Jing-Jin Electric

Business

Jing-Jin Electric (精进电动科技股份有限公司) develops and makes electric drive systems for vehicles: drive motors, generators, controllers, transmissions and controller software. It sells to passenger car makers and to commercial and other vehicle makers, and keeps a research team in the United States (2026 interim report, pp. 14, 15).

Results

In the first half of 2026 revenue fell 30.8% to ¥707.1m, and net profit attributable to shareholders was a loss of ¥179.1m, against a profit of ¥36.0m a year earlier (p. 11). The company gives these causes (p. 12):

• A core customer's passenger vehicle refresh cut its purchases of passenger car drive systems. The company does not name the customer.
• Drive systems for non-passenger vehicles grew at home and abroad but not enough to offset the fall.
• Technology development and service income rose sharply.
• It received less in government subsidies than a year earlier.
• From the second quarter it began moving production of its three-in-one drive units from its North American plant back to China to cut cost, and took impairments on North American equipment during an upgrade of that line.

Operating cash flow was negative ¥233.4m (p. 12).

Where it stands

Jing-Jin shows the risk of a supplier that depends on a few customers: one vehicle refresh was enough to turn it from profit to loss. Its filing describes 2026 as a transition year.