证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 天玛智控(688570) 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 刘波： 煤炭钢铁行业分析师 执业编号：S1500525070001 邮箱：liubo1@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 短期承压不改智能化趋势，拓展智能制造打 造多元增长极 [Table_ReportDate] 2025 年 8 月 29 日 [Table_S 事件：天玛智控发布 ummary] 2025 年半年度报告，2025 年上半年公司实现营业收 入 6.52 亿元，同比下降 21.21%，实现归母净利润 0.70 亿元，同比下降 65.72%；扣非后净利润 0.58 亿元，同 ...

Financial Performance - The company reported total revenue of 652 million yuan for the first half of 2025, a year-on-year decrease of 21.21% compared to 828 million yuan in 2024 [1] - The net profit attributable to shareholders was 69.52 million yuan, down 65.72% from 203 million yuan in the previous year [1] - The gross margin decreased to 38.37%, a decline of 19.96% year-on-year, while the net margin fell to 10.66%, down 56.49% [1] - The total of financial, sales, and management expenses reached 114 million yuan, accounting for 17.53% of total revenue, an increase of 38.67% year-on-year [1] Cash Flow and Assets - The company reported a negative operating cash flow per share of -0.12 yuan, which is an improvement of 15.53% compared to -0.14 yuan in the previous year [1] - The cash and cash equivalents decreased slightly to 2.494 billion yuan, down 2.88% from 2.568 billion yuan [1] - Accounts receivable increased by 9.81% to 1.498 billion yuan, raising concerns as the accounts receivable to profit ratio reached 441.1% [3] Industry Outlook - The coal mining industry is expected to see a stable total production capacity of 5 billion tons per year by 2035, as projected by the China Coal Industry Association [3] - The government has emphasized the importance of intelligent coal mining, with policies aimed at achieving full automation and safety improvements by 2030 [4] - The current level of intelligent coal mining is still in its early stages, indicating significant growth potential in the sector [4]

证券之星消息，8月28日自动化设备板块较上一交易日上涨2.19%，思泰克领涨。当日上证指数报收于 3843.6，上涨1.14%。深证成指报收于12571.37，上涨2.25%。自动化设备板块个股涨跌见下表： 从资金流向上来看，当日自动化设备板块主力资金净流出10.77亿元，游资资金净流出2.77亿元，散户资 金净流入13.54亿元。自动化设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000988 | 华工科技 | 4.77 Z | 7.36% | -2.95 Z | -4.55% | -1.82 Z | -2.81% | | 300227 | 光韵达 | 1.12 Z | 13.86% | -833.24万 | -1.03% | -1.04亿 | -12.83% | | 301568 | 闘泰克 | 1 1.07亿 | 9.63% | -9716.39万 | -8.72% | -10 ...

Core Viewpoint - Tianma Zhikong (688570.SH) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in its operational performance compared to peers in the industry [1][3]. Financial Performance - The company's total revenue for the first half of 2025 was 652 million yuan, ranking 25th among disclosed peers, a decrease of 176 million yuan or 21.21% year-on-year [1]. - The net profit attributable to shareholders was 69.52 million yuan, ranking 19th among peers, down by 133 million yuan or 65.72% year-on-year [1]. - Operating cash flow showed a net outflow of 51.49 million yuan, ranking 53rd among peers, but improved by 9.47 million yuan compared to the previous year, marking two consecutive years of increase [1]. Key Ratios - The latest debt-to-asset ratio stood at 24.76%, ranking 18th among peers, with an increase of 0.32 percentage points from the previous quarter and 3.08 percentage points from the same period last year [3]. - The gross profit margin was 38.37%, ranking 17th among peers, down by 1.61 percentage points from the previous quarter and 9.57 percentage points year-on-year [3]. - Return on equity (ROE) was 1.63%, ranking 35th among peers, a decrease of 3.19 percentage points from the previous year [3]. - The diluted earnings per share were 0.16 yuan, ranking 31st among peers, down by 0.31 yuan or 65.96% year-on-year [3]. - The total asset turnover ratio was 0.11 times, ranking 50th among peers, a decline of 0.04 times or 25.80% year-on-year [3]. - The inventory turnover ratio was 0.66 times, ranking 42nd among peers, down by 0.04 times or 5.89% year-on-year [3]. Shareholder Information - The number of shareholders was 14,200, with the top ten shareholders holding 368 million shares, accounting for 84.92% of the total share capital [4].

格隆汇8月27日丨天玛智控(688570.SH)公布半年度报告，营业收入6.52亿元，同比下降21.21%，归属于 上市公司股东的净利润6951.57万元，同比下降65.72%，归属于上市公司股东的扣除非经常性损益的净 利润5759.5万元，同比下降67.51%。 ...

Core Viewpoint - The report highlights the significant decline in the company's financial performance for the first half of 2025, primarily due to the continuous drop in coal prices and reduced capital expenditure by clients, leading to a slowdown in equipment procurement and intensified competition [5][19]. Company Overview and Financial Indicators - Company Name: Beijing Tianma Intelligent Control Technology Co., Ltd. [3] - Stock Code: 688570, listed on the Shanghai Stock Exchange [3]. - Major Financial Data for H1 2025: - Revenue: 652 million yuan, down 21.21% year-on-year [4]. - Total Profit: 82 million yuan, down 65.79% year-on-year [4]. - Net Profit attributable to shareholders: 69 million yuan, down 65.72% year-on-year [4]. - Basic Earnings per Share: 0.16 yuan, down 65.96% year-on-year [4]. - Total Assets: 5.68 billion yuan, down 2.58% from the end of the previous year [4]. Industry Development - The coal industry has seen a 15.4% year-on-year decrease in prices due to stable raw coal production and reduced demand for thermal coal as renewable energy sources gain traction [5]. - The Chinese economy showed resilience with a GDP growth of 5.3% in H1 2025, and the equipment manufacturing sector grew by 10.2% [5]. Main Business and Products - The company focuses on the research, development, production, and sales of unmanned intelligent mining control technology and equipment [6]. - Key products include: - SAM System: Automatic mining control system for coordinating various subsystems in coal mining [7]. - SAC System: Hydraulic support control system for ensuring safe operation in mining [9]. - SAP System: Intelligent integrated liquid supply system for hydraulic systems in mining [10]. Market Position - The company holds a leading position in the unmanned intelligent mining control sector, with significant market shares in its product lines: - SAC System: 37.7% market share [18]. - SAM System: 25.4% market share [18]. - SAP System: 16% market share [18]. - The company has established a strong technological foundation and a high-quality talent pool, enabling it to maintain its competitive edge [19]. Future Outlook - The government is actively promoting the development of intelligent mining technologies, with policies aimed at achieving significant advancements in automation and safety in coal mining by 2030 [19].

Core Viewpoint - Beijing Tianma Zhikong Technology Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with notable decreases in revenue and net profit compared to the same period last year [1][2]. Financial Summary - Total assets at the end of the reporting period amounted to CNY 5,678,634,064.60, a decrease of 2.58% from the previous year-end [2]. - Operating revenue for the period was CNY 652,005,674.43, reflecting a decline of 21.21% year-on-year [2]. - Total profit for the period was CNY 82,178,491.14, down 65.79% compared to the same period last year [2]. - Net profit attributable to shareholders was CNY 57,595,393.28, a decrease of 67.51% year-on-year [2]. - The net cash flow from operating activities was reported at CNY -51,487,764.16, indicating a negative cash flow situation [2]. Shareholder Information - As of the end of the reporting period, the total number of shareholders was 14,184 [3]. - The largest shareholder, Tian Di Technology Co., Ltd., holds 9.95% of the shares, amounting to 43,065,000 shares [3][4]. - Other significant shareholders include Tianjin Yuanzhi Tianma Management Consulting Partnership and Tianjin Lizhi Tianma Management Consulting Partnership, holding 4.14% and 4.07% respectively [3][4].

证券代码：688570 证券简称：天玛智控 公告编号：2025-026 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。 一、补选非独立董事情况 经控股股东天地科技股份有限公司推荐，北京天玛智控科技股份有限公司 （以下简称"公司"）董事会提名李明忠先生为第二届董事会非独立董事候选人。 经董事会提名委员会任职资格审查，李明忠先生不存在《中华人民共和国公司法》 （以下简称"《公司法》"）等法律法规及《北京天玛智控科技股份有限公司章 程》（以下简称"《公司章程》"）规定的不得担任上市公司董事的情形，其任 职资格符合《公司法》等法律法规及《公司章程》规定，具备履行董事职责的能 力。李明忠先生的简历详见附件。提名委员会同意提名李明忠先生为第二届董事 会非独立董事候选人，并同意将该议案提交董事会审议。 二、增加董事会战略委员会委员情况 北京天玛智控科技股份有限公司 关于补选非独立董事及增加 董事会战略委员会委员的公告 公司于 2025 年 8 月 26 日召开第二届董事会第五次会议，审议通过了《关于 提请审议提名李明忠为公司第二届董事会 ...

（编辑 李家琪） 证券日报网讯 8月27日晚间，天玛智控发布公告称，公司于2025年8月26日召开第二届董事会第五次会 议，审议通过了《关于提请审议聘任李明忠为公司总经理的议案》《关于提请审议聘任杨帆为公司副总 经理的议案》。经公司董事长提名，董事会同意聘任李明忠先生为公司总经理；经公司副总经理（代行 总经理职责）提名，董事会同意聘任杨帆先生为公司副总经理。上述人员的任期自董事会审议通过之日 起至第二届董事会届满之日止。 ...

证券日报网讯8月27日晚间，天玛智控发布公告称，公司于2025年8月26日召开第二届董事会第五次会 议，同意提名李明忠先生为公司第二届董事会非独立董事候选人。 ...