Core Viewpoint - Junsheng Electronics has submitted a prospectus to the Hong Kong Stock Exchange, aiming to raise funds for business development and manufacturing capacity improvement, amidst fluctuating financial performance and high expenses [2][11]. Group 1: Business Overview - Junsheng Electronics specializes in automotive electronics and safety solutions, with revenue contributions from automotive safety solutions at approximately 69.2% and automotive electronics at about 30.4% for 2024 [2][5]. - The company is the second-largest supplier of passive safety products in China and globally, according to Frost & Sullivan [3]. Group 2: Financial Performance - The company's revenue for 2024 is projected to be 558.64 billion, showing no growth compared to 2023, while net profit is expected to decline by 11.3% due to high financial, administrative, and R&D expenses [6][7]. - In the first half of 2025, Junsheng Electronics reported a revenue of 303.47 billion, a year-on-year increase of 12.07%, and a net profit of 7.08 billion, up 11.13% [7][8]. Group 3: Financial Metrics - Financial expenses have significantly impacted profitability, with total financial expenses from 2022 to 2024 being 4.78 billion, 8.9 billion, and 8.28 billion, respectively, constituting 204.7%, 71.8%, and 62.4% of annual profits [6][7]. - The company's total liabilities have increased from 364.1 billion in 2022 to 468.1 billion by April 2025, with a debt-to-asset ratio of 69.8%, which is relatively high compared to peers [6][7]. Group 4: Investment Plans - The funds raised from the Hong Kong listing will be used for the development and commercialization of automotive intelligent solutions, power electronics products, and new generation wireless charging systems, as well as improving manufacturing capabilities and expanding overseas market share [11].