来源：毕马威KPMG 宁波均胜电子股份有限公司（以下简称"均胜电子"）于2025年11月6日在香港联合交易所主板完成H股 发行并上市，标志着均胜电子成为A+H股上市公司（股票代码: 0699.HK/ 600699.SH）。毕马威作为其 申报会计师，全程参与上市项目，并提供专业服务。 关于均胜电子 均胜电子是智能汽车科技解决方案提供商，提供汽车零部件行业关键领域（主要为汽车电子和汽车安 全）的先进产品和跨域解决方案。公司的业务专注于汽车零部件的研发、制造和销售。根据弗若斯特沙 利文的资料，按收入计，均胜电子于2024年全球汽车零部件行业中排名第四十一，同时是中国和全球第 二大汽车被动安全产品供应商，中国第二及全球第四大智能座舱域控供应商，客户覆盖超100个全球汽 车品牌。 王齐 华东及华西区高端制造 审计服务主管合伙人 毕马威中国 +86 (21) 2212 2664 jeff.wang@kpmg.com 余达威 浙江地区中国香港资本市场 主管合伙人 毕马威中国 samson.yue@kpmg.com 徐文彬 资本市场审计合伙人 毕马威中国 +86 (21) 2212 4131 richard.xu@kpmg. ...

Core Insights - Lixun Precision achieved a revenue of 268.795 billion yuan in 2024, marking a year-on-year growth of 15.91%, with a net profit of 13.366 billion yuan, up 22.03% [1] - The automotive business has become the fastest-growing segment for Lixun, with revenue reaching 13.758 billion yuan, a significant increase of 48.69% year-on-year, contributing to 5.12% of total revenue [1] - The company has ambitious plans to become a leading Tier 1 supplier in the global automotive parts market, with automotive revenue increasing over 18 times from 0.723 billion yuan in 2014 to 13.758 billion yuan in 2024 [1][2] Automotive Business Development - Lixun established its automotive division in 2011, focusing on harnesses and connectors, which are critical components in both traditional and electric vehicles [2] - The company has pursued both organic growth and acquisitions to expand its automotive business, acquiring several companies between 2012 and 2017 to enhance its capabilities in complex precision components and body control systems [2] - By 2022, Lixun had become a comprehensive supplier for low-voltage and high-voltage harnesses, as well as charging solutions, positioning itself well within the automotive supply chain [3] Market Trends and Opportunities - The shift towards electric and intelligent vehicles has led to a reduction in harness length but an increase in the value of harnesses per vehicle, with the average value of a harness in electric vehicles estimated at around 5,000 yuan, a 40%-100% increase compared to traditional vehicles [3] - Lixun has formed strategic partnerships with major automotive manufacturers, including a significant investment in Chery Automobile to enhance its capabilities as a Tier 1 supplier [4] - In 2023, Lixun co-founded Lisheng Technology with GAC Group, focusing on core components for intelligent connected vehicles, with production set to begin in 2024 [5] Strategic Acquisitions and Global Expansion - In September 2024, Lixun announced a major acquisition of a 50.1% stake in German automotive harness manufacturer Leoni, which will enhance its competitive edge in the global automotive harness market [5] - The company aims to leverage its extensive experience in consumer electronics and communication to adapt quickly to the automotive supply chain, enhancing its manufacturing capabilities [5][6] - Lixun's automotive business has reached a scale of over 10 billion yuan, and the company plans to continue expanding through both organic growth and acquisitions [6] Future Outlook - Lixun has established a diversified strategic framework across consumer electronics, automotive, and communication sectors, aiming for collaborative growth among its core business units [7] - The company is focused on enhancing its global footprint and technological advantages while exploring new markets, with a strategic plan for the next five years [7] - Analysts predict that Lixun's automotive segment will continue to grow rapidly, and the upcoming "super replacement cycle" for Apple products may significantly boost its consumer electronics business [8]