NJEC(SH:600699) Sou Hu Cai Jing·2025-10-20 05:37Core Viewpoint - Ningbo Joyson Electronic Corp. (Joyson) is preparing for an IPO on the Hong Kong Stock Exchange, having recently disclosed its prospectus after receiving approval from the China Securities Regulatory Commission for overseas listing [2]. Business Overview - Joyson, established in 2004, is a leading global provider of smart automotive technology solutions, focusing on the research, manufacturing, and sales of automotive components, particularly in automotive electronics and safety [4]. - According to Frost & Sullivan, Joyson ranks as the second-largest provider of automotive passive safety products in China and globally, and it is positioned 41st in the global automotive parts industry as of 2024 [4]. - The company has established a highly globalized platform with over 25 R&D centers and more than 60 production bases worldwide, serving over 100 global automotive brands [4]. Product Solutions - Joyson offers two main categories of solutions: automotive safety solutions and automotive electronic solutions, covering key automotive domains such as cockpit, intelligent driving, connectivity, power, and body [5]. - The company is recognized as one of the largest suppliers of airbags, smart steering wheels, and seat belts globally, with market shares of 35.9%, 22.1%, and 19.0% respectively [7]. Financial Performance - Joyson's revenue for the years 2022, 2023, 2024, and the first four months of 2025 were RMB 49.79 billion, RMB 55.73 billion, RMB 55.86 billion, and RMB 19.71 billion respectively, with corresponding net profits of RMB 2.33 billion, RMB 12.40 billion, RMB 13.26 billion, and RMB 490 million [15]. - The company has shown consistent growth in revenue, with a notable increase in net profit from 2022 to 2023 [15]. Shareholder Structure - As of January 7, 2025, the pre-IPO shareholder structure indicates that Mr. Wang Jianfeng holds 39.85% of the shares directly and through Joyson Group [8]. Management Team - The board of directors consists of 10 members, including 4 executive directors, 2 non-executive directors, and 4 independent non-executive directors, ensuring a diverse governance structure [11][12].