Core Viewpoint - Tian Sheng New Materials is a leading domestic supplier of polymer foam materials with a full industry chain advantage, showcasing significant investment value [1] Group 1: Business Overview - Tian Sheng New Materials was established on July 27, 1998, and listed on the Shenzhen Stock Exchange on January 25, 2011, with its registered and office address in Changzhou, Jiangsu Province [1] - The company's main business includes research, development, production, and sales of polymer foam materials and sound barriers, operating within the basic chemicals - chemical products - other chemical products sector [1] Group 2: Financial Performance - For Q3 2025, Tian Sheng New Materials reported revenue of 334 million yuan, ranking 68th among 79 companies in the industry, while the industry leader, Sinochem International, achieved revenue of 35.716 billion yuan [2] - The company's net profit for the same period was -84.38 million yuan, placing it 72nd in the industry, with the top performer, Hangyang Co., reporting a net profit of 850 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, Tian Sheng New Materials had a debt-to-asset ratio of 104.52%, significantly higher than the industry average of 34.74%, indicating substantial debt pressure [3] - The company's gross profit margin was 23.92%, up from 22.92% year-on-year, exceeding the industry average of 19.93%, reflecting a competitive profitability advantage [3] Group 4: Executive Compensation - Chairman Wu Haizhou's compensation for 2024 was 527,600 yuan, an increase of 239,500 yuan from 2023 [4] - President Xu Yi's compensation for 2024 was 677,900 yuan, up by 231,800 yuan compared to 2023 [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 30.55% to 33,600, while the average number of circulating A-shares held per shareholder increased by 44% to 8,982.37 [5]

Core Viewpoint - Tian Sheng New Materials (300169.SZ) reported negative equity for the shareholders of the listed company as of September 30, 2025, which raises concerns about potential delisting risks if the situation does not improve by the end of the year [1] Financial Summary - As of September 30, 2025, the company's equity attributable to shareholders was -30,620,858.64 yuan [1] - If the audited equity remains negative by December 31, 2025, the company will face a "delisting risk warning" according to the Shenzhen Stock Exchange's revised rules [1]

Core Viewpoint - Tian Sheng New Materials (300169) reported negative equity of -30.62 million yuan as of September 30, 2025, which may lead to a delisting risk warning if the negative equity persists by December 31, 2025 [1] Financial Summary - As of September 30, 2025, the company's equity attributable to shareholders was -30.62 million yuan [1] - If the audited equity remains negative by December 31, 2025, the company will face a "delisting risk warning" according to the Shenzhen Stock Exchange's rules [1]

Core Points - The company Tian Sheng New Materials reported a negative equity of -30.62 million yuan as of September 30, 2025 [1] - From the beginning of 2025 until the end of the third quarter, the net profit attributable to shareholders was -83.12 million yuan [1] - If the audited equity remains negative as of December 31, 2025, the company's stock will be subject to "delisting risk warning" [1]

证券代码：300169 证券简称：天晟新材 公告编号：2025-049 常州天晟新材料集团股份有限公司 关于2025年第三季度期末净资产为负的风险提示性公告 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。 重要提示： 1、公司于 2025 年 10 月 30 日披露《2025 年第三季度报告》（公告编号： 2025-047）。截至 2025 年 9 月 30 日，公司归属于上市公司股东的所有者权益为 负值，即-30,620,858.64 元。 2、如果，截至 2025 年 12 月 31 日，经审计归属于上市公司股东的所有者权 益仍为负值，根据《深圳证券交易所创业板股票上市规则》（2025 年修订）第 10.3.1 条第（二）项的规定，公司股票将被实施"退市风险警示"。 一、2025 年第三季度报告期末净资产为负值的原因 常州天晟新材料集团股份有限公司（以下简称 "公司"）2025 年年初至第三 季度报告期末，归属于上市公司股东的净利润为-83,115,078.39 元，由此导致公 司归属于上市公司股东的所有者权益为-30,620,858.64 元。 报告期内 ...

Group 1 - The company Tian Sheng New Materials (SZ 300169) reported a revenue of approximately 334 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 16.71% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 83.12 million yuan [1] - The basic earnings per share showed a loss of 0.255 yuan [1]

常州天晟新材料集团股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开公司第六届董事会第十四次会议、第六届监事会第十次会议审议通过 了《2025 年第三季度报告》。 为使投资者全面了解公司的经营成果和财务状况，公司《2025 年第三季度 报告》于 2025 年 10 月 30 日在中国证监会指定的创业板信息披露网站上披露， 请投资者注意查阅。 特此公告。 证券代码：300169 证券简称：天晟新材 公告编号：2025-046 常州天晟新材料集团股份有限公司 2025年第三季度报告披露提示性公告 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。 二〇二五年十月二十九日 常州天晟新材料集团股份有限公司 董事会 ...

证券代码：300169 证券简称：天晟新材 公告编号：2025-048 常州天晟新材料集团股份有限公司 关于2025年第三季度计提资产减值准备的公告 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。 根据《企业会计准则》《深圳证券交易所创业板股票上市规则》《深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》以及公司会计 政策等有关规定，本着谨慎性原则，常州天晟新材料集团股份有限公司（以下简 称"公司"）对截至 2025 年 9 月 30 日合并报表范围内存在减值迹象的各项资产进 行减值测试，并根据测试结果，计提或冲回减值损失，合并报表层面最终核算结 果为计提减值损失。本次计提减值准备无需提交董事会、股东大会审议。 （二）本次计提资产减值损失的范围和总金额 一、本次计提资产减值损失情况概述 （一）本次计提资产减值损失的原因 2、资产减值损失 单位：万元 | 项目 | 本期计提金额（冲回以"-"列示） | | --- | --- | | 存货跌价损失及合同履约成本减值损失 | 665.68 | | 合同资产减值损失 | 34.16 | | 长 ...

Financial Performance - Revenue for Q3 2025 was ¥112,239,115.28, a decrease of 24.45% compared to the same period last year[5] - Net profit attributable to shareholders was -¥39,411,973.78, a decline of 1,030.44% year-over-year[5] - Basic and diluted earnings per share were both -¥0.1209, reflecting a decrease of 1,030.00% compared to the same period last year[5] - Total operating revenue for the current period was CNY 334,246,047.22, a decrease of 16.7% compared to CNY 401,310,550.97 in the previous period[20] - Net loss for the current period was CNY -84,382,697.32, compared to a net profit of CNY 7,476,428.09 in the previous period[21] - Basic and diluted earnings per share for the current period were both CNY -0.2550, compared to CNY 0.0257 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥769,963,486.68, down 9.83% from the previous year[5] - The company's total assets decreased to CNY 769,963,486.68 from CNY 853,923,855.32, a decline of 9.8%[19] - Total liabilities remained relatively stable at CNY 804,734,266.12, compared to CNY 804,041,752.77 in the previous period[19] - The company's equity attributable to shareholders decreased to CNY -30,620,858.64 from CNY 52,764,404.42, indicating a significant decline[19] Cash Flow - The net cash flow from operating activities increased by 70.50% year-to-date, totaling -¥25,717,927.44[10] - Operating cash flow for the current period was -25,717,927.44 CNY, an improvement from -87,177,147.11 CNY in the previous period, indicating a reduction in cash outflow[22] - Total cash inflow from investment activities increased significantly to 126,431,995.91 CNY, compared to 25,165,038.31 CNY in the prior period[22] - Net cash flow from financing activities was -62,773,345.87 CNY, worsening from -35,242,239.71 CNY year-over-year[23] - The company reported a net increase in cash and cash equivalents of 6,941,089.33 CNY, contrasting with a decrease of -135,122,801.31 CNY in the previous period[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 33,592[12] - The top 10 shareholders hold a total of 50.82% of the shares, with Wu Haizhou holding 7.80% and Sun Jian holding 3.53%[12] Investment and Expenses - Long-term equity investments decreased by ¥5.31 million due to impairment provisions[9] - The company reported a 33.57% increase in financial expenses year-to-date, primarily due to higher interest expenses[9] - Research and development expenses were CNY 8,664,962.51, slightly up from CNY 8,224,021.60, reflecting ongoing investment in innovation[20] - The company experienced a 213.94% increase in estimated liabilities, primarily due to new expected litigation compensation[9] Other Financial Metrics - The company completed the sale of its wholly-owned subsidiary Xingyue Capital for a transfer price of RMB 2.8 million, effective September 26, 2025[14] - The company's cash and cash equivalents increased to RMB 47,594,771.64 from RMB 40,104,670.31, representing a growth of approximately 18.5%[17] - Accounts receivable decreased to RMB 137,301,170.74 from RMB 201,977,159.80, a decline of about 32%[17] - Inventory decreased to RMB 62,453,144.53 from RMB 66,069,342.93, reflecting a reduction of approximately 5.5%[17] - Non-current assets include fixed assets valued at RMB 297,089,046.86, down from RMB 305,898,222.86, indicating a decrease of about 2.6%[17] - The company has a long-term equity investment valued at RMB 5,313,975.12, which remains unchanged[17] - The company has reported a total current asset of RMB 294,546,064.81, down from RMB 366,640,708.68, a decrease of approximately 19.6%[17] Audit and Compliance - The third quarter financial report was not audited, indicating a potential area for further scrutiny[24]

Group 1 - The company is currently focusing on enhancing its main business operations and is making adjustments and divestments in non-core business segments or subsidiaries that are continuously incurring losses to reduce their impact on the profitability of the main business [1] - The company's housing expropriation and compensation matters are expected to have a positive impact on its financial indicators after the relocation is completed [1]