Fundraising Overview - The company has issued 27,264,325 shares at a price of RMB 32.46 per share, raising a total of RMB 884,999,989.50, with a net amount of RMB 870,487,724.31 after deducting issuance costs [1][2] - The funds were received on September 25, 2025, and verified by an accounting firm [1] Fund Management and Regulatory Agreement - The company established a special account for fundraising and signed a tripartite supervision agreement with banks and the sponsor, CITIC Securities, on October 14, 2025 [2][4] - The agreement aims to regulate the management and use of the raised funds, ensuring investor protection [4][5] Special Account Details - The special account is designated solely for the "automobile wiring harness production project" and "supplementing working capital" [5] - The account will not be used for other purposes, and any deposits must be reported to the sponsor [5][6] Supervision and Reporting - The sponsor is responsible for supervising the use of the raised funds and must conduct at least biannual inspections [6][7] - Monthly account statements will be provided to the company and the sponsor [7] Change in Supervisory Representative - The company announced a change in the supervisory representative from CITIC Securities due to the previous representative's job change [10][11] - The new representative, Chen Qiang, will continue to oversee the management and use of the remaining funds from the 2022 non-public offering [11][12]

证券日报网讯 10月14日晚间，沪光股份发布公告称，公司近日收到中信建投证券股份有限公司（简 称"中信建投"）《关于更换昆山沪光汽车电器股份有限公司2022年非公开发行股票持续督导保荐代表人 的函》，原2022年非公开发行股票项目的持续督导保荐代表人孙林先生因工作变动，无法继续履行保荐 代表人职责。为切实做好持续督导工作，中信建投指派保荐代表人陈启强先生接替孙林先生继续担任公 司2022年非公开发行股票项目的持续督导保荐代表人，继续履行持续督导职责。 （文章来源：证券日报） ...

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。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意昆山沪光汽车电器股份有限公司向特 定对象发行股票注册的批复》（证监许可[2025]140 号）批复，昆山沪光汽车电器 股份有限公司（以下简称"公司"）向特定对象发行人民币普通股（A 股）27,264,325 股，每股发行价格为人民币 32.46 元/股，募集资金总额为人民币 884,999,989.50 元，扣除各项发行费用人民币 14,512,265.19 元（不含税）后，本次募集资金净 额为人民币 870,487,724.31 元。上述募集资金已于 2025 年 9 月 25 日到账，立信 会计师事务所（特殊普通合伙）对本次发行的资金到位情况进行了审验，并于出 具了信会师报字[2025]第 ZB11709 号《验资报告》。 昆山沪光汽车电器股份有限公司 关于签署募集资金专户存储三方监管协议的公告 证券代码：605333 证券简称：沪光股份 公告编号：2025-057 二、募集资金专户的开立及《募集资金专户存储三方监管协议 ...

本次保荐代表人变更后，公司 2022 年非公开发行股票项目的持续督导保荐 代表人为王辉先生和陈启强先生，对公司剩余募集资金管理及使用情况进行持续 督导，直至 2022 年非公开发行股票募集资金使用完毕。 特此公告。 昆山沪光汽车电器股份有限公司董事会 证券代码：605333 证券简称：沪光股份 公告编号：2025-058 昆山沪光汽车电器股份有限公司 关于变更持续督导保荐代表人的公告 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。 昆山沪光汽车电器股份有限公司（以下简称"沪光股份"或"公司"）2022 年非公开发行股票项目的保荐机构为中信建投证券股份有限公司（以下简称"中 信建投"），中信建投指派王辉先生、孙林先生担任公司 2022 年非公开发行股票 项目的保荐代表人，原持续督导期至 2023 年 12 月 31 日。由于公司 2022 年非公 开发行股票的募集资金尚未使用完毕，中信建投继续对公司剩余募集资金管理及 使用情况负持续督导责任。 公司近日收到中信建投《关于更换昆山沪光汽车电器股份有限公司 2022 年 非公开发行股 ...

Group 1 - On October 13, brokerages set target prices for listed companies, with notable increases for Fuliwang, Huguang Co., and Nengke Technology, showing target price increases of 34.45%, 33.69%, and 30.03% respectively, across the consumer electronics, automotive parts, and IT services industries [1] - A total of 17 listed companies received brokerage recommendations on October 13, including Nanjing Steel, Wumart New Energy, and Lianhua Technology, each receiving one recommendation [2] - Northeast Securities upgraded the rating of Xinyi Chang from "Hold" to "Buy" on October 13 [2] Group 2 - Tianfeng Securities downgraded the rating of Hualu Hengsheng from "Buy" to "Hold" on October 13 [3] - On October 13, brokerages initiated coverage on 7 companies, with Nanjing Steel receiving an "Accumulate" rating from Industrial Securities, and Huguang Co. receiving a "Buy" rating from Everbright Securities [4][5] - The newly covered companies include Nanjing Steel, Kaishan Co., Fuliwang, Huguang Co., Shanghai Yizhong, SMIC, and Yingshi Innovation, with ratings ranging from "Accumulate" to "Buy" across various industries [5]

Group 1: Industry Research - The urgency for software autonomy is increasing due to external uncertainties, with three investment themes suggested: 1) Industrial software such as EDA/CAD, with a focus on companies like Zhongwang Software and Huada Jiutian; 2) Basic software like databases and operating systems, recommending Taiji Co. and suggesting attention to Dameng Database and China Software; 3) Application software including office software and industrial AI, recommending Youfu Network and Bosi Software, while suggesting attention to Kingsoft Office and others [1] Group 2: Company Research - Hu Guang Co. is recognized as a leading player in automotive wiring harnesses, with strategic expansion underway. The company is expected to benefit from partnerships with major new energy vehicle manufacturers and the release of popular new models. Projected net profits for Hu Guang Co. are estimated at 834 million yuan, 1.172 billion yuan, and 1.386 billion yuan for 2025E, 2026E, and 2027E respectively, with a target price set at 48.45 yuan, corresponding to an 18x PE for 2026E [2] Group 3: Company Research - Meitu Inc. demonstrated stable fundamentals during its 2025 Investor Day, with AI enhancements driving product capabilities and accelerating subscription user growth. Adjusted net profit forecasts for Meitu Inc. are 960 million yuan, 1.24 billion yuan, and 1.52 billion yuan for 2025-2027, maintaining a "buy" rating [3]

Core Viewpoint - The article highlights the strategic expansion and competitive advantages of Hu Guang Co., a leading automotive wiring harness manufacturer, in the context of the electric and intelligent vehicle market transformation [4][6]. Group 1: Industry Trends - The shift towards electrification is driving new demand for high-voltage wiring harnesses, with the unit value of wiring harnesses for new energy vehicles expected to exceed 5,000 yuan, and the 800V high-voltage fast charging technology may further enhance wiring harness technology and demand [5]. - The intelligentization trend is increasing the number of sensors, ECUs, and in-vehicle electrical components, leading to a rise in low-voltage wiring harness usage and the need for high-speed data transmission. The domestic passenger car wiring harness market is projected to reach 165.9 billion yuan by 2027, with a CAGR of 14.9% from 2023 to 2027 [5]. Group 2: Company Competitive Advantages - Hu Guang Co. has established strong ties with leading new energy vehicle manufacturers, with over 50% of its 2024 sales revenue expected to come from clients like Seres, NIO, and SAIC, which will drive the continuous expansion of its new energy business [6]. - The company boasts industry-leading smart manufacturing capabilities, enhancing economic efficiency, and is expanding its production capacity both domestically and internationally to better support OEMs [6]. - The ongoing optimization of the customer structure and the push for globalization are expected to contribute to sustained growth in the company's core business [6]. Group 3: Business Expansion Strategies - Starting in 2023, the company is leveraging its core business strengths to expand into other areas, including upstream connectors, with high-voltage connectors already being deployed in clients like Seres and SAIC, thereby enhancing its integrated supply capabilities and profitability [7]. - The company is also diversifying horizontally into emerging fields such as drones, operational unmanned vehicles, and robotics, creating a "1+N" layout for future growth [7].

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of 48.45 yuan, corresponding to an 18x PE for 2026E [3][12]. Core Insights - The company is a leading player in the automotive wiring harness sector, focusing on R&D, manufacturing, and sales for 28 years, with a strategic expansion into high-voltage harnesses and new energy vehicles [1][21]. - The shift towards electric and intelligent vehicles is expected to drive demand for high-voltage wiring harnesses, with the per-vehicle value projected to exceed 5,000 yuan [1][3]. - The company is enhancing its competitive edge through optimized customer structure, advanced smart manufacturing capabilities, and ongoing global expansion [2][10]. Summary by Sections Company Overview - The company has established itself as a leader in automotive wiring harnesses, expanding its product line from single harnesses to complete vehicle harness systems [21]. - It has successfully entered the supply chains of major automotive manufacturers, including Volkswagen and Daimler [21][22]. Business Growth and Opportunities - The company is experiencing rapid growth in its new energy vehicle segment, with a projected CAGR of 50.8% in revenue from 2020 to 2024 [46]. - The introduction of high-voltage harnesses is expected to significantly increase revenue and profit margins, with a forecasted net profit of 6.7 billion yuan in 2024, reflecting a 1139.2% year-on-year increase [46][54]. Financial Projections - The company’s revenue is expected to reach 9.72 billion yuan in 2025, with a net profit of 834 million yuan, indicating a 24.4% growth rate [4][12]. - The report anticipates a steady improvement in profitability, with gross margins expected to rise due to economies of scale and stabilization of raw material prices [54][56]. Competitive Advantages - The company has a strong customer base, with over 50% of its sales in 2024 coming from leading new energy vehicle manufacturers [2][10]. - Its advanced smart manufacturing capabilities are expected to enhance economic efficiency and support long-term growth [2][3]. Market Trends - The domestic passenger car wiring harness market is projected to grow to 165.9 billion yuan by 2027, with a CAGR of 14.9% from 2023 to 2027 [1][3]. - The increasing complexity of automotive architectures and the rise in data transmission needs are driving demand for more sophisticated wiring solutions [1][3].

Group 1 - The core point of the news is that Hu Guang Co., Ltd. experienced a 5.02% decline in stock price, closing at 35.97 yuan per share, with a total market capitalization of 15.711 billion yuan [1] - Hu Guang Co., Ltd. is primarily engaged in the research, production, and sales of automotive high and low voltage wiring harnesses, with 95.88% of its revenue coming from automotive wiring harnesses and 4.12% from automotive parts and others [1] - The company was established on March 31, 1997, and went public on August 18, 2020 [1] Group 2 - According to data, Guangfa Fund holds a significant position in Hu Guang Co., Ltd., with Guangfa Hengyu Mixed A Fund (009956) owning 40,000 shares, representing 1.3% of the fund's net value, making it the eighth largest holding [2] - The estimated floating loss for the fund today is approximately 76,000 yuan [2] - Guangfa Hengyu Mixed A Fund was established on December 8, 2020, with a current scale of 82.2359 million yuan and has achieved a year-to-date return of 8.56% [2] Group 3 - The fund manager of Guangfa Hengyu Mixed A Fund is Tan Changjie, who has a tenure of 13 years and 90 days [3] - The total asset size of the fund is 2.472 billion yuan, with the best return during his tenure being 92.23% and the worst return being -3.04% [3]

Group 1 - The core point of the news is that Hu Guang Co., Ltd. experienced a 5.02% decline in stock price, reaching 35.97 CNY per share, with a total market capitalization of 15.711 billion CNY [1] - Hu Guang Co., Ltd. is primarily engaged in the research, production, and sales of automotive high and low voltage wiring harnesses, with 95.88% of its revenue coming from automotive wiring harnesses and 4.12% from automotive parts and others [1] Group 2 - The Hongyi Yuanfang Fund holds a significant position in Hu Guang Co., Ltd., with 100,000 shares representing 3.61% of the fund's net value, making it the ninth largest holding [2] - The Hongyi Yuanfang Automotive Industry Upgrade Mixed A Fund (015527) has achieved a year-to-date return of 50.52% and a one-year return of 49.2%, ranking 1064 out of 8234 and 1104 out of 8083 respectively [2] - The fund manager, Wang Zheyu, has been in position for 1 year and 76 days, with the best fund return during his tenure being 79.58% [2]