Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Views - The company reported a revenue of 10.523 billion yuan in the first half of 2025, a year-on-year decrease of 4.39%, while the net profit attributable to shareholders reached 154 million yuan, an increase of 189.51% year-on-year [1][6]. - The company's seat assembly business is experiencing rapid growth, with a significant increase in revenue and profit from the passenger car seat segment, which achieved a revenue of 1.984 billion yuan, a year-on-year increase of 121% [2][6]. - The integration of the Gramer division is progressing well, leading to improved operational efficiency and profitability, with Gramer achieving a net profit of 93 million yuan in the first half of 2025, reversing a loss from the previous year [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 10.523 billion yuan, down 4.39% year-on-year, while the net profit attributable to shareholders was 154 million yuan, up 189.51% year-on-year [1][6]. - The Gramer division reported a revenue of 7.601 billion yuan, a decrease of 11.89% year-on-year, primarily due to the sale of the US TMD company in the previous year [1][2]. Business Segments - The passenger car seat segment saw a revenue increase of 24.97% year-on-year, reaching 3.104 billion yuan, with a net profit of 116 million yuan, up 19.68% year-on-year [1][2]. - The company has 24 passenger car seat projects in hand, with 7 already in production and 10 expected to start production in the second half of 2025 [2]. Future Outlook - The report anticipates continued growth in the company's performance, projecting net profits of 674 million yuan, 1.045 billion yuan, and 1.33 billion yuan for 2025, 2026, and 2027, respectively [2][4].