Summary of Junsheng Electronics Conference Call Company Overview - **Company**: Junsheng Electronics - **Industry**: Automotive Electronics and Robotics Key Points Product Development and Customer Feedback - Junsheng Electronics is modifying materials, electronic architecture, and thermal products for head assembly to enhance interactivity, with customer feedback expected after the Christmas and New Year holidays [2][4] - Updates to the body structure are being made to meet requirements for drop resistance and weatherproofing, which will enhance product value [2][4] Production Capacity - The current production capacity supports over 30,000 humanoid robots per month without additional reserves [2][6] - Plans to increase capacity will be based on assembly line automation and material scheduling to ensure smooth production [2][6] Smart Driving Sector - The company has entered a scale effect phase in advanced smart driving, with orders totaling at least 20 billion RMB announced in September and October [2][7] - Collaborations with Qualcomm and Momenta are aimed at providing integrated smart driving solutions for domestic and international brands, with significant revenue and profit expected in 2026 and 2027 [2][8] Chip Solutions and Market Expansion - Junsheng has secured chip solutions for multiple sub-brands of SAIC, with overseas models expected to begin production in 2025 [2][9] - The overseas market is primarily focused on collaboration with Qualcomm, emphasizing competitive pricing and cost efficiency [2][10] Financial Performance and Projections - The company anticipates a net profit exceeding 1.5 billion RMB in 2025, with expectations for over 10% revenue growth and over 20% net profit recovery in automotive electronics and safety sectors by 2026 [2][3][11] - The company has improved from a loss to a projected profit, with a goal of doubling overall profit margins in the next three years [2][11] Market Dynamics and Pricing Strategy - Annual price reduction pressures from automakers are manageable, with the Chinese market contributing approximately 25% to global revenue [2][12] - The company has implemented a pricing reassessment and cost transfer mechanism in overseas markets since 2022, leading to improved cost structures [2][12] Collaborations and Future Directions - Successful collaboration with Zhiyuan Robotics includes products like AI head assemblies and energy management systems [2][13] - Junsheng's subsidiary, Xiangshan, is focused on humanoid robot R&D, maintaining close cooperation and resource sharing with Junsheng [2][14] - Future product expansions with Tesla include battery management and joints, with plans for further diversification [2][15] Regulatory Impact - The L3 regulations are seen as a pivotal point for smart driving commercialization, with plans to expand cooperation with domestic automakers [2][16] Additional Insights - The company’s accounts receivable period is approximately 55 days, providing a significant advantage over competitors [2][12]

电力需求侧数字化转型仍面临着能效提升潜力挖掘不足、智能电力需求场景探索有限、数字技术运行增 加能耗、潜在的能源反弹效应等挑战。 在全球能源转型浪潮的驱动下，提高能源效率是实现节能目标、应对能源危机的有效策略，更是践行绿 色发展的关键路径。国际能源署将提高能效视为"第一燃料"，这一定位充分凸显了其在能源系统中的重 要地位。 电力需求侧的能效提升，不仅有助于节约能源、优化能源配置，更能进一步实现节能减排、缓解环境压 力的双重目标。因此，聚焦电力需求侧的能效提升潜力挖掘与解决方案落地，对于推动经济高质量发 展、助力新质生产力培育具有重要意义。 数字化转型与电力需求侧能效 随着AI、物联网、大数据等技术的快速发展，中国在依托数字技术提升电力需求侧能效领域已开展多 项卓有成效的实践探索。 第一，智能电网与智能调度建设成效显著。中国持续推动智能电表普及应用，在城市及工业区域的普及 率尤为突出。通过智能电表实现对用户电力需求数据的实时监测、精准分析，为电力需求侧响应机制的 落地奠定了坚实的数据基础。与此同时，智能电网技术大幅提升了电力系统的调度效能。中国2009年启 动智能电网建设计划，截至2020年末已基本建成统一的坚强 ...

新周期 新技术 新生态！ 12月19日， 由起点锂电、起点储能、起点研究院SPIR主办的 2025起点用户侧储能及电池技术论坛 （ 同期： 2025 （第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼&起点研究十周年庆典）在深圳市维纳斯皇家酒店正式举办！现场 800+嘉宾参会，聚焦工 商业储能、便携式储能、户用储能、AIDC储能电池等核心议题，前瞻解析技术突破、破题安全挑战与价值链重构。 在下午的 工商储及电池技术专场 ， 星翼能源 总经理 范良明 发表了以《 破局工商业储能：以 "车规级"理念构建高价值储能系统 》为主题的 演讲！ 图： 星翼能源 总经理 范良明 以下为现场速记内容： 各位专家朋友们好，感谢起点的邀请，参加这次论坛。 本次我分享的话题是 ： 破局工商业储能，以车规级理念构建高价值、高可靠性的储能系统。 目前工商业储能已经从追求装机规模 过渡 到收益价值的跨越。从 2022 年到 2025 年，工商业储能有一个比较大的跨越式 变化 。复盘过去一 些投资项目的实际收益，很多项目远远低于最开始的投资测算。很重要的一部分原因是，实际储能系统的应用并没有达到最开始的预期，而这里 面，最重要的一块是收益的稳 ...

Core Viewpoint - The article highlights the ongoing construction of the 80GWh lithium battery project by Chuangneng New Energy in Yichang, emphasizing its significance in the company's expansion and the expected economic impact upon completion [5][6]. Group 1: Project Overview - The Chuangneng New Energy Yichang 80GWh lithium battery project is a major initiative following the first phase, covering approximately 1800 acres, nearly double the size of the first phase, with a construction timeline of 365 days [5]. - The project aims to commence production by September 26, 2026, with a total investment of 22 billion yuan, focusing on the production of power batteries, energy storage batteries, and energy management systems [6]. Group 2: Construction Progress - As of now, 70% of the road and pipeline construction has been completed, with continuous 24-hour operations on the pile foundation to ensure completion by the end of the month [3]. - The construction team has faced challenges due to the low-lying terrain, which limited access for over 100 construction vehicles, but a new four-lane access road has been established to facilitate operations [4]. Group 3: Economic Impact - Upon completion, the project is expected to generate an annual output value exceeding 22 billion yuan and create over 6000 job opportunities [6].

Core Points - Changzhou Tongbao Optoelectronics Co., Ltd. has been approved for IPO on the Beijing Stock Exchange, marking the 74th company approved this year [1] - The company specializes in the research, production, and sales of automotive electronic components, including automotive lighting systems and energy management systems [1] - The lead underwriter for the IPO is Dongwu Securities, which has successfully sponsored three IPO projects this year [1][3] Company Ownership - Liu Wei holds 17,914,045 shares, representing 31.77% of the total share capital, making him the largest shareholder [2] - Liu Guoxue and Tao Jianfang hold 17,554,500 shares (31.14%) and 8,930,000 shares (15.84%) respectively, with the three collectively owning 78.75% of the company [2] - Liu Guoxue and Tao Jianfang are spouses, and Liu Wei is their son, indicating a family-controlled structure [2] IPO Details - Tongbao Optoelectronics plans to issue up to 18,793,400 shares, with a potential over-allotment option of up to 2,819,010 shares [3] - The company aims to raise 330 million yuan (approximately 33 million) for projects related to smart LED modules and charging systems for new energy vehicles [3] Review Opinions - The review committee requested a quantitative analysis of the potential negative impact on future performance due to major clients implementing a "yearly reduction" policy [4] Inquiry Issues - The committee raised concerns regarding the stability and sustainability of operations, particularly in relation to customer concentration risks and inventory management practices [5]

Core Viewpoint - Tongbao Optoelectronics has successfully passed the review for its IPO on the Beijing Stock Exchange, aiming to raise 330 million yuan for projects related to intelligent LED modules and charging systems for electric vehicles, positioning itself as a national-level specialized "little giant" enterprise [1] Group 1: Company Overview - Tongbao Optoelectronics specializes in the manufacturing of automotive electronic components, focusing on automotive lighting systems, electronic control systems, and energy management systems [1] - The company has established a strong market presence, providing automotive lighting products for popular models from major brands such as SAIC-GM-Wuling, GAC Aion, and Dongfeng Nissan [1] Group 2: Strategic Partnerships - Tongbao Optoelectronics has a long-term strategic partnership with SAIC-GM-Wuling, holding over 90% of the procurement share for LED lamp modules and being the exclusive supplier for several of their best-selling models [2] - The collaboration extends to the CDU charging and distribution system, where both companies engage in joint R&D, enhancing product platform development adaptable to multiple vehicle models [2] Group 3: Technological Capabilities - The company holds 18 invention patents, 59 utility model patents, and 2 design patents, establishing a robust core technology system covering optical lens technology, heat dissipation design, electronic control technology, and lean manufacturing technology [3] - Tongbao Optoelectronics has led the drafting of industry standards for automotive LED modules and has a CNAS-recognized EMC laboratory to support product innovation [3] Group 4: Financial Performance - The company reported revenues of 390 million yuan, 529 million yuan, and 588 million yuan for the years 2022 to 2024, with net profits of 36.69 million yuan, 62.25 million yuan, and 83.09 million yuan respectively [3] - For the first nine months of 2025, Tongbao Optoelectronics achieved a revenue of 488 million yuan, a 30.51% increase year-on-year, and a net profit of 51.79 million yuan, reflecting a 5.41% growth compared to the same period last year [3]

Core Viewpoint - Tongbao Optoelectronics is poised for significant growth in the automotive electronics sector, particularly in the context of the booming new energy vehicle market, as it prepares for its IPO on the Beijing Stock Exchange, aiming to raise 330 million yuan to enhance its product offerings and market position [1][3]. Group 1: Company Overview - Tongbao Optoelectronics specializes in the research, production, and sales of automotive electronic components, including lighting systems, electronic control systems, and energy management systems [3]. - The company has established long-term partnerships with major automotive manufacturers, including SAIC-GM-Wuling, and has seen a steady improvement in its customer structure and financial performance [3][4]. Group 2: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 390 million yuan to 588 million yuan, with net profit increasing from approximately 36.69 million yuan to 83.09 million yuan, reflecting a year-on-year growth of 33.49% in net profit for 2024 [3]. - In the first three quarters of 2025, the company reported a 30.51% year-on-year increase in revenue and a 5.41% increase in net profit attributable to shareholders [3]. Group 3: Competitive Advantages - The company has over 20 years of experience in LED module production, allowing it to maintain strong quality control and reduce supply chain management costs for its clients [5]. - Tongbao Optoelectronics has a robust management structure and rapid response capabilities, enabling effective collaboration with clients like SAIC-GM-Wuling on projects such as the CDU power distribution system [6]. Group 4: Innovation and Technology - The company has achieved a compound annual growth rate of 22.81% in revenue over the past three years, with a stable gross margin above 24%, surpassing industry averages [7]. - Tongbao Optoelectronics has developed several key technologies, including high-efficiency LED module optics and lightweight heat dissipation solutions, which enhance product performance and reduce production costs [9][11]. Group 5: Market Potential - The Chinese automotive lighting market is expected to grow from approximately 72.3 billion yuan in 2022 to 101.4 billion yuan by 2025, indicating significant growth opportunities for the company [12]. - The penetration rate of LED lighting in commercial vehicles remains low, presenting a substantial market opportunity for Tongbao Optoelectronics to replace traditional halogen bulbs with cost-effective LED solutions [12]. Group 6: Future Strategy - The company aims to become a leading first-tier supplier in the automotive electronics sector, expanding its collaboration with SAIC-GM-Wuling and other manufacturers to enhance its market presence [14]. - With the successful launch of the CDU power distribution system and ongoing projects in electronic control systems, the company is well-positioned for revenue growth and market share expansion in the coming years [14].

IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in A-shares in five years [2][3] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with its main revenue sources being tourism performances and cableway operations [2] - ZhiXin Co. focuses on automotive stamping parts and related molds, with the review committee expressing concerns about market competition and revenue sustainability [3] New IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi aiming to raise 725 million yuan for a new production base [9][10] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal and status change respectively [12] New Stock Listings and Subscription Dynamics - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of nearly 500% on its first trading day [13] - This week, two new stocks are scheduled for subscription, including NanTe Technology and HaiAn Group, with NanTe aiming for a price of 8.66 yuan per share [15]

Core Viewpoint - Tongbao Optoelectronics is preparing for its listing on the Beijing Stock Exchange, aiming to leverage its two decades of technological accumulation and diverse automotive electronics sector to enhance shareholder value and capture high-end market opportunities in automotive electronics [1][16]. Market Position - As an "invisible champion" in the automotive electronics field, Tongbao Optoelectronics has established a strong market barrier through its leading position in niche markets and deep partnerships with major clients [3]. - The company has led the drafting of industry standards for automotive LED modules and has a comprehensive product range covering front and rear lights, with 79 patents and 5 software copyrights as of June 2025 [3][4]. Core Customer Relationships - Tongbao Optoelectronics has a long-term strategic partnership with SAIC-GM-Wuling, with sales revenue from this client accounting for 66.83% to 93.45% from 2022 to the first three quarters of 2025 [4]. - The company has received multiple awards for quality and supply contributions, indicating a strong and stable order flow, with expected sales of over one million units in 2024 [4]. Core Performance - The company has shown robust growth, with revenue increasing from 390 million yuan in 2022 to 588 million yuan in 2024, representing a compound annual growth rate of 22.81% [5]. - Net profit surged from 36.69 million yuan in 2022 to 83.09 million yuan in 2024, a growth of 126.45%, with net profit margin improving from 9.42% to 14.14% [5][6]. Product Matrix and Innovation - Tongbao Optoelectronics has developed a product matrix consisting of automotive lighting systems, electronic control systems, and energy management systems, transitioning from a lighting manufacturer to a comprehensive automotive electronics provider [9][11]. - The automotive lighting system remains the main revenue driver, accounting for 95.70% of revenue in 2024, with significant growth in the total lighting assembly business [11]. Market Outlook - The automotive lighting market in China is projected to grow from 723 billion yuan in 2022 to 1,014 billion yuan by 2025, driven by the shift towards electric and intelligent vehicles [12]. - The electronic control systems market is also expanding, with a forecasted growth from 772 billion yuan in 2023 to 810 billion yuan by 2025 [14]. Fundraising and Investment Projects - The IPO proceeds will be primarily invested in projects related to smart LED modules and charging distribution systems, aimed at expanding production capacity and enhancing product consistency [15]. - This strategic investment is expected to solidify the company's technological advantages and support its transition to a comprehensive automotive electronics solution provider [14][15]. Conclusion - Tongbao Optoelectronics is positioned for significant growth through its strong customer relationships, innovative product offerings, and favorable market conditions, with the upcoming IPO expected to provide the necessary capital to accelerate its development in the automotive electronics sector [16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a 16.46% year-on-year increase in adjusted operating revenue for the first three quarters of 2025, reaching 4.997 billion yuan, while the net profit attributable to shareholders was 646 million yuan, up 14.21% year-on-year [4][6] - The integration of intelligent technology into the consolidated financial statements has put pressure on profit margins, with a net profit margin of 12.6% in Q3, down from 14.98% and 14.65% in the previous two quarters [6] - The company has diversified its product offerings significantly, moving from a single automotive lighting controller to a range of high-value products, which are expected to support long-term growth [6] Financial Data and Earnings Forecast - For 2025, the company is projected to achieve total operating revenue of 7.745 billion yuan, with a year-on-year growth rate of 29.8% [5] - The estimated net profit for 2025 is 1.076 billion yuan, reflecting a year-on-year growth rate of 39.3% [5] - The company’s gross margin is expected to stabilize, with a forecasted PE ratio of 28 for 2025, 20 for 2026, and 16 for 2027 [6]