证券简称：星宇股份 证券代码：601799 编号：2025-035 2025 年第三季度业绩说明会预告公告 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2025年12月2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2025年10月30日披露了《星宇股份2025年第三季度报告》，为便于 广大投资者更全面深入地了解公司2025年第三季度的经营成果及财务状况，公司 决定于2025年12月3日通过网络文字互动方式召开"星宇股份2025年第三季度业 绩说明会"。 一、说明会类型 本次业绩说明会以网络文字互动方式召开，公司将针对2025年第三季度的经 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。 二、说明会召开的时间、地点 召开时间：2025年12月3日（星期三）上午10:00-11:00 召开地点：上海证券报·中国证券网（https:// ...

Core Viewpoint - Xingyu Co., Ltd. has experienced a decline in stock price and trading activity, with a notable drop in market capitalization and net outflow of funds, indicating potential investor concerns [1][2]. Financial Performance - For the period from January to September 2025, Xingyu Co., Ltd. achieved a revenue of 10.71 billion yuan, representing a year-on-year growth of 16.09% [2]. - The net profit attributable to shareholders for the same period was 1.14 billion yuan, reflecting a year-on-year increase of 16.76% [2]. - Cumulative cash dividends since the company's A-share listing amount to 3.71 billion yuan, with 1.14 billion yuan distributed over the past three years [2]. Stock Market Activity - As of November 27, the stock price of Xingyu Co., Ltd. was 120.91 yuan per share, with a market capitalization of 34.54 billion yuan [1]. - The stock has declined by 8.39% year-to-date, with a 1.27% drop over the last five trading days and a 6.16% decline over the past 20 days [1]. - The company experienced a net outflow of 21.16 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Composition - As of September 30, 2025, the number of shareholders increased by 19.06% to 13,800, while the average circulating shares per person decreased by 16.01% to 20,772 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 36.86 million shares, an increase of 12.72 million shares from the previous period [2]. - Other notable shareholders include various ETFs and mutual funds, with some experiencing reductions in their holdings [2].

Market Overview - The automotive industry index increased by 14.79% as of November 21, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 0.38 percentage points and 1.61 percentage points respectively [11][12] - The automotive sector's performance was strong in the first half of 2025 but became more aligned with the broader market in the second half [11][12] - The majority of sub-sectors showed positive growth, with motorcycles and other segments leading the gains [17][18] Financial Performance - The automotive industry achieved a revenue of CNY 36,976.27 billion in 2024, a year-on-year increase of 3.35%, and a net profit of CNY 1,363.61 billion, up 9.98% [30] - In the first three quarters of 2025, the industry reported revenues of CNY 28,712.84 billion, reflecting a 10.73% year-on-year growth, and a net profit of CNY 1,165.36 billion, up 10.72% [30][31] - The industry’s gross margin was 15.83% in the first three quarters of 2025, a slight decline from the previous year, while the net margin improved to 4.29% [33] Passenger Vehicle Segment - The passenger vehicle market is expected to reach record sales in 2025, driven by policy support and increased penetration of new energy vehicles (NEVs) [43] - NEV retail sales reached 10.15 million units from January to October 2025, a year-on-year increase of 21.9%, with a market share of 52.73% [45][50] - The market structure is shifting towards domestic brands, which captured nearly 70% of the market share by September 2025, while foreign brands are losing ground [50][51] Commercial Vehicle Segment - The commercial vehicle market showed signs of recovery in 2025, with production and sales increasing by nearly 10% year-on-year in the first three quarters [5] - The growth in the commercial vehicle sector is driven by policies promoting vehicle replacements and the rising sales of new energy commercial vehicles [5][6] Automotive Parts Sector - The national strategy emphasizes "intelligent and connected" technologies as the main axis for upgrading the automotive industry [5] - The penetration of advanced driver-assistance systems (ADAS) is expected to drive market expansion and domestic substitution in core hardware [5][6] Investment Recommendations - The report maintains a "stronger than market" rating for the automotive sector, recommending key companies in the passenger vehicle segment such as BYD, Changan Automobile, and Great Wall Motors [6] - In the commercial vehicle segment, Yutong Bus is recommended, along with a focus on China National Heavy Duty Truck [6] - For the automotive parts sector, companies like Feilong Co., Top Group, and Desay SV are highlighted as potential investment opportunities [6]

新汽车生态合作，报名中国版CES！ 撰文 | 张 南 编辑 | 黄 大路 设计 | 张小 萌 议程 (包含并不限于以下嘉宾,名单按姓氏笔画为序) 世界新汽车技术合作'含态分会 > © © al S a F E技术合作生态交流会 World New Auto Technology Collaboration Ecosystem Summit 新汽车技术合作生态展 EXHIBITION 第十届铃轩奖盛典 AWARDS 星期五 星期六 苏州知音温德姆至尊酒店 12/4/2025 (12:00-24:00) 凭购票电子二维码到苏州知音温德姆至尊酒店一层签到 并领取入场凭证以及会议资料 DAY1 (12/5/2025) 上午(09:00 正式开始) 主会场:行业专场 一、开幕致辞 可世界新汽车生态协会理事长、轩辕同学校长 第 尤 峥 东风汽车集团有限公司副总经理 郑 衡 衡 汽集团副总经理 陶海龙 上汽大众总经理 吴周涛 北京现代董事长 二、主题演讲 方向:当下企业或行业所面临的新汽车技术合作现状和供应链 发展问题与展望 嘉 宾: 蒋文虎 中国一汽总经理助理、红旗运营委员会副总裁 王 波 吉利汽车副总裁、中央采购总经理 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 85191300 传真：(86-10) 85191350 junhebj@junhe.com 北京市君合律师事务所 关于常州星宇车灯股份有限公司 2025 年第二次临时股东会的法律意见书 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》）、《上市公司股东 会规则》（以下简称《股东会规则》）等法律、法规、规章及《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 年第二次临时 股东会（以下简称"本次股东会"）有关事宜出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序、出席本次股东会人员的资 格、召集人资格、会议表决程序是否符合中国相关法律、法规及《公司章程》的 规定以及表决结果是否合法有效发表意见，并不对本次股东会所审议的议案内容 以及该等议案所表述的相关事实或数据的真实性、准确性或合法性发表意见。 为出具本法律意见之目的，本所律师审查了公司提供的有关本次股东会的文 件，同 ...

证券代码：601799 证券简称：星宇股份 公告编号：2025-034 常州星宇车灯股份有限公司 2025年第二次临时股东会决议公告 (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。 本次股东会由公司董事会召集，由公司副董事长周宇恒先生主持。会议采取 现场投票和网络投票结合的表决方式进行表决。会议的召集、召开程序符合《公 司法》及《公司章程》的规定，表决方式及表决结果合法有效。 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 (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 | 173 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 184,313,045 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | 64.8286 | | 总数的比例（%） | | (一) 股东会召开的时间：2025 年 11 月 20 日 (二) ...

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 传真：（86-10）8519 1350 junhebj@junhe.com 关于常州星宇车灯股份有限公司 2025 年员工持股计划的法律意见书 致：常州星宇车灯股份有限公司 北京市君合律师事务所 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》）、《关于上市公司实施员工持股计划试点的指导意见》 （以下简称《试点指导意见》）、《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》等中华人民共和国（以下简称"中国"，包括香港特别行政区、澳门 特别行政区和台湾省，为本法律意见书之目的，在本法律意见书中特指中国大陆 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，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" 或"星宇股份"）的委托，就公司拟实施的 2025 年员工持股计划（以下简称"本 次员工持股计划"）相关事宜出具法律意见书。 本所 ...

Core Viewpoint - Xingyu Co., Ltd. has shown a stable financial performance with significant growth in revenue and net profit, while also experiencing high levels of financing and margin trading activity [1][2]. Financing Activity - On November 17, Xingyu Co., Ltd. had a financing buy-in amount of 12.54 million yuan, with a net financing buy of 3.23 million yuan, indicating strong investor interest [1]. - The total financing balance reached 271 million yuan, accounting for 0.77% of the circulating market value, which is above the 90th percentile of the past year [1]. - Margin trading activity included a sell of 4,100 shares, with a total selling amount of 507,000 yuan, and a margin balance of 3,705 shares, also above the 90th percentile of the past year [1]. Financial Performance - For the period from January to September 2025, Xingyu Co., Ltd. achieved a revenue of 10.71 billion yuan, representing a year-on-year growth of 16.09%, and a net profit of 1.14 billion yuan, with a growth of 16.76% [2]. - The company has distributed a total of 3.71 billion yuan in dividends since its A-share listing, with 1.14 billion yuan distributed over the past three years [2]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 19.06% to 13,800, while the average circulating shares per person decreased by 16.01% to 20,772 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 36.86 million shares, an increase of 12.72 million shares from the previous period [2].

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly emphasizing the importance of smart vehicles as a key investment theme for 2026 [2]. Core Insights - The Guangzhou Auto Show highlights the democratization of intelligent driving and the deep integration of smart cockpits with large models, indicating that intelligence is no longer an added value but a necessity for market entry [2]. - The report suggests focusing on technology-leading companies such as Tesla and XPeng, as well as companies with strong performance and low valuations like Kobot, Xingyu, and Jifeng [2]. - The report also notes the impact of state-owned enterprise reforms, recommending continued attention to SAIC and Dongfeng [2]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the first week of November were 46,000 units, a year-on-year decrease of 19% [2]. - The traditional and new energy raw material price indices have increased recently, with traditional car raw material prices rising by 0.7% week-on-week and 1.8% month-on-month [2]. - The total transaction value of the automotive industry this week was 517.096 billion yuan, a week-on-week decrease of 13.15% [2]. Market Situation - The automotive industry index closed at 7684.80 points, down 2.11% for the week, which is a greater decline than the Shanghai and Shenzhen 300 index [2]. - A total of 112 stocks in the industry rose, while 156 fell, with the largest gainers being Langbo Technology, Yingli Automobile, and Xinpeng Co., which rose by 19.6%, 17.6%, and 14.4% respectively [2]. - Key events include the upcoming Guangzhou Auto Show, which will showcase the acceleration of electrification, intelligence, and product diversification in the automotive market [3]. Investment Analysis - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, XPeng, and Li Auto, as well as companies that exemplify the trend of intelligence, such as Jianghuai Automobile and Seres [2]. - It also highlights the importance of state-owned enterprise integration, suggesting attention to SAIC Group, Dongfeng Group, and Changan Automobile [2]. - Companies with strong performance growth and capabilities in robotics or overseas expansion, such as Xingyu, Fuyao Glass, and New Spring, are also recommended [2].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported Q3 2025 revenue of approximately 3.95 billion yuan, a year-on-year increase of 12.7%, and a net profit attributable to shareholders of approximately 430 million yuan, up 13.5% year-on-year. The performance met expectations, and profitability remained stable [2][4]. - The company has launched an employee stock ownership plan, reflecting confidence in its development. The diversification of clients and overseas strategies are expected to drive high growth in its main business, while the robotics segment is anticipated to open a second growth curve [2][10]. - The projected net profits for 2025-2027 are 1.63 billion, 2.16 billion, and 2.70 billion yuan, with corresponding P/E ratios of 21.6X, 16.3X, and 13.1X [2][10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 3.95 billion yuan, with a quarter-on-quarter increase of 7.9%. The core customers' sales, including Chery and Volkswagen, showed varied performance, contributing to revenue growth [10]. - The gross margin for Q3 2025 was 19.9%, with a year-on-year increase of 0.8 percentage points, attributed to the higher proportion of high-margin smart lighting products [10]. - The net profit margin was 11.0%, reflecting improvements due to scale effects and credit impairment recovery [10]. Strategic Developments - The company is implementing a diversified client strategy to enhance its market share in the domestic automotive lighting sector. It has established a competitive advantage in smart lighting products, including ADB, HD, and DLP headlights [10]. - The company is expanding its overseas client base and has initiated global tail light projects, particularly in the North American electric vehicle market [10]. - A new robotics company was established in October 2025, with a strategic partnership signed with a robotics firm, indicating a strong potential for growth in this area [10].