江苏太湖律师事务所 关于 无锡贝斯特精机股份有限公司 调整 2022 年限制性股票激励计划授予价格、 2022 年限制性股票激励计划首次授予部分第三个归属 二〇二六年【一】月 法律意见书 江苏太湖律师事务所 关于 期及预留授予部分第二个归属期归属条件成就及 作废处理 2022 年限制性股票激励计划首次及预留授予 部分已授予尚未归属的限制性股票事项 的 法律意见书 无锡市太湖西大道2168号佳诚国际大厦四楼 邮编214000 电话：0510-85898601 传真：0510-85898602 Forth Floor, Jiacheng Building, 2168,West Taihu Avenue, Wuxi City Post code:214000 Tel:(0510)85898601 Fax:(0510)85898602 无锡贝斯特精机股份有限公司 调整 2022 年限制性股票激励计划授予价格、 2022 年限制性股票激励计划首次授予部分第三个归属期及预留授予部 分第二个归属期归属条件成就及 作废处理 2022 年限制性股票激励计划首次及预留授予部分已授予尚未 归属的限制性股票事项 的 法律意见书 【2 ...

无锡贝斯特精机股份有限公司 第四届董事会独立董事。 2026 年第二次专门会议决议 无锡贝斯特精机股份有限公司(以下简称"公司")第四届董事会独立董事 2026 年第二次专门会议于 2026年 1 月 23 日以电子邮件方式发出会议通知,于 2026年1月27日以通讯方式召开。本次会议由独立董事汪群峰先生召集并主持, 本次会议应出席参会独立董事2名,实际出席参会独立董事2名。本次会议的召 集、召开和表决程序符合《中华人民共和国公司法》、《独立董事工作制度》及 《公司章程》的有关规定,表决所形成的决议合法、有效。 经全体独立董事表决,会议决议如下: 二、关于作废处理 2022年限制性股票激励计划首次及预留授予部分已授予 尚未归属的限制性股票的议案; 表决结果:同意票2 票,反对票 0 票,弃权票 0 票。 经第四届董事会独立董事 2026年第二次专门会议审议,公司 2022年限制性 股票激励计划首次授予部分激励对象中有 21 名激励对象因首次授予部分第三个 归属期个人层面绩效考核原因不能完全归属或不得归属;预留授予部分激励对象 中有 2 名激励对象因预留授予部分第二个归属期个人层面绩效考核原因不能完 全归属或不 ...

股票代码：300580 股票简称：贝斯特 公告编号：2026-009 无锡贝斯特精机股份有限公司 第四届董事会第二十次会议决议的公告 2025 年 9 月 18 日公司发布了《2025 年半年度权益分派实施公告》（公告编 号：2025-024），2025 年半年度权益分派方案为：以总股本 500,543,865 股为基 数，向全体股东每 10 股派发现金红利人民币 0.30 元（含税）；不进行资本公积 金转增股本,不送红股。股权登记日为 2025 年 9 月 24 日，除权除息日为 2025 年 9 月 25 日。 上述权益分派已实施完毕，根据公司《2022 年限制性股票激励计划（草案）》 的相关规定，本激励计划公告日至激励对象完成限制性股票归属登记前，公司发 生资本公积转增股本、派送股票红利、股份拆细、配股、缩股等事项，应对限制 性股票授予数量和授予价格进行相应的调整。 经董事会审议通过，同意将 2022 年限制性股票激励计划授予价格由 3.83 元 /股调整为 3.66 元/股。 1 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。 一、董事会会议召开情况 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The automotive industry is entering a phase of low growth, with a focus on high-quality development opportunities. Key areas of interest include high-growth automotive companies and structural opportunities within the supply chain, particularly in commercial vehicles and automotive technology [4][34]. - The China Association of Automobile Manufacturers (CAAM) forecasts that total vehicle sales in China will reach 34.75 million units in 2026, representing a year-on-year growth of 1%. Passenger vehicle sales are expected to grow by 0.5%, while commercial vehicle sales are projected to increase by 4.7% [3][35]. - New energy vehicles (NEVs) are anticipated to play a crucial role in driving industry growth, with expected sales of 19 million units in 2026, reflecting a significant year-on-year growth of 15.2% [3][35]. Summary by Sections 1. Weekly Market Review (January 10-16, 2026) - The automotive sector index increased by 0.49%, outperforming the Shanghai and Shenzhen 300 index by 1.06 percentage points. The automotive services sector saw the highest growth at 4.51% [12][15]. 2. Weekly Data Tracking (January 10-16, 2026) - From January 1-11, 2026, retail sales of passenger vehicles in China totaled 328,000 units, a 32% decrease year-on-year. Wholesale figures were 381,000 units, down 40% year-on-year [20][21]. 3. Industry News (January 10-16, 2026) - Significant developments include partnerships for advanced driving technologies and the introduction of new vehicle models by major manufacturers, indicating ongoing innovation in the sector [25][29][31]. 4. Key Manufacturer Sales Rankings (2025) - BYD led the passenger vehicle market with sales of 4.55 million units, followed by Geely and Chery. In the NEV segment, BYD also dominated with a market share of 29.7% [23][24]. 5. Future Outlook - The report emphasizes the importance of macroeconomic policies and industry governance in sustaining growth. The focus will be on maintaining competitive advantages in electric and intelligent vehicle technologies [34][36].

Group 1 - The core viewpoint of the article is that despite the positive developments in the company's subsidiary, the stock price has not increased, which raises questions among investors [1] - The company’s subsidiary, Yuhua Precision Machinery, has fully entered the linear motion components sector, with applications covering industrial mother machines (accounting for 21.6% of the downstream market), humanoid robots (potential market size in the hundred billion range), smart connected vehicles, and automation industries [1] - The company clarified that there are currently no plans for an IPO on the Hong Kong Stock Exchange, despite investor speculation [1]

Core Insights - Best has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage favorable IPO regulations and attract global investors for its expansion [1] - The company is a leading supplier of acoustic enhancement materials, holding an 18.1% market share in the global market and ranking fourth in the global acoustic adhesive market with approximately 3.5% [1] - Revenue for the first three quarters of 2025 is projected to increase by 99.1%, with a net profit margin of 25.7%, indicating a decline in profitability [1][5] Business Overview - Best operates in the development, manufacturing, and sales of electronic functional enhancement materials, with three core technology platforms: inorganic powder, polymer materials, and composite materials [2] - The company has four main business segments: acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [2] - Revenue from acoustic enhancement materials reached 222 million RMB in the first three quarters of 2025, a significant increase of 66.9%, although its revenue contribution has decreased to 48.4% due to new income streams [2][3] Financial Performance - The company reported a gross margin of 46.1% for the first three quarters of 2025, down from 56.1% in 2024, primarily due to lower margins in new business segments [5] - Operating expenses have been managed effectively, with a stable sales expense ratio around 3% and a decrease in management expenses [5] - Cash and cash equivalents stood at 133 million RMB as of November 2025, indicating a strong financial position [1][9] Market Position - Best's acoustic enhancement materials are highly dependent on the consumer electronics market, which is expected to grow at a compound annual growth rate (CAGR) of only 3.3% from 2024 to 2030 [7] - The electronic ceramic materials segment is anticipated to grow significantly, with a projected market size of 528 billion RMB by 2030, reflecting a CAGR of 19.6% [8] - Best holds a leading position in various sectors, with a market share of 18.1% in acoustic enhancement materials, significantly higher than its closest competitor [8] Customer Concentration - The company has a high customer concentration, with the top five customers contributing approximately 79% of revenue in the first three quarters of 2025 [4] - Domestic revenue has historically accounted for over 80% of total revenue, but overseas revenue has shown significant growth, reaching 16.6% in the first three quarters of 2025 [4] Strategic Outlook - Best's strategic focus includes leveraging AI advancements to explore new market opportunities, particularly in emerging segments like AI glasses and XR devices [7] - The company has established a carbon-neutral advanced materials R&D center in collaboration with top universities, enhancing its industry position [4] - With low debt levels and positive operating cash flow, Best is well-positioned for global expansion and to capitalize on its production capacity [9]

Core Viewpoint - Best has submitted an application for listing on the Hong Kong Stock Exchange, with significant revenue growth and a leading position in multiple business sectors, indicating potential investment opportunities [1] Company Overview - Best is the largest supplier of acoustic enhancement materials globally, holding an 18.1% market share in the acoustic enhancement materials market and a 3.5% share in the global acoustic adhesive market as of mid-2025 [1] - The company has three core technology platforms: inorganic powder technology, polymer material technology, and composite material technology, leading to four main business segments: acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [2] Financial Performance - Revenue for the first three quarters of 2025 increased by 99.1%, with a net profit margin of 25.7%, although profitability has slightly declined [1][6] - The revenue from acoustic enhancement materials reached 2.22 billion RMB in the first three quarters of 2025, a 66.9% increase, but its revenue contribution decreased to 48.4% due to new income streams [2][3] - The electronic ceramic materials segment generated 0.95 billion RMB in revenue, accounting for 20.6% of total revenue in the same period [2] Business Segments - The energy enhancement materials segment, established in 2022, reported a revenue of 1.28 billion RMB in the first three quarters of 2025, a 39.4% year-on-year increase, contributing 27.7% to total revenue [5] - The electronic adhesive segment remains small, with revenue of 0.15 billion RMB, representing only 3.3% of total revenue [5] Market Position - Best's acoustic enhancement materials business is the largest globally, with a market share of 18.1%, significantly higher than the second-largest competitor [9] - The company has a high customer concentration, with the top five customers contributing 79% of revenue in the first three quarters of 2025, although overseas revenue has increased to 16.6% [5] Industry Outlook - The global consumer electronics market is expected to grow at a compound annual growth rate (CAGR) of only 3.3% from 2024 to 2030, but specific segments like AI glasses and XR devices may see double-digit growth [8] - The electronic ceramic materials market is projected to grow at a CAGR of 19.6%, reaching 528 billion RMB by 2030 [9] Financial Health - As of November 2025, the company had cash and equivalents of 133 million RMB and a low debt level of 46 million RMB, indicating a strong financial position [1][10] - Operating cash flow has remained positive, with a net inflow of 57 million RMB in the first three quarters of 2025 [10]

Group 1 - The company Best (300580) announced on January 13 that its fourth board of directors' nineteenth meeting approved two proposals: one regarding the use of idle funds for entrusted financial management and another concerning additional investment in its subsidiary in Thailand [1]

Core Viewpoint - Best (300580) plans to invest up to $45 million through its wholly-owned subsidiary in Singapore, Beiyonghua Technology Co., Ltd., to support the operations of its Thai subsidiary, Beiyonghua New Technology Co., Ltd. in Thailand, as well as for the construction of a second-phase factory and the purchase of equipment [1] Group 1 - The investment in the Thai subsidiary is aimed at daily operational support and expansion through a second-phase factory [1] - The company also announced plans to use idle funds for entrusted wealth management, with an investment limit of up to 800 million yuan in low-risk short-term financial products [1]

Core Viewpoint - The Hong Kong IPO market has been performing well since 2026, with new stocks generally seeing significant increases post-listing. Best New Materials Co., Ltd. has submitted its application for a mainboard listing on January 12, 2023, with Guotai Junan International as its sole sponsor [2]. Company Overview - Best New Materials, established in March 2017, specializes in the research, production, and sales of electronic functional enhancement materials, which are used to improve the acoustic, optical, thermal, and electrical performance of components and devices in consumer electronics and new energy sectors. The company is expanding its applications into high-growth areas such as advanced packaging and computing [3]. Market Position - According to Frost & Sullivan, Best holds a strong market position in several segments: - Ranked first in the global acoustic enhancement materials market with an 18.1% market share - Ranked second in the global LIB diaphragm coated aluminum oxide ceramic materials market with an 18.1% market share - Ranked fourth in the global acoustic adhesive market with a 3.5% market share - Ranked third in the global high-reflective glaze market with a 5.0% market share [5]. Financial Performance - Best's revenue for the first three quarters of 2023, 2024, and 2025 was RMB 320 million, RMB 355 million, and RMB 460 million, respectively, with profits of RMB 96.16 million, RMB 113 million, and RMB 118 million. The company has shown stable growth despite its relatively small scale [6]. - The acoustic enhancement materials segment remains the largest, contributing 48.4% of total revenue in the first three quarters of 2025, with a gross margin of 81.8%. However, its revenue share has decreased due to overall revenue growth [6][8]. Business Segments - The electronic ceramic materials segment accounted for 20.6% of total revenue in the first three quarters of 2025, with a gross margin of 21.7%, stemming from a strategic acquisition in 2024. The energy enhancement materials segment's revenue share has dropped to 27.7% with a gross margin of only 0.8% due to increased competition in the photovoltaic industry [8]. Customer and Supplier Dependency - Best has a high dependency on a few major customers, with sales to the top five customers accounting for 88.2%, 82.3%, and 79.0% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively. The largest customer contributed 28.4%, 20.9%, and 23.1% of total revenue during the same periods. The company also relies heavily on a few suppliers, although this dependency is decreasing [9]. Dividend Policy - Best declared dividends of RMB 34.6 million in 2023, RMB 40.8 million in 2024, and RMB 40.8 million in the first three quarters of 2025, which may raise concerns among investors about potential "asset stripping" before the IPO [10]. Use of Proceeds - The company plans to use the net proceeds from the IPO for several purposes, including increasing production capacity, developing new products, building R&D centers, expanding sales and service networks, and general corporate purposes [11].