Ningbo Joyson Electronic (600699) H2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 61.2 billion in 2025, up 9.5% year-over-year, with gross margin rising 2.1 percentage points to 18.3%.

• Net profit attributable to shareholders reached RMB 1.34 billion, a 39% increase year-over-year.

• Operating cash flow grew to RMB 5.4 billion, up 17.3% year-over-year.

• New business orders hit RMB 97 billion, with breakthroughs in smart driving and central computing units.

• Completed H-share listing in Hong Kong, forming an A+H dual capital platform.

Financial highlights

• Revenue: RMB 61.2 billion (+9.5% YoY); gross margin: 18.3% (+2.1ppt YoY).

• Net profit attributable to shareholders: RMB 1.34 billion (+39% YoY); EPS: RMB 0.95 (+37.7% YoY).

• Operating cash flow: RMB 5.4 billion (+17.3% YoY).

• Net assets: RMB 17.3 billion (+27.8% YoY); total assets: RMB 69.2 billion (+7.8% YoY).

• Proposed cash dividend: RMB 1.8 per 10 shares (pre-tax), totaling RMB 277 million.

Outlook and guidance

• Aims for rapid growth in revenue and profit in 2026, leveraging new energy and smart vehicle trends.

• Focus on expanding smart driving, smart cockpit, and new energy management businesses.

• Plans to deepen global supply chain integration and cost optimization.