Core Points - Tianjin Printronics Circuit Co., Ltd. announced the cancellation of stock options for 6 incentive targets due to their annual performance assessment not meeting the required 100% exercise ratio [2] - A total of 26,328 stock options will be canceled as per the regulations outlined in the company's stock option incentive plan and relevant management measures [2] - The cancellation process has been completed and confirmed by the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. [2]

关于 2024 年股票期权激励计划部分股票期权 证券代码：002134 证券简称：天津普林 公告编号：2025-050 天津普林电路股份有限公司 特此公告。 天津普林电路股份有限公司 注销完成的公告 董 事 会 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或重大遗漏。 二○二五年十月十七日 天津普林电路股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召 开第七届董事会第十次会议和第七届监事会第六次会议，审议通过了《关于注销 2024 年股票期权激励计划部分股票期权的议案》。公司 2024 年股票期权激励计 划有 6 名激励对象因个人年度绩效考核等级对应行权比例未达 100%，根据《上 市公司股权激励管理办法》《天津普林电路股份有限公司 2024 年股票期权激励 计划（草案）》《天津普林电路股份有限公司 2024 年股票期权激励计划实施考 核管理办法》的规定，公司将对上述 6 名激励对象合计持有的已获授但不满足行 权条件的 2.6328 万份股票期权进行注销。具体内容详见公司于 2025 年 8 月 27 日披露的《关于注销 2024 年股票期权激励计划部 ...

Core Points - Tianjin Pulin Circuit Co., Ltd. has completed the cancellation of certain stock options under its 2024 stock option incentive plan [1] - The cancellation was approved during a meeting held on August 25, 2025, due to some incentive recipients not meeting the performance assessment criteria for exercising their options [1] - A total of 26,328 stock options that were granted but did not meet the exercise conditions have been canceled [1] - The cancellation has been confirmed by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited [1] - This cancellation complies with relevant regulations and will not affect the ongoing implementation of the incentive plan or have a significant impact on the company's financials, operations, or management team performance [1]

证券代码：002134 证券简称：天津普林 公告编号：2025-049 天津普林电路股份有限公司 关于 2024 年股票期权激励计划第一个行权期采用自主行权 模式的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或重大遗漏。 重要内容提示 1、本次行权的股票期权简称：普林 JLC1，股票期权代码：037458； 2、本次可行权激励对象、数量及价格：可行权激励对象 10 人，可行权股 票期权数量 1,968,272 份，行权价格 8.98 元/份； 3、本次股票期权行权采用自主行权模式； 4、行权期限：2024 年股票期权激励计划第一个行权期可行权期限为 2025 年 9 月 10 日至 2026 年 7 月 21 日期间。根据行权手续办理情况，本期实际可行 权期限为 2025 年 9 月 26 日起至 2026 年 7 月 21 日止； 2、2024 年 7 月 3 日至 2024 年 7 月 13 日，公司通过内部公示栏将 2024 年 股票期权激励计划拟激励对象名单及职位予以公示。在公示的时限内，公司监事 会未收到任何组织或个人提出异议或不良反映，无反馈记录。 ...

Group 1: Mergers and Acquisitions in Tianjin - Multiple listed companies in Tianjin are actively engaging in mergers and acquisitions, with a total transaction amount exceeding 10 billion yuan in the first half of the year, representing a 65% year-on-year increase [1] - The Tianjin Securities Regulatory Bureau, along with other local departments, has introduced a policy framework to support mergers and acquisitions, focusing on funding, asset pools, and transaction services [1] Group 2: Transformation of Tianjin Zhonglv Electric - Tianjin Zhonglv Electric successfully transitioned from real estate to the renewable energy sector by acquiring 100% equity of Luneng New Energy, addressing previous operational challenges [2] - The restructuring process was completed in just four months, showcasing efficiency in due diligence and regulatory compliance [3] - Post-restructuring, the company has achieved an average annual compound growth rate of 116.82% in net profit from 2022 to 2024, enhancing its sustainable development capabilities [3] Group 3: Tianjin Quanye Group's Shift to Clean Energy - Tianjin Quanye Group, facing losses in traditional retail, has restructured by divesting its original business and acquiring 100% equity of Guokai New Energy, transforming into a clean energy service provider [4] - The company has seen its market value exceed 10 billion yuan post-restructuring, with a projected net profit of 908 million yuan in 2024 and a compound growth rate of 43.52% [5] Group 4: Strategic Acquisition by Tianjin Printronics - Tianjin Printronics, a leading PCB manufacturer, acquired Taihe Circuit to enhance its market presence and product offerings through strategic resource integration [6] - Following the acquisition, the company reported a revenue of 1.128 billion yuan in 2024, a 74.57% increase from the previous year, and a net profit of 33.86 million yuan, up 28.16% [7] - The acquisition has allowed Tianjin Printronics to improve production processes and invest in green manufacturing, achieving both economic and environmental benefits [7]

Group 1 - The company showcased its robust performance and innovative achievements in the high-end PCB sector during the investor reception event, with a significant revenue increase [1] - In the first half of 2025, the company achieved operating revenue of 658 million yuan, a year-on-year growth of 27.47%, driven by market expansion and increased shipments in the new energy vehicle PCB product segment [1] - The company has established a flexible production advantage with a focus on "multiple varieties and small batches," covering various PCB types used in high-value sectors such as industrial control, medical, automotive electronics, and aerospace [1] Group 2 - The company completed the Tianjin green factory certification in 2024, promoting low-carbon manufacturing through initiatives like purchasing green electricity and implementing energy-saving modifications [2] - The company has successfully entered the qualified supplier systems of many global leading enterprises, maintaining long-term strategic partnerships with high-quality clients across multiple countries [2] - Looking ahead, the company aims to leverage its technological advantages in the high-end PCB field, optimize product structure, and enhance core competitiveness to create sustained value for investors [2]

证券代码：002134 证券简称：天津普林 公告编号：2025-048 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（名称：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 9 月 11 日（周四）15:00-17:00。 届时公司董事长路志宏女士，董事会秘书束海峰先生，副总裁、财务总监王 泰先生（如有特殊情况，参会人员将可能进行调整）将在线就公司业绩、公司治 理、发展战略和经营状况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！ 特此公告。 天津普林电路股份有限公司 董 事 会 二○二五年九月八日 天津普林电路股份有限公司 关于参加天津辖区上市公司 2025 年投资者网上集体 接待日暨半年报业绩说明会活动的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，天津普林电路股份有限公司（以下简称 "公司"）将参加由天津证监局、天津上市公司协会与深圳市全景网络有限公司 共同举办的"天津辖区上市公司 202 ...

Core Insights - Tianjin Pulin (002134.SZ) released its semi-annual report for 2025 on August 27, 2025, indicating significant institutional investor activity [1] Institutional Holdings - As of August 27, 2025, three institutional investors disclosed holdings in Tianjin Pulin A-shares, totaling 75.4991 million shares, which represents 30.71% of the total share capital [1] - The institutional investors include TCL Technology Group (Tianjin) Co., Ltd., Tianjin Zhonghuan Investment Co., Ltd., and Shenzhen Chuangfu Hui Investment Management Co., Ltd. - Chuangfu Hui Global Vision Private Securities Investment Fund [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 1.62 percentage points [1]

Core Viewpoint - Tianjin Pulin (002134) reported mixed financial results for the first half of 2025, with significant revenue growth but a sharp decline in net profit, raising concerns about its financial health and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 reached 658 million yuan, a year-on-year increase of 27.47% compared to 516 million yuan in 2024 [1]. - Net profit attributable to shareholders was 6.72 million yuan, down 67.51% from 20.69 million yuan in the previous year [1]. - In Q2 2025, total revenue was 360 million yuan, up 33.67% year-on-year, while net profit was 6.21 million yuan, a decrease of 42.02% [1]. - The gross margin was 13.11%, a decline of 25.97% year-on-year, and the net margin was 0.72%, down 86.51% [1]. - Total expenses (selling, administrative, and financial) amounted to 58.05 million yuan, accounting for 8.82% of revenue, a slight decrease of 0.03% year-on-year [1]. Balance Sheet and Cash Flow - Accounts receivable increased to 444 million yuan, a rise of 29.51% from 343 million yuan, with accounts receivable to net profit ratio at 1311% [1][2]. - Cash and cash equivalents decreased to 139 million yuan, down 14.13% from 161 million yuan [1]. - Interest-bearing liabilities rose to 608 million yuan, an increase of 26.69% from 480 million yuan [1]. Operational Efficiency - The company's return on invested capital (ROIC) was 5%, indicating average capital returns, with a historical median ROIC of 2.92% over the past decade [1]. - The company has experienced six years of losses since its IPO, suggesting a generally weak financial performance [1]. Business Model and Financial Health - The company's performance is primarily driven by R&D and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [2]. - Cash flow metrics indicate potential liquidity issues, with cash and cash equivalents to current liabilities at 45.4% and average operating cash flow to current liabilities at 17.32% over the past three years [2]. - The interest-bearing debt ratio has reached 29.44%, and the ratio of interest-bearing debt to average operating cash flow over the past three years is 11.49%, highlighting concerns regarding debt sustainability [2].

Group 1 - Tianjin Pring's stock price is reported at 22.47 yuan, down 0.93 yuan or 3.97% from the previous trading day, with a trading volume of 6.54 billion yuan [1] - The company specializes in the research, production, and sales of PCB products, which are widely used in industrial control, automotive, and aerospace sectors [1] - In the first half of 2025, the company achieved operating revenue of 658 million yuan, a year-on-year increase of 27.47%, but the net profit attributable to the parent company was 6.72 million yuan, a decrease of 67.51% year-on-year [1] Group 2 - The company has multiple production bases in Tianjin, Zhuhai, and Huizhou, and possesses unique technological advantages in the aerospace PCB field [1] - The company has made breakthroughs in technology research and development, successfully developing several innovative processes, with related technological achievements awarded the second prize for technological progress in Tianjin [1]