格隆汇1月19日丨*ST天微(688511.SH)公布，公司预计2025年年度实现归属于母公司所有者的净利润 2,800.00万元到4,200.00万元，与上年同期相比（法定披露数据），将增加5,715.73万元到7,115.73万元， 与上年同期相比，将实现扭亏为盈。公司预计2025年年度实现归属于母公司所有者扣除非经常性损益后 的净利润1,900.00万元到2,700.00万元，与上年同期相比（法定披露数据），将增加5,382.76万元到 6,182.76万元，与上年同期相比，将实现扭亏为盈。 ...

Financial Projections - The company expects a total profit of between 29 million and 43 million yuan for the year 2025, an increase of 63.73 million to 77.73 million yuan compared to the previous year, achieving a turnaround from loss to profit [2]. - The projected operating revenue for 2025 is between 130 million and 160 million yuan, representing an increase of 52.24 million to 82.24 million yuan year-on-year, with a growth rate of 67.19% to 105.77% [5]. - The net profit attributable to the parent company is expected to be between 28 million and 42 million yuan, an increase of 57.15 million to 71.15 million yuan compared to the previous year, also achieving a turnaround from loss to profit [5]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be between 19 million and 27 million yuan, an increase of 53.83 million to 61.83 million yuan year-on-year, indicating a turnaround from loss to profit [6]. - The estimated net assets at the end of 2025 are expected to be between 845 million and 859 million yuan [7]. Business Performance - The increase in orders is attributed to the demand for the company's main product, the fire suppression and explosion suppression system, influenced by the annual tasks of complete vehicles [12]. - The company has strengthened the collection of receivables, leading to a reversal of credit impairment losses, which positively impacts the current period's profit [14]. Risk Factors - The company’s stock is under risk warning due to the negative net profit for the previous year, which may lead to potential delisting if the 2025 annual report does not meet certain criteria [16].

四川天微电子股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日 披露了《关于实施退市风险警示暨停牌的公告》（公告编号 2025-026），公司因 2024 年度实现归属于上市公司股东的扣除非经常性损益前后的净利润孰低为负 值，且 2024 年度实现扣除与主营业务无关的业务收入后营业收入将低于人民币 1 亿元，根据《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》（以 下简称"《股票上市规则》"）的有关规定，公司股票于 2025 年 5 月 6 日起被 实施退市风险警示。若公司出现《股票上市规则》第 12.4.10 条规定的情形，公 司股票可能被上海证券交易所终止上市。请广大投资者注意投资风险。 一、可能被终止上市的原因 证券代码：688511 证券简称：*ST天微 公告编号：2026-003 四川天微电子股份有限公司 关于公司股票可能被终止上市的风险提示公告 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。 重要内容提示： 三、其他事项 公司于同日披露了《2025 年年度业绩预盈公告》(公告编号 ...

| 四川华信(集团)会计师事务所 │地址:成都市洗面桥街 18 号金茂礼都南 28 楼 | | --- | | 电话:(028) 85560449 | | (特殊普通合伙) 传真:(028) 85560449 | | 邮编:610041 | | ＳＩ CHUAN HUA ＸＩＮ (GROUP) CPA（LLP） 电邮: schxzhb@hxcpa.com.cn | 关于四川天微电子股份有限公司 因财务类退市指标被实施退市风险警示情形 预计将消除的预审计情况专项说明 川华信专 2026 第 0013000 号 目录: 1、专项说明报告正文 四川天微电子股份有限公司 专项说明 关于四川天微电子股份有限公司因财务类退市指标被实施退 市风险警示情形预计将消除的预审计情况专项说明 川华信专 2026 第 0013000 号 四川天微电子股份有限公司 专项说明 (此页无正文,为四川天微电子股份有限公司 2025 年度因财务类指标涉及退市风险警示 有关情形消除预审计情况的专项说明之签字盖章页。) 四川特 师事务所 四川天微电子股份有限公司: 我们接受委托,对四川天微电子股份有限公司(以下简称天微电子公司)2025 年度财务 ...

Core Viewpoint - The announcement highlights significant trading risks associated with Sichuan Tianwei Electronics Co., Ltd. due to its high price-to-earnings (P/E) ratio compared to the industry average, alongside potential delisting risks stemming from financial performance issues in the previous fiscal year [2][7]. Market Trading Risks - As of January 6, 2026, the company's stock closed at 31.49 CNY per share, with a recent increase in price leading to a P/E ratio of 541.99, which is substantially higher than the defense equipment industry average P/E of 106.09 [2][4]. - Investors are advised to make cautious and rational decisions due to the significant volatility in the stock price [4][5]. Financial Performance Risks - The company disclosed that for the fiscal year 2024, it reported a negative net profit attributable to shareholders after deducting non-recurring gains and losses, and its revenue from core business activities fell below 100 million CNY, triggering a delisting risk warning effective May 6, 2025 [2][7]. Product Pricing Risks - A portion of the company's main products has not completed military pricing reviews, which may lead to fluctuations in operating performance due to uncertainties in the final approved prices compared to provisional prices [3][8]. - The military pricing review process is lengthy, and any significant downward adjustments in approved prices relative to provisional prices could adversely affect the company's financial results [3][8]. Revenue Adjustment Risks - The company’s system products, primarily military fire extinguishing and explosion suppression systems, are recorded at provisional prices until military approval is obtained. Any discrepancies between provisional and final prices will necessitate revenue adjustments, which could impact financial performance [3][8].

四川天微电子股份有限公司 关于股票交易风险提示的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 截至 2026 年 1 月 6 日，四川天微电子股份有限公司（以下简称"公司"） 股票收盘价格为 31.49 元/股，近期涨幅较大，市盈率为 541.99 倍。根据中证指 数有限公司发布的国防装备行业市盈率为 106.09 倍。公司市盈率明显高于行业 平均市盈率水平。敬请广大投资者审慎理性决策，注意二级市场交易风险。 证券代码：688511 证券简称：*ST 天微 公告编号：2026-001 公司于 2025 年 4 月 30 日披露了《关于实施退市风险警示暨停牌的公告》 （公告编号 2025-026），公司因 2024 年度实现归属于上市公司股东的扣除非经 常性损益前后的净利润孰低为负值，且 2024 年度实现扣除与主营业务无关的业 务收入后营业收入低于人民币 1 亿元，根据《上海证券交易所科创板股票上市 规则》（以下简称"《股票上市规则》"）的有关规定，公司股票于 2025 年 5 月 6 日起被实施退 ...

Core Viewpoint - *ST Tianwei (688511.SH) focuses on the research, development, production, and sales of advanced fire extinguishing and explosion suppression systems, as well as various specialized components for aerospace and military applications [1] Group 1: Product Offerings - The company develops and sells products such as new fire extinguishing and explosion suppression systems, three-proof collection drive devices, lithium battery fire warning and intelligent control systems, airborne optical flame detection control systems, and high-energy aviation ignition discharge devices [1] - Specialized fuses and aviation discharge tubes are primarily used in aerospace and military fields, while fire extinguishing and explosion suppression systems are utilized in armored vehicles, aerospace, and naval weaponry [1] Group 2: Industry Applications - In the aviation sector, the company has participated in the development of multiple fire detection systems for a certain group company's research institute, with one model already achieving installation and flight [1] - Other models have completed the development of related aviation fire alarm system products and have been delivered for assembly [1] - In the aerospace field, the company has completed verification tests for a certain type of ignition discharge tube product, achieving domestic substitution and receiving initial orders [1]

Core Viewpoint - *ST Tianwei (688511.SH) focuses on the research, development, production, and sales of advanced fire extinguishing and explosion suppression systems, as well as various specialized components for aerospace and military applications [1] Group 1: Product Offerings - The company develops and sells products such as new fire extinguishing and explosion suppression systems, three-proof collection drive devices, lithium battery fire warning and intelligent control systems, airborne optical flame detection control systems, and high-energy aviation ignition discharge devices [1] - Specialized fuses and aviation discharge tubes are primarily used in aerospace and military fields, while the fire extinguishing and explosion suppression systems are designed for armored vehicles, aerospace, and naval weaponry [1] Group 2: Industry Applications - In the aviation sector, the company has participated in the development of multiple fire detection systems for a certain group company's research institute, with one model already achieving installation and flight [1] - For other models, the company has completed the development of related aviation equipment fire alarm systems and has delivered products for installation [1] - In the aerospace field, the company has completed verification tests for a certain type of ignition discharge tube product, achieving domestic substitution and receiving initial orders [1]

Core Insights - The company, Sichuan Tianwei Electronics Co., Ltd. (*ST Tianwei*), reported a significant increase in revenue and net profit for the first three quarters of the year, with revenue growing by 72.66% and net profit surging by 550.37% compared to the previous year [3][5]. Financial Performance - For the first three quarters, the company achieved an operating income of 128 million yuan and a net profit of 41.0151 million yuan [5]. - The increase in performance is attributed to a rise in demand in key national sectors and an acceleration in product delivery due to macroeconomic policies [5][6]. Market Position and Strategy - The company has been focusing on military core electronic components and systems for over 20 years, with a strong emphasis on fire extinguishing and explosion suppression systems [5]. - The company aims to diversify its market reliance by expanding into the civilian market, leveraging its technological advantages to create a second growth curve [9][10]. Research and Development - Continuous investment in R&D is a cornerstone of the company's strategy, with R&D expenditure reaching 21.9966 million yuan for the year, a 37.12% increase from the previous year, representing 28.29% of operating income [7]. - The company has developed key products such as high-speed automatic fire extinguishing systems, which are widely used in key equipment sectors [7][10]. Future Outlook - The company plans to maintain a dual strategy focusing on both key equipment and civilian markets, with an emphasis on technological innovation to contribute to the upgrade of the national safety protection industry [11].

Core Viewpoint - *ST Tianwei (688511.SH) has developed a new lithium battery controller patent aimed at enhancing the safety monitoring level of lithium batteries, authorized in July 2025 [1] Group 1: Product Development - The company has signed contracts with a certain group company and a research institute, as well as Sichuan Kasima Rongtong Technology Co., Ltd., to develop a lithium battery safety protection system [1] - The product has been delivered, but it has not yet been applied in the new energy vehicle sector [1]