上海市广发律师事务所 关于上海先惠自动化技术股份有限公司 上海市广发律师事务所 关于上海先惠自动化技术股份有限公司 2023 年股票期权激励计划相关事项的 法律意见 电话：021-58358013 | 传真：021-58358012 网址：http://www.gffirm.com | 电子信箱：gf@gffirm.com 办公地址：上海市浦东新区南泉北路 429 号泰康保险大厦 26 楼 | 邮政编码：200120 2023 年股票期权激励计划相关事项的 法律意见 致：上海先惠自动化技术股份有限公司 上海市广发律师事务所（以下简称"本所"）接受上海先惠自动化技术股份 有限公司（以下简称"公司"）的委托，作为其实行 2023 年股票期权激励计划事 项（以下简称"本次股权激励计划"）的专项法律顾问，就本次股权激励计划所 涉行权价格的调整事项（以下简称"本次调整事项"）、本次股权激励计划首次授 予股票期权第一个行权期行权条件成就（以下简称"本次行权事项"）及注销部 分股票期权（以下简称"本次注销事项"）的相关事宜，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 ...

Summary of Solid-State Battery Industry Research Update Industry Overview - The solid-state battery industry is experiencing significant advancements, particularly in the development of sulfide solid-state batteries, which are favored for their superior conductivity compared to oxide alternatives. Major companies like CATL and BYD are actively pursuing the sulfide route, accelerating product launches and industry progress [1][5][7]. Key Points Cost Reduction Potential - Solid-state batteries have substantial cost reduction potential by utilizing higher voltage platforms and higher capacity electrode materials. For instance, CATL's next-generation solid-state battery may achieve 500 Wh/kg, which could reduce material consumption by 60% compared to current lithium iron phosphate batteries [2][5]. Market Trends - The solid-state battery technology is transitioning from pilot to mass production, with automotive-grade batteries reaching a 60 Ah application state, indicating readiness for road testing and commercial production. CATL and BYD are expected to undergo mid-term assessments by the Ministry of Industry and Information Technology and the Ministry of Finance in September 2025 [1][8]. Sulfide Electrolyte Development - The sulfide electrolyte technology is rapidly evolving, with several companies showcasing products with conductivity nearing that of liquid electrolytes. Companies like Ruigu New Materials, Yuyuan Tianci, and Solid State Technology are leading in this field, with a 300 kg production line already operational [1][9][10]. Production Techniques - Various production techniques for sulfide electrolytes are being explored, including liquid-phase, solid-phase, carbothermal reduction, and CVD methods. The CVD method, used by Xiamen Tungsten New Energy, is noted for its potential to achieve low-cost production [1][11]. Equipment Market - Key players in the solid-state battery equipment market include Honggong Technology and Nacronor, focusing on material automation processing and rolling equipment, respectively. Investment in solid-state battery sectors should prioritize sulfide electrolyte materials and related equipment [3][12]. Investment Recommendations - Investment opportunities should focus on companies involved in sulfide electrolyte materials and related equipment, such as Xiamen Tungsten New Energy, Guanghua Technology, and Yuyuan New Materials, which show significant growth potential and reasonable valuations [3][13][14]. Industry Challenges - Smaller battery companies face challenges in leveraging solid-state technology due to strict electrochemical laws, making it difficult to achieve breakthroughs without substantial technological advancements [4]. Future Outlook - The solid-state battery industry is currently transitioning from small-scale trials to mid-scale production, with expectations for increased product output and capacity expansion in the coming year [15]. Notable Company Developments - Xiamen Tungsten is expected to achieve significant performance improvements in its lithium cobalt oxide products, while Yuyuan New Materials has made rapid advancements in high-purity lithium sulfide production, collaborating closely with major clients like CATL and Huawei [21][22][23]. Emerging Players - Companies like Sanxiang New Materials in the halide electrolyte sector are also showing promise, with significant growth expected in the coming years if breakthroughs are achieved [24][25]. Conclusion - The solid-state battery industry is poised for rapid growth, driven by advancements in sulfide technology and increasing investments in production capabilities. Key players are well-positioned to capitalize on these trends, making it a compelling area for investment.

截至2025年5月23日收盘，先惠技术（688155）报收于39.24元，较上周的41.12元下跌4.57%。本周，先 惠技术5月21日盘中最高价报41.64元。5月23日盘中最低价报39.18元。先惠技术当前最新总市值49.07亿 元，在电池板块市值排名62/95，在两市A股市值排名2896/5148。 公司公告汇总 本周关注点 上海先惠自动化技术股份有限公司发布了股东减持股份计划公告。晶徽投资持有公司股份2,590,000股， 占公司总股本的2.07%，晶徽投资及其一致行动人合计持有公司股份59,637,528股，占公司总股本的 47.69%；精绘投资持有公司股份2,527,000股，占公司总股本的2.02%。晶徽投资拟通过集中竞价、大宗 交易方式减持公司股份不超过647,500股，即不超过其所持公司股份的25%，不超过公司总股本的 0.52%，减持期间为公告披露之日起十五个交易日后的3个月内。精绘投资拟减持公司股份不超过 631,750股，即不超过其所持公司股份的25%，不超过公司总股本的0.51%，减持期间相同。减持价格按 市场价格确定，若公司发生派息、送股等事项，将根据股本变动对减持数量进行调整。公 ...

证券代码：688155 证券简称：先惠技术 公告编号：2025-033 上海先惠自动化技术股份有限公司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、准确性和完整性依法承担法律责任。 重要内容提示： ? 是否涉及差异化分红送转：否 ? 每股分配比例 每股现金红利0.30元 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本125,050,244股为基数，每股派发现 金红利0.30元（含税），共计派发现金红利37,515,073.20元。 三、 相关日期 股权登记日 除权（息）日 现金红利发放日 ? 相关日期 四、 分配实施办法 股权登记日 除权（息）日 现金红利发放日 一、 通过分配方案的股东会届次和日期 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统 向股权登记日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了 指定交易的股东派发。已办理指定交易的投资者可于红利发 ...

证券代码：688155 证券简称：先惠技术 公告编号：2025-033 上海先惠自动化技术股份有限公司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、准确性和完整性依法承担法律责任。 重要内容提示： 每股现金红利0.30元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/23 | 2025/5/26 | 2025/5/26 | 是否涉及差异化分红送转：否 每股分配比例 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 8 日的2024年年度股东会审议通过。 3. 分配方案： 本次利润分配以方案实施前的公司总股本125,050,244股为基数，每股派发现 金红利0.30元（含税），共计派发现金红利37,515,073.20元。 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/23 | 2 ...

Core Viewpoint - The announcement details the planned share reductions by major shareholders of Xianhui Technology due to personal funding needs, with specific limits on the number of shares to be sold and the timeframe for these transactions [1][2]. Group 1: Shareholder Actions - Shanghai Jinghui Investment intends to reduce its holdings by up to 647,500 shares, representing 25% of its holdings and 0.52% of the total share capital of Xianhui Technology [1]. - Shanghai Jinghui Investment will execute the share reduction through centralized bidding and block trading within three months after the announcement, with limits on the number of shares sold in any 90-day period [1]. - Shanghai Jinghui Investment currently holds 2,590,000 shares, accounting for 2.07% of the total share capital of Xianhui Technology [2]. Group 2: Shareholder Commitments - The controlling shareholders, Pan Yanqing and Wang Yinglin, have committed not to participate in the share reduction by Jinghui Investment, holding a combined total of 404,600 shares, which is 0.32% of the total shares [2]. - The total shares held by Jinghui Investment and its concerted actions amount to 59,637,528 shares, representing 47.69% of the total share capital [2]. Group 3: Company Financials - Xianhui Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 11, 2020, with an initial public offering of 18,910,000 shares at a price of 38.77 yuan per share [3]. - The total funds raised from the IPO amounted to 733.14 million yuan, with a net amount of 642.60 million yuan, exceeding the original plan by 243.20 million yuan [3]. - The company plans to use the raised funds for high-end intelligent manufacturing equipment research and development, as well as to supplement working capital [3]. Group 4: Future Fundraising - Xianhui Technology has received approval to issue 12,645,467 shares at a price of 50.01 yuan per share in 2024, aiming to raise approximately 632.40 million yuan [4]. - After deducting issuance costs, the net amount raised is expected to be around 619.67 million yuan, with all funds already in place [4]. - The total amount raised from both the IPO and the upcoming issuance is calculated to be 1.37 billion yuan [5].

Group 1: Stock Trading Anomalies - Chengfei Integration reported severe abnormal stock fluctuations, indicating a potential market sentiment overheating, with 96.91% of revenue from automotive parts and tooling, and only 1.74% from aerospace components [3] - Lijun Co. noted short-term market sentiment overheating in its stock, attributed to increased attention on military aircraft-related stocks due to geopolitical changes [4][5] - Yuzhong A stated that its stock has seen significant short-term gains, but there have been no major changes in its operational environment [8] Group 2: Risk Warnings and Suspensions - Zitian Technology received a delisting risk warning due to false financial reporting, with a deadline for rectification that was not met, leading to a potential delisting [6] - ST Mingjia announced the removal of its delisting risk warning but will continue to face other risk warnings, with a temporary suspension of trading [7] - ST Shengda's stock will be suspended for one day before resuming trading after the removal of other risk warnings [11] Group 3: Mergers and Acquisitions - Guangyang Co. is planning to acquire 100% of Ningbo Yinqiu Technology, leading to a suspension of its stock trading [9] - Electric Power Investment is also planning to acquire shares in Baiyin Hua Coal Power, with its stock set to resume trading [10] Group 4: Shareholder Reductions - Ruiling Co.'s controlling shareholder plans to reduce its stake by up to 3%, with specific figures provided for individual executives [13] - New Meixing's controlling shareholder intends to reduce its stake by up to 3% as well [14] - Yujian Intelligent's actual controllers plan to collectively reduce their stake by up to 2.99% [15] Group 5: Major Contracts - Qunxing Toys announced a 113 million yuan contract with Tencent for providing computing power services [23]

Summary of Key Points Core Viewpoint - The announcement details the share reduction plans of major shareholders of Shanghai Xianhui Automation Technology Co., Ltd, specifically focusing on the shareholding structure and the reasons for the planned reductions due to personal funding needs [1][2][4]. Shareholder Holding Situation - As of the announcement date, Shanghai Jinghui Investment Partnership holds 2,590,000 shares, accounting for 2.07% of the total share capital. Together with its concerted actions, they hold a total of 59,637,528 shares, representing 47.69% of the total share capital [1][2]. - Shanghai Jinghui Investment and Shanghai Jinghui Investment Consulting hold 2,527,000 shares, which is 2.02% of the total share capital [1][3]. Reduction Plans - Jinghui Investment plans to reduce its holdings by up to 647,500 shares, which is 25% of its holdings and 0.52% of the total share capital, through centralized bidding and block trading within three months starting from fifteen trading days after the announcement [1][4]. - Jinghui Investment's reduction will be limited to a maximum of 1% of the total shares through centralized bidding and 2% through block trading over any consecutive 90-day period [1][4]. - Jinghui Investment has committed not to participate in this reduction, as confirmed by the controlling shareholders [1][2]. Additional Reduction Plans - Jinghui Investment Consulting plans to reduce its holdings by up to 631,750 shares, which is also 25% of its holdings and 0.51% of the total share capital, under similar conditions as Jinghui Investment [2][4]. - The reduction will also occur through centralized bidding and block trading, with the same limitations on the number of shares that can be reduced over specified periods [2][4]. Compliance and Commitments - Both shareholders have made commitments to comply with relevant regulations regarding share reductions, including adhering to the rules set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [5][6]. - The shareholders have also agreed to specific conditions regarding the timing and manner of their share reductions to ensure compliance with legal requirements [5][6].

证券代码：688155 证券简称：先惠技术 公告编号：2025-032 上海先惠自动化技术股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 股东持股的基本情况 截至本公告披露日，上海晶徽投资合伙企业（有限合伙）（以下简称"晶徽 投资"）持有公司股份 2,590,000 股，占公司总股本的 2.07%。晶徽投资及其一致 行动人王颖琳女士、潘延庆先生、奚挹清女士、上海晶流投资咨询有限公司（以 下简称"晶流投资"）合计持有公司股份 59,637,528 股，占公司总股本的 47.69%。 截至本公告披露日，上海精绘投资咨询有限公司（以下简称"精绘投资"） 持有公司股份 2,527,000 股，占公司总股本的 2.02%。 上述股份来源于公司首次公开发行前持有的股份、公司实施权益分派以资本 公积金转增股本所取得的股份，上述首发限售股份已分别于 2021 年 8 月 11 日、 2023 年 8 月 11 日起解除限售并上市流通。 减持计划的主要内容 因自身资金需求，晶徽 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 54.40 CNY over the next six months [1][7][8]. Core Insights - The company achieved a revenue of 2.464 billion CNY in 2024, reflecting a year-on-year growth of 0.6%, and a net profit attributable to shareholders of 223 million CNY, which represents a significant increase of 458.2% [1][2]. - The solid-state battery business is expected to enter a harvest phase, with the company having established a framework agreement with Qingtao Energy for long-term cooperation in the development and industrialization of core equipment for solid-state batteries [7][8]. - The company’s overseas orders are increasing, with 68.03% of new orders coming from international projects, which is expected to enhance profit margins [7][8]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 521 million CNY, a year-on-year increase of 6.5%, and a net profit of 58 million CNY, up 20.5% year-on-year [1][2]. - The gross profit margin for 2024 was 25.3%, with a net profit margin of 12.7%, showing improvements in profitability [7]. - The forecast for 2025-2027 indicates revenues of 3.17 billion CNY, 3.97 billion CNY, and 4.7 billion CNY respectively, with corresponding EPS of 2.72 CNY, 3.87 CNY, and 4.86 CNY [2][8]. Business Segment Analysis - The revenue from the new energy vehicle automation equipment is projected to grow significantly, with expected revenues of 1.4 billion CNY in 2025, 2.1 billion CNY in 2026, and 2.73 billion CNY in 2027, alongside an increase in gross margin to 35% [8]. - The company’s market share in power battery structural components is expected to remain stable, with revenues projected at 1.7 billion CNY in 2025 [8]. Valuation Metrics - The report estimates a dynamic PE ratio of 16 for 2025, 11 for 2026, and 9 for 2027, indicating a favorable valuation compared to industry peers [2][8]. - The company’s total market capitalization is approximately 5.332 billion CNY, with a total asset value of 5.482 billion CNY [5].