Core Viewpoint - The impact of "decluttering" in 2024 continues to affect Jifeng Co., Ltd. (603997.SH), with a year-on-year revenue decline of 4.39% in the first half of the year due to the sale of the US TMD company [1] Financial Performance - The company reported a net profit of 1.54 billion yuan in the first half of the year, an increase of 189.51% compared to the same period last year [1] - The non-recurring net profit attributable to the parent company reached 1.89 billion yuan, a year-on-year increase of 598.63% [1] - The sale of TMD resulted in a loss of 5.67 billion yuan for the company in 2024 [1] Segment Performance - The Jifeng segment achieved revenue of 3.104 billion yuan in the first half, a year-on-year growth of 24.97%, primarily driven by the rapid development of strategic emerging businesses centered on passenger car seat operations [1] - The net profit for the Jifeng segment was 1.16 billion yuan, reflecting a year-on-year increase of 19.68% [1] - The strategic emerging business reported significant achievements, with passenger car seat revenue doubling to 1.984 billion yuan, air outlet business revenue of 136 million yuan, and vehicle-mounted refrigerator revenue of approximately 77 million yuan, which saw multiple-fold growth year-on-year [1] Operational Developments - Despite an increase in orders and ongoing projects, the passenger car seat business reported a net loss of 630 million yuan in the first half, compared to a loss of 230 million yuan in the same period last year [2] - R&D investment increased by 42.26% year-on-year due to the rise in business volume [2] - The company expanded its passenger car seat production capacity with new bases in multiple cities, including Hefei, Changzhou, Wuhu, Fuzhou, Yiwu, Tianjin, and Changchun, all of which were completed and put into operation as planned [2] - The company is also collaborating with Grammer to advance the global layout of the seat business, with a Southeast Asia seat base already in operation and a European seat base under construction [2]