Joyson electronics 2025 half-year report: Revenue Exceeds 30 Billion Yuan, Net Profit Increases by 11.13% Year-on-Year

On August 25, Joyson Electronics (600699.SH) released its performance report for the first half of 2025, showing that during the reporting period, the company achieved an operating revenue of approximately 30.347 billion yuan, a year-on-year increase of 12.07%. The total operating profit was about 1.247 billion yuan, and net profit attributable to the parent company increased by 11.13% year-on-year to 708 million yuan. The company's profitability continues to strengthen, with the overall gross profit margin increasing by about 2.6 percentage points year-on-year to approximately 18.2%.

Image Source: Joyson Electronics Announcement

In the first half of 2025, tariff barriers and price wars posed significant challenges to the automotive industry chain. For an auto parts company with a global layout, achieving continuous revenue and profit growth is indeed not easy.

Overall, the steady growth in Joyson Electronics' performance is closely related to its effective cost-reduction measures taken earlier, precise grasp of trending sectors such as automotive intelligence, electrification, and robotics, continuous expansion of collaborations with domestic and international car manufacturers, and strengthening of its ecosystem.

Cost reduction measures have achieved results, and the profitability of the main business continues to improve.

According to the Junsheng financial report, both major business segments of automotive safety and automotive electronics showed growth in revenue and gross margin compared to the previous year. The automotive safety business achieved revenue of approximately 18.978 billion yuan, an increase of 1.13% year-on-year, with a gross margin of about 15.9%, an improvement of approximately 2 percentage points year-on-year. The automotive electronics business achieved revenue of approximately 8.356 billion yuan, a year-on-year increase of 2.78%, with the gross margin improving by about 2.2 percentage points to approximately 21.5%.  

Image source: Joyson Electronics announcement     

Joyson Electronics pointed out that the company's profit growth benefited from the gradual manifestation of the effectiveness of various cost-reduction and efficiency-enhancement measures that were prioritized earlier, especially in terms of the significant results in global raw material cost reduction and operational efficiency improvement.

In recent years, Joyson Electronics has continuously integrated its business in overseas regions by introducing Chinese suppliers, optimizing purchasing prices from existing suppliers, and focusing on the continuous reduction of raw material costs. The company's global operations improvement team has been optimizing and enhancing the overall efficiency of equipment in overseas factories while also adjusting and relocating production capacity from high-cost countries/regions to low-cost countries/regions. For instance, during the reporting period, the company initiated the expansion of an airbag fabric and bag factory in the Philippines, taking full advantage of the cost and scale benefits in Southeast Asia to improve the gross profit margin.

With the significant impact of cost reduction in raw materials and other measures, Joyson Electronics' profitability both domestically and internationally has continued to strengthen. Among these, the gross profit margin of main businesses in overseas regions increased by approximately 3.0 percentage points year-on-year to about 17.8%.

Image Source: Joyson Electronics Announcement

Ningbo Joyson Electronic Corporation indicated that in the future, as various cost improvement measures are deeply implemented globally, and new improvement plans such as the localization and substitution of core components like chips and the continuous increase in the self-production ratio of airbag gas generators are gradually put into practice, it is expected to further enhance the profitability of the main business.

The amount of new orders is approximately 31.2 billion, with over 66% related to new energy vehicles.

While revenue continues to grow, the volume of new orders for Joyson Electronics is also constantly increasing.The financial report shows that the companyIn the first half of the year, the total lifecycle value of newly awarded projects was approximately 31.2 billion yuan, with the automotive safety business accounting for about 17.4 billion yuan, the automotive electronics business accounting for about 13.8 billion yuan, and the value of new orders related to new energy vehicles exceeding 20.6 billion yuan, accounting for more than 66%.As of the end of July, the total lifecycle value of new orders in the automotive safety business has reached approximately 25.5 billion yuan.

Ningbo Joyson Electronic Corporation stated,Leading independent brands and new automotive forces are becoming the core drivers of order growth, with their order share continuing to increase.This not only includes several best-selling models in the current market but also targets the next-generation platform projects of several independent brands. In addition, the wave of Chinese car companies going global and overseas car companies transitioning to intelligent electrification have also brought new opportunities to this global enterprise, driving an increase in order volume.

Order and performance growth cannot be achieved without innovation and leadership in products. For a long time, Joyson Electronics has focused on this core principle.Maintain high-intensity research and development investment in areas such as smart cockpits, intelligent driving, intelligent connectivity, vehicle-road-cloud collaboration, and high-voltage fast charging for new energy vehicles.The financial report shows,In the first half of 2025, the company's total R&D investment was approximately 2.488 billion yuan.Support the company in achieving further innovative breakthroughs.

Smart cockpit fieldBased on the trend of "central computing + regional control" architecture, Joyson Electronics has successively launched innovative and upgraded products such as domain fusion controllers, which include central computing units and cockpit-driving integration solutions, as well as zone controllers (ZCU) suitable for domain fusion and central integrated electronic and electrical architectures. Some of these products have secured breakthrough orders and are involved in multiple POC projects with domestic and international car manufacturers. Additionally, during the Shanghai Auto Show in April this year, Joyson Electronics globally debuted its immersive intelligent cockpit JoySpace+, which integrates new technologies and products such as an all-domain flight control knob, large light field screen, customizable crystal control keys, and a sky mirror display screen, creating an immersive driving pleasure and experience for users.

Image source: Joyson Electronics

Intelligent Assisted Driving Field======== Business cooperation with the leading autonomous driving algorithm company Momenta.，Successfully secured a joint breakthrough in a well-known independent brand's advanced intelligent driving domain control project for the first time, with the order amount exceeding 1 billion yuan. The project is scheduled for mass production in 2026.At the same time, Joyson Electronics has strategically invested in the intelligent driver-assistance chip company New Core Navigation (Suzhou) Technology Co., Ltd. Based on its driver-assistance chip platform, they are developing advanced intelligent driver-assistance domain controllers. The project is currently progressing smoothly, with the relevant chips successfully powered up and undergoing on-vehicle testing.

Intelligent network connection and vehicle-road-cloud collaboration fieldNingbo Joyson Electronic Corporation is actively promoting the deployment of intelligent connected products in different markets. The V2X solution provided for the new domestic BMW 5 Series has begun mass production. In addition, the company is actively researching and exploring the application of optical modules in automobiles, aiming to enhance data transmission speed and capacity while ensuring in-vehicle communication network security and reliability, thus meeting the future needs for advanced intelligent driving and high-speed connectivity in vehicles.

Automobile safety======Junsheng Electronics has deeply integrated automotive safety products with electronic technology, developing a series of innovative safety solutions such as the zero-gravity seat complete safety solution, the new "J" series platform gas generator, and the new generation of optically enhanced seat belts, achieving more efficient, comprehensive, and comfortable intelligent safety protection.

Layout the humanoid robot industry chain to create a second growth curve.

Since the beginning of this year, the enthusiasm for the embodied intelligence sector has accelerated the automotive industry chain's layout in this field, with Joyson Electronics once again taking the lead.

At the beginning of this year, Joyson Electronics announced that it would leverage its R&D capabilities and high-end manufacturing expertise accumulated in the core business of automotive components to strategically extend into the upstream and downstream of the robotics industry chain."New Positioning of 'Automotive + Robotics Tier 1'"，Comprehensive Deployment in the Field of Humanoid RobotsActively create a second growth curve.

During the reporting period, Joyson Electronics has fully started its strategic layout in the humanoid robot field and officially established a wholly-owned subsidiary, Ningbo Joyson Embodied Intelligent Robotics Co., Ltd., in April this year. The company actively promotes the research and development and commercialization of related products for domestic and international clients.Provide key components including cerebellum controllers, energy management modules, high-performance body mecha materials, and integrated hardware and software solutions such as robot head and chest assembly.。 

Joyeauto Electronics' robot domain controller thoracic and chassis assembly solution (Image source: Joyeauto Electronics)

Currently, the core products of Junsheng Electronics' robotsMajor clients include leading overseas robotics companies, as well as top domestic robotics companies such as Zhiyuan Robotics and Galaxy General.In the first half of the year, Junsheng Electronics signed a strategic cooperation agreement with Zhiyuan Robotics. The two parties will engage in deep cooperation on core technology breakthroughs, customized development, and the construction of testing and verification platforms, focusing on key components and the "big and small brains" of robots.

Junsheng Electronics has signed a strategic cooperation agreement with Zhiyuan Robot (Image source: Junsheng Electronics).

Joyeauto's flexible and precise strategic layout in deepening the intelligent electric vehicle field and rapidly expanding the embodied intelligent robot track, combined with the continuous expansion of its ecosystem and the constant increase in gross profit, makes its market prospects favored by the capital market.

Meanwhile, the controlling shareholders, directors, and senior executives of Joyson Electronics increased their holdings with their own or self-raised funds, indicating their recognition of the company's long-term investment value and confidence in its future development prospects. In the first half of the year, the company also formally applied to the Hong Kong Stock Exchange for listing on the main board, aiming to create an international capital platform and raise funds to enhance research and development in smart vehicles and global expansion. This will propel Joyson Electronics to a higher stage of development.