Core Viewpoint - The report highlights the financial performance and strategic direction of Huizhou Desay SV Automotive Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and net profit, alongside a commitment to innovation and international expansion in the automotive electronics sector. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately 14.64 billion yuan, representing a year-on-year increase of 25.25% compared to 11.69 billion yuan in the same period last year [11][21]. - The net profit attributable to shareholders was approximately 1.15 billion yuan, up 45.94% from 789.72 million yuan in the previous year [11][21]. - Basic earnings per share increased to 2.21 yuan, a rise of 46.36% from 1.51 yuan [11][21]. - The total assets at the end of the reporting period were approximately 21.66 billion yuan, showing a slight increase of 0.81% from the previous year [11][21]. Business Overview - The company focuses on three main areas: intelligent cockpits, intelligent driving, and connected services, maintaining a leading position in the industry [9][10]. - The intelligent cockpit segment generated approximately 9.46 billion yuan, accounting for 64.59% of total revenue, while the intelligent driving segment achieved 4.15 billion yuan, reflecting a growth of 55.49% [11][21]. - The connected services and other segments contributed approximately 1.04 billion yuan, a slight decrease of 2.11% [11][21]. Market Trends - The automotive industry in China experienced a significant increase in production and sales, with new energy vehicle sales reaching 696.8 million units, a year-on-year growth of 41.4% [7][8]. - The report indicates a strong demand for intelligent and connected vehicle technologies, driven by the rapid advancement of smart driving systems and the need for enhanced safety and reliability [8][9]. Strategic Initiatives - The company has updated its development strategy, emphasizing a mission to lead in safe, enjoyable, and green travel, and a vision of "smart travel, globally shared" [8][9]. - It aims to enhance its technological capabilities and expand its international presence, with a focus on building a global supply chain network and localizing services [16][18]. - The company is committed to sustainable development, aligning its operations with carbon neutrality goals and enhancing its product offerings to meet low-carbon standards [18][19].

惠州市德赛西威汽车电子股份有限公司 2025 年半年度报告摘要 证券代码：002920 证券简称：德赛西威 公告编号：2025-057 惠州市德赛西威汽车电子股份有限公司 2025 年半年度报告 摘要 惠州市德赛西威汽车电子股份有限公司 2025 年半年度报告摘要 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者应当到证监 会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 ?不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 ?不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 ?不适用 二、公司基本情况 股票简称 德赛西威 股票代码 002920 股票上市交易所 深圳证券交易所 联系人和联系方式 董事会秘书 证券事务代表 姓名 章俊 林洵沛 广东省惠州市惠南高新科技产业园惠 广东省惠州市惠南高新科技产业园惠 办公地址 泰北路 6 号 泰北路 6 号 电话 0752-2638669 0752-2638669 电子信 ...

近五日涨跌:0.23% 惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2025-059 惠州市德赛西威汽车电子股份有限公司 第四届董事会第十二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）第四届董事会第十二 次会议通知于 2025 年 8 月 1 日以电子邮件的形式发出，并于 2025 年 8 月 11 日以现 场及通讯方式召开。本次会议由公司董事长高大鹏先生召集，因董事长高大鹏先生有 其他事项安排冲突无法现场参加公司第四届董事会第十二次会议，根据《公司章程》 《董事会议事规则》相关规定，过半数董事推举公司董事兼总经理徐建先生主持会议。 本次会议，应到董事 9 人，本次实到 9 人，其中董事高大鹏先生、姜捷先生、罗翔先 生，独立董事罗中良先生和徐焕茹先生以通讯方式参加。本次会议的召集和召开符合 《公司法》等法律、行政法规、规范性文件以及《公司章程》的规定。 二、会议审议情况 (一) 审议通过《关于公司 2025 年半年度报告全 ...

近五日涨跌:0.23% 市盈率:39.64倍 惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2025-060 惠州市德赛西威汽车电子股份有限公司 第四届监事会第十二次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、监事会会议召开情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）第四届监事会第十二 次会议通知于 2025 年 8 月 1 日以电子邮件的形式发出，并于 2025 年 8 月 11 日在公 司会议室召开。本次会议由公司监事会主席余孝海先生召集并主持，应到监事 3 人， 实到 3 人。本次会议的召集和召开符合《公司法》等法律、行政法规、规范性文件以 及《公司章程》的规定。 二、会议审议情况 审议通过《关于公司 2025 年半年度报告全文及其摘要的议案》 表决结果：3 票赞成，0 票反对，0 票弃权。表决结果：通过 经审核，监事会认为：董事会编制和审核《公司 2025 年半年度报告全文及其摘 要》的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地 反映了公司的实际情况 ...

惠州市德赛西威汽车电子股份有限公司 2025 年半年度财务报告 惠州市德赛西威汽车电子股份有限公司 | 2025 年半年度财务报告 | 惠州市德赛西威汽车电子股份有限公司 | 合并资产负债表 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 编制单位：惠州市德赛西威汽车电子股份有限公司 | 单位：元 | 币种：人民币 | 2025年6月30日 | 2024年12月31日 | 2025年6月30日 | 2024年12月31日 | 项 | 目 | 项 | 目 | | | 流动资产： | 流动负债： | 923,324,426.18 | 775,315,926.89 | 722,290,473.15 | 279,157,147.31 | 货币资金 | 短期借款 | | | | | | 356,313,456.80 | 95,651,013.36 | 13,783,871.78 | 交易性金融资产 | 交易性金融负债 | 衍生金融资产 | 衍生金融负债 | | | | | | ...

| | | | 惠州市德赛西威汽车电子股份有限公司 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 位：万元 | 编制单位：惠州市德赛西威汽车电子股份有限公司 | | | | | | | | | 单 | | | | 占用方与上 | 上市公司核 | 2025 年初 | | | | | 2025 年 6 月 | | | 非经营性资金占 | | | | | 占用累计发生 | | 月占用资金 | | 6 月偿还累 | | | 余 | 资金占用方名称 占用形成原因 | 占用性质 | 市公司的关 | 算的会计科 | 占用资金 | | | | 末占用资金 | | | 用 | | | | 金额(不含利 | | 的利息(如 | | 计发生金 | | | | | | 联关系 | 目 | 余额 | | | | | 额 | | | | | | | 息) | | 有) | 额 | | | | | | | | | | | | | | 非经营性占用 | | | 控股股东、实际 | | | | | | | | | | ...

IPO Pipeline Overview - As of August 10, there are 299 companies in the IPO pipeline, with 29 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 29 on the ChiNext, and 179 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - From August 4 to August 10, three companies were newly listed: - Hansan (Nanjing) Technology Co., Ltd. on the ChiNext with a closing price of 82.89 CNY per share, a rise of 186.72%, and a trading volume of 2.048 billion CNY [4][5]. - Yangzhou Tianfulong Group Co., Ltd. on the Shanghai Main Board with a closing price of 56.80 CNY per share, a rise of 140.68%, and a trading volume of 1.971 billion CNY [5]. - Jiangsu Youli Intelligent Equipment Co., Ltd. on the Beijing Stock Exchange with a closing price of 83.22 CNY per share, a rise of 246.89%, and a trading volume of 732 million CNY [5]. New Counseling Record Companies - Eight companies were newly recorded for counseling from August 4 to August 10, including: - Beijing Jichuang Beifang Technology Co., Ltd., focusing on integrated circuit design [6][7]. - Yao Mazi Food Co., Ltd., specializing in seasoning products [8]. - Changde New Material Technology Co., Ltd., engaged in resource utilization and new materials [8]. - Anhui Jiren Pharmaceutical Co., Ltd., focusing on modern traditional Chinese medicine [8]. - Dongguan Yuanli Optoelectronics Co., Ltd., specializing in LCD backlight modules [8]. - Zhongdao Optoelectronic Equipment Co., Ltd., focusing on detection equipment for displays and solar cells [8]. - Tianbo Intelligent Technology (Shandong) Co., Ltd., producing various automotive sensors [9]. - Zhongxing Micro Technology Co., Ltd., providing video technology solutions based on AI and big data [9]. Approval Status of Companies - Three companies successfully passed the review process from August 4 to August 10: - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on the Beijing Stock Exchange [10]. - Suzhou Fengbei Biotechnology Co., Ltd. on the Shanghai Main Board [10]. - Zhuhai Nante Metal Technology Co., Ltd. on the Beijing Stock Exchange [10]. - The review for Jiejia Robot Co., Ltd. was canceled [10]. Registration Approval - Two companies received registration approval from August 4 to August 10: - Guangzhou Bibete Pharmaceutical Co., Ltd., focusing on innovative drug development [16][17]. - Daming Electronics Co., Ltd., specializing in automotive electronic components [18]. Termination of Review - Only one company, Wenduoli Sunshade Materials (Dezhou) Co., Ltd., withdrew its IPO application during this period [20][21].

德赛西威8月11日大宗交易平台共发生3笔成交，合计成交量9.36万股，成交金额879.84万元。成交价格 均为94.00元，相对今日收盘价折价11.34%。从参与大宗交易营业部来看，机构专用席位共出现在2笔成 交的买方或卖方营业部中，合计成交金额为676.80万元，净买入676.80万元。 （文章来源：证券时报网） 证券时报·数据宝统计显示，德赛西威今日收盘价为106.02元，上涨2.63%，日换手率为1.36%，成交额 为7.90亿元，全天主力资金净流入7194.60万元，近5日该股累计上涨3.30%，近5日资金合计净流入1.06 亿元。 两融数据显示，该股最新融资余额为9.54亿元，近5日减少3847.59万元，降幅为3.88%。（数据宝） 8月11日德赛西威大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 5.00 | 470.00 | 94.00 | -11.34 ...

Core Viewpoint - Junsheng Electronics has chosen a large-scale share repurchase and cancellation strategy to convey a clear value signal to the market, contrasting with the general trend of small-scale repurchases among A-share companies [1][2]. Group 1: Share Repurchase and Cancellation - The company completed its share repurchase plan ahead of schedule, investing 222 million yuan to repurchase 13.03 million shares, accounting for 0.925% of the total share capital [1][2]. - Unlike most A-share companies that retain repurchased shares for employee incentives, Junsheng Electronics opted for a cancellation approach, emphasizing its long-term investment value [2]. - The repurchase was funded through a special loan from Agricultural Bank of China and the company's own funds, aligning with national policies on stock repurchase and increase [2]. Group 2: Impact on Shareholder Value - The cancellation of shares will directly enhance shareholder value by reducing the number of circulating shares, thereby increasing earnings per share (EPS) without changing profits. The EPS is expected to rise by approximately 0.93% based on the first quarter's net profit of 340 million yuan [2]. - The controlling shareholder's stake increased from 39.34% to 39.71%, reflecting a 0.37 percentage point rise in control, which indicates confidence in long-term development [3]. Group 3: Continuous Repurchase Strategy - Junsheng Electronics has implemented multiple rounds of "repurchase + cancellation" operations, with total repurchase amounts exceeding 2.2 billion yuan and 97.29 million shares repurchased, of which 76 million shares have been canceled [4]. - The company's first-quarter financial report for 2025 showed revenue of 14.576 billion yuan, a year-on-year increase of 9.78%, and a net profit of 340 million yuan, up 11.08% year-on-year, indicating a positive trend in profitability [5]. Group 4: Comparison with Mature Markets - Junsheng Electronics' repurchase strategy exhibits characteristics typical of mature markets, where companies often incorporate repurchases into long-term capital allocation plans alongside dividends [6][7]. - The innovative aspect of Junsheng Electronics' approach lies in transforming financial operations into governance upgrades, thereby solidifying shareholder rights and rebuilding trust through management's share purchases [7]. Group 5: Strategic Alignment and Future Prospects - The share repurchase is part of a broader strategic transformation, enhancing shareholder returns while accelerating technological advancements in automotive electronics and robotics [8]. - The company secured new orders worth 15.7 billion yuan in the first quarter of 2025, with over 45% related to new energy and intelligent products, ensuring a stable cash flow to support sustainable repurchase activities [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [16]. Core Views - The company is positioned as a leading player in the automotive electronics sector, with a focus on intelligent core electronic products and vertical integration of the supply chain, which enhances its competitive edge [6][7]. - The establishment of a joint venture with Chanjin Group is expected to significantly boost the company's business volume, particularly in areas such as intelligent driving domain controllers and power domain controllers [15]. - The company's revenue and profit are projected to maintain robust growth, driven by the expansion of its sensor, intelligent wiper system, semiconductor, and new energy connector products [16]. Summary by Sections Company Overview - Yunyi Electric focuses on automotive intelligent core electronic products and has established a comprehensive industrial layout over the past two decades, including various subsidiaries specializing in different automotive electronic components [6][8]. Business Segments - The company has stable revenue from its smart power controllers, which generated 1.42 billion yuan in revenue, accounting for 66.4% of total revenue, with a gross margin of 33.6% [6]. - Growth segments include intelligent wiper systems, semiconductor power devices, and sensor products, which are expected to expand rapidly [7][8]. Financial Performance - The company has shown strong revenue growth from 2020 to 2024, with revenues increasing from 840 million yuan in 2020 to 2.15 billion yuan in 2024, representing a CAGR of 26.5% [8]. - The gross margin has remained stable, with a slight increase projected from 31.7% in 2024 to 30.5% in 2025 [8][16]. Market Position - The company is a leader in the smart power controller market, with a projected market share of 27.4% in 2024, benefiting from established relationships with major automotive manufacturers [10][15]. - The nitrogen oxide sensor market is expected to grow significantly due to stricter emission standards, with the company positioned to capture a share of this market through its proprietary technology [11][12]. Future Outlook - Revenue forecasts for 2025 to 2027 are 2.6 billion yuan, 3.08 billion yuan, and 3.62 billion yuan, respectively, with net profits expected to reach 480 million yuan, 575 million yuan, and 682 million yuan [16][18].