NJEC(SH:600699) Feng Huang Wang Cai Jing·2025-10-15 08:35Core Viewpoint - Junsheng Electronics has received approval from the China Securities Regulatory Commission for its Hong Kong listing, marking the start of its "A+H" dual capital platform strategy, aimed at enhancing its global competitiveness in the automotive industry [1] Group 1: Capital and Investment Strategy - The funds raised from the Hong Kong listing will be allocated to three core areas: expanding smart cockpit integrated research and development, improving global factory efficiency, and strategic investment expansion [1] - The company aims to strengthen its global resource integration capabilities and international market competitiveness through the "A+H" dual capital platform [6] Group 2: Business Performance - Junsheng Electronics reported a revenue of approximately 30.347 billion yuan for the first half of 2025, a year-on-year increase of 12.07%, with a net profit of 707.8 million yuan, up 11.13% [2] - The overall gross margin has increased for ten consecutive quarters, reaching 18.4%, with the automotive electronics segment achieving a gross margin of 21.5% [2] Group 3: Technological Advancements - The company has established 25 R&D centers and over 60 production bases globally, covering major automotive markets in Asia, Europe, and North America [2] - Junsheng Electronics has received new orders for its Central Computing Unit (CCU) and intelligent networking products, with a total lifecycle order value of approximately 15 billion yuan, set to start mass production in 2027 [3] Group 4: Robotics Expansion - The company is actively expanding into the robotics sector, positioning itself as an "automotive + robotics Tier 1" supplier, which has opened new growth opportunities [4] - Junsheng Electronics has established a wholly-owned subsidiary to advance its robotics business and has developed key components for robotic solutions [4] Group 5: Market Outlook - The global humanoid robot market is projected to exceed $100 billion by 2030, with a compound annual growth rate of 35%, positioning Junsheng Electronics favorably in this emerging market [5] - The company's stock price has increased by 125% this year, reflecting strong market recognition of its automotive intelligence and robotics business growth [6]