Core Viewpoint - The legal opinion letter from Jiangsu Taihu Law Firm confirms the legality and compliance of the convening and conducting procedures of the 2024 annual general meeting of Wuxi Best Precision Machinery Co., Ltd, as well as the qualifications of attendees and the voting procedures and results [1][10]. Group 1: Meeting Procedures - The annual general meeting was convened by the company's board of directors, with a notice published on April 21, 2025, detailing the meeting's time, location, and voting methods [2][3]. - The meeting was held in accordance with the relevant provisions of the Company Law, Shareholders' Meeting Rules, and the company's articles of association [4][10]. Group 2: Attendee Qualifications - A total of 230 shareholders and their proxies attended the meeting, representing 303,776,480 shares with voting rights, which is approximately 99.99% of the total voting shares [5][6]. - The attendees included company directors, supervisors, and senior management, confirming compliance with legal requirements [4][5]. Group 3: Voting Procedures and Results - The meeting utilized a combination of on-site and online voting, with results verified by appointed representatives and legal witnesses [5][10]. - The total votes in favor amounted to 303,726,514 shares, representing approximately 99.99% of the valid votes cast [6][9]. - The voting results for minority shareholders were also disclosed separately, ensuring transparency and compliance with regulations [10]. Group 4: Conclusion - The legal opinion concludes that all aspects of the meeting, including convening, attendee qualifications, and voting procedures, are in accordance with applicable laws and regulations, rendering the resolutions passed at the meeting valid [10][11].

股票代码：300580 股票简称：贝斯特 公告编号：2025-017 无锡贝斯特精机股份有限公司 2024 年度股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会没有议案被否决； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席的情况 （一）会议召开情况 1、会议时间 （1）现场会议时间：2025 年 5 月 16 日（星期五） 下午 1：00 （2）网络投票时间：2025 年 5 月 16 日。其中，通过深圳证券交易所交易 系统进行网络投票的时间为 2025 年 5 月 16 日 9:15—9:25，9:30—11:30 和 13:00—15:00；通过深圳证券交易所互联网投票系统进行投票的具体时间为2025 年 5 月 16 日 9:15—15:00。 2、现场会议召开的地点：江苏省无锡市滨湖区胡埭工业园陆藕东路186号 公司陆藕东路厂区408会议室 3、召开方式：以现场表决与网络投票相结合的方式召开 4、召集人：公司董事会 （1）出席本次股东会现场会议的股东及股东代理人共4名（代表7名股 东）， ...

贝斯特 2024 年度股东会法律意见书 江苏太湖律师事务所 江苏省无锡市太湖西大道 2168 号佳城大厦 411 室 | 江苏省无锡市太湖西大道 | 电子邮件：shanshiwen@jsthlaw.com | | --- | --- | | 2168 号佳城大厦 411 室 | 电话 TEL. : 86-510-8589-8601 | | 邮编：214072 | 传真 FAX. : 86-510-8589-8602 | 之 法律意见书 2025 年 5 月 16 日 1 4/F, Jiacheng Building, No.2168 West TaiHuAvenue, Wuxi City, 214072, JiangSu, PRC 江苏太湖律师事务所 关于 无锡贝斯特精机股份有限公司 2024 年度股东会 贝斯特 2024 年度股东会法律意见书 江苏太湖律师事务所 致：无锡贝斯特精机股份有限公司 江苏太湖律师事务所（以下称"本所"）接受贵公司的委托，指派律师 （以下称"本所律师"）出席贵公司 2024 年度股东会（以下称"本次股东 会"），并依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司 ...

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 135,704.53 million yuan, a year-on-year increase of 1.03% [1] - The net profit attributable to shareholders in 2024 was 28,874.97 million yuan, up 9.58% year-on-year [1] - In Q1 2025, the company reported operating revenue of 34,959.21 million yuan, a year-on-year increase of 1.89% [1] - The net profit attributable to shareholders in Q1 2025 was 6,939.86 million yuan, a slight increase of 0.23% year-on-year [1] Group 2: Client Relationships - The company has established long-term stable business relationships with major clients in the precision components sector, including Garrett, Cummins, and BorgWarner [1][2] - In the intelligent equipment and tooling business, the company is a key supplier for well-known manufacturers such as SAIC General and Weichai Power [2] - The company's share in the new energy vehicle components sector is rapidly increasing due to an expanding customer base [2] Group 3: Product Development and Innovation - The wholly-owned subsidiary Yuhua Precision Machinery has successfully validated and widely applied high-precision rolling screw assemblies and linear guide products [3] - The company showcased several products at the 19th China International Machine Tool Exhibition, including high-precision ball screw assemblies and linear guides [4] - Continuous innovation efforts include the development of high-end equipment such as a dedicated grinding machine for high-precision double-end face center holes and a ball screw life testing machine [4]

Core Viewpoint - The company reported stable performance in its main business, with revenue and net profit growth in 2024 and a slight increase in Q1 2025, indicating operational resilience [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.357 billion, a year-on-year increase of 1.03%, and a net profit attributable to shareholders of 289 million, up 9.58% year-on-year [1]. - For Q1 2025, the company reported revenue of 350 million, a year-on-year increase of 1.89%, and a net profit attributable to shareholders of 69 million, up 0.23% year-on-year [1]. Industry Context - The domestic automotive industry saw production and sales growth of 3.7% and 4.5% respectively in 2024, with the new energy vehicle sector experiencing significant growth of 34.4% in production and 35.5% in sales [2]. - The company's main products, including turbocharger components and new energy vehicle parts, saw sales growth, with turbocharger components generating revenue of 1.058 billion, up 4.3%, and new energy vehicle components achieving sales of 9.1077 million units, up 38.7% [2]. Profitability Improvement - The company achieved a gross margin of 34.7% in 2024, an increase of 0.24 percentage points year-on-year, while maintaining stable gross margins in the automotive parts business [3]. - The company implemented cost control measures, resulting in a decrease in the expense ratio by 1.92 percentage points year-on-year, with reductions in sales, management, R&D, and financial expense ratios [3]. Business Expansion - The company is advancing its third-tier business, with successful validation and application of machine tool screws and guides, and has begun rolling deliveries of small batch orders [4]. - The company is accelerating investment in its overseas operations, particularly in Thailand, to mitigate international trade friction and support global expansion of its first and second-tier industries [4]. - The company expects continued revenue growth from its screw-related products in various sectors, including machine tools, automotive, and robotics [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to maintain growth in 2024, with a resilient performance in Q1 2025. The gross margin remains stable, and there is a notable improvement in expense ratios, enhancing profitability [2][6]. - The main business operations are stable, with strong collaborations with leading clients in the turbocharger sector and ongoing expansion into new customer resources. The production capacity for new energy vehicle components is steadily being realized [2][11]. - The company's profitability has improved significantly, with a gross margin of 34.7% in 2024, an increase of 0.24 percentage points year-on-year. The company has implemented cost control measures, leading to a decrease in the expense ratio by 1.92 percentage points [11]. - The third-tier business is expected to gain momentum, with successful validation and application of machine tool screws and guides in the domestic market. The company is also accelerating investment in overseas production capacity to solidify its global development strategy [11]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.357 billion, a year-on-year increase of 1.03%. The net profit attributable to the parent company was 289 million, up 9.58% year-on-year [6]. - For Q1 2025, the company reported revenue of 350 million, a year-on-year increase of 1.89%, and a net profit of 69 million, a slight increase of 0.23% year-on-year [6]. Business Operations - The company’s main products, including turbocharger components, saw revenue of 1.058 billion, a year-on-year increase of 4.3%. Sales of new energy vehicle components reached 910.77 million units, a growth of 38.7% [11]. - The company is actively pursuing new product development and customer acquisition, with the completion of the Anhui Best project in 2024, which will enhance production capacity [11]. Future Outlook - The company is projected to achieve net profits of 347 million and 410 million in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 40x and 34x, maintaining a "Buy" rating [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in performance, with a net profit of 289 million yuan in 2024, representing a year-on-year increase of 9.58%. For Q1 2025, the net profit was 69 million yuan, up 0.23% year-on-year, aligning with expectations [4][5] - The company achieved a revenue of 1.357 billion yuan in 2024, a year-on-year increase of 1.03%, and the revenue for Q1 2025 grew by 1.89% year-on-year, indicating ongoing progress in its three-tier business strategy [5][6] Summary by Sections Business Segments 1. **First Tier Business**: This includes core components for turbochargers and various precision parts, which serve as the company's stable foundation. In 2024, the turbocharger business generated 1.058 billion yuan in revenue, with a CAGR of 9.83% from 2022 to 2024, accounting for 77.9% of total revenue. The gross margin for the automotive parts segment reached 33.68%, up 0.31 percentage points year-on-year [5] 2. **Second Tier Business**: Focused on components for electric vehicles, this segment saw significant growth, with sales revenue of 184 million yuan in 2024, a year-on-year increase of 38.73%. The company has successfully launched its subsidiary for electric vehicle components, enhancing its competitive position [6] 3. **Third Tier Business**: This includes areas such as "industrial mother machines," "humanoid robots," and "smart connected vehicles." The company has achieved successful validation and application of its high-precision rolling screw nuts and linear guide products, with small batch orders being delivered in 2024 [6] Financial Performance - The company's gross margin improved to 34.7% in 2024, up 0.24 percentage points year-on-year, while the net margin reached 21.29%, an increase of 0.53 percentage points [7] - Revenue forecasts for 2025-2027 are adjusted to 1.531 billion, 1.751 billion, and 2.015 billion yuan respectively, with net profits projected at 333 million, 385 million, and 451 million yuan [8][10] - The diluted EPS for 2025-2027 is expected to be 0.67, 0.77, and 0.90 yuan, with corresponding PE ratios of 41.7, 36.1, and 30.8 [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in performance, with a 9.58% year-on-year increase in net profit to 289 million yuan for 2024, and a 0.23% increase in Q1 2025 net profit to 69 million yuan, meeting expectations [4][5] - The company achieved a revenue of 1.357 billion yuan in 2024, reflecting a 1.03% year-on-year growth, supported by the robust performance of the automotive industry, particularly in the new energy vehicle sector [5][6] Summary by Sections Business Segments 1. **First-tier Business**: This includes core components for turbochargers and various precision parts, which serve as the foundation for stable development. The turbocharger business generated 1.058 billion yuan in revenue, with a CAGR of 9.83% from 2022 to 2024, accounting for 77.9% of total revenue [5] 2. **Second-tier Business**: Focused on new energy vehicle components, this segment saw significant growth with sales revenue of 184 million yuan and a 38.73% increase in sales volume to 9.1077 million units in 2024, benefiting from the overall rise in new energy vehicle production and sales [6] 3. **Third-tier Business**: This includes areas such as "industrial mother machines," "humanoid robots," and "intelligent connected vehicles." The company has successfully validated its high-precision rolling screw nuts and linear guide products with well-known domestic machine tool manufacturers, achieving small batch orders in 2024 [6] Financial Performance - The company's gross margin reached 34.7% in 2024, a year-on-year increase of 0.24 percentage points, while the net margin was 21.29%, up 0.53 percentage points [7] - Revenue forecasts for 2025-2027 are adjusted to 1.531 billion yuan, 1.751 billion yuan, and 2.015 billion yuan respectively, with net profits projected at 333 million yuan, 385 million yuan, and 451 million yuan [8][10] Valuation Metrics - The projected diluted EPS for 2025-2027 is 0.67 yuan, 0.77 yuan, and 0.90 yuan, with corresponding PE ratios of 41.7, 36.1, and 30.8 [8][10] - The company is positioned as a leading player in precision components, with significant growth potential in the new energy vehicle and industrial sectors, justifying the "Buy" rating [8]

Business Strategy and Development - The company focuses on three-tiered industry development, emphasizing precision machining, casting, and intelligent equipment as core competitive advantages [1][4][8] - Plans to enhance the third-tier industry, including high-precision linear motion components, by increasing resource investment and ensuring successful market penetration [1][4][8] - The company aims to expand its international presence, particularly in Southeast Asia, by establishing a manufacturing base in Thailand [3][4][8] Financial Performance - In 2024, the company achieved a revenue of CNY 135,704.53 million, a year-on-year increase of 1.03%, and a net profit of CNY 28,874.97 million, up 9.58% [5] - For Q1 2025, revenue reached CNY 34,959.21 million, reflecting a 1.89% increase, while net profit was CNY 6,939.86 million, a slight rise of 0.23% [5] Research and Development - The company prioritizes technological innovation and transformation of scientific achievements, with plans for increased R&D investment and collaboration with academic institutions [2][4] - New product development focuses on intelligent manufacturing technologies, including AI-driven solutions for defect detection and automated processing systems [5][6] Market Position and Competition - The company has established long-term partnerships with major automotive manufacturers, enhancing its market position in precision components and new energy vehicle parts [7][8] - In the competitive landscape of new energy vehicle components, the company leverages its sales network and product development to maintain a competitive edge [2][7] Industry Trends and Adaptation - The company is adapting to the rapid transformation of the automotive industry, particularly in the context of the "new four modernizations" (electrification, connectivity, automation, and sharing) [4][8] - It aims to mitigate risks associated with industry cycles by diversifying its business areas while strengthening existing operations [7][8]

Group 1 - The company reported a total revenue of 1.357 billion yuan for 2024, representing a year-on-year growth of 1.03%, and a net profit attributable to shareholders of 289 million yuan, up 9.58% year-on-year [1] - In Q1 2025, the company achieved total revenue of 350 million yuan, with a year-on-year increase of 1.89%, and a net profit attributable to shareholders of 69 million yuan, growing 0.23% year-on-year [1] - The gross profit margin improved year-on-year, with a gross profit margin of 33.68% for 2024, an increase of 0.31 percentage points, while the domestic gross profit margin was 33.80%, up 0.66 percentage points [1] Group 2 - The company is accelerating investment in Thailand, establishing a new facility to expand existing capacity and enhance international competitiveness [2] - The establishment of "Beiyonghua New Technology Co., Ltd." in Thailand is a key part of the company's overseas capacity layout, with construction currently underway [2] - The company’s subsidiary, Yuhua Precision Machinery, is making significant progress in the fields of new energy vehicles and humanoid robots, with successful initial customer samples for the EMB braking system ball screw assembly [2] Group 3 - The company is expected to achieve net profits attributable to shareholders of 381 million yuan, 496 million yuan, and 601 million yuan for the years 2025 to 2027, respectively [3] - Corresponding P/E ratios are projected to be 35.43, 27.24, and 22.47 for the years 2025 to 2027 [4]