WINBO-Dongjian Automotive Technology Co., Ltd.
东箭科技
300978
Shenzhen Stock Exchange
Company Profile
(I) Full‑Link Integrated Capabilities Enabling Efficient and Collaborative Operations With over 20 years of deep commitment to the automotive parts sector, the Company has built vertically integrated capabilities covering market research, product definition, styling design, engineering development, production and delivery, marketing and promotion, and channel sales, achieving globally leading standards in full‑process manufacturing and delivery. Leveraging its profound insight into modification needs for pickup trucks, off‑road vehicles, and SUVs, the Company is able to quickly introduce international experience into the domestic market. The Company has developed deep, full‑process collaborative capabilities including original design, independent R&D, precision manufacturing, community marketing, and omni‑channel sales, addressing the common industry pain point of “fragmented processes”. From front‑end demand insight to the efficient coordination between design, R&D and manufacturing, and then to back‑end omni‑channel reach and after‑sales support, all links operate in an efficient and coordinated manner. This enables rapid customization and flexible response, provides one‑stop closed‑loop services, and builds differentiated barriers that are difficult to replicate. (II) Solid Technological Barriers Reinforcing the Foundation for Innovation Leadership The Company has established a global R&D network comprising a China R&D headquarters and a North America R&D center. Since its listing, the Company has cumulatively invested over RMB 445 million in R&D. As of the end of the reporting period, the Company had been granted over 1,400 patents, including 914 invention and utility model patents. During the reporting period, 134 new patent grants were received (54 domestic invention patents and 1 foreign invention patent). The Company is actively expanding into electrified and stylish modification products, and during the reporting period was recognized as a Provincial‑level Manufacturing Single Champion Enterprise. The Company operates three core testing centers, equipped with advanced facilities including complete vehicle test chambers and a semi‑anechoic chamber, enabling it to independently conduct over 100 types of tests. Both the Headquarters Testing Center and the Dongjian Intelligent Testing Center have obtained CNAS accreditation. The three testing centers have also received laboratory recognition from multiple OEMs, including BYD, Chery, GAC, Zeekr, NIO, SAIC, and General Motors. (III) Omni‑Channel Marketing and Quality Services Enhancing Market Penetration On the B‑end channel front, the Company has established long‑term stable cooperation with core independent brand OEMs, becoming a key supplier; in the overseas aftermarket, it has developed high‑adhesion cooperation with customers, with products exported to North America, Oceania, Europe, South America and other regions. On the C‑end channel front, the Company has established a presence on platforms such as JD.com and Tmall, operating both platform‑owned and official direct‑sale stores, and has built an online marketing matrix through new media formats including Douyin livestreaming, KOLs and KOCs. At the same time, through offline terminals such as brand flagship stores and authorized stores, the Company has achieved a closed loop of online and offline transactions. The Company has established a strategic partnership with JD Auto to jointly establish industry standards for automotive modifications. Leveraging its extensive marketing experience and industry resources, the Company delivers differentiated product and marketing solutions tailored to customer needs, and provides professional training and terminal implementation support. In international business, it seizes opportunities through its accumulated knowledge of overseas regulations; in the domestic market, it deepens customer value through event planning and cross‑industry integration. Relying on high‑quality products and services, the Company has built a strong reputation within its communities, and offers a 3‑year warranty for its domestic aftermarket consumers. (IV) Multi‑Brand Matrix Operations, Differentiated Coverage of Niche Markets The Company implements a multi‑brand strategy, developing influential proprietary brands such as Steelcraft, WINBO, and Manta, each with clear positioning and complementary strengths. During the reporting period, the Company focused on a value reshaping “from conquest to guardianship”, building a brand system that balances commercial value and social responsibility: - Steelcraft: A professional‑grade global wilderness adventure brand. With the core appeal of “Ultimate Terrain, Ultimate Protection”, it provides vehicle safety upgrades, expedition equipment, skills training, and cultural merchandise. With the product creed “Safety is the deepest freedom”, it stands by the promise of “rock‑solid” quality to guard every extreme journey. - WINBO: A brand that makes exploration more valuable. It develops tailored products for scenarios such as camping, skiing, surfing, hiking, fishing, and cycling. With the core proposition “Fearless Exploration, Endless Protection”, it advocates a responsible outdoor travel culture, adhering to the “I Dare (RENEXT)” brand philosophy, turning the vehicle into an expandable outdoor living space. - Manta: An exclusive high‑end community brand, jointly incubated by the Company and the Land Rover Alliance. With the core belief “People as the protagonists, vehicles as partners, life as the true scene”, it builds a full‑service ecosystem covering modifications, equipment, travel, and cultural & creative products. With the spiritual core “Elegance Without Boundaries, Share the Passion”, it provides modular, integrated equipment to create a seamlessly switchable immersive vehicle lifestyle experience. The three brands form a differentiated matrix covering multiple dimensions – “professional off‑road – value resonance – lifestyle extension” – jointly building a complete brand ecosystem. (V) Stable and Efficient Management Team and Open Talent Acquisition Laying a Solid Foundation for Development The Company adheres to the philosophy that “talent is the core competitiveness”, continuously bringing in professionals in innovative design, technology R&D, marketing, quality management and other fields, while also collaborating with several KOLs. Internally, great importance is attached to talent echelon development, fostering a work atmosphere that encourages exploration and learning. The core management and technical personnel have been deeply engaged in the automotive outdoor sector for many years, possessing profound knowledge of industry trends, market demands and product value. The Company has built a high‑quality, young and professional core talent team with strong stability and efficient collaboration, laying a solid talent foundation for sustained innovation and enhanced competitiveness.
Full description
(I) Overall Overview In 2025, the Company initiated a strategic upgrade, further clarifying its business structure, rebuilding its brand matrix, and fully refreshing its corporate culture and brand values. It is committed to striking a balance between commercial value and social value, thereby promoting the sustainable development of the Company, the industry, and the ecosystem. 1. Strategic Upgrade: “π-shaped Strategy” Driving Industry Value Reconstruction In 2025, the Company upgraded its medium-to-long-term development strategy to the “π-shaped Strategy – Deeply Rooted and Pioneering to Drive the Industry’s Future”. Driven by the dual engines of “mature core businesses + innovative brand businesses”, it restructures its business, brand, and value systems to achieve the coordinated development of “full-value-chain coverage of automotive lifestyle” and “development of new growth poles”. 2. Clarifying the Business Structure: Positioning in the Global Automotive Outdoor Living Sector The Company has anchored itself in the “global automotive outdoor living sector”, deepened its business system layout, and focused on its mature core businesses. It has built three major strategic business systems – “OEM business + Aftermarket business + Complete Vehicle Customization business” – to create differentiated competitive barriers. 3. Rebuilding the Brand Matrix: Building Mental Barriers through Differentiated Positioning The Company has restructured its brand matrix, with three major brands – Steelcraft, WINBO, and Manta – covering different user groups through differentiated positioning, forming a complementary brand ecosystem. 4. Comprehensive Refresh of Corporate Culture and Brand Values: Defining and Guarding Automotive Outdoor Living - Corporate Mission: Advocate a responsible automotive outdoor travel culture, transforming mankind’s exploratory footprints into actions that protect nature. - Corporate Vision: Inspire and empower global automotive outdoor enthusiasts to become steadfast guardians of this land. - Brand Values: Centered on “Rock-Solid Reliability, Proactive Protection, Openness and Honesty, Community & Public Welfare”, the Company seeks a balance between commercial and social value, driving the sustainable development of the industry and the ecosystem. (II) Summary of Operating Conditions during the Reporting Period In 2025, the global automotive industry continued to undergo profound adjustments and transformation. Despite high growth in some areas, structural pressures remained prominent: in the domestic market, inventory pressure and price competition intensified, squeezing profit margins across the industry chain; in overseas markets, geopolitical conflicts and tariff barriers brought uncertainties, with notable demand fluctuations in certain regions. Facing external changes and challenges, the Company maintained a stable core performance through measures such as focusing on core product advantages, deepening cost reduction and efficiency improvement, optimizing resource allocation, accelerating new product development, and expanding into emerging markets. Full-year operating revenue reached RMB 2.034 billion, a year-on-year decrease of 7.09%, of which domestic market revenue was RMB 1.214 billion (-8.22% YoY) and overseas market revenue was RMB 821 million (-5.37% YoY). Net profit attributable to shareholders of the listed company was RMB 142 million, down 5.31% from the previous year; net profit attributable to shareholders excluding non-recurring gains and losses was RMB 154 million, down 0.71% YoY; basic earnings per share were RMB 0.34, down 5.56% YoY. During the reporting period, the Company implemented its “π-shaped Strategy”, driven by the dual engines of “mature core businesses + innovative brand businesses”. It focused on the OEM business and aftermarket business, strategically deployed the complete vehicle customization business, and built differentiated competitive barriers. The operating status of each business segment is as follows: 1. OEM Business The Company’s OEM business, centered on the Weijie Auto subsidiary system, provides global OEMs with personalized exterior structural parts (roof racks, spare tire covers, roll bars, fixed running boards, etc.) and branded ecosystem accessories (e.g., electric running boards), deepening strategic cooperation with vehicle manufacturers. In 2025, the Company’s OEM business achieved total operating revenue of approximately RMB 939 million, a YoY increase of approximately 1.64%. Among this, the OEM business of exterior structural parts (Weijie Auto) achieved operating revenue of approximately RMB 825 million, a YoY increase of 9.45%. 2. Aftermarket Business The Company’s aftermarket business focuses on domestic and international automotive aftermarkets, based on its mature automotive modification business. It develops its own brands such as Steelcraft, WINBO, and Manta, and expands into automotive modification products, outdoor equipment, automotive travel, cultural and creative merchandise, and other categories, providing multi‑category, multi‑level products and services. In 2025, the Company’s aftermarket business achieved operating revenue of approximately RMB 1.054 billion, a YoY decrease of approximately 14.36%. Among this, overseas revenue was approximately RMB 821 million (-5.37% YoY), and domestic revenue was approximately RMB 234 million (-35.79% YoY). The domestic decline was mainly due to the downturn in the domestic 4S industry and business contraction; the Company proactively adjusted its business strategy, shrinking 4S channel business and gradually extending toward C‑end business. 3. Complete Vehicle Customization Business Building on the successful delivery of many past official customization projects, and based on its profound global automotive modification experience and mature OEM supporting system, the Company accurately grasps both domestic and international complete vehicle customization demands and industry development opportunities. Focusing on market pain points and niche segment opportunities, it has established the complete vehicle customization business as a strategic development direction, coordinating and deploying multiple scenarios including customized vehicle exports, domestic high-end customization, and OEM‑authorized modifications, and fully promoting the large‑scale, systematic development of the complete vehicle customization business.