Group 1 - The core viewpoint of the article highlights the institutional investment landscape in Tianzheng Electric (605066.SH), indicating a significant presence of institutional investors with a total holding of 132 million shares, representing 26.14% of the total share capital [1] - The proportion of institutional holdings increased by 1.54 percentage points compared to the previous quarter, reflecting growing confidence among institutional investors [1] - Among public funds, there was an increase in holdings from one fund, 博道久航混合A, with a holding increase ratio of 0.21% [1] Group 2 - New disclosures from foreign investors included one entity, J.P. Morgan Securities PLC - proprietary funds, indicating a cautious but present interest from foreign institutions [2]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][3][7] Financial Data - The financial statements for the third quarter are unaudited [3][7] - The report includes major accounting data and financial indicators, with the currency specified as Renminbi [3][7] Non-Recurring Gains and Losses - The company has identified non-recurring gains and losses, but specific amounts and reasons for classification are not detailed in the provided documents [4][5] Shareholder Information - Information regarding the total number of common shareholders and the top ten shareholders is included, but specific details are not provided in the documents [5][6] Other Important Information - There are no additional reminders or important information regarding the company's operational situation during the reporting period [6][7]

Core Viewpoint - Tianzheng Electric is a well-known enterprise in the low-voltage electrical field in China, focusing on the research, production, and sales of low-voltage electrical products, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Tianzheng Electric's revenue was 2.17 billion yuan, ranking 8th among 26 companies in the industry, with the industry leader, Chint Electric, generating 46.396 billion yuan [2] - The main business composition includes distribution electrical products at 1.211 billion yuan (41.51% of revenue) and terminal electrical products at 588 million yuan (20.15% of revenue) [2] - The net profit for the same period was 105 million yuan, also ranking 8th in the industry, with the industry leader's net profit at 5.656 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Tianzheng Electric's debt-to-asset ratio was 44.58%, higher than the previous year's 43.78% and above the industry average of 40.49%, indicating slightly greater debt pressure [3] - The gross profit margin for Q3 2025 was 24.92%, lower than the previous year's 26.08% but higher than the industry average of 23.98%, suggesting a relatively strong profitability position [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 29.66% to 37,300, while the average number of circulating A-shares held per account increased by 42.16% to 13,500 [5] - New significant shareholders include Guangfa Quantitative Multi-Factor Mixed A, holding 2.7646 million shares, and招商量化精选股票发起式A, holding 2.3 million shares [5] Group 4: Executive Compensation - The chairman and general manager, Gao Tianle, received a salary of 1.4638 million yuan in 2024, a decrease of 81,700 yuan from 2023 [4]

智通财经APP讯，天正电气(605066.SH)披露2025年第三季度报告，公司前三季度实现营收21.7亿元，同 比下降1.41%;归母净利润1.05亿元，同比增长1.29%;扣非净利润9745万元，同比下降9.33%;基本每股收 益0.21元。 ...

证券日报网讯 10月30日晚间，天正电气发布2025年第三季度报告称，2025年前三季度公司实现营业收 入2，169，930，015.85元，同比下降1.41%；归属于上市公司股东的净利润为105，191，699.28元，同 比增长1.29%。 （编辑 任世碧） ...

格隆汇10月30日丨天正电气(605066.SH)发布2025年三季报显示，公司前三季实现营业收入21.70亿元， 同比下滑1.41%；归母净利润1.05亿元，同比增长1.29%；扣非归母净利润9745.26万元，同比下滑 9.33%。 ...

Financial Performance - The company's operating revenue for the third quarter was ¥715,430,811.34, representing a year-on-year increase of 6.69%[4]. - The total profit for the quarter was ¥21,514,114.39, showing a decrease of 24.33% compared to the same period last year[4]. - The net profit attributable to shareholders was ¥23,298,192.49, down 21.21% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 44.87%, primarily due to rising raw material prices affecting the gross profit margin[9]. - Total operating revenue for the first three quarters of 2025 was CNY 2,169,930,015.85, a slight decrease from CNY 2,200,888,367.79 in the same period of 2024, representing a decline of approximately 1.4%[17]. - Net profit for the first three quarters of 2025 was CNY 105,191,699.28, compared to CNY 103,853,820.51 in 2024, showing an increase of about 1.3%[18]. - Operating profit for the first three quarters of 2025 was CNY 105,139,672.99, up from CNY 124,568,462.99 in 2024, indicating a decrease of approximately 15.6%[18]. - The company reported a decrease in total operating costs for the first three quarters of 2025, which amounted to CNY 2,076,736,647.10, down from CNY 2,098,088,096.83 in 2024, a reduction of approximately 1.0%[17]. - Earnings per share for the first three quarters of 2025 were CNY 0.21, slightly higher than CNY 0.20 in 2024, indicating a growth of 5.0%[18]. - The company experienced a foreign exchange loss of CNY 330,082.33 in the first three quarters of 2025, compared to a loss of CNY 304,989.30 in 2024, reflecting a worsening of approximately 8.2%[18]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,221,129,851.96, an increase of 1.72% from the end of the previous year[5]. - As of September 30, 2025, the total assets of Zhejiang Tianzheng Electric Co., Ltd. amounted to CNY 3,221,129,851.96, an increase from CNY 3,166,610,825.26 at the end of 2024, reflecting a growth of approximately 1.73%[13]. - The total liabilities increased to CNY 1,435,823,026.03 from CNY 1,359,737,550.11, representing an increase of about 5.59%[15]. - The total equity attributable to shareholders decreased to CNY 1,785,306,825.93 from CNY 1,806,873,275.15, a decline of about 1.19%[15]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥133,819,893.39, reflecting a significant increase of 66.84%[4][9]. - Cash flow from operating activities for the first three quarters of 2025 was CNY 133,819,893.39, an increase from CNY 80,208,721.78 in 2024, reflecting a growth of about 66.8%[19]. - Cash flow from investing activities for the first three quarters of 2025 was CNY 204,865,322.42, compared to a negative cash flow of CNY 127,857,020.08 in 2024, indicating a significant improvement[19]. - The total cash and cash equivalents at the end of the first three quarters of 2025 was CNY 640,351,549.19, up from CNY 498,626,163.54 in 2024, representing an increase of approximately 28.5%[20]. - The company's cash and cash equivalents decreased to CNY 711,710,576.70 from CNY 725,295,587.36, a decline of approximately 1.81%[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 37,340[10]. - The largest shareholder, Tianzheng Group Co., Ltd., held 24.55% of the shares, totaling 123,933,700 shares[11]. Inventory and Receivables - Accounts receivable rose to CNY 876,033,489.04, up from CNY 770,171,545.97, indicating an increase of about 13.73%[13]. - Inventory decreased to CNY 253,831,323.98 from CNY 287,030,339.52, a reduction of approximately 11.56%[14]. - The company reported a significant increase in prepayments, rising to CNY 20,120,199.26 from CNY 15,703,921.55, an increase of approximately 27.66%[13]. Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 111,116,551.00, compared to CNY 116,491,480.32 in 2024, showing a decrease of about 4.7%[17]. Non-Recurring Gains - The company received government subsidies amounting to ¥2,301,758.81 during the quarter, contributing to its non-recurring gains[7].

Summary of Key Points Core Viewpoint - The company held a half-year performance briefing on September 23, 2025, to communicate with investors and address their concerns regarding the company's future performance and strategic direction [1]. Group 1: Company Performance and Strategy - The company aims to enhance its performance and maintain steady growth to achieve better market performance [2]. - The company has established a subsidiary, Shanghai Tianzheng Tiangong Robot Co., Ltd., focusing on collaboration with university teams to develop its business in advantageous sectors [3]. - The company is actively expanding its overseas market presence, particularly in the Middle East, CIS, Southeast Asia, and South America, with significant growth in overseas business, showing a 89.89% increase in 2024 and a 222% increase in the first half of 2025 [4]. Group 2: Financial and Operational Insights - The company reported that its accounts receivable balance as of the end of the first half of 2025 was 901 million, a 16.94% increase from the previous year [7]. - The average collection period for accounts receivable is 103 days, with only 1.90% of accounts aging over one year [7]. - The company is focused on enhancing its core competitiveness and profitability to improve shareholder returns and market performance [6]. Group 3: Investor Relations and Communication - The company reassured investors that recent share reductions by major shareholders were due to personal financial needs and not a lack of confidence in the company's future [5]. - The company emphasized its commitment to transparent communication and adherence to information disclosure regulations to build investor confidence [6].

证券代码：605066 证券简称：天正电气 公告编号：2025-039 浙江天正电气股份有限公司 关于2025年半年度业绩说明会召开情况的公告 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。 浙江天正电气股份有限公司（以下简称"公司"）于 2025 年 9 月 23 日 15:00-16:00 在价值在线（www.ir-online.cn）以文字互动的方式召开了"2025 年半年度业绩说明会"。关于本次说明会的召开事项，公司已于 2025 年 9 月 17 日在《上海证券报》及上海证券交易所网站（www.sse.com.cn）披露了《关于召 开 2025 年半年度业绩说明会的公告》（公告编号：2025-035）。现将召开情况 公告如下： 3.请问目前公司海外布局情况如何？未来海外方面的规划是什么？ 答:尊敬的投资者，您好！公司积极响应国家"走出去"战略，持续加大海 外市场拓展力度，重点布局中东、独联体、东南亚及南美等新兴市场，并取得显 著成效。公司在中东设立了办事处，参加了越南电力展、巴西电力展，计划加大 拓展东南亚、拉美市场 ...

Group 1 - The board of directors of Zhejiang Tianzheng Electric Co., Ltd. held its 21st meeting of the 9th session on September 19, 2025, via telecommunication, with all 9 directors present, confirming the meeting's legality and validity [2][3]. - The board elected Mr. Gao Tianle as the representative director to execute company affairs and serve as the legal representative, with his term lasting until the end of the 9th board session [3][4]. - The board confirmed the members and convener of the audit committee, which will now exercise the powers previously held by the supervisory board, with Ms. Dong Yashu as the convener [5][6]. Group 2 - Mr. Fang Chufu submitted a written resignation from the board due to internal work adjustments but will continue as the deputy general manager [10][11]. - The company held a staff representative meeting on September 19, 2025, where Ms. Zhao Yindan was elected as the staff representative director for the 9th board, with her term lasting until the end of the board's term [12][13]. - The election of the staff representative director complies with legal requirements, ensuring that the number of directors who are also senior management does not exceed half of the total board members [12].