Summary of Key Points Core Viewpoint - Changshu Automotive Trim (603035.SH) announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future performance [1] Group 1: Share Buyback Details - In August 2025, the company repurchased 2,596,600 shares [1] - As of August 31, 2025, the total number of shares repurchased reached 13,682,653, representing 3.6004% of the company's total share capital [1] - The highest purchase price was 15.28 yuan per share, while the lowest was 12.91 yuan per share, with a total expenditure of approximately 199.98 million yuan [1]

证券代码：603035 证券简称：常熟汽饰 公告编号：2025-038 江苏常熟汽饰集团股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2024/11/2，由董事会提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 18 11 月 17 | 11 | 月 | 日~2025 | 年 | 日 | | 预计回购金额 | 15,000万元~30,000万元 | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 13,682,653股 | | | | | | | 累计已回购股数占总股本比例 | 3.6004% | | | | | | | 累计已回购金额 | 19,998.4997万元 | | ...

Group 1 - The company, Changshu Automotive Trim (603035.SH), announced the repurchase of 2,596,600 shares in August 2025 [1] - As of August 31, 2025, the total number of shares repurchased by the company reached 13,682,653, which accounts for 3.6004% of the company's total share capital [1]

新能源销售比例持续提升，新基地、新产能贡献增量。2025 年上半年，公司新能源业务销售占比突破 51.15%，同比提升18.65pp，成为核心增长引擎。新能源订单放量主要受益于公司与零跑、小米等头部 新势力车企合作的深化，为零跑C10/B10 等爆款车型配套高端内饰件，带动单车价值量持续提升。产能 布局方面，国内金华、芜湖江北新基地于上半年正式投产，区域配套效率显著提升，叠加2024 年完工 的肇庆、合肥、安庆工厂产能释放，支撑公司订单交付规模持续扩张。 持续加大研发投入，核心竞争力继续提升。2025 年上半年，公司研发费用达1.24亿元，同比增长 23.31%，研发投入强度持续提升。研发费用增长主要源于新能源智能座舱开发、轻量化复合材料应用 及模块化集成方案的深度攻关，新增研发人员薪酬及试制试验成本占比显著提高。技术成果方面，公司 及控股子公司共拥有46 项发明专利、473 项实用新型专利、12 项外观设计专利以及28 项软件著作权， 并推动智能座舱产品"ix-2024"完成功能迭代，集成环保材料与多模态交互系统。该产品凭借创新设计荣 获红点奖，在欧洲技术交流中获宝马、大众等客户认可，为西班牙子公司的本地化 ...

Core Viewpoint - The report highlights that Changshu Automotive Trim's (常熟汽饰) revenue growth is driven by its expanding new energy vehicle (NEV) business, despite facing profit pressure due to declining investment income and gross margin [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.78 billion yuan, a year-on-year increase of 17.18%. However, the net profit attributable to shareholders was 216 million yuan, down 15.63% year-on-year, with a non-recurring net profit of 174 million yuan, down 29.71% year-on-year [1]. - For Q2 2025, the company reported revenue of 1.442 billion yuan, with quarter-on-quarter growth of 9.83% and year-on-year growth of 7.84%. The net profit for the same period was 129 million yuan, showing a quarter-on-quarter decline of 15.36% but a year-on-year increase of 46.69% [1]. Business Growth - The NEV sales ratio exceeded 51.15% in the first half of 2025, an increase of 18.65 percentage points year-on-year, making it a core growth driver. This growth is attributed to deepening collaborations with leading new energy vehicle manufacturers like Leap Motor and Xiaomi [2]. - New production bases in Jinhua and Wuhu Jiangbei commenced operations in the first half of 2025, enhancing regional supply chain efficiency. The upcoming completion of factories in Zhaoqing, Hefei, and Anqing in 2024 will further support the expansion of order delivery capacity [2]. Research and Development - The company increased its R&D expenditure to 124 million yuan in the first half of 2025, a year-on-year growth of 23.31%. This increase is primarily due to advancements in NEV smart cockpit development and lightweight composite materials [3]. - The company holds a total of 46 invention patents, 473 utility model patents, 12 design patents, and 28 software copyrights, showcasing its commitment to innovation and technology development [3]. Profit Forecast and Investment Recommendation - The company is projected to have an EPS of 1.23 yuan, 1.58 yuan, and 1.82 yuan for 2025, 2026, and 2027 respectively, with a compound annual growth rate of 17.66% for net profit over the three years. The recommendation remains a "buy" [3].

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 18.07 CNY per share, compared to the current share price of 14.85 CNY [5][7]. Core Insights - The company achieved a revenue of 2.78 billion CNY in H1 2025, representing a year-on-year growth of 17.18%, while the net profit attributable to shareholders was 216 million CNY, a decrease of 15.63% year-on-year [1]. - In Q2 2025, the company reported a revenue of 1.44 billion CNY, which is a 9.83% increase year-on-year and a 7.84% increase quarter-on-quarter, driven by strong sales from core customer Chery and the continued growth of new energy vehicle clients [2]. - The company’s gross margin in Q2 2025 was 15.81%, down 3.31 percentage points year-on-year but up 0.84 percentage points quarter-on-quarter, with improvements attributed to economies of scale [2]. - Investment income from joint ventures and associates was 70 million CNY in Q2 2025, down 8.65% year-on-year but up 98.18% quarter-on-quarter, indicating a significant recovery [3]. - The report highlights multiple factors driving future growth, including the expansion of new energy vehicle clients, international market development, and breakthroughs in exterior parts business [4]. Financial Summary - The company is projected to achieve net profits of 530 million CNY, 640 million CNY, and 770 million CNY for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 10.7, 8.8, and 7.3 [5][12]. - The company’s revenue is expected to grow from 46.0 billion CNY in 2023 to 100.4 billion CNY by 2027, reflecting a compound annual growth rate of approximately 20% [12].

据证券之星公开数据整理，近期常熟汽饰（603035）发布2025年中报。截至本报告期末，公司营业总收 入27.8亿元，同比上升17.18%，归母净利润2.16亿元，同比下降15.63%。按单季度数据看，第二季度营 业总收入14.42亿元，同比上升9.83%，第二季度归母净利润1.29亿元，同比下降15.36%。本报告期常熟 汽饰短期债务压力上升，流动比率达0.93。 本次财报公布的各项数据指标表现一般。其中，毛利率15.4%，同比减15.2%，净利率7.63%，同比减 28.92%，销售费用、管理费用、财务费用总计1.9亿元，三费占营收比6.85%，同比减16.07%，每股净资 产13.72元，同比增2.05%，每股经营性现金流0.23元，同比减43.23%，每股收益0.57元，同比减14.93% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 23.72亿 | 27.8亿 | 17.18% | | 归母净利润(元) | 2.56亿 | 2.16亿 | -15.63% | | 扣非净利润(元) | 2.47亿 | ...

Summary of Changshu Automotive Interior's Conference Call Company Overview - **Company**: Changshu Automotive Interior - **Industry**: Automotive parts manufacturing Key Financial Performance - **Net Profit**: Decreased by 29.71% to 174 million yuan in H1 2025, impacted by increased R&D expenses, reduced investment income from joint ventures, and unprofitable new factories [2][4] - **Operating Cash Flow**: Decreased by 43% to 87.92 million yuan [2][4] - **Revenue**: Increased by 17.18% to 2.78 billion yuan [4] - **Earnings Per Share**: Decreased by 14.93% to 0.57 yuan [4] - **Return on Equity**: Decreased by 0.82 percentage points to 4.15% [4] New Energy Business - **Proportion of Revenue**: New energy business exceeded 50% for the first time, reaching 51.15%, up from 32.50% in 2024 [2][5] - **Major Clients**: Include Chery (approximately 35% of revenue), Leap Motor, Tesla, NIO, BYD, BAIC Blue Valley, and Xiaomi [2][5][6] Overseas Market Expansion - **Hungary Base**: Construction expected to complete by June 2026 [2][7] - **Spain Factory**: Received new orders and actively pursuing other overseas project quotes [2][7] New Factory Developments - **New Bases**: Established in Zhaoqing, Dalian, Hefei, Anqing, and Jinhua, with Dalian and Anqing already profitable [2][8] - **Future Plans**: Construction of Jiangbei factory planned [2][8] Digital Technology Advancements - **Technological Improvements**: Implementation of SAP MES system to enhance modular design, integrated engineering design, and mold automation, improving project development efficiency and reducing costs [2][9] Collaboration with Leap Motor - **Revenue from Cooperation**: Yuyuan base generated 300 million yuan; Jinhua base expected to start production by year-end with projected sales of 800-1,000 million yuan [2][10] - **Modular Supply Model**: Enhancing vehicle value through exclusive supply of modular products [2][10][13] Factory Operations - **Profitability Status**: Dalian and Anqing bases profitable; Zhaoqing and Hefei facing losses but expected to improve with new projects [2][11][12] - **Sales Performance**: Yuyuan, Dalian, and Anqing bases achieved breakeven and profitability, with significant sales figures [2][11] Future Profitability Expectations - **Focus on New Factories**: Zhaoqing, Hefei, and Jinhua are key targets for profitability in H2 2025 [2][12] Joint Venture Performance - **Joint Venture Earnings**: Weak performance in Q1 2025 but recovery in Q2; new clients like Xiaopeng and GAC contributing to improved operational capacity [2][18] New Business Directions - **Exploration of New Materials**: Focus on smart cockpit modules and industrial automation, with plans to develop new materials and technologies [2][23][24] Industry Outlook - **Impact of New Energy Vehicles**: Positive outlook on the integration of new energy and automotive innovations, with a commitment to developing new products to meet evolving customer demands [2][28]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has a significant advantage in customer resources and strategically locates its production capacity close to downstream customers [7] - The company has established joint ventures with international partners, enhancing its market presence and technological capabilities [7] - The company has a well-structured layout with 16 production bases across various regions, ensuring timely response and supply to major manufacturers [7] - The forecasted net profit for 2025-2027 is expected to be 5.31 billion, 6.37 billion, and 7.71 billion respectively, with corresponding PE ratios of 10.8, 9.0, and 7.4 [7] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 2.78 billion, a year-on-year increase of 17.18%, while the net profit attributable to shareholders was 216 million, a year-on-year decline of 15.63% [7] - The gross margin for the first half of 2025 was 15.40%, down by 2.76 percentage points year-on-year [7] - The company’s revenue projections for the next few years are as follows: 2023A at 4,599 million, 2024A at 5,667 million, 2025E at 6,526 million, 2026E at 7,663 million, and 2027E at 9,036 million [6][8] - The net profit projections are: 2023A at 546 million, 2024A at 425 million, 2025E at 531 million, 2026E at 637 million, and 2027E at 771 million [6][8] - The company’s EPS is projected to be 1.44 in 2023, 1.12 in 2024, 1.40 in 2025, 1.67 in 2026, and 2.03 in 2027 [6][8]

江苏常熟汽饰集团股份有限公司2025 年半年度报告 公司代码：603035 公司简称：常熟汽饰 江苏常熟汽饰集团股份有限公司 2025 年半年度报告 1 / 159 江苏常熟汽饰集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人罗小春、主管会计工作负责人罗正芳及会计机构负责人（会计主管人员）陈大 鹏声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 ...