olivLaw · US equity research
Li Bang International Corporation Inc. LBGJ
Refrigeration & Service Industry Machinery · SIC 3580 · Vertical: Refrigeration & Service Industry Machinery (SIC 3580)
Li Bang International Corporation Inc. designs, produces and sells stainless steel commercial kitchen equipment in China under its own 'Li Bang' brand, and offers design and installation services. In fiscal 2025 the company reported revenues of about 11.1 million USD, a slight increase, but still a net loss of 1.0 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Li Bang International Corporation Inc. (LBGJ) stock was 1.84 USD (+20.26% on the day), with market capitalisation 34.5 m USD, beta 0.11, 52-week range 1.47–20,400.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.6
- weak (30–45)
- Bollinger (20, 2)
- 1.35 – 1.91
- in the upper half of the band · %B 0.88 · band width 34.4%
- SMA 50 / 200
- 2.01 / 2,610.28
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.91 / -1.32
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.6% | −1.1% | −4.5 pp | — |
| 3 months | −48.0% | −0.5% | −47.6 pp | — |
| 6 months | −99.1% | +4.4% | −103.5 pp | — |
| Year to date | −100.0% | +12.3% | −112.3 pp | — |
| 1 year | −100.0% | +13.5% | −113.5 pp | +2.6% |
| 3 years | unavailable | +76.4% | unavailable | +34.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 13.5 m | 14.0 m | 10.8 m | 11.1 m |
| Revenue YoY | unavailable | +3.9% | −22.9% | +2.9% |
| Net income | 848.1 k | 616.8 k | -1.4 m | -1.0 m |
| Net income YoY | unavailable | −27.3% | −322.3% | unavailable |
| Diluted EPS | 0.05 | 0.04 | -0.08 | -0.06 |
| Diluted EPS YoY | unavailable | −20.0% | −300.0% | unavailable |
| net % | 6.3% | 4.4% | -12.7% | -9.1% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 1.1 m USD
- Financial debt
- 10.6 m USD
- Net debt
- 9.5 m USD
- Equity
- 7.8 m USD
- Total assets
- 27.8 m USD
- Debt / equity
- 1.35x
- Current ratio
- 1.18x
- ROE
- -16.8%
- ROA
- -3.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 13.5 m | 14.0 m | 10.8 m | 11.1 m | SEC (XBRL)· 07 Nov 2025verified |
| Cost of revenue | 8.6 m | 8.2 m | 8.1 m | 7.9 m | SEC (XBRL)· 07 Nov 2025verified |
| Gross profit | 4.9 m | 5.8 m | 2.7 m | 3.2 m | SEC (XBRL)· 07 Nov 2025verified |
| Operating income | 1.3 m | 1.2 m | -1.7 m | -1.4 m | SEC (XBRL)· 07 Nov 2025verified |
| Depreciation & amortisation | 541.8 k | 498.7 k | 460.7 k | 427.0 k | SEC (XBRL)· 07 Nov 2025verified |
| EBITDA | 1.9 m ≈ | 1.7 m ≈ | -1.3 m ≈ | -929.4 k ≈ | SEC (XBRL)· 07 Nov 2025derived |
| Interest expense | 291.9 k | 375.4 k | 430.6 k | 403.2 k | SEC (XBRL)· 07 Nov 2025verified |
| Pre-tax income | 1.4 m | 866.7 k | -1.6 m | -1.0 m | SEC (XBRL)· 07 Nov 2025verified |
| Income tax | 593.1 k | 252.6 k | -187.7 k | -26.2 k | SEC (XBRL)· 07 Nov 2025verified |
| Net income | 848.1 k | 616.8 k | -1.4 m | -1.0 m | SEC (XBRL)· 07 Nov 2025verified |
| Diluted EPS | 0.05 | 0.04 | -0.08 | -0.06 | SEC (XBRL)· 07 Nov 2025verified |
| Weighted average diluted shares | 17.0 m | 17.0 m | 17.0 m | 18.2 m | SEC (XBRL)· 07 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 172.0 k | 541.1 k | 234.2 k | 1.1 m | SEC (XBRL)· 07 Nov 2025verified |
| Receivables | — | 11.9 m | 12.3 m | 12.3 m | SEC (XBRL)· 07 Nov 2025verified |
| Inventories | — | 1.5 m | 1.8 m | 1.5 m | SEC (XBRL)· 07 Nov 2025verified |
| Current assets | — | 15.3 m | 15.7 m | 19.9 m | SEC (XBRL)· 07 Nov 2025verified |
| Property, plant & equipment, net | — | 3.1 m | 2.8 m | 2.6 m | SEC (XBRL)· 07 Nov 2025verified |
| Intangibles (excl. goodwill) | — | 547.4 k | 539.9 k | 522.6 k | SEC (XBRL)· 07 Nov 2025verified |
| Total assets | — | 25.4 m | 25.1 m | 27.8 m | SEC (XBRL)· 07 Nov 2025verified |
| Accounts payable | — | 4.4 m | 4.7 m | 4.1 m | SEC (XBRL)· 07 Nov 2025verified |
| Short-term debt | — | — | 6.9 m | 7.5 m | SEC (XBRL)· 07 Nov 2025verified |
| Long-term debt | — | — | 3.8 m | 3.1 m | SEC (XBRL)· 07 Nov 2025verified |
| Current liabilities | — | 19.5 m | 17.0 m | 16.9 m | SEC (XBRL)· 07 Nov 2025verified |
| Total liabilities | — | 19.8 m | 20.8 m | 20.0 m | SEC (XBRL)· 07 Nov 2025verified |
| Equity | 5.4 m | 5.5 m | 4.3 m | 7.8 m | SEC (XBRL)· 07 Nov 2025verified |
| Shares outstanding at year end | — | — | 17.0 m | 18.7 m | SEC (XBRL)· 07 Nov 2025verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -410.3 k | -634.4 k | -646.5 k | -926.7 k | SEC (XBRL)· 07 Nov 2025verified |
| Investing cash flow | -1.6 m | -2.9 m | -87.2 k | -3.4 m | SEC (XBRL)· 07 Nov 2025verified |
| Financing cash flow | 2.1 m | 3.9 m | 419.5 k | 5.1 m | SEC (XBRL)· 07 Nov 2025verified |
| Dividends paid | 929.2 k | — | — | — | SEC (XBRL)· 08 Nov 2024verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 34.5 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -7.1% | 0 (on a fixed band) | 29% |
| Net margin · Quality | -9.1% | 20 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -6.3% | 0 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.4x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.2x | 31 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet13/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Li Bang International Corporation Inc. (LBGJ). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 11.1 m USD in 2025; YoY growth 2.9%; net margin -9.1%; ROE -16.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -7.1%
- Net margin: -9.1%
- Revenue CAGR 3Y: -6.3%
- Interest coverage: -3.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Refrigeration & Service Industry Machinery (SIC 3580) · same industry (4-digit SIC) · compared with 5 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MIDDThe Middleby Corporation | 5.8 bn | — | -16.2% | -13.9% | unavailable | +34% / +26% |
| ALHAlliance Laundry Holdings Inc. | 4.6 bn | 25.1 | 109.8% | 10.1% | +13.3% | −3% / unavailable |
| HAYWHayward Holdings, Inc. | 3.5 bn | 21.8 | 10.9% | 14.4% | +6.7% | +3% / +44% |
| SXIStandex International Corp | 3.0 bn | 26.8 | 15.3% | 12.5% | +12.8% | +3% / +88% |
| TNCTennant Co | 1.2 bn | 54.9 | 3.9% | 1.9% | −6.5% | −0% / −15% |
| LBGJLi Bang International Corporation Inc. | 34.5 m | — | -16.6% | -9.1% | +2.9% | −100% / unavailable |
1- and 3-year price returns: for LBGJ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Nov 2025; since then the company filed 6-K (03 Nov 2026), 6-K (09 Oct 2026), 6-K (25 Sept 2026), 6-K (02 Sept 2026), 6-K (19 Aug 2026), 6-K (05 Aug 2026).
In brief
Li Bang International Corporation Inc. designs, produces and sells stainless steel commercial kitchen equipment in China under its own 'Li Bang' brand, and offers design and installation services. In fiscal 2025 the company reported revenues of about 11.1 million USD, a slight increase, but still a net loss of 1.0 million USD.
SWOT
Strengths
- The own 'Li Bang' brand, product certifications, and recognition of products in the government energy-saving equipment catalog.
- Integrated services from design through maintenance, supported by an after-sales network in several Chinese cities.
- Gross margin improvement in fiscal 2025, supported by higher average project prices and lower stainless steel costs.
Weaknesses
- Near-total reliance on project sales, which depend on tenders and can fluctuate from year to year.
- Net losses in recent years and high expected credit loss provisions tied to receivables.
- Concentration of voting control with management through Class B shares, limiting minority shareholder influence.
Opportunities
- Rising demand for automation, energy efficiency and environmental protection in commercial kitchens, if the company's products align with these requirements.
- Expansion into central and western regions of China, where the company has already started marketing spending.
- Proceeds from the IPO could support product development and expansion of the service network.
Threats
- Dependence on government policies and tax incentives, whose change could reduce demand.
- Volatility of stainless steel prices, which could reduce margins if costs rise again.
- Fluctuations in the exchange rate between the Chinese yuan and the US dollar, which affect results reported in dollars.
Risks
- Concentration on projectshigh
Most revenue comes from projects won through tenders, which makes results sensitive to the number and size of contracts won.
- Persistent net losseshigh
The company reported net losses in several recent fiscal years, and profitability depends on reducing expenses and receivable provisions.
- Customer credit riskmedium
Expected credit loss provisions have remained high, showing that collecting receivables can be difficult.
- Chinese government policymedium
Changes in policy or tax incentives could affect demand and results, according to the filings.
- Concentrated controllow
The dual-class structure concentrates voting power with management, which may limit minority shareholder influence over decisions.
Investment thesis
What would need to be true (bull case)
- If gross margins keep improving thanks to higher average project prices, the company could narrow its net losses in the coming years.
- Positioning around automation and energy efficiency could attract clients from the hospitality and public institution sectors.
- Proceeds from the listing could fund expansion into new regions and product development.
What would break the thesis
- If revenues remain dependent on tenders, results could stay unstable from one year to the next.
- Compliance costs after listing could rise further, weighing on an already fragile profitability.
- If customers delay payments, credit loss provisions could again reduce the net result.
What to watch
- Trend in gross margin and stainless steel pricesnext 10-K
- Level of credit loss provisions relative to project revenuesnext 10-K
- Trading of Class A shares on Nasdaq and completion of the share repurchase2025
- Effect of compliance costs on general and administrative expensesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Nov 2025; since then the company filed 6-K (03 Nov 2026), 6-K (09 Oct 2026), 6-K (25 Sept 2026), 6-K (02 Sept 2026), 6-K (19 Aug 2026), 6-K (05 Aug 2026).
The business
All operations are conducted in China through the Operating Subsidiaries, which design, develop, produce and sell stainless steel commercial kitchen equipment under the own 'Li Bang' brand. Services include early-stage kitchen design, equipment installation and after-sales maintenance, with revenue coming from product sales rather than separately billed services. The company is based in Jiangyin, Jiangsu Province, where its production base exceeds 10,000 square meters.
The company is a holding company incorporated in the Cayman Islands and listed on the Nasdaq Capital Market, and after the 2022 reorganization it directly controls the operating entities in China. A dual-class share structure was adopted, with Class B shares carrying fifteen votes each, concentrating voting power with management.
Target customers include international hotels, companies, public institutions, educational institutions and hospitals, and projects are mainly won through bidding. The operating subsidiaries hold professional engineering construction and installation qualifications, allowing them to offer independent installation services. Production is order-driven, with raw materials purchased according to project needs.
Segments
Projects
Project sales accounted for 95.9% of total revenues in fiscal 2025, with revenues of about 10.6 million USD, and the gross margin of this segment was 29.4%. The increase was mainly due to a higher average price per project.
Retail sales
Retail sales accounted for only 4.1% of revenues in fiscal 2025, up 25.2% from the prior year, driven by more completed retail orders. The gross margin of this segment was 25.7%, slightly below the prior year.
Market context
The market for commercial kitchen equipment in China is shaped by trends toward automation, scale, service integration, intelligence, energy saving and environmental protection, which the company cites as directions for R&D in the sector. The company expects its market prospects to be broader, but this is presented as management's estimate rather than a certain outcome.
The main cost factor is stainless steel, whose highest unit price fell in fiscal 2025, supporting margins. Demand depends on investment by hotels, hospitals and public institutions, and changes in Chinese government policy could affect demand and tax incentives.
Trends
- Shift toward automated and energy-efficient equipmenttailwind
Management indicates that R&D in the sector is moving toward automation, intelligence and energy saving. If the company delivers these features, it could support prices and margins.
- Government policies and tax incentivesmixed
The company's products benefit from certain tax incentives and inclusion in the government energy-saving equipment catalog. Changes in policy could affect demand and results, according to the company.
- Raw material price pressureheadwind
The cost of stainless steel directly influences gross margin. The price decline in fiscal 2025 helped results, but a rebound in prices could compress margins again.
- Compliance costs after listingheadwind
After its initial public offering, management expects general and administrative expenses to rise due to compliance and management requirements, which could weigh on profitability.
Competitive position
The filings do not explicitly name competitors. The company positions itself through its own brand, full design and installation services, and an after-sales network in Shanghai, Jiangsu and Zhejiang, but it does not provide a comparative market share analysis.
Differentiation rests on patents, product certifications and system certifications, plus warranties of one to five years depending on contracts. If other suppliers offer similar services at lower prices, pressure on revenues could increase.
- Local commercial kitchen equipment suppliers
Competition in China is described generically in the filings and not named; the company does not identify US-listed suppliers.
- Kitchen project integrators for hotels and hospitals
Players offering full design and installation can compete for the same public and hotel tenders.
- Producers of ventilation and fume purification equipment
The fume extraction segment has its own suppliers, and the company competes with them through integrated systems.
- Producers of kitchen waste handling equipment
Food waste processors are an area where the company competes with several specialised manufacturers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)03 Nov 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)25 Sept 2026
- Current report (foreign issuer)02 Sept 2026
- Current report (foreign issuer)19 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)12 Jun 2026
- Current report (foreign issuer)09 Jun 2026
- Current report (foreign issuer)13 May 2026
- Current report (foreign issuer)30 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-06-30 · SEC / Li Bang International Corporation Inc. · 07 Nov 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.