Jiangsu New Vision Automotive Electronics (2632) H2 2025 earnings summary

Executive summary

• Revenue grew 15.4% year-over-year to RMB666.6 million, driven by strong HUD solution sales, especially AR-HUD (CyberVision), which saw a 226.6% increase in sales volume and now comprises 21% of total HUD sales.

• Gross profit rose to RMB157.9 million, but gross margin declined due to higher sales of lower-margin HUD products.

• Loss for the year narrowed to RMB137.9 million from RMB174.6 million in 2024, with adjusted (non-IFRS) loss at RMB7.1 million after excluding fair value losses on redemption liabilities and listing expenses.

• The company completed its Hong Kong IPO in March 2026, raising HK$649.7 million in net proceeds, with all preferred shares converted to ordinary shares.

Financial highlights

• Revenue: RMB666.6 million in 2025 (up 15.4% YoY); HUD solutions contributed RMB621.6 million (up 15.0% YoY).

• Gross profit: RMB157.9 million; gross margin for HUD solutions fell from 27.6% to 23.3% due to product mix.

• Loss before tax: RMB136.6 million; net loss: RMB137.9 million; adjusted loss (non-IFRS): RMB7.1 million.

• Total assets: RMB776.1 million; total liabilities: RMB1,673.5 million; net liabilities: RMB897.4 million as of year-end.

• Cash and cash equivalents: RMB230.4 million; interest-bearing borrowings: RMB112.1 million.

Outlook and guidance

• Management expects continued revenue growth in 2026, driven by mass production of new AR-HUD products and overseas expansion.

• Strategic focus on cost optimization, R&D investment, global market penetration, and ecosystem partnerships.

• IPO proceeds will fund production line upgrades, R&D, strategic collaborations, and working capital.