证券代码：603997 证券简称：继峰股份 公告编号：2025-046 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： ? 宁波继峰汽车零部件股份有限公司（以下简称"公司"）控股子公司 Grammer Aktiengesellschaft(以下简称"格拉默")2025 年半年度业绩数据为格拉 默初步核算，具有一定的不确定性，准确的数据以公司正式披露的 2025 年半年 度报告为准。 格拉默于德国时间 2025 年 7 月 10 日披露了 2025 年半年度业绩初步数据的 公告，本公司将格拉默公告内容同步披露如下： 一、格拉默预计2025年半年度业绩显著增长 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 关于同步披露控股子公司格拉默 2025 年半年度业绩 预增的提示性公告 根据初步数据，格拉默2025年上半年的经营性息税前利润约为3,560万欧元， 较去年同期增长了20.0%（2024年1月至6月为2,970万欧元）。上半年度的积极表 现主要得益于2025年第一季度的强劲表现， ...

Core Viewpoint - The company Grammer, a subsidiary of Jifeng Co., Ltd. (603997), is expected to see a 20% year-on-year increase in operating EBIT for the first half of 2025, amounting to approximately €35.6 million [1] Financial Performance - Grammer's operating EBIT for the second quarter of 2025 is projected to be around €11.7 million, which is lower than the same period last year [1] - The group's revenue for the period from April to June 2025 is anticipated to decline by approximately €34.3 million [1] - The expected net profit for Grammer in the first half of 2025 is estimated to be €15.6 million [1]

Group 1 - US stock market showed mixed results with Dow Jones down 0.37%, Nasdaq up 0.03%, and S&P 500 down 0.07% [1] - Tesla rebounded by 1.32% and Nvidia increased by 1.12%, both reaching new highs [1] - Meta Platforms and Apple saw increases of up to 0.32%, while Microsoft decreased by 0.22% and Google A dropped by 1.37% [1] Group 2 - Trump seeks to tighten clean energy tax regulations, leading to a decline in solar stocks, with SunRun falling over 11% [2] - Trump announced a 50% tariff on copper and a 200% tariff on pharmaceuticals, resulting in the largest increase in copper futures since 1968 [2] Group 3 - Meta invested $3.5 billion in EssilorLuxottica to advance its AI glasses strategy [3] Group 4 - SpaceX, owned by Musk, achieved a valuation of approximately $400 billion during a stock sale [4][11] Group 5 - Hugging Face released an open-source top model featuring dual-mode reasoning and 128K context, marking a significant advancement in AI [5] Group 6 - The 2025 Esports World Cup will be held in Riyadh, Saudi Arabia, with a total prize pool exceeding $70 million [6] Group 7 - Germany warned that the EU is prepared to retaliate if a fair trade agreement cannot be reached [7] Group 8 - Morgan Stanley predicts TSMC will continue to exceed expectations in Q2, with strong advanced process orders, although the appreciation of the New Taiwan Dollar may pose profitability challenges [8] Group 9 - The Chinese government is promoting the application of new technologies like AI in public services, as outlined in a recent policy document [9] Group 10 - Pacific Securities noted that multiple indices broke through their consolidation ranges, indicating a strong short-term market trend [10] - Everbright Securities suggested that if the Shanghai Composite Index surpasses 3500 points, it could further boost market confidence and attract more capital [10] Group 11 - Shentong Express partnered with Cainiao to accelerate the application of unmanned delivery vehicles, aiming to deploy 2000 unmanned vehicles by the end of the year [12] - Guohai Securities highlighted that the development of regulations for unmanned vehicles is paving the way for the logistics industry's standardization [12] Group 12 - The National Development and Reform Commission and six other departments released a plan to enhance the childcare service system, projecting the market size for childcare services in China to reach 151.81 billion yuan by 2024 [16]

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2025-045 | | --- | --- | | 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 关于获得乘用车座椅总成项目定点的公告 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： 一、定点函概况 公司的全资子公司继峰座椅（合肥）于近期收到客户的定点邮件，继峰座椅 （合肥）获得某头部主机厂（限于保密协议，无法披露其名称）的座椅总成项目 定点，将为客户开发、生产前排座椅总成产品。 根据客户规划，本项目预计从 2026 年 4 月开始量产，项目生命周期 6 年， 预计生命周期总金额为 13 亿元。 二、对公司的影响 1 宁波继峰汽车零部件股份有限公司（以下简称"公司"）的全资子公司继峰 座椅（合肥）有限公司（以下简称"继峰座椅（合肥）"）于近期收到定点邮 件，继峰座椅（合肥）获得某头部主机厂（限于保密协议，无法披露其名称， 以下简称"客户"）的座椅总成项目定点，将为客户开发、生产前排座椅总 成产品。 本项目预 ...

Core Viewpoint - Jifeng Co., Ltd. has secured a seat assembly project with a total value of 1.3 billion yuan, expected to positively impact future revenue and operational performance [1] Group 1: Project Details - Jifeng's wholly-owned subsidiary, Jifeng Seats (Hefei), received a notification for a seat assembly project from a leading OEM [1] - The project is set to begin mass production in April 2026 and has a lifecycle of 6 years [1] - The total expected revenue from the project over its lifecycle is 1.3 billion yuan [1] Group 2: Financial Impact - The project is not expected to have a significant impact on the company's current year performance [1] - However, it is anticipated to enhance the company's business revenue in future years [1] - The project is expected to have a positive effect on the company's future operational performance [1]

Core Viewpoint - Jifeng Co., Ltd. has secured a seat assembly project from a leading OEM, with a total lifecycle value of 1.3 billion yuan [1] Group 1 - Jifeng's wholly-owned subsidiary, Jifeng Seats (Hefei) Co., Ltd., will develop and produce front seat assembly products for the client [1] - The project is expected to commence mass production in April 2026 and has a lifecycle of 6 years [1] - Although the project is not anticipated to significantly impact the company's current year performance, it is expected to enhance future business revenue and positively affect operational performance [1]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [19]. Core Insights - The core insight revolves around the concept of "anti-involution," focusing on resolving supply-demand mismatches, with a shift in policy emphasis from demand stimulation to supply control. The approval for new production capacity is expected to become more challenging, and unique products that can stimulate potential demand are crucial for breaking the "price war" [3][4]. - Companies like Fuda Co., Ltd. and Jifeng Co., Ltd. are highlighted for their strong operational performance and growth potential, driven by expanding product lines and market demand [5][7]. Summary by Relevant Sections Anti-Involution - The core of anti-involution is to address supply-demand mismatches, with future policies likely focusing on controlling supply rather than stimulating demand. The approval for new production capacity may become increasingly difficult, and there may be a need to activate idle existing capacity. Unique products that can stimulate demand, such as Xiaomi's YU7, are seen as key to breaking the cycle of price wars [3][4]. Fuda Co., Ltd. - Fuda Co., Ltd. is expected to achieve operational performance of 65 to 75 million yuan in Q2, with a year-on-year growth rate of 70% to 80%. The growth is primarily driven by the continuous ramp-up of BYD's crankshaft production and successful expansion into crankshaft business with companies like Seres and Chery. Additionally, the company is making strides in new business areas, with a significant contribution expected from the production of 10,000 sets of reverse planetary roller screws [5]. Jifeng Co., Ltd. - Jifeng Co., Ltd. is in a phase of continuous performance realization, with Q1 earnings around 100 million yuan and Q2 expected to grow to 120 to 130 million yuan. The growth is driven by domestic seat business, with significant contributions from models like Li Auto's L6 and NIO's ES6 and EC6. The company is positioned to capitalize on the domestic seat market, with substantial growth potential anticipated [7]. Great Wall Motors - Great Wall Motors is projected to have strong Q2 performance, with sales increasing by 56,000 units compared to Q1. The estimated net profit for Q2 is expected to rise from 1.7 billion yuan in Q1 to nearly 4.2 billion yuan. The company is also expected to benefit from various transformations in the second half of the year, including new vehicle launches and significant advancements in smart driving technology [8].

Core Insights - The report emphasizes the automotive parts sector as a promising investment opportunity, driven by domestic smart upgrades, global expansion, and the transformation towards humanoid robotics [3][10][19] - Three main investment themes are identified: domestic smart upgrades and local substitution, overseas expansion, and the transition of automotive parts companies into the humanoid robotics industry [6][10][19] Domestic Market: Smart Upgrades and Local Substitution - The shift towards smart technology is creating new growth opportunities in the automotive parts sector, with a focus on key components such as lidar, smart driving chips, and electronic control systems [7][25] - The market for smart driving components is expected to grow significantly, with a projected CAGR of 23.0% for smart driving chips, reaching a market size of 217 billion yuan by 2024 [39] - The domestic automotive parts industry is witnessing an increase in localization rates, with expectations for many components to rise from approximately 10% to over 30% in the coming years [29] Overseas Market: Global Expansion - Chinese automotive parts companies are leveraging their technological, cost, and service advantages to penetrate global supply chains, with overseas revenue growing from 137.25 billion yuan in 2015 to 439.06 billion yuan in 2024, representing a CAGR of 13.8% [64][65] - Despite trade tensions and increased tariffs, Chinese automotive parts firms have maintained strong competitiveness in the U.S. market, with exports rebounding post-2019 [68][70] Humanoid Robotics: New Growth Opportunities - The automotive parts sector is poised to enter the humanoid robotics market, with companies expected to contribute to the rapid development of humanoid robots, projected to achieve mass production by 2025 [9][10] - The humanoid robotics market is anticipated to open up significant growth avenues for automotive parts companies, particularly in components such as actuators, sensors, and lightweight materials [9][10][45] Investment Recommendations - The report recommends focusing on companies that are well-positioned in the domestic smart upgrade market, such as Bertel, Fuyao Glass, and Xingyu Co., as well as those with strong global expansion strategies like Xinquan and Minshi Group [10] - Companies transitioning into humanoid robotics, such as Top Group, are highlighted as having the potential to create a second growth curve [10]

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2025-044 | | --- | --- | | 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 定向可转债转股结果暨股份变动公告 截至 2025 年 6 月 30 日，宁波继峰汽车零部件股份有限公司（以下简称 "公司"）"继峰定 01"定向可转债累计共有 36,934.00 万元已转换成公司股票， 累计转股股数为 51,226,019 股，占公司定向可转债转股前公司已发行股份总额的 5.02%。 截至 2025 年 6 月 30 日，公司尚未转股的定向可转债的金额合计 3,066.00 万元，占可转债发行总量的比例为 2.74%。 自 2025 年 4 月 1 日至 2025 年 6 月 30 日期间，共有 1,396 万元"继峰定 01"转换为公司股票，转股股数为 1,936,197 股。 一、可转债发行挂牌转让概况 （一）经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准 宁波继峰汽车零部件股份有限公司向宁波东证继涵投资合伙企业（有限合伙）等 发行股份、可转换公司债券购买资产并募集配套资金 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting stock selection to emphasize alpha over beta, with a focus on distinct individual stock characteristics [2]. Core Insights - The automotive sector experienced a slight decline in investment sentiment, with expectations for a rebound in demand towards the end of June due to increased marketing efforts. The industry is anticipated to enter a seasonal lull in July and August, followed by a surge in new product launches and seasonal sales towards the end of the year [2]. - The report highlights the importance of monitoring the impact of policies such as trade-in programs and changes in new energy vehicle purchase taxes on the industry [2]. Data Tracking - In April, wholesale passenger car sales reached 2.22 million units, a year-on-year increase of 11% but a month-on-month decrease of 10%. Retail sales for the same month were 1.59 million units, up 6% year-on-year but down 14% month-on-month [4]. - New energy vehicle deliveries from leading companies showed significant growth in May, with BYD delivering 380,000 units (up 15% year-on-year), and Li Auto and Xpeng also reporting substantial increases [4][19]. - The average discount rate in early June rose to 10.6%, reflecting a 0.4 percentage point increase from the previous period and a 2.9 percentage point increase year-on-year [4]. Market Performance - The automotive sector index fell by 2.57% this week, ranking 23rd out of 29 sectors. The overall market indices also showed declines, with the Shanghai Composite Index down 0.51% [7][28]. - The report notes that the automotive sector's price-to-earnings (PE) ratio stands at 31, indicating a relatively high valuation compared to historical averages [28][34].