一、回购股份基本情况 浙江银轮机械股份有限公司（以下简称"公司"）于2025年5月6日召开第九届董事会 第二十二次会议，审议通过了《关于回购股份方案的议案》。公司计划使用自有资金和 股票回购专项贷款以集中竞价交易方式回购公司股份，本次回购股份用于实施股权激励 或员工持股计划。拟用于回购的资金总额不低于人民币5,000万元（含），且不超过人民 币10,000万元（含），回购价格不超过36元/股（含），回购期限为自董事会审议通过之 日起不超过12个月。具体内容详见公司披露的《关于回购股份方案暨取得回购专项贷款 的公告》《回购报告书》等相关公告。 二、2024 年度权益分派实施情况 | 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-041 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 浙江银轮机械股份有限公司 关于实施权益分派调整股份回购价格上限的公告 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。 重要内容提示： 自2025年6月10日起公司回购股份价格上限由不超过人民币36元/股调整为不超过人 民币 ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-043 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 浙江银轮机械股份有限公司 关于实施权益分派调整银轮转债转股价格的公告 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.调整前转股价格：人民币10.51元/股 2.调整后转股价格：人民币10.39元/股 3.转股价格调整生效日期：2025年6月10日 浙江银轮机械股份有限公司（以下简称"公司"）于 2025 年 6 月 3 日召开第九届董 事会第二十四次会议，审议通过了《关于实施权益分派调整银轮转债转股价格的议案》， 该事项在董事会的审批权限内，现将相关事项公告如下： 一、关于可转债公司债券转股价格调整的相关规定 经中国证券监督管理委员会"证监许可〔2021〕672 号"文核准，浙江银轮机械股份 有限公司（以下简称"公司"）于 2021 年 6 月 7 日公开发行了 700 万张可转换公司债券， 每张面值人民币 100 元，发行总额人民币 7 亿元。 根据公司《公开发行可转换公司债 ...

浙江银轮机械股份有限公司（以下简称"公司"）于 2025 年 6 月 3 日召开第九届董 事会第二十四次会议，审议通过了《关于实施权益分派调整 2022 年股票期权激励计划 行权价格的议案》，现将相关事项公告如下： | 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 关于实施权益分派调整2022年股票期权激励计划行权价格的公告 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。 一、2022 年股票期权激励计划基本情况 2022年3月9日公司召开了第八届董事会第十九次会议和第八届监事会第十五次会 议，审议通过了《关于 2022 年股票期权激励计划（草案）及其摘要的议案》《关于 2022 年股票期权激励计划实施考核管理办法的议案》等议案。 2022 年 3 月 25 日，公司召开 2022 年第二次临时股东大会，审议通过了《关于 2022 年股票期权激励计划（草案）及其摘要的议案》《关于 2022 年股票期 ...

上海市锦天城律师事务所 关于浙江银轮机械股份有限公司 2022 年股票期权激励计划行权价格调整事项的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 2、本所及经办律师已根据有关法律法规的规定严格履行了法定职责，遵循 了勤勉尽责和诚实信用的原则，进行了充分的核查验证，保证本法律意见书所认 致：浙江银轮机械股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受浙江银轮机械股份有限 公司（以下简称"银轮股份"或"公司"）委托，就公司 2022 年股票期权激励计 划行权价格调整（以下简称"本次行权价格调整"）事项，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》） 《上市公司股权激励管理办法》（以下简称《激励管理办法》）等有关法律法规的 规定和《浙江银轮机械股份有限公司章程》（以下简称《公司章程》），按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，为公司本次行权价格调整相关 事项出 ...

Group 1: Company Overview - Xi'an Yinlun New Energy Thermal Management System Co., Ltd. established in Xi'an, producing automotive air conditioning and heat pump systems with an annual capacity of approximately 750,000 units [1] - The company achieved sales revenue exceeding 54 million yuan last year and aims for an annual output value of 190 million yuan this year [1] - The company has enhanced cooperation with local automotive manufacturers and expanded its product range [1] Group 2: Industry Development - The automotive industry is a key pillar industry in Shaanxi, with significant growth driven by companies like BYD and Geely establishing factories in the region [1][3] - Shaanxi has implemented a series of policies and established a special fund of 4 billion yuan to support automotive industry development [4] - The province has seen a strong "chain effect" with the establishment of numerous related enterprises, enhancing the local automotive supply chain [5] Group 3: Market Dynamics - The competition in the automotive market is intense, with cost reduction being the top priority for automotive companies [2] - The Xi'an Geely Industrial Park has attracted 16 well-known automotive parts suppliers, achieving an occupancy rate of 82% [2] - Shaanxi's automotive production reached 1.754 million units in 2024, with a total industry output value exceeding 440 billion yuan [5][6] Group 4: Future Outlook - The production capacity of automotive parts suppliers in Shaanxi is expected to increase, with companies like Yanfeng planning to expand their output to 500,000 sets per month [4] - The province's automotive production is projected to grow, with a year-on-year increase of 33.3% in the first four months of this year [6] - The local automotive industry is focusing on building a modern industrial system that is safe and controllable, promoting high-quality development [6]

Data Summary - In the week of May 19-25, 2025, passenger car sales reached 399,000 units, up 12.1% year-on-year and 2.6% month-on-month; new energy vehicle sales were 222,000 units, up 20.4% year-on-year and 2.0% month-on-month; new energy penetration rate was 55.4%, down 0.4% month-on-month [1][48]. Market Performance - The automotive sector underperformed the market in the week of May 26-30, 2025, with a decline of 2.90%, ranking 30th among sub-industries, compared to the CSI 300's decline of 1.49%. Among sub-sectors, automotive services rose by 2.13%, while passenger cars fell by 5.59% [2][45]. Investment Recommendations - The core investment focus includes companies such as Geely Auto, BYD, Xpeng Motors, and Xiaomi Group, with a recommendation to pay attention to Berteli and Top Group [3][23]. Autonomous Delivery Demand - Strong demand for autonomous delivery is driven by labor shortages and cost pressures, with the express delivery business volume growing at a CAGR of 22.5% over five years, while the number of couriers only grew at 1.4%. The last mile of delivery accounts for 60% of logistics costs, and automation can significantly reduce these costs [4][21]. Supply Chain Developments - The cost revolution in core components is driven by technological scaling, with the average price of lidar dropping from 22,500 to 2,600 yuan, and the price of autonomous delivery vehicles decreasing from around 500,000 to 20,000 yuan [12][21]. Policy Support - The opening of road rights is expected to accelerate the deployment of low-speed autonomous vehicles, with pilot programs set to deploy at least 200 vehicles in various cities by 2025 [18][19]. Robotics Industry Acceleration - The robotics industry is witnessing rapid advancements, with companies like ZhiYuan Robotics and Figure making significant progress in humanoid robots. The integration of AI and advanced manufacturing technologies is expected to reshape production and lifestyle [5][27]. Motorcycle Market Insights - The motorcycle market is experiencing growth, with sales of 250cc and above motorcycles reaching 93,000 units in April 2025, up 28.0% year-on-year. The leading company, Chunfeng Power, holds a market share of 24.1% [35][36]. Heavy Truck Market - The heavy truck market is expected to recover due to expanded subsidies for replacing old vehicles, with sales in April 2025 reaching 87,700 units, up 6.5% year-on-year. The new subsidy policy is anticipated to stimulate demand significantly [38][39]. Tire Industry Outlook - The tire industry is benefiting from high demand and low valuations, with a focus on leading companies and high-growth potential firms. The global expansion of tire manufacturers is expected to enhance competitiveness [41][42].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [7]. Core Insights - The industry is entering a commercialization phase, particularly in the unmanned logistics sector, driven by the upcoming launch of Tesla's Robotaxi service and supportive policies from the postal authority [5][4]. - The Shanghai Pudong New Area has introduced a comprehensive set of 16 policies to support the development of the embodied intelligence industry, including financial support of up to 20 million yuan for key technology breakthroughs [3]. - The report highlights significant investment opportunities in companies involved in embodied intelligence, particularly those focusing on training models, chips, and robotics [6]. Summary by Sections Industry Events - Tesla plans to launch its Robotaxi service on June 12, marking a significant milestone in the autonomous vehicle and AI space [1]. - Honor has confirmed its entry into the robotics business during its product launch event [2]. - The National Postal Administration has announced initiatives to accelerate technological development in the postal industry, emphasizing AI applications [4]. Market Performance - The industry has shown strong performance, with a 15% absolute return over the past month and a 20.9% return over the past year [9]. - The total market capitalization of the industry stands at 3,839.5 billion yuan, with 475 listed companies [7]. Investment Opportunities - Key investment targets include: - Nvidia (NVDA) for embodied intelligence training and chip solutions [6]. - Tesla (TSLA) and other robotics manufacturers like UBTECH and Yujian for embodied intelligence products [6]. - Companies providing core components such as motor control chips and sensors [11]. Financing Events - Various financing events have been recorded, with companies like Shanjing Harmonic raising significant funds to expand production capacity and enhance automation [13]. - Notable investments include 3 billion yuan for Shanjing Harmonic and undisclosed amounts for other startups focusing on embodied intelligence [14].

Core Viewpoint - NVIDIA is developing a comprehensive ecosystem for robotics through collaboration with various solution providers, aiming to accelerate the evolution of the entire industry [1] Group 1: NVIDIA's Focus and Strategy - NVIDIA has been focusing on the intelligent robotics sector since 2014, emphasizing general computing power, development platforms, and large models to create a foundational development ecosystem for robotics [2] - The company aims to provide core components such as the Jetson Thor main control chip, the Isaac Lab simulation training platform, and tools like the GR00T model to assist developers in building and managing robots [2] Group 2: Three-Computer Solution Framework - NVIDIA's CEO Jensen Huang stated that every robotics company must establish a three-computer collaborative solution, which includes DGX (integrating NVIDIA's software and hardware expertise), AGX (for robotics and embedded edge AI applications), and Omniverse with Cosmos (an AI-driven system) [3] - This framework is designed to create a complete system from training to optimization and execution, enabling humanoid robots to interact with the real world using natural language commands [3] Group 3: Isaac Lab Platform - The Isaac Lab platform consists of NVIDIA's CUDA acceleration library (Isaac ROS), application framework (Isaac Lab 2.0), and AI models (Isaac Manipulator and Isaac Perceptor), leveraging AI and synthetic data technology to enhance robotic capabilities [4] - It provides four key technological supports: foundational robot models, data pipelines, simulation frameworks, and the Thor robot computing platform, applicable in various fields such as industrial robotic arms and autonomous mobile robots [4] Group 4: GR00T Model - The GR00T model, introduced at the March 2025 GTC conference, is an open-source humanoid robot foundational model featuring a dual-system architecture for rapid and slow thinking [5] - It integrates AI, simulation, and hardware innovations, serving as a generative AI platform specifically designed for humanoid robot developers, capable of understanding language, vision, and motion control for end-to-end task execution [5] Group 5: Ecosystem Development - At the 2025 CES, 14 robots featuring the GR00T model were showcased, with participation from companies across China, the US, and other countries [6] - NVIDIA is actively engaging with humanoid robot manufacturers and core component suppliers to build a robust supply chain ecosystem based on its solutions, development platforms, and the Jetson Thor chip [6] - The automotive parts sector is highlighted as having strong customer positioning and production capabilities, with significant overlap between automotive and robotics supply chains, suggesting potential investment opportunities in companies like Top Group and Bertly [6]

Group 1 - Hefei Qingguan Electromechanical Technology Co., Ltd. has launched a project to produce 1 million sets of automotive brake systems, expected to generate an annual industrial output value of over 300 million yuan and an average tax contribution of over 300,000 yuan per mu after reaching full production [1] - The company specializes in the research, design, and manufacturing of key components for new energy vehicles and is recognized as a specialized and innovative small and medium-sized enterprise in Anhui Province [1] - The project signifies a strategic shift for the company from traditional manufacturing to intelligent and large-scale development, contributing new momentum to the construction of a world-class new energy vehicle city in Changfeng County [1] Group 2 - Changfeng (Shuangfeng) Economic Development Zone is focusing on developing high-tech, high-potential core supporting enterprises for new energy vehicles, aiming to form an industrial cluster [3] - Anhui Yinlun New Energy Thermal Management System Co., Ltd. has established a project with an investment of 380 million yuan to produce 1.4 million sets of thermal management systems for new energy vehicles, enhancing service proximity to local manufacturers [3] - The company has set up 11 fully automated production lines and two continuous aluminum brazing furnaces, achieving a production capacity of 10,000 core components per day [3] Group 3 - The Economic Development Zone emphasizes investment attraction in the fields of automotive electronics, sensors, display drivers, ultrasonic radar, and automotive testing services, among others [4] - Over the years, the zone has developed a primary industry structure including automotive, equipment manufacturing, and food industries, while also actively planning for future industries like synthetic biology and artificial intelligence [4] - Currently, there are over 50 new energy vehicle parts companies located in the zone, including Anhui Yinlun and Jincheng Tianjun [4] Group 4 - The Economic Development Zone is committed to optimizing services and accelerating project implementation by ensuring the availability of necessary resources [5] - It has established a service guarantee system that includes standardized factory buildings and various support facilities to create a favorable development environment for key projects [5] - The zone aims to launch over 11 key projects by 2025, with four major projects already under construction [5]

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 可转换公司债券付息公告 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."银轮转债"将于2025年6月9日按面值支付第四年利息，每10张"银轮转债"（面 值 1,000.00元）利息为15元（含税）。 2.债权登记日：2025年6月6日。 3.除息日：2025年6月9日。 4.付息日：2025年6月9日。 5."银轮转债"票面利率：第一年 0.30%、第二年 0.50%、第三年 1.00%、第四年 1.50%、 第五年 1.80%、第六年 2.00%。 6."银轮转债"本次付息的债权登记日为2025年6月6日，凡在2025年6月6日（含） 前买入并持有本期债券的投资者享有本次派发的利息；2025年6月6日卖出本期债券的投 资者不享有本次派发的利息。 7.下一付息期起息日：2025年6月9日（因2025年6月7日为法定节假日，顺延至下一 ...