Core Viewpoint - The company is proposing to cancel its supervisory board and amend its articles of association to align with regulatory requirements and improve governance efficiency [5][6]. Meeting Procedures - The shareholders' meeting will be held on September 10, 2025, at 14:30, with a combination of on-site and online voting [4][5]. - Attendees must arrive 10 minutes before the meeting and present valid identification and proof of shareholding [3][4]. - Shareholders have the right to speak, consult, and vote during the meeting [3][5]. Agenda Items - The agenda includes the proposal to cancel the supervisory board and amend the articles of association, along with revisions to various internal management systems [5][6][8]. - Specific proposals include amendments to the Independent Director Work System, External Guarantee Management System, External Investment Management System, Related Party Transaction Management Measures, and Subsidiary Management System [6][8][9]. Voting Process - Voting will be conducted through both on-site and online platforms, with each share granting one vote [3][4]. - The voting process will require shareholders to select "agree," "disagree," or "abstain" for each proposal [3][4]. Governance Changes - The supervisory board will be dissolved, and its responsibilities will be transferred to the audit committee of the board of directors [5][6]. - The current supervisors will be relieved of their duties upon the approval of the proposal [6]. Regulatory Compliance - The amendments are in accordance with the new Company Law and related regulations to enhance the company's operational standards [6][8][9].

Core Viewpoint - Shenzhen Zhaowei Electromechanical Co., Ltd. has announced the first exercise period of its 2024 stock option and restricted stock incentive plan, allowing 122 participants to exercise a total of 627,850 options at a price of 42.42 yuan per option, with the exercise period running from August 29, 2025, to August 27, 2026 [1][12]. Summary by Sections Incentive Plan Approval Process - The company held several meetings to approve the incentive plan, including the board and supervisory committee meetings, and received legal and financial advisory opinions [1][2][4]. - The plan was publicly announced and no objections were raised during the internal disclosure period [2][3]. Conditions for Exercise - The first exercise period for stock options is defined as the period from 12 months after the grant date to 24 months after the grant date, with the first waiting period ending on August 27, 2025 [5]. - The company met all conditions for the exercise of options, including no negative audit opinions or violations of regulations [5][6]. Specifics of the Exercise - The total number of options available for exercise is 627,850, with a set exercise price of 42.42 yuan per option [11][12]. - The exercise will be conducted through a self-exercise model, with the designated broker being CITIC Securities [12][14]. Impact on Company Structure - The exercise of stock options is not expected to significantly impact the company's shareholding structure or listing conditions [14]. - If all options are exercised, the total share capital will increase from 240,196,500 shares [14][15]. Tax and Fund Management - Participants are responsible for their personal income tax, which will be withheld by the company [14]. - Funds raised from the exercise will be stored in a dedicated account to supplement the company's liquidity [14].

Core Viewpoint - The company has successfully met the conditions for the first unlock period of its 2024 stock option and restricted stock incentive plan, allowing for the release of certain restricted shares [3][7][8]. Group 1: Incentive Plan Details - The first unlock period for the restricted stock will end on August 27, 2025, allowing for the release of 50% of the total granted restricted stock [7]. - A total of 119 individuals are eligible for the unlock, with 627,850 shares (0.2614% of the total share capital) set to be released [2][11]. - The company has completed all necessary approval procedures for the incentive plan, including board meetings and legal opinions [3][4][5]. Group 2: Unlock Schedule and Conditions - The shares will be available for trading starting from August 29, 2025 [9]. - The company has confirmed that the conditions for the first unlock period have been satisfied, as per the regulations outlined in the incentive plan [8]. - The plan includes a provision for a second unlock period, which will occur 12 months after the first unlock [7]. Group 3: Changes and Compliance - One individual was disqualified from the incentive plan due to leaving the company, resulting in the cancellation of 7,000 shares [14]. - The company has ensured compliance with relevant laws and regulations regarding the management of shares post-unlock [12].

Core Viewpoint - The partnership between Shenchi Electromechanical and Dingding aims to create a global collaborative office platform, enhancing digital capabilities for multinational operations and marking a new era of intelligent collaboration for Chinese manufacturing companies [1][4]. Group 1: Company Overview - Shenchi Electromechanical, founded in 1990, has over 30 years of experience in the electromechanical field, becoming a full industry chain enterprise with a focus on brand marketing, product research and development, and intelligent manufacturing [3]. - The company operates multiple R&D and production bases in locations such as Chongqing, Jiangsu, the United States, and Vietnam, employing over 3,500 people and producing more than 2.6 million small motors and 1 million terminal products annually [3]. - Shenchi's products and services reach over 150 countries and regions, serving approximately 40 million end users globally [3]. Group 2: Strategic Partnership - The collaboration with Dingding is intended to address core challenges in Shenchi's global operations, with a focus on creating a digital foundation for business applications and enhancing internal collaboration [4]. - Shenchi aims to leverage Dingding's platform to improve operational efficiency and decision-making processes through scenario-based applications [4]. - The partnership will facilitate real-time collaboration across different time zones by integrating data links between overseas branches and headquarters, enhancing the company's responsiveness in high-profit markets like North America [6]. Group 3: Technological Integration - Dingding, recognized as a six-star diamond service provider, will provide a unified collaborative office platform for Shenchi's over 3,500 employees, enhancing security and integration capabilities [6]. - The collaboration will utilize Dingding's AI capabilities to accelerate Shenchi's digital transformation, creating a proprietary AIGC map for the company [6]. - The partnership is positioned as a deep co-creation of digital paradigms in the manufacturing industry, aiming for a three-in-one intelligent transformation of organization, system, and strategy [6].

Core Viewpoint - Shenzhen Zhaowei Electromechanical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to expand its market presence as a leading provider of integrated micro-drive and drive system solutions, ranked first in China and fourth globally by revenue [4][5]. Company Overview - Zhaowei Electromechanical was established in April 2001 and went public on the Shenzhen Stock Exchange in December 2020 [4]. - The company has expanded its business into core motor components and micro-gear transmission systems, serving notable clients such as Bosch, Huawei, Tencent, Midea, and OPPO [5]. Financial Performance - In 2020, Zhaowei Electromechanical reported a revenue of 1.195 billion yuan, a year-on-year decline of 32.97%, and a net profit of 232 million yuan, down 33.40% [5][6]. - The company's net cash flow from operating activities was 147 million yuan, reflecting a significant decrease of 66.55% [5][6]. - Despite the poor financial performance, the company decided to distribute a cash dividend of 107 million yuan to shareholders [5]. Market Position and Ownership - Prior to its listing, Zhaowei Electromechanical did not introduce any external shareholders, with the founders controlling 88.29% of the company's shares [5]. - The founders, Li Haizhou and his wife Xie Yanling, were listed among the wealthy individuals in the region, with a combined wealth of 7.7 billion yuan according to the 2021 Hurun Report [6].

Group 1 - The total import and export value of goods in China reached 21.7876 trillion yuan in the first half of the year, with a year-on-year growth of 2.9% [1] - Exports amounted to 13 trillion yuan, increasing by 7.2%, while imports were 8.7875 trillion yuan, decreasing by 2.7% [1] - Private enterprises' import and export grew by 7.3%, accounting for 57.3% of the total, an increase of 2.3 percentage points compared to the same period last year [1] Group 2 - The export of mechanical and electrical products grew by 9.5%, making up 60% of total exports [1] - The trade resilience was highlighted despite external shocks, with a diversified trade structure reducing dependence on any single country [1][2] - The international competitiveness of China's high-tech products has led to increased global demand, indicating a strong growth trend in high-tech investments and exports [2] Group 3 - Emerging markets are driving the growth of China's foreign trade, with a continuous expansion of its trade partnerships [2] - The implementation of multilateral cooperation mechanisms like RCEP and the China-EU investment agreement reflects China's strategy to mitigate external risks [2] - The contribution of foreign trade to economic growth is significant, particularly in high-end manufacturing sectors such as electric vehicles and machinery [2][3] Group 4 - There is potential for further growth in foreign trade, especially with countries involved in the Belt and Road Initiative and other emerging markets [3] - Challenges in the foreign trade sector include the need for market diversification, higher quality products, and reducing low-price competition [3] - The macroeconomic policies have shown effectiveness, supporting a stable and positive economic development trend [3]

Group 1 - The core viewpoint of the articles highlights the significant growth in foreign trade in regions like Wujiang, driven by strong performance in electromechanical products and active participation from private enterprises [1][7][9] - In the first five months of this year, Wujiang's total foreign trade value reached 76.97 billion yuan, with a year-on-year growth of 13.7%, surpassing national, provincial, and city averages by 11.2, 8.4, and 7.5 percentage points respectively [1] - The export growth in Wujiang was 14.2%, while imports increased by 12.1%, with May marking the highest monthly trade volume in 40 months [1] Group 2 - Other cities in the Yangtze River Delta, such as Changzhou, Nantong, Jinhua, Taizhou, and Wuhu, also reported double-digit growth in imports and exports, with growth rates of 13.7%, 14.5%, 19.8%, 13.3%, and 19.0% respectively [2] - The diversification of markets has been crucial, with Wujiang's exports to the Middle East increasing by 150% year-on-year, accounting for approximately 45% of total exports [1][4] - The local government has supported enterprises in expanding new markets, particularly in regions like the Middle East, Africa, and Europe, to mitigate risks [6] Group 3 - Electromechanical products have been a major driver of growth, with Wujiang's exports of electrical equipment reaching 6.63 billion yuan, a 55.8% increase, and imports of computer components soaring by 25.3 times [8] - Private enterprises accounted for 83% of Wujiang's foreign trade companies, contributing 60.8% of the total trade value, which boosted foreign trade growth by 10.3 percentage points [9] - The establishment of a cross-border e-commerce innovation center in Changzhou has also contributed to the region's foreign trade growth, with a 46.7% increase in cross-border e-commerce imports and exports [9]

Summary of Key Points Core Viewpoint - Zhaowei Electric experienced significant trading activity on June 9, with a total of 570,000 shares traded through block transactions, amounting to 52.8846 million yuan, at a price of 92.78 yuan per share, reflecting an 11.22% discount compared to the closing price of the day [2]. Trading Activity - On June 9, Zhaowei Electric had three block transactions, with a total trading volume of 570,000 shares and a total transaction value of 52.8846 million yuan [2]. - The average transaction price was 92.78 yuan, which was 11.22% lower than the closing price of 104.50 yuan [2]. - Institutional specialized seats participated in all three transactions, resulting in a net purchase of 52.8846 million yuan [2]. Recent Trading Trends - Over the past three months, Zhaowei Electric has recorded a total of nine block transactions, with a cumulative transaction value of 73.8408 million yuan [2]. - The stock closed at 104.50 yuan on the reporting day, showing a 1.37% increase, with a daily turnover rate of 5.91% and a total trading volume of 1.294 billion yuan [2]. - The stock has seen a cumulative increase of 1.40% over the past five days, despite a net outflow of 129 million yuan during the same period [2]. Margin Trading Data - The latest margin financing balance for Zhaowei Electric is 615 million yuan, which has decreased by 19.209 million yuan over the past five days, representing a decline of 3.03% [2].

财经杂志 . 文/中国社科院世经政所博士后 谢慧敏、 中国社科院世经政所研究员 杨盼 盼 、中国社科院世经政所研究员 徐奇渊 4月以来，特朗普政府的关税政策经历了剧烈波动与多次重大调整。 特 别 是 针 对 中 国 ， 美 国 先 是 施 加 " 对 等 关 税 " ， 随 后 又 多 次 提 升 关 税 ， 最 终 将 税 率 加 征 至 14 5% ， 这 可 被 视 为 一 次 极 限 关 税 的 压 力 测 试。 在如此高的关税下，4月中国对美出口同比下降21.3%，下降幅度显 著低于此前各类模拟测算的结果。其原因何在？可持续性如何？本 文尝试基于美国进口商提单层面的微观数据做逐一回答。 以下文章来源于财经杂志 ，作者谢慧敏 等 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独 家、独到"的新闻理念，以权威性、公正性、专业性报道见长，是政经学界决策者、研究者、管理者的 必读刊物。 抢进口在"对等关税"早期发挥作用 基于Panjiva数据，4月15日-5月13日，美国从中国海运进口货值同比下降15.5%，这与中国海关总 署公布的4月中国对美出口下降约21%较为 ...

Core Viewpoint - The legal opinion letter from Beijing Jincheng Tongda (Shenzhen) Law Firm confirms the legality and validity of the procedures and results of the 2024 annual shareholders' meeting of Shenzhen Zhaowei Electromechanical Co., Ltd. Group 1: Meeting Procedures - The shareholders' meeting was convened based on a resolution from the company's third board of directors and announced on April 29, 2025 [2][3] - The meeting adopted a combination of on-site and online voting methods, allowing shareholders to vote through the Shenzhen Stock Exchange trading system and internet voting system [3][5] - The on-site meeting took place on May 19, 2025, at a specified location in Shenzhen [3][5] Group 2: Attendance and Qualifications - A total of 302 participants attended the meeting, representing 160,387,528 shares, which is 66.7715% of the total voting shares [5][6] - Among the attendees, 299 were small shareholders, representing 6,969,928 shares, or 2.9017% of the total voting shares [6] - The qualifications of the attendees and the convenor of the meeting were verified to comply with relevant laws and regulations [5][6] Group 3: Proposals Discussed - The meeting reviewed several proposals, including the repurchase and cancellation of certain restricted stocks, performance evaluations for directors and senior management, and the issuance of H shares for listing on the Hong Kong Stock Exchange [7][8] - Specific proposals included the annual report, financial statements, and various governance and management system amendments [7][8] Group 4: Voting Results - The voting results showed overwhelming support for all proposals, with approval rates generally exceeding 99.9% for key items such as the annual report and the issuance of H shares [9][10][11] - For instance, the proposal regarding the 2024 annual report received 99.9647% approval [9] - The proposal for the issuance of H shares also received 99.9663% approval [11][12] Group 5: Conclusion - The legal opinion concludes that the meeting's procedures, attendance qualifications, and voting processes were in compliance with the Company Law and relevant regulations, affirming the legitimacy of the meeting outcomes [17][18]