Summary of Key Points Core Viewpoint - The company held a half-year performance briefing on September 5, 2025, to address investor concerns and provide insights into its financial performance and future outlook [1]. Group 1: Meeting Details - The performance briefing was announced on August 26, 2025, through various media outlets [1]. - Key executives, including the chairman and general manager, participated in the meeting to engage with investors [1]. Group 2: Investor Questions and Company Responses - The company explained that the high accounts receivable is due to the failure to meet financial asset transfer conditions, and it has made provisions for bad debts, indicating no hidden bad debts [1]. - The smart cockpit business has seen significant growth, with sales from new energy vehicles accounting for 51.15% of total sales in the first half of 2025, up from 32.50% in the same period of 2024 [1]. - The company plans to implement lean management to enhance operational efficiency and ensure steady improvement in business performance [1].

证券代码：603035 证券简称：常熟汽饰 公告编号:2025-039 二、投资者提出的主要问题及公司回复情况 本次业绩说明会中投资者提出的问题及回复如下： 问题 1、公司应收款为何这么大，隐形坏帐有多少？智能坐舱业务占比多 少？下半年业绩如何？ 答：尊敬的投资者，你好。公司应收账款占收入比重较高的原因系在收到票 据后，因不满足金融资产转移条件，背书、贴现均不终止确认；公司已按相关政 策要求计提了坏账准备，不存在隐性坏账；公司的模块化、智能化设计提升了智 能座舱业务的发展，促进了蔚来、零跑等新能源业务快速提升，2025 年 1-6 月 公司新能源销售占总销售比例达 51.15%，与 2024 年同期新能源销售占总销售比 例 32.50%相比有较大提升。公司将实施精益管理，促企业经营提质增效，以保 障公司经营效益的稳步提升。谢谢！ 江苏常熟汽饰集团股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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相关法律责任。 江苏常熟汽饰集团股份有限公司（以下简称"公司"）于 2025 年 9 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in Q2 2025 exceeded expectations, with revenue of 1.442 billion yuan, a year-on-year increase of 10% and a quarter-on-quarter increase of 8% [7] - The company is expected to enter a new phase of rapid growth starting in 2025 as new domestic bases begin to ramp up production and overseas bases are developed [7] - The company aims to enhance its core competitiveness in the smart cockpit sector, focusing on integrated smart interior solutions for automotive manufacturers [7] Financial Summary - Revenue projections for the company are as follows: - 2024: 5.667 billion yuan - 2025: 6.971 billion yuan - 2026: 8.492 billion yuan - 2027: 10.167 billion yuan - Year-on-year revenue growth rates are projected at 23.2% for 2024, 23.0% for 2025, 21.8% for 2026, and 19.7% for 2027 [6] - Net profit attributable to the parent company is projected to be: - 2024: 425 million yuan - 2025: 557 million yuan - 2026: 688 million yuan - 2027: 858 million yuan - The net profit growth rates are expected to be -22.1% for 2024, 30.9% for 2025, 23.5% for 2026, and 24.7% for 2027 [6] - The company's gross margin is projected to stabilize at 16.0% from 2025 onwards [6] Market and Operational Insights - The company is actively expanding its overseas market presence, particularly in Europe, following recognition for its smart cockpit design [7] - New production bases in Zhaoqing, Hefei, and Anqing are expected to gradually achieve profitability, contributing to overall capacity enhancement [7] - The company has reported strong revenue growth in specific segments, such as Tianjin Changchun, which saw a 111% year-on-year increase [7]

Group 1 - The company, Jiangsu Changshu Automotive Trim Group Co., Ltd., has announced the latest progress on its share repurchase plan [1] - The share repurchase plan was approved on November 1, 2024, and disclosed on November 2, 2024, with the implementation period set from November 18, 2024, to November 17, 2025 [2] - The planned repurchase amount is between 150 million yuan and 300 million yuan, with a maximum repurchase price initially set at 21.17 yuan per share, later adjusted to 20.83 yuan per share [2] Group 2 - As of August 31, 2025, the company has repurchased a total of 13.68 million shares, representing 3.6004% of the total share capital, with an actual repurchase price range of 12.91 yuan to 15.28 yuan per share [3] - The total amount paid for the repurchased shares is approximately 199.98 million yuan [3] - The company will continue to advance the share repurchase according to the established plan and fulfill its information disclosure obligations [3]

Group 1 - The company, Changshu Automotive Trim, announced that as of August 31, 2025, it has repurchased a total of 13,682,653 shares, which accounts for 3.6004% of the company's total share capital [2]

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]

Financial Performance - In the first half of 2025, the company achieved revenue of 2.78 billion, a year-on-year increase of 17.18% [1] - The net profit attributable to shareholders was 216 million, a year-on-year decrease of 15.63%, while the non-recurring net profit was 174 million, down 29.71% year-on-year [1] - In Q2 2025, the company reported revenue of 1.442 billion, with quarter-on-quarter and year-on-year increases of 9.83% and 7.84% respectively [1] Investment and Profitability - Investment income from joint ventures and associates decreased, contributing to profit pressure, with a total investment income of 105 million from joint ventures, down 20.9% year-on-year [1] - The company's gross margin for the first half of 2025 was 15.4%, a decline of 2.8 percentage points year-on-year [1] New Energy Business Growth - The sales proportion of the new energy business exceeded 51.15%, an increase of 18.65 percentage points year-on-year, becoming a core growth driver [2] - The increase in new energy orders was attributed to deepened collaborations with leading new energy vehicle manufacturers such as Li Auto and Xiaomi [2] R&D Investment and Innovation - R&D expenses reached 124 million in the first half of 2025, a year-on-year increase of 23.31%, indicating a continuous rise in R&D investment intensity [3] - The company holds a total of 46 invention patents, 473 utility model patents, and 12 design patents, showcasing its innovation capabilities [3] Future Outlook - The company forecasts EPS for 2025-2027 to be 1.23, 1.58, and 1.82 respectively, with a compound annual growth rate of 17.66% for net profit attributable to shareholders [3]

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].