1. Overseas auto cycle shows stronger recovery momentum vs. domestic market. We see a clearer cyclical recovery in overseas automotive markets relative to China, particularly as global OEM operations in China begin to stabilize following subsidy rollbacks and easing price competition. With ~75% of revenue derived from overseas markets, Joyson is deeply integrated with leading global OEMs including Volkswagen, BMW, Mercedes-Benz, and Tesla. Its globally diversified customer base and supply chain position the company well to benefit from both cyclical recovery and structural upgrading in the global auto industry.

2. Significant catch-up potential in overseas electrification and intelligent driving. Overseas markets remain underpenetrated in both NEVs and intelligent driving. While China’s L2+ penetration exceeds 70%, the global average is only ~30%; similarly, NEV penetration stands at ~53% in China vs. ~24% globally. This gap implies substantial medium-term growth potential as global OEMs accelerate electrification and intelligent upgrades.

3. Chinese OEM globalization as a structural tailwind. As Chinese automakers expand overseas through localized manufacturing and partnerships, Joyson’s global production footprint and high-standard product capabilities are expected to capture incremental demand, further reinforcing its role in the global supply chain.