Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 1.208 billion yuan, representing a year-on-year growth of 43.35%, and a net profit attributable to the parent company of 152 million yuan, up 50.89% year-on-year [1] - The company is actively expanding into the industrial control and retail markets, leveraging its strong customer base and product lines, which include display driver chips and electronic shelf labels [2][3] - Due to the successful launch of new products, the forecast for net profit attributable to the parent company for 2025-2027 has been raised to 357 million, 424 million, and 496 million yuan respectively, with corresponding PE ratios of 33, 27, and 24 times [3] Financial Performance - In Q2 2025, the company reported revenue of 654 million yuan, a year-on-year increase of 31.43% and a quarter-on-quarter increase of 17.97% [1] - The gross profit margin improved by 3.7 percentage points to 24.41% in the first half of 2025, with R&D expenses increasing by 25.8% to 99 million yuan [1] - The company has a diversified product line that benefits from the trend of screen integration in consumer electronics, contributing to revenue growth [2] Customer Base and Market Expansion - The company has established a strong customer base, including major brands like Samsung, VIVO, and OPPO, and is expanding its presence in industrial control and retail sectors [3] - The electronic shelf label (ESL) chips have been adopted by several global retail giants, enhancing the company's market position [3]

Core Viewpoint - The financial report of Tiande Yu for the first half of 2025 shows significant growth in revenue and profit metrics, indicating strong operational performance and financial health. Financial Performance - The company's main revenue reached 1.208 billion yuan, a year-on-year increase of 43.35% [1] - The net profit attributable to shareholders was 152 million yuan, up 50.89% year-on-year [1] - The net profit excluding non-recurring items was 146 million yuan, reflecting a 73.56% increase year-on-year [1] - In Q2 2025, the single-quarter main revenue was 654 million yuan, a 31.43% increase year-on-year [1] - The single-quarter net profit attributable to shareholders was 81.81 million yuan, up 19.5% year-on-year [1] - The single-quarter net profit excluding non-recurring items was 79.47 million yuan, a 32.03% increase year-on-year [1] Profitability Metrics - The gross profit margin stood at 24.41%, an increase of 18.15% year-on-year [7] - The return on equity (ROE) was 6.78%, reflecting a year-on-year increase of 32.68% [7] - Earnings per share (EPS) reached 0.38 yuan, up 52.00% year-on-year [7] - The operating cash flow per share was 0.30 yuan [7] Shareholder Information - The largest circulating shareholder is Ningbo Qunzhi Optoelectronics Co., Ltd., holding 30.6 million shares, which is 16.78% of the total [11] - Other significant shareholders include Corich LP and Shanghai Moqin Intelligent Technology Co., Ltd. [11]

Core Viewpoint - The company Tian De Yu has shown significant revenue and profit growth in the first half of 2025, driven by the demand for its display driver chips and innovative products like electronic price tag driver chips [1]. Financial Performance - In the first half of 2025, Tian De Yu achieved operating revenue of 1.208 billion yuan, representing a year-on-year increase of 43.35% [1]. - The net profit attributable to shareholders was 152 million yuan, up 50.89% year-on-year [1]. - The non-recurring net profit reached 146 million yuan, reflecting a substantial growth of 73.56% compared to the previous year [1]. Market Activity - As of August 26, 2025, Tian De Yu's stock price was 28.45 yuan, down 0.87% from the previous trading day [1]. - The stock opened at 28.32 yuan, peaked at 28.78 yuan, and fell to a low of 28.00 yuan, with a trading volume of 103,470 hands and a total transaction value of 293 million yuan [1]. - On August 26, the net outflow of main funds was 254,000 yuan, while the net inflow over the past five days was 69.46 million yuan [2].

Core Insights - Shenzhen Tiande Yu Technology Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 1.208 billion yuan, a year-on-year growth of 43.35%, and a net profit attributable to shareholders of 152 million yuan, up 50.89% [1] - The company's growth is primarily driven by its deep engagement and innovation in the display driver chip sector, particularly in wearable devices, tablets, high-refresh-rate mobile phone display driver chips, and electronic price tag driver chips [1] Financial Performance - Operating income for the first half of 2025 was 1.208 billion yuan, reflecting a 43.35% increase compared to the previous year [1] - Net profit attributable to shareholders reached 152 million yuan, marking a 50.89% year-on-year growth [1] - The net profit after deducting non-recurring items was 146 million yuan, with a year-on-year increase of 73.56% [1] Product and Market Development - The electronic price tag product line achieved rapid revenue growth due to its global first-mover advantage and breakthroughs in narrow-border GIP architecture technology [1] - The company has successfully expanded its electronic price tag applications to innovative scenarios such as mobile phone back covers [1] - Audio coil motor driver chips are widely used in major mobile phone brands like Samsung, OPPO, and vivo, with long-term partnerships established with several module manufacturers [1] Research and Development - Research and development investment reached 99.0514 million yuan, a year-on-year increase of 25.77%, accounting for 8.2% of operating income [1] - The company is intensifying R&D efforts in smart mobile terminal display driver chips, camera audio coil motor driver chips, fast charging protocol chips, and electronic price tag driver chips [1] - Tiande Yu has pioneered the mass production of re-writable four-color electronic paper driver ICs, positioning itself for future growth in the smart retail and IoT markets [1]

Company Overview - Shenzhen Tiande Yu Technology Co., Ltd. is listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board with the stock code 688252 [2] - The company reported total assets of approximately 2.76 billion RMB at the end of the reporting period, reflecting a 7.27% increase from the previous year [3] Financial Performance - The company achieved operating revenue of approximately 1.21 billion RMB, marking a 43.35% increase compared to the same period last year [3] - Total profit for the period was approximately 164.53 million RMB, representing a 53.79% increase year-on-year [3] - The net profit attributable to shareholders, after deducting non-recurring gains and losses, was approximately 146.04 million RMB, which is a 73.56% increase from the previous year [3] Shareholder Information - As of the end of the reporting period, the total number of shareholders was 13,638 [4] - The largest shareholder, Hengfeng Co., Ltd., holds 54.57% of the shares, amounting to approximately 223.22 million shares [4][5] - Other notable shareholders include Ningbo Qunzhi Optoelectronics Co., Ltd. with 7.48% and Corich LP with 5.52% [4][5]

Core Viewpoint - The company intends to conduct foreign exchange hedging activities to mitigate the risks associated with currency fluctuations, primarily due to its overseas procurement and sales operations, which predominantly use USD as the settlement currency [1][2]. Summary by Sections 1. Overview of Foreign Exchange Hedging Activities - The purpose of the foreign exchange hedging activities is to effectively avoid and prevent the impact of exchange rate fluctuations on the company's operating performance, thereby improving the efficiency of foreign exchange fund utilization and reasonably reducing financial costs [1]. - The total amount for the proposed foreign exchange hedging activities will not exceed 50 million USD or its equivalent in other currencies, with the ability to roll over this amount within the authorized period [1]. 2. Funding Sources and Transaction Methods - The funding for the foreign exchange hedging activities will come from the company's own funds [2]. - The company plans to engage with large commercial banks or financial institutions with legal qualifications and high credit ratings for the hedging activities, including forward foreign exchange sales and foreign exchange swap transactions [2]. 3. Authorization and Duration - The board of directors has authorized the management to conduct foreign exchange hedging activities for a period of 12 months from the date of approval, with the total foreign currency amount not exceeding 50 million USD [2][4]. 4. Risk Analysis and Control Measures - The foreign exchange hedging activities are designed to lock in exchange rate risks and avoid speculative trading. However, there are inherent risks, including market judgment risks and operational risks due to potential misjudgment of exchange rate trends [3]. - The company has established a risk control framework, including training for personnel, timely reporting of unusual situations, and strict adherence to internal procedures to mitigate operational risks [3][4]. 5. Impact and Accounting Treatment - The foreign exchange hedging activities are expected to enhance the company's operational stability by preventing adverse effects from significant exchange rate fluctuations on its performance and shareholder equity [4]. - The company will follow relevant accounting standards for the financial reporting of the hedging activities [4]. 6. Review Procedures - The board of directors has reviewed and approved the proposal for foreign exchange hedging activities, ensuring compliance with legal regulations and protecting the interests of the company and its shareholders [5]. 7. Sponsor's Verification Opinion - The sponsor believes that the foreign exchange hedging activities are necessary for risk mitigation and that the company has developed a management system and risk response measures that are effective [5][6].

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on September 17, 2025, at 14:00 [1] - The meeting will take place at Feiyada Technology Building, Room 901, No. 002, Gaoxin South 1st Road, Nanshan District, Shenzhen, Guangdong Province [1] - Voting will be conducted through a combination of on-site and online methods [1] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system [2] - Voting will be available from 9:15 to 15:00 on the day of the meeting [1][2] - Shareholders must complete identity verification to vote online for the first time [4] Shareholder Participation - Only shareholders registered with China Securities Depository and Clearing Corporation Limited as of September 11, 2025, are eligible to attend [4] - Shareholders can appoint proxies to attend and vote on their behalf [4] - Registration for attendance must be completed by September 15, 2025, with specific documentation required [5] Meeting Agenda - The meeting will review and vote on non-cumulative voting proposals that were approved by the company's board on August 25, 2025 [2] - No related shareholders are required to abstain from voting [2] Additional Information - Shareholders attending the meeting will bear their own travel and accommodation expenses [5] - Contact information for the meeting is provided for inquiries [7]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.208 billion yuan, a year-on-year growth of 43.35%, and net profit attributable to shareholders at 152 million yuan, up 50.89% [2] - The growth was primarily driven by the wearable and tablet product segments, alongside a continuous increase in industrial control products, indicating a diversification in application scenarios for display driver products [2] - The company has made substantial investments in R&D, amounting to 99.0514 million yuan, which is a 25.77% increase compared to the same period last year, ensuring ongoing technological innovation and product upgrades [2] Product Lines and Market Position - The company has four main product lines: smart mobile terminal display driver chips, camera voice coil motor driver chips, fast charging protocol chips, and electronic price tag driver chips [3] - New product developments include full HD display touch products for mobile phones and tablets, as well as high-resolution wearable products, enhancing market share and expanding into new markets and customers [3] - The company has pioneered the mass production of a full series of electronic paper driver ICs with multiple read-write memory capabilities, targeting the smart retail and IoT application markets [3] Technological Advancements - The self-developed "APID algorithm" enhances camera focus stability and speed, showcasing industry-leading performance in motor fault tolerance and focus precision [3] - The company's voice coil motor driver chips are widely used in major smartphone brands such as Samsung, Oppo, and Vivo, establishing long-term partnerships with leading module manufacturers in the industry [3]

Group 1 - The company Tian De Yu (688252.SH) announced that the total amount of oversubscribed funds is 405.235 million yuan [1] - The amount intended for permanent replenishment of working capital is 120 million yuan, accounting for 29.61% of the total oversubscribed funds [1]

Core Insights - The company Tian De Yu (688252.SH) reported a significant increase in revenue and net profit for the first half of 2025, indicating strong financial performance [1] Financial Performance - The company achieved an operating revenue of 1.208 billion yuan, representing a year-on-year growth of 43.35% [1] - The net profit attributable to shareholders of the listed company was 152 million yuan, showing a year-on-year increase of 50.89% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 146 million yuan, reflecting a year-on-year growth of 73.56% [1] - The basic earnings per share were reported at 0.38 yuan [1]