TC(SH:603085) Zheng Quan Zhi Xing·2025-08-25 16:12Core Viewpoint - Zhejiang Tenchen Controls Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased sales in its main business segments, including passenger car seats, engineering machinery seats, and aircraft seats [2][3][6]. Financial Performance - The company achieved operating revenue of CNY 1,155,716,403.27, a year-on-year increase of 31.40% compared to CNY 879,564,935.73 in the same period last year [2][3]. - Total profit reached CNY 36,398,934.21, up 328.62% from CNY 8,492,153.64 [2][3]. - Net profit attributable to shareholders was CNY 23,270,918.55, reflecting a 47.55% increase from CNY 15,771,356.12 [2][3]. - The company's net cash flow from operating activities was CNY 187,876,681.76, a significant recovery from a negative cash flow of CNY -2,526,440.81 in the previous year [2][3]. Business Segments - The main business segments include: - Passenger car seats, contributing CNY 521,162,209.98, accounting for 45.93% of total revenue, with a growth rate of 59.65% [6][8]. - Engineering machinery and commercial vehicle seats, with a notable recovery in market demand [4][6]. - Aircraft seats, generating CNY 141,657,557.67, representing 12.48% of total revenue, with a growth of 24.01% [6][8]. Industry Context - The passenger car seat market is closely tied to the overall automotive market, which has seen a continuous increase in production and sales, with a 12.5% increase in production and an 11.4% increase in sales in the first half of 2025 [6][7]. - The engineering machinery industry is experiencing a steady recovery, with excavator sales increasing by 16.8% year-on-year, indicating a rebound in infrastructure demand [7][8]. - The aviation seat market faces challenges due to global economic uncertainties, but the company has established itself as a supplier for major aircraft manufacturers like Boeing and Airbus [4][8][11]. Competitive Advantages - The company has a comprehensive R&D, procurement, production, and sales system, allowing it to respond effectively to customer needs and market changes [3][4]. - It has established strong relationships with key clients in various sectors, enhancing customer loyalty and market position [10][11]. - The company is recognized for its technological advancements in lightweight materials and comfort design, positioning it competitively in the market [9][10].