Summary of Junsheng Electronics Conference Call Company Overview - **Company**: Junsheng Electronics - **Industry**: Automotive Electronics and Robotics Key Points Product Development and Customer Feedback - Junsheng Electronics is modifying materials, electronic architecture, and thermal products for head assembly to enhance interactivity, with customer feedback expected after the Christmas and New Year holidays [2][4] - Updates to the body structure are being made to meet requirements for drop resistance and weatherproofing, which will enhance product value [2][4] Production Capacity - The current production capacity supports over 30,000 humanoid robots per month without additional reserves [2][6] - Plans to increase capacity will be based on assembly line automation and material scheduling to ensure smooth production [2][6] Smart Driving Sector - The company has entered a scale effect phase in advanced smart driving, with orders totaling at least 20 billion RMB announced in September and October [2][7] - Collaborations with Qualcomm and Momenta are aimed at providing integrated smart driving solutions for domestic and international brands, with significant revenue and profit expected in 2026 and 2027 [2][8] Chip Solutions and Market Expansion - Junsheng has secured chip solutions for multiple sub-brands of SAIC, with overseas models expected to begin production in 2025 [2][9] - The overseas market is primarily focused on collaboration with Qualcomm, emphasizing competitive pricing and cost efficiency [2][10] Financial Performance and Projections - The company anticipates a net profit exceeding 1.5 billion RMB in 2025, with expectations for over 10% revenue growth and over 20% net profit recovery in automotive electronics and safety sectors by 2026 [2][3][11] - The company has improved from a loss to a projected profit, with a goal of doubling overall profit margins in the next three years [2][11] Market Dynamics and Pricing Strategy - Annual price reduction pressures from automakers are manageable, with the Chinese market contributing approximately 25% to global revenue [2][12] - The company has implemented a pricing reassessment and cost transfer mechanism in overseas markets since 2022, leading to improved cost structures [2][12] Collaborations and Future Directions - Successful collaboration with Zhiyuan Robotics includes products like AI head assemblies and energy management systems [2][13] - Junsheng's subsidiary, Xiangshan, is focused on humanoid robot R&D, maintaining close cooperation and resource sharing with Junsheng [2][14] - Future product expansions with Tesla include battery management and joints, with plans for further diversification [2][15] Regulatory Impact - The L3 regulations are seen as a pivotal point for smart driving commercialization, with plans to expand cooperation with domestic automakers [2][16] Additional Insights - The company’s accounts receivable period is approximately 55 days, providing a significant advantage over competitors [2][12]

Core Insights - The 2025 car rental market in China has experienced significant growth, with both rental order volume and user numbers achieving double-digit increases, reflecting a strong release of user travel intentions [1][2] Group 1: Market Trends - The cross-city self-driving trend has shifted from a novelty to a popular choice, with cross-city orders increasing by 240% in 2025, and nearly one million users experiencing the convenience of returning cars in different locations [2] - Major cities such as Beijing, Guangzhou, and Shanghai remain key hubs for the rental market, while emerging destinations like De Lingha in Qinghai and Jin Chang in Gansu are seeing rapid order growth, indicating a shift towards less crowded, unique travel experiences [2] Group 2: User Demographics - The user base is evolving, with nearly one million first-time renters and over 50,000 new drivers aged 18 entering the market, leading to a double-digit growth in rental customers [3] - The post-2005 generation is the fastest-growing demographic, with a 250% increase in rental users, and those renting more than seven times a year have also seen significant growth [3] Group 3: Fleet Expansion and Vehicle Preferences - The fleet size has expanded to nearly 200,000 vehicles, with half of the new additions being electric vehicles, aligning with the demand for greener and smarter travel options [4] - Popular electric models include BYD Qin Plus and Xiaopeng P7+, indicating a strong preference for high-performance and intelligent vehicles among users [4] Group 4: Future Outlook - The company aims to enhance its service network and technology experience to become the preferred partner for users exploring China, driven by the rise of the younger generation and the growth of the electric vehicle market [5]

Core Viewpoint - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies, which may signal investment trends and market sentiment. Group 1: Increased Holdings - Zhejiang Shibao (01057) saw the largest increase in holdings, up by 2.33%, bringing the total to 57.54% [1][2] - Changfei Fiber Optic Cable (06869) experienced a 1.79% increase, with a new holding percentage of 58.13% [1][2] - Chalco International (02068) had a 1.19% increase, resulting in a holding percentage of 22.13% [1][2] - Other notable increases include Beijing Beichen Industrial (00588) and Junsheng Electronics (00699), both up by 1.03% [2] Group 2: Decreased Holdings - Shandong Molong (00568) faced the largest decrease, down by 1.38%, now holding 50.49% [1][2] - Zhaoyan New Drug (06127) saw a reduction of 1.22%, with a current holding of 56.82% [1][2] - Tianqi Lithium (09696) decreased by 1.01%, bringing its holding to 37.42% [1][2] - Other significant decreases include Jinyi Yongci (06680) and Zhongyuan Jianye (09982), down by 0.64% and 0.55% respectively [2] Group 3: Five-Day Changes - Over the last five trading days, Lion Holdings (02562) had the highest increase at 3.06%, with a holding of 46.20% [1][3] - Changfei Fiber Optic Cable (06869) increased by 2.58%, maintaining a holding of 58.13% [1][3] - Junsheng Electronics (00699) rose by 2.47%, now at 11.24% [1][3] - Conversely, Shandong Molong (00568) and Yihua Tong (02402) both decreased by 2.47% [1][3] Group 4: Twenty-Day Changes - Ji Hong Co. (02603) had the largest increase over twenty days, up by 21.54%, with a holding of 54.58% [1][4] - Lion Holdings (02562) also saw a significant increase of 21.40%, now at 46.20% [1][4] - Red Star Macalline (01528) increased by 8.04%, holding 51.70% [1][4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 NINGBO JOYSON ELECTRONIC CORP. 寧波均勝電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0699） 海外監管公告 本公告乃由根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 中國寧波，2025年12月29日 於本公告日期，本公司董事會成員包括：(i)執行董事王劍峰先生、陳偉先生、 李俊彧女士及蔡正欣先生；(ii)非執行董事朱雪松先生及周興宥先生；及(iii)獨立 非執行董事魏學哲教授、魯桂華教授、余方教授及席絢樺女士。 证券代码：600699 证券简称：均胜电子 公告编号：临 2025-083 宁波均胜电子股份有限公司 关于与子公司签署附生效条件的股份认购协议 之补充协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波均胜电子股份有限公司（以 ...

Group 1 - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on the theme of "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The 14th "Jinzhi Award" annual evaluation results were announced, with Shenzhou Car Rental winning the "Outstanding Brand Award" [1][5] - The "Jinzhi Award" aims to establish benchmarks for high-quality development, guiding listed companies to focus on their core business, continue innovation, and fulfill social responsibilities, thereby promoting capital to gather towards quality enterprises [5] Group 2 - The evaluation covered over 8,000 companies across A-shares, Hong Kong stocks, and Chinese concept stocks, with nearly 200 companies awarded based on a quantitative analysis model [5] - The "Outstanding Brand Award" is judged based on comprehensive brand strength, including market recognition, product service innovation, industry influence, and social responsibility, aiming to set industry quality and innovation benchmarks [5] - Shenzhou Car Rental, established in 2007, has been recognized for its long-term commitment to brand building and service upgrades, focusing on user needs and ensuring service quality [5][6] Group 3 - Shenzhou Car Rental has announced a comprehensive upgrade of its travel services, launching a six-part quality service system that integrates trust standards, safety responsibilities, convenient experiences, and after-sales guarantees [6] - The company aims to redefine industry service standards and will continue to deepen brand building and enhance service quality to inject more momentum into high-quality industry development [6]

Core Viewpoint - Junsheng Electronics (00699.HK) has successfully completed the issuance of its first phase of technology innovation bonds for the year 2025, raising a total of RMB 500 million at an interest rate of 2.10% with a maturity of 270 days [1] Group 1 - The total amount raised from the bond issuance is RMB 500 million [1] - The interest rate for the issued bonds is set at 2.10% [1] - The maturity period for these bonds is 270 days [1] Group 2 - The funds raised will primarily be used to supplement the company's operational funds in the field of innovative technology [1] - The issuance aims to adjust and optimize the company's debt structure [1]

Core Viewpoint - Junsheng Electronics (00699) has successfully completed the issuance of its first phase of technology innovation bonds for the year 2025, raising a total of RMB 500 million at an interest rate of 2.10% with a maturity of 270 days [1] Group 1 - The bond is referred to as "25 Junsheng Electronics SCP001 (Technology Innovation Bond)" [1] - The funds raised will primarily be used to supplement the company's operational funds in the field of innovative technology [1] - The issuance aims to adjust and optimize the company's debt structure [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 （股份代號：0699） 海外監管公告 本公告乃由根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列本公司於上海證券交易所網站刊登的公告如下，僅供參閱。 承董事會命 寧波均勝電子股份有限公司 董事長兼執行董事 王劍峰先生 中國寧波，2025年12月28日 寧波均勝電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） NINGBO JOYSON ELECTRONIC CORP. 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）分别于 2025 年 3 月 27 日召开第十一届董事会第三十三次会议以及 2025 年 4 月 22 日召 开 2024 年年度股东大会，审议通过了《关于公司发行超短期融资券、短期融资 券和中期票据的议案》，同意公司根据自身经营发展需要在中国银行间市场交易 商协会注册发行不超过 20 亿元人民币（含 20 亿元人民币）超短期融资券、短期 融资券和中 ...

Core Insights - The article discusses how Shenzhou Car Rental is redefining its competitive edge in the car rental industry by leveraging technology and strategic partnerships to create a dynamic moat that enhances its business narrative and market position [1][5][15]. Group 1: Technological Advancements - Shenzhou Car Rental has partnered with Baidu Apollo to launch the world's first mass-market autonomous driving rental product, integrating L4-level autonomous driving technology into its services [2]. - The company is accelerating the implementation of smart travel solutions through fully autonomous and self-service experiences, indicating a strong alignment between technology and user needs [4]. - Shenzhou is exploring low-altitude economy solutions by collaborating with Volant to develop a comprehensive ground and air commuting solution, which includes plans for eVTOL fleet operations [4]. Group 2: Market Positioning and Brand Strategy - The company is shifting from a focus on efficiency to defining travel scenarios, recognizing that user decision-making in the rental market is more complex and requires a deeper understanding of customer needs [6][10]. - Shenzhou's "Shenzhou Mountain and Sea Must Drive" campaign aims to create demand by promoting unique travel experiences that go beyond standard tourism routes, thus expanding the applicability of car rentals [9][10]. - The brand is engaging with various government departments and tourism sectors to integrate travel rental services with cultural tourism, enhancing its market presence [9]. Group 3: Youth Engagement and Brand Identity - Shenzhou Car Rental is adopting a more relatable approach to connect with younger consumers, focusing on shared experiences rather than traditional marketing tactics [11][14]. - The company emphasizes being a "companion" rather than a "spokesperson" for young consumers, aligning its brand with their lifestyle choices and emotional states [14][13]. - By participating in real-life scenarios that resonate with young people's experiences, Shenzhou is effectively shifting its value proposition to become a default choice in their travel decisions [14][15]. Group 4: Strategic Evolution - The company's actions reflect a strategic evolution aimed at maintaining relevance in a rapidly changing market, ensuring it remains a key player as travel modes evolve [15][16]. - Shenzhou's focus on continuous self-renewal and adaptability is crucial for its long-term success, as it seeks to redefine its role in the travel and rental landscape [15][17].

Core Insights - The report highlights changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - ZTO Express (02057) saw an increase of 0.12%, bringing its latest holding percentage to 11.29% [2]. - Mongolian Mining Corporation (00975) experienced a 0.05% increase, with a current holding of 10.59% [2]. - Xinyi International (00732) had a 0.03% increase, resulting in a holding percentage of 5.17% [2]. - Lion Group (02562) had the largest increase over the last five trading days, with a 9.20% rise to 45.26% [3]. - Junsheng Electronics (00699) increased by 3.59%, reaching a holding of 10.21% [3]. - Cambridge Technology (06166) saw a 3.48% increase, with a current holding of 9.53% [3]. Group 2: Decreased Holdings - Meitu (01357) experienced the largest decrease, with a drop of 0.12% to a holding of 28.62% [2]. - Hang Seng Technology ETF (03032) saw a decrease of 0.01%, resulting in a holding of 14.90% [2]. - MicroPort Scientific Corporation-B (02160) had a significant decrease of 2.81%, bringing its holding down to 1.70% over the last five days [3]. - Yihua Tong (02402) decreased by 1.77%, with a current holding of 21.71% [3]. - Zhongjiao Holdings (00839) saw a reduction of 1.22%, resulting in a holding of 13.76% [3].