1月12日，均胜电子跌2.92%，截至发稿，报30.60元/股，成交26.74亿元，换手率6.44%，总市值474.54 亿元。均胜电子股价已经连续4天下跌，区间累计跌幅6.45%。 资料显示，宁波均胜电子股份有限公司位于浙江省宁波市高新区清逸路99号,香港铜锣湾勿地臣街1号时 代广场2座31楼，成立日期1992年8月7日，上市日期1993年12月6日，公司主营业务涉及宁波均胜电子股 份有限公司是一家主要从事提供智能汽车科技解决方案的中国公司。该公司经营五个分部。汽车安全系 统业务主要包括安全带、安全气囊、智能方向盘和集成式安全解决方案相关产品。汽车电子系统业务主 要包括汽车智能解决方案、电动汽车和人机交互（HMI）等。汽车零部件业务包括智能座舱产品和新能 源充配电产品。衡器业务包括各种电子衡器产品。该公司还经营其他分部。该公司主要在国内市场经营 其业务。主营业务收入构成为：汽车安全系统62.53%，汽车电子系统27.53%，其他9.44%，其他(补 充)0.49%。 富安达中小盘六个月持有期混合型发起式（013067）基金经理为纪青。 截至发稿，纪青累计任职时间9年30天，现任基金资产总规模3.5亿元，任职 ...

Core Points - Junsheng Electronics successfully listed on the Hong Kong Stock Exchange on November 6, 2025, raising approximately HKD 34.12 billion through an IPO of 155.1 million shares priced at HKD 22.00 each [2][3] - The IPO was highly oversubscribed, with a public offering receiving 147.67 times subscription and the international offering receiving 9.78 times subscription [3] - The company is recognized as the second-largest provider of automotive passive safety products in China and globally, focusing on advanced automotive electronic and safety solutions [3] Company Overview - Junsheng Electronics was established in 2004 and specializes in the research, manufacturing, and sales of automotive components, particularly in automotive electronics and safety [3] - The company ranks 41st in the global automotive parts industry as of 2024 [3] Shareholder Structure - Post-IPO, the major shareholder is Mr. Wang Jianfeng, holding a total of 35.86% of shares, while other A-shareholders hold 54.14% and H-shareholders hold 10.00% [3] Market Performance - As of midday trading, Junsheng Electronics' share price was HKD 20.42, down 7.18% from the IPO price, with a total market capitalization of approximately HKD 316.67 billion [4] IPO Underwriters - The IPO was managed by a team including CICC and UBS as joint sponsors, along with several other financial institutions providing various underwriting and advisory services [5]

Group 1 - The company plans to globally offer 155.1 million H-shares, with 15.51 million shares available in Hong Kong and approximately 139.6 million shares for international offering, subject to reallocation and adjustments [1] - The expected pricing date for the shares is November 4, 2025, with a maximum offer price of HKD 23.60 per share, and trading on the Hong Kong Stock Exchange is anticipated to begin on November 6, 2025 [1] - The company is a provider of smart automotive technology solutions, focusing on advanced products and solutions in key areas of the automotive parts industry, particularly automotive electronics and safety [1][2] Group 2 - The company's smart solutions enhance driving experience and safety through features like information interaction, environmental detection, analysis, decision-making, and control [2] - The automotive electronics segment focuses on smart interactive interfaces and domain control technology to achieve personalized experiences and seamless communication between vehicles and drivers [2] - In automotive safety, the company employs monitoring and predictive analytics technologies for functions such as fatigue monitoring and adaptive safety responses [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for approximately USD 107.1 million (around HKD 832 million) worth of shares at the indicative offer price of HKD 23.60 [3] - The total number of shares to be subscribed by cornerstone investors is estimated to be 35.252 million shares [3] Group 4 - Assuming no exercise of the over-allotment option and a maximum offer price of HKD 23.60 per share, the company estimates net proceeds from the global offering to be approximately HKD 3.4585 billion [4] - The intended use of proceeds includes approximately 35% for R&D and commercialization of smart automotive solutions, 35% for improving manufacturing capabilities and supply chain management, 10% for expanding overseas market share, 10% for potential investments and acquisitions, and 10% for working capital and general corporate purposes [4]

Core Viewpoint - The company, Junsheng Electronics, is planning to launch an IPO for 155.1 million H-shares, with a maximum offer price of HKD 23.60 per share, aiming to raise approximately HKD 3.4585 billion for various strategic investments in the automotive technology sector [1][2]. Group 1: IPO Details - The global offering will consist of 10% for public sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option [1]. - The cornerstone investors have committed to subscribe for approximately USD 107.1 million worth of shares at the offer price [1]. Group 2: Use of Proceeds - Approximately 35% of the net proceeds is expected to be used for R&D and commercialization of automotive intelligent solutions and cutting-edge technologies to enhance leadership in the smart automotive technology sector [2]. - About 5% is allocated for the R&D and commercialization of L2+ and above advanced intelligent driving domain controllers [2]. - Another 5% is planned for the development and commercialization of 5G-A/5.5G intelligent connected technologies, including V2X products and communication modules [2]. - Approximately 35% will be used to improve manufacturing capabilities and cost efficiency, as well as optimize supply chain management [2]. - 10% is expected to expand the company's overseas market share and collaborate with OEMs for international expansion [2]. - The remaining 10% is aimed at potential investments and acquisitions that complement the company's expertise and brand profile in the automotive electrification and intelligence trends [2]. Group 3: Company Overview - Junsheng Electronics is a provider of smart automotive technology solutions, focusing on R&D, manufacturing, and sales of automotive components, particularly in automotive electronics and safety [3]. - The company ranked 41st in the global automotive parts industry in 2024 and is the second-largest supplier of passive safety products in China and globally by revenue [3]. - For the fiscal years 2023 and 2024, the company reported revenues of approximately CNY 55.728 billion and CNY 55.864 billion, with annual profits of about CNY 1.24 billion and CNY 1.326 billion, respectively [3]. - In the first four months of 2025, the company achieved revenue of CNY 19.707 billion and a profit of approximately CNY 491 million, indicating a growth in net profit due to increased sales and gross margins [3].

Core 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].

Core 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].

Core Viewpoint - Ningbo Joyson Electronic Corp. is set to list on the Hong Kong Stock Exchange, with CICC and UBS acting as joint sponsors, highlighting the company's growth potential in the automotive technology sector [1][3]. Company Overview - Joyson Electronic is a provider of smart automotive technology solutions, focusing on advanced products and solutions in key areas of the automotive parts industry, particularly automotive electronics and safety [3]. - The company ranks 41st globally in the automotive parts industry and is the second-largest supplier of passive safety products in China and worldwide, according to Frost & Sullivan [3]. Market Trends - The global sales of new energy vehicles are projected to surge from 3.2 million units in 2020 to 19 million units by 2024, with a compound annual growth rate (CAGR) of 14.9% expected through 2029 [4]. - This trend presents both opportunities and challenges for traditional automakers, driving them to adopt new technologies and solutions, which in turn benefits Joyson Electronic [4]. Operational Footprint - Joyson Electronic has established over 25 R&D centers and more than 60 production bases in China and overseas, covering major automotive markets in Asia, Europe, and North America [4]. - As of April 30, 2025, the company's overseas sales are expected to account for 74.7% of total revenue, reflecting its strong international presence [4]. Client Network - The company boasts a robust global customer network, with relationships dating back over a century with several clients [4]. - Joyson Electronic serves over 100 global automotive brands, including the top ten automakers in China and worldwide [4]. Financial Performance - For the fiscal years ending December 31 and the four months ending April 30, the company reported revenues of approximately RMB 49.79 billion, RMB 55.73 billion, RMB 55.86 billion, and RMB 19.71 billion, respectively [5][7]. - Profits for the same periods were approximately RMB 2.33 billion, RMB 12.40 billion, RMB 13.26 billion, and RMB 490 million, respectively [5][7].

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Ningbo Joyson Electronic Corp's overseas issuance and listing application, allowing the company to issue up to 283,239,000 ordinary shares for listing on the Hong Kong Stock Exchange [1] - Joyson Electronics is a provider of intelligent automotive technology solutions, focusing on the research, manufacturing, and sales of automotive parts [4] - The company ranks 41st globally in the automotive parts industry in 2024 and is the second-largest supplier of automotive passive safety products in China and globally by revenue, according to Frost & Sullivan [4]

Core Viewpoint - The 2026 Tengshi N9 has been officially launched with three models, featuring significant upgrades in technology and safety, and is positioned as a luxury SUV with advanced capabilities [1][4][6]. Group 1: Product Launch and Pricing - The 2026 Tengshi N9 is available in three variants: Zunrong, Zunyue, and Flagship, with a price range of 389,800 to 449,800 yuan [1]. - The vehicle introduces four new dual-color body options and a single-color exterior, enhancing its aesthetic appeal [1]. Group 2: Technological Advancements - The entire lineup is equipped with the Yisanfang platform, which enhances safety features, including a world record for high-speed evasive maneuvers at 210 km/h [4]. - The N9 features a dedicated 2.0T high-efficiency hybrid engine, achieving nearly 1,000 horsepower and a 0-100 km/h acceleration time of just 3.9 seconds [6]. - The vehicle supports OTA upgrades for extended range modes, with a CLTC pure electric range of 230 km and a comprehensive range of 1,330 km [6]. Group 3: Safety Features - The N9 includes advanced safety systems such as the "Rain and Snow Inner Eight Character Mode" for improved traction on slippery surfaces [4]. - The vehicle is equipped with the Dingxuan Intelligent Anti-Motion Sickness System, certified by rigorous testing institutions, to enhance passenger comfort [6]. Group 4: User Experience Enhancements - The 2026 Tengshi N9 features a new intelligent cockpit UI with customizable options, including mobile NFC and UWB digital keys [8]. - New functionalities such as the Dingxuan Intelligent Anti-Motion Sickness System and parking assistance will be gradually rolled out through OTA updates, benefiting both new and existing users [8].

Core Viewpoint - Xiaopeng Motors announced the nationwide test drive of the new Xiaopeng P7, set to officially launch on August 27, with a "delivery upon launch" strategy [1] Group 1: Product Features - The new Xiaopeng P7 features an "intelligent dynamic bionic cockpit" [1] - It is equipped with the industry's largest 87-inch AR-HUD, supporting "light-chasing panoramic" head-up display functionality [1] - The vehicle includes a 365mm small-diameter sports steering wheel and a luxury sports car-style satellite control knob [1] - It introduces the industry's first in-car intelligent driving blue light, a three-axis dynamic screen, immersive sports instrument panel, and Touch Pad intelligent touch control system, enhancing both technology and driving experience [1]