Joyson Electronics (00699)'s net profit returned to mother in the first half of 2026 was 740 million yuan, and the emerging technology business accelerated its breakthrough

The Zhitong Finance App learned that in the first half of 2026, Junsheng Electronics (00699) adhered to the business goal of “steady growth and improved performance”, responded flexibly to various challenges, achieved steady development in its main auto parts business, and maintained resilience in profitability. During the reporting period, the company achieved operating income of about 28.1 billion yuan; realized net profit of about 740 million yuan, an increase of about 4.4% over the previous year, and achieved a net operating cash flow of about 1.93 billion yuan, a gradual increase over the previous year.

At the same time, through organizational innovation and strategic expansion, Joyson Electronics continues to accelerate its expansion into emerging technology industries such as emerging smart devices, intelligent computing centers, and low-altitude aircraft through organizational innovation and strategic expansion, creating a second growth curve.

The resilience of the main business operations is highlighted, and overseas gross margin continues to rise

Faced with a complex environment such as pressure on global automotive market demand and rising raw material prices, Junsheng Electronics' performance maintained strong profit resilience. The gross margin of the main business was about 17.8%, which remained stable over the previous year.

In recent years, Joyson Electronics has continuously optimized the global supply chain and production capacity layout, actively introduced Chinese supply chain resources, promoted optimization of overseas procurement systems, lean factory manufacturing and automation upgrades, and dynamically adjusted production capacity allocation in line with market demand.

With overseas integration and the gradual release of the results of long-term cost reduction and efficiency measures, the gross margin of Joyson Electronics overseas regions increased by about 0.3 percentage points year-on-year to about 18.1% in the first half of the year, and profitability further recovered. According to the data, the gross margin of the company's overseas business has more than doubled from 9% in the first half of 2022.

In order to continuously enhance its core competitiveness, Joyson Electronics focuses on increasing R&D investment in cutting-edge technologies in the smart electric vehicle industry such as intelligent driving, emerging smart devices, and server power supplies. During the reporting period, the company invested about 2.28 billion yuan in R&D.

In terms of core automotive technology, Joyson Electronics continues to promote technological innovation and product development in cutting-edge intelligent fields such as intelligent driving, domain fusion controllers, and in-vehicle optical communication under next-generation electronic and electrical architectures. The field of smart cockpits has expanded and is deeply integrated with large models; in terms of automotive safety, it has developed a series of innovative safety solutions and continues to contribute to the improvement of many industry standards and regulations.

Thanks to long-term R&D investment, along with the further acceleration of the intelligent driving industrialization process, Joyson's smart driving business has not only formed a full-stack solution from entry to advanced, but has also gradually entered the large-scale mass production and delivery stage based on the “multi-chip platform+ecological cooperation” technology route.

In terms of new orders, the estimated total life cycle order amount for Junsheng Electronics's newly designated projects in the first half of the year is about 44.9 billion yuan. Leading independent brands and new car builders are becoming the core driving force for order growth, and the share of orders continues to rise, providing solid support for the company's long-term development.

Seize the double opportunity for overseas intelligent distribution and Chinese car companies to speed up overseas

In the first half of 2026, China's automobile industry showed the development characteristics of “total pressure, structural adjustment, and intense competition”. Continued price competition has put pressure on the profitability of the domestic automobile industry and posed challenges to the stability of the industrial chain supply chain and the healthy and sustainable development of the industry.

New energy vehicles, intelligence, and overseas travel are still the core driving forces for the development of the industry. Joyson Electronics is one of the few Chinese auto parts companies that have completed a global layout. It has manufacturing bases and R&D centers in major automobile production and sales countries, and has unique advantages with Chinese genes and global layout:

On the one hand, it responds quickly to demand, reduces communication costs, and uses global resources to provide a full-process solution for R&D, production and after-sales service for Chinese OEMs to go overseas at the best cost. On the other hand, it can combine the advantages of China's intelligent electric technology with its global layout experience to actively seize new opportunities for intelligent expansion in overseas markets.

In terms of intelligent expansion opportunities for overseas OEMs, Joyson Electronics has been targeted for mass production projects by overseas OEMs such as Europe, Japan, and Korea. The products will serve global markets such as Europe and Asia, including advanced assisted driving, smart cockpits, area controllers, etc.; in terms of helping China's own brands go overseas, the company has successively received orders for overseas models from domestic independent brands and new power car companies.

Against the backdrop of changes in the global trade environment and tariff policy adjustments in some countries, Chinese car companies are moving from vehicle exports to a new stage of “technology export+localized production” overseas 2.0. Joyson Electronics actively follows up on localized production opportunities for leading independent brands in overseas markets. At present, the company's overseas factories have received overseas local business orders from many leading domestic OEMs and are continuing mass production, and are also continuing to promote overseas cooperation matters with more domestic OEMs to seize the first-mover advantage of Chinese car companies going overseas.

Vigorously expand new business boundaries and strategically upgrade energy management business

In recent years, Joyson Electronics has continuously migrated automotive energy management technology and capabilities to emerging high-end technology scenarios such as emerging smart devices, intelligent computing centers, and low-altitude aircraft to achieve a strategic upgrade of the energy management business from auto parts to a pan-high-end intelligent new energy solution service provider.

For example, in the AIDC field, Joyson Electronics is currently stepping up the development of products and integrated solutions such as AC/DC power conversion units, high-power DC/DC power conversion units, and fully immersed liquid-cooled power supply cabinets. It is expected to launch samples and launch them on the market in September 2026.

In addition, Joyson Electronics provides a comprehensive energy solution of “cell/module/battery pack+battery management system+data service+power supplementation” for emerging smart devices; supplies three-in-one products with integrated battery management, DC voltage conversion and power distribution units for foreign eVTOL companies; and also develops power management and power distribution module products for leading domestic high-end technology customers, and is expected to deliver samples within the year.

In the field of emerging smart devices, through a strategy combining endogenous development, business cooperation and strategic investment, Junsheng Electronics has set up three special subsidiaries, Lingxi Intelligence, Hyper-Plane Technology, and Junen New Energy, focusing on key technology fields such as smart hands, emerging smart brains, and integrated energy solutions.

Since the beginning of the year, Joyson Electronics has continued to promote the iterative upgrading of core components of emerging smart devices, and released new products such as the Lingxi series of dexterous hands, smart brains, head assemblies, and solid-liquid hybrid energy solutions, and delivered high-performance airframe mechs and central controllers to leading customers in North America and China, respectively.

In the future, Joyson Electronics will continue to evolve from an auto parts company to an intelligent technology company, actively seize the market opportunities brought by new energy vehicles, intelligent driving, and the wave of overseas travel, while continuing to explore development opportunities in emerging fields such as emerging smart devices, intelligent computing centers, and low-altitude aircraft to cultivate new growth momentum for the company's long-term sustainable development.