2025年第一次临时股东大会决议公告 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601799 证券简称：星宇股份公告编号：2025-028 常州星宇车灯股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年9月19日 (二)股东大会召开的地点：公司办公楼四楼15号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 公司董事长周晓萍女士因公未出席本次会议，经半数以上董事推举，本次会议由公司董事周宇恒先生主 持。会议的召集、召开程序符合《公司法》及《公司章程》的规定，表决方式及表决结果合法有效。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事7人，出席1人，董事周晓萍、徐惠仪、王世海，独立董事马培林、韩践、李翔因公务 在身未出席； 2、公司在任监事3人，出席3人； 3、董事会秘书高鹏出 ...

Industry Overview - LED car lights, utilizing light-emitting diodes, are becoming the ideal choice for modern automotive lighting due to their high energy efficiency and long lifespan [2][6] - The industry is driven by a combination of policies and standards, with multiple initiatives in place to support technological innovation and market demand [6][10] - The market for LED car lights is projected to reach 45.7 billion yuan in 2024, reflecting a growth of 9.9% year-on-year [12] Market Dynamics - The automotive market is experiencing stable growth, with production and sales figures for the first seven months of 2025 reaching 18.24 million and 18.27 million vehicles, respectively, marking increases of 12.7% and 12% year-on-year [10] - The penetration rate of new energy vehicles is climbing, with projections indicating that by 2025, the penetration rate will reach 45% [10] - The value of the lighting system in new energy vehicles has increased by 30%-50% compared to traditional fuel vehicles, highlighting the strategic importance of LED car lights [10] Technological Advancements - The LED car light industry is undergoing a transformation towards smart and interactive designs, with a focus on aesthetic integration and functionality [12][15] - The penetration rate of ADB (Adaptive Driving Beam) technology is expected to exceed 45% by 2025, enhancing night driving safety [15] - Innovations such as laser headlights and DLP (Digital Light Processing) technology are being developed to improve performance and user experience [12][15] Competitive Landscape - The industry is characterized by a dual-leader structure with domestic companies like Xingyu and Huayu Visual Technology leading the market, while foreign firms maintain a stronghold in high-end segments [13][14] - Domestic companies are increasingly capturing market share, with projections indicating that they will account for 35% of the global market by 2025 [15] - The competitive dynamics are shifting from traditional lighting to smart and integrated solutions, driven by the rise of new energy vehicles and autonomous driving technologies [14][15] Future Trends - The LED car light industry is expected to see a threefold upgrade in technology, functionality, and supply chain dynamics, moving towards a model defined by smart and scenario-based applications [15] - The integration of lighting systems with ADAS (Advanced Driver Assistance Systems) is anticipated to create a closed-loop system for enhanced safety and functionality [15] - The industry is also focusing on global expansion, with local manufacturing bases being established in regions like Mexico and Hungary to support international demand [15]

近日，鸿利智汇在接受机构调研时表示，公司LED产品目前已获得国内外客户的普遍认可并已向主机厂 供货。相关产品已应用于东风、比亚迪、现代、长安、吉利、赛力斯，理想、蔚来、小米等知名车企。 其中，应用于小米汽车的部分产品，占公司总营业收入比重较小。 据介绍，鸿利智汇是集研产销于一体的LED半导体封装器件企业，主营业务为LED半导体封装及LED汽 车照明业务。1）公司生产的LED产品可应用于人形机器人的指示、照明等部件。公司会持续关注该领 域发展，积极探索相关合作机会。2）公司生产的MiniLED产品已应用于VR眼镜等终端设备，目前正积 极拓宽MiniLED在VR/AR领域的应用。 汽车照明领域，鸿利智汇为商用车和乘用车提供丰富多样的照明产品。针对商用车，主要供应信号灯、 警示灯、前照灯、工作灯以及室内灯等；对于乘用车，产品则包括前大灯、尾灯、雾灯、氛围灯、阅读 灯等。 2025年，鸿利智汇紧密跟踪行业动态，洞察下游增量需求，封装照明方面，朝高功率、小型化、多芯片 集成化方向发展，聚焦高端产品领域，如LED大功率产品、车规支架产品、健康全光谱产品等，提前布 局，抢占技术与市场高地，培育新盈利增长点，同时继续提升Mi ...

Core Viewpoint - The global automotive LED market is expected to face significant price pressure in 2025 due to ongoing economic uncertainties, but a recovery in automotive production is anticipated in the second half of 2025, leading to projected market values of $3.451 billion for automotive LEDs and $35.729 billion for automotive lighting by 2025 [1]. Group 1: Automotive Lighting Trends - Automotive lighting is shifting towards personalization, communication displays, driver assistance, and safety upgrades [3]. - Adaptive headlights (ADB) enhance nighttime visibility and reaction time to obstacles, with a projected market penetration rate of 21.6% by 2029 despite current economic uncertainties [5][6]. - The introduction of Micro/Mini LED technology in adaptive headlights is expected to improve safety through flexible pixel control, with manufacturers like Volkswagen and Tesla adopting these technologies [5][6]. Group 2: Tail Light Innovations - The trend in automotive lighting includes personalized and communication displays, with Mini LED tail lights being integrated into various vehicle models [7]. - Ams OSRAM's ALIYOS technology allows for flexible Mini LED arrangements, enabling dynamic visual effects for design and information display [7]. Group 3: Decorative Lighting Market - The decorative lighting segment, including ambient lights and grille lamps, is projected to reach $311 million by 2029, with a compound annual growth rate of 28% from 2024 to 2029 [8]. - Intelligent ambient lighting, featuring built-in ICs for RGB LEDs, is expected to see a high growth rate of 69% [8]. Group 4: Mini LED Display Trends - Mini LED technology is being adopted by major automotive manufacturers, enhancing display quality with features like HDR and local dimming [10]. - Companies such as NIO, General Motors, and Ford are expected to implement Mini LED displays in their vehicles by 2024, with further expansions planned through 2029 [10]. Group 5: Market Size and Revenue Performance - The global automotive lighting market is projected to slightly decline to $34.658 billion in 2024 due to pricing pressures and inventory adjustments, despite a rise in electric vehicle sales [12]. - The top ten automotive lighting manufacturers for 2024 include Koito, Valeo, and Forvia Hella, among others [12]. Group 6: LED Manufacturer Revenue - The leading automotive LED manufacturers for 2024 are ams OSRAM, Nichia, and Lumileds, with ams OSRAM being favored for high-end and electric vehicles due to its product quality [14]. - The revenue of Everlight is expected to grow by over 40% in 2024, driven by demand in China, Europe, and South Korea [14].

Core Viewpoint - The article highlights the significant role of car lights in the automotive industry, emphasizing their importance in safety, design aesthetics, and intelligent interaction. It focuses on the development and achievements of Liaowang Lighting, a company with a rich history since 1956, under the guidance of the Guangsheng Holding Group's FAITH philosophy. Company History and Development - Liaowang Lighting was established in 1956 in Nanning, evolving from small workshops into a leader in automotive lighting, including headlights and signal lights [2][4] - Key milestones include its registration as Nanning Automobile Lamp Factory in 1982, restructuring into Nanning Liaowang Lighting Co., Ltd. in 2004, and being acquired by Foshan Lighting in 2021, which brought new vitality to the company [4][5] Corporate Philosophy and Leadership - The company embodies a spirit of craftsmanship, emphasizing dedication to a single trade and innovation, which has been passed down through generations [4][5] - General Manager Gu Dan exemplifies this spirit, having dedicated over 20 years to the automotive lighting industry, focusing on continuous improvement and technical breakthroughs [4][7] Strategic Focus and Market Position - Following its acquisition, Liaowang Lighting has concentrated on its core automotive lighting business, optimizing product structure and quality to strengthen its market position [5][10] - The company is actively expanding into overseas markets, showcasing Chinese automotive lighting technology globally and establishing long-term partnerships with international automotive manufacturers [11][10] Technological Innovation - Technological innovation is central to Liaowang Lighting's growth, with advancements in interactive screen technology and smart hardware development [7][10] - The introduction of products like the intelligent interactive tail light for the new Zhiji L6 marks a significant milestone in the company's technological evolution [7] Talent Development and Corporate Culture - The company prioritizes talent development through initiatives like the "Talent Forest Plan," aiming to build a high-quality, professional workforce [7][9] - A culture of efficiency and execution is promoted, with management actively involved in all aspects of operations, enhancing team cohesion and adaptability [9] Future Directions and Social Responsibility - Liaowang Lighting aims to continue exploring the integration of light and intelligence, collaborating with academic institutions to tackle key technological challenges [13] - The company is committed to environmental sustainability, promoting energy-efficient products and reducing carbon emissions in line with national energy-saving initiatives [13][14]

Group 1 - The core focus is on accelerating the construction of a modern industrial system and developing new quality productivity, emphasizing high-quality development as a primary task [2][4] - Companies like Hikvision and Huayu Vision Technology are encouraged to leverage technological innovation and market competitiveness in the smart IoT and automotive sectors, respectively [2][3] - Wuhan Chuangneng New Energy Co., a key player in the power and energy storage battery industry, is urged to enhance technological research and development to create high-quality products for various application scenarios [3][4] Group 2 - The need for a strong emphasis on technological innovation as a driving force for the modern industrial system is highlighted, with a call for better integration of innovation resources into enterprises [4][5] - Economic recovery efforts are focused on stabilizing industrial growth, expanding effective investment, and boosting consumer activity, particularly in the second quarter [5][6] - The importance of ensuring safety and improving people's livelihoods while addressing risks in key areas is stressed, alongside the need for a clean political environment to support economic initiatives [6]

Financing & Review - In April 2025, the Beijing Stock Exchange (BSE) issued 1 new stock, raising 236 million yuan; from January to April 2025, a total of 3 new stocks were issued, raising a total of 1.534 billion yuan[5] - As of the end of April, there were 10 companies that had passed the review but not yet registered, with a planned fundraising amount of 2.043 billion yuan[5] - The median price-to-earnings ratio (P/E) for new stock issuances in April was 15x, an increase of 113.99% month-on-month[5] Subscription & Issuance - The total number of new stock subscriptions in 2024 yielded a cumulative return of +3.99% from 23 new stocks; for January to April 2025, the cumulative return was +0.32%[3] - The average top subscription amount for new stocks was 1,005,000 yuan, with a median of 906,000 yuan[41] - The online subscription rate for new stocks was 0.04%[5] Market Trends & Predictions - The annual issuance forecast for 2025 has been adjusted to a neutral expectation of 30 new stocks, with a total fundraising amount of 7.5 billion yuan[5] - The new stock first-day price increase is expected to be 200%, with scenarios considering 100%/200%/300% increases[5] - The revised rules for strategic placement have increased the number of participants and the proportion allowed, potentially enhancing market interest in new stocks[40] Risk Factors - Risks include slower-than-expected issuance speed, lower-than-expected price increases for new stocks, and potential macroeconomic downturns[5]

Core Viewpoint - The company reported strong financial performance for Q1 2025, with significant year-on-year growth in revenue and net profit, driven by new model launches and increased sales in both domestic and overseas markets [1][2][4]. Revenue Performance - In Q1 2025, the company achieved revenue of 3.095 billion yuan, representing a year-on-year increase of 28.28% but a quarter-on-quarter decrease of 23.16% [2]. - The company launched 69 new model development projects in 2024, with 40 models entering mass production [2]. - The sales of the Wanjie M9 model increased by 117.43% year-on-year, significantly contributing to revenue growth [2]. Profitability Metrics - The net profit attributable to shareholders for Q1 2025 was 322 million yuan, up 32.68% year-on-year, but down 25.26% quarter-on-quarter [2]. - The non-recurring net profit was 313 million yuan, reflecting a year-on-year increase of 34.83% [2]. - The gross margin for Q1 2025 was 18.83%, showing a year-on-year increase of 0.27 percentage points and a quarter-on-quarter increase of 1.22 percentage points, primarily due to accounting standard adjustments [2]. Expense Management - The expense ratios for sales, management, R&D, and financial costs in Q1 2025 were 0.37%, 2.25%, 6.01%, and 0.11%, respectively, with year-on-year changes of -0.03, -0.39, +0.19, and -0.19 percentage points [2]. - The overall expense ratio remained stable, with a notable increase in the sales expense ratio attributed to accounting changes [2]. Product Development and Market Position - The Wanjie M9, positioned as a flagship SUV under the Hongmeng Zhixing brand, is exclusively supplied with front and rear lamp assemblies by the company, enhancing driver safety through advanced lighting technology [3]. - The Wanjie M9 has become the best-selling luxury car in China with over 40,000 units ordered within 27 days of its launch [3]. - The Wanjie M8 model was launched in April 2025, achieving 50,000 orders in just four days, setting a record for rapid sales in the 400,000 yuan segment [3]. International Expansion - The company generated 499 million yuan in revenue from overseas markets in 2024, marking a year-on-year increase of 49.09% [4]. - The Serbian factory, operational since 2022, contributed 316 million yuan in revenue in 2024, reflecting a year-on-year increase of 186.46% [4]. - The factory is expected to reach an annual production capacity of 6 million various types of lamps, with further expansion into North America through new subsidiaries in Mexico and the USA [4]. Investment Outlook - The company is positioned in a high-quality segment of the automotive lighting market, benefiting from trends in electrification and intelligent technology, with projected revenues of 16.423 billion, 19.906 billion, and 23.576 billion yuan for 2025-2027 [4]. - Expected net profits for the same period are 1.773 billion, 2.205 billion, and 2.788 billion yuan, with corresponding EPS of 6.21, 7.72, and 9.76 yuan [4].