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：2025-081 惠州市德赛西威汽车电子股份有限公司 关于召开 2025 年第四次临时股东大会的通知 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。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"、"本公司"或"德 赛西威"）第四届董事会第十四次会议审议通过了《关于提议召开公司 2025 年第 四次临时股东大会的议案》，决定于 2025 年 11 月 12 日召开公司 2025 年第四次 临时股东大会，现将本次股东大会有关事项公告如下： 一、召开会议的基本情况 1、股东大会届次：2025 年第四次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议的召集、召开程序符合《中 华人民共和国公司法》、《上市公司股东大会规则》和《惠州市德赛西威汽车电子 股份有限公司章程》的有关规定。 4、会议召开日期和时间 （1）现场会议时间：2025 年 11 月 12 日下午 14:45 （2）网络投票时间：2025 年 11 月 12 日 通过深圳 ...

惠州市德赛西威汽车电子股份有限公司 第四届监事会第十四次会议决议公告 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：2025-078 一、监事会会议召开情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）第四届监事会第十 四次会议通知于 2025 年 10 月 22 日以电子邮件的形式发出，并于 2025 年 10 月 27 日 在公司会议室召开。本次会议由公司监事会主席余孝海先生召集并主持，应到监事 3 人，实到 3 人。本次会议的召集和召开符合《公司法》等法律、行政法规、规范性文 件以及《公司章程》的规定。 二、会议审议情况 审议通过《关于公司 2025 年第三季度报告的议案》 表决结果：3 票赞成，0 票反对，0 票弃权。表决结果：通过 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监事会 2025 年 10 月 27 日 经审核，监事会认为：董事会编制和审核《公司 2025 年第三季度报告》的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 ...

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：2025-077 惠州市德赛西威汽车电子股份有限公司 第四届董事会第十四次会议决议公告 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、董事会会议召开情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）第四届董事会第十 四次会议通知于 2025 年 10 月 22 日以电子邮件的形式发出，并于 2025 年 10 月 27 日 在公司办公室召开。本次会议由公司董事长高大鹏先生召集并主持，应到董事 9 人， 实到 9 人。本次会议的召集和召开符合《公司法》等法律、行政法规、规范性文件以 及《公司章程》的规定。 二、会议审议情况 （一）审议通过《关于公司 2025 年第三季度报告的议案》 上述议案提交董事会审议前，已经董事会审计委员会全票同意审议通过。 表决结果：9 票赞成，0 票反对，0 票弃权。表决结果：通过 具体内容详见公司于同日在《证券日报》、《证券时报》、《上海证券报》、《中国证 券报》和巨潮资讯网（www.cninfo.com.cn）上披露的公司《2025 ...

关于惠州市德赛西威汽车电子股份有限公司 使用募集资金置换前期投入的自筹资金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为惠州市德赛 西威汽车电子股份有限公司（以下简称"德赛西威"或"公司"）2024 年度向特定对 象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司 募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上 市公司规范运作（2025 年修订）》《深圳证券交易所股票上市规则（2025 年修订）》 等有关规定，就德赛西威使用募集资金置换前期投入的自筹资金的事项进行了审 慎核查，具体情况如下： 中信证券股份有限公司 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意惠州市德赛西威汽车电子股 份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕315 号），公司 向特定对象发行 A 股股票 41,893,333 股，发行价格为 105.00 元/股，募集资金总 额为 4,398,799,965.00 元，扣除各项发行费用 5,666,221.38 元（不含税）后，募 集资金净额为 4,393,133,743.62 ...

一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意惠州市德赛西威汽车电子股 份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕315号），公 司向特定对象发行A股股票41,893,333股，发行价格为105.00元/股，募集资金总 额为4,398,799,965.00元，扣除各项发行费用5,666,221.38元（不含税）后，募集 资金净额为4,393,133,743.62元。 本次发行募集资金已于2025年9月16日转入公司募集资金专户，容诚会计师 事务所（特殊普通合伙）进行审验，并出具《验资报告》（容诚验字[2025]518Z0112 号）。为规范募集资金的管理和使用，保护投资者的利益，公司与保荐人、存放 募集资金的商业银行签订了《募集资金专户存储三方监管协议》及《募集资金专 户存储四方监管协议》。 二、募集资金承诺投资项目情况 根据《惠州市德赛西威汽车电子股份有限公司2024年度向特定对象发行A股 股票募集说明书（注册稿）》中披露的募集资金用途，公司本次向特定对象发行 中信证券股份有限公司 关于惠州市德赛西威汽车电子股份有限公司 开立募集资金现金管理专用结算账户及使用闲置募集资 ...

Core Viewpoint - Desay SV's Q3 2025 revenue reached 7.692 billion yuan, a year-on-year increase of 5.63%, while net profit attributable to shareholders decreased by 0.57% to 565 million yuan [1] Financial Performance - For the first three quarters, the company achieved a revenue of 22.337 billion yuan, reflecting a year-on-year growth of 17.72% [1] - The net profit attributable to shareholders for the first three quarters was 1.788 billion yuan, showing a year-on-year increase of 27.08% [1] - Basic earnings per share for Q3 2025 were reported at 1.02 yuan [1]

Core Viewpoint - Desay SV Automotive (002920.SZ) reported a revenue of 7.692 billion yuan for Q3 2025, reflecting a year-on-year growth of 5.63%, while the net profit attributable to shareholders decreased by 0.57% to 565 million yuan [1] Financial Performance - For the first three quarters, the company achieved a revenue of 22.337 billion yuan, marking a year-on-year increase of 17.72% [1] - The net profit attributable to shareholders for the same period was 1.788 billion yuan, which represents a year-on-year growth of 27.08% [1] Key Drivers of Performance - The growth in performance is primarily attributed to the expansion of the company's sales scale, leading to increased customer payments [1] - The net cash flow from operating activities saw a significant year-on-year increase of 169.30% [1] - Investment income from the disposal of equity in associated companies also rose significantly year-on-year [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥7,692,325,128.43, an increase of 5.63% compared to the same period last year[5] - Net profit attributable to shareholders was ¥565,156,151.96, a slight decrease of 0.57% year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥571,336,319.72, down 13.25% from the previous year[5] - Total revenue for the current period reached ¥22,336,551,337.32, an increase of 17.9% compared to ¥18,974,765,447.01 in the previous period[23] - Operating profit for the current period was ¥1,899,241,515.51, up from ¥1,471,429,151.96, reflecting a growth of 28.9%[24] - Net profit attributable to shareholders of the parent company was ¥1,787,715,205.20, compared to ¥1,406,806,972.61 in the previous period, marking an increase of 27.0%[24] - Total comprehensive income reached ¥1,823,124,808.78, up from ¥1,412,947,153.28, representing a year-over-year increase of approximately 28.9%[25] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥27,242,299,948.98, reflecting a growth of 26.81% compared to the end of the previous year[5] - Total assets increased to ¥27,242,299,948.98, compared to ¥21,483,325,692.05, reflecting a growth of 26.9%[22] - Total liabilities rose to ¥12,458,677,516.83, up from ¥11,717,785,116.37, indicating an increase of 6.3%[22] - The company's equity attributable to shareholders increased to ¥14,643,138,658.60 from ¥9,643,271,178.38, a significant rise of 52.0%[22] Cash Flow - The company's cash flow from operating activities for the year-to-date reached ¥2,259,552,303.53, a significant increase of 169.30%[13] - Net cash flow from operating activities was ¥2,259,552,303.53, compared to ¥839,035,141.40 in the previous period, indicating a significant increase of 169.5%[25] - Cash inflow from operating activities totaled ¥26,850,826,803.08, up from ¥20,016,153,239.37, marking a growth of 34.0%[25] - Cash outflow from investing activities was ¥2,995,601,435.74, compared to ¥1,184,774,440.21, resulting in a year-over-year increase of 153.5%[26] - Net cash flow from financing activities was ¥3,571,529,270.41, a turnaround from a negative cash flow of ¥393,568,388.09 in the previous period[26] - Total cash and cash equivalents at the end of the period amounted to ¥5,149,730,931.18, compared to ¥577,383,799.17 at the end of the previous period, showing a substantial increase[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 56,502[15] - Guangdong Desay Group holds 28.31% of shares, totaling 157,106,250 shares[15] - Huizhou Innovation Investment Co., Ltd. holds 21.68% of shares, totaling 120,299,592 shares[15] Expenses - The company reported a 75.89% increase in selling expenses, totaling ¥254,371,615.82, due to business expansion and customer acquisition efforts[11] - Research and development expenses increased to ¥2,002,625,618.49, up from ¥1,651,320,904.19, representing a rise of 21.2%[23] - The company reported a total operating cost of ¥20,716,588,617.51, which is an increase of 18.9% from ¥17,453,097,289.28 in the previous period[23] Investment Activities - Investment income increased by 185.73% to ¥83,888,251.40, attributed to the disposal of equity in an associated company[12] - The company raised a total of ¥4,398,799,965.00 from issuing 41,893,333 shares to specific investors[17] - Cash inflow from investment activities was ¥1,577,149,803.20, significantly higher than ¥182,976,106.67 in the prior period, indicating a growth of 764.5%[26] - The company received ¥4,396,999,965.00 from investment activities, reflecting strong capital inflow[26] Equity and Share Capital - The company's total equity attributable to shareholders rose by 51.85% to ¥14,643,138,658.60 compared to the end of the previous year[5] - The total share capital increased from 554,949,301 shares to 596,842,634 shares[18] - Long-term equity investments decreased to ¥345,462,345.91 from ¥369,608,380.43[20] - Long-term borrowings increased to ¥251,320,000.00 from ¥219,417,114.45, showing a growth of 14.5%[22] Inventory and Current Assets - Total current assets rose to ¥21,414,416,050.12 from ¥16,434,310,809.14[20] - Inventory increased to ¥5,003,058,945.06 from ¥3,696,466,028.03[20] Other Comprehensive Income - Other comprehensive income after tax for the current period was ¥18,505,238.77, compared to a loss of ¥4,347,699.94 in the previous period[24]

Core Viewpoint - The competition in the smart automotive sector is increasingly focusing on smart cockpits and electronic products, with companies like Junsheng Electronics securing significant orders for cockpit and in-car screen projects, indicating a shift in automotive competition towards in-car electronics and user interaction experiences [1][2][3]. Industry Trends - The smart cockpit market in China is projected to reach a pre-installation rate of 74.6% in the first half of 2025, with expectations to exceed 80% for the entire year [4]. - The Chinese government is reinforcing the development of smart cockpits as a key research direction in its "14th Five-Year" digital economy development plan, promoting domestic production of critical hardware and software [5]. - The automotive chip market is experiencing a shift, with international giants like Qualcomm and Renesas seeing a slowdown in growth, while domestic manufacturers are rapidly capturing the mid-to-low-end market due to cost advantages [5][6]. Company Developments - Desay SV's smart driving business revenue reached 4.15 billion yuan in the first half of 2025, marking a 55.5% year-on-year increase, indicating strong growth in the cockpit domain [7]. - System integrators are gaining profit leadership as hardware margins compress, with companies like Desay SV showcasing integrated solutions that combine multiple functionalities into a single chip, reducing costs [7][8]. - Domestic cockpit chip penetration in mainstream models is increasing, with over 90% of self-owned brand vehicles reportedly using domestic MCU or SoC solutions [6]. Technological Innovations - Leading automotive companies are transitioning from purchasing components to defining entire vehicle systems through self-developed operating systems and algorithms, enhancing their technological sovereignty [9]. - The integration of AI and ecosystem collaboration is becoming a new competitive focus, with companies like Xiaopeng and Xiaomi extending user experiences through integrated hardware and software solutions [9][10]. - The core competitiveness of smart cockpits is evolving from hardware specifications to ecosystem integration and algorithm collaboration, reflecting a shift in consumer focus from the number of screens to system capabilities [10].

Core Insights - The article discusses the competitive landscape of global Tier 1 automotive suppliers, highlighting the rise of Chinese manufacturers in the electric and intelligent driving sectors while traditional players face challenges [2][4][5]. Group 1: Global Tier 1 Suppliers Ranking - The top 20 global Tier 1 automotive suppliers for 2025 are led by Bosch, ZF Friedrichshafen, and Denso, with strengths in automotive electronics, powertrains, and autonomous driving [2]. - Notable Chinese suppliers like Desay SV and Foryoung are making significant strides in intelligent driving and automotive electronics, indicating a shift in market dynamics [2][5]. Group 2: Trends in Electrification and Intelligence - The electrification trend is accelerating, with battery manufacturers like CATL and BYD increasing their market share, particularly in the context of rapid growth in new energy vehicles [3]. - Intelligent driving and smart cockpit technologies are emerging as core growth areas, with Chinese firms gaining market share in these domains [3]. Group 3: Market Competition Dynamics - Traditional Tier 1 suppliers such as Bosch and ZF are experiencing revenue and profit declines in 2024, despite their established technological advantages [4]. - Chinese Tier 1 suppliers are breaking through barriers in the new energy and intelligent driving sectors, challenging the dominance of international players [5]. Group 4: Regional Market Changes - The Chinese market is witnessing rapid growth in new energy vehicles, providing substantial opportunities for local Tier 1 suppliers [10]. - In contrast, the European and American markets are experiencing a slowdown in electrification but continue to demand advancements in autonomous driving and smart cockpit technologies [10]. Group 5: Technological Innovation and Collaboration - Suppliers with comprehensive capabilities in hardware, software, and system integration are expected to capture larger market shares in the future [6]. - Traditional Tier 1 suppliers are investing in Chinese startups and developing localized products to regain their competitive edge [6].