Analysis on Desay SV and Joyson Electronic's Electrification, Connectivity, Intelligence and Sharing, 2025

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Research on Desay SV and Joyson Electronic: Who is the No.1 Intelligent Supplier?

Both Desay SV and Joyson Electronic are leading domestic suppliers in automotive intelligence. "Analysis on Desay SV and Joyson Electronic's Electrification, Connectivity, Intelligence and Sharing, 2025" comprehensively analyzes the layout and development strategies of both parties in the ECIS (electrification, connectivity, intelligence, and sharing).

I. Joyson Electronic Has a Larger Revenue Scale, While Desay SV Boasts Stronger Profitability

Joyson Electronic has formed a two-wheel-drive mode of automotive safety (62.53%) + automotive electronics (27.53%), while over 99% of Desay SV's revenue comes from automotive electronics.

In the first half of 2025, Desay SV achieved a revenue growth rate of 25.25% and a net profit growth rate of 45.82%, demonstrating strong business scale effects. Joyson Electronic's revenue grew by 12.07% and net profit by 11.13%, with basically synchronized growth; its automotive electronics business achieved high growth (+38.3%), while the safety business had low growth (+1.12%), and the business structure is adjusting towards a high-margin direction. Meanwhile, Joyson Electronic's gross margin increased quarter by quarter: 17.9% in Q1 and 18.4% in Q2 (a new high in a single quarter in nearly 5 years), indicating improving profitability.

In H1 2025, Desay SV's operating cash flow reached 1.6 billion yuan (+166%), with a significant improvement in cash flow and abundant free cash flow, providing financial support for R&D investment and capacity expansion. Joyson Electronic's operating cash flow was 1.906 billion yuan (+2%), and its investing cash flow was -2.461 billion yuan (vs. -1.233 billion yuan last year), with a substantial increase in capital expenditure, part of which was invested in the robot business.

As of H1 2025, Desay SV's asset-liability ratio was 45.73%, with moderate financial leverage and strong risk resistance. Joyson Electronic's asset-liability ratio was 69.22%, with interest-bearing liabilities of 20.408 billion yuan, facing significant debt repayment pressure; its goodwill was 7.25 billion yuan (accounting for over 40% of net assets), posing impairment risks.

II. Comparison Between Desay SV and Joyson Electronic in the ADAS Field

Desay SV's strategy is highly focused. Its biggest advantage lies in establishing high technical and market barriers in the field of high-performance domain controllers through close cooperation with NVIDIA, directly benefiting from the rapid growth of the industry. However, this deep binding also brings dependence on a single chip supply chain, and the high cost restricts it to mainly serving the mid-to-high-end market.

Joyson Electronic is based on its solid global automotive safety business. Its intelligent transformation is built on two core advantages: first, its inherent global network, which can efficiently serve Chinese brands going overseas and global mainstream automakers; second, as a platform-based supplier, it has more comprehensive underlying hardware integration capabilities when promoting cross-domain integration such as cockpit-driving fusion and central computing. Joyson Electronic faces the challenge of balancing traditional business and emerging investments, and its large scale may affect the innovation speed in the intelligent field.

III. Binding Trends Between Comprehensive Tier1 and Leading ADAS Enterprises

From 2024 to 2025, ADAS has entered a popularization period with fierce competition. Market share is concentrating on leading enterprises, making it difficult for second and third-tier ADAS suppliers to survive.

To cope with fierce market competition, comprehensive Tier1 enterprises have begun to bind with leading ADAS companies, such as Bosch + WeRide, Continental + Horizon Robotics, NavInfo + PhiGent Robotics, and Joyson Electronic + Momenta. It is reported that Desay SV is also conducting in-depth cooperation with a leading NOA supplier.

In 2025H1, Joyson Electronic and Momenta reached a strategic cooperation to jointly develop high-level Autonomous Driving solutions. In the second half of 2025, it won an over 1 billion yuan Autonomous Driving domain controller project from a well-known independent brand, which is expected to be mass-produced in 2026; it also obtained an L2/L2++ intelligent driving order from an overseas automaker, covering hundreds of thousands of vehicles.

Previously, Momenta had close cooperation with Desay SV. Why did it start cooperating closely with Joyson Electronic in 2025?

In short, the cooperation between Desay SV and Momenta has not terminated, but the cooperation between Joyson Electronic and Momenta has been fully deepened, forming an end-to-end solution of "algorithm + domain controller + system integration". Joyson Electronic has supplemented its shortcomings in intelligent driving algorithms through cooperation, while Momenta has obtained a global landing channel, achieving a win-win situation.

IV. Comparison Between Desay SV and Joyson Electronic in the Cockpit Field

With the evolution of automotive electronic architecture towards "central computing", Desay SV is upgrading from high-performance domain controllers to cockpit-driving integration; while Joyson Electronic, relying on its platform capabilities, directly layouts Central Computing Units (CCU) to achieve corner overtaking. Meanwhile, Joyson Electronic also has layouts in the chassis domain and power domain, and has stronger solution integration capabilities in the era of central computing units.

In summary, Desay SV is currently in a leading position in the domestic automotive intelligence market and has reaped the first wave of dividends from automotive intelligence. However, the overseas automotive intelligence market is still in its early stage. Joyson Electronic is expected to turn the tables in the future with its international advantages and reap the second wave of dividends from automotive intelligence.

1. Introduction and Overview
1.1 Development Summary
Comparison of Company Profiles of Desay SV and Joyson Electronic
Comparative Table of Financial Data of Desay SV and Joyson Electronic in the First Three Quarters of 2025
Production Base Layout of Desay SV and Joyson Electronic
R&D Layout of Desay SV and Joyson Electronic
Comparison of Development Strategies of Desay SV and Joyson Electronic in the Next 3-5 Years

1.2 Overview of Desay SV
Profile
Core Business Layout
Strategic Focus in 2025
Overview of Operation in 2024
Operations (2024-2025)
Supply Chain Distribution and Core Customers in 2024
R&D Investment in 2024
Global Distribution
Distribution of R&D Centers
Distribution of Production Bases
Customer Structure
Three Business Modes of Automotive Electronic Products
Successfully Completed the Issuance of 4.399 Billion Yuan Private Placement

1.3 Main Product Lines of Desay SV
Product Matrix
Smart Solution 3.0
EEA4.0 Vehicle-Road-Cloud Integration Architecture
Layout of Intelligent Driving Business
Business Route and Summary of Intelligent Cockpit Products
Business Route and Summary of In-Vehicle Display Products
Business Route and Summary of Cockpit Intelligent Interaction Business
Business Route and Summary of Intelligent Connected Products
Business Route and Summary of Other Cockpit Products

1.4 Joyson Electronic
Organizational Structure and Business Segments
Development History
Equity Structure (as of Q1 2025)
Operating Performance
Both Revenue and Profit Increased in the First Three Quarters of 2025
R&D Investment
Global Distribution of R&D Centers
Distribution of R&D Centers in China
Distribution of Domestic Production Bases for Intelligent Connected Vehicle Systems
Distribution of Domestic Production Bases for Automotive Electronic Systems
Business Layout and Innovative Products
Business Development Strategy (1)
Business Development Strategy (2)
Business Route and Summary of Intelligent Cockpit Products
Business Route and Summary of Human-Machine Interaction Products
Business Route and Summary of Connected Car-related Businesses
Business Route and Summary of Vehicle Control-related Businesses
Joyson Electronic Launched Super Brain and Super Cerebellum
New Intelligent Cockpit Products Debuted at Munich Auto Show
Hong Kong IPO
Major Breakthrough in Cross-Domain Integrated CCU
Won Another 5 Billion Yuan Global Order for Automotive Intelligence

2 IoV and Communication
2.1 In-Vehicle Communication of Desay SV
Evolution of In-Vehicle Communication Business Layout
5G T-Box Products
Patents for T-Box
5G-V2X Intelligent Antenna
New Intelligent Antenna Products
C-V2X Roadside Communication Unit

2.2 In-Vehicle Communication of Joyson Electronic
Layout Route of In-Vehicle Communication Products
nVision 5A-5G+V2X Integrated Digital Intelligent Antenna
nVision 3Lite-V2X Perception Solution
nAccess - Complete Digital Key Solution
nAccess UWB Digital Key Solutions
Child Presence Detection Based on UWB Technology

3. Domain Controllers
3.1 Central Computing Platform of Desay SV
Launched the "8775 Cockpit-Driving Integrated Central Computing Platform" Co-Developed with Chery
ICP Cockpit-Driving Integrated Central Computer (Gen5)
Central Computing Platform Product ICPS02H
Developed E/E4.0 Architecture to Support Vehicle-Road-Cloud Integration
BCM Controller: Product and Functional Characteristics

3.2 Cockpit Domain Controller of Desay SV
Evolution Route, Product Functions, Installation Volume and Main Customer Situation of Cockpit Domain Controllers (1)
……
Evolution Route, Product Functions, Installation Volume and Main Customer Situation of Cockpit Domain Controllers (4)
Central Computing Platform Product ICPS02H: Based on Qualcomm SA8797P
Central Computing Platform Product ICPS01E: Qualcomm SA8775P
New Generation AI Cockpit Solution Based on SemiDrive X10
5th-Generation AI Intelligent Cockpit Platform G10PH
Intelligent Cockpit Domain Control Platform G9PH (Gen4): Qualcomm SA8295P
Cooperated with ModelBest to Create Edge-Side Large Model Voice Interaction Solution Based on Qualcomm 8255 Cockpit Platform
Entry-Level Cockpit Domain Control Platform DS06S

3.3 Intelligent Driving Domain Controller of Desay SV
Development Roadmap of Autonomous Driving Domain Controllers and Central Computer Products
Product Line of Autonomous Driving Domain Controllers (1)
Product Line of Autonomous Driving Domain Controllers (2)
Total Installation Volume and Main Customer Situation of Autonomous Driving Domain Controller Products (2023-2025.06)
Navigation Assisted Driving Domain Controller IPU Series
Cockpit-Driving Integrated Platform ICPS01E

3.4 Intelligent Driving Domain Controller of JOYNEXT
Product Line of Autonomous Driving Domain Controllers
Central Computing Unit nCCU2
nDrive H: Based on Snapdragon Ride 2nd Generation SoC (1)
nDrive H: Based on Snapdragon Ride 2nd Generation SoC (2)
Won Domain Controller Solution Order from Well-Known Automaker

3.5 Cockpit Domain Controller of JOYNEXT
Evolution Route of Intelligent Cockpit of Joyson Electronic
Evolution Route, Product Functions, Installation Volume and Main Customer Situation of Cockpit Domain Controllers (1)
Evolution Route, Product Functions, Installation Volume and Main Customer Situation of Cockpit Domain Controllers (2)
Evolution Route, Product Functions, Installation Volume and Main Customer Situation of Cockpit Domain Controllers (3)
nGene 3H Intelligent Cockpit Platform: Based on Qualcomm 8255
Central Computing Unit nCCU2.0 Solution: Based on Qualcomm 4.5th-Generation High-End Platform
Overall Technical Solution of Central Computing Unit nCCU

3.6 Zone Controller of JOYNEXT
Zone Controller: Product and Functional Characteristics
Central Computing Unit nCCU
nZone Series Zone Controllers
Won Mass Production Order for Zone Controllers from a New Energy Brand

4 Intelligent Cockpit
4.1 Cockpit Platform of Desay SV
Smart Solution 3.0
Summary of Innovative Products of Intelligent Cockpit Platform
Innovative Product Category 1: Evolution Trend of Intelligent Cockpit Hardware Platform
Innovative Product Category 1: New Generation AI Cockpit Solution Based on SemiDrive X10
Innovative Product Category 1: 5th-Generation AI Intelligent Cockpit Platform G10PH
Innovative Product Category 1: Central Computing Platform Product ICPS02H
Innovative Product Category 2: Vehicle Operating System Product SynergyVOS
Innovative Product Category 2: Cockpit Blue Whale OS8.0 System
Innovative Product Category 3: Edge-Side Large Model Voice Interaction Solution
Innovative Product Category 3: Desay SV Cooperated with ModelBest to Create Edge-Side Large Model Voice Interaction Solution Based on Qualcomm 8255 Cockpit Platform
Innovative Product Category 4: Immersive Acoustic System Solution
Reached Strategic Cooperation with SemiDrive Technology
Launched G10PH Platform
Assisted the Global Launch of Chery Fulwin A9L, Equipped with Its Cockpit Domain Controller and Intelligent Driving Domain Controller

4.2 Cockpit Platform of JOYNEXT
Evolution Route of Intelligent Cockpit
Summary of Innovative Products of Intelligent Cockpit Platform
Innovative Product Category 1: Evolution Trend of Intelligent Cockpit Platform
Innovative Product Category 1: nGene 3H Intelligent Cockpit Platforms Built Based on Qualcomm 8255
Innovative Product Category 1: Central Computing Unit nCCU2.0 Solutions Built Based on Qualcomm 4.5th-Generation Platform
Innovative Product Category 1: The Concept of Central Computing Unit "FlexBlade" Promotes the Transformation from Function Differentiation to Capability Differentiation (1)
Innovative Product Category 1: The Concept of Central Computing Unit "FlexBlade" Promotes the Transformation from Function Differentiation to Capability Differentiation (2)
Innovative Product Category 2: CoreFusion Cockpit-Driving Integrated Software Open Platform
Innovative Product Category 3: AI Programming Tool JAIC Accesses Open-Source Large Models Such as DEEPSEEK
Innovative Product Category 4: Empathetic Software Engines
Deepened Cooperation with Huawei to Build a New Ecosystem of Intelligent Cockpit

4.3 Cockpit Business of Desay SV
Summary of Innovative Intelligent Cockpit Product Solutions (1)
Summary of Innovative Intelligent Cockpit Product Solutions (2)
.....................
Summary of Innovative Intelligent Cockpit Product Solutions (6)

4.4 Cockpit Business of Joyson Electronic
Multi-Modal Interaction Layout
AI Large Model Layout
Promotes the In-depth Integration of AIGC Technology into Cockpit Interaction Exploration
Active Force Feedback Touch Center Console + Knob
Characteristics of Cockpit Interactions (1): nGene 3E Supports 3D Voice Assistant and In-Cabin Monitoring System
Characteristics of Cockpit Interactions (2): nGene 3H Equipped with Self-Developed Empathetic Engine Model, Supporting Multi-Modal Interaction
Immersive Intelligent Cockpit JoySpace+
Innovative Human-Machine Interaction Products: Custom Button Products
Innovative Human-Machine Interaction Products: Multi-Functional Flight Control Knobs
Innovative Human-Machine Interaction Products: Foldable and Telescopic Smart Steering Wheel
Innovative Human-Machine Interaction Products: Vital Sign Monitoring Steering Wheel & Light Ring Steering Wheel
Innovative Human-Machine Interaction Products: Percussion Steering Wheel
CPD Child Presence Detection Product
UWB Digital Key Solution

5 Automotive Display
5.1 In-Vehicle Display Business of Desay SV
Business Route and Summary of In-Vehicle Display Products
New In-Vehicle Display Products: 48.2-inch/23.6-inch Ultra-Clear Display
New In-Vehicle Display Products: Dual 15.6-inch Ultra-Thin Display System
Evolution Route of HUD Product Layout
3D-HUD Product
AR-HUD Product
AR-HUD Product: Main Implemented Functions
AR-HUD Product: Technical Parameters
AR-HUD Provides Comprehensive Live Navigation
AR-HUD Technical Standard Conference Held, Desay SV as the Core Drafting Unit

5.2 In-Vehicle Display Business of Joyson Electronic
Display Products: Light Field Display
Display Products: Motion Screen Module
Display Products: Natural Material Smart Surface & Integrated Curved Smart Center Console Module
Smart Surface Business (1)
Smart Surface Business (2)
3D Landscape Control of Joyson Preh

6 Advanced Driver Assistance Systems (ADAS)
6.1 ADAS Business of Desay SV
Layout of ADAS
Layout of ADAS Sensors
Forward-Looking Camera Product: 17MP
Forward Radar Series: FRD02/03
Corner Radar Series Products: CRD03P, CRD03H
ADAS Domain Controller: Domain Control Product Evolution Diagram
In-Depth Cooperation with NVIDIA and Qualcomm to Build a "Chip Platform + Intelligent Solution" Collaborative Mode
Cockpit-Driving Integrated Solution: ICPS01E
Intelligent Driving Cooperation Mode
Main Customers and Ecological Partners
Layout of Cockpit-Driving-Parking Business
Assisted the Launch of Great Wall Motor WEY Gaoshan
Jointly Launched the World's First L4 Autonomous Driving Dual-Channel Intelligent Antenna Solution with Volkswagen, and the Achievement Was Published in an International Top Journal
Launched Vehicle-Grade Low-Speed Unmanned Vehicle Brand

6.2 Intelligent Driving Overseas Expansion of Desay SV
Overview of Overseas Expansion
Overseas Expansion Path
Overseas Layout
Desay SV Achieved Local-to-Local Overseas Expansion Path Through Its Spanish Factory
Overseas Expansion Solution of Autonomous Driving
Desay SV Launched a Series of Combined Driving Assistance Solutions with Qualcomm to Layout the Overseas Market

6.3 ADAS Business of JOYNEXT
Profile
Key Strategic Layout for 2025-2026
Cockpit-Parking Integrated Domain Control Products: nDrive 1H/nDrive M
Forward-Looking Integrated Machine: nCam Series
Cockpit-Driving Integrated Solution: nCCU Series
Expanding Cooperation with MOMENTA

7. Automotive Software
7.1 Large Models and Cockpit AI of Desay SV
Layout Measures of Cockpit AI Large Models
Layout Products and Technologies of Cockpit AI Large Models
Planning of Cockpit AI Large Models
4 Main Application Scenarios of Cockpit Large Models
Multi-Modal Interaction of Cockpit Large Models
Edge-Side Large Model Voice Interaction Solution
Cooperated with ModelBest to Create Edge-Side Large Model Voice Interaction Solution Based on Qualcomm 8255 Cockpit Platform
Cooperated with Zhipu AI to Create the Next-Generation AI Native Intelligent Cockpit Solution
Signed a Strategic Agreement with NTT DATA to Jointly Develop the Next-Generation SDV Platform

7.2 Software and AI Large Models of Joyson Electronic
CoreFusion Cockpit-Driving Integrated Software Open Platform (1)
CoreFusion Cockpit-Driving Integrated Software Open Platform (2)
AI Large Model Layout
AI Innovative Product: AI Programming Tool JAIC Accesses Open-Source Large Models Such as DEEPSEEK

8 Robot Business
Joyson Electronic Launched Humanoid Robot Olfactory Sensor
Joyson Electronic Reached Comprehensive AI Cooperation with Alibaba Cloud to Help Build Robot Agents
Joyson Electronic Launched Robot AI Head Assembly and Global Domain Controller Based on Jetson Thor
Robot Components Laid Out by Joyson Electronic
Robot Solutions Laid Out by Joyson Electronic
Layout of Desay SV in the Robot Field (1)
Layout of Desay SV in the Robot Field (2)

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