中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话:（8610）58091000 传真:（8610）58091100 北京市竞天公诚律师事务所 关于 浙江华远汽车科技股份有限公司 首次公开发行人民币普通股股票并在创业板上市的 法律意见书 二〇二五年三月 致：浙江华远汽车科技股份有限公司 根据浙江华远汽车科技股份有限公司（以下简称"公司"、"发行人"）与北 京市竞天公诚律师事务所（以下简称"本所"）签订的《法律顾问聘用协议》， 本所受托担任发行人首次在境内公开发行人民币普通股股票（以下简称"本次 发行"）并在深圳证券交易所创业板上市（以下简称"本次上市"）的专项法律 顾问。 本所根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）、《首次公开发行股票注册管理办法》 （以下简称"《首发注册管理办法》"）、《深圳证券交易所创业板股票上市规则 （2024 年修订）》（以下简称"《创业板上市规则》"）等法律、法规和主管部门 的有关规定（以下简称"法律、法规和规范性文件"），为发行人的本次上市提 供法律服务，并按照律师行业 ...

Core Viewpoint - Zhejiang Huayuan Auto Technology Co., Ltd. is set to go public on the Shenzhen Stock Exchange's ChiNext board on March 27, 2025, with an initial offering price of 4.92 yuan per share, raising concerns about market risks associated with new stock listings [1][4][17]. Group 1: Company Overview - The company specializes in the research, production, and sales of customized automotive system connectors, primarily focusing on automotive seats and related components [24]. - As of the latest data, the company has achieved revenue growth, with reported revenues of 454 million yuan, 491 million yuan, and a growth rate of 33.03% [9]. - The company has established long-term relationships with major clients in the automotive seat industry, including Lear, Adient, and Toyota Boshoku, covering over 75% of the domestic market share [9][10]. Group 2: Financial Metrics - The company plans to issue 63.79 million shares, resulting in a total share capital of approximately 425.29 million shares post-IPO [17]. - The initial public offering price corresponds to a diluted earnings per share (EPS) of 25.91 times, which is lower than the industry average of 64.39 times [6][9]. - The company forecasts a revenue of 646.92 million yuan for 2024, representing a growth of 16.92%, and a net profit of 95.52 million yuan, indicating a growth of 15.58% [15][23]. Group 3: Market Risks - The company faces significant market risks due to the lack of price limits on the first five trading days, which could lead to substantial price volatility [4][7]. - There is a risk of insufficient liquidity as the number of circulating shares is relatively low, with only 14.08% of the total shares being unrestricted [4][9]. - The company may experience irrational speculation post-listing, which could lead to abnormal price fluctuations and potential trading halts [4][9]. Group 4: Industry Context - The automotive manufacturing industry, where the company operates, is characterized by high competition and rapid technological changes, which may impact the company's growth and profitability [10][14]. - The company is classified under the "C36 Automotive Manufacturing" sector, which is subject to various market dynamics and regulatory changes [5][24]. - The automotive parts industry is currently facing challenges such as chip shortages, which could adversely affect production and sales [13][14].

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话:（8610）58091000 传真:（8610）58091100 浙江华远: 北京市竞天公诚律师事务所关于公司首 次公开发行股票并在创业板上市的法律意见书 北京市竞天公诚律师事务所 关于 浙江华远汽车科技股份有限公司 首次公开发行人民币普通股股票并在创业板上市的 法律意见书 二〇二五年三月 致：浙江华远汽车科技股份有限公司 根据浙江华远汽车科技股份有限公司（以下简称"公司"、"发行人"）与北 京市竞天公诚律师事务所（以下简称"本所"）签订的《法律顾问聘用协议》， 本所受托担任发行人首次在境内公开发行人民币普通股股票（以下简称"本次 发行"）并在深圳证券交易所创业板上市（以下简称"本次上市"）的专项法律 顾问。 本所根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）、《首次公开发行股票注册管理办法》 （以下简称"《首发注册管理办法》"）、《深圳证券交易所创业板股票上市规则 （2024 年修订）》（以下简称"《创业板上市规则》"）等法律、法规和主管部门 的有关规 ...

Investment Rating - The investment rating for the company is "Buy" [24] Core Viewpoints - The company focuses on the research, production, and sales of customized automotive system connectors, primarily producing special fasteners and seat locks, which are widely used in various automotive systems [6][17] - The company has established strong relationships with major automotive manufacturers and suppliers, with over 70% of its revenue coming from the automotive seating sector [16][17] - The company is actively expanding its product applications in the new energy vehicle and automotive electronics sectors, which is expected to drive future growth [17] Financial Performance - The company achieved operating revenues of 491.2 million, 553.3 million, and 681.7 million yuan for the years 2022, 2023, and 2024, respectively, with year-over-year growth rates of 8.20%, 12.64%, and 23.20% [7][19] - The net profit attributable to the parent company for the same years was 76.8 million, 82.6 million, and 107.7 million yuan, with year-over-year growth rates of -61.61%, 7.57%, and 30.36% [7][19] - For the first quarter of 2025, the company expects operating revenue to grow by 16.28% to 32.69% compared to the same period last year, with net profit expected to increase by 58.32% to 79.07% [19] Industry Overview - The automotive fastener market is characterized by a high demand, with an estimated requirement of 1,536.71 billion fasteners in 2023, driven by the production of over 26 million passenger vehicles [12] - The automotive seating market is projected to grow at an annual rate of 4.6% in China, reaching a market size of 880 billion yuan by 2025 [13][14] - The industry is experiencing a trend towards lightweight, diversified, intelligent, and environmentally friendly developments, which is influencing the fastener sector [12][15] Company Highlights - The company has a diverse product portfolio with over 4,000 types of special fasteners and is recognized as a core supplier in the automotive seating sector [16] - The company has secured a 7.45% market share in the Chinese passenger car seat lock market as of 2023 [16] - The company is positioned to benefit from the growing demand in the new energy vehicle sector, having entered the supply chains of major manufacturers like NIO and BYD [17]