上海锦天城（杭州）律师事务所 关于双林股份有限公司 2025 年限制性股票激励计划首次授予事项的 法律意见书 地址：浙江省杭州市上城区富春路 308 号华成国际发展大厦 11/12 层 电话：571-89838088 传真：571-89838099 邮编：310020 上海锦天城（杭州）律师事务所 法律意见书 上海锦天城（杭州）律师事务所 2025 年限制性股票激励计划首次授予事项的 法律意见书 上锦杭【2025】法意字第41112号 关于双林股份有限公司 致：双林股份有限公司 上海锦天城（杭州）律师事务所（以下简称"锦天城"或"本所"）接受双林 股份有限公司（以下简称"公司"）的委托，担任公司 2025 年限制性股票激励计 划（以下简称"本次激励计划"）的法律顾问，根据《中华人民共和国公司法》（以 下简称"《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》"）、《深圳证券交易 所创业板股票上市规则》、《深圳证券交易所创业板上市公司自律监管指南第 1 号—业务办理》（以下简称"《监管指南第 1 号》"）等有关法律法规的规定，按 照律师行业 ...

Core Viewpoint - On November 11, Shuanglin Co., Ltd. experienced a stock price increase of 4.12%, with a trading volume of 894 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On the same day, Shuanglin Co., Ltd. recorded a financing purchase amount of 94.32 million yuan, with a total financing balance of 878 million yuan, accounting for 3.73% of its market capitalization [2]. - The company had a net financing outflow of 3.89 million yuan, with financing repayments totaling 98.21 million yuan [1][2]. Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders for Shuanglin Co., Ltd. was 80,200, a decrease of 12.17% from the previous period, while the average circulating shares per person increased by 14.75% to 6,876 shares [2]. - Among the top ten circulating shareholders, Yongying Advanced Manufacturing Mixed Fund A ranked third with 4.83 million shares, a decrease of 7.89 million shares from the previous period [3]. Business Performance - For the period from January to September 2025, Shuanglin Co., Ltd. achieved a revenue of 3.855 billion yuan, representing a year-on-year growth of 19.12%, and a net profit attributable to shareholders of 402 million yuan, up 9.77% year-on-year [2]. - The company's main business revenue composition includes: interior and exterior trim and electromechanical components (53.23%), hub bearing components (24.38%), and new energy electric drive (17.45%) [2]. Dividend Information - Since its A-share listing, Shuanglin Co., Ltd. has distributed a total of 766 million yuan in dividends, with 119 million yuan distributed over the past three years [2].

Core Viewpoint - The stock of Shuanglin Co., Ltd. has shown significant price movements and financial performance, indicating potential investment opportunities in the automotive parts sector and related industries [1][2]. Financial Performance - For the period from January to September 2025, Shuanglin Co., Ltd. achieved a revenue of 3.855 billion yuan, representing a year-on-year growth of 19.12% [2]. - The net profit attributable to shareholders for the same period was 402 million yuan, reflecting a year-on-year increase of 9.77% [2]. - The company has distributed a total of 766 million yuan in dividends since its A-share listing, with 119 million yuan distributed over the past three years [3]. Stock Performance - As of November 11, the stock price of Shuanglin Co., Ltd. was 40.37 yuan per share, with a year-to-date increase of 105.43% [1]. - The stock has experienced a 4.56% increase over the last five trading days and a 3.01% increase over the last 20 days, while it has decreased by 13.90% over the last 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Shuanglin Co., Ltd. was 80,200, a decrease of 12.17% from the previous period [2]. - The average number of circulating shares per shareholder increased by 14.75% to 6,876 shares [2]. - The top ten circulating shareholders include various funds, with notable changes in holdings among some of them [3].

Summary of the Conference Call on Humanoid Robot Supply Chain Industry Overview - The conference focused on the humanoid robot supply chain, involving nine companies including Sanhua, Tuopu, Rongtai, Shuanghuan, Minth, Joyson, Zhaowei, Best Precision, and Shuanglin [1][4][5] Key Takeaways Capacity Planning and Production - Most suppliers are actively planning capacity in China and overseas (primarily Thailand) to support potential mass production of humanoid robots, with current capacity planning ranging from approximately 100,000 to 1 million robot equivalent units per year [4][5] - Companies are optimistic about industry growth, with a global humanoid robot shipment forecast of 1.38 million units by 2035 [4] - Suppliers are broadening their product portfolios from single components to integrated modules, targeting ambitious market share gains [4] Company-Specific Insights - **Sanhua**: Maintains over 50% market share in actuator assemblies, focusing on a single leading global customer for now [9] - **Tuopu**: Plans to establish humanoid-related production capacity in Thailand, Mexico, and the U.S., with an annual capacity of 1 million units in Thailand, contingent on customer demand [9] - **Rongtai**: Emphasizes precision machining capabilities and aims to secure a position as a supplier for North American customers, with plans to increase capacity by 2025 [10] - **Minth**: Targets RMB 5 billion in humanoid-related revenue by 2030, with a completed production line for head and face assemblies expected to start commercial production in Q1 2026 [13] - **Joyson**: Focuses on head assembly and anticipates production ramp-up after Q2 next year, pending customer orders [15] - **Zhaowei**: Offers micro hardware components for humanoid robots and expects RMB 100 million revenue from dexterous hand-related business in 2026 [16] - **Best Precision**: Currently has limited sales contribution from humanoid applications, mainly from sampling demand [18] - **Shuanglin**: Plans to expand capacity for planetary roller screws, with a current capacity of 12,000 units for initial samples [20] Market Dynamics - Companies are showcasing technical capabilities and scalable production readiness as key competitive edges [4] - The ecosystem is evolving with companies eager to expand into robotics components to find new growth engines [4] - The competitive landscape includes various technologies for reduction gears, with companies exploring innovative solutions to enhance performance [15] Future Outlook - Key checkpoints include the Tesla Optimus Gen 3 launch by February/March 2026 and public disclosure of order/shipment targets by the end of 2025 [5] - The overall sentiment remains constructive on the long-term humanoid robot technology trend, with a need to monitor product performance and application developments [5] Additional Important Points - The conference highlighted the importance of collaboration among companies and the need for flexibility in production planning based on customer demand [9][10] - Companies are focusing on developing low-cost production equipment to reduce reliance on overseas equipment [18] - The anticipated growth in the humanoid robot market is driving companies to innovate and adapt their strategies to secure market share [4][5]

Group 1 - The PEEK material concept has seen significant market activity, with Zhongxin Fluorine Materials hitting the daily limit up, indicating strong investor interest [1] - Kaisheng New Materials experienced a rise of over 10%, reflecting positive market sentiment towards companies involved in PEEK materials [1] - Other companies such as Xinhang New Materials, Huami New Materials, and Shuanglin Co. also showed upward movement, suggesting a broader trend in the sector [1]

Market Overview - The automotive parts sector experienced a decline of 1.61% on November 7, with C Daming leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers in the automotive parts sector included: - Aolian Electronics (300585) with a closing price of 22.94, up 8.82% and a trading volume of 232,400 shares, totaling 531 million yuan [1] - ST Meichen (300237) closed at 2.86, up 7.12% with a trading volume of 1,052,100 shares, totaling 29.1 million yuan [1] - Zhongjie Automotive (301560) closed at 39.56, up 5.21% with a trading volume of 81,600 shares, totaling 32.3 million yuan [1] - Major decliners included: - C Daming (603376) closed at 50.96, down 20.93% with a trading volume of 214,700 shares, totaling 1.141 billion yuan [2] - Biaobang Co. (301181) closed at 40.96, down 20.00% with a trading volume of 9,738 shares, totaling 3.9868 million yuan [2] - Hengshuai Co. (696000E) closed at 105.00, down 12.35% with a trading volume of 54,800 shares, totaling 589 million yuan [2] Capital Flow - The automotive parts sector saw a net outflow of 4 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.421 billion yuan [2][3] - Key stocks with significant capital flow included: - New Spring Co. (603179) with a net inflow of 220 million yuan from institutional investors, but a net outflow of 288 million yuan from retail investors [3] - Shuanglin Co. (300100) had a net inflow of 10.4 million yuan from institutional investors, with outflows from both retail and speculative investors [3]

Group 1 - The core point of the news is that Shuanglin Co., Ltd. experienced a stock price increase of 5.33%, reaching 41.73 CNY per share, with a trading volume of 680 million CNY and a turnover rate of 3.02%, resulting in a total market capitalization of 23.869 billion CNY [1] - Shuanglin Co., Ltd. is located in Qingpu District, Shanghai, and was established on November 23, 2000, with its listing date on August 6, 2010. The company primarily engages in the production and sales of automotive parts and protective materials such as masks [1] - The main business revenue composition of Shuanglin Co., Ltd. includes: interior and exterior trim and electromechanical components (53.23%), hub bearing components (24.38%), new energy electric drive (17.45%), and others (4.94%) [1] Group 2 - Among the top ten circulating shareholders of Shuanglin Co., Ltd., a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 30,000 shares in the third quarter, now holding 3.0771 million shares, which accounts for 0.56% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 28.25%, ranking 2030 out of 4216 in its category; the one-year return is 21.51%, ranking 2068 out of 3913; and since inception, the return is 13.49% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 2 days, managing total assets of 122.76 billion CNY, with the best fund return during the tenure being 167.82% and the worst being -15.93% [2]

Core Viewpoint - The stock of Shuanglin Co., Ltd. has shown significant volatility, with a year-to-date increase of 98.56%, but recent declines in the short term raise questions about future performance [1][2]. Financial Performance - For the period from January to September 2025, Shuanglin Co., Ltd. achieved a revenue of 3.855 billion yuan, representing a year-on-year growth of 19.12% [2]. - The net profit attributable to shareholders for the same period was 402 million yuan, reflecting a year-on-year increase of 9.77% [2]. Stock Market Activity - As of November 6, 2023, Shuanglin Co., Ltd.'s stock price was 39.02 yuan per share, with a market capitalization of 22.319 billion yuan [1]. - The stock has experienced a recent decline of 0.74% over the last five trading days and 13.46% over the last 20 days [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) four times this year, with the most recent occurrence on March 18 [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Shuanglin Co., Ltd. was 80,200, a decrease of 12.17% from the previous period [2][3]. - The average number of circulating shares per shareholder increased by 14.75% to 6,876 shares [2]. Dividend Distribution - Since its A-share listing, Shuanglin Co., Ltd. has distributed a total of 766 million yuan in dividends, with 119 million yuan distributed over the last three years [3]. Major Shareholders - The top circulating shareholder as of September 30, 2025, was 永赢先进制造智选混合发起A, holding 4.8313 million shares, a decrease of 788,880 shares from the previous period [3]. - Other notable shareholders include 香港中央结算有限公司 and various ETFs, with some experiencing changes in their holdings [3].

Core Viewpoint - The stock of Shuanglin Co., Ltd. has experienced a significant increase of 98.82% year-to-date, but has recently shown a downward trend in the short term, with a 3.00% decline over the last five trading days and a 12.67% decline over the last 20 days [1] Financial Performance - For the period from January to September 2025, Shuanglin Co., Ltd. achieved a revenue of 3.855 billion yuan, representing a year-on-year growth of 19.12%, and a net profit attributable to shareholders of 402 million yuan, which is a 9.77% increase compared to the previous year [2] - The company has distributed a total of 766 million yuan in dividends since its A-share listing, with 119 million yuan distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders of Shuanglin Co., Ltd. was 80,200, a decrease of 12.17% from the previous period, while the average number of circulating shares per person increased by 14.75% to 6,876 shares [2] - The top ten circulating shareholders include notable entities such as Yongying Advanced Manufacturing Mixed Fund and Hong Kong Central Clearing Limited, with changes in their holdings indicating a dynamic shareholder structure [3] Stock Market Activity - On November 4, the stock price of Shuanglin Co., Ltd. was reported at 39.07 yuan per share, with a trading volume of 1.03 billion yuan and a turnover rate of 0.47% [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on March 18 [1] Business Overview - Shuanglin Co., Ltd. is primarily engaged in the production and sales of automotive parts and protective materials, with its main business revenue composition being 53.23% from interior and exterior trim and electromechanical components, 24.38% from hub bearing components, and 17.45% from new energy electric drives [1] - The company is classified under the automotive industry, specifically in the automotive parts sector, and is involved in various concept sectors including robotics and electric drives [1]

Group 1: Industry Overview - The global automotive seat market is projected to reach approximately $1186 billion by 2030, with a compound annual growth rate (CAGR) of 3.9% from 2025 to 2030 [5] - In 2024, the global automotive seat market size is estimated to be around $941.3 billion, driven by increasing automotive production and consumer demand for quality and comfort [5] - The Asia-Pacific region dominates the automotive seat market with a share of about 41% in 2024, while North America holds approximately 28% [2] Group 2: Competitive Landscape - Major international suppliers like Faurecia and Johnson Controls lead the high-end market through technological advancements and global strategies, while local companies like Huayu Automotive and Toyota Boshoku are enhancing their market share in the mid-to-high-end segments [2] - North American Tier 1 suppliers such as Adient, Lear, and Magna cover the entire supply chain from seat frames to smart integration, strengthening ties with local automakers like GM, Ford, and Stellantis [2] Group 3: Market Dynamics in China - As of May 2025, there are over 6400 registered automotive seat enterprises in China, indicating a growing competitive landscape [7] - The number of newly registered automotive seat companies in China has shown a consistent upward trend, with approximately 2075 new companies established between 2016 and 2020 [7] - The registered capital of Chinese automotive seat companies is predominantly in the range of 10 million to 50 million yuan, with 25% of companies falling within this category [9]