北京市中伦律师事务所 关于四川海特高新技术股份有限公司 法律意见书 二〇二五年八月 法律意见书 目 录 北京市中伦律师事务所 关于四川海特高新技术股份有限公司 法律意见书 对本法律意见书，本所律师作出如下声明： 北京中伦律师事务所（以下简称"本所"）接受四川海特高新技术股份有限 公司（以下简称"海特高新"、"公司"）委托，担任公司 2025 年员工持股计 划（以下简称"本员工持股计划"）相关事宜的专项法律顾问，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》"）等有关法律、行政法规、中国证券监督管理委员会 （以下简称"中国证监会"） 《关于上市公司实施员工持股计划试点的指导意见》 （以下简称"《指导意见》"）《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》（以下简称"《规范运作指引》"）等有关规范性 文件的规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对海特 高新提供的有关文件进行了核查和验证，就本员工持股计划，现出具本法律意见 书。 为出具本法律意见书，本所律师根据有关法律、法规、规范性文件的规定和 法律 ...

Group 1: International Market Expansion - Fawer Automotive Parts Co., Ltd. is advancing its international development through multi-dimensional strategies, including establishing offices in Europe and acquiring a German fastener company to integrate into the local automotive supply chain [2][3] - In the U.S., the company has formed a local entity to enhance customer response efficiency and solidify its market share, while a factory in Mexico aims to reduce production costs and improve product competitiveness in North and Latin America [2][3] - The resource sharing, technical collaboration, and market synergy among overseas business units are gradually becoming evident, with plans to optimize operations and explore emerging market opportunities [3] Group 2: Subsidiary and R&D Focus - Fawer’s subsidiary, Fusay, is a core strategic resource in intelligent cockpits, autonomous driving, and connected technologies, focusing on R&D capability and market order expansion [3] - The company has established R&D teams in Changchun and Dalian, achieving stable R&D output and penetrating mainstream automotive supply chains with products like screens, instruments, and radar [3] Group 3: External Market Development - Since the beginning of the 14th Five-Year Plan, the company has significantly improved its external market revenue, with the external market revenue share increasing from 14% at the start of the 13th Five-Year Plan to 30% [3] - In 2024, the company secured 307 new orders, with 142 from external markets, leading to an external order revenue share of 48%, and over 80% of new energy orders covering various product series [3]

Investment Rating - The report assigns a "Buy" rating for the company [3][5]. Core Insights - The company is positioned to benefit from the new national subsidy policy for heavy trucks, which includes the replacement of old vehicles, potentially leading to significant sales growth [4][13]. - The company is expanding into the passenger vehicle market with its eCall system, which is expected to become a standard feature in new cars by 2027, creating a substantial market opportunity [4][44]. - The trend towards the smartification of two-wheeled vehicles presents a new growth avenue for the company, with significant revenue potential anticipated [4][56]. Summary by Sections Commercial Vehicle Market - The introduction of subsidies for the replacement of National IV heavy trucks is expected to stimulate demand, with potential sales increases of 114,000 to 266,000 vehicles based on different replacement ratios [4][31]. - The company has established strong partnerships with leading manufacturers in the commercial vehicle sector, enhancing its market position [4][38]. eCall and Domain Controller - The mandatory implementation of the eCall system in China is projected to create a market worth approximately 11.03 billion yuan by 2027, with the company already securing important contracts and certifications [4][48]. - The company has received EU certification for its eCall products, positioning it favorably for international market opportunities [4][52]. Two-Wheeled Vehicle Market - The smartification trend in two-wheeled vehicles is expected to drive demand for various smart components, with a projected market size of 5.153 billion yuan at a 30% penetration rate [4][56]. - The company is actively pursuing opportunities in this segment, anticipating significant revenue growth [4][56]. Financial Projections - Revenue forecasts for the company from 2025 to 2027 are estimated at 697 million, 935 million, and 1.255 billion yuan, respectively, reflecting growth rates of 33.2%, 34.1%, and 34.2% [6][5]. - The projected net profit for the same period is expected to be 60 million, 85 million, and 122 million yuan, indicating a strong recovery trajectory [6][5].

Core Insights - Hongquan Wulian reported a record high revenue of 523 million yuan for 2024, marking a year-on-year growth of 27.81%, and significantly reduced its net loss to 2.94 million yuan [1] - The company achieved a revenue of 159 million yuan and a net profit of 27.01 million yuan in Q4 2024, indicating a return to profitability [1] - In Q1 2025, Hongquan Wulian continued its positive trend with a revenue of 166 million yuan, a year-on-year increase of 29.60%, and a net profit of 20.20 million yuan, maintaining its profitable status [1] Business Segments - The smart networking segment remained crucial for Hongquan Wulian, with revenue stable compared to 2023 despite a decline in commercial vehicle sales, showcasing strong market competitiveness [2] - The smart cockpit and controller segments experienced rapid growth, indicating successful expansion into new products and markets, with expectations for continued high growth [2] - The software platform development business also showed steady growth, contributing to the overall performance [2] Market Position - Hongquan Wulian holds a leading position in the commercial vehicle smart networking sector, with strong ties to the top five heavy truck manufacturers in China, which account for over 85% of the market [2] - The company has successfully implemented advanced driver assistance systems in various cities, enhancing safety and reducing traffic accidents, thereby increasing its market share [2] Innovation and R&D - In 2024, Hongquan Wulian invested 128 million yuan in R&D, with a focus on new product development and innovation, resulting in a stable R&D investment phase [3] - The company completed several key R&D projects, including low-speed unmanned vehicle development and smart cloud solutions based on 5G-V2X technology [3] Recognition and Future Plans - Hongquan Wulian received multiple accolades, including recognition as a "Little Giant" by the Ministry of Industry and Information Technology and various awards from key clients [4] - The company aims to strengthen its leading position in the commercial vehicle market while expanding into passenger and two-wheeled vehicle markets, with a focus on innovation and exploring new market opportunities [4]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.7800 | 0.8000 | -2.5 | 0.9700 | | 每股净资产（元） | 7.97 | 10.55 | -24.45 | 4.44 | | 每股公积金(元) | 4.23 | 6.32 | -33.07 | 0.27 | | 每股未分配利润(元) | 2.45 | 2.96 | -17.23 | 2.85 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 15.01 | 13.45 | 11.6 | 11.91 | | 净利润(亿元) | 3.21 | 3.14 | 2.23 | 2.12 | | 净资产收益率(%) | 10.09 | 11.91 | -15.28 | 24.07 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 1563.09万股，累计占流通股比： 15. ...

安乃达驱动技术 投分有限公司 Ananda Drive Techn ues (Shanghai) Co., Ltd. (上海市闵行区光中路 133 弄 19号 A 座 1-2 层) 安乃达驱动技术（上海）股份有限公司 招股说明书（上会稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 首次公开发行股票并在主板上市 招股说明书 (上会稿) 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 声明:本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程序。 本招股说明书(上会稿)不具有据以发行股票的法律效力,仅供预先披露之用。投 资者应当以正式公告的招股说明书作为投资决定的依据。 保荐机构(主承销商) 中泰证券股份有限公司 ZHONGTA ...

安乃达驱动技术（上海）股份有限公司 Ananda Drive Techniques（Shanghai）Co., Ltd. （上海市闵行区光中路 133 弄 19 号 A 座 1-2 层） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 声明：本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程序。 本招股说明书（申报稿）不具有据以发行股票的法律效力，仅供预先披露之用。投 保荐机构（主承销商） 资者应当以正式公告的招股说明书作为投资决定的依据。 （济南市市中区经七路 86 号） 安乃达驱动技术（上海）股份有限公司 招股说明书（申报稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险 ...