JNRS (巨能股份, 871478.BSE), a Chinese company making automation equipment such as machine tools, listed and began trading on Beijing Stock Exchange today.
The company raised 110 million yuan (US$15.84 million) in its IPO. At the close of the morning trading session, shares of JNRS jumped from the opening price of 9.41 yuan apiece to end up 22.55% at 12.24 yuan, with a market cap of 899 million yuan.
Known as the first public robot company from China’s northwestern Ningxia Hui Autonomous Region, JNRS supplies mainly manufacturing businesses with a suite of products such as computer numerical control machine tools and automated production lines.
The firm stakes its reputation on being a “factory that builds smart factories,” intent on empowering the digital transition of China’s legion of traditional manufacturers.
As of 2022, JNRS had delivered upwards of 1,500 automated production lines to clients across the nation, including well-known enterprises such as Dongfeng Honda, GAIC, FAW and Longji Group.
Despite the Covid headwinds last year, the company’s prospectus shows that it had recorded revenue of 272 million yuan, up 31.14% year on year, with a net profit of 34.96 million yuan, an increase of 15.92% from a year earlier.
The corresponding net profit after deducting non-recurring gains and losses stood at 26.41 million yuan, 25.73% higher than in 2021.
Currently, the firm’s factory in Yinchuan, capital of Ningxia, is running at full capacity to churn out turnkey projects as part of its vision to “empower Made in China 2025.”
Driven by a spike in customer demand as well as capital market enthusiasm, JNRS has been in an overdrive to upgrade its R&D capacity.
This reflects the motivation to branch out into segments including machine vision and related equipment for application in emerging industries like new energy, pundits pointed out.
JNRS also looks to expand its operation to more developed markets like the Yangtze River Delta, in order to diversify its sources of growth from the home market in northwestern China.