TYSJ(SH:688033) Xin Lang Cai Jing·2025-08-29 13:28Core Viewpoint - Tianyi New Materials reported a significant decline in revenue and negative net profit for the first half of 2025, indicating ongoing financial challenges for the company [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 423 million yuan, a year-on-year decrease of 17.26% [1]. - The net profit attributable to shareholders was -209 million yuan, an increase of 57.52% compared to the previous year [1]. - The basic earnings per share were -0.37 yuan [1]. - The gross margin for the first half of 2025 was -4.88%, an increase of 14.60 percentage points year-on-year [2]. - The net margin was -49.58%, up 48.04 percentage points from the same period last year [2]. Quarterly Analysis - In Q2 2025, the gross margin was -10.67%, showing a year-on-year increase of 28.11 percentage points but a quarter-on-quarter decrease of 10.53 percentage points [2]. - The net margin for Q2 was -63.28%, which was an increase of 159.75 percentage points year-on-year but a decrease of 24.91 percentage points from the previous quarter [2]. Expense Management - Total operating expenses for the first half of 2025 were 173 million yuan, a decrease of 10.78 million yuan compared to the previous year [2]. - The expense ratio was 40.79%, an increase of 4.93 percentage points year-on-year [2]. - Sales expenses decreased by 9.83%, while management expenses increased by 13.97% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 17,600, an increase of 1,090 or 6.61% from the previous quarter [3]. - The average market value per shareholder increased from 186,300 yuan to 205,100 yuan, a growth of 10.12% [3]. Company Overview - Tianyi New Materials specializes in the research, production, and sales of powder metallurgy brake pads for high-speed trains and urban rail vehicles [3]. - The main business revenue composition includes: 51.64% from photovoltaic monocrystalline auxiliary materials, 35.44% from powder metallurgy brake pads, and 12.13% from resin-based carbon fiber composite products [3]. - The company is categorized under the mechanical equipment industry, specifically in rail transit equipment [3].