机构：中银国际 研究员：LOU Jia/Olivia NIU Strong rally in Euro helps boost bottom line to record high. Despite a moderate depreciation of USD against RMB, we believe Fuyao's monetary assets exposure to the Euro (over EUR600m) will enjoy a strong rally in FX gains given the appreciation of EUR by 8% against RMB in 2Q25. We estimate the company may score FX gains of more than RMB300m, lifting the attributable net profit to RMB2.5-2.6bn as another quarterly high. Overseas manufacturing profitability likely to improve con ...