Core Viewpoint - Minsheng Securities report indicates that Shanghai Yanpu achieved a net profit attributable to shareholders of 78 million yuan in H1 2025, representing a year-on-year increase of 26.0% [1] - The Q2 net profit attributable to shareholders was 45 million yuan, showing a year-on-year increase of 50.7% and a quarter-on-quarter increase of 37.2%, with performance meeting expectations [1] Business Development - Automotive Seating: The company has established a team of experts in the automotive seating field and has launched a high-standard R&D laboratory, currently negotiating customized development plans with several leading automotive manufacturers and new energy vehicle companies [1] - Robotics: The company has completed the first phase of technical reserves for key components in robotics and has initiated a plan to attract high-end talent and build specialized teams, with the robotics division's development progressing internally [1] Market Position - As a leading manufacturer of automotive seat frames, the company is accelerating market share acquisition through cost-effectiveness and rapid response capabilities [1] - The company is actively expanding its complete seat assembly business and railway business, opening up long-term growth opportunities [1]

Group 1 - The core viewpoint of the report is a recommendation rating for Shanghai Yanpu (605128.SH) with a latest price of 35.32 yuan [2] - The performance in Q2 2025 is expected to meet forecasts, with promising prospects for the automotive seating business [2] - The company is actively expanding its customer base, moving from the Lear system to a comprehensive coverage of mainstream Tier 1 suppliers [2] - The business scope is expanding from automotive to railways, which opens up long-term growth opportunities [2]