NJEC(SH:600699) Xin Lang Cai Jing·2025-10-20 06:08Core 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]. Company 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 [5]. - As of October 17, 2025, Joyson's total market capitalization exceeds 42.3 billion RMB [2]. Business Operations - Joyson is the second-largest provider of automotive passive safety products in China and globally, ranking 41st in the global automotive parts industry as of 2024 [6]. - 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 [6]. Product Solutions - Joyson offers two main types of solutions: automotive safety solutions and automotive electronic solutions, covering key automotive domains such as cockpit, intelligent driving, connectivity, power, and body [7]. - In automotive safety solutions, Joyson is a leading supplier of airbags, steering wheels, and seat belts, with market shares of 35.9%, 22.1%, and 19.0% respectively as of 2024 [7]. - The company has also made significant advancements in automotive electronic solutions, including smart cockpit systems and energy management systems, and is recognized for its early mass production of 800V high-voltage platform products [8]. Financial Performance - Joyson's revenue for the years 2022, 2023, 2024, and the first four months of 2025 were 49.79 billion RMB, 55.73 billion RMB, 55.86 billion RMB, and 19.71 billion RMB respectively, with corresponding net profits of 233 million RMB, 1.24 billion RMB, 1.33 billion RMB, and 490 million RMB [12][13]. Shareholder Structure - As of January 7, 2025, the pre-IPO shareholder structure shows that Mr. Wang Jianfeng holds 39.85% of the shares directly and through Joyson Group [10].