Industry Overview - The automotive seat is a core component of vehicle interiors, providing comfort and safety for passengers. It consists of various parts including seat cushions, backrests, side supports, and headrests [1] - The automotive seat industry in China has evolved through four stages: initial stage with simple structures, technological development with mechanization, rapid development with smart and personalized features, and transformation focusing on safety, comfort, lightweight, and intelligence [8][11] Market Size and Growth - The estimated market size for passenger car seats in China for 2024 is approximately 109.91 billion yuan, while the market size for commercial vehicle seats is around 15.33 billion yuan, leading to a total market size of approximately 125.34 billion yuan [23] - The automotive seat industry is projected to reach a market size of about 174.6 billion yuan by 2030, with an average annual growth rate of 5.4% [34] Competitive Landscape - Major players in the automotive seat assembly market include companies like Lear, Faurecia, Adient, and Yanfeng, with significant market shares [7][26] - The market is characterized by a high concentration of a few large enterprises, but domestic companies are increasingly gaining market share due to the rise of new energy vehicles and smart seat technologies [30][33] Technological Trends - The industry is moving towards innovations in smart, lightweight, and environmentally friendly materials, with a focus on personalized designs to meet consumer demands [30][33] - Key technological advancements include the integration of sensors for automatic adjustments, health monitoring, and the use of lightweight materials like carbon fiber and aluminum [33] Policy Environment - Current policies in China emphasize safety, lightweight design, intelligence, and green recycling, with standards being upgraded to enhance safety features and promote the use of new materials [14][15] - Regulations are set to increase the recycling rate of materials to 95% by 2030, encouraging the adoption of sustainable practices in the automotive seat industry [14] Consumer Preferences - Consumers prioritize leather seats and are increasingly interested in features such as adjustable backrests, seat height adjustments, ventilation, heating, and memory functions [21]

Core Viewpoint - Tiancheng Control (603085) reported a significant increase in total revenue and net profit for the first half of 2025, indicating strong business performance despite rising short-term debt pressure [1]. Financial Performance - Total revenue for the first half of 2025 reached 1.156 billion yuan, a year-on-year increase of 31.4% compared to 880 million yuan in 2024 [1]. - Net profit attributable to shareholders was 23.27 million yuan, up 47.55% from 15.77 million yuan in the previous year [1]. - The gross profit margin decreased to 16.63%, down 18.75% year-on-year, while the net profit margin increased to 2.01%, up 12.29% [1]. - The total of selling, administrative, and financial expenses was 94.02 million yuan, accounting for 8.14% of revenue, a decrease of 34.76% year-on-year [1]. Cash Flow and Debt Situation - Operating cash flow per share increased significantly to 0.47 yuan, a rise of 7536.42% year-on-year from -0.01 yuan [1]. - The current ratio stands at 0.9, indicating rising short-term debt pressure [1]. - The company’s cash and cash equivalents decreased by 36.61% due to a reduction in acceptance guarantee deposits [3]. Business Operations - The increase in revenue was attributed to higher orders in passenger car seat business and a recovery in the markets for engineering machinery, commercial vehicle seats, and aircraft seats [3]. - The cost of goods sold rose by 37.74%, reflecting increased sales volume [3]. - Research and development expenses increased by 37.26% due to higher total salaries for R&D personnel [5]. Investment Returns - The company's return on invested capital (ROIC) was 0.33%, indicating weak capital returns in recent years [4]. - Historical data shows a median ROIC of 4.85% since the company went public, with three years of losses out of nine annual reports, suggesting a fragile business model [4].

Core Viewpoint - The company has approved the conclusion of its fundraising projects from the 2019 private placement and plans to permanently supplement its working capital with the remaining funds of 47.14 million RMB [28][32][34]. Group 1: Company Overview - Zhejiang Tiancheng Self-Control Co., Ltd. is involved in the management and use of raised funds, ensuring compliance with relevant regulations [21][22]. - The company has established a dedicated account for managing the raised funds, ensuring proper oversight and usage [23][30]. Group 2: Financial Data - The total amount raised from the 2019 private placement was approximately 500 million RMB, with a net amount of about 486.57 million RMB after deducting fees [28][29]. - The company plans to use the remaining funds of 47.14 million RMB to enhance its liquidity and support daily operations [28][32]. Group 3: Board and Supervisory Meetings - The company's board of directors and supervisory board held meetings on August 25, 2025, to review and approve the half-year report and the proposal regarding the use of remaining funds [4][15][34]. - All board members and supervisors were present at the meetings, ensuring a valid decision-making process [3][14]. Group 4: Fund Usage and Management - The company has adhered to regulations regarding the management of raised funds, implementing a dedicated storage system for these funds [22][23]. - There were no significant issues reported regarding the use and disclosure of the raised funds during the reporting period [24][25].

证券代码：603085 证券简称：天成自控 公告编号：2025-057 浙江天成自控股份有限公司 第五届董事会第二十一次会议决议公告 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 具 体 内 容 详 见 公 司 2025 年 8 月 26 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《浙江天成自控股份有限公司 2025 年半年度报告》 全文及其摘要。 本议案已经公司董事会审计委员会审议通过。 表决结果：7 票同意，0 票反对，0 票弃权。 （二）审议通过《2025 年半年度募集资金存放与实际使用情况的专项报告》 具 体 内 容 详 见 公 司 2025 年 8 月 26 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《浙江天成自控股份有限公司 2025 年半年度募集资 金存放与实际使用情况的专项报告》（公告编号：2025-059）。 本议案已经公司董事会审计委员会审议通过。 浙江天成自控股份有限公司（以下简称"公司"）第五届董事 ...

证券代码：603085 证券简称：天成自控 公告编号：2025-060 浙江天成自控股份有限公司 关于 2019 年非公开发行股票募集资金投资项目结项 并将节余募集资金永久补充流动资金的公告 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、准确性和完整性承担法律责任。 重要内容提示： ? 本次结项的募集资金投资项目：2019 年非公开发行股票全部募集资金投 资项目 ? 节余募集资金使用计划：2019 年非公开发行股票节余募集资金 4,714.31 万元（最终转出金额以资金转出当日银行结算余额为准）将全部用于永久补充流 动资金。 ? 本事项已经第五届董事会第二十一次会议、第五届监事会第十六次会议 审议通过，无需提交股东大会审议。 浙江天成自控股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开 第五届董事会第二十一次会议、第五届监事会第十六次会议审议通过《关于 2019 年非公开发行募集资金投资项目结项并将节余募集资金永久补充流动资金的议 案》，同意公司将 2019 年非公开发行股票募集资金投资项目（以下简称"募投项 目"）结项，并将节余募 ...

Fundraising Overview - The company raised a total of RMB 500 million through a non-public offering of 79,239,302 shares at RMB 6.31 per share, with a net amount of RMB 486.68 million after deducting underwriting fees and other expenses [1][2] - The funds were deposited into a special account managed by the underwriter, Dongfang Securities [1] Fund Utilization and Balance - As of the reporting date, the net amount of funds utilized was RMB 429.95 million, with an interest income of RMB 0.96 million, resulting in a remaining balance of RMB 47.70 million [2][4] - The company has not encountered any abnormal situations regarding the investment projects funded by the raised capital [4] Fund Management Practices - The company has established a management system for the raised funds, including special account storage and regulatory agreements with banks to ensure proper usage [3][4] - The company has signed four-party and three-party regulatory agreements with banks to clarify the rights and obligations of all parties involved [3] Project Status and Adjustments - The company has extended the timeline for the expected usability of certain projects, including the "Core Component Production Base for Aircraft Seats" and "Seat R&D Center," from December 2024 to December 2025 due to market demand recovery issues [5][6] - There have been no changes in the investment projects funded by the raised capital, and the company has adhered to the original investment plans [4][5]

Core Viewpoint - Zhejiang Tenchen Controls Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased sales in its main business segments, including passenger car seats, engineering machinery seats, and aircraft seats [2][3][6]. Financial Performance - The company achieved operating revenue of CNY 1,155,716,403.27, a year-on-year increase of 31.40% compared to CNY 879,564,935.73 in the same period last year [2][3]. - Total profit reached CNY 36,398,934.21, up 328.62% from CNY 8,492,153.64 [2][3]. - Net profit attributable to shareholders was CNY 23,270,918.55, reflecting a 47.55% increase from CNY 15,771,356.12 [2][3]. - The company's net cash flow from operating activities was CNY 187,876,681.76, a significant recovery from a negative cash flow of CNY -2,526,440.81 in the previous year [2][3]. Business Segments - The main business segments include: - Passenger car seats, contributing CNY 521,162,209.98, accounting for 45.93% of total revenue, with a growth rate of 59.65% [6][8]. - Engineering machinery and commercial vehicle seats, with a notable recovery in market demand [4][6]. - Aircraft seats, generating CNY 141,657,557.67, representing 12.48% of total revenue, with a growth of 24.01% [6][8]. Industry Context - The passenger car seat market is closely tied to the overall automotive market, which has seen a continuous increase in production and sales, with a 12.5% increase in production and an 11.4% increase in sales in the first half of 2025 [6][7]. - The engineering machinery industry is experiencing a steady recovery, with excavator sales increasing by 16.8% year-on-year, indicating a rebound in infrastructure demand [7][8]. - The aviation seat market faces challenges due to global economic uncertainties, but the company has established itself as a supplier for major aircraft manufacturers like Boeing and Airbus [4][8][11]. Competitive Advantages - The company has a comprehensive R&D, procurement, production, and sales system, allowing it to respond effectively to customer needs and market changes [3][4]. - It has established strong relationships with key clients in various sectors, enhancing customer loyalty and market position [10][11]. - The company is recognized for its technological advancements in lightweight materials and comfort design, positioning it competitively in the market [9][10].

Core Insights - Zhejiang Tiancheng Control Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, with operating income rising by 31.40% year-on-year to approximately 1.16 billion yuan [1] - The net profit attributable to shareholders increased by 47.55% to approximately 23.27 million yuan, indicating strong operational performance [1] - The company's total assets showed a slight increase of 0.25% compared to the end of the previous year, reaching approximately 3.40 billion yuan [1] Financial Performance - Total assets at the end of the reporting period were 3,402,992,639.53 yuan, up from 3,394,553,409.59 yuan, reflecting a 0.25% increase [1] - Net assets attributable to shareholders decreased by 0.93% to 851,884,422.06 yuan [1] - Operating income for the period was 1,155,716,403.27 yuan, compared to 879,564,935.73 yuan in the same period last year, marking a 31.40% increase [1] - Total profit reached 36,398,934.21 yuan, a substantial increase of 328.62% from 8,492,153.64 yuan [1] - The net profit attributable to shareholders was 23,270,918.55 yuan, up 47.55% from 15,771,356.12 yuan [1] - The net profit after deducting non-recurring gains and losses was 17,150,465.22 yuan, a slight decrease of 2.55% from 17,598,553.23 yuan [1] - The net cash flow from operating activities was 187,876,681.76 yuan, a significant improvement from -2,526,440.81 yuan in the previous year [1] - The weighted average return on net assets increased by 0.96 percentage points to 2.72% [1] - Basic and diluted earnings per share both increased by 50.00% to 0.06 yuan per share [1] Shareholder Information - As of the end of the reporting period, the total number of shareholders was 24,497 [1] - The top ten shareholders' holdings were detailed, with Zhejiang Tiancheng Investment Co., Ltd. holding 34.40% of shares [2] - The report indicates that there are no preferred shareholders with restored voting rights [2]

（文章来源：证券日报） 证券日报网讯 8月25日晚间，天成自控发布公告称，2025年半年度公司实现营业收入1，155，716， 403.27元，同比增长31.40%；归属于上市公司股东的净利润为23，270，918.55元，同比增长47.55%。 ...

Core Viewpoint - Tiancheng Automation announced the approval of multiple proposals, including the "2025 Semi-Annual Report and Summary," during the 21st meeting of its fifth board of directors held on August 25 [2] Group 1 - The company held its 21st meeting of the fifth board of directors on August 25 [2] - The meeting resulted in the approval of the "2025 Semi-Annual Report and Summary" among other proposals [2]