Core Viewpoint - Tianjian Technology (002977.SZ) reported a significant decline in revenue and incurred losses in the third quarter of 2023 [1] Financial Performance - The company recorded a total operating revenue of 79.048 million yuan for the first three quarters, representing a year-on-year decrease of 41.57% [1] - The net loss for the same period amounted to 25.5569 million yuan, with a non-recurring net loss of 25.799 million yuan [1] - Basic earnings per share were reported at -0.2128 yuan [1]

Group 1 - The core point of the article is that Tianjian Technology (SZ 002977) held its third board meeting on October 23, 2025, to review the proposal for the Q3 2025 report [1] - For the first half of 2025, Tianjian Technology's revenue composition is entirely from the manufacturing of computers, communications, and other electronic devices, accounting for 100% [1] - As of the report date, Tianjian Technology has a market capitalization of 4 billion yuan [1]

Core Viewpoint - Tianjian Technology (SZ 002977) reported a significant decline in revenue and incurred a net loss in the third quarter of 2023, indicating potential challenges in its financial performance and market position [1]. Financial Performance - For the first three quarters of 2025, the company recorded revenue of approximately 79.05 million yuan, representing a year-on-year decrease of 41.57% [1]. - The net profit attributable to shareholders was a loss of about 25.56 million yuan [1]. - The basic earnings per share showed a loss of 0.2128 yuan [1]. Market Position - As of the report date, Tianjian Technology's market capitalization stood at 4 billion yuan [1].

Core Insights - Tianjian Technology (002977.SZ) reported a significant decline in revenue for the first three quarters of 2025, with total revenue reaching 79.048 million yuan, representing a year-on-year decrease of 41.57% [1] - The company experienced a net loss attributable to shareholders of 25.5569 million yuan during the same period [1] - The net loss attributable to shareholders, after excluding non-recurring gains and losses, amounted to 25.7994 million yuan [1]

证券代码：002977 证券简称：天箭科技 公告编号：2025-030 成都天箭科技股份有限公司 关于调整部分募集资金投资项目内部投资结构的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准成都天箭科技股份有限公司首次公开 发行股票的批复》（证监许可[2019]2703 号）核准，并经深圳证券交易所同意， 成都天箭科技股份有限公司首次公开发行人民币普通股（A 股）1,790 万股，发 行价格为每股人民币 29.98 元，募集资金总额 536,642,000.00 元，扣除发行费用 56,642,000.00 元后，募集资金净额为 480,000,000.00 元。上述资金于 2020 年 3 月 11 日全部到位，资金到位情况已经立信中联会计师事务所（特殊普通合伙） 验证，并由其出具"立信中联验字[2020]D-0003 号"验资报告。 公司对募集资金采取了专户存储制度，并与专户开户银行、保荐人签订了募 集资金三方监管协议。 二、募集资金投资项目情况 截至 2025 年 6 月 30 日，公司募投项目 ...

证券代码：002977 证券简称：天箭科技 公告编号：2025-028 成都天箭科技股份有限公司 第三届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 成都天箭科技股份有限公司（以下简称"公司"）第三届董事会第九次会议 于2025年10月23日在公司会议室以现场的方式召开，本次会议的通知于2025年10 月17日以书面、电子邮件、电话、微信等方式通知全体董事。本次会议应出席董 事7人，实际出席董事7人。公司高级管理人员列席会议，会议由董事长楼继勇先 生主持。本次会议的召集、召开和表决程序符合《公司法》和《公司章程》的规 定。 二、董事会会议审议情况 本次会议审议并通过了以下议案： （一）审议通过《关于<2025 年第三季度报告>的议案》 表决结果：同意票7票，反对票0票，弃权票0票。表决结果为通过。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）和公司指定信 息披露媒体《证券时报》《证券日报》披露的《2025年第三季度报告》（公告编号： 2025-029）。 该议案已经董事会审计委员会审 ...

Core Viewpoint - Tianjian Technology reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year, indicating severe financial challenges faced by the company [1] Financial Performance - The revenue for the third quarter was 11.4135 million yuan, a year-on-year decrease of 71.23% [1] - The net profit for the third quarter was a loss of 18.9802 million yuan, representing a decline of 379.92% [1] - For the first three quarters, the revenue totaled 79.048 million yuan, down 41.57% year-on-year [1] - The net profit for the first three quarters was a loss of 25.5569 million yuan, reflecting a decrease of 454.07% [1]

Financial Performance - Revenue for Q3 2025 was CNY 11,413,472.55, a decrease of 71.23% year-over-year and a decline of 41.57% compared to the beginning of the year[5] - Net profit attributable to shareholders was CNY -18,980,229.50, representing a decrease of 379.92% year-over-year and a decline of 454.07% year-to-date[5] - Basic and diluted earnings per share were both CNY -0.1580, down 380.13% year-over-year and 454.08% year-to-date[5] - Total operating revenue for the current period is ¥79,047,974.83, a decrease of 41.7% compared to ¥135,283,376.18 in the previous period[16] - Net profit for the current period is a loss of ¥25,556,881.07, compared to a profit of ¥7,217,967.52 in the previous period, indicating a significant decline[17] - The company reported a total comprehensive loss of ¥25,556,881.07 for the current period, compared to a comprehensive income of ¥7,217,967.52 in the previous period[17] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,148,914,615.98, down 8.85% from the end of the previous year[5] - Total assets decreased to ¥1,148,914,615.98 from ¥1,260,411,469.35, a decline of about 8.8%[14] - Total liabilities decreased to ¥102,113,317.22 from ¥166,431,689.52, a reduction of approximately 38.6%[14] - The company's retained earnings decreased to ¥299,802,814.92 from ¥346,981,295.99, a decline of about 13.5%[15] - The total equity attributable to the parent company decreased to ¥1,046,801,298.76 from ¥1,093,979,779.83, a decline of approximately 4.3%[15] Cash Flow - Cash flow from operating activities showed a net outflow of CNY -48,169,806.97, an increase of 7.87% compared to the previous year[5] - Cash inflow from operating activities totaled CNY 55,315,951.74, a decrease of 60.45% compared to the previous year[9] - Operating cash flow net amount is -¥48,169,806.97, slightly improved from -¥52,285,340.13 in the previous period[20] - Cash and cash equivalents at the end of the period stand at ¥446,206,940.88, down from ¥491,736,024.44 at the beginning of the period[21] - The company's cash and cash equivalents decreased to ¥446,206,940.88 from ¥516,864,208.45, a decline of approximately 13.5%[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,106[10] - The largest shareholder, Lou Jiyong, holds 36.01% of the shares, totaling 43,260,000 shares[10] - The company has no preferred shareholders or significant changes in shareholder financing activities reported[11] Expenses - Sales revenue decreased by 41.57% to CNY 79,047,974.83 due to reduced product deliveries[9] - The company reported a significant increase in sales expenses by 41.63% to CNY 715,480.64, attributed to higher after-sales costs[9] - Total operating costs decreased to ¥63,833,038.66 from ¥80,106,833.53, reflecting a reduction of 20.3%[16] - Research and development expenses increased to ¥7,505,204.34 from ¥7,168,413.50, showing a growth of 4.7%[16] - Sales expenses rose to ¥715,480.64 from ¥505,172.41, an increase of 41.6%[16] Other Information - The company received government subsidies amounting to CNY 15,784.35 during the reporting period[6] - The company experienced a 69.58% reduction in cash outflow for purchasing fixed assets, totaling CNY 865,860.60[9] - Accounts receivable increased to ¥338,715,120.24 from ¥321,746,301.15, reflecting a growth of about 5.3%[13] - Inventory decreased to ¥75,576,195.44 from ¥106,666,257.87, a reduction of approximately 29.2%[13] - The company has not undergone an audit for the third quarter financial report[22]

关于成都天箭科技股份有限公司 调整部分募投项目内部投资结构的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券""保荐人"）作为 成都天箭科技股份有限公司（以下简称"天箭科技""公司"）首次公开发行股 票并上市的保荐人，根据《上市公司募集资金监管规则》《深圳证券交易所股票 上市规则》《深圳证券交易所公司自律监管指引第 1 号——主板上市公司规范运 作》等有关规定，对天箭科技本次部分募投项目内部投资结构调整进行了审慎核 查，具体情况下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准成都天箭科技股份有限公司首次公开 发行股票的批复》（证监许可[2019]2703 号）核准，并经深圳证券交易所同意， 成都天箭科技股份有限公司首次公开发行人民币普通股（A 股）1,790 万股，发 行价格为每股人民币 29.98 元，募集资金总额 536,642,000.00 元，扣除发行费用 56,642,000.00 元后，募集资金净额为 480,000,000.00 元。上述资金于 2020 年 3 月 11 日全部到位，资金到位情况已经立信中联会计师事务所（特殊普通合伙） 验证，并由其出具"立信中联验字[2 ...

Investment Rating - The report maintains an "Outperform" rating for the military industry [1] Core Views - The military industry is experiencing a revenue rebound, with significant increases in inventory and contract liabilities. In the first half of 2025, 141 listed companies in the military sector achieved a total revenue of 254.549 billion yuan, a year-on-year increase of 9.3%. However, the net profit attributable to shareholders decreased by 1.1% to 15.526 billion yuan [7][11][13] - The overall inventory of these companies reached 310.839 billion yuan, up 19.8%, while contract liabilities totaled 152.030 billion yuan, increasing by 14.9% [11][13] - The report suggests focusing on specific sub-sectors for investment opportunities, including the aircraft and aero-engine supply chain, missile and unmanned combat equipment, and military trade-related enterprises [17] Summary by Sections Industry Overview - The military industry is showing signs of recovery, with a notable increase in revenue and contract liabilities. The overall gross margin for the industry is 18.7%, which is a slight increase from the previous year [13][16] - The report indicates a shift in industry dynamics, with upstream electronic components benefiting first, followed by downstream core components and equipment [16] Market Performance - In the first two weeks of September 2025, the military sector indices experienced significant adjustments, with the defense and military industry index dropping by 7.90%, underperforming compared to the broader market [18][24] - The report highlights that the military sector's performance was negatively impacted after the "September 3" military parade, leading to a sell-off in military stocks [18][20] Company Dynamics - Notable companies in the sector include: - **博实股份**: Signed a major contract worth approximately 235.1132 million yuan [43] - **埃斯顿**: Became the first domestic robot brand to lead the Chinese industrial robot market with a market share of 10.5% [44] - **融发核电**: Reported a sufficient backlog of orders and is progressing according to production plans [46] - **中航西飞**: Expanding strategic cooperation with Airbus to meet production needs for the A320 series [47] - **晶盛机电**: Achieved domestic production of semiconductor equipment and is advancing global customer validation for silicon carbide substrates [48] Investment Recommendations - The report recommends focusing on ETFs related to the military sector, such as 富国中证军工龙头 ETF and 国泰中证军工 ETF, as potential investment vehicles [2]