智通财经APP获悉，港股三大指数走势不一，恒指及国指早盘冲高回落并转跌，恒科指午后则一度涨近 1%。截止收盘，恒生指数跌0.08%或18.81点，报24498.95点，全日成交额为2364.12亿港元；恒生国企 指数跌0.09%，报8853.1点；恒生科技指数涨0.56%，报5448.85点。 东吴海外策略团队指出，对港股持谨慎乐观态度。港股下行相对有底，还在震荡向上趋势中，关注或有 增量资金入场。增配红利和寻找低估股票成为市场共识。中国银河证券认为，在全球权益市场中，港股 绝对估值处于相对低位水平、估值分位数处于历史中上水平，中长期配置价值仍然较高。 理想汽车-W(02015)领跑蓝筹。截至收盘，涨9.73%，报124.1港元，成交额49.36亿港元，贡献恒指24.08 点。理想汽车宣布理想i8开启预订，预计售价35万元人民币至40万元人民币，将于7月29日公布正式售 价，8月下旬开始交付。新车作为理想首款纯电SUV，市场关注度较高。 其他蓝筹股方面，中国生物制药(01177)涨5.9%，报6.82港元，贡献恒指6.22点；翰森制药(03692 )涨 4.39%，报34.5港元，贡献恒指2.69点；周大福( ...

Sales Performance - Group sales declined by 2%[7] - APG's sales decreased mainly due to an unfavorable customer mix in China and competitive pricing pressures[7] - IPG's sales improved slightly amid mixed regional market and customer dynamics[7] - Asia-Pacific IPG sales declined due to keen price competition and customer program delays[19, 22] - EMEA IPG sales were boosted by new launches and replenishment orders[20] - Americas IPG sales faced softer demand in some product segments, partially offset by increased sales for high-precision piezo motors[20] Automotive Products Group (APG) - APG's sales were negatively impacted by reduced demand for non-domestic car brands in China, partially offset by accelerating sales to domestic car brands[11] - APG faced market-driven pricing adjustments[11] - APG experienced phasing out of certain programs[11] Industry Products Group (IPG) - IPG and its customers faced keen price competition and certain customers delayed programs[22] Joint Ventures - Joint venture agreements signed with Shanghai Mechanical & Electrical Industrial Co, Ltd (SMEIC) on 16 July, 2025[27] - Johnson Electric supplies components to the Shenzhen joint venture, including motors and planetary reducers[27] Exchange Rates - CAD weakened against the USD by 1.2%[33] - CNY weakened against the USD by 1.2%[33] - EUR strengthened against the USD by 5.2%[33]

Financial Performance - Total revenue for Johnson Electric Holdings Limited reached $3.64 billion, with a net profit of $263 million[5]. - Group revenue totaled $3,648 million, down 4% from the previous year, with a gross profit of $843 million, representing a gross margin of 23.1%[38]. - Adjusted EBITDA was $344 million, accounting for 9.4% of revenue, an increase from 9.0% in the previous year[38]. - Net profit attributable to shareholders increased by 15% to $263 million, with basic net profit adjusted for non-cash foreign exchange changes at $274 million, up 9%[43]. - The company's revenue for the fiscal year 24/25 decreased by $166.6 million or 4% to $3,647.6 million compared to $3,814.2 million in the fiscal year 23/24[104]. - The automotive product segment's revenue was $3,072.4 million, accounting for 84% of total revenue, which represents a decrease of $137.8 million or 4% from the previous year[104]. - The industrial product segment's revenue was $575.2 million, making up 16% of total revenue, reflecting a decline of $28.8 million or 5% compared to the prior fiscal year[104]. - The group's operating profit for the fiscal year 24/25 was $305.9 million, an increase of $20.6 million or 7.2% compared to the previous fiscal year[119]. - Shareholders' profit for the fiscal year 24/25 was $262.8 million, up by $33.6 million or 15% from $229.2 million in the previous fiscal year[120]. - The adjusted net profit for the fiscal year 24/25 was $274.0 million, reflecting an increase from $252.0 million in the previous fiscal year[121]. Revenue Breakdown - Revenue breakdown shows 84% from automotive products and 16% from industrial products[6]. - Geographical revenue distribution: Americas 32%, Asia-Pacific 37%, EMEA 31%[8][13]. - The automotive products segment generated revenue of $3,072 million, a decrease of 3% year-over-year, primarily due to economic downturns and declining consumer confidence[36]. - The industrial products segment faced challenges with revenue of $575 million, down 5% year-over-year, due to weak demand in post-pandemic conditions[40]. - The automotive products segment is focusing on innovative technologies for electrification and safety improvements while offering competitive value propositions[37]. Innovation and Technology - The company emphasizes innovation and technology leadership, investing significantly in automation and digital transformation[25]. - Johnson Electric is committed to providing innovative drive solutions that enhance the quality of life for end users[12]. - The new Integrated Thermal Management System (ITMS) reduces weight by 25% and assembly time by 20%, while extending the range by 15%-20% in cold weather conditions[58]. - The advanced DC pump for cold plate liquid cooling reduces energy costs by 10% and extends the lifespan of data centers by up to five years[60]. - The company is focusing on developing products that reduce greenhouse gas emissions and energy consumption in the automotive sector[50]. - The company's innovative technologies help customers achieve success in reducing consumption and waste, improving energy efficiency, and lowering carbon emissions[54]. - The company is committed to addressing climate change by enhancing the performance of products in new energy vehicles[52]. - The company is integrating advanced digital technologies, including artificial intelligence, to lower costs and improve efficiency[47]. Sustainability and ESG - The company achieved an 81% reduction in Scope 2 carbon emissions compared to the 22/23 fiscal year baseline, exceeding the recent target of a 65% reduction[84]. - Renewable electricity usage increased to 83%, up from 53% the previous year, with renewable energy usage rising from 44% to 69%[84]. - The MSCI ESG rating improved from "A" to "AA," placing the company in the top 7% of the automotive parts industry[90]. - The company was included in the S&P Global Sustainability Yearbook (China) 2024, ranking in the top 15 among peers in the automotive parts category[91]. - The company has maintained a "B" score in the CDP climate change assessment and improved its water security score by two levels to "B"[89]. - The company has been a constituent of the Hang Seng Sustainable Development Corporate Benchmark Index since 2018 and became part of the FTSE4Good Index Series in June 2024[92]. - The company aims to achieve 100% renewable energy usage by the fiscal year 25/26, demonstrating its commitment to sustainability[99]. Market Challenges and Risks - The geopolitical environment and global trade uncertainties continue to pose significant challenges for the company, with potential impacts on supply chains and international relations[45]. - The products affected by the increased import tariffs currently account for a mid-single-digit percentage of the group's total revenue[47]. - The company actively manages risks through proactive supervision and flexible business processes, with a risk management committee analyzing existing and potential risks quarterly[178]. - Key risks identified include strategic, operational, financial, and sustainability risks, with specific concerns around supply chain, cybersecurity, and global economic conditions[180]. - The company faces risks in emerging markets due to political, regulatory, social, and economic fluctuations, but overcoming these challenges can yield significant returns and strengthen global operations[192]. Employee Engagement and Development - Over 1,700 students graduated from the company's technology academy, and more than 400 children participated in the Little Engineers program[85]. - The company was recognized as one of the "2024 Asia's Best Employers" by HR Asia, reflecting its commitment to employee engagement and development[85]. - The company focuses on attracting and retaining talent, addressing workforce stability amid demographic changes[199]. - The company is retraining employees to maintain productivity and adaptability in response to technological trends and regulatory changes[191]. Financial Health and Capital Management - Cash reserves stood at $791 million as of March 31, 2025, with total debt to capital ratio at 12%[39]. - The company's cash position as of March 31, 2025, was $790.6 million, down from $809.9 million a year earlier[103]. - Total debt decreased significantly from $560.8 million to $359.3 million, resulting in a net cash position of $431.3 million[103]. - The company's market capitalization increased to $1,881.2 million from $1,294.6 million year-over-year[103]. - The debt-to-capital ratio improved to 12% from 18% in the previous year, indicating a stronger balance sheet[103]. - The group maintained investment-grade ratings with a stable outlook from both Moody's and S&P as of March 31, 2025[143]. Strategic Initiatives - Strategic acquisitions have been made over the past two decades to enhance technology and strengthen market position[29]. - The company aims to diversify its customer and product portfolio through internal development, joint ventures, and targeted acquisitions to mitigate adverse market changes[183]. - The company emphasizes the importance of optimizing production capacity and maintaining a flexible global operational footprint to respond to changing customer demands and regulatory factors[184]. - The company is focused on innovation and intellectual property development to improve product cost and production efficiency, ensuring competitiveness in the market[191]. - The company implements strategic in-sourcing of the supply chain and dual sourcing to stabilize supply and alleviate cost pressures[197].

Summary of the Conference Call for 德昌电机控股 Company Overview - 德昌电机控股 specializes in actuator assemblies, including motors and most components, dexterous hands, and hollow cup motors [1] Financial Performance - For the fiscal year ending Q1 2025, the company reported revenue of $36.5 million, a year-over-year decrease of 4.4% [2] - Net profit reached $2.6 million, reflecting a year-over-year increase of 14.6% [2] - Gross margin was reported at 23.1%, an increase of 0.8 percentage points year-over-year [2] - The company declared a dividend of $0.73 million, with a payout ratio of approximately 28% [3] Product Development and Market Strategy - The company is currently providing samples to clients in both China and the United States [2] - A cost-reduced and standardized joint product is expected to be launched in September during the A3 event [2] - The company is entering the AIDC liquid cooling sector, having released a liquid cooling pump designed to assist clients in building high-density computing environments [3] - These new products are characterized by their small size, stable flow rates, and compatibility with multiple GPU architectures [3] Capital Expenditure and Risks - Currently, there is minimal capital expenditure (Capex) planned, pending downstream progress [2] - Approximately 5% of revenue is subject to U.S. tariffs, indicating a potential risk [3] - Due to tariff risks, related Capex for local production may see a slight increase [3]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has maintained stable performance in the fiscal year 2025, with a focus on expanding into robotics and liquid cooling for data centers [2] - The company is expected to achieve revenues of $3.98 billion, $4.35 billion, and $4.75 billion in the fiscal years 2026, 2027, and 2028 respectively, with corresponding net profits of $308 million, $345 million, and $377 million, reflecting year-on-year growth of 17%, 12%, and 9% [7] - The company is entering the AI server thermal management system business, launching a new series of liquid cooling pumps designed for modern data centers and AI server architectures [7] Financial Summary - The company reported revenues of $3.65 billion for the fiscal year 2025, a year-on-year decrease of 4.4%, while net profit was $263 million, an increase of 14.6% [7] - The gross profit margin for the fiscal year 2025 was 23.1%, an increase of 0.8 percentage points year-on-year [7] - The company plans to distribute cash dividends of $73 million for the fiscal year 2025, with a dividend payout ratio of approximately 28% [7] Future Projections - The projected earnings per share (EPS) for the fiscal years 2026, 2027, and 2028 are $0.33, $0.37, and $0.40 respectively, with price-to-earnings (PE) ratios of 7.74, 6.91, and 6.32 [7] - The company is expected to see a recovery in revenue growth as it adjusts its customer mix and capitalizes on the rising demand for smart electric applications [7]

Key Financial Highlights FY24/25 Annual Results For the year ended 31 March 2025 Investor Briefing May 2025 FY24/25 Annual Results Investor Briefing Overview Why Invest in Johnson Electric? Operating Results Outlook Supplemental Information A World of Motion. Powered by Sustainable Innovation… Page 2 Overview Products Group Automotive APG provides motion-related components for all vehicle types. We are well-placed to capitalize on expanding New Energy Vehicle (NEV) markets IPG serves a wide range of industr ...

Financial Performance - The group's revenue for the year ended March 31, 2025, was $3,648 million, a decrease of 4% compared to the previous year[3]. - Gross profit was $843 million, representing 23.1% of revenue, up from 22.3% last year[3]. - Adjusted EBITDA was $344 million, or 9.4% of revenue, compared to $343 million, or 9.0% last year[3]. - Net profit attributable to shareholders increased by 15% to $263 million[9]. - The automotive products segment generated revenue of $3,072 million, down 3% when excluding foreign exchange effects[5]. - The industrial and commercial products segment's revenue was $575 million, a decrease of 5% compared to last year[7]. - The company's revenue for the fiscal year 24/25 decreased by $166.6 million or 4% to $3,647.6 million compared to $3,814.2 million in the fiscal year 23/24[17]. - The automotive product segment accounted for 84% of total revenue, with reported sales of $3,072.4 million, down 4% from $3,210.2 million[17]. - The industrial product segment represented 16% of total revenue, with reported sales of $575.2 million, also down 5% from $604.0 million[17]. - The gross profit for the fiscal year 24/25 was $843.3 million, resulting in a gross margin of 23.1%, an increase from 22.3% in the previous year[16]. - Adjusted EBITA for the fiscal year 24/25 was $344.3 million, representing an adjusted EBITA margin of 9.4%, up from 9.0% in the previous year[16]. - The company reported a net profit attributable to shareholders of $262.8 million, an increase from $229.2 million in the previous year[16]. - The total debt decreased significantly from $560.8 million to $359.3 million, resulting in a debt-to-capital ratio of 12% compared to 18% the previous year[16]. - The company maintained a strong cash position with $790.6 million in cash as of March 31, 2025, down slightly from $809.9 million the previous year[16]. - The market capitalization increased to $1,881.2 million from $1,294.6 million, reflecting a positive market response[16]. Dividends and Shareholder Returns - The board proposed a final dividend of 44 HK cents (5.64 US cents) per share, maintaining a cautious approach due to global trade uncertainties[10]. - The company paid dividends totaling $72.2 million in the fiscal year 24/25, up from $52.5 million in the fiscal year 23/24[47]. - The company proposed a final dividend of 44 HK cents per share, amounting to $52.1 million, to be paid in September 2025[67]. Debt and Cash Management - The company maintained a cash reserve of $791 million, with a total debt-to-capital ratio of 12%[9]. - The company repaid a net amount of $200.2 million in loans during the fiscal year 24/25, compared to borrowing a net amount of $87.7 million in the fiscal year 23/24[50]. - The company has $951.7 million in available and undrawn credit facilities as of March 31, 2025[56]. - The total debt-to-capital ratio decreased to 12% from 18% as of March 31, 2024, due to the reduction in loans[68]. - The total debt-to-adjusted EBITDA ratio decreased to 0.8 times from 1.1 times as of March 31, 2024[68]. - The net cash position increased by $182.2 million to $431.3 million as of March 31, 2025, compared to $249.1 million as of March 31, 2024[57]. Operational Performance - The company is focusing on innovative technologies in the automotive sector to enhance electrification and safety[6]. - The company is actively adjusting pricing strategies to mitigate short-term impacts of tariffs while exploring long-term production relocation options[13]. - The company is focusing on cost leadership and standardization in its industrial product segment to address competitive pressures[26]. - The company is focusing on automation and artificial intelligence to transform production and create smart factories[96]. - The company aims to strengthen regional production capabilities to reduce delivery times and reliance on global supply chains[102]. - The company is focusing on local suppliers to simplify logistics and decrease global dependency[102]. Sustainability and Environmental Initiatives - The company is committed to reducing carbon emissions and increasing the use of renewable energy[105]. - The company is implementing measures to monitor and minimize waste generation, water consumption, and emissions[105]. - The company has quantified the product carbon footprint (PCF) for 70 products and implemented strategies to reduce carbon-intensive materials and use renewable resources[116]. - The company aims to develop all new products with optimized lifecycle assessment (LCA) and environmental product declarations[116]. - The company has set greenhouse gas absolute reduction targets, aiming for a 59% reduction in Scope 1, 65% in Scope 2, and 35% in Scope 3 emissions by the 34/35 fiscal year, using the 22/23 fiscal year as a baseline[134]. - The company has committed to using 100% renewable energy in all operational sites by 2025 and aims to reduce energy consumption intensity by 15% by 2030 compared to the 19/20 fiscal year[134]. - The company has established a comprehensive environmental, health, and safety (EH&S) management system, with all production sites certified under ISO 14001 and major sites under ISO 50001, covering 53% of total energy consumption[123]. - The company has provided over 1,600 hours of EH&S training in the 24/25 fiscal year, supporting the adoption of clean technologies and improving environmental performance[123]. Employee Engagement and Development - The company emphasizes the importance of employee well-being and has implemented health and safety measures that exceed requirements[112]. - The company conducts biannual employee engagement assessments to implement targeted follow-up actions[112]. - The company invests in employee development through various training programs, enhancing overall organizational efficiency[156]. - The company aims to increase the proportion of women in senior management from 13% to 15% by the end of the 25/26 fiscal year[161]. - The company has implemented pollution control technologies and maintains emissions below permitted levels, with VOC emissions at 46 tons[141]. Governance and Compliance - The board consists of independent non-executive directors with diverse experience, ensuring high levels of objective discussion and overall engagement in decision-making[196]. - The board meets quarterly to discuss business performance, corporate strategy, risk management, and significant transactions, ensuring accountability to shareholders[197]. - The company is committed to maintaining compliance with relevant regulations and internal control systems[198]. - The company recognizes the importance of independent directors in understanding and engaging with its operations and management[196]. - The internal audit department conducted visits to 18 entities to test anti-corruption controls for appropriateness and compliance[183]. Risk Management - The company has established a risk management committee led by the CEO to analyze and monitor existing and potential risks on a quarterly basis[85]. - The company actively manages commodity price risks through appropriate clauses in customer contracts and price adjustments, although there may be a time lag in passing on increased costs to customers[82]. - The company has signed currency swaps between USD and RMB to hedge related operational costs[75].

Group 1 - The Hang Seng Index fell by 0.55%, down 131 points, closing at 23,695 points, while the Hang Seng Tech Index decreased by 0.66% [1] - The early trading volume in Hong Kong stocks reached HKD 1,076 million [1] - Robot-related stocks were active, with DCH Holdings (00179) rising nearly 6% and SUTENG (02498) increasing over 2% due to the upcoming CMG World Robot Competition [1] Group 2 - Eucan Vision Bio-B (01477) surged over 18% after OT-703 was approved for real-world research in Boao, Hainan [2] Group 3 - Smoore International (06969) rose over 5% as Glo Hilo is set to launch in Japan, with positive feedback from the trial market for heated non-combustible products [3] - Youjia Innovation (02431) increased over 5% after its L4 autonomous driving minibus received project designation, following a series of product showcases at the Shanghai Auto Show [3] Group 4 - Maanshan Iron & Steel (00323) saw a rise of over 7% as the steel industry showed improving performance in Q1, with institutions noting a marginal improvement in the sector's fundamentals [4] - InnoCare Pharma (02577) surged over 15% due to a partnership with NVIDIA for the next-generation 800V power architecture, drawing attention to third-generation semiconductors [4] Group 5 - Gu Ming (01364) increased by 4.5%, reaching a new high, with expectations of being included in the Hong Kong Stock Connect next month and a projected net increase of over 2,000 stores for the year [5] Group 6 - Dekang Agriculture and Animal Husbandry (02419) rose over 7%, with stock prices hitting a new high as institutions are optimistic about the company's valuation recovery potential [6] Group 7 - Gome Retail (06808) saw an early rise of nearly 7%, reporting a turnaround with a profit of RMB 410 million for the year, while Dehong Capital will promote the development of various store formats [7] - New Town Development (01030) fell over 3% amid reports of plans to issue guaranteed bonds domestically, aiming to raise RMB 1.5 to 2 billion [7] - Alibaba Health (00241) dropped over 4%, despite a year-on-year profit increase of over 62%, with analysts stating that profits did not meet expectations [7]

Core Viewpoint - The Chinese brushless DC motor industry is experiencing rapid expansion, driven by the growth of the renewable energy sector, the popularity of electric vehicles, and the surge in demand for smart home appliances. The market is projected to reach approximately 81.535 billion yuan in 2024, with increasing applications in electric vehicles, smart manufacturing, and household appliances [1][19]. Industry Overview - Brushless DC motors utilize electronic controllers instead of traditional mechanical brushes, offering higher efficiency, longer lifespan, and lower maintenance needs compared to brushed motors. They are widely used in applications requiring high efficiency and precise control, such as electric tools, vehicles, and drones [3][4]. Market Dynamics - The market for brushless DC motors is expanding due to technological innovations and significant improvements in manufacturing capabilities. The application boundaries are broadening, penetrating various sectors including electric vehicle drive systems, smart home appliances, and industrial automation equipment [1][19]. Key Market Data - The projected market size for the Chinese brushless DC motor industry in 2024 is approximately 81.535 billion yuan. The demand for high-performance and efficient motors in the electric vehicle sector is expected to grow, alongside the increasing consumer preference for energy-saving and efficient products in the home appliance sector [1][19]. Policy Support - The Chinese government has implemented several policies to promote the development of the brushless DC motor industry, focusing on energy efficiency improvements and technological innovation. Initiatives include the promotion of high-efficiency equipment and the encouragement of performance optimization in motor production [8][9]. Competitive Landscape - The industry features a diverse competitive landscape with both leading companies and specialized firms. Major players like Dayang Motor and Jiangsu Leili leverage comprehensive product lines and innovative solutions to maintain competitive advantages. Companies are increasingly focusing on technology innovation and application expansion to enhance their market positions [22][25][27]. Future Trends - The brushless DC motor industry is expected to continue evolving towards high performance and smart technology integration. The adoption of new materials and intelligent technologies will enhance motor efficiency and power density, while expanding applications in emerging markets such as renewable energy and industrial automation [30][31][32].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [13]. Core Insights - The company is a global leader in micro-motor manufacturing and is expanding into the humanoid robot sector, which is expected to open a second growth curve [11][12]. - The company has a strong market position in the automotive micro-motor sector, holding the second-largest global market share at 14.1% as of 2021 [8][9]. - The company has experienced stable revenue, with a focus on automation and high-growth business expansion, despite a slight decline in revenue for the first half of the 2024/2025 fiscal year [9][10]. Summary by Sections Company Overview - Founded in 1959, the company has evolved from a family business focused on toy micro-motors to a leading manufacturer in various sectors including automotive, home appliances, and industrial automation [5][6]. - The company has expanded internationally, establishing a presence in key markets such as the U.S., Japan, and Germany [6]. Business Expansion - The company has pursued acquisitions to enhance its global footprint, acquiring several firms to broaden its product offerings and customer base [6]. - It has established over 30 production bases worldwide, leveraging its supply chain advantages in China to drive growth in automotive electrification and intelligence [8]. Financial Performance - For the first half of the 2024/2025 fiscal year, the company reported total revenue of $1.85 billion, a year-on-year decrease of 4.3% [9]. - The automotive segment remains the primary revenue source, with a revenue contribution of $1.57 billion, while industrial products contributed $290 million [9]. Profitability - The company's gross margin improved to 23.6% in the first half of the 2024/2025 fiscal year, up 1.4 percentage points year-on-year, driven by lower raw material costs and enhanced automation [10]. - Net profit attributable to the parent company increased by 9.5% year-on-year to $130 million [10]. Future Outlook - The company is actively exploring opportunities in the humanoid robot sector, aiming to develop core components and establish strategic partnerships [11][12]. - Revenue projections for 2025-2027 are estimated at $3.62 billion, $3.85 billion, and $4.12 billion, respectively, with expected EPS of $0.25, $0.27, and $0.29 [13].