Core Viewpoint - Xingyu Co., Ltd. announced the election of Mr. Xu Huiyi as the employee representative director of the seventh board of directors during the employee representative assembly held on October 27, 2025 [1] Group 1 - The employee representative assembly was convened on October 27, 2025 [1] - Mr. Xu Huiyi was elected as the employee representative director [1] - The term of Mr. Xu Huiyi will last until the end of the seventh board of directors' term [1]

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。 证券简称：星宇股份 证券代码：601799 编号：2025-029 常州星宇车灯股份有限公司 关于选举第七届董事会职工代表董事的公告 常州星宇车灯股份有限公司董事会 二〇二五年十月二十八日 证券简称：星宇股份 证券代码：601799 编号：2025-029 根据《中华人民共和国公司法》、《公司章程》等有关规定，常州星宇车灯股 份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开了职工代表大会。经 职工代表大会审议通过，选举徐惠仪先生（简历附后）为公司第七届董事会职工 代表董事，任期自本次职工代表大会选举通过之日起至公司第七届董事会任期届 满之日止。 徐惠仪先生原为公司第七届董事会非职工代表董事，经本次职工代表大会选 举通过后，徐惠仪先生变更为公司第七届董事会职工代表董事，公司第七届董事 会成员不变。 本次选举职工代表董事工作完成后，公司第七届董事会中兼任公司高级管理 人员职务的董事以及由职工代表担任的董事，总计未超过公司董事总数的 1/2， 符合有关法律法规、规 ...

Core Insights - The article discusses the competitive landscape of global Tier 1 automotive suppliers, highlighting the rise of Chinese manufacturers in the electric and intelligent driving sectors while traditional players face challenges [2][4][5]. Group 1: Global Tier 1 Suppliers Ranking - The top 20 global Tier 1 automotive suppliers for 2025 are led by Bosch, ZF Friedrichshafen, and Denso, with strengths in automotive electronics, powertrains, and autonomous driving [2]. - Notable Chinese suppliers like Desay SV and Foryoung are making significant strides in intelligent driving and automotive electronics, indicating a shift in market dynamics [2][5]. Group 2: Trends in Electrification and Intelligence - The electrification trend is accelerating, with battery manufacturers like CATL and BYD increasing their market share, particularly in the context of rapid growth in new energy vehicles [3]. - Intelligent driving and smart cockpit technologies are emerging as core growth areas, with Chinese firms gaining market share in these domains [3]. Group 3: Market Competition Dynamics - Traditional Tier 1 suppliers such as Bosch and ZF are experiencing revenue and profit declines in 2024, despite their established technological advantages [4]. - Chinese Tier 1 suppliers are breaking through barriers in the new energy and intelligent driving sectors, challenging the dominance of international players [5]. Group 4: Regional Market Changes - The Chinese market is witnessing rapid growth in new energy vehicles, providing substantial opportunities for local Tier 1 suppliers [10]. - In contrast, the European and American markets are experiencing a slowdown in electrification but continue to demand advancements in autonomous driving and smart cockpit technologies [10]. Group 5: Technological Innovation and Collaboration - Suppliers with comprehensive capabilities in hardware, software, and system integration are expected to capture larger market shares in the future [6]. - Traditional Tier 1 suppliers are investing in Chinese startups and developing localized products to regain their competitive edge [6].

Core Insights - On October 23, Xingyu Co., Ltd. saw a stock price increase of 0.96% with a trading volume of 180 million yuan [1] - The company reported a net financing outflow of 21.59 million yuan on the same day, with a total financing and securities balance of 262 million yuan [1] Financing Overview - On October 23, the financing buy-in amount for Xingyu Co., Ltd. was 5.81 million yuan, while the financing repayment was 27.40 million yuan, resulting in a net financing outflow of 21.59 million yuan [1] - The current financing balance stands at 259 million yuan, accounting for 0.71% of the circulating market value, which is above the 90th percentile level over the past year [1] Securities Lending Overview - On October 23, the company repaid 3,000 shares in securities lending and sold 4,500 shares, amounting to 575,500 yuan based on the closing price [1] - The securities lending balance is 3.67 million yuan, also exceeding the 90th percentile level over the past year [1] Company Profile - Xingyu Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on May 18, 2000, with its listing date on February 1, 2011 [1] - The company specializes in providing automotive lighting products to vehicle manufacturers, focusing on the research, design, manufacturing, and sales of automotive (mainly passenger vehicle) lighting [1] - The main business revenue composition is 95.71% from automotive parts and 4.29% from other sources [1] Shareholder and Financial Performance - As of June 30, the number of shareholders for Xingyu Co., Ltd. reached 11,600, an increase of 21.14% from the previous period [2] - The company achieved a revenue of 6.76 billion yuan for the first half of 2025, representing an 18.20% year-on-year growth, and a net profit of 706 million yuan, up 18.88% year-on-year [2] - Since its A-share listing, the company has distributed a total of 3.65 billion yuan in dividends, with 1.08 billion yuan distributed in the last three years [2] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 24.14 million shares, an increase of 3.74 million shares from the previous period [2] - Other notable institutional shareholders include Fuquan Tianhui Growth Mixed Fund and Huatai-PB CSI 300 ETF, which have also increased their holdings [2]

Core Viewpoint - Xingyu Co., Ltd. has experienced fluctuations in stock price and trading volume, with a recent increase of 2.04% in share price, while facing a net outflow of funds from major investors [1][2]. Company Overview - Xingyu Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on May 18, 2000. The company went public on February 1, 2011. Its main business involves providing automotive lighting products to vehicle manufacturers, focusing on the research, design, manufacturing, and sales of automotive (mainly passenger vehicle) lights [2]. - The company's revenue composition is 95.71% from automotive parts and 4.29% from other sources. It belongs to the automotive industry, specifically in the automotive parts sector, focusing on body accessories and trim [2]. Financial Performance - For the first half of 2025, Xingyu Co., Ltd. achieved a revenue of 6.757 billion yuan, representing a year-on-year growth of 18.20%. The net profit attributable to shareholders was 706 million yuan, with a year-on-year increase of 18.88% [2]. - Since its A-share listing, the company has distributed a total of 3.651 billion yuan in dividends, with 1.079 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Xingyu Co., Ltd. was 11,600, an increase of 21.14% from the previous period. The average number of circulating shares per shareholder was 24,732, a decrease of 17.45% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 24.1446 million shares, an increase of 3.7385 million shares from the previous period. Other notable shareholders include the Fuguo Tianhui Growth Mixed Fund and Huatai-PineBridge CSI 300 ETF, both of which have increased their holdings [3].

Core Viewpoint - The strategic cooperation agreement between Changzhou Xingyu Automotive Lighting Co., Ltd. and JAKA Robotics Co., Ltd. aims to leverage their complementary strengths in technology and long-term collaboration to promote the integration of artificial intelligence with the automotive and robotics industries [1][5]. Group 1: Strategic Cooperation - The cooperation will focus on three main areas: joint innovation in embodied intelligence, integration of robotics with AI algorithms for smart manufacturing, and sharing of technology standards and scene data to enhance the domestic production of core components and innovation in application scenarios [5][8]. - The partnership aims to create a closed-loop ecosystem of "technology research and development - scene verification - mass application," facilitating industrial chain collaboration and upgrades [5][8]. Group 2: Company Profiles - Xingyu Co. is a leading manufacturer and design provider of automotive lighting systems in China, achieving a revenue of 13.253 billion yuan in 2024, representing a year-on-year growth of 29.32%. The company has established a competitive edge in intelligent visual systems, including HD-ADB headlights and DLP projection interaction [7]. - JAKA Co. is a global leader in general-purpose intelligent robotics, serving notable clients such as Toyota and Schneider. The company has developed a diverse range of products in the embodied intelligence field, including the JAKA K1 dual-arm robot and the JAKA EVO industrial intelligent platform, showcasing strong innovation capabilities [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price range of 181.8 to 218.1 CNY, indicating an expected upside of 37% to 64% from the current price of 132.62 CNY [2][7]. Core Insights - The company has entered a strategic partnership with Jieka Co., a leader in collaborative robotics, to explore opportunities in the field of embodied intelligent robots. This collaboration aims to innovate in three key areas: integrated smart terminals for interaction, innovation in intelligent manufacturing, and the localization of core components in the robotics supply chain [2][7]. - The company is positioned as a significant player in the high-end intelligent automotive lighting market, with its projection headlights already being used in popular models such as the Wuling M9 and Zeekr 9X. The report anticipates further growth in market share as production ramps up [7]. - The financial forecasts indicate robust growth, with total revenue expected to reach 16.0 billion CNY in 2025, growing at a year-on-year rate of 20.8%. Net profit is projected to be 1.7 billion CNY, also reflecting a growth rate of 20.8% [3][8]. Financial Summary - Total revenue projections for the company are as follows: - 2024: 13.25 billion CNY - 2025: 16.02 billion CNY - 2026: 18.91 billion CNY - 2027: 22.19 billion CNY - Net profit forecasts are: - 2024: 1.41 billion CNY - 2025: 1.70 billion CNY - 2026: 2.08 billion CNY - 2027: 2.60 billion CNY - Earnings per share (EPS) is expected to grow from 4.93 CNY in 2024 to 9.10 CNY by 2027 [3][8]. Market Position and Growth Potential - The company has established a solid foundation for growth in the intelligent automotive lighting sector, with expectations of increased average selling prices (ASP) and market share expansion, particularly in overseas markets such as Serbia, Mexico, and the United States [7]. - The partnership with Jieka Co. is expected to enhance the company's capabilities in integrating AI with automotive and robotics industries, potentially leading to innovative applications and improved operational efficiencies [7].

Core Viewpoint - Xingyu Co., Ltd. has experienced a slight decline in stock price recently, with a year-to-date increase of 2.73% and significant growth over the past 20 and 60 days, indicating a generally positive market performance despite recent fluctuations [1][2]. Company Overview - Xingyu Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on May 18, 2000. It was listed on February 1, 2011. The company specializes in providing automotive lighting products to vehicle manufacturers, focusing primarily on the research, design, manufacturing, and sales of automotive (mainly passenger vehicle) lights [2]. - The company's main business revenue composition is 95.71% from automotive parts and 4.29% from other sources [2]. Financial Performance - For the first half of 2025, Xingyu Co., Ltd. achieved an operating income of 6.757 billion yuan, representing a year-on-year growth of 18.20%. The net profit attributable to shareholders was 706 million yuan, with a year-on-year increase of 18.88% [2]. - Since its A-share listing, the company has distributed a total of 3.651 billion yuan in dividends, with 1.079 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders of Xingyu Co., Ltd. was 11,600, an increase of 21.14% from the previous period. The average number of circulating shares per shareholder was 24,732, a decrease of 17.45% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 24.1446 million shares, an increase of 3.7385 million shares from the previous period. Other notable shareholders include various ETFs and mutual funds, indicating a diverse institutional interest [3].

Investment Rating - The report maintains a positive outlook on the automotive parts industry, suggesting a focus on bottom opportunities as the sector has been performing well for over a month [1][3]. Core Insights - The robotics sector has been driven by the Tesla supply chain since mid-August, indicating a potential for further growth in related automotive parts [1][3]. - The report emphasizes the importance of fundamental and marginal changes in performance as third-quarter results are about to be released, recommending specific companies for investment [1][3]. Summary by Relevant Sections Company Insights - **Xingyu Co., Ltd.**: The company is shifting its strategic focus from domestic new energy vehicle clients to expanding into overseas markets, particularly in Europe. Collaborations with major clients like Volkswagen and BMW are strengthening, with expectations to secure headlight projects by the end of this year or next. The overseas factory is projected to ramp up production starting in 2027, becoming a new growth source by 2028. The domestic market growth from 2025 to 2027 is anticipated to come from the adoption of high-end headlights by new energy vehicle clients [2][4]. - **Changshu Automotive Trim**: The company is focusing on applications of PEEK materials, leveraging its core capabilities in injection molding. A recent strategic partnership with a Dutch sensor company aims to develop next-generation tactile sensing technology for automotive and robotics manufacturing, indicating a shift towards electronics [5]. - **Ningbo Huaxiang**: The company is entering the robotics sector through a unique ODM model, which is relatively scarce. If strategic partnerships with major clients deepen, revenue growth in its robotics business is expected to be supported. The company has a first-mover advantage in PEEK materials, potentially leading to cost benefits [5]. - **Daimay Co., Ltd.**: As an interior parts supplier, Daimay's capabilities align with the transformation into biomimetic materials and robotic skin. Being a supplier for Tesla and having a mature overseas base suggests potential interest or developments in the robotics field [5]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD, Geely, and XPeng, as well as companies with strong performance growth and robotics layouts like Fuyao Glass, New Spring, and others [2][5].

Investment Rating - The report maintains a positive outlook on the automotive parts industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [2][11]. Core Insights - The automotive parts sector is experiencing a sustained rally, driven by developments in the robotics sector, particularly influenced by Tesla's supply chain. The report emphasizes the importance of monitoring Tesla's dynamics and suggests focusing on bottom opportunities as many stocks in the sector have reached relatively high levels [2][3]. - Key companies to watch include Xingyu, Changshu Automotive Trim, Daimay, and Ningbo Huaxiang, which are expected to benefit from upcoming quarterly performance releases and fundamental changes [2][3]. Company Summaries Xingyu - Xingyu is shifting its strategic focus from domestic new energy vehicle clients to expanding into overseas markets, particularly in Europe, with strengthened collaborations with Volkswagen and BMW. The company anticipates securing headlight project designations by the end of this year or next year, with production ramping up in overseas factories starting in 2027 [4]. - The domestic market growth from 2025 to 2027 is expected to be driven by the adoption of high-end headlights by new energy vehicle clients, with potential increases in per-vehicle value from over 1,000 yuan for standard LEDs to over 4,000 yuan for HD headlights and even 10,000 yuan for DLP headlights [4]. - The competitive landscape is favorable for domestic leaders like Xingyu, as international competitors face operational pressures, providing a conducive environment for growth [4]. Changshu Automotive Trim - The company is focusing on applications involving PEEK materials, leveraging its core capabilities in injection molding. A recent strategic partnership with a Dutch sensor company aims to develop next-generation tactile sensing technology for automotive and robotics manufacturing, with plans for mass production in China [5]. Ningbo Huaxiang - Ningbo Huaxiang is entering the robotics sector through its unique ODM model, which is considered rare. The company has established a presence in the PEEK materials field, which may yield cost advantages. Expected profits for next year are around 1.5 billion yuan, corresponding to a PE ratio of approximately 20 times for 2026 [5]. Daimay - As an interior parts supplier, Daimay's capabilities align with the transformation into biomimetic materials and robotic skin. The company is a supplier for Tesla and has a mature overseas customer base, suggesting potential developments in the robotics field [5]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD, Geely, and XPeng, as well as companies with strong performance growth and capabilities in robotics or overseas expansion, including Fuyao Glass, Xinquan, Fuda, Shuanghuan Transmission, and Yinlun [2].