Ningbo Joyson Electronic (600699) Q1 2025 earnings summary

Executive summary

• Revenue reached RMB 14.58 billion, up 9.78% year-over-year for Q1 2025; net profit attributable to shareholders was RMB 340 million, up 11.08% year-over-year.

• Gross margin improved by 2.6 percentage points to 17.9% due to cost optimization and efficiency measures.

• Automotive safety and electronics segments both saw margin improvements and revenue growth.

• New business orders for the quarter totaled RMB 15.7 billion in lifecycle value.

Financial highlights

• Operating cash flow was RMB 867.5 million, up 25.16% year-over-year.

• Basic and diluted EPS were RMB 0.24, up 9.09% year-over-year.

• Total assets at quarter-end were RMB 67.04 billion, up 4.48% from year-end 2024.

• Shareholders' equity attributable to listed company shareholders was RMB 13.68 billion, up 0.87% from year-end.

Outlook and guidance

• R&D expenses increased due to new business ramp-up but are expected to remain flat year-over-year for 2025.

• Company targets further growth by leveraging global and local market opportunities, especially in smart EV and Chinese brands' overseas expansion.