均胜电子(600699) - 2025 Q2 - 季度财报

Definitions The report defines key terms and abbreviations used, covering company, regulatory bodies, industry organizations, technical concepts, and currency units to ensure clear understanding of the content Definitions of Common Terms This section defines key terms and abbreviations used in the report, including company names, regulatory bodies, industry organizations, technical concepts, and currency units - Defines "Company," "the Company," "Listed Company," and "Joyson Electronics" as Ningbo Joyson Electronic Corporation[17] - Lists abbreviations for institutions such as the China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), and China Association of Automobile Manufacturers (CAAM)[17] - Includes data providers like GlobalData and Rho Motion, along with industry and technical terms such as Robotaxi, eVTOL, AI, Momenta, V2X, Tier1, Jetson AGX Orin, Jetson Thor, and TOPS[17] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance indicators for the reporting period Company Information This section presents the company's basic information, including its Chinese name, abbreviation, foreign name, and legal representative - Company Name: Ningbo Joyson Electronic Corporation, Abbreviation: Joyson Electronics, Legal Representative: Wang Jianfeng[15] Contact Person and Information This section provides contact details for the company's Board Secretary, including name, address, phone, fax, and email - Board Secretary: Yu Zhaohui, Contact Address: No. 99 Qingyi Road, High-tech Zone, Ningbo, Zhejiang, Phone: 0574-87907001, Email: 600699@joyson.com[16] Brief Introduction to Changes in Basic Information This section states that the company's registered and office addresses remained unchanged during the reporting period - The company's registered and office addresses are both No. 99 Qingyi Road, High-tech Zone, Ningbo, Zhejiang, with no changes during the reporting period[18] Brief Introduction to Changes in Information Disclosure and Document Custody Locations This section discloses the company's designated information disclosure newspaper, website address for semi-annual reports, and document custody location, all of which remained unchanged during the reporting period - The company's designated information disclosure newspaper is Shanghai Securities News, and the website address for semi-annual reports is http://www.sse.com.cn[19](index=19&type=chunk) Brief Introduction to Company Shares This section provides information on the company's stock type, listing exchange, stock abbreviation, and stock code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation: Joyson Electronics, and stock code: 600699[20] Key Accounting Data and Financial Indicators of the Company In H1 2025, the company's operating revenue grew by 12.07% to 30.35 billion yuan, and net profit attributable to shareholders increased by 11.13% to 708 million yuan, driven by improved gross margin and increased R&D investment Key Accounting Data for H1 2025 | Indicator | Amount (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 30,347,072,614.52 | 12.07 | | Total Profit | 1,246,940,022.80 | 9.76 | | Net Profit Attributable to Shareholders of Listed Company | 707,631,859.66 | 11.13 | | Net Cash Flow from Operating Activities | 1,906,466,830.65 | 2.00 | | Total Assets | 68,157,935,749.83 | 6.22 | | Net Assets Attributable to Shareholders of Listed Company | 13,972,504,491.57 | 3.06 | Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.51 | 0.45 | 13.33 | | Diluted Earnings Per Share (yuan/share) | 0.51 | 0.45 | 13.33 | | Basic Earnings Per Share (excluding non-recurring gains and losses) (yuan/share) | 0.51 | 0.45 | 13.33 | | Weighted Average Return on Net Assets (%) | 5.07 | 4.65 | 0.42 | | Weighted Average Return on Net Assets (excluding non-recurring gains and losses) (%) | 5.06 | 4.66 | 0.40 | - The company's overall gross margin increased by approximately 2.6 percentage points year-on-year to approximately 18.2%, with the Q2 single-quarter overall gross margin increasing by 2.9 percentage points year-on-year to approximately 18.4%[22] - Net profit attributable to shareholders of the listed company was approximately 708 million yuan, a year-on-year increase of approximately 11.1%[23] Non-recurring Gains and Losses and Amounts This section lists the non-recurring gains and losses and their amounts for H1 2025, totaling 1.85 million yuan, primarily including government subsidies, fair value changes, and one-off expenses Non-recurring Gains and Losses for H1 2025 | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-back of impairment provisions already made | 2,161,715.78 | | Government subsidies recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 51,985,434.19 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, excluding effective hedging activities related to the company's normal business operations | 16,108,746.41 | | Gains or losses from entrusted investments or asset management | 3,435,180.54 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 900,560.34 | | One-off expenses incurred by enterprises due to the discontinuation of related business activities, such as employee resettlement expenses | -62,940,268.91 | | Other non-operating income and expenses apart from the above items | 3,453,136.62 | | Less: Income tax impact | -6,902,892.25 | | Impact on minority interests (after tax) | 20,153,404.56 | | Total | 1,853,992.66 | Net Profit After Deducting Share-based Payment Impact for Companies with Equity Incentive or Employee Stock Ownership Plans The report discloses net profit after deducting the impact of share-based payments, which was 914 million yuan in H1 2025, representing a 7.33% year-on-year increase Net Profit After Deducting Share-based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 914,432,154.91 | 851,953,108.32 | 7.33 | Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, industry trends, and strategic initiatives during the reporting period Explanation of the Company's Industry and Main Business Operations During the Reporting Period Despite a slowdown in global automotive sales, the Chinese market experienced robust growth in new energy and intelligent vehicles, benefiting the company through its technological advantages and new opportunities in emerging fields like Robotaxi and humanoid robots - In H1 2025, global light vehicle sales were approximately 44.47 million vehicles, a year-on-year increase of approximately 4.9%; the Chinese market (excluding exports) sold approximately 12.42 million vehicles, a year-on-year increase of approximately 11.5%[30] - In H1 2025, global new energy vehicle sales were approximately 9.10 million vehicles, a year-on-year increase of approximately 28%; China's new energy vehicle production and sales reached 6.968 million and 6.937 million vehicles respectively, increasing by 41.4% and 40.3% year-on-year, with a market share of 44.3%[30] - China's automotive industry exported 3.083 million vehicles, an increase of 10.4%, maintaining its position as the world's largest automotive exporter[30] - The Robotaxi, eVTOL, and humanoid robot sectors are creating new growth opportunities for automotive component enterprises, demanding higher standards for domain controllers, energy management, and safety products[31] Discussion and Analysis of Operations In the first half, the company focused on "stable growth and performance improvement" by optimizing capacity, supply chain, and cost control, while also driving innovation in automotive and robotics components, securing new projects worth approximately 31.2 billion yuan, with over 20.6 billion yuan in new energy vehicle-related orders - The total lifecycle value of newly awarded projects is approximately 31.2 billion yuan, with automotive safety business accounting for approximately 17.4 billion yuan and automotive electronics business for approximately 13.8 billion yuan[33] - New orders related to new energy vehicles exceeded 20.6 billion yuan, accounting for over 66%[33] Improving Quality and Efficiency in Existing Businesses While Innovating to Lead Intelligent and Electric Transformation The company significantly enhanced its main business profitability through cost reduction, operational efficiency improvements, capacity optimization, and technological innovation, while making continuous breakthroughs in automotive electronics and safety solutions Significant Benefits from Raw Material Cost Reduction and Other Measures, Sustained Improvement in Main Business Profitability Through global cost improvement initiatives, including raw material cost reduction and operational efficiency, the company's overall gross margin increased by approximately 2.6 percentage points to 18.2% in H1 2025, with further improvements expected from localization and increased self-sufficiency of core components - In H1 2025, the company's overall gross margin increased by approximately 2.6 percentage points year-on-year to approximately 18.2%, with the Q2 single-quarter overall gross margin increasing by 2.9 percentage points year-on-year to approximately 18.4%[34] - The gross margin for the automotive safety business was approximately 15.9%, a year-on-year increase of approximately 2.0 percentage points; the gross margin for the automotive electronics business increased by approximately 2.2 percentage points year-on-year to approximately 21.5%[38] - The gross margin for overseas main business increased by approximately 3.0 percentage points year-on-year to approximately 17.8%, indicating sustained improvement in profitability[38] - The company initiated the expansion of its gas generator industrial base in Huzhou, Zhejiang, and its airbag fabric and bag factory in the Philippines, aiming to increase the self-supply ratio of core components and leverage cost and scale advantages in Southeast Asia[35] Continuous R&D Innovation Around Intelligent Electrification Transformation to Maintain Technological Leadership The company maintains high R&D investment in intelligent cockpits, autonomous driving, intelligent connectivity, and new energy management, launching innovative products and solutions while strategically investing in key technologies and partnerships Automotive Electronics Technology Innovation and New Business Implementation Progressing Simultaneously The company successfully mass-produced intelligent cockpit domain controllers, launched central computing units and cockpit-driving fusion solutions, secured over 1 billion yuan in high-level assisted driving domain control projects with Momenta, invested in an intelligent assisted driving chip company, and began mass production of V2X solutions while developing 1000V+ power management systems - Intelligent Cockpit: Successfully mass-produced intelligent cockpit domain controllers for a leading domestic automotive brand and launched innovative upgraded products including domain fusion controllers and zone control units (ZCU) with central computing units and cockpit-driving fusion solutions[37] - Intelligent Driving: Collaborated with Momenta to secure a high-level intelligent assisted driving domain control project for a renowned domestic brand, with order value exceeding 1 billion yuan, expected to begin mass production in 2026[40] - Intelligent Driving: Strategically invested in XinXinHangTu (Suzhou) Technology Co., Ltd., an intelligent assisted driving chip company, and is developing high-level intelligent assisted driving domain controllers based on its chip platform[40] - Intelligent Connectivity and V2X: Began mass production of V2X solutions for the new domestic BMW 5 Series and is actively researching and exploring the application of optical modules in automobiles[41] - New Energy Management: Continues to advance its first-mover advantage in 800V high-voltage fast charging, has initiated R&D for 1000V and above power management systems and power electronic devices, and secured new orders from multiple domestic and emerging brands[41] Automotive Safety Closely Follows Industry Frontier for Iterative Innovation, Leading Industry Development The company integrates safety products with electronic technology to develop innovative solutions like zero-gravity seat safety systems, new "J" series gas generators, and next-generation optically enhanced seatbelts, adapting to higher safety standards in new energy vehicles and autonomous driving, while actively participating in industry technical standard research - Developed a complete zero-gravity seat safety solution, seamlessly integrating key protective devices such as airbags and pre-tensioned seatbelts into the seat frame to precisely protect passengers of different heights, body types, and seating postures[42] - Launched the new "J" series platform-based gas generator, applicable to various airbag systems, promoting enhanced economies of scale[42] - Developed a new generation of optically enhanced seatbelts for future intelligent cockpit demands, innovatively integrating optical recognition features into the webbing, with first mass production expected in mid-to-late 2026[42] - Actively participated in the 13th China Automotive Passive Safety Technical Regulations Summit, sharing innovative applications of multi-sensor fusion technology in adaptive safety systems, and participated in the release ceremony of the "White Paper on China Automotive Safety Component Technology Innovation and Development Trends"[43][44] Leveraging Globalization Advantages to Empower Overseas Automakers' Intelligent Electrification Transformation and Chinese Automakers' Global Expansion Leveraging its global presence and expertise in intelligent electric vehicle technology, the company capitalizes on opportunities from Chinese automakers' overseas expansion and foreign OEMs' intelligent transformation, securing international orders for intelligent products and collaborating on domain control solutions, while supporting localized operations for Chinese brands abroad - The company has manufacturing bases and R&D centers in major automotive production and sales countries, forming a unique advantage of Chinese heritage and global presence, enabling rapid response to demand and provision of optimal cost solutions[45] - Business continues to make breakthroughs, successively securing orders for intelligent products from domestic independent brands' export models and overseas OEMs, covering multiple areas such as intelligent cockpits, intelligent driving, and body domain[46] - Currently engaged in preliminary collaborations with multiple overseas clients on body domain products, intelligent driving domain controllers, and cockpit-driving fusion domain controllers, signaling growing recognition of its technology export strategy[46] - The automotive safety business, relying on its mature global supplier system and overseas operational experience, actively supports Chinese automakers' global expansion and has secured multiple localized overseas business orders[46] Actively Deploying in the Embodied Intelligent Robot Industry Chain to Create a Second Growth Curve Leveraging its core automotive component R&D and manufacturing capabilities, the company is fully entering the humanoid robot sector, establishing a wholly-owned subsidiary to provide key components and integrated hardware-software solutions, and has signed strategic cooperation agreements with leading companies like ZHIYUAN Robotics - The company has begun a comprehensive deployment in the humanoid robot sector, officially establishing its wholly-owned subsidiary, Ningbo Joyson Embodied Intelligent Robot Co., Ltd., in April 2025[47] - Provides domestic and international clients with key components such as brain and cerebellum controllers, energy management modules, high-performance body armor materials, as well as integrated hardware and software solutions for robot heads and torso assemblies[47] - Pioneered an integrated robot domain controller, energy management system, and cooling system for torso and chassis assemblies, and has launched robot domain controllers based on high-performance chips like Jetson AGX Orin[48] - Signed a strategic cooperation agreement with ZHIYUAN Robotics for in-depth collaboration on core technology breakthroughs, customized development, and test verification platform construction for robot "brains" and key components[50] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness remained unchanged during the reporting period, as detailed in its 2024 annual report - The company's core competitiveness did not undergo significant changes during the reporting period[51] Main Operating Conditions During the Reporting Period This section details the company's H1 2025 operating performance, including changes in financial statement items, breakdown of main business by industry, product, and region, and comprehensive R&D investment data and strategic directions Analysis of Main Business The company's main business achieved steady growth with a 12.07% increase in operating revenue, driven by automotive electronics and safety, and the consolidation of Xiangshan Co., Ltd.; gross margin significantly improved, especially in overseas regions, while R&D investment surged by 49.91% focusing on intelligent electric vehicles and humanoid robots Analysis Table of Changes in Financial Statement Items In H1 2025, operating revenue increased by 12.07%, operating costs by 8.56%, and R&D expenses by a significant 49.91%, while net cash flow from operating activities remained stable and net cash flow from investing activities decreased substantially Changes in Financial Statement Items for H1 2025 | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 30,347,072,614.52 | 27,078,625,642.30 | 12.07 | Due to steady development of existing automotive electronics and safety businesses and consolidation of Xiangshan Co., Ltd. | | Operating Cost | 24,837,734,695.50 | 22,880,079,690.53 | 8.56 | Primarily due to consolidation of Xiangshan Co., Ltd. Excluding the impact of Xiangshan Co., Ltd. consolidation, the company's operating cost increase was lower than operating revenue, and gross profit margin significantly improved | | Selling Expenses | 412,110,837.92 | 267,031,523.46 | 54.33 | Excluding the impact of Xiangshan Co., Ltd. consolidation, the increase in selling expenses was mainly due to increased sample fees for business expansion and new order fulfillment | | Administrative Expenses | 1,508,228,428.64 | 1,208,729,558.11 | 24.78 | Excluding the impact of Xiangshan Co., Ltd. consolidation, the increase in administrative expenses was mainly due to increased personnel costs as the European region continued to optimize capacity and streamline organization | | Financial Expenses | 526,548,152.20 | 417,619,885.85 | 26.08 | Excluding the impact of Xiangshan Co., Ltd. consolidation, the increase in financial expenses was mainly due to increased net exchange losses from exchange rate fluctuations compared to the prior period | | R&D Expenses | 1,693,527,092.20 | 1,129,722,284.97 | 49.91 | Excluding the impact of Xiangshan Co., Ltd. consolidation, the increase in R&D expenses was mainly due to increased R&D investment in cutting-edge technologies for the intelligent electric vehicle industry and comprehensive deployment in the humanoid robot sector to enhance core competitiveness | | Net Cash Flow from Operating Activities | 1,906,466,830.65 | 1,869,058,712.15 | 2.00 | Primarily due to the company's continued working capital management, maintaining a high level of net cash inflow from operating activities amidst steady business growth and cost improvements | | Net Cash Flow from Investing Activities | -2,461,485,469.44 | -1,232,820,279.37 | -99.66 | Primarily due to the company's multiple short-term bank wealth management and other investments to improve capital utilization efficiency | | Net Cash Flow from Financing Activities | 165,201,042.58 | 383,269,098.75 | -56.90 | Primarily due to the company's increased equity in Xiangshan Co., Ltd. and repurchase of its own shares during the current period | Other This section further details the main business revenue and cost breakdown by industry, product, and region, emphasizing the strategic importance of R&D investment Main Business by Industry, Product, and Region Automotive components remain the company's core business with a gross margin of 17.99%, up 2.41 percentage points year-on-year, driven by improved profitability in both automotive safety and electronics systems, especially in overseas regions Main Business by Industry | Industry Segment | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Automotive Components | 29,771,696,435.10 | 24,416,955,384.65 | 17.99 | 10.68 | 7.52 | 2.41 | | Other | 426,714,206.98 | 285,492,512.58 | 33.10 | - | - | - | | Total | 30,198,410,642.08 | 24,702,447,897.23 | 18.20 | 10.68 | 7.52 | 2.41 | Main Business by Product | Product Segment | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Automotive Safety Systems | 18,977,293,705.90 | 15,954,348,596.13 | 15.93 | 1.13 | -1.21 | 1.99 | | Automotive Electronics Systems | 8,355,762,741.47 | 6,555,591,225.17 | 21.54 | 2.73 | -0.04 | 2.17 | | Other | 2,865,354,194.71 | 2,192,508,075.93 | 23.48 | - | - | - | | Total | 30,198,410,642.08 | 24,702,447,897.23 | 18.20 | 12.27 | 8.78 | 2.62 | Main Business by Region | Region | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 7,656,836,597.38 | 6,176,014,243.76 | 19.34 | 26.54 | 24.98 | 1.01 | | Overseas | 22,541,574,044.70 | 18,526,433,653.47 | 17.81 | 8.12 | 4.28 | 3.03 | | Total | 30,198,410,642.08 | 24,702,447,897.23 | 18.20 | 12.27 | 8.78 | 2.62 | - The gross margin for the automotive safety business increased by approximately 2.0 percentage points year-on-year to approximately 15.9%, while the automotive electronics business gross margin increased by approximately 2.2 percentage points year-on-year to approximately 21.5%[59] - The gross margin for overseas main business increased by approximately 3.0 percentage points year-on-year to approximately 17.8%, indicating sustained improvement in profitability[59] R&D Investment In H1 2025, the company's total R&D investment was 2.49 billion yuan, representing 8.20% of operating revenue, with 6,323 R&D personnel, primarily focusing on cutting-edge intelligent electric vehicle technologies and humanoid robots to establish a second growth curve R&D Investment Table | Indicator | Amount (yuan) | | :--- | :--- | | Expensed R&D Investment for the Period | 1,693,527,092.20 | | Capitalized R&D Investment for the Period | 794,339,367.42 | | Total R&D Investment | 2,487,866,459.62 | | Total R&D Investment as % of Operating Revenue | 8.20 | | Number of Company R&D Personnel | 6,323 | | R&D Personnel as % of Total Company Employees | 13.42 | | Proportion of Capitalized R&D Investment (%) | 31.93 | - The company maintains high-intensity R&D innovation investment primarily in intelligent cockpits, intelligent driving, intelligent connectivity, vehicle-road-cloud collaboration, and new energy vehicle high-voltage fast charging[63] - Strategically extending into the embodied intelligent robot sector, focusing on increasing technological innovation and product development for key components such as humanoid robot brain and cerebellum controllers, energy management modules, and high-performance body armor materials, actively building a second growth curve[63] Analysis of Assets and Liabilities This section analyzes the company's asset and liability structure changes in H1 2025, with total assets growing by 6.22% primarily due to increased development expenditures and short-term borrowings, and overseas assets accounting for 60% of total assets, reflecting high internationalization Asset and Liability Status As of June 2025, total assets reached 68.16 billion yuan, a 6.22% increase from year-end, with development expenditures up 31.44%, short-term borrowings up 23.02%, and non-current liabilities due within one year up 54.10%, driven by new project investments and financing structure optimization Changes in Asset and Liability Status | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,272,014,416.28 | 10.67 | 7,262,612,109.21 | 11.32 | 0.13 | | Accounts Receivable | 9,089,914,785.98 | 13.34 | 8,678,239,875.31 | 13.52 | 4.74 | | Inventories | 11,074,503,192.81 | 16.25 | 10,538,159,090.50 | 16.42 | 5.09 | | Long-term Equity Investments | 201,695,743.26 | 0.30 | 167,559,851.63 | 0.26 | 20.37 | | Fixed Assets | 13,700,272,631.63 | 20.10 | 13,208,311,058.14 | 20.58 | 3.72 | | Construction in Progress | 3,029,725,061.51 | 4.45 | 2,754,534,056.52 | 4.29 | 9.99 | | Development Expenditures | 1,644,640,244.65 | 2.41 | 1,251,224,945.98 | 1.95 | 31.44 | | Goodwill | 7,292,635,476.99 | 10.70 | 7,216,314,555.77 | 11.25 | 1.06 | | Short-term Borrowings | 6,106,272,140.89 | 8.96 | 4,963,802,787.01 | 7.74 | 23.02 | | Long-term Borrowings | 14,314,106,413.70 | 21.00 | 15,185,425,811.58 | 23.67 | -5.74 | | Non-current Liabilities Due Within One Year | 5,911,736,725.88 | 8.67 | 3,836,419,401.21 | 5.98 | 54.10 | - The balance of development expenditures at the end of the current period increased compared to the end of the prior period, primarily due to the company's increased spending on new project and technology development to maintain continuous leadership in key technological areas[65] - The balances of interest-bearing liabilities for short-term borrowings, non-current liabilities due within one year, and long-term borrowings increased at the end of the current period compared to the end of the prior period, primarily due to the company leveraging a low-interest rate environment to optimize liquidity and deepen cooperation with financial institutions, optimizing its financing structure to complete the increase in Xiangshan Co., Ltd. equity, share repurchases, refinancing arrangements, and support overseas business development[65] Overseas Asset Information As of the end of the reporting period, the company's overseas assets reached 40.4 billion yuan, accounting for 60% of total assets, primarily formed through the acquisition of a controlling subsidiary of Anhui Joyson Auto Safety Systems Holding Co., Ltd., indicating a high degree of internationalization in its operations - Overseas assets totaled 40.4 billion yuan, accounting for 60% of total assets[66] Overseas Asset Operating Conditions | Overseas Asset Name | Reason for Formation | Operating Model | Operating Revenue for Current Period (billion yuan) | Net Profit for Current Period (billion yuan) | | :--- | :--- | :--- | :--- | :--- | | Controlling subsidiary of Anhui Joyson Auto Safety Systems Holding Co., Ltd. | Acquisition | Non-wholly owned subsidiary | 18.359 | 0.386 | Major Asset Restrictions as of the End of the Reporting Period Information on the company's major asset restrictions at the end of the reporting period can be found in financial report note 31, concerning assets with restricted ownership or use rights - The company's major asset restrictions are detailed in Note 31, "Assets with Restricted Ownership or Use Rights"[68] Analysis of Investment Status The company added two new subsidiaries and made additional investments in existing subsidiaries and associates during the reporting period, alongside a strategic equity investment in a high-end intelligent assisted driving chip company and disclosures on financial assets measured at fair value, including stock and private equity fund investments Overall Analysis of External Equity Investments During the reporting period, the company established two new subsidiaries, made direct additional investments in two subsidiaries and two joint ventures/associates, and strategically invested 80 million yuan for approximately 1.96% equity in a high-end intelligent assisted driving chip company - During the reporting period, the company added 2 new subsidiaries and made direct additional investments in two subsidiaries and two joint ventures/associates[68] - Invested in an associate company engaged in high-end intelligent assisted driving chips, with a total consideration of 80 million yuan, holding approximately 1.96% equity in the target company[69] Significant Equity Investments The company completed a 1.403 billion yuan capital increase in its controlling subsidiary, Joyson Auto Safety Holdings S.A., via debt-to-equity swap, raising its stake to 59.46% Significant Equity Investment Status | Investee Company Name | Main Business | Investment Method | Investment Amount (billion yuan) | Shareholding Ratio | Consolidated | Source of Funds | Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Joyson Auto Safety Holdings S.A. | Automotive Safety Business | Capital Increase | 1.403 | 59.46% | Yes | Own Funds | Completed | Financial Assets Measured at Fair Value The company holds shares in Joyson Intelligent and Black Sesame Intelligent with book values of 96.37 million yuan and 13.82 million yuan, respectively, and its subsidiaries have invested in multiple private equity funds, with plans to invest in a second-phase service trade innovation development fund Securities Investment Status | Security Code | Security Abbreviation | Period-end Book Value (yuan) | Accounting Subject | | :--- | :--- | :--- | :--- | | 688306 | Joyson Intelligent | 96,368,541.84 | Financial assets held for trading | | 2533 | Black Sesame Intelligent | 13,822,383.26 | Other non-current financial assets | - The company's subsidiary, Ningbo Joyson Technology Co., Ltd., invested in Suzhou Zhongxin Kangheng Venture Capital Partnership and Hangzhou Lingmai Equity Investment Partnership[71] - The company's wholly-owned subsidiary, Ningbo Joyson Intelligent Automotive Technology Co., Ltd., participated in establishing Ningbo Yongyuan Gaoke Joyson Zhiyuan Equity Investment Fund Partnership, with a subscribed capital of 200 million yuan, accounting for 25% of the fund's fundraising scale[71] - Ningbo Joyson Intelligent Automotive Technology Co., Ltd. plans to invest 300 million yuan in the second phase of the Service Trade Innovation Development Guidance Fund (Limited Partnership)[72] Analysis of Major Holding and Associate Companies This section lists the company's major holding subsidiaries and associate companies significantly impacting net profit, including Anhui Joyson Auto Safety Systems, Preh GmbH, Guangdong Xiangshan Weighing Apparatus Group Co., Ltd., and Ningbo Joyson Intelligent Mobility Technology Co., Ltd., noting the establishment of two new subsidiaries and the disposal of one during the reporting period Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit (Unit: 10,000 yuan) | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Joyson Auto Safety Systems Holding Co., Ltd. | Subsidiary | Automotive Component Manufacturing | 120,407.83 | 3,483,556 | 1,044,765 | 1,835,861 | 50,850 | 38,647 | | Preh GmbH | Subsidiary | Automotive Component Manufacturing | 10.00 million Euro | 1,316,111 | 521,163 | 615,394 | 34,642 | 26,032 | | Guangdong Xiangshan Weighing Apparatus Group Co., Ltd. | Subsidiary | Automotive Component Manufacturing | 13,207.56 | 838,163 | 254,526 | 293,771 | 9,189 | 8,035 | | Ningbo Joyson Intelligent Mobility Technology Co., Ltd. | Subsidiary | Automotive Component Manufacturing | 67,774.08 | 665,942 | 381,920 | 327,487 | 20,196 | 13,947 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition or Disposal of Subsidiary During Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Ningbo Joyson Embodied Intelligent Robot Co., Ltd. | Newly established | No significant impact | | Joyson Electronics Holdings Hong Kong Limited | Newly established | No significant impact | | Joyson Safety Systems Rus LLC | Disposed | No significant impact | Other Disclosure Matters This section discloses potential risks including macroeconomic and industry risks, slower-than-expected development in emerging sectors, raw material cost risks, goodwill impairment risks, and exchange rate fluctuation risks, along with the company's strategies to mitigate them Potential Risks The company faces multiple risks such as global automotive market volatility, slow commercialization of emerging industries, raw material price fluctuations, goodwill impairment, and exchange rate volatility, which it actively manages through customer credit assessment, supply chain optimization, technological innovation, and risk hedging measures - Macroeconomic and Industry Risks: Multiple factors such as slowing growth in major global economies, escalating trade barriers like tariffs, and the phasing out of new energy vehicle subsidy policies in European and American markets may adversely affect automotive production and consumption[77] - Risks of Slower-than-Expected Development in Emerging Fields and Industries: Emerging industries such as intelligent electrification in the automotive sector and embodied intelligent robots still face the risk of overall commercialization progressing slower than anticipated[78] - Raw Material Cost Risk: Fluctuations in raw material and component prices or supply disruptions may lead to increased costs and production delays, thereby harming financial performance[79] - Goodwill Impairment Risk: The company's growth through external mergers and acquisitions has resulted in a significant accumulated amount of goodwill, and if future operating performance does not meet expected benefits, there is a risk of goodwill impairment[80] - Exchange Rate Fluctuation Risk: Exchange rate fluctuations may have a certain impact on the company's future operating conditions and the currency translation when consolidating financial statements; the company endeavors to control the risks arising from exchange rate fluctuations through business layout and a series of financial instruments[81][82] Corporate Governance, Environment and Society This section covers the company's corporate governance practices, environmental information disclosure, and social responsibilities, including profit distribution plans and employee incentive programs Profit Distribution or Capital Reserve Conversion Plan The Board of Directors' resolution for the current reporting period's profit distribution or capital reserve conversion plan is "None" - The profit distribution plan or capital reserve conversion plan for the current reporting period is "None"[85] Status and Impact of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures The first and second lock-up periods of the company's 2021 employee stock ownership plan have expired, with 5.4 million shares unlocked; one employee's departure resulted in the return of 240,000 shares, leaving 5.88 million shares remaining at period-end - The unlocking conditions for both the first and second lock-up periods of the company's 2021 employee stock ownership plan have been met, with a total of 5.4 million shares unlocked[86] - During the reporting period, one employee forfeited their participation in the employee stock ownership plan due to resignation, resulting in the return of 240,000 shares[86] - As of the end of the reporting period, the remaining number of shares in the aforementioned employee stock ownership plan was 5.8796 million shares[86] Environmental Information of Listed Companies and Their Major Subsidiaries Required to Disclose Environmental Information by Law Three of the company's subsidiaries, including Shanghai Lingang Joyson Auto Safety Systems Co., Ltd., Ningbo Preh Joyson Automotive Electronics Co., Ltd., and Ningbo Joyson Trim Technology Co., Ltd., are on the list of enterprises required to disclose environmental information by law, with corresponding report inquiry indexes provided - The number of enterprises included in the list of those required to disclose environmental information by law is 3[86] - These include Shanghai Lingang Joyson Auto Safety Systems Co., Ltd., Ningbo Preh Joyson Automotive Electronics Co., Ltd., and Ningbo Joyson Trim Technology Co., Ltd[87] Significant Matters This section details the fulfillment of commitments, significant related-party transactions, and major contracts, including guarantees, during the reporting period Fulfillment of Commitments The company's actual controller, controlling shareholder, and the company itself have strictly fulfilled multiple commitments during or continuing into the reporting period, covering independence, non-competition, related-party transactions, asset injection, share lock-up, and return enhancement measures - Joyson Electronics commits to ensuring the listed company's independent operation, autonomous decision-making, and independence in assets, personnel, finance, organization, and business[90] - Joyson Electronics, Joyson Group, and Wang Jianfeng commit not to engage in businesses that compete with the listed company's main operations[90][91][92] - Joyson Electronics, Joyson Group, and Wang Jianfeng commit to minimizing and regulating related-party transactions with the listed company, adhering to principles of fairness and impartiality[90][92][93] - Joyson Group commits not to transfer or sell the Joyson Electronics shares acquired through this issuance within 36 months from the end of the issuance[95] - The company's controlling shareholder, directors, and senior management commit to complying with relevant regulations of the China Securities Regulatory Commission and Shenzhen Stock Exchange regarding the trading of listed company shares during the share increase plan, refraining from insider trading, sensitive period trading, and short-swing trading[96] Significant Related-Party Transactions The company's 2024 Annual General Meeting approved annual routine related-party transactions totaling approximately 532 million yuan, and actual transactions during the reporting period did not exceed the approved limit - The 2024 Annual General Meeting approved the "Proposal on Forecasting Annual Routine Related-Party Transactions," authorizing the company to lease properties, rent properties, accept services, provide services, sell goods, and purchase goods from related parties in 2025, with the total estimated amount of these routine related-party transactions being approximately 532 million yuan[98] - During the reporting period, the total actual routine related-party transactions did not exceed the limit approved by the 2024 Annual General Meeting[98] Significant Contracts and Their Fulfillment This section discloses the company's significant guarantees, both fulfilled and unfulfilled, during the reporting period, primarily for its subsidiaries, with the total guarantee amount representing 74.06% of the company's net assets - The total amount of guarantees provided to subsidiaries during the reporting period was 11,168,578,253.88 yuan[103] - The total outstanding guarantees to subsidiaries at the end of the reporting period amounted to 10,348,445,935.29 yuan[103] - The total guarantee amount (including guarantees to subsidiaries) accounted for 74.06% of the company's net assets[103] - Of this, the amount of debt guarantees provided directly or indirectly to guaranteed entities with an asset-liability ratio exceeding 70% was 2,280,627,969.48 yuan[103] Share Changes and Shareholder Information This section details changes in the company's share capital and shareholder structure, including share repurchases and cancellations, and information on major shareholders and management's shareholdings Changes in Share Capital The company's total share capital and equity structure remained unchanged during the reporting period; post-period, 13.03 million shares were repurchased and cancelled, reducing total share capital to 1,395,670,563 shares, which is expected to enhance future EPS and net assets per share - During the reporting period, the company's total share capital and equity structure remained unchanged[106] - The company completed a share repurchase on July 29, 2025, having repurchased 13,030,980 shares, which were subsequently cancelled on July 31, 2025[107] - Following the cancellation, the company's total share capital changed from 1,408,701,543 shares to 1,395,670,563 shares[107] - The share changes occurring after the reporting period until the disclosure date of the semi-annual report are expected to enhance the company's future earnings per share, net assets per share, and other indicators, further improving shareholder returns[107] Shareholder Information As of the end of the reporting period, the company had 91,541 common shareholders; Joyson Group Co., Ltd. is the largest shareholder with 36.83%, and Mr. Wang Jianfeng is the actual controller, while the company's dedicated repurchase securities account held 24,098,395 circulating shares, representing 1.71% of total shares - As of the end of the reporting period, the total number of common shareholders was 91,541[108] Top Ten Shareholders' Shareholding Status | Shareholder Name | Change During Reporting Period | Period-end Shareholding | Percentage (%) | Number of Restricted Shares Held | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Joyson Group Co., Ltd. | 1,329,700 | 518,787,401 | 36.83 | 40,616,919 | Pledged | 119,723,996 | | HKSCC Nominees Limited | 49,704,407 | 66,727,812 | 4.74 | 0 | None | - | | Wang Jianfeng | 400,000 | 35,436,959 | 2.52 | 0 | None | - | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 748,000 | 14,658,057 | 1.04 | 0 | None | - | | Zhang Zhen | 2,569,200 | 12,580,900 | 0.89 | 0 | None | - | | Xie Keniao | -32,300 | 11,400,000 | 0.81 | 0 | None | - | | Golden Eagle Fund - SPD Bank - Wanxiang Trust - Wanxiang Trust - Joyson No. 2 Single Asset Management Trust | 0 | 11,072,337 | 0.79 | 0 | None | - | | China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L - CT001 Shanghai | 864,100 | 9,195,254 | 0.65 | 0 | None | - | | China Construction Bank Co., Ltd. - Yongying Advanced Manufacturing Smart Selection Mixed Initiating Securities Investment Fund | 8,913,301 | 8,913,301 | 0.63 | 0 | None | - | | Industrial and Commercial Bank of China Co., Ltd. - E Fund CSI Artificial Intelligence Theme ETF | 3,707,600 | 8,466,338 | 0.60 | 0 | None | - | - As of June 30, 2025, Ningbo Joyson Electronic Corporation's dedicated repurchase securities account held 24,098,395 circulating shares, representing a shareholding ratio of 1.71%[111] - Joyson Group Co., Ltd. is the company's controlling shareholder, and Mr. Wang Jianfeng is the actual controller[111] Information on Directors and Senior Management During the reporting period, Chairman Wang Jianfeng, Vice Chairman Zhu Xuesong, Director and President Chen Wei, Director, Vice President, and CFO Li Junyu, Vice President Hua Muwen, and Board Secretary Yu Zhaohui all increased their company shareholdings through secondary market purchases, with some directors and supervisors also holding shares from the 2021 employee stock ownership plan Changes in Shareholdings of Current and Resigned Directors and Senior Management During the Reporting Period | Name | Position | Beginning of Period Shareholding | End of Period Shareholding | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Jianfeng | Chairman | 35,036,959 | 35,436,959 | 400,000 | Secondary market increase | | Zhu Xuesong | Vice Chairman | 0 | 60,000 | 60,000 | Secondary market increase | | Chen Wei | Director, President | 0 | 120,000 | 120,000 | Secondary market increase | | Li Junyu | Director, Vice President, CFO | 0 | 80,000 | 80,000 | Secondary market increase | | Hua Muwen | Vice President | 0 | 40,000 | 40,000 | Secondary market increase | | Yu Zhaohui | Board Secretary | 0 | 18,000 | 18,000 | Secondary market increase | - Mr. Chen Wei, the company's current Director and President, and Mr. Cai Zhengxin, Director, each hold 420,000 shares under the employee stock ownership plan, while Ms. Li Junyu, Director, Vice President, and CFO, holds 620,000 shares under the employee stock ownership plan[115] Bond-Related Information This section provides information on the company's bond instruments, including corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[117] Convertible Corporate Bonds The company has no convertible corporate bonds - The company has no convertible corporate bonds[118] Financial Report This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items Financial Statements This section presents the company's consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements, cash flow statements, and statements of changes in owners' equity for January-June 2025, providing detailed financial status, operating results, and cash flow information for the semi-annual period - Consolidated Balance Sheet (as of June 30, 2025)[120][121] - Parent Company Balance Sheet (as of June 30, 2025)[123][124] - Consolidated Income Statement (January-June 2025)[126][127] - Parent Company Income Statement (January-June 2025)[129][130] - Consolidated Cash Flow Statement (January-June 2025)[132][133] - Parent Company Cash Flow Statement (January-June 2025)[135][136] - Consolidated Statement of Changes in Owners' Equity (January-June 2025)[138][139][140] - Parent Company Statement of Changes in Owners' Equity (January-June 2025)[142][143] Company Basic Information This section outlines Ningbo Joyson Electronic Corporation's historical evolution, significant asset restructurings and acquisitions, including KSS and Takata assets, share capital changes, and employee stock ownership plans, highlighting its core business in automotive parts R&D, production, and sales across human-machine interaction, in-car connectivity, automotive safety, and new energy vehicle electronics - The company, formerly Liaoyuan Deheng Co., Ltd., underwent a significant asset restructuring in 2011, with Joyson Group becoming the controlling shareholder[144][145] - Acquired equity in German Preh GmbH in 2012, Quin GmbH in 2015, and merged KSS Holdings, Inc. while acquiring TechniSat Digital GmbH's automotive information division in 2016[146][147] - Completed the acquisition of Takata Corporation's main assets, excluding ammonium nitrate gas generator business, in 2018[149] - Issued 40,616,919 shares to Joyson Group in 2023, changing the company's share capital to 1,408,701,543 shares[157] - As of June 30, 2025, the company cumulatively held 39,621,600 shares of Xiangshan Co., Ltd., with a shareholding ratio of 29.9992%, becoming Xiangshan Co., Ltd.'s single largest shareholder[158] - The company and its subsidiaries primarily engage in the R&D, production, and sales of automotive parts, including human-machine interaction products, in-car connectivity systems, automotive safety systems, and new energy vehicle electronic products[159] Basis of Preparation of Financial Statements This section states that the company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern - The company's financial statements are prepared on a going concern basis[160] - The company has no significant doubts about its ability to continue as a going concern[161] Significant Accounting Policies and Accounting Estimates This section details the company's significant accounting policies and estimates for financial statement preparation, covering compliance with accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, receivables, inventories, contract assets, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, long-term asset impairment, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, specific reserves, deferred income tax assets/liabilities, leases, and other important policies and estimates - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[163] - The company's functional currency is RMB, while the functional currencies adopted by the various constituent entities consolidated within the Group include USD, Mexican Peso, Brazilian Real, Hungarian Forint, Thai Baht, Indonesian Rupiah, Malaysian Ringgit, Philippine Peso, Russian Ruble, South African Rand, Pound Sterling, Euro, Romanian Leu, Polish Zloty, Swedish Krona, Swiss Franc, Czech Koruna, Indian Rupee, Japanese Yen, Korean Won, Hong Kong Dollar, and RMB[166] - The Group classifies financial assets at initial recognition into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[187] - The Group applies impairment accounting and recognizes loss provisions for items such as notes receivable, accounts receivable, accounts receivable financing, and contract assets, based on expected credit losses[195] - Inventories are measured at the lower of cost and net realizable value, with inventory impairment provisions recognized when net realizable value falls below cost[221] - Fixed assets are recognized only when it is probable that economic benefits associated with the asset will flow to the Group and the cost can be reliably measured, with depreciation calculated using the straight-line method[239][241] - Intangible assets are initially measured at cost; intangible assets with finite useful lives are amortized systematically and rationally over their useful lives, while those with indefinite useful lives are not amortized[249][251] - The Group distinguishes between research phase expenditures and development phase expenditures for internal research and development projects, capitalizing development phase expenditures when specific conditions are met[252] - The Group recognizes revenue when it satisfies a performance obligation in a contract by transferring control of a promised good or service to a customer[272] - Government grants are recognized when the conditions attached to them are met and they are received, classified as government grants related to assets or government grants related to income[278] - At the commencement date of the lease term, the Group recognizes right-of-use assets and lease liabilities for leases[288] Taxes This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, detailing the 15% high-tech enterprise income tax preferential policy enjoyed by numerous subsidiaries and other regional tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services as stipulated by tax laws, with the difference after deducting current deductible input VAT being the VAT payable | The Company and its subsidiaries in China: 3%, 5%, 6%, 9%, and 13%; Subsidiaries in Germany: 7%, 19%; Subsidiaries in Mexico: 16%; Subsidiaries in Portugal: 6%, 13%, 23%; Subsidiaries in Romania: 5%, 9%, 19%; Subsidiaries in Italy: 4%, 10%, 22%; Subsidiaries in Poland: 23%; Subsidiaries in Japan: 10%; Subsidiaries in Brazil: 0% - 25%; Subsidiaries in Uruguay: 22%; Subsidiaries in Hungary: 27%; Subsidiaries in Russia: 20%; Subsidiaries in Indonesia: 11%; Subsidiaries in the Philippines: 12%; Subsidiaries in Thailand: 7%; Subsidiaries in South Korea: 10%; Subsidiaries in South Africa: 15% | | Urban Maintenance and Construction Tax | Levied based on VAT payable or taxable items | The Company and its subsidiaries in China: 1%, 5%, 7% | | Corporate Income Tax (CIT) | Levied based on taxable income | The Company and its subsidiaries in China: 25%; Subsidiaries in the United States: 21%; Subsidiaries in Mexico: 30%; Subsidiaries in Germany: 15.825%; Subsidiaries in Portugal: 20%; Subsidiaries in Romania: 16%; Subsidiaries in Italy: 24%; Subsidiaries in Poland: 19%; Subsidiaries in Japan: 23.2%; Subsidiaries in Brazil: 34%; Subsidiaries in Uruguay: 25%; Subsidiaries in Hungary: 9%; Subsidiaries in Indonesia: 22%; Subsidiaries in the Philippines: 25%; Subsidiaries in South Korea: 20.9%; Subsidiaries in Thailand: 20%; Subsidiaries in South Africa: 27%; Subsidiaries in Hong Kong: 16.5%; Subsidiaries in Macedonia: 10% | - The company and multiple subsidiaries enjoy preferential corporate income tax policies for high-tech enterprises, with corporate income tax levied at a 15% rate, including Ningbo Joyson Technology Co., Ltd., Ningbo Preh Joyson Automotive Electronics Co., Ltd., and 20 other subsidiaries[304][305][306][307][308][309][310][311][312] - Chengdu Joyson Automotive Electronic Components Co., Ltd. qualifies for preferential tax rates under the Western Development policy, paying corporate income tax at a reduced rate of 15% from January 1, 2021, to December 31, 2030[313] - From January 1, 2023, to December 31, 2027, advanced manufacturing enterprises are permitted to deduct an additional 5% of their current deductible input VAT from their payable VAT amount[313] - Joyson Safety Systems Polska Sp.z o.o. established a new factory in the Polish Special Economic Zone, and according to local tax laws, it is eligible for corporate income tax exemption annually, provided it meets the conditions of the Special Economic Zone, valid until 2026[314] - Joyson Safety Systems Maroc S.A.R.L. is eligible for an 8.75% preferential income tax policy, valid until 2035[315] - Joyson Safety Systems Uruguay S.A. is eligible for an 85% income tax exemption policy in 2025[315] Notes to Consolidated Financial Statement Items This section provides detailed no