Jiangsu New Vision Automotive Electronics (2632) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 2.1% year-over-year to RMB328.5 million, driven by growth in HUD and testing solutions, despite a challenging automotive market.

• Gross profit reached RMB76.7 million, but gross margin declined due to product mix, and the period ended with a net loss of RMB413.3 million, mainly due to significant non-cash fair value losses on redemption liabilities and increased expenses.

• The company completed a successful IPO in March 2026, raising HK$649.7 million in net proceeds, strengthening its capital base and turning net liabilities into net assets.

• HUD product sales grew 2.7% year-over-year to 395,097 units, with CyberVision AR-HUD sales surging 127.8% and export sales up 18.3%.

Financial highlights

• Revenue: RMB328.5 million, up 2.1% year-over-year; HUD solutions contributed RMB301.4 million (+1.4%), testing solutions RMB16.4 million (+83.9%), others RMB10.7 million (-31%).

• Gross profit: RMB76.7 million; gross margin declined to 20.3% from 23.9% due to lower-margin product mix.

• Net loss: RMB413.3 million, mainly due to RMB224.3 million in fair value losses on redemption liabilities.

• Adjusted (non-IFRS) loss: RMB32.3 million after excluding non-cash and one-off IPO-related items.

• Cash and cash equivalents at period end: RMB475.7 million, up from RMB126.6 million at year-end 2025.

Outlook and guidance

• The company expects continued growth in intelligent HUD adoption, especially in premium and mid-end new energy vehicles.

• Overseas expansion, especially in Europe, is a strategic focus, with new subsidiaries and a Hungarian factory under construction.

• R&D and product innovation remain priorities to maintain differentiation and avoid low-end price competition.

• Strategic priorities include deepening customer co-creation, expanding international OEM supply chains, and advancing AI-driven testing and innovative display technologies.

• No material adverse changes in financial position or business prospects since 30 June 2026.