On October 27, United Testing Inspection&Certification Technology Co.,Ltd. (301115.SZ) released its 2026 third-quarter report. In the first three quarters, the company achieved operating revenue of 1.090 billion yuan, up 7.66% year on year; however, net profit attributable to shareholders turned from a profit of 35.01 million yuan in the same period last year to a loss of 29.99 million yuan, while non-GAAP net profit showed a loss of 42.79 million yuan.
Revenue grew, yet profit declined instead of rising. This company, which listed in 2022 and changed its name from "Jianke Shares" in 2025, has continued to expand through acquisitions in recent years. Looking only at major transactions, the company has successively acquired or increased stakes in at least six companies including Hangzhou Southwest Testing, Guanbiao Testing, Nanjing Lvchuang, Shenzhen Zhongren Tongce, Guangdong Zhongding, and Zhongshui Huaying. In October, it also announced a plan to spend up to 325 million yuan to acquire a 51.10% stake in Zhejiang Huazhou, bringing the total number of major targets involved to at least seven.
However, the intensive acquisitions have not brought profit growth in tandem. The third-quarter report showed that the company's selling expenses rose 44.80% year on year, financial expenses increased 126.94%, and goodwill grew 61.38% from the beginning of the year. The company attributed the increase in selling expenses mainly to the addition of acquired companies, while the rise in financial expenses was mainly due to higher interest expenses.
The profit results of old acquisitions are still awaiting verification, yet a new round of acquisitions has already been put on the agenda.
From Jianke Shares to Lianjian Technology, Yang Jiangjin's M&A Map
Lianjian Technology was formerly known as Changzhou Institute of Building Science Group Co., Ltd., which landed on the ChiNext board in August 2022 under the securities abbreviation "Jianke Shares." On March 31, 2025, the company's board of directors approved a name-change proposal, and in April of the same year, the securities abbreviation was officially changed to "Lianjian Technology." From building testing to a comprehensive inspection and testing platform, the change in name reflects the direction of the company's business development.
Before the name change, the company had already begun expanding its business boundaries through acquisitions. In August 2023, the company announced the acquisition of a 55% stake in Hangzhou Southwest Testing for 80.90 million yuan. In the same year, it also acquired a 55% stake in Guanbiao (Shanghai) Testing for 82.50 million yuan and further expanded its environmental testing and related technical services business by acquiring a 51% stake in Nanjing Lvchuang. These acquisitions gradually extended a company that started with construction engineering testing into areas such as automotive testing and environmental testing.
In 2026, after the name change, the pace of expansion further accelerated. In January, the company disclosed the acquisition of a 55% stake in Guangdong Zhongding Testing Technology Co., Ltd. for 100.8 million yuan, entering fields such as consumer goods and food testing; in May, it increased its stake in Guanbiao Testing by 38.9281% for 53.1369 million yuan, raising its shareholding in the latter to 92.66%; in July, the company acquired a 69.6203% stake in Zhongshui Huaying for 61.5792 million yuan, indirectly controlling Zhongshui Guoxin and expanding energy-related business. The above three transactions in 2026 alone involved more than 215 million yuan in funds.
Acquiring mature companies can quickly obtain testing qualifications, customer resources, and ready-made teams, making expansion faster than building businesses from scratch. But an increase in business scale does not mean that all newly added companies can contribute expected profits. In the first three quarters of this year, Lianjian Technology's selling expenses reached 127 million yuan, up 44.80% year on year; financial expenses reached 13.27 million yuan, up 126.94% year on year. The cost of expansion has already been reflected in the financial statements.
Three Acquisition Targets Trigger Performance Compensation, Goodwill Up 61%
For Lianjian Technology, not all acquisitions in the past few years met their original performance targets. In April this year, the company disclosed that the performance commitment periods for Hangzhou Southwest Testing and Nanjing Lvchuang had both expired, but cumulative net profit was lower than promised levels. According to relevant agreements, Yao Wenhong, the original shareholder of Hangzhou Southwest Testing, needed to compensate 6.5778 million yuan, and Yuan Lin, the original shareholder of Nanjing Lvchuang, needed to compensate 341,500 yuan. On July 13, the two performance compensations totaling about 6.92 million yuan were fulfilled by deducting unpaid equity transfer payments.
Previously, Guanbiao Testing also failed to complete its performance commitment for the 2024 fiscal year, and the company recognized a related compensation amount of 10.6701 million yuan in 2025, deducting it from payable equity transfer payments. Three acquisition targets successively triggered performance compensation, with the related amounts totaling about 17.59 million yuan.
Although the performance compensation mechanism provides a certain degree of protection for the listed company, it also indicates that the actual profitability of some acquired companies failed to reach the targets agreed upon at the time of the transaction. With previous acquisition targets successively failing to fulfill performance commitments and the listed company facing declining profit, why does Lianjian Technology still continue to increase its acquisitions?
The third-quarter report showed that as of the end of September, the company's goodwill had increased from 179 million yuan at the end of last year to 289 million yuan, an increase of 61.38%; short-term borrowings rose from 320 million yuan to 573 million yuan, up 79.32%; long-term borrowings also increased from 18.20 million yuan to 63.07 million yuan.
Another pressure comes from accounts receivable. According to the company's asset impairment announcement disclosed on October 27, some customers experienced tight liquidity and worse-than-expected collections, and some were even listed as dishonest judgment debtors. On one side is an ever-expanding business map; on the other are rising selling costs, interest expenses, and collection pressure. What Lianjian Technology needs to digest is not only the business of the new companies, but also the financial burden brought by acquisitions.
Another Acquisition of Up to 325 Million Yuan, Founder Couple Plans to Give Up Control
Just before the release of the third-quarter report, Lianjian Technology set its sights on the industrial machine vision field. On October 8, the company held the eighth meeting of its sixth board of directors to review the acquisition of Zhejiang Huazhou. Because the meeting was an ad hoc emergency meeting, all directors agreed to waive the notice period. Chairman and general manager Zhou Jianfeng, who was away on business, attended by telecommunication, and director Liu Xiaoling presided over the meeting. All seven directors agreed to sign the acquisition letter of intent.
According to the announcement, the company plans to acquire a 51.10% stake in Zhejiang Huazhou through equity acquisition and capital increase for no more than 325 million yuan. Zhejiang Huazhou's business differs from traditional building testing; it mainly engages in the research and development of industrial machine vision hardware, algorithms, and solutions. Its products include industrial cameras, vision light sources, and code readers, which can be used for automatic identification, quality inspection, and precision measurement on factory production lines.
This transaction also involves changes in the equity of Zhejiang Huazhou's founder couple. The announcement showed that Zhou Jianyong and his wife Wu Xia are important shareholders of Zhejiang Huazhou, directly holding 28.11% and 24.09% respectively before the transaction, for a combined 52.20%. If the transaction is completed, their combined direct shareholding will decline, and the listed company will obtain control.
The performance changes of Zhejiang Huazhou are quite striking. In 2025, the company's operating revenue was about 132 million yuan, with net profit of only 1.5008 million yuan. In the first half of 2026, revenue reached 118 million yuan, and net profit increased to 26.3216 million yuan, with half-year profit reaching more than 17 times the previous full year. But as of the end of June this year, Zhejiang Huazhou's accounts receivable reached about 81.76 million yuan, accounting for more than 40% of total assets. The above financial data have not yet been audited.
For a company whose full-year net profit last year was only 1.5 million yuan, why could it achieve a substantial profit increase in the first half of this year, and can such profitability sustainably support the acquisition valuation? As of the disclosure of the acquisition letter of intent, the transaction was still in the planning stage, and relevant due diligence, auditing, and evaluation had not been completed, leaving uncertainty over the final price and whether the deal can be completed.
For Lianjian Technology, Zhejiang Huazhou also means a new business extension. From testing services to industrial machine vision equipment, what the listed company needs to integrate is not only equity, but also technology, customers, and the management team.
Looking back at this company's capital expansion process, from Hangzhou Southwest Testing, Guanbiao Testing, and Nanjing Lvchuang to Shenzhen Zhongren Tongce, Guangdong Zhongding, and Zhongshui Huaying, and then to Zhejiang Huazhou, which is still in planning, at least seven major companies have successively entered its acquisition vision. Actual controller Yang Jiangjin and management have continuously pushed the business boundaries outward, and both the company's name and business map have changed.
However, the loss of 29.99 million yuan in the first three quarters has added a new test to this expansion that has lasted for years. Acquisitions can quickly enlarge revenue scale, but what ultimately measures the effectiveness of the acquisitions of at least seven companies is still how much sustained and stable profit they can bring to the listed company.
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