Ningbo Joyson Electronic (600699) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached ¥30.35 billion, up 12.07% year-over-year, with net profit attributable to shareholders at ¥707.63 million, up 11.13% year-over-year.

• Gross margin improved by 2.6 percentage points to 18.2%, driven by cost reduction and efficiency measures, especially in overseas operations.

• New orders in H1 2025 totaled ¥31.2 billion, with over 66% related to new energy vehicles, and significant breakthroughs in both automotive and robotics sectors.

• R&D investment increased to ¥2.49 billion, representing 8.2% of revenue, supporting innovation in smart driving, cockpit, and humanoid robotics.

Financial highlights

• Operating income: ¥30.35 billion, up 12.07% year-over-year.

• Net profit attributable to shareholders: ¥707.63 million, up 11.13% year-over-year.

• Basic and diluted EPS: ¥0.51, up 13.33% year-over-year.

• Operating cash flow: ¥1.91 billion, up 2% year-over-year.

• Gross margin: 18.2%, up 2.6 percentage points year-over-year.

Outlook and guidance

• Management expects continued improvement in gross margin as cost optimization and localization of key components deepen globally.

• Confident in securing more overseas orders in H2 2025, especially in automotive safety and electronics.

• Ongoing focus on smart driving, cockpit integration, and humanoid robotics as new growth drivers.