Core Insights - Tiancheng Zikong (603085.SH) has received a project confirmation from a leading domestic electric vehicle manufacturer for passenger car seat assembly, marking a significant recognition of the company's innovation, R&D capabilities, product quality, and full supply chain support [1] Group 1: Project Details - The project is expected to commence mass production in June 2026, with a lifecycle of three years and an estimated total supply of 540,000 passenger vehicles during this period [1] - This collaboration signifies the company's ongoing expansion and deepening presence in the passenger vehicle market, which is crucial for enhancing its influence and market share in this sector [1] Group 2: Business Implications - The project will significantly contribute to the company's stable and sustainable development, as it continues to actively explore the passenger car seat market and strengthen its positioning in this business area [1] - The company's passenger car seat business includes key components such as complete car seats, seat frames, sliding tracks, angle adjusters, height pumps, and motors, which are essential for enhancing competitiveness and influence in the market [1] - Accumulated service experience, customer resources, and improved technological innovation capabilities will further bolster the company's competitive edge and business development in the passenger car seat sector [1]

Core Viewpoint - Tiancheng Zikong (603085.SH) has received a project confirmation from a leading domestic automotive company for passenger car seat assembly, marking a significant recognition of its innovation, R&D capabilities, and product quality [1] Group 1: Project Details - The project is set to begin mass production in April 2026 and will have a lifecycle of three years, with an expected total supply of 153,000 passenger vehicles [1] - This collaboration signifies the company's ongoing expansion and deepening presence in the passenger car market [1] Group 2: Strategic Importance - The project is crucial for consolidating and enhancing the company's influence in the passenger car sector, which is expected to boost its market share in the passenger car seat business [1] - The company plans to continue actively expanding its passenger car seat market and strengthen its positioning in this business area [1] Group 3: Business Overview - The company's passenger car seat business includes complete car seats and core components such as seat frames, sliding tracks, angle adjusters, height pumps, and motors [1] - Accumulated service experience, customer resources, and enhanced technological innovation capabilities will further strengthen the company's competitiveness and influence in the passenger car seat sector [1]

Core Viewpoint - Tiancheng Control's passenger car seat business is rapidly expanding, with significant project wins and a strong growth trajectory in revenue and market share [1][2]. Group 1: Project Developments - Tiancheng Control's subsidiary Zhengzhou Tiancheng has been designated as a key supplier for a passenger car seat assembly project by a well-known domestic automotive company, with production expected to start in October 2025 and a project lifecycle of five years, supplying approximately 75,600 vehicles [1]. - The company has a robust project pipeline, having received multiple project designations, including a core component project for a joint venture automotive company expected to start production in December 2025, with a lifecycle supply of 433,500 vehicles [2]. - Additional project designations include a passenger car seat assembly project for another domestic carmaker, expected to start in January 2025, supplying 50,000 vehicles, and two projects from major domestic car manufacturers with production starting in mid-2025 and early 2026, supplying 450,000 and 500,000 vehicles respectively [2]. Group 2: Financial Performance - In 2024, Tiancheng Control achieved a revenue of 2.23 billion yuan, representing a year-on-year growth of 56.27%, with passenger car seat sales contributing 1.054 billion yuan, a significant increase of 122.79%, making it the company's largest business segment [1]. Group 3: Capacity and Expansion - The company operates multiple passenger car seat factories in Zhengzhou, Ningde, and Tiantai, and is currently developing new production bases in Wuhan, Chuzhou, and Jinan [2]. - Tiancheng Control aims to become one of the top three passenger car seat suppliers in the industry, targeting an annual production and sales scale of over 2 million sets and a market share exceeding 10% [2]. Group 4: Globalization Efforts - The company is accelerating its global expansion, having established a new subsidiary in Singapore and planning to set up wholly-owned subsidiaries and production bases in Thailand, Malaysia, and the United States [3]. - The Thai production base is in the final stages of setup, with equipment testing completed and management personnel in place, aiming for smooth production commencement [3]. Group 5: Funding and Investment - In March 2024, the company announced a fundraising plan to raise up to 892 million yuan for the construction of intelligent production bases in Thailand and Wuhan, as well as for upgrading the group's information system and supplementing working capital [3].