Summary of Junsheng Electronics Conference Call Company Overview - **Company**: Junsheng Electronics - **Industry**: Robotics and Automotive Safety Key Points Order Growth and Revenue Projections - Junsheng Electronics reported new orders of nearly 16 billion in Q1 2025, with expectations to exceed 60 billion for the entire year, indicating a significant increase from previous years [2][3] - The company anticipates that the new orders will gradually release over the next five years, which will substantially enhance overall revenue, currently under 60 billion [2][3] Profitability and Cost Management - The overseas safety division is expected to improve profitability, with gross margins projected to rise from 15% to over 18% in the next two to three years through cost control, raw material optimization, and increased self-manufacturing rates [2][3] - Financial expenses, loan scales, and interest rates are expected to decline, which will effectively lower the overall expense ratio and enhance profitability [2][3] Impact of Acquisitions - The consolidation of Xiangshan Co. is projected to contribute approximately 6 billion to the annual performance, positively affecting both profit and revenue [2][3] Robotics Sector Developments - Junsheng Electronics has made significant advancements in the robotics sector, forming a joint venture with Zhiyuan Robotics to establish Ningbo Pushi Future, with an investment of 200 million [4][5] - The initial production capacity is set at 1,000 humanoid and wheeled robots annually, marking the establishment of Ningbo's first large-scale robot manufacturing enterprise [5] - The company positions itself as a core component supplier for robots, collaborating with domestic clients such as Zhiyuan and Galaxy General [5] Automotive Safety Business - Junsheng Electronics holds the second-largest global market share in automotive safety, with improved operational capabilities leading to new orders surpassing pre-acquisition levels [6] - The company expects a non-recurring profit of approximately 1.6 billion in 2025, supported by a global layout and a local supply chain model that mitigates tariff impacts [6] - The humanoid robot segment is highlighted as a key area of focus due to its relatively low valuation and high growth potential, emphasizing the importance of companies with significant competitive barriers [6] Additional Insights - The strategic focus on robotics and automotive safety positions Junsheng Electronics favorably within its industry, with a clear roadmap for growth and profitability enhancement [2][6]

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-044 宁波均胜电子股份有限公司 关于参与设立私募股权投资基金暨对外投资 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。 一、参与设立私募股权投资基金情况概述 3、托管人名称：招商银行股份有限公司 4、备案编码：SAZA02 三、风险提示 公司将密切关注基金的后续进展情况，按照有关法律法规的规定和要求，及 时履行信息披露义务。敬请广大投资者注意投资风险。 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）于 2024 年 11 月 29 日召开第十一届董事会第二十七次会议，审议通过了《关于参与设立 私募股权投资基金暨对外投资的议案》，同意公司全资子公司宁波均智汽车科技 有限公司（以下简称"均智科技"）拟与招商致远资本投资有限公司（以下简称 "招商致远资本"）、宁波市甬元投资基金有限公司（以下简称"甬元投资"）以 及宁波市高科创业投资有限公司（以下简称"高科创投"）共同设立宁波甬元高 投均胜致远股权投资合伙企业（有限合伙）（以下简称"本基金" ...

Overview - The automotive safety belt is a standard component in every vehicle, and the demand for automotive safety belts in China is continuously growing due to the steady increase in automobile production and sales, as well as the rising importance of automotive safety regulations [1][10] - In 2024, the sales revenue of China's automotive safety belt market is projected to reach 87.32 billion yuan, representing a year-on-year growth of 5.92%, with the automotive manufacturing market accounting for over 90% of this revenue [1][10] Market Policies - The Chinese government has issued several policies to support the development of the automotive parts industry, including those focused on enhancing manufacturing reliability and promoting high-quality development in the automotive sector [3][5] - These policies create a favorable environment for the growth of the automotive safety belt industry [3] Industry Chain - The automotive safety belt industry consists of upstream suppliers of raw materials (such as polyester and polypropylene), midstream manufacturers of safety belts, and downstream markets including automotive manufacturing and aftermarket services [6] Current Development - The automotive market in China has seen rapid growth, with production and sales figures for the first quarter of 2025 reaching 7.561 million and 7.47 million vehicles, respectively, indicating a year-on-year increase of 14.5% and 11.2% [8] - This growth in the automotive market provides significant opportunities for the automotive safety belt industry [8] Competitive Landscape - The automotive safety belt industry has high technical requirements and significant capital investment, resulting in high entry barriers and market concentration [12] - International brands like Autoliv and Bosch dominate the high-end market, while domestic companies such as Junsheng Electronics and Songyuan Safety are increasing their competitiveness through innovation [12][14] Representative Domestic Companies - Junsheng Electronics is a leading global automotive electronics and safety supplier, with projected total revenue of 55.86 billion yuan in 2024, of which 38.62 billion yuan comes from automotive safety systems [14][16] - Songyuan Safety is a prominent supplier of passive safety systems in China, with total revenue of 1.971 billion yuan in 2024, and 1.264 billion yuan from automotive safety belt assembly [16] Development Trends - Future trends indicate that safety belts will integrate with intelligent vehicle systems, enhancing safety features such as driver fatigue monitoring and collision warnings [18] - There is also a growing demand for lightweight materials to improve vehicle efficiency, particularly in the context of electric vehicles [18]

Overview of the Investment Fund - Ningbo Joyson Electronic Corp. has approved an investment of RMB 300 million by its wholly-owned subsidiary, Ningbo Joyson Automotive Technology Co., Ltd., to participate in the establishment of the Service Trade Innovation Development Guidance Fund Phase II, accounting for 3% of the total capital contribution of the fund [1][15]. Partnership Agreement - The partnership aims to enhance the development of innovative service trade mechanisms and digital trade, leveraging fiscal funds to attract social capital for supporting service trade innovation and promoting new business models in foreign trade [3]. - The partnership has a maximum duration of 15 years, starting from the date of registration [4]. Contribution and Management - All partners will contribute in cash, with contributions made in installments as per the fund's investment needs [5]. - The fund will be managed by the general partner, China Merchants Capital Management (Beijing) Co., Ltd., which will execute partnership affairs [7]. Investment Objectives and Strategies - The fund's investment targets include increasing capital or establishing investments in private equity funds related to service trade and digital trade, as well as directly investing in relevant enterprises [9]. - Investments will be made through equity or equity-related debt instruments [10]. Financial Management - The distribution of profits and losses will be proportional to the actual contributions made by each partner, with a structured order for profit distribution [11][12].

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-043 宁波均胜电子股份有限公司 关于与专业投资机构合作参与投资设立产业基金 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。 一、参与投资设立产业基金情况概述 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）于 2024 年 12 月 31 日召开第十一届董事会第三十次会议，审议通过了《关于参与投资设 立服务贸易创新发展引导基金二期（有限合伙）暨对外投资的议案》，同意公司 全资子公司宁波均智汽车科技有限公司（以下简称"均智科技"）以人民币 3 亿 元参与投资服务贸易创新发展引导基金二期（有限合伙）（暂定名，具体名称以 工商行政管理机构核定名称为准，以下简称"服贸二期基金"、"本基金"或"合 伙企业"）的发起设立，参与投资金额占服贸基金二期出资总额的 3%。招商局资 本管理（北京）有限公司（以下简称"招商局资本（北京）"）为本基金的普通合 伙人、执行事务合伙人，并担任本基金的基金管理人。 详情请参见公司在上海证券交易所（https://ww ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-043 宁波均胜电子股份有限公司 关于与专业投资机构合作参与投资设立产业基金 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。 一、参与投资设立产业基金情况概述 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）于 2024 年 12 月 31 日召开第十一届董事会第三十次会议，审议通过了《关于参与投资设 立服务贸易创新发展引导基金二期（有限合伙）暨对外投资的议案》，同意公司 全资子公司宁波均智汽车科技有限公司（以下简称"均智科技"）以人民币 3 亿 元参与投资服务贸易创新发展引导基金二期（有限合伙）（暂定名，具体名称以 工商行政管理机构核定名称为准，以下简称"服贸二期基金"、"本基金"或"合 伙企业"）的发起设立，参与投资金额占服贸基金二期出资总额的 3%。招商局资 本管理（北京）有限公司（以下简称"招商局资本（北京）"）为本基金的普通合 伙人、执行事务合伙人，并担任本基金的基金管理人。 详情请参见公司在上海证券交易所（https://ww ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-042 宁波均胜电子股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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。 重要内容提示： 二、回购股份的进展情况 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将 2025 年 5 月以及截至 2025 年 5 月 31 日回购股份的进展情况分别公告如下： 2025 年 5 月，公司通过上海证券交易所交易系统以集中竞价交易方式累计回 购公司股份数量为 81,000 股，占公司总股本的比例约为 0.0057%，最低成交价为 人民币 17.75 元/股，最高成交价为人民币 17.81 元/股，已支付的资金总额为人 民币 1,439,991 元（不含交易费用）。 截至 2025 年 5 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份的数量为11 ...

今年以来，汽车零部件头部供应商均胜电子在智能辅助驾驶与机器人零部件多方面取得突破，并且一季度业绩保持良好提升态势，在汽车零部件行业中备受关注。年初至今，均胜电子累计涨幅超 多家机构继续看好均胜电子既有汽车零部件业务增长，尤其是在智能辅助驾驶领域的突破，同时看好其将汽车业务优势延伸至机器人领域。 近期，国信证券、国元证券、开源证券、浙商证券、东吴证券、华安证券等机构发布研究报告，维持均胜电子"优于大市"或"买入"评级，天风证券也首次覆盖均胜电子并给与买入评级。 经营效率显著提升，业绩高增潜力强劲 经营数据方面，受益于近几年盈利改善举措、降本增效措施的成效逐步显现，均胜电子业绩持续增长。 2024年全年均胜电子营收约559亿元，整体毛利率较同期提升1.8个百分点至16.2%，经营性净现金流增至约46亿元，继续维持较高水准。2025年一季度实现归母净利润3.4亿元，录得近年单 得益于全球产能优化、汽车安全自供比例提升，2022年以来均胜电子毛利率稳健上行，已从2021年的11.6%提升至2024年的16.2%。2025年一季度毛利率达17.9%，同比增长2.6个百分点。 尤其是，均胜电子在全球持续推进多项成本改善措 ...

去年以来，宁波积极探索校企联合招聘高层次人才的新模式。"通过校企人才'共引、共享、共 用'，实现编制由高校'兜底'、全职服务在企业，推动高层次人才交流共享。"宁波市委人才办相关负责 人说，在浙大宁波理工学院、宁波工程学院与宁波十多家龙头企业的推动下，至今，校企已联合招引博 士人才30余人。 原标题：宁波推进产学研深度融合 校企共引共用高层次人才 毕业季来临，不少应届毕业生面临就业抉择。近日，即将毕业的博士王宏却得到了一次"鱼与熊 掌"兼得的机会——若通过由浙大宁波理工学院联合企业举办的专场面试，就能进入企业博士后工作 站，实现"预留编制在高校、全职服务在企业"。待出站后，他可以选择留在企业，也可进入高校当老 师。 博士后培养采用"三位一体"导师制，由学校合作导师、企业合作导师、博士后工作站依托高校流动 站合作导师共同指导。目前，曾赫男正与团队联合研发适用于智能座舱场景的灵犀手势手环，企业合作 导师在研发中提供了关键指导。"校企联培模式，解决了以往校企合作中教师实践经验不足的问题，使 博士能全职参与企业创新，既提升了产业认知，又为未来教学科研打下了基础。"均胜电子人力资源经 理谢卫说。 在不少校企负责人看来，校 ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-041 宁波均胜电子股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： 山衡器集团股份有限公司（SZ：002870，以下简称"香山股份"）及其子公 司）：（1）为宁波均胜安全提供担保金额为人民币 11 亿元，已实际为其提 供的担保余额为人民币 16.83 亿元；（2）为临港均胜安全提供担保金额为 人民币 2.2 亿元，已实际为其提供的担保余额为人民币 4 亿元；（3）为均 联智行提供担保金额为人民币 5.65 亿元，已实际为其提供的担保余额为人 民币 3.01 亿元； （1）为全资子公司德国群英向中国银行股份有限公司法兰克福分行申请贷 款提供 1,005 万欧元最高额连带责任担保（为原有担保续保，不涉及新增担保）； ? 被担保人名称：宁波均胜电子股份有限公司（以下简称"公司"或"均胜电 子"）控股子公司宁波均胜汽车安全系统有限公司（以下简称"宁波均胜安 全"）、上海临港均胜汽车安全系统有限公司（以下简称 ...