上海沿浦：公司目前直接出口的产品销售收入占比较低

Core Viewpoint - The company anticipates a temporary decline in gross margin due to normal cost increases associated with the ramp-up of new projects, which is expected to recover as production stabilizes [1] Group 1: Financial Performance - The gross margin decline reported in the Q3 2025 is attributed to the initial costs of new projects entering mass production [1] - The company expects gross margins to return to normal levels after a period of stable production from these new projects [1] Group 2: Customer Relationships - The top five customers account for a significant portion of the company's revenue, but the long development cycle for new automotive parts projects mitigates risks [1] - The company has established a strong technical moat in automotive seat frame assemblies, ensuring stable and high-speed development in collaboration with major clients [1] Group 3: Export and Sales Strategy - The company's direct export sales are relatively low, primarily involving products sold to domestic clients' global affiliates [1]