Group 1 - The core point of the announcement is that the controlling shareholder and its concerted parties have reduced their shareholding, triggering a 1% threshold change in equity [2][4] - The controlling shareholder, Ningbo Shenglong (Group) Co., Ltd., and its concerted party, Ningbo Shengdaer Investment Partnership (Limited Partnership), plan to reduce their holdings by up to 7,090,000 shares, which is no more than 3% of the total shares [2][3] - As of October 24, 2025, the controlling shareholder and its concerted parties have reduced their holdings by 1,563,890 shares, decreasing their total shareholding from 62.04% to 61.38% [2][3] Group 2 - The equity change does not trigger a mandatory tender offer and will not lead to a change in the controlling shareholder or actual controller of the company [2][4] - The controlling shareholder and its concerted parties will comply with relevant laws and regulations regarding shareholding reduction and information disclosure obligations [3][4]

Core Insights - Horse Powertrain, a new powertrain giant formed by Aurobay and Renault's Horse Technology, aims to provide a practical and efficient transition path for the automotive industry towards carbon neutrality [1] Group 1: Company Overview - Horse Powertrain inherits 125 years of powertrain R&D from Renault and Geely, with 17 production bases and 5 R&D centers globally, employing 19,000 people [2] - The company generates annual revenue of €15 billion and produces over 8 million powertrain products, serving over 130 countries and regions, making it one of the top three powertrain companies worldwide [2] Group 2: Technology and Product Offerings - Horse Powertrain's product line includes hybrid systems, alternative fuel solutions (methanol, ethanol, hydrogen, and synthetic fuels), and range extender systems [3] - The integration of technologies from Renault, Volvo, and Geely allows Horse Powertrain to cover 80% of global market demand, providing complete power solutions for various vehicle sizes [3] Group 3: Strategic Goals and Market Position - The company aims to become a global leader in efficient internal combustion and hybrid powertrains by 2035, focusing on innovation, financial excellence, market share, corporate culture, and customer collaboration [4] - Horse Powertrain's global scale advantages in procurement, R&D, manufacturing, and sales enable it to offer large-scale production solutions and system integration services to OEMs [4]

Core Viewpoint - The company is undergoing a significant asset restructuring to acquire a 55.50% stake in Anhui Niwei Automotive Power System Co., Ltd. through cash payment, involving both private agreement transfers and public bidding processes [1][2]. Summary by Sections Transaction Details - The company plans to purchase a total of 20,096,832 yuan (approximately 50.11% of registered capital) from various private stakeholders and an additional 2,160,000 yuan (approximately 5.39% of registered capital) from state-owned entities through public bidding [1]. - The restructuring involves a change in the transaction implementation entity to the company's wholly-owned subsidiary, Suzhou High-tech Zone Chenshun Haijing Management Consulting Co., Ltd. [2][6]. Adjustments to Transaction Plan - The second phase of the transaction price will require 25% of the transaction price to be paid to the private stakeholders and the subsidiary's account within three working days after the conditions are met [3][4]. - The third phase will involve a payment of 30% of the transaction price, with specific timelines for fund transfers to designated accounts [4][5]. Regulatory Compliance - The adjustments made to the transaction plan do not constitute a significant change to the restructuring plan as per existing regulations, as they do not exceed the stipulated thresholds for asset value changes [5][6]. - The adjustments were approved in the company's board meeting on August 21, 2025, and do not require further shareholder approval [6].

Group 1 - The company is acquiring a 50.11% stake in Anhui Niwei Automotive Power System Co., Ltd. through cash payment, along with an additional 5.39% stake via public transfer [1][2] - The acquisition was approved by the company's fourth extraordinary general meeting on August 1, 2025, and is currently in the process of completion [1][2] - The acquisition's implementation subject has been changed to Suzhou High-tech Zone Chenshun Haojing Management Consulting Co., Ltd. to enhance efficiency and expedite the equity transfer [2][3] Group 2 - The agreements related to the acquisition include the "Equity Transfer Agreement" and the "Supplementary Agreement," which outline the rights and obligations of the parties involved [2][3] - The payment structure for the transaction has been adjusted, with a new joint account to be established for managing the funds [4][5] - The agreements stipulate performance commitments, with specific payment terms based on the financial performance of Niwei Power in the years 2025 to 2027 [6][8] Group 3 - The change in the implementation subject does not materially affect the company's consolidated financial statements or harm the interests of the listed company and minority shareholders [3] - The agreements require the completion of business registration changes following the fulfillment of certain conditions, including tax payment and governance structure compliance [7][8] - The board of directors has approved the matters without the need for further shareholder meeting deliberation [8]

Core Viewpoint - Ningbo Shenglong Automotive Power System Co., Ltd. has opened a dedicated settlement account for cash management and is utilizing idle raised funds for cash management to enhance fund efficiency and increase company returns [2][4][9]. Group 1: Cash Management Account Details - The company has opened a dedicated cash management settlement account at Ningbo Bank, with an account number of 86033000001261015 [2]. - The cash management amount is set at 10 million yuan, with the management product being a structured deposit [2]. - The cash management period is from July 25, 2025, to September 2, 2025 [2]. Group 2: Previous Cash Management Activities - Previously, on April 24, 2025, the company used 15 million yuan of idle raised funds to subscribe to a structured deposit product, which yielded a total return of 85,100 yuan [3]. - The previous cash management account was automatically canceled on July 23, 2025, after the product maturity [3]. Group 3: Purpose and Source of Funds - The purpose of cash management is to improve fund utilization efficiency and generate additional income without affecting the construction of investment projects [4]. - The source of funds for this cash management is the company's idle raised funds [5]. Group 4: Cash Management Product Information - The cash management product purchased is a principal-protected floating income type, ensuring high safety and liquidity [9]. - The cash management does not involve any investment in non-deposit products [8]. Group 5: Risk Control and Internal Management - The company has established internal controls for cash management, including regular audits and oversight by the board and independent directors [11]. - The financial department selects suitable financial products based on safety, term, and yield, with approvals required from senior management [11]. Group 6: Impact on Company - The cash management activities are expected to have no significant impact on the company's future operations, financial status, or cash flow [13].

Overview of the Transaction - The company plans to acquire a 55.50% stake in Anhui Niwei Automotive Power Systems Co., Ltd. through cash payments to multiple investors, which will change the controlling shareholder from Huang Ran to the company [1] - This transaction constitutes a major asset restructuring according to the relevant regulations [1] Progress of the Transaction - The company disclosed the major asset purchase plan on March 15, 2025, and received an inquiry letter from the Shanghai Stock Exchange on March 26, 2025 [2] - Subsequent announcements regarding the progress of the major asset purchase were made on April 11, May 10, and June 9, 2025 [2] - A revised major asset purchase plan was disclosed on June 4, 2025, along with responses to the inquiry letter from the Shanghai Stock Exchange [2] - On June 5, 2025, the company's board of directors approved relevant proposals related to the transaction [2] Inquiry and Response - The company received another inquiry letter from the Shanghai Stock Exchange on June 18, 2025, and is actively working to address the issues raised [3] - The company has applied for an extension of up to five trading days to respond to the inquiry letter to ensure the accuracy and completeness of the information [3][4] - The company emphasizes its commitment to comply with legal and regulatory requirements for timely information disclosure [4]

Core Insights - The Chinese automotive industry has made significant breakthroughs in recent years, particularly in the areas of new energy vehicles, showcasing technological innovation and market promotion that contribute to the global transition towards low-carbon and electric vehicles [2][3] Group 1: Technological Innovations - The automotive power system innovation is a core support for the low-carbon and electrification transition, with notable advancements in hybrid dedicated transmission efficiency and engine thermal efficiency reaching 46%, an increase of over 13 percentage points since 2020 [3] - Diesel engine thermal efficiency has surpassed 48%, improving by 4.3% compared to 2020, achieving international advanced levels [3] - Peak power density of drive motors has reached over 7000 kW/kg, with high-performance motor controllers based on silicon carbide devices achieving a power density of 45 kW/L, nearly a 50% increase since 2020 [3] Group 2: System Integration and Material Innovation - The automotive power system is evolving towards higher efficiency, integration, and intelligence, with a focus on multi-domain fusion and the integration of core drive units, high-voltage systems, battery management systems, and thermal management systems [3][4] - Material innovations such as silicon carbide, carbon fiber, and high-strength steel are being rapidly adopted, enhancing vehicle lightweighting and performance [4] - Advanced manufacturing processes like laser welding and 3D printing are improving production efficiency and product quality [4] Group 3: Artificial Intelligence and Smart Technologies - The application of artificial intelligence in automotive power systems is accelerating, transitioning from traditional electromechanical control to full-link intelligent control [4] - AI algorithms enable millisecond-level torque distribution, enhancing stability under extreme conditions, while intelligent thermal management systems optimize energy distribution [4] Group 4: Future Trends in Power Systems - The automotive power system is expected to undergo systemic reconstruction, focusing on control separation and soft-hard decoupling, enhancing user experience and R&D efficiency [9][10] - The shift from mechanical to intelligent electric drive is making power enhancement more cost-effective, allowing luxury car acceleration experiences to be available in mass-market models [9] - The integration of power systems and chassis is anticipated to improve vehicle space utilization and overall performance [10][11]

Group 1 - The core viewpoint of the forum emphasizes the need for collaboration across the automotive industry to achieve net-zero emissions, as stated by Matias Giannini, CEO of Horse Powertrain [1] - The global automotive industry is undergoing a critical electrification transformation, with the goal of achieving net-zero emissions, although the paths and challenges vary by region [3] - By 2040, it is projected that pure electric vehicles will account for over 50% of global new car sales, raising questions about the future of the remaining 50% of vehicles that will still rely on efficient internal combustion engines or hybrid systems [3] Group 2 - Horse Powertrain aims to provide comprehensive solutions for efficient internal combustion and hybrid systems, leveraging years of technological expertise from Geely and Renault [4] - The company operates five R&D centers and 17 production bases globally, with an annual production capacity of 5 million units, meeting up to 80% of the market demand for hybrid and fuel-powered passenger vehicles [4] - Horse Powertrain showcased its advanced technologies at the 2025 Shanghai Auto Show, including alternative fuel solutions and a future super hybrid concept that integrates engine, motor, transmission, and power electronics into a compact modular unit [4] Group 3 - Matias highlights the importance of collaboration between automakers and powertrain suppliers to accelerate the pace of electrification transformation [5] - The Chinese market is expected to see plug-in hybrid models outpace pure electric models for the first time in 2024, reflecting China's strong innovation capabilities [5] - Horse Powertrain positions China as a core growth engine, aiming to support the country's future development towards achieving net-zero emissions through diverse solutions [5]

Core Insights - The fifth International Forum on Automotive Power Systems was held in Shanghai, focusing on the diverse development of global automotive power systems, with a particular emphasis on hybrid technology as a foundation for the growth of new energy vehicles in China and worldwide [1][3]. Market Development - Global automotive sales are projected to exceed 90 million units in 2024, marking a 1.8% year-on-year increase, with the Chinese market accounting for over one-third of this total [3]. - In Q1 of this year, pure electric vehicle sales represented 14.5% of the global market, while hybrid vehicles (including HEV, PHEV, and REV) accounted for 16%, surpassing pure electric vehicles [3]. Hybrid Technology Evolution - The development of hybrid technology has progressed through several phases over the past 30 years, from slow initial growth to a recent explosive phase, particularly in China with various hybrid systems [4]. - The current trend in hybrid technology is moving towards dual motors, large batteries, and the capability to use both fuel and electricity, with PHEV and REV systems experiencing the fastest growth [4]. Achievements in Electrification - The main achievements in the electrification transition are reflected in the "new four modernizations": efficiency, electrification, intelligence, and diversification of energy sources [5]. - Chinese hybrid engines have seen significant improvements in thermal efficiency, rising from approximately 39% five years ago to over 46% today [5]. Industry Challenges - Key challenges include the need for further efficiency improvements in hybrid engines, advancements in electric motor technology, and the development of alternative fuels [6]. - Infrastructure development is critical, as the lack of charging facilities poses a significant challenge to the rapid growth of new energy vehicles globally [6]. - Cost pressures are evident, with expected price reductions in new energy vehicles ranging from 5% to 15% in 2024, necessitating a focus on technology and quality to meet consumer demands [6]. Globalization and Future Outlook - The international environment presents complex challenges for Chinese automotive exports, highlighting the need for closer collaboration with global partners [7]. - Future developments in hybrid technology are expected to be positively influenced by carbon emission management transitioning from dual credits to carbon credits [7]. - By 2030, the electrification penetration rate in the Chinese market is anticipated to reach around 75%, with a balanced distribution among hybrid and pure electric vehicles [7][8]. Regional Market Trends - Different global markets are expected to follow distinct development paths: China will focus on plug-in, range-extended, and electric vehicles; Europe will trend towards electric, plug-in, hybrid, and synthetic fuels; while the U.S. will prioritize hybrid, electric, plug-in, and fuel vehicles [8].

Core Insights - The fifth International Forum on Automotive Power Systems was held in Shanghai, focusing on the diverse development paths of global automotive power systems [1] - Li Kaiguo, the supervisor of the China Automotive Engineering Society, presented a keynote report on "Development Path of Automotive Low-Carbon Technology," revealing that the "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" is expected to be officially released in September to October this year [1][5] Industry Development - The Chinese automotive industry is experiencing rapid growth, with production and sales expected to exceed 31 million vehicles in 2024, entering a period of stable growth [3] - The natural gas heavy truck segment is projected to grow significantly, reaching 178,000 units in 2024, aiding the recovery of the sluggish commercial vehicle sector [3] - The energy-saving and carbon reduction levels in the automotive industry are improving, with the average fuel consumption of new fuel vehicles decreasing by 17% compared to 2019 [3] Carbon Reduction Goals - The "Automotive Industry Green and Low-Carbon Development Roadmap 1.0" was released in 2023, setting clear carbon reduction targets for passenger and commercial vehicles by 2040 [4] - By 2040, average carbon emissions for passenger vehicles are to be reduced by 60%, while commercial vehicles aim for a 41% reduction [4] - The roadmap emphasizes the need for a combination of internal combustion engines and electrification to achieve energy consumption reductions [4][5] Technological Pathways - The "Technology Roadmap 3.0" aims to address key technological developments necessary for achieving energy-saving and carbon reduction goals, emphasizing hybridization, low-carbonization, and intelligence [5] - Hybrid vehicles are identified as a crucial technology path for energy savings, with sales expected to increase significantly in 2023-2024 [5] - The roadmap also highlights the importance of improving engine thermal efficiency and expanding the efficient operating range of engines [5][6] Future Energy Sources - The development of low-carbon and zero-carbon internal combustion engines is essential, with a focus on low-carbon fuels to mitigate emissions [6] - By 2040, low-carbon and zero-carbon engines are expected to achieve a maximum thermal efficiency of 52% and a power density of 35 kW/L [6] Vehicle Efficiency Requirements - The "Technology Roadmap 3.0" introduces energy-saving and technical requirements for various vehicle classes, including A0, A, B, C, and D levels [7] - Emphasis is placed on lightweight materials, low resistance, low friction, and intelligent energy management systems to enhance vehicle efficiency [7] - The integration of internal combustion engines and electric motors is seen as a necessary evolution, with hybrid technology being a key focus for passenger vehicles [7]