Core Viewpoint - The acquisition of a 53.74% stake in Chuguang Automotive by AAC Technologies marks a new chapter in the development of automotive perception technology, enhancing the company's capabilities in the smart automotive sector [1][2]. Group 1: Acquisition Details - AAC Technologies, through its wholly-owned subsidiary, signed an agreement to acquire a 53.74% stake in Hebei Chuguang Automotive Components Co., Ltd. for RMB 288 million [1]. - Following the acquisition, Chuguang Automotive will become an indirect non-wholly-owned subsidiary of AAC Technologies, with the founding team continuing to manage operations [1]. - Chuguang Automotive, established in 2016, specializes in the design, production, and sales of automotive electronic components, holding over 30 patents and various certifications [1]. Group 2: Market Position and Collaboration - Chuguang Automotive holds a 55% market share in the domestic market for automotive digital microphones and over 26% globally [2]. - The acquisition signifies a deep integration of technological advantages and industrial resources between AAC Technologies and Chuguang Automotive, aimed at advancing the automotive intelligence industry [2]. Group 3: Technological Synergy - The collaboration aims to create a closed-loop ecosystem of "perception-processing-output" in automotive acoustics, enhancing user experience through improved microphone technology [3]. - AAC Technologies plans to leverage its global resource network to accelerate the commercialization of Chuguang Automotive's technologies and expand its market reach [3]. - The partnership will focus on the latest trends in the smart automotive industry, optimizing acoustic technology solutions and setting new standards for sound perception in next-generation smart cockpits [3]. Group 4: Financial Projections - The company is projected to achieve revenues of RMB 31.146 billion, RMB 34.950 billion, and RMB 39.202 billion for the years 2025, 2026, and 2027, respectively, with net profits of RMB 2.441 billion, RMB 2.943 billion, and RMB 3.486 billion [4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 18x, 15x, and 12x for the years 2025 to 2027 [4].

资料显示，东吴基金管理有限公司成立于2004年9月，董事长为马震亚，总经理为李素明。目前，东吴 基金共有2名股东，东吴证券股份有限公司持股70%、海澜集团有限公司持股30%。 来源：金融界 东吴移动互联混合A基金经理为刘元海。 简历显示，刘元海先生:中国国籍,同济大学管理学博士,具备证券投资基金从业资格。曾任职东吴基金管 理有限公司研究员、基金经理助理、基金经理、投资管理部副总经理(2004年2月-2015年6月),期间担任 东吴新产业精选股票型证券投资基金、东吴深证100指数增强型证券投资基金(LOF)、东吴内需增长混 合型证券投资基金、东吴行业轮动混合型证券投资基金的基金经理。2016年2月再次加入东吴基金管理 有限公司,现任权益投资总部总经理、基金经理。2017年2月9日至2020年1月9日担任东吴优信稳健债券 型证券投资基金基金经理,2020年1月18日至2021年3月1日担任东吴新经济混合型证券投资基金基金经 理,2020年4月1日至2022年12月30日担任东吴价值成长双动力混合型证券投资基金基金经理,2016年4月27 日至今担任东吴移动互联灵活配置混合型证券投资基金基金经理,2019年4月29 ...

Core Viewpoint - The legal opinion letter outlines the approval and authorization process for the 2024 stock option incentive plan of Shenzhen Haon Automotive Electronics Equipment Co., Ltd, including the granting of reserved stock options, adjustment of exercise prices, and cancellation of unexercised stock options due to unmet performance conditions [1][6][11]. Group 1: Approval and Authorization - The company held its third board meeting on July 11, 2024, where it approved the stock option incentive plan and related proposals [3]. - The third supervisory board meeting on the same day also approved the incentive plan and confirmed the eligibility of the incentive objects [3]. - The company announced the list of incentive objects on July 13, 2024, confirming their compliance with relevant laws and regulations [3]. - The third extraordinary general meeting of shareholders on July 29, 2024, authorized the board to implement the incentive plan [3]. - On August 2, 2024, the board approved the initial grant of 3.581 million stock options to 200 incentive objects at an exercise price of 53.99 yuan per option [3][5]. Group 2: Reserved Stock Options - The reserved stock options will be granted on July 7, 2025, to 33 incentive objects, totaling 419,000 options at an exercise price of 53.49 yuan per option [4][6]. - The granting of reserved stock options is in accordance with the approved incentive plan and management regulations [6][8]. Group 3: Adjustment of Exercise Price - The exercise price for the stock options has been adjusted to 53.49 yuan per option due to the company's profit distribution plan [10]. - The adjustment complies with the provisions of the incentive plan and relevant regulations [10][11]. Group 4: Cancellation of Stock Options - The board approved the cancellation of 243,000 stock options held by 12 incentive objects who left the company for personal reasons [5]. - Additionally, 317,300 stock options were canceled due to the failure to meet performance conditions for the first exercise period [11]. - The cancellation of stock options aligns with the provisions of the incentive plan and management regulations [11].

Core Viewpoint - The company intends to continue using part of its idle raised funds (including oversubscribed funds) for cash management to enhance fund utilization efficiency while ensuring that the investment projects remain unaffected [1][7]. Fundraising Basic Situation - The company has raised a total of RMB 91.5 million by issuing 23 million shares at RMB 39.78 per share, with a par value of RMB 1.00 per share [1][2]. Fund Usage and Idle Situation - As of June 30, 2025, the company has utilized RMB 65.525 million of the raised funds for its information technology construction project, leaving a portion temporarily idle due to the project’s construction cycle [2][3]. Previous Use of Idle Funds - In a previous meeting, the company approved the use of up to RMB 600 million of idle funds for cash management, which can be rolled over within 12 months [3][4]. Current Cash Management Plan - The company plans to use up to RMB 200 million of idle funds for cash management, with a maximum investment period of 12 months, ensuring that the investment does not affect the ongoing projects [4][5]. Investment Products - The company will invest in low-risk, high-liquidity products such as structured deposits, time deposits, and large certificates of deposit, with strict risk control measures in place [5][6]. Impact on Daily Operations - The cash management strategy is designed to enhance fund efficiency without impacting the company's normal operations or project funding needs, ultimately aiming to improve overall performance and shareholder returns [6][7]. Sponsor's Verification Opinion - The sponsor has confirmed that the company's decision to use idle funds for cash management complies with relevant regulations and does not harm the interests of the company or its shareholders [7].

Core Viewpoint - The company has announced an adjustment to the exercise price of stock options under its 2024 stock option incentive plan, setting the new exercise price at 53.49 yuan per share [1][6][7]. Group 1: Approval Procedures - The company held meetings on July 7, 2025, where the board and supervisory committee approved the adjustment of the exercise price for the stock options [1]. - The relevant proposals regarding the stock option incentive plan were reviewed and approved, including the management measures for the implementation of the plan [1][3]. - The supervisory committee did not receive any objections during the public notice period [2]. Group 2: Adjustment of Exercise Price - The adjustment of the exercise price is due to the company's dividend distribution, which necessitates a recalibration of the exercise price according to the established formula [6]. - The new exercise price of 53.49 yuan per share reflects the adjustments made following the dividend distribution [1][6]. Group 3: Impact on the Company - The adjustment of the exercise price will not have a substantial impact on the company's financial status or operational results, nor will it harm the interests of the company and its shareholders [6][7]. - The board's remuneration and assessment committee has reviewed the adjustment and confirmed its compliance with relevant regulations [6][7]. Group 4: Legal Opinions - The legal opinion provided by a law firm confirms that the adjustment of the exercise price complies with the relevant regulations and the company's articles of association [7].

Core Viewpoint - The company has conducted its 13th meeting of the third supervisory board, where several key resolutions regarding the 2024 stock option incentive plan were approved, including the cancellation of certain stock options and adjustments to the exercise price [1][2][3]. Group 1: Supervisory Board Meeting - The meeting was held on June 30, 2025, with all three supervisors present, and was conducted in accordance with relevant laws and regulations [1]. - The resolutions passed included the cancellation of stock options due to unmet exercise conditions, which aligns with legal requirements and does not harm the interests of the company or its shareholders [1][2]. Group 2: Stock Option Incentive Plan Adjustments - The supervisory board approved adjustments to the exercise price of the stock options, confirming that these changes comply with the relevant regulations and do not negatively impact shareholder interests [2]. - A total of 419,000 stock options will be granted to 33 eligible incentive objects on July 7, 2025, with an exercise price set at 53.49 yuan per option [3]. Group 3: Use of Idle Funds - The board agreed to continue using up to 200 million yuan of idle raised funds for cash management, which is expected to enhance the preservation and appreciation of the company's cash without adversely affecting its operations [3][4].

美商务部取消部分对华芯片设计 EDA 工具出口限制。 据报道，随着中美实施旨在促进两国关键技术流动的贸易协议，特朗 普政府已取消了对华芯片设计软件（EDA）销售的至少部分出口许可 要求。7 月 3 日消息，新思科技（Synopsys）于当地时间 7 月 2 日宣 布，美国商务部已解除此前对该公司向中国出口的限制措施。7 月 3 日，Cadence 表示，美国已取消对中国芯片设计软件的出口限制，并 正在恢复受影响客户对软件和技术的访问。 AI 拉升 PCB 需求，CCL 需求保持高景气。 AI 的发展将深刻改变 PCB 产业链的格局。AI 产业浪潮对 PCB 数据处 理能力和可靠性方面提出更高技术要求。CCL（覆铜板）是 PCB 的核 心原材料，由树脂、玻纤布、铜箔等复合制成，直接决定 PCB 的电 气性能、机械性能和散热能力。CCL 相关公司业绩与 PCB 产业链景气 度高度绑定，尤其受益于高端 CCL（如高频高速、低损耗、ABF 基板） 需求大涨，典型企业包括建滔积层板、生益科技、华正新材等。 特朗普表示已签署 12 国关税信函，将于 7 日发出。 7 月 4 日，特朗普表示已签署 12 国关税信函，将于 ...

Core Viewpoint - Shenzhen Haon Automotive Electronics Equipment Co., Ltd. is celebrating its second anniversary by launching a series of shareholder return activities in July 2025 to express gratitude to shareholders and enhance their understanding of the company's value [1] Group 1: Event Details - The shareholder return activities will take place from July 4, 2025, 9:00 AM to July 20, 2025, 12:00 AM [1] - Eligible shareholders can participate in the activities by uploading proof of shareholding and can receive a complimentary product gift box [1][2] - The gift boxes are limited and will be distributed on a first-come, first-served basis [1] Group 2: Participation Guidelines - Only registered shareholders can participate, with individual natural shareholders allowed to join personally and corporate shareholders limited to three designated representatives [1] - Shareholders can also register for an offline visit to the "Shareholder Open Day" event during the same period [2][3] - Registration for both the gift box and the offline event must be completed through the "Gudong Manager" app [2][3] Group 3: Event Logistics - The company will verify the identity of shareholders based on their registration information, and any errors may result in disqualification from receiving gifts or participating in the event [2][3] - The company will cover lunch costs during the offline event, while other expenses will be borne by the shareholders [3] - Safety regulations must be adhered to during the offline event, with prohibited items leading to disqualification [3] Group 4: Contact Information - Shareholders can inquire about the event through a dedicated hotline at 0755-8696 2313 during business hours [5] - The company emphasizes that participation in the activities is voluntary and does not constitute a profit distribution [5]

智驾域控市场已经进入了高速发展阶段，国产供应商迎来了前所未有的发展机会，但同时竞争也愈来愈 激烈。现阶段，智能驾驶域控制器市场主要玩家有传统Tier1、消费电子跨界企业、整车厂等，参与者 众多，市场竞争格局正处于百花齐放的状态。 车身电子方面，欧菲光在硬件、软件方面沉淀深厚，技术优势明显，公司 BCM/BGM 车身域控产品技 术积累丰富，产品融合多核 MCU（微控制单元）、OTA（空中下载技术）、以太网网关、门模块等多 种功能或模块，集成化程度高，技术水平国内领先。公司第五代 BCM/BGM 车身域控产品技术积累丰 富，将传统车身电子部分的车身控制器、以太网网关、空调控制器、门模块等进行集成整合，产品集成 度更高，满足客户多样功能需求。公司秉持开放共享的原则，为客户提供高标准的软件，同时自产硬 件，从而产生成本优势，用高性价比产品吸引了广大客户群体。 智能座舱方面，公司深度布局舱内外光学传感器、仪表中控和抬头显示（HUD）产品。公司驾驶员监 测（DMS）、乘客监测（OMS）产品可针对人脸识别、疲劳监测等应用场景提供主动式服务，为客户 提供座舱内全场景一站式视觉解决方案；公司整合车载摄像头、显示屏、系统控制器三 ...

Summary of Key Points Core Viewpoint - The company has successfully completed its fundraising process, raising a total of approximately 3.53 billion yuan, with an excess of 522.58 million yuan, and has established a four-party supervision agreement for the management and use of these funds [1][2][3]. Fundraising Overview - The company was approved to issue 40 million shares at a price of 93.50 yuan per share, resulting in a net fundraising amount of 3,526,941,817.64 yuan [1]. - The funds were fully received by April 18, 2025, and the accounting firm has verified the receipt of these funds [1]. Fund Management and Supervision Agreement - A four-party supervision agreement was signed between the company, its wholly-owned subsidiary in Korea, the underwriting institution, and the bank to ensure proper management of the raised funds [3][5]. - The funds will be specifically allocated for the construction of an automotive electronics factory in Korea, and cannot be used for other purposes [6][7]. Special Account for Fund Storage - A special account for the raised funds has been established at KB Kookmin Bank, with a balance of zero as of June 24, 2025, indicating that the funds are yet to be utilized [4]. - The agreement stipulates that the subsidiary can manage the funds within the account but cannot withdraw them directly for other uses [6][7]. Compliance and Oversight - The underwriting institution is responsible for ongoing supervision of the fund usage, conducting at least biannual inspections of the fund's storage and usage [7][8]. - The agreement will remain in effect until all funds are fully utilized and the account is closed [8].