Carthane(SH:603037) Zheng Quan Shi Bao Wang·2025-09-02 05:57Core Viewpoint - Kaizhong Co., Ltd. (603037) reported a revenue of 349 million yuan in the first half of 2025, reflecting a year-on-year growth of 0.89%, and a net profit attributable to shareholders of 37.79 million yuan, with a significant increase in net cash flow from operating activities by 171.39% to 79.30 million yuan [1][4]. Financial Performance - The company achieved a revenue of 349 million yuan in H1 2025, with a net profit of 37.79 million yuan and a net cash flow from operating activities of 79.30 million yuan [1]. - The company secured new projects valued at approximately 330 million yuan and generated revenue of 51.62 million yuan from new products [4][5]. Project and Product Development - The recent acquisition of new projects and the mass production of new products lay a solid foundation for the company's future capacity layout and market share enhancement [1][4]. - The company completed a convertible bond issuance of 308 million yuan, with the funds primarily allocated for the expansion project at the Nantong production base, focusing on capacity expansion and technological upgrades [2][3]. Market Opportunities - The global automotive industry is undergoing transformation, presenting market opportunities for automotive parts companies like Kaizhong, which specializes in chassis suspension system shock-absorbing components and lightweight pedal assemblies [2][5]. - Kaizhong's shock-absorbing components and lightweight pedal products are applicable in both new energy vehicles and traditional fuel vehicles, catering to the evolving demands of automotive manufacturers [2][4]. Production Capacity and Technological Upgrades - The Nantong production expansion project aims to achieve an annual production capacity of 27 million polyurethane shock-absorbing components and 3.5 million lightweight pedal assemblies, with automation and information technology upgrades to optimize production processes [3]. - The project includes specific production capacities for non-contact floor accelerator pedals and line-controlled brake pedals, which are critical development directions in the lightweight pedal sector [3]. R&D and International Expansion - The company continues to invest in polyurethane material research, exploring applications in new energy vehicles and energy storage systems, leading to new project orders from major domestic battery companies [5]. - Kaizhong has established international partnerships with renowned automotive manufacturers and has set up subsidiaries in Mexico, the USA, Europe, and Morocco, with a representative office in Japan [5].