Core Insights - Tianjian Co., Ltd. experienced a 2.52% decline in stock price on October 30, with a trading volume of 59.89 million yuan [1] - The company reported a net profit of -9.436 million yuan for the first nine months of 2025, a decrease of 105.63% year-on-year [2] Financing and Trading Activity - On October 30, Tianjian Co., Ltd. had a financing buy-in amount of 6.2951 million yuan and a net financing buy of 1.0485 million yuan, with a total financing balance of 122 million yuan, accounting for 4.11% of its market capitalization [1] - The financing balance is below the 10% percentile level over the past year, indicating a low position [1] - There were no short sales or repayments on October 30, with the short selling balance at zero, which is above the 80% percentile level over the past year, indicating a high position [1] Financial Performance - For the period from January to September 2025, Tianjian Co., Ltd. achieved a revenue of 1.492 billion yuan, a year-on-year decrease of 11.05% [2] - The company's main business revenue consists of 98.95% from electronic components, with other business income at 1.05% [1] Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders decreased by 11.45% to 14,300, while the average circulating shares per person increased by 12.93% to 4,921 shares [2] - The company has distributed a total of 107 million yuan in dividends since its A-share listing [3] - Among the top ten circulating shareholders, Minsheng Jia Yin Continuous Growth Mixed A (007731) is the fourth largest, increasing its holdings by 362,200 shares [3]

Group 1 - The company is actively promoting market expansion efforts to secure more orders and enhance overall capacity utilization levels [2] - The company aims to fully leverage the value of newly added short-term production capacity [2]

Core Insights - The company reported a significant decline in financial performance for Q3 2025, with total revenue of 1.492 billion yuan, down 11.05% year-on-year, and a net profit of -9.436 million yuan, a decrease of 105.63% [1] - The company's gross margin fell to 13.03%, a drop of 30.06% compared to the previous year, indicating challenges in maintaining profitability [1] - The high accounts receivable level, which reached 262.76% of the net profit, raises concerns about cash flow and financial health [3] Financial Performance - Total revenue for Q3 2025 was 1.492 billion yuan, down from 1.677 billion yuan in Q3 2024, reflecting an 11.05% decrease [1] - The net profit for Q3 2025 was -9.436 million yuan, compared to a profit of 168 million yuan in Q3 2024, marking a decline of 105.63% [1] - The gross margin decreased to 13.03% from 18.63% in the previous year, while the net margin turned negative at -0.63% [1] - Total expenses (selling, administrative, and financial) increased by 36.71% year-on-year, amounting to 82.8717 million yuan, which is 5.55% of revenue [1] Operational Challenges - The company faced operational challenges due to the impact of U.S. tariff policies, which led to order adjustments and reduced revenue [5] - Production adjustments, including relocating some operations to Malaysia, resulted in increased costs and reduced efficiency, further affecting profit margins [5] - The company is expanding its production capacity in Malaysia and investing in a second overseas production base in Thailand to better meet market demands [5][9] Strategic Initiatives - The company is focusing on increasing R&D investments and diversifying its product offerings, successfully onboarding multiple well-known brand clients in 2025 [6] - A new organizational structure has been implemented to enhance operational efficiency and drive growth, with three business groups focusing on different market segments [6][7] - The company aims to strengthen its core competencies in high-potential areas such as health care and smart eyewear, leveraging its 30 years of expertise in the electroacoustic field [7] Future Outlook - The Thai production facility is currently under construction and is expected to be operational by Q3 2024, with a planned capacity of approximately 1 billion yuan [9] - The company is actively expanding its domestic market presence, collaborating with various listed companies to enhance competitiveness in the consumer audio sector [8]

Core Viewpoint - The company reported a significant decline in revenue and profit for the first three quarters of 2025, indicating financial challenges and a shift in performance metrics [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 1.492 billion yuan, a year-on-year decrease of 11.05% [1]. - The net profit attributable to shareholders was -9 million yuan, a shift from profit to loss compared to the previous year [1]. - The net profit excluding non-recurring items was -25 million yuan, also reflecting a transition from profit to loss year-on-year [1]. Quarterly Analysis - In Q3 2025, the company recorded revenue of 597 million yuan, down 17.31% year-on-year [2]. - The net profit attributable to shareholders for Q3 was -15 million yuan, marking a year-on-year loss [2]. - The net profit excluding non-recurring items for Q3 was -26 million yuan, indicating a significant decline [2]. Cost and Expense Analysis - R&D expenses increased to 115 million yuan for Q1-Q3 2025, a rise of 44.95% year-on-year [2]. - Government subsidies decreased, with other income at 17.3045 million yuan, down 57.53% year-on-year [2]. - Asset impairment losses increased to -8.9967 million yuan, reflecting a year-on-year rise of 36.43% [2]. Profitability Metrics - The gross margin for Q1-Q3 2025 was 13.03%, a decrease of 5.60 percentage points year-on-year [3]. - The gross margin for Q3 was 12.18%, down 7.12 percentage points year-on-year and 3.47 percentage points quarter-on-quarter [3]. - The expense ratio for Q1-Q3 2025 was 13.25%, an increase of 4.47 percentage points year-on-year [3]. Business Development - The company is accelerating the development of integrated audio-visual projects, expanding its product line to include audio glasses, AR glasses, and AI glasses [4]. - The AI smart glasses feature a flagship-level platform with a 12 million pixel camera and five high-performance microphones, aiming to provide industry-leading solutions [4]. - The AR full-color glasses utilize advanced technology and are expected to become a new growth point once production scales up, with an annual capacity exceeding 100,000 units [4].

Group 1 - The company Tianjian Co., Ltd. (SZ 301383) announced on October 29 that its 25th meeting of the second board of directors was held on October 28, 2025, to review the proposal for the reappointment of the accounting firm and other documents [1] - For the first half of 2025, the company's revenue composition was 98.95% from electronic components and 1.05% from other businesses [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is experiencing short-term performance pressure, with a significant decline in revenue and net profit due to increased R&D expenses, reduced government subsidies, and higher asset impairment losses [2][4] - The company is accelerating the development of emerging businesses, particularly in the AI and AR glasses sector, which is expected to become a new growth driver once production scales up [4][9] - Despite the current challenges, the long-term outlook remains positive due to the potential growth from AI/AR glasses, leading to a maintained "Buy" rating [9] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.492 billion yuan, a year-on-year decrease of 11.05%, and a net profit of -0.09 billion yuan, indicating a shift from profit to loss [1] - In Q3 2025, revenue was 597 million yuan, down 17.31% year-on-year, with a net profit of -0.15 billion yuan [2] - R&D expenses increased by 44.95% year-on-year to 115 million yuan for Q1-Q3 2025, contributing to the decline in profitability [2] Profitability Metrics - The gross margin for Q1-Q3 2025 was 13.03%, a decrease of 5.60 percentage points year-on-year, with Q3 2025 gross margin at 12.18% [3] - The operating expense ratio increased by 4.47 percentage points year-on-year to 13.25% for Q1-Q3 2025 [3] Emerging Business Development - The company is expanding its product line to include audio glasses, AR glasses, and AI glasses, aiming to meet high-quality audio-visual experience demands [4] - The annual production capacity for smart glasses exceeds 100,000 units, with expectations for significant sales growth once these products are launched [4] Financial Forecast - Revenue projections for 2025-2027 are adjusted to 2.005 billion, 2.300 billion, and 2.677 billion yuan, respectively, with a forecasted net profit of 0.01 billion, 0.68 billion, and 1.11 billion yuan [9] - The expected EPS for 2025-2027 is 0.01, 0.41, and 0.68 yuan, respectively [9]

国联民生证券承销保荐有限公司 关于天键电声股份有限公司 向控股孙公司提供财务资助暨关联交易的核查意见 国联民生证券承销保荐有限公司（以下简称"保荐机构"）作为天键电声股 份有限公司（以下简称"天键股份"或"公司"）首次公开发行股票并在创业板 上市的保荐机构，根据《证券发行上市保荐业务管理办法》《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》等有关法律法规的规定，对天键股份向控股孙公司提供财务 资助暨关联交易的事项进行了审慎核查。核查的情况及核查意见如下： 一、财务资助暨关联交易事项概述 （一）基本情况 为满足控股孙公司 MINAMI TECHNOLOGY (THAILAND) CO., LTD.（以下 简称"泰国天键"）加快泰国生产基地建设项目的进展以及其日常经营的资金需 求，保障其业务正常开展，在不影响自身正常业务开展及资金使用的情况下，公 司拟使用自有资金，通过全资子公司天键电声有限公司（以下简称"香港天键"） 间接向泰国天键提供额度不超过人民币 20,000 万元的借款，借款利率参照泰国 市场的同期银行贷款利率计算，额度范围内可循环使用， ...

证券代码：301383 证券简称：天键股份 公告编号：2025-070 天键电声股份有限公司 关于向控股孙公司提供财务资助暨关联交易的公告 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。 重要内容提示： 1、本次财务资助对象为天键电声股份有限公司（以下简称"公司"）控股 孙公司 MINAMI TECHNOLOGY (THAILAND) CO., LTD.（以下简称"泰国天 键"），资助方式为公司使用自有资金，通过全资子公司天键电声有限公司（以 下简称"香港天键"）间接向泰国天键提供额度不超过人民币 20,000 万元的借 款，借款利率参照泰国市场的同期银行贷款利率计算，额度范围内可循环使用， 财务资助额度的期限为自股东大会审议批准之日起 36 个月。 2、泰国天键其他股东冯砚儒先生为公司董事长兼总经理，且为公司实际控 制人。因冯砚儒先生未提供同比例财务资助，且系公司的关联方，本次财务资助 事项构成关联交易，但不构成《上市公司重大资产重组管理办法》规定的重大资 产重组等情形，亦不需要经过有关部门批准。 3、本次财务资助暨关联交易事项已经公司第二届董事会第七次独立 ...

证券代码：301383 证券简称：天键股份 公告编号：2025-068 天键电声股份有限公司 关于续聘会计师事务所的公告 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。 特别提示： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企 业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 2024 年度立信会计师事务所为 693 家上市公司提供年报审计服务，审计收 费 8.54 亿元，同行业上市公司审计客户 8 家。 2、投资者保护能力 截至 2024 年末，立信会计师事务所已提取职业风险基金 1.71 亿元，购买的 职业保险累计赔偿限额为 10.50 亿元，相关职业保险能够覆盖因审计失败导致的 民事赔偿责任。 | 起诉 | | | 诉讼 | | | --- | --- | --- | --- | --- | | （仲 | 被诉（被 | 诉讼（仲 | （仲 | 诉讼（仲裁）结果 | | | 仲裁）人 | 裁）事件 | 裁）金 | | | 裁）人 | | | 额 | | | | 金亚科 | | 尚余 | 部分投资者以证券虚假陈述 ...

证券代码：301383 证券简称：天键股份 公告编号：2025-067 一、变更公司注册资本的情况 2025 年 6 月 11 日，公司在巨潮资讯网披露了《关于 2023 年限制性股票激 励计划首次授予部分第二类限制性股票第一个归属期归属结果暨股份上市公告》 （公告编号：2025-046），公司为符合归属条件的 42 名激励对象办理 403,200 股第二类限制性股票的归属登记手续，本次归属的限制性股票上市流通日为 2025 年 6 月 13 日，公司股份总数由 162,870,000 股增加至 163,273,200 股。立信 会计师事务所（特殊普通合伙）就上述事项出具了《验资报告》（信会师报字[2025] 第 ZI10592 号），审验了公司截至 2025 年 5 月 30 日的新增注册资本实收情况。 二、《公司章程》修订情况 天键电声股份有限公司 关于变更公司注册资本及修订《公司章程》并 办理工商变更登记的公告 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。 天键电声股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开第 二届董事会第 ...