1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The report focuses on the in - depth research of Kuntai Co., Ltd., including its basic situation, the composition of research institutions, and the company's business and development plans [17][18][24] 3. Summary by Related Catalogs 3.1 Research Basic Situation - The research object is Kuntai Co., Ltd. The reception time is January 29, 2026. The listed company's reception personnel are Deputy General Manager and Board Secretary Wang Xiangyu, and Liu Jing from the Secretary's Office [17] 3.2 Detailed Research Institutions - The research institutions include Jiuyi Private Equity (relevant person: Ao Yanjie), Yingshi Investment (relevant person: Li Kebing), and Shanghai Securities (relevant person: Ge Bowei) [18] 3.3 Research Institution Proportion - No information provided 3.4 Main Content Data 3.4.1 Company Introduction - Kuntai Co., Ltd. (stock code: 001260) is a company focusing on the R & D, production, and sales of automotive soft interior materials and products. It was listed on the Shenzhen Stock Exchange on February 16, 2023. Its core business covers the entire industrial chain of automotive soft interiors, with main products including automotive tufted carpets and automotive needle - punched carpets. The products are mainly used in the vehicle supporting market. The company has established stable cooperation with brands such as BMW, Audi, Mercedes - Benz, Volvo, Hongqi, NIO, Li Auto, and XPeng, and has set up subsidiaries in the United States, Singapore, Mexico, and Morocco to expand overseas markets [24] 3.4.2 Company Situation Exchange - **Difference between tufted carpets and needle - punched carpets**: Tufted carpets are mainly made of BCF fibers, widely used in mid - to high - end fuel vehicles and new energy vehicles, with a relatively higher unit price. Needle - punched carpets are mainly made of short fibers, widely used in mid - to low - end fuel vehicles and new energy vehicles [24] - **Product standardization**: The company's products are customized according to customer needs. It starts co - designing and developing with customers from the product source, providing product and process solutions according to the positioning, style, and performance requirements of the vehicle models [24] - **Intelligent level in the workshop**: The company integrates and uses a series of digital and intelligent systems such as MES, PLM, SAP, WMS, and visual operation systems in daily operations to achieve interconnection between various links. The application of automated production lines in the production process effectively reduces the dependence on labor and realizes lean personnel allocation [25] - **2026 plan for overseas production bases**: The equipment of the Mexican production base has been installed and debugged, and it is in the early small - batch trial production stage, expected to be officially put into production in the middle and late 2026. The Moroccan production base is actively connecting with relevant customers and preparing relevant investment approval procedures, has obtained strategic orders, and is expected to be put into production in the late 2026 [25]

Company Overview - Shandong Kuntai New Materials Technology Co., Ltd. specializes in the R&D, production, and sales of automotive soft interior materials and products, listed on February 16, 2023 [2] - The company covers the entire industry chain of automotive soft interiors, with main products including tufted carpets and needle-punched carpets, primarily serving the complete vehicle assembly market [2] - Kuntai has established stable partnerships with brands such as BMW, Audi, Mercedes-Benz, Volvo, Hongqi, NIO, Li Auto, and Xpeng, and has subsidiaries in the USA, Singapore, Mexico, and Morocco to expand overseas markets [2] Product Details - Tufted carpets are made from BCF fibers and are widely used in mid-to-high-end fuel vehicles and new energy vehicles, with a higher price point compared to needle-punched carpets [3] - Needle-punched carpets are made from short fibers and are commonly used in mid-to-low-end fuel vehicles and new energy vehicles [3] - Products are customized based on client needs, involving collaborative design from the outset to meet vehicle positioning, style, and performance requirements [3] Technological Integration - The company utilizes a range of digital systems including SAP, PLM, MES, and WMS to achieve interconnectivity across operations, effectively reducing reliance on manual labor through automated production lines [3] Overseas Production Plans - The Mexican production base has completed equipment installation and is in the initial phase of small-batch trial production, expected to officially commence in the second half of 2026 [3] - The Moroccan production base is actively engaging with relevant clients and preparing for investment approvals, having already secured strategic orders, with production anticipated to start in the second half of 2026 [3]

Company Overview - Shandong Kuntai New Materials Technology Co., Ltd. specializes in the research, production, and sales of automotive soft interior materials, listed on the Shenzhen Stock Exchange on February 16, 2023 [2] - The company’s core business covers the entire industry chain of automotive soft interiors, with main products including tufted carpets and needle-punched carpets, primarily serving the complete vehicle assembly market [2] Product Applications - The company’s products are used in various automotive applications, including trunk carpets, side carpets, and surface covering materials for interior and exterior components such as hat racks and seat backs [3] - Tufted carpets are primarily made from BCF fibers and are widely used in mid-to-high-end fuel vehicles and new energy vehicles, with a higher price point compared to needle-punched carpets [3] Profit Improvement Strategies - The company aims to enhance profit levels by focusing on its core business, expanding market space, improving customer structure, increasing R&D investment, and enhancing product added value [3] - Internal cost control measures will be strengthened to improve overall operational management and increase product gross margin [3] Overseas Market Expansion - The company plans to consolidate existing customers while actively seeking new clients in overseas markets, particularly in the Asia-Pacific region, North America, and Europe [3] - The Mexican production facility is expected to commence formal production in mid-2026, while the Moroccan facility is progressing with administrative approvals and is anticipated to start production in late 2026 [3]

Company Overview - Shandong Kuntai New Materials Technology Co., Ltd. focuses on the research, production, and sales of automotive soft interior materials, listed on February 16, 2023 [2] - Main products include tufted carpets and needle-punched carpets, primarily serving the complete vehicle assembly market [2][3] - Established stable partnerships with brands such as BMW, Audi, Mercedes-Benz, and NIO, and expanded overseas with subsidiaries in the USA, Singapore, Mexico, and Morocco [2] Product Applications - Products are mainly used in automotive main carpets, luggage compartment carpets, and as surface covering materials for various interior and exterior components [3] Profit Margin Improvement Strategies - The company aims to enhance profit margins by focusing on core business, expanding market space, improving customer structure, increasing R&D investment, and strengthening cost control [3] Overseas Market Expansion - The Mexican factory is in the small-batch trial production phase, with plans for full production by mid to late 2026 [3] - The Moroccan factory is planned with an investment of no more than 100 million RMB, targeting the European automotive carpet market, expected to commence production in late 2026 [4] - Funding for the Moroccan factory will come from the company's own funds, with a low debt ratio and sufficient bank credit, indicating no significant financial pressure [4] Future Expansion Considerations - Currently, there are no plans to establish factories in Southeast Asia, Central Asia, or Russia [4]

Group 1: Company Overview - Shandong Kuntai New Materials Technology Co., Ltd. specializes in automotive soft interior materials, focusing on R&D, production, and sales [2] - The company was listed on the Shenzhen Stock Exchange on February 16, 2023, under the stock code 001260 [2] - Core business includes a full industry chain for automotive soft interior materials, with main products like tufted carpets and needle-punched carpets [2][3] Group 2: Market and Partnerships - Kuntai has established stable partnerships with brands such as BMW, Audi, Mercedes-Benz, Volvo, Hongqi, NIO, Li Auto, and Xpeng [3] - The company is actively expanding its overseas market presence with subsidiaries in the USA, Singapore, Mexico, and Morocco [3] Group 3: Production Facilities - The Mexican production facility is in the early stage of small-batch trial production, with equipment installed and debugged [3] - The Moroccan production base is progressing with administrative approvals and has received strategic orders from important clients [3]

Company Overview - Shandong Kuntai New Materials Technology Co., Ltd. specializes in the research, production, and sales of automotive soft interior materials, listed on the Shenzhen Stock Exchange on February 16, 2023 [2] - The company’s main products include tufted carpets and needle-punched carpets, primarily serving the complete vehicle assembly market [2] - Kuntai has established stable partnerships with brands such as BMW, Audi, Mercedes-Benz, and NIO, and is expanding its overseas presence with subsidiaries in the USA, Singapore, Mexico, and Morocco [2] Recent Investments and Financial Health - Recent investments include production bases in Mexico and Morocco, funded by the company’s own capital [4] - The company reports a normal cash flow situation, low asset-liability ratio, and sufficient bank credit limits, indicating no significant financial pressure [4] Market Focus and Clientele - The Moroccan production base targets the European automotive carpet market and has signed a cooperation intention with European company Trèves, which is expected to fully utilize the production line's capacity [5] - The establishment of the Moroccan base is progressing smoothly, with efforts to connect with additional overseas clients [5] Digitalization and Operational Efficiency - The company integrates various digital systems, including MES, PLM, SAP, and WMS, to achieve interconnected operations and real-time monitoring of production processes [6] - This digitalization allows for rapid response to design changes and operational adjustments, enhancing overall efficiency [6] Future Plans - Kuntai aims to deliver products economically and defect-free, focusing on high-value automotive soft interior materials through technological innovation and product development [7] - The company plans to consolidate existing customer relationships while actively seeking new clients, with a strategy to expand into the North American and European markets through its production bases in Mexico and Morocco [7]

Company Overview - Kuntai Co., Ltd. (Stock Code: 001260) specializes in the R&D, production, and sales of automotive interior materials and products, listed on February 16, 2023, on the Shenzhen Stock Exchange [2] - The company covers the entire industry chain of automotive interior components, with main products including automotive tufted carpets and needle-punched carpets, primarily targeting the complete vehicle supply market [2] - Kuntai has established stable partnerships with brands such as BMW, Audi, Mercedes-Benz, Volvo, Hongqi, NIO, Li Auto, and Xpeng, and has set up subsidiaries in the USA, Singapore, Mexico, and Morocco to expand overseas [2] Product Details - Tufted carpets are made from fiber and are widely used in mid-to-high-end fuel vehicles and new energy vehicles, with a higher price point compared to needle-punched carpets [3] - Needle-punched carpets are made from short fibers and are commonly used in mid-to-low-end fuel vehicles and new energy vehicles [3] Production and Investment Updates - The Mexican production base has achieved small-scale production, with plans for stable operations based on customer orders to reach full-scale production soon [3] - Investments in Morocco are funded by the company's own capital, with a low asset-liability ratio and sufficient bank credit, indicating no significant financial pressure [3] - The total investment for the Moroccan production base is planned to be no more than 100 million RMB, targeting the European automotive carpet market to foster new business growth [3]

Company Overview - Shandong Kuntai New Materials Technology Co., Ltd. specializes in the R&D, production, and sales of automotive interior materials and products, listed on the Shenzhen Stock Exchange on February 16, 2023 [2][3] - The company’s core business covers the entire industry chain of automotive interior components, with main products including automotive tufted carpets and needle-punched carpets, primarily serving the complete vehicle market [2][3] Market Expansion - Kuntai has established stable partnerships with brands such as BMW, Audi, Mercedes-Benz, Volvo, Hongqi, NIO, Li Auto, and Xpeng, and is actively expanding overseas markets with subsidiaries in the USA, Singapore, and Mexico [2][3] Production Capacity and Growth - The company’s needle-punched carpet business has seen rapid growth due to favorable industry policies and increasing demand for needle-punched carpets, particularly in the context of the growing new energy vehicle market [3][4] - The production capacity for needle-punched materials is set to increase significantly with the launch of a project aimed at producing 6.75 million square meters of high-grade needle-punched materials and 15,000 tons of BCF yarn [3] International Operations - The Mexican production base has achieved small-scale production, with plans for stable operations based on customer orders, aiming for full-scale production soon [4] - A new production base in Morocco is being established to serve the European market, focusing on the development, production, and sales of automotive carpets [7] Profitability and Product Features - The company aims to improve its gross margin by focusing on core business areas, expanding market space, enhancing customer structure, increasing R&D investment, and strengthening cost control [4] - Key product features include anti-mold, antibacterial, flame retardant, low odor, low volatility, sound absorption, and recyclability, driven by a commitment to technological innovation and environmental principles [6]

Company Overview - Shandong Kuntai New Materials Technology Co., Ltd. specializes in the R&D, production, and sales of automotive interior materials and products, listed on February 16, 2023 [2] - The company’s main products include automotive tufted carpets and needle-punched carpets, primarily serving the complete vehicle matching market [2] Market Position and Growth - The company has established stable partnerships with brands such as BMW, Audi, Mercedes-Benz, and NIO, and is actively expanding overseas with subsidiaries in the USA, Singapore, and Mexico [2] - The needle-punched carpet segment has seen rapid growth due to favorable industry policies and increasing demand for new energy vehicles [3] Production Capacity and Investment - The company’s production capacity for needle-punched carpets has significantly increased following the launch of a project to produce high-grade needle-punched materials and 15,000 tons of BCF yarn [3] - The project is expected to enhance market share in the needle-punched carpet sector [3] Future Development and Market Expansion - Kuntai plans to strengthen its domestic market while expanding its presence in overseas markets, aiming to increase global market share [3] - The company is also focusing on R&D in the fiber sector to develop products that meet customer needs, enhancing overall competitiveness and profitability [3] Joint Ventures and Strategic Partnerships - The establishment of a Sino-Japanese joint venture aims to improve collaboration with Japanese clients and expand into the Japanese market [3] - The joint venture will facilitate resource integration and joint development in areas such as fiber and automotive carpets [3]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Report's Core View - No information provided 3. Summary by Relevant Catalogs 3.1.调研基本情况 - 调研对象为坤泰股份，接待时间是2025年5月15日，上市公司接待人员有董事、副总经理、财务总监耿佳辉，副总经理、董事会秘书王翔宇，证券事务代表孙兆学 [17] 3.2.详细调研机构 - 接待对象类型有投资者网上提问等，机构相关人员包括接待对象 [20] 3.3.调研机构占比 - No information provided 3.4.主要内容资料 - 墨西哥生产基地主要生产汽车簇绒地毯、汽车针刺地毯等产品 [24] - 截止目前，墨西哥生产基地已实现小批量量产，公司将根据客户订单安排稳健经营，争取早日全面量产 [24] - 2024年坤泰股份母公司实现净利润78,279,898.72元，2023年为55,459,795.81元，较去年增加22,820,102.91元，同比增长41.15% [24]