Summary of Tianrun Industrial Conference Call Company Overview - **Company**: Tianrun Industrial - **Date**: August 22, 2025 Key Points Financial Performance - **Revenue Growth**: In the first half of 2025, Tianrun Industrial achieved revenue of approximately 1.95 billion yuan, a year-on-year increase of 2.36% [3] - **Net Profit**: The net profit attributable to shareholders was approximately 100.97 million yuan, reflecting a year-on-year growth of 5.69% with a net profit margin slightly above 10% [3] - **Earnings Per Share**: The earnings per share stood at 0.17 yuan [3] - **Dividends**: The company distributed dividends totaling 2.5 yuan per 10 shares, accounting for 70%-80% of last year's profit [2][3] Operational Challenges and Recovery - **Supply Disruption**: Equipment failures in January and February 2025 led to supply interruptions, but the company managed to recover and fulfill outstanding orders by March [4] - **Production Capacity**: The company is currently operating at full capacity, with expectations to increase monthly production by 10%-15% in the second half of the year [5] Product Segmentation - **Revenue Breakdown**: Crankshafts account for approximately 62%-63% of total revenue, while connecting rods contribute about 25% [6] - **Market Segments**: Heavy-duty trucks represent nearly 40% of sales, light trucks about 15%, and large engine crankshafts and connecting rods generated close to 200 million yuan in revenue, driven by demand from data center diesel generators [6] Profit Margins - **Gross Margins**: Heavy-duty trucks have a gross margin of about 24.5%-25%, light trucks around 23%, and passenger vehicles approximately 18% [9] - **Future Margin Expectations**: The gross margin for large engine crankshafts and connecting rods is currently 24%-25%, expected to rise above 30% by 2026 as production scales up [9] Expansion Plans - **Production Expansion**: The company plans to expand production capacity by 45%-50% in 2026, driven by strong market demand, particularly in the large engine sector [12] - **New Production Lines**: Several new production lines are being established, including a 150 million yuan forging line [12] Acquisitions and Investments - **Acquisition of Korean Company**: Tianrun Industrial is acquiring a Korean aluminum die-casting company for approximately 135 million yuan, expected to enhance product variety and expand into lightweight components for passenger vehicles [17] - **Capital Expenditures**: The company maintains a strong cash position with around 1 billion yuan in bank deposits and plans significant capital expenditures for automation upgrades and production line investments [11] Market Outlook - **Second Half Projections**: The company anticipates a positive market outlook for the second half of 2025, with a projected 10%-15% increase in demand in Q4 [15] - **Heavy-Duty Truck Sales Forecast**: Expected heavy-duty truck sales range between 900,000 to 1 million units for the year [16] Competitive Landscape - **Market Competition**: Tianrun Industrial competes primarily with Dandong 518 in the large engine market, both companies currently operating at full capacity [14] Future Directions - **Focus on New Technologies**: The company is exploring opportunities in the automotive sector, new materials, high-end manufacturing, and robotics, with a particular interest in core components for robotics [22] Shareholder Returns - **Dividend Policy**: Tianrun Industrial plans to maintain a high dividend payout ratio of 50%-80% to reward shareholders [10][27] Additional Insights - **Thailand Operations**: The Thailand factory aims to mitigate tariff impacts and is expected to contribute to revenue growth in the future [23][24] - **Emerging Business Areas**: The company is developing air suspension systems and electric steering for commercial vehicles, with initial revenues of 100-150 million yuan expected from air suspension in 2025 [24][26] This summary encapsulates the key insights from the Tianrun Industrial conference call, highlighting the company's financial performance, operational challenges, market outlook, and strategic initiatives.

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]

2025年8月22日，天润工业(002283.SZ)发布2025年中报。 公司营业总收入为19.45亿元，较去年同报告期营业总收入增加4485.74万元，同比较去年同期上涨 2.36%。归母净利润为1.97亿元，较去年同报告期归母净利润增加1059.50万元，同比较去年同期上涨 5.69%。经营活动现金净流入为5.01亿元，较去年同报告期经营活动现金净流入增加3316.05万元，实现 4年连续上涨，同比较去年同期上涨7.09%。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 天润联合集团有限公司 | 15.36% | | 2 邢运波 | | 11.89% | | 王器 4 | | 3.45% | | 刘昕 | | 2.97% | | 5 孙海涛 | | 2.13% | | 6 | 天润工业技术股份有限公司-2023年员工持股计划 | 1.88% | | 曲源泉 8 | | 1.30% | | 旬八洋 | | 1.21% | | 9 | 香港中央结算有限公司 | 1.20% | | 10 洪君 | | 1.06% | 公司最新毛利率为23.19%，较上季度毛利率增 ...

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]

每经AI快讯，天润工业（SZ 002283，收盘价：6.81元）8月21日晚间发布公告称，公司第六届第二十三 次董事会会议于2025年8月21日在公司会议室以现场和通讯表决相结合的方式召开。会议审议了《关于 2025年半年度利润分配预案的议案》等文件。 2025年1至6月份，天润工业的营业收入构成为：汽车零部件占比100.0%。 截至发稿，天润工业市值为78亿元。 每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 （记者 王晓波） ...