Core Viewpoint - Ningbo Jifeng Automotive Parts Co., Ltd. announced the release and re-pledge of shares by its controlling shareholder, Ningbo Jihong Holding Group Co., Ltd., indicating ongoing financial maneuvers and potential impacts on shareholding structure and liquidity [1]. Shareholding and Pledge Summary - As of July 23, 2025, Jihong Group holds a total of 26,925.66 million shares, accounting for 21.23% of the company's total share capital. The group released 41 million shares from pledge and re-pledged the same amount, resulting in a cumulative pledge of 136.6 million shares, which is 50.73% of its holdings and 10.77% of the company's total share capital [1]. - Wing Sing International Co., Ltd., controlled by the actual controllers of the company, holds a total of 53,504.11 million shares, representing 42.16% of the total share capital. Wing Sing has pledged 89 million shares, while Jihong Group has pledged 136.6 million shares, totaling 225.6 million pledged shares, which is 42.16% of their combined holdings and 17.79% of the company's total share capital [1]. - The release of 41 million shares from pledge occurred on July 17, 2025, representing 15.23% of Jihong Group's holdings and 3.23% of the company's total share capital. After this transaction, Jihong Group has 95.6 million shares still pledged, which is 35.51% of its holdings and 7.54% of the company's total share capital [1]. Financial Implications - The repayment sources for the controlling shareholder's pledge financing include cash dividends from the listed company and self-raised funds. Jihong Group has the financial capability to repay and does not face risks of forced liquidation. In case of any risks, measures such as early repayment, additional pledges, or early repurchase of pledged shares will be taken [5].

| 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2025-048 | | --- | --- | --- | | 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 关于控股股东股份解质押及再质押的公告 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: 注：本次解除质押的股份用于后续质押，具体情况请见"二、公司股份质押情况"。 二、公司股份质押情况 公司于2025年7月23日收到控股股东继弘集团的通知，继弘集团将其质押给 交通银行股份有限公司宁波分行（以下简称"交通银行宁波分行"）的4,100.00 万股无限售条件流通股股份办理了解除质押的手续，并将上述4,100.00万股再质 押给交通银行宁波分行，具体情况如下： 一、股份解除质押情况 1 截至 2025 年 7 月 23 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 ...

Core Viewpoint - The AI Fund Xingquan Green Investment Mixed (LOF) reported a profit of 92.387 million yuan for Q2 2025, with a net asset value growth rate of 3.57% during the period [2]. Fund Performance - As of July 21, the fund's unit net value was 1.251 yuan, and its scale reached 2.729 billion yuan by the end of Q2 2025 [2][14]. - The fund manager, Zou Xin, oversees two funds, both of which have shown positive returns over the past year [2]. - The fund's one-year cumulative net value growth rate is 23.98%, ranking 46 out of 132 comparable funds [2]. Investment Strategy - The fund's investment approach focuses on three dimensions: major industry contradictions, competitive advantages of enterprises, and a balance of research depth and pricing [2]. Comparative Performance - Over the past three months, the fund's cumulative net value growth rate was 11.80%, ranking 47 out of 132 comparable funds [2]. - The fund's six-month cumulative net value growth rate was 12.30%, ranking 46 out of 132 comparable funds [2]. - The fund's three-year cumulative net value growth rate was -17.52%, ranking 85 out of 127 comparable funds [2]. Risk Metrics - The fund's three-year Sharpe ratio is -0.0744, ranking 81 out of 129 comparable funds [7]. - The maximum drawdown over the past three years was 42.11%, with the largest single-quarter drawdown occurring in Q1 2022 at 20.25% [9]. Portfolio Composition - The average stock position over the past three years was 88.8%, compared to the industry average of 86.09% [12]. - The fund's top ten holdings include companies such as CATL, Jifeng Co., Desay SV, and others [17].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to achieve a net profit of 110 million yuan after deducting non-recurring items in Q2 2025, representing a year-on-year increase of 912.4% and a quarter-on-quarter increase of 25.9% [2][5] - With the support of Grammer, the company is leveraging its production and R&D efficiency, along with high self-manufacturing rates, to rapidly penetrate major global automakers, resulting in a rich order backlog and promising profitability for its passenger car seat projects [2][11] - The overseas integration effects are gradually becoming evident, and improvements in overseas profitability are expected to bring significant profit elasticity in the future [2][11] Summary by Sections Financial Performance - In Q2 2025, the company anticipates a revenue increase driven by growth in downstream sales and the ramp-up of new domestic seat businesses [11] - Grammer's Q2 2025 revenue is projected at 470 million euros (approximately 3.35 billion yuan), with a year-on-year decrease of 6.9% and a quarter-on-quarter decrease of 4.3% [11] - The operating profit before interest and taxes for Grammer is expected to be 10 million euros (approximately 80 million yuan), with a year-on-year decrease of 42.1% but a quarter-on-quarter increase of 20.6% [11] Future Outlook - The company is expected to achieve net profits of 610 million yuan, 1.03 billion yuan, and 1.35 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 25.9X, 15.3X, and 11.7X [11] - The company is also expanding into air conditioning vents and vehicle refrigerators, which have already secured multiple contracts, continuously opening up long-term growth opportunities [11]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 150 to 180 million yuan for H1 2025, representing a year-on-year increase of 182% to 239%. The non-recurring net profit is projected to be between 180 to 220 million yuan, showing a year-on-year growth of 567% to 715% [5][7] - The Q2 performance aligns with expectations, with a net profit of 46 to 76 million yuan, a year-on-year increase of 34% to 122%, but a quarter-on-quarter decrease of 56% to 28%. The non-recurring net profit is expected to be between 91 to 131 million yuan, reflecting a year-on-year increase of 731% to 1094% and a quarter-on-quarter increase of 3.3% to 48% [7] - The integration of Gramer is showing positive results, with the company expected to continue improving profitability in the second half of the year. The seating business is also anticipated to recover as production ramps up for various models [7] Financial Data and Profit Forecast - The total revenue for 2025 is estimated at 24,581 million yuan, with a year-on-year growth rate of 10.4%. The net profit attributable to shareholders is projected to be 626 million yuan, with a significant year-on-year increase [6][9] - The earnings per share (EPS) for 2025 is expected to be 0.49 yuan, with a projected price-to-earnings (PE) ratio of 25 [6][9] - The report forecasts a net profit of 1,106 million yuan for 2026 and 1,460 million yuan for 2027, indicating a clear growth trajectory [6][9]

Economic Overview - The June economic data reveals five "anomalies," indicating new changes in the economy that may affect the second half of the year [9] - The GDP growth for Q2 was in line with expectations at 5.2%, while retail sales and fixed asset investment showed signs of decline [9] - The construction industry has weakened significantly, impacting overall economic performance [9] Company Analysis: 德源药业 (DeYuan Pharmaceutical) - The company focuses on chronic metabolic diseases and has a robust portfolio of generic drugs, with plans to transition to innovative drug development [12] - Forecasted net profits for 2025-2027 are 192 million, 218 million, and 200 million yuan respectively, with a target market capitalization of 5.6 billion yuan, indicating a potential 42% upside [12] - The company is advancing in innovative drug development, particularly in diabetes and hypertension treatments, with significant market opportunities identified [12] Industry Analysis: Chemical Sector - The chemical industry is experiencing a recovery after price declines, with signs of bottoming out and increased supply disruptions [11][14] - Key sub-sectors such as pesticides, fluorochemicals, and explosives are expected to see profit growth in Q2 2025, driven by improved demand and pricing [11] - The industry is shifting from inventory reduction to capacity reduction, indicating a more stable supply-demand balance moving forward [14] Investment Recommendations - The report suggests a "buy" rating for 德源药业 based on its growth potential and market positioning in the pharmaceutical sector [12] - The chemical sector is rated positively, with a focus on companies that can benefit from the ongoing recovery and supply chain improvements [11][14]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7]. Core Insights - The company expects a significant increase in net profit for the first half of 2025, projecting a range of 150 to 180 million yuan, representing a year-on-year growth of 182.3% to 238.7% [1]. - The integration effects from Grammer in Europe are becoming evident, with the company forecasting a net profit of 46 to 76 million yuan for Q2 2025, a year-on-year increase of 77.7% [2]. - The company has secured over 20 seat assembly projects since October 2021, with a total lifecycle value of 927 to 974 billion yuan, indicating substantial revenue potential [3]. - The strategic integration with Grammer aims to enhance profitability and market share, targeting leadership in the global smart cockpit market [4]. Financial Projections - The company forecasts revenues of 26.75 billion yuan in 2025, with a net profit of 605 million yuan, and expects continued growth in subsequent years [6][10]. - The projected earnings per share (EPS) for 2025 is 0.48 yuan, with a price-to-earnings (PE) ratio of 26 times based on the closing price of 12.33 yuan per share on July 14, 2025 [4][6].

| 证券简称：继峰股份 公告编号：2025-047 | 证券代码：603997 | | --- | --- | | 转债简称：继峰定 01 | 转债代码：110801 | 宁波继峰汽车零部件股份有限公司 2025 年半年度业绩预增公告 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： 本次业绩预告适用于"实现盈利，且净利润与上年同期相比上升 50%以 上"的情形。 宁波继峰汽车零部件股份有限公司（以下简称"公司"）预计 2025 年半 年度实现归属于母公司所有者的净利润 15,000 万元到 18,000 万元，与上年同期 （法定披露数据）相比，将增加 9,685.55 万元到 12,685.55 万元，同比增加 182.25% 到 238.70%。 预计 2025 年半年度归属于母公司所有者的扣除非经常性损益后的净利 润 18,000 万元到 22,000 万元，与上年同期（法定披露数据）相比，将增加 15,301.07 万元到 19,301.07 万元，同比增加 566.93%到 715.14%。 一、本期业 ...

Core Viewpoint - The company expects a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 182.25% to 238.70% [1] Financial Performance - The estimated net profit attributable to shareholders is between 150 million yuan and 180 million yuan [1] - The growth in performance is primarily attributed to the integration effects from Grammer, including reduced labor costs in Europe and improved capacity utilization from business integration [1] Strategic Developments - The company has successfully sold its loss-making U.S. subsidiary, TMD, contributing to the overall improvement in financial performance [1]

证券研究报告 -163 68 1,076 272 366 公司研究 806.5 % 1. 4% 12.8% 10 % .7 14.6% 18.4 % -4.3% 1. 22.0% 5.3% 6.6% [Table_ReportType] 公司点评报告 % 8% -0.16 0. 07 1.07 0.27 0.37 [Table_StockAndRank] 继峰股份（603997） — 11 2.05 2. 3 投资评级 35.85 69 上次评级 2 证券研究报告 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindas.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 徐国铨 汽车行业研究助理 邮 箱：xuguoquan@cindasc.com 信达证券股 ...