Core Viewpoint - Tianyi Ma (301178.SZ) expects significant revenue growth in 2025, projecting operating income between 465 million and 500 million yuan, representing a year-on-year increase of 107.93% to 123.58% [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 7 million to 10.5 million yuan in 2025, marking a turnaround from losses to profitability [1] - The net profit after deducting non-recurring gains and losses is projected to be between 3 million and 4.5 million yuan, also indicating a return to profitability [1] Group 2: Business Growth Drivers - The expected profit increase is primarily driven by revenue growth and an improvement in overall gross margin [1] - The successful operation of new business segments, particularly in digitalization, has led to substantial revenue growth [1] - The higher gross margin from new business segments, along with an increased proportion of value-added services in the information system integration business, has positively impacted the company's business structure and overall gross margin [1]

Core Viewpoint - Tianyima (301178) expects significant revenue growth in 2025, projecting operating income between 465 million to 500 million yuan, representing a year-on-year increase of 107.93% to 123.58% [4] Financial Performance - The company anticipates a net profit attributable to shareholders of 7 million to 10.5 million yuan, recovering from a loss of 49.55 million yuan in the previous year [4] - The expected non-recurring net profit is projected to be between 3 million to 4.5 million yuan, compared to a loss of 48.89 million yuan in the prior year [4] Valuation Metrics - As of January 29, the company's price-to-earnings ratio (TTM) is approximately 347.63 to 521.45 times, with a price-to-book ratio (LF) of about 4.73 times and a price-to-sales ratio (TTM) of around 7.57 times [4] Business Strategy - The company aims to achieve profitability in 2025, driven by revenue growth and improved gross margin, focusing on "transformation and quality enhancement" [12] - New business operations are expected to contribute significantly to revenue, with a higher gross margin from these services, improving the overall business structure [12] Historical Performance - The company has shown a trend of increasing total revenue and net profit, with significant year-on-year growth rates projected for 2025 [13]

Group 1 - The company Tianyi Ma announced an earnings forecast on January 29, expecting a net profit attributable to shareholders of 7 million to 10.5 million yuan for 2025, marking a turnaround from losses in the previous year [1] - The primary reason for the change in performance is the company's strategic focus on "transformation and quality improvement," actively developing new paths to enhance operational quality and improve business efficiency [1] Group 2 - The investigation into the "Jie Wo Rui" repayment crisis on the Shuibei Gold platform revealed a 40-fold leverage bet, indicating that the platform incurs greater losses as gold prices rise [1] - The platform's owner claims to still be in Shenzhen, while investors express dissatisfaction with the repayment plan, which offers a principal repayment at only 20% of the original amount [1]

Financial Performance Expectations - The company expects a net profit of between 7 million and 10.5 million RMB for the year 2025, marking a turnaround from a loss of 49.55 million RMB in the previous year, representing a growth of 114.13% to 121.19% year-over-year [4]. - Projected operating revenue for 2025 is estimated to be between 465 million and 500 million RMB, reflecting a significant increase of 107.93% to 123.58% compared to 223.63 million RMB in the same period last year [4]. - The company anticipates a net profit of 3 million to 4.5 million RMB after deducting non-recurring gains and losses, compared to a loss of 48.89 million RMB in the previous year, indicating a growth of 106.14% to 109.20% [4]. Business Strategy and Operations - The increase in revenue and improvement in overall gross margin are attributed to the successful operation of new business lines and a higher proportion of value-added services in customized development within the information system integration business [7]. - The company is focusing on a strategic goal of "transformation and quality improvement" to enhance operational quality and efficiency [7]. - The new business lines are expected to contribute significantly to revenue growth, with a higher gross margin compared to traditional services [7]. Financial Reporting and Audit - The financial data presented is preliminary and has not been audited, with detailed financial results to be disclosed in the 2025 annual report [8]. - The company has communicated with the accounting firm regarding the performance forecast, and there are no discrepancies reported [6].

中审亚太会计师事务所（特殊普通合伙） China Audit Asia Pacific Certified Public Accountants LLP 关于广东天亿马信息产业股份有限公司申请 发行股份、现金购买资产并募集配套资金 审核问询函的回复 审核问询函的回复 中审亚太审字(2026)000511 号 深圳证券交易所： 贵所于 2025 年 12 月 26 日出具的《关于广东天亿马信息产业股份有限公司 发行股份及支付现金购买资产并募集配套资金申请的审核问询函》（审核函〔2025〕 030021 号）（以下简称"问询函"）已收悉。中审亚太会计师事务所（特殊普通合 伙）（以下简称"会计师"）作为广东天亿马信息产业股份有限公司（以下简称"天 亿马"、"上市公司"或"公司"）聘请的审计机构，已对问询函所提出的问题进行 了逐项落实，现就问询函中涉及会计师事务所的相关问题进行逐项回复说明，具 体回复如下。 说明： 本回复报告中部分合计数与各加数直接相加之和在尾数上有差异，系由四舍 五入造成。 1 中国·北京 BEIJING CHINA 关于广东天亿马信息产业股份有限公司申请 发行股份、现金购买资产并募集配套资金 | ...

国泰海通证券股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告 独立财务顾问 中国（上海）自由贸易试验区商城路 618 号 二〇二六年一月 独立财务顾问声明与承诺 关于 广东天亿马信息产业股份有限公司 本部分所述词语或简称与本报告"释义"所述词语或简称具有相同含义。 一、独立财务顾问声明 （一）本报告所依据的文件和材料由相关各方提供，相关各方对所提供文件 及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、误导 性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任； （二）本报告是在假设本次交易各方当事人均全面和及时履行本次交易相关 协议和声明或承诺的基础上出具；若上述假设不成立，本独立财务顾问不承担由 此引起的任何风险责任； （三）对于对本报告至关重要而又无法得到独立证据支持或需要法律、审计、 评估等专业知识来识别的事实，本独立财务顾问主要依据有关政府部门、律师事 务所、会计师事务所、评估机构及其他有关单位出具的意见、说明及其他文件做 出判断； （四）如本报告中结论性意见利用其他证券服务机构专业意见的，独立财务 顾问已进行了必要的审慎核查。除上述 ...

广东天亿马信息产业股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易报告书（草案） | 项目 | 交易对方/发行对象 | | --- | --- | | 发行股份及支付现金购买资产 | 陈耿豪等 21 名星云开物股东 | | 募集配套资金 | 马学沛 | 独立财务顾问 中国（上海）自由贸易试验区商城路 618 号 二〇二六年一月 证券代码：301178 证券简称：天亿马 上市地点：深圳证券交易所 上市公司声明 本公司及全体董事、高级管理人员保证本报告书内容的真实、准确、完整， 对报告书的虚假记载、误导性陈述或重大遗漏负相应的法律责任。 本公司控股股东、实际控制人、董事、高级管理人员承诺：如本次交易所披 露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查 或者被中国证监会立案调查的，在形成调查结论以前，本人不转让在上市公司拥 有权益的股份（如有），并于收到立案稽查通知的两个交易日内将暂停转让的书 面申请和股票账户提交上市公司董事会，由董事会代其向证券交易所和证券登记 结算机构申请锁定；未在两个交易日内提交锁定申请的，授权董事会核实后直接 向证券交易所和证券登记结算机构报送本人 ...

发行股份及支付现金购买资产并募集配套资金 报告书（草案）（修订稿）修订说明的公告 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。 广东天亿马信息产业股份有限公司（以下简称"公司"）拟通过 发行股份及支付现金的方式购买广东星云开物科技股份有限公司（以 下简称"标的公司"）98.5632%股权（以下简称"标的资产"）并募集 配套资金（以下简称"本次交易"）。 公司于 2025 年 12 月 26 日收到深圳证券交易所出具的《关于广 东天亿马信息产业股份有限公司发行股份及支付现金购买资产并募 集配套资金申请的审核问询函》（审核函〔2025〕030021 号）（以下 简称"《问询函》"）。公司根据深圳证券交易所的审核意见对《广东天 亿马信息产业股份有限公司发行股份及支付现金购买资产并募集配 套资金暨关联交易报告书（草案）》进行了修订、补充和完善，具体 内容详见与本公告同时披露的相关公告。 相较公司于 2025 年 12 月 12 日披露于深圳证券交易所发行上市 审核信息公开网站（http://listing.szse.cn/）的《广东天亿马信 息产业股份有限公司发行股 ...

湖南启元律师事务所 关于 广东天亿马信息产业股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易的 补充法律意见书（一） 二〇二六年一月 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 电话：0731-82953778 传真：0731-82953779 邮编：410000 网站：www.qiyuan.com 致：关于广东天亿马信息产业股份有限公司 湖南启元律师事务所（以下简称"本所"）接受广东天亿马信息产业股份有限公 司（以下简称"天亿马"）的委托，担任天亿马本次发行股份及支付现金购买资产并 募集配套资金暨关联交易（以下简称"本次交易"）的专项法律顾问。 本所已根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司重 大资产重组管理办法》《上市公司监管指引第9号——上市公司筹划和实施重大资产 重组的监管要求》《公开发行证券的公司信息披露内容与格式准则第26号——上市公 司重大资产重组》等现行法律、行政法规及中国证券监督管理委员会相关文件的规定， 为天亿马本次交易出具了《湖南启元律师事务所关于广东天亿马信息产业股份有限公 司发行股份及支付现金购买资产并募集配套资金暨关联交易 ...

国泰海通证券股份有限公司 关于深圳证券交易所 《关于广东天亿马信息产业股份有限公司发行股份 及支付现金购买资产并募集配套资金申请的审核问 询函》回复之核查意见 独立财务顾问 （中国（上海）自由贸易试验区商城路 618 号） 二〇二六年一月 说明： 除非文义另有所指，本回复中的简称或名词释义与《重组报告书》具有相同 含义。 本回复报告的字体代表以下含义： | 黑体（不加粗） | 问询函所列问题 | | --- | --- | | 宋体（不加粗） | 对问询函所列问题的回复 | 本回复报告中部分合计数与各加数直接相加之和在尾数上有差异，系由四舍 五入造成。 1 | | . | 1 | | --- | --- | --- | | 1 | œ | 1 | | | | 深圳证券交易所： 根据深圳证券交易所 2025 年 12 月 26 日出具的《关于广东天亿马信息产业 股份有限公司发行股份及支付现金购买资产并募集配套资金申请的审核问询函》 （审核函〔2025〕030021 号）（以下简称"问询函"）的要求，广东天亿马信 息产业股份有限公司（以下简称"天亿马"、"上市公司"或"公司"）已会同 国泰海通证券股份有限公司（以 ...