香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 NINGBO JOYSON ELECTRONIC CORP. 寧波均勝電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0699） 海外監管公告 本公告乃由根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列本公司於上海證券交易所網站刊登的公告如下，僅供參閱。 承董事會命 寧波均勝電子股份有限公司 董事長兼執行董事 王劍峰先生 中國寧波，2026年3月30日 於本公告日期，本公司董事會成員包括：(i)執行董事王劍峰先生、陳偉先生、 李俊彧女士及蔡正欣先生；(ii)非執行董事朱雪松先生及周興宥先生；及(iii)獨立 非執行董事魏學哲教授、魯桂華教授、余方教授及席絢樺女士。 宁波均胜电子股份有限公司 2025 年年度报告 公司代码：600699 公司简称：均胜电子 宁波均胜电子股份有限公司 2025 年年度报告 二〇二六年三月 1 / 273 宁波均胜电子股份有限公司 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [24]. Core Insights - The smart automotive index decreased by 3.0%, while the index excluding Tesla increased by 3.9%. The price-to-sales (PS) ratio for the smart automotive index is 12.9x, which is in the 84th percentile since the beginning of 2023 [2][10]. - Key developments include Tesla's FSD V14.3 entering internal testing, expected to be widely released within weeks, and Xiaopeng Motors establishing a Robotaxi division to begin passenger operations later this year [2][15]. - The report emphasizes a strong outlook for L4 RoboX in 2026, favoring B-end software companies over C-end hardware companies [2]. Market Performance Review - The smart automotive index's PS ratio as of March 27, 2026, is 12.9x, with the index excluding Tesla at 4.1x and the index excluding complete vehicles at 6.6x [10][12]. - The top five gainers in the smart automotive sector include WeRide, Xiaopeng Motors, and others, while the overall index saw a decline [2][13]. Industry Changes - Significant changes in the industry include the internal testing of Tesla's FSD V14.3, the establishment of Xiaopeng's Robotaxi division, and Momenta's submission of a prospectus for an IPO in Hong Kong [2][15]. - The report highlights various investment opportunities across different segments, including Robotaxi, Robovan, and other autonomous vehicle applications [2]. Investment Recommendations - Recommended stocks include Xiaopeng Motors, Horizon Robotics, and others in the B-end software category, as well as various companies in the supply chain and downstream applications [2][15]. - Specific recommendations for A-shares include Qianli Technology, Desay SV, and Jingwei Hirain, while H-shares include Xiaopeng Motors and others [2]. Company Performance Metrics - As of March 27, 2026, the total market capitalization and revenue projections for key companies such as Tesla, Xiaopeng Motors, and Li Auto are provided, with specific PS and PE ratios outlined for each [18]. - The report includes detailed financial forecasts for various companies, indicating expected revenue growth and profitability metrics for the coming years [18].

Investment Highlights - The smart car index decreased by 3.0%, while the index excluding Tesla increased by 3.9%. The index excluding complete vehicles fell by 3.5%. As of March 27, 2026, the smart car index PS (TTM) is 12.9x, which is at the 84th percentile since the beginning of 2023. The PS (TTM) for the index excluding Tesla is 4.1x, at the 56th percentile, and the index excluding complete vehicles is 6.6x, at the 57th percentile. The top five gainers in the smart car index include WeRide, Ruqi Mobility, HiDi, Kaile, and Li Auto [4][11][20]. Industry Core Changes - Tesla's FSD V14.3 has entered the internal testing phase and is expected to be rolled out to users in a few weeks, with a latest launch by late April. This version includes significant logical reasoning capabilities and reinforcement learning [5][11]. - On March 23, Xpeng Motors officially established a Robotaxi division to oversee product definition, project integration, R&D testing, and operations, with plans to start passenger demonstration operations in the second half of the year [5][11]. - On March 24, Momenta submitted a confidential prospectus to the Hong Kong Stock Exchange, planning to go public in 2026 [5][11]. Current Investment Recommendations - The industry maintains a strong outlook for the 2026 L4 RoboX theme, favoring B-end software companies over C-end hardware companies. Preferred H-shares include Xpeng Motors, Horizon Robotics, WeRide, Cao Cao Mobility, and Black Sesame Intelligence. Preferred A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [6][11]. - Relevant stocks from the downstream application perspective include: - Robotaxi perspective: Integrated models like Tesla and Xpeng; technology providers with revenue-sharing models such as Horizon, Baidu, WeRide, and Qianli Technology; transformation of ride-hailing/taxi services like Didi, Cao Cao Mobility, Ruqi Mobility, and others [6][11]. - Robovan perspective: Desay SV and others [6][11]. - Other autonomous vehicle perspectives include mining trucks (HiDi), ports (Jingwei Hirain), sanitation vehicles (Yingfeng Environment), and buses (WeRide) [6][11]. Smart Car Index Tracking - As of March 27, 2026, the smart car index PS (TTM) is 12.9x, at the 84th percentile since the beginning of 2023. The index excluding Tesla has a PS (TTM) of 4.1x, at the 56th percentile, while the index excluding complete vehicles is at 6.6x, at the 57th percentile [20][22]. Recent Industry Developments - The second Intelligent Driving Competition concluded, with the first-time participant Star Era ET winning the championship, achieving a three-peat in Taizhou, Wenzhou, and Jinhua [26]. - On March 23, Xpeng Motors announced that the new generation SU7 model has received over 30,000 orders, with road tests ongoing in Europe [26]. - WeRide reported a 209.6% year-on-year increase in Robotaxi revenue for 2025, with a fleet size of 1,125 vehicles operating in over 40 cities globally [26].

Core Viewpoint - The article discusses the significant transition of Kingsoft Cloud following Lei Jun's resignation as chairman, highlighting the company's financial performance and strategic shifts in the cloud computing industry [5][6]. Group 1: Company Background and Leadership Transition - Lei Jun, a prominent figure in China's internet sector, resigned from his roles at Kingsoft Cloud, marking the end of his direct involvement after 13 years of leadership [5][6]. - Kingsoft Cloud reported a revenue of 9.559 billion yuan for 2025, reflecting a year-on-year growth of 22.8%, while its net loss narrowed by 52.4% to 936 million yuan [5][6]. - The company is described as entering a "dawn moment," indicating a potential turnaround in its fortunes [6]. Group 2: Strategic Decisions and Market Position - Kingsoft Cloud was established as a key venture by Lei Jun, who made a bold decision to invest heavily in cloud services despite internal opposition, setting a loss limit of $1 billion [12][13]. - The company initially focused on niche markets like gaming and video cloud services to differentiate itself from larger competitors like Alibaba Cloud and Tencent Cloud [13]. - Following a challenging period, Kingsoft Cloud shifted its strategy under new leadership, focusing on a dual approach of public cloud and industry cloud, with significant investments in AI [18][19]. Group 3: Future Challenges and Market Dynamics - The cloud computing market is characterized by a "Matthew effect," where a few major players dominate, with projections indicating that by 2025, top firms will hold nearly 70% of the IaaS market share [17]. - Kingsoft Cloud faces substantial competition, with plans for significant capital expenditures from competitors, such as Alibaba Cloud's projected investment of 380 billion yuan over three years [17]. - The company is expected to continue facing challenges in the AI cloud market, where it has yet to break into the top tier, and must navigate the pressures from emerging players in the enterprise market [25][26].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [24]. Core Insights - The smart automotive index decreased by 3.0%, while the index excluding Tesla increased by 3.9%. The price-to-sales (P/S) ratio for the smart automotive index is 12.9x, placing it in the 84th percentile since the beginning of 2023 [2][10]. - Key developments include Tesla's FSD V14.3 entering internal testing, expected to be widely released by late April, and Xiaopeng Motors establishing a Robotaxi division to begin passenger operations in the second half of the year [2][15]. - The report maintains a positive outlook on the L4 RoboX theme for 2026, favoring B-end software companies over C-end hardware companies [2]. Market Performance Review - The smart automotive index's performance as of March 27, 2026, shows a P/S ratio of 12.9x, with the index excluding Tesla at 4.1x and the index excluding complete vehicles at 6.6x [10][12]. - The top five gainers in the smart automotive sector include WeRide, Xiaopeng Motors, and others, while the overall index saw a decline [2][13]. Industry Changes - Significant changes in the industry include the internal testing of Tesla's FSD V14.3, the establishment of Xiaopeng's Robotaxi division, and Momenta's submission of a prospectus for an IPO in Hong Kong [2][15]. - The report highlights various investment opportunities across different segments, including Robotaxi, Robovan, and other autonomous vehicle applications [2]. Investment Recommendations - Recommended stocks include Xiaopeng Motors, Horizon Robotics, and others in the B-end software category, while A-share recommendations include Qianli Technology and Desay SV [2]. - The report suggests focusing on downstream applications and upstream supply chain opportunities, including vehicle manufacturing and core component suppliers [2].

Group 1 - Great Wall Motors Co., Ltd. has applied for a patent titled "A Vehicle Energy-Saving Control Method, Device, and Vehicle," with publication number CN121734300A and application number CN202610096293.0 [1][11] - The patent aims to enhance energy management by determining a user's vehicle usage behavior based on their identity and current location, allowing for differentiated power control strategies for in-vehicle devices [1][11] - The company is recognized as a leading automotive manufacturer in China, with a comprehensive industry chain advantage and high investment value [2][12] Group 2 - In 2025, Great Wall Motors achieved a revenue of 222.824 billion yuan, ranking first in the industry, significantly higher than the second-ranked GAC Group, which reported 95.662 billion yuan [2][13] - The company's main business includes the production and sale of automobiles and auto parts, with 87.89% of its revenue coming from automobile sales, amounting to 195.848 billion yuan [2][13] - Great Wall Motors reported a net profit of 9.865 billion yuan in 2025, also ranking first in the industry, while GAC Group reported a net loss of 11.482 billion yuan [2][13]

Core Viewpoint - Great Wall Motors has applied for a patent titled "Vehicle Welcome Control Method and Vehicle," which aims to enhance user experience by providing personalized welcome services based on user identity detection [1][2][12]. Company Overview - Great Wall Motors was established on June 12, 2001, and was listed on the Shanghai Stock Exchange on September 28, 2011. The company is headquartered in Baoding, Hebei Province, with additional offices in Hong Kong. It is a well-known automotive manufacturer in China, focusing on the production and sale of vehicles and automotive parts, with strong advantages in technology research and development and product matrix [2][12][13]. Business Performance - In 2025, Great Wall Motors achieved a revenue of 222.824 billion yuan, ranking first among two major companies in the industry, significantly exceeding the industry average and median of 159.243 billion yuan, and far surpassing the second-ranked GAC Group's revenue of 95.662 billion yuan. The revenue from vehicle sales was 195.848 billion yuan, accounting for 87.89% of total revenue. The net profit for 2025 was 9.865 billion yuan, also leading the industry, while the industry average and median were -0.808 billion yuan, and GAC Group reported a net loss of 11.482 billion yuan [3][13]. Patent Details - The patent application for the "Vehicle Welcome Control Method and Vehicle" was filed on January 30, 2026, and published on March 27, 2026. The inventors are Xu Rongchang, Cui Ziguo, and Cui Yantao, with the patent agency being Beijing Fengyasong Patent Agency [1][11][12]. - The patent aims to provide a method that detects when a user enters a predefined welcome area, identifies the user's occupant type, and determines corresponding welcome service permissions and parameters to offer personalized welcome services, enhancing the overall user experience [2][12].

Core Viewpoint - Aixin Yuan Zhi (0600.HK) has reported significant growth in its emerging business segments, particularly in smart automotive and edge AI inference, indicating a strong strategic transformation and future growth potential [2][4][5]. Financial Performance - For the year ending December 31, 2025, Aixin Yuan Zhi achieved total revenue of 562 million RMB, representing an 18.8% year-on-year increase. The gross profit reached 121 million RMB, with a stable gross margin of 21.6% [4]. - The emerging business segments have rapidly increased their share of overall revenue, with smart automotive business revenue reaching 48.17 million RMB, a substantial growth of 618.2% year-on-year, and edge AI inference revenue at 43.6 million RMB, up 134.6% year-on-year [4][5]. Smart Automotive Business - Aixin Yuan Zhi's smart automotive SoC shipments exceeded 630,000 units in 2025, marking a significant milestone. The M55H chip has entered mass production with several OEMs, while the M57 SoC has been selected by multiple international Tier 1 suppliers for global market deployment [6]. - The M97 chip, designed for high-level assisted driving, is set to meet advanced driving requirements and is expected to be in production by February 2026 [6]. - The company has established over 25 new project partnerships in 2025, including collaborations with more than 15 OEM brands, enhancing its market presence [6]. Edge AI Inference Business - The edge AI inference segment has shown remarkable growth, with revenue increasing by 134.6% year-on-year to 43.6 million RMB. This growth is attributed to the rising demand for local real-time inference and low-latency solutions [7]. - Aixin Yuan Zhi's AX8850N chip has successfully adapted to major AI models, enabling local processing capabilities for AI agents, which has opened new market opportunities in industrial cameras, drones, and mobile robots [7]. Terminal Computing Segment - The terminal computing segment has solidified Aixin Yuan Zhi's leading position in the global visual terminal chip market, with significant sales growth in its "Black Light" series SoC chips [10]. - The newly launched AX615 series integrates advanced AI-ISP and video encoding technologies, supporting the growth of key customer projects and laying a foundation for continued expansion in 2026 [10]. Research and Development - In 2025, Aixin Yuan Zhi invested 596 million RMB in R&D, focusing on perception and computation technologies, which has significantly enhanced its R&D efficiency and supported the development of multiple high-end SoCs [11]. - The company has strengthened its technological moat with 81 new patent applications and 69 new granted patents in 2025, bringing the total to 643 applications and 317 granted patents [11]. Future Outlook - Looking ahead to 2026, Aixin Yuan Zhi plans to further enhance its R&D investments, focusing on computational power, energy efficiency, and software usability to meet the demands of next-generation AI applications [12]. - The company aims to leverage the integration of artificial intelligence with the real economy to promote the widespread adoption of intelligent computing solutions, driving sustainable value creation [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 683.32 million yuan for 2025, representing a year-on-year growth of 10.72%, and a net profit attributable to shareholders of 94.03 million yuan, up 7.27% year-on-year. A cash dividend of 3 yuan per 10 shares is proposed, totaling approximately 42.34 million yuan [1] - The sensor application scenarios are continuously expanding, with significant growth in the automotive and smart home sectors. The company achieved a revenue increase of 19.76% in the sensor segment, driven by enhanced collaboration with major clients and technological breakthroughs in collaborative robots [7] - The company is investing in R&D and expanding its production bases both domestically and internationally, with plans to raise funds through H-share issuance and establish new facilities [7] Financial Summary - The company forecasts total revenue of 779.01 million yuan for 2026, with a net profit of 108.02 million yuan, and projects continued growth in subsequent years, reaching 1.09 billion yuan in revenue and 166.24 million yuan in net profit by 2028 [1][8] - The gross profit margin for 2025 is reported at 34.82%, remaining stable compared to the previous year, despite challenges in the automotive industry [7] - The company’s R&D expenses for 2025 are estimated at 55 million yuan, accounting for 8% of total revenue, with a total of 271 valid patents held by the end of 2025 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 683.32 million yuan for 2025, representing a year-on-year growth of 10.72%, with a net profit attributable to shareholders of 94.03 million yuan, up 7.27% year-on-year [1] - The company plans to distribute a cash dividend of 3 yuan per 10 shares to all shareholders, amounting to a total distribution of approximately 42.34 million yuan [1] Financial Performance - Revenue projections for the upcoming years are as follows: 2024A: 617.16 million yuan, 2025A: 683.32 million yuan, 2026E: 779.01 million yuan, 2027E: 919.85 million yuan, and 2028E: 1,092.33 million yuan, with respective growth rates of 32.13%, 10.72%, 14.00%, 18.08%, and 18.75% [1] - The net profit attributable to shareholders is projected to be 87.66 million yuan in 2024A, 94.03 million yuan in 2025A, 108.02 million yuan in 2026E, 136.01 million yuan in 2027E, and 166.24 million yuan in 2028E, with growth rates of 13.87%, 7.27%, 14.88%, 25.91%, and 22.23% respectively [1] - The latest diluted EPS is forecasted to be 0.62 yuan in 2024A, 0.67 yuan in 2025A, 0.77 yuan in 2026E, 0.96 yuan in 2027E, and 1.18 yuan in 2028E [1] Market and Industry Trends - The sensor and actuator markets are expected to maintain stable growth, driven by demand in smart automotive, smart home, smart terminals, and smart manufacturing sectors [7] - The company achieved a revenue increase of 19.76% in the sensor segment for 2025, attributed to improved adoption rates of smart driving solutions and technological breakthroughs in collaborative robots for smart homes [7] - The global and Chinese markets for sensors and actuators are projected to reach approximately 703.6 billion USD and 1.2096 trillion yuan by 2029, respectively [7] Research and Development - The company invested 55 million yuan in R&D in 2025, accounting for 8% of its revenue, and holds 271 valid patents, including 80 invention patents [7] - The company is expanding its production capacity with new facilities in Guangzhou and Malaysia, with total investments of approximately 2 billion yuan and 54.8 million USD, respectively [7] Valuation Metrics - The company’s P/E ratios are projected to be 36.89 for 2024A, 34.39 for 2025A, 29.93 for 2026E, 23.77 for 2027E, and 19.45 for 2028E [1] - The forecasted ROE (diluted) is expected to increase from 8.76% in 2025A to 12.83% in 2028E [8]