Core Points - The company Xinquan Co., Ltd. announced that from September 8, 2025, to September 22, 2025, its stock price has closed at or above 130% of the current conversion price of the "New 23 Convertible Bonds," which is 65.98 CNY per share [2] - If the stock price remains above 65.98 CNY per share for five out of the next nineteen trading days, it will trigger the conditional redemption clause of the "New 23 Convertible Bonds" [2] - The company has the right to decide whether to redeem all or part of the unconverted "New 23 Convertible Bonds" at face value plus accrued interest upon triggering the redemption clause [2] Company Actions - The company will convene a board meeting to review the decision on whether to redeem the "New 23 Convertible Bonds" after the redemption clause is triggered [2] - The company is committed to fulfilling its information disclosure obligations in accordance with the provisions of its prospectus and relevant laws and regulations [2]

| 证券代码：603179 | 证券简称：新泉股份 | | 公告编号：2025-045 | | --- | --- | --- | --- | | 债券代码：113675 | 债券简称：新 转债 | 23 | | 江苏新泉汽车饰件股份有限公司 （三）根据有关规定和公司《向不特定对象发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"）的约定，公司本次发行的"新 23 转债"自 2024 年 2 月 19 日起可转换为本公司股份，初始转股价格为 51.35 元/股，最新转股价 格为 50.75 元/股。 1、公司于 2024 年 6 月 27 日实施 2023 年年度利润分配方案，"新 23 转债" 转股价格由 51.35 元/股调整为 51.05 元/股。 2、公司于 2025 年 6 月 19 日实施 2024 年年度利润分配方案，"新 23 转债" 转股价格由 51.05 元/股调整为 50.75 元/股。 二、"新 23 转债"赎回条款与预计触发情况 关于"新 23 转债"预计满足赎回条件的提示性公告 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 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, highlighting key investment opportunities in domestic leading manufacturers and component suppliers [3][5]. Core Insights - The automotive industry experienced a significant sales increase in Q2 2025, with total sales reaching 8.18 million units, a year-on-year growth of 11.6%. Passenger vehicle sales were 7.11 million units, up 13.0% year-on-year, while commercial vehicle sales were 1.07 million units, up 3.4% year-on-year [4][21]. - The report emphasizes the performance divergence among companies, particularly in the passenger vehicle sector, where companies like BYD faced margin pressures, while others like Great Wall and Seres showed strong performance [4][28]. - The report identifies key investment themes, including technology, mid-to-high-end market focus, and state-owned enterprise reforms, recommending companies such as NIO, Xiaomi, and Xpeng for investment [5][6]. Summary by Sections 1. Industry Overview - The automotive industry showed resilience with a total sales increase, driven by government policies and export growth, alleviating previous concerns about demand [21][4]. 2. Passenger Vehicles - Passenger vehicle sales reached 7.11 million units in Q2 2025, with exports contributing significantly to growth. The sector's revenue was 724.4 billion yuan, up 13.3% year-on-year, but net profit fell by 36.0% [26][28]. - The report notes that the performance of individual companies varied, with BYD experiencing profit pressure while others like Seres and Great Wall performed well [28][32]. 3. Components Sector - The components sector reported revenue of 374.4 billion yuan, a year-on-year increase of 6.8%, with net profit rising by 5.9%. The sector's resilience is attributed to global market expansion and increased efficiency [46][47]. - The report highlights the "Matthew Effect" in the components sector, where leading companies are better positioned to withstand market pressures due to diversified customer bases and global operations [47][46]. 4. New Energy Vehicles - New energy vehicle sales reached 3.86 million units in Q2 2025, marking a 37.0% year-on-year increase, with a penetration rate of 47.2%. The sector's revenue was 331.7 billion yuan, up 18.7% year-on-year [4][25]. 5. Commercial Vehicles - The commercial vehicle sector showed signs of recovery, with bus sales increasing by 5.3% year-on-year and truck sales slightly rebounding, although profitability remains under pressure [4][25].

| 证券代码：603179 | 证券简称：新泉股份 | | 公告编号：2025-044 | | --- | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 | 转债 | | 江苏新泉汽车饰件股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 答：您好，公司下一季度的具体业绩表现将依据市场环境与经营状况而定。 目前公司运营一切正常，详细财务数据敬请关注后续发布的定期报告。谢谢。 2、公司股价最近涨的不错，可转债要赎回吗？ 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。 江苏新泉汽车饰件股份有限公司（以下简称"公司"）于 2025 年 9 月 18 日 下 午 15:00-16:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （https://roadshow.sseinfo.com/）通过网络文字互动方式召开 2025 年半年度 业绩说明会，现将有关事项公告如下： 一、业绩说明会召开情况 2025 年 8 月 30 日，公司于上海证券交易所网站（www.sse.c ...

Group 1 - The stock of Jiangsu Xinquan Automotive Trim Co., Ltd. fell by 5.12% on September 19, trading at 74.00 CNY per share, with a transaction volume of 409 million CNY and a turnover rate of 1.15%, resulting in a total market capitalization of 36.06 billion CNY [1] - Jiangsu Xinquan was established on April 28, 2001, and went public on March 17, 2017, focusing on providing comprehensive solutions for automotive trim [1] Group 2 - Bohai Huijin Asset Management holds a significant position in Xinquan shares through its fund, with 13,000 shares representing 4.67% of the fund's net value, making it the third-largest holding [2] - The fund, named Bohai Huijin Low Carbon Economy One-Year Holding Mixed Initiation (016700), was established on November 29, 2022, and has a current scale of 13.0734 million CNY, achieving a year-to-date return of 46.2% and a one-year return of 76.71% [2] Group 3 - The fund manager, Teng Zuguang, has been in the position for 11 years and 165 days, with the fund's total asset size at 26.2828 million CNY, achieving a best return of 229.29% and a worst return of -52.75% during his tenure [3]

Group 1 - The stock of Xinquan Co., Ltd. (603179) experienced a decline of 2.02% with a turnover rate of 7.02% and a trading volume of 2.752 billion yuan, showing a fluctuation of 15.83% throughout the day [2] - Institutional investors net sold 125 million yuan, while the Shanghai-Hong Kong Stock Connect recorded a net purchase of approximately 5.5 million yuan [2] - The top five trading departments accounted for a total transaction volume of 1.062 billion yuan, with a net sell of 241 million yuan [2] Group 2 - As of September 17, the margin trading balance for the stock was 1.353 billion yuan, with a financing balance of 1.337 billion yuan and a securities lending balance of 15.8245 million yuan [3] - Over the past five days, the financing balance increased by 91.4231 million yuan, representing a growth of 7.34% [3] - The company reported a revenue of 7.459 billion yuan for the first half of the year, reflecting a year-on-year growth of 21.01%, and a net profit of 422 million yuan, which is a 2.80% increase year-on-year [3]

Group 1 - The stock of Xinquan Co., Ltd. decreased by 2.02% today, with a trading volume of 2.752 billion yuan and a turnover rate of 7.02% [1] - The post-market data shows that the Shanghai Stock Connect special seat bought 125 million yuan and sold 69.7326 million yuan [1] - Two institutional special seats had a net purchase of 187 million yuan, while two other institutional special seats had a net sale of 312 million yuan [1]

Group 1 - The core viewpoint of the news is that Jiangsu Xinquan Automotive Trim Co., Ltd. has seen a significant stock price increase of 6.38%, reaching 84.68 CNY per share, with a total market capitalization of 41.265 billion CNY [1] - The company specializes in providing comprehensive solutions for automotive trim components and was established on April 28, 2001, and listed on March 17, 2017 [1] - The trading volume for the stock was 320 million CNY, with a turnover rate of 0.78% [1] Group 2 - Bohai Huijin Asset Management has a fund that heavily invests in Xinquan shares, with 13,000 shares held, accounting for 4.67% of the fund's net value, making it the third-largest holding [2] - The fund, named Bohai Huijin Low Carbon Economy One-Year Holding Mixed Fund, has achieved a year-to-date return of 44.07% and a one-year return of 74.46% [2] - The fund was established on November 29, 2022, and currently has a total scale of 13.0734 million CNY [2] Group 3 - The fund manager, Teng Zuguang, has over 11 years of experience, with the fund's total asset size at 26.2828 million CNY [3] - During Teng's tenure, the best fund return was 229.29%, while the worst was -52.75% [3]

Core Insights - In August 2025, the automotive production and sales reached 2.815 million and 2.857 million units respectively, with month-on-month growth of 8.7% and 10.1%, and year-on-year growth of 13% and 16.4% [2][3] - For the week of September 1-7, 2025, retail sales of passenger cars were 304,000 units, a year-on-year decrease of 10% and a month-on-month decrease of 4%, while wholesale sales were 307,000 units, a year-on-year decrease of 5% but a month-on-month increase of 9% [2][3] Weekly Market Performance - During the week of September 8-12, 2025, the CS automotive index rose by 0.21%, while the CS passenger vehicle index fell by 0.37%, and the CS commercial vehicle index decreased by 1.06% [2] - The CS automotive parts index increased by 0.72%, and the CS automotive sales and service index rose by 4.23%, while the electric vehicle index fell by 0.08% and the smart vehicle index increased by 1.36% [2] - The Shanghai Composite Index rose by 1.66% and the CSI 300 Index increased by 1.93%, indicating that the CS automotive index underperformed these indices by 1.72 percentage points and 1.45 percentage points respectively, with a year-to-date increase of 23.76% [2] Cost Tracking and Inventory - As of September 10, 2025, the prices of float glass, aluminum ingots, and zinc ingots changed year-on-year by -9.4%, +7.1%, and -5.2% respectively, and month-on-month by -6%, +0.5%, and -1.1% [3] - The inventory warning index for automotive dealers in August was 57.0%, showing a year-on-year increase of 0.8 percentage points and a month-on-month decrease of 0.2 percentage points [3] Market Focus - Key developments include partnerships in autonomous driving, such as Horizon Robotics collaborating with Hello to accelerate Robotaxi deployment, and the launch of new models like the all-new Wanjie M7, which saw over 100,000 pre-orders within an hour [3] - The Ministry of Industry and Information Technology and other departments issued a joint plan for stabilizing growth in the automotive industry for 2025-2026 [3] Investment Recommendations - In the medium to long term, the focus is on opportunities in incremental components driven by the rise of domestic brands and electric intelligence [4] - Recommended companies include Leap Motor, JAC Motors, and Geely for strong new product cycles, and companies like Kobot, Huayang Group, and Junsheng Electronics for smart technology [4]

Industry Overview - The "old-for-new" policy has shown further effects in Q2 2025, with both passenger and commercial vehicle sales increasing quarter-on-quarter [1] - The total wholesale sales of passenger vehicles in Q2 2025 reached 7.11 million units, a year-on-year increase of 13.0% and a quarter-on-quarter increase of 10.8% [2] - The total industry revenue for Q2 2025 was 921.1 billion yuan, a year-on-year increase of 9.1% and a quarter-on-quarter increase of 15.4% [1] - The overall net profit attributable to the parent company was 33.9 billion yuan, a year-on-year decrease of 8.9% but a quarter-on-quarter increase of 2.0% [1] Passenger Vehicles - The wholesale sales of new energy passenger vehicles in Q2 2025 reached 3.63 million units, a year-on-year increase of 33.6% and a quarter-on-quarter increase of 25.2%, with a penetration rate of 51.1% [2] - The passenger vehicle segment achieved total revenue of 532.2 billion yuan in Q2 2025, a year-on-year increase of 10.5% and a quarter-on-quarter increase of 21.4% [2] - The net profit attributable to the parent company for the passenger vehicle segment was 13.31 billion yuan, a year-on-year decrease of 29.1% and a quarter-on-quarter decrease of 5.5% [2] Components - The components sector achieved total revenue of 251.64 billion yuan in Q2 2025, a year-on-year increase of 10.5% and a quarter-on-quarter increase of 9.9% [3] - The net profit attributable to the parent company in the components sector was 14.97 billion yuan, a year-on-year increase of 19.4% and a quarter-on-quarter increase of 6.5% [3] - The accounts receivable turnover days improved to 88.3 days, a decrease of 8.0 days quarter-on-quarter [3] Trucks and Buses - Heavy truck sales increased quarter-on-quarter in Q2 2025, with leading companies performing better than expected due to strong product capabilities and cost control [4] - The net profit attributable to the parent company for Weichai Power and China National Heavy Duty Truck was 2.93 billion yuan and 360 million yuan, respectively, with China National Heavy Duty Truck showing a year-on-year increase of 4.0% [4] - The bus sector saw a net profit of 1.33 billion yuan in Q2 2025, a year-on-year increase of 12.1% and a quarter-on-quarter increase of 50.2% [4] Investment Recommendations - The "old-for-new" policy is expected to boost downstream consumer demand, with recommendations for companies such as Geely Automobile, BYD, and Xpeng Motors [5] - In the components sector, recommended companies include Xinquan Co., Top Group, and BYD Electronics [5] - For heavy trucks, recommendations include China National Heavy Duty Truck, Weichai Power, and Yutong Bus [6]