宁波继峰汽车零部件股份有限公司 | 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2025-058 | | --- | --- | --- | | 转债代码：110801 | 转债简称：继峰定 | 01 | 关于召开2025年第一次临时股东大会的通知 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、 召开会议的基本情况 (一)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 25 日 13 点 30 分 召开地点：宁波市北仑区大碶璎珞河路 17 号宁波继峰汽车零部件股份有限公司 B 栋三楼会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 25 日 至2025 年 9 月 25 日 采用上海证券交易所网络投票系统，通过 ...

| 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2025-055 | | --- | --- | --- | | 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 第五届董事会第二十次会议决议公告 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。 一、董事会会议召开情况 2025 年 9 月 8 日，宁波继峰汽车零部件股份有限公司（以下简称"公司"） 第五届董事会第二十次会议以现场结合通讯的表决方式在公司会议室召开。本次 董事会应到董事 9 名，实到董事 9 名，其中王义平先生、王继民先生、张思俊先 生以视频接入的方式参加会议。会议由董事长王义平先生召集、主持，公司监事 列席了会议。本次会议通知于 2025 年 9 月 3 日发出。会议的召集、召开符合《中 华人民共和国公司法》《中华人民共和国证券法》等相关法律法规及《公司章程》 的有关规定。 二、董事会会议审议情况 （一）审议通过《关于取消监事会暨修订<公司章程>的议案》 具体内容详见公司同日于上海证券交易所网站（ht ...

Summary of the Conference Call for Jifeng Group Industry and Company Overview - The conference call discusses Jifeng Group, a company involved in the automotive seating industry, particularly focusing on passenger car seats and commercial vehicle seats following its acquisition of Grammer, enhancing its global presence and product line [2][8][9]. Core Insights and Arguments - **Revenue Growth**: Jifeng Group's revenue is projected to reach approximately 30 billion yuan from passenger car seats and over 70 billion yuan from central control and interior businesses in 2024. Emerging businesses like hidden electric air vents and car refrigerators are expected to become new growth points, with a performance release cycle anticipated in 2025 [2][3]. - **Historical Performance**: The company experienced significant revenue growth from 20 billion yuan in 2018 to over 200 billion yuan in 2023, despite a loss in 2020 due to the pandemic and acquisition impacts. Post-2021, the company turned profitable through cost reduction and efficiency improvements [2][10][11]. - **Market Trends**: The passenger car seat market is large, with a high unit value. Trends towards comfort, functionality, smart features, and lightweight materials are expected to increase the unit value of seats by approximately 5,000 yuan by 2025 and further to around 5,200 yuan by 2027 [12][13]. - **Domestic Market Dynamics**: The domestic passenger car seat market is undergoing changes due to the rise of domestic brands and supply chain restructuring, providing opportunities for local suppliers who have advantages in response speed and cost control [16]. Financial Projections - **Future Revenue and Profit**: Revenue is expected to reach 26 billion yuan in 2025, 29.1 billion yuan in 2026, and 32.1 billion yuan in 2027, with profits projected at 600 million yuan, 1 billion yuan, and 1.4 billion yuan respectively [3][25]. Company Development Stages - Jifeng Group's development can be categorized into three stages: foundational business establishment (1996-2018), expansion and acquisition (2019-2020), and strategic new business breakthrough (2021-present) [6]. Governance and Financial Health - As of the end of 2024, the controlling shareholder holds a 42.22% stake, indicating a concentrated and stable ownership structure. The company has regained profitability and is positioned for growth following the integration of Grammer [7][11]. Globalization Efforts - The acquisition of Grammer has allowed Jifeng Group to expand its product line and customer base significantly, enhancing its international competitiveness and establishing a solid foundation for future growth [8][9]. Competitive Landscape - The automotive seating industry is characterized by a few dominant foreign players, with local suppliers facing challenges in market entry due to technological and resource barriers. However, local suppliers are gaining ground due to their cost advantages and faster response times [15][16]. Emerging Business Opportunities - New business areas such as electric air vents and car refrigerators are gaining traction, with significant order volumes indicating a positive outlook for revenue growth in these segments [20][21]. Conclusion - Jifeng Group is positioned for a promising future with strong revenue growth projections, a solid market position, and strategic initiatives aimed at enhancing its competitive edge in the automotive seating industry [25].

Group 1 - The core viewpoint of the article highlights the performance of the AI Fund Xingquan Green Investment Mixed (LOF), which reported a profit of 223 million yuan in the first half of 2025, with a weighted average profit per fund share of 0.0947 yuan and a net value growth rate of 8.44% [3][35] - As of September 5, 2025, the fund's unit net value was 1.389 yuan, and the fund manager, Zou Xin, oversees two funds that have both achieved positive returns over the past year [3][4] - The fund's performance in terms of net value growth rates places it in the 75th percentile among comparable funds over the last three months, 59th over the last six months, and 62nd over the last year [7][28] Group 2 - The fund's weighted average price-to-earnings (P/E) ratio as of June 30, 2025, was approximately 56.14 times, significantly higher than the industry average of 23.66 times [12] - The weighted average price-to-book (P/B) ratio was about 2.46 times, compared to the industry average of 2.2 times, while the weighted average price-to-sales (P/S) ratio was 1.4 times against an industry average of 1.85 times [12] - The fund's weighted revenue growth rate for the first half of 2025 was 0.07%, and the weighted net profit growth rate was -0.16% [20] Group 3 - As of June 30, 2025, the fund had a total of 163,600 holders, collectively holding 2.236 billion shares, with individual investors accounting for 79.42% of the holdings [38] - The fund's turnover rate over the last six months was approximately 316.46%, consistently higher than the industry average [41] - The top ten holdings of the fund included companies such as Ningde Times, Jifeng Co., and Desay SV [44]

Industry Overview - The automotive seat is a core component of vehicle interiors, providing comfort and safety for passengers. It consists of various parts including seat cushions, backrests, side supports, and headrests [1] - The automotive seat industry in China has evolved through four stages: initial stage with simple structures, technological development with mechanization, rapid development with smart and personalized features, and transformation focusing on safety, comfort, lightweight, and intelligence [8][11] Market Size and Growth - The estimated market size for passenger car seats in China for 2024 is approximately 109.91 billion yuan, while the market size for commercial vehicle seats is around 15.33 billion yuan, leading to a total market size of approximately 125.34 billion yuan [23] - The automotive seat industry is projected to reach a market size of about 174.6 billion yuan by 2030, with an average annual growth rate of 5.4% [34] Competitive Landscape - Major players in the automotive seat assembly market include companies like Lear, Faurecia, Adient, and Yanfeng, with significant market shares [7][26] - The market is characterized by a high concentration of a few large enterprises, but domestic companies are increasingly gaining market share due to the rise of new energy vehicles and smart seat technologies [30][33] Technological Trends - The industry is moving towards innovations in smart, lightweight, and environmentally friendly materials, with a focus on personalized designs to meet consumer demands [30][33] - Key technological advancements include the integration of sensors for automatic adjustments, health monitoring, and the use of lightweight materials like carbon fiber and aluminum [33] Policy Environment - Current policies in China emphasize safety, lightweight design, intelligence, and green recycling, with standards being upgraded to enhance safety features and promote the use of new materials [14][15] - Regulations are set to increase the recycling rate of materials to 95% by 2030, encouraging the adoption of sustainable practices in the automotive seat industry [14] Consumer Preferences - Consumers prioritize leather seats and are increasingly interested in features such as adjustable backrests, seat height adjustments, ventilation, heating, and memory functions [21]

资料显示，宁波继荣汽车内饰件有限公司成立于2025年8月22日，法定代表人为冯巅，注册资本50万， 公司位于宁波市，汽车零部件及配件制造、汽车零部件研发、汽车零配件批发、汽车零配件零售、 技 术服务 、技术开发、技术咨询、技术交流、技术转让、技术推广(除依法须经批准的项目外，凭营业执 照依法自主开展经营活动)。。 近日，宁波继峰 汽车零部件 股份有限公司出资50万元成立宁波继荣汽车内饰件有限公司，持股100%， 所属行业为 汽车制造 业。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a Q2 non-GAAP profit improvement, indicating a positive outlook for performance in the second half of the year [5][8] - The company achieved a revenue of 10.523 billion yuan in H1 2025, a year-on-year decrease of 4.39%, while the net profit attributable to the parent company was 154 million yuan, a year-on-year increase of 189.5% [5][7] - The Q2 revenue was 5.486 billion yuan, showing a quarter-on-quarter decrease of 4.1% but an increase of 8.9% year-on-year [5][8] Financial Data and Profit Forecast - The company’s total revenue for 2025 is projected to be 24.277 billion yuan, with a year-on-year growth rate of 9.1% [7] - The net profit attributable to the parent company for 2025 is estimated at 553 million yuan, with a projected growth rate of 82.8% for 2026 and 32.8% for 2027 [7] - The earnings per share (EPS) for 2025 is expected to be 0.44 yuan, increasing to 0.80 yuan in 2026 and 1.06 yuan in 2027 [7] - The company’s return on equity (ROE) is projected to improve from 3.1% in 2025 to 18.5% in 2027 [7] Business Segment Performance - The seating business revenue in H1 2025 reached 1.984 billion yuan, doubling from 0.897 billion yuan in the same period last year, although it reported a net loss of 63 million yuan [9] - The company anticipates that the seating business will turn profitable in the second half of 2025 due to increased production volumes from various models [9] - The integration of Grammer is expected to enhance profitability, with Q2 revenue from this segment at 466 million euros, reflecting a year-on-year decrease of 6.8% [8][9]

Core Viewpoint - The company achieved a significant increase in net profit margin, with a year-on-year growth of 45% in Q2 [2]. Financial Performance - In the first half of 2025, the company reported total revenue of 10.52 billion yuan, a decrease of 4.39% year-on-year, primarily due to the divestiture of TMD, which reduced revenue from Grammer North America. The net profit attributable to shareholders reached 150 million yuan, an increase of 189.51% year-on-year [3][10]. - In Q2 2025, the company generated revenue of 5.486 billion yuan, a year-on-year decline of 4.08% but a quarter-on-quarter increase of 9%. The increase was mainly driven by the seating business. The net profit attributable to shareholders was 49 million yuan, up 45% year-on-year but down 53% quarter-on-quarter [3][10]. - The company’s gross profit margin for Q2 2025 was 14.39%, a slight increase of 0.02 percentage points year-on-year, while the net profit margin was 0.89%, up 0.3 percentage points year-on-year [5][17]. Business Development - The passenger car seat business is a significant market with a value of hundreds of billions. The company reported a revenue of 1.984 billion yuan from this segment in the first half of 2025, doubling from 897 million yuan in the same period last year. However, the net profit for this segment was -63 million yuan, compared to -23 million yuan in the previous year [6][27]. - The company has made substantial progress in expanding its production capacity for passenger car seats, with 24 projects currently in hand and global customer orders continuing to grow [28]. Product Innovation - The company is actively expanding its interior business, focusing on new intelligent electric products such as hidden electric air vents and hidden door handles. The revenue from the air vent business in the first half of 2025 was 136 million yuan, while the car refrigerator business saw revenue of approximately 77 million yuan, a significant increase from 22 million yuan in the previous year [8][33]. Market Position - The company is positioned as a leading private seat manufacturer in China, with a strong focus on domestic market penetration and the potential for significant market share growth due to the ongoing trend of domestic substitution in the passenger car seat market [6][30].

宁波继峰汽车零部件股份有限公司 关于募集资金购买的现金管理产品到期赎回的公告 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。 | 证券代码：603997 | 证券简称：继峰股份 | | 公告编号：2025-054 | | --- | --- | --- | --- | | 转债代码：110801 | 转债简称：继峰定 | 01 | | | 受托方 | 产品名称 | | 产品 | 年化收 | 到期赎回情况 | | | --- | --- | --- | --- | --- | --- | --- | | | | 认购金额 | 期限 | 益率 | 本金金 | 收益 | | | | | | | 额 | 金额 | | 招商银行 北仑支行 | 招商银行点金系列看 涨两层区间31天结构 | 4,000.00 | 31天 | 1.75% | 4,000.00 | 5.95 | | | 性存款 | | | | | | 注：收益金额与实际金额如有差异系四舍五入所致。 特此公告。 1 一、募集资金进行现金管理的基本情况 宁波继峰汽车零部件股份有限 ...

Core Viewpoint - Ningbo Jifeng Automotive Parts Co., Ltd. has approved the cash management of idle raised funds not exceeding 350 million yuan, with a specific duration limit [1] Group 1: Financial Management - The company has recently redeemed a structured deposit product from China Merchants Bank, with a subscription amount of 40 million yuan and a term of 31 days [1] - The annualized yield of the structured deposit was 1.75%, resulting in a total return of 5.95 million yuan, which has been returned to the special account for raised funds [1]