NBJF(SH:603997) 车中旭霞·2025-11-09 16:03Core 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].