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CHARLOTTE - NN, Inc. (NASDAQ:NNBR), a global diversified industrial company with a market capitalization of $116 million, announced Thursday that the Chinese government has approved the continuation of its joint venture in Wuxi, China. The approval extends the 20-year partnership between NN and Weifu, a Chinese publicly traded company. According to InvestingPro analysis, the company currently appears overvalued at its current trading price of $2.30.
The joint venture, known as Wuxi Weifu Autocam, generates approximately $130 million in annual sales and supplies high-end automotive parts to the Chinese market for both domestic use and export. This represents a significant portion of NN’s total revenue, which stands at $434 million for the last twelve months. The operation currently employs over 550 people across three shifts and is undergoing expansion after securing additional business. InvestingPro subscribers can access 8 additional key insights about NN’s financial health and growth prospects.
"We are very proud of the JV, and together with our partner Weifu we have been able to strategically grow this business consistently over the 20-year partnership," said Harold Bevis, Chief Executive Officer of NN, Inc., in a press release statement.
The joint venture is 51% owned by Weifu and 49% owned by NN, with Paul Wang, NN’s President of APAC operations, serving as General Manager. The business supplies major Chinese automotive manufacturers, including BYD.
NN maintains a significant presence in China with two additional wholly-owned businesses: a machined parts operation in Wuxi and a stamped parts business in Foshan. Together, these three operations account for over $200 million in sales and employ approximately 1,200 people, serving automotive, industrial, and medical markets.
China represents NN’s largest global automotive market, with the country producing approximately 29 million passenger vehicles annually compared to the United States’ 16 million. While the company maintains a strong market presence, InvestingPro data reveals a challenging financial position with a gross profit margin of 15% and a current ratio of 1.93, indicating adequate short-term liquidity despite operational challenges. For detailed analysis of NN and 1,400+ other stocks, consider accessing InvestingPro’s comprehensive research reports.
In other recent news, NN Inc. reported its second-quarter 2025 earnings, surprising analysts with an earnings per share (EPS) of $0.02, which was significantly higher than the anticipated -$0.0033. Despite this positive earnings surprise, the company fell short on revenue expectations, reporting $107.9 million compared to the forecasted $113.44 million. NN Inc. also provided forward guidance, projecting full-year net sales to range between $430 million and $460 million. In addition to financial updates, the company announced the appointment of Mohamad Farhat as Chief Technical Officer for its electrical, defense, and medical divisions. Farhat will oversee technical engineering functions for NN Inc.’s Power Solutions and Medical businesses. These recent developments reflect ongoing changes and strategic adjustments within the company.
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