The annual report reveals that Ningbo Joyson Electronic Corp. (00699, 600699.SH) is accelerating its global expansion: the growth logic continues to be fulfilled, and the business layout highlights its versatile nature.

The ability boundary is expanding rapidly, and the ability to go global is continuously strengthening. This is the strong value signal released by the latest financial report of "Automobile + Siasun Robot & Automation Tier1" dual leaders Ningbo Joyson Electronic Corp. (00699, 600699.SH). Recently, Ningbo Joyson Electronic Corp. disclosed its 2025 annual performance report. The financial report shows that in 2025, Ningbo Joyson Electronic Corp. achieved a total operating income of 61.183 billion yuan, a year-on-year increase of 9.5%; achieved a net profit attributable to the parent company of 1.336 billion yuan, a year-on-year increase of 39.1%; achieved a non-recurring net profit attributable to the parent company of 1.496 billion yuan, a year-on-year increase of 16.7%. Behind the comprehensive breakthrough in financial data, the more noteworthy value signal is: at this stage, the global customer expansion of Ningbo Joyson Electronic Corp. is steadily progressing, and the ability to go global in automotive electronics continues to strengthen. At the same time, as a global automobile Tier1, Ningbo Joyson Electronic Corp. has achieved technical overflow, and is accelerating the expansion of its ability boundary from smart cars to more emerging sectors including embodied intelligence. Ningbo Joyson Electronic Corp., with its comprehensive capabilities "evolving," has officially entered the period of value realization. In the future, following the established strategic path of "emphasizing internal development and balancing investment and M&A," Ningbo Joyson Electronic Corp. is bound to accelerate its transformation from a potential stock in a single track to a hard technology powerhouse occupying multiple golden growth tracks, and the company's long-term investment value will be more fully demonstrated in this process. Seize the opportunity for global advancement, the intelligent business enters the harvest season In 2025, facing a complex external environment, Ningbo Joyson Electronic Corp. delivered a "highly valuable" report card. On the basis of stable growth in revenue, the company's comprehensive gross profit margin increased by 2.1 percentage points year-on-year to 18.3%, and various profit indicators were significantly optimized. According to GMTEight, this is the result of the company's long-term focus on global deployment and continuous efforts to reduce costs and increase efficiency. The characteristic of "Chinese genes, global layout" of Ningbo Joyson Electronic Corp. was further enhanced in 2025. The annual report shows that the proportion of overseas market revenue in 2025 continued to be maintained at over 70%, and the company has more than 60 production bases globally. This deep integration into the global supply chain not only effectively hedges against the cyclical fluctuations of a single market, but also allows Ningbo Joyson Electronic Corp. to fully realize its growth logic in overseas blue ocean markets where intelligent and new energy penetration rates are still relatively low. In 2025, the gross profit margin of the company's overseas main business area increased by 2.8 percentage points year-on-year to approximately 17.9%, indicating a significant enhancement in profitability. This is mainly due to the company's continued optimization of global production capacity: on the one hand, decisively phasing out high-cost production capacity in the Americas, Europe, and other regions, the company completed the integration and closure of three factories in the Americas in 2025; on the other hand, accelerating the layout of new production capacity in cost-advantageous regions such as Morocco, with the expansion project of the steering wheel factory in Morocco expected to start production within the year. The effectiveness of the strategy of "closing and transferring high-cost regions and transferring production capacity to low-cost regions" will continue to be reflected in the subsequent reports of Ningbo Joyson Electronic Corp. While its influence is growing globally, Ningbo Joyson Electronic Corp. is also intensifying its efforts to harness the dividends of intelligence. Data shows that in 2025, the company secured approximately 97 billion yuan in new full-lifecycle orders for the year, reaching a historical high. Among these, automotive electronics contributed 46.1 billion yuan, and in the field of advanced intelligent products, new orders exceeded 20 billion yuan. The significant breakthrough is a result of Ningbo Joyson Electronic Corp.'s precise grasp of the trend of increasing intelligent penetration rates overseas: while intelligent cabins and intelligent driving have entered a stage of high penetration in the domestic market, the process of intelligence in Europe, North America, and other markets is still at an early stage of development. With the acceleration of global OEMs' intelligent layout, the company's first-mover advantage is translating into tangible order increments. The latest financial report of Ningbo Joyson Electronic Corp. not only highlights the impressive financial and operational data, but also provides a glimpse into many imaginative possibilities for the company's future. For example, in the direction of intelligent connected networking, focusing on the AI infrastructure track full of long-term imagination, Ningbo Joyson Electronic Corp. is actively deploying new networking technologies represented by the car TRANSPORT INT'L light module. To expedite the implementation of technology, the company is adopting a combination of "business cooperation + strategic investment": on one hand, a new subsidiary has been established to focus on the field of optical communication, collaborating with Zhongji Innolight to launch in-vehicle optical communication solutions, thereby creating a comprehensive intelligent networking ecosystem; on the other hand, through a strategic investment in New Phi Light, the company is advancing the business layout and application of optical modules, expanding new business opportunities in the global market. According to the company's management at the performance meeting, with the decline in costs and the maturity of the industrial ecosystem, in-vehicle optical modules will be extensively adopted, with their commercial value not only in the components themselves, but also in supporting the next generation of intelligent vehicle systems, enhancing the core competitiveness of whole vehicle ASPs and integrated electronic solutions. Expanding technological overflow in the embodied industrial chain, after winning in all aspects, there is still plenty of momentum For the automotive industry chain, 2025 can be considered a milestone year in a certain sense. This year, the narrative of intelligent driving has gained popularity, and advanced driver assistance systems have rapidly developed; and from the progress of the industry, the growth rate is likely to further accelerate this year. Public information shows that at the end of last year, the Ministry of Industry and Information Technology had approved two L3-level vehicle products, indicating that the technological implementation will further advance under favorable policies; at the same time, players in the L4 level are gradually testing commercial models in benchmark projects, indicating that large-scale commercialization may be just around the corner. In this context, Ningbo Joyson Electronic Corp. has also made adequate preparations to meet the widespread adoption of advanced intelligent driving. According to the annual report, the company adheres to the technological route of "multi-chip platforms + ecological cooperation," and has developed a full-stack intelligent driving solution from L2 to L4, and extended it to unmanned automated driving based on that. For the period, Ningbo Joyson Electronic Corp.'s joint breakthrough project with Momenta in the high-end intelligent assisted driving domain control is expected to start mass production this year; the L4 solution for restricted scenarios has been stably operating at smart ports such as Ningbo Zhoushan Port. In terms of computational power, the company strategically invested in the intelligent assisted driving new product company New Xin Hangtu, and the advanced intelligent driving domain control developed based on its chip platform has successfully conducted tests. As these projects ramp up from 2026, the company's high-end intelligent driving business will soon enter a new stage of scaled growth. In 2025, while consolidating its core business foundation, Ningbo Joyson Electronic Corp. strategically extended its car-level capabilities to other high-end manufacturing fields in a systematic manner, nurturing a second growth curve. The intensive disclosure of new business progress in the annual report clearly outlines the company's new identity shift from being an "Automobile Tier1" to an enabler of high-end manufacturing. The deep layout around the embodied intelligent industrial chain can be said to be a concentrated embodiment of Ningbo Joyson Electronic Corp.'s "capability reuse" logic. According to the company's management, Ningbo Joyson Electronic Corp.'s Siasun Robot & Automation business adopts a "component + scene" dual-drive strategy: on the component side, it lays out five core components including domain controllers, energy management, chest and chassis assemblies, head assemblies, and dexterous hands, all of which are migrated from the automotive business; on the scene side, it deploys Siasun Robot & Automation in real scenarios at its own factories globally (material handling, production line inspections, product assembly, etc.) to train AI models with operational data, create a "data flywheel" closed loop, refine products, and cater to customer needs. During the period, Ningbo Joyson Electronic Corp. also partnered with several industry chain partners such as Intelligent Siasun Robot & Automation, RIVR, and BLACK SESAME, and collaborated with Alibaba Cloud AI to promote the upgrading of Siasun Robot & Automation's intelligent capabilities, continuously improving the Siasun Robot & Automation ecosystem through technical cooperation and scenario data training. Considering Ningbo Joyson Electronic Corp.'s advantages in the transfer of automotive-derived technologies, its own industrial scenarios and data, mature supply chain and manufacturing systems, customer base, and cooperative ecosystem compared to other competitors, it is expected that the embodied industrial chain will become the second growth DRIVE outside of automotive. According to the guidance given by the management of Ningbo Joyson Electronic Corp. at the performance meeting, the revenue of the Siasun Robot & Automation business in 2026 will "rise significantly," and it is believed that the Siasun Robot & Automation business will achieve higher profit margins than the automotive electronics business in the future. Overall, Ningbo Joyson Electronic Corp. has evolved from a manufacturing company deeply rooted in automobile components to a hard technology platform company spanning multiple high-growth tracks such as automobiles, Siasun Robot & Automation, and even AI infrastructure. As Ningbo Joyson Electronic Corp. undergoes a comprehensive "evolution," the company's investment value will also experience a "qualitative change" in this process: global layout across multiple sectors can help smooth the impact of cyclical fluctuations in a single industry or market, thereby establishing a more stable growth structure for Ningbo Joyson Electronic Corp. From this perspective, the long-term certainty of Ningbo Joyson Electronic Corp. is now clearer than ever before.