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Changchun Fuwei Group Automotive Parts Co., Ltd. (formerly known as Changchun FAW Fuwei Auto Parts Co., Ltd.), is a leading Chinese automotive parts R&D and manufacturing enterprise group. The company was founded in 1993, listed on the Shanghai Stock Exchange in 1996, stock code 600742. As of the end of 2025, the company's total share capital was 743 million shares, with over 20,000 employees, owning 48 branch companies and 4 major integrated R&D centers.
In June 2025, the company's stock abbreviation was changed from "FAW Fuwei" to "Fuwei Shares", aiming to promote group development, reduce dependence on a single group customer, enhance market-oriented operation capabilities, focus on technical R&D and innovation, and seize the technological height of the industry. In August 2025, the company completed industrial and commercial change registration and officially renamed itself Changchun Fuwei Group Automotive Parts Co., Ltd.
Fuwei Shares focuses on the development strategy of "multipolarization, neutrality, frontier, and intensive", covering five core fields: intelligent cabin systems, exterior systems, intelligent vision, lightweight business, and derivative business, building a complete industrial ecosystem from R&D design, intelligent manufacturing to full lifecycle services. The company headquarters is located at No. 5168 Dongfeng Street, Automobile Economic Development Zone, Changchun, Jilin Province.
Fuwei was born during a critical period of reform and development in China's automotive industry. In 1993, the company was founded jointly by FAW Group and other units, serving as an experimental field for FAW Group's shareholding reform. In August 1996, Fuwei was officially listed on the Shanghai Stock Exchange, becoming one of the early enterprises in China's automotive parts sector to enter the capital market, gradually establishing a strategic direction focused on automotive parts as the main business.
After listing, the company continued to promote a national strategic layout, successively investing in and building four outlying production bases in Chengdu, Foshan, Qingdao, and Tianjin, and established factories and joint ventures in Changzhou, Hefei, Shanghai, Heze, Laiwu, Meihekou, and other places, gradually forming a production network radiating across the country. Meanwhile, the company continued to optimize its product structure, expanding from a single category of automotive interior and exterior products to cover multiple fields such as cabin systems, intelligent vision, lightweight materials, and automotive electronics.
Entering the 2020s, facing major changes and intensified competition in the automotive industry, Fuwei accelerated strategic transformation. In 2024, the company's full-year R&D investment was RMB 603 million, a year-on-year increase of 21.23%, breaking through 27 key core technologies, with the number of invention patents increasing by 200% year-on-year. In 2025, the change in the company's stock abbreviation marked the full launch of a new round of strategic upgrades. In the closing year of the "14th Five-Year Plan", the company established the development direction of transforming from a traditional automotive parts supplier to a comprehensive technology enterprise empowering manufacturing with optoelectronics.
Fuwei constructs a product matrix with five core business segments, covering the full category and full business chain of automotive parts.
Cabin is one of the company's core businesses, with main products including passenger car seats, commercial vehicle seats, seat skeletons, door interior panels, instrument panels, door panels, headliners, overhead boxes, etc. Among them, the 12.3-inch fully liquid crystal instrument represents the company's technical capabilities in the field of cabin electronics. The company possesses full-chain R&D and manufacturing capabilities from seat skeletons to assembly, providing integrated cabin solutions for entire vehicle enterprises.
Exterior involves products such as front bumpers, tailgates, spoilers, side skirts, threshold assemblies, front module assemblies, radiator grille assemblies, rearview mirrors, and anti-rub strips. Relying on deep accumulation in the exterior field, the company has won exterior fixed-point projects from multiple domestic and international well-known brands.
Intelligent Vision mainly includes automotive lighting devices such as car headlights, turn signals, and grille lights, as well as automotive electronics such as domain controllers, combination instruments, cameras, oxygen sensors, and clocks. In February 2025, the company was granted a patent for "An Operating System Suitable for a Cabin Domain Controller", marking a key breakthrough in the field of smart cabin domain control software.
Low-Carbon (Lightweight) Business is a strategic direction that the company has focused on laying out in recent years, covering products such as body structural parts, chassis structural parts, passenger car steel wheels, commercial vehicle tubeless tires, filter assemblies, etc. The R&D and application of magnesium alloy lightweight materials is an important highlight of this segment. In March 2025, the company strategically entered the magnesium alloy field; the first digital semi-solid forming production line landed in July of the same year; the 3600T magnesium alloy semi-solid injection molding unit was debugged in March 2026, achieving full coverage of products from 0.3kg to 10kg.
Derivative Business provides a platform foundation for the company to expand into emerging tracks, involving collaborative layout in fields such as low-altitude economy and embodied AI robots.
In terms of financial performance, in 2025, Fuwei achieved a total operating income of RMB 19.868 billion, a year-on-year increase of 1.18%; net profit attributable to the parent company was RMB 465 million, and basic earnings per share were RMB 0.63. Classified by product, in 2025, automotive interior revenue was RMB 10.907 billion, accounting for 54.90%; automotive bumpers were RMB 4.674 billion, accounting for 23.53%; automotive lights were RMB 1.384 billion, accounting for 6.97%; stamping parts were RMB 1.298 billion, accounting for 6.53%; automotive mirrors were RMB 766 million, accounting for 3.86%; automotive wheels were RMB 457 million, accounting for 2.30%. In terms of regional distribution, revenue from the Northeast region was RMB 13.28 billion, accounting for 66.84%, still the company's main market; North China and East China regions contributed RMB 2.839 billion and RMB 1.811 billion respectively, showing a trend of diversified expansion.
Fuwei's core customers include FAW Hongqi, FAW-Volkswagen, FAW Toyota, FAW Jiefang, and FAW Besturn, while also providing supporting services to well-known domestic and foreign passenger car enterprises such as Volvo, Mercedes-Benz, BMW, NIO, Xpeng, Li Auto, Great Wall Motors, Changan, as well as commercial vehicle enterprises such as Sinotruk, Scania, and Foton. In 2025, the company and its subordinate participating and holding companies undertook a total of 101 orders from FAW Group, with a full-lifecycle sales volume of RMB 26.322 billion; meanwhile, the company won 46 orders from markets outside the FAW Group throughout the year, with a full-lifecycle sales volume of RMB 6.767 billion. In 2025, the company disclosed 7 project fixed-point announcements in total, among which the full-lifecycle sales volume corresponding to projects from customers outside the group has exceeded RMB 5 billion, and the related income is expected to be gradually released starting from 2026.
In terms of investor returns, the company attaches great importance to cash dividends and has carried out cash dividends continuously for 16 years since 2009. The company promises that from 2026 to 2028, the annual profit distributed in cash shall not be less than 50% of the distributable profit realized that year, and the number of dividend payments each year shall not be less than twice.
Fuwei continues to increase R&D investment and has gradually formed a three-matrix technology core centered on intelligent cabin integration technology, lightweight material technology, and intelligent manufacturing technology.
Intelligent Cabin Technology is the technology highland of the company. The company possesses advantages in the full-chain R&D and manufacturing of intelligent cabins, covering core segments such as cabin domain control, intelligent seats, and eco-friendly interior materials. In February 2025, the company was granted a patent for "An Operating System Suitable for a Cabin Domain Controller", and the system possesses multi-core control advantages such as functional safety, functional diagnosis, body control, data monitoring, and layered thread monitoring. The continuous accumulation in the cabin domain control field has laid a solid technical foundation for the company's future participation in intelligent competition.
Lightweight Technology, especially magnesium alloy semi-solid injection molding process, is a core technology breakthrough for the company in recent years. In March 2025, the company strategically entered the magnesium alloy field; the first digital semi-solid forming production line landed in July of the same year. In March 2026, the 3600T magnesium alloy semi-solid injection molding unit was debugged, achieving full coverage of products from 0.3kg to 10kg, covering all links of design, analysis, manufacturing, and verification, reaching domestic leading manufacturing capabilities. The company has established strategic cooperation relationships with Chongqing University, Jilin University, Changchun Institute of Applied Chemistry, Chinese Academy of Sciences, Hebei University of Technology, etc., and comprehensively carried out the introduction and industrialization application of new products, new materials, and new technologies. The first set of core components for magnesium alloy seat skeletons with semi-solid forming process in the country has completed assembly, integrating 19 steel structural parts into 4 magnesium alloy parts, replacing part of the weight reduction reaching 26%.
In terms of intelligent manufacturing and AI technology application, throughout 2025, the company launched 3,105 items for the whole-domain cost reduction special action, landed AI technology in 55 business scenarios, and built 41 lean production lines. In 2025, the company completed 75 patent applications, including 28 invention patents, breaking through 11 key core technologies. The scale of R&D investment and patent output efficiency throughout the year are both at the forefront of the industry.
Fuwei takes the Chinese market as the cornerstone. Currently, overseas business is still in the early stage, but it has shown a positive trend of global expansion.
In China, the company has built five core production bases in Changchun, Chengdu, Foshan, Qingdao, and Tianjin, and possesses emerging strategic bases in Shanghai, Hefei, Changzhou, etc., with business layout extending to economically developed areas such as the Yangtze River Delta. The company has formed an industrial pattern in China with the Northeast headquarters base radiating nationwide and multi-point support.
In terms of overseas markets, in 2025, North America contributed approximately RMB 22.9656 million in the company's revenue composition, accounting for only 0.12%, indicating that overseas business is still in the exploration and cultivation stage. However, the company has begun to participate in global frontier technology fields through strategic investments. In July 2025, Fuwei and Aerofugia jointly launched the global premiere AE200 "Smart Agile Cabin" product and held a cooperation signing ceremony, marking substantive steps in the company's technical cooperation in the international low-altitude economy field.
It is worth noting that in February 2026, Fuwei Shares announced plans to inject RMB 150 million into FAW Qiyi (Shenzhen) Technology Co., Ltd. by way of public bidding. FAW Qiyi is a special subject and global headquarters established by FAW Group for laying out low-altitude travel, focusing on the R&D, manufacturing, testing, and operation of flying cars (eVTOL). Through this investment, Fuwei will coordinate and reuse its technological accumulation in intelligent cabin and lightweight aspects with emerging businesses, promoting the company's extension from traditional automotive parts business to high-end emerging industries.
Facing the "15th Five-Year Plan" period (2026–2030), Fuwei has formulated a clear future development path around the two strategic main lines of "New Quality Productive Forces" and "Second Growth Curve".
In terms of traditional core businesses, the company will adhere to the development idea of "promoting adjustment through growth", and on the basis of consolidating market share with FAW Group's core customers, further increase the revenue proportion of non-FAW Group customers. In the first quarter of 2026, the company and its subordinate participating and holding companies cumulatively obtained 28 FAW Group projects, with a new project full-lifecycle sales volume of RMB 4.316 billion, of which new energy orders accounted for 47%; meanwhile, 10 external market projects were won, with a new project full-lifecycle sales volume of RMB 1.021 billion, of which new energy orders accounted for a high of 92%. The proportion of new energy vehicle parts supporting continues to rise, gradually becoming an important income growth pole for the company.
In terms of emerging businesses, Fuwei will take low-altitude economy and embodied AI robots as the strategic direction to create a "Second Growth Curve". In February 2026, the company plans to invest RMB 150 million to participate in the capital increase of FAW Qiyi, which is a key strategic measure for the company to develop new quality productive forces. The cooperation with Aerofugia and the launch of the "Smart Agile Cabin" product demonstrate the company's ability to migrate automotive cabin technology to the eVTOL field. In the field of robots, the company and Yuequan Bionic jointly established the "Fuwei-Yuequan Robot Application Laboratory" to carry out application exploration of humanoid robots in the field of automotive parts manufacturing. At present, the effective running time of Bowen W-Bot wheeled humanoid robot at a single workstation of automotive seat parts has stabilized at 8 hours.
In terms of technical innovation, magnesium alloy business will become an important support for the company's lightweight strategy. The first stage will adopt semi-solid forming process for industrialization of bracket products; the second stage will form experimental verification capabilities for magnesium alloy wheel products; subsequently, it will expand to magnesium alloy wheels, low-altitude economy, embodied intelligence, two-wheel and three-wheel electric vehicles, and 3C electronics fields at appropriate times.
In terms of operation management, the company will continue to promote the whole-domain cost reduction and efficiency improvement special action, deepen the landing application of AI technology in 55 business scenarios, and promote the transformation and upgrading of intelligent manufacturing. The company promises that from 2026 to 2028, the annual profit distributed in cash shall not be less than 50% of the distributable profit realized that year, returning to investors through continuous high-proportion dividends, and striving to improve intrinsic value and market recognition through comprehensive measures.
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