Core Viewpoint - Tianyin Holdings (000829.SZ) is expected to report a significant decline in revenue and net profit for the first half of 2025, primarily due to weak performance in its core communication product distribution business [2][4]. Financial Performance - The company anticipates revenue between 43 billion to 47 billion yuan, representing a year-on-year decline of 7.94% to 15.77% from 51.05 billion yuan in the same period last year [2][3]. - The net profit attributable to shareholders is projected to be a loss of 50 million to 65 million yuan, a staggering drop of 611.44% to 764.87% compared to a profit of 9.7764 million yuan in the previous year [2][3]. - The basic earnings per share are expected to be a loss of 0.0634 yuan to 0.04878 yuan, down from a profit of 0.0095 yuan per share in the same period last year [3]. Business Segment Analysis - The decline in performance is attributed to the communication product distribution business, which accounts for over 80% of the company's revenue. This segment has been adversely affected by a sluggish consumer electronics market, leading to a drop in both sales volume and price [4]. - The overall gross margin of Tianyin Holdings has been hovering between 2% to 3%, with the first quarter of this year at 2.66%. The company's high-scale, low-profit distribution model lacks buffer space during market contractions, making it vulnerable to significant profit declines from minor fluctuations [4]. Strategic Initiatives - In response to the short-term performance pressure, Tianyin Holdings is accelerating its strategic transformation. The company has launched an AI-driven customer service and personnel system under its subsidiary Nengliang E-commerce, aiming to enhance operational efficiency across platforms like Taobao, JD.com, and Douyin [4]. - The company is also developing its brand "Yixiu Ge," which focuses on mobile phone repair, recycling, and second-hand sales, aiming to create a new retail system that integrates services and sales [4]. Market Outlook - Multiple institutions maintain a cautiously optimistic outlook for the consumer electronics market, with Canalys predicting that global AI smartphone penetration will reach 34% by 2025 and exceed 50% by 2027. The "national subsidy" policy promoting trade-ins, combined with the proliferation of AI hardware, may lead to stabilization or growth in the consumer electronics sector in the latter half of the year [5].

Summary of Key Points Core Viewpoint - The internal transfer of shares within Tianyin Communication Holdings Co., Ltd. does not affect the overall shareholding structure or control of the company, as the total number of shares held by the controlling parties remains unchanged [1][2][3]. Group 1: Share Transfer Overview - Tianyin Communication received a notification regarding the internal transfer of 17,520,000 shares (1.71% of total shares) from He Zhiping, the actual controller of China Huajian Investment Holdings Co., Ltd., to Beijing Henghua Zhisheng Management Consulting Partnership [1][2]. - Prior to the transfer, He Zhiping held 4.65% of the company's shares, totaling 80,081,582 shares (7.81% of total shares) [2][4]. - Post-transfer, the combined shareholding of China Huajian, Henghua Zhisheng, and He Zhiping remains unchanged, ensuring no market increase or decrease in shares [2][3]. Group 2: Receiving Party Information - The receiving party, Beijing Henghua Zhisheng Management Consulting Partnership, is a partnership established on August 12, 2024, with a registered capital of 10 million yuan [2]. - The partnership is controlled by China Huajian, which holds 1% of Henghua Zhisheng, while the actual control remains with He Zhiping [2]. Group 3: Agreement and Control - China Huajian and Henghua Zhisheng have signed a "Consistent Action Agreement," granting China Huajian full authority to exercise all shareholder rights on behalf of Henghua Zhisheng [3]. - This agreement is effective immediately and is intended to be long-term, ensuring that the share transfer does not alter the overall control or governance structure of the company [3][5]. Group 4: Regulatory Compliance - The share transfer complies with relevant laws and regulations, including the Securities Law and regulations regarding shareholding changes [5]. - The transfer will not lead to any changes in the company's control or governance structure, nor will it impact its ongoing operations [5].

证券代码：000829 证券简称：天音控股 公告编号：2025-040 号 天音通信控股股份有限公司（以下简称"公司"）于近日收到公司股东中国 华建投资控股有限公司（以下简称"中国华建"）的实际控制人及一致行动人何 志平先生的《关于股东及一致行动人之间内部转让股份的通知函》。因资产规划 需要，何志平先生以大宗交易方式向其实际控制的经营主体北京恒华致胜管理咨 询合伙企业（有限合伙）（以下简称"恒华致胜"）转让公司股份合计 17,520,000 股（占公司总股本的 1.71%）。 本次股东内部转让股份已实施完毕。股份转让前，何志平先生持有公司股份 32,440,000 股，占公司总股本的 3.16%，中国华建持有公司 47,641,582 股，占 公司总股本的 4.65%，合计持有公司无限售流通 A 股 80,081,582 股，占公司总 股本的 7.81%。本次股份转让后，中国华建、恒华致胜及何志平先生合计持股数 量和持股比例保持不变，仍为无限售流通 A 股 80,081,582 股，占公司总股本的 7.81%。中国华建与恒华致胜的实际控制人均为何志平先生，本次股份变动为同 一实际控制人下的股份转让，不涉及向市 ...

证券代码：000829 证券简称：天音控股 天音通信控股股份有限公司 简式权益变动报告书 上市公司名称：天音通信控股股份有限公司 股票代码：000829 股票简称：天音控股 股票上市地：深圳证券交易所 信息披露义务人：中国华建投资控股有限公司 住所：北京市怀柔区九渡河镇黄坎村738号。 信息披露义务人：何志平 住所：深圳市福田区彩田路5015号中银大厦B座22楼。 信息披露义务人：北京恒华致胜管理咨询合伙企业（有限合伙） 住所：北京市怀柔区九渡河镇黄坎村731号。 股权变动性质：股份在同一控制下的一致行动人之间转让，合计持股不变。 签署日期：二零二五年七月 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司收购管理办 法》《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内容与 格式准则第15号——权益变动报告书》及相关的法律、法规编制本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《上市 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of Tianyin Holdings (000829) in the first half of 2025, with expected revenue between 43 billion to 47 billion yuan, driven by AI-assisted terminal sales and national subsidy policies [1] - The company's main business is in smart terminal sales, maintaining long-term partnerships with leading brands like Apple, Samsung, and Huawei, which secures a significant market share in the smart terminal sales sector [1] - The introduction of AI models such as AIPC, AIXR, and AI smartphones is anticipated to create a market opportunity for the smartphone industry, leading to both volume and price increases [1] Group 2 - The new subsidy policy for digital products, particularly mobile phones, is a significant highlight of the "Two New" policy aimed at boosting consumer spending, benefiting both major cities and county markets [2] - Tianyin Holdings has established its own brand "Yixiu Ge," focusing on mobile phone repair services and offering a comprehensive ecosystem that includes repair, parts sales, new phone sales, and second-hand phone sales through a direct chain and franchise model [2] - The company is accelerating its "Industry Integration and Smart Network Platform" strategy, aiming for an integrated development model that combines distributors, retailers, and platform service providers, as well as integrating supply chain, industry chain, and consumer chain [2]

Group 1 - Tianyin Communication Holdings Co., Ltd. (Tianyin Holdings) expects revenue for the first half of 2025 to be between 43 billion and 47 billion yuan, indicating stable revenue capacity and ongoing investment in R&D [1] - The consumer electronics market is currently stabilizing at the bottom, with expectations for steady growth in the second half of 2025 driven by policy and AI [1][2] - The smartphone market is entering a period of intensive new product launches, with significant innovations in foldable screens and AI technology integration [1] Group 2 - Canalys predicts that the global penetration rate of AI smartphones will reach 34% in 2025 and 50% by 2027, which will stimulate market demand in consumer electronics [2] - Tianyin Holdings is well-positioned in the smart terminal sales market, benefiting from long-term partnerships with major brands like Apple, Samsung, and Huawei [2] - The company has developed a diverse sales system focusing on mobile phones, complemented by 3C digital products, smart wearables, and smart home devices [2] Group 3 - The consumer electronics industry is expected to evolve towards greater intelligence and ecosystem development, enhancing user experience and market competitiveness [3] - The growth in consumer electronics product volume is anticipated to support the industry's fundamentals, leading to increased sector prosperity [3] - As the largest mobile retail distributor in China, Tianyin Holdings is expected to continue benefiting from the positive trends in the consumer electronics sector [3]

Performance Forecast - The company expects a net loss attributable to shareholders of 65 million to 50 million yuan, compared to a profit of 9.7764 million yuan in the same period last year, representing a decline of 764.87% to 611.44% [1] - The net loss after deducting non-recurring items is projected to be between 75 million to 65 million yuan, with a profit of 2.1553 million yuan in the previous year, indicating a decline of 3579.79% to 3115.82% [1] - Revenue is expected to decrease by 15.77% to 7.94% compared to the same period last year [1] - Basic earnings per share are forecasted to be a loss of 0.0634 to 0.04878 yuan, compared to a profit of 0.0095 yuan per share last year [1] Reasons for Performance Change - The primary reasons for the decline in net profit attributable to shareholders are reduced revenue and a decrease in gross margin [1]

[TIANYIN COMMUNICATION HOLDINGS CO., LTD. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E5%A4%A9%E9%9F%B3%E9%80%9A%E4%BF%A1%E6%8E%A7%E8%82%A1%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) This report provides the preliminary performance forecast for Tianyin Communication Holdings Co., Ltd. for the first half of 2025, indicating an expected loss [I. Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a significant loss for H1 2025, with net profit attributable to shareholders projected to be a loss of 50 million to 65 million yuan, and operating revenue also expected to decline year-on-year 2025 Semi-Annual Performance Forecast Core Indicators | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Loss: 65 million – 50 million yuan | Profit: 9.7764 million yuan | | Year-on-year Change | Decrease: 764.87% - 611.44% | - | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: 75 million – 65 million yuan | Profit: 2.1553 million yuan | | Year-on-year Change | Decrease: 3579.79% - 3115.82% | - | | **Operating Revenue** | 43.00 billion – 47.00 billion yuan | 51.05 billion yuan | | Year-on-year Change | Decrease: 15.77% – 7.94% | - | | **Basic Earnings Per Share** | Loss: 0.0634 yuan/share – 0.04878 yuan/share | Profit: 0.0095 yuan/share | [II. Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company explicitly states that the financial data in this performance forecast has not been pre-audited by an accounting firm - The financial data in this performance forecast has not been pre-audited by an accounting firm[3](index=3&type=chunk) [III. Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The significant year-on-year decline in net profit for the current period is primarily due to the underperformance of the core communication product distribution business, which experienced decreased sales revenue and gross profit margin due to unfavorable market conditions - The year-on-year decline in net profit for H1 2025 is primarily attributed to the communication product distribution business, which experienced reduced sales revenue and gross profit margin due to adverse market conditions[5](index=5&type=chunk) [IV. Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company advises investors that this performance forecast is based on preliminary estimates, and the final accurate financial data will be disclosed in the "2025 Semi-Annual Report," urging investors to exercise caution and be aware of investment risks - This performance forecast is a preliminary estimate, and the final financial data will be subject to the company's "2025 Semi-Annual Report," cautioning investors about investment risks[6](index=6&type=chunk)

Core Viewpoint - Tianyin Holdings (000829) expects a net loss of 65 million to 50 million yuan in the first half of 2025, compared to a profit of 9.7764 million yuan in the same period last year [1] Financial Performance - The net profit, excluding non-recurring gains and losses, is projected to be a loss of 75 million to 65 million yuan, down from a profit of 2.1553 million yuan year-on-year [1] - The expected operating revenue is between 43 billion to 47 billion yuan, a decrease from 51.052 billion yuan in the same period last year, representing a year-on-year decline of 15.77% to 7.94% [1]

Industry Overview - The retail industry experienced a decline of 0.79% today, with a net outflow of funds amounting to 1.09 billion yuan [1] - Among the 99 stocks in the retail sector, 34 stocks rose, while 52 stocks fell, indicating a mixed performance within the industry [1] Fund Flow Analysis - The top three stocks with the highest net outflow include Cuiwei Co., Ltd. with 607 million yuan, Kuaijingtong with 227 million yuan, and Xiaoshangcheng with 158 million yuan [1] - The leading stock in terms of net inflow is Aishide, which saw an inflow of 253 million yuan, followed by Ruoyuchen and Tianyin Holdings with inflows of 48.9 million yuan and 37.8 million yuan respectively [1][3] Stock Performance - Cuiwei Co., Ltd. had the largest decline at -9.97%, with a turnover rate of 28.22% and a net outflow of approximately 607 million yuan [1] - Other notable decliners include Kuaijingtong at -3.19% and Xiaoshangcheng at -6.04% [1] Market Sentiment - The overall market sentiment in the retail sector appears negative, as indicated by the significant net outflow of funds and the number of declining stocks [1][2]