An R&D and manufacturing facility of Inovance (汇川技术, 300124.SZ), a Chinese industrial automation giant, was recently topped off in eastern China’s Jiangsu Province, media reported today.
The facility sits on a land parcel of 178 mu, or 118,666 sqm, in Nanjing, the provincial capital, with a total investment of billions of yuan.
Construction had been going at full throttle on what is one of Jiangsu’s provincial-level key projects.
Upon completion, the facility, with a planned floor space of 255,000 sqm, will churn out more than 400,000 units of robot and pieces of supporting equipment every year, contributing an expected 10 billion yuan (US$1.37 billion) to Inovance’s revenue.
Meanwhile, the company will also integrate the production and R&D of industrial robot, development of industrial software, and its digitalization businesses.
What’s more, these operations will also be complemented by industrial vision and graphics, and meglev high-speed motor, among other business portfolios.
Construction began on the facility in December last year, following the signing of an agreement between the Nanjing government and Inovance in July a year earlier.
According to the company’s financial results for the first half of this year, it posted revenue of 12.45 billion yuan, up 19.76% year on year.
Net profit attributable to shareholders rose 5.17% to 2.077 billion yuan during the same period.
R&D expenses shot up 28.92% to 1.29 billion yuan from 1 billion yuan of the same period last year.
At the close of trading today, Inovance stocks ended 0.26% up to 69.51 yuan apiece, with a market cap of 184.51 billion yuan.