In this Research Note, we examine Technovator, a key player in the Chinese building automation market, based on their 2022 annual report, financial results and investor presentations.

Founded in Singapore in 2005, Technovator is listed on the Main Board of the Hong Kong Stock Exchange. The Group is structured into three business units: Smart Transportation Business (STB), Smart Building and complex Business (SBB), and Smart Energy Business (SEB). A total of 779 employees were recorded on 31st December 2022.

The Smart Building business designs, manufactures and distributes integrated building automation and energy management systems, including hardware, software & total solutions to system integrators and distributors.

The business unit is the largest contributor to the group, accounting for 51.3% of total revenues. Technovator positions itself as a leading smart energy saving services provider in the Chinese market.

Revenue from the Smart Building and Complex Business increased by 22.2% to RMB 892.5 million in 2022.

Technovator Projects & Technology

Projects which have laid a solid foundation for Technovator revenue growth in the segment include the completion of the technical support for the smart building system of the National Stadium for the opening and closing ceremonies of the 2022 Winter Olympics.

The business created the first energy IoT technology based on 5G slicing-edge cloud, which adopts self-developed swarm intelligent dynamic source network-load matching technology and AIOT-based equipment monitoring, diagnosis and early warning technology, to build the world’s first 5G-AIOT cultural stadium in the National Stadium (commonly known as “Bird’s Nest”).

Techcon Neosys IoT controller and Techcon EAS energy management system were successfully applied to the Xinshuo Railway Hohhot City Production Command Center Project, improving the digital operation and maintenance management level of the infrastructure of the command center, helping the National Energy Group to enhance the combined shipping capacity, improve transportation efficiency, and accelerate the digital transformation process.

During the reporting period, Techcon Neosys IoT controller has also been implemented at Beijing Huairou Science City, Fudan University Shanghai Cancer Center, and Guangzhou Children’s Activities Center.

Technovator has created a smart hospital green solution for Beijing GoBroad Hospital, built a smart hospital management system based on the Kunlun Platform, deeply connected with the medical information system, realized the integration of intelligent operations and maintenance and medical information

This helped the hospital to achieve the goal of low-carbon operation and maintenance management and optimized the medical treatment process, providing a more secure, comfortable and energy-saving medical treatment environment for doctors, patients and management personnel.

The company also signed a contract for the development of a low-carbon building at the Smart Complex of Dongsheng Science and Technology Park of Beijing.

In 2023, with the recovery of China’s economy, Technovator aims to seize opportunities arising from the national new infrastructure development strategy, the urban renewal initiative, the new energy security strategy and the green low-carbon industry under the double carbon goal.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.