Core Insights - The optical and optoelectronic sector saw a slight increase of 0.34% on November 13, with Tianshan Electronics leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Tianshan Electronics (301379) closed at 29.65, with an increase of 8.01% and a trading volume of 193,400 shares, amounting to 568 million yuan [1] - Other notable gainers included: - Gobi Jia (920438) at 41.20, up 4.99% [1] - Mulinsen (002745) at 9.33, up 4.71% [1] - Changyang Technology (6628899) at 19.38, up 4.42% [1] - Conversely, the following stocks experienced declines: - Visionox (002387) at 9.66, down 4.36% [2] - Qianzhao Optoelectronics (300102) at 14.22, down 4.05% [2] - ST Yushun (002289) at 35.80, down 2.27% [2] Capital Flow - The optical and optoelectronic sector experienced a net outflow of 343 million yuan from institutional investors, while retail investors saw a net inflow of 324 million yuan [2] - Notable capital flows included: - Tianshan Electronics had a net outflow of 58.29 million yuan from institutional investors [3] - Mulinsen saw a net inflow of 37.24 million yuan from institutional investors [3] - Aolaide (688378) had a net inflow of 35.93 million yuan from institutional investors [3]

Core Viewpoint - Tianshan Electronics experienced a stock price increase of 5.65%, reaching 29.00 CNY per share, with a trading volume of 135 million CNY and a turnover rate of 3.78%, resulting in a total market capitalization of 5.749 billion CNY [1] Company Overview - Tianshan Electronics, established on August 26, 2005, and listed on November 1, 2022, is located in the Qianhai Kexing Science Park, Bao'an District, Shenzhen, Guangdong Province [1] - The company specializes in the research, design, production, and sales of customized liquid crystal displays and display modules in the professional display sector [1] Revenue Composition - The revenue composition of Tianshan Electronics is as follows: - Color LCD display modules - non-entrusted processing: 58.97% - Monochrome LCD display modules: 22.39% - Monochrome LCD displays: 10.62% - Color LCD display modules - entrusted processing: 4.96% - Touch screens: 1.73% - Material sales and other businesses: 1.33% [1] Shareholder Information - Among the top ten circulating shareholders of Tianshan Electronics, a fund under the Fortune Fund ranks first, specifically the Fortune Innovation Technology Mixed A (002692), which entered the top ten in Q3 with 1.5001 million shares, accounting for 1.18% of circulating shares [2] - The fund has achieved a year-to-date return of 102.54%, ranking 39 out of 8145 in its category, and a one-year return of 83.19%, ranking 81 out of 8059 [2] - The fund manager, Luo Qing, has been in position for 3 years and 259 days, with a total asset scale of 5.29 billion CNY during his tenure [2]

1、股东会届次：2025 年度第二次临时股东大会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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》等法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 证券代码：301379 证券简称：天山电子 公告编号：2025-085 广西天山电子股份有限公司 关于召开 2025 年度第二次临时股东大会的提示性公告 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： 广西天山电子股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日召开第三 届董事会第十九次会议，会议决定于 2025 年 11 月 13 日（星期四）召开公司 2025 年第二 次临时股东大会，现将本次会议有关事项提示如下： 一、召开会议的基本情况 4、会议时间： （1）现场会议时间：2025 年 11 月 13 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 13 日 ...

Core Viewpoint - Tianshan Electronics is committed to continuously monitoring and supporting the operational development of its invested enterprises to maximize the interests of the company and all shareholders [1] Summary by Relevant Sections - Company Commitment: The company will fulfill its information disclosure obligations promptly regarding any significant developments in external investments or other matters that may have a substantial impact on the company [1]

Group 1: 华勤技术 (603296.SH) - The company achieved a revenue of 128.82 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 70% [7] - The net profit attributable to shareholders reached 3.099 billion yuan, up 51% year-on-year [7] - The company’s gross margin improved to 8.17% in Q3 2025, an increase of 1.04 percentage points from Q2 2025 [7] - The company is expanding its global manufacturing layout, achieving large-scale shipments in India and Vietnam [8] - The multi-category business strategy is expected to drive significant performance growth, with projected net profits of 4.15 billion yuan, 5.15 billion yuan, and 6.17 billion yuan from 2025 to 2027 [8] Group 2: 汉朔科技 (301275.SZ) - The company reported a revenue of 2.809 billion yuan in the first three quarters of 2025, a decrease of 11% year-on-year [10] - The net profit attributable to shareholders was 314 million yuan, down 41% year-on-year [10] - The gross margin for Q3 2025 was 35.94%, an increase of 5.23 percentage points from Q2 2025, indicating a recovery in profitability [10] - The company is focusing on digitalization in the retail sector, with a business model centered around electronic price tag systems and SaaS cloud platform services [11] - Projected revenues for 2025 to 2027 are 4.056 billion yuan, 4.787 billion yuan, and 5.747 billion yuan, respectively [11] Group 3: 天山电子 (301379.SZ) - The company achieved a revenue of 1.338 billion yuan in the first three quarters of 2025, a year-on-year increase of 26.48% [12] - The net profit attributable to shareholders was 113 million yuan, up 7.75% year-on-year [12] - The company is strategically investing in the storage sector, aiming to create a complete storage ecosystem [13] - The projected revenues for 2025 to 2027 are 1.978 billion yuan, 2.546 billion yuan, and 2.893 billion yuan, respectively [13] Group 4: 恒瑞医药 (600276.SH) - The company reported a revenue of 23.188 billion yuan in the first three quarters of 2025, representing a 14.85% increase [15] - The net profit attributable to shareholders was 5.751 billion yuan, up 24.50% year-on-year [15] - The company is accelerating its internationalization efforts, with multiple overseas collaborations and licensing agreements [16] - The projected net profits for 2025 to 2027 are 8.8 billion yuan, 10.28 billion yuan, and 12.15 billion yuan, respectively [18] Group 5: 益丰药房 (603939.SH) - The company achieved a revenue of 17.286 billion yuan in the first three quarters of 2025, a slight increase of 0.39% [20] - The net profit attributable to shareholders was 1.225 billion yuan, up 10.27% year-on-year [20] - The company is focusing on non-pharmaceutical innovations, which are expected to drive growth in the future [21] - The company plans to optimize its store network and expand its franchise business, with a total of 14,666 stores as of Q3 2025 [21] Group 6: 中兴通讯 (000063.SZ) - The company reported a revenue of 100.52 billion yuan in the first three quarters of 2025, a year-on-year increase of 11.63% [23] - The net profit attributable to shareholders was 5.32 billion yuan, down 32.7% year-on-year [23] - The company is experiencing pressure in its operator business, but its computing power segment is showing significant growth [24] - The projected net profits for 2025 to 2027 are 7.4 billion yuan, 8.5 billion yuan, and 10 billion yuan, respectively [24] Group 7: 德科立 (688205.SH) - The company achieved a revenue of 6.5 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.6% [26] - The net profit attributable to shareholders was 40 million yuan, down 47.4% year-on-year [26] - The company is focusing on DCI (Data Center Interconnect) products, which are experiencing accelerated growth [27] - The projected net profits for 2025 to 2027 are 70 million yuan, 250 million yuan, and 410 million yuan, respectively [27] Group 8: 北新建材 (000786.SZ) - The company reported a revenue of 19.905 billion yuan in the first three quarters of 2025, a decrease of 2.25% year-on-year [29] - The net profit attributable to shareholders was 2.586 billion yuan, down 17.77% year-on-year [29] - The company is facing challenges in its gypsum board business but is seeing growth in its other segments [30] - The projected net profits for 2025 to 2027 are 3.364 billion yuan, 3.959 billion yuan, and 4.432 billion yuan, respectively [32]

Core Viewpoint - The company has shown steady revenue growth in Q3 2025, but net profit has slightly declined, indicating a need for strategic adjustments to maintain profitability while expanding operations [1]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.338 billion yuan, a year-over-year increase of 26%, and a net profit attributable to shareholders of 113 million yuan, up 8% year-over-year. The non-recurring net profit was 103 million yuan, reflecting a 15% increase year-over-year. The gross margin was 20.3%, down 1 percentage point, and the net margin was 8.4%, also down 1 percentage point [1]. - In Q3 2025, revenue reached 483 million yuan, a year-over-year increase of 21% and a quarter-over-quarter increase of 5%. However, the net profit attributable to shareholders was 38 million yuan, down 5% year-over-year and 3% quarter-over-quarter. The non-recurring net profit was 34 million yuan, down 7% year-over-year and 3% quarter-over-quarter. The gross margin was 19.6%, down 3 percentage points year-over-year and 1 percentage point quarter-over-quarter, while the net margin was 7.9%, down 2 percentage points year-over-year and 1 percentage point quarter-over-quarter [1]. Business Development - The company is focusing on the development of complex modules and automotive electronic smart terminals, with the Lingshan base gradually advancing construction to support high-end production lines. The complex modules have begun small-scale supply, marking a breakthrough from zero to one in 2024. These modules integrate various components to create comprehensive solutions for smart home applications [2]. - The automotive electronics segment is experiencing rapid growth, with key clients including BYD, Dongfeng, Wuling, and Changan. The company is enhancing its product offerings with new technologies, such as the LC variable light anti-glare rearview mirror module, which is expected to upgrade the business [2]. - The company is leveraging dual-base collaboration between the Tanwei and Lingshan bases to enhance production capacity. The Tanwei base focuses on flexible production of monochrome LCD modules, while the Lingshan base specializes in large-size TFT automotive and complex modules [2]. Industry Trends - The ASIC and enterprise-level storage sectors are poised for significant growth. The demand for AI inference at the edge is driving ASIC to become a mainstream architecture, with leading manufacturers accelerating their chip development [4]. - The demand for enterprise-level SSDs is being propelled by AI large models and data center construction, with IDC predicting that the global enterprise SSD market will reach $39.6 billion by 2029, and the Chinese market is expected to reach $9.1 billion [4]. - PCM is emerging as a new high-cost-performance storage solution, effectively bridging the performance gap between DRAM and NAND. It has already been commercialized in servers, AI, and cloud computing, showing strong expansion potential [4]. Strategic Investments - The company is actively collaborating with Tianlianxin and Xincun Technology to establish a full-chain layout for ASIC and enterprise-level storage modules. Tianlianxin focuses on ASIC chip development and enterprise-level storage control chips, while Xincun Technology, incubated by Yangtze Memory Technologies, is dedicated to PCM chip design and manufacturing [3][5]. - Tianlianxin has developed a domestic CXL near-storage computing architecture, significantly accelerating AI training and inference performance. The next-generation products are expected to reduce power consumption by 25% and latency by 18% [5]. - Xincun Technology has launched a new generation of memory-level storage chips, achieving significant improvements in performance and reliability, with durability enhanced by over 10 times compared to previous models [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [13]. Core Insights - The company has shown steady revenue growth in Q3 2025, with a focus on the full-chain layout of ASIC and storage modules [3][5]. - The company is actively collaborating with Tianlianxin and Xincun Technology to establish a comprehensive layout for ASIC and enterprise-level storage modules, indicating a strong growth potential in these sectors [8][10]. - The report highlights the company's strategic focus on high-end production lines and the development of complex modules and automotive electronics, which are expected to drive future growth [7][11]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported revenue of 1.338 billion yuan, a year-on-year increase of 26%, and a net profit attributable to shareholders of 113 million yuan, up 8% year-on-year [6]. - In Q3 2025, revenue reached 483 million yuan, reflecting a year-on-year growth of 21%, while net profit decreased by 5% year-on-year to 38 million yuan [6]. Business Development - The company is advancing its complex module production, which has begun small-scale supply, marking a significant step from single display modules to integrated solutions [7]. - The automotive electronics segment is experiencing rapid growth, with key clients including BYD and Dongfeng, and the company is enhancing its product offerings with new technologies [7]. Market Outlook - The report anticipates significant growth in the enterprise-level SSD market driven by AI and data center demands, with projections indicating the global market could reach 39.6 billion USD by 2029 [9]. - The company is well-positioned to capitalize on the growing demand for ASIC chips and enterprise-level storage solutions, supported by its investments in relevant technologies [10][11].

Core Viewpoint - Tianshan Electronics, established in 2005 and listed on the Shenzhen Stock Exchange in 2022, specializes in customized display solutions in the professional display sector, holding a significant position in the market [1] Financial Performance - For Q3 2025, Tianshan Electronics reported revenue of 1.338 billion yuan, ranking 22nd among 38 companies in the industry, while the top company, BOE Technology Group, achieved revenue of 154.548 billion yuan [2] - The net profit for the same period was 113 million yuan, placing the company 11th in the industry, with the leading company, BOE, reporting a net profit of 4.405 billion yuan [2] Financial Ratios - As of Q3 2025, Tianshan Electronics had a debt-to-asset ratio of 34.48%, an increase from 24.18% year-on-year, which is lower than the industry average of 45.77% [3] - The gross profit margin was 20.25%, down from 21.39% year-on-year, but still above the industry average of 14.89% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 48.29% to 24,500, while the average number of circulating A-shares held per shareholder decreased by 32.28% to 5,200.26 [5] - Notably, a new major shareholder, Fortune Innovation Technology Mixed A, entered the top ten shareholders with 1.5001 million shares [5] Business Highlights - The company is diversifying its product offerings, extending from monochrome LCD products to color screens, with certain products like the 25H1 color LCD display module contributing to revenue [5] - Tianshan Electronics is focusing on complex modules and automotive electronic smart terminals, having made progress in R&D and collaborations with leading automotive companies [5] - The company is strategically investing in the ASIC and enterprise-level storage module market to build a comprehensive supply chain [5][6] Future Projections - Forecasts for net profit from 2025 to 2027 are 160 million, 240 million, and 361 million yuan, respectively, with a "buy" rating suggested [5] - Revenue projections for the same period are 1.978 billion, 2.546 billion, and 2.893 billion yuan, respectively, maintaining a "buy" rating [6]

Core Viewpoint - Guangxi Tianshan Electronics (301379) announced a shareholder return plan for 2025-2027, committing to distribute at least 30% of the annual net profit attributable to shareholders in cash dividends, aiming to enhance shareholder value and demonstrate confidence in future growth [1] Group 1: Shareholder Return Plan - The company will distribute cash dividends of no less than 30% of the annual net profit attributable to shareholders over the next three years, contingent on profit distribution conditions [1] - This initiative is designed to provide a stable and predictable cash dividend mechanism, enhancing shareholder satisfaction and investment value [1] Group 2: Investor Rights Protection - Tianshan Electronics introduced a market value management system to improve investor rights protection, which includes regular market value monitoring and analysis [1] - The system aims to dynamically optimize development strategies based on the company's operational status and industry valuation levels, working in synergy with the previously implemented equity incentive plan [1] Group 3: Long-term Strategy and Innovation - The company will continue to focus on its core business, deepen technological innovation, and upgrade smart manufacturing to ensure long-term competitiveness and profitability [1] - Tianshan Electronics plans to strengthen industry chain collaboration and promote a dual-engine development model of "technology + market" over a three-year strategic cycle [1]

Core Insights - Tianshan Electronics reported a revenue of 1.338 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 26.48% [1] - The net profit attributable to shareholders reached 113 million yuan, up 7.75% year-on-year, while the net profit after deducting non-recurring gains and losses was 103 million yuan, reflecting a 15% increase [1] - In Q3 alone, the company achieved a revenue of 483 million yuan, representing a 21.21% year-on-year growth, indicating strong market demand and steady enhancement of core competitiveness [1] Company Overview - Tianshan Electronics specializes in the development, manufacturing, and sales of customized LCD displays/modules, touch modules, and complex modules, establishing itself as a high-tech enterprise with comprehensive supply capabilities in the professional display field [2] - The company's clientele spans various industries, including smart home, smart finance data terminals, communication equipment, industrial control and automation, energy, healthcare, automotive electronics, and consumer electronics, forming long-term strategic partnerships with notable companies like Deep Tianma and BOE [2] - Tianshan Electronics has established a strong reputation and brand influence, exporting products to regions such as Europe, America, Japan, South Korea, and India [2] R&D and Future Plans - The company has built a robust R&D capability covering multiple systems (RTOS/Android/Linux) and has achieved cross-platform integration of core components, with R&D investment reaching 59.52 million yuan, a 24.05% increase from the previous year [2] - Future focus areas include breakthroughs in automotive displays, smart home, and industrial IoT, aiming to expand into new markets and create a comprehensive product matrix [3] - Tianshan Electronics plans to leverage a dual-engine strategy of "customized R&D + global delivery" to drive long-term performance growth and shareholder returns, alongside establishing an industrial fund to expand its business within the electronic information ecosystem [3]