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 (600699) 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]

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]

Core Viewpoint - The overall Beta of the automotive parts sector is expected to weaken in 2026, with structural opportunities being more favorable than total opportunities. The humanoid robot sector opens up valuation elasticity for automotive parts, focusing on three main technology lines: "Intelligent Driving (L2++/L3/L4) + Liquid Cooling (AIDC) + Humanoid Robots," along with the long-term certainty of "going overseas." Traditional advantageous tracks should be selectively laid out based on "performance realization + new order production" [3][8]. EPS Dimension - In the existing market, companies with high competitiveness that enhance market share and those that enter high-value tracks through internal and external expansion to increase ASP should be prioritized. The globalization of automotive parts opens up growth space, with a focus on production capacity in Europe, North America, and Southeast Asia, significantly enhancing growth potential and risk resistance. Companies are expected to transition to global Tier 1/platform leaders between 2026-2030. Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Zhuomag, with New Spring Co. as a focus [4][8]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles rapidly landing. Focus on chip + domain control + core sensors + steer-by-wire chassis (systematic capabilities in cost/algorithm/safety redundancy). Recommended companies include Horizon Robotics, Black Sesame, and Desay SV. Companies to watch include Bertel and Nexperia [5][9]. - Robotics: Transitioning from "0→1" to "1→10," benefiting from large models + actuators/reducers/lead screws/force sensors, with a focus on automotive parts leaders that have "technological synergy + manufacturing collaboration." Recommended companies include Top Group, Minth Group, and Shuanghuan Transmission, with a focus on Yapu Co. and Daimay Co. [5][9]. - Liquid Cooling: AI capital expenditure growth and AIDC power consumption increase; the liquid cooling temperature control market is expected to reach hundreds of billions by 2030. Automotive parts should focus on thermal management/pipes/quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Co., and Feilong Co. [5][9]. Emerging Industries - The expansion of emerging industries is expected to be less than anticipated, with downstream demand also falling short of expectations, and increasing geopolitical uncertainties [7]. Globalization - The global light vehicle market has a capacity of nearly 80 million units. The overseas light vehicle market is vast, with the 2024 overseas light vehicle production expected to reach 51.7 million units, accounting for 66% of the global market. The globalization of automotive parts is crucial for achieving significant revenue scales [47][49][50]. Conclusion - The automotive parts sector is entering a phase where structural opportunities are prioritized over total market growth. Companies focusing on intelligent driving, robotics, and liquid cooling technologies are expected to lead the way, while globalization will enhance growth potential and resilience against risks [3][4][5][8].

Core Insights - The smart cockpit solution is a comprehensive solution for automotive cockpits equipped with intelligent in-car products and systems, serving as the interactive hub and experience terminal for smart vehicles, especially in the context of L3-level autonomous driving and the redefined human-vehicle relationship [1][6] - The market for smart cockpit solutions in China is expected to grow significantly, reaching 154.4 billion yuan by 2025 and 182.8 billion yuan by 2026, driven by rising consumer income and evolving demands for enhanced in-car experiences [6][8] Industry Definition and Classification - Smart cockpits are a key component of smart connected vehicles, integrating driving information and in-car applications to provide a high-tech, efficient experience for users [2][3] - Smart cockpit solutions can be categorized into software solutions, hardware solutions, and other systems, with software solutions projected to account for approximately 32.25% of the market by 2025 [4][8] Market Size and Structure - The smart cockpit solutions market in China is projected to grow from 44.2 billion yuan in 2020 to 154.4 billion yuan in 2025, with software solutions expected to reach about 49.8 billion yuan and hardware solutions about 104.6 billion yuan by 2025 [6][8] - By 2026, the software solutions market is expected to grow to approximately 60.5 billion yuan, while hardware solutions will reach about 122.3 billion yuan [8] Industry Trends - The industry is experiencing rapid evolution, with trends moving towards AI integration, deeper cockpit-driver fusion, and advancements in display technology, driven by policy support and increasing consumer demand for smart driving experiences [19][20] - AI technology is becoming a core engine for upgrading smart cockpit solutions, with AI-driven software solutions expected to capture 15-20% of the market by 2024 and potentially 35-40% by 2030 [10][11] Competitive Landscape - The competitive landscape is shifting from traditional supply chains to a complex ecosystem involving major players from automotive, consumer electronics, internet, software, and semiconductor industries [12][14] - Key players in the smart cockpit solutions market include companies like Joyson Electronics, Nanjing Siwei Zhili Technology, and Baotai Internet of Vehicles, among others [12][13] Key Companies Overview - Joyson Electronics focuses on transforming vehicles into intelligent partners through its self-developed operating system and AI architecture, providing differentiated cockpit solutions [16][17] - Nanjing Siwei Zhili Technology specializes in full-stack smart cockpit solutions, with significant revenue contributions from both software and integrated solutions [18] - Baotai Internet of Vehicles offers comprehensive smart cockpit and connected vehicle solutions, emphasizing a combination of software, hardware, and cloud services to meet diverse customer needs [19]

格隆汇12月26日丨均胜电子(600699.SH)公布，近日，公司完成2025年度第一期科技创新债券(超短期融 资券)的发行工作。债券名称：宁波均胜电子股份有限公司2025年度第一期科技创新债券，债券简称： 25均胜电子SCP001(科创债)，期限：270天，兑付日：2026年9月21日，发行利率：2.10%，实际发行总 额：5亿元。 上述债券募集资金将主要用于补充公司创新科技领域运营资金，调整与优化债务结构 。 ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-082 宁波均胜电子股份有限公司 上述债券募集资金将主要用于补充公司创新科技领域运营资金，调整与优化 债 务 结 构 。 本 期 债 券 发 行 的 有 关 文 件 已 分 别 在 中 国 货 币 网 （www.chinamoney.com.cn）和上海清算所网站（www.shclearing.com.cn）上予以 公告。 1 / 2 特此公告。 宁波均胜电子股份有限公司董事会 2025 年 12 月 27 日 2 / 2 关于2025年度第一期科技创新债券发行结果的公告 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 ...

Core Conclusions - The overall beta of the automotive parts sector is expected to weaken in 2026, with structural opportunities being more favorable than total opportunities. The focus should be on "smart driving (L2++/L3/L4) + liquid cooling (AIDC) + humanoid robots" as the three main technology lines, along with the long-term certainty of "going overseas" [2][34] - EPS perspective: 1) Seek alpha that can traverse cycles in the existing market, prioritizing product companies with high competitiveness that can increase market share and companies that can enhance ASP by entering high-value tracks through internal and external expansion. 2) Globalization opens up growth space for automotive parts, with a significant increase in growth potential and risk resistance by prioritizing capacity layout in Europe, North America, and Southeast Asia [2][34] - Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Zhuomag, with New Spring Co. as a focus [2] EPS Dimension Outlook - The automotive parts sector's beta is expected to be weak due to domestic total factors in 2026, with structural opportunities preferred over total opportunities. The focus should be on high-competitiveness product companies that can increase market share and those that can enhance ASP by entering high-value tracks through internal and external expansion [34] - Globalization is expected to open up growth space for automotive parts, with incremental orders mainly coming from Southeast Asia and European new energy markets [34] Market Review - The automotive parts sector's overall performance in 2025 was significantly influenced by AI and robotics, with the sector index outperforming the market in the first half of the year. However, it faced challenges in the second half due to U.S. tariffs and price wars [11][19] - The sector's valuation fluctuated, starting from approximately 21 times earnings at the beginning of 2025, peaking at 32 times by September, and then adjusting back down due to tariff impacts and slower-than-expected robotics progress [11][19] Globalization and Market Expansion - The global light vehicle production is projected to reach 78.82 million units in 2024, with overseas markets, particularly in Europe and North America, being significant contributors [52][57] - Chinese automotive parts companies are increasingly following domestic car manufacturers in their overseas expansion, leveraging cost control and response efficiency advantages [60][61] Recommended Companies and Focus Areas - Companies recommended for investment include Fuyao Glass, Xingyu Co., Minth Group, and others that are positioned to benefit from high competitiveness and market share growth [2][34] - Focus areas include smart driving technologies, liquid cooling systems, and humanoid robotics, which are expected to drive growth in the automotive parts sector [2][34]

为全面贯彻落实《中华人民共和国公司法》、《上市公司章程指引（2025 年修订）》等法律、法规、规范性文件的规定，宁波均胜电子股份有限公司（以 下简称"公司"或"均胜电子"）于2025年12月5日召开了第十一届董事会第三 十八次会议、第十一届监事会第二十一次会议，于2025年12月24日召开了2025 年第一次临时股东大会，分别审议并通过了关于公司不再设置监事会以及修订 《宁波均胜电子股份有限公司章程》（以下简称"《公司章程》"）等相关事项。 根据修订后的《公司章程》相关规定，公司不再设置监事会，由公司董事会 审计委员会行使监事会相关职权。2025年12月24日，公司召开了职工代表大会， 大会决议同意解除郭费儿先生的均胜电子职工代表监事职务。职工代表监事的原 定任期到期日为2026年4月19日，不存在应当履行而未履行的承诺事项，后续仍 在公司担任其他职务。 证券代码：600699 证券简称：均胜电子 公告编号：临 2025-081 宁波均胜电子股份有限公司 关于取消职工代表监事的公告 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 ...

金诚同达律师事务所 法律意见书 北京金诚同达（上海）律师事务所 关于 宁波均胜电子股份有限公司 2025 年第一次临时股东大会的 法律意见书 上海市浦东新区世纪大道88号金茂大厦35层 电话：86-21-3886 2288 传真：86-21-3886 2288*1018 1 北京金诚同达（上海）律师事务所 本所律师声明： 1．本所律师仅就本次股东大会的召集、召开程序，出席会议人员的资格、 召集人资格，会议的表决程序、表决结果的合法性发表意见，不对本次股东大会 所审议的议案内容及该等议案所表述的事实或数据的真实性、准确性和完整性发 表意见； 2．本所律师已经按照《股东会规则》的要求，对本次股东大会所涉及的相 关事项进行了核查和验证，所发表的结论性意见合法、准确，不存在虚假记载、 误导性陈述或者重大遗漏，并承担相应法律责任； 3．本所律师同意将本法律意见书作为公司本次股东大会公告材料，随其他 需公告的文件一同披露； 关于宁波均胜电子股份有限公司 2025 年第一次临时股东大会的 法律意见书 金沪法意[2025]第 413 号 致：宁波均胜电子股份有限公司 北京金诚同达（上海）律师事务所（以下简称"本所"）接受宁波 ...