Fundraising Overview - In 2023, the company raised a total of RMB 1,100 million through the issuance of convertible bonds, with a net amount of RMB 1,080.56 million after deducting issuance costs of RMB 19.44 million [1] - As of December 31, 2024, the company had utilized RMB 760.83 million of the raised funds for investment projects, with interest income and cash management gains amounting to RMB 5.67 million [2] - By June 30, 2025, the company had used RMB 146.87 million of the raised funds, with a remaining balance of RMB 180.48 million in the fundraising account [3] Fund Management and Compliance - The company has established a special account for managing the raised funds, ensuring compliance with relevant laws and regulations, and has signed tripartite supervision agreements with banks and sponsors [5][7] - As of June 30, 2025, the company strictly adhered to the management protocols and tripartite agreements regarding the use of the raised funds [6] Asset Impairment Losses - The company has proposed to recognize asset impairment losses totaling RMB 26.17 million for the first half of 2025, which will reduce the total profit for the period by the same amount [11][14] - The impairment losses include provisions for inventory and receivables, based on comprehensive checks and evaluations of asset values [12][13] Board Resolutions - The board of directors approved the half-year report and the special report on the use of raised funds, ensuring compliance with legal and regulatory requirements [33] - The board also approved the proposal for asset impairment losses, confirming that the decision aligns with accounting standards and accurately reflects the company's asset status [34]

Group 1 - The company plans to distribute a fixed cash dividend of 266 million yuan (including tax) for the first half of 2025, which accounts for 31.29% of the total fixed cash dividend amount of 850 million yuan for the year 2025 [9][13][15] - The expected cash dividend per share is 0.4079 yuan (including tax), based on the total share capital after deducting the shares repurchased [9][13][15] - The company will not use capital reserves to increase share capital or issue bonus shares in this profit distribution [11][17] Group 2 - The company achieved a net profit attributable to shareholders of 860.73 million yuan for the first half of 2025, with a distributable profit of 5.23 billion yuan as of June 30, 2025 [15][14] - The company has a cash dividend plan for the years 2024 to 2026, with fixed cash dividends set at 750 million yuan, 850 million yuan, and 1 billion yuan respectively [13][14] - The company’s board of directors and supervisory board have approved the profit distribution plan, confirming its compliance with relevant laws and regulations [18][28] Group 3 - The company held its third board meeting on August 18, 2025, where the profit distribution plan was reviewed and approved unanimously [5][8][18] - The supervisory board also reviewed and approved the profit distribution plan, affirming its legality and compliance with the company's articles of association [26][28] - The company will hold a performance briefing on August 26, 2025, to discuss its business development and the first half of 2025's operational performance [51][53]

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: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于芜湖伯特利汽车安全系统股份有限公司 致：芜湖伯特利汽车安全系统股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）接受芜湖伯特利汽车安全系统 股份有限公司（以下称"公司"）的委托，指派本所律师见证了公司于 2025 年 8 月 18 日下午 14:00 在芜湖伯特利汽车安全系统股份有限公司二楼会议室召开的 公司 2025 年第三次临时股东大会（以下称"本次股东大会"），并依据《中华人 民共和国公司法》《中华人民共和国证券法》等中国现行法律、法规和其他规范 性文件（以下称"中国法律法规"）及《芜湖伯特利汽车安全系统股份有限公司章 程》（以下称"《公司章程》"）的规定，就本次股东大会的召集和召开程序、出 席会议人员资格、召集人资格、会议表决程序和表决结果等事宜（以下称"程序 事宜"）出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文件， 包括但不限于公司第四届董事会第九次 ...

证券日报网讯兴森科技8月18日在互动平台回答投资者提问时表示，公司员工持股计划将于2025年8月17 日届满终止，终止前需减持其所持股票，员工持股计划减持股票无需预披露，公司每年锁定期届满时均 披露了提示性公告，本持股计划所持股票是3年内分批减持的，公司已严格按照监管规定履行信息披露 义务。邱醒亚先生的减持进展请关注公司后续相关公告。 （文章来源：证券日报） ...

成为最具价值创造力的清洁能源服务商 证券代码：605090 证券简称：九丰能源 公告编号：2025-071 江西九丰能源股份有限公司 关于 2025 年员工持股计划完成股票非交易过户的公告 一次会议，审议通过《关于调整 2025 年员工持股计划相关事项的议案》，因实施 2024 年年度权益分派，将受让价格调整为 11.80 元/股。具体内容详见公司于 2025 年 7 月 19 日在上海证券交易所网站（www.sse.com.cn）的《关于调整 2025 年员工持股计划相关事 项的公告》。 记确认书》。2025 年 8 月 15 日，公司已将回购专用证券账户中持有的 6,400,000 股公司 股票非交易过户至本持股计划专用证券账户，计税价格为 11.80 元/股。截至本公告披露 日，本持股计划证券账户持有公司股份 6,400,000 股，占公司总股本（666,211,503 股， 截至 2025 年 8 月 10 日）的 0.96%。 根据《2025 年员工持股计划》的规定，本持股计划的存续期为 48 个月，自公司公 告最后一笔标的股票过户至本持股计划名下之日起算。本持股计划所获标的股票分三期 解锁，解锁时 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [5]. Core Views - The company reported significant profit growth driven by overseas improvements, with a notable acceleration in seat production expected in the second half of the year [5]. - In the first half of 2025, the company achieved revenue of 1.052 billion yuan, a year-on-year decrease of 4.4%, while net profit attributable to shareholders increased by 189.5% to 150 million yuan [1][5]. - The company is focusing on expanding its passenger car seat business, which saw revenue double year-on-year to 1.984 billion yuan, although it still reported a net loss of 63 million yuan due to high upfront costs [5]. Financial Performance - In Q2 2025, the company achieved revenue of 549 million yuan, a year-on-year decrease of 4.1%, while net profit attributable to shareholders was 50 million yuan, up 45.1% [1][5]. - The gross margin for Q2 2025 was 14.4%, remaining stable year-on-year, while the net margin was 0.7%, an increase of 0.1 percentage points year-on-year [5]. - The company’s total revenue is projected to grow from 21.571 billion yuan in 2023 to 31.238 billion yuan by 2027, with a compound annual growth rate of approximately 10% [6][9]. Strategic Developments - The company has initiated an employee stock ownership plan to incentivize key personnel in the seat division, with revenue targets set at 4 billion yuan for 2025 [5]. - The company is actively pursuing global expansion in its seating business, with production bases in Southeast Asia already operational and European facilities under construction [5]. Valuation Metrics - The current market capitalization of the company is approximately 14.9 billion yuan, with a price-to-earnings ratio of 29.6 for 2025 and 14.2 for 2026 [2][6]. - The return on equity (ROE) is projected to improve from -9.3% to 10.3% by 2025, indicating a recovery in profitability [2][9].

Core Viewpoint - The company plans to repurchase shares with a total amount between 30 million and 50 million RMB, aimed at implementing equity incentives and/or employee stock ownership plans [2][4][6]. Summary by Sections Repurchase Plan Approval and Implementation - The company's board approved the share repurchase plan on August 15, 2025, with unanimous support [4]. - The plan does not require shareholder meeting approval as per company regulations [4]. Main Content of the Repurchase Plan - The repurchase aims to establish a long-term incentive mechanism to align the interests of shareholders, the company, and employees [6]. - The shares to be repurchased are domestic listed ordinary shares (A-shares) [6]. - The repurchase will be conducted through the Shanghai Stock Exchange via centralized bidding [6]. Repurchase Period and Conditions - The repurchase period is set for a maximum of 12 months from the board's approval date, ending on August 14, 2026 [7]. - The repurchase may be terminated early if the maximum or minimum repurchase amount is reached or if the board decides to terminate the plan [7]. Repurchase Amount and Price - The estimated number of shares to be repurchased ranges from approximately 638,300 shares (0.13% of total shares) to 1,063,800 shares (0.22% of total shares) based on the repurchase amounts [8]. - The maximum repurchase price is set at 47 RMB per share, which is 150% of the average trading price over the previous 30 trading days [9]. Funding Source - The repurchase will be funded from the company's own funds [10]. Impact on Company Structure - If the repurchase is fully utilized for equity incentives, it will slightly alter the company's capital structure, with the repurchase amount accounting for 0.64% of total assets and 0.88% of net assets as of March 31, 2025 [11][12]. Future Plans and Compliance - The company commits to not harming its debt repayment ability or ongoing operations through this repurchase [12]. - There are no current plans for major shareholders or executives to sell shares in the next three to six months [13]. Authorization for Implementation - The board has authorized management to handle all matters related to the share repurchase, including setting up a dedicated repurchase account [14][15]. Disclosure and Reporting - The company will comply with legal requirements for information disclosure during the repurchase process and will report on the progress in regular updates [17].

Core Viewpoint - The company held its first temporary board meeting of 2025 on August 15, 2025, where several key proposals were approved, including employee stock ownership plans and a capital increase for its subsidiary [1][36]. Group 1: Employee Stock Ownership Plans - The board approved the "Navigator Employee Stock Ownership Plan (Draft)" and its summary, which will be submitted to the shareholders' meeting for voting [1][4]. - The board also approved the "Navigator Employee Stock Ownership Plan Management Measures," which will also be submitted to the shareholders' meeting for voting [5][8]. - The board proposed to authorize the board to handle matters related to the Navigator Employee Stock Ownership Plan, including establishment, implementation, and modifications [9][12]. - The "Striver Employee Stock Ownership Plan (Draft)" and its summary were also approved and will be submitted to the shareholders' meeting for voting [13][16]. - The board approved the "Striver Employee Stock Ownership Plan Management Measures," which will be submitted to the shareholders' meeting for voting [17][20]. Group 2: Financial Matters - The company announced a change in accounting estimates regarding the provision for bad debts for receivables within the consolidated scope of related parties, which was approved by the audit committee [25][66]. - The company plans to increase capital for its wholly-owned subsidiary, Hong Kong Bofeng Holdings International Limited, with an amount of $165.274 million, raising its registered capital from $50,000 to $16.5324 million [76][80]. Group 3: Governance and Management - The company appointed Xu Shanbin as the vice president, with a term aligned with the current board of directors [29][30]. - The first temporary shareholders' meeting of 2025 is scheduled for September 1, 2025, to vote on the approved proposals [49][50].

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：（86-10）5809-1000 传真：（86-10）5809-1100 北京市竞天公诚律师事务所 关于芜湖伯特利汽车安全系统股份有限公司 法律意见书 致：芜湖伯特利汽车安全系统股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）接受芜湖伯特利汽车安全系 统股份有限公司（以下称"公司"或"伯特利"）的委托，根据《中华人民共和 国公司法》（以下称"《公司法》"）、《中华人民共和国证券法》（以下称"《证 券法》"）、中国证券监督管理委员会（以下称"中国证监会"）发布的《关于 上市公司实施员工持股计划试点的指导意见》（中国证券监督管理委员会公告 [2025]5 号，以下称"《指导意见》"）、上海证券交易所（以下称"上交所"） 发布的《上海证券交易所上市公司自律监管指引第 1 号——规范运作》（以下称 "《规范运作》"）等有关法律、法规和规范性文件及《芜湖伯特利汽车安全系 统股份有限公司章程》（以下称"《公司章程》"）的相关规定，就公司实行 法律意见书。 为出具本法律意见书之目的，本所律师对公司提供的、本所律师认为出具 ...

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng (Hangzhou) Law Firm confirms that Zhejiang Wan'an Technology Co., Ltd. is qualified to implement the 2025 Employee Stock Ownership Plan (ESOP) in compliance with relevant laws and regulations [1][5][8]. Group 1: Company Qualifications - Zhejiang Wan'an Technology Co., Ltd. is a legally established and effectively existing listed company, meeting the qualifications required to implement the ESOP as per the guidelines [6][12]. - The company has completed the necessary registration and has been publicly listed since June 8, 2011, with a total share capital of 51,905,247.77 shares [5][6]. Group 2: ESOP Legality and Compliance - The ESOP will involve company directors (excluding independent directors), supervisors, senior management, core management personnel, and key employees [7][9]. - The stock for the ESOP will be sourced from shares repurchased by the company, with a maximum of 800,000 shares, accounting for 0.15% of the total share capital [7][10]. - The funding for the ESOP will come from employees' legal salaries, self-raised funds, and other legally permitted methods, with no financial assistance provided by the company [7][12]. Group 3: ESOP Management and Governance - The ESOP will be managed internally, with the highest authority being the holders' meeting, which will elect a management committee to oversee the plan [8][10]. - The plan ensures that all participants voluntarily join and bear their own risks, aligning with the guidelines on voluntary participation and risk assumption [9][11]. Group 4: Legal Procedures and Disclosure - The company has fulfilled the necessary decision-making and approval procedures, including soliciting employee opinions and ensuring that related directors abstain from voting on relevant resolutions [12][13]. - The company will disclose relevant information regarding the ESOP on the designated information disclosure platform, complying with the required disclosure obligations [14][15]. Group 5: Avoidance of Conflicts and Relationships - The ESOP's design prevents any potential conflicts of interest between the plan participants and other shareholders, ensuring that no single participant can exert significant influence over the management committee [15][16]. - There are no agreements or arrangements indicating a concerted action relationship between the ESOP participants and the company's major shareholders or management [15][16].