Core Viewpoint - Tianlu Technology (301045) reported a decline in total revenue for the first half of 2025, while net profit showed a slight increase, indicating mixed financial performance amid challenges in sales [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 296 million yuan, a decrease of 8.4% year-on-year [1]. - Net profit attributable to shareholders was 15.17 million yuan, an increase of 0.71% year-on-year [1]. - In Q2 2025, total revenue was 150 million yuan, down 12.4% year-on-year, while net profit was 9.70 million yuan, a decrease of 2.12% year-on-year [1]. - Gross margin increased by 7.38% to 21.02%, and net margin rose by 1.34% to 4.34% [1]. - Total expenses (selling, administrative, and financial) amounted to 29.40 million yuan, accounting for 9.93% of revenue, an increase of 14.81% year-on-year [1]. Key Financial Metrics - Earnings per share remained stable at 0.14 yuan [1]. - Operating cash flow per share increased significantly by 213.41% to 0.16 yuan [1]. - The company's net assets per share rose by 3.05% to 9.20 yuan [1]. Changes in Financial Items - Cash and cash equivalents increased by 0.51% to 338 million yuan, attributed to ongoing investments in the optical substrate factory project [2]. - Inventory decreased by 17.04% due to lower raw material prices and improved inventory management [2]. - Short-term borrowings decreased by 10.66%, while long-term borrowings increased by 7.51% due to continued project financing [2]. - The company experienced a 50.4% increase in financial expenses, primarily due to reduced interest income and exchange gains [3]. Operational Insights - The company's return on invested capital (ROIC) was 1.67%, indicating weak capital returns, with a historical median ROIC of 15.91% since its listing [4]. - The business model relies heavily on R&D, marketing, and capital expenditures, necessitating careful evaluation of capital projects [4]. - Accounts receivable have reached 686.19% of profit, suggesting potential liquidity concerns [4].

Group 1 - Tianlu Technology's stock price decreased by 0.50% on August 25, with a trading volume of 92.1 million yuan [1] - On the same day, the financing buy-in amount was 14.78 million yuan, while the financing repayment was 16.49 million yuan, resulting in a net financing outflow of 1.71 million yuan [1] - As of August 25, the total margin balance for Tianlu Technology was 148 million yuan, accounting for 5.59% of its market capitalization, indicating a high level compared to the past year [1] Group 2 - As of August 8, the number of shareholders for Tianlu Technology was 8,450, a decrease of 5.59% from the previous period, while the average circulating shares per person increased by 5.92% to 7,568 shares [2] - For the first half of 2025, Tianlu Technology reported operating revenue of 296 million yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 15.17 million yuan, a year-on-year increase of 0.71% [2] - Since its A-share listing, Tianlu Technology has distributed a total of 18.75 million yuan in dividends [2]

Core Insights - Tianlu Technology (301045.SZ) released its semi-annual report for 2025 on August 26, 2025, indicating a total of 3 institutional investors holding shares, amounting to 3.59% of the total share capital [1] Institutional Holdings - As of August 25, 2025, institutional investors collectively held 3.96 million shares of Tianlu Technology, representing a decrease of 0.50 percentage points compared to the previous quarter [1] - The institutional investors include Beijing Xindongneng Investment Management Co., Ltd., Suzhou Xiangcheng Daixi Venture Capital Co., Ltd., and Industrial and Commercial Bank of China - Dacheng CSI 360 Internet + Big Data 100 Index Securities Investment Fund [1] Public Fund Holdings - One new public fund disclosed its holdings this period, namely Dacheng CSI 360 Internet + Index A [1] - Two public funds were not disclosed in this period compared to the previous quarter, which are Huaan CSI 1000 Index Enhanced A and Huaan CSI 500 Index Enhanced A [1]

Core Viewpoint - The company, Suzhou Tianlu Guangke Technology Co., Ltd., is utilizing part of its idle raised funds for cash management to enhance fund efficiency while ensuring that it does not affect ongoing investment projects or normal operations [1][5]. Fundraising Overview - The company raised a total of RMB 407.74 million through its initial public offering, with a net amount of RMB 362.00 million after deducting related expenses [1]. - The funds are stored in a special account with several banks, and a tripartite supervision agreement has been signed [2]. Investment Project Details - The total investment for the fundraising projects is RMB 572.59 million, with RMB 362.00 million planned for investment [3]. - The company is progressing with the investment projects according to the planned schedule, but some funds are temporarily idle [3]. Cash Management Plan - The company plans to use up to RMB 120 million of idle funds for cash management, with a usage period of 12 months from the board's approval [4]. - Investment products will include low-risk options such as structured deposits, time deposits, and other bank wealth management products, ensuring high safety and liquidity [5]. Implementation and Oversight - The management is authorized to sign contracts and select investment products within the approved limits [5]. - The income from cash management will be managed according to regulatory requirements [5]. Board and Supervisory Approval - The board and supervisory committee have approved the cash management plan, confirming it will not affect the ongoing investment projects or harm shareholder interests [6][7].

Meeting Overview - The third meeting of the Supervisory Board of Suzhou Tianlu Technology Co., Ltd. was held on August 25, 2025, with all three supervisors present [1] - The meeting was convened in accordance with relevant laws, regulations, and the company's articles of association [1] Financial Report Review - The Supervisory Board reviewed the 2025 semi-annual report and its summary, concluding that they accurately reflect the company's operational status for the first half of 2025 without any false records or omissions [1][2] - The voting result for the report was unanimous, with 3 votes in favor and no opposition or abstentions [2] Fund Usage Report - The Supervisory Board approved the special report on the storage and usage of raised funds for the first half of 2025, confirming its accuracy and compliance with regulations [2] - The voting result for the fund usage report was also unanimous, with 3 votes in favor [2] Asset Impairment Provision - The Supervisory Board agreed that the provision for asset impairment was in line with relevant guidelines and accurately reflects the company's financial status [2][3] - The voting result for the asset impairment provision was unanimous, with 3 votes in favor [3] Non-operating Fund Occupation - The Supervisory Board confirmed that there were no non-operating fund occupations by controlling shareholders or related parties as of June 30, 2025 [3] - The voting result for this review was unanimous, with 3 votes in favor [3] Cash Management of Idle Funds - The Supervisory Board approved the use of part of the idle raised funds for cash management, stating it would enhance fund efficiency without harming the interests of the company or its shareholders [3] - The voting result for the cash management decision was unanimous, with 3 votes in favor [3]

Group 1 - The company reported a revenue of 296,095,884.28 yuan for the first half of 2025, representing a year-on-year decrease of 8.40% [2] - The net profit attributable to shareholders of the listed company was 15,172,584.50 yuan, showing a year-on-year increase of 0.71% [2]

（文章来源：证券日报） 证券日报网讯 8月25日晚间，天禄科技发布公告称，公司第三届董事会第三十次会议审议通过了《2025 年半年度报告及摘要》等多项议案。 ...

证券日报网讯 8月25日晚间，天禄科技发布公告称，公司第三届监事会第二十七次会议审议通过了 《2025年半年度报告及摘要》等多项议案。 （文章来源：证券日报） ...

Group 1 - Tianlu Technology (SZ 301045) announced on August 25 that its third board meeting for 2025 was held, discussing the proposal for asset impairment provision for the first half of 2025 [1] - For the year 2024, Tianlu Technology's revenue composition is entirely from display device manufacturing, accounting for 100.0% [1] - As of the report, Tianlu Technology has a market capitalization of 2.8 billion yuan [1]

智通财经APP讯，天禄科技(301045.SZ)发布2025年半年度报告，报告期内，公司实现营业收入2.96亿 元，同比下降8.40%。实现归属于上市公司股东的净利润1517.26万元，同比增长0.71%。实现归属于上 市公司股东的扣除非经常性损益的净利润1139.2万元，同比下降18.66%。基本每股收益0.14元。 ...