Group 1 - The company Tianyi Co., Ltd. (stock code: 300504) reported that as of November 10, 2025, the number of shareholders is 22,223 households [1]

Core Insights - The company reported a continuous narrowing of net profit losses, indicating effective cost control measures [1][2] - The domestic market is under pressure due to conservative capital expenditures from operators, but opportunities for growth exist in the construction of 10G optical networks and overseas markets [2][3] - Future performance is expected to improve significantly due to overseas market expansion and domestic product upgrades [3] Financial Performance - In the first three quarters, the company achieved revenue of 984 million, a year-on-year decline of 32.16%, with a net profit loss of 65 million, compared to a net profit of 38 million in the same period last year [1] - In Q3 2025, revenue was 314 million, down 20.76% year-on-year and 7.15% quarter-on-quarter, with a net profit loss of 14 million, compared to a net profit of 5 million in the same quarter last year [1] - The gross profit margin for the first three quarters was 10.34%, a decrease of 5.86 percentage points, while Q3 2025 gross profit margin was 10.55%, down 4.79 percentage points year-on-year and 1.51 percentage points quarter-on-quarter [1] Market Outlook - The company is actively participating in operators' innovative self-research projects and focusing on customized demand development, which may lead to significant profit opportunities with the ongoing construction of 10G optical networks [2] - The company has made substantial progress in overseas markets, particularly in Africa and Latin America, with significant growth in revenue, proportion, and gross profit margin [2] - The combination of domestic product matrix upgrades and expansion into high-margin overseas markets is expected to drive a recovery in the company's performance [2] Investment Recommendations - The impact of slowed capital expenditures from domestic operators is expected to persist into Q4, but the outlook for 2026-2027 is positive due to overseas market contributions and domestic product upgrades [3] - The company forecasts net profits of -91 million, 7 million, and 81 million for 2025, 2026, and 2027 respectively, with significant year-on-year growth anticipated in the following years [3] - The company maintains a "recommended" rating, with projected PE ratios of 543.11 and 47.66 for 2026 and 2027 respectively [3]

四川天邑康和通信股份有限公司 证券代码：300504 证券简称：天邑股份 公告编号：2025-098 关于使用部分闲置自有资金进行现金管理到期赎回的公告 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。 （二）针对投资风险，拟采取措施如下 1、公司财务部相关人员将及时分析和跟踪进展情况，如评估发现存在可能影响 公司资金安全的风险因素，将及时采取相应措施，控制投资风险； （一）投资风险 1、虽然理财产品都经过严格的评估，但金融市场受宏观经济的影响较大，不排 除该项投资受到市场波动的影响，主要面临收益波动风险、流动性风险等投资风险。 2、公司将根据宏观经济形势以及金融市场的变化适时适量地介入，因此投资的 实际收益无法预期。 四川天邑康和通信股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召 开第四届董事会第十七次会议、第四届监事会第十六次会议，审议通过《关于使用 部分闲置自有资金进行现金管理的议案》，公司及全资子公司、孙公司拟使用闲置 自有资金不超过人民币 6 亿元（含本数）进行现金管理。自第四届董事会第十七次 会议审议通过之日起 12 个月内有效 ...

Core Viewpoint - Tianyi Co., Ltd. announced plans for share reduction by major shareholders, indicating potential changes in ownership structure and market sentiment [2] Group 1: Shareholder Actions - Sichuan Tianyi Group Co., Ltd., the controlling shareholder, plans to reduce its holdings by up to 480,000 shares, representing 0.1771% of the total share capital, within three months after a 15-day notice period [2] - Shanghai Sixiao Investment Management Co., Ltd. intends to reduce its holdings by up to 2,230,000 shares, which accounts for 0.8228% of the total share capital, also within three months following a 15-day notice period [2] - The shareholder reduction actions are linked to Mr. Li Shihong, one of the actual controllers of the company, indicating a coordinated effort among significant stakeholders [2]

Group 1 - The controlling shareholder, Sichuan Tianyi Group Co., Ltd., plans to reduce its stake in Tianyi Co., Ltd. by up to 0.1771% (approximately 480,000 shares) within three months after a 15-trading-day period from the announcement date [1] - Shanghai Sixiao Investment Management Co., Ltd. plans to reduce its stake by up to 223,000 shares (approximately 0.8228% of total shares) within the same timeframe; this shareholder is an action in concert with the actual controller, Mr. Li Shihong [1] - As of the announcement, Tianyi Co., Ltd. has a market capitalization of 3.9 billion yuan [3] Group 2 - For the first half of 2025, Tianyi Co., Ltd.'s revenue composition is as follows: 96.7% from communication equipment manufacturing and 3.3% from other businesses [2]

Group 1 - Hualan Co., Ltd. plans to increase its shareholding by 30 million to 60 million yuan [1] - Kaili Medical's directors and executives collectively increased their holdings by 460,000 shares [1] - Zuming Co., Ltd.'s actual controller and shareholders plan to reduce their holdings by no more than 4% [1] Group 2 - Wentai Technology's Wuxi Guolian Integrated Circuit Investment Center intends to reduce its holdings by no more than 3% [1] - Kaimete Gas's shareholders plan to reduce their holdings by no more than 3% [1] - Kechuan Technology's Shi Huiqing intends to reduce his holdings by no more than 3% [1] Group 3 - Sanjiang Shopping's Alibaba Zhitai plans to reduce its holdings by no more than 3% [1] - Anbiping's Zhuji Gaotejia and its concerted parties plan to reduce their holdings by no more than 1% [1] - Tianyi Co., Ltd.'s controlling shareholder and specific shareholders plan to reduce their holdings by no more than 1% [1] Group 4 - Kangsong Co., Ltd.'s shareholder Jiangsu Ruijin plans to reduce his holdings by no more than 1% [1] - Ankai Bus's shareholders plan to reduce their holdings by no more than 1% [1] - Chenguang New Materials' Haojing Borui plans to reduce its holdings by no more than 0.96% [1] Group 5 - Hanbo High-tech's directors, executives, and shareholders plan to reduce their holdings by no more than 0.12% [1] - Chujian New Materials' directors plan to reduce their holdings by no more than 2 million shares [1]

Group 1 - The controlling shareholder, Sichuan Tianyi Group Co., Ltd., plans to reduce its holdings by up to 480,000 shares, representing 0.1771% of the total share capital, within three months after the announcement [1] - Shanghai Sixiao Investment Management Co., Ltd. intends to reduce its holdings by up to 2,230,000 shares, which accounts for 0.8228% of the total share capital, within three months after the announcement [1] - The aforementioned shareholder is an action-in-concert party with Mr. Li Shihong, who is one of the actual controllers of the company [1]

Core Viewpoint - Tianyi Co., Ltd. (300504) announced that its controlling shareholder, Sichuan Tianyi Group Co., Ltd., plans to reduce its stake by up to 0.18% of the total share capital through centralized bidding [1] Shareholder Reduction Plans - Sichuan Tianyi Group Co., Ltd., which holds 30.9105% of the shares, intends to sell no more than 480,000 shares [1] - Shanghai Sixiao Investment Management Co., Ltd. - Sixiao Investment No. 8 Private Securities Investment Fund, holding 0.8228% of the shares, plans to reduce its stake by up to 2.23 million shares, representing 0.82% of the total share capital [1] - The latter shareholder is an associated party of the actual controller, Li Shihong [1]

Core Points - Tianyi Co., Ltd. announced that its controlling shareholder, Sichuan Tianyi Group Co., Ltd., plans to reduce its holdings by no more than 480,000 shares, accounting for 0.1771% of the company's total share capital [1] - Shanghai Sixiao Investment Management Co., Ltd. - Sixiao Investment No. 8 Private Securities Investment Fund plans to reduce its holdings by no more than 2,230,000 shares, accounting for 0.8228% of the company's total share capital [1] - The reduction will be conducted through centralized bidding transactions, with the reason for the reduction being funding needs [1] - The reduction period is set to be within three months starting from fifteen trading days after the announcement, specifically from November 27, 2025, to February 26, 2026, excluding periods prohibited by the China Securities Regulatory Commission and Shenzhen Stock Exchange [1]

证券代码：300504 证券简称：天邑股份 公告编号：2025-097 一、股东的基本情况 四川天邑康和通信股份有限公司 关于控股股东及特定股东减持股份的预披露公告 公司控股股东四川天邑集团有限公司、实际控制人之一李世宏 先生之一致行动人上海思勰投资管理有限公司－思勰投资思集八号 私募证券投资基金保证向本公司提供的信息内容真实、准确、完整 ，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务 人提供的信息一致。 1.持 有 本公司股份83,775,060股（占本公司总股本比例30.9105%） 的控股股东四川天邑集团有限公司计划自本公告披露之日起十五个交易日 后的三个月内以集中竞价方式减持本公司股份不超过公司总股本的0.1771% （即480,000股）。 2.持 有 本公司股份2,230,000股（占本公司总股本比例0.8228%）的 上海思勰投资管理有限公司－思勰投资思集八号私募证券投资基金计划自 本公告披露之日起十五个交易日后的三个月内以集中竞价交易方式减持本 公司股份不超过2,230,000股（占本公司总股本比例0.8228%）；该股东为公 司实际控制人之一李世宏先 ...