Core Insights - The rail transit equipment sector experienced a 1.08% increase on November 5, with Tianyi New Materials leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Sector Performance - Tianyi New Materials (688033) closed at 7.36, up 4.25% with a trading volume of 245,600 shares and a turnover of 178 million yuan [1] - High-speed Rail Electric (688285) closed at 9.70, up 3.63% with a trading volume of 58,400 shares and a turnover of 55.84 million yuan [1] - Times Electric (688187) closed at 51.69, up 2.89% with a trading volume of 70,900 shares and a turnover of 363 million yuan [1] - Yonghui Electric (300351) closed at 17.84, up 2.71% with a trading volume of 128,400 shares and a turnover of 226 million yuan [1] - Other notable performers include Jiuzhou Yitui (688485) up 2.08%, China Railway Materials (000927) up 1.84%, and Changqing Technology (001324) up 1.48% [1] Capital Flow - The rail transit equipment sector saw a net inflow of 54.74 million yuan from institutional investors, while retail investors experienced a net inflow of 1.37 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors showing stronger interest compared to retail investors [2][3] Individual Stock Capital Flow - China CRRC (601766) had a net outflow of 34.32 million yuan from institutional investors, indicating a negative sentiment towards the stock [3] - Yonghui Electric (300351) saw a net inflow of 28.47 million yuan from institutional investors, suggesting positive interest [3] - China Railway Materials (000927) also experienced a net inflow of 18.07 million yuan from institutional investors [3]

Core Viewpoint - Tianyi New Materials announced the postponement of the election for its third board of directors and supervisory board, originally set to conclude on October 30, 2025, to ensure continuity and stability in management and governance [1] Group 1 - The current term of the third board of directors and supervisory board will end on October 30, 2025 [1] - The postponement is due to ongoing preparations for the nomination of candidates for the new board and reforms in the supervisory board [1] - The terms of the board's specialized committees and senior management will also be extended accordingly [1]

在新一届董事会换届选举及监事会改革完成之前，公司第三届董事会、董事 会各专门委员会、监事会及高级管理人员将按照法律法规和《公司章程》的相关 规定继续履行职责和义务。 公司董事会、监事会延期换届不会影响公司的正常运营。公司将尽快推进相 关工作进程，并按照相关规定及时履行信息披露义务。 特此公告。 北京天宜上佳高新材料股份有限公司 董事会 证券代码：688033 证券简称：天宜新材 公告编号：2025-053 北京天宜上佳高新材料股份有限公司 关于董事会、监事会延期换届的提示性公告 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、准确性和完整性依法承担法律责任。 北京天宜上佳高新材料股份有限公司（以下简称"公司"）第三届董事会、第 三届监事会任期于 2025 年 10 月 30 日届满。鉴于公司新一届董事会候选人提名、 监事会改革等相关工作尚在筹备中，为确保公司董事会、监事会和经营管理工作 的连续性及稳定性，公司换届选举将延期进行，董事会各专门委员会及高级管理 人员的任期亦相应顺延。 2025 年 11 月 1 日 ...

Group 1 - The core issue involves investor claims against Zhiyun Co., Ltd. (智云股份) due to false financial reporting related to its acquisition of Shenzhen Jiutian Zhongchuang Automation Equipment Co., Ltd. [1] - Zhiyun Co. reported inflated sales and profits from Jiutian Zhongchuang, which accounted for 13.27% of its revenue and 7.09% of its profit in 2022, leading to a false annual report [1] - A successful precedent for investor claims has been established, with ongoing efforts to accept further claims from investors who purchased shares between April 28, 2023, and April 13, 2024 [2] Group 2 - Tianyi Shangjia (天宜上佳) is also facing investor claims, with the Shanghai Financial Court having accepted a case related to its delayed disclosure of information regarding its chairman's legal issues [2] - Investors who bought Tianyi Shangjia shares between March 13, 2024, and March 15, 2024, may also initiate claims [3] - The law firm is actively managing multiple cases, having previously achieved settlements or victories for nearly 200 stocks and currently handling claims for around 300 stocks [3]

Core Viewpoint - Tianyi New Material, a significant player in the domestic rail transit equipment sector, is facing challenges in revenue and profitability, with a notable decline in net profit and a high debt ratio compared to industry averages [2][3]. Group 1: Company Overview - Tianyi New Material was established on November 3, 2009, and listed on the Shanghai Stock Exchange on July 22, 2019, with its headquarters in Beijing [1]. - The company specializes in the research, production, and sales of powder metallurgy brake pads for high-speed trains and other rail vehicles, demonstrating strong technical research and development capabilities [1]. Group 2: Financial Performance - For Q3 2025, Tianyi New Material reported revenue of 564 million yuan, ranking 20th among 33 companies in the industry, while the industry leader, CRRC, achieved revenue of 183.865 billion yuan [2]. - The company's net profit for the same period was -375 million yuan, placing it at the bottom of the industry rankings, with the industry average net profit being 64.6 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Tianyi New Material's debt-to-asset ratio was 42.57%, an increase from 38.82% in the previous year and above the industry average of 38.16% [3]. - The company's gross profit margin was -16.12%, an improvement from -27.77% year-on-year but still significantly lower than the industry average of 29.99% [3]. Group 4: Management Compensation - The chairman, Wu Peifang, received a salary of 3 million yuan in 2024, an increase of 1.4 million yuan from 2023 [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.61% to 18,400, while the average number of circulating A-shares held per shareholder decreased by 4.41% to 30,600 [5].

Financial Performance - The company's operating revenue for Q3 2025 was ¥141,525,349.03, representing a year-over-year increase of 10.56%[3] - The total profit for the period was -¥160,902,024.54, with a year-to-date total profit of -¥342,674,448.58[3] - The net profit attributable to shareholders was -¥161,651,474.20 for the quarter, and -¥371,006,048.37 year-to-date[3] - The basic earnings per share for the quarter was -¥0.29, with a year-to-date figure of -¥0.66[3] - The weighted average return on net assets was -4.78%, a decrease of 2.75 percentage points from the previous year[3] - Total operating revenue for the first three quarters of 2025 was CNY 564,446,061.89, a decrease of 11.7% compared to CNY 639,186,694.39 in the same period of 2024[24] - The net loss for the first three quarters of 2025 was CNY 374,934,840.20, compared to a net loss of CNY 597,652,840.15 in the same period of 2024, indicating an improvement of 37.4%[26] - The basic and diluted earnings per share for the first three quarters of 2025 were both CNY -0.66, an improvement from CNY -1.04 in the same period of 2024[26] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,837,203,534.32, down 9.64% from the end of the previous year[4] - The company's total assets decreased from CNY 6,459,726,375.01 in the previous year to CNY 5,837,203,534.32, a decline of 9.6%[20] - Total liabilities decreased from CNY 2,732,762,006.37 to CNY 2,484,675,851.74, representing a reduction of 9.1%[20] - The company's total non-current assets were CNY 4,148,966,351.41, down from CNY 4,457,588,624.58, a decrease of 6.9%[20] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥100,920,088.17, reflecting a decrease of 14.77%[3] - The company's cash flow from operating activities showed a significant decline, reflecting challenges in maintaining liquidity[27] - In the first three quarters of 2025, the net cash flow from operating activities was ¥100,920,088.17, a decrease of 15.5% compared to ¥118,414,479.47 in the same period of 2024[28] - Total cash inflow from operating activities was ¥670,335,934.97, down 27.7% from ¥926,520,797.52 in the previous year[28] - Cash outflow from operating activities amounted to ¥569,415,846.80, a decrease of 29.5% compared to ¥808,106,318.05 in 2024[28] - The net cash flow from investing activities was -¥30,931,771.87, an improvement from -¥530,863,889.44 in the same period last year[29] - Cash inflow from financing activities totaled ¥1,235,415,516.50, an increase of 49.6% compared to ¥825,869,002.38 in 2024[29] - The net cash flow from financing activities was -¥281,653,478.55, slightly improved from -¥298,052,519.37 in the previous year[29] - The ending balance of cash and cash equivalents was ¥53,108,614.40, down from ¥468,233,478.71 at the end of the same period in 2024[29] Research and Development - Research and development expenses totaled ¥17,372,949.70 for the quarter, a decrease of 25.03% compared to the previous year[4] - Research and development expenses for the first three quarters of 2025 were CNY 60,339,786.51, compared to CNY 79,221,007.52 in 2024, a decrease of 23.8%[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 18,380[10] - The largest shareholder, Wu Peifang, holds 125,219,272 shares, representing 22.27% of total shares[10] Business Challenges - The company's photovoltaic new energy business continues to face cyclical industry challenges, leading to a decline in revenue compared to the previous year[8] - The rail transit business is impacted by low bidding prices and intensified competition, resulting in stagnant revenue growth[13] - The photovoltaic business is experiencing continuous losses and has not shown signs of recovery, significantly dragging down overall business performance[13] - The company faces multiple challenges in normal production and operations due to industry cycles and internal management issues[12] - The company has a large amount of accounts receivable, which poses risks to cash flow and financial stability if not managed effectively[14] - The company is facing tightened financing channels due to ongoing losses and overdue loans, affecting its ability to raise funds[14] - Legal disputes and account freezes have led to significant liquidity risks, impacting daily operations[15] - Some fundraising accounts have been frozen or restricted, affecting the progress of investment projects[17] Other Information - As of September 30, 2025, total current assets amount to 1,688,237,182.91 RMB, down from 2,002,137,750.43 RMB at the end of 2024[18] - Total operating costs for the first three quarters of 2025 were CNY 899,490,085.12, down from CNY 1,085,195,005.76 in 2024, reflecting a reduction of 17.1%[25] - The company reported an increase in other income to CNY 19,276,212.29 from CNY 49,956,575.52 in the previous year, indicating a shift in revenue sources[25] - The company did not apply new accounting standards for the year 2025[30]

Performance Forecast - The company expects to achieve operating revenue between 500 million to 600 million yuan for the first three quarters of 2025, representing a decrease of 39.19 million to 139.19 million yuan compared to the same period last year, which is a year-on-year decline of 6.13% to 21.78% [1] - The net profit attributable to shareholders is projected to be between -420 million to -320 million yuan, indicating a reduction in losses by 167.20 million to 267.20 million yuan, a year-on-year decrease in losses of 28.47% to 45.50% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between -390 million to -290 million yuan, reflecting a reduction in losses by 232.92 million to 332.91 million yuan, a year-on-year decrease in losses of 37.39% to 53.44% [1] Previous Year Performance - In the first three quarters of 2024, the company achieved operating revenue of 639.19 million yuan, with a total profit of -643.53 million yuan, and a net profit attributable to shareholders of -587.20 million yuan [1] Reasons for Performance Changes - The company's photovoltaic new energy business has been adversely affected by cyclical industry downturns, leading to a further decline in operating revenue compared to the same period last year [2] - The decrease in gross profit and continued net losses are attributed to low product prices, high fixed costs, and financing costs [2] - The reduction in net losses compared to the previous year is primarily due to the absence of significant inventory impairment provisions in the current reporting period, unlike the previous year [2]

Group 1 - The average premium of the latest closing prices of listed Sci-Tech Innovation Board stocks compared to their issue prices is 147.14%, with 119 stocks experiencing a decline in value [1][2] - Among the 589 listed Sci-Tech Innovation Board stocks, 468 have closing prices above their issue prices, while the highest premium is seen in Shangwei New Materials at 4311.48% [1][2] - The stocks with the largest declines include ST Pava, with a decline of 75.93%, and Chengda Bio, with a decline of 72.26% [1][2] Group 2 - ST Pava was issued at 51.88 yuan and is currently priced at 10.30 yuan, reflecting a significant decline [2] - Chengda Bio was issued at 110.00 yuan and is currently priced at 27.33 yuan, also showing a substantial decline [2] - Other notable declines include Wanrun New Energy at 70.07%, Tianyi New Materials at 65.40%, and CanSino at 64.27% [2][3] Group 3 - The data indicates a trend of significant price volatility among Sci-Tech Innovation Board stocks, with a notable number of stocks trading below their issue prices [1][2] - The industry average price-to-earnings ratio for ST Pava is 29.25, while its issue price was based on a P/E ratio of 93.68, indicating a substantial overvaluation at the time of issuance [1] - The performance of these stocks may reflect broader market conditions and investor sentiment towards the technology and innovation sectors [1][2]

Core Viewpoint - The law firm representing investors has initiated a lawsuit against Beijing Tianyi Shangjia High-tech Materials Co., Ltd. for securities fraud, with affected investors able to join the compensation claim process [1][2] Group 1: Legal Proceedings - Affected investors have received loss assessment reports, and they can voluntarily register for compensation through the "Sina Stockholder Rights Protection Platform" [2] - The lawsuit is still within the statute of limitations, allowing more investors to join the claim [1] Group 2: Company Disclosure Issues - Tianyi Shangjia was warned by the Beijing Securities Regulatory Commission for failing to disclose timely information regarding the detention of its actual controller and chairman, Wu Peifang [1] - The company became aware of the detention on March 8, 2024, but did not disclose this information until March 15, 2024 [1] Group 3: Compensation Eligibility - Investors who purchased shares between March 13 and March 14, 2024, and still hold them, are eligible for compensation, regardless of whether they sold the shares after March 15, 2024 [2]

Core Viewpoint - Tianyi New Materials (688033.SH) anticipates a decline in revenue and net profit for the first three quarters of 2025 compared to the same period last year, indicating ongoing financial challenges for the company [1]. Financial Performance Summary - The company expects revenue for the first three quarters of 2025 to be between 500 million to 600 million yuan, a decrease of 3.92 million to 13.92 million yuan, representing a year-on-year decline of 6.13% to 21.78% [1]. - The projected net profit attributable to shareholders for the same period is expected to be between -420 million to -320 million yuan, reflecting a reduction in losses of 167.20 million to 267.20 million yuan, which corresponds to a year-on-year improvement of 28.47% to 45.50% [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -390 million to -290 million yuan, indicating a reduction in losses of 232.92 million to 332.92 million yuan, translating to a year-on-year improvement of 37.39% to 53.44% [1]. Historical Financial Data - For the first three quarters of 2024, the company reported revenue of 639.19 million yuan, with a total profit of -643.53 million yuan and a net profit attributable to shareholders of -587.20 million yuan [2]. - The company experienced a significant year-on-year revenue decline of 63.85% in 2024, with a net profit attributable to shareholders decreasing by 1,138.31% to -1.495 billion yuan [2]. - The cash flow from operating activities for 2024 was reported at 289 million yuan [2]. Fundraising and Investment - The total amount raised from the company's issuance was 975.32 million yuan, with a net amount of 867.81 million yuan after deducting issuance costs, exceeding the original plan by 222.21 million yuan [3]. - The funds raised are intended for projects including the production of high-performance carbon-ceramic brake discs and the establishment of an automated intelligent weaving production line for carbon-carbon material products [4][5]. - The company has raised a total of 3.294 billion yuan from two fundraising rounds [6].