Investment Rating - The report maintains an "Accumulate" rating for Tianyin Holdings (000829) with a target price based on the last closing price of 9.95 [1] Core Views - The company's terminal business is expected to recover due to national subsidies and AI advancements, while the e-commerce segment is emerging as a second growth driver [1][10] - The company reported a total revenue of 84.038 billion yuan for the year, a year-on-year decrease of 11.38%, and a net profit attributable to shareholders of 3.1 million yuan, down 62.72% year-on-year [4][11] - The intelligent terminal sales business remains the core, with a revenue of 58.48 billion yuan in 2024, accounting for 69.58% of total revenue, although this is a decline from 80.10% in 2023 [5][11] Summary by Sections Terminal Business - The intelligent terminal sales business is bolstered by long-term partnerships with major brands like Apple, Samsung, and Huawei, maintaining a leading market share [5] - The introduction of AI models in terminals is expected to drive a new wave of upgrades in the smartphone industry [5][6] E-commerce Business - The e-commerce segment has seen rapid growth, with revenue reaching 24.66 billion yuan in 2024, a year-on-year increase of 35.09%, contributing 29.34% to total revenue [7][10] - The company has expanded its presence on major platforms like JD, Pinduoduo, and Douyin, with a significant increase in the number of stores [7] Lottery and Repair Services - The lottery business is steadily growing, supported by the company's strategy of integrating various services under the "Easy Repair" brand, which focuses on mobile repair and related services [8][9] - The company plans to invest 1.847 billion yuan in marketing networks and digital platforms to enhance its lottery and mobile repair services [9] Financial Projections - Revenue projections for the next three years are 92.164 billion yuan, 99.662 billion yuan, and 108.474 billion yuan, with net profits expected to rise to 1.11 billion yuan, 1.19 billion yuan, and 1.63 billion yuan respectively [10][11] - The company is expected to benefit from the AI upgrade cycle and national subsidies, leading to a rebound in its core business [10]

Group 1 - BYD reported August sales of 174,915 new energy vehicles, a year-on-year increase of 184.84% [1] - Cumulative sales from January to August reached 978,795 units, representing a year-on-year growth of 267.31% [1] - The company sold 5,092 new energy passenger vehicles overseas in August [1] Group 2 - Zhongke Electric's subsidiary plans to establish a joint venture with Chongqing Fudi for the production of anode materials, with a registered capital of 1 billion RMB [2] - Zhongke Electric's subsidiary will contribute 650 million RMB, while Chongqing Fudi will contribute 350 million RMB [2] Group 3 - Yuyuan Group intends to transfer 13% of its shares in Jinhuijiu for approximately 1.937 billion RMB, reducing its stake to 25% [3] - The company plans to further reduce its holdings by more than 5% within the next six months [3] Group 4 - Lizhu Group's recombinant COVID-19 fusion protein vaccine has been included in the emergency use for sequential booster immunization [4] Group 5 - Guanghui Energy plans to repurchase shares worth between 800 million and 1 billion RMB to support employee stock ownership plans [5] Group 6 - Cambrian has launched four cloud-based intelligent chips, although mass sales will require a longer time frame and initial technical service investments [7] Group 7 - LePu Medical has received approval from the China Securities Regulatory Commission for the issuance of Global Depositary Receipts (GDRs) and listing on the Swiss Stock Exchange [9] - The GDR issuance will correspond to no more than 180,458,875 new A-shares [9] Group 8 - Fushi Holdings' subsidiary has entered into an exclusive advertising agency cooperation with the Central Radio and Television Station's automotive channel for three years [10] Group 9 - Guangzhou Port's container throughput in August was 1.981 million TEUs, a year-on-year increase of 2.4% [11] - The total cargo throughput for August was 44.788 million tons, a decrease of 0.6% [11] Group 10 - Ningbo Port expects to complete a container throughput of 3.58 million TEUs in August, a year-on-year increase of 10.2% [12] - The total cargo throughput is projected to decline by 3.0% [12] Group 11 - Ming Tai Aluminum reported a 7% year-on-year decrease in aluminum plate and strip sales in August, while aluminum profile sales increased by 47% [13] Group 12 - Electric Power Investment plans to invest in multiple wind and solar projects, with total static investments of 1.585 billion RMB for wind and 538 million RMB for solar [14] Group 13 - Northeast Pharmaceutical has signed a cooperation agreement with MedAbome for the development of the MAb11-22.1 antibody project [19] Group 14 - New Five Feng plans to acquire equity in Tianxin Seed Industry and several other companies for a total price of approximately 2.208 billion RMB [26] Group 15 - Sumeida's subsidiary plans to transfer 100% equity of eight photovoltaic power station project companies, with an estimated transaction value of 657 million RMB [27] Group 16 - *ST Tongzhou intends to acquire 51% equity in Tongtaiwei, fulfilling the capital contribution obligation of 10.2 million RMB [29] Group 17 - Tianyin Holdings' subsidiary plans to invest 120 million RMB in Xundong Xintong to acquire 40% equity [30] Group 18 - Hainan Haiyao plans to publicly transfer 43% equity in Shanghai Lishengte to attract new investors [31] Group 19 - New Asia Process plans to transfer 7.76% of its shares to Xiangcai New Materials at a price of 5.274 RMB per share [32] Group 20 - Lanwei Medical plans to raise no more than 664 million RMB through a private placement for provincial laboratory construction projects [34] Group 21 - Lida New Materials plans to issue convertible bonds to raise no more than 300 million RMB for a new aluminum material project [35] Group 22 - Gekewei has successfully launched its 12-inch CIS integrated circuit project, achieving over 95% yield [51] Group 23 - Baijin Medical's tricuspid valve ring product has received registration approval [52] Group 24 - Shanghai Pharmaceuticals has received approval to initiate Phase I clinical trials for a recombinant anti-CD20 humanized monoclonal antibody [53] Group 25 - Junda Co. has increased the production capacity of its solar cell production base project from 8GW to 10GW [54]

2025 年投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券简称：天音控股 证券代码：000829 公告编号：2025-021 号 天音通信控股股份有限公司 关于参加江西辖区上市公司 特此公告。 天音通信控股股份有限公司 董 事 会 2025 年 5 月 17 日 为进一步加强与投资者的互动交流，天音通信控股股份有限公司（以下简称 "公司"）将参加由江西省上市公司协会举办的"2025 年江西辖区上市公司投资 者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 5 月 21 日（周三） 15:30-17:00。届时 公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计 划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢 迎广大投资者踊跃参与！ ...

Core Viewpoint - Recent market rumors suggested that Apple Inc. issued a price adjustment notice to its distributors, indicating significant price reductions for the iPhone 16 series, with a maximum drop of 2500 yuan. However, a representative from Tianyin Holdings stated that they have not received any official price reduction notification from Apple, emphasizing that Apple typically does not issue such notifications [1]. Group 1 - Apple products, including smartphones and accessories, are subject to price fluctuations based on market demand, rather than fixed official pricing [1]. - The pricing of Apple products is dynamic, with historical examples showing that the price of a model can decrease significantly over time, such as a model priced at 12000 yuan at launch potentially dropping to 8000-9000 yuan by the next product release cycle [1]. - The absence of a formal price reduction process is common in Apple's pricing strategy, as the company operates on a futures pricing model where prices can vary daily [1].

证券代码：000829 证券简称：天音控股 公告编号：2025-020 号 天音通信控股股份有限公司 关于公司对外担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 司天音科技在中国光大银行股份有限公司深圳分行融资提供担保，担保最高债权本金 为 2 亿元人民币，担保方式为连带责任保证担保，保证期间为债务履行期限届满之日 起三年，具体条款以各方签署合同为准。 特别风险提示： 目前，天音通信控股股份有限公司（以下简称"公司"）及控股子公司对外担 保总额度为3,152,000.00万元、占公司最近一期经审计净资产的比例为 1054.74%。 截止本公告日，本公司及控股子公司对外实际提供的担保总余额为 1,856,267.16万元，占公司最近一期经审计净资产的比例为621.16%。请投资者充 分关注担保风险。 2024年4月29日公司召开的第九届董事会第二十四次会议、2024年5月20日召 开的2023年度股东大会审议通过了《关于为下属公司提供担保的议案》，同意公 司为下属公司及下属公司间互相提供担保额度预计不超过等额315.2亿元人民币， 担保方式为连带 ...

Core Viewpoint - Tianyin Holdings (000829) reported a revenue of 84.038 billion yuan and a net profit attributable to shareholders of 31.184 million yuan for the fiscal year 2024, emphasizing its commitment to cash dividends as a means of returning value to investors [1] Group 1: Financial Performance - The company achieved a revenue of 84.038 billion yuan and a net profit of 31.184 million yuan for the fiscal year 2024, with earnings per share at 0.03 yuan [1] - Tianyin Holdings plans to distribute a cash dividend of 0.10 yuan for every 10 shares, totaling approximately 10.251 million yuan [1] - The company has consistently paid cash dividends for six consecutive years, amounting to approximately 219 million yuan [1] Group 2: Business Strategy and Operations - The core business of Tianyin Holdings is intelligent terminal sales, which supports its new development strategy of "integrated industry and digital network platform" [2] - In 2024, the company aims to create an integrated digital network platform, providing diverse supply chain services to over 20,000 downstream partners [2] - The company is leveraging its channel and customer resource advantages to enter the new energy vehicle sector and is building a competitive supply chain system centered in Shenzhen [2] Group 3: Technological Innovation - Tianyin Holdings utilizes big data and machine learning through its subsidiary "Nengliang E-commerce" to analyze market data, improving procurement efficiency and reducing costs [2] - The company has implemented AI recommendations to enhance order matching and increase transaction speed and volume [2] - The launch of AI smart systems in customer service has significantly reduced customer wait times [2] Group 4: Lottery Business - The subsidiary Suicai is a leading provider of comprehensive technology services for the lottery industry, focusing on R&D, sales, and service [3] - In 2024, the company won multiple bids for lottery projects across nearly twenty provinces in China and achieved breakthroughs in overseas markets, including Brazil and Mongolia [3] - The WIKO brand under Tianyin Holdings continues to grow in the mobile phone industry through product innovation and market positioning, with plans for global market expansion [3]

Financial Performance - The company's revenue for Q1 2025 was ¥22,402,226,878.83, a decrease of 14.40% compared to ¥26,169,862,278.84 in the same period last year[5] - The net profit attributable to shareholders was -¥28,520,831.59, representing a decline of 279.03% from ¥15,930,781.56 in the previous year[5] - Total operating revenue decreased to ¥22.40 billion from ¥26.17 billion, a decline of approximately 14.5% year-over-year[21] - Net profit turned negative at -¥24.71 million compared to a profit of ¥17.64 million in the previous period, indicating a significant shift in profitability[22] - The company's operating profit fell to -¥13.96 million from ¥28.51 million, showing a substantial decrease in operational performance[22] - Total comprehensive income for the period was -26,248,387.64 yuan, compared to 18,887,684.80 yuan in the previous period[23] - Basic and diluted earnings per share were both -0.0278 yuan, down from 0.0155 yuan in the previous period[23] Cash Flow - The net cash flow from operating activities improved to ¥401,895,659.82, a significant increase of 149.43% compared to -¥813,064,530.02 in the same period last year[5] - Cash inflow from operating activities totaled 25,654,132,917.19 yuan, down from 27,456,789,816.44 yuan in the previous period[25] - Cash outflow from operating activities was 25,252,237,257.37 yuan, compared to 28,269,854,346.46 yuan in the previous period[25] - Net cash flow from investing activities was -35,205,872.60 yuan, an improvement from -102,884,125.36 yuan in the previous period[25] - Cash flow from financing activities resulted in a net outflow of -585,406,465.29 yuan, compared to a net inflow of 1,543,069,103.03 yuan in the previous period[25] - The ending cash and cash equivalents balance was 1,961,423,601.71 yuan, down from 3,344,502,555.23 yuan in the previous period[25] - The company received 27,743,722.02 yuan in tax refunds, compared to 576,382.40 yuan in the previous period[24] Assets and Liabilities - The company's total assets increased by 1.57% to ¥23,317,810,943.72 from ¥22,957,174,933.89 at the end of the previous year[5] - Total assets increased to ¥23.32 billion from ¥22.96 billion, representing a growth of approximately 1.6%[19] - Total liabilities rose to ¥20.28 billion from ¥19.89 billion, an increase of about 2%[19] - The company reported a total cash balance of ¥3,933,445,142.47 as of March 31, 2025, down from ¥4,061,667,873.67 at the beginning of the period, indicating a decrease of approximately 3.15%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 90,721[11] - The largest shareholder, Shenzhen Investment Holdings Co., Ltd., held 19.03% of the shares, totaling 195,032,514 shares[11] - The top ten shareholders hold a significant portion of the company's shares, with Shenzhen Investment Holding Co., Ltd. owning 195,032,514 shares, representing a substantial stake[12] - The company has not identified any other related party relationships among shareholders beyond those disclosed in the action agreements[12] Operational Metrics - Inventory levels rose by 23.10% to ¥5,346,906,641.26, attributed to increased stocking[9] - Accounts payable increased by 65.25% to ¥1,493,341,267.95, due to the use of credit lines for procurement[9] - Accounts receivable increased to ¥2,273,906,335.22 from ¥2,062,058,357.22, reflecting a growth of about 10.23%[17] - Prepayments decreased significantly from ¥4,396,006,491.79 to ¥3,522,269,097.34, representing a decline of approximately 19.87%[17] - Research and development expenses were ¥22.30 million, down from ¥23.78 million, indicating a decrease of approximately 6.2%[22] Strategic Initiatives - The company has implemented a "Quality and Return Improvement" action plan aimed at enhancing operational management and core competitiveness[14] - The company aims to enhance investor confidence and promote high-quality development in the capital market as part of its strategic initiatives[14] Legal Matters - A ruling from the Shenzhen International Arbitration Court confirmed a debt of ¥24,830,580.21 owed to Tianfu Jin, along with overdue interest of ¥782,673.49[15] - The company has received the arbitration award amounting to a total of ¥25,613,253.70, which is lower than the initial transfer price[15]

Group 1 - The core point of the article is that Tianyin Holdings (000829) reported a revenue of 22.402 billion yuan for the first quarter of 2025, which represents a year-on-year decline of 14.40% [1] - The company experienced a net loss of 28.5208 million yuan in the first quarter of 2025, compared to a net profit of 15.9308 million yuan in the same period last year [1]

一、《公司2024年度监事会工作报告》 详见公司于2025年4月29日刊登在巨潮资讯网（http://www.cninfo.com.cn）上 的《公司2024年度监事会工作报告》。 证券简称：天音控股 证券代码：000829 公告编号：2025-010 号 天音通信控股股份有限公司 第九届监事会第二十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 天音通信控股股份有限公司（以下简称"公司"）第九届监事会第二十六次会议 于2025年4月27日以现场方式召开，本次会议通知于2025年4月17日以电子邮件/短信 等方式发至全体监事。会议应出席监事3名，实际参加表决监事3名，会议的召开符合 《公司法》和《公司章程》的有关规定。本次会议经与会监事表决形成如下决议： 该议案需提交公司2024年度股东大会审议。 表决结果：同意票3票；反对票0票；弃权票0票。 二、《公司2024年度财务决算报告》 详见公司于2025年4月29日刊登在巨潮资讯网（http://www.cninfo.com.cn）上 的《公司2024年度财务决算报告》。 本议案需提交公司202 ...

监事会对公司 2024 年度内部控制自我评价报告的审核意见 为进一步加强和规范公司内部控制，提高公司管理水平和风险防范能力，促 进公司规范运作和健康可持续发展，保护投资者合法权益，天音通信控股股份有 限公司（ 以下简称"公司"）监事会根据（ 企业内部控制基本规范》和（ 深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》的有关规 定，对公司 2024 年度内部控制自我评价报告发表意见如下： 1、公司能认真贯彻（ 公司法》 证券法》 企业内部控制基本规范》 深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等文件的要 求，遵循企业内部控制的基本原则，按照公司的实际情况，建立健全覆盖公司各 个环节的内部控制制度，保障了公司业务活动的正常进行，保护公司资产的安全 和完整。 天音通信控股股份有限公司 2、公司现有的内部控制制度符合国家法律法规的要求，内部控制组织机构完 整，内部审计部门及人员配备齐全到位，保证了公司内部控制重点活动的执行及 监督充分有效，为内部控制制度的有效运行提供了一个良好的内部环境。 综上所述，监事会认为， 公司 2024 年度内部控制自我评价报告》全面、 ...