Jiangsu New Vision Automotive Electronics Co. (“New Vision”, HK: 02632) reported interim results for the six months ended 30 June 2026 showing modest top-line growth but a significantly wider bottom-line loss, mainly driven by a large non-cash fair-value adjustment booked on legacy preferred-share liabilities.
Revenue rose 2.1% year on year to RMB 328.47 million, supported by a 2.7% rise in shipments to 395,097 head-up display (HUD) units. HUD solutions remained the core business, contributing RMB 301.45 million, while testing solutions delivered RMB 16.35 million and other income RMB 10.67 million.
Group gross profit fell 13.0% to RMB 66.73 million as overall gross margin contracted to 20.3% (1H25: 23.9%), reflecting a higher sales mix of lower-margin HUD models and increased material costs.
Operating expenses continued to climb: selling and marketing costs +40.0% to RMB 15.78 million; administrative expenses +26.4% to RMB 70.81 million amid listing-related outlays; R&D spend was stable at RMB 29.42 million.
Loss before tax ballooned to RMB 412.24 million (1H25: loss of RMB 242.45 million) after recognising RMB 362.07 million in fair-value losses on redemption liabilities tied to pre-IPO preferred shares. Stripping out this non-cash item, share-based payments and listing expenses, non-IFRS adjusted loss widened to RMB 32.31 million (1H25: RMB 5.30 million).
The March 2026 Hong Kong IPO raised net proceeds of HKD 649.68 million (about RMB 571.70 million) and triggered the conversion of all preferred shares into ordinary equity, eliminating RMB 1.97 billion of redemption liabilities. Consequently, total equity swung to a positive RMB 951.68 million at 30 June 2026 from a negative RMB 1.56 billion at end-2025. Cash and cash equivalents climbed to RMB 475.66 million (31 Dec 2025: RMB 126.58 million), while interest-bearing debt stood at RMB 130.00 million.
Operationally, CyberVision, the company’s AR-HUD line, shipped about 180,000 units, up 127.8%, becoming the primary growth engine. Overseas momentum gathered pace with export-model HUD volumes up 18.3% and the establishment of a German subsidiary plus construction start of a Hungarian plant to support European customers.
Management reiterated a four-pillar strategy: consolidate the domestic HUD franchise, accelerate overseas penetration, scale the testing-solutions segment, and invest in next-generation visual-interaction technologies.
No interim dividend was declared. The board reported no material post-period events and confirmed compliance with Hong Kong’s corporate governance and model-code requirements.