Core Viewpoint - New Spring Co., Ltd. (603179) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit, although some profitability metrics showed declines [1]. Financial Performance - The total revenue for the first half of 2025 reached 7.459 billion yuan, a year-on-year increase of 21.01% compared to 6.164 billion yuan in 2024 [1]. - The net profit attributable to shareholders was 422 million yuan, up 2.8% from 411 million yuan in the previous year [1]. - In Q2 2025, total revenue was 3.94 billion yuan, reflecting a 26.41% year-on-year growth, while net profit for the quarter was 209 million yuan, an increase of 1.19% [1]. - The gross margin was 18.09%, down 4.76% year-on-year, and the net margin was 5.6%, down 15.46% [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 501 million yuan, accounting for 6.72% of revenue, a slight decrease of 0.1% year-on-year [1]. Balance Sheet and Cash Flow - Accounts receivable increased significantly, with a year-on-year growth of 35.34%, reaching 4.113 billion yuan [1]. - Cash and cash equivalents decreased by 34.22%, totaling 2.6698 billion yuan [1]. - The company reported a significant decline in operating cash flow per share, which fell by 73.91% to 0.36 yuan [1]. - The company’s total interest-bearing debt rose by 24.4% to 3.135 billion yuan [1]. Investment Insights - The company's return on invested capital (ROIC) was 13.47%, indicating strong capital returns, while the historical median ROIC since its listing was 10.18% [3]. - Analysts expect the company's performance in 2025 to reach 1.206 billion yuan, with an average earnings per share forecast of 2.47 yuan [3]. - Notably, the company is held by two prominent fund managers, with increased positions in their portfolios [3][5]. Fund Management - The largest fund holding New Spring Co., Ltd. is the Quan Guo Xu Yuan Three-Year Holding Period Mixed A Fund, managed by Zhao Yi, which has a total scale of 11.201 billion yuan [5]. - The fund has shown a significant increase in value, with a 47.73% rise over the past year [5].

01 事件概述 公司披露2025半年报：2025H1实现营收74.6亿元，同比+21.0%；归母净利4.7亿元，同比+0.3%；扣非归母净利4.2亿元，同比+2.8%。 02 分析判断 ► 2025Q2业绩短期承压 海外业务进展顺利 公司2025Q2实现营收39.4亿元，同比+26.4%/环比+12.0%；归母净利2.1亿元，同比+1.2%/环比-2.0%；扣非归母净利2.1亿元，同比+2.0%/环比+1.5%。分析原因主要 系： 1）客户销量增长： 国内重点客户奇瑞、吉利、上汽、国际知名品牌电动车企业销量持续提升，带动公司收入向上； 2）海外量产顺利： 2025H1墨西哥及美国子 公司分别实现营收9.6亿元/0.1亿元，同比增长196.0%/21.3%，新增斯洛伐克子公司收入3.2亿元，未来展望海外产能持续爬坡上量； 3）外延扩张： 2025H公司收购安 徽瑞琪70%股权，进入汽车座椅领域，积极外延扩张。 公司2025Q2毛利率达16.8%，同比-3.0pct/环比-2.7pct，毛利率短期承压。费用方面，2025Q2公司销售费用率、管理费用率、研发费用率、财务费用率分别同 比-1.0pct/+0.7pct ...

Group 1 - The company reported a revenue of 7.459 billion yuan for the first half of 2025, representing a year-on-year growth of 21.01% [1] - The net profit attributable to shareholders reached 422 million yuan, showing a year-on-year increase of 2.8% [1] - The net profit after deducting non-recurring gains and losses was 415 million yuan, reflecting a year-on-year growth of 1.20% [1] - The basic earnings per share stood at 0.87 yuan [1]

智通财经APP讯，新泉股份(603179.SH)披露2025年半年度报告，报告期公司实现营收74.59亿元，同比 增长21.01%;归母净利润4.22亿元，同比增长2.8%;扣非净利润4.15亿元，同比增长1.20%;基本每股收益 0.87元。 ...

（编辑 李家琪） 证券日报网讯 8月29日晚间，新泉股份发布公告称，立信会计师事务所（特殊普通合伙）作为公司2025 年度财务和内部控制审计机构，原委派张朱华先生、李卓儒先生作为签字注册会计师。由于工作安排变 动，立信会计师事务所（特殊普通合伙）委派唐胤先生接替李卓儒先生作为签字注册会计师。变更后， 公司2025年度审计项目的签字注册会计师为张朱华先生和唐胤先生。 ...

（文章来源：证券日报） 证券日报网讯 8月29日晚间，新泉股份发布公告称，公司第五届监事会第五次会议审议通过了《2025年 半年度报告》及其摘要等多项议案。 ...

证券日报网讯 8月29日晚间，新泉股份发布公告称，公司第五届董事会第十次会议审议通过了《2025年 半年度报告》及其摘要等多项议案。 （文章来源：证券日报） ...

格隆汇8月29日丨新泉股份(603179.SH)公布半年度报告，报告期内，公司实现营业收入745,917.79万 元，比上年同期上升21.01%；归属于母公司的净利润42,217.56万元，同比上升2.80%；扣除非经常性损 益后归属于母公司净利润41,547.52万元，同比上升1.20%。 ...

Group 1 - The company held its fifth supervisory board meeting on August 29, 2025, with all three supervisors present, confirming the meeting's legality and compliance with relevant laws and regulations [1][2] - The supervisory board approved the 2025 semi-annual report, affirming that the information disclosed is true, accurate, and complete, reflecting the company's operational and financial status without any misleading statements or omissions [1][2] - The board also approved a special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with regulations and that the investment projects are being implemented normally without harming shareholders' interests [2]

| 证券代码：603179 | 证券简称：新泉股份 | | 公告编号：2025-036 | | --- | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 | 转债 | | 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 4 月 27 日 召开第五届董事会第九次会议，审议通过《关于续聘会计师事务所的议案》，同 意续聘立信会计师事务所（特殊普通合伙）（以下简称"立信"）为公司 2025 年 度财务审计及内控审计机构。该议案已经 2025 年 5 月 27 日召开的 2024 年年度 股东大会审议通过。具体内容详见公司分别于 2025 年 4 月 29 日、5 月 28 日在 上海证券交易所网站（www.sse.com.cn）披露的相关公告。 近日，公司收到立信出具的《关于变更新泉股份拟签字注册会计师的告知 函》，现将具体情况公告如下： 一、本次变更签字注册会计师的基本情况 立信作为公司 2025 年度的财务和内部控制审计机构 ...