Core Viewpoint - Junsheng Electronics is applying for a listing on the Hong Kong Stock Exchange, positioning itself as the second-largest supplier of passive safety products in China and globally, with rapid development in smart automotive-related businesses [1] Group 1: Product Offerings - The product matrix of Junsheng Electronics covers two main lines: automotive safety and automotive electronics, including five automotive domains such as smart cockpit, intelligent driving, connectivity, power domain (electric drive/management), and body domain [2] - The company provides automotive electronic solutions, including smart cockpit domain control systems, energy management systems, human-machine interaction products, and safety solutions like airbags, seat belts, and integrated safety systems [2] - Junsheng Electronics integrates technology capabilities through cross-domain synergy, offering comprehensive products that meet diverse needs in vehicle intelligence and electrification [2] Group 2: Customer Support and Customization - The company offers end-to-end technical support and customization services to over 100 global automotive brands, leveraging a global integrated operational model [4] - Junsheng Electronics collaborates closely with customers throughout the product development process, from concept definition to technical feasibility analysis, providing hardware/software solutions and ongoing technical support [6] - The company’s strong R&D capabilities allow for flexible product design adjustments based on customer needs, enhancing delivery speed and efficiency [6] Group 3: R&D Strategy - Junsheng Electronics employs a "platform + modular" R&D strategy to enhance efficiency and reusability, ensuring strong adaptability of underlying technologies across different vehicle platforms [7] - This strategy significantly reduces R&D costs and development cycles, enabling quick responses to customer iteration demands [7] - The company achieves synergy across different product lines through self-developed platforms and shared tool libraries, maintaining cost control throughout the project lifecycle [7] Group 4: Global Strategy and Performance - The global layout of Junsheng Electronics supports revenue growth and diversification of the customer base [8] - In 2024, the company expects global business revenue to reach 55.9 billion yuan, ranking 41st in the global automotive parts industry, with nearly 75% of revenue coming from overseas markets [9] - The company aims to leverage the complete value chain advantages of the Chinese automotive industry while accelerating business growth and increasing global market penetration through its dual global strategy [9]

Group 1: IPO Overview - This week, three companies submitted their IPO applications: Junsheng Electronics, Haijing Zhiyuan, and Haixi New Drug [2][3] - Next week, Yinnuo Pharmaceutical-B (weight loss drug) and Zhonghui Biotechnology-B (vaccine) are expected to be listed, presenting potential investment opportunities [1][2] Group 2: Company Profiles - **Junsheng Electronics**: A leading provider of smart automotive technology solutions, ranked 41st globally in the automotive parts industry in 2024. The company is the second-largest supplier of passive safety products in China and globally, with 74.7% of its revenue from overseas sales in 2024 [3] - **Haijing Zhiyuan Technology**: A leading Chinese multispectral AI technology company, with revenues of approximately CNY 224.7 million, CNY 117.1 million, and CNY 522.6 million for the fiscal years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of about 52.5% [4] - **Haixi New Drug**: A commercial-stage pharmaceutical company with a diverse product portfolio in the fastest-growing therapeutic areas in China. The company focuses on innovative drugs with significant global market potential, including a potential first-in-class oncology drug [5][6] Group 3: Upcoming Listings - **Yinnuo Pharmaceutical-B**: The first in Asia and third globally to advance a novel GLP-1 receptor agonist to the registration approval stage, with an expected IPO fundraising of HKD 683 million at a price of HKD 18.68 per share [9][10] - **Zhonghui Biotechnology-B**: A vaccine company focused on innovative vaccines and traditional vaccines using new technologies, with an expected IPO fundraising of HKD 518 million at a price range of HKD 12.90 to HKD 15.50 per share [9][10]

Core Viewpoint - Company is a global provider of intelligent automotive technology solutions and is seeking to raise funds through a second listing in Hong Kong to enhance its operational capabilities and market presence [2][3]. Financial Performance - Company reported revenues of 49.793 billion, 55.728 billion, 55.864 billion, and 19.707 billion for the years 2022, 2023, 2024, and the first four months of 2025, respectively, with net profits of 2.33 billion, 12.4 billion, 13.26 billion, and 4.91 billion during the same periods [3]. - Revenue from automotive safety solutions, including seat belts, airbags, and smart steering wheels, accounted for 69.1%, 69.2%, 69.2%, and 62.6% of total revenue for the years 2022, 2023, 2024, and the first four months of 2025, respectively [3]. Debt and Liabilities - Company’s total liabilities were 36.41 billion, 37.76 billion, 44.32 billion, and 46.8 billion at the end of 2022, 2023, 2024, and April 2025, with debt-to-asset ratios of 67.3%, 66.4%, 69.1%, and 69.8% [4]. - Interest expenses on interest-bearing debt were 0.932 billion, 1.121 billion, 1.13 billion, and 0.399 billion for the years 2022, 2023, 2024, and the first four months of 2025 [3][4]. Research and Development - Company’s R&D expenditures were 3.034 billion, 3.648 billion, 3.686 billion, and 1.574 billion for the years 2022, 2023, 2024, and the first four months of 2025 [6]. - Company aims to enhance its R&D capabilities to meet the evolving demands of customers in a highly competitive automotive industry [6]. Customer and Supplier Dynamics - Company generated revenue of 24.191 billion, 27.927 billion, 26.614 billion, and 21.303 billion from its top five customers, representing 48.6%, 50.1%, 47.6%, and 47.1% of total revenue for the respective periods [6]. - Company’s procurement from its top five suppliers amounted to 3.743 billion, 3.797 billion, 3.905 billion, and 1.218 billion, accounting for 8.9%, 8.4%, 8.3%, and 7.4% of total procurement [6].

Core Viewpoint - Company is seeking to go public in Hong Kong to align with its global positioning and operational status, with a focus on improving profit margins and operational metrics [1] Group 1: Financial Performance - In 2022, 2023, 2024, and the first four months of 2025, the company achieved revenues of 49.793 billion, 55.728 billion, 55.864 billion, and 19.707 billion respectively, with net profits of 0.233 billion, 1.24 billion, 1.326 billion, and 0.491 billion [2] - Revenue from automotive safety solutions accounted for 69.1%, 69.2%, 69.2%, and 62.6% of total revenue in the same periods [2] - Interest expenses on interest-bearing liabilities were 0.932 billion, 1.121 billion, 1.13 billion, and 0.399 billion for the respective years [2] Group 2: Debt and Liabilities - Total liabilities at the end of 2022, 2023, 2024, and by April 30, 2025, were 36.41 billion, 37.76 billion, 44.32 billion, and 46.8 billion respectively, with debt ratios of 67.3%, 66.4%, 69.1%, and 69.8% [3] - The increase in debt ratio from 69.1% at the end of 2024 to 69.8% by April 2025 is attributed to increased loans and borrowings to enhance liquidity and support business needs [3] Group 3: R&D and Market Position - R&D expenditures for 2022, 2023, 2024, and the first four months of 2025 were 3.034 billion, 3.648 billion, 3.686 billion, and 1.574 billion respectively [4] - The automotive industry is characterized by intense competition and high concentration, prompting the company to enhance its R&D capabilities to meet evolving customer demands [4] - Revenue from the top five customers represented 48.6%, 50.1%, 47.6%, and 47.1% of total revenue in the respective years [4]

Group 1: Company Filings - Three companies submitted applications to the Hong Kong Stock Exchange (HKEX) from August 4 to August 10, with one company passing the hearing [1] - Fujian Haixi New Drug Creation Co., Ltd. (Haixi New Drug) is a pharmaceutical company with a diverse product portfolio and pipeline, having received approvals for 14 generic drugs and four innovative drugs in development. Revenue for 2022 to 2025 is projected to be approximately RMB 2.12 billion, RMB 3.17 billion, RMB 4.67 billion, and RMB 2.49 billion respectively [2] - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. (Haiqing Zhiyuan) specializes in multispectral AI technology, holding a 3.5% market share in the Chinese multispectral AI industry, ranking first. Revenue for 2022 to 2025 is projected to be approximately RMB 2.25 billion, RMB 1.17 billion, RMB 5.23 billion, and RMB 824.2 million respectively [3] - Ningbo Joyson Electronic Corp. (Joyson Electronics) is a provider of smart automotive technology solutions, ranking as the second-largest supplier of passive safety products in China and globally. Revenue for 2022 to 2025 is projected to be approximately RMB 49.793 billion, RMB 55.728 billion, RMB 55.864 billion, and RMB 19.709 billion respectively [4] Group 2: Company Hearings and Listings - Shuangdeng Group Co., Ltd. (Shuangdeng) passed the listing hearing on August 10, focusing on energy storage solutions for the big data and communications sectors. Revenue for 2022 to 2025 is projected to be approximately RMB 4.072 billion, RMB 4.260 billion, RMB 4.499 billion, and RMB 1.867 billion respectively [5][6] - Two companies are in the process of going public: Yinnuo Pharmaceutical-B (02591.HK) plans to offer 36.56 million H-shares at HKD 18.68 per share, while Zhonghui Biotechnology-B (02627.HK) plans to offer 33.44 million H-shares at HKD 12.90 per share, with the latter seeing a subscription rate of 4,007.64 times [7] - Dongyang Sunshine Pharmaceutical (HK:06887) was listed on August 7, 2025, closing at HKD 59.90, reflecting a 4.17% increase [8] Group 3: Market Trends and Regulations - The Hong Kong IPO market has raised nearly HKD 130 billion this year, with new regulations effective from August 4 aimed at optimizing pricing and allocation mechanisms for IPOs [9] - As of July 25, 2025, 52 companies have listed on the Hong Kong Stock Exchange, nearing the total of 75 for the previous two years combined. A notable trend is the increasing number of A-share companies seeking to list in Hong Kong [10] - The Hong Kong Stock Exchange aims to enhance the robustness of new stock pricing and allocation mechanisms to meet the needs of various local and international investors [11]

Core Viewpoint - Junsheng Electronics is pursuing an IPO in Hong Kong, aiming to enhance its position in the automotive electronics and safety systems market through strategic investments and technological advancements [2][21]. Company Overview - Junsheng Electronics, founded in 2004 in Ningbo, Zhejiang, initially focused on automotive interior and exterior functional components. It successfully went public in A-shares in 2011 through a reverse merger [10][11]. - The company has transformed into the world's second-largest automotive safety system supplier after a series of global acquisitions, including PREH in 2011 and KSS in 2016 [11]. Financial Performance - The revenue for Junsheng Electronics was RMB 49.793 billion in 2022, RMB 55.728 billion in 2023, and is projected to be RMB 55.864 billion in 2024. The annual profit figures were RMB 2.33 billion, RMB 12.4 billion, and RMB 13.2 billion for the respective years [18][20]. Management Team - The board of directors consists of ten members, including four executive directors, two non-executive directors, and four independent non-executive directors. The term for directors is three years, with the possibility of re-election [13][15]. Future Plans and Fund Utilization - The company plans to focus on smart automotive technology, electric vehicle advancements, and global integration to optimize cost structures and operational efficiency [21][22]. - The funds raised from the IPO will be allocated to research and development of automotive intelligent solutions, including cockpit and driving domain controllers, as well as 5G-A/5.5G smart networking technology [24][25]. Market Potential - The global market for intelligent cockpit domain control systems reached RMB 52.3 billion in 2023 and is expected to grow to RMB 183 billion by 2028, with a compound annual growth rate of 21.5% starting from 2025 [26]. - The global market for automotive power electronics is projected to reach RMB 147.1 billion by 2028, driven by the transition to higher voltage platforms in electric vehicles [30]. Strategic Acquisitions - The company is actively seeking investment and acquisition opportunities in areas such as smart vehicles, advanced sensors, and artificial intelligence integration in automotive systems to strengthen its market position in the electric and intelligent automotive trends [36].

Group 1 - Company Ningbo Joyson Electronic Corp. is launching an H-share listing plan on the Hong Kong Stock Exchange to enhance its "A+H" dual capital platform and accelerate its global strategy in the smart automotive technology sector [1] - Joyson ranks as the 41st largest automotive parts company globally, showcasing strong competitiveness in core areas, with a 22.9% global market share in automotive passive safety products, ranking second worldwide and second in China with a 26.1% share [2] - The company has a comprehensive customer network covering over 100 global automotive brands, including the top ten domestic and international manufacturers, serving clients with a market share exceeding 90% [2] Group 2 - Joyson's core competitiveness lies in its multi-dimensional synergy, supported by a global operational network across 25 countries and regions, with 25 R&D centers and 60 production bases, achieving 74.7% of overseas sales revenue in 2024 [2] - The company is recognized for its outstanding vertical integration capabilities in hardware and software, being one of the first to commercialize 5G-V2X technology and 800V high-voltage platform products, with R&D investment reaching 3.686 billion yuan in 2024 [2] - Joyson's product matrix spans automotive electronics and safety, covering key automotive domains such as cockpit, intelligent driving, and connectivity, creating a complementary solution system [3] Group 3 - The company has a clear strategic path for the future, with fundraising from the IPO aimed at developing smart automotive solutions, upgrading production capacity, expanding overseas markets, and pursuing strategic acquisitions [3] - The Hong Kong listing is expected to inject new momentum into Joyson, broadening financing channels and enhancing international brand influence to attract global capital attention [3] - With strong technological accumulation, global layout, and clear strategic planning, Joyson is poised to seize opportunities in the transformation of the smart automotive industry and continue leading industry development [3]

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total compensation for CFOs in A-share companies reaching 4.27 billion yuan, averaging 814,800 yuan per year [1] - In the automotive parts sector, the total CFO compensation for 208 listed companies amounts to 155 million yuan, with an average salary of approximately 746,600 yuan [1] Industry Overview - Fuyao Glass reported a revenue growth of 18.37% year-on-year and a net profit growth of 33.20%, achieving continuous growth in both revenue and profit for four consecutive years [1] - The CFO of Fuyao Glass, Chen Xiangming, received a salary of 2.44 million yuan, ranking second in the industry, but this is less than half of the salary of the top-ranked CFO from Yusheng Electronics [1] CFO Compensation Rankings - The top CFOs in the automotive parts industry include: - Li Junyu from Yusheng Electronics with a salary of 5.17 million yuan, experiencing a 3.0% increase, but with a net profit decline of 11.3% [2] - Chen Xiangming from Fuyao Glass with a salary of 2.44 million yuan, with a 9.7% salary increase and a net profit growth of 33.2% [2] - You Jia from Xiangshan Co. with a salary of 2.17 million yuan, showing a significant salary increase of 50.5%, but a net profit decline of 3.7% [2]

Group 1 - The company, Ningbo Joyson Electronic Corp, is in the process of applying for the public issuance of H shares and listing on the Hong Kong Stock Exchange [1][2] - The application for the issuance and listing was submitted to the Hong Kong Stock Exchange on January 16, 2025, and relevant application materials have been published on the exchange's website [1] - The company has stated that the application materials are preliminary drafts and may be updated or revised, advising investors not to make investment decisions based solely on this information [1] Group 2 - The issuance and listing are subject to approvals from regulatory bodies including the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, indicating potential uncertainties [2] - The company will fulfill its information disclosure obligations based on the progress of these approvals [2]

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-050 宁波均胜电子股份有限公司 关于发行 H 股并上市的进展公告 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"公司"）正在进行申请境外公开发 行股票（H股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板 挂牌上市（以下简称"本次发行并上市"）的相关工作。公司已于2025年1月16 日向香港联交所递交了本次发行并上市的申请，并于同日在香港联交所网站刊登 了本次发行并上市的申请资料。 按照本次发行并上市的时间安排及根据香港联交所的相关规定，公司已于 2025年8月7日向香港联交所更新递交了本次发行并上市的申请，并于同日在香港 联交所网站刊登了本次发行并上市的更新申请资料。该申请材料为公司按照香港 联交所及香港证券及期货事务监察委员会（以下简称"香港证监会"）的要求编 制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订，投资者不应根 据其中的资料作出任何投资决定。为使境内投资者及时了解该等申请资料披露的 本次 ...