港交所1月27日披露，江苏新泉汽车饰件股份有限公司（下称"新泉股份"，603179.SH）向港交 所主板递交上市申请书。新泉股份成立于2001年，注册资本5.1亿元，总部位于江苏常州，实控 人、董事长唐志华持有33.62%股份。 2017年3月，新泉股份在上交所主板上市。若港股上市成功，新泉股份将形成"A+H股"双资本平 台架构。由于海外建厂、拓展座椅业务、布局机器人业务等消息不断，新泉股份近一年的股价上涨 近70%，至约85元每股。 根据招股书，新泉股份此次港股上市筹资资金主要将用于未来三年扩张汽车座椅生产线，在国内和 国外新建工厂，研究下一代技术及材料，投资高精度设备及智能软件系统以提高自动化及数字化生 产，发展机器人及自动化技术。 收购李尔座椅工厂 新泉股份主要为商用车及乘用车提供仪表板总成、顶置文件柜总成、门内护板总成等内饰件，以及 保险杠总成等外饰件。 根据弗若斯特沙利文的资料，按2024年中高端整车内饰件系统解决方案收入计算及按2024年全品 类整车内饰件系统解决方案收入计算，新泉股份以8.3%及7.8%的市场份额位居中国第二大汽车 饰件系统解决方案提供商。 招股书显示，新泉股份2024年营收为1 ...

Core Viewpoint - The company reported a mixed performance in Q2 2025, with a slight year-on-year increase in net profit but a decline compared to the previous quarter, while showing strong revenue growth driven by overseas expansion [1][3]. Financial Performance - In Q2 2025, the company's net profit attributable to shareholders was 209 million yuan, up 1.2% year-on-year but down 2.0% quarter-on-quarter, with a net profit margin of 5.3%, a decrease of 1.3 percentage points year-on-year and 0.8 percentage points quarter-on-quarter [1][3]. - The company's revenue for Q2 2025 was 3.94 billion yuan, representing a year-on-year increase of 26% and a quarter-on-quarter increase of 12%, with overseas projects contributing significantly to this growth [2][3]. Regional Performance - For the first half of 2025, total revenue reached 7.46 billion yuan, a year-on-year increase of 21%. Domestic revenue was 5.98 billion yuan (up 6.9% year-on-year), while overseas revenue surged to 1.48 billion yuan, reflecting a year-on-year increase of 159% and accounting for 20% of total revenue, up 12 percentage points [2][3]. Margin Analysis - The gross margin for Q2 2025 was 16.8%, down 3.0 percentage points year-on-year and 2.7 percentage points quarter-on-quarter, primarily due to a decline in domestic gross margins [3]. - The company managed to control its expense ratio, which was 10.0% in Q2 2025, down 1.4 percentage points year-on-year and 2.7 percentage points quarter-on-quarter [3]. Business Expansion - The company is expanding its overseas presence, particularly in Europe and North America, with significant investments planned in Slovakia, Germany, and Kentucky [2][4]. - The company has seen substantial growth in its exterior parts segment, with revenue from bumpers and exterior components increasing significantly in recent periods [4]. - The acquisition of a 70% stake in Anhui Ruqi is expected to enhance the company's capabilities in the seating business, tapping into a market with a potential scale exceeding 100 billion yuan [4]. Investment Outlook - The company is projected to achieve net profits of 1.11 billion yuan, 1.39 billion yuan, and 1.70 billion yuan for 2025-2027, with growth rates of 14%, 25%, and 22% respectively [5]. - Given its strong customer base, global supply capabilities, and entry into the seating market, the company is expected to receive a valuation premium, with a target market capitalization of 27.9 billion to 34.9 billion yuan and a target stock price of 57.2 to 71.5 yuan, indicating a potential upside of 14% to 42% [5].