TacticScaleWhat Beijing Jingyuntong Technology (京运通) Does & How It Makes Money (601908.SS)
Updated October 2026 · reflects Beijing Jingyuntong Technology's latest reported financials
Chinese maker of solar silicon wafers and crystal-growing equipment. It earns most of its money selling solar-grade monocrystalline silicon rods and wafers and crystal-growth and cutting equipment.
How Beijing Jingyuntong Technology makes money
It earns most of its money selling solar-grade monocrystalline silicon rods and wafers and crystal-growth and cutting equipment. It also earns power-generation revenue from its solar and wind plants, plus sales of denitration catalysts and income from other services and equity investments.
What Beijing Jingyuntong Technology does
Beijing Jingyuntong Technology, founded in 2002 and based in Beijing, is a Chinese solar and semiconductor supply-chain company. Its core business is making photovoltaic-grade monocrystalline silicon rods and wafers. It also makes the equipment used to produce them, including monocrystalline growth furnaces, diamond-wire squaring and slicing machines, zone-melting furnaces, silicon carbide crystal growth equipment and diamond growth furnaces. The company also develops, builds and operates solar and wind power plants. Its environmental business supplies rare earth SCR and low-temperature denitration catalysts. Smaller lines include construction, international trade, property management, technical services and equity investments. Because the company is tied to both solar materials and power generation, its results depend heavily on the solar industry cycle.
Products & services
- Photovoltaic monocrystalline silicon rods and wafers
- Monocrystalline silicon growth furnaces
- Diamond wire squaring and slicing machines
- Silicon carbide crystal growth and zone-melting furnaces
- Solar and wind power generation
- Rare earth SCR and low-temperature denitration catalysts
京运通是做什么的？
北京京运通科技股份有限公司成立于2002年，总部位于北京，业务涉及光伏和半导体产业链。核心业务是生产光伏级单晶硅棒和硅片。公司也制造相关生产设备，包括单晶硅生长炉、金刚线截断机和切片机、区熔单晶硅炉、碳化硅晶体生长设备及金刚石生长炉。 公司还开发、建设并运营光伏和风力发电站。环保业务提供稀土SCR脱硝催化剂和低温脱硝催化剂。此外还有建筑、国际贸易、物业管理、技术服务和股权投资等业务。公司同时涉及光伏材料和发电，业绩与光伏行业周期关系密切。
What is Beijing Jingyuntong Technology worth?
On an owner-earnings DCF, Beijing Jingyuntong Technology's most-likely value is about ¥14 versus a recent price near ¥3 (78% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥6) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $3 is below even the no-growth floor ($6); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -9.4%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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