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5. Ningbo Joyson Electronic Corp. Business Report FY ended Dec. 2022

Ningbo Joyson Electronic Corp. Business Report FY ended Dec. 2022

-Sales of electronic systems for automobiles were about CNY 15.1 billion, an increase of about CNY 1.74 billion (about 19%) from the same period of the previous year, and sales of safety systems for automobiles were about CNY 34.4 billion, an increase of CNY 2.09 billion (about 7%) over the same period of the previous year. For the fiscal year ended December 31, 2022, the company received new orders totaling approximately CNY 76.3 billion, including CNY 48.1 billion for automotive electronic systems and CNY 28.2 billion for automotive safety systems.

Hydrogen/fuel cell business development plan

-The company has entered the hydrogen energy and fuel cell industry by integrating advanced R&D and production resources inside and outside China. The company is developing fuel cell control system hardware compliant with functional safety and automobile industry standards, basic software and application layer control software conforming to AUTOSAR standards, main algorithms, and highly efficient, lightweight, high output density, low cost vehicle charging and power conversion system solutions.

Establishment of production base

-Ningbo PIA Automation Holding Corp. announced that with an investment of over CNY 100 million, a production line project for brake-by-wire intelligent braking systems in cooperation with global automotive Tier1 suppliers will be launched in China, North America, and Europe. The project applies a magnetic levitation conveyor system that can move parts quickly at any position in the system, perform non-contact movement and achieve precise positioning. (From a press release dated March 2, 2023)

-The company's subsidiary, Joyson Safety Systems, had broken ground on its manufacturing base in Hefei city, capital of Anhui province. Covering a planned area of 80,000 square meters in total, the new site will contain a 29,600-square-meter smart manufacturing center, a new R&D hub, as well as relevant supporting facilities. The R&D facility will focus on innovations in steering wheel and air bag technologies. The Hefei base is expected to start operation at the end of 2023, targeting an annual production capacity of 4 million steering wheels and 10 million air bags. (From a press release dated July 27, 2022)

-The company announced that its automotive safety arm, Joyson Safety Systems (Joyson Safety), has started the construction of its new industrial base in Hefei, Anhui Province. Phase one of the project is scheduled to start production by the end of 2023. In this phase, an R&D center, a smart factory, and smart logistics facilities will be built, delivering an estimated production output value of CNY 2.5 billion annually.  (From a press release dated April 6, 2022)

Product technology development trends

800V high voltage platform energy management system
-The company announced the commencement of another round of R&D and industrialization of key technologies of the 800V high voltage platform electric vehicle energy management system. The joint innovative R&D will focus on high-efficiency 800V fast charging voltage boosting key technologies, highly integrated 800V all-in-one key technologies, 800V high voltage platform energy management system charging control technologies, 800V energy management system structure, and research on 800V energy management system development and validation. (From a Joyson Electronic official WeChat account press release dated December 14, 2022)

Charging boost technology
-The company announced the launch of charging boost technology. The charging booster launched by Joyson Electronics enables vehicles on the 800V platform to be charged at 400V power stations. In other words, vehicles are now compatible with both 400V and 800V power stations, no longer restricted by the output voltage of chargers. The company has already received orders for 800V high-voltage quick chargers from several automakers, with the value of the orders reaching approximately CNY 9 billion. (From a press release dated August 10, 2022)

The fourth generation intelligent connected V2X products
-The company announced that its intelligent connected V2X (vehicle-to-everything) products have been upgraded to the fourth generation. The product form has iterated from DAY 1 scenarios that meet the definition of V2V and V2I standards to DAY 2+ scenarios. Besides passenger cars, they are now gradually being applied on commercial vehicles. Along with the performance improvement of 5G network, they will keep upgrading. In 2021, Joynext's third-generation V2X product built on the R15 standard was installed in the HiPhi X. In early 2022, Joynext began the mass production of V2X products to supply a vehicle startup in China. Joynext will continue to provide the latest 5G and C-V2X technologies that meet the R16/17 standard for the models built on this platform. (From a press release dated July 13, 2022)

JUN Sim Cloud
-Ningbo Joyson Intelligent Automobile Technology Research Institute Co., Ltd. (JoysonAI), a wholly-owned subsidiary of Ningbo Joyson Electronic Corporation (Joyson Electronics), launched JUN Sim Cloud, a new smart simulation platform. JUN Sim Cloud is a comprehensive cloud simulation platform based on a large, distributed computing architecture. In terms of intelligent driving, the platform caters to the simulation testing needs of OEMs, partners, universities, and research institutes. JUN Sim Cloud holds a rich scenario library, physical-level sensor simulation, high-precision dynamics simulation, and a comprehensive exam and assessment system. The platform can fully simulate the driving environment in the physical world, reconstructing corner cases from the real world. Testers can configure the vehicle in the platform based on different needs, including kinematic parameters, dynamic parameters, and sensor configurations. Meanwhile, the external settings are also customizable, such as the road situations, traffic conditions, weather, and light environments. (From a press release dated May 31, 2022)

Business alliance

Huawei
-The company's holding subsidiary, Ningbo Joynext Technology Corporation (Joynext), has inked a memorandum of comprehensive cooperation with Huawei Device Co., Ltd., Huawei’s subsidiary, in Songshan Lake, Dongguan. In 2021, Joynext signed a cooperation agreement with Huawei’s Auto Division, focusing on cooperation on intelligent cockpits to create a new generation of intelligent cockpit solutions. At present, production models equipped with the collaborative product are already under development. By signing the memorandum of comprehensive cooperation, Joynext will expand the comprehensive cooperation with Huawei to strengthen the all-round communication in cockpits and the cockpit ecology, jointly build an overall product solution based on the HiCar intelligent mobility platform, jointly expand the market and enhance brand building, form a new value synergy, and provide users with a diverse cockpit ecological experience. (From a Joyson Electronic official WeChat account press release dated November 7, 2022)

Orders received

BMS assembly and testing line for BMW and Volkswagen
-Ningbo Pia Automation Holding Corp. announced that it has completed the customization and delivery of the new energy smart car battery management system (BMS) assembly and testing line, with a production cycle of 24 seconds per piece. The products will be installed on BMW electric models, reaching BMW's annual production capacity of 600,000 pieces. The BMS test patent technology independently developed by Junpu Intelligent can simulate driving and charging and discharging conditions and complete the full simulation test and calibration of the target BMS product within 60s. The testing technology has been successfully applied to the fully automated battery management system production lines of OEMs such as Geely and Mercedes-Benz, and recently the company has obtained a new energy smart vehicle BMS assembly and testing line, which will eventually be used on the Volkswagen MEB platform.

5G+C-V2X products for a global automaker
-The company's subsidiary, JOYNEXT Technology Co., Ltd. (JOYNEXT), has been nominated by a global automaker to supply intelligent connectivity products. JOYNEXT will provide this automaker with its 5G+C-V2X (technology for vehicles to exchange information with the outside world based on 5G network and unified communication standards) products for its new energy models. The total value of the order during the supply period is expected to be around CNY 1.8 billion. (From a press release dated March 2, 2023)

Safety products and solutions for domestic and overseas brands
-A subsidiary of the company's Automotive Safety Division has recently received project orders from domestic independent brands, emerging automakers, and overseas brands whose names cannot be disclosed due to confidentiality agreements. The Automotive Safety Division will provide various active and passive safety products and solutions for intelligent electric models, with the total amount of life-cycle orders expected to exceed CNY 4 billion and mass production to commence in 2023 at the earliest. (From a Joyson Electronic SSE announcement dated October 21, 2022)

Safety products for NEVs
-The company's automotive safety arm, Joyson Safety Systems, received a notice of supplier designation from a vehicle manufacturer. Joyson Safety Systems has been selected as a supplier of NEV (New Energy Vehicle) safety products for this vehicle manufacturer. The total value of the deal during the supply period is expected to be around CNY 11.5 billion. Mass production is scheduled to begin in 2025. Joyson Safety Systems will provide products such as airbags, steering wheels, and seat belts to meet clients’ business plans for NEV markets in China and Europe. (From a press release dated August 10, 2022)

V2X modules and 800V BMS for European vehicle manufacturer
-Ningbo Joynext Technology Co., Ltd., a subsidiary of Joyson Electronics, has been designated by a European vehicle manufacturer as a supplier of V2X modules. The total value of the deal during the supply period is expected to be around CNY 900 million, and mass production will begin in 2024. Preh GmbH, a subsidiary of Joyson Electronics, has been designated by a European vehicle manufacturer as a supplier of 800V BMS. The total value of the deal during the supply period is expected to be around CNY 5.6 billion, and mass production will begin in 2023. (From a press release dated August 1, 2022)

High-computing-power domain control units for Chinese manufacturer
-Ningbo Joyson Technology Co. Ltd. (Joyson Technology), a subsidiary of Joyson Electronics, has established a partnership with a vehicle manufacturer in China to jointly develop high-computing-power domain control units for autonomous driving. Based on NVIDIS's Drive Orin system-on-a-chip (SoC), Joyson Technology will provide customers with a high-computing-power domain control unit (AD domain controller), which can realize Level 2+ and NOA (navigate on autopilot) function in highway and urban scenarios, as well as AVP (automated valet parking). Mass production will begin in 2024. (From a press release dated August 1, 2022)

Smart factory

-The company announced that a smart facility for automotive electronics to be built by its subsidiary, Ningbo Preh Joyson Automotive Electronics Co., Ltd. (Preh Joyson), has been selected as a finalist for the “pilot list of future factories in Zhejiang Province in 2022”. The smart factory will realize automation and intelligence. At this site, 90% of all processes will be automated, including injection molding shop, paint shop, electronic patch shop, assembly shop, and automatic end-of-line testing. At this factory, various products in modular combination and large quantity will be produced on a single production line. (From a press release dated May 10, 2022)

-The company announced that it is accelerating a new round of digital upgrades, applying new technologies such as big data, artificial intelligence, and new industrial software to help Joyson Electronics achieve mass manufacturing, while creating an intelligent and flexible production system which can reduce labor costs and meet customer customization and individual needs through batch production. Joyson Preh, a subsidiary of Joyson Electronics, has carried out digital transformation at its Ningbo plant, so that various products in modular combination and large quantities can be produced on a single production line. Joyson Preh is also expanding the capacity of its automotive electronics facility, planning to complete the expansion by August. Joyson Safety Systems (Joyson Safety), the automotive safety arm of Joyson Electronics, recently started trial operation of the new smart logistics project at its Ningbo plant, realizing automated warehousing, storage, distribution, packaging, and shipping at this automated plant. In addition, Joyson Safety is speeding up the Hefei project and the third phase construction of the Huzhou Plant is underway to build infrastructure such as R&D centers, smart factories, intelligent logistics centers, and other facilities. (From a press release dated April 13, 2022)

-Ningbo PIA Automation Holding Corp. (PIA), an affiliated company of Ningbo Joyson Electronic Corporation, announced its listing on the SSE STAR Market (officially known as the Shanghai Stock Exchange Science and Technology Innovation Board). Founded in January 2017, PIA is a global supplier of intelligent manufacturing equipment covering the automotive industry, mechanical and electronic products, consumer goods, and health care. In the automotive industry, PIA provides intelligent manufacturing solutions for carmakers. (From a press release dated March 21, 2022)

Patents

-The company announced that its subsidiary, Preh Group, received a process certification under ISO 26262: 2018 ASIL D, presented by TÜV NORD, in China. (From a press release dated February 23, 2022) 

-As of the end of 2022, the company has more than 4,000 core patents worldwide.

R&D system

‐The company's subsidiary, Preh, signed a letter of intent with the Governor of Yucatan, Mexico. Preh will build a high-end automotive electronics engineering R&D center in Yucatan. In the future, the center will focus on product design and development involving AI (artificial intelligence) and automotive electronics, applying intelligent technology to the next-generation automotive smart cockpit electronics. The project aims to meet the customer demand for intelligent electric transformation and respond to customer requests more promptly. In the short to medium term, the center will create 300 jobs for high-tech engineers and software/hardware developers. (From a press release dated May 25, 2022)

-The company plans to establish two global research centers in China by the end of 2022. The main focus will be on research related to New Energy Vehicles and automated driving technology. In New Energy Vehicles, the focus will be on battery management systems and energy storage technologies, while in the area of automated driving technology, the main focus will be on intelligent cockpits. (From a press release dated March 15, 2022)

-An intelligent automobile technology laboratory was newly established. The lab will develop cutting-edge technologies in the field of automotive intelligence and commercialize research results. Particular focus will be placed on domain controllers for automated driving, machine vision systems, machine learning, AR/VR, multi-modal HMI, sensing, in-vehicle software, and others.

R&D expenditure

-As of the end of 2022, the total number of engineering and R&D personnel was 4,949, accounting for 11.15% of the total number of employees of the company.