Group 1 - The company’s subsidiary, Weihai Tianrun Machinery Technology Co., Ltd., produces and sells components for reducers, specifically reducer housings and planetary gear frames [2] - The company is a parts supplier, and the revenue generated from this segment is relatively small compared to the overall revenue [2] - The company is unable to confirm whether its components are used in RV reducers [2]

Core Viewpoint - Tianrun Industrial (002283) reported a revenue of 1.945 billion yuan for the first half of 2025, reflecting a year-on-year increase of 2.36%, and a net profit of 197 million yuan, up 5.69% year-on-year [1] Financial Performance - The total revenue for Q2 2025 was 944.7 million yuan, a 0.67% increase year-on-year, while the net profit for the same period was 98.47 million yuan, up 4.95% year-on-year [1] - The gross margin was 23.19%, down 1.2% year-on-year, and the net margin was 10.03%, up 2.78% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 95.72 million yuan, accounting for 4.92% of revenue, a decrease of 5.56% year-on-year [1] - Earnings per share (EPS) increased to 0.17 yuan, a rise of 6.25% year-on-year, while operating cash flow per share was 0.44 yuan, up 7.09% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable represented 357.82% of the latest annual net profit, indicating a significant amount of outstanding payments [1][4] - The net increase in cash and cash equivalents saw a dramatic change of 348.59%, attributed to maturing fixed deposits and reduced investment in financial products [3] Investment and Capital Efficiency - The company's return on invested capital (ROIC) was reported at 4.7%, indicating weak capital returns, with a historical median ROIC of 6.29% over the past decade [4] - The company has a healthy cash asset position, with a cash to current liabilities ratio of 96.87% [4] Business Segment Performance - The large horsepower business segment saw a revenue increase of 40%-50% in the first half of the year, with significant growth in crankshaft and connecting rod revenues [7] - New production lines for large connecting rods and crankshafts are under construction, with expected capacity increases of nearly 50% once fully operational [7] Market Sentiment and Analyst Expectations - Analysts project a net profit of 454 million yuan for 2025, with an average EPS forecast of 0.4 yuan [5] - The largest fund holding in Tianrun Industrial is the Xinyuan Zhiyuan Heavy Chemical Stock Selection Mixed A Fund, which has recently increased its position [6]

Company Overview - Tianrun Industrial Technology Co., Ltd. reported a 40%-50% increase in revenue for its high-power business segment in the first half of the year compared to last year, with revenue from high-power crankshafts and connecting rods around 100 million [2][3] - The company is constructing three new production lines for large connecting rods, with one expected to be completed soon and the others by the end of the year [3] Financial Performance - The revenue breakdown for the company is as follows: - Crankshaft business: 1.207 billion, accounting for 62.05% of total revenue - Connecting rod business: 435 million, accounting for 22.39% - Blanks and castings: 112 million, accounting for 5.74% - Air suspension business: 142 million, accounting for 7.29% [7] Profitability Insights - The gross margin for high-power products is currently similar to that of heavy-duty truck products, with expectations for higher margins once mass production is achieved [4] Production and Market Outlook - Production for the next three months is expected to increase by approximately 10% based on forecasts from major manufacturers [6] - The company is focusing on the commercial vehicle sector for air suspension, with plans to leverage its technology in producing air springs and electronic control systems [5] Dividend Policy - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares for the first half of 2025, with a total dividend amount of 224 million for 2024, representing 67.51% of the net profit attributable to shareholders [9] International Operations - The Thai factory has relocated two connecting rod lines and two crankshaft lines, with limited revenue generated so far as new products are being developed and certified [10] Automation and Future Directions - The company has invested in automation and industrial robots, indicating a strong interest in the robotics sector for future growth [11] - The electric steering business is progressing well, with customer trials showing positive feedback [12] Challenges and Strategic Focus - The rise of new energy heavy-duty trucks poses a challenge, but the company sees potential benefits in reduced competition [13][14] - The company is actively seeking complementary industries with high technical content and added value, focusing on automotive, new materials, and high-end manufacturing [14]

Core Insights - Tianrun Industrial (002283.SZ) reported a total operating revenue of 1.945 billion yuan for the first half of 2025, an increase of 44.8574 million yuan compared to the same period last year, representing a year-on-year growth of 2.36% [1] - The net profit attributable to shareholders reached 197 million yuan, up by 10.595 million yuan from the same period last year, reflecting a year-on-year increase of 5.69% [1] - The net cash flow from operating activities was 501 million yuan, an increase of 33.1605 million yuan year-on-year, achieving four consecutive years of growth with a year-on-year increase of 7.09% [1] Financial Ratios - The latest debt-to-asset ratio stands at 25.37%, a decrease of 4.40 percentage points compared to the same period last year [3] - The latest gross profit margin is 23.19%, an increase of 0.26 percentage points from the previous quarter, marking two consecutive quarters of growth [3] - The latest return on equity (ROE) is 3.29%, an increase of 0.15 percentage points compared to the same period last year [3] Earnings and Turnover - The diluted earnings per share are 0.17 yuan, an increase of 0.01 yuan compared to the same period last year, reflecting a year-on-year growth of 6.25% [4] - The total asset turnover ratio is 0.24 times, an increase of 0.01 times year-on-year, representing a growth of 6.43% [4] - The inventory turnover ratio is 1.00 times, an increase of 0.07 times compared to the same period last year, indicating a year-on-year increase of 7.21% [4] Shareholding Structure - The number of shareholders is 50,100, with the top ten shareholders holding a total of 484 million shares, accounting for 42.44% of the total share capital [4] - The largest shareholder is Tianrun United Group Co., Ltd., holding 15.36% of the shares [4]

Core Insights - Tianrun Industrial (002283.SZ) released its semi-annual report for 2025, indicating that as of August 21, 2025, five institutional investors held a total of 232 million shares, representing 20.32% of the company's total share capital [1] - The institutional holding percentage decreased by 1.89 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Tianrun United Group Co., Ltd., Tianrun Industrial Technology Co., Ltd. - 2023 Employee Stock Ownership Plan, Hong Kong Central Clearing Limited, and Xinyuan Zhiyuan Quantitative Stock Selection Mixed A [1] - The total institutional holding percentage is now at 20.32% [1] Public Funds - One new public fund disclosed this period, Xinyuan Zhiyuan Quantitative Stock Selection Mixed A, while three public funds were not disclosed compared to the previous quarter, including Yongying Ruixin Mixed A, Yongying High-end Manufacturing A, and Yongying Ruijian Progress Mixed A [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings this period, with a decrease of 0.71% [1]

Core Viewpoint - The company reported steady growth in 1H25, benefiting from the recovery in the truck industry and expansion in downstream applications [2] Financial Performance - In 1H25, revenue increased by 2.4% year-on-year to 1.94 billion yuan, and net profit attributable to shareholders rose by 5.7% to 197 million yuan [1] - In 2Q25, revenue was 949 million yuan, reflecting a quarter-on-quarter change of +0.7% and a year-on-year change of -5.7% [1] - The gross profit margin in 2Q25 was 22.9%, down 2.4 percentage points quarter-on-quarter but up 0.6 percentage points year-on-year [3] Industry Trends - The truck industry saw wholesale sales of heavy and light trucks increase by 6.9% and 6.7% respectively in 1H25, reaching 539,000 and 1,036,000 units [2] - The company’s market share for heavy engine crankshafts and diesel light engine crankshafts reached 60% and 42% respectively, benefiting from a mild recovery in the truck industry [2] - The company anticipates a 10% year-on-year increase in heavy truck sales in 2025, supported by vehicle replacement policies [2] Cost Control and Shareholder Returns - The company effectively controlled costs, with selling, R&D, management, and financial expense ratios showing improvements [3] - Operating cash flow in 2Q25 increased by 6.7% to 455 million yuan, while capital expenditures decreased by 19.7% to 122 million yuan [3] - The company announced a cash dividend of 0.50 yuan per 10 shares, resulting in a payout ratio of 29.4% [3] Strategic Acquisitions - The company plans to acquire 100% of Shandong Altai Automotive Parts Co., Ltd. for 135 million yuan to enhance its capabilities in aluminum alloy die-casting and lightweight products [4] - The acquisition is expected to strengthen the company’s position in the domestic passenger car market and improve its product and customer synergy [4] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with current stock prices corresponding to P/E ratios of 17.1 and 15.6 for those years [5] - The target price remains at 8.0 yuan, indicating a potential upside of 17.5% from the current stock price [5]

（文章来源：每日经济新闻） 天润工业（SZ 002283，收盘价：6.81元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收入 约19.45亿元，同比增加2.36%；归属于上市公司股东的净利润约1.97亿元，同比增加5.69%；基本每股 收益0.17元，同比增加6.25%。 ...

Group 1 - Company Tianrun Industrial (SZ 002283) announced on August 21 that it will use up to RMB 1 billion of idle funds to purchase low-risk bank wealth management products, with the total amount not exceeding RMB 1 billion at any time [1] - The investment decision is authorized to the company's chairman, who will sign relevant legal documents [1] - For the first half of 2025, Tianrun Industrial's revenue is entirely derived from automotive parts, with a 100% contribution [1] Group 2 - As of the report date, Tianrun Industrial has a market capitalization of RMB 7.8 billion [1]

Group 1 - Tianrun Industrial (SZ 002283) announced on August 21 that its sixth board meeting was held to review the profit distribution proposal for the first half of 2025 [1] - For the first half of 2025, Tianrun Industrial's revenue composition is entirely from automotive parts, accounting for 100.0% [1] - As of the report date, Tianrun Industrial has a market capitalization of 7.8 billion yuan [1]

天润工业技术股份有限公司 2025 年 半年度报告摘要 非标准审计意见提示 证券代码：002283 证券简称：天润工 业 公告编号：2025-039 天润工业技术股份有限公司 2025 年半年度报告摘要 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监 会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 □适用 ?不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 ?适用 □不适用 是否以公积金转增股本 □是 ?否 公司经本次董事会审议通过的利润分配预案为：以截至 2025 年 6 月 30 日公司总股本 1,139,457,178 股扣除回购专户上已 回购股份后的股本为基数，向全体股东每 10 股派发现金红利 0.50 元（含税），送红股 0 股（含 税） ，不以公积金转增股 本。 董事会决议通过的本报告期优先股利润分配预案 □适用 ?不适用 控股股东报告期内变更 □适用 ?不适用 公司报告期控股股东未发生变更。 二、公司基本情况 | 股票简称 | | 天润工业 | | 股票代 | | | --- | ...