Gasgoo Munich-Joyson Electronics recently unveiled its financial results for the first half of 2026. Revenue came in at roughly 28.1 billion yuan, while net profit attributable to shareholders hit 740 million yuan — a 4.4% increase from a year earlier. Net operating cash flow also climbed steadily to 1.93 billion yuan.
Image Source: Joyson Electronics (same below)
The figures aren't explosive. But given the current industry climate, that stability speaks volumes.
More noteworthy are the shifts happening beneath the surface. Joyson’s smart driving business is entering a phase of mass production and delivery, while its overseas gross margin has doubled over four years. Furthermore, its strategic moves into intelligent computing centers, low-altitude aircraft, and emerging intelligent agents are moving from the drawing board to actual product launches.
After years of deepening its roots in automotive safety and electronics, Joyson is pushing its capabilities beyond the vehicle.
Overseas Margins Double in Four Years as Smart Driving Business Enters Mass-Production Harvest Phase
Start with the fundamentals.
For the first half, gross margin on the main business stood at roughly 17.8%, effectively flat with last year. Holding that line in such a hyper-competitive environment is no small feat.
The real highlight lies overseas. Joyson’s gross margin in international markets reached about 18.1% in the first half, up 0.3 percentage points year-on-year. Zoom out, and that figure was just 9% in the first half of 2022.
Doubling overseas margins in four years is the result of several consistent efforts: integrating Chinese supply chain resources into the global system, optimizing overseas procurement, advancing factory automation and lean production, and dynamically allocating capacity based on orders. As the benefits of overseas integration and long-term cost-reduction measures take hold, profitability is recovering further.
R&D spending continues to ramp up. In the first half, Joyson poured roughly 2.28 billion yuan into smart driving, domain fusion controllers, in-vehicle optical communication, smart cockpit integration with large models, and server power supplies. The automotive safety unit hasn’t eased up either, with new solutions currently in the pipeline.
That investment is starting to pay off. Smart driving is the prime example. Joyson is pursuing a "multi-chip platform plus ecosystem partnership" strategy, offering a full-stack solution ranging from entry-level to high-end systems. The business has now entered a stage of mass production and delivery. Integration of smart cockpits with large models is also deepening, as the company stakes its claim on the next generation of human-machine interaction.
Order data tells a clearer story. The total lifetime value of new projects awarded to Joyson in the first half reached about 44.9 billion yuan, with a growing share coming from top domestic brands and new EV makers.
As one of the few Chinese auto parts companies to complete a global expansion, Joyson operates factories and R&D centers in every major automotive market. That combination of "Chinese DNA plus global footprint" holds special value right now.
Chinese automakers going global need suppliers that can follow them abroad. Joyson can provide the full spectrum of services locally—from R&D and manufacturing to after-sales. Meanwhile, as traditional foreign automakers accelerate their catch-up in smart technologies, Joyson can export the smart EV expertise it has honed in the Chinese market back to them.
Both fronts saw substantive progress in the first half. European, Japanese, and Korean automakers awarded Joyson mass-production contracts for advanced driver-assistance systems, smart cockpits, and zone controllers, with products destined for global markets including Europe and Asia. Orders for export models from several domestic brands and new EV makers also landed in Joyson’s portfolio.
Even more critical is the shift in how companies go abroad. As tariffs and trade environments shift, Chinese automakers are no longer content with simply exporting vehicles. A "Phase 2.0" of going global—defined by technology export and localized production—has arrived.
Joyson’s overseas factories have already secured localized production orders from several top domestic automakers and are ramping up output, giving the company a clear first-mover advantage. Localizing alongside the OEMs provides a deeper moat than simply exporting components.
Strategic Upgrade of Energy Management Business Marks the Arrival of a Second Growth Curve
Even as it stabilizes its automotive business, Joyson is migrating the energy management technologies and capabilities it built in cars to high-tech scenarios like emerging intelligent agents, intelligent computing centers, and low-altitude aircraft.
The logic is straightforward. Batteries, power conversion, and thermal management—core energy technologies in EVs—are directly transferable to the energy needs of computing centers, aircraft, and robots. Following this technological thread, Joyson’s energy management unit is evolving from an auto parts supplier into a provider of broad, high-end intelligent new energy solutions.
Intelligent computing centers are the most recent application. AI large models have supercharged demand for computing infrastructure, driving up the need for high-power supplies and cooling in data centers. Liquid cooling is becoming standard for new facilities. Since power conversion efficiency and thermal dissipation directly determine a data center's PUE, this represents one of the most technically challenging segments of the infrastructure stack.
Joyson is accelerating development of AC/DC power conversion units, high-power DC/DC converters, fully immersed liquid-cooled power cabinets, and integrated solutions. Samples are expected to hit the market in September 2026.
Additionally, Joyson offers comprehensive energy solutions for emerging intelligent agents—covering cells, modules, and packs, plus battery management systems (BMS), data services, and charging. It supplies foreign eVTOL companies with integrated three-in-one products combining BMS, DC voltage conversion, and power distribution units. It is also developing power management and distribution modules for leading domestic clients in other high-tech sectors, with sample deliveries expected this year.
Notably, in the field of emerging intelligent agents, Joyson has established three subsidiaries—Lingxi Intelligent, Superplane Technology, and Junnen New Energy—through a mix of organic growth, partnerships, and strategic investment. These units focus on dexterous robotic hands, "brains" for intelligent agents, and integrated energy solutions, respectively.
Since the start of the year, Joyson has driven the iterative upgrade of core components for intelligent agents. It has released new products such as the Lingxi series dexterous hand, intelligent "brain," head assemblies, and solid-liquid hybrid energy solutions. It has also delivered high-performance robotic bodies and central controllers to top clients in North America and China.
Viewed this way, Joyson’s second growth curve is no longer just a concept on a roadmap; it now has tangible products and customers. For an auto parts supplier with tens of billions in annual revenue, these experiments won’t shift the fundamentals overnight. But if one or two of these directions gain traction, they will be worth tracking closely in the long run.
