanghai Stock Exchange on the same day, from 9:15 to 15:00 [3] - The legal firm confirmed that the meeting's convening and procedures complied with the Company Law, Shareholder Meeting Rules, and other relevant regulations [4][6] Voting Results - All resolutions presented at the meeting were approved, with specific voting results indicating a significant majority in favor [4][5] - For instance, one resolution received 391,952,717 votes in favor, representing a substantial majority of the votes cast [5] - The voting results also showed that minority investors had a high approval rate of 86.8214% for one of the resolutions [5]

Meeting Details - The shareholders' meeting of Yutong Heavy Industry Co., Ltd. was held on August 8, 2025, at the administrative building meeting room located at 88 Yugong Road, Zhengzhou Economic and Technological Development Zone [1] - The meeting was presided over by Chairwoman Zhao Lihong, and the voting method complied with the Company Law and the Articles of Association [1] Attendance and Voting Results - The total number of shares held by attending ordinary shareholders and preferred shareholders with restored voting rights was reported, with significant participation [1] - The voting results for various resolutions showed a high level of agreement, with the majority of A-share votes in favor, such as: - 391,952,717 votes (99.4379%) in favor of the first resolution [1] - 391,400,415 votes (99.2978%) in favor of the second resolution [1] - 391,400,815 votes (99.2979%) in favor of the third resolution [1] - The resolutions were passed without any dissenting votes that exceeded 0.5% [2] Legal Compliance - The meeting was conducted in accordance with the Company Law, the Rules of Shareholders' Meetings of Listed Companies, and relevant regulations, ensuring the legality and validity of the meeting and voting procedures [2]

Group 1 - The company, Yutong Heavy Industry, announced the convening of its second extraordinary general meeting of shareholders for 2025 on August 8, 2025 [2] - The meeting approved multiple resolutions, including the proposal to cancel the supervisory board and amend related documents [2]

Core Viewpoint - Yutong Heavy Industry (stock code: 600817) announced the election of Mr. Chu Yixuan as the employee director of the company's 12th board of directors during the employee representative meeting scheduled for August 8, 2025 [1] Company Summary - Yutong Heavy Industry will hold an employee representative meeting on August 8, 2025 [1] - Mr. Chu Yixuan has been elected as the employee director of the 12th board of directors [1]

致：宇通重工股份有限公司 根据《中华人民共和国律师法》《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》《上市公司股东会规则》（以下简称"《股 东会规则》"）《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 （以下简称"《监管指引第 1 号》"）等法律、法规和规范性文件以及《宇通重 工股份有限公司章程》（以下简称"《公司章程》"）的规定，北京市通商律师 事务所（以下简称"本所"）接受宇通重工股份有限公司（以下简称"公司"） 的委托，指派律师出席公司 2025 年第二次临时股东大会（以下简称"本次股东 大会"），并就本次股东大会的有关事宜出具法律意见书。 为出具本法律意见书，本所律师审查了公司提供的与本次股东大会相关的文 件和资料，同时听取了公司人员就有关事实的陈述和说明。本所已得到公司的如 下保证，保证其所提供的文件和资料是真实、准确、完整的，并无隐瞒、虚假和 重大遗漏之处；文件上所有签名和所记载的内容都是真实有效的；文件的复印件 都与其原件一致。 中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China Wo ...

证券代码:600817 证券简称：宇通重工 编号：临 2025-055 宇通重工股份有限公司 关于选举职工董事的公告 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。 根据宇通重工股份有限公司（以下简称"公司"）2025 年第二 次临时股东大会修订的《公司章程》规定，公司董事会由九名董 事组成，其中由职工代表出任的董事一人。 公司于 2025 年 8 月 8 日召开职工代表大会，选举楚义轩先生 为公司第十二届董事会职工董事，与股东大会选举出的董事组成 公司第十二届董事会，任期与第十二届董事会一致。楚义轩先生 简历详见附件。 楚义轩先生原为公司第十二届董事会非职工董事，变更为第 十二届董事会职工董事后，公司第十二届董事会构成人员不变。 楚义轩先生符合《中华人民共和国公司法》等相关法律法规及《公 司章程》中关于职工董事任职的资格和条件。 简历： 楚义轩 男，1990 年出生，本科学历。曾任宇通客车股份有 限公司企业管理处运营支持专员、企业管理处专业管理经理、组 织管理科科长，公司综合管理室副主任；现任公司综合管理室主 任。 截至本公 ...

证券代码：600817 证券简称：宇通重工 公告编号：临 2025-054 (一)股东大会召开的时间：2025 年 8 月 8 日 (二)股东大会召开的地点：郑州市经济技术开发区宇工路 88 号行政楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其 持有股份情况： | 1、出席会议的股东和代理人人数 | 186 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 394,168,217 | | 3、出席会议的股东所持有表决权股份数占公司有表决 | 73.9106 | | 权股份总数的比例（%） | | 宇通重工股份有限公司 2025年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (四)表决方式是否符合《公司法》及《公司章程》的规定，大 会主持情况等。 会议由董事长晁莉红女士主持，表决方式符合《公司法》及 《公司章程》的规定。 (五)公司董事、监事和高级管理人员的出席情况 1、公司在 ...

Core Viewpoint - The report highlights the accelerating growth of orders for automated sanitation equipment, indicating a trend of scattered volume increase in the market for unmanned sanitation solutions [1][4]. Investment Highlights - The automation and intelligence of urban sanitation operations are achieved through unmanned equipment, categorized into small-tonnage and large-tonnage devices, as well as humanoid robots for closed-loop scenarios [2]. - Small-tonnage unmanned devices are expected to be more economical, with one unit plus one operator potentially replacing 3-4 workers, leading to significant cost savings [2]. - The market for unmanned sanitation equipment is projected to reach a scale of hundreds of billions, with varying estimates based on the adoption rate of unmanned operations [3]. Market Space Estimation - The market space for small and large-tonnage unmanned devices is estimated at 575 billion to 1,522 billion yuan, depending on the adoption rate of 20%, 30%, or 40% [3]. - The report emphasizes the need for active participation and strategic positioning by various stakeholders in the unmanned sanitation sector to address labor shortages and enhance mechanization rates [4]. Order Growth and Trends - The number of awarded projects for automated sanitation is expected to increase significantly, with 82 projects worth 4.87 billion yuan in 2024 and over 90 projects worth 5.58 billion yuan in the first half of 2025 [1][4]. - The estimated total for awarded projects in 2025 is projected to exceed 180, with a total value of approximately 11.16 billion yuan, reflecting a year-on-year growth of about 129% [1][4]. Economic Analysis - The economic viability of small-tonnage unmanned devices is highlighted, with a price point of 300,000 yuan per unit, which could become economically advantageous as prices decrease to 200,000 yuan [2]. - Large-tonnage unmanned vehicles currently lack economic feasibility but could become viable if prices drop to 600,000 yuan [2]. Company Participation - Various companies are actively developing and deploying unmanned sanitation solutions, including 盈峰环境, 宇通重工, 福龙马, and others, indicating a robust competitive landscape [4]. - The report suggests that the transition to unmanned sanitation will help companies reduce costs and increase profitability, with projected performance elasticity for several companies ranging from 76% to 296% [5].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Viewpoints - The automation and intelligence of urban sanitation operations are being achieved through unmanned sanitation equipment, which can be categorized into small-tonnage, large-tonnage, and humanoid robots [4][10] - Small-tonnage unmanned equipment is expected to be more economical and will likely see earlier market adoption [4][13] - The market potential for unmanned sanitation and driving equipment is estimated to reach a trillion yuan level, with various scenarios predicting market sizes ranging from 575 billion to 1,522 billion yuan depending on the adoption rates [4][15] - The industry is actively engaging in the layout of intelligent and unmanned solutions, addressing labor shortages and aging workforce issues in the sanitation sector [4][18] - Orders for unmanned sanitation equipment are accelerating, showing a trend of scattered volume growth, with significant government contracts [4][40] Summary by Sections 1. Automation and Intelligence in Sanitation - Unmanned sanitation equipment utilizes advanced technologies for automation and intelligence, categorized into small-tonnage, large-tonnage, and humanoid robots [10] - Small-tonnage equipment serves semi-enclosed areas, while large-tonnage equipment is designed for open environments [12] 1.2 Economic Analysis - Small-tonnage unmanned equipment can replace 3-4 workers, with a current price of around 300,000 yuan, becoming economically viable as prices drop to 200,000 yuan [13] - Large-tonnage unmanned vehicles currently lack economic viability but could become competitive if prices decrease to 600,000 yuan [13] 1.3 Market Potential - The market for unmanned sanitation equipment is projected to be substantial, with estimates of 575 billion yuan under conservative assumptions and up to 1,522 billion yuan under optimistic scenarios [15] 2. Active Participation in Unmanned Solutions - Various companies are actively developing and deploying unmanned sanitation solutions, addressing labor challenges and enhancing mechanization rates [18][19] 3. Order Growth Trends - The number of contracts for unmanned sanitation projects is increasing, with projections indicating a 129% year-on-year growth in total contract value for 2025 [40][41]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]