中国上海市石门一路 288 号 兴业太古汇香港兴业中心办公楼一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于常州星宇车灯股份有限公司 2025 年第一次临时股东大会的法律意见书 致：常州星宇车灯股份有限公司 君合律师事务所上海分所接受常州星宇车灯股份有限公司（以下简称"公司"） 的委托，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股 东会规则》（以下简称"《股东会规则》"）等法律、法规、规章及《常州星宇车灯 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，就公司 2025 年第 一次临时股东大会（以下简称"本次股东大会"）有关事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合中国相关法律、法规及《公司章程》 的规定以及表决结果是否合法有效发表意见，并不对本次股东大会所审议的议案 内容以及该等议案所表述的相关事实或数据的真实性、准确性或合法性发表意见。 综上，公司本次股 ...

证券代码：601799 证券简称：星宇股份 公告编号：2025-028 常州星宇车灯股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 316 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 180,420,500 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 63.4595 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 公司董事长周晓萍女士因公未出席本次会议，经半数以上董事推举，本次会 议由公司董事周宇恒先生主持。会议的召集、召开程序符合《公司法》及《公司 章程》的规定，表决方式及表决结果合法有效。 (一) 股东大会召开的时间：2025 年 9 月 19 日 (二) 股东大会召开的地点：公司办公楼四楼 15 号会议室 (三) 出席会议的普通股股东和 ...

Core Viewpoint - Chery Automobile is set to launch its IPO in Hong Kong, aiming to raise up to HKD 91.45 billion, marking a significant milestone for the company as it seeks to expand its presence in international capital markets [1][2]. Company Overview - Founded in 1997 and headquartered in Wuhu, Chery specializes in the design, development, manufacturing, and sales of a diverse range of passenger vehicles, including both fuel and new energy vehicles [2]. - Chery is recognized as the second-largest domestic brand passenger car company in China and the eleventh largest globally, with significant growth in both domestic and international markets [2][3]. Financial Performance - Chery's revenue grew from CNY 92.62 billion in 2022 to CNY 269.90 billion in 2024, reflecting a compound annual growth rate (CAGR) of 70.7%. Net profit increased from CNY 5.81 billion to CNY 14.33 billion during the same period, with a CAGR of 57.1% [2][4]. - In Q1 2025, Chery maintained strong growth, achieving revenue of CNY 68.22 billion and a net profit of CNY 4.73 billion [2]. Market Position and Strategy - Chery has seen a remarkable increase in sales, with new energy vehicle sales up over 265% and fuel vehicle sales up over 29% [2][3]. - The company has a diversified brand portfolio, including Chery, Jetour, Exeed, iCAR, and Zhijie, covering various segments of the automotive market [3]. Technological Advancements - Chery is focusing on smart and electric vehicle technologies, with plans to establish a "Chery Intelligent Center" to enhance its R&D capabilities in areas such as intelligent cockpit and autonomous driving [6][7]. - The "Yaoguang 2025" strategy aims to advance Chery's position in the new energy sector, with significant technological breakthroughs in battery systems and intelligent driving technologies [6][7]. IPO Details - The IPO will involve the issuance of approximately 297 million H-shares, with a pricing range of HKD 27.75 to HKD 30.75, and is expected to be completed by September 25, 2025 [1][2]. - The funds raised will be allocated to R&D for new vehicle models, with 20% specifically earmarked for expanding the new energy vehicle lineup [7][10]. Investor Interest - The IPO has attracted significant interest from cornerstone investors, with a total subscription amount of approximately HKD 45.73 billion [10]. - Chery's successful IPO will complete the listing of the top five domestic car manufacturers, enhancing its competitive position in the market [10].

Core Viewpoint - Xingyu Co., Ltd. has experienced a decline in stock price and trading activity, with a notable drop in market capitalization and net outflow of funds, indicating potential investor concerns about the company's performance and market position [1][2]. Company Overview - Xingyu Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on May 18, 2000. It was listed on February 1, 2011. The company specializes in the research, design, manufacturing, and sales of automotive lighting products, primarily for passenger vehicles [1]. - The company's main business revenue composition is 95.71% from automotive parts and 4.29% from other sources [1]. Financial Performance - For the first half of 2025, Xingyu Co., Ltd. achieved a revenue of 6.757 billion yuan, representing a year-on-year growth of 18.20%. The net profit attributable to shareholders was 706 million yuan, with a year-on-year increase of 18.88% [2]. - Since its A-share listing, the company has distributed a total of 3.651 billion yuan in dividends, with 1.079 billion yuan distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 11,600, up by 21.14%. The average number of circulating shares per person decreased by 17.45% to 24,732 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, increasing its holdings by 3.7385 million shares to 24.1446 million shares [3].

Group 1: Macro Insights - The Federal Reserve has resumed interest rate cuts, lowering the federal funds rate target range to 4.00%-4.25% from 4.25%-4.5%, marking a shift towards a more accommodative monetary policy [4][5] - The Fed's dot plot indicates a downward revision in rate expectations, predicting two more rate cuts in 2025, with the median expected federal funds rate falling to 3.6% [4][6] - The Fed's internal divisions are evident, with varying opinions on the extent of rate cuts, reflecting differing views on economic conditions [5][6] Group 2: Company Overview - Qingmu Technology - Qingmu Technology is positioned as a leading e-commerce service provider, offering comprehensive services including operational management, brand incubation, and digital marketing [8][9] - The company has evolved from a footwear e-commerce operator to a diversified e-commerce service enterprise, with a significant focus on brand incubation and operational management [9][10] - The revenue composition for H1 2025 includes e-commerce operations (45%), brand incubation management (35%), and distribution agency (14%) [9][10] Group 3: Business Growth and Strategy - The e-commerce operational management segment has shown steady growth, particularly in the apparel sector, while also expanding into the trendy toy market, contributing to new revenue streams [10][12] - Qingmu Technology has successfully partnered with brands like Pop Mart and Jellycat, which have shown significant revenue growth, enhancing the company's market position [12][13] - The brand incubation segment is rapidly growing, focusing on health consumer products and pet food, with successful entries of brands like Cumlaude Lab and Zuccari into the Chinese market [13][14] Group 4: Industry Insights - Automotive Sector - The automotive industry has seen a 12.9% year-on-year increase in passenger car wholesale sales in H1 2025, driven by policies like trade-in programs and subsidies [17][18] - Despite revenue growth, profit margins are under pressure due to intensified competition, with the automotive sector's net profit declining by 1.8% year-on-year in H1 2025 [17][18] - The truck segment is experiencing a recovery in sales and profitability, with a slight improvement in gross margins, indicating a potential upward trend in market conditions [19][20] Group 5: Investment Recommendations - The report suggests a positive outlook for the automotive sector, driven by trade-in policies and a shift towards high-end and smart vehicle offerings [21][22] - Recommended companies include those positioned for high-end market growth and those benefiting from advancements in smart driving technologies [21][22] - The report emphasizes the importance of focusing on companies with strong operational cycles and those that are well-positioned in the supply chain for future growth [21][22]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Insights - The automotive industry is experiencing steady sales growth, with increasing competition and differentiation among companies [1] - The implementation of vehicle replacement policies and subsidies from manufacturers are driving revenue growth, although profit margins are under pressure due to intensified competition [4][42] - The report highlights a significant performance disparity among automotive companies, with leading firms benefiting from new product launches and structural optimization [42] Sales and Revenue Performance - In H1 2025, wholesale sales of passenger vehicles reached 13.526 million units, a year-on-year increase of 12.9% [4][30] - The automotive industry generated revenue of CNY 1.8723 trillion in H1 2025, up 6.7% year-on-year, while net profit attributable to shareholders was CNY 74.7 billion, down 1.8% [4][42] - In Q2 2025, the automotive industry revenue was CNY 1.00168 trillion, with a year-on-year increase of 8.1% and a quarter-on-quarter increase of 15.0% [4][42] Segment Analysis - Passenger vehicles saw revenue growth of 9.7% in H1 2025, but net profit decreased by 7.9% [4][39] - The commercial vehicle segment, particularly heavy trucks, is expected to recover in 2025 after three years of low demand [4][41] - The components sector showed robust performance, with H1 2025 revenue of CNY 708.7 billion, a year-on-year increase of 6.9% [4][41] Investment Recommendations - The report suggests focusing on companies that are positioned to benefit from the high-end and intelligent upgrades in the automotive sector, recommending firms such as Li Auto, Geely, BYD, and Great Wall Motors [4][5] - It also highlights opportunities in the high-end intelligent driving market, recommending companies like XPeng Motors and Huayang Group [4][5] - For the components sector, companies with strong growth potential and competitive advantages in supply chains are recommended, including Fuyao Glass and Xingyu Automotive [4][5]

（文章来源：证券日报） 本报讯天眼查App显示，近日，重庆星宇车灯有限公司成立，法定代表人为周宇恒，注册资本1亿元， 经营范围包括照明器具制造、智能车载设备制造、电子元器件制造、汽车零部件及配件制造等。股东信 息显示，该公司由星宇股份全资持股。 ...

Core Insights - In August 2025, the automotive production and sales reached 2.815 million and 2.857 million units respectively, with month-on-month growth of 8.7% and 10.1%, and year-on-year growth of 13% and 16.4% [2][3] - For the week of September 1-7, 2025, retail sales of passenger cars were 304,000 units, a year-on-year decrease of 10% and a month-on-month decrease of 4%, while wholesale sales were 307,000 units, a year-on-year decrease of 5% but a month-on-month increase of 9% [2][3] Weekly Market Performance - During the week of September 8-12, 2025, the CS automotive index rose by 0.21%, while the CS passenger vehicle index fell by 0.37%, and the CS commercial vehicle index decreased by 1.06% [2] - The CS automotive parts index increased by 0.72%, and the CS automotive sales and service index rose by 4.23%, while the electric vehicle index fell by 0.08% and the smart vehicle index increased by 1.36% [2] - The Shanghai Composite Index rose by 1.66% and the CSI 300 Index increased by 1.93%, indicating that the CS automotive index underperformed these indices by 1.72 percentage points and 1.45 percentage points respectively, with a year-to-date increase of 23.76% [2] Cost Tracking and Inventory - As of September 10, 2025, the prices of float glass, aluminum ingots, and zinc ingots changed year-on-year by -9.4%, +7.1%, and -5.2% respectively, and month-on-month by -6%, +0.5%, and -1.1% [3] - The inventory warning index for automotive dealers in August was 57.0%, showing a year-on-year increase of 0.8 percentage points and a month-on-month decrease of 0.2 percentage points [3] Market Focus - Key developments include partnerships in autonomous driving, such as Horizon Robotics collaborating with Hello to accelerate Robotaxi deployment, and the launch of new models like the all-new Wanjie M7, which saw over 100,000 pre-orders within an hour [3] - The Ministry of Industry and Information Technology and other departments issued a joint plan for stabilizing growth in the automotive industry for 2025-2026 [3] Investment Recommendations - In the medium to long term, the focus is on opportunities in incremental components driven by the rise of domestic brands and electric intelligence [4] - Recommended companies include Leap Motor, JAC Motors, and Geely for strong new product cycles, and companies like Kobot, Huayang Group, and Junsheng Electronics for smart technology [4]

Group 1 - Chery Automobile launched its IPO on September 17, seeking to raise up to HKD 91.45 billion, with a potential maximum of HKD 105.17 billion if the over-allotment option is fully exercised [1] - The IPO involves a global offering of 297 million H-shares, representing 5.16% of the total shares post-issue, with 90% allocated for international sale and 10% for public offering [1] - Thirteen cornerstone investors have committed to the IPO, collectively subscribing to approximately HKD 45.73 billion worth of shares, including significant investments from state-owned funds and various companies [1] Group 2 - The net proceeds from the IPO will primarily be used for R&D of various passenger car models, enhancing core technology capabilities, expanding overseas markets, upgrading production facilities in Wuhu, Anhui, and general corporate purposes [2] - Chery Automobile is the second largest independent passenger car brand in China and the eleventh largest globally, with a projected growth of over 25% in both electric and fuel vehicle sales in 2024 compared to 2023 [2] - The company has five brands, including Chery, Jetour, Exeed, iCAR, and Zhijie, each catering to different customer needs and preferences [2] Group 3 - Since 2003, Chery has been the top exporter of passenger cars among Chinese independent brands, with over 13 million vehicles sold globally across more than 100 countries and regions by August 2025 [3] - In 2024, Chery is expected to rank first among Chinese independent brands in Europe, South America, and the Middle East and North Africa, and second in North America and Asia (excluding China) [3] - The company's revenue for 2022, 2023, and 2024 is projected to be approximately CNY 92.62 billion, CNY 163.20 billion, and CNY 269.90 billion, respectively, with net profits of CNY 5.81 billion, CNY 10.44 billion, and CNY 14.33 billion [3]

Group 1 - Chery Automobile launched its IPO in Hong Kong from September 17 to September 22, with a share price range of HKD 27.75 to HKD 30.75, and received full subscription on the first day [1] - The company aims to raise up to HKD 91.45 billion, potentially reaching HKD 105.17 billion if the over-allotment option is fully exercised, with shares expected to be listed on September 25 [1] - Chery's IPO includes the issuance of 297.397 million H-shares, representing 5.16% of total shares post-issue, with 90% allocated for international offering and 10% for public offering [1] Group 2 - The net proceeds from the IPO will primarily be used for R&D of various passenger car models, enhancing core technology capabilities, expanding overseas markets, upgrading production facilities in Wuhu, Anhui, and for general corporate purposes [2] - Chery is the second largest domestic passenger car brand in China and the eleventh largest globally, with a projected growth of over 25% in both new energy and fuel vehicle sales in 2024 compared to 2023 [2] - The company has five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different customer needs and market segments [2] Group 3 - Since 2003, Chery has been the top exporter of passenger cars among Chinese brands, with sales in over 100 countries and regions, totaling over 13 million vehicles by August 22, 2025 [3] - In 2024, Chery is projected to lead in sales among Chinese brands in Europe, South America, and the Middle East and North Africa, and rank second in North America and Asia (excluding China) [3] - Chery's revenue for 2022, 2023, and 2024 is projected to be CNY 92.618 billion, CNY 163.205 billion, and CNY 269.897 billion, respectively, with net profits of CNY 5.806 billion, CNY 10.444 billion, and CNY 14.334 billion [3]