Core Viewpoint - Ningbo Jifeng Automotive Parts Co., Ltd. (referred to as "Jifeng Co., Ltd.") has shown a slight decline in revenue in 2025, but its profitability has steadily improved, driven by the rapid development of emerging businesses and the integration of overseas assets [1] Financial Performance - In the first three quarters of 2025, Jifeng Co., Ltd. achieved operating revenue of 16.131 billion yuan, a year-on-year decrease of 4.58% [1] - The net profit attributable to shareholders of the listed company was 251 million yuan, marking a turnaround from loss to profit compared to the same period last year [1] - The passenger car seat business generated operating revenue of 1.984 billion yuan in the first half of 2025, doubling year-on-year, with this growth trend continuing into the third quarter [1] Business Development - The customer base for Jifeng Co., Ltd.'s passenger car seats now includes overseas luxury car manufacturers, leading domestic new energy vehicle companies, traditional high-end joint venture car manufacturers, and top domestic independent car manufacturers, indicating a more diversified customer structure [2] - Emerging business segments, such as hidden electric air vents and hidden door handles, are rapidly expanding and are expected to become new growth points as projects move into mass production [2] Integration Strategy - The deep integration of the subsidiary Grammer Aktiengesellschaft is a key initiative to unlock existing value, with measures including adjustments to the decision-making team and the establishment of a new performance evaluation system [2] - The integration model follows the "brain factory + overseas hand and foot factory" approach, concentrating management capabilities and cost control experiences domestically while empowering overseas production bases [3] - As of the first three quarters of 2025, Grammer achieved a net profit of 150 million yuan, marking a turnaround from loss to profit [3] Market Outlook - With the continuous landing of emerging business orders and the further release of integration effects from Grammer, Jifeng Co., Ltd.'s competitiveness in the global automotive parts market is expected to strengthen [3]