Breaking Down Beijing Oriental Jicheng Co., Ltd. Financial Health: Key Insights for Investors

Founded in Zhongguancun in 2000 under the auspices of OSIC Holding (Chinese Academy of Sciences), Beijing Oriental Jicheng Co., Ltd. (002819.SZ) has grown from one of China's earliest test-equipment leasing pioneers into an integrated provider of sales, leasing, system integration and technical services across major hubs-Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Suzhou, Hangzhou, Xi'an, Wuhan and Chengdu-offering power supplies, multimeters, signal generators, electronic loads, wireless testers, semiconductor and solar-cell test systems and more; in 2024 the company recorded revenue of approximately CNY 2.96 billion (a -1.70% decline year-on-year), employed about 1,580 staff by late 2025, and held a market capitalization near CNY 8.07 billion, while its ownership remains anchored by OSIC with public float on the Shenzhen exchange (ticker 002819.SZ) and insiders such as Zhang Qi Ming holding 12,800 shares (≈$368,256 as of May 8, 2025); BOJ's diversified revenue mix (historically including vehicle heat exchangers-60%, radiators-30%, others-10% in 2022), ~30% export exposure, R&D investment (¥150 million in 2022, ~6% of revenue), and financials-cash and equivalents ~CNY 354 million versus total debt ~CNY 136 million and operating cash flow ~CNY 43 million-frame the company's operational model and strategic challenges as it targets 5G, new energy, EV component testing, AI, cloud and other high-growth end markets.

Beijing Oriental Jicheng Co., Ltd. (002819.SZ): Intro

• Founding: 2000, Zhongguancun Technology Park, Beijing; initiated by OSIC Holding Group (Chinese Academy of Sciences).
• Listing: Shenzhen Stock Exchange, ticker 002819.SZ.
• Geographic expansion (by 2025): Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Suzhou, Hangzhou, Xi'an, Wuhan, Chengdu - forming a robust national marketing and service network.

• Product sales: core revenue from instrument and equipment sales (power supplies, multimeters, signal generators, electronic loads, data collectors, wireless device testers, semiconductor and solar cell test systems, calibrators, analyzers).
• Equipment leasing & rentals: long‑term and short‑term leasing of test equipment - a pioneering revenue stream since 2000.
• Systems integration & project contracts: turnkey lab builds, test benches, customized integration for manufacturing and R&D customers.
• After‑sales services: calibration, maintenance, upgrades, spare parts and technical support contracts (recurring service revenue).
• Software & data services: test automation software, data acquisition platforms, and related SaaS-like offerings for enterprise customers.
• Calibration, certification & training: third‑party measurement certification and user training monetized as professional services.

• Power supplies, digital multimeters, signal generators, electronic loads
• Data collectors, wireless device testers
• Semiconductor and solar cell testing equipment
• Calibrators, analyzers and precision measurement instruments
• Equipment leasing, system integration, calibration and technical support services

• Origin shareholder: OSIC Holding Group (Chinese Academy of Sciences) - strategic founding investor and technology sponsor.
• Public ownership: listed company (002819.SZ) with institutional and retail shareholders; governance aligns with Shenzhen Stock Exchange disclosure requirements.
• Management focus: R&D investment, market expansion, recurring service revenue and integrated solutions to stabilize margins amid product sales cyclicality.

• Integrated offering - hardware + leasing + services - enables diversified revenue and higher customer lifetime value.
• Nationwide sales and service footprint in major Chinese tech and manufacturing hubs supports faster deployment and after‑sales coverage.
• Product breadth across electronic measurement, semiconductor and solar testing aligns with domestic demand for testing across emerging industries.

Beijing Oriental Jicheng Co., Ltd. (002819.SZ): History

• Founded from CAS-affiliated technology transfer and commercialization efforts.
• Backed and initiated by OSIC Holding Group Co., Ltd. (CAS subsidiary).
• Expanded product lines into automated test equipment, sensors, and measurement instruments.
• Listed on Shenzhen Stock Exchange (002819.SZ) to fund growth and scale manufacturing/R&D.

• Major shareholder: OSIC Holding Group Co., Ltd. (CAS subsidiary) - founder and strategic backer.
• Public float: Shares tradable on Shenzhen Stock Exchange (002819.SZ), held by institutional funds, mutual funds and private investors.
• Insider holdings: Executives such as Zhang Qi Ming hold direct equity (12,800 shares as of 2025-05-08), aligning management incentives with shareholder returns.
• Cross-shareholding and strategic partnerships: Collaborative ties with research institutes and industry partners to support product development and market access.

• Mission: Commercialize high-precision measurement technologies and provide integrated test solutions that improve manufacturing quality and R&D efficiency.
• Strategy: Invest in in-house R&D, leverage CAS-origin intellectual property, expand into automotive electrification and industrial automation test markets, and scale production to capture domestic and regional demand.

• Product sales: Revenue from sale of automated test systems, measurement instruments, sensors and related hardware.
• Services and solutions: Turnkey testing solutions, calibration, maintenance, and system integration services for industrial customers.
• R&D-driven licensing/sales: Commercialization of proprietary measurement technologies developed with CAS-origin research.
• Aftermarket and consumables: Spare parts, software upgrades, calibration contracts and support services that generate recurring revenue.

Beijing Oriental Jicheng Co., Ltd. (002819.SZ): Ownership Structure

• Mission: Provide end-to-end electronic testing solutions to meet diverse client needs through equipment sales, leasing, system integration, and technical services.
• Innovation: Develop competitive testing solutions for 5G communications, new energy, industrial & consumer electronics, AI, cloud computing, big data, and new infrastructure.
• Quality: Maintain high product and service standards to support clients' technological advancement.
• Customer Satisfaction: Deliver tailored solutions addressing specific client requirements and operational contexts.
• Integrity: Operate transparently to build trust and long-term partnerships with clients and suppliers.
• Sustainability: Align operations with environmental considerations and support green technology development.

• Equipment sales - primary revenue driver: design, manufacture, and sell electronic test instrumentation and turnkey test lines to OEMs, telecom operators, and research institutions.
• Leasing and rental services - recurring revenue: short- and long-term equipment rentals for labs, validation projects, and pilot production.
• System integration and engineering services - project-based income: integrate test systems into customer production lines and provide customization and installation.
• After-sales & technical services - service revenue: calibration, maintenance contracts, training, and remote diagnostics.
• Software & data solutions - growing margin: test-management software, data analytics, and cloud-based testing platforms supporting higher-value recurring fees.

• Publicly listed on Shenzhen Stock Exchange under code 002819.SZ, subject to regulatory disclosure and periodic reporting.
• Shareholder base typically comprises institutional investors, strategic corporate shareholders, and retail investors; board and executive team structure follow listed-company governance norms.
• Corporate governance emphasizes compliance, risk management, and alignment with long-term strategic technology markets.

Beijing Oriental Jicheng Co., Ltd. (002819.SZ): Mission and Values

• Core mission: deliver reliable, precise measurement and testing solutions to accelerate product development and ensure production quality.
• Values: technical excellence, customer-centric support, continuous innovation, and nationwide service coverage.
• Strategic focus: strengthen capabilities in electric vehicle (EV) components testing, telecommunications test systems, aerospace-grade instruments and biomedical measurement equipment.

• Product sales: new and calibrated test and measurement instruments (signal analyzers, power analyzers, environmental chambers, etc.).
• Leasing and rental: short- and long-term equipment leasing for project-based needs and labs that require flexible capital expenditure.
• System integration: turnkey testing platforms combining hardware, custom software and data-acquisition systems for production lines and R&D centers.
• Technical support and after-sales: on-site calibration, preventive maintenance, repair, and training services to ensure instrument uptime and measurement traceability.

• Major cities covered: Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Suzhou, Hangzhou, Xi'an, Wuhan, Chengdu (10 principal hubs).
• Integrated logistics: centralized warehousing, regional service centers, and mobile calibration teams to minimize downtime for clients.
• Customer sectors: telecommunications, aerospace, renewable energy (including EV supply chain), biomedical research, precision manufacturing.

• Equipment sales: generates significant upfront revenue and drives aftermarket service opportunities (calibration, spare parts).
• Leasing and rentals: provides recurring, higher-margin cashflow for project-driven or cash-constrained customers.
• System integration projects: larger-ticket, multi-year contracts that often include software, installation and long-term support clauses.
• After-sales services: calibration, maintenance, and software upgrades produce steady recurring revenue and reinforce customer retention.

• End-to-end solutions reduce vendor complexity for customers-single point of accountability for instruments, integration and lifecycle services.
• Nationwide presence across 10 major hubs ensures fast support and logistics, strengthening customer loyalty.
• Focused R&D investments target fast-growing segments (EV components, telecom, biomedical), improving product relevance and margin potential.

Beijing Oriental Jicheng Co., Ltd. (002819.SZ): How It Works

• Primary product lines: heat exchangers, automotive radiators, and ancillary vehicle components.
• Manufacturing footprint: in-house fabrication, automated assembly lines, and testing labs for thermal performance and durability.
• Sales channels: direct OEM contracts, tiered supplier relationships, and export sales to distributors in North America and Europe.
• R&D and innovation: product development aimed at improving thermal efficiency, weight reduction, and emissions-related requirements.

• How revenue is realized: long-term OEM supply contracts with scheduled deliveries and milestone payments; spot production and aftermarket orders; export invoicing in multiple currencies.
• Profit drivers: scale in heat-exchanger production, manufacturing yield improvements, premium pricing on specialized radiator assemblies, and export margin premiums.
• Cost structure highlights: raw materials (metals, brazing alloys), labor and automation costs, quality testing, logistics for export, and R&D investment.

Beijing Oriental Jicheng Co., Ltd. (002819.SZ): How It Makes Money

• Core products: oscilloscopes, spectrum analyzers, signal generators and specialized test fixtures.
• Solutions & services: customized testing systems, calibration, maintenance contracts and technical consultancy.
• Channel sales: direct enterprise sales plus distributor partnerships for broader reach.

• Competitive edge: technical know-how and tailored integration capabilities for high-tech customers.
• Risks: margin pressure, customers' shift toward integrated solutions and evolving distribution/channel preferences.
• Near-term priorities: restore margins, grow integrated-solution sales and adapt channel strategy.