Market Overview - The consumer electronics sector increased by 4.71% on October 27, with Suzhou Tianmai leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers in Consumer Electronics - Shiwai Dama (301626) closed at 141.95, up 14.17% with a trading volume of 69,800 shares and a transaction value of 950 million [1] - Ugreen Technology (301606) closed at 66.56, up 12.19% with a trading volume of 90,700 shares and a transaction value of 597 million [1] - Jiebang Technology (301326) closed at 144.00, up 11.76% with a trading volume of 43,200 shares and a transaction value of 600 million [1] - Huanyu Electronics (601231) closed at 26.20, up 9.99% with a trading volume of 894,400 shares and a transaction value of 2.298 billion [1] - Yingstone Innovation (688775) closed at 302.83, up 8.22% with a trading volume of 51,100 shares and a transaction value of 1.508 billion [1] Top Losers in Consumer Electronics - Hengmingda (002947) closed at 44.38, down 6.51% with a trading volume of 216,800 shares and a transaction value of 971 million [2] - Yitian Co., Ltd. (300812) closed at 27.38, down 4.03% with a trading volume of 152,900 shares and a transaction value of 419 million [2] - Zhenghuike (920267) closed at 27.13, down 3.49% with a trading volume of 14,000 shares and a transaction value of 38.26 million [2] Capital Flow Analysis - The consumer electronics sector saw a net inflow of 2.401 billion in main funds, while retail funds experienced a net outflow of 1.129 billion [2][3] - Major stocks like Industrial Fulian (601138) had a net inflow of 1.768 billion, while Lixun Precision (002475) saw a net outflow of 1.25 billion from retail investors [3]

Core Viewpoint - The company, Suzhou Tianmai Thermal Technology Co., Ltd., has released its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information disclosed [1][2]. Financial Data - The third-quarter financial report has not been audited [3][8]. - There are no adjustments or restatements required for previous accounting data [3]. - The company does not have any non-recurring profit and loss items that meet the definition of non-recurring gains and losses [3]. Shareholder Information - The report includes details on the total number of common stock shareholders and the top ten shareholders' holdings [5]. - There are no changes in the top ten shareholders due to securities lending activities [5]. Other Important Matters - The report does not indicate any other significant matters that require disclosure [5].

Core Insights - Suzhou Tianmai reported a revenue of 310,385,491.16 yuan for Q3 2025, representing a year-on-year growth of 32.51% [2] - The net profit attributable to shareholders of the listed company was 48,111,335.82 yuan, showing a year-on-year increase of 9.63% [2] Financial Performance - Revenue for Q3 2025: 310.39 million yuan, up 32.51% year-on-year [2] - Net profit for Q3 2025: 48.11 million yuan, up 9.63% year-on-year [2]

Core Insights - Suzhou Tianmai (301626.SZ) reported a revenue of 818 million yuan for the first three quarters of 2025, representing a year-on-year growth of 18.42% [1] - The net profit attributable to shareholders of the listed company was 143 million yuan, showing a year-on-year increase of 1.54% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 137 million yuan, with a year-on-year growth of 2.24% [1] - The basic earnings per share stood at 1.23 yuan [1]

Group 1 - Suzhou Tianmai announced the convening of its third board meeting on October 23, 2025, to discuss the election of new members to the strategic committee [1] - The company's revenue composition for the year 2024 is entirely from the manufacturing of electronic components and specialized electronic materials, accounting for 100.0% [1] - As of the report, Suzhou Tianmai has a market capitalization of 14.4 billion yuan [1]

Core Viewpoint - Suzhou Tianmai reported a revenue increase of 18.42% year-on-year for the first three quarters of 2025, reaching approximately 818 million yuan, while net profit attributable to shareholders rose by 1.54% to about 143 million yuan, despite a 24.07% decrease in basic earnings per share to 1.23 yuan [1][1][1] Financial Performance - Revenue for the first three quarters of 2025 was approximately 818 million yuan, reflecting an 18.42% year-on-year increase [1] - Net profit attributable to shareholders was around 143 million yuan, showing a 1.54% year-on-year increase [1] - Basic earnings per share decreased to 1.23 yuan, down 24.07% compared to the previous year [1] Market Capitalization - As of the report date, Suzhou Tianmai's market capitalization stood at 14.4 billion yuan [1]

Core Viewpoint - Suzhou Tianmai (301626.SZ) reported a strong performance in Q3, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The company's operating revenue for the first three quarters reached 818 million yuan, representing a year-on-year increase of 18.42% [1] - The net profit attributable to shareholders of the listed company was 140 million yuan, showing a year-on-year growth of 1.54% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 137 million yuan, reflecting a year-on-year increase of 2.24% [1]

二、董事会审议情况 一、董事会会议召开情况 经与会董事认真审议，形成了如下决议： 苏州天脉导热科技股份有限公司（以下简称"公司"）第三届董事会第十三 次会议于 2025 年 10 月 23 日在公司会议室以现场会议和通讯会议相结合的方式 召开。会议通知于 2025 年 10 月 17 日以电子邮件方式发出。本次会议应出席董 事 7 人，实际出席董事 7 人。会议由董事长谢毅先生主持，公司其他高级管理人 员列席会议（部分董事及部分高级管理人员通过通讯方式参加会议）。本次会议 的召集、召开程序符合相关法律法规和《苏州天脉导热科技股份有限公司章程》 （以下简称"《公司章程》"）的规定。 证券代码：301626 证券简称：苏州天脉 公告编号：2025-042 苏州天脉导热科技股份有限公司 第三届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 因公司内部工作调整，史国昌先生申请辞去公司第三届董事会董事、战略委员会 委员职务。同日，经公司职工代表大会选举，史国昌先生担任公司第三届董事会 职工代表董事。具体内容详见公司于 2025 年 10 月 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥310,385,491.16, representing a 32.51% increase year-over-year[6] - Net profit attributable to shareholders for Q3 2025 was ¥48,111,335.82, up 9.63% compared to the same period last year[6] - The net profit after deducting non-recurring gains and losses was ¥46,718,562.81, reflecting a 9.67% increase year-over-year[6] - Total operating revenue for the third quarter of 2025 reached CNY 818,435,475.37, an increase of 18.4% compared to CNY 691,112,868.28 in the same period last year[25] - Net profit for Q3 2025 was CNY 142,565,381.87, up 1.5% from CNY 140,400,458.46 in Q3 2024[29] - The total profit for Q3 2025 was CNY 157,827,238.65, a decrease of 0.7% from CNY 158,889,919.85 in Q3 2024[28] Assets and Liabilities - The total assets at the end of Q3 2025 amounted to ¥1,797,383,589.01, a 5.92% increase from the end of the previous year[6] - Current assets totaled CNY 1,091,068,952.47, a slight decrease from CNY 1,124,128,875.21 at the beginning of the period[23] - Total liabilities increased to CNY 222,316,005.55 from CNY 199,332,049.41, marking an increase of 11.0%[25] - Non-current assets totaled CNY 706,314,636.54, up from CNY 572,723,803.22, reflecting an increase of 23.3%[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,811[16] - The largest shareholder, Xie Yi, holds 40.83% of shares, totaling 47,236,077 shares[16] - The company reported a total of 47,236,077 restricted shares held by shareholder Xie Yi, which are set to be released on February 24, 2027[19] - Shareholder Shen Fenghua holds 13,725,000 restricted shares, also scheduled for release on February 24, 2027[19] - The company has 5,344,500 restricted shares held by Guokai Manufacturing Transformation and Upgrade Fund, with a release date of February 24, 2025[19] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥129,114,012.09, a decrease of 27.45% compared to the previous year[6] - Cash flow from operating activities for Q3 2025 was CNY 129,114,012.09, down 27.4% from CNY 177,953,363.16 in Q3 2024[32] - Cash inflow from investing activities surged by 1484.71% to CNY 1,751,225,824.77, driven by an increase in cash management recoveries[14] - The company reported a net cash outflow from financing activities of CNY 69,630,205.13, compared to a net outflow of CNY 64,093,914.61 in Q3 2024[32] Expenses - Research and development expenses for the first nine months of 2025 totaled ¥69,703,810.14, a 36.20% increase year-over-year due to higher personnel costs[13] - Total operating costs for Q3 2025 were CNY 664,683,284.01, an increase of 23.3% from CNY 539,057,883.57 in Q3 2024[28] - Other income fell by 49.71% to CNY 5,320,862.84 primarily due to a reduction in government subsidies related to income[14] Earnings Per Share - The basic earnings per share for Q3 2025 was ¥0.42, down 17.65% from the same period last year[6] - Basic and diluted earnings per share for Q3 2025 were CNY 1.23, down from CNY 1.62 in Q3 2024[29] Changes in Equity - The equity attributable to shareholders increased to ¥1,575,067,583.46, marking a 5.18% rise compared to the previous year[6] - The company's retained earnings increased to CNY 641,868,567.02 from CNY 564,083,985.15, a growth of 13.8%[25]

Core Viewpoint - Suzhou Tianmai Thermal Technology Co., Ltd. is set to release 26,590,998 shares for trading on October 24, 2025, which represents 22.99% of the company's total share capital, following the expiration of the lock-up period for certain pre-IPO and strategic placement shares [2][5][11]. Group 1: Share Issuance and Lock-up Details - The total number of shares to be released is 26,590,998, accounting for 22.99% of the total share capital [5][11]. - The number of shareholders applying for the release of lock-up shares is 19 [12]. - The lock-up period for these shares is 12 months from the date of the company's IPO on October 24, 2024 [5][12]. Group 2: Share Capital Structure - Prior to the IPO, the total share capital was 86,760,000 shares, which increased to 115,680,000 shares post-IPO [4]. - After the IPO, 21,992,305 shares (19.01%) are unrestricted, while 93,687,695 shares (80.99%) are subject to lock-up [4]. - As of the announcement date, the total share capital remains at 115,680,000 shares, with 89,652,000 shares (77.50%) under lock-up and 26,028,000 shares (22.50%) unrestricted [4]. Group 3: Shareholder Commitments - Shareholders have made commitments not to transfer or manage their pre-IPO shares for 36 months from the issuance date and for 12 months from the IPO date [8][9]. - The commitments include adherence to regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange regarding share transfers and disclosures [9][10]. Group 4: Regulatory Compliance - The sponsor has confirmed that the release of lock-up shares complies with relevant regulations and that shareholders have adhered to their commitments [15]. - The company has ensured that there are no violations regarding the use of funds by shareholders or illegal guarantees [10].