束洲资痊訰估 O RI ENT APP凡＼ 1S1\L Tel: 扔－2 1 -52402166 Fax:86-21-62252086 关千宁波继峰汽车零部件股份有限公司 2024 年年度报告的 信息披露监管问询函中有关评估问题的说明 尊敬的上海证券交易所： ?? 么i ?? 、乙， 上每东，州资产 评估有限公司 上海市天 山路1717 号天 山 SohoT2栋 11 楼 宁波继峰汽车零部件股份有限公司千 2025 年 4 月 17 日收到贵部下发 的《关于宁波继峰汽车零部件股份有限公司 2024 年年度报告的信息披露 监管问询函》（上证公函【 2025 】 0394 号）。对问询函所提评估问题，上 海东洲资产评估有限公司对相关资料进行了核查，说明如下： 三、关千商誉。年报显示，报告期末商誉账面价值为 15.77 亿元，同比减少 10 .39%, 占净资产比重达 33.93%, 商誉主要系 2019 年并购海外标的 Grammer AG 时形成。 Grammer AG 并购以来持续亏损，千 2024 年完成了对其美国子公司 TlVIDLLC 的 出售，本年商誉减少部分即为 Grammer AG 经营性资产中分 ...

| 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2025-037 | | --- | --- | --- | | 转债代码：110801 | 转债简称：继峰定 01 | | 宁波继峰汽车零部件股份有限公司 关于回复 2024 年年报信息披露监管问询函的公告 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。 宁波继峰汽车零部件股份有限公司（以下简称"公司"）于近期收到上海证 券交易所出具的《关于宁波继峰汽车零部件股份有限公司 2024 年年度报告的信 息披露监管问询函》（上证公函【2025】0394 号，以下简称"《问询函》"）。 根据《问询函》的有关要求，公司和中介机构就相关问题进行了认真讨论，并逐 项回复。现将回复内容公告如下： 一、关于经营业绩。年报显示，公司 2024 年实现营业收入 222.55 亿元，同 比增长 3.17%，归母净利润-5.67 亿元，扣非后归母净利润-5.48 亿元，同比由盈 转亏。分板块看，乘用车座椅业务增长迅速，2023 年 5 月开始量产，2024 年实 现营业收入 31.10 ...

RSM 容诚 关于宁波继峰汽车零部件股份有限公司 2024 年年度报告信息披露监管问询函中 有关财务问题的专项说明 容诚专字[2025]518Z0553 号 容诚会计师事务所(特殊普通合伙) 中国 北京 关于宁波继峰汽车零部件股份有限公司 2024 年年度报告信息披露监管问询函中 有关财务问题的专项说明 容诚专字[2025]518Z0553 号 上海证券交易所: 贵所于 2025年 4 月 17 日下发的《关于宁波继峰汽车零部件股份有限公司 2024 年年度报告的信息披露监管问询函》(上证公函【2025】0394 号,以下简 称"《问询函》")已收悉。在收悉《问询函》后,对《间询函》中提出的财务 会计问题,容诚会计师事务所(特殊普通合伙)(以下简称"我们")对宁波继 峰汽车零部件股份有限公司(以下简称"继峰股份"、"上市公司"或"公司")相关 资料进行了认真核查。现就相关问题做以下专项说明: 三、关于商誉。年报显示,报告期末商誉账面价值为 15.77 亿元,同比减少 10.39%,占净资产比重达 33.93%,商誉主要系 2019年并购海外标的 Grammer AG 时形成。Grammer AG 并购以来持续 ...

◄► 么i、乙， 上每东，州资产 估有限公司 ◄► 海市天 1717 号天 Soho 11 束洲资痊訰估 O RIENT APP凡＼ \L Tel: 扔－ 52402 66 Fax:86-21-62252086 关千宁波继峰汽车零部件股份有限公司 2024 年年度报告的 信息披露监管问询函中有关评估问题的说明 尊敬的上海证券交易所： 宁波继峰汽车零部件股份有限公司千 2025 17 日收到贵部下发 的《关于宁波继峰汽车零部件股份有限公司 2024 年年度报告的信息披露 监管问询函》（上证公函【2025 0394 号）。对问询函所提评估问题，上 海东洲资产评估有限公司对相关资料进行了核查，说明如下： 三、关千商誉。年报显示，报告期末商誉账面价值为 15.77 亿元，同比减少 10 39%, 占净资产比重达 33.93%, 商誉主要系 2019 年并购海外标的 Gramme AG 时形成。 Grammer AG 购以来持续亏损，千 2024 年完成了对其美国子公司 TlVIDLL 出售，本年商誉减少部分即为 Grammer AG 经营性资产中分配归属千 TlVIDLLC 其子公司的商誉。商誉可收回金额预测期的关键 ...

Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2025, the company achieved revenue of 5.04 billion yuan, a year-on-year decrease of 4.7%, while the net profit attributable to shareholders was 100 million yuan, a significant increase of 447.6%. The reduction in burdens has led to a substantial improvement in profitability [2][4]. - The company is expected to benefit from the integration with Grammer, leveraging its production and R&D efficiency, as well as high self-manufacturing rates, to rapidly penetrate major global automakers. The order backlog is robust, indicating promising profitability for passenger car seat projects in the future [2][10]. - The overseas integration efforts are gradually showing results, and improvements in overseas profitability are anticipated to bring significant profit elasticity [2][10]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 5.04 billion yuan, down 4.7% year-on-year and 5.8% quarter-on-quarter. The net profit attributable to shareholders was 100 million yuan, up 447.6% year-on-year [2][4]. - The gross margin for Q1 was 16.3%, an increase of 1.6 percentage points year-on-year and 3.3 percentage points quarter-on-quarter. The net profit margin was 2.1%, up 1.7 percentage points year-on-year and 2.7 percentage points quarter-on-quarter [10]. Market Outlook - The company is positioned as a rising star in the domestic seat market, with significant profit potential from completed overseas integrations. The company is also expanding into air conditioning vents and vehicle refrigerators, which have already secured multiple contracts, opening up long-term growth opportunities [10]. - The forecast for net profit attributable to shareholders for 2025-2027 is 670 million, 1.09 billion, and 1.34 billion yuan, respectively, with corresponding P/E ratios of 23.4X, 14.4X, and 11.7X [10].

关于控股股东股份质押及再解除质押的公告 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: 公司于2025年5月8日收到控股股东继弘集团的通知，继弘集团将1,360万股 无限售条件流通股股份质押给中国农业银行股份有限公司宁波北仑分行（以下简 称"农业银行北仑分行"），并将质押给上海浦东发展银行股份有限公司宁波北 仑支行（以下简称"浦发银行北仑支行"）的1,500万股无限售条件流通股办理 | 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2025-036 | | --- | --- | --- | | 转债代码：110801 | 转债简称：继峰定 01 | | 宁波继峰汽车零部件股份有限公司 1 截至 2025 年 5 月 8 日，宁波继弘控股集团有限公司（以下简称"继弘集团" 或"控股股东"）持有宁波继峰汽车零部件股份有限公司（以下简称"公司"） 股份总数为 26,925.66 万股，占公司目前总股本比例为 21.27%。本次质押 1,360.00 万股，并解除质押 1,500.00 万股后，已累计 ...

Summary of the Conference Call for Jifeng Co., Ltd. (2025 Q1) Company Overview - **Company**: Jifeng Co., Ltd. - **Industry**: Automotive seating and components Key Points and Arguments Financial Performance - In Q1 2025, Jifeng's revenue decreased from 5.3 billion to 5 billion, but net profit attributable to shareholders surged from 19 million to 104.4 million, primarily due to strong growth in the seating business [2][4] - The seating business saw sales revenue triple year-on-year, increasing from 200 million to 810 million, although net profit only slightly increased to 72 million due to the impact of the Spring Festival and production line upgrades for Ideal Auto [2][5] - Headrest and armrest business revenue remained stable at over 500 million, with EBIT slightly declining to 115 million [2][5] - The Grammer business experienced a 12.43% decline in sales revenue to 487 million euros, but EBIT significantly increased to 19.2 million euros, turning a loss of over 5 million euros into a profit of 86,200 euros, mainly due to better-than-expected performance in overseas markets [2][6][7] Regional Performance - European sales revenue remained flat, but operating EBIT improved significantly from 6.36 million euros to 15 million euros [8] - The Americas region saw a substantial decline in revenue due to the sale of TMD, but operational efficiency improved, leading to a turnaround in operating EBIT [9] Management and Operational Improvements - The company implemented measures such as layoffs, salary reductions, and management changes in the European region to improve management and significantly reduce labor costs [10] - Data management was refined to enhance operational efficiency, allowing for precise cost control [12] Future Outlook and Strategies - To achieve the goal of 30 billion in seating sales by 2030, the company plans to moderately increase R&D personnel while strictly controlling profit budgets [3][19] - New models like Lynk & Co 900 are expected to significantly boost performance, with 10,000 orders already placed [20] - The company is actively pursuing globalization of its seating business and expanding into overseas markets, with support from major European OEMs like BMW for relocating the Grammer R&D team to China [17][18] Challenges and Market Dynamics - The expansion into overseas markets faces challenges related to resource allocation and balancing short-term profits with long-term growth [21] - The company is focusing on existing customers to secure more quality orders, as acquiring new customers is resource-intensive [26] - The competitive landscape is stable, making it difficult to capture market share from established players unless significant cost advantages are present [27][29] Conclusion - Jifeng Co., Ltd. demonstrated strong financial performance in Q1 2025, particularly in its seating business, while also making strategic moves to enhance operational efficiency and expand its market presence. The company is well-positioned for future growth, although it must navigate challenges in the competitive landscape and resource allocation.

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of approximately 50.37 billion yuan in Q1 2025, a year-on-year decrease of about 4.73%, but a significant increase in net profit attributable to shareholders of approximately 1.04 billion yuan, up 447.56% year-on-year [1] - The North American segment turned profitable, achieving revenue of approximately 0.87 billion euros and an operating EBIT of approximately 0.02 billion euros in Q1 2025 [2] - The company is expanding its new business categories, including hidden electric air vents and vehicle refrigerators, which are expected to become new growth points [4] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was approximately 16.32%, an increase of 1.64 percentage points year-on-year, and the net profit margin was approximately 2.09%, up 1.84 percentage points year-on-year [3] - The total expense ratio was approximately 14.02%, a decrease of 0.45 percentage points year-on-year [3] Revenue and Profit Forecast - The company is expected to achieve revenues of approximately 253.5 billion yuan, 283.6 billion yuan, and 300.6 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of approximately 13.9%, 11.9%, and 6.0% respectively [5] - The net profit attributable to shareholders is projected to be approximately 6.8 billion yuan, 10.1 billion yuan, and 13.1 billion yuan for the years 2025 to 2027, with year-on-year growth rates of approximately 220.0%, 48.8%, and 30.0% respectively [5] Market Position and Strategy - The company has secured 21 projects for passenger car seats from various major manufacturers, including luxury car companies and leading domestic automakers [4]

Investment Rating - The report maintains a "Buy-A" rating for the company with a 12-month target price of 14.8 CNY per share [6][4]. Core Views - The company reported a Q1 2025 revenue of 5.037 billion CNY, a year-on-year decrease of 4.73%, but achieved a net profit attributable to shareholders of 104 million CNY, a significant increase of 447.56% year-on-year, primarily due to improved performance from Grammer [1][4]. - The company is expected to see accelerated growth in its passenger car seat business, driven by popular models such as L8, Lynk & Co 900, and Volkswagen Tayron, with projected seat revenues of 4.5 billion CNY in 2025 and 8.5 billion CNY in 2026 [2][4]. - The overseas integration efforts have shown positive results, with a significant improvement in North American operations and a streamlined European business following layoffs, indicating a return to normal operations for Grammer [3][4]. Financial Summary - The company forecasts net profits of 640 million CNY, 930 million CNY, and 1.18 billion CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 25, 17, and 13 [4][10]. - The projected revenue growth rates for the years 2025 to 2027 are 10.5%, 11.6%, and 10.3% respectively, indicating a robust growth trajectory [11]. - The company has a total market capitalization of approximately 15.67 billion CNY, with a current share price of 12.38 CNY [6][4].