Xiangyang Changyuandonggu Industry (SH:603950) Shang Hai Zheng Quan Bao·2025-10-10 19:42Core Viewpoint - The company held a half-year performance briefing on October 10, 2025, to provide investors with insights into its performance and address common concerns [1][3]. Group 1: Performance Briefing Details - The performance briefing was conducted online from 16:00 to 17:00, featuring participation from the company's board members and executives [3]. - The company announced that the 2025 stock incentive plan has been approved and is currently being implemented [4]. Group 2: Key Investor Questions and Responses - The company explained that the profit growth outpaced revenue growth in the first half of the year due to factors such as fixed cost dilution from increased sales volume, changes in sales structure, and effective cost control [4]. - The joint ventures with Guangxi Jinchuan Automotive Parts Manufacturing Co., Ltd. are controlled by the partner, with the company holding a 49% stake, meaning the revenue from these ventures is not included in the consolidated financial statements but accounted for under investment income [4]. - The company has expanded its customer base in both commercial and passenger vehicle markets, enhancing production scale and profitability through various cost-reduction strategies [4]. - The current annual production capacity for diesel/natural gas engine cylinder blocks and heads is approximately 700,000 sets, while the capacity for new energy hybrid engine components is around 2 million sets [4]. - The company maintains a flexible production system that allows for quick adjustments based on market demand and customer needs [4]. Group 3: Customer Base and Market Impact - The company has a diverse customer base, including major clients such as Foton Cummins, Dongfeng Cummins, and BYD, which mitigates the impact of sales fluctuations from any single customer [5]. - The company encourages investors to monitor its regular reports for updates on annual shipment volumes [5].