惠州市德赛西威汽车电子股份有限公司 第四届监事会第十四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 证券代码：002920 证券简称：德赛西威 公告编号：2025-078 一、监事会会议召开情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）第四届监事会第十 四次会议通知于 2025 年 10 月 22 日以电子邮件的形式发出，并于 2025 年 10 月 27 日 在公司会议室召开。本次会议由公司监事会主席余孝海先生召集并主持，应到监事 3 人，实到 3 人。本次会议的召集和召开符合《公司法》等法律、行政法规、规范性文 件以及《公司章程》的规定。 二、会议审议情况 审议通过《关于公司 2025 年第三季度报告的议案》 表决结果：3 票赞成，0 票反对，0 票弃权。表决结果：通过 惠州市德赛西威汽车电子股份有限公司 惠州市德赛西威汽车电子股份有限公司监事会 2025 年 10 月 27 日 经审核，监事会认为：董事会编制和审核《公司 2025 年第三季度报告》的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 ...

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2025-077 惠州市德赛西威汽车电子股份有限公司 第四届董事会第十四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）第四届董事会第十 四次会议通知于 2025 年 10 月 22 日以电子邮件的形式发出，并于 2025 年 10 月 27 日 在公司办公室召开。本次会议由公司董事长高大鹏先生召集并主持，应到董事 9 人， 实到 9 人。本次会议的召集和召开符合《公司法》等法律、行政法规、规范性文件以 及《公司章程》的规定。 二、会议审议情况 （一）审议通过《关于公司 2025 年第三季度报告的议案》 上述议案提交董事会审议前，已经董事会审计委员会全票同意审议通过。 表决结果：9 票赞成，0 票反对，0 票弃权。表决结果：通过 具体内容详见公司于同日在《证券日报》、《证券时报》、《上海证券报》、《中国证 券报》和巨潮资讯网（www.cninfo.com.cn）上披露的公司《2025 ...

关于惠州市德赛西威汽车电子股份有限公司 使用募集资金置换前期投入的自筹资金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为惠州市德赛 西威汽车电子股份有限公司（以下简称"德赛西威"或"公司"）2024 年度向特定对 象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司 募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上 市公司规范运作（2025 年修订）》《深圳证券交易所股票上市规则（2025 年修订）》 等有关规定，就德赛西威使用募集资金置换前期投入的自筹资金的事项进行了审 慎核查，具体情况如下： 中信证券股份有限公司 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意惠州市德赛西威汽车电子股 份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕315 号），公司 向特定对象发行 A 股股票 41,893,333 股，发行价格为 105.00 元/股，募集资金总 额为 4,398,799,965.00 元，扣除各项发行费用 5,666,221.38 元（不含税）后，募 集资金净额为 4,393,133,743.62 ...

一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意惠州市德赛西威汽车电子股 份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕315号），公 司向特定对象发行A股股票41,893,333股，发行价格为105.00元/股，募集资金总 额为4,398,799,965.00元，扣除各项发行费用5,666,221.38元（不含税）后，募集 资金净额为4,393,133,743.62元。 本次发行募集资金已于2025年9月16日转入公司募集资金专户，容诚会计师 事务所（特殊普通合伙）进行审验，并出具《验资报告》（容诚验字[2025]518Z0112 号）。为规范募集资金的管理和使用，保护投资者的利益，公司与保荐人、存放 募集资金的商业银行签订了《募集资金专户存储三方监管协议》及《募集资金专 户存储四方监管协议》。 二、募集资金承诺投资项目情况 根据《惠州市德赛西威汽车电子股份有限公司2024年度向特定对象发行A股 股票募集说明书（注册稿）》中披露的募集资金用途，公司本次向特定对象发行 中信证券股份有限公司 关于惠州市德赛西威汽车电子股份有限公司 开立募集资金现金管理专用结算账户及使用闲置募集资 ...

Core Viewpoint - Desay SV's Q3 2025 revenue reached 7.692 billion yuan, a year-on-year increase of 5.63%, while net profit attributable to shareholders decreased by 0.57% to 565 million yuan [1] Financial Performance - For the first three quarters, the company achieved a revenue of 22.337 billion yuan, reflecting a year-on-year growth of 17.72% [1] - The net profit attributable to shareholders for the first three quarters was 1.788 billion yuan, showing a year-on-year increase of 27.08% [1] - Basic earnings per share for Q3 2025 were reported at 1.02 yuan [1]

Core Viewpoint - Desay SV Automotive (002920.SZ) reported a revenue of 7.692 billion yuan for Q3 2025, reflecting a year-on-year growth of 5.63%, while the net profit attributable to shareholders decreased by 0.57% to 565 million yuan [1] Financial Performance - For the first three quarters, the company achieved a revenue of 22.337 billion yuan, marking a year-on-year increase of 17.72% [1] - The net profit attributable to shareholders for the same period was 1.788 billion yuan, which represents a year-on-year growth of 27.08% [1] Key Drivers of Performance - The growth in performance is primarily attributed to the expansion of the company's sales scale, leading to increased customer payments [1] - The net cash flow from operating activities saw a significant year-on-year increase of 169.30% [1] - Investment income from the disposal of equity in associated companies also rose significantly year-on-year [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥7,692,325,128.43, an increase of 5.63% compared to the same period last year[5] - Net profit attributable to shareholders was ¥565,156,151.96, a slight decrease of 0.57% year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥571,336,319.72, down 13.25% from the previous year[5] - Total revenue for the current period reached ¥22,336,551,337.32, an increase of 17.9% compared to ¥18,974,765,447.01 in the previous period[23] - Operating profit for the current period was ¥1,899,241,515.51, up from ¥1,471,429,151.96, reflecting a growth of 28.9%[24] - Net profit attributable to shareholders of the parent company was ¥1,787,715,205.20, compared to ¥1,406,806,972.61 in the previous period, marking an increase of 27.0%[24] - Total comprehensive income reached ¥1,823,124,808.78, up from ¥1,412,947,153.28, representing a year-over-year increase of approximately 28.9%[25] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥27,242,299,948.98, reflecting a growth of 26.81% compared to the end of the previous year[5] - Total assets increased to ¥27,242,299,948.98, compared to ¥21,483,325,692.05, reflecting a growth of 26.9%[22] - Total liabilities rose to ¥12,458,677,516.83, up from ¥11,717,785,116.37, indicating an increase of 6.3%[22] - The company's equity attributable to shareholders increased to ¥14,643,138,658.60 from ¥9,643,271,178.38, a significant rise of 52.0%[22] Cash Flow - The company's cash flow from operating activities for the year-to-date reached ¥2,259,552,303.53, a significant increase of 169.30%[13] - Net cash flow from operating activities was ¥2,259,552,303.53, compared to ¥839,035,141.40 in the previous period, indicating a significant increase of 169.5%[25] - Cash inflow from operating activities totaled ¥26,850,826,803.08, up from ¥20,016,153,239.37, marking a growth of 34.0%[25] - Cash outflow from investing activities was ¥2,995,601,435.74, compared to ¥1,184,774,440.21, resulting in a year-over-year increase of 153.5%[26] - Net cash flow from financing activities was ¥3,571,529,270.41, a turnaround from a negative cash flow of ¥393,568,388.09 in the previous period[26] - Total cash and cash equivalents at the end of the period amounted to ¥5,149,730,931.18, compared to ¥577,383,799.17 at the end of the previous period, showing a substantial increase[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 56,502[15] - Guangdong Desay Group holds 28.31% of shares, totaling 157,106,250 shares[15] - Huizhou Innovation Investment Co., Ltd. holds 21.68% of shares, totaling 120,299,592 shares[15] Expenses - The company reported a 75.89% increase in selling expenses, totaling ¥254,371,615.82, due to business expansion and customer acquisition efforts[11] - Research and development expenses increased to ¥2,002,625,618.49, up from ¥1,651,320,904.19, representing a rise of 21.2%[23] - The company reported a total operating cost of ¥20,716,588,617.51, which is an increase of 18.9% from ¥17,453,097,289.28 in the previous period[23] Investment Activities - Investment income increased by 185.73% to ¥83,888,251.40, attributed to the disposal of equity in an associated company[12] - The company raised a total of ¥4,398,799,965.00 from issuing 41,893,333 shares to specific investors[17] - Cash inflow from investment activities was ¥1,577,149,803.20, significantly higher than ¥182,976,106.67 in the prior period, indicating a growth of 764.5%[26] - The company received ¥4,396,999,965.00 from investment activities, reflecting strong capital inflow[26] Equity and Share Capital - The company's total equity attributable to shareholders rose by 51.85% to ¥14,643,138,658.60 compared to the end of the previous year[5] - The total share capital increased from 554,949,301 shares to 596,842,634 shares[18] - Long-term equity investments decreased to ¥345,462,345.91 from ¥369,608,380.43[20] - Long-term borrowings increased to ¥251,320,000.00 from ¥219,417,114.45, showing a growth of 14.5%[22] Inventory and Current Assets - Total current assets rose to ¥21,414,416,050.12 from ¥16,434,310,809.14[20] - Inventory increased to ¥5,003,058,945.06 from ¥3,696,466,028.03[20] Other Comprehensive Income - Other comprehensive income after tax for the current period was ¥18,505,238.77, compared to a loss of ¥4,347,699.94 in the previous period[24]

Group 1 - Beijing University team achieved a breakthrough in photoresist technology by using cryo-electron tomography to analyze the micro 3D structure and entanglement behavior of photoresist molecules in a liquid environment, leading to a significant reduction in lithography defects [15][16] - JD Logistics announced plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its position in the smart logistics sector [9][10] Group 2 - The new fund issuance market is experiencing a surge, with many funds ending their fundraising early, and 20 funds being sold out in one day since September [3][28] - A-share market is expected to see a stable upward trend as the adjustment phase nears its end, with technology growth sectors likely to lead the next phase of the market [12][13] Group 3 - Domestic GPU manufacturer Muxi Co. successfully passed its IPO, indicating a push towards the development of the domestic chip industry [7] - The first batch of high-quality outdoor sports destinations has been announced, with 49 locations receiving support to enhance outdoor sports resources, reflecting the growing outdoor sports industry in China [17][19] Group 4 - Dongfang Fortune reported a total revenue of 4.733 billion yuan for Q3, a year-on-year increase of 100.65%, and a net profit of 3.530 billion yuan, up 77.74% [20] - CITIC Securities achieved a Q3 revenue of 22.775 billion yuan, a 55.71% increase year-on-year, with a net profit of 9.440 billion yuan, up 51.54% [20]

Group 1 - JD Logistics announced plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its position in the smart logistics sector [1] - During this year's 11.11 shopping festival, JD Logistics deployed its "Wolf Pack" series robots across over 20 provinces in China and more than 10 countries globally, making it the logistics company with the most extensive application of robots in China [1] - The logistics industry is driven by the urgent need for cost reduction and efficiency improvement, which is a core motivation for the development of unmanned logistics vehicles [1] Group 2 - Recent technological advancements in perception devices such as LiDAR, cameras, and millimeter-wave radar have significantly improved the sensing capabilities of unmanned logistics vehicles [1] - Continuous optimization of decision-making algorithms allows unmanned logistics vehicles to make more precise decisions in complex environments, supporting their commercial application [1] - The unmanned logistics industry is expected to accelerate towards a commercialization inflection point by 2025, driven by policy benefits, cost optimization, and technological breakthroughs [1] Group 3 - Tianzhun Technology has been developing unmanned logistics vehicles since 2018 and has achieved sales with major players like Cainiao, New Stone Age, Meituan, and JD [2] - Desay SV has launched its "Chuanxing Zhiyuan" brand in September this year, introducing two models of low-speed unmanned logistics vehicles, marking the beginning of the industry’s vehicle-grade era [2]

Core Insights - The Robotaxi industry is accelerating, with significant developments in company listings and international expansions [4][5][12] - Both Pony AI and WeRide have received approval for secondary listings in Hong Kong, which is expected to attract investors familiar with Chinese technology [4][9] - The financial performance of both companies shows strong revenue growth but continues to operate at a loss, indicating a high demand for financing [10][11] Company Developments - Pony AI plans to issue up to 102,146,500 shares in Hong Kong, while WeRide aims to issue 102,428,200 shares [4][9] - Pony AI has entered the Singapore market, collaborating with ComfortDelGro to launch autonomous driving services pending regulatory approval [5][15] - WeRide has obtained the first federal-level L4 autonomous driving testing license in Belgium, expanding its operational footprint to seven countries [5][15] Financial Performance - In Q2 2025, Pony AI reported a revenue of 154 million yuan, a year-on-year increase of 75.9%, but a net loss of 382 million yuan, widening by 72.49% [10][11] - WeRide's revenue reached 127 million yuan, growing 60.8% year-on-year, with an adjusted net loss of 301 million yuan, also increasing by 72.2% [10][11] Investment Recommendations - The report suggests focusing on companies with strong positions in automotive intelligence and leading software capabilities, including Rui Ming Technology, Dao Tong Technology, and others [6][16] - External market opportunities include Tesla, Youjia Innovation, and several other potential IPO candidates [6][16] Industry Trends - The report indicates that the global Robotaxi industry is experiencing rapid progress, with expectations of significant changes in the driving sector in the coming years [5][12]