TZTEK(SH:688003) Xin Lang Cai Jing·2025-10-30 12:18Core Viewpoint - Tianzhun Technology is a leading company in the domestic machine vision industry, focusing on industrial vision equipment and leveraging advanced technology and a full industry chain advantage to maintain competitiveness in the market [1] Group 1: Business Performance - In Q3 2025, Tianzhun Technology achieved a revenue of 977 million yuan, ranking 6th among 25 companies in the industry, with the industry leader, Bozhong Precision, generating 3.653 billion yuan [2] - The main business composition includes visual process equipment at 241 million yuan (40.34%), visual measurement equipment at 226 million yuan (37.87%), intelligent driving solutions at 65.27 million yuan (10.93%), and visual inspection equipment at 64.76 million yuan (10.85%) [2] - The net profit for the same period was -15.22 million yuan, ranking 19th in the industry, with the industry leader, Yihua, reporting a net profit of 417 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Tianzhun Technology's asset-liability ratio was 51.38%, higher than the previous year's 48.63% and above the industry average of 35.98% [3] - The gross profit margin for Q3 2025 was 35.61%, down from 39.41% year-on-year but still above the industry average of 33.21% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 18.91% to 13,100, while the average number of circulating A-shares held per shareholder decreased by 15.67% to 14,800 [5] - Notable changes among the top ten circulating shareholders include an increase in holdings by Huaxia CSI Robot ETF and new entries from two funds [5] Group 4: Business Highlights - Tianzhun Technology has become a partner of NVIDIA's Jetson Thor platform, developing domain controllers for various L4 application scenarios, and launched the third-generation humanoid robot controller product, Xingzhi 007 [6] - The PCB business saw over 50% revenue growth in the first half of 2025, with a product layout including LDI, AOI, and CO laser drilling [6] - Significant progress was made in the semiconductor business, with formal orders for defect detection equipment [6]