证券代码：600699 证券简称：均胜电子 公告编号：临 2025-055 宁波均胜电子股份有限公司 关于2025年半年度业绩说明会召开情况的公告 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"）于 2025 年 9 月 4 日（星期四）13:30-14:30 通过上海证券交易所上证路演中心 （http://roadshow.sseinfo.com/）以视频录播和网络互动的形式召开了 2025 年半年度业绩说明会。现将说明会召开情况公告如下： 问题一、上半年，通过降本提效，安全业务毛利提升不少，请问这部分毛利 后续还有提升的空间吗？靠的也是供应链国产化或者关键部件自产自研吗？ 回复：您好，感谢您的关注！公司汽车安全业务上半年实现主营业务毛利率 约 15.9%，同比提升约 2.0 个百分点，四个区域毛利率同比均持续提升，这主要 得益于两大核心举措。第一，得益于订单价格增长及规模效应提升；第二是从技 术、质量、交付、成本等维度打造综合竞争力，特别是成本能力，主要体现在以 下 ...

Core Viewpoint - Junsheng Electronics (600699.SH) is focusing on providing key components and integrated solutions for global automotive and robotics companies, with significant collaborations both domestically and internationally [1] Domestic Collaborations - The company has partnered with leading domestic clients such as Zhiyuan Robotics and Galaxy General, successfully delivering customized main control boards in bulk [1] - Various precision IMUs and customized fisheye cameras are being sampled, along with the development of battery packs featuring high energy density cells and smart battery management systems [1] - The company is also producing high-power wireless charging products that support fast charging [1] International Collaborations - Junsheng Electronics has delivered components such as robot back heads, necks, shoulders, knees, and fingers in bulk to a leading overseas robotics company [1] - The company is exploring next-generation head display solutions and head assembly supply with another overseas robotics partner [1] - Additionally, there is ongoing collaboration with an overseas robotics company for robots used in end logistics and food delivery [1] Product Development - The company has launched a robot global controller based on high-performance chips like Jetson AGX Orin, achieving a maximum computing power of 1320 TOPS [1] - Following NVIDIA's release of the new Jetson Thor chip in late August, which offers enhanced performance, the company has strategically positioned itself for customized robot domain control development based on this chip [1] - Strategic partners are expected to prioritize the use of this domain control product, which is currently under development [1]

Group 1: Overview of Companies Planning to List in Hong Kong - A-share companies are increasingly planning to list in Hong Kong, with six companies including Junsheng Electronics, Naxin Micro, Estun, Puyuan Precision, Sanhua Intelligent Control, and Changguang Chenchip disclosing plans for IPOs in the first half of 2025 [1] - Junsheng Electronics has initiated its A+H share listing plan, with over 70% of its revenue coming from overseas markets, indicating a strong global presence [2] - Naxin Micro has approved plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and international strategy [3] - Estun aims to issue H shares to accelerate its global strategy and improve its international brand image, with a focus on expanding its overseas business [4][5] - Puyuan Precision plans to issue H shares to enhance its competitiveness and utilize international capital markets for diversified financing [6][7] - Sanhua Intelligent Control has passed the listing hearing for its IPO on the Hong Kong Stock Exchange, aiming to issue up to 477 million shares [8] - Changguang Chenchip has submitted its IPO application to the Hong Kong Stock Exchange, with plans to use the funds for R&D and expanding its international business [9] Group 2: Regulatory and Market Context - The China Securities Regulatory Commission has introduced measures to support domestic companies in listing overseas, enhancing their global market capabilities [10] - The People's Bank of China and the State Administration of Foreign Exchange have issued guidelines to improve cross-border financing for domestic companies seeking to list abroad [10] - The Hong Kong Stock Exchange has launched initiatives to facilitate listings for technology and biotech companies, enhancing its attractiveness as a listing destination [10]

Market Overview - On September 3, the automotive parts sector declined by 1.62%, with Sunny Optical Technology leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers in the automotive parts sector included: - Spring High Precision (002547) with a closing price of 5.56, up 10.10% [1] - Huawai Technology (001380) at 27.15, up 10.01% [1] - Tianpu Co., Ltd. (605255) at 62.81, up 10.00% [1] - Other significant performers included: - Huayu Automotive (600741) at 20.80, up 4.58% [1] - Zhejiang Rongtai (603119) at 89.78, up 4.07% [1] Capital Flow - The automotive parts sector experienced a net outflow of 5.204 billion yuan from institutional investors, while retail investors saw a net inflow of 4.135 billion yuan [2] - Key stocks with significant capital flow included: - New Spring Co., Ltd. (603179) with a net inflow of 2.36 million yuan from institutional investors [2] - Fuyao Glass (600660) with a net inflow of 1.63 million yuan [2] - Spring High Precision (002547) had a net inflow of 92.148 million yuan from institutional investors [2]

Market Overview - The Shanghai Composite Index closed at 3814.20 points, below the five-day moving average, with a decline of 1.14% [1] - The total trading volume of A-shares reached 1,878.28 billion yuan [1] Stocks Performance - A total of 139 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Hailianxun (300277) with a deviation rate of 14.15%, closing up 20.03% [1] - Shoukai Co. (600376) with a deviation rate of 7.01%, closing up 9.85% [1] - Zhongchen Technology (603275) with a deviation rate of 6.97%, closing up 9.99% [1] - Other notable stocks with smaller deviation rates include: - Yunda Co. (300409) with a deviation rate of 6.32%, closing up 10.92% [1] - Hanzhong Precision (002158) with a deviation rate of 6.30%, closing up 10.00% [1] Detailed Stock Data - The following table summarizes the performance of selected stocks that broke through the five-day moving average: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Five-Day MA (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 300277 | Hailianxun | 20.03 | 24.96 | 13.54 | 15.46 | 14.15 | | 600376 | Shoukai Co. | 9.85 | 6.33 | 2.71 | 2.90 | 7.01 | | 603275 | Zhongchen Technology | 9.99 | 10.43 | 50.42 | 53.94 | 6.97 | | 002067 | Jingxing Paper | 10.00 | 15.98 | 4.34 | 4.62 | 6.55 | | 300409 | Yunda Co. | 10.92 | 20.47 | 22.07 | 23.47 | 6.32 | | 002158 | Hanzhong Precision | 10.00 | 3.58 | 25.04 | 26.62 | 6.30 | | 688108 | Sainuo Medical | 9.10 | 11.70 | 33.29 | 35.13 | 5.54 | | 603283 | Saiteng Co. | 7.32 | 9.18 | 41.65 | 43.85 | 5.27 | | 300655 | Jingrui Materials | 7.83 | 14.56 | 12.30 | 12.94 | 5.24 | | 300905 | Baolidai | 9.29 | 12.54 | 32.92 | 34.57 | 5.02 | | 603992 | Songlin Technology | 6.80 | 1.51 | 29.63 | 31.10 | 4.98 | | 688717 | Ailuo Energy | 9.04 | 5.60 | 68.52 | 71.80 | 4.78 | | 002549 | Kaimeteqi | 8.68 | 17.83 | 16.53 | 17.28 | 4.52 | | 603367 | Chenxin Pharmaceutical | 10.02 | 5.75 | 25.75 | 26.90 | 4.45 | | 301491 | Hansang Technology | 6.43 | 26.20 | 66.30 | 69.07 | 4.18 | | 300303 | Jufei Optoelectronics | 5.04 | 10.31 | 6.84 | 7.08 | 3.48 | | 601869 | Changfei Optical Fiber | 10.00 | 5.24 | 88.00 | 91.06 | 3.47 | | 600699 | Junsheng Electric | 4.33 | 6.13 | 21.26 | 21.95 | 3.26 | | 002531 | Tienswind Energy | 5.37 | 2.16 | 6.86 | 7.07 | 3.03 | | 301182 | Kaiwang Technology | 6.37 | 9.05 | 38.56 | 39.73 | 3.02 [2]

Core Viewpoint - The report from Guohai Securities indicates that Junsheng Electronics achieved a net profit attributable to shareholders of 707 million yuan in the first half of the year, representing a year-on-year increase of 11.13% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders is projected to be 367 million yuan, with a year-on-year increase of 11.18% and a quarter-on-quarter increase of 7.85% [1] - The company is focused on automotive safety and electronics, continuously optimizing integration to achieve profit growth over multiple quarters [1] Business Strategy - Junsheng Electronics is leveraging its global customer and production capacity layout, actively expanding into the "automotive + robotics" sector, with new business developments progressing smoothly [1] - The company is expected to achieve main business revenues of 63.03 billion, 66.07 billion, and 69.22 billion yuan from 2025 to 2027, with year-on-year growth rates of 13%, 5%, and 5% respectively [1] Profitability Outlook - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 1.558 billion, 1.831 billion, and 2.127 billion yuan, with year-on-year growth rates of 62%, 18%, and 16% respectively [1] - The corresponding price-to-earnings (PE) ratios based on the current stock price are expected to be 19, 16, and 14 times for the respective years [1] Investment Recommendation - The company's profitability is steadily recovering, and the certainty of performance growth is strong, leading to an initial coverage with a "buy" rating [1]

9月3日上午，A股三大指数走势分化，上证指数盘中下跌0.64%，综合、传媒、电力设备等板块涨幅靠 前，国防军工、煤炭跌幅居前。消费电子个股分化，截至10:09，消费电子ETF（159732.SZ）下跌 0.49%，成分股均胜电子上涨5.13%，顺络电子上涨4.73%，欣旺达上涨4.67%，德赛西威上涨1.44%。然 而，鹏鼎控股、安克创新等表现不佳，其跌幅分别为3.39%、2.99%。 消息方面，根据IDC相关数据，2025年第二季度中国平板电脑市场出货量为832万台，同比增长15.6%。 其中消费市场借助新品和大促延续"国补"热度，出货量同比增长16.7%；商用市场需求仍待恢复，但库 存消化带来出货契机，市场规模同比小幅增长3%。 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上市公 司，行业主要分布于电子制造、半导体、光学光电子等市场关注度较高的主流板块。其场外联接基金 为，A类：018300；C类：018301。 （文章来源：每日经济新闻） 国盛证券研报指出，消费电子板块中长期成长逻辑依然稳固，AI创新产业趋势明确，端侧AI落地有望 加速手机等终端换机周期 ...

Group 1 - The report highlights that the overall economic environment is favorable for the bond market, but structural changes may arise if the stock market continues to perform well, potentially diverting demand from bonds [4] - The report indicates that in H1 2025, Weichai Power's revenue reached 113.15 billion yuan, with a year-on-year growth of 0.6%, while the net profit attributable to shareholders decreased by 4.4% to 5.64 billion yuan [6][7] - The report notes that the heavy truck market in China is recovering, with wholesale sales increasing by 7% in H1 2025, and Weichai Power's engine sales reached 362,000 units, a 41% increase year-on-year [7][8] Group 2 - The report states that the REITs market has seen a significant breakthrough with the approval of the first foreign consumer REITs, indicating a growing interest in this investment vehicle [10][11] - The report mentions that the revenue of Hangcha Group reached 9.302 billion yuan in H1 2025, reflecting an 8.74% year-on-year increase, with a net profit of 1.121 billion yuan, up 11.38% [14][15] - The report highlights that the sales volume of industrial vehicles in China reached 739,000 units in H1 2025, with a year-on-year increase of 11.66%, indicating a robust market demand [15][16] Group 3 - The report indicates that Dou Shen Education achieved a revenue of 450 million yuan in H1 2025, representing a year-on-year growth of 36.13%, with a net profit of 104 million yuan, up 50.33% [20][21] - The report states that Weilon Co., Ltd. reported a revenue of 272 million yuan in H1 2025, with a year-on-year increase of 12.86%, and a net profit of 59 million yuan, up 15.14% [24] - The report notes that China Construction Bank's revenue grew by 10.36% year-on-year in Q2 2025, with a significant contribution from non-interest income, which increased by 18.53% [28][29] Group 4 - The report highlights that Anhui Heli's revenue reached 9.4 billion yuan in H1 2025, with a year-on-year increase of 6.2%, and a net profit of 800 million yuan, down 4.6% [32][33] - The report indicates that the entertainment sector, particularly Cat Eye Entertainment, saw a revenue of 2.47 billion yuan in H1 2025, reflecting a year-on-year growth of 13.9%, despite a net profit decline of 37.3% [38][39] - The report mentions that Jingwei Hengrun achieved a revenue of 2.908 billion yuan in H1 2025, with a year-on-year growth of 43.48%, and successfully turned a profit in Q2 2025 [42][43]

Core Viewpoint - Junsheng Electronics is focusing on automotive safety and electronic systems, with a strong emphasis on profitability recovery and accelerated development in automotive electronics and robotics [2][4][11]. Financial Performance - In Q2 2025, the company achieved a revenue of 15.771 billion yuan, a year-on-year increase of 14.27% and a quarter-on-quarter increase of 8.20%, with a net profit of 367 million yuan, up 11.18% year-on-year and 7.85% quarter-on-quarter [4][11]. - For H1 2025, the total revenue reached 30.347 billion yuan, a year-on-year increase of 12.07%, with a net profit of 708 million yuan, up 11.13% year-on-year [11][12]. - The gross margin for Q2 2025 was 18.4%, up 2.7 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [4][17]. Business Segments - The automotive safety system revenue for H1 2025 was 18.977 billion yuan, with a gross margin of 15.93%, up 1.99 percentage points year-on-year [4][11]. - The automotive electronics system revenue was 8.356 billion yuan, with a gross margin of 21.54%, up 2.17 percentage points year-on-year [4][11]. Order Growth - The company has a robust order backlog, with a total new order lifecycle amounting to 39.3 billion yuan, of which over 66% are related to new energy vehicles [6][41]. - In H1 2025, the new awarded projects had a total lifecycle value of approximately 31.2 billion yuan, with automotive safety business accounting for about 17.4 billion yuan and automotive electronics for about 13.8 billion yuan [6][41]. Strategic Initiatives - Junsheng Electronics is positioning itself as a "Tier 1" supplier in both automotive and robotics sectors, actively expanding into the embodied intelligent robotics industry [8][65]. - The company has established a wholly-owned subsidiary for humanoid robotics and is developing key components such as brain controllers and energy management modules [8][67]. Innovation and R&D - The company is committed to continuous innovation in automotive electronics, focusing on smart cockpit, intelligent driving, and new energy vehicle technologies [43][44]. - In the smart cockpit domain, Junsheng Electronics has successfully launched integrated solutions and is collaborating with leading automotive brands for product development [45][47]. Market Positioning - Junsheng Electronics is leveraging its global presence to support Chinese automotive brands in their international expansion and to provide intelligent solutions to overseas manufacturers [59][62].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][66]. Core Insights - The company achieved a net profit of 370 million yuan in Q2 2025, representing a year-on-year increase of 11% [1][8]. - In H1 2025, the company reported revenue of 30.347 billion yuan, a year-on-year growth of 12.07% [8]. - The automotive safety system revenue for H1 2025 was 18.977 billion yuan, with a gross margin of 15.93%, up 1.99 percentage points year-on-year [9]. - The automotive electronics system revenue for H1 2025 was 8.356 billion yuan, with a gross margin of 21.54%, up 2.17 percentage points year-on-year [9]. - The company has a strong order backlog, with a total new order lifecycle amounting to 39.3 billion yuan, with over 66% related to new energy vehicles [2][39]. - The company is actively expanding its automotive electronics business, including breakthroughs in intelligent driving and smart cockpit solutions [2][43]. Financial Performance - For Q2 2025, the company's gross margin was 18.4%, an increase of 2.7 percentage points year-on-year [19]. - The net profit margin for Q2 2025 was 3.2%, showing a slight year-on-year decrease of 0.1 percentage points [19]. - The company’s four expense ratios for H1 2025 were 13.64%, up 2.5 percentage points year-on-year [23]. - The projected revenue for 2025-2027 is 64.243 billion, 68.098 billion, and 71.843 billion yuan, respectively [66]. Business Segments - The automotive safety business is a core driver of revenue, with significant contributions from both traditional and new energy vehicle segments [2][39]. - The company is positioning itself as a "Tier 1" supplier in both automotive and robotics sectors, focusing on the integration of intelligent robotics into its product offerings [3][60]. - The company has established a wholly-owned subsidiary for humanoid robotics, indicating a strategic expansion into the robotics industry [3][61]. Market Position - The company is recognized as a leading provider of intelligent automotive technology solutions, focusing on automotive electronics and safety systems [28]. - The company is leveraging its global presence to support both domestic and international automotive manufacturers in their transition to smart electric vehicles [58][59].