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]

Core Points - The company has announced the cancellation of a portion of stock options from the 2024 stock option incentive plan due to certain performance criteria not being met by some participants [3][5][4] - A total of 26,328 stock options will be canceled as a result of the performance evaluations of six incentive plan participants [3][5] - The cancellation process has been approved by the company's board and supervisory committee, and it does not require further shareholder approval [3][5] Summary by Sections Stock Option Incentive Plan Approval - The company held meetings to approve the stock option incentive plan and its related management measures [1][2] - The plan was publicly disclosed, and no objections were raised during the public comment period [2] Cancellation of Stock Options - The board approved the cancellation of stock options for six participants whose performance did not meet the required thresholds [3][4] - The cancellation will not significantly impact the company's financial status or operational results [4][5] Opinions from Committees - The remuneration and assessment committee supports the cancellation, stating it aligns with relevant regulations [5] - The supervisory committee also agrees with the cancellation, confirming that the process was legal and did not harm the interests of shareholders [5][6]

Group 1 - The board of directors of Tianjin Printronics Circuit Co., Ltd. held its tenth meeting of the seventh session on August 25, 2025, where all seven participating directors approved the resolutions [1] - The board confirmed that the preparation and review procedures of the 2025 semi-annual report comply with legal and regulatory requirements, ensuring the report accurately reflects the company's actual situation without any false records or omissions [1] - The company plans to increase the expected amount of daily related transactions with related parties by 19 million yuan for the year 2025, which has been approved by the independent directors [2] Group 2 - The first exercise conditions of the stock option incentive plan for 2024 have been met, allowing 10 incentive objects to exercise a total of 1,968,272 stock options at a price of 8.98 yuan per option [3] - Six incentive objects did not meet the 100% exercise ratio due to personal annual performance assessments, leading to the decision to cancel a portion of the stock options [4][5] - The board approved a comprehensive credit limit application of up to 200 million yuan from Industrial Bank Co., Ltd. Tianjin Branch, with a maximum exposure limit of 80 million yuan, for various financial services [5]

Group 1 - The company reported a revenue of 658 million yuan for the first half of 2025, representing a year-on-year growth of 27.47% [1] - The net profit attributable to shareholders of the listed company was 6.7209 million yuan, showing a year-on-year decline of 67.51% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 7.09596 million yuan, down 60.28% year-on-year [1] - The basic earnings per share were 0.03 yuan [1]

天津普林电路股份有限公司 关于与 TCL 科技集团财务有限公司开展金融服务业务 的风险持续评估报告 根据《企业集团财务公司管理办法》《深圳证券交易所上市公司自律监管指 引第 7 号——交易与关联交易》的相关规定，天津普林电路股份有限公司（以下 简称"公司"）通过查验 TCL 科技集团财务有限公司的《金融许可证》《企业 法人营业执照》等证件资料，并审阅了 TCL 科技集团财务有限公司 2025 年 06 月 30 日的资产负债表、损益表和现金流量表，对其经营资质、业务和风险状况 进行了评估，现将有关风险评估情况报告如下： 一、财务公司基本情况 TCL 科技集团财务有限公司（以下简称"TCL 科技财务公司"）于 2005 年 12 月由原中国银行业监督管理委员会（现为"国家金融监督管理总局"）批准 筹建，2006 年 9 月获得开业批复，2006 年 11 月 8 日正式开业运营。TCL 科技财 务公司金融许可证机构编码 L0066H344130001，统一社会信用代码 91441300717867103C。 截至 2025 年 06 月 30 日，TCL 科技财务公司注册资本为人民币 15 亿元，共 2 家股东 ...

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：天津普林电路股份有限公司 单位：人民币元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的 | 2025 年期初占用 | 2025 年 1-6 月 占用累计发生 | 2025 年 1-6 月 占用资金的利 | 2025 年 1-6 月偿 | 2025 年 6 月 30 | 占用形成原 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 会计科目 | 资金余额 | 金额（不含利 息） | 息（如有） | 还累计发生金额 | 日占用资金余额 | 因 | | | 控股股东、实际控制人及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 ...

股票简称：天津普林 股票代码：002134 天津普林电路股份有限公司 TIANJIN PRINTRONICS CIRCUIT CORPORATION 2025 年半年度财务报告 二〇二五年八月二十七日 天津普林电路股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：天津普林电路股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 138,567,270.38 | 135,225,270.27 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 2,209,998.78 | 5,708,430.36 | | 应收账款 | 443,963,302.85 | 374,083,870.63 | | 应收款项融资 | 28,108,016.62 | 16,255,62 ...