Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company reported a revenue of 1.584 billion RMB for H1 2025, a year-on-year increase of 1.00%, but a net profit attributable to shareholders of 52.6073 million RMB, a year-on-year decrease of 33.29% [2]. - The equipment business is under pressure due to market conditions, while the materials business is showing positive growth, leading to a cautious outlook but a maintained "Buy" rating due to the company's strategic focus on emerging materials [2][5]. - The company is enhancing its layout in the emerging materials sector, with successful applications of chip inductors in AI server power modules and advancements in piezoelectric crystal materials for 5G and optical communication [4][5]. Financial Performance Summary - In H1 2025, the company's electronic surface mount products and materials sales generated revenues of 1.37 billion RMB (up 24.97% year-on-year) and 64 million RMB (down 0.09% year-on-year), respectively [3]. - The specialized equipment business saw a significant revenue decline of 63.15% year-on-year, totaling 148 million RMB, with a corresponding gross profit drop of 69.10% [3]. - The company experienced an increase in asset and credit impairment of 56 million RMB year-on-year, with total expenses of approximately 299 million RMB, reflecting a slight increase from the previous year [3]. Growth and Strategic Initiatives - The company is focusing on research and development in specialized equipment for powder and crystal materials, catering to the semiconductor, communication, photovoltaic, and powder metallurgy sectors [4]. - Sales of powder material press equipment increased by 117% year-on-year, with servo presses accounting for 46% of sales [4]. - The company aims to accelerate the production of large-size RF piezoelectric wafers, targeting an annual output of 4.2 million pieces [4]. Earnings Forecast - The earnings per share (EPS) forecast for 2025-2027 is projected at 0.22, 0.26, and 0.27 RMB, respectively [5]. - The target price is set at 12.37 RMB, based on a price-to-earnings (PE) ratio of 56.2X for 2025 [5].

Core Viewpoint - TianTong Co., Ltd. (600330) reported mixed financial results for the first half of 2025, with a slight increase in total revenue but a significant decline in net profit compared to the previous year [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.584 billion yuan, a year-on-year increase of 1.0% [1]. - Net profit attributable to shareholders was 52.61 million yuan, down 33.29% year-on-year [1]. - In Q2 2025, total revenue was 869 million yuan, reflecting a 20.13% increase year-on-year, while net profit dropped 86.54% to 4.65 million yuan [1]. - The gross margin was 20.63%, up 0.25% year-on-year, while the net margin fell to 3.33%, a decrease of 36.47% [1]. - Total receivables accounted for 2255.18% of the latest annual net profit, indicating a significant concern regarding accounts receivable management [4]. Key Financial Metrics - Operating expenses, including sales, management, and financial costs, totaled 180 million yuan, representing 11.35% of revenue, an increase of 5.9% year-on-year [1]. - Earnings per share (EPS) decreased to 0.04 yuan, down 32.81% year-on-year [1]. - Cash flow from operating activities showed a significant improvement, with a net cash flow of -0.05 yuan per share, an increase of 60.89% year-on-year [1]. Changes in Financial Items - Prepayments increased by 152.83% due to higher advance payments for essential raw materials in specialized equipment manufacturing [2]. - Inventory rose by 14.05% due to increased stock in electronic components and sapphire crystal materials [2]. - Short-term borrowings increased by 20.29% as a result of more bank loans for working capital [2]. - Long-term borrowings rose by 36.88% due to increased loans from subsidiaries [2]. Business Model and Investment Insights - The company's performance relies heavily on R&D, marketing, and capital expenditures, necessitating careful evaluation of capital projects and spending [4]. - The historical return on invested capital (ROIC) was low at 0.45%, indicating weak capital returns [3]. - The company has experienced two years of losses since its IPO, suggesting a fragile business model [3]. Fund Holdings - The largest fund holding TianTong shares is Shenwan Lingshin Quantitative Small Cap Stock (LOF) C, with a current scale of 159 million yuan and a recent net value increase of 0.36% [4].

Core Viewpoint - The company is holding a shareholder meeting on September 10, 2025, to discuss various resolutions, including amendments to its articles of association and governance rules, as well as a three-year shareholder return plan for 2025-2027 [1][2][12]. Group 1: Meeting Agenda - The meeting will include the announcement of attending shareholders and their represented shares, the agenda, and the voting process for various resolutions [1]. - A special resolution will be presented, and there will be a separate vote for minority shareholders holding less than 5% of shares [1][2]. - The meeting will conclude with the announcement of results and legal opinions from the attending lawyer [1]. Group 2: Amendments to Governance Documents - The company has proposed amendments to its articles of association, eliminating the supervisory board and transferring its powers to the audit committee of the board [2]. - Amendments to the rules governing shareholder meetings, board meetings, independent director work systems, related party transaction decision-making, external guarantee management, fundraising management, and external investment management have been approved [4][6][7][8][12]. - The revised documents are available on the Shanghai Stock Exchange website [2][4][6][7][8]. Group 3: Shareholder Return Plan - The company has developed a three-year shareholder return plan for 2025-2027, emphasizing a stable and continuous profit distribution policy [12][13]. - The plan prioritizes cash dividends, with a minimum of 15% of distributable profits to be allocated as cash dividends annually, and a cumulative minimum of 30% over the last three years [16]. - The company will ensure that the decision-making process for profit distribution includes input from shareholders, particularly minority shareholders [19][20].

每经AI快讯，有投资者在投资者互动平台提问：贵公司12英寸声学级铌酸锂晶体和12英寸光学级铌酸 锂晶体是否都已经开始量产？ 天通股份（600330.SH）8月26日在投资者互动平台表示，公司已经研发成功12英寸光学级和声学级铌 酸锂晶体，正在不断的优化工艺，提升效率。 （记者 谭玉涵） ...

天通控股股份有限公司 2025 年第一次临时股东大会 会 议 资 料 2025 年 9 月 10 日 天通控股股份有限公司 2025 年第一次临时股东大会会议议程 现场会议时间：2025 年 9 月 10 日（星期三）上午 10:00 网络投票时间：2025 年 9 月 10 日（星期三）。采用上海证券交易所网络投票系 统，通过交易系统投票平台的投票时间为 9:15-9:25,9:30-11:30，13:00-15:00； 通过互联网投票平台的投票时间为 9:15-15:00。 会议地点：浙江省海宁市经济开发区双联路 129 号公司会议室 主持人：董事长郑晓彬先生 会议议程： 一、宣布现场到会股东和股东委托代理人及代表股份数 二、宣布本次股东大会会议议程 三、审议会议议案 1、关于修订《公司章程》的议案 11、关于《未来三年（2025-2027 年）股东回报规划》的议案 上述议案 1 为特别决议议案；议案 11 为对中小投资者单独计票的议案，即 对持股 5%以下（不含持股 5%）的中小投资者表决进行单独计票。公司将根据计 票结果进行公开披露。 2、关于修订《股东会议事规则》的议案 3、关于修订《董事会议事规则 ...

Market Overview - The electronic chemicals sector experienced a decline of 0.53% on August 26, with Tongyu New Materials leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Sanfu New Materials (688389) with a closing price of 73.20, up 10.46% [1] - Fivotech (688371) with a closing price of 23.27, up 6.35% [1] - Anji Technology (610889) with a closing price of 166.40, up 4.41% [1] - Conversely, significant decliners included: - Tongyu New Materials (301630) with a closing price of 199.23, down 8.75% [2] - Siquan New Materials (301489) with a closing price of 175.16, down 8.29% [2] - Shanghai Xinyang (300236) with a closing price of 53.75, down 3.98% [2] Capital Flow - The electronic chemicals sector saw a net outflow of 786 million yuan from institutional investors, while retail investors contributed a net inflow of 623 million yuan [2] - The capital flow for specific stocks showed: - Fivotech (688371) had a net inflow of 35.21 million yuan from institutional investors [3] - Anji Technology (610889) had a net inflow of 20.25 million yuan from institutional investors [3] - Tongyu New Materials (301630) experienced a significant net outflow of 49.42 million yuan from institutional investors [3]

Core Viewpoint - Tian Tong Co., Ltd. (600330.SH) reported its semi-annual results for 2025, highlighting an increase in institutional investor holdings and public fund participation [1] Group 1: Institutional Holdings - As of August 25, 2025, a total of 9 institutional investors disclosed holdings in Tian Tong Co., Ltd., with a combined shareholding of 188 million shares, representing 15.25% of the total share capital [1] - The institutional investor group includes notable entities such as Tian Tong High-tech Group Co., Ltd., Guangdong Hengjian International Investment Co., Ltd., and several funds from China Merchants Bank [1] - Compared to the previous quarter, the total institutional holding percentage increased by 0.61 percentage points [1] Group 2: Public Fund Participation - Three public funds increased their holdings during this period, including Southern CSI 1000 ETF, Huaxia CSI 1000 ETF, and Oriental Quantitative Growth Flexible Allocation Mixed A, with an increase in holdings accounting for 0.31% [1] - Two new public funds disclosed their holdings compared to the previous quarter, namely Shenwan Hongyuan Quantitative Small Cap Stock (LOF) A and Changjiang Huizhi Quantitative Stock Selection Mixed Initiation A [1]

Overview - Tian Tong Holdings Co., Ltd. (hereinafter referred to as "Tian Tong" or "the Company") plans to absorb and merge its wholly-owned subsidiary Tian Tong Intelligent Equipment Co., Ltd. (hereinafter referred to as "Tian Tong Intelligent") with its wholly-owned sub-subsidiary Tian Tong Rijing Precision Technology Co., Ltd. (hereinafter referred to as "Tian Tong Rijing") [1][2] Merger Details - The merger will result in the cancellation of Tian Tong Rijing's legal entity, with all assets, debts, personnel, and rights and obligations being inherited by Tian Tong Intelligent [1][2] - The merger has been approved by the Company's 14th meeting of the 9th Board of Directors and does not require submission to the shareholders' meeting [1][2] - This merger does not constitute a related party transaction or a major asset restructuring as defined by the "Measures for the Administration of Major Asset Restructuring of Listed Companies" [2] Financial Information - **Tian Tong Intelligent Equipment Co., Ltd.**: - Total assets: 2,005.51 million RMB (2025) [4] - Total liabilities: 915.20 million RMB (2025) [4] - Net assets: 1,090.31 million RMB (2025) [4] - Operating income: 545.38 million RMB (2025) [4] - **Tian Tong Rijing Precision Technology Co., Ltd.**: - Total assets: 689.36 million RMB (2025) [6] - Total liabilities: 439.10 million RMB (2025) [6] - Net assets: 250.26 million RMB (2025) [6] - Operating income: 337.76 million RMB (2025) [6] - Net profit: -14.65 million RMB (2025) [6] Strategic Implications - The merger aims to optimize resource allocation, establish an integrated operational mechanism, and streamline the organizational structure, thereby reducing operational costs and enhancing management efficiency [1][2][6] - Both Tian Tong Intelligent and Tian Tong Rijing are wholly-owned subsidiaries, and their financial statements are already included in the Company's consolidated financial statements [6]

本次吸收合并事项不构成《上市公司重大资产重组管理办法》规定的重大资 产重组。本次事项在董事会审批权限范围内，无需提交公司股东大会审议。董事 会授权公司经营管理层负责办理吸收合并的相关事宜。 证券代码：600330 证券简称：天通股份 公告编号：2025-044 二、需债权人知晓的相关信息 根据《中华人民共和国公司法》等相关法律、法规的规定，相关债权人自接 到通知之日起三十日内、未接到通知者自本公告披露之日起四十五日内，均有权 凭有效债权文件及相关凭证要求公司清偿债务或者提供相应担保。债权人如未在 上述规定期限内行使上述权利的，不会因此影响其债权的有效性，在吸收合并后 由天通智能继续履行。债权人可持证明债权债务关系合法存续的合同、协议及其 他相关凭证的原件及复印件到公司申报债权。 天通控股股份有限公司 关于吸收合并事项通知债权人的公告 债权人为法人的，需同时携带该法人的营业执照副本原件及复印件、法定代 表人身份证明文件；委托他人申报的，除上述文件外，还需携带授权委托书和代 理人有效身份证件的原件及复印件。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确 ...

证券代码：600330 证券简称：天通股份 公告编号：2025-039 天通控股股份有限公司 九届十三次监事会决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 天通控股股份有限公司九届十三次监事会会议通知于 2025 年 8 月 12 日以电 子邮件方式发出。会议于 2025 年 8 月 23 日在安徽六安公司会议室召开，会议应 当出席监事 3 人，实际出席监事 3 人，会议由监事会主席郭跃波先生主持。本次 监事会会议的召开符合有关法律、行政法规、规范性文件和《公司章程》的规定。 二、监事会会议审议情况 监事会认为： （1）公司 2025 年半年度报告及摘要的编制和审议程序符合法律、法规、 《公 司章程》和公司内部管理制度的各项规定； （2）公司 2025 年半年度报告及摘要的内容和格式符合中国证监会和上海证 券交易所的各项规定，所包含的信息能从各个方面真实地反映出公司 2025 年上 半年的经营管理和财务状况等事项； （3）在公司监事会提出本意见前，未发现参与半年度报告编制和审议的人 员有违反 ...