Core Viewpoint - The company, Hebei Shichang Automotive Parts Co., Ltd. (Shichang Co.), is preparing for its IPO on May 30, aiming to raise approximately 171.18 million yuan for projects related to new energy high-pressure fuel tanks and to supplement working capital [2][4]. Group 1: Company Overview - Shichang Co. specializes in the research, production, and sales of automotive fuel systems, primarily manufacturing plastic fuel tank assemblies [2]. - The company sells its products mainly to major automotive manufacturers such as Geely, Chery, FAW, and Changan [2][4]. Group 2: Financial Information - The IPO proceeds will be allocated to the "Zhejiang Xingchang Automotive Technology Co., Ltd. annual production of 600,000 new energy high-pressure fuel tank project (Phase II)" and to supplement working capital [3]. - In 2024, Shichang Co. plans to distribute cash dividends of 12.68 million yuan to shareholders [2]. Group 3: Customer Concentration - The top five customers accounted for 93.22%, 92.48%, and 95.56% of total revenue for the years 2022, 2023, and 2024, respectively, indicating a high customer concentration [4][5]. - Geely is the largest customer, contributing 47.89%, 42.40%, and 50.45% of revenue in the respective years [4][5]. Group 4: Production Capacity and Utilization - The company currently has a total production capacity of 1.35 million units per year, with the new project expected to add 350,000 units annually upon full production [11][13]. - The production capacity utilization rates for 2023 and 2024 are projected to improve significantly due to strong sales of models from major clients [16]. Group 5: Market Risks and Challenges - The company faces risks related to high customer concentration, particularly if major clients reduce orders due to market changes [4][6]. - The company has acknowledged potential risks associated with its reliance on a few large customers and the impact of macroeconomic factors on its operations [16][17].

Core Points - Heilongjiang Tianyouwei Electronics Co., Ltd. is established as a joint-stock company with a registered capital of RMB 160 million, transitioning from a limited liability company [1][2] - The company plans to publicly issue 40 million shares and is set to be listed on the Shanghai Stock Exchange on April 24, 2025 [1][3] - The company’s business scope includes manufacturing and sales of automotive parts, electronic components, and various technical services [1][2] Company Structure - The company is governed by a charter that outlines the rights and obligations of shareholders, directors, and management [1][2] - The chairman serves as the legal representative of the company [1] - The company is designed for perpetual existence, ensuring continuity in operations [1] Share Issuance and Capital - The shares are issued at a par value of RMB 1 each, with a total of 160 million shares available [2][3] - The company’s capital structure allows for various methods of capital increase, including public and private offerings [2][3] - Shareholders are limited in their ability to transfer shares within the first year of issuance [3] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company decisions based on their shareholdings [4][5] - The company mandates that shareholders adhere to legal and charter obligations, including the prohibition of share buybacks under certain conditions [6][7] - Shareholders holding more than 5% of voting shares must report any pledges of their shares [7][8] Governance and Meetings - The company holds annual and extraordinary shareholder meetings to discuss key decisions, including profit distribution and capital changes [9][10] - The board of directors is responsible for convening meetings and ensuring compliance with legal requirements [11][12] - Voting at shareholder meetings requires a majority for ordinary resolutions and a two-thirds majority for special resolutions [13][14] Financial Transactions and Accountability - Significant transactions, including asset sales and external guarantees, require shareholder approval if they exceed specified thresholds [15][16] - The company is obligated to maintain transparency in financial dealings and protect shareholder interests [17][18] - Directors and senior management are accountable for their actions and can be sued by shareholders for breaches of duty [19][20]

（以下简称"《激励计划》"）和《襄阳长源东谷实业股份有 限公司章程》的有关规定，对获授 2025 年限制性股票的激励对象名单（截至授 予日）进行审核，发表核查意见如下： 买卖公司股票行为，根据《管理办法》，基于审慎原则，公司决定不再将其列入 本次激励计划名单。除此外，本次获授限制性股票的其他激励对象与公司 2024 年年度股东大会审议通过的公司《激励计划》中确定的激励对象相符。 励对象的情形： 襄阳长源东谷实业股份有限公司 监事会关于 2025 年限制性股票激励计划 授予日激励对象名单的核实意见 襄阳长源东谷实业股份有限公司（以下简称"公司"）监事会依据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》（以 下简称"《管理办法》"）等有关法律法规、规范性文件以及公司《2025 年限 制性股票激励计划》 （4）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； （5）法律法规规定不得参与上市公司股权激励的； （6）中国证监会认定的其他情形。 公司 5%以上股份的股东或实际控制人及其配偶、父母、子女。本次激励对象均 符合《管理办法》规定的激励对象条件，符合公司《激励计划》规定的 ...

Core Viewpoint - Xuelong Group (603949) has issued a notice regarding unusual stock movements, indicating a potential risk of irrational speculation due to a relatively low external circulating share ratio of 29.20% [1] Financial Metrics - The company's static price-to-earnings (P/E) ratio stands at 78.74, while the rolling P/E ratio is 80.26, both significantly deviating from the industry average [1] Operational Status - The company has conducted a self-inspection and confirmed that its production and operations are normal [1] - There have been no significant changes in the market environment or industry policies, and production costs and sales have not experienced substantial fluctuations [1] - The internal production and operational order of the company remains stable [1]

Core Viewpoint - The company is focusing on both general lighting and automotive lighting as its primary growth drivers, with strategic investments in R&D and production capacity to enhance its market position and address potential tariff impacts from the U.S. [1][2] Group 1: Business Strategy - The company positions general lighting and automotive lighting as its first and second growth curves, respectively, aiming to solidify its leadership in general lighting while developing automotive lighting capabilities [1] - In the automotive sector, the company emphasizes "safety + electrification/intelligence" in its R&D focus, with a complete software and hardware development team [1][2] Group 2: R&D and Product Development - R&D investments in general lighting are concentrated on "intelligence + environmental protection + cost optimization," leveraging synergies between automotive and general lighting businesses [2] - The company has secured over 1 billion RMB in new project designations for automotive lighting in 2024, with additional projects in Q1 2025, covering various product categories [3] Group 3: Tariff Impact and Market Response - The company's U.S. business accounts for approximately 20% of its operations, and it has proactively established production capacity in Vietnam and Indonesia to mitigate tariff risks [2] - The impact of tariffs on the automotive business is limited, as the proportion of products exported to the U.S. is small, and the company is accelerating domestic substitution efforts [2]

Core Viewpoint - The company aims to conduct futures and derivatives hedging business to mitigate operational risks associated with price fluctuations of key products and raw materials, ensuring stable profit margins and operational efficiency [1][2][3]. Group 1: Transaction Purpose and Overview - The primary goal of the hedging business is to avoid and prevent risks from market price fluctuations of main products and raw materials, locking in expected profits or reducing losses from price declines [1][2]. - The hedging activities will be limited to futures and derivatives contracts related to metals such as aluminum, nickel, and lithium, as well as other raw materials relevant to the company's operations [1][3]. - The company will not engage in speculative or arbitrage trading, focusing solely on risk management [3][4]. Group 2: Transaction Amount and Funding - The maximum investment amount for the futures and derivatives hedging business will not exceed RMB 20 million at any given time, with the highest contract value held on any trading day capped at RMB 100 million [2][3]. - The funding for these activities will come from the company's own and self-raised funds, without involving raised capital [3][4]. Group 3: Approval Process - The company held a meeting on May 20, 2025, where the board of directors approved the proposal for the hedging business, which does not require shareholder approval [2][4]. - The audit committee confirmed that the hedging activities are closely related to daily operational needs and that the company has established a comprehensive management system for these activities [4][5]. Group 4: Risk Analysis and Control Measures - The company acknowledges potential risks associated with market volatility, liquidity, operational errors, and legal compliance, but emphasizes that the hedging activities are designed to minimize these risks [5][6]. - Risk control measures include establishing a robust hedging mechanism, conducting market data analysis, and implementing strict internal controls to manage funds and monitor risks [6][7]. Group 5: Impact on the Company - The hedging business is expected to enhance the company's ability to withstand price fluctuations, thereby improving financial stability without affecting the development of its core business [3][4]. - The company will adhere to relevant accounting standards for the recognition and measurement of financial instruments related to the hedging activities [7][8].

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于昆山沪光汽车电器股份有限公司 国枫律股字2025A0254 号 致：昆山沪光汽车电器股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2024 年度股东大会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》、 《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律业务管理办 法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券 法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《南京药 石科技股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议 的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果 等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： （一）本次会议的召 ...

Core Viewpoint - The legal opinion letter confirms that Huizhou Huayang Group Co., Ltd. has obtained the necessary approvals and authorizations for adjusting the exercise price of stock options under its 2021 stock option incentive plan, in compliance with relevant regulations and internal guidelines [4][8][9]. Group 1: Approval and Authorization - The adjustment of the exercise price for the 2021 incentive plan has been approved by the company's board and relevant committees, with independent directors and the supervisory board providing their consent [4][6][8]. - The necessary public disclosures were made, and no objections were received during the public notice period [4][8]. Group 2: Specifics of the Adjustment - The exercise price of the stock options has been adjusted from RMB 34.97 per share to RMB 34.49 per share, following the company's capital reserve conversion and dividend distribution [8]. - The adjustment is in accordance with the provisions of the 2021 incentive plan, which stipulates that the exercise price must be adjusted in the event of capital changes such as stock dividends or splits [8]. Group 3: Conclusion - The legal opinion concludes that the adjustment of the exercise price for the stock options is valid and complies with the 2021 incentive plan and relevant regulations [9].

南宁八菱科技股份有限公司 监事会关于公司第一期股票期权激励计划首次授予部分激励对 象名单（首次授予日）的核查意见 南宁八菱科技股份有限公司（以下简称公司）监事会依据《中华人民共和国 公司法》 （以下简称《公司法》）、 （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员的情形的； （5）法律法规规定不得参与上市公司股权激励的； 《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《管理办法》）等相关法律法规、规 章和规范性文件以及《南宁八菱科技股份有限公司章程》《南宁八菱科技股份有 限公司第一期股票期权激励计划（草案）》 （以下简称《激励计划（草案）》）的有 关规定，对公司第一期股票期权激励计划（以下简称本激励计划）首次授予的激 励对象名单进行了核查，并发表核查意见如下： 披露的《第一期股票期权激励计划激励对象名单》中，激励对象不存在《管理办 法》第八条规定的不得成为激励对象的下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被 ...

Group 1: Financial Performance - The revenue from new energy vehicle interior components accounts for 46.58% of total revenue, with a slight difference in gross margin compared to traditional fuel vehicle business [2] - The company achieved a consolidated revenue of 599.4 million yuan in 2024, representing a year-on-year growth of 22.2% [4] Group 2: Customer Concentration and Risk Management - The top five customers account for 41.93% of total revenue, indicating a potential risk of high customer concentration [2] - The company plans to optimize customer structure and enhance strategic cooperation to mitigate risks and increase market share [3] Group 3: Raw Material Costs and Supply Chain Management - PA6 chips and other raw materials constitute 68.5% of production costs, with strategies in place to manage price fluctuations [3] - The company focuses on establishing strategic partnerships with suppliers and improving raw material utilization to reduce risks associated with price volatility [3] Group 4: Research and Development - R&D expenses increased by 38.9%, focusing on eco-friendly and high-quality carpet materials, among other areas [4] - The company is actively working on R&D projects, with plans to convert research outcomes into customer orders [4] Group 5: Market Outlook and Strategic Initiatives - The automotive industry is expected to grow, with production and sales projected to reach 31.28 million and 31.44 million vehicles in 2024, respectively, reflecting year-on-year growth of 3.7% and 4.5% [5] - The company aims to expand its overseas market presence, particularly with the full-scale production of its Mexican facility [4]