Core Insights - Ningbo Jifeng Automotive Parts Co., Ltd. reported a slight decline in revenue for the first half of 2025, with total revenue of 10.523 billion yuan, down 4.39% year-on-year, while net profit attributable to shareholders surged by 189.51% to 154 million yuan [1] - The revenue decline was attributed to the sale of Toledo Molding & Die LLC's performance in the previous year, not due to core business weakness, indicating successful asset optimization and strategic adjustments [1] - The company’s emerging business, particularly the passenger car seat segment, showed remarkable growth, with revenue reaching 1.984 billion yuan, doubling year-on-year due to sustained investment and market expansion [1] Business Performance - The customer base of the company has diversified, covering overseas luxury car manufacturers, domestic new energy vehicle leaders, traditional high-end joint ventures, and top independent car manufacturers [2] - As of July 31, 2025, the company secured 24 designated projects in the passenger car seat sector, with a total lifecycle value between 95.94 billion yuan and 100.64 billion yuan [2] - The company has increased its R&D personnel for passenger car seats by approximately 175 people as of June 30, 2025, and has applied for a total of 180 patents, with 103 already granted [2] Capacity Expansion - The company has made significant progress in capacity construction for passenger car seats, with multiple production bases completed and operational, including locations in Hefei, Changzhou, Wuhu, Fuzhou, Yiwu, Tianjin, and Changchun [3] - The company is collaborating with its subsidiary Grammer Aktiengesellschaft to advance global seat business, with a new production base in Southeast Asia already operational and a European base under construction [3] - The company’s proactive approach in R&D and market expansion has positioned it well to meet increasing market demands for seat comfort and intelligence [3] Emerging Business Growth - In addition to passenger car seats, the company’s other emerging businesses also performed well, with intelligent air vent revenue reaching 136 million yuan and car refrigerator revenue approximately 77 million yuan in the first half of 2025 [3] - The company has secured 13 orders for car refrigerator products and has successfully gained project designations for hidden door handle products from various clients [3] - The company’s strategy of diversifying product offerings while focusing on specific product details has enhanced its competitive edge in the market [4]

Investment Rating - The report maintains a "Buy" recommendation for the automotive industry [2] Core Insights - Global light vehicle sales in June reached approximately 7.39 million units, a year-on-year increase of 2.1%, while overseas sales totaled about 4.67 million units, reflecting a year-on-year decline of 3.5% [2] - The report anticipates that overseas light vehicle sales will be approximately 54.98 million units in 2025, representing a year-on-year decrease of 0.2% [5] - The report highlights a significant decline in overseas vehicle sales, particularly in North America and Europe, while China shows a positive growth trend [5] Summary by Sections 1. Industry: Sales, Exchange Rates, Freight - Global light vehicle sales in June were approximately 7.39 million units, with overseas sales at about 4.67 million units, down 3.5% year-on-year [2] - In June, North America sold 1.55 million units (down 4.5% year-on-year), Europe sold about 1.57 million units (down 7.7% year-on-year), and China sold 2.72 million units (up 13% year-on-year) [5] - The report projects that overseas light vehicle sales will decline by 0.2% in 2025, with North America expected to see a 1.5% decrease and Europe a 2.3% decrease [5] 2. Market Competition - The report discusses the competitive landscape, noting that major automakers are facing challenges due to geopolitical tensions and economic uncertainties [5] - It highlights the performance of leading companies in the global market, with a focus on their sales shares and competitive strategies [5] 3. Automotive and Parts Company Export Situation - The report provides insights into the export performance of domestic automotive manufacturers, indicating a growing trend in exports [5] - It lists companies with significant overseas revenue contributions, emphasizing their market positions and growth potential [5]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 15 CNY per share [7][12]. Core Views - The company's revenue for the first half of 2025 was 10.523 billion CNY, a year-on-year decrease of 4.39%, while the net profit attributable to shareholders was 154 million CNY, a significant increase of 189.51% year-on-year [1][2]. - The seat business has shown rapid growth, with revenue reaching 1.984 billion CNY in the first half of 2025, up 121.2% compared to the same period in 2024 [2][5]. - The company is expanding its seat production capacity globally, with new bases in Southeast Asia and ongoing construction in Europe, aiming for a target revenue of 10 billion CNY from the seat segment by 2026 [5][6]. Revenue Summary - The company reported a total revenue of 10.523 billion CNY in the first half of 2025, down 4.39% year-on-year, primarily due to the divestiture of TMD by Grammer [2]. - The seat segment generated 1.984 billion CNY in revenue, reflecting a 121.2% increase year-on-year, driven by increased production for clients like Ideal and Geely [2][5]. - The car refrigerator segment also saw significant growth, with revenue doubling to 77 million CNY [2]. Profit Summary - The net profit for Q2 2025 was 49 million CNY, a decrease of 53% quarter-on-quarter, with a gross margin of 14.39%, down 1.93 percentage points [3]. - The increase in R&D expenses is attributed to early investments in seat development, with the number of R&D personnel increasing by approximately 175 compared to the end of 2024 [3]. Future Projections - Revenue projections for 2025 to 2027 are 23.55 billion CNY, 29.01 billion CNY, and 32.01 billion CNY, representing year-on-year growth rates of 5.8%, 23.2%, and 10.3% respectively [6][13]. - The net profit forecasts for the same period are 550 million CNY, 950 million CNY, and 1.26 billion CNY, with significant growth expected in the coming years [6][13].

公司最新总资产周转率为0.50次。最新存货周转率为5.21次。 公司股东户数为1.48万户，前十大股东持股数量为7.46亿股，占总股本比例为58.84%，前十大股东持股情况如下： | 序号 | 股东名称 | 特股 | | --- | --- | --- | | l | 宁波继弘控股集团有限公司 | 21.2. | | 2 | WING SING INTERNATIONAL CO., LTD. | 11.5 | | 3 | 王继民 | 9.38 | | ব | 余万立 | 6.81 | | 5 | 中国工商银行股份有限公司-富国天惠精选成长混合型证券投资基金(LOF) | 2.37 | | 6 | 中国光大银行股份有限公司-兴全商业模式优选混合型证券投资基金(LOF) | 1.63 | | 7 | 招商银行股份有限公司-兴全合润混合型证券投资基金 | 1.56 | | 8 | 全国社保基金――五组合 | 1.54 | | ਰੇ | 杀死错行股份有限公司-兴全新视野灵活配属军期开奖准号霸发挥式证券投资雷 | 1.42 | | 10 | 交通银行股份有限公司-富国消费主题混合型证券投资基金 | 1.33 | 202 ...

| 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | J | 宁波继弘控股集团有限公司 | 21.23% | | 2 | WING SING INTERNATIONAL CO., LTD. | 11.58% | | 3 | 王继民 | 9.38% | | 4 | 余万立 | 6.81% | | 5 | 中国工商银行股份有限公司-富国天惠精选成长混合型证券投资基金(LOF) | 2.37% | | ଚି | 中国光大银行股份有限公司-兴全商业模式优选混合型证券投资基金(LOF) | 1.63% | | 7 | 招商银行股份有限公司-兴全合润混合型证券投资基金 | 1.56% | | 8 | 全国社保基金 -- 五组合 | 1.54% | | 9 | 兴业银行股份有限公司-兴全新视野灵活配置定期开放混合型发起式证券投资基 | 1.42% | | 10 | 交通银行股份有限公司-富国消费主题混合型证券投资基金 | 1.33% | 公司摊薄每股收益为0.12元。 公司最新总资产周转率为0.50次，较去年同期总资产周转率减少0.08次，同比较去年同期下降14.05%。 最新存货周转率为5 ...

尽管乘用车座椅业务因研发投入加大及量产前置费用较高，导致上半年归母净利润亏损0.63 亿元，但公 司通过全方位降本增效，整体归母净利润仍实现逆势提升。 毛利率短期承压，静待新兴业务放量带动盈利改善：2025H1 公司毛利率达15.3%，同比提升0.8 个百分 点，展现持续向好态势。分季度看，2025Q2 毛利率同比持平但环比小幅回落，我们判断主要系产品结 构变化所致，合资客户出货占比阶段性下降。费用端呈现结构性优化特征，研发费用率因项目前置投入 同比有所提升，但管理/财务费用率显著下降，推动期间费用率整体保持稳定，反映出公司精细化管控 能力持续增强。展望未来，随着乘用车座椅业务进入规模化量产阶段，规模效应有望加速释放，叠加费 用管控成效持续显现，预计下半年公司利润率将迎来更显著的边际改善。 事件：8 月14 日，公司发布2025H1 业绩公告，实现收入105.2 亿元，同比下降4.4%，实现归母净利润 1.5 亿元，同比增长189.5%；对应2025Q2 实现收入54.9 亿元，同比下降4.1%，环比增长8.9%，实现归 母净利润0.5 亿元，同比增长45.1%，环比下降52.7%。 乘用车座椅客户结构持续优 ...

2025年8月15日，继峰股份(603997.SH)发布2025年半年度报告。截至2025年8月14日，共有48个机构投 资者披露持有继峰股份A股股份，合计持股量达6.63亿股，占继峰股份总股本的52.29%。其中，前十大 机构投资者包括宁波继弘控股集团有限公司、WING SING INTERNATIONAL CO., LTD.、中国工商银 行股份有限公司-富国天惠精选成长混合型证券投资基金(LOF)、中国光大银行股份有限公司-兴全商业 模式优选混合型证券投资基金(LOF)、招商银行股份有限公司-兴全合润混合型证券投资基金、全国社保 基金一一五组合、兴业银行股份有限公司-兴全新视野灵活配置定期开放混合型发起式证券投资基金、 交通银行股份有限公司-富国消费主题混合型证券投资基金、富国价值创造混合A、兴全绿色投资混合 (LOF)，前十大机构投资者合计持股比例达44.79%。相较于上一季度，前十大机构持股比例合计下跌了 0.30个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计12个，主要包括富国天惠成长混合(LOF)A/B、 富国价值创造混合A、平安睿享文娱混合A、富国消费主题混合A、平安优势产业混合A ...

Group 1 - The board of directors of Ningbo Jifeng Automotive Parts Co., Ltd. held its 19th meeting of the 5th session, with all 9 directors present, including 3 via video conference [1] - The meeting approved the proposal regarding the company's 2025 semi-annual report, which was reviewed by the audit committee prior to the board's approval [1][2] - The board also approved the special report on the storage and actual use of raised funds for the first half of 2025, with all votes in favor [2]

第五届监事会第十六次会议在公司会议室以现场表决的方式召开。应出席监事 3 人，实际出席监事 3 人。监事会主席张鹏先生主持了本次会议，董事会秘书、证 券事务代表列席了会议。本次会议通知于 2025 年 8 月 4 日发出。会议的召集、 召开符合《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）等有关法律法规及《公司章程》的 有关规定。 证券代码：603997 证券简称：继峰股份 公告编号：2025-051 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 第五届监事会第十六次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 表决结果：3 票同意，0 票反对，0 票弃权。 （二）审议通过《关于公司<2025 年半年度募集资金存放与实际使用情况的 专项报告>的议案》 具体内容详见公司同日于上海证券交易所网站（http://www.sse.com.cn/）披 露的《继峰股份 2025 年半年度募集资金存放与实际使用 ...

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and market demand [1] Financial Performance - Revenue for the first half of 2025 reached 5 billion, representing a year-on-year increase of 20% [1] - Net profit for the same period was reported at 1 billion, showing a substantial growth of 25% compared to the previous year [1] - The gross margin improved to 30%, up from 28% in the previous year, reflecting better cost management and pricing strategies [1] Market Position - The company has strengthened its market position, capturing a larger share in the industry due to increased demand for its products [1] - Strategic investments in technology and innovation have contributed to enhanced product offerings and customer satisfaction [1] Future Outlook - The company is optimistic about maintaining growth momentum in the second half of 2025, driven by expanding market opportunities and ongoing product development initiatives [1] - Management has set ambitious targets for revenue and profit growth, aiming for a 15% increase in revenue for the full year [1]