回购注销+增持组合拳，均胜电对标成熟资本市场经验

Core Viewpoint - Junsheng Electronics has chosen a large-scale share repurchase and cancellation strategy to convey a clear value signal to the market, contrasting with the general trend of small-scale repurchases among A-share companies [1][2]. Group 1: Share Repurchase and Cancellation - The company completed its share repurchase plan ahead of schedule, investing 222 million yuan to repurchase 13.03 million shares, accounting for 0.925% of the total share capital [1][2]. - Unlike most A-share companies that retain repurchased shares for employee incentives, Junsheng Electronics opted for a cancellation approach, emphasizing its long-term investment value [2]. - The repurchase was funded through a special loan from Agricultural Bank of China and the company's own funds, aligning with national policies on stock repurchase and increase [2]. Group 2: Impact on Shareholder Value - The cancellation of shares will directly enhance shareholder value by reducing the number of circulating shares, thereby increasing earnings per share (EPS) without changing profits. The EPS is expected to rise by approximately 0.93% based on the first quarter's net profit of 340 million yuan [2]. - The controlling shareholder's stake increased from 39.34% to 39.71%, reflecting a 0.37 percentage point rise in control, which indicates confidence in long-term development [3]. Group 3: Continuous Repurchase Strategy - Junsheng Electronics has implemented multiple rounds of "repurchase + cancellation" operations, with total repurchase amounts exceeding 2.2 billion yuan and 97.29 million shares repurchased, of which 76 million shares have been canceled [4]. - The company's first-quarter financial report for 2025 showed revenue of 14.576 billion yuan, a year-on-year increase of 9.78%, and a net profit of 340 million yuan, up 11.08% year-on-year, indicating a positive trend in profitability [5]. Group 4: Comparison with Mature Markets - Junsheng Electronics' repurchase strategy exhibits characteristics typical of mature markets, where companies often incorporate repurchases into long-term capital allocation plans alongside dividends [6][7]. - The innovative aspect of Junsheng Electronics' approach lies in transforming financial operations into governance upgrades, thereby solidifying shareholder rights and rebuilding trust through management's share purchases [7]. Group 5: Strategic Alignment and Future Prospects - The share repurchase is part of a broader strategic transformation, enhancing shareholder returns while accelerating technological advancements in automotive electronics and robotics [8]. - The company secured new orders worth 15.7 billion yuan in the first quarter of 2025, with over 45% related to new energy and intelligent products, ensuring a stable cash flow to support sustainable repurchase activities [8].