Core Viewpoint - Huayang Group Tiancheng Company is innovating its sales and service model by implementing a comprehensive "solution-based sales" system and a "menu-style supply" approach, enhancing service quality and contributing to high-quality development for enterprises [1][2]. Group 1: Solution-Based Sales System - The company has established a systematic model for procurement, which includes "storage and transportation reporting - market procurement - operational pricing," ensuring a low-cost and high-efficiency procurement loop [2]. - The standardization of "segregated storage and dynamic allocation" in coal yard management allows for quick responses to customer needs, supported by real-time monitoring of coal inventory [2]. - The company achieved a coal blending qualification rate of 98% this year through efficient inter-departmental collaboration, focusing on cost reduction and profit enhancement [2]. Group 2: Menu-Style Supply Service - The traditional model of coal storage and transportation is evolving to meet diverse market demands through the introduction of a "menu-style supply" service [3]. - The company aims to upgrade coal sales to integrated services by customizing exclusive plans for each customer, utilizing a digital blending machine for precise measurement [4]. - By the end of April, the company completed coal blending of 422,100 tons, with continuous orders for customized coal from various users [4]. Group 3: Quality Control and Customer Engagement - The company emphasizes quality control from the source, adhering to principles that maximize profit while meeting external and blending demands [5]. - A robust communication strategy with customers is in place, including regular visits to gather feedback and optimize service processes, ensuring that tailored solutions adapt to market changes [5]. - The company has achieved a 100% return visit rate, reflecting its commitment to customer satisfaction and market share growth [5].

Core Viewpoint - The company has approved an adjustment to the exercise price of the 2021 stock option incentive plan, reducing it from 34.97 RMB to 34.49 RMB per share due to a cash dividend distribution [5][6]. Summary by Sections Stock Option Incentive Plan - The company held meetings to review and approve the adjustment of the exercise price for the 2021 stock option incentive plan [1][4]. - The independent directors and the supervisory board provided their consent and verification regarding the adjustments made to the incentive plan [3][4]. Adjustment Details - The adjustment to the exercise price is calculated based on the cash dividend of 0.48 RMB per share, leading to the new exercise price of 34.49 RMB [5]. - The adjustment process complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [5][6]. Financial Impact - The adjustment of the exercise price is not expected to have a significant impact on the company's financial condition or operating results [5]. Legal Opinions - The legal opinion from Beijing Tongshang (Shenzhen) Law Firm confirms that the necessary approvals for the adjustment have been obtained and that it complies with the relevant regulations [6].

Core Viewpoint - The legal opinion letter confirms that Huizhou Huayang Group Co., Ltd. has obtained the necessary approvals and authorizations for adjusting the exercise price of stock options under its 2021 stock option incentive plan, in compliance with relevant regulations and internal guidelines [4][8][9]. Group 1: Approval and Authorization - The adjustment of the exercise price for the 2021 incentive plan has been approved by the company's board and relevant committees, with independent directors and the supervisory board providing their consent [4][6][8]. - The necessary public disclosures were made, and no objections were received during the public notice period [4][8]. Group 2: Specifics of the Adjustment - The exercise price of the stock options has been adjusted from RMB 34.97 per share to RMB 34.49 per share, following the company's capital reserve conversion and dividend distribution [8]. - The adjustment is in accordance with the provisions of the 2021 incentive plan, which stipulates that the exercise price must be adjusted in the event of capital changes such as stock dividends or splits [8]. Group 3: Conclusion - The legal opinion concludes that the adjustment of the exercise price for the stock options is valid and complies with the 2021 incentive plan and relevant regulations [9].

Group 1 - The company held its 20th meeting of the 4th Supervisory Board on May 20, 2025, via communication voting, with all 3 members participating [1][2] - The Supervisory Board approved the proposal to adjust the exercise price of the 2021 stock option incentive plan, confirming that the adjustment complies with relevant laws and regulations [1][2] - The voting results showed unanimous support with 3 votes in favor, 0 against, and 0 abstentions [2] Group 2 - The decision and details regarding the adjustment of the stock option incentive plan were published on the company's official channels and major financial news outlets [2] - The Supervisory Board's resolution is available for review as part of the company's official documentation [2]

惠州市华阳集团股份有限公司 关于调整2021年股票期权激励计划行权价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 惠州市华阳集团股份有限公司（以下简称"公司"或"华阳集团"）于 2025 年5月20日召开的第四届董事会第二十一次会议和第四届监事会第二十次会议， 审议通过了《关于调整 2021 年股票期权激励计划行权价格的议案》，根据公司 2021 年第二次临时股东大会的授权，本次调整无需提交股东大会审议。现将相 关调整内容公告如下： 一、2021 年股票期权激励计划已履行的相关审批程序 1、2021 年 9 月 10 日，公司第三届董事会第十四次会议审议通过了《关于 公司<2021 年股票期权激励计划(草案)>及其摘要的议案》《关于公司<2021 年股 票期权激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办理 2021 年股票期权激励计划相关事宜的议案》；同日，公司第三届监事会第十三次 会议审议相关议案并对公司 2021 年股票期权激励计划(草案)的激励对象名单进 行核实，公司独立董事就本次激励计划发表了同意的独立意见。 2、202 ...

北京市通商（深圳）律师事务所 关于 惠州市华阳集团股份有限公司 2021 年股票期权激励计划调 整股票期权行权价格的 法律意见书 二〇二五年五月 | 一、 | 本次调整事项的批准与授权 4 | | --- | --- | | 二、 | 2021 年激励计划本次调整事项的具体情况 6 | | 三、 | 结论意见 7 | 关于惠州市华阳集团股份有限公司 2021 年股票期权激励计划调整股 票期权行权价格的法律意见书 致：惠州市华阳集团股份有限公司 北京市通商（深圳）律师事务所（以下简称"本所"或"我们"）接受惠州 市华阳集团股份有限公司（以下简称"华阳集团"、"上市公司"或"公司"） 委托，作为其 2021 股票期权激励计划（以下简称"2021 年激励计划"）的专项 法律顾问，根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华 人民共和国公司法》（以下简称"《公司法》"）、中国证券监督管理委员会（以 下简称"中国证监会"）《上市公司股权激励管理办法》（以下简称"《管理办 法》"）、深圳证券交易所《深圳证券交易所上市公司自律监管指南第 1 号—— 业务办理》等法律、行政法规、部门规章及规范性文件和《惠州 ...

证券代码：002906 证券简称：华阳集团 公告编号：2025-024 惠州市华阳集团股份有限公司 第四届监事会第二十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 审议通过了《关于调整2021年股票期权激励计划行权价格的议案》； 一、监事会会议召开情况 惠州市华阳集团股份有限公司（以下简称"公司"）第四届监事会第二 十次会议于2025年5月20日以通讯表决方式召开，会议通知于2025年5月14日 以邮件方式发出，应参加会议人数3人，实际参加会议人数3人，会议由监事 会主席温惠群女士主持。本次会议的召集、召开和表决程序符合《中华人民 共和国公司法》等相关法律法规及《惠州市华阳集团股份有限公司章程》的 规定。 二、监事会会议审议情况 经与会监事对本次监事会议案审议表决，形成如下决议： 二〇二五年五月二十一日 惠州市华阳集团股份有限公司 监事会 经审核，监事会认为:本次对2021年股票期权激励计划行权价格的调整符合 《上市公司股权激励管理办法》等相关法律、法规、规范性文件以及公司激励计 划的相关规定，调整程序合法、合规，不存在损害公司及全体股东利益 ...

证券代码：002906 证券简称：华阳集团 公告编号：2025-023 惠州市华阳集团股份有限公司 第四届董事会第二十一次会议决议公告 三、备查文件 惠州市华阳集团股份有限公司（以下简称"公司"）第四届董事会第二十一 次会议于 2025 年 5 月 20 日以通讯表决方式召开，会议通知于 2025 年 5 月 14 日 以邮件方式发出，应参加会议人数 9 人，实际参加会议人数 9 人，会议由董事长 邹淦荣先生主持。本次会议的召集、召开和表决程序符合《中华人民共和国公司 法》等相关法律法规及《惠州市华阳集团股份有限公司章程》的规定。 二、董事会会议审议情况 经与会董事对本次董事会议案审议表决，形成如下决议： 审议通过了《关于调整2021年股票期权激励计划行权价格的议案》； 根据公司《2021年股票期权激励计划》的相关规定，结合公司2024年年度权 益分派实施的情况，董事会同意将2021年股票期权激励计划行权价格由34.97元 /份调整为34.49元/份。根据公司2021年第二次临时股东大会的授权，本次调整 无需提交股东大会审议。 表决结果：同意9票，反对0票，弃权0票。 具体内容详见同日刊登在巨潮资讯网（htt ...

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2]. Core Viewpoints - The focus is on the mass production and commercialization pace of Robotaxi, with significant advancements expected in 2025 due to cost reductions in smart driving hardware, ongoing R&D, and supportive policies [5][15]. - The report highlights a strategic partnership between Xiangdao Mobility and Momenta to launch the world's first pre-installed mass-produced Robotaxi fleet, aiming for hundreds of vehicles by 2026 [15][25]. - The automotive sector is expected to benefit from the growing penetration of L2+ assisted driving technologies, with a reported cost reduction of 60%-70% for the seventh-generation Robotaxi from Xiaoma Zhixing [17][5]. Industry Dynamics - Notable industry news includes BYD establishing its European headquarters in Hungary, which is expected to create thousands of jobs and focus on smart driving technology and next-generation vehicle electrification [16]. - GAC Group announced plans to set up a research and development center in Brazil, indicating a push for localized production [34]. - The automotive sector saw a 2.40% increase in the Shenwan Automotive Index from May 12 to May 16, outperforming the CSI 300 Index by 1.29 percentage points [42][48]. Data Tracking - In April 2025, retail sales of passenger vehicles reached 1.755 million units, a year-on-year increase of 14.62%, while new energy vehicle retail sales reached 905,000 units, up 33.67% year-on-year [51][61]. - The penetration rate of new energy vehicles reached 51.6% in April 2025, reflecting a significant increase in market share [61][70]. - The report notes that the inventory level of automotive dealers in April 2025 was at a reasonable range, with a comprehensive inventory coefficient of 1.41, indicating a decrease compared to the previous year [74].

证券研究报告 | 行业周报 2025 年 05 月 19 日 汽车 华为与优必选全面合作具身智能，5 月前两周乘用车零售同比+12% | 1 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 股票 | 股票 | 投资 | EPS （元） | | PE | | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 000625.SZ | 长安汽车 | 增持 | 1.27 | 1.61 | 9.74 | 7.68 | | 002284.SZ | 亚太股份 | 买入 | 0.47 | 0.62 | 26.87 | 20.37 | | 002906.SZ | 华阳集团 | 增持 | 1.67 | 2.23 | 19.35 | 14.49 | | 09660.HK 地平线机器人-W | | 买入 | 1.56 | 2.0 | 4.75 | 3.71 | | 301106.SZ | 骏成科技 | 增持 | 1.94 | 2.63 | 14.78 | 10.9 | | 301488.SZ | 豪恩汽电 | ...