Refined through countless trials, Hanji Muscle Strength, Xiangshan Shares’ 2025 revenue breaks through 6 billion yuan, demonstrating hard-core resilience through cycles.

（Source: Financial News）

          Against the backdrop of an overall sluggish industry and a complex and ever-changing external environment, Xiangshan Co., Ltd. achieved operating revenue of RMB 6.030 billion in 2025, up 2.17% year on year. Revenue scale continued to rise steadily, and operating resilience continued to stand out. With solid performance, it delivered an outstanding answer that saw it through the industry cycle.            

On the evening of March 30, Xiangshan Co., Ltd.’s 2025 annual report was officially released. Against the backdrop of an overall sluggish industry and a complex and ever-changing external environment, for the full year, it achieved operating revenue of RMB 6.030 billion, up 2.17% year on year. Revenue scale continued to rise steadily, and operating resilience continued to stand out. With solid performance, it delivered an outstanding answer that saw it through the industry cycle.

Strategic focus to strengthen the foundation; global coordination to break the growth bottleneck

In 2025, Xiangshan Co., Ltd. remained firmly anchored to its core business in automotive components. Using strategic focus, structural optimization, and global coordination as key levers, it drove the company to enhance quality amid change and move forward amid challenges. It also made bold adjustments to its business layout, fully tilting core resources toward high-growth, high-barrier automotive components, continuously optimizing its customer mix and resource allocation, and enabling high-quality development with a lighter load.

On the customer front, Xiangshan Co., Ltd. has built a diversified customer matrix of “solidifying a global premium base and deeply cultivating national brands.” On one hand, it continued to maintain long-term strategic cooperation with international premium brands such as Mercedes-Benz, BMW, and Audi, firmly holding steady the fundamental base in overseas high-end markets. On the other hand, it accelerated expansion of domestic mainstream automakers and new-energy brands such as JAC, Seres, XPeng, and Li Auto, securing multiple new project award decisions in succession. This effectively compensated for revenue gaps caused by fluctuations in premium-vehicle sales, making the customer structure more balanced and significantly improving the company’s ability to withstand risks.

In overseas operations, facing challenges such as order fluctuations and insufficient capacity utilization, Xiangshan Co., Ltd. worked with full effort to advance global integration and coordination, deploying a set of “organizational transformation, improved management efficiency, cost reduction in operations, and supply-chain optimization.” By reshaping the overseas business structure, streamlining redundant processes, and optimizing talent allocation, it comprehensively improved overseas operational efficiency. At the same time, leveraging the technical advantages of the headquarters, it introduced core product lines of air management system technology to its overseas subsidiaries. It successfully won designated orders from international premium OEMs, pushing overseas business from passively responding to difficulties to proactively expanding the market, completely reversing its operational downturn and opening a whole new situation for coordinated global business development.

Judging from operating data, Xiangshan Co., Ltd.’s 2025 revenue made progress while staying stable, with the scale reaching a new level. Under multiple pressures—including rising uncertainty in the global macro environment and fluctuations in tariffs and geopolitical policies—it still achieved positive revenue growth, fully demonstrating the strong support from its core business and the anti-cyclical capability of its global operations. Behind these results lie not only its strategic determination to focus on its core business and pursue excellence in execution, but also the solid barriers jointly built by multi-dimensional advantages in technology, products, customers, and management.

Innovation-driven to build barriers; technology leading to seize new tracks

As a global automotive components enterprise, Xiangshan Co., Ltd. has always treated innovation as the engine for development. It has adhered to R&D empowerment and technology leadership, continuously deepening efforts in core tracks such as smart cockpits and new-energy charging and power distribution, with multiple innovative achievements rolled out in clusters. This continuously expands technological frontiers and its product portfolio, injecting strong momentum for long-term growth.

In the smart cockpit domain, Xiangshan Co., Ltd. has continued to lead the industry upgrade, promoting deep integration between intelligent trim-component craftsmanship and cutting-edge technologies in acoustics, lighting, and electronics. It fully leverages its accumulated advantages in high-end design and precision manufacturing, creating an immersive cockpit space that combines aesthetic appeal and technological experience, redefining a new standard of technological luxury. Meanwhile, it has continued to make breakthroughs in the air management system track, successfully winning a key patent for a “dual-channel air outlet,” further strengthening its industry-leading position in automotive air-conditioning control systems, with the technology barrier steadily reinforced.

The new-energy charging and power distribution track achieved dual breakthroughs in both technology and application scenarios. Xiangshan Co., Ltd. worked with core customers and strategic partners to successfully develop an all-in-one charging and power distribution system. The product supports multiple mainstream new-energy vehicle models, and it also took the lead in entering the emerging low-altitude economy track. It secured all-in-one product orders from an eVTOL manufacturer, and is expected to achieve mass production and supply within the year, opening up a brand-new space for growth. Leveraging the advantage of shared origin and reuse of core technologies, Xiangshan Co., Ltd.’s independently developed charging port cover electric actuators achieved large-scale mass production. With performance advantages such as ultra-quiet operation and high sensitivity, they are mounted on multiple mainstream new-energy vehicle models. This effectively broadens product application boundaries and continuously enhances market competitiveness.

Facing new trends in intelligent driving, Xiangshan Co., Ltd. laid groundwork early and moved to seize momentum first. By integrating existing technical advantages, it innovatively developed an intelligent cleaning system for intelligent driver-assistance scenarios. The product covers radar and camera cleaning functions. It has already entered the stage of application scenario promotion and validation, and is expected to open a new market in the field of supporting higher-level intelligent driving, further improving the company’s full-scenario product layout for automotive electronics.

In 2025, Xiangshan Co., Ltd. continued to maintain high-intensity R&D investment, continuously achieving breakthroughs in core technologies, key processes, and innovative products. Its patent reserves and technical strength improved in step. From smart cockpits to new-energy charging and power distribution, from supporting conventional vehicles to applications in the low-altitude economy, Xiangshan Co., Ltd. uses technological innovation to break through scenario boundaries and product upgrades to seize market opportunities, gradually building a differentiated competitive advantage.

Looking ahead to 2026, Xiangshan Co., Ltd. will continue to deepen its development of two strategic positioning: “smart cockpit trim fashion designer” and “new-energy charging and power distribution system leader.” On one hand, it will continuously integrate cutting-edge technologies, reshape the vehicle cockpit experience, and build a mobile intelligent living space. On the other hand, it will keep expanding the ecosystem of charging and power distribution products, and accelerate its transformation from a single component supplier to a system-level solution giant.

Facing industry changes and market opportunities, Xiangshan Co., Ltd. will continue to stay committed to its core business and deeply cultivate innovation. It will further deepen global operational coordination, optimize its customer service system, drive business upgrades with new-quality productive forces, and continue to build core growth curves. Only through a thousand trials does steel become steel; by steadfast execution and action toward a new direction, standing at a brand-new starting point for development, Xiangshan Co., Ltd. will move forward steadily amid the waves of automotive intelligence and electrification, with stronger operating resilience, better product structure, and more frontier technological innovation, and will strive to write a new chapter in high-quality development.

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