长江商报消息 ●长江商报记者 徐阳 天成自控（603085.SH）加速"走出去"。 9月28日晚，天成自控公告称，公司拟设立或者通过子公司投资设立日本全资子公司并投资仓储中心及 生产基地，投资金额不超过1000万元。 天成自控的主营业务为乘用车座椅、工程机械与商用车座椅、航空座椅的研发设计、生产和销售。公司 聚焦主业做大做强，努力拓展全球市场，已斩获多个订单，持续提升市场占有率。 2025年上半年，天成自控三大主营业务板块齐头并进，实现营业收入和归属于上市公司股东的净利润 （以下简称"净利润"）稳步增长，其中净利润同比大涨47.55%。 拟不超1000万设海外子公司 9月28日晚间，天成自控公告称，为提升公司的国际竞争力和服务能力，完善公司业务布局和中长期战 略发展规划，公司拟设立或者通过子公司投资设立日本全资子公司并投资仓储中心及生产基地。 公告显示，该项目计划投资不超过1000万元人民币（或等值外币），包括但不限于租赁或自建厂房、购 建固定资产等相关事项，实际投资金额以中国及当地主管部门批准金额为准。 天成自控表示，公司通过设立海外子公司，可以更好地推动公司国际业务的拓展与应对海外客户的需 求，有利于进一 ...

Group 1 - The company has announced a 2025 employee stock ownership plan targeting middle management and key personnel, with a total of up to 3 million shares and a fundraising amount not exceeding 16.32 million yuan, representing 0.76% of the current total share capital [1] - The company plans to establish a wholly-owned subsidiary in Japan with an investment of 10 million yuan (or equivalent foreign currency) to enhance its international competitiveness and deepen its presence in the Asia-Pacific market [1][3] - The employee stock ownership plan includes performance assessment indicators based on revenue growth, with targets of at least 20% for 2025 and 38% for 2026, reflecting the company's confidence in sustained high growth [1] Group 2 - The company operates in the seating industry, focusing on three main business segments: construction machinery and commercial vehicle seats, passenger vehicle seats, and aviation seats, utilizing a "vertical integration + horizontal collaboration" development model [2] - The passenger vehicle seat business has seen significant growth, with revenue reaching 521 million yuan in the first half of the year, a year-on-year increase of 59.65%, supported by over 1.07 million cumulative models [3] - The company is expanding its production base in various locations, including Wuhan, Chuzhou, Jinan, and Xiangtan, and has invested in Changsha Huacheng Automotive Parts Co., Ltd. to better serve local customers [3] Group 3 - The Japanese engineering machinery market is expected to grow steadily, with a projected revenue of 14.08 billion USD by 2030, and the company aims to leverage existing customer relationships to enter this market [4] - The growth in passenger vehicle seat sales, particularly in high-value new energy vehicle seats, is anticipated to drive profitability, while commercial vehicle and engineering machinery seat sales are expected to recover gradually [4][5] - The company is actively exploring new business opportunities in the low-altitude economy, collaborating with leading enterprises in the sector to leverage its expertise in lightweight materials and certification processes [5]

融通逆向策略灵活配置混合A（005067）成立日期2018年2月11日，最新规模812.28万。今年以来收益 21.6%，同类排名4309/8173；近一年收益34%，同类排名4455/8003；成立以来收益75.7%。 融通逆向策略灵活配置混合A（005067）基金经理为刘安坤。 9月25日，继峰股份涨5.01%，截至发稿，报12.79元/股，成交1.65亿元，换手率1.04%，总市值162.18亿 元。 资料显示，宁波继峰汽车零部件股份有限公司位于浙江省宁波市北仑区大碶璎珞河路17号，成立日期 2003年7月11日，上市日期2015年3月2日，公司主营业务涉及汽车内饰件及其系统,乘用车座椅以及道路 车辆、非道路车辆悬挂驾驶座椅和乘客座椅的开发、生产和销售。主营业务收入构成为：GrammerAG 集团分部72.24%，继峰分部29.49%。 从基金十大重仓股角度 数据显示，融通基金旗下1只基金重仓继峰股份。融通逆向策略灵活配置混合A（005067）二季度持有 股数2.44万股，占基金净值比例为3.72%，位居第十大重仓股。根据测算，今日浮盈赚取约1.49万元。 责任编辑：小浪快报 截至发稿，刘安坤累计任职时 ...

永赢低碳环保智选混合发起A（016386）成立日期2022年10月17日，最新规模1.77亿。今年以来收益 8.24%，同类排名6011/8172；近一年收益65.12%，同类排名2005/7980；成立以来亏损9.53%。 永赢低碳环保智选混合发起A（016386）基金经理为胡泽。 9月19日，天成自控跌5.03%，截至发稿，报10.38元/股，成交1.29亿元，换手率3.08%，总市值41.22亿 元。 截至发稿，胡泽累计任职时间2年108天，现任基金资产总规模26.39亿元，任职期间最佳基金回报 129.08%， 任职期间最差基金回报9.43%。 资料显示，浙江天成自控股份有限公司位于浙江省天台县西工业区，成立日期2000年1月21日，上市日 期2015年6月30日，公司主营业务涉及乘用车座椅、航空座椅、工程机械与商用车座椅、儿童安全座椅 的研发设计、生产和销售。主营业务收入构成为：车辆座椅及配件85.92%，航空座椅及配件12.26%， 其他1.82%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等 ...

Summary of the Conference Call for Jifeng Group Industry and Company Overview - The conference call discusses Jifeng Group, a company involved in the automotive seating industry, particularly focusing on passenger car seats and commercial vehicle seats following its acquisition of Grammer, enhancing its global presence and product line [2][8][9]. Core Insights and Arguments - **Revenue Growth**: Jifeng Group's revenue is projected to reach approximately 30 billion yuan from passenger car seats and over 70 billion yuan from central control and interior businesses in 2024. Emerging businesses like hidden electric air vents and car refrigerators are expected to become new growth points, with a performance release cycle anticipated in 2025 [2][3]. - **Historical Performance**: The company experienced significant revenue growth from 20 billion yuan in 2018 to over 200 billion yuan in 2023, despite a loss in 2020 due to the pandemic and acquisition impacts. Post-2021, the company turned profitable through cost reduction and efficiency improvements [2][10][11]. - **Market Trends**: The passenger car seat market is large, with a high unit value. Trends towards comfort, functionality, smart features, and lightweight materials are expected to increase the unit value of seats by approximately 5,000 yuan by 2025 and further to around 5,200 yuan by 2027 [12][13]. - **Domestic Market Dynamics**: The domestic passenger car seat market is undergoing changes due to the rise of domestic brands and supply chain restructuring, providing opportunities for local suppliers who have advantages in response speed and cost control [16]. Financial Projections - **Future Revenue and Profit**: Revenue is expected to reach 26 billion yuan in 2025, 29.1 billion yuan in 2026, and 32.1 billion yuan in 2027, with profits projected at 600 million yuan, 1 billion yuan, and 1.4 billion yuan respectively [3][25]. Company Development Stages - Jifeng Group's development can be categorized into three stages: foundational business establishment (1996-2018), expansion and acquisition (2019-2020), and strategic new business breakthrough (2021-present) [6]. Governance and Financial Health - As of the end of 2024, the controlling shareholder holds a 42.22% stake, indicating a concentrated and stable ownership structure. The company has regained profitability and is positioned for growth following the integration of Grammer [7][11]. Globalization Efforts - The acquisition of Grammer has allowed Jifeng Group to expand its product line and customer base significantly, enhancing its international competitiveness and establishing a solid foundation for future growth [8][9]. Competitive Landscape - The automotive seating industry is characterized by a few dominant foreign players, with local suppliers facing challenges in market entry due to technological and resource barriers. However, local suppliers are gaining ground due to their cost advantages and faster response times [15][16]. Emerging Business Opportunities - New business areas such as electric air vents and car refrigerators are gaining traction, with significant order volumes indicating a positive outlook for revenue growth in these segments [20][21]. Conclusion - Jifeng Group is positioned for a promising future with strong revenue growth projections, a solid market position, and strategic initiatives aimed at enhancing its competitive edge in the automotive seating industry [25].

Core Viewpoint - Tiancheng Control (603085) reported a significant increase in total revenue and net profit for the first half of 2025, indicating strong business performance despite rising short-term debt pressure [1]. Financial Performance - Total revenue for the first half of 2025 reached 1.156 billion yuan, a year-on-year increase of 31.4% compared to 880 million yuan in 2024 [1]. - Net profit attributable to shareholders was 23.27 million yuan, up 47.55% from 15.77 million yuan in the previous year [1]. - The gross profit margin decreased to 16.63%, down 18.75% year-on-year, while the net profit margin increased to 2.01%, up 12.29% [1]. - The total of selling, administrative, and financial expenses was 94.02 million yuan, accounting for 8.14% of revenue, a decrease of 34.76% year-on-year [1]. Cash Flow and Debt Situation - Operating cash flow per share increased significantly to 0.47 yuan, a rise of 7536.42% year-on-year from -0.01 yuan [1]. - The current ratio stands at 0.9, indicating rising short-term debt pressure [1]. - The company’s cash and cash equivalents decreased by 36.61% due to a reduction in acceptance guarantee deposits [3]. Business Operations - The increase in revenue was attributed to higher orders in passenger car seat business and a recovery in the markets for engineering machinery, commercial vehicle seats, and aircraft seats [3]. - The cost of goods sold rose by 37.74%, reflecting increased sales volume [3]. - Research and development expenses increased by 37.26% due to higher total salaries for R&D personnel [5]. Investment Returns - The company's return on invested capital (ROIC) was 0.33%, indicating weak capital returns in recent years [4]. - Historical data shows a median ROIC of 4.85% since the company went public, with three years of losses out of nine annual reports, suggesting a fragile business model [4].

Core Viewpoint - Zhejiang Tenchen Controls Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased sales in its main business segments, including passenger car seats, engineering machinery seats, and aircraft seats [2][3][6]. Financial Performance - The company achieved operating revenue of CNY 1,155,716,403.27, a year-on-year increase of 31.40% compared to CNY 879,564,935.73 in the same period last year [2][3]. - Total profit reached CNY 36,398,934.21, up 328.62% from CNY 8,492,153.64 [2][3]. - Net profit attributable to shareholders was CNY 23,270,918.55, reflecting a 47.55% increase from CNY 15,771,356.12 [2][3]. - The company's net cash flow from operating activities was CNY 187,876,681.76, a significant recovery from a negative cash flow of CNY -2,526,440.81 in the previous year [2][3]. Business Segments - The main business segments include: - Passenger car seats, contributing CNY 521,162,209.98, accounting for 45.93% of total revenue, with a growth rate of 59.65% [6][8]. - Engineering machinery and commercial vehicle seats, with a notable recovery in market demand [4][6]. - Aircraft seats, generating CNY 141,657,557.67, representing 12.48% of total revenue, with a growth of 24.01% [6][8]. Industry Context - The passenger car seat market is closely tied to the overall automotive market, which has seen a continuous increase in production and sales, with a 12.5% increase in production and an 11.4% increase in sales in the first half of 2025 [6][7]. - The engineering machinery industry is experiencing a steady recovery, with excavator sales increasing by 16.8% year-on-year, indicating a rebound in infrastructure demand [7][8]. - The aviation seat market faces challenges due to global economic uncertainties, but the company has established itself as a supplier for major aircraft manufacturers like Boeing and Airbus [4][8][11]. Competitive Advantages - The company has a comprehensive R&D, procurement, production, and sales system, allowing it to respond effectively to customer needs and market changes [3][4]. - It has established strong relationships with key clients in various sectors, enhancing customer loyalty and market position [10][11]. - The company is recognized for its technological advancements in lightweight materials and comfort design, positioning it competitively in the market [9][10].

Summary of New Spring Co., Ltd. Conference Call Company Overview - New Spring Co., Ltd. has undergone four development stages since its establishment: - 2011-2015: Stable revenue between 500 million to 1 billion CNY - 2016-2017: Revenue growth from 1 billion to approximately 3 billion CNY, benefiting from strong performance of Geely and SAIC's self-owned models - 2018-2020: Revenue stagnation in the range of 3 billion to 3.5 billion CNY - 2021-2024: Revenue growth driven by increased penetration of new energy vehicles and rising market share of self-owned brands, expected to exceed 13 billion CNY [1][2][5] Market Share and Profitability - Market share of passenger car dashboards increased from approximately 2%-3% (2012-2016) to about 5.7% (2017-2018) due to the ramp-up of Geely and SAIC [4] - Overall gross margin decreased from nearly 30% in 2013 to about 20% in 2024, influenced by product structure changes, fluctuations in commercial vehicle profitability, and rising raw material prices [4] - Passenger car business gross margin remained relatively stable despite overall margin decline [4] Capital Expenditure and Expenses - Full-process gross margin saw a significant decline from 2018 to 2019 due to accelerated capital expenditure, stagnant revenue growth, and rising raw material prices [5] - Sales expenses are expected to decrease in 2024 due to warranty impacts, while management expenses will rise due to overseas expansion and early mass production of Tesla projects [6] Customer Structure and Future Expectations - Customer structure has changed significantly over time: - Early stage: Chery and Geely were major customers (22% each) - Mid-stage: Geely became the largest customer (29%), followed by SAIC (25%) - Recent stage: Key customers include Chery, Tesla, Geely, and Li Auto [9] - Future growth is anticipated through global expansion and partnerships with overseas OEMs such as Volkswagen, Volvo, and Audi [7] Product Development and Competitive Advantage - New Spring is expanding its product line to include exterior parts and passenger car seats, aiming to become a leading player in the automotive interior sector [13] - The company has a competitive advantage in cost control and response efficiency compared to competitors, with a strong market position due to increasing industry concentration and limited new entrants [14] Financial Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 1.337 billion, 1.725 billion, and 2.102 billion CNY respectively [2][13]

Core Viewpoint - The company achieved a significant increase in net profit margin, with a year-on-year growth of 45% in Q2 [2]. Financial Performance - In the first half of 2025, the company reported total revenue of 10.52 billion yuan, a decrease of 4.39% year-on-year, primarily due to the divestiture of TMD, which reduced revenue from Grammer North America. The net profit attributable to shareholders reached 150 million yuan, an increase of 189.51% year-on-year [3][10]. - In Q2 2025, the company generated revenue of 5.486 billion yuan, a year-on-year decline of 4.08% but a quarter-on-quarter increase of 9%. The increase was mainly driven by the seating business. The net profit attributable to shareholders was 49 million yuan, up 45% year-on-year but down 53% quarter-on-quarter [3][10]. - The company’s gross profit margin for Q2 2025 was 14.39%, a slight increase of 0.02 percentage points year-on-year, while the net profit margin was 0.89%, up 0.3 percentage points year-on-year [5][17]. Business Development - The passenger car seat business is a significant market with a value of hundreds of billions. The company reported a revenue of 1.984 billion yuan from this segment in the first half of 2025, doubling from 897 million yuan in the same period last year. However, the net profit for this segment was -63 million yuan, compared to -23 million yuan in the previous year [6][27]. - The company has made substantial progress in expanding its production capacity for passenger car seats, with 24 projects currently in hand and global customer orders continuing to grow [28]. Product Innovation - The company is actively expanding its interior business, focusing on new intelligent electric products such as hidden electric air vents and hidden door handles. The revenue from the air vent business in the first half of 2025 was 136 million yuan, while the car refrigerator business saw revenue of approximately 77 million yuan, a significant increase from 22 million yuan in the previous year [8][33]. Market Position - The company is positioned as a leading private seat manufacturer in China, with a strong focus on domestic market penetration and the potential for significant market share growth due to the ongoing trend of domestic substitution in the passenger car seat market [6][30].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][26]. Core Views - The company has experienced significant growth in its seating business, with a doubling of revenue in the passenger car seat segment. The integration of Grammer has led to improved profitability and cost efficiency [3][19]. - The company is expected to benefit from a strong order pipeline in new products such as hidden electric air vents and car refrigerators, which are anticipated to drive future growth [23][25]. - Despite short-term profit impacts from the divestiture of the loss-making subsidiary TMD, the long-term outlook remains positive with expectations of improved overseas business performance [26]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 10.52 billion yuan, a year-on-year decrease of 4.39%, primarily due to reduced income from Grammer North America after the divestiture of TMD. However, net profit attributable to shareholders reached 150 million yuan, up 189.51% year-on-year [8][26]. - The second quarter saw a revenue of 5.486 billion yuan, a 4.08% decline year-on-year but a 9% increase quarter-on-quarter, mainly driven by the seating business. The net profit for Q2 was 49 million yuan, reflecting a 45% year-on-year increase [2][8]. Profitability Metrics - The company's gross margin for Q2 2025 was 14.39%, with a net profit margin of 0.89%, both showing improvements year-on-year. The increase in profitability is attributed to cost reduction and efficiency measures from the Grammer integration [2][11]. - The company has implemented various cost control measures, resulting in a positive profit contribution of approximately 28 million yuan from Grammer in Q2 [8][11]. Business Development - The passenger car seat segment is a significant market with a potential value increase per vehicle from 4,000 yuan to over 10,000 yuan. The company has secured 24 projects for passenger car seats as of July 31, 2025, with ongoing breakthroughs in global customer orders [3][19]. - The company is actively expanding its product offerings in the interior business, including hidden electric air vents and car refrigerators, which have shown substantial revenue growth [23][25]. Future Outlook - The company has revised its profit forecasts downward for 2025 and 2026 due to the impact of divesting TMD but maintains a positive long-term outlook with expected net profits of 590 million yuan, 1.03 billion yuan, and 1.39 billion yuan for 2025, 2026, and 2027, respectively [26][29]. - The company is positioned as a leading player in the domestic seating market, with significant opportunities for domestic substitution in the passenger car seat segment, which is currently dominated by foreign companies [19][22].