In this Research Note, we examine Technovator, a Chinese building automation firm, based on their 2024 Annual Report and financial results, published on 26th March 2025. This article updates our previous coverage of the company in June 2024. Technovator Profile Founded in Singapore in 2005, Technovator is listed on the Main Board of the Hong Kong Stock Exchange. The company is principally engaged in integrated and comprehensive urban smart energy saving services with a total workforce of 669 employees. Its business covers three major segments including smart transportation, smart buildings and smart energy, providing the customers with smart energy management products, solutions, and integrated services throughout their full life cycles. The group recorded 2024 revenue of RMB 1,829.2 million ($251.5 million), representing a slight decrease of 0.5% year-on-year, while maintaining stable market shares. The intensifying industry competition led to a significant decline in gross profit margin for the period and had a significant negative impact […]