Core Viewpoint - Bosch Group achieved a challenging performance in the 2024 fiscal year, with a sales revenue of €90.3 billion, a year-on-year decrease of 1.4%, and an EBIT margin dropping from 5.3% to 3.5% [4][6]. Group 1: Financial Performance - The automotive sector remains Bosch's largest segment, generating sales of €55.8 billion, maintaining the previous year's level [4]. - The home appliance business grew by 1.6% to €20.3 billion, while energy and building technology fell by 2.7% to €7.5 billion, and machinery and manufacturing saw the largest decline of 13% to €6.4 billion [4]. - In China, Bosch's sales reached ¥142.7 billion, a year-on-year increase of 2.7%, contributing 20% to the overall sales [6]. Group 2: Strategic Focus and Market Position - Bosch's Chairman emphasized the importance of the Chinese market, stating that without entering China, it is difficult to establish a foothold in the automotive supply industry [6]. - The company plans to invest approximately ¥6 billion in China in 2024, with cumulative investments exceeding ¥60 billion over the past decade [6]. - Bosch aims to become one of the top three suppliers in core markets within the next five years [8]. Group 3: Future Outlook and Challenges - Bosch anticipates a 1%-3% natural growth in sales for the 2025 fiscal year, with a significant improvement in EBIT margin expected by 2026 [12]. - The company is implementing structural and personnel adjustments to enhance competitiveness, with a projected reduction in global employee numbers [13]. - Bosch views electric mobility, hydrogen energy, and software-defined vehicles as key growth drivers in the smart mobility sector [15]. Group 4: Technological Development and Innovation - Bosch has supplied over 17 million powertrain components for electric and hybrid vehicles, including 5.5 million electric motors [18]. - The company is focusing on hydrogen internal combustion engines as a significant future technology, despite current market demand challenges [19]. - Bosch is actively developing advanced driver assistance systems (ADAS) and aims to capture a significant share in urban driving assistance [21][24]. Group 5: Impact of Geopolitical Factors - The impact of the U.S.-China trade war on Bosch's operations in China is relatively minor, as most products are locally sourced and produced [26]. - Bosch is increasing R&D investments in China to support local product development and procurement [26]. - The company has established a commercial vehicle group in China, focusing on traditional and emerging technologies [27].

Core Insights - Bosch has launched a new driver assistance brand "Bosch Horizon Driver Assistance" at the Shanghai Auto Show, which includes three product lines covering SAE Level 2 assistance systems [1][2] - The company emphasizes the rapid transformation of intelligent driver assistance in China and aims to leverage software and technology innovations to seize business opportunities in this sector [1][3] Group 1: Product Launches and Innovations - Bosch's new driver assistance solutions include the Supreme version aimed at urban driving, which is based on dual Orin-X chips and is set for mass production by the end of 2023 [2] - The company has also introduced a new generation multifunction camera and an upgraded version of the Bosch Horizon Driver Assistance, reinforcing its leadership in Advanced Driver Assistance Systems (ADAS) [2][3] - Bosch is developing a visual language model to enhance the understanding of complex traffic scenarios, such as tidal lanes and bus-only lanes [3] Group 2: Market Strategy and Collaborations - Bosch has established partnerships with five Chinese OEMs for high-speed and urban memory driving assistance, with most projects expected to go into mass production this year [3] - The company plans to expand its end-to-end model for urban driving assistance to high-speed roads and urban memory driving by the end of 2025 [2][3] Group 3: Business Performance and Future Outlook - Bosch's intelligent mobility business is the largest segment of the group, projected to generate €55.9 billion (approximately ¥462.5 billion) in sales for the fiscal year 2024, accounting for nearly 62% of total sales [4] - In 2024, Bosch's sales in China are expected to grow by 4%, reaching ¥116.6 billion, which represents a quarter of Bosch's global intelligent mobility sales [5] - The company has identified that 65% of new business opportunities in China over the next five years are related to intelligent and electrified solutions [5]