北京市安理律师事务所 关于 温州市冠盛汽车零部件集团股份有限公司 回购注销部分限制性股票事项的 法律意见书 安理法意[2025]字 0519 第 0001 号 北京市朝阳区东三环中路5号财富金融中心35-36层 电话：010-8587 9199 传真：010-8587 9198 安理律师事务所 法律意见书 北京市安理律师事务所 关于 回购注销部分限制性股票事项的 法律意见书 安理法意[2025]字 0519 第 0001 号 致：温州市冠盛汽车零部件集团股份有限公司 北京市安理律师事务所（以下简称"本所"）接受温州市冠盛汽车零部件集 团股份有限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股权激励管理办法》（以下简称"《管理 办法》"）等有关法律、法规和规范性文件及《温州市冠盛汽车零部件集团股份 有限公司章程》、《温州市冠盛汽车零部件集团股份有限公司 2024 年限制性股 票激励计划（草案）》（以下简称"《2024 年股票激励计划（草案）》"）等 相关规定，就公司本次回购注销部分限制性股票事项（以下简称"本次回购注销"） 所涉及的有关事实进行了核查和验证，并出 ...

Summary of Key Points Industry Overview - The discussion revolves around the robotics industry, specifically focusing on the application of universal joints in robotic joints such as wrists and necks, indicating a growing interest in enhancing robotic mobility and flexibility [1][2]. Core Companies Mentioned - **Wanxiang Qianchao**: The company has developed precision bearings and lead screws, considering the application of universal joints in necks, wrists, and ankles to achieve multidimensional flexible movement, marking a new change in robotic hardware [3]. - **Zhengqiang Co., Ltd.**: Engaged in the production of automotive cross-axis universal joint assemblies and forks, with a strong independent R&D capability in the cross-axis universal joint assembly segment [3]. - **Guansheng Co., Ltd.**: Focused on automotive chassis system components for over 30 years, offering products including constant velocity joints, drive shaft assemblies, wheel hub bearing units, steering and suspension components, and shock absorber series [3]. - **Nexteer Automotive**: A global leader in steering and power transmission supply, primarily producing steering systems, power transmission systems, drive shaft universal joints, and steer-by-wire products [3]. Technological Insights - Universal joints are likened to joint connectors that transmit power from engines or motors to other robotic hardware, enhancing the multi-angle rotation of humanoid robots' heads and dexterous hands, thereby increasing the flexibility of robotic movement and expanding future application possibilities [2]. Market Trends - There is a noted lack of complete market recognition regarding the potential applications of universal joints in robotics, suggesting an emerging opportunity for companies involved in this technology [1]. Additional Considerations - The advancements in universal joint technology could lead to significant improvements in robotic design and functionality, potentially opening new markets and applications in various sectors [2][3].

Summary of Key Points from the Conference Call Company and Industry Overview - The focus is on **Guansheng Co., Ltd.**, a company specializing in universal joints and drive shaft assemblies within the automotive industry [2][4] - The company has a significant presence in both the aftermarket and original equipment manufacturer (OEM) markets for universal joints, with Guansheng being a representative in the aftermarket and Wanxiang Qianchao in the OEM market [5] Core Products and Revenue Breakdown - Guansheng started with universal joints and expanded into drive shaft assemblies in 2004, with these two categories representing the company's first and third largest product lines, respectively [2][4] - Together, universal joints and drive shaft assemblies account for **50%** of the company's total revenue [4] Market Trends and Innovations - There is a growing market interest in universal joints as potential components for humanoid robots, indicating a shift towards advanced applications in robotics [1][3] - The company is also venturing into solid-state battery technology, with plans to launch polymer semi-solid products in **2024** and scale production by the second half of **2026**, targeting a capacity of **2 GWh** [6] Customer Engagement and Future Plans - Guansheng is engaging with customers across various sectors, including commercial and residential energy storage, humanoid robotics, and low-altitude applications [6] - The company is seeking partnerships with external manufacturers to upgrade existing battery production lines to accelerate the deployment of semi-solid battery capacity [6] Valuation and Market Outlook - The current valuation of Guansheng is approximately **18x** the estimated price-to-earnings ratio for **2025** [7] - There is an expectation that the market has not fully priced in the potential of solid-state batteries and robotics, leading to a positive outlook for the company's future performance [7]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605088 证券简称：冠盛股份 公告编号：2025-040 1、因公司实施2022年度利润分配引起的调整 债券代码：111011 债券简称：冠盛转债 温州市冠盛汽车零部件集团股份有限公司关于"冠盛转债"转股数量累计达到转股前公司已发行股份总额 10%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： ●累计转股情况：截至2025年4月30日，累计共有295,589,000.00元"冠盛转债"已转换成公司股票，累计 转股数16,978,838股，占可转债转股前公司已发行股份总额的10.2409%。 ●未转股可转债情况：截至2025年4月30日，尚未转股的"冠盛转债"金额为人民币306,061,000，占冠盛转 债发行总量的比例为50.8703%。 一、可转债发行上市概况 （一）经中国证券监督管理委员会出具的《关于核准温州市冠盛汽车零部件集团股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]2865号）的核准，温州市冠盛汽车零部件集团 ...

关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2025/4/11 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 8,000万元~12,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | 累计已回购股数 | 8.6万股 | | 累计已回购股数占总股本比例 | 0.0467% | | 累计已回购金额 | 295.63万元 | | 实际回购价格区间 | 34.12元/股~34.66元/股 | 注:上述表格总股本按照 2025 年 4 月 30 日总股本（即 184,248,538 股）计算。 一、回购股份的基本情况 2025 年 4 月 10 日，公司召开 2025 年第一次临时董事会和 2025 年第一次临 时监事会，审议通过《关于以集中竞价交易方式回购公司股份的预案》，同意公司 ...

证券代码：605088 证券简称：冠盛股份 公告编号：2025-040 债券代码：111011 债券简称：冠盛转债 温州市冠盛汽车零部件集团股份有限公司 关于"冠盛转债"转股数量累计达到转股前 公司已发行股份总额 10%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： ●累计转股情况：截至 2025 年 4 月 30 日，累计共有 295,589,000.00 元"冠 盛转债"已转换成公司股票，累计转股数 16,978,838 股，占可转债转股前公司 已发行股份总额的 10.2409%。 ●未转股可转债情况：截至 2025 年 4 月 30 日，尚未转股的"冠盛转债"金 额为人民币 306,061,000，占冠盛转债发行总量的比例为 50.8703%。 一、可转债发行上市概况 （一）经中国证券监督管理委员会出具的《关于核准温州市冠盛汽车零部件 集团股份有限公司公开发行可转换公司债券的批复》（证监许可[2022]2865 号） 的核准，温州市冠盛汽车零部件集团股份有限公司（以下简称"公司"）于 2023 年 ...

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [1] Core Views - The company has shown strong revenue growth, with a 2025 Q1 revenue of 889 million yuan, representing an 18.65% year-on-year increase, and a net profit of 84 million yuan, up 26.84% year-on-year, exceeding market expectations [4][5] - The company is accelerating its solid-state battery business, having established a research institute in collaboration with Dongchi and is actively pursuing production capacity and overseas market expansion [7][8] - The company has signed a strategic agreement with Tianlian Robotics to develop specialized bearings for robots, enhancing its position in the robotics industry [9] Financial Performance and Forecast - The company’s revenue is projected to grow from 3,180 million yuan in 2023 to 7,379 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 22% [4] - Net profit is expected to increase from 284 million yuan in 2023 to 582 million yuan in 2027, with a notable growth rate of 28% in 2025 [4] - Earnings per share (EPS) is forecasted to rise from 1.55 yuan in 2023 to 3.18 yuan in 2027, reflecting strong profitability [4] Market Position and Competitive Advantage - The company has a limited dependency on the U.S. market, with only 17.3% of its revenue coming from the U.S., and has established a supply chain center in Malaysia to enhance its competitiveness [6] - The company’s solid-state battery technology is positioned as a leader in the industry due to its low cost, high safety, and long cycle life [7] - The strategic partnership with Tianlian Robotics is expected to strengthen the company's technical capabilities and open new markets in the robotics sector [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's Q1 2025 net profit exceeded expectations, with a year-on-year increase of 27% and a quarter-on-quarter increase of 9%. The revenue for Q1 2025 was 893 million yuan, representing a year-on-year growth of 19% but a quarter-on-quarter decline of 21% [1][3] - The solid-state battery business is expected to gradually reach production capacity starting mid-2026, while the robot bearing business is further expanding growth potential. The projected net profits for 2025-2027 are 394 million, 467 million, and 584 million yuan, respectively, with corresponding EPS of 2.15, 2.55, and 3.19 yuan, and PE ratios of 16, 13, and 11 times [3][4] Financial Performance Summary - In Q1 2025, the gross margin was 25.18%, a decrease of 1.2 percentage points year-on-year but an increase of 2.6 percentage points quarter-on-quarter. The net margin was 9.25%, with a year-on-year increase of 0.5 percentage points and a quarter-on-quarter increase of 2.6 percentage points [1][4] - The company’s total revenue is projected to grow from 3,180 million yuan in 2023 to 8,970 million yuan in 2027, with year-on-year growth rates of 8.1%, 26.4%, 21.5%, 36.3%, and 34.8% respectively [5] - The net profit attributable to the parent company is expected to increase from 284 million yuan in 2023 to 584 million yuan in 2027, with year-on-year growth rates of 19.5%, 4.8%, 32.1%, 18.6%, and 25.0% respectively [5] Business Development Summary - The company’s main business is progressing steadily, with limited impact from U.S. tariffs due to the unique position of the domestic auto parts aftermarket industry. North America accounts for approximately 23% of revenue, and the company has sufficient production capacity flexibility [4] - The semi-solid battery business is set to begin shipments in 2026, with a planned production capacity of 2.1 million cells and systems, which is expected to significantly enhance revenue and profit. The company has strategic partnerships for robot bearings to leverage market resources and sales channels [4][3]

注:上述表格总股本按照 2025 年 4 月 8 日总股本（即 183,157,724 股）计算。 一、回购股份的基本情况 2025 年 4 月 10 日，公司召开 2025 年第一次临时董事会和 2025 年第一次临 时监事会，审议通过《关于以集中竞价交易方式回购公司股份的预案》，同意公司 使用自有资金及自筹资金以集中竞价交易方式回购公司股份用于员工持股计划或 者股权激励，回购价格不超过人民币 56.05 元/股（含），回购资金总额不低于 8,000 万元（含）且不超过 12,000 万元（含），回购期限为自董事会审议通过回购股份 方案之日起 12 个月内。 证券代码：605088 证券简称：冠盛股份 公告编号：2025-039 温州市冠盛汽车零部件集团股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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： | 回购方案首次披露日 | 2025/4/11 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回 ...

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [1][12][19] - The first quarter financial statements are unaudited [2][5] - The company has implemented new accounting standards starting January 1, 2024, affecting the financial statements [4][6] Financial Data - The company reported significant changes in accounting data and financial indicators, with specific adjustments made to operating costs and sales expenses due to the new accounting policy [4][6] - The impact of the new accounting standards on the first quarter's operating costs was 7,427,258.86 yuan, while sales expenses were adjusted by the same amount [4] Shareholder Information - The company has confirmed the total number of shareholders and the status of major shareholders, although specific details were not disclosed in the provided documents [3] Meeting Proceedings - The second temporary supervisory board meeting was held on April 28, 2025, where the first quarter report was approved unanimously by all attending supervisors [7][8][9] - The second temporary board meeting also took place on April 28, 2025, with all directors present, and the first quarter report was approved unanimously [13][16][17]