登录新浪财经APP 搜索【信披】查看更多考评等级 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。 重要内容提示： 1、2025年11月7日，北京市第一中级人民法院（以下简称"北京一中院"或"法院"）出具《决定书》 【（2025）京01破申1445号】（以下简称"决定书"）。北京天宜上佳高新材料股份有限公司（以下简 称"天宜新材""公司"或"被申请人"）债权人天津晟宇汽车零部件有限公司（以下简称"天津晟宇"或"申请 人"）以公司不能清偿到期债务，资产不足以清偿全部债务且明显缺乏清偿能力为由，向北京一中院申 请对公司进行重整（预重整），公司同意前述申请事项，并自愿承担预重整期间的相关义务。为有效识 别重整价值及可行性，提高重整成功率，北京一中院决定对公司启动预重整。 2、北京一中院决定对公司启动预重整，不代表北京一中院会最终受理天津晟宇对公司的重整申请，公 司后续是否进入重整程序尚存在不确定性。如后续法院裁定受理对公司的重整申请，公司将依法配合法 院及管理人开展相关重整工作，并依法履行债务人的法定义务。根据《上海证券交易所科创 ...

Core Viewpoint - Tianyi New Materials has initiated a pre-restructuring process due to liquidity risks and creditor claims, highlighting ongoing financial difficulties and regulatory scrutiny [1][2]. Group 1: Company Financial Situation - Tianyi New Materials is facing a pre-restructuring process initiated by the Beijing First Intermediate People's Court due to claims from creditor Tianjin Shengyu Automotive Parts Co., Ltd. regarding the company's inability to repay debts and lack of assets to cover liabilities [1]. - The company has been under regulatory scrutiny since 2022, with concerns raised about its operational risks and liquidity issues stemming from a decline in demand for its main product, brake pads, due to the pandemic and increased industry competition [1][2]. - In the 2024 annual report inquiry response, the company acknowledged that funding shortages remain a primary issue, indicating potential liquidity risks if the industry continues to decline [2]. Group 2: Regulatory and Legal Challenges - The Shanghai Stock Exchange has continuously monitored Tianyi New Materials, issuing multiple inquiries regarding the company's revenue growth juxtaposed with declining net profits and fluctuating gross margins [2]. - The company has reported multiple account freezes and legal disputes, with its bank accounts facing repeated freezes since July 2025, which has hindered daily operations and specific fundraising projects [2]. - There is uncertainty regarding whether the company will successfully enter the restructuring process, as the court's decision to initiate pre-restructuring does not guarantee acceptance of the final restructuring application [2].

Key Points - The article summarizes important announcements from several listed companies in the Shanghai and Shenzhen stock markets on November 9, 2025 [2] Group 1: Corporate Actions - Visionox (维信诺) plans to issue 419 million shares to Hefei Jianzhu Investment Co., Ltd. at a price of 7.01 yuan per share, raising up to 2.937 billion yuan for working capital and debt repayment. This may lead to a change in control of the company [3] - Huachang Communication (会畅通讯) elected He Fei as the new chairman of the board, effective from the date of the board meeting [4][5] - Weining Health (卫宁健康) appointed Liu Ning as the new chairman after the resignation of Zhou Wei due to personal reasons [6] - Delong Co., Ltd. (德尔股份) received approval from the Shenzhen Stock Exchange for a share issuance to acquire 100% of Aizhuo Intelligent Technology (Shanghai) Co., Ltd. [7] - Tianyi New Materials (天宜新材) is undergoing pre-restructuring after a creditor applied for bankruptcy due to the company's inability to repay debts [8] Group 2: Major Contracts - Aerospace Huanyu (航天环宇) announced that its subsidiary, Hunan Feiyu Aviation Equipment Co., Ltd., won a bid for a project worth 246 million yuan [9] Group 3: Shareholding Changes - Hongda High-Tech (宏达高科) announced that its director and deputy general manager, Gu Weifeng, plans to reduce his holdings by up to 100,000 shares, representing 0.06% of the total shares [11] - Jingneng Thermal Power (京能热力) shareholder Zhao Yibo intends to reduce his stake by up to 3%, amounting to approximately 790,920 shares [12] - Jiankeyuan (建科院) plans to reduce its holdings by up to 1%, equating to 146,660 shares [13] - San Sheng Guojian (三生国健) shareholder Dajia International plans to reduce its holdings by up to 1%, totaling 616,790 shares [14] - Yinxin Technology (银信科技) announced that its actual controller's associates plan to reduce their holdings by up to 1%, which is 444,240 shares [15] - Bixing Wulian (碧兴物联) shareholder Beijing Biyuan Technology Co., Ltd. intends to reduce its stake by up to 1%, amounting to 78,520 shares [16] - Xinle Energy (新雷能) shareholder Shanghai Lianxin Investment Management plans to reduce its holdings by up to 0.65%, totaling 3.5 million shares [17] - Silk Road Vision (丝路视觉) director Wang Junping plans to reduce his holdings by up to 0.056%, which is 68,156 shares [19]

Group 1 - Weixinno plans to issue 419 million shares to Hefei Jianshu at a price of 7.01 yuan per share, raising up to 2.937 billion yuan for working capital and debt repayment, potentially changing the company's control [3] - Huachang Communications elected He Fei as the new chairman of the board, effective immediately [4] - Weining Health elected Liu Ning as the new chairman after the resignation of Zhou Wei due to personal reasons [5] Group 2 - Del Shares received approval from the Shenzhen Stock Exchange for a share issuance to acquire 100% of Aizhuo Intelligent Technology, along with raising supporting funds from up to 35 specific investors [6] - Tianyi New Materials is undergoing pre-restructuring after a creditor applied for bankruptcy due to inability to repay debts [7] Group 3 - Aerospace Huanyu's subsidiary won a bid for a project worth 246 million yuan, which is expected to positively impact the company's performance [9][10] Group 4 - Hongda High-Tech's director and deputy general manager plans to reduce holdings by up to 100,000 shares, representing 0.06% of the total share capital [12] - Jingneng Thermal's shareholder intends to reduce holdings by up to 3% of the total share capital [13] - Jiankeyuan's shareholder plans to reduce holdings by up to 1% of the total share capital [14] - San Sheng Guojian's shareholder intends to reduce holdings by up to 1% of the total share capital [15] - Yinxin Technology's actual controller's associates plan to reduce holdings by up to 1% of the total share capital [16] - Bixing Wulian's shareholder plans to reduce holdings by up to 1% of the total share capital [17] - Xinle Energy's shareholder intends to reduce holdings by up to 0.65% of the total share capital [18] - Silk Road Vision's director plans to reduce holdings by up to 0.056% of the total share capital [19]

北京一中院决定对公司启动预重整，不代表北京一中院会最终受理天津晟宇对公司的重整申请，公司后 续是否进入重整程序尚存在不确定性。如后续法院裁定受理对公司的重整申请，公司将依法配合法院及 管理人开展相关重整工作，并依法履行债务人的法定义务。根据《上海证券交易所科创板股票上市规则 (2025年4月修订)》有关规定，如果后续法院裁定受理对公司的重整申请，上海证券交易所将对公司股 票实施退市风险警示。 智通财经APP讯，天宜新材(688033.SH)发布公告，2025年11月7日，北京市第一中级人民法院出具《决 定书》【(2025)京01破申1445号】。公司债权人天津晟宇汽车零部件有限公司(简称"天津晟宇")以公司 不能清偿到期债务，资产不足以清偿全部债务且明显缺乏清偿能力为由，向北京一中院申请对公司进行 重整(预重整)，公司同意前述申请事项，并自愿承担预重整期间的相关义务。为有效识别重整价值及可 行性，提高重整成功率，北京一中院决定对公司启动预重整。 ...

天宜新材(688033.SH)发布公告，2025年11月7日，北京市第一中级人民法院出具《决定书》【(2025)京 01破申1445号】。公司债权人天津晟宇汽车零部件有限公司(简称"天津晟宇")以公司不能清偿到期债 务，资产不足以清偿全部债务且明显缺乏清偿能力为由，向北京一中院申请对公司进行重整(预重整)， 公司同意前述申请事项，并自愿承担预重整期间的相关义务。为有效识别重整价值及可行性，提高重整 成功率，北京一中院决定对公司启动预重整。 北京一中院决定对公司启动预重整，不代表北京一中院会最终受理天津晟宇对公司的重整申请，公司后 续是否进入重整程序尚存在不确定性。如后续法院裁定受理对公司的重整申请，公司将依法配合法院及 管理人开展相关重整工作，并依法履行债务人的法定义务。根据《上海证券交易所科创板股票上市规则 (2025年4月修订)》有关规定，如果后续法院裁定受理对公司的重整申请，上海证券交易所将对公司股 票实施退市风险警示。 ...

Core Viewpoint - Tianyi New Materials (688033.SH) has initiated a pre-restructuring process due to financial difficulties, primarily driven by industry-wide challenges in the photovoltaic sector and increased competition in the rail transit market [1][2][3][4] Company Overview - Tianyi New Materials is a leading supplier of powder metallurgy brake pads for high-speed trains, listed on the Sci-Tech Innovation Board since July 22, 2019 [1] - The company has expanded its product innovation and industrial application strategy in green energy materials, including carbon-carbon composites for photovoltaic applications and high-performance carbon-ceramic composites for new energy vehicles [1] Industry Challenges - The global photovoltaic industry has entered a deep cyclical adjustment period starting in 2024, characterized by supply-demand mismatches and significant price declines, with core component prices dropping to one-third of their peak [2] - The carbon-carbon composite and quartz crucible sectors, where Tianyi operates, are experiencing severe impacts from overcapacity and price declines, leading to reduced revenue and gross margin [2] - Increased competition in the rail transit brake pad market, with nearly ten certified suppliers, has pressured Tianyi's margins and revenue despite maintaining a strong market position [2] Financial Strain - Tianyi's financial performance has been under significant pressure, with multiple lawsuits leading to the freezing of most bank accounts, totaling 133.52 million yuan, which is 3.86% of the company's net assets and 74.52% of its cash [3] - As of the third quarter, the company reported total assets of 5.837 billion yuan, with fixed assets of 3.034 billion yuan and accounts receivable of 690 million yuan, while achieving a revenue of 564 million yuan [3] Business Segments and Future Outlook - The company maintains advantages in technology development, customer channels, and manufacturing across its four business segments: rail transit, photovoltaic new energy, automotive, and aerospace [4] - Despite the cyclical downturn in the photovoltaic sector, there is potential for recovery and performance improvement once the industry reaches an inflection point [4] - The restructuring process is viewed as a viable option for companies with recovery potential, allowing them to alleviate financial burdens and regain operational capabilities [4]

Core Viewpoint - Tianyi New Materials (688033.SH) has initiated a pre-restructuring process due to financial difficulties, primarily driven by industry-wide challenges in the photovoltaic sector and increased competition in the rail transit market [1][2][3] Company Overview - Tianyi New Materials is a leading supplier of powder metallurgy brake pads for high-speed trains in China, listed on the Sci-Tech Innovation Board since July 22, 2019 [1] - The company has expanded its product innovation and industrial application strategy in green energy materials, including carbon/carbon composites for photovoltaic new energy, high-performance carbon-ceramic composites for new energy vehicles, and carbon fiber composites for aerospace [1] Industry Challenges - The global photovoltaic industry has entered a deep cyclical adjustment period starting in 2024, characterized by supply-demand mismatches and significant price declines, with core component prices dropping to one-third of their peak [2] - Tianyi New Materials' core products, including photovoltaic carbon/carbon composites and quartz crucibles, are severely impacted due to upstream position in the photovoltaic supply chain [2] - The carbon/carbon composite industry faces overcapacity and price declines, while the quartz crucible sector is experiencing price retraction due to increased volume and reduced prices in photovoltaic products [2] Financial and Operational Impact - Tianyi New Materials has faced significant performance pressure, with multiple lawsuits leading to the freezing of most bank accounts, totaling 133.52 million yuan, which is 3.86% of the company's net assets as of mid-2025 [3] - The company reported total assets of 5.837 billion yuan and a revenue of 564 million yuan for the first three quarters of the year, with a continued reduction in net profit [3] Business Segments and Future Outlook - The company operates in four main business segments: rail transit, photovoltaic new energy, automotive, and aerospace, maintaining advantages in technology development, customer channels, and manufacturing capabilities [4] - The rail transit segment remains a stable foundation for the company, while the photovoltaic new energy segment, despite current challenges, has potential for growth when the industry recovers [4] - The restructuring process is seen as a potential opportunity for the company to alleviate financial burdens and regain operational capabilities, similar to other companies that have successfully navigated through restructuring [4]

Core Viewpoint - Tianyi New Materials (688033.SH) is undergoing a pre-restructuring process initiated by the Beijing First Intermediate People's Court due to its inability to repay debts and lack of assets to cover liabilities [1] Group 1: Court Decision and Company Situation - The court issued a decision on November 7, 2025, to start pre-restructuring for Tianyi New Materials based on the creditor's application citing the company's insolvency [1] - Tianyi New Materials has agreed to the pre-restructuring application and will undertake related obligations during this period [1] - The initiation of pre-restructuring does not guarantee that the court will ultimately accept the restructuring application [1] Group 2: Future Implications - If the court accepts the restructuring application, the company will cooperate with the court and the administrator in the restructuring process and fulfill its legal obligations as a debtor [1] - According to the Shanghai Stock Exchange's regulations, if the court accepts the restructuring application, the company's stock will be subject to delisting risk warnings [1]

Core Viewpoint - Tianyi New Materials (688033.SH) is undergoing a pre-restructuring process initiated by the Beijing First Intermediate People's Court due to its inability to repay debts and insufficient assets to cover liabilities [1] Company Summary - Tianyi New Materials has been applied for restructuring by its creditor, Tianjin Shengyu Automotive Parts Co., Ltd., citing the company's inability to settle due debts and a clear lack of repayment capability [1] - The company has agreed to the pre-restructuring application and will voluntarily undertake related obligations during this period [1] - The court's decision to initiate pre-restructuring does not guarantee that the restructuring application will be accepted, leaving the company's future restructuring status uncertain [1] Industry Summary - If the court later decides to accept the restructuring application, the company will cooperate with the court and the administrator in the restructuring process and fulfill its legal obligations as a debtor [1] - According to the Shanghai Stock Exchange's regulations, if the court accepts the restructuring application, the company's stock will be subject to delisting risk warnings [1]