Financial Performance - In 2024, the company reported total revenue of 5.667 billion yuan, representing a year-on-year increase of 23.23% [1] - The net profit attributable to shareholders was 425 million yuan, a decrease of 121 million yuan compared to the same period last year, reflecting a year-on-year decline of 22.08% [1] - The net cash inflow from operating activities was 263 million yuan [1] Key Financial Ratios - The company's asset-liability ratio stood at 50.05% [1] - Gross profit margin was recorded at 15.33% [1] - Return on equity (ROE) was 8.21% [1] - The diluted earnings per share (EPS) was 1.12 yuan, down by 0.32 yuan from the same period last year, indicating a year-on-year decline of 22.22% [1] - Total asset turnover ratio was 0.55 times, while inventory turnover ratio was 6.33 times [1] Research and Development - The total R&D expenditure for the company in 2024 was 211 million yuan, accounting for 3.72% of total revenue, which is a decrease of 0.11% compared to the previous year [1] Executive Compensation - The total remuneration for the board of directors, supervisors, and senior management in 2024 amounted to 14.7024 million yuan [2] - The highest-paid executive was Vice President Qin Hongwei, who received 3.1911 million yuan, surpassing the chairman's compensation of 1.9702 million yuan [2] Company Overview - The company specializes in the research, production, and sales of automotive interior assembly products, including door inner trim assemblies, instrument panel assemblies, and other related components [4]

Industry Overview - The automotive interior is a crucial factor in determining a car brand's image, as it increasingly becomes a third space for users beyond home and office [1][21] - The market for automotive interiors in China is projected to reach approximately 138.32 billion yuan by 2024, driven by rising consumer demands for comfort and personalization [1][21] - The automotive interior industry is experiencing rapid growth due to the booming automotive market and increasing consumer expectations [1][21] Market Dynamics - The automotive interior industry is influenced by the overall automotive market, with vehicle production in China expected to grow from 24.5 million units in 2015 to 31.3 million units by 2024, reflecting a compound annual growth rate (CAGR) of 2.75% [16] - The production and sales of new energy vehicles (NEVs) in China have surged, with production increasing from 340,500 units in 2015 to 12.9 million units by 2024, a CAGR of 49.74% [16] Material and Technology Trends - Automotive interiors primarily utilize materials such as fabric, artificial leather, and genuine leather, with polypropylene (PP) being a key material due to its lightweight and processing advantages [5][14] - The industry has developed six mainstream manufacturing processes, including PU spraying and low-pressure injection molding, with domestic companies achieving technological parity with international leaders [7] Policy Support - The Chinese government continues to support the development of NEVs through tax exemptions and other incentives, which positively impacts the automotive interior sector [8][11] - Policies aimed at promoting automotive consumption and innovation are expected to enhance the overall market environment for automotive interiors [8][11] Competitive Landscape - The automotive interior market in China is characterized by a low concentration of companies, including foreign suppliers, OEM subsidiaries, and independent third-party suppliers [23] - Key players in the market include companies like Yanfeng Automotive Interiors, Jiangsu Changshu Automotive Trim, and Ningbo Tuopu Group, which are involved in various segments of the automotive interior supply chain [23][25][27] Future Trends - The automotive interior industry is shifting towards sustainable manufacturing practices, with an increasing focus on eco-friendly materials and processes [29] - Innovations in smart technology are redefining the functionality of automotive interiors, enhancing user interaction and experience [30] - There is a growing demand for personalized and high-quality interior designs, driven by consumer preferences for unique and luxurious experiences [31][32]