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].

Core Insights - Tianyi New Materials announced an expected net profit attributable to shareholders of the listed company for the first three quarters of 2025 to be between -420 million to -320 million yuan, indicating a reduction in losses compared to the same period last year [1] - The company anticipates a reduction in losses by 166.7 million to 266.7 million yuan, representing a year-on-year decrease in losses of 28.47% to 45.50% [1]

Core Viewpoint - Tianyi New Materials (688033.SH) expects a decline in revenue and net profit for the first three quarters of 2025, primarily due to the cyclical downturn in the photovoltaic new energy sector and other financial pressures [1] Financial Performance - The projected operating revenue for the first three quarters of 2025 is between 500 million to 600 million yuan, representing a year-on-year decrease of 6.13% to 21.78% [1] - The expected net profit attributable to shareholders for the same period is projected to be between -420 million to -320 million yuan, indicating a year-on-year reduction in losses of 28.47% to 45.50% [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between -390 million to -290 million yuan, reflecting a year-on-year reduction in losses of 37.39% to 53.44% [1] Industry Context - The company's photovoltaic new energy business is experiencing a prolonged downturn due to industry cyclicality, with no significant improvement observed [1] - Contributing factors to the decline in revenue include low product prices, high fixed costs from depreciation and amortization, and elevated financing costs [1] - The reduction in net profit loss compared to the previous year is attributed to the absence of significant inventory impairment provisions, which were substantial in the prior year [1]

Core Viewpoint - Tianyi New Materials (688033.SH) expects a decline in revenue and net profit for the first three quarters of 2025, primarily due to the cyclical downturn in the photovoltaic new energy sector and other financial pressures [1] Financial Performance - The company anticipates revenue between 500 million to 600 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 6.13% to 21.78% [1] - The projected net profit attributable to shareholders is expected to be between -420 million to -320 million yuan, indicating a year-on-year reduction in losses of 28.47% to 45.50% [1] - The net profit after deducting non-recurring gains and losses is forecasted to be between -390 million to -290 million yuan, reflecting a year-on-year reduction in losses of 37.39% to 53.44% [1] Industry Impact - The photovoltaic new energy business continues to be affected by industry cyclicality, resulting in a persistent decline in revenue compared to the same period last year [1] - Factors such as low product prices, high fixed costs from depreciation and amortization, and elevated financing costs have contributed to reduced gross profit and ongoing net losses [1] - The reduction in net losses compared to the previous year is attributed to the absence of significant inventory impairment provisions in the current reporting period, unlike the previous year [1]