Summary of Key Points Core Viewpoint - The report highlights a decline in the number of shareholders for 28 companies listed on the ChiNext board as of November 10, with 15 companies experiencing a decrease in shareholder count compared to the previous period, indicating a trend of shareholder concentration and potential market implications [1][2]. Group 1: Shareholder Count Changes - 15 out of 28 ChiNext stocks reported a decrease in shareholder count, with notable declines in companies such as Taotao Automotive, Zhongzhou Special Materials, and Taihe Technology [1]. - Taotao Automotive had the largest decline, with a shareholder count of 9,203, down 13.61% from October 31, and a cumulative drop of 10.10% in stock price since the concentration began [1][3]. - Zhongzhou Special Materials reported a decrease of 7.44% in shareholder count, totaling 54,851, with a cumulative stock price drop of 3.52% [1][3]. - Taihe Technology's shareholder count decreased by 4.95% to 20,675, with a cumulative stock price decline of 3.57% [1][3]. Group 2: Continuous Decline in Shareholder Count - Five ChiNext stocks have shown a continuous decline in shareholder count for more than three consecutive periods, with the most significant decline being eight consecutive periods [1]. - Double Fly Group's shareholder count decreased by 18.07% over eight periods, totaling 19,384 [2]. - Taihe Technology's cumulative decline reached 38.43% over six periods, with a current count of 20,675 [2]. Group 3: Market Performance and Industry Insights - The average decline for concentrated stocks since November 1 is 2.05%, with notable increases in stocks like China Resources Materials, Kai Run Co., and Xinyu Guokai, which rose by 5.80%, 4.90%, and 1.92% respectively [2]. - The industries with the most concentrated stocks include electronics, automotive, and national defense, with four, three, and two stocks respectively [2]. - Some concentrated stocks have attracted leveraged funds, with significant increases in financing balances for companies like Xinyu Guokai, Taotao Automotive, and Boshuo Technology, growing by 8.32%, 5.24%, and 4.84% respectively [2].

Core Viewpoint - The company has completed testing of a robot prototype in North America in collaboration with Yushu Technology and is currently planning sales strategies for the next steps [1] Group 1 - The company received the robot prototype from Yushu Technology in October 2025 and has conducted software integration and testing [1] - The company is in the process of formulating its next sales plan based on the outcomes of the testing [1] - There is an inquiry regarding the progress of market channel establishment, co-research of C-end scenarios, and commercialization order conversion in North America [1]

Core Viewpoint - The company reported Q3 2025 earnings with revenue exceeding expectations, driven by the successful dual-brand strategy in electric golf carts and enhanced North American distribution channels, alongside capacity release from the Vietnam factory, resulting in a doubling of golf cart business in Q3. The company reduced promotional spending in the off-season to prepare for the Q4 sales peak, leading to a decrease in expense ratio and a significant increase in net profit. Looking ahead to Q4, with the North American sales season approaching, the company plans to increase promotional efforts, expecting continued growth in sales volume and improvement in net profit margin [1][2]. Revenue Analysis - Q3 2025 revenue reached 1.06 billion yuan, a year-over-year increase of 27.73%, while net profit attributable to shareholders was 264 million yuan, up 121.44% year-over-year, with a net profit margin of 24.95%, an increase of 10.56 percentage points year-over-year [2]. - The all-terrain vehicle segment is currently underperforming due to engine development delays, but plans are in place to establish a research institute in Chongqing to advance R&D. The golf cart segment saw significant growth, with the second brand TEKO launched in September, signing over 50 dealers across 19 states in the U.S., and Q3 shipments exceeding 10,000 units with revenue surpassing 600 million yuan, both doubling year-over-year [3]. Profitability Analysis - Q3 gross margin was 46.05%, an increase of 9.07 percentage points year-over-year, primarily due to the strong performance of new electric golf carts and the realization of scale effects. The expense ratio decreased by 3.22 percentage points year-over-year, with sales, management, R&D, and financial expense ratios showing varied changes [4]. - The net profit margin for Q3 was 24.95%, reflecting a year-over-year increase of 10.56 percentage points, benefiting from improved gross margin and reduced expense ratio. Future improvements in net profit margin are anticipated as product and regional mix improves and scale effects from emerging products continue to materialize [4]. Q4 Outlook - With the upcoming Black Friday and Christmas sales seasons in North America, the company plans to increase promotional efforts, expecting a rebound in traditional product sales. Emerging categories such as electric golf carts, e-bikes, and large all-terrain vehicles are also expected to see continued growth in sales volume [5]. - Profitability is projected to improve as high-margin traditional products recover in sales volume and production capacity is gradually released, with ongoing scale effects from new categories. The company aims for a market share target of 30% in the golf cart business, with potential sales reaching hundreds of thousands of units and revenue in the tens of billions [5].

国浩律师（杭州）事务所 关于 浙江涛涛车业股份有限公司 2025 年第三次临时股东会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号、28 号楼国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十一月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江涛涛车业股份有限公司 2025 年第三次临时股东会 法律意见书 致：浙江涛涛车业股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江涛涛车业股份有限 公司（以下简称"公司"）的委托，指派律师出席公司 2025 年第三次临时股东 会（以下简称"本次股东 ...

2025年第三次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会召开期间无变更、否决提案的情况； 2、本次股东会未涉及变更前次股东会决议的情况； 证券代码：301345 证券简称：涛涛车业 公告编号：2025-065 浙江涛涛车业股份有限公司 （2）网络投票时间：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 11 月 10 日的交易时间，即 9:15—9:25 、9:30—11:30 和 13:00— 15:00；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 11 月 10 日 9:15—15:00。 3、本次股东会采取现场投票、网络投票相结合的方式召开。 一、会议召开情况 浙江涛涛车业股份有限公司（以下简称"公司"）第四届董事会第十次会 议决定于 2025 年 11 月 10 日召开 2025 年第三次临时股东会，详情见公司披露 在巨潮资讯网（www.cninfo.com）上的《关于召开 2025 年第三次临时股东会的 通知》。 本次股东会具体情况如下： （1）现场会议召开时间：2 ...

Core Viewpoint - TaoTao Automotive experienced a decline of 2.56% in stock price on November 7, with a trading volume of 313 million yuan, indicating market volatility and investor sentiment towards the company [1]. Financing and Trading Data - On November 7, the financing buy-in amount for TaoTao Automotive was 42.29 million yuan, while the financing repayment was 22.70 million yuan, resulting in a net financing buy-in of 19.60 million yuan [1]. - As of November 7, the total margin balance for TaoTao Automotive was 231 million yuan, with the financing balance accounting for 3.67% of the circulating market value, indicating a high level of leverage compared to the past year [1]. - The company had a margin loan repayment of 1,000 shares on November 7, with no shares sold short, and a remaining short position of 4,200 shares valued at 893,800 yuan, also reflecting a high level of short interest [1]. Company Overview - Zhejiang TaoTao Automotive Co., Ltd. was established on September 24, 2015, and went public on March 21, 2023. The company focuses on the research, production, and sales of electric vehicles and related accessories, particularly in the outdoor leisure and short-distance transportation sectors [1]. - The main revenue sources for the company are smart electric low-speed vehicles (67.23%), special vehicles (28.59%), and other products (4.17%) [1]. Financial Performance - For the period from January to September 2025, TaoTao Automotive reported a revenue of 2.773 billion yuan, representing a year-on-year growth of 24.89%, and a net profit attributable to shareholders of 607 million yuan, which is a significant increase of 101.27% year-on-year [2]. Shareholder and Institutional Holdings - As of October 31, the number of shareholders for TaoTao Automotive reached 10,700, an increase of 20.30% from the previous period, while the average number of circulating shares per shareholder decreased by 16.88% to 2,727 shares [2]. - The company has distributed a total of 708 million yuan in dividends since its A-share listing [3]. - Notable institutional investors include Yongying Ruixin Mixed A, which is the second-largest circulating shareholder with 1.0247 million shares, and several other new institutional shareholders have entered the top ten list [3].

Market Overview - On November 7, the motorcycle and other sectors fell by 0.91%, with Zhenghe Industrial leading the decline [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 stock performances included: - Aima Technology (603529) closed at 32.18, up 0.97% with a trading volume of 112,700 shares and a turnover of 365 million yuan [1] - Zhenghe Industrial (003033) closed at 75.71, down 4.72% with a trading volume of 21,400 shares and a turnover of 165 million yuan [2] - Longxin General (603766) closed at 13.73, down 3.78% with a trading volume of 260,400 shares and a turnover of 362 million yuan [2] Capital Flow - The motorcycle and other sectors experienced a net outflow of 52.52 million yuan from main funds, while retail investors saw a net inflow of 56.14 million yuan [2] - The capital flow for specific stocks showed: - Aima Technology had a main fund net inflow of 31.71 million yuan, while retail investors had a net outflow of 18.69 million yuan [3] - Zhenghe Industrial had a main fund net outflow of 4.30 million yuan, with retail investors seeing a net inflow of 10.68 million yuan [3]

Core Viewpoint - TaoTao Automotive's stock has experienced significant fluctuations, with a year-to-date increase of 241.81% but a recent decline of 9.90% over the past five trading days [1] Financial Performance - For the period from January to September 2025, TaoTao Automotive reported revenue of 2.773 billion yuan, representing a year-on-year growth of 24.89% [2] - The net profit attributable to shareholders for the same period was 607 million yuan, showing a substantial year-on-year increase of 101.27% [2] Shareholder and Market Activity - As of October 31, 2025, the number of shareholders in TaoTao Automotive increased by 20.30% to 10,700 [2] - The average number of circulating shares per shareholder decreased by 16.88% to 2,727 shares [2] - The stock's trading activity showed a net outflow of 16.9162 million yuan from main funds, with significant selling pressure observed [1] Dividend Distribution - Since its A-share listing, TaoTao Automotive has distributed a total of 708 million yuan in dividends [3] Institutional Holdings - As of September 30, 2025, several new institutional investors entered the top ten shareholders, including Yongying Ruixin Mixed A and Huatai-PineBridge Consumer Industry Mixed [3]

Group 1 - The company, TaoTao Automotive, reported that as of October 31, 2025, the number of shareholders is 10,653 [2]

Core Viewpoint - TaoTao Automotive has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, digital and intelligent upgrades, product diversification, exploration of humanoid robotics technology, and global sales network expansion [2][3]. Group 1: Company Overview - Established in 2015, TaoTao Automotive focuses on "new energy intelligent travel," specializing in smart electric low-speed vehicles and specialty vehicles [2]. - The company initially concentrated on the research, production, and sales of all-terrain vehicles and motorcycles, later expanding its product line to include electric scooters, balance bikes, and electric bicycles in 2017 [2]. - In 2022, TaoTao Automotive launched electric low-speed vehicles, marking the initiation of its second growth engine and entering higher-value market segments [2]. Group 2: Financial Performance - For the first nine months of 2025, TaoTao Automotive reported a revenue of 2.773 billion yuan, a year-on-year increase of 24.89%, and a net profit of 607 million yuan, up 101.27% [3]. - In the third quarter, the company achieved a revenue of 1.060 billion yuan, reflecting a year-on-year growth of 27.73%, and a net profit of 264 million yuan, which is a 121.44% increase [3]. Group 3: Future Outlook - Starting in 2025, TaoTao Automotive plans to expand into cutting-edge fields such as humanoid robotics while enhancing its core business [3]. - The company aims to create a cross-product technology platform to integrate research outcomes into existing product lines, thereby improving product intelligence [3]. - The fourth quarter is expected to see increased sales due to the holiday shopping season in Europe and North America, with the company expressing confidence in achieving strong performance [3].