Brief Introduction

Beijing Tianyishangjia New Material Corp., Ltd., the very domestic high-speed railway brake pads maker who eliminated the domination of the world magnates was funded on November 3 2009. With an extraordinary operating-performance of its sintered brake pad for high-speed EMUs,company had its IPO on July 22 2019(Stock Code: 688033), and listed on SSE Star Market.

Being as a leading entity of industry, company has put great efforts into innovation and application of the wide-transportation components. The safety and stability are the key features that need to be guaranteed. Over the years, the company has invested consistently on its research and development(R&D).

In hardware aspect, company owns the customized US Link3600 dynamometer which could provide a more accurate and repeatable testing; Flywheel brake dynamometer that from Germany Renk group helps the existing brake systems to be operated at a more optimized level. These two have improved the efficiency of company's R&D.

In production aspect, the company has developed an automatic intelligent producing line which leads to a more stable and reliable product quality; Through mass production, it can effectively reduce the marginal cost of products for creating scale effect and maintain the higher gross profit level.

Being as the best seller of series portfolio, the sintered brake pad for high-speed EMUs contributes almost 97% of company's total revenue (ref.2020 annual report). Relying on its reiterative improvements, by the time of speak company has obtained twelve of authentication issued by the CRCC and covers a total of 33 EMUs vehicle models. After years' going concern, the market position of its most competitive sintered brake pad (360km/h speed series) has reached the dominated level. Now the company is the sintered brake pad maker whose portfolio covering both of 350 km/h and 250 km/h speed series.

In order to maintain its competitive advantages and to ensure a sustainable profitability, the company starts to diversify by looking into other high-tech material sectors. Those are resin based carbon fiber composites, carbon/carbon ceramic composites and structure-function integration composites. As a profit-oriented entity, a research become meaningful only if it could be endowed with economic value. In the past few years, there has been an aggressive increasing of reinvestment into those diversified fields not only by purchasing property, plant, and equipment, but also assembling professionals whom must have a great experience theoretically and practically. Company has established almost ten subsidiaries so far and each of them has an independent role to play.

Meanwhile, in order to maintain management stability and make incentivized employees to focus on company performance, on November 27 2020 company launched a special employee stock ownership plan (ESOP). It could encourage employees to take ownership of the company's success.

In the future, the company will stick to the strategic plan by upgrading its R&D and innovation capabilities.; increasing the rationality of product portfolio constantly while optimizing the industrial structure; enhancing its core competitiveness by accelerating the process of business integration.

Company Overview

Full name Beijing Tianyishangjia New Material Corp., Ltd.
Abbreviations TYSJ
Code 688033
Founded 2009-11-03
Listing 2019-07-22
Domicile Beijing
STAR Theme High-end Equipment
CSRC Sector Manufacturing--Railway, Ship, Aircraft, spacecraft and Other traffic equipment manufacturing
Has weighted voting rights structure? No



  2020 2019 2018
Earnings Per Share 0.25 0.64 0.66
R&D expenditure as a % of operating revenue 16.76 7.10 5.78
Operating Revenue 415.17 581.84 557.90
Net Income 110.24 270.56 263.11

Income Statement (Unit: RMB mn)

  2020 2019 2018
Operating Revenue 415.17 581.84 557.90
Operating Costs 106.71 138.15 138.85
Operating Income 308.46 443.68 419.05
Pretax Income 137.32 316.82 308.19
Income Tax 27.08 46.26 45.08
Net Income 110.24 270.56 263.11

Balance Sheet(Unit: RMB mn)

  2020 2019 2018
Current Assets-Total 1,725.59 1,763.13 773.65
Non-current Assets-Total 866.63 794.05 584.42
Total Assets 2,592.22 2,557.18 1,358.07
Current Liabilities-Total 133.34 165.96 93.30
Non-current Liabilities-Total 46.96 48.07 34.68
Total Liabilities 180.29 214.03 127.98
Stockholder's Equity
Share Capital 1,709.18 1,707.51 839.54
Retained Profits 707.49 635.80 390.55
Minority Interests -4.74 -0.16 -
Total Owners' Equity 2,411.93 2,343.15 1,230.09

Cash Flow Statement (Unit: RMB mn)

  2020 2019 2018
Net Cash Flows-Operating 190.38 210.41 243.99
Net Cash Flows-Investing -175.97 -188.25 -181.30
Net Cash Flows-Financing -12.76 836.48 -78.99

Top 10 Shareholders

Name No. of Shares Held (mn) % of Shares Held
吴佩芳 125.04 27.86%
北京睿泽产业投资基金(有限合伙) 25.75 5.74%
冯学理 20.21 4.50%
北京久太方合资产管理中心(有限合伙) 16.68 3.72%
段仚 14.35 3.20%
深圳市松禾成长股权投资合伙企业(有限合伙) 13.20 2.94%
李文娟 9.55 2.13%
上海涌津投资管理有限公司-涌津滦海3号私募证券投资基金 8.76 1.95%
青岛金石灏汭投资有限公司 8.37 1.87%
广州力鼎凯得基金管理有限公司-广州力鼎凯得股权投资基金合伙企业(有限合伙) 7.94 1.77%
As of 2021-03-31

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