Market Overview - The Shanghai Composite Index closed at 3519.65 points, above the annual line, with a change of 0.27% [1] - The total trading volume of A-shares reached 14809.22 billion yuan [1] Stocks Breaking Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Huaming Equipment (002270) with a deviation rate of 2.75% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.63% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, latest price 76.99 yuan, deviation rate 7.62% - Huaming Equipment: 3.25% increase, latest price 16.85 yuan, deviation rate 2.75% - Tongyi Co., Ltd.: 2.63% increase, latest price 16.02 yuan, deviation rate 2.63% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Daqin Railway and *ST Haiyuan with minimal deviation rates [1]

Market Overview - The Shanghai Composite Index closed at 3525.40 points, above the annual line, with a change of 0.43% [1] - The total trading volume of A-shares reached 987.43 billion yuan [1] Stocks Breaking Annual Line - A total of 41 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.51% - Ruisheng Technology (688090) with a deviation rate of 2.05% [1] Stocks with Significant Deviation Rates - The stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, trading at 76.99 yuan - Tongyi Co., Ltd.: 2.50% increase, trading at 16.00 yuan - Ruisheng Technology: 3.24% increase, trading at 35.10 yuan [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - Qianjiang Motorcycle, Jiuquan Technology, and Huadian International, which have just reached the annual line [1]

证券代码：603035 证券简称：常熟汽饰 公告编号：2025-026 江苏常熟汽饰集团股份有限公司 关于股份回购进展公告 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： 即自 2024 年 11 月 18 日至 2025 年 11 月 17 日止。回购股份价格不超过 21.17 元/ 股（含）,具体实际回购价格由股东大会授权董事会及管理层在回购实施期间结合 公司股票价格、财务状况和经营情况确定。本次用于回购股份的资金总额不低于 人民币 15,000 万元（含）且不超过人民币 30,000 万元（含），具体回购资金总额 以回购期限届满或者回购完毕时实际回购股份使用的资金总额为准。按照上述回 购价格上限及回购资金总额的上下限测算，预计回购股份数量约为 7,085,498 股 至 14,170,997 股，占公司当前总股本的 1.86%至 3.73%，具体回购股份的数量及 占公司总股本比例以回购期限届满或者回购完毕时实际回购的股份数量和占公司 总股本的比例为准。详见公司于 2024 年 12 月 3 日披露在上海证 ...

Investment Rating - The investment rating for Jiangsu Changshu Automotive Trim Group is Equal-weight [4] Core Views - The report indicates a price target reduction from Rmb15.60 to Rmb14.70, reflecting updated revenue forecasts and margin expectations [1][3] - Revenue forecasts for 2025 and 2026 have been raised by 4.6% and 7.9% respectively, following a 4% revenue beat in 2024, attributed to steady customer expansion [1][2] - Gross profit margin (GpM) forecasts for 2025 and 2026 have been lowered by 2.2 percentage points and 1.7 percentage points respectively, due to pricing pressure and increased competition [2][3] - Net profit forecasts have been reduced by 13.1% and 10.3% for 2025 and 2026 respectively, reflecting the adjustments in revenue and GpM [3] Summary by Sections Financial Forecasts - The report introduces financial forecasts for 2027, with EPS estimates for 2025, 2026, and 2027 at Rmb1.36, Rmb1.52, and Rmb1.66 respectively [4][17] - The DCF-based price target is set at Rmb14.70, which is a 6% decrease from previous estimates, indicating expectations of more stable long-term profitability despite near-term challenges [3][8] Market Position and Strategy - The company is expected to experience superior growth compared to peers, albeit at the cost of narrowing gross profit margins [11] - There is a tight balance sheet amid a slowing industry, which may limit capital expenditure capabilities to capture growth opportunities [11] - The report suggests that growth is likely to moderate, with potential for client base diversification into local players and deeper cooperation with key customers like Tesla and Li Auto [15][11] Risk and Reward Themes - The report identifies positive themes in electric vehicles but negative themes regarding pricing power, indicating a mixed outlook for the industry [12] - The company is expected to actively seek new orders and solidify its position within the supply chain of major automotive players [12][15]

Group 1 - The core viewpoint of the article is that Jiangsu Changshu Automotive Trim Group Co., Ltd. is implementing a differentiated dividend distribution plan based on its share repurchase program, which has been approved by the shareholders [2][6]. - The company plans to repurchase its shares using its own and self-raised funds, with a total repurchase amount between RMB 150 million and RMB 300 million, and a maximum repurchase price of RMB 21.17 per share [2][3]. - As of May 7, 2025, the company has repurchased a total of 11,086,053 shares [2]. Group 2 - The differentiated dividend plan involves distributing a cash dividend of RMB 3.4532 per 10 shares (including tax) to all shareholders, based on the total share capital minus the shares held in the repurchase account [2][3]. - The total number of shares eligible for the dividend distribution is 368,944,880, leading to a total cash dividend payout of approximately RMB 127.67 million (including tax) [3][4]. - The impact of the dividend distribution on the ex-dividend reference price is minimal, with an absolute value of less than 1% [6]. Group 3 - The legal opinion confirms that the differentiated dividend distribution complies with relevant laws and regulations, including the Company Law and Securities Law, and does not harm the interests of the company or its shareholders [6].

Core Viewpoint - The company has announced a cash dividend distribution plan for the fiscal year 2024, with a cash dividend of 0.34604 yuan per share (including tax) for A shares, approved at the annual shareholders' meeting on May 12, 2025 [2][3]. Dividend Distribution Details - The cash dividend distribution will be based on the total share capital after deducting shares held in the company's repurchase account, resulting in a total of 368,944,880 shares eligible for distribution [3][4]. - The cash dividend per share was adjusted from 0.34532 yuan to 0.34604 yuan due to rounding adjustments [3][4]. - The relevant dates for the dividend distribution are as follows: - Record date: June 19, 2025 - Last trading day: June 20, 2025 - Ex-dividend date: June 20, 2025 - Dividend payment date: June 20, 2025 [2][4]. Tax Implications - For individual shareholders holding shares for more than one year, the cash dividend of 0.34604 yuan per share is exempt from personal income tax [6]. - For shares held for one year or less, the tax will be calculated upon the transfer of shares, with a potential effective tax rate of 10% for those holding shares for less than one month [6][7]. - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.31144 yuan per share [7]. Implementation Method - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, with shareholders who have designated trading able to receive their dividends on the payment date [5][8]. - Shares held in the company's repurchase account will not participate in the dividend distribution [5].

证券代码：603035 证券简称：常熟汽饰 公告编号:2025-025 江苏常熟汽饰集团股份有限公司 关于 2024 年年度权益分派实施后 调整回购股份价格上限的公告 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： 回购价格上限调整起始日：2025 年 6 月 20 日（2024 年年度权益分派除权除 息日） 一、调整前的股份回购基本情况 江苏常熟汽饰集团股份有限公司（全文简称"公司"）于 2024 年 11 月 1 日召开 的第四届董事会第二十九次会议和 2024 年 11 月 18 日召开的 2024 年第三次临时股 东大会审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金及银行 回购专项贷款，通过上海证券交易所交易系统以集中竞价交易方式回购公司股份。 回购股份用途为全部用于注销并减少公司注册资本。回购实施期限自股东大会审议 通过本次回购公司股份方案之日起 12 个月内，即自 2024 年 11 月 18 日至 2025 年 11 月 17 日止。回购股份价格不超过 21.17 元/股（含）,回 ...

北京市中伦律师事务所 关于江苏常熟汽饰集团股份有限公司 差异化分红事项的 二〇二五年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于江苏常熟汽饰集团股份有限公司 差异化分红事项的 法律意见书 致：江苏常熟汽饰集团股份有限公司 北京市中伦律师事务所（以下简称"本所"）作为江苏常熟汽饰集团股份有 限公司（以下简称"公司"）聘请的专项法律顾问，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》"）、 法律意见书 1．本法律 ...

证券代码：603035 证券简称：常熟汽饰 公告编号：2025-024 江苏常熟汽饰集团股份有限公司2024年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： 每股分配比例 A 股每股现金红利0.34604元(含税) 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 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 差异化分红送转：是 一、通过分配方案的股东大会届次和日期 （1）差异化分红方案 根据公司 2024 年年度股东大会审议通过的《关于 2024 年年度利润分配方案 的议案》，公司 2024 年度拟以实施权益分派股权登记日登记的总股本扣减公司回 购专用证券账户中股份余额为基数分配利润，拟向全体股东每 10 股派发现金红利 1. 发放年度：2024年年度 2. 分派对象： 3.4604 元（含税）。本次利润分配不送红股、不进行资本公 ...

Core Viewpoint - The company has adjusted its profit distribution plan for the year 2024, increasing the cash dividend per share from 0.34532 yuan to 0.34604 yuan due to changes in the number of shares eligible for distribution following share buybacks [1][3]. Summary by Sections Adjustment of Profit Distribution Plan - The cash dividend per share has been adjusted from 0.34532 yuan (including tax) to 0.34604 yuan (including tax) [1][3]. - The adjustment is due to the company repurchasing shares, which are not eligible for profit distribution, leading to a change in the number of shares participating in the distribution [1][2]. Pre-Adjustment Profit Distribution Plan - The initial profit distribution plan proposed a cash dividend of 3.4532 yuan for every 10 shares (including tax) based on a total share count of 380,030,933 shares, minus 10,312,153 shares held in the buyback account, resulting in 369,718,780 shares eligible for distribution [2][3]. - The total cash dividend represents 30.01% of the net profit attributable to ordinary shareholders in the consolidated financial statements [2]. Post-Adjustment Profit Distribution Plan - Following the buyback of an additional 773,900 shares, the total number of shares in the buyback account increased to 11,086,053, resulting in 368,944,880 shares eligible for profit distribution [3]. - The adjusted cash dividend per share is calculated based on the unchanged total distribution amount, leading to the new figure of 0.34604 yuan per share [3][4].