Automobile Components

Wasin Damrongsakulwong, director and general manager of Interhides Public Company Limited, or IHL, told the Stock Vision news team that the company may benefit from additional orders for car leather seats after the flood situation eases, since many vehicles were damaged, creating extra demand for repairs or replacement of car leather seats. In past flood events, the company also received additional orders, but it now needs to wait for a clearer assessment of damage and market demand after the water recedes. As for the current flooding, IHL's factories have not been directly affected and internal operations remain normal. The short-term impact comes from some domestic customers asking to delay deliveries by about two to three days, and the company expects deliveries to return to normal within this week. There are no signs of overseas customers requesting delivery delays, and new orders continue to come in as usual. For the fourth quarter of 2026, the company sees the overall picture still trending well, especially the shoe leather business, which has continued to receive orders. The car leather seat business still requires monitoring of order trends after the floods ease and deliveries return to normal. The collagen factory continues to operate as planned, and revenue recognition is expected to begin in the fourth quarter of 2026. However, the company is still monitoring the government approval process for its license, which may take longer because the government is focusing on flood relief and there are public holidays.

SCL Motor Part Public Company Limited, or SCL, expects a positive business outlook for 2026, anticipating that demand for repair and replacement of auto parts damaged by flooding will gradually increase after the waters recede. Managing Director Sakon Tangkosakul said the company is closely monitoring the situation and is managing product inventory and planning distribution to align with market demand, in order to handle the repair demand expected to rise after the floods subside. SCL currently offers more than 200,000 parts products, covering both genuine and replacement parts, with a nationwide customer network of over 2,000 clients, including parts shops, auto repair garages, service centers, and insurance companies. The company views that continued repair demand, together with demand for parts replacement after the flood situation eases, will support growth in the auto parts market in the final stretch of the year.

S.C.L. Motor Part Public Company Limited, or SCL, a leading distributor of automotive spare parts in Thailand, is preparing for repair and maintenance demand expected to gradually rise after the flood situation eases. Sakon Tangkosakul, the company's chief managing director, disclosed that the overall business outlook this year is better than last year, driven by continued demand for auto parts and repair components. The company assesses its business direction for 2026 as positive and is pressing ahead with inventory management while planning aggressive product distribution in line with market demand. SCL currently offers more than 200,000 spare part items, covering both genuine and replacement parts, with a nationwide customer network of over 2,000 clients, including parts shops, auto repair garages, service centers and insurance companies, which is a strength in reaching and distributing products. The company views sustained repair demand, together with demand for parts replacement after the floods, as factors supporting growth in the auto parts market in the final stretch of the year.

Yeap Su Chuan, Chief Executive Officer of Aapico Hitech Public Company Limited, or AH, told the Hoons Vision news team that the group's factories were unaffected by the flooding situation and continue to run their production lines as normal. He noted that flooding in several areas may create additional demand for replacement parts from damaged vehicles, which represents an opportunity for the auto parts business. Although Thai vehicle production capacity has yet to return to the level of 2 to 4 million units per year, the company sees the growth of electric vehicles, or EVs, together with the government's push to increase the proportion of local production, or localization, as factors opening new opportunities for domestic parts makers. On overseas markets, exports remain at normal levels, with AH having a base of major customers spread across the United States, China and Malaysia, and producing and delivering parts for the Proton brand, which helps support its overseas revenue base. As for the operating outlook for 2026, Yeap expects revenue to improve slightly from the previous year. Although the overall economy and global situation remain uncertain, the company has a strong order backlog and therefore remains confident in its medium- to long-term growth.

Garrett Motion reported quarterly revenue of US$976 million, up 6.9% year on year, with EBITDA results and full-year guidance that topped analyst expectations. The stock rose 3.1% over the last day and 5.3% over the past week, though its 90-day share price return is down 18.4% after a softer 30-day stretch, while the 1-year total shareholder return stands at 103.8% and the 3-year total shareholder return at about 2.8x. The most followed narrative pegs fair value around $37.17, comfortably above the last close at $27.07, implying the shares are 27% undervalued. That narrative rests on ongoing innovation and proof of concept awards in zero emission technologies including E Powertrain, E Cooling, and fuel cell compressors, plus expansion in industrial and non automotive end markets. It also flags risks from Garrett Motion's reliance on internal combustion engine turbochargers and exposure to tariff and currency swings.

Entering October, the fourth round of concentrated price hikes in China's tire industry this year has officially entered its implementation period. Leading tire companies including General Science Technology, Zhongce Rubber, Sailun Tire, and Linglong Tire have raised prices by 2% to 5% across all product categories such as all-steel tires, semi-steel tires, and off-the-road tires. This is already the fourth round of concentrated price-increase notices issued by the tire industry since March this year. In its price adjustment notice, General Science Technology pointed to raw materials as the reason for the increase, saying that prices of natural rubber, synthetic rubber, and carbon black have continued to rise sharply, causing tire manufacturing costs to climb rapidly. Raw materials account for more than 70% of tire production costs, with natural rubber, synthetic rubber, and carbon black together accounting for more than 60%. The simultaneous rise of these three major raw materials is the fundamental driver of this round of price increases. On carbon black, data from SunSirs shows that on October 1, the benchmark price of carbon black was reported at 11,692.86 yuan per ton, up about 59.74% year on year. On natural rubber, as of the end of the third quarter, the main Shanghai rubber futures contract closed above the 20,000 yuan per ton mark, while the average spot price in the domestic market over the same period was about 19,400 yuan per ton, up 31% year on year. On synthetic rubber, according to SunSirs data from October 1, the benchmark price of butadiene rubber was reported at 16,220 yuan per ton, up 39% year on year, and the benchmark price of styrene-butadiene rubber was reported at 16,175 yuan per ton, up about 36% year on year. According to data from Longzhong Information, as of September 29, the raw material cost index for semi-steel tires and the raw material cost index for all-steel tires both rose about 25% year on year. Zhongtai Securities believes that after cost disturbances ease, leading tire companies are expected to return to high year-on-year growth, but industry divergence will further intensify.

Garrett Motion reported second-quarter revenues of $976 million, up 6.9% year on year and 3.3% above analysts' expectations, with full-year EBITDA guidance also beating projections. Across the 14 electrical systems stocks tracked, group revenues beat consensus estimates by 2.3% while next-quarter revenue guidance came in 0.6% below, and share prices have fallen an average of 7% since the latest earnings results. Garrett Motion shares are down 12.1% since reporting and trade at $26.30. Among peers, Atkore posted revenues of $794.8 million, up 8.1% year on year and 4.7% above expectations, with its stock up 30.3% at $95.07, while Powell reported revenues of $311.7 million, up 8.9% but 1.6% short of estimates, and its stock is down 13.1% at $191.00. Verra Mobility reported revenues of $263.6 million, up 11.7% and 3.8% above expectations, but logged the weakest full-year guidance update of the group and saw its stock fall 46.2% to $3.02, while Sanmina reported revenues of $3.46 billion, up 69.7% and 1.8% above estimates, with its stock up 6.4% at $222.34.

Aptiv entered the second half of 2026 with roughly $5 billion of new commercial awards, a base that breaks down into about $2.4 billion in Intelligent Systems and $2.5 billion in Engineered Components. The company said second-quarter adjusted revenue growth accelerated sequentially to 2%, while Software & Services increased 10% and non-automotive revenues grew 12%. Aptiv also secured its first commercial award for Gen 8 automotive radar, gained an initial robotics perception-system award and expanded its collaboration with NVIDIA around production-ready Edge AI platforms. Aptiv repurchased $250 million of shares in the quarter and expects to return about half of free cash flow through buybacks over the next few years. The article also compared Aptiv with two U.S.-listed peers, BorgWarner and Magna International, noting that execution on new-program launches and conversion of technology investments into higher-margin content will shape future earnings growth.

Goodyear Tire & Rubber Company will close its remaining chemical plants in Niagara Falls, New York, and Bayport, Texas, eliminating about 85 jobs, most of them in Niagara Falls. The company is exiting the remaining chemical business after selling most of its polymer operations in 2025, and says it will concentrate on core tire products and services. Goodyear expects to complete the rationalization plan substantially by the end of 2027 and estimates total pre-tax charges of between $55M and $75M, of which approximately $30M is expected to be cash charges primarily for plant decommissioning and associate-related and other exit costs, with the remainder expected to be non-cash charges mainly for accelerated depreciation and other asset-related charges. The company also expects to record approximately $35M of pre-tax charges in Q3 and approximately $15M during the remainder of 2026, with most cash outflows occurring by the end of 2027. The actions are expected to improve Americas segment operating income by approximately $15M to $20M annually beginning in 2027.

Kodiak AI plans to make IKEA Supply its first customer for driverless long-haul freight service by the end of this year. The planned launch would remove the safety observer from the cab on a 219-mile leg, primarily along Interstate 45 between Kodiak's Houston and Dallas-area facilities, a key segment of an existing 292-mile route from IKEA's Baytown distribution center to its Frisco store. The announcement builds on four years of supervised autonomous deliveries for IKEA, during which Kodiak says it has carried more than 1,300 loads and logged over 750K miles with a safety observer aboard. Kodiak began its long-haul launch program in August and said its trucks now complete runs between Lancaster, Texas, and Houston without the observer intervening, though the company must finish its highway safety case before removing the observer. Kodiak AI was founded in 2018 and developed the Kodiak Driver, an autonomous-driving system for trucks and other vehicles; the Mountain View, California-based company went public on September 25, 2025, when its shares began trading on Nasdaq following a SPAC transaction with Ares Acquisition Corporation II. Shares of Kodiak AI were up 1.8% in premarket trading after peeling off 13.0% on Thursday.

Bridgestone Corporation has announced an official partnership as the sole tyre supplier for the ABB FIA Formula E World Championship 2026/27 season. The announcement was made at the Bridgestone Formula E World Premiere on 30 September in Rome, Italy. The event unveiled the GEN 4 race car, the fastest and most powerful car in Formula E history. Bridgestone has also developed the new POTENZA GEN 4 tyre, focused on high grip and durability throughout the race, as well as a wet-weather tyre, the POTENZA GEN 4 for TYPHOON TYRE, specifically for racing in heavy rain. On sustainability, Bridgestone uses recycled and renewable materials in the production of the POTENZA GEN 4 tyre at a proportion of up to 65%, certified under the ISCC PLUS standard. It is also the first partner of an FIA World Championship to use DHL GoGreen Plus transport services and to support the FIA Girls on Track programme. For the 2026/27 season, Bridgestone will supply tyres to every race and serve as an official sponsor at four rounds: Round 3 on 16 January 2027 in Mexico City, Mexico; Rounds 10-11 on 8-9 May 2027 in Berlin, Germany; Rounds 18-19 on 10-11 July 2027 in Shanghai, China; and Rounds 20-21, the season finale, on 24-25 July 2027 in Tokyo, Japan. Bridgestone has been involved in motorsport for more than 60 years, while Formula E has held races under FIA governance since 2014 and is the world's first sport to be certified as a Certified B Corporation and to meet the BSI Net Zero Pathway.

Kasikorn Securities said in an analysis note following its KS C-Series event with STA management on September 30 that executives remain positive on the upcycle in natural rubber, expecting global rubber supply to stay tight through 2027-2028 as shrinking supply outweighs modest demand growth. STA expects Thailand's natural rubber output to fall about 5-12% year on year this year, hurt by heavy rain that disrupted tapping and by some farmers switching to oil palm. Indonesia's output is expected to drop by about 500,000 tons, or 25% year on year, while additional supply from Ivory Coast is seen at only about 200,000 tons, leaving net regional supply significantly lower. Management expects the average selling price of natural rubber to rise to about USD 2.3 per kilogram in the third quarter of 2026 and USD 2.5 per kilogram in the fourth quarter, from USD 2.1 per kilogram in the first half of 2026. It kept its 2026 rubber sales volume target at 1.5 million tons and its gross profit margin target for the natural rubber business at 8-9%, compared with 9.3% in the second quarter of 2026 and 8.7% in the first quarter. Sales of rubber meeting EUDR standards are expected to exceed 40,000 tons in the third quarter of 2026 and 60,000 tons in the fourth quarter, versus only 17,000 tons in the second quarter, though uncertainty remains over EUDR enforcement. At STGT, management expects production costs for rubber gloves to rise in the second half of 2026 on higher latex prices, with sales volume still uncertain. The research team maintained its Buy rating and 26.00 baht target price, based on a sum-of-the-parts method using a target price-to-earnings ratio of 8.5 times for the natural rubber business and a 13.00 baht target price for STGT. It said it prefers STA over STGT given the more positive second-half 2026 profit outlook.

Kasikorn Securities has maintained its buy rating on STA shares with a target price of 26.00 baht, based on a sum-of-the-parts valuation using a target PER of 8.5 times for the natural rubber business and a target price of 13.00 baht for STGT. It noted that STA management remains positive on the upcycle in natural rubber and expects global rubber supply to remain tight through 2027-28, as shrinking supply will outweigh demand growth. STA expects Thailand's natural rubber output to fall about 5-12% year on year this year, due to heavy rain affecting tapping and some farmers switching to oil palm cultivation. Indonesia's output is expected to decline by about 500,000 tons, or 25% year on year, while additional supply from Ivory Coast amounts to only about 200,000 tons, leaving net regional supply still significantly lower. On selling prices, management expects the average selling price of natural rubber to rise to about USD 2.3 per kilogram in the third quarter of 2026 and USD 2.5 per kilogram in the fourth quarter of 2026, from USD 2.1 per kilogram in the first half of 2026. It maintained its 2026 rubber sales volume target at 1.5 million tons and its gross profit margin target for the natural rubber business at 8-9%. For EUDR-compliant rubber sales, STA expects more than 40,000 tons in the third quarter of 2026 and more than 60,000 tons in the fourth quarter of 2026, compared with only 17,000 tons in the second quarter of 2026, although uncertainty remains over whether EUDR enforcement could be delayed again from the end of 2026. Meanwhile, the outlook for STGT remains unclear, as rubber glove production costs are expected to rise in the second half of 2026 on higher latex prices, and some customers are delaying orders.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, DELTA and STA, giving DELTA a strategic target price of 320 baht, equivalent to a FY69F P/E of 117x, with resistance estimated at 279 baht, support at 258 baht, and a stop loss at 250 baht. It expects Q3/69F profit to recover both quarter on quarter and year on year after the raw material shortage in Q2/69 eased, while a product mix shift toward higher-margin AI and data center and liquid cooling products supports gross profit margin recovering to around 30%, and it expects profit momentum to accelerate further in Q4/69. For STA, it gives a strategic target price of 23.9 baht, equivalent to a FY69F P/E of 11.3x, with resistance estimated at 23.5 baht, support at 21.6 baht, and a stop loss at 20.7 baht. It expects normal profit in Q3/69F to rise year on year even as it softens quarter on quarter from a high base in Q2/69, helped by a rise in SICOM TSR20 rubber prices in Q3/69, and it expects sales volume to increase to around 30,000 tonnes in Q3/69 from 17,214 tonnes in Q2/69 and to more than 60,000 tonnes in Q4/69, supporting both average selling price and gross profit margin, while global rubber supply remains tight due to limited output from Indonesia and Ivory Coast.

Sakol Tangkosakul, chief executive officer of S.C.L. Motor Part Public Company Limited, or SCL, a leading distributor of automotive spare-part products covering Thailand's major car brands, told Than Hoon that the company's overall business this year is trending better than last year, driven by continued demand for auto parts and repair components, especially after flooding in several areas damaged vehicles and increased demand for repairs and part replacements. The company said it is ready to meet that demand through its supply-chain network and a wide range of spare-part products covering leading car brands. It also expects the growing base of older vehicles on the road to remain a key market supporting continued growth in the aftermarket, even as new-car sales or the economy may slow at times. On expansion strategy, SCL recently brought in several new brands as partners, exceeding its target and ahead of schedule, and it is still developing cooperation with additional global partners, with several projects underway.

Worksport Ltd. announced that its WorksportCOR Portable Energy System is now available for purchase through Amazon's online marketplace, opening a new sales channel beyond the company's own web platform. The COR delivers up to 2,000 watts of AC output and uses swappable, 960-watt-hour lithium iron phosphate battery packs, with the starter bundle including one inverter and one battery currently listed at $799 on Worksport's website. The launch follows Worksport's previously announced completion of COR's North American certification process, including key UL and CSA approvals, and the company said it will evaluate distribution of the Worksport SOLIS Solar Folding Truck Bed Cover via Amazon in Q4 2026. Chief Executive Officer Steven Rossi said the Amazon channel gives Worksport another way to reach customers and establish the company in the portable-energy market, a category Persistence Market Research forecasts will grow from approximately $1.8 billion globally in 2026 to $4.9 billion by 2033, a projected compound annual growth rate of 15.4%. Rossi added that Worksport will evaluate expanding into other Amazon markets in South America and Europe as it grows COR sales through the marketplace.

Songyuan Safety announced that the company plans to buy back shares worth 50 million to 100 million yuan to maintain company value and shareholder equity, and the repurchased shares will be used for sale. The buyback price will not exceed 21.03 yuan per share.

Among the individual announcements made on the 29th, Taiyo Yuden revealed that it will sign a business alliance agreement with TDK covering joint development of electronic components and other areas. Sekichu raised its standalone operating profit forecast for the fiscal year ending February 2027, while Ito En will abolish its shareholder benefit program. Honey's Holdings posted a sharp profit decline in its consolidated results for the first quarter of the fiscal year ending May 2027, covering June to August 2026. BB Tower won a large order from a global IP company for storage products and maintenance services, with the order value at approximately 3.8 billion yen. Bank Innovate announced a consolidated operating profit forecast of 2.02 billion yen for the fiscal year ending September 2026, down 6.2 percent from the previous year, figures it had previously left undisclosed, and Nifco announced it will cancel treasury shares equivalent to 9.78 percent of its total issued shares, effective October 7.

Fortune Parts Industry Public Company Limited, or FPI, took part in the official launch of the first electric vehicles from CEER, a Saudi Arabian electric vehicle manufacturer, under the name EXOBOT, in Saudi Arabia. Sompol Tanadumrongsak, Chairman of the Executive Board and Managing Director, attended the event. The vehicles unveiled were the EXOBOT SUV and the EXOBOT Sedan, the first two flagship models from CEER's plan to launch a total of seven models within five years. Both models deliver a maximum of 1,111 horsepower and peak torque of 1,500 newton-metres. FPI attended as a Strategic Partner of CEER, producing several plastic components for the electric vehicle maker, reflecting its role in the overseas electric vehicle industry supply chain. The event also gave FPI the opportunity to follow technology trends and developments in Saudi Arabia's electric vehicle market, as well as to strengthen relationships with partners in the automotive industry to capture future business opportunities.

Toyoda Gosei Co., Ltd. is establishing a new plant in the Maharashtra Bidkin Industrial Area to expand its business in India's growing automobile market. The plant will produce large interior and exterior products such as bumpers and instrument panels, with operations scheduled to start in the first half of 2029. It will be built as a branch plant of Toyoda Gosei Group company Toyoda Gosei South India Pvt. Ltd. and will be Toyoda Gosei's eighth location in India. The investment is approximately INR 5.758 billion, or roughly JPY 9.3 billion, and the plant is expected to employ approximately 570 people by 2030. The new facility will use the latest large molding machines, IoT and DX production management systems, and smart automated processes combining collaborative robots and karakuri technology, and it is being built to meet increasing production capacity of Japanese automakers, the company's main customers.

Songyuan Safety announced on September 29 that controlling shareholder, actual controller, and chairman Hu Chanming proposed the company use its own funds and or self-raised funds to buy back part of its shares, with a buyback amount of no less than 50 million yuan and no more than 100 million yuan. The buyback price ceiling is 150% of the average trading price over the 30 trading days before the board approves the plan, and the buyback period is within 3 months from the date the board approves the plan. In the first half of 2026, Songyuan Safety achieved revenue of 1.389 billion yuan and net profit attributable to the parent of 124 million yuan.

Songyuan Safety announced that the company received a proposal from Hu Chanming, its controlling shareholder, actual controller, and chairman, to use its own funds and or self-raised funds to repurchase part of the company's shares through centralized bidding, for the purpose of maintaining company value and shareholder equity as necessary. The total buyback amount shall be no less than 50 million yuan and no more than 100 million yuan, and the buyback price ceiling shall not exceed 150% of the average trading price of the stock over the thirty trading days prior to the board's approval of the buyback plan. The buyback period shall be within three months from the date of board approval.

Leading auto parts maker Joyson Electronics recently held an earnings briefing, saying its intelligent driving business is gradually entering the stage of mass production and delivery, and has already entered the supply chain systems of leading domestic and overseas companies. According to the company's semi-annual report, in the first half of 2026 the intelligent driving business entered mass production and delivery, with domestic and global customer project nominations being advanced at full speed. Overseas, the company has secured mass production project nominations and project validation cooperation from European, Japanese and Korean original equipment manufacturers, and its products will serve global markets including Europe and Asia. In the intelligent computing center field, in response to the higher requirements that AI data centers place on highly reliable power supply and distribution, energy management, thermal management and system integration, the company is accelerating the development of products and integrated solutions such as AC/DC power conversion units, high-power DC/DC power conversion units, fully immersed liquid-cooled power cabinets, and coolant distribution units. Huatai Securities is optimistic that the company's intelligent driving business is gradually entering the mass production stage, while new businesses such as emerging intelligent agents and AI data centers continue to expand, which is expected to open up long-term growth space. Guotai Haitong Securities expects that strategic emerging industries such as emerging intelligent agents are likely to create a brand-new growth curve for the company.

Jifeng Auto Parts announced on the evening of September 24 that its holding subsidiary Grammer Vehicle Parts Harbin Co., Ltd. received a nomination letter from a customer, securing a passenger car seat assembly project from a leading automaker. The company will develop and produce complete vehicle seat assembly products for the customer. The project is expected to start mass production in May 2028, with a life cycle of seven years and an estimated total life cycle value of 9.2 billion yuan, coming from new models of an existing Jifeng customer. Jifeng Auto Parts said that winning another project from an existing customer reflects the customer's recognition of the company's capabilities and services, and the growing order backlog also creates conditions for economies of scale in future production. So far this year, Jifeng Auto Parts has disclosed passenger car seat business project nominations four times. Including this 9.2 billion yuan project, the total value of publicly disclosed passenger car seat project nominations this year is approximately 14.04 billion yuan. As of June 30 this year, the company's cumulative passenger car seat projects on hand reached 35, with total estimated sales over the full life cycle of approximately 120 billion yuan.

Fortune Parts Industry Public Company Limited, or FPI, expects its performance in the second half of 2026 to grow better than the first half, driven by increased investment in moulds to support orders and by expansion in overseas markets, especially the Middle East. Sompol Tanadumrongsak, Chairman of the Executive Board and Managing Director, disclosed that although sales in the Middle East in the second quarter of 2026 fell by an average of about 20%, FPI still grew against the market, with second-quarter 2026 sales rising about 8 to 10%, benefiting from the aftermarket or replacement parts business, where demand increased after some OEM manufacturers ran into product delivery problems. The company has a logistics advantage in the Middle East, shipping goods from Jeddah and Al Khobar to the GCC group including Kuwait, Qatar, Oman and Bahrain using its own trucks, which cuts costs by 30% compared with competitors that rely on sea freight, while diesel prices stand at about 10 baht per litre. FPI is pressing ahead with a new plant in Saudi Arabia to upgrade it into a production and distribution hub for the MENA region and to extend its market reach into Europe, while expanding its partnerships from Japanese and Korean carmakers to European carmakers, both in the aftermarket such as Alfa Romeo and Fiat and in the OEM group such as Peugeot.

Nexteer Automotive officially opened its new plant in Liuzhou, China, on Sept. 24, 2026, a comprehensive upgrade of its smart manufacturing and supply chain collaboration capabilities. The plant covers more than 40,000 square meters and includes modern production facilities, R&D and laboratory areas, a test track and an employee center, and will focus on Column-Assist Electric Power Steering systems, Manual Steering Gears, motor controller modules, controllers, motors and related components. Since establishing operations in Liuzhou in 2015, Nexteer has produced more than 12 million steering system units at its Liuzhou operations, and the new site is intended to meet growing demand from domestic and global customers and support expansion into overseas markets such as Southeast Asia. A supplier collaboration industrial park planned around the new plant is meant to deepen value-chain cooperation and strengthen supply chain resilience and localized support. Jun Li, Senior Vice President, CSO, CTO and Asia Pacific Divisional President, called the opening an important milestone and a commitment to continued investment in China, while President, Global COO and Executive Board Director Robin Milavec said the plant strengthens Nexteer's global manufacturing network and supports industrialization of its Motion-by-Wire portfolio across steering, braking and software. The plant will work with Nexteer's Asia Pacific Technical Center in Suzhou and the company's global manufacturing network.

Jifeng Shares announced that its controlling subsidiary Grammer Harbin has received a nomination letter from a leading automaker, securing a nomination for a passenger car seat assembly project. The subsidiary will develop and produce complete vehicle seat assembly products for the customer. The project is expected to start mass production in May 2028, with a life cycle of seven years and an estimated total value of 9.2 billion yuan. The company stated that this nomination will not have a significant impact on this year's performance, but will help increase future annual business revenue.

Jifeng Shares announced on September 24 that its controlling subsidiary Grammer Harbin recently received a nomination letter from a customer, securing a passenger car seat assembly project from a major automaker. The company will develop and produce complete vehicle seat assembly products for the customer. According to the customer's plan, the project is expected to start mass production in May 2028, with a project lifecycle of seven years and an estimated total lifecycle value of 9.2 billion yuan.