NJEC(SH:600699) Ge Long Hui·2025-12-10 01:39Core Insights - The company has undergone several developmental phases, starting from local component manufacturing to becoming a global Tier 1 supplier in the automotive industry [1][2] Phase Summaries Foundation Phase (2004–2010) - The company began by supplying interior and functional components to domestic automakers, establishing core customer relationships and understanding vehicle development processes [1] - Focus was on solidifying manufacturing, quality, and supply chain management systems, evolving from "able to supply" to "reliable, stable, and replicable" [1] Internationalization Phase (2011–2018) - The company went public in 2011, using capital market support to acquire quality assets like Preh and KSS, transitioning from a single Chinese supplier to a global Tier 1 player [1] - Key strategies included acquiring capabilities, customers, and platforms, gaining access to advanced technologies and global automotive projects [1] - The company established R&D and production bases in Europe and America, creating an operational network across China, Europe, and North America [1] Optimization and Integration Phase (2019–2024) - Building on successful acquisitions, the company entered a phase of "digesting and optimizing," increasing R&D investment in smart cabins, vehicle networking, and energy management [2] - The company is restructuring global factories and supply chains, aiming to enhance efficiency and profitability, with a noticeable recovery in gross margin and expense ratio starting in 2023 [2] - The focus is on transforming previously acquired assets into reusable platform capabilities to realize scale effects in profitability [2] Re-Entrepreneurship Phase (2025–Present) - The company aims to innovate and expand into a dual pillar development path of "automotive + robotics Tier 1" while maintaining stability and improving profitability in its core business [2] - It plans to deepen its expertise in automotive safety and electronics while establishing a subsidiary for humanoid robots, leveraging automotive-grade capabilities in new applications [2] - The shift is towards surrounding intelligent hardware and embodied intelligence ecosystems, laying the groundwork for future growth [2]