Core Insights - The stock price of Xinrui Technology has decreased by 2.00% on September 26, trading at 22.04 CNY per share with a market capitalization of 3.694 billion CNY [1] - The company has seen a year-to-date stock price increase of 38.44% and a recent 5-day increase of 1.99% [1] Financial Performance - For the first half of 2025, Xinrui Technology reported a revenue of 1.06 billion CNY, representing a year-on-year growth of 23.76%, while the net profit attributable to shareholders was -65.88 million CNY, a decrease of 94.94% year-on-year [2] - The company has cumulatively distributed dividends of 21.18 million CNY since its A-share listing, with no dividends distributed in the last three years [3] Business Overview - Xinrui Technology, established on January 11, 2005, specializes in the research, production, and sales of electric vehicle power supplies and hydrogen fuel cell products, with 94.81% of its revenue coming from vehicle power integration products [2] - The company is categorized under the automotive industry, specifically in automotive parts and electronic systems, and is associated with several concept sectors including automotive parts and BYD concepts [2] Shareholder Information - As of June 30, the number of shareholders for Xinrui Technology was 21,300, an increase of 40.76% from the previous period, with an average of 6,643 circulating shares per shareholder, a decrease of 28.95% [2]

Core Insights - The European electric vehicle (EV) market is experiencing significant growth, with sales in August 2025 reaching 176,000 units, a year-on-year increase of 41.2% and a penetration rate of 31.4%, up by 8.3 percentage points [1][2] - The European Parliament has approved amendments to carbon emission assessments, delaying the tightening of emission targets originally planned for 2025, but the overall trend towards stricter regulations remains unchanged [1] Group 1: Market Performance - In August 2025, battery electric vehicle (BEV) sales reached 114,000 units, a year-on-year increase of 32.3%, while plug-in hybrid electric vehicle (PHEV) sales were 62,000 units, up by 61.5% [2] - Germany saw accelerated growth in electric vehicle sales, with BEV sales of 39,000 units, up 45.7%, and PHEV sales of 24,000 units, up 76.7% [3] - The UK has reintroduced BEV subsidies, with approximately 25% of BEV models qualifying for subsidies as of August, leading to BEV sales of 22,000 units, a 14.9% increase, and PHEV sales of 9,800 units, up 69.4% [4] - France's BEV sales were 17,000 units, a 29.6% increase, despite a general decline in the automotive market, with a penetration rate of 19.4% in August, the highest of the year [5] Group 2: Market Drivers - Spain is promoting electric vehicle adoption through new model launches, promotional activities, and the MOVES III subsidy program, alongside a 15% personal income tax reduction for electric vehicle purchases [6] Group 3: Investment Recommendations - Recommended investments in lithium battery companies include CATL, EVE Energy, and Xinwangda, with beneficiaries such as Innovation Navigation and Guoxuan High-Tech [7] - For lithium materials, recommended companies include Hunan Yueneng, with beneficiaries like Fulian Precision and Wanrun New Energy [7] - Recommendations for electric drive systems include Weimaisi and Fute Technology, with beneficiaries such as Xinrui Technology and Huangshan Gujie [7]

Group 1 - The core viewpoint of the news is that Xinrui Technology's stock has experienced fluctuations, with a year-to-date increase of 36.49% and a recent decline in the last 20 days by 1.09% [1] - As of September 23, Xinrui Technology's stock price was 21.73 CNY per share, with a market capitalization of 3.642 billion CNY [1] - The company has seen a net outflow of 3.5753 million CNY in principal funds, with significant buying and selling activity in large orders [1] Group 2 - Xinrui Technology, established on January 11, 2005, is located in Shenzhen, Guangdong Province, and was listed on May 23, 2018 [2] - The company's main business involves the research, production, and sales of electric vehicle power supplies and hydrogen fuel cell products, with 94.81% of revenue coming from vehicle power integration products [2] - As of June 30, the number of shareholders increased by 40.76% to 21,300, while the average circulating shares per person decreased by 28.95% [2] Group 3 - Xinrui Technology has distributed a total of 21.1848 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]

Company Overview - Shenzhen Xinrui Technology Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on January 11, 2005. The company went public on May 23, 2018. Its main business involves the research, production, sales, and technical services of vehicle power supplies for new energy vehicles and hydrogen energy and fuel cell products [2] - The revenue composition of Xinrui Technology includes: 94.81% from vehicle power integration products, 1.74% from fuel cell-related products, 1.36% from technical development income, 1.21% from vehicle DC/DC converters, 0.58% from materials and others, and 0.29% from vehicle chargers [2] - As of June 30, the number of shareholders of Xinrui Technology was 21,300, an increase of 40.76% compared to the previous period, with an average of 6,643 circulating shares per person, a decrease of 28.95% [2] Financial Performance - For the first half of 2025, Xinrui Technology achieved operating revenue of 1.06 billion yuan, a year-on-year increase of 23.76%. However, the net profit attributable to the parent company was -65.88 million yuan, a year-on-year decrease of 94.94% [2] - Since its A-share listing, Xinrui Technology has distributed a total of 21.18 million yuan in cash dividends, with no dividends distributed in the last three years [3] Stock Performance - On September 22, Xinrui Technology's stock price increased by 2.04%, reaching 22.05 yuan per share, with a trading volume of 42.06 million yuan and a turnover rate of 1.36%. The total market capitalization is 3.696 billion yuan [1] - Year-to-date, Xinrui Technology's stock price has risen by 38.51%, with a 2.56% increase over the last five trading days, a 4.60% increase over the last 20 days, and a 15.51% increase over the last 60 days [1] - The net inflow of main funds was 2.05 million yuan, with large orders buying 5.72 million yuan, accounting for 13.60% of the total, while selling amounted to 3.67 million yuan, accounting for 8.72% [1] - Xinrui Technology has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on June 11, where the net purchase on that day was 18.59 million yuan, with total purchases of 61.59 million yuan, accounting for 16.00% of total trading volume, and total sales of 42.99 million yuan, accounting for 11.17% [1]

证券日报网讯欣锐科技（300745）9月19日在互动平台回答投资者提问时表示，公司一直以来都致力于 电力电子技术的研究与开发，在车载电源领域公司率先应用了第三代半导体碳化硅(SiC)技术并实现量 产。这项技术致力于提升产品在高压、高温环境下运行的稳定性、安全性、可靠性，并实现产品的小型 化、轻量化及高端化。这些技术特性(高效率、高功率密度、高可靠性)本身，与无人机、eVTOL(电动 垂直起降飞行器)等低空飞行器对能源系统的严苛要求(长续航、高安全、轻量化)在技术方向上具有高度 的契合性。公司一贯秉持"锐意进取、协同创新"的理念，公司深耕多年且持续创新的SiC大功率电力电 子能量变换技术，具备一定的通用性和扩展性，能够适应多种电力电子能量变换的需求。公司产业的合 作与开拓将建立在对市场需求的审慎判断和技术可行性的坚实基础之上。关于公司技术与合作情况请参 考公开披露信息。 ...

Core Viewpoint - The company is developing a Power Management System (PMS) for robots to optimize power supply systems, simplify design, improve heat dissipation, and better adapt to power system layouts [1] Group 1: Company Development - The primary goal of the PMS development is to meet the demands of robots [1] - The company has accumulated experience in high-efficiency power conversion, high power density design, and thermal management in the field of electric vehicle onboard power supplies (OBC, DCDC) [1] - The expertise in intelligent management of power electronic systems and multi-energy coordinated control is valuable for developing power supply systems that can adapt to complex working environments [1]

Core Viewpoint - The company is developing a Power Management System (PMS) for robots to optimize power supply systems, simplify design, improve heat dissipation, and better adapt to power system layouts [1] Group 1: Company Development - The main goal of the PMS development is to meet the demands of robotics [1] - The company has accumulated experience in high-efficiency power conversion, high power density design, and thermal management in the field of electric vehicle onboard power supplies (OBC, DCDC) over the years [1] - The company possesses practical value in developing power supply systems that can adapt to complex working environments due to its expertise in intelligent management of power electronic systems and multi-energy coordinated control [1]

国泰海通证券股份有限公司 关于深圳欣锐科技股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司名称：深圳欣锐科技股份有限公司 | | --- | --- | | 保荐代表人姓名：张贵阳 | 联系电话：021-38031764 | | 保荐代表人姓名：范心平 | 联系电话：021-38031764 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止关 | 是，已督导公司维护健全各项规章 | | 联方占用公司资源的制度、募集资金管理制度、内控制度、 内部审计制度、关联交易制度） | 制度 | | （2）公司是否有效执行相关规章制度 | 是，公司已有效执行相关规章制度 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司 ...

Core Points - Company announced the cancellation of unexercised stock options and restricted stocks from the 2021 incentive plan due to expiration [1] - A total of 1,127,000 stock options were canceled, including 1,052,000 unexercised options from the third exercise period and 75,000 from the second exercise period [1] - The cancellation process was completed on September 2, 2025, as confirmed by the China Securities Depository and Clearing Corporation [1]

Core Viewpoint - Shenzhen Xinrui Technology Co., Ltd. has completed the cancellation of unexercised stock options and restricted stocks from its 2021 incentive plan, which were due to expire [1][2]. Group 1: Stock Options and Restricted Stocks - The company announced that 1,052,000 stock options from the third exercise period, which expired on August 16, 2025, remain unexercised [2]. - Additionally, 75,000 stock options from the second exercise period, which expired on July 11, 2025, also remain unexercised [2]. - In total, 1,127,000 stock options have been canceled as per the regulations of the "Management Measures for Equity Incentives of Listed Companies" [2]. Group 2: Confirmation and Impact - The cancellation of the stock options has been confirmed by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited, and the process was completed on September 2, 2025 [2]. - This cancellation does not affect the company's share capital, and the capital structure remains unchanged [2].