Brief Introduction

Jiangsu Liance Electromechanical Technology Co., Ltd., founded in 2002, is a powertrain test solution supplier specialized both in the R&D, production and marketing of intelligent test equipment for the dynamical system, and in providing testservices for the dynamical system. The Company provides various customized products and services that could be widely used in multiple downstream industries including new energy vehicles, oil-fueled vehicles, vessels and aviation industries.

Since establishment, Liance has gradually formed testing technologies and equipment for dynamical system in the fields of fuel vehicles and vessels. After merging with Nantong Changce in 2014, Liance further formed powertrain testing technologies and equipment for new energy vehicles. In 2015, Liance started to research the testing technologies for aeromotors, and began to realize the revenue in the aero field in 2017. In 2019, Liance developed the manufacture technologies for high-speed hydraulic dynamometer for aeromotor testing, further expandingthe business. Successfullyreplacing theforeigntesting equipmentmanufacturers, Liance becamethe first domestic supplier for the high-speed hydraulic dynamometers used in the aeromotor test bed of many aeromotor enterprises in China.

Test service is an emerging business in recent years. When the automobile manufacturers faceheavy research and development tasks, and lack enough test equipment or related personnel, they need to purchase test services from a third party if it’s not cost-effective under the long cycle of purchasing test equipment or recruiting personnel. In 2015, Liancebegan to provide testservice for fuel vehicle engines and gradually expanded to new energy vehicles. Relying on the strong R&D and manufacturing capabilities, the investment and operation costs are controllable, ensuring high profit level of the test services. During 2018 to 2020, the gross profit margin of the test services remained above 65%.

In future, Liance will continue serving the country with industry, break through the technical barriers of foreign high-end test equipment and test system, seize the historical opportunity of homegrown substitution, and create "international first-class, domestic leading" test equipment and testservices with independent intellectual property rights to realize import substitution and contribute to the development of new energy vehicles and aviation industries.

Company Overview

Full name Jiangsu Liance Electromechanical Technology Co., Ltd.
Abbreviations Liance Technology
Code 688113
Founded 2002-06-26
Listing 2021-05-06
Domicile Qidong,Jiangsu Province
STAR Theme High-end Equipment
CSRC Sector Manufacturing
Has weighted voting rights structure? No



  2020 2019 2018
Earnings Per Share 1.52 1.29 0.79
R&D expenditure as a % of operating revenue 6.46% 6.09% 6.28%
Operating Revenue 358.49 315.84 223.4.16
Net Income 72.57 61.60 36.49

Income Statement (Unit: RMB mn)

  2020 2019 2018
Operating Revenue 358.49 315.84 223.42
Operating Costs 216.01 190.43 137.04
Operating Income 86.11 71.20 42.67
Pretax Income 82.61 70.43 42.65
Income Tax 10.04 8.84 6.16
Net Income 72.57 61.60 36.49

Balance Sheet(Unit: RMB mn)

  2020 2019 2018
Current Assets-Total 526.36 456.78 397.88
Non-current Assets-Total 130.65 141.41 111.64
Total Assets 657.02 598.19 509.52
Current Liabilities-Total 284.08 299.31 265.25
Non-current Liabilities-Total 17.30 17.51 21.85
Total Liabilities 301.38 316.82 287.10
Stockholder's Equity
Share Capital 177.88 177.85 172.45
Retained Profits 165.34 92.77 41.17
Total Owners' Equity 355.64 281.37 222.42

Cash Flow Statement (Unit: RMB mn)

  2020 2019 2018
Net Cash Flows-Operating 67.68 60.13 38.58
Net Cash Flows-Investing -5.11 -35.42 -32.93
Net Cash Flows-Financing -13.28 -25.37 17.24

Top 10 Shareholders

Name No. of Shares Held (mn) % of Shares Held
Aiguo Zhao 9.31 14.62%
Bingrong Huang 5.14 8.07%
Hui Li 4.84 7.59%
Wenxiang Shi 4.77 7.49%
Xuanxuan YU 3.93 6.17%
Jiangping Shi 3.60 5.65%
Hui Zhang 3.33 5.22%
苏州中新兴富新兴产业投资合伙企业(有限合伙) 2.38 3.73%
上海慧锦投资中心(有限合伙) 2.16 3.39%
Shengchang Wang 1.81 2.85%
As of 2021-05-06

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