The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of WUS Printed Circuit (Kunshan) Co., Ltd. 滬士電子股份有限公司 (the "Company") (A joint stock company incorporated in the Peopl ...

Company Overview - Stoneridge operates in three segments: Control Devices (32% of total 2024 revenue), Electronics (62% of total 2024 revenue), and Stoneridge Brazil (6% of total 2024 revenue)[6] - Stoneridge anticipates ~$120M+ in revenue from MirrorEye in 2025[26] - Stoneridge projects ~$300M+ in OEM revenue by 2029 from MirrorEye[27] MirrorEye® CMS - MirrorEye offers a 2-3% improvement in fuel efficiency, leading to a reduction in CO2 emissions[20] - MirrorEye has been adopted by 40+ North American fleet partners[22] - MirrorEye was launched in the EU in Q1 2024 by Volvo and in North America in Q1 2025[23] Q1 2025 Performance - Stoneridge reported a 210 bps improvement in adjusted gross margin compared to Q4 2024[33] - The company's free cash flow in Q1 2025 was $4.9M, a $1.5M improvement compared to Q1 2024[34,40] - MirrorEye revenue grew by ~24% compared to Q4 2024[34] - Stoneridge achieved a $28M year-over-year reduction in inventory[34] - Quality-related costs improved by $2.5M compared to Q4 2024[34]

Stoneridge (SRI) 2025 Conference Summary Company Overview - Stoneridge is a leading global supplier of electronic systems and technologies focused on safety, efficiency, and vehicle intelligence in the automotive and commercial vehicle sectors [1][2][4] Core Industry Trends - The company aligns its product strategy with megatrends in the industry, emphasizing driveline agnostic technologies that can be applied across various vehicle types, including internal combustion, hybrid, and electric vehicles [4][5][6] Product Segments 1. **Control Devices** - Represents approximately 1% of total revenue, focusing on passenger vehicle applications, particularly SUVs and pickup trucks [7][8] - Transitioned to agnostic products over the past five years, ensuring readiness for regulatory changes [8][9] - Key products include electromechanical actuators, temperature sensors, and control valves, with 90% of products being driveline agnostic [15][16] 2. **Electronics** - Comprises about 60% of total revenue, targeting commercial vehicles, off-highway, and bus markets [9][10] - Products include driver information systems, driver assistance systems, and control modules [11][12] - Significant growth in digital driver information systems and vision systems, particularly with partnerships in the industrial sector [27][28] 3. **Stoneridge Brazil** - Transitioning from an aftermarket focus to an OEM business model, with a 60% increase in OE business quarter-over-quarter [13][14][25] Key Innovations - **MirrorEye System** - A camera mirror system that replaces traditional mirrors, improving fuel economy by 2-3% and enhancing safety by eliminating blind spots [34][35] - Expected revenue of $120 million in 2025, with projections to grow to $300 million by 2029 [42][43] - Strong market adoption, with a 40% take rate in existing programs and significant interest from major truck manufacturers [44][45][46] - **Connected Trailer Technology** - Allows for retrofitting existing trailers with advanced camera and sensor systems without additional wiring, enhancing operational efficiency [51][52] Financial Performance - The company has seen strong revenue growth and margin improvement, outperforming underlying end markets [55][56] - A reduction in inventory by $28 million year-over-year has contributed to improved cash performance [57] Future Outlook - Stoneridge is well-positioned to capitalize on the rise of autonomous vehicles, viewing it as an opportunity rather than a threat [60] - The company is focused on expanding its technology offerings and maintaining strong relationships with customers to navigate potential tariff impacts [58][59] Conclusion - Stoneridge's strategic focus on innovation, diversification, and alignment with industry megatrends positions it for continued growth and profitability in the evolving automotive landscape [58][59]