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]

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]