深圳市深南大道 6008 号特区报业大厦 24/31/41/42 层 邮编：518034 24/31/41/42F, Tequbaoye Building, 6008 Shennan Avenue, Shenzhen, Guangdong Province 518034, China 电话/Tel: (+86)(755) 83515666 传真/Fax: (+86)(755) 83515333 网址/Website:http://www.grandall.com.cn 邮箱/Email: grandallsz@grandall.com.cn 国浩律师（深圳）事务所 关于 惠州市德赛西威汽车电子股份有限公司 2025 年第五次临时股东大会 之 法律意见书 GLG/SZ/A2577/FY/2025-1648 致：惠州市德赛西威汽车电子股份有限公司 国浩律师（深圳）事务所（以下简称"本所"）接受惠州市德赛西威汽车电 子股份有限公司（以下简称"公司"）的委托，指派律师出席了公司 2025 年第五 次临时股东大会（以下简称"本次股东大会"）。 现根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交 易所上市 ...

惠州市德赛西威汽车电子股份有限公司 惠州市德赛西威汽车电子股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 证券代码：002920 证券简称：德赛西威 公告编号：2025-096 邮编：516025 联系电话：0752-2638669 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）于 2025 年 12 月 2 日召 开了第四届董事会第十五次会议和第四届监事会第十五次会议以及于 2025 年 12 月 22 日 召开了公司 2025 年第五次临时股东大会，审议通过了《关于调整 2021 年限制性股票激励 计划回购价格及回购注销部分限制性股票的议案》和《关于变更注册资本并修订<公司章 程>的议案》。 鉴于公司《2021 年限制性股票激励计划》（以下简称"《激励计划》"、"本次激 励计划"）所涉及的 16 名激励对象因个人原因已离职，不再符合《激励计划》中规定的 激励对象范围，公司拟回购注销上述激励对象已获授但尚未解除限售的限制性股票 28,873 股；同时，有 6 名授予激励对象第三个解除 ...

根据《中华人民共和国公司法》（以下简称"《公司法》"）及《公司章程》等 有关规定，徐建先生的辞任不会导致公司董事会成员低于法定最低人数，徐建先 生和凌剑辉先生的辞任不会影响公司董事会及其他相关工作的正常运作，辞任报 告自送达公司董事会之日起生效。 截至本公告披露日，徐建先生持有公司 2021 年限制性股票激励计划已获授 的限制性股票 50,000 股，凌剑辉先生未直接持有公司股票。辞任后，徐建先生 和凌剑辉先生将继续严格按照《上市公司股东减持股份管理暂行办法》《深圳证 券交易所上市公司自律监管指引第 18 号——股东及董事、高级管理人员减持股 份》等相关法律法规的规定管理其所持股份，不存在未履行完毕的公开承诺事项。 惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2025-097 惠州市德赛西威汽车电子股份有限公司 关于董事、副总经理辞职暨选举职工代表董事、补选战略委员会委员 的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事、副总经理辞职情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"、"德赛西威 ...

Core Viewpoint - The profitability of Desay SV Automotive is under short-term pressure due to declining sales from major clients, but is expected to improve with the launch of new models in Q4, such as the Ideal i6 and Xpeng X9 [1] Group 1: Financial Performance - Q3 profitability is temporarily constrained due to a drop in sales from key customers [1] - The gross margin for overseas products is projected to be 25.9% in 2024 and 28.9% in the first half of 2025, significantly higher than the domestic products' gross margin of 19.5% and 19.7% respectively [1] Group 2: Strategic Developments - The internationalization strategy is progressing steadily, with expectations for gross margin improvements [1] - The company has successfully secured new project allocations from clients such as VW and TOYOTA, and has made breakthroughs with previously untapped clients like RENAULT and HONDA [1] Group 3: Capacity Expansion - Production capacity contributions began in Indonesia in May, with the first mass production project in Monterrey, Mexico launched in June [1] - The smart factory in Spain is expected to be completed by the end of the year and will start mass production in 2026 [1] Group 4: Future Growth Drivers - The successful completion of a private placement will support the development of low-speed unmanned vehicles and robotic domain control, which are anticipated to become new engines for performance growth [1] - The initial coverage has been established with a rating of "Accumulate" [1]

Group 1 - The core viewpoint of the news highlights the recent advancements in intelligent driving, particularly the introduction of L3 level conditional autonomous driving vehicles by Changan and BAIC, which are set to undergo trials in designated areas [1] - The approval of L3 level trials for companies like XPeng indicates a maturing landscape in technology, policy, and regulation, suggesting that intelligent driving is entering an accelerated development phase [1] - The potential for Robotaxi services is underscored by Elon Musk's announcement regarding the testing of driverless taxis without human safety operators, which could significantly advance the commercialization of fully autonomous driving [1] Group 2 - Changjiang Securities notes that the recent positive developments from L3 to Robotaxi, along with expectations for the continuation of vehicle trade-in policies next year, could lead to a recovery in Beta pressures, maintaining a positive outlook on the intelligent driving industry chain [1] - As of December 22, 2025, the CSI Internet of Vehicles Theme Index (930725) has seen a strong increase of 2.07%, with notable stock performances from Wanji Technology (300552) up 16.16%, Beidouxing (002151) up 9.99%, and Jingwei Hengrun (688326) up 9.49% [1] - The intelligent connected vehicle ETF (159872) has risen by 1.57%, with the latest price reported at 1.04 yuan [1] Group 3 - The intelligent connected vehicle ETF closely tracks the CSI Internet of Vehicles Theme Index, which includes companies related to content and service providers, software providers, hardware providers, and automotive manufacturers [2] - As of November 28, 2025, the top ten weighted stocks in the CSI Internet of Vehicles Theme Index include CATL (300750), Hongfa Technology (600885), Dahua Technology (002236), and others, collectively accounting for 51.03% of the index [2]

Core Viewpoint - The autonomous driving sector is experiencing renewed activity, with several companies seeing significant stock price increases following the announcement of the first L3-level autonomous driving license plate in Chongqing on December 20 [1] Group 1: Company Performance - Zhejiang Shibao (002703) has achieved a five-day consecutive limit-up in stock price [1] - Wanjie Technology (300552) has seen its stock price rise by over 10% [1] - Other companies such as Desay SV (002920), Suoling Co. (002766), and Luchang Technology (002813) have also experienced stock price increases [1] Group 2: Industry Developments - Changan Automobile (000625) officially announced the issuance of the first L3-level autonomous driving dedicated license plate "渝AD0001Z" in Chongqing [1]

Core Viewpoint - The automotive industry is at a new crossroads in 2026, with the end of the electric vehicle (EV) boom and the rise of smart technology. Investment opportunities lie in commercial vehicles and two-wheeled vehicles, focusing on finding resilient alpha varieties and embracing the next industrial trends of smart technology and robotics/AIDC [4][10]. Group 1: Automotive Sector Investment Strategy - The automotive industry should reference the years 2011 and 2018 for strategic insights. The focus is on finding resilient alpha varieties and embracing the next industrial trends, particularly in smart technology and robotics/AIDC [4][10]. - The total domestic demand for passenger vehicles in 2026 is expected to be 22 million units, a decrease of 3.5% year-on-year, while the demand for new energy vehicles is projected to reach 13.2 million units, an increase of 6.4% [5][10]. - The wholesale sales of heavy trucks are forecasted to be 1.16 million units in 2026, with a year-on-year increase of 1.5%. Domestic sales are expected to decline by 5.5% to 770,000 units, while exports are projected to rise by 18.8% to 390,000-400,000 units [5][27]. Group 2: Key Investment Opportunities - In the bus sector, the top picks are Yutong Bus and Jinlong Automobile. For motorcycles, the preferred choices are Chunfeng Power and Longxin General. In the heavy truck sector, China National Heavy Duty Truck and Weichai Power are favored. For passenger vehicles, BYD is the primary choice, with Jianghuai Automobile as a secondary option. In the parts sector, Fuyao Glass, Xingyu Co., and Minth Group are recommended [6][10]. - The L4 RoboX investment opportunities focus on the B-end software sector over C-end hardware. Preferred stocks include XPeng Motors, Horizon Robotics, and others in the H-share market, while A-share selections include Qianli Technology and Desay SV [7][10]. - The robotics and AIDC investment opportunities are highlighted, with a focus on the upcoming Optimus V3 overseas and the rapid development of domestic robotics. Key selections include Top Group for robotics and liquid cooling, and Junsheng Electronics for robotics [7][10]. Group 3: Market Forecasts - The passenger vehicle market is expected to see a total sales volume of 22 million units in 2026, with a year-on-year decrease of 3.5%. New energy vehicle sales are projected to reach 13.2 million units, an increase of 6.4% [5][17]. - The heavy truck market is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales declining by 5.5% to 770,000 units, while exports are expected to rise by 18.8% [5][27]. - The bus sector is anticipated to maintain a strong export growth rate of over 30%, with domestic sales expected to reach 81,000 units, a year-on-year increase of 3% [5][32]. Group 4: Motorcycle Market Insights - The motorcycle industry is projected to have total sales of 19.38 million units in 2026, a year-on-year increase of 14%. The large-displacement motorcycle segment is expected to reach 1.26 million units, a 31% increase [5][34]. - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, a 5% increase, while exports are projected to be 830,000 units, a 50% increase [5][35]. Group 5: Future Trends and Innovations - The penetration rate of smart driving technology in new energy vehicles is expected to rise to 40% by 2026, with significant growth in the use of domestic chips [22][23]. - The heavy truck export market is expected to recover, with significant growth in regions such as Southeast Asia and Africa, driven by local infrastructure and mining demands [28][29].

Core Viewpoint - Desay SV Automotive (德赛西威) is actively engaged in the intelligent driving sector, offering a range of products and solutions that cater to various market needs, from high-end performance to more accessible applications [1] Group 1: Business Overview - The company’s intelligent driving business includes advanced driver assistance system (ADAS) domain controllers and various sensor products [1] - Desay SV Automotive provides a diverse array of ADAS solutions that address multiple scenarios in the market [1]

Core Insights - The Ministry of Industry and Information Technology has issued the first batch of L3 conditional autonomous driving vehicle permits, with Xiaomi Auto being the latest company to obtain an L3 road testing license in Beijing [1][14] - The report indicates that by September 2025, 23 companies, including Xiaomi, have accumulated over 60.27 million kilometers of operation with 750 autonomous passenger vehicles [1][14] - The L3 autonomous driving permit process follows a structured pathway, and companies are categorized into those with official "entry permits" and those with "road licenses" for internal testing [1][14] Company Developments - Changan Automobile's "Deep Blue SL03" has received L3 permit for operation in specific congested areas in Chongqing [2][15] - BAIC Blue Valley's "ARCFOX Alpha S" has been granted L3 permit for operation on specific highways in Beijing [2][15] - BYD was the first to obtain an L3 road testing license in July 2023 and has begun large-scale road validation [3][16] - Seres (Wenjie) has obtained L3 testing permits primarily in Chongqing and Shenzhen for its Wenjie M9 model [4][17] - SAIC Group has received two L3 road permits, making it one of the companies with the most licenses [4][17] - NIO has been selected for the first batch of L3/L4 autonomous driving permits and road testing trials [5][17] - GAC Group has made progress in L3 autonomous driving technology [6][18] - JAC Motors has obtained L3 road testing permits [7][19] - Foton Motor has completed the development and acceptance of L3 autonomous driving prototypes [8][20] - Yutong Bus is the first in the bus industry to enter the L3 autonomous driving pilot program [9][21] - FAW Jiefang's high-level autonomous driving truck J7 L3 has completed road testing [10][22] Industry Trends - The transition to L3 autonomous driving represents a significant technological milestone, shifting driving control and accident liability from the driver to the system itself [10][22] - Multiple institutions emphasize the hardware upgrade logic due to the increased safety and reliability requirements associated with L3 [11][23] - The regulatory framework for L3 permits indicates a closed loop in product safety, network security, and accident liability, alleviating long-standing compliance concerns for automakers [12][23] - The commercialization of L3 is expected to drive the mass application of intelligent chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [12][23][24] - Specific components benefiting from this trend include active suspension systems from companies like Baolong Technology and Top Group, EMB systems from Bertel and Asia Pacific Holdings, and SBW systems from companies like Nexperia [12][24]

Core Viewpoint - Desay SV Automotive has successfully achieved large-scale production of multiple auxiliary driving domain controllers, providing support to several well-known automotive companies [1] Group 1: Company Developments - Desay SV Automotive has received new project orders from clients including Great Wall Motors, Changan Automobile, Geely Automobile, Chery Automobile, and GAC Aion [1] - The company is currently supplying auxiliary driving domain controllers to major automotive manufacturers such as Xiaomi Auto, Li Auto, Great Wall Motors, Xpeng Motors, GAC Toyota, Geely, and GAC Aion [1]