Core Viewpoint - On September 15, 17 automotive companies, including BYD and Xiaomi Auto, publicly committed to a supplier payment term not exceeding 60 days, with detailed guidelines on the payment process, which has garnered significant attention [1][2]. Group 1: Payment Terms and Conditions - The new initiative specifies that suppliers should expect acceptance of goods to be completed within three working days after delivery [1]. - The 60-day payment term starts from the date the goods are delivered and accepted, with a maximum duration of 60 calendar days [1]. - For non-small and medium-sized enterprises with continuous supply (more than twice a month), a consolidated reconciliation method can be used, with the payment term starting from the reconciliation date [1]. Group 2: Payment Methods and Supplier Relationships - To avoid delays in payment due to price disagreements, the initiative suggests an initial payment based on the last supply contract price (at least 80%) or a predetermined development price (at least 50%) [2]. - The initiative encourages cash or bank acceptance bills as payment methods, particularly for small and medium-sized enterprises [2]. - The China Automotive Industry Association advocates for long-term stable relationships between manufacturers and suppliers, with contracts having a minimum validity of one year [2]. Group 3: Market Reaction - Following the announcement of the initiative, the automotive parts sector saw a positive market response, with several stocks, including Langbo Technology and Tianlong Shares, hitting the daily limit, while others like CATL and Meichen Technology rose nearly 10% [2].

Summary of Wuxi Zhenhua Conference Call Industry and Company Overview - **Company**: Wuxi Zhenhua - **Industry**: Automotive components, specifically focusing on high-pressure fuel injectors, power semiconductor liquid cooling components, and thermal substrates. Key Points and Arguments 1. **Strong Profitability in Chrome Plating Business**: Wuxi Zhenhua's chrome plating business for high-pressure fuel injectors is highly profitable, with projected revenue of 180 million yuan in 2024, a gross margin of 81%, and a net profit exceeding 60% [2][4]. 2. **Development of Power Semiconductor Liquid Cooling Components**: The company is advancing in the power semiconductor liquid cooling component sector, focusing on high voltage and high power applications. Direct liquid cooling technology is gaining attention due to its superior heat dissipation efficiency [2][6]. 3. **Market Demand for Thermal Substrates**: The global demand for automotive-grade thermal substrates is significant, with approximately 19 million units required in 2023, translating to a market size of several billion yuan. Wuxi Zhenhua's collaboration with SAIC and Infineon provides a competitive edge in copper substrate processing and plating [2][7]. 4. **Integrated Processing Capabilities**: Wuxi Zhenhua's ability to perform both substrate processing and plating enhances its comprehensive processing capabilities, allowing it to capture greater value and improve profitability compared to traditional manufacturers that only offer substrate processing [2][8]. 5. **Growth in Power Module Market**: The automotive-grade power module market is expected to grow from 6.6 billion yuan in 2024 to 30 billion yuan by 2031, indicating nearly a fivefold increase. The penetration of high-voltage architectures and the application of third-generation silicon carbide power semiconductors will drive this growth [5][12]. 6. **Strategic Partnership with Infineon**: Infineon's investment of 1.55 billion yuan to introduce third-generation power semiconductor production lines in Wuxi presents significant growth opportunities for Wuxi Zhenhua, which has already received certification and is gradually ramping up production [5][13]. 7. **Future Performance Expectations**: Wuxi Zhenhua anticipates achieving over 500 million yuan in revenue in 2025, a 35% year-on-year increase, and over 600 million yuan in 2026, a 25% increase. The company's valuation is projected to be around 13 times earnings in 2026, indicating a substantial safety margin given its growth rate [14]. Other Important Insights - **Role of Wuxi Kaixiang**: Wuxi Kaixiang plays a crucial role in the supply chain for global leading electronic fuel injection system supplier, providing copper substrate processing and plating services, with an expansion of 2 million component capacity planned for 2024 [9]. - **Market Trends in Cooling Technologies**: The transition from air cooling to direct liquid cooling technologies is expected to gain momentum, driven by increasing thermal management requirements in automotive applications [10][11]. - **Valuation Potential**: Currently valued at around 8 billion yuan, Wuxi Zhenhua has the potential to reach 12-13 billion yuan or higher, considering its future growth prospects and market positioning [14].

Core Viewpoint - On September 15, a total of 16 listed companies had their restricted shares unlocked, with a total market value of approximately 17.991 billion yuan [1] Group 1: Companies and Their Restricted Shares - Shaanxi Guo Power (陕鼓动力) unlocked 435,600 shares under equity incentive restrictions [1] - Chuangli Group (创力集团) unlocked 3.936 million shares under equity incentive restrictions [1] - Shengquan Group (圣泉集团) unlocked 478,500 shares under equity incentive restrictions [1] - Yingke Medical (英科医疗) unlocked 995,400 shares under equity incentive restrictions [1] - Ruixin Microelectronics (瑞芯微) unlocked 4,500 shares under equity incentive restrictions [1] - Tongcheng New Materials (彤程新材) unlocked 1.5893 million shares under equity incentive restrictions [1] - Softcom Power (软通动力) unlocked 27.3 million shares with an extended lock-up period [1] - Weiman Sealing (唯万密封) unlocked 66.672 million shares prior to issuance restrictions [1] - Wuxi Zhenhua (无锡振华) unlocked 1.005 million shares under equity incentive restrictions [1] - Hangyu Technology (航宇科技) unlocked 798,600 shares [1] - Gaoling Information (高凌信息) unlocked 40 million shares [1] - Weijie Chuangxin (唯捷创芯) unlocked 8.5394 million shares [1] - Silin Jie (思林杰) unlocked 24.5305 million shares [1] - Kejie Intelligent (科捷智能) unlocked 20 million shares [1] - Juquan Technology (钜泉科技) unlocked 39.8841 million shares [1] - Shengke Communication (盛科通信) unlocked 1.5 million shares [1]

证券日报网讯 9月12日晚间，无锡振华发布公告称，经公司2025年第一次职工代表大会民主选举，同意 选举王炜先生担任公司第三届董事会职工董事。 （文章来源：证券日报） ...

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。 根据中国证券监督管理委员会发布的《关于新<公司法>配套制度规则实施相 关过渡期安排》《上市公司章程指引》等相关法律法规的规定，结合公司实际情 况，无锡市振华汽车部件股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日经第三届董事会第十四次会议和第三届监事会第十二次会议审议通过了《关于 调整公司经营范围的议案》《关于取消监事会、变更注册资本并修订<公司章程> 的议案》，公司第三届董事会成员由八名董事组成，其中一名成员由公司职工代 表担任。职工董事由公司职工通过职工代表大会选举产生。 经公司 2025 年第一次职工代表大会民主选举，同意选举王炜先生担任公司 第三届董事会职工董事（简历后附），与公司 2023 年年度股东大会选举产生的第 三届董事会 7 名非职工董事共同组成第三届董事会，其任职期限自 2023 年年度 股东大会决议之日起三年，其任职及职责等事项遵照《中华人民共和国公司法》 等有关法律、法规及《公司章程》之规定执行。 | 证券代码：605319 | 证券简称 ...

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-054 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 关于召开 2025 年半年度业绩暨现金分红说明会的公告 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： 会议召开时间：2025 年 9 月 23 日（星期二）上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 16 日（星期二）至 9 月 22 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqfwb@wxzhenhua.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 无锡市振华汽车部件股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日发布公司 2025 ...

国浩律师（上海）事务所 股东会法律意见书 国浩律师（上海）事务所 关于 无锡市振华汽车部件股份有限公司 2025 年第一次临时股东会的 法律意见书 中国 上海 山西北路 99 号苏河湾中心 MT 28 层 邮编：200085 电话: (8621) 5234-1668 传真: (8621) 5243-1670 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 股东会法律意见书 国浩律师（上海）事务所 关于无锡市振华汽车部件股份有限公司 2025 年第一次临时股东会的法律意见书 本所律师按照有关法律、法规的规定对本次股东会的召集、召开程序是否合 法及是否符合《公司章程》的规定、出席会议人员资格的合法有效性和表决程序 的合法有效性发表法律意见。 致：无锡市振华汽车部件股份有限公司 无锡市振华汽车部件股份有限公司（以下简称"公司"）2025 年第一次临 时股东会现场会议于 2025 年 9 月 12 日（星期五）15 点 30 分在江苏省无锡市滨 湖区胡埭镇陆藕东路 188 号公司会议室召开。国浩律师（上海）事务所（以下简 称"本所"）接受公司的委托，指派陈杰律师、王浚曦律师（以下简 ...

2025年第一次临时股东大会决议公告 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： | 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-053 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 225 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 170,617,021 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 68.2300 | (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。 本次股东会由无锡市振华汽车部件股份有限公司（以下简称"公司"）董事会 召集，会议由公司董事长钱金祥主持，会议采用现场投票和网络投票相结合的表 决方式，本次会议的召集、召开、决策程序符合《公司法》及《公司章程》的规 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 1.287 billion yuan for the first half of 2025, representing a year-on-year growth of 15.19%. The net profit attributable to shareholders reached 201 million yuan, up 27.17% year-on-year [6] - The company employs a dual-driven model of "intelligent traditional business + large-scale new energy business," with significant contributions from core customers driving revenue growth [8] - The company expects further revenue growth in the second half of 2025 due to the launch of new models by key clients such as Tesla and Li Auto [8] Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 687 million yuan, a year-on-year increase of 9.49%, and a net profit of 107 million yuan, up 31.93% year-on-year [8] - The gross margin for Q2 2025 was 29.86%, an increase of 6.16 percentage points year-on-year, attributed to improved capacity utilization and a higher proportion of new energy vehicle components [8] Business Segment Performance - The company’s stamping parts business, assembly processing business, selective precision plating business, and mold business generated revenues of 854 million, 237 million, 89 million, and 39 million yuan respectively in the first half of 2025, with year-on-year growth rates of 41.08%, 16.65%, 0.12%, and a decline of 75.33% [8] - The growth in the stamping parts business was primarily driven by increased sales from key clients including SAIC Motor, Tesla, Li Auto, and Xiaomi Auto [8] Future Projections - The company is projected to achieve revenues of 3.571 billion, 4.554 billion, and 5.477 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 41%, 28%, and 20% [10] - The net profit attributable to shareholders is expected to reach 512 million, 639 million, and 777 million yuan for the same years, with growth rates of 36%, 25%, and 22% respectively [10]

无锡市振华汽车部件股份有限公司 2025 年第一次临时股东会会议资料 无锡市振华汽车部件股份有限公司 2025 年第一次临时股东会会议资料 (605319) 二零二五年九月 目 录 | 2025 | 年第一次临时股东会须知 | 1 | | --- | --- | --- | | 2025 | 年第一次临时股东会会议议程 | 3 | | 议案一 | 关于公司 2025 年半年度利润分配预案的议案 | 5 | | 议案二 | 关于调整公司经营范围的议案 | 7 | | 议案三 | 关于取消监事会、变更注册资本并修订《公司章程》的议案 | 8 | | 议案四 | 关于修订《股东会议事规则》的议案 | 9 | | 议案五 | 关于修订《董事会议事规则》的议案 | 10 | | 议案六 | 关于修订《对外担保管理制度》的议案 | 11 | | 议案七 | 关于修订《对外投资管理制度》的议案 | 12 | | 议案八 | 关于修订《关联交易决策制度》的议案 | 13 | | 议案九 | 关于修订《募集资金管理制度》的议案 | 14 | | 议案十 | 关于修订《控股股东和实际控制人行为规范》的议案 | 15 | | 议案 ...