证券代码：688570 证券简称：天玛智控 公告编号：2026-005 北京天玛智控科技股份有限公司 关于召开 2025 年年度业绩说明会的公告 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： 会议召开时间：2026 年 3 月 27 日(星期五)下午 15:00-16:00 本次业绩说明会以网络互动方式召开，公司将针对 2025 年年度经营成果及 财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就 投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2026 年 3 月 27 日(星期五)下午 15:00-16:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 1 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow. ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11][12] - The coal market is expected to face downward pressure in the short term due to seasonal consumption declines and increased supply, but the downside for coal prices is considered limited due to geopolitical tensions and high import costs [11][12] - The report emphasizes the importance of high-quality coal companies with strong cash flow, high returns on equity, and attractive dividend yields, suggesting that coal assets remain undervalued and have potential for valuation uplift [11][12] Summary by Sections 1. Coal Price Tracking - As of March 14, the market price for Qinhuangdao port thermal coal (Q5500) is 731 CNY/ton, down 14 CNY/ton week-on-week [31] - The international thermal coal price at Newcastle (NEWC5500) is 88.5 USD/ton, down 1.0 USD/ton week-on-week [31] - The price for coking coal at Jingtang port is 1590 CNY/ton, down 20 CNY/ton week-on-week [33] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 90.6%, an increase of 1.8 percentage points week-on-week [50] - The daily coal consumption in inland provinces has decreased by 54.4 thousand tons/day, a decline of 14.88% week-on-week [11][12] - The steel furnace operating rate is 78.34%, an increase of 0.63 percentage points week-on-week [11] 3. Coal Inventory Situation - Coastal provinces' coal inventory has increased by 359,000 tons week-on-week, while inland provinces' coal inventory has decreased by 2.237 million tons [11] - The available days of coal in coastal provinces have decreased by 0.5 days week-on-week [11] 4. Market Performance - The coal sector has outperformed the broader market, with a weekly increase of 5.42% compared to a 0.19% increase in the Shanghai and Shenzhen 300 index [15][18] - Key stocks in the coal sector include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, which are highlighted for their stable operations and strong performance [13]

Investment Rating - The report maintains a bullish outlook on the coal sector, suggesting that it is an opportune time to accumulate coal stocks at lower prices [11][12]. Core Insights - The current phase is identified as the early stage of a new upward cycle in the coal economy, driven by fundamental and policy factors [11]. - The report highlights a significant increase in coal mine capacity utilization rates, with thermal coal at 81.4% (+8.5 percentage points) and coking coal at 68.24% (+19.4 percentage points) [11][48]. - Demand for coal has risen, with inland provinces showing an increase in daily consumption by 12.90 million tons (+4.68%) and coastal provinces by 12.50 million tons (+10.06%) [11][49]. - The report notes that coal prices are expected to stabilize at a higher level due to supply constraints and geopolitical tensions, with a potential for price spikes [11][12]. Summary by Sections 1. Coal Price Tracking - As of February 28, the market price for thermal coal (Q5500) at Qinhuangdao Port is 745 CNY/ton, up 28 CNY/ton from the previous week [29]. - The international thermal coal price (NEWC5500) is reported at 87.0 USD/ton, reflecting a weekly increase of 1.5 USD/ton [29]. - Coking coal prices at major ports remain stable, with the price at Jing Tang Port holding at 1700 CNY/ton [31]. 2. Coal Supply and Demand Tracking - The report indicates a significant increase in coal mine capacity utilization rates, with thermal coal at 81.4% and coking coal at 68.24% [48]. - Daily coal consumption in inland provinces has increased, while coastal provinces also show a rise in consumption [49]. - The report emphasizes the ongoing supply constraints and the need for new capacity to meet long-term energy demands [12]. 3. Coal Inventory Situation - As of February 24, coal inventories in inland provinces decreased by 257,000 tons (-2.89%), while coastal provinces saw an increase of 108,800 tons (+3.31%) [49]. - The report highlights the importance of monitoring inventory levels as they impact price stability and market dynamics [49]. 4. Downstream Metallurgical Demand - The report notes that the steel industry is experiencing a slight increase in production, with the national blast furnace operating rate at 80.2% [67]. - The average profit per ton for independent coking enterprises has improved slightly, indicating a recovery in the metallurgical sector [67]. 5. Downstream Chemical and Construction Demand - The report indicates a stable demand for coal in the chemical sector, with weekly coal consumption rising by 4.14 million tons/day [11]. - The cement industry shows a slight decline in production capacity utilization, which may affect coal demand in the short term [11].

Core Viewpoint - The company reported a significant decline in its financial performance for the year 2025, with total revenue and net profit experiencing substantial decreases compared to the previous year [2][3]. Financial Data and Indicators - The company achieved total operating revenue of 161,829.77 million RMB, a decrease of 13.03% year-on-year [2]. - Total profit amounted to 10,223.08 million RMB, down 73.13% year-on-year [2]. - Net profit attributable to the parent company was 9,801.82 million RMB, reflecting a 71.14% decrease year-on-year [2]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 8,251.62 million RMB, a decline of 73.46% year-on-year [2]. - Basic earnings per share were 0.23 RMB, down 70.51% year-on-year [2]. - The weighted average return on net assets was 2.28%, a decrease of 5.74 percentage points year-on-year [2]. - Total assets at the end of the reporting period were 585,057.42 million RMB, an increase of 0.37% from the beginning of the period [2]. - Equity attributable to the parent company was 430,174.79 million RMB, a decrease of 0.98% from the beginning of the period [2]. - The net asset per share attributable to the parent company was 9.93 RMB, down 1.00% from the beginning of the period [2]. Operating Performance and Financial Condition - The decline in operating performance was attributed to a cautious investment approach by major clients in the coal industry, leading to reduced capital expenditures and lower overall market demand for the company's products [3]. - Increased competition in the industry prompted the company to adjust its pricing strategy to maintain market share, which contributed to a reduction in revenue and a decline in gross margin for main business products [3]. Significant Changes in Financial Metrics - Operating profit decreased by 74.95% year-on-year, while total profit and net profit attributable to the parent company saw declines of 73.13% and 71.14%, respectively [4]. - The net profit after deducting non-recurring gains and losses also decreased by 73.46% year-on-year, alongside a 70.51% drop in basic earnings per share [4].

Core Viewpoint - Tianma Zhikong (688570.SH) reported a significant decline in both revenue and net profit for the fiscal year 2025, attributed to cyclical adjustments in the coal industry and accelerated energy structure transformation [1] Financial Performance - The company achieved total operating revenue of 1.618 billion yuan in 2025, representing a year-on-year decrease of 13.03% [1] - The net profit attributable to the parent company's shareholders was 98.0182 million yuan, down 71.14% year-on-year [1] Market Conditions - The report indicates that major clients have become more cautious in their investment decisions, leading to tightened capital expenditures and reduced overall market demand for the company's products [1] - Increased competition within the industry has prompted the company to adjust its pricing strategy to maintain market share, which has contributed to the shrinkage in revenue and a decline in gross margin for its main business products [1]

Core Viewpoint - Tianma Zhikong (688570.SH) reported a significant decline in both revenue and net profit for the fiscal year 2025, attributed to cyclical adjustments in the coal industry and a shift in energy structure [1] Financial Performance - The company achieved total operating revenue of 1.618 billion yuan in 2025, representing a year-on-year decrease of 13.03% [1] - The net profit attributable to the parent company was 98.0182 million yuan, down 71.14% year-on-year [1] Market Conditions - The report period saw a cautious investment decision-making trend among major clients, leading to tightened capital expenditures and reduced overall market demand for the company's products [1] - Increased competition within the industry prompted the company to adjust its pricing strategy to maintain market share, which contributed to the shrinkage in revenue and a decline in gross margin for main business products [1]

Core Viewpoint - Tianma Zhikong reported a significant decline in both revenue and net profit for the fiscal year 2025, indicating potential challenges in its operational performance [2] Financial Performance - The company achieved total operating revenue of 1,618.30 million yuan in 2025, representing a year-on-year decrease of 13.03% [2] - The net profit attributable to the parent company's shareholders was 98.02 million yuan, reflecting a substantial year-on-year decline of 71.14% [2]

Core Viewpoint - Tianma Zhikong (688570.SH) reported a significant decline in both revenue and net profit for the year 2025, reflecting challenges in the coal industry and increased competition [1] Financial Performance - The company achieved total operating revenue of 1.618 billion yuan, a year-on-year decrease of 13.03% [1] - The net profit attributable to the parent company was 98.0182 million yuan, down 71.14% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 82.5162 million yuan, a decrease of 73.46% year-on-year [1] Industry Context - The decline in performance is attributed to cyclical adjustments in the coal industry and a rapid transformation in energy structure, leading to more cautious investment decisions from major clients [1] - Capital expenditures have tightened, resulting in reduced overall market demand for the company's products [1] - Increased competition in the industry has prompted the company to adjust its pricing strategy to maintain market share, which has contributed to a decrease in revenue scale and a decline in gross profit margin for main business products [1]

Financial Performance - Total revenue for 2025 was RMB 161,829.77 million, a decrease of 13.03% compared to the previous year[3] - Operating profit fell to RMB 8,808.31 million, down 74.95% year-on-year[3] - Net profit attributable to shareholders was RMB 9,801.82 million, a decline of 71.14% from the previous year[3] - Basic earnings per share decreased to RMB 0.23, down 70.51% year-on-year[3] - The weighted average return on net assets was 2.28%, a decrease of 5.74 percentage points year-on-year[3] Assets and Equity - Total assets at the end of the reporting period were RMB 585,057.42 million, an increase of 0.37% from the beginning of the period[4] - Shareholders' equity attributable to the parent company was RMB 430,174.79 million, a decrease of 0.98% from the beginning of the period[4] Market Conditions - The decline in performance was primarily due to cautious investment decisions by major clients and increased industry competition[5] - The company adjusted its pricing strategy to maintain market share, which contributed to reduced revenue and lower gross margins[5] Financial Reporting - The financial data presented is preliminary and unaudited, with investors advised to consider investment risks[7]

Core Viewpoint - Tianma Zhikong reported a significant decline in both revenue and net profit for the fiscal year 2025, indicating challenges in the coal industry and a shift in energy structure [1] Financial Performance - The company achieved total operating revenue of 1.618 billion yuan, a year-on-year decrease of 13.03% [1] - Net profit was reported at 98.018 million yuan, reflecting a substantial year-on-year decline of 71.14% [1] Market Conditions - The decline in revenue and profit is attributed to a cyclical adjustment in the coal industry and an accelerated transition in energy structure, leading to cautious investment decisions from major clients [1] - There has been a tightening of capital expenditures among clients, resulting in reduced overall market demand for the company's products [1] Competitive Landscape - The industry is experiencing intensified competition, prompting the company to adjust its pricing strategy to maintain competitive product pricing and secure market share [1] - The adjustments in pricing strategies have contributed to a contraction in revenue scale and a decrease in gross profit margins for the company's main business products [1]