Breaking Down Beijing WKW Automotive Parts Co.,Ltd. Financial Health: Key Insights for Investors

Founded in 2002, Beijing WKW Automotive Parts Co., Ltd. - which rebranded to Beijing Fengjing Automotive Parts Co., Ltd. in April 2025 - has grown into a specialist supplier of interior and exterior trim systems with about 4,963 employees and a market capitalization near CNY 5.76 billion; its 2013 strategic 50/50 joint venture with Faurecia, backed by a planned investment of EUR 14 million (≈CNY 100 million), expanded its aluminum interior decoration footprint across Asia, while the company's latest financials show revenue of CNY 3.09 billion and net income of CNY 353.9 million (net profit margin ≈ 11.4%), reflecting a business model that combines OEM supply of trims, design and development services, export diversification, and operational efficiency to monetize Interior and Exterior Decoration Parts alongside other product lines.

Beijing WKW Automotive Parts Co.,Ltd. (002662.SZ): Intro

• Founded: 2002
• Headquarters: Beijing, China
• Employees: ~4,963 full‑time staff
• Stock listing: Shenzhen Stock Exchange - 002662.SZ
• Name change: April 2025 → Beijing Fengjing Automotive Parts Co., Ltd.

• Product & process: R&D and tooling → injection molding, extrusion, stamping, surface finishing and assembly for interior/exterior trim.
• Manufacturing footprint: centralized R&D and production sites around Beijing and supplier/production networks serving mainland Chinese OEMs and regional export partners.
• Sales channels: direct OEM contracts, tier‑1 supply agreements and strategic partnerships (e.g., the Faurecia JV) supplying both local and Asia‑Pacific platforms.
• Revenue generation: component sales under multi‑year OEM contracts, design/engineering services, tooling sales and aftermarket/repair parts where applicable.

• Public ownership: listed company on Shenzhen Stock Exchange (002662.SZ); shares held by institutional and retail investors per exchange disclosures.
• Strategic JV: 2013 50/50 JV with Faurecia to leverage Faurecia's interior decoration expertise and WKW's local market access and production capabilities.
• Capital deployment: JV investment (EUR 14m / ~CNY 100m) focused on aluminum interior decoration to capture higher‑value content per vehicle.

• Employee base: ~4,963 full‑time employees supporting R&D, production and sales.
• Product mix: interior decorative aluminum and plastic trim, exterior moldings, instrument panel components and sub‑assemblies.
• Market focus: Chinese OEM platforms and Asia‑Pacific market through JV and export sales.

Beijing WKW Automotive Parts Co.,Ltd. (002662.SZ): History

• Listed: Shenzhen Stock Exchange, Ticker 002662.SZ
• Market capitalization (latest available): ≈ CNY 5.76 billion
• Main product lines: stamped parts, welded assemblies, structural chassis components
• Primary customers: Chinese OEMs and tier-1 suppliers (domestic + export)

• Shareholder base: mix of institutional investors, retail investors, and company insiders
• Strategic holders: company insiders and affiliated entities maintain stakes to support long-term strategy
• Liquidity: stock is actively traded on SZSE, with daily volumes reflecting investor interest
• Note: exact ownership percentages change with market activity and regulatory filings

Beijing WKW Automotive Parts Co.,Ltd. (002662.SZ): Ownership Structure

• Mission: Provide high-quality automotive trim systems that enhance vehicle aesthetics and functionality.
• Innovation: Invest in R&D to develop advanced products (interior/exterior trim, decorative moldings, functional modules).
• Sustainability: Reduce process emissions, increase recycled-material content and optimize energy use in plants.
• Customer focus: Tailor solutions to OEM needs, emphasize just-in-time supply and long-term partnerships.
• Corporate values: Integrity, transparency, and ethical business conduct across operations.

• Major shareholder block: Strategic corporate shareholders and founding groups hold the controlling stake, with the largest single holder owning a significant minority position.
• Public float: Shares listed on the Shenzhen Stock Exchange (002662.SZ) provide public liquidity and institutional investor participation.
• Board and management: Governed by a board of directors including executive and independent directors, responsible for R&D investment priorities and sustainability targets.

• Largest strategic/corporate shareholder (founder/controlling group): ~34-38%
• Domestic institutional investors and funds: ~18-25%
• Retail/public float: ~25-35%
• Senior management and insiders: ~2-5%

• Strategic shareholder influence drives long-term R&D and customer-partner agreements with OEMs.
• Public shareholders provide market discipline and capital to support capacity expansion and sustainability projects.
• Institutional holders typically emphasize profitability, governance improvements and ESG reporting enhancements.

Beijing WKW Automotive Parts Co.,Ltd. (002662.SZ): Mission and Values

• Segments: The company's operations are organized into three main segments: Exterior Decoration Parts, Interior Decoration Parts, and Other Products and Services.
• Product range: Manufactures luggage racks, pillar and windshield trims, door frame strips, water cuts, grilles and associated trim components across multiple vehicle lines.
• Design & development: Provides end-to-end design, prototyping and engineering services to adapt components to specific OEM requirements and vehicle architectures.
• Manufacturing: Facilities are equipped with automated stamping, extrusion, injection molding, surface treatment and assembly lines to ensure repeatable, high-quality output and tight tolerances.
• Customers & channels: Maintains long-term supply relationships with major automotive OEMs, focusing on mid- to high-end passenger vehicle platforms and providing just-in-time deliveries to assembly plants.
• Supply chain & logistics: Emphasizes supplier qualification, inbound material control, inventory optimization (kanban/JIT) and logistics coordination to achieve on-time delivery and minimize production disruptions.

• Production technologies: Stamping presses (up to 1,000 tons), extrusion lines, multi-shot injection molding, robotic welding and automated surface finishing lines.
• Quality systems: Production sites operate under ISO/TS (IATF 16949) quality management standards with in-line inspection and SPC processes.
• Capacity & scale: Modular production cells allow rapid SKU changeovers to serve multiple vehicle programs simultaneously.

• Customer mix: Supplies components for mid- to high-end passenger vehicles, positioning itself as a premium trim and decoration specialist.
• Value-added services: Early-stage engineering input, validation testing, tooling management and aftermarket parts support.
• Competitive edge: Integrated design-to-manufacture capability, close OEM collaboration, and supply chain discipline that supports tight launch schedules.

• Component sales: Primary revenue from the sale of exterior and interior trim components under long-term supply contracts and program-based pricing.
• Design & engineering services: Fees for early-phase development, prototyping and validation that are either capitalized into tooling/program costs or invoiced separately.
• Tooling & moulds: Revenues and working capital shifts related to tooling manufacture and amortization/recovery across vehicle program life cycles.
• Aftermarket & replacement parts: Secondary channel providing spare parts and accessory revenues beyond factory-fit sales.

• Program wins & OEM content share: Incremental revenue depends on securing trim content for new vehicle platforms and increasing per-vehicle content value.
• Cost control & scale: Margins expand with improved utilization of presses and molds, supplier consolidation, and manufacturing automation.
• Product mix: Higher-margin interior trim and design-led customization for premium vehicles support better profitability versus commodity exterior items.
• Supply chain reliability: Timely procurement, inbound logistics and JIT deliveries to OEM assembly lines are critical to retain contracts and avoid penalties.

Beijing WKW Automotive Parts Co.,Ltd. (002662.SZ): How It Works

• Primary products: instrument panels, door trim, center consoles, decorative exterior moldings and integrated module assemblies.
• Customer base: major domestic and international OEMs (passenger cars, SUVs, light commercial vehicles).
• Value proposition: custom design, materials engineering, integrated supply chain and production scale to meet OEM takt times.

• Direct product sales: the bulk of revenue comes from sale of interior and exterior trim systems supplied under multi‑year OEM contracts.
• Design & development services: bespoke tooling, prototyping and module engineering billed to customers or embedded in contract pricing.
• Strategic alliances: collaborative offerings via partnerships (notably the joint initiatives with global supplier Faurecia) that open higher‑margin, technology‑led product lines.
• Export sales: shipments to Europe, North America and other overseas markets diversify revenue and reduce exposure to domestic cyclical demand.
• R&D and product upgrades: new materials, lightweighting and integrated electronic modules enable premium pricing and aftersales opportunities.
• Operational efficiency: scale manufacturing, lean operations and supply‑chain management improve gross margins and overall profitability.

• High‑volume OEM contracts provide predictable base revenue and utilization of fixed assets.
• Customized engineering projects are billed at higher margins or embedded into equipment amortization schedules.
• Export contracts command different pricing and can improve blended margins when hedged effectively.
• Investments in lightweight materials and integration of electronic modules create upsell opportunities and longer product lifecycles.
• Continuous cost management-procurement, labor productivity, automation-keeps net margin in the low double digits (~11.4%).

• Joint ventures and technology partnerships expand product portfolios (e.g., premium trim systems, acoustics and integrated modules) and provide access to global OEM platforms.
• Export channels to Europe and North America reduce concentration risk and capture overseas OEM programs.
• Localized production and engineering support in key markets shorten lead times and strengthen OEM relationships.

Beijing WKW Automotive Parts Co.,Ltd. (002662.SZ): How It Makes Money

• Core revenue streams: supply contracts for interior trim, exterior trim and modules (door panels, instrument panels, consoles, roof liners).
• Joint-venture and technology partnerships (notably a strategic tie with Faurecia-related entities) that expand product offerings and access to higher-value interior modules.
• Aftermarket and retrofit components sold to dealers and component distributors.
• Engineering & development services contracted by OEMs for customized trim solutions.

• Beijing WKW occupies a significant share of the domestic trim systems market by combining scale manufacturing with quality control processes tailored to OEM standards.
• The company's specialization in interior and exterior trim enables concentrated capital allocation to specialized tooling, mold-making and process automation-boosting unit economics and consistency.
• Financially solid performance (CNY 353.9M net income on CNY 3.09B revenue) underpins reinvestment capacity for capex and R&D.
• The joint venture/partnership with Faurecia strengthens product technology transfer, premium interior module capabilities and access to international client networks.
• Ongoing R&D investments are directed at innovative and sustainable products (lightweight composites, recycled-material components and integrated electronics), supporting margin expansion and compliance with tightening emissions/efficiency standards.
• Well-positioned to capitalize on rising demand for higher-quality, modular and sustainable components both domestically and in export markets as OEMs pursue interior differentiation and electrification-driven requirements.