北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 北京市君合律师事务所 关于常州星宇车灯股份有限公司 差异化分红的专项法律意见书 致：常州星宇车灯股份有限公司 北京市君合律师事务所（以下简称"本所"或"君合"）接受常州星宇车灯股 份有限公司（以下简称"公司"）的委托，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》）、《上海证券 交易所上市公司自律监管指引第 7 号——回购股份》（以下简称《回购股份监管 指引》）等中国（包括香港特别行政区、澳门特别行政区和台湾省，仅为本法律 意见书之目的，"中国"特指中国大陆地区）现行法律、行政法规、部门规章及 规范性文件和《常州星宇车灯股份有限公司章程》（以下简称《公司章程》）的有 关规定，就公司 2025 年半年度利润分配所涉及的差异化权益分派特殊除权除息 （以下简称"本次差异化分红"）相关事宜，出具《北京市君合律师事务所关于 常州星宇车灯股份有限公司差异化分红的专项法律意见书》（以下简称"本法律 意见书"）。 为出具本法律意见书，本所律师依据《律师事务所从事证券法 ...

证券代码：601799 证券简称：星宇股份 公告编号：2025-033 常州星宇车灯股份有限公司 2025年半年度权益分派实施公告 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： 经公司2025年第一次临时股东会审议通过的利润分配方案为：公司以总股本 285,679,419 股，扣除已回购股份 1,371,175 股，即以 284,308,244 股为基数，向全体股东每 10 股派发现 金红利 2.00 元（含税），共计派发现金红利 56,861,648.80 元。在实施权益分派的股权登记 日前公司总股本发生变动的，维持每股派发现金红利不变，相应调整分配总额。 A 股每股现金红利0.2000元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/11/13 | － | 2025/11/14 | 2025/11/14 | 差异化分红送转： 是 一、 通过分配方案的股东会届次和日期 ...

本次权益分派股权登记日为：2025年11月13日，除权除息日为：2025年11月14日。 格隆汇11月6日丨星宇股份(601799.SH)发布2025年半年度权益分派实施公告，经公司2025年第一次临时 股东会审议通过的利润分配方案为：公司以总股本2.86亿股，扣除已回购股份137.12万股，即以2.84亿 股为基数，向全体股东每股派发现金红利0.2元（含税），共计派发现金红利5686.16万元。在实施权益 分派的股权登记日前公司总股本发生变动的，维持每股派发现金红利不变，相应调整分配总额。 ...

2025 年 11 月 06 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 189 期 观点精粹: 最新报告摘要 Q3 收入同比显著增长，受益半导体等领域成长--茂莱光学/光学光电子(688502/212703) 科创板公司动态研究 2025Q3 毛利率环比提升，机器人业务进展加速--均胜电子/汽车零部件(600699/212802) 公司点评 前三季度归母净利润同比+173.46%，拟收购锐成芯微及纳能微--概伦电子/软件开发(688206/217104) 科创板 公司普通报告 二级市场整体承压，新基建板块迎结构性行情--资产配置报告 电商增长有韧性，AWS 收入提速--亚马逊/海外(AMZN/2180) 点评报告（港股美股） Q3 营收同比+84.04%，坚持领先技术创新--曙光数创/计算机(872808/2171) 北交所公司普通报告 利润短期承压，终止收购不改产业链整合潜质--华大九天/软件开发(301269/217104) 公司点评 利息净收入带动业绩修复，社保进入前十大股东-- ...

证券研究报告 | 2025年11月05日 金融工程专题研究 2025 年 12 月沪深核心指数成分股调整预测 指数化投资正当时 近几年，随着投资者对指数化投资接受程度的不断提高，指数基金规模 不断提升。股票型被动指数基金共计 1521 只，合计规模高达 4.44 万亿 元。跟踪沪深 300、中证 A500、上证 50 的指数基金的规模合计分别为 1.21 万亿元、2174 亿元、1886 亿元。 中证指数公司和深圳证券信息有限公司在每年的 6 月和 12 月会对指数 成分股进行定期调整，由于指数成分股调整是根据编制规则进行的被动 操作，因此若成分股的调整规模较大，则可能带来交易性的投资机会。 本文选择了沪深 300、上证 180、上证 50、科创 50、创业板指和中证 500 这 6 只跟踪规模较大的指数进行成分股调整预测，为投资者提供投 资参考。 沪深 300 指数 根据指数编制方案，我们预测华电新能、胜宏科技、瑞芯微等 11 只股 票将会被调入沪深 300 指数。而星宇股份、天合光能、福斯特等 11 只 股票将会被调出沪深 300 指数。 上证 180 指数 根据指数编制方案，我们预测华电新能、瑞芯微、盛 ...

研究所： 2025 年 11 月 05 日 公司研究 评级：买入(维持) 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2025Q3 公司净利率同环比提升，布局人形机器人业务 开拓第二成长曲线 ——星宇股份（601799）公司动态研究 最近一年走势 | 相对沪深 | 表现 300 | | 2025/11/04 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 星宇股份 | | -6.5% | 5.7% | -8.6% | | 沪深 300 | | -0.5% | 13.5% | 17.1% | | 市场数据 | 2025/11/04 | | --- | --- | | 当前价格（元） | 126.06 | | 52 周价格区间（元） | 116.02-148.58 | | 总市值（百万） | 36,012.75 | | 流通市值（百万） | 36,012.75 | | 总股本（万股） | 28,567.94 | | 流通股本（万股） | 28,567.94 | | 日均 ...

星宇股份系列 车中旭霞 行业深度： 《国信证券车灯行业专题之五：车灯行业技术趋势、市场空间及竞争格局》——20230605 《车灯行业专题之四：LED加速渗透，电动智能驱动车灯技术升级》——20210604 《国信证券车灯行业系列深度之二：车灯行业的竞争格局》——20181023 《国信证券车灯行业深度：车灯的市场空间、技术升级与企业布局》——20180817 公司深度： 《星宇股份（601799.SH）:自主车灯龙头的复盘与展望》——20240301 《星宇股份（601799.SH）：百年小糸复盘，星宇的机遇与挑战》——20191014 《星宇股份（601799.SH）：好行业+好格局+好公司，具备全球车灯龙头潜质》——20171204 《星宇股份（601799）：主业稳健，转型可期》——20150901 跟踪报告： 《国信证券车灯行业跟踪点评之三：从2020款迈腾看ADB车灯渗透率》——20191223 《国信证券车灯行业跟踪点评之二：从长城新款VV6看车灯行业技术革命》——20190802 《国信证券车灯行业跟踪点评：车灯往何处去？"照明、信号、感知"》——20190704 公司点评（财报点评之外）： ...

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence sector [4][6]. Core Insights - The automotive intelligence industry is experiencing significant advancements, with companies like Xiaopeng Motors and Leap Motor being recommended for investment. For L4 level autonomous driving, Pony.ai and WeRide are highlighted as key players. In the component sector, Hesai Technology is recommended for data acquisition, while Horizon Robotics and other companies are suggested for data processing and application [4][5]. Industry News - Tesla's Robotaxi service is set to expand to 8 to 10 regions by the end of the year [1]. - Xiaopeng Motors and WeRide have initiated their IPO process, aiming for a Hong Kong listing on November 6 [1]. - Stellantis is collaborating with Nvidia, Uber, and Foxconn to accelerate its Robotaxi deployment [1]. - Hesai Technology has secured a 5 billion yuan global order in automotive intelligence [1]. - Yujia Innovation's unmanned vehicle has begun operations in Huaqiangbei, marking a new phase in smart logistics [1]. - Jiusi Intelligent has completed a $100 million Series B4 financing led by Ant Group [1]. High-Frequency Core Data Updates - The penetration rate of 8 million pixel cameras in passenger vehicles reached 43.8% in August 2025, up 27 percentage points year-on-year [2]. - Nvidia's chip penetration in passenger vehicle driving domains increased to 57.2%, a year-on-year increase of 27 percentage points [2]. - The penetration rate of lidar in passenger vehicles reached 10.4%, with Huawei holding a 40% market share among lidar suppliers [2]. Smart Driving Insights - The penetration rate of passenger vehicles with L2 and above functions reached 33.3% in August 2025, an increase of 18 percentage points year-on-year [3]. - The penetration rates for front-view cameras, forward millimeter-wave radar, and lidar were 67.8%, 57.5%, and 10.4%, respectively [3]. - The penetration rate of driving domain controllers reached 33.2%, up 17.5 percentage points year-on-year [3]. Investment Recommendations - Recommended companies include Xiaopeng Motors, Leap Motor, and Geely for complete vehicles. For L4 autonomous driving, Pony.ai and WeRide are suggested. In the components sector, Hesai Technology is recommended for data acquisition, while Horizon Robotics, Black Sesame Technologies, and others are recommended for data processing [4][5].

星宇股份 601799.SH 公司研究 | 季报点评 盈利能力改善，对外合作布局机器人业务 核心观点 盈利预测与投资建议 ⚫ 预测 2025-2027 年 EPS 分别为 5.66、7.13、8.79 元（原为 6.13、7.56、9.11 元， 略调整毛利率及费用率等），可比公司 26 年 PE 平均估值 24 倍，目标价 171.12 元，维持买入评级。 | | 买入 | | --- | --- | | 股价（2025年10月31日） | 129.6 元 | | 目标价格 | 171.12 元 | | 52 周最高价/最低价 | 147.2/114.94 元 | | 总股本/流通 A 股（万股） | 28,568/28,568 | | A 股市值（百万元） | 37,024 | | 国家/地区 | 中国 | | 行业 | 汽车与零部件 | | 报告发布日期 | 2025 年 11 月 03 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 0.39 | -3.91 | 9.29 | -4.72 | | 相对 ...

Summary of Xingyu Co., Ltd. Conference Call Company Overview - **Company**: Xingyu Co., Ltd. - **Industry**: Automotive Lighting Key Financial Performance - **Revenue Growth**: In the first three quarters of 2025, revenue increased by 19.9% year-on-year, driven by new project implementations [2][3] - **Q3 Performance**: Q3 revenue reached 39.5 billion CNY, a 12.7% year-on-year increase and an 8% quarter-on-quarter increase. Net profit was 4.3 billion CNY, up 9% year-on-year and 13.5% quarter-on-quarter. Gross margin improved to 19.9%, nearly a 1% increase year-on-year [3][26] Customer Structure - **Top Clients**: The top five clients are Chery, Seres, FAW-Volkswagen, FAW Hongqi, and Li Auto. Chery and Seres account for approximately 20% of revenue, while FAW-Volkswagen contributes around 14-15% [4][12] - **New Energy Clients**: New energy clients represent about 45% of total revenue, indicating potential for growth compared to the domestic new energy vehicle sales ratio of 52-53% [4][12] New Energy Sector - **Collaboration with Seres**: Close cooperation with Seres in the new energy sector, with stable sales of the M9 model exceeding 10,000 units per month. The M8 model's average selling price is around 5,000 CNY [5][12] - **Monthly Shipments**: Monthly shipments are stable at approximately 55,000 to 58,000 units [5] International Market Expansion - **Southeast Asia Exports**: The Shanghai factory exports over 55,000 units monthly to Southeast Asia, with expectations for overseas revenue to reach 600-700 million CNY by 2026 [6][13] - **North America Market**: Currently in the assessment phase for the North American market, with plans to accelerate internationalization [13][22] Product Structure and Margins - **High-Value Products**: High-value products, such as smart headlights, account for over 30% of total lighting revenue. The proportion is expected to increase with the mass production of DRP and HD projects [2][7] - **Gross Margin Improvement**: Gross margin improved due to product structure optimization, increased high-value product ratios, cost reductions, and scale effects [4][26] Smart Headlight Technology - **Competitive Advantage**: Smart headlights have significantly enhanced the company's competitiveness, with collaborations with brands like Huawei, Li Auto, Xiaomi, and Zeekr. The company has established a strong moat due to its delivery experience and rapid mass production capabilities [8] HD and DLP Technology Promotion - **International Application**: Actively promoting HD and DLP technology internationally, with plans for 8 to 10 front light projects in 2026 [9] Robotics Sector - **Research and Development**: The company is exploring opportunities in the robotics field, focusing on display, lighting, laser, and projection applications [10][25] Future Projections - **New Projects**: Anticipated new projects include the Xiaomi project expected to start mass production in Q4 2025, and several models from Li Auto and NIO adopting advanced lighting technologies [27][28] - **R&D Investment**: Future R&D expenses are planned to increase as new projects are acquired, with a focus on core technologies [29] Challenges and Strategies - **Management Issues**: The main challenge in overseas expansion is management efficiency, which is being addressed by reducing the number of domestic staff and employing local management [22] - **Market Strategy**: The company plans to adopt a strategy of local production for local markets and collaborate with domestic brands for international exports [23][24] Conclusion Xingyu Co., Ltd. is positioned for growth in the automotive lighting industry, with strong revenue performance, a focus on new energy vehicles, and strategic international expansion. The company is leveraging advanced technologies and partnerships to enhance its competitive edge while navigating challenges in management and market entry strategies.