Core Viewpoint - The company held a half-year performance briefing on September 4, 2025, to discuss its financial results and address investor inquiries regarding its business operations and future strategies [1]. Group 1: Performance and Financials - The company's automotive safety business achieved a gross profit margin of approximately 15.9% in the first half of 2025, an increase of about 2.0 percentage points year-on-year, driven by order price growth and economies of scale [2]. - The company is implementing cost improvement measures, including optimizing raw materials and vertically integrating the supply chain, with plans to expand its gas generator production base in Huzhou, Zhejiang, to increase self-supply of core components [2]. - The company aims to continue enhancing its gross profit margin in the automotive safety sector through various profitability measures and by optimizing global production capacity [2]. Group 2: Robotics Business Development - The company is providing key components and integrated solutions for humanoid robots to global automotive and robotics companies, with significant collaborations established with leading domestic clients [2]. - The company has initiated the development of customized robotic domain controllers based on NVIDIA's Jetson Thor chip, which is expected to enhance its product line [4]. - The company is focusing on Tier 1 clients in the robotics sector, including both automotive companies and various robotics firms, to expand its customer base [4]. Group 3: Debt Management and Future Plans - The company reported an increase in interest-bearing debt due to optimizing liquidity and financing structure, while also addressing the impact of currency fluctuations on its debt levels [2]. - The company is actively working to improve its asset-liability structure and reduce debt costs through refinancing strategies, with expectations of a decrease in interest-bearing debt as operational cash flow improves [2]. Group 4: Market Expansion - The company submitted an application for the issuance and listing of H shares on the Hong Kong Stock Exchange on August 7, 2025, and is actively progressing with this initiative [2].

Group 1 - Jiaxin International Resources Investment Co., Ltd. has officially listed on both the Hong Kong Stock Exchange and the Astana International Exchange, marking the first simultaneous listing of its kind in the world [1] - The initial offering size was $153 million, with a potential total size of $176 million if the greenshoe option is fully exercised [1] - This listing is significant as it represents the first RMB-denominated stock in Central Asia and the first Hong Kong-listed company primarily engaged in tungsten mining [1] Group 2 - China International Capital Corporation (CICC) acted as the sole sponsor and played a crucial role in executing the project, leveraging its cross-border business capabilities [2] - CICC aims to serve national strategies, ensure resource security, and support the development of the real economy, positioning itself as a bridge between China and Central Asia [2] - This project further solidifies CICC's leading position in the international investment banking sector and exemplifies its commitment to facilitating cross-border capital flows and enhancing the global competitiveness of Chinese enterprises [2]

Group 1 - Jiaxin International Resources Investment Co., Ltd. has officially listed on both the Hong Kong Stock Exchange and the Astana International Exchange in Kazakhstan, marking the first simultaneous listing of its kind [1][3] - The initial offering size was $153 million, with a potential total size of $176 million if the greenshoe option is fully exercised [1] - This project represents the first RMB-denominated stock in Central Asia and is the first Hong Kong-listed company primarily engaged in tungsten mining [3] Group 2 - The successful listing is significant for China's strategic resource global layout and supports the security of national industrial and supply chains, contributing to high-quality development of advanced industries [3] - CICC, as the sole sponsor, demonstrated its cross-border business capabilities and provided comprehensive solutions for the unique dual-listing project [3][4] - CICC aims to serve national strategies, ensure resource security, and support the development of the real economy, acting as a bridge between China and Central Asia markets [4] Group 3 - CICC is one of the earliest Chinese investment banks to operate in the Central Asian market, reinforcing its leading position in international investment banking [4] - The project exemplifies CICC's commitment to high-quality Belt and Road Initiative cooperation and will continue to enhance the global competitiveness of Chinese enterprises [4]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 188.50 CNY [6][11]. Core Insights - The company experienced short-term performance pressure, with H1 2025 revenue of 1.299 billion CNY, down 21.59% year-on-year, and a net profit of 789 million CNY, down 29.57% year-on-year [1]. - The company has a rich pipeline of products under development, including 12 approved Class III medical devices and new products in the biopharmaceutical and chemical drug sectors, which are expected to drive sustainable growth [2]. - The company is undergoing an internationalization transformation through acquisitions, notably acquiring 85% of Korean REGEN for 190 million USD, which will enhance its global presence and production capacity [4]. Financial Performance Summary - In H1 2025, the company's gross margin was 93.44%, a decrease of 1.48 percentage points year-on-year, with a net profit margin of 60.77%, down 6.88 percentage points year-on-year [3]. - Revenue projections for 2025-2027 are 3.213 billion CNY, 3.574 billion CNY, and 4.263 billion CNY, with corresponding net profits of 2.048 billion CNY, 2.303 billion CNY, and 2.778 billion CNY, reflecting growth rates of 4.6%, 12.4%, and 20.6% respectively [5][8]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 28X, 25X, and 21X respectively, indicating a favorable valuation trend [4][5].

Core Viewpoint - The company reported strong revenue and profit growth in H1 2025, driven by increased sales from major clients and significant growth in its second growth curve products [1][2]. Financial Performance - H1 2025 revenue reached 1.148 billion yuan, up 42.9% year-on-year, with Q2 revenue at 610 million yuan, reflecting increases of 40.8% year-on-year and 14.3% quarter-on-quarter [1]. - H1 2025 net profit attributable to shareholders was 161 million yuan, a year-on-year increase of 30.85%, with Q2 net profit at 88 million yuan, showing growth of 41.0% year-on-year and 19.5% quarter-on-quarter [1]. - H1 2025 net profit excluding non-recurring items was 150 million yuan, up 26.63% year-on-year, with Q2 at 87 million yuan, reflecting increases of 43.6% year-on-year and 38.1% quarter-on-quarter [1]. Product and Client Performance - Revenue breakdown for H1 2025: seat belts (676 million yuan, 59%), airbags (299 million yuan, 26%), and steering wheels (148 million yuan, 13%). Airbag and steering wheel businesses grew significantly by 120.8% and 283.3% year-on-year, respectively [1]. - Major clients' sales: Chery sold 618,000 units in Q2 2025, up 11.9% year-on-year and 2.8% quarter-on-quarter; Geely sold 821,000 units, up 44.3% year-on-year and 5.0% quarter-on-quarter, contributing to revenue growth [1]. Profitability and Cost Management - Q2 2025 gross margin was 29.15%, down 0.8 percentage points year-on-year but up 1.2 percentage points quarter-on-quarter, affected by product mix changes and increased airbag costs [2]. - Q2 2025 expense ratios: management (1.49%), R&D (3.29%), sales (5.64%), and financial (1.03%), with total period expense ratio at 11.45%, showing a decrease of 0.3% year-on-year and 2.9% quarter-on-quarter, indicating significant dilution effects [2]. Strategic Initiatives - The company is advancing its overseas expansion, aiming to capture more market share through high cost-performance and efficiency [2]. - Ongoing supply chain optimization and the construction of new projects in Anhui and Ningbo are expected to enhance production capacity and competitiveness against international players [2]. - The company has secured a project with Stellantis, projected to generate approximately 5.5 billion yuan in revenue over its lifecycle, and has established partnerships with joint venture brands like SAIC Volkswagen and Jiangling Ford [2]. Earnings Forecast - Revenue projections for 2025-2027 are 2.7 billion, 3.51 billion, and 4.56 billion yuan, representing year-on-year growth of 37%, 30%, and 30%, respectively [3]. - Net profit forecasts for the same period are 400 million, 530 million, and 680 million yuan, with year-on-year growth of 54%, 33%, and 28%, respectively, corresponding to PE ratios of 21x, 16x, and 12x [3].