New Stock News | NJEC passes Hong Kong Stock Exchange hearing, with customer coverage exceeding 100 global automotive brands

According to the Hong Kong Stock Exchange's disclosure on October 19, Ningbo Joyson Electronic Corp. (600699.SH) (hereinafter referred to as "Joyson Electronics") has passed the listing hearing on the main board of the Hong Kong Stock Exchange, with China International Capital Corporation and UBS Group as joint sponsors. The prospectus shows that Joyson Electronics is a provider of smart automotive technology solutions, offering advanced products and solutions in key areas of the automotive parts industry (mainly automotive electronics and automotive safety). The company focuses on the research and development, manufacturing, and sales of automotive parts, ranking 41st in the global automotive parts industry in 2024. According to Frost & Sullivan, the company is the second largest supplier of automotive passive safety products in China and globally by revenue. Joyson Electronics' smart solutions support functions such as information interaction, environmental detection, analysis, decision-making, and control, enhancing driving experience and safety. The automotive electronics business focuses on smart interactive interfaces and domain control technology to achieve personalized experiences and seamless communication between vehicles and drivers, while the new energy management system division utilizes intelligent energy management to improve charging performance and battery safety. In terms of automotive safety, Joyson Electronics employs monitoring and predictive analytics technologies to enable functions such as fatigue monitoring, adaptive safety responses, and automatic protective measures (such as pre-collision adjustments). Today, a large number of emerging new energy vehicle brands are rapidly emerging with disruptive smart electrification technologies. According to Frost & Sullivan, global sales of new energy vehicles surged from 3.2 million units in 2020 to 19 million units in 2024. This market is expected to further increase from 23.4 million units in 2025 to 40.7 million units in 2029, with a compound annual growth rate of 14.9%. This trend presents both opportunities and challenges for traditional automakers, driving them to embrace new technologies and solutions, which also brings significant growth opportunities for Joyson Electronics. Joyson Electronics has established a platform that truly synchronizes research and development, supply chain configuration, production, and sales networks with global automakers. As of April 30, 2025, the company has more than 25 research and development centers and over 60 production bases in China and overseas, covering major automotive markets in Asia, Europe, and North America. In 2024, the company's overseas sales accounted for 74.7% of total revenue. Additionally, the company has ranked first in China's top 100 multinational companies and multinational indices for four consecutive years from 2021 to 2024, reflecting its operational scale. Furthermore, Joyson Electronics has a strong global customer network, with some of its subsidiaries' predecessors having business cooperation relationships with several customers dating back over a century. As of April 30, 2025, the company's customers cover over 100 global automotive brands, including the top ten automakers in China and worldwide In terms of finance, NJEC recorded revenues of approximately RMB 49.793 billion, RMB 55.728 billion, RMB 55.864 billion, and RMB 19.709 billion for the fiscal years 2022, 2023, 2024, and the four months ending April 30, 2025, respectively. The profits during the same periods were approximately RMB 233 million, RMB 1.240 billion, RMB 1.326 billion, and RMB 491 million.