证券代码：688326 证券简称：经纬恒润 公告编号：2025-037 北京经纬恒润科技股份有限公司 2023 年限制性股票激励计划部分激励对象所持已获授但尚 未解除限售的限制性股票回购注销实施公告 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、准确性和完整性依法承担法律责任。 重要内容提示： | 回购股份数量 | 注销股份数量 | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 股 8,320 | 股 8,320 | 年 月 日 | 2025 | 7 | 30 | 一、本次限制性股票回购注销的决策与信息披露 2、2025 年 5 月 27 日，公司召开了 2024 年年度股东会，审议通过了《关于 1 1、2025 年 4 月 25 日，北京经纬恒润科技股份有限公司（以下简称"公司"） 分别召开第二届董事会第十三次会议、第二届监事会第十次会议，审议通过了《关 于回购注销 2023 年限制性股票激励计划部分激励对象所持已获授但尚未解除限 售的限制性股票的议案》。根据《上市公司股权激励管理办法》（以下 ...

北京观韬律师事务所 关于北京经纬恒润科技股份有限公司 2023年限制性股票激励计划部分激励股份回购注销实施情况的 法律意见书 观意字2025BJ001803号 致：北京经纬恒润科技股份有限公司 本所及本所律师依据《证券法》《律师事务所证券法律业务执业规则（试行）》 等规定及本法律意见书出具之日以前已经发生或者存在的事实发表法律意见。 本法律意见书仅就公司本次回购注销实施情况涉及的法律事宜依法发表法 律意见，不对涉及的股票价值、考核标准等问题的合理性以及会计、财务、审计、 验资等非法律专业事项发表意见。本所在本法律意见书中对有关财务数据或结论 的引述，不应视为本所对这些数据、结论的真实性和准确性作出任何明示或默示 的保证。 北京观韬律师事务所（以下简称"本所"）接受北京经纬恒润科技股份有限 公司（以下简称"经纬恒润"或"公司"）的委托，就公司 2023 年限制性股票 激励计划部分激励股份回购注销（以下简称"本次回购注销"）的实施情况出具 本法律意见书。 本所律师依据《中华人民共和国公司法》《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办 法》"）、《上海证券 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].

Investment Rating - The report initiates coverage with a "Hold" rating for the company [6][4]. Core Views - The company is experiencing structural improvements in its main business, with significant growth in revenue driven by the transition from traditional body control modules to body zone controllers (ZCU) and the addition of new clients in the smart vehicle sector [1][3]. - The reduction in R&D expenses and capital expenditures, alongside increased revenue scale, is identified as a key factor for the company's profitability turning point [2][29]. - Future growth points are anticipated in the body domain and intelligent driving domain, with the company positioned well in the ZCU market and achieving significant market share in the ADAS sector [3][41]. Summary by Sections Company Overview - The company has been a leading automotive electronics manufacturer in China since its establishment in 2003, focusing on automotive software and electronic systems [14]. - The ownership structure is stable, with a significant portion held by the founder, ensuring strategic continuity [17]. Customer Structure - The company has optimized its customer base, now including both traditional OEMs and emerging players like Xiaomi and Xpeng, enhancing its market position [21]. Financial Analysis - The company has shown steady revenue growth, with a projected revenue of 69.97 billion yuan in 2025, reflecting a year-on-year growth of 26.27% [4][52]. - The gross margin is expected to stabilize around 21.85% in 2025, with improvements anticipated as the company scales its operations [50]. Product Development and Market Position - The transition from distributed body control modules to integrated ZCU systems is expected to enhance revenue potential due to increased value per vehicle [35][36]. - The company has successfully penetrated the ADAS market, achieving a market share of over 10% in Q1 2025, positioning it as a leading domestic Tier 1 supplier [41][42]. Profitability Forecast - The company is projected to achieve net profits of 0.17 billion yuan in 2025, with earnings per share (EPS) expected to rise to 0.15 yuan [4][52]. - The report highlights that the company's profitability is under pressure due to high R&D investments, but these are expected to yield returns as the business grows [27][33].

Group 1: Jingwei Hengrun - Jingwei Hengrun's high-level intelligent driving solutions have seen the launch of the Longgong Port Phase III project, which operates 24/7, significantly enhancing port operational efficiency [1] - The third-generation heavy-duty autonomous special vehicles (HAV) are equipped with Beidou high-precision positioning and 5G communication technology, featuring multiple steering modes and high-precision control systems [1] - Key growth drivers for 2025 include automotive electronics, R&D services, and comprehensive solutions for high-level intelligent driving [1] Group 2: Haitai Ruisheng - Haitai Ruisheng's revenue growth is primarily driven by the rapid iteration of multimodal large models and accelerated industry application penetration [2] - The company possesses a natural advantage in extending data services to downstream applications and is actively exploring the transformation of data advantages into model optimization capabilities [2] - Core growth points for 2025 include the rapid evolution of multimodal AI technology, deep application of AI in vertical industries, and increased overseas revenue from new data delivery systems in Southeast Asia [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.24 CNY, based on an expected transition from loss to profit by 2025 [2][5]. Core Insights - The company is expected to achieve a significant reduction in quarterly losses, with a focus on expanding its smart driving business and acquiring new customers and products [1][9]. - Revenue and profit forecasts have been adjusted, with projected EPS for 2025-2027 at 0.21, 2.08, and 3.16 CNY respectively, indicating a positive growth trajectory [2][4]. Financial Performance Summary - **Revenue**: The company is projected to generate revenues of 4,678 million CNY in 2023, increasing to 10,206 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.5% [4][12]. - **Net Profit**: The company is expected to transition from a net loss of 217 million CNY in 2023 to a net profit of 379 million CNY by 2027, with significant year-on-year growth rates [4][12]. - **Gross Margin**: The gross margin is expected to stabilize around 24.1% by 2027, after a slight decline in the earlier years due to market competition [4][9]. - **Earnings Per Share (EPS)**: EPS is projected to improve from -1.81 CNY in 2023 to 3.16 CNY in 2027, indicating a strong recovery [4][12]. Business Segment Insights - **Automotive Electronics**: The automotive electronics segment is anticipated to grow significantly, with revenues expected to reach 44.06 billion CNY in 2024, driven by new product launches and customer acquisitions [9]. - **R&D Services**: The R&D services and solutions segment is projected to see a decline in revenue in 2024 but is expected to recover as the company engages with overseas clients [9][12]. Valuation Comparison - The report compares the company's valuation with peers, indicating an average PE ratio of 53 times for comparable companies in 2026, suggesting a premium valuation for the company [2][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.24 CNY, based on an expected transition from loss to profit by 2025 [2][5]. Core Insights - The company is expected to achieve a significant reduction in quarterly losses, with a focus on expanding its smart driving business and acquiring new customers and products [1][9]. - Revenue and profit forecasts have been adjusted, with projected EPS for 2025-2027 at 0.21, 2.08, and 3.16 CNY respectively, indicating a positive growth trajectory [2][4]. Financial Performance Summary - **Revenue**: Projected revenues are expected to grow from 4,678 million CNY in 2023 to 10,206 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.5% [4][12]. - **Net Profit**: The company is forecasted to transition from a net loss of 217 million CNY in 2023 to a net profit of 379 million CNY by 2027, with significant year-on-year growth rates [4][12]. - **Gross Margin**: The gross margin is expected to stabilize around 24.1% by 2027, after a slight decline in the earlier years due to market competition [4][9]. - **Earnings Per Share (EPS)**: EPS is projected to improve from a loss of 1.81 CNY in 2023 to a profit of 3.16 CNY by 2027, indicating a strong recovery [4][12]. Business Segment Insights - **Automotive Electronics**: The automotive electronics segment is anticipated to grow significantly, with revenues expected to reach 44.06 billion CNY in 2024, driven by new product launches and customer acquisitions [9]. - **R&D Services**: The R&D services and solutions segment is projected to see a decline in revenue in 2024 but is expected to recover as overseas clients show increased interest in domestic supply chains [9][12].

Group 1 - Star Stone Investment recently conducted research on a listed company, specifically focusing on Jingwei Hengrun, which has a dedicated institution for robot research and is advancing smart robots and smart warehousing [1] - Jingwei Hengrun is collaborating with Baixiniu on Robovan to promote the commercial rollout of unmanned vehicles for last-mile logistics [1] - The company has initiated L4 level fully unmanned driving operations at ports and plans to expand to public road scenarios, including point-to-point unmanned cargo transportation and Robobus microcirculation [1] - The decline in overall gross margin is primarily due to the rapid growth of the automotive electronics business, with new products being mass-produced for companies like Xiaomi, Xpeng, and Geely, driven by trends in the automotive industry [1] Group 2 - Star Stone Investment, established in 2007, is one of the top private equity fund management companies in China and a pioneer in the private equity sector [2] - The company has received numerous awards, including being the first Chinese private equity firm to win the Morningstar China Hedge Fund Award and to be included in the MSCI Global Hedge Fund Index [2] - Star Stone Investment focuses on long/short equity strategies and has built a strong research team of 40 professionals, employing a multi-faceted driving factor investment approach for comprehensive industry coverage [2] - The investment decision-making process is led by a committee, with nine fund managers collaboratively managing all products to identify high-quality investment targets [2] - The firm emphasizes compliance and risk control, establishing a rigorous compliance framework that integrates risk management throughout the investment research process [2]

Group 1 - The core opinion of the article is that the legal opinion letter confirms the legality and validity of the procedures and results of the 2024 annual shareholders' meeting of Beijing Jingwei Hengrun Technology Co., Ltd. [1][16] - The meeting was convened in accordance with relevant laws, regulations, and the company's articles of association, with proper notice given to shareholders [2][16] - A total of 59 shareholders participated in the meeting, holding 114,194,378 voting rights, which represents 99.9730% of the valid voting rights [4][6] Group 2 - The meeting included various agenda items, such as the approval of the 2024 annual report, board and supervisory board work reports, and financial reports [7][8] - The voting results showed overwhelming support for the proposals, with most receiving over 99% approval from attending shareholders [6][10] - Specific proposals included the repurchase of restricted stock, changes to registered capital, and the reappointment of the accounting firm, all of which were approved by a significant majority [15][16]

证券代码：688326 证券简称：经纬恒润 公告编号：2025-035 北京经纬恒润科技股份有限公司 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： ? 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 27 日 （二） 股东大会召开的地点：北京市朝阳区酒仙桥路 14 号 1 幢 C3-4 层会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 普通股股东人数 58 特别表决权股东人数 1 普通股股东所持有表决权数量 44,756,780 特别表决权股东所持有表决权数量（每份特别表决权股份的表决 权数量为：6） （%） 普通股股东所持有表决权数量占公司表决权数量的比例（%） 29.3419 特别表决权股东所持有表决权数量占公司表决权数量的比例（%） 45.5425 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由公司董事会召集，现场会议由公司董事长吉英存先生主持。会议 采 ...