Core Viewpoint - The commercial vehicle industry in 2025 has undergone significant leadership changes across major companies, indicating a strategic shift in management amidst intense market competition [1][46]. Group 1: Major Company Leadership Changes - FAW Jiefang appointed Li Sheng as the new chairman, replacing Wu Bilei, and also saw a significant marketing leadership change with Yu Guangjiang taking over as the head of the marketing headquarters [1][9]. - China National Heavy Duty Truck Group (CNHTC) saw multiple leadership adjustments, with Liu Hongyong becoming chairman and Liu Zhengtai appointed as president [9][10]. - Dongfeng Motor Corporation experienced a series of leadership changes, including Zhang Xiaofan becoming chairman and Liu Liceng taking over as general manager [15][16]. - Weichai Power's president, Li Pengcheng, resigned due to work changes [17]. - Anhui Jianghuai Automobile Group announced a new leadership team with Xiang Xingchu as chairman and Li Ming as general manager [18]. Group 2: Other Notable Changes - The China Ordnance Industry Group appointed Zhou Zhiping as chairman [20]. - Beiben Heavy Truck Group appointed Liu Xiaodong as general manager [23]. - Foton Motor renewed the contract of its general manager, Wu Xibin [23]. - Guangzhou Automobile Group saw Feng Xingya take over as chairman, succeeding Zeng Qinghong [25]. - Changan Automobile Group was established as a new central enterprise, with Zhu Huarong as chairman and Zhao Fei as vice chairman [28]. Group 3: International and Joint Ventures - Cummins China announced several managerial changes across its joint ventures, including new appointments for general managers in various subsidiaries [40]. - Volvo Group China appointed Francis Sum as president, overseeing strategic planning and operations [41]. - ZF Group announced a leadership change with Matthias Miedreich becoming the new chairman [42]. - MAN Truck & Bus appointed Andrew O'Brooks as the new president for Greater China [43].

证券代码：600841 900920 证券简称：动力新科 动力B股 公告编号：临2025-080 上海新动力汽车科技股份有限公司2025年第二次临时股东会决议公告 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，会议主持情况等。 本次股东会所采用的表决方式是现场投票和网络投票相结合的方式。 （1）现场会议召开的日期时间：2025年12月19日下午3：00。召开地点：上海新动力汽车科技股份有限 公司（上海市杨浦区军工路2636 号）办公大楼会议室。 （2）网络投票系统：上海证券交易所股东会网络投票系统。 网络投票起止时间：自2025年12月19日至2025年12月19日。采用上海证券交易所网络投票系统，通过交 易系统投票平台的投票时间为股东会召开当日的交易时间段，即9:15-9:25,9:30-11:30，13:00-15:00；通 过互联网投票平台的投票时间为股东会召开当日的9:15-15:00。 本次 ...

证券日报网讯 12月19日晚间，动力新科发布公告称，公司2025年第二次临时股东会审议通过《关于补 选公司董事的议案》等多项议案。 （文章来源：证券日报） ...

Core Viewpoint - The company, Dongli New Science (动力新科), held its second extraordinary general meeting of shareholders for 2025 on December 19, where several key resolutions were passed, including the re-election of directors and adjustments to fundraising project allocations [1] Group 1: Corporate Developments - The company announced that it will no longer consolidate the financial statements of SAIC Hongyan starting from December 2025, following the court's approval of SAIC Hongyan's restructuring [1] - The management emphasized a new beginning for both Dongli New Science and SAIC Hongyan as they embark on separate paths [1] Group 2: Future Strategy - The General Manager, Liu Jianchao, stated that the company will continue to focus on its engine business while actively expanding its product range and optimizing its product structure [1] - The company plans to advance the research and development of engines using various fuels such as natural gas, methanol, and ammonia, while also accelerating sales in new energy businesses like power batteries and electric drive bridges [1] - Looking ahead to the 14th Five-Year Plan, the company aims to adhere to its development strategy of platformization, intelligent networking, new energy, and internationalization, with a focus on market orientation and user-centered approaches [1] - The company targets to double both sales and revenue by the end of the 14th Five-Year Plan [1]

Core Viewpoint - The company aims to achieve a doubling of both sales and revenue by the end of the 14th Five-Year Plan period, focusing on expanding its product range and optimizing its product structure while advancing its new energy business [1] Group 1: Company Strategy - The company plans to continue leveraging its engine business as a foundation while actively exploring new fuel engine developments, including natural gas, methanol, and ammonia [1] - The company will accelerate the sales of its new energy products, such as power batteries and electric drive bridges, and seek new growth opportunities [1] - The company is committed to a development strategy centered on platformization, intelligent networking, new energy, and internationalization, with a focus on market orientation and user-centered approaches [1] Group 2: Performance Metrics - In the first 11 months of 2025, the company sold 158,000 engines, representing a year-on-year growth rate of 22.39%, ranking second in the industry [2] - The market anticipates that the company's total sales for 2025 will be at a historically high level [2]

重要内容提示： 证券代码：600841 900920 证券简称：动力新科 动力 B 股 公告编号：临 2025-080 上海新动力汽车科技股份有限公司 2025年第二次临时股东会决议公告 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。 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 12 月 19 日 (二) 股东会召开的地点：上海新动力汽车科技股份有限公司办公大楼会议室 (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 | 357 | | --- | --- | | 其中：A 股股东人数 | 343 | | 境内上市外资股股东人数（B 股） | 14 | | 2、出席会议的股东所持有表决权的股份总数（股） | 722,346,204 | | 其中：A 股股东持有股份总数 | 721,784,010 | | 境内上市外资股股东持有股份总数(B 股) | 562,194 | | 3、出席会议的股东所持有表决权股份数占公司有表决 ...

上海市金茂律师事务所 致:上海新动力汽车科技股份有限公司 (引言) 上海新动力汽车科技股份有限公司(以下简称"公司")2025年第二次临 时股东会（以下简称"本次股东会"）现场会议于 2025 年 12 月 19 日在上海新 动力汽车科技股份有限公司(上海市杨浦区军工路 2636 号) 办公大楼会议室召 开。上海市金茂律师事务所经公司聘请委派沈粤律师、路遥律师(以下简称"本 所律师")出席会议,就本次股东会的召集、召开程序,出席会议人员资格,会 议议案,以及会议的表决程序、表决结果等发表法律意见。 本法律意见书根据《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》（以下简称"《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（2025 年 5 月修订）》（以下简称"《自律监管指引 1 号》")等有关法律、法规和规范性文件以及《上海新动力汽车科技股份有限公 司章程》（以下简称"《公司章程》"）而出具。 为出具本法律意见书,本所审查了公司本次股东会的有关文件和材料。本所 得到公司如下保证,即其已提供了 ...

Core Viewpoint - SAIC Hongyan's restructuring plan has been approved by the Chongqing Fifth Intermediate People's Court, marking a significant step towards its operational recovery and debt resolution [1][3]. Group 1: Restructuring Process - On July 1, 2025, Chongqing Anji Hongyan Logistics filed for bankruptcy restructuring for SAIC Hongyan due to its inability to repay debts and severe insolvency, despite having restructuring value [1]. - The court appointed Taihe Tai (Chongqing) Law Firm and Xinyong Zhonghe Accounting Firm as the managers for the restructuring process [1]. - A public recruitment for restructuring investors was initiated to facilitate the restructuring efforts [1]. Group 2: Investment and Financial Implications - On September 29, 2025, the board of Dongli Xinke approved a joint investment of 6.66 billion yuan to participate in SAIC Hongyan's restructuring, aiming for a 14.66% stake post-restructuring [2]. - The total investment from the consortium is expected to reach 30 billion yuan, targeting a 66% stake in SAIC Hongyan after restructuring [2]. - The restructuring plan was approved by creditors on December 10, 2025, indicating a consensus on the proposed recovery strategy [2]. Group 3: Operational Strategy and Market Position - The court found that the restructuring plan aligns with the principles of fair repayment and maximization of creditor interests, with a higher debt repayment rate compared to liquidation [3]. - The operational strategy includes leveraging SAIC Hongyan's complete heavy truck production line and advanced technology, focusing on both domestic and international markets while enhancing the "Hongyan" brand [3]. - SAIC Hongyan's strong market presence in the dump truck sector and opportunities in the export and new energy markets are highlighted as key advantages for future growth [4]. Group 4: Impact on Dongli Xinke - Following the restructuring approval, Dongli Xinke will adjust its financial statements to exclude SAIC Hongyan, which is expected to positively impact its financial metrics for 2025 [4]. - The one-time gain from this adjustment is projected to represent approximately 150% to 180% of Dongli Xinke's net profit attributable to the parent company for 2024 [4].

Group 1 - The core announcement is that Shanghai New Power Automotive Technology Co., Ltd. (referred to as "New Power") has received a court ruling approving the restructuring plan of its wholly-owned subsidiary, SAIC Hongyan Automobile Co., Ltd. (referred to as "SAIC Hongyan"), which will terminate the company's restructuring process [1] - The restructuring plan was previously approved by the creditors in a second meeting, indicating broad recognition of the plan's rationality and feasibility, showcasing confidence in SAIC Hongyan's future development [1] - The approval of the restructuring plan allows SAIC Hongyan to enter the implementation phase, which is expected to systematically resolve historical debt issues and optimize the company's equity structure [1] Group 2 - Following the restructuring, New Power's equity interest in SAIC Hongyan will be adjusted to zero, and starting from December 2025, SAIC Hongyan's financial statements will no longer be included in New Power's consolidated financial statements [2] - The one-time equity disposal gain from this adjustment is estimated to account for approximately 150%-180% of New Power's audited net profit attributable to shareholders for the fiscal year 2024, with specific figures to be confirmed by the audited financial statements [2] - Analysts suggest that the exclusion of SAIC Hongyan from the consolidated scope will have a positive impact, allowing New Power to operate with a lighter burden moving forward [2]

Group 1 - Shouyao Holdings is planning to issue H-shares and list on the Hong Kong Stock Exchange, with discussions ongoing with intermediaries regarding the specifics of the listing [1] - Jiangsu Guoxin's subsidiary, Guoxin Mazhou, has completed the trial operation of a 1000MW coal-fired power unit, which is set to officially commence operations on December 12, 2025 [2] - Yuekang Pharmaceutical's mRNA tumor vaccine has received clinical trial approval from the National Medical Products Administration for treating advanced solid tumors [3] Group 2 - Dongli New Science plans to invest 666 million yuan in the restructuring of SAIC Hongyan, acquiring approximately 14.66% equity post-restructuring [4] - Longsheng Technology is set to invest approximately 350 million yuan in the establishment of an intelligent robot innovation center in Wuxi [5] - Shangwei Co. has received a government subsidy of 2.212 million yuan, which accounts for 13.53% of its audited net profit for 2024 [6] Group 3 - Anglikang has received drug registration certificates for Diclofenac Sodium Enteric-Coated Tablets and approval for a supplemental application for Sacubitril/Valsartan Sodium Tablets [7] - Guangzhou Development has received acceptance notices for the registration of 8 billion yuan in medium-term notes and 6 billion yuan in short-term financing bonds [8] - Kebo Da plans to increase capital by 21.2 million euros (approximately 174 million yuan) in its wholly-owned subsidiary in Germany [9][10] Group 4 - Changguang Huaxin has received a total of 11.6672 million yuan in government subsidies, including 8.0552 million yuan related to income [11] - Haizheng Pharmaceutical's subsidiary has received a European Pharmacopoeia suitability certificate for its raw material [12] - Qianjin Pharmaceutical's subsidiary has received a drug registration certificate for Lurasidone Hydrochloride Tablets, used for treating schizophrenia [13] Group 5 - Daimai Co. has received a warning letter from the Shanghai Securities Regulatory Bureau due to failure to timely disclose a significant event related to a fire incident [14] - ST Changyao's subsidiary has recently ceased production due to financial difficulties and competitive pressures in the photovoltaic industry [15] - Guodian Power is investing in the construction of a 2×1000MW expansion project at the Ganbi Power Plant, with a total dynamic investment of 7.218 billion yuan [16] Group 6 - Kaichuang International's subsidiary has completed the handover of a tuna purse seine vessel, expected to be operational by 2026 [16] - Tieke Rail plans to sign an energy management agreement for a distributed photovoltaic project, which is expected to save approximately 1.441 million yuan in electricity costs over 25 years [18] - Bailian Co. plans to sign a land compensation agreement with Friendship Logistics, with a total compensation of 103 million yuan [19] Group 7 - Dayu Water-saving's subsidiary has been pre-awarded two high-standard farmland construction projects, with total expected amounts of 137 million yuan and 135 million yuan respectively [20] - Tianma Technology reported a total eel output of approximately 1197.15 tons in November, with sales prices ranging from 53,000 yuan/ton to 89,000 yuan/ton [21] - Guorui Technology's subsidiary has been shortlisted for the GXLF project with a bid of 76 million yuan [22] Group 8 - Qingdao Food's deputy general manager has resigned for personal reasons [23] - Guosheng Zhike plans to use up to 900 million yuan of idle funds for cash management [24] - Guodian Nanrui plans to use up to 23 billion yuan of idle funds for entrusted wealth management [25] Group 9 - Jiahuan Energy plans to merge its wholly-owned subsidiary, Zhejiang Jiahuan Hydrogen Peroxide Co., Ltd., through an overall absorption merger [26] - Ganyue Expressway reported vehicle toll service revenue of 309 million yuan for November [27] - Jinling Hotel's chairman has resigned due to work changes [28] Group 10 - Lisheng Pharmaceutical's subsidiary has received drug registration certificates for Apremilast Tablets [29] - Baotai has received a positive opinion from the European Medicines Agency for Gotenfia® for various inflammatory conditions [30] - ST Zhisheng has been awarded a smart city governance project with a bid amount of 104 million yuan [31] Group 11 - Chenxi Aviation and its related personnel have received administrative regulatory measures from the Shaanxi Securities Regulatory Bureau due to financial reporting issues [32] - Portong Medical has appointed Xia Canglan as the new deputy general manager [33] - Maide Medical plans to repurchase shares with a total amount between 20 million and 40 million yuan [34] Group 12 - Jimin Health plans to establish a joint venture with a total investment of 600 million yuan, focusing on AI and software development [35] - Beilu Pharmaceutical has received a drug registration certificate for Pioglitazone Metformin Tablets [36] - Hainan Mining plans to entrust the overall management of the Shiluo Iron Mine to a construction company for three years, with a total contract amount of approximately 818 million yuan [38] Group 13 - Huiyu Pharmaceutical has received a drug registration certificate for Nicardipine Hydrochloride Injection [39] - Baoland has received a government subsidy of 10 million yuan related to income [40] - Qingdao Port has terminated the acquisition of 100% equity in an oil company and 50% equity in Rizhao Shihua due to regulatory concerns [41]