Core Viewpoint - Ningbo Jifeng Automotive Parts Co., Ltd. has established a new subsidiary, Ningbo Jiyuan Automotive Parts Co., Ltd., with an investment of 10 million yuan, indicating a strategic expansion in the automotive manufacturing sector [1]. Company Summary - Ningbo Jiyuan Automotive Parts Co., Ltd. was founded on November 12, 2025, with a registered capital of 10 million yuan and is fully owned by Ningbo Jifeng Automotive Parts Co., Ltd. [1]. - The legal representative of the new company is Feng Dian, and it is located in Ningbo City [1]. - The company will engage in various activities including wholesale and retail of automotive parts, sales of mechanical parts, automotive decoration products, rubber products, and provide information consulting services, among other technical services [1]. Industry Summary - The establishment of Ningbo Jiyuan Automotive Parts Co., Ltd. reflects ongoing developments in the automotive manufacturing industry, particularly in the automotive parts sector [1].

Core Points - Ningbo Jifeng Automotive Parts Co., Ltd. announced the release of part of the pledged shares by its controlling shareholder, Ningbo Jihong Holding Group Co., Ltd. [1] - As of November 13, 2025, Jihong Group holds a total of 26,925.66 million shares, accounting for 21.16% of the company's total share capital [1] - After the release of 41 million shares from pledge, the total pledged shares amount to 95.6 million, which is 35.51% of Jihong Group's total holdings and 7.51% of the company's total share capital [1] - Jihong Group has notified the company that it has completed the release of 41 million unrestricted circulating shares pledged to Bank of Communications Ningbo Branch [1] - There are currently no plans for further pledges by Jihong Group following this release [1]

Core Viewpoint - The announcement from Jifeng Co., Ltd. indicates that its controlling shareholder, Jihong Group, has initiated the process to lift the pledge on 41 million unrestricted circulating shares, which represents 15.23% of Jihong Group's holdings and 3.22% of the total share capital of the company [2] Summary by Relevant Sections - **Shareholder Actions** - Jihong Group notified the company about the lifting of the pledge on 41 million shares [2] - This action reflects a significant portion of Jihong Group's total holdings, specifically 15.23% [2] - **Impact on Company Capital Structure** - The shares involved in the pledge lifting account for 3.22% of Jifeng Co., Ltd.'s total share capital [2]

宁波继峰汽车零部件股份有限公司 关于控股股东部分股份解除质押的公告 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: 截至 2025 年 11 月 13 日，宁波继弘控股集团有限公司（以下简称"继弘 集团"）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 21.16%。本次解除质押 4,100.00 万股 后，已累计质押股份数为 9,560.00 万股，占其所持有公司股份总数的 35.51%， 占公司目前总股本比例为 7.51%。 | 证券代码：603997 | 证券简称：继峰股份 | | 公告编号：2025-084 | | --- | --- | --- | --- | | 转债代码：110801 | 转债简称：继峰定 | 01 | | 公司于2025年11月13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，具体情况 ...

Core Viewpoint - Ningbo Jifeng announced that as of November 13, 2025, its controlling shareholder, Jihong Group, holds 26,925.66 million shares, accounting for 21.16% of the total share capital [1] Group 1 - On the same day, Jihong Group will release the pledge of 41,000.00 million shares to Bank of Communications Ningbo Branch, which represents 15.23% of its held shares and 3.22% of the company's total share capital [1] - After this release, Jihong Group has a total of 95,600.00 million shares pledged, which is 35.51% of its total holdings and 7.51% of the company's total share capital, with no further pledge plans at this time [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Insights - In Q3 2025, the company achieved revenue of 5.61 billion yuan, a year-on-year decrease of 4.9%, but reported a significant turnaround with a net profit of 100 million yuan [2][4] - The integration effects from Grammer are becoming evident, with improved profitability levels in Q3, driven by the company's production and R&D efficiency advantages, as well as a high self-manufacturing rate that provides cost advantages [2][4] - The company has a rich order backlog and is expected to see significant revenue growth from its passenger car seat projects in the future [2][4] Summary by Sections Financial Performance - The company reported a Q3 revenue of 5.61 billion yuan, down 4.9% year-on-year but up 2.2% quarter-on-quarter, primarily impacted by a decline in Grammer's revenue [4] - The gross profit margin for Q3 was 16.5%, an increase of 2.4 percentage points year-on-year and 2.1 percentage points quarter-on-quarter [4] - The net profit for Q3 was 100 million yuan, a significant improvement compared to the previous year, with a net profit margin of 1.7% [4] Business Development - The passenger car seat business saw revenue of 1.98 billion yuan in H1 2025, a year-on-year increase of 121.2%, with a growing number of orders [4] - The company is expanding its global integration efforts, with significant management changes at Grammer and a focus on enhancing the passenger car seat business [4] - The company is also exploring new business areas such as air conditioning vents and vehicle refrigerators, which have already secured multiple orders [4] Future Outlook - The company is expected to see net profits of 390 million yuan, 780 million yuan, and 1.12 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 45.9X, 22.7X, and 15.9X [4]

Core Viewpoint - Jifeng Co., Ltd. experienced a stock price decline of 2.03% on November 12, with a current price of 14.02 CNY per share and a market capitalization of 17.837 billion CNY [1] Financial Performance - For the period from January to September 2025, Jifeng Co., Ltd. reported a revenue of 16.131 billion CNY, a year-on-year decrease of 4.58%, while the net profit attributable to shareholders increased by 147.21% to 251 million CNY [2] - The company has cumulatively distributed 999.8 million CNY in dividends since its A-share listing, with no dividends distributed in the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 29.21% to 19,100, with an average of 66,273 circulating shares per shareholder, a decrease of 22.60% [2] - The top ten circulating shareholders include notable funds such as the Fortune Tianhui Growth Mixed Fund and Hong Kong Central Clearing Limited, with some shareholders reducing their holdings [3] Stock Performance - Jifeng Co., Ltd.'s stock has increased by 22.45% year-to-date, with a recent decline of 1.27% over the last five trading days [1]

Core Viewpoint - The announcement from Jifeng Co., Ltd. indicates a significant level of external guarantees provided by the company and its subsidiaries, raising concerns about financial leverage and risk exposure [1] Summary by Relevant Sections - **Total External Guarantees**: As of the announcement date, the total external guarantees provided by Jifeng Co., Ltd. and its wholly-owned and controlling subsidiaries amount to RMB 13.651 billion [1] - **Proportion of Net Assets**: The total guarantees represent 293.70% of the company's audited net assets for the fiscal year 2024 [1] - **Nature of Guarantees**: All guarantees are provided to wholly-owned and controlling subsidiaries, with no overdue guarantees or related party guarantees reported [1]

| 证券代码：603997 | 证券简称：继峰股份 | 公告编号：2025-083 | | --- | --- | --- | | 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 关于为子公司银行融资提供担保的公告 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： 被担保人名称：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（常州）有限公司（以下简称"继峰座椅（常州）"）、上 海继峰座椅有限公司（以下简称"上海座椅"）、继峰座椅（合肥）有限公司（以 下简称"继峰座椅（合肥）"）、继峰座椅（义乌）有限公司（以下简称"继峰座 椅（义乌）"）。 公司本次为继峰座椅（常州）提供担保的金额为 46,000 万元人民币，为 上海座椅提供担保的金额为 10,000 万元人民币，为继峰座椅（合肥）提供担保 的金额为 35,000 万元，为继峰座椅（义乌）提供担保的金额为 1,000 万元人民币。 截至本公告披露日，公司实际为继峰座椅（常州）提供的担保余额为 1 ...

Core Viewpoint - The article emphasizes the growth potential of Jifeng Co., Ltd. in the automotive seat industry, driven by product upgrades and domestic substitution opportunities, particularly in the context of the increasing demand for passenger car seats and the company's strategic initiatives to enhance profitability and expand its global customer base [1][5][18]. Financial Performance - In Q3 2025, Jifeng Co., Ltd. achieved a revenue of 5.608 billion yuan, a year-on-year decrease of 4.94% but a quarter-on-quarter increase of 2.23%. The net profit attributable to shareholders was 97 million yuan, marking a turnaround from a loss of 585 million yuan in the same period last year, with a sequential growth of 97% [2][3][9]. - The company's gross profit margin for Q3 2025 was 16.48%, up 2.4 percentage points year-on-year and 2.09 percentage points quarter-on-quarter. The net profit margin was 1.73%, reflecting a year-on-year turnaround and a quarter-on-quarter increase of 0.84 percentage points [4][12]. Business Development - The passenger car seat segment is a significant market with a value ranging from 4,000 to over 10,000 yuan per unit. The company reported a doubling of revenue in this segment to 1.984 billion yuan in the first half of 2025, compared to 897 million yuan in the same period last year [5][18]. - Jifeng Co., Ltd. has established multiple seat production bases across China and is expanding its global footprint, including a joint venture in Germany to serve European clients like BMW. As of July 31, 2025, the company had 24 ongoing projects for passenger car seats [18][19]. Product Innovation - The company is actively developing new products such as hidden electric air vents and hidden door handles, which are gaining traction in the market. The smart air vent business generated 136 million yuan in revenue in the first half of 2025, while the car refrigerator segment saw revenues of approximately 77 million yuan, reflecting significant growth [20][21]. Market Position - Jifeng Co., Ltd. is positioned as a leading player in the domestic automotive seat market, with a focus on high-value components. The company aims to capitalize on the growing demand for domestic substitutes in the automotive supply chain, particularly as new energy vehicle manufacturers emerge [5][19].