Guangdong Senssun Weighing Apparatus Group Ltd. (A-share: 002870), a company that once dominated the household scale market, is signaling another major strategic shift, this time aiming to bolt an artificial intelligence engine onto its corporate chassis.
Late on August 31st, the company announced plans to acquire a 100% stake in Zhejiang Wuluo Smart City Technology Co., Ltd. (Wuluo Smart) through a combination of share issuance and cash payment, alongside raising ancillary capital. The target company specializes in AI computing equipment, data center thermal management products, and industry-specific intelligent agent applications, and notably counts domestic GPU maker Moore Threads (A-share: 688802) among its key clients.
Since its listing, this business has transformed from being known as the "first name in weighing instruments" to a major auto parts supplier—a shift driven by two acquisitions of Joyson's automotive electronics unit in 2020 and 2023 for roughly 2.55 billion yuan. Now, under the leadership of Wang Jianfeng—the man behind the "Joyson system"—Senssun is looking to install that AI engine.
The Target: Wuluo Smart and Its Ambitions
Wuluo Smart, the acquisition target, remains relatively modest in scale. Its registered capital is 16 million yuan, with shareholders including Raison Intelligent (A-share: 688215), which holds a 25% stake. Raison's 2025 annual report shows it had invested 30 million yuan in Wuluo, implying a total value of roughly 120 million yuan for the company—a valuation set less than a year before the planned sale to the Joyson-controlled Senssun.
Financial disclosures show that at the end of 2025, Wuluo held total assets of 241 million yuan, total liabilities of 182 million yuan, and net assets of 58.75 million yuan. It recorded revenue of 36.66 million yuan with a net profit of 19.07 million yuan for the year. In the first quarter of 2026, revenue reached 20.49 million yuan, and net profit was 9.87 million yuan.
Beyond its own financials, Wuluo Smart is also a channel partner for Moore Threads, the GPU vendor. In 2024, Wuluo purchased approximately 65.33 million yuan worth of products from Moore Threads, making it that year's fifth-largest new customer for the chipmaker. By the end of 2024, Moore Threads carried 50.92 million yuan in receivables from Wuluo—roughly 78% of its annual sales to the company—and this amount had, at one point, fallen entirely overdue, which Moore Threads attributed to ongoing construction of terminal computing clusters and temporary cash flow strain on Wuluo. This payment was later collected in full.
This detail highlights a critical challenge in the computing power sector: it’s not simply about buying servers and generating profit. Distributors often need to finance upstream equipment purchases while waiting for downstream data center projects to be built, approved, and paid for—creating significant capital requirements. Any delay in terminal projects can pressure cash flow for both distributors and equipment makers. Wuluo Smart’s debt-to-asset ratio stood at approximately 75.6% at the end of 2025, and in May 2026, it planned to seek a bank loan of up to 150 million yuan, with Raison agreeing to guarantee 37.5 million yuan in proportion to its stake.
Risks of a Cross-Sector Leap
Wang Jie, a senior partner at Beijing Dacheng Law Offices, highlighted three potential problems in such cross-industry M&A. First, there's the matter of industrial synergy; a listed company buying assets outside its core field lacks inherent technological, channel, or supply chain advantages. The goal of any acquisition is to achieve 1+1>2, but some cross-border deals struggle to deliver cooperation and can end up producing 1+1<2, or even less than one. Second, is valuation froth; cross-industry targets are often in emerging sectors with asset-light models, weak profit and cash flow, and they command high valuation premiums, while buyers in traditional industries have limited ability to pay. Third, effective integration is difficult—traditional industries emphasize process management, whereas emerging fields often value innovation, and the cultural and management gaps are vast, making post-deal cooperation challenging. How Senssun will navigate these hurdles remains to be seen in their coming disclosures.
It's not Senssun's first foray outside its original business. Founded in 1975 and listed in 2017, it was long known for consumer and commercial scales. But in November 2020, it paid 2.04 billion yuan in cash for a 51% stake in Joyson's Quinying operations. In 2023, it acquired an additional 12% for 510 million yuan, bringing its total to 63%. Quinying specializes in smart cockpit components—air vents, interior functional parts, premium trim, and new energy charging products—serving clients like Mercedes-Benz, BMW, and Audi.
That acquisition instantly reshaped Senssun's revenue, which jumped from 977 million yuan in 2020 to 4.89 billion yuan in 2021. By late 2025, the company had divested its traditional scale business, with auto parts bringing in 2.384 billion yuan—about 99.25% of total revenue in the first half of 2026. The transformation from "scales" to "auto parts platform" was now largely complete.
Financial Pressures and Strategic Logic
However, the auto business hasn’t delivered an entirely smooth ride. In the first half of 2026, Senssun reported revenue of 2.402 billion yuan, down 18.23% year-on-year, and a net loss attributable to shareholders of 12.3 million yuan, contrasting with a profit of 52.98 million in the prior-year period. Stripping out exceptional items, the loss was 20.1 million yuan. While the revenue decline was partly due to the sale of the scale business, the auto division itself showed signs of strain. Auto parts revenue fell 4.28% compared to the prior year, with smart cockpit components dropping 19.51% to 1.568 billion yuan. That softer performance was offset by growth in new energy vehicle accessories, charging and distribution, and other segments, which rose 50.4% to 816 million yuan.
Financial expenses also swelled, hitting 79.87 million yuan—up 63.38% year-on-year—the company citing exchange losses from dollar and euro volatility. Balance sheet pressure is evident: as of end-June 2026, Senssun had about 908 million yuan in cash, 5.325 billion yuan in total liabilities, and a debt-to-asset ratio of 65.59%. Current liabilities stood at 4.228 billion yuan, including 1.117 billion yuan in short-term loans and 747 million yuan in non-current liabilities maturing within a year.
Using a structure that combines share issuance, cash, and fundraising for the Wuluo deal could ease the immediate cash burden but would also dilute existing shareholders and potentially trigger future financing needs if the target requires ongoing capital for equipment or capacity. That said, the AI computing play is not entirely foreign territory for the Joyson network. Joyson Electronics (A-share: 600699, HKEX: 0699) has already invested in autonomous driving, smart cockpits, robot controllers, energy management, and sensors. Joyson Intelligent Manufacturing (A-share: 688306) works in intelligent manufacturing equipment and robotics. Wuluo's GPU servers, liquid cooling, and agent technology could theoretically tie into vehicles, robotics, and smart manufacturing.
Senssun's previous pivot involved buying a mature asset for over 2 billion yuan. This time, it’s acquiring a roughly five-year-old firm valued at just 120 million yuan last round. The scale differs, but the orchestrator remains the Ningbo "acquirer," Wang Jianfeng.
The Architect: Wang Jianfeng and the Joyson Empire
Wang, born in 1970, hails from the China Academy of Art, yet his path led him into automotive components. After working at his family's automotive fastener factory and later as general manager of a joint venture with TRW over seven years, at 34, he struck out on his own—beginning an acquisition spree. In 2011, Joyson Group injected its parts assets into a shell company, renaming it Joyson Electronics. That company then went on a global buying spree, picking up German operations like Preh and Quingying, U.S. firm KSS, and key assets from Takata in Japan, expanding from basic components into car electronics, safety systems, and smart cockpits across three continents.
In November 2025, Joyson Electronics listed in Hong Kong, giving it an A+H structure. In the first half of 2026, Joyson Electronics booked revenue of 28.091 billion yuan and net profit attributable to shareholders of 739 million yuan.
His second listed vehicle is Joyson Intelligent Manufacturing, set up by Joyson Group in 2017 and ramped up with funding shortly after. Just five months post-establishment, it acquired Germany's Preh IMA Automation via its overseas platform, PIA Holding, and also secured Austria's Macarius GmbH. Listed on the STAR market in 2022, it provides automation and manufacturing equipment across autos, industrial electronics, consumer goods, and healthcare, while moving into humanoid robots, robot control, and manufacturing software. For the first half of 2026, it logged 1.23 billion yuan in revenue (+19.13% YoY) and a net loss of 25.57 million yuan, though it achieved a single profitable quarter in Q2.
The third platform is Senssun. Unlike the other two, it wasn't an original Joyson launch but rather a strategic acquisition: Joyson Electronik sold its Quinying assets to Senssun for cash, then circled back to buy a stake in it. After the 2020 and 2023 asset sales earned Joyson around 2.55 billion yuan, Wang executed a buyback play. In July 2023, Joyson acquired 8.03% of Senssun for 329 million yuan, becoming its second-largest shareholder. A relentless accumulation drive followed, and by November 2024, Joyson owned roughly 24.07% of Senssun, having invested around 980 million yuan, and had become the largest shareholder. In December 2024, Joyson became the controlling shareholder, with Wang as actual controller. In 2026, Joyson injected another approximately 645 million yuan into Senssun by subscribing to 20.68 million new shares at 31.2 yuan each, lifting its interest to 39.48% and cementing control.
So the "Joyson system" now holds a clear structure: Joyson Electronics, dual-listed in Shanghai and Hong Kong, handles auto electronics, safety, and global M&A; Joyson Intelligent Manufacturing focuses on smart manufacturing equipment and robotics; and Senssun anchors smart cockpit parts, new energy charging, and the potential future home for AI computing assets.
From humble scales to intelligent cockpits and now to AI servers and liquid cooling, Senssun's evolving story is becoming increasingly "tech-driven." The capital game is on—where will Wang Jianfeng's next move land? How do you view Senssun's pivot into AI computing? Share your thoughts in the comments.