证券代码：601799 证券简称：星宇股份 公告编号：2026-015 常州星宇车灯股份有限公司 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。 关于股份回购进展公告 重要内容提示： 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 常州星宇车灯股份有限公司董事会 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，每个月的前 3 个交易日内披露截至上月末的回购 进展情况。现将公司回购公司股份的情况公告如下： 截至 2026 年 3 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份 218.82 万股，已回购股份占公司总股本的比例为 0.7660%， 回购成交的最高价为 130.01 元/股、最低价为 118.00 元/股，已支付的资金总额 ...

Investment Rating - The report maintains a "Buy" rating for the recommended stocks in the consumer sector [6][11][12][13][16][20][21][26]. Core Insights - The report highlights nine advantageous sectors in the consumer industry, including agriculture, retail, social services, automotive, textiles, light industry, food, home appliances, and pharmaceuticals, with key stock recommendations for April 2026 [3][6]. - The report emphasizes the importance of companies with cost advantages and strong cash flow in the agriculture sector, particularly highlighting DeKang Agriculture as a leader in the pig farming industry [8][9]. - The retail sector is represented by Mao Ge Ping, which is expanding its product lines and maintaining strong brand growth through increased membership and repurchase rates [11]. - In the social services sector, Sanxia Tourism is positioned to benefit from the growing cruise industry, with a focus on domestic river cruises and a strong state-owned background [12]. - The automotive sector's Star Universe Co. is expected to benefit from the growth of high-end automotive lighting products and an expanding international market [13][15]. - The textile sector's Hai Lan Zhi Jia is focusing on direct sales and expanding its store presence, with a strong operational model [16]. - Pop Mart in the light industry is experiencing significant revenue growth driven by its diverse IP portfolio and global expansion [17]. - San Yuan Co. in the food sector is undergoing a brand revival and focusing on high-quality dairy products, with expected profit growth [18]. - TCL Electronics in the home appliance sector is positioned to capture market share through high-quality products and strategic partnerships, with a focus on profitability [20]. - Innovent Biologics in the pharmaceutical sector is entering a sustainable profit phase with a strong pipeline of innovative products and global partnerships [21]. Summary by Category Agriculture - Recommended stock: DeKang Agriculture, expected net profits for 2026-2028 are 1.12, 5.47, and 7.25 billion CNY, maintaining a "Buy" rating [8][26]. Retail - Recommended stock: Mao Ge Ping, projected adjusted net profits for 2026-2028 are 1.58, 1.98, and 2.45 billion CNY, with a "Buy" rating [11][26]. Social Services - Recommended stock: Sanxia Tourism, expected net profits for 2025-2027 are 0.072, 0.16, and 0.227 billion CNY, maintaining a "Buy" rating [12][26]. Automotive - Recommended stock: Star Universe Co., projected net profits for 2026-2028 are 2.09, 2.77, and 3.35 billion CNY, with a "Buy" rating [13][26]. Textiles - Recommended stock: Hai Lan Zhi Jia, expected net profits for 2026-2028 are 2.3, 2.46, and 2.64 billion CNY, maintaining a "Buy" rating [16][26]. Light Industry - Recommended stock: Pop Mart, projected net profits for 2026-2028 are 15.1, 18.0, and 21.0 billion CNY, with a "Buy" rating [17][26]. Food - Recommended stock: San Yuan Co., expected net profits for 2026-2027 are 0.31 and 0.41 billion CNY, maintaining a "Buy" rating [18][26]. Home Appliances - Recommended stock: TCL Electronics, projected net profits for 2026-2028 are 2.966, 3.362, and 3.941 billion HKD, with a "Buy" rating [20][26]. Pharmaceuticals - Recommended stock: Innovent Biologics, expected net profits for 2026-2028 are 0.48, 2.03, and 3.15 billion HKD, maintaining a "Buy" rating [21][26].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 15.257 billion yuan in 2025, representing a year-on-year growth of 15.12%. The net profit attributable to shareholders was 1.624 billion yuan, with a year-on-year increase of 15.32% [5][10] - The company is focusing on its core business of automotive lighting, which accounted for 98.5% of its main business revenue, with a total sales volume of 59.53 million units and an average price per unit of 241 yuan, up 19% from 2024 [7] - The company is expanding into the humanoid robot business, having established a subsidiary for intelligent robot development and signed a strategic cooperation agreement with a robotics company [8] Financial Performance Summary - In Q4 2025, the company reported a revenue of 4.547 billion yuan, a year-on-year increase of 12.89% and a quarter-on-quarter increase of 15.03%. The net profit for the same period was 483 million yuan, up 12.06% year-on-year and 11.15% quarter-on-quarter [5][10] - The gross margin for 2025 was 19.65%, an increase of 0.37 percentage points year-on-year, while the net margin was 10.65%, up 0.02 percentage points [7] - The company expects to achieve revenues of 18.422 billion yuan, 22.141 billion yuan, and 26.442 billion yuan for 2026, 2027, and 2028, respectively, with corresponding net profits of 1.912 billion yuan, 2.359 billion yuan, and 2.881 billion yuan [9][10]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [4][29]. Core Insights - The automotive industry experienced a slight decline of -0.2% during the week of March 23 to March 29, with various segments showing mixed performance. Notably, commercial and passenger vehicle segments saw slight increases of +0.6% and +0.1%, respectively [2][10]. - The report highlights significant developments in the industry, including the launch of multiple new models by Hongmeng Zhixing and the establishment of a Robotaxi division by Xiaopeng Motors, indicating a shift towards advanced mobility solutions [22][23]. - Analysts have adjusted Tesla's sales forecast for the year to 1.69 million units, reflecting a slight increase compared to the previous year's expectations [26]. Market Performance Overview - The overall automotive sector saw a decline of -0.2%, with most secondary segments experiencing downturns, while commercial and passenger vehicle segments showed slight gains [2][10]. - Individual stock performances varied, with notable gainers including Hunan Tianyan (+23.6%) and Jian She Industrial (+19.9%), while significant losers included Huada Technology (-32.3%) and Xuelong Group (-19.1%) [3][13]. Recent Industry Developments - Xiaopeng Motors has launched a three-year strategy for the Latin American market, aiming for comprehensive coverage by 2028, starting with Mexico [25]. - The report notes the expansion of Amazon's Zoox Robotaxi services and strategic partnerships formed by Xiaoma Zhixing with Uber and Verne to enhance commercial Robotaxi services [24][22]. - The introduction of new models, such as the AION UT by GAC Group, signifies ongoing innovation and competition in the electric vehicle market [25].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 147.18 CNY [6][3] Core Insights - The company is expected to see profit growth driven by the smart lighting transformation and expansion into overseas markets [2] - Earnings per share (EPS) forecasts for 2026-2028 are 6.69, 8.33, and 9.97 CNY respectively, with an average PE valuation of 22 times for comparable companies in 2026 [3] - The company is enhancing its collaboration with Huawei, becoming a supplier for several smart vehicle models, which is anticipated to increase the sales proportion of high-end smart lighting products [11] - The company is actively expanding its production capacity both domestically and internationally, including projects in Serbia and North America, which is expected to improve overseas revenue and profitability [11] Financial Summary - Projected revenue for 2024A to 2028E is as follows: 13,253 million CNY (2024A), 15,257 million CNY (2025A), 18,162 million CNY (2026E), 21,237 million CNY (2027E), and 24,523 million CNY (2028E), with year-on-year growth rates of 29.3%, 15.1%, 19.0%, 16.9%, and 15.5% respectively [5] - Projected net profit attributable to the parent company for the same period is: 1,408 million CNY (2024A), 1,624 million CNY (2025A), 1,911 million CNY (2026E), 2,379 million CNY (2027E), and 2,848 million CNY (2028E), with growth rates of 27.8%, 15.3%, 17.7%, 24.5%, and 19.8% respectively [5] - The company's gross margin is expected to improve from 19.3% in 2024A to 21.5% in 2028E [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 147.18 CNY [6][3] Core Insights - The company is expected to experience profit growth driven by the smart lighting transformation and expansion into overseas markets [2] - The earnings per share (EPS) forecasts for 2026-2028 are 6.69, 8.33, and 9.97 CNY respectively, with an average price-to-earnings (PE) ratio of 22 times for comparable companies in 2026 [3] Financial Performance Summary - Revenue projections for 2024A to 2028E are as follows: 13,253 million CNY (2024A), 15,257 million CNY (2025A), 18,162 million CNY (2026E), 21,237 million CNY (2027E), and 24,523 million CNY (2028E), with year-on-year growth rates of 29.3%, 15.1%, 19.0%, 16.9%, and 15.5% respectively [5] - Operating profit is forecasted to grow from 1,594 million CNY in 2024A to 3,354 million CNY in 2028E, with corresponding growth rates of 32.9%, 14.0%, 23.9%, 24.4%, and 19.7% [5] - The net profit attributable to the parent company is expected to increase from 1,408 million CNY in 2024A to 2,848 million CNY in 2028E, with growth rates of 27.8%, 15.3%, 17.7%, 24.5%, and 19.8% [5] - The gross margin is projected to improve from 19.3% in 2024A to 21.5% in 2028E [5] Market Position and Strategic Initiatives - The company is enhancing its collaboration with Huawei, becoming a supplier for several smart vehicle models, which is expected to increase the sales proportion of high-end smart lighting products [11] - The company is expanding its production capacity both domestically and internationally, including projects in Serbia and North America, which will likely enhance its competitiveness in the overseas automotive lighting market [11] - The establishment of a subsidiary focused on intelligent robotics and strategic partnerships in this area are expected to create new growth drivers for the company in the medium to long term [11]

证券简称：星宇股份 证券代码：601799 编号：2026-014 常州星宇车灯股份有限公司 关于召开 2025 年年度业绩说明会的预告公告 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： 投资者可以在2026年4月1日上午8:00至下午16:00通过公告后附的电话、邮件 等联系公司，提出所关注的问题，公司将在说明会上选择投资者普遍关注的问题 进行回答。 公司已于2026年3月20日披露了《星宇股份2025年年度报告》，为便于广大 投资者更全面深入地了解公司2025年年度的经营成果及财务状况，公司决定于 2026年4月2日通过网络文字互动方式召开"星宇股份关于2025年年度业绩说明 会"。 一、说明会类型 本次业绩说明会以网络方式召开，公司将针对2025年年度的经营成果及财务 指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资 者普遍关注的问题进行回答。 第 1 页 共 2 页 会议召开时间：2026年4月2日（星期四）上午10:00-11:00 会议召开地点：上海证券报·中国证券网（htt ...

常州星宇车灯股份有限公司 2025 年年度股东会会议材料 常州星宇车灯股份有限公司 2025 年年度股东会 会议材料 会议召开日期：2026 年 4 月 10 日 | | . | | | --- | --- | --- | | | | | | > | 15 | | | | | + | | 公司 2025 年年度股东会议程 | 2 | | --- | --- | | 公司 2025 年年度股东会须知 | 3 | | 公司 年年度股东会议案审议及表决方法 4 2025 | | | 议案一、关于《公司董事会 年度工作报告》的议案 5 2025 | | | 议案二、关于《公司 2025 年度财务决算报告》的议案 6 | | | 议案三、关于《常州星宇车灯股份有限公司 2025 年年度报告》全文和摘要的议案 | 9 | | 的议案 10 | | | 议案五、关于《未来三年（2026-2028 年）股东分红回报规划》的议案 | 11 | | 议案六、关于续聘会计师事务所的议案 12 | | | 议案七、关于制定《董事、高级管理人员薪酬管理制度》的议案 13 | | | 议案八、关于公司董事和高级管理人员 2025 年度实 ...

Group 1: NIO Inc. (蔚来汽车) - The company reported a significant increase in Q4 gross margin, driven by product structure optimization and scale effects, with expected revenues of 128.4 billion, 157.1 billion, and 180.8 billion CNY for 2026-2028, and net profits of 4.0 billion, 35.9 billion, and 73.2 billion CNY respectively, maintaining a "Buy" rating [1][8] - In 2025, NIO achieved total revenue of 87.49 billion CNY, a year-on-year increase of 33.1%, with a gross margin of 13.6%, and a narrowed net loss of 12.43 billion CNY [6][7] - The company delivered 124,800 vehicles in Q4 2025, with a significant increase in average selling price (ASP) to 252,000 CNY, primarily due to the high delivery volume of the ES8 model [6][7] Group 2: Minth Group (敏实集团) - The company reported a total revenue of 25.74 billion CNY in 2025, a year-on-year increase of 11.2%, with a net profit of 2.69 billion CNY, up 16.1% [11] - The battery box business contributed significantly to revenue growth, achieving 7.53 billion CNY, a 41.1% increase year-on-year, while overseas revenue accounted for 63% of total revenue [11][12] - The company is expected to achieve revenues of 30.3 billion, 35.1 billion, and 40.1 billion CNY for 2026-2028, with net profits of 3.15 billion, 3.74 billion, and 4.34 billion CNY respectively, maintaining a "Buy" rating [12] Group 3: Leap Motor (零跑汽车) - The company achieved a total revenue of 64.73 billion CNY in 2025, doubling year-on-year, with a net profit of 1.08 billion CNY [14][16] - Leap Motor is in a strong new product cycle, with plans to cover the 100,000 to 300,000 CNY price range, and aims to achieve a sales target of 1 million vehicles in 2026 [15][16] - Expected revenues for 2026-2028 are 105.6 billion, 130.9 billion, and 154.3 billion CNY, with net profits of 4.6 billion, 7.5 billion, and 10.3 billion CNY respectively, maintaining a "Buy" rating [16] Group 4: Top Group (拓普集团) - The company reported a total revenue of 29.6 billion CNY in 2025, a year-on-year increase of 11%, with a net profit of 2.78 billion CNY, down 7.4% [19] - The company expects revenues of 35 billion, 40.2 billion, and 45.3 billion CNY for 2026-2028, with net profits of 3.7 billion, 4.4 billion, and 5.2 billion CNY respectively, maintaining a "Buy" rating [21] - The company is focusing on breakthroughs in vehicle technology and expanding its robot and liquid cooling business, which are expected to drive new growth [20][21] Group 5: China Ping An (中国平安) - The company is positioned as a leader in the insurance sector, leveraging its unique financial synergy to enhance its market position in the insurance and banking collaboration [23][25] - The insurance channel is entering a new growth phase, with policies supporting the promotion of dividend insurance products, which are expected to meet the stable savings demand of residents [24] - Ping An's dual synergy system with banks is expected to enhance its competitive advantage, with a focus on expanding its customer base and improving conversion efficiency [25][26] Group 6: China Resources Cement (华润建材科技) - The company reported a total revenue of 21.055 billion CNY in 2025, a year-on-year decrease of 8.61%, but a net profit increase of 127.33% to 479 million CNY [28] - The cement business faced revenue and margin pressures, with a total cement product sales volume of 55.421 million tons, down 10.2% year-on-year [28][29] - The company expects to achieve net profits of 734 million, 890 million, and 981 million CNY for 2026-2028, maintaining a "Buy" rating [30] Group 7: Xingyu Co., Ltd. (星宇股份) - The company achieved a total revenue of 15.257 billion CNY in 2025, a year-on-year increase of 15.12%, with a net profit of 1.624 billion CNY, also up 15.32% [32] - The company is expanding its global presence and has initiated the application for H-share listing to enhance its international strategy [33] - The company is actively exploring the field of embodied intelligence, with the first batch of interactive modules expected to be delivered in 2026 [34]

Core Viewpoint - The evolution of automotive lighting is transitioning from a passive illumination tool to an active, entertainment-oriented device, with significant market growth expected in the smart lighting sector from $853 million in 2025 to $8.3 billion by 2030 [4]. Group 1: Evolution of Automotive Lighting - The automotive lighting system has undergone a fundamental transformation, moving from basic physical lighting to advanced, interactive systems that serve multiple functions [4][6]. - Traditional automotive lighting focused solely on improving luminous efficiency, with historical advancements including the introduction of halogen and xenon lights [6][11]. - The introduction of adaptive lighting technologies, such as matrix LED systems, has been limited by existing electronic architectures, which restrict data bandwidth and communication capabilities [11][36]. Group 2: Market Dynamics and Supply Chain - The automotive lighting market is characterized by a supply chain dominated by Tier 1 suppliers like Hella and Valeo, which have historically controlled optical design and packaging technologies [8][9]. - The shift towards electric and intelligent vehicles is prompting a re-evaluation of supply chain dynamics, with new entrants like Huawei and local manufacturers challenging the traditional dominance of foreign suppliers [23][24]. Group 3: Technological Innovations - Tesla's approach to lighting has redefined the supply chain by integrating lighting control into its central computing platform, allowing for advanced features like light shows and adaptive high beams through over-the-air updates [14][15]. - Chinese automakers are leveraging excess computing power to redefine lighting applications, such as programmable headlights that can project images and interact with other road users [16][17]. Group 4: Challenges and Limitations - The integration of high-pixel lighting systems faces challenges related to physical bandwidth limitations of existing communication protocols, which can lead to data congestion and safety issues [36]. - The economic implications of advanced lighting systems are significant, with replacement costs for smart headlights often exceeding $10,000, raising concerns about repairability and consumer acceptance [39]. Group 5: Future Directions - The future of automotive lighting is expected to include integration with L3 autonomous driving systems and V2X communication, enhancing vehicle safety and interaction with the environment [41][43]. - The business model for automotive lighting is evolving towards a software-driven approach, where users can unlock features and applications through payments, moving away from traditional hardware sales [44][45].