天普股份：持续加大研发投入 推进新产品开发

Core Insights - The company, Tianpu Co., Ltd. (605255), reported a decline in revenue and net profit for the first half of 2025, with revenue at 151 million yuan, down 3.4% year-on-year, and net profit at 11.3 million yuan, down 16.1% year-on-year [1] - Despite the challenging market environment, the company improved its cash flow from operating activities significantly, with a net cash flow increase of 623.19% compared to the same period last year [1] Financial Performance - R&D expenses for the company amounted to 11.2362 million yuan, representing a 2.37% increase year-on-year [1] - The company completed 24 new formulations and improved 32 existing process formulations during the reporting period [2] - The company has 10 projects that have transitioned to mass production, with a total of 55 parts supplied, expected to generate total sales of 132 million yuan over their lifecycle [2] Market Position and Strategy - The company specializes in the R&D, production, and sales of polymer fluid pipeline systems and sealing system components for the automotive industry [1] - It has established itself as a professional supplier in the automotive polymer fluid pipeline industry, leveraging customer resource advantages, technological innovation, and a complete industrial chain layout [1] - The company is currently developing 22 new projects with 283 parts, projected to yield total sales of 435 million yuan over their lifecycle [2]