第四届董事会第十三次会议决议公告 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 证券代码：002920 证券简称：德赛西威 公告编号：2025-065 惠州市德赛西威汽车电子股份有限公司 1. 审议通过《关于延长公司 2024 年度向特定对象发行股票股东大会决议 有效期的议案》 2024 年 9 月 24 日，公司召开 2024 年第四次临时股东大会，审议通过了《关 于公司 2024 年度向特定对象发行股票方案的议案》《关于提请股东大会授权董事 会及董事会授权人士办理本次向特定对象发行股票相关事宜的议案》等与公司 2024 年度向特定对象发行股票（以下简称"本次发行"）相关的议案。根据上述 决议，公司本次发行的股东大会决议有效期、股东大会授权董事会及董事会授权 人士办理本次向特定对象发行股票相关事宜的有效期为 2024 年第四次临时股东 大会审议通过之日起 12 个月，即有效期为 2024 年 9 月 24 日至 2025 年 9 月 23 日止。 中国证券监督管理委员会（以下简称"中国证监会"）于 2 ...

Group 1 - The core viewpoint of the article highlights the performance and outlook of the Bosera New Energy Theme Mixed A Fund, which reported a profit of 1.9557 million yuan in the first half of 2025, with a net value growth rate of 2.49% [2][3] - As of September 3, 2025, the fund's unit net value was 0.837 yuan, and its scale reached 70.6037 million yuan [2][30] - The fund manager expresses optimism for the second half of 2025, particularly favoring growth assets in the context of liquidity easing, with a focus on "pan-AI" assets and the electric power electronics sector transitioning into AI [3] Group 2 - The fund's recent performance metrics indicate a three-month net value growth rate of 22.73%, a six-month growth rate of 14.50%, and a one-year growth rate of 40.59%, positioning it favorably among comparable funds [6] - The fund's weighted average price-to-earnings ratio (TTM) is approximately 20.64 times, significantly lower than the industry average of 36.17 times, indicating a potentially undervalued position [11] - The weighted revenue growth rate for the fund's holdings is 0.2%, and the weighted net profit growth rate is 0.3% for the first half of 2025, reflecting modest growth [19] Group 3 - The fund's three-year Sharpe ratio stands at -0.4169, ranking it 91 out of 120 comparable funds, indicating a relatively lower risk-adjusted return [24] - The fund's maximum drawdown over the past three years is 50.9%, with the largest single-quarter drawdown occurring in Q2 2022 at 22.51% [26] - As of June 30, 2025, the fund had a total of 5,216 holders, with individual investors holding 100% of the shares, and the fund's turnover rate for the last six months was approximately 530.32% [34][37]

Core Viewpoint - The logistics industry is undergoing a transformation with the introduction of low-speed unmanned vehicles, which are seen as a key variable for improving the efficiency and intelligence of last-mile delivery [1][4]. Group 1: Industry Trends - The scale of unmanned logistics vehicles in China has exceeded 6,000 units, delivering over 100 million orders across various scenarios, significantly increasing daily delivery volumes [1]. - The market for instant delivery is expanding, prompting companies to explore new applications for low-speed unmanned vehicles to address last-mile challenges [1][4]. Group 2: Company Strategy - Desay SV's entry into the low-speed unmanned vehicle market is part of its broader strategy to leverage its extensive experience in smart cockpit, driving assistance, and intelligent driving technologies [3]. - The company aims to redefine the relationship between people, vehicles, and environments by focusing on intelligent solutions for logistics and delivery services [3][4]. Group 3: Product Development - The S6 series of low-speed unmanned vehicles will include four models designed for various applications, such as industrial logistics, cold chain transport, and urban delivery [5]. - The S6 series incorporates six innovative technologies, including a full vehicle-level development approach and enhanced safety features, addressing common pain points in traditional unmanned vehicles [5][6]. Group 4: Future Outlook - The integration of unmanned delivery vehicles into urban logistics is expected to evolve into a critical service node in smart cities, enhancing the efficiency and reliability of last-mile delivery [6]. - The vision for sustainable smart logistics is to ensure that every delivery is secure and that the flow of goods is orderly and meaningful, reflecting a commitment to innovation and customer value [6].

Group 1 - The competition in the autonomous vehicle market is intensifying, with New Stone launching a "zero down payment, zero interest, 48-month installment" purchase plan, along with a lifetime free use of the FSD (Full Self-Driving) service [2][4] - New Stone's main models, X3 and X6, are priced at approximately 115,500 yuan and 125,100 yuan respectively, breaking the previous pricing model of separate vehicle and FSD service fees [2][4] - The entry of new players, such as Desay SV, which launched its "Chuanxing Zhiyuan" low-speed autonomous vehicle brand, indicates a growing interest in the last-mile logistics sector [2][5] Group 2 - Previously, mainstream brands followed a pricing structure of vehicle price plus monthly or annual FSD service fees, with examples showing total costs ranging from approximately 12,180 yuan to 15,500 yuan over five years [3][4] - New Stone's approach aims to reduce purchasing costs and attract more users by offering a bundled price, addressing concerns about potential future increases in service fees [4] - The autonomous vehicle market is expected to see significant growth as commercial applications expand, with head manufacturers likely to experience a surge in order volumes [5]

Core Viewpoint - The company is committed to strengthening its core business while actively seizing market opportunities and strategically positioning itself in new product and business areas [1] Group 1: New Product Launch - The company officially launched its brand "Chuanxing Zhiyuan" in Shanghai on September 2, 2025, showcasing the S6 Wing version and S6 Side Door version of low-speed unmanned vehicles for the first time [1] Group 2: Strategic Resource Utilization - The company is leveraging its existing mature automotive-grade supply chain resources and technological foundation to efficiently integrate current technologies, production capabilities, and partner networks [1] - This approach enables the company to enter new business areas with lower costs and faster speed, quickly establishing competitiveness in these new fields [1]

Core Insights - The last-mile logistics sector is likened to the "capillaries" of urban commerce, facing challenges such as rising labor costs, management difficulties, and safety risks, which have attracted numerous companies, including traditional automotive electronics giant Desay SV [1] - On September 2, Desay SV launched its new brand "Chuanxing Zhiyuan" focused on low-speed unmanned vehicles, introducing the S6 series as its first vehicle-grade platform product, aiming to enhance efficiency and drive intelligent transformation in urban last-mile logistics [1][3] - The S6 series features six industry-first technologies, including full vehicle-grade development from parts, an intelligent axial control system, a 25% climbing ability, and a battery life standard of 6 years or 300,000 kilometers, with a modular design catering to various high-frequency application scenarios in last-mile logistics [3] Company Strategy - Desay SV's CEO emphasized that the company is not blindly entering the market but is making strategic decisions based on the maturity of technology, regulatory policies, and market demand, positioning itself as a "foundation provider for intelligent mobility platforms" rather than a direct competitor to operators [3] - The S6 platform includes four major vehicle types: a winged version for industrial logistics and forklift collaboration, a side-door version for express delivery, a cold chain version for precise temperature control from -20°C to 12°C, and a version for irregular cargo transfer, addressing key challenges in the industry [3][5] Industry Context - Despite the popularity of unmanned vehicle concepts, there remains a scarcity of products that possess vehicle-grade reliability and sustainable commercial deployment capabilities, highlighting a critical challenge in the industry [5]

Core Viewpoint - Desay SV's fifth-generation intelligent cockpit aims to redefine performance benchmarks in the AI era, enhancing travel experiences and accelerating automotive intelligence [2] Group 1: Company Developments - Desay SV has received new project orders from Ideal Automotive, indicating strong market demand for its products [2] - The company has garnered significant attention from several top global OEMs, highlighting its competitive position in the industry [2] Group 2: Industry Trends - The shift towards AI-driven solutions in automotive technology is expected to create new dimensions in travel experiences [2] - The intelligent cockpit is positioned as a key driver for the acceleration of automotive intelligence in the AI era [2]

Core Insights - Desay SV's low-speed unmanned vehicle brand "Chuanxing Zhiyuan" launched two new models, S6 Feiying and S6 Side Door, in Shanghai [1] - The company views low-speed unmanned vehicles as a second growth curve, focusing on end logistics, sanitation, and delivery services [1] - The S6 series features seven core highlights, six of which are industry-first innovations, including a 25% climbing ability and a battery standard of 300,000 kilometers over six years [1] Group 1 - Desay SV's chairman emphasized the importance of low-speed unmanned vehicles for future growth in the smart mobility sector [1] - The S6 unmanned vehicle is designed to enhance loading efficiency, space utilization, and safety management in traditional logistics [1] - The vehicle is equipped with L4 autonomous driving algorithms, enabling all-weather operation [1] Group 2 - A demonstration of the S6 Feiying's operational process was conducted at the launch event [2] - Company executives and industry experts discussed the development path and collaboration opportunities for low-speed unmanned vehicles in smart logistics [2] - Desay SV aims to expand the application of low-speed unmanned vehicles in end logistics, promoting a smart, green, and efficient modern logistics system [2]

Core Viewpoint - The launch of the "Chuanxing Zhiyuan" brand by Desay SV in the low-speed autonomous vehicle sector marks the beginning of a new era in vehicle-grade standards for this industry, focusing on solving the "last mile" logistics challenges and enhancing operational efficiency [1][2]. Group 1: Company Strategy and Vision - Desay SV aims to define its strategic intentions for 2030, focusing on "stable foundation, brave expansion, intelligent exploration, and promoting collaboration" to capitalize on the upcoming opportunities in the smart mobility sector [1]. - The company emphasizes its mission of "leading safe, enjoyable, and green travel" and its vision of "smart travel, globally shared" [1]. Group 2: Product Features and Innovations - The S6 series of low-speed autonomous vehicles features six innovative technologies, including full vehicle-grade development, intelligent axial control systems, and an increased climbing height capability from 20% to 25% [2]. - The S6 series is designed with safety and durability in mind, capable of operating for over 6 years and 300,000 kilometers, and includes a vehicle-grade battery that has passed rigorous testing [2]. Group 3: Market Position and Financial Performance - Desay SV is deeply focused on the integration of smart cockpits, intelligent driving, and connected services, maintaining a leading position in the industry [3]. - In the first half of 2025, the company reported a revenue of 14.644 billion yuan, a year-on-year increase of 25.25%, and a net profit of 1.223 billion yuan, up 45.82% year-on-year, with new project orders expected to generate an annualized sales revenue exceeding 18 billion yuan [3].

Market Performance - A-shares have been rising since August, with the Sci-Tech Innovation 50 Index increasing by 28% and the ChiNext Index rising over 24%, while the Shanghai Composite Index has gained nearly 8% [1] - Historically, since 2000, the Shanghai Composite Index has a 50% probability of rising in September, while the ChiNext Index has a slightly lower probability [1] - The Consumer Sector shows a higher probability of increase, with the 800 Consumer Index having a 60% probability of rising [1] Institutional Outlook - Institutions are generally optimistic about the future performance of A-shares, with Everbright Securities stating that the logic supporting the market's rise remains unchanged and valuations are reasonable without significant overextension [1] - New positive factors are emerging, such as the potential onset of a Federal Reserve interest rate cut cycle and a recovery in public fund issuance [1] - Zhongtai Securities indicates that liquidity factors are aiding the market's bullish trend, and liquidity is expected to continue driving the market upward, alongside the need for fundamental support [1] Company Profit Forecasts - Various companies have projected net profit growth for 2025 and 2026, with notable increases in specific sectors: - Jiejie Microelectronics (300623) expects a net profit of 37.95 million with a growth rate of 34.40% for 2025 and 34.15% for 2026 [3] - BGI Genomics (301269) anticipates a net profit of 23.82 million, with a significant growth of 82.78% in 2025 and 51.36% in 2026 [3] - Baiwei Storage (688525) forecasts a net profit of 22.15 million, with a remarkable growth of 140.65% for 2025 and 80.38% for 2026 [3] - Other companies such as Zhongwei Company (688012) and Kunlun Wanwei (300418) also show strong profit growth expectations, indicating a positive outlook in their respective industries [3]