Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a transition from "stable volume and slow price" to "price increase and stable volume" for the automotive industry in 2026 [6][16] - The domestic demand for passenger vehicles is expected to show positive growth in 2026, supported by policies such as scrapping and replacement subsidies [27][28] - The report highlights that the average selling price (ASP) of passenger vehicles is projected to increase, with a notable rise in ASP observed in December 2025 [16][20] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In December 2025, domestic passenger vehicle sales reached 2.278 million units, a year-on-year decrease of 16.4% but a month-on-month increase of 13.6% [16] - The total sales for 2025 were 23.052 million units, reflecting a slight year-on-year increase of 0.6% [16] - The report notes that December's performance was significantly below seasonal norms, attributed to the suspension of scrapping subsidies in some regions [16] 2. ASP Trends and Market Expectations - The ASP for passenger vehicles in 2025 showed a year-on-year decline of 2.1%, with December 2025 ASP increasing by 13.7% compared to the previous year [16][20] - The report anticipates that the continuation of scrapping policies will enhance the sales of mid-to-high-end vehicles, contributing to price increases [27] 3. Inventory and Supply Chain Considerations - As of December 2025, the inventory of passenger vehicles stood at 4.708 million units, with a dynamic inventory-to-sales ratio of 2.48 [40] - The report suggests that short-term inventory risks are manageable, as leading domestic manufacturers may adjust production based on current demand [40] 4. Investment Recommendations - The report recommends focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, and Xpeng Motors for growth potential [6][27] - It also highlights companies like Great Wall Motors and SAIC Group as having potential turning points in their performance [6][27]

Core Viewpoint - The company primarily produces passenger car seats and related components, focusing on local production to minimize transportation issues due to the large size of its products [2] Group 1: Company Operations - The main products of the company include passenger car seats, headrests, armrests, central control systems, and commercial vehicle seats [2] - The company emphasizes local production near customer locations to avoid long-distance transportation challenges associated with its bulky products [2] - Products are supplied directly by the company or its subsidiaries, without involvement from third-party traders or agents for the EU market [2]

Core Viewpoint - The company is in the process of constructing its European seat production base, which is expected to meet the delivery demands of existing orders [1] Group 1: Company Developments - The company has secured project designations from two luxury brand clients in Europe, indicating strong recognition of its capabilities in passenger car seat product development, design, technical quality, and production assurance [1] - The company plans to actively expand both domestic and international markets to secure more project designations and deliver better performance to its investors [1]

股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：603997 证券简称：继峰股份 公告编号：2026-004 宁波继峰汽车零部件股份有限公司 注：因公司定向可转债"继峰定 01"在2025年11月存在转股，公司总股本相应增加，所以截至2026年1月 13日，余万立先生的持股比例从5.00%被动稀释至4.98%。 (二)本次减持是否遵守相关法律法规、本所业务规则的规定 √是 □否 ● 股东持股的基本情况：本次减持股份计划实施前，宁波继峰汽车零部件股份有限公司（以下简称"公 司"）股东余万立先生持有公司股份86,325,802股，占当时公司总股本的6.81%。 ● 减持计划的实施结果情况：公司于2026年1月13日收到股东余万立先生出具的《减持结果告知函》， 截至2026年1月13日，余万立先生通过大宗交易方式累计减持公司股份22,925,200股，占当时公司总股本 的1.81%。 一、减持主体减持前基本情况 ■ 上述减持主体无一致行动人。 二、减持计划的实施结果 (一)股 ...

Core Viewpoint - Yuwang Li, a shareholder of Jifeng Co., Ltd. (603997), has reduced his stake by selling 22.93 million shares through block trading, accounting for 1.81% of the company's total share capital [1][1]. Financial Performance - In the first three quarters of 2025, Jifeng Co., Ltd. achieved a revenue of 16.131 billion yuan and a net profit attributable to shareholders of 251 million yuan [1][1].

每经AI快讯，继峰股份1月13日晚间发布公告称，公司于2026年1月13日收到股东余万立先生出具的 《减持结果告知函》，截至2026年1月13日，余万立先生通过大宗交易方式累计减持公司股份约2293万 股，占当时公司总股本的1.81%。本次减持计划实施完毕。 （记者 贾运可） 每经头条（nbdtoutiao）——"春节也要加班，抢在4月1日前交货"！有光伏企业在抢出口，也有企业很 纠结：白银等原材料成本激增，决策困难 ...

Core Viewpoint - Yufeng Co., Ltd. announced that as of January 13, 2026, shareholder Yu Wanli has cumulatively reduced his stake in the company by 22.93 million shares, accounting for 1.81% of the total share capital, and has not completed the planned reduction [1] Summary by Relevant Sections - **Shareholder Reduction Details** - Yu Wanli reduced his holdings at a price of 12.27 yuan per share, totaling 281 million yuan [1] - Prior to the reduction, Yu held 86.33 million shares, representing 6.81% of the total shares [1] - After the reduction, his holdings decreased to 63.40 million shares, which is 4.98% of the total shares [1] - **Reason for Reduction** - The reduction was due to the increase in total share capital caused by the conversion of the company's targeted convertible bonds, leading to passive dilution of shares [1] - **Compliance and Commitment** - The reduction adhered to relevant regulations and was consistent with the planned commitments, with no early termination of the reduction plan [1]

格隆汇1月13日丨继峰股份(603997.SH)公布，公司于2026年1月13日收到股东余万立先生出具的《减持 结果告知函》，截至2026年1月13日，余万立先生通过大宗交易方式累计减持公司股份2292.52万股，占 当时公司总股本的1.81%。 ...

证券代码：603997 证券简称：继峰股份 公告编号：2026-004 宁波继峰汽车零部件股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (一)股东因以下事项披露减持计划实施结果： 披露的减持时间区间届满 1 | 股东名称 | 余万立 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 减持计划首次披露日期 | 2025 年 9 日 | 月 | 12 | | | | | 减持数量 | 22,925,200股 | | | | | | | 减持期间 | 年 日～2026 2025 10 | 月 | 14 | 年 | 1 | 月 日 13 | | 减持方式及对应减持数量 | 大宗交易减持，22,925,200 | | | 股 | | | | 减持价格区间 | 12.27～12.27元/股 | | | | | | | 减持总金额 | 281,292,204元 | | | | | | | 减持完成情况 | 未完成：2,434,8 ...

Core Viewpoint - Yufeng Co., Ltd. announced that shareholder Yu Wanli will reduce his stake in the company through block trading, selling a total of 22,925,200 shares, which represents 1.81% of the company's total share capital, at a price of 12.27 yuan per share, amounting to a total reduction of 281 million yuan [1] Summary by Category Shareholder Activity - Yu Wanli's shareholding will decrease from 6.81% to 4.98% following the reduction [1] - The reduction plan aligns with previously disclosed intentions and complies with relevant commitments and regulations [1]