Group 1: China-Brazil Cooperation - The National Development and Reform Commission of China signed three cooperation documents with Brazilian authorities, focusing on transportation, mining, and artificial intelligence, aimed at enhancing practical cooperation in various sectors including healthcare and renewable energy [1][1][1] - The People's Bank of China and the Central Bank of Brazil signed a financial strategic cooperation memorandum and renewed a bilateral currency swap agreement worth 190 billion RMB / 157 billion Brazilian Reais, effective for five years, to facilitate trade and investment [1][1][1] Group 2: E-commerce and Market Regulation - Five Chinese government departments held discussions with major food delivery platforms like JD.com, Meituan, and Ele.me, emphasizing the need for fair competition and compliance with relevant laws to protect consumer rights and promote a healthy market environment [1][1][1] Group 3: Economic Indicators and Corporate Performance - JD.com reported a 15.8% year-on-year increase in revenue for Q1 2025, reaching 301.1 billion RMB, with net profit attributable to ordinary shareholders rising by 52.7% to 10.9 billion RMB [1][1][1] - The IDC reported that China's tablet market shipped 8.52 million units in Q1 2025, with Huawei holding a 34.5% market share, reflecting a 13.6% year-on-year growth in shipments [1][1][1] Group 4: Corporate Developments - Dongshan Precision announced the acquisition of French GMD Group and plans for debt restructuring [6] - Zongyi Co. is planning a major asset restructuring to gain control of Jilai Micro [6] - Luan'an Huaneng reported a 17.75% year-on-year increase in coal sales for April [6]

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2025-038 | | --- | --- | | 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 2025 年 9 月开始量产，项目生命周期 5 年， 预计生命周期总金额为 25.2 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 ...

Core Viewpoint - Jifeng Co., Ltd. has secured a seat assembly project with a total value of 2.52 billion yuan, expected to start mass production in September 2025 and last for five years [1] Group 1: Project Details - The project involves the development and production of front seat assembly products for a leading OEM [1] - The total project lifecycle value is estimated at 2.52 billion yuan [1] - Mass production is anticipated to commence in September 2025, with a project lifespan of five years [1] Group 2: Financial Impact - This project is not expected to have a significant impact on the company's performance for the current year [1] - However, it is projected to enhance the company's business revenue for the current year and positively influence operational performance [1]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - Gramer has turned profitable after divesting loss-making assets, with a net profit of 0.097 billion yuan in Q1 2025 and an expected operating profit of 60 million euros for the year [3][13] - The passenger car seat market is projected to exceed 50 billion USD, with significant potential for domestic substitution as the market is currently dominated by foreign companies [6][26] - The company has a robust order backlog, having delivered 330,000 passenger car seats in 2024, generating revenue of 3.11 billion yuan, a substantial increase from 655 million yuan in 2023 [31][35] Summary by Sections Market Overview - The global automotive seat market was valued at 52.5 billion USD in 2023 and is expected to reach 53.4 billion USD in 2024, with a forecast of 58.9 billion USD by 2031 [6][20] - The automotive seat industry has a high concentration, with a CR5 of approximately 78% in 2023, indicating a strong presence of foreign firms [26][21] Company Performance - The company achieved breakeven in its passenger car seat business in 2024, with a total of 21 projects in hand, representing a total lifecycle sales value exceeding 90 billion yuan, primarily in the new energy sector [31][35] - The average selling price (ASP) for passenger car seats reached 8,695.5 yuan in 2024, significantly higher than commercial vehicle seats [31][32] Strategic Moves - Gramer's divestment of the loss-making TMD business in the U.S. is part of a strategy to focus on core operations and improve profitability [3][13] - The company is actively expanding its customer base in Europe, having secured a project order from BMWAG for passenger car seats [35]

Core Viewpoint - The report discusses the assessment of goodwill for Ningbo Jifeng Automotive Parts Co., Ltd., highlighting a decrease in goodwill value and the implications of recent asset disposals on financial forecasts [1]. Group 1: Goodwill Assessment - The goodwill at the end of the reporting period is valued at 1.577 billion, a year-on-year decrease of 10.39%, accounting for 33.93% of net assets [1]. - The decrease in goodwill is primarily attributed to the ongoing losses from the acquisition of Grammer AG and the sale of its U.S. subsidiary TMD LLC [1]. - The recoverable amount of goodwill is projected with a revenue growth rate ranging from -5.91% to -5.00%, leading to no impairment provision being recognized for the current year [1]. Group 2: Key Parameters in Goodwill Impairment Testing - The key parameters for goodwill impairment testing over the past three years include: - Revenue compound growth rate: 4.29% for 2024, down from 7.27% in 2023 and 7.66% in 2022 [2]. - Average sales gross margin during the forecast period: 13.59% for 2024, compared to 12.63% in 2023 and 12.39% in 2022 [2]. - Discount rate (WACC): The report indicates a decrease in the discount rate due to changes in risk-free and loan interest rates [5]. Group 3: Market Conditions and Strategic Responses - The decline in revenue growth rates is attributed to a weak European economy and a restructuring of supply and demand in the automotive market, particularly affecting traditional fuel vehicles [4]. - The company is actively responding to market challenges by enhancing communication with customers, analyzing market demands, and exploring new partnerships to mitigate the impact of market downturns [4]. - Cost control measures are being prioritized, including the sale of non-core assets and optimization of operational structures to improve profitability [5].

| 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].