Brief Introduction

Founded in November 2009, Beijing Tianyishangjia New Material Corp, Ltd is a leading supplier of sintered brake pads for high-speed EMUs in China. It mainly engages in the development, production and sales of sintered brake pads for high-speed EMUs, locomotives and urban rail brakes as well as brake shoe products. Since its establishment, thanks to the high industry and technology access barriers and the company's strong capabilities of independent innovation, research and development and cost management and the rapid development of the rail transit equipment industry as well as the strong support of national fiscal and taxation and industrial policies, the company has made major breakthroughs in the high-speed EMU sintered brake pads, the material formula, process route, production equipment and other aspects. In 2013, our products commenced entering the market, which effectively promoted the localization process of the core components of China's high-speed EMUs.

The company is the core supplier of 350 km/h "Fuxing" China Standard EMU sintered brake pads. The sintered brake pads for high-speed EMUs independently researched and produced by the company have covered all 18 local railway bureaus of China Railway.

Since the company obtained the CRCC EMU brake certificate for the first time in September 2013, the company has held 8 official certificates issued by the CRCC (7 for EMU brakes and 1 for locomotive composite brake) as of July 18 2019. Our products cover 19 types of EMUs with the speed of 200-250 km/h and 300-350 km/h, and we are the domestic manufacturer with the largest number of EMU brakes certified by CRCC.

The company continues to carry out research and development, investment and technological innovation, keeping up with the development of China's high-speed EMU brake technology, ensuring that we are at the domestic leading level in the field of sintered brake pads for EMUs. According to the 2018 annual working conference of China Railway, China Railway will implement the “Fuxing” brand strategy in depth and will continue to expand the scale and coverage of the “Fuxing” in the future, and strengthen the research and development and industrialization of series products of “Fuxing” with the speeds of 350 km/h, 250 km/h and 160 km/h.

In October 2017, China Railway officially launched the development of the 250 km/h “Fuxing” China Standard EMUs. The sintered brake pads produced by our company for the 250 km/h “Fuxing” China Standard EMUs are undergoing a series of tests such as 300,000 km running application test. in October 2017, China Railway led the development of the 160 km/h "Fuxing" power concentrated EMUs. The company's sintered brake pads for the 160 km/h power concentrated EMUs have completed the relevant type tests and passed the assembly application assessment. The performance of the brake pads is reliable and stable and the brake pads have been applied on the 160 km/h "Fuxing" power concentrated EMUs already.

Company Overview

Full name Beijing Tianyishangjia New Material Corp., Ltd.
Abbreviations TYSJ
Code 688033
Founded 2009-11-03
Listing 2019-07-22
Domicile Beijing
Website http://www.bjtysj.com
Email tysj@bjtysj.com
STAR Theme High-end Equipment
CSRCSector Manufacturing--Railway,Ship,Aircraft and spacecraft and Other traffic equipment manufacturing
Has weighted voting rights structure? No

Financials

Highlights

  2018 2017 2016
Earnings Per Share 0.66 0.55 0.81
R&D expenditure as a % of operating revenue 5.78% 7.06% 5.20%
Operating Revenue RMB 558 million RMB 507 million RMB 468 million
Net Income RMB 263 million RMB 221 million RMB 194 million

Income Statement (Unit: RMB mn)

  2018 2017 2016
Operating Revenue 558 507 468
Operating Costs 255 257 240
Operating Income 308 260 229
Pretax Income 308 260 227
Income Tax 45 38 32
Net Income 263 221 194

Balance Sheet(Unit: RMB mn)

  2018 2017 2016
Assets
Current Assets-Total 774 826 967
Non-current Assets-Total 584 288 93
Total Assets 1,358 1,114 1,060
Liabilities
Current Liabilities-Total 93 76 62
Non-current Liabilities-Total 35 3 3
Total Liabilities 128 79 65
Stockholder's Equity
Share Capital 839 839 839
Retained Profits 391 196 156
Minority Interests - - -
Total Owners' Equity 1,230 1,035 995

Cash Flow Statement (Unit: RMB mn)

  2018 2017 2016
Net Cash Flows-Operating 244 135 93
Net Cash Flows-Investing -181 217 -579
Net Cash Flows-Financing -79 -152 585

Top 10 Shareholders

Name No. of Shares Held (mn) % of Shares Held
Wu Peifang 125.04 27.86%
Beijing Ruize Industrial Investment Fund(Limited Partnership) 26.33 5.87%
Beijing Industrial Developing Investment Management Co., Ltd (State-own Shareholder) 24.38 5.43%
Qingdao Jinshi Haorui Investment Co., Ltd. 21.80 4.86%
Feng Xueli 20.21 4.50%
Beijing Jiutaifanghe Asset Management Center (Limited Partnership) 16.68 3.72%
Shenzhen Songhe Chengzhang Equity Investment Partnership (Limited Partnership) 15.72 3.50%
Duan Xian 14.35 3.20%
Li Wenjuan 13.63 3.04%
Guizhou MTCCBT Investment Center Limited Partnership(Limited Partnership) 10.73 2.39%
20 Jul 2019

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