Group 1 - On October 14, Huayang Intelligent experienced a decline of 1.65% with a trading volume of 28.13 million yuan [1] - The financing data for Huayang Intelligent on the same day showed a financing purchase amount of 2.83 million yuan and a net financing purchase of 547,000 yuan, with a total financing and securities balance of 116 million yuan [1] - The current financing balance of Huayang Intelligent is 116 million yuan, accounting for 10.09% of its circulating market value, which is above the 90th percentile level over the past year [1] Group 2 - As of June 30, the number of shareholders for Huayang Intelligent was 6,692, a decrease of 3.77% from the previous period, while the average circulating shares per person increased by 6.24% to 3,524 shares [2] - For the first half of 2025, Huayang Intelligent reported operating revenue of 23.5 million yuan, a year-on-year decrease of 15.39%, and a net profit attributable to shareholders of 16.92 million yuan, down 17.19% year-on-year [2] - Since its A-share listing, Huayang Intelligent has distributed a total of 49.95 million yuan in dividends [3]

Market Overview - The electric motor sector experienced a decline of 1.87% on the previous trading day, with Sanxie Electric leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Xiangdian Co. (600416) saw a significant increase in its stock price, closing at 16.71 with a rise of 10.01% and a trading volume of 1.1642 million shares, amounting to 1.908 billion yuan [1] - Other notable performers included Ocean Electric (002249) with a 2.56% increase, and Jiadian Co. (000922) with a 1.27% increase [1] - Conversely, Sanxie Electric (920100) led the decline with a drop of 6.61%, closing at 70.91, with a trading volume of 35,800 shares and a turnover of 259 million yuan [2] Capital Flow - The electric motor sector experienced a net outflow of 831 million yuan from institutional investors, while retail investors contributed a net inflow of 826 million yuan [2] - The data indicates that retail investors were more active in the market, contrasting with the outflow from institutional investors [2] Individual Stock Capital Flow - Xiangdian Co. (600416) had a net inflow of 376 million yuan from institutional investors, while it faced a net outflow of 216 million yuan from speculative funds [3] - Ocean Electric (002249) reported a net inflow of 62.63 million yuan from institutional investors and a net inflow of 126 million yuan from speculative funds [3] - Jiadian Co. (000922) had a net inflow of 36.62 million yuan from institutional investors, while it faced a net outflow of 7.65 million yuan from speculative funds [3]

Group 1 - The core point of the news is that Huayang Intelligent experienced a decline of 5.22% in its stock price, reaching 54.50 CNY per share, with a trading volume of 114 million CNY and a turnover rate of 8.65%, resulting in a total market capitalization of 3.111 billion CNY [1] - Huayang Intelligent, established on June 21, 2001, is located in Changzhou, Jiangsu Province, and specializes in the research, production, and sales of micro-special motors and related products. The main revenue composition includes micro-special motors and components at 92.63%, precision injection drug delivery devices at 6.36%, and other supplementary products at 1.01% [1] Group 2 - Among the top ten circulating shareholders of Huayang Intelligent, the Nuoan Multi-Strategy Mixed A Fund (320016) entered the list in the second quarter, holding 257,300 shares, which accounts for 1.09% of the circulating shares. The estimated floating loss today is approximately 771,900 CNY [2] - The Nuoan Multi-Strategy Mixed A Fund, established on August 9, 2011, has a latest scale of 1.399 billion CNY. Year-to-date returns are 62.95%, ranking 453 out of 8,172 in its category; the one-year return is 126.1%, ranking 232 out of 7,980; and since inception, the return is 214.5% [2] Group 3 - The fund managers of Nuoan Multi-Strategy Mixed A are Kong Xianzheng and Wang Haichang. As of the report, Kong Xianzheng has a tenure of 4 years and 297 days, managing a total fund size of 4.607 billion CNY, with the best fund return during his tenure being 77.68% and the worst being -16.74% [3] - Wang Haichang has a tenure of 3 years and 59 days, managing a total fund size of 2.529 billion CNY, with the best fund return during his tenure being 65.18% and the worst being -18.8% [3]

Market Performance - The electric motor sector increased by 3.81% compared to the previous trading day, with Huayang Intelligent leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Huayang Intelligent (301502) closed at 57.50, up 10.53% with a trading volume of 35,600 lots and a transaction value of 197 million [1] - China Electric Motor (603988) closed at 28.96, up 9.99% with a trading volume of 98,900 lots and a transaction value of 280 million [1] - Wolong Electric Drive (600580) closed at 51.70, up 8.66% with a trading volume of 2,474,000 lots and a transaction value of 1.25 billion [1] - Other notable performers include Dayang Electric (002249) up 5.42% and Xiangming Intelligent (301226) up 5.16% [1] Fund Flow Analysis - The electric motor sector experienced a net outflow of 486 million from institutional funds and 280 million from speculative funds, while retail investors saw a net inflow of 766 million [2][3] - Major stocks like China Electric Motor and Wolong Electric Drive had mixed fund flows, with institutional inflows and speculative outflows [3]

Market Performance - The electric motor sector increased by 4.25% compared to the previous trading day, with Kangping Technology leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Gainers in Electric Motor Sector - Kangping Technology (300907) closed at 39.98, up 16.36% with a trading volume of 108,200 shares and a transaction value of 409 million [1] - Jiangsu Changli (300660) closed at 66.19, up 14.16% with a trading volume of 454,900 shares and a transaction value of 2.673 billion [1] - Dayang Electric (002249) closed at 10.34, up 10.00% with a trading volume of 2.8172 million shares and a transaction value of 2.763 billion [1] Other Notable Performers - Mingzhi Electric (603728) closed at 78.15, up 6.05% with a trading volume of 125,500 shares and a transaction value of 1.935 billion [1] - Weiguang Co., Ltd. (002801) closed at 38.15, up 5.59% with a trading volume of 77,900 shares and a transaction value of 292 million [1] Market Capital Flow - The electric motor sector saw a net inflow of 18.2663 million from institutional investors, while retail investors contributed a net inflow of 26.9 million [2] - The sector experienced a net outflow of 287 million from speculative funds [2] Individual Stock Fund Flow - Dayang Electric (002249) had a net inflow of 35.2 million from institutional investors, while it faced a net outflow of 155 million from speculative funds [3] - Zhaowei Electromechanical (003021) recorded a net inflow of 22 million from institutional investors, with a net outflow of 75.8594 million from speculative funds [3] - Kangping Technology (300907) had a net inflow of 20.174 million from institutional investors, while it faced a net outflow of 13.4122 million from speculative funds [3]

Market Overview - The electric motor sector increased by 0.76% compared to the previous trading day, with Sanxie Electric leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Sanxie Electric (code: 920100) closed at 90.90, up 14.15% with a trading volume of 83,700 shares and a transaction value of 736 million [1] - Fangzheng Electric (code: 002196) closed at 10.33, up 10.01% with a trading volume of 644,800 shares and a transaction value of 647 million [1] - Jiangte Electric (code: 002176) closed at 10.24, up 4.07% with a trading volume of 1,859,800 shares and a transaction value of 1889 million [1] - Other notable performers include Ananda (code: 603350) up 3.36% and Mingzhi Electric (code: 603728) up 2.49% [1] Fund Flow Analysis - The electric motor sector experienced a net outflow of 1.8 billion from institutional investors, while retail investors saw a net inflow of 733 million [2] - Notable stocks with significant fund flows include Fangzheng Electric with a net inflow of 229 million from institutional investors, despite a net outflow of 101 million from speculative funds [3] - Jiangte Electric also saw a net inflow of 146 million from institutional investors, with a net outflow of 40.62 million from speculative funds [3]

Company Overview - Jiangsu Huayang Intelligent Equipment Co., Ltd. is set to be listed on the Shenzhen ChiNext board on February 2, 2024, after filing for IPO on June 20, 2022 [1] - The company operates in the electrical machinery and equipment manufacturing industry [1] IPO Details - The underwriting and sponsorship fees for the IPO amount to 28.51 million yuan, with a commission rate of 7.13%, lower than the industry average of 7.71% [1] - The company’s IPO project scored 82.5 points, classified as Grade B, with negative factors including the need for improved information disclosure and a high issuance price-earnings ratio [1] Market Performance - On the first day of trading, the stock price increased by 114.10% compared to the issue price [1] - Over the first three months post-listing, the stock price rose by 29.95% from the issue price [1] Financial Performance - The company expects to raise 454 million yuan but has actually raised 400 million yuan, reflecting a decrease of 12.02% in the actual fundraising amount [1] - For the year 2024, the company reported a 1.57% year-on-year increase in operating revenue, while net profit attributable to shareholders decreased by 48.51%, and non-recurring net profit fell by 49.56% year-on-year [1] Subscription Metrics - The abandonment rate for the IPO was 0.36% [1]

Company Overview - Jiangsu Huayang Intelligent Equipment Co., Ltd. is set to be listed on the Shenzhen Stock Exchange's ChiNext board on February 2, 2024, after its IPO application on June 20, 2022 [1] - The company operates in the electrical machinery and equipment manufacturing industry, with Dongwu Securities as the IPO sponsor and underwriters [1] Disclosure and Regulatory Evaluation - The company was required to clarify the accuracy and completeness of its disclosure regarding related enterprises, environmental protection matters, and the advanced nature of its core technology [1] - The average listing period for A-share companies in 2024 is 629.45 days, while Huayang's listing period is 592 days, indicating a faster process [1] Financial Metrics - The underwriting and sponsorship fees for Huayang's IPO amounted to 28.51 million yuan, with a commission rate of 7.13%, lower than the industry average of 7.71% [2] - The company's issuance price-to-earnings (P/E) ratio is 25.58, significantly higher than the industry average of 17.06, at 149.94% of the average [5] - The expected fundraising amount was 454 million yuan, but the actual amount raised was 400 million yuan, reflecting a decrease of 12.02% [6] Market Performance - On the first day of trading, the stock price increased by 114.10% compared to the issuance price [3] - Over the first three months, the stock price rose by 29.95% from the issuance price [4] Post-Listing Financial Performance - For the year 2024, the company's revenue increased by 1.57% year-on-year, while the net profit attributable to shareholders decreased by 48.51%, and the net profit after deducting non-recurring gains and losses fell by 49.56% [7] - The abandonment rate for the IPO was 0.36% [8] Overall Evaluation - Huayang's IPO project received a total score of 82.5, classified as B-level, with negative factors including the need for improved disclosure quality, high P/E ratio, reduced actual fundraising amount, and declining net profit in the first accounting year [8]

Core Insights - On September 12, Huayang Intelligent experienced a decline of 2.28% with a trading volume of 75.56 million yuan [1] - The company reported a financing buy-in of 10.01 million yuan and a net financing buy of 4.68 million yuan on the same day [1] - As of September 12, the total financing and securities lending balance for Huayang Intelligent reached 117 million yuan, accounting for 9.38% of its circulating market value, indicating a high level of financing [1] Financing and Securities Lending - On September 12, Huayang Intelligent had a financing buy-in of 10.01 million yuan, with a current financing balance of 117 million yuan [1] - The financing balance exceeds the 90th percentile level over the past year, indicating a high position [1] - There were no securities lent or sold on September 12, with a securities lending balance of 0.00 shares, also exceeding the 90th percentile level over the past year [1] Company Performance - As of June 30, Huayang Intelligent had 6,692 shareholders, a decrease of 3.77% from the previous period [2] - The average number of circulating shares per shareholder increased by 6.24% to 3,524 shares [2] - For the first half of 2025, the company reported operating revenue of 235 million yuan, a year-on-year decrease of 15.39%, and a net profit attributable to shareholders of 16.92 million yuan, down 17.19% year-on-year [2] Dividend and Shareholding - Since its A-share listing, Huayang Intelligent has distributed a total of 49.95 million yuan in dividends [3] - As of June 30, 2025, the fourth largest circulating shareholder is the Nuoan Multi-Strategy Mixed A Fund, holding 257,300 shares as a new shareholder [3]

致：江苏华阳智能装备股份有限公司（贵公司） 北京国枫（南京）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2025 年第三次临时股东会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《江 苏华阳智能装备股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会 议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事 宜，出具本法律意见书。 南京市鼓楼区集庆门大街 270 号苏宁环球国际中心 43 层 电话：025-85803866 传真：025-85803680 邮编：210003 北京国枫（南京）律师事务所 关于江苏华阳智能装备股份有限公司 2025 年第三次临时股东会的 法律意见书 国枫律股字[2 ...