Teeyer Intelligent(SH:603273) Chang Jiang Shang Bao·2026-01-20 00:08Core Viewpoint - Tianyuan Intelligent has faced significant challenges, including the investigation of its actual controller and chairman, Wu Yizhong, which coincides with a continuous decline in the company's financial performance since its IPO in 2023 [3][4][11]. Financial Performance - From 2022 to 2024, Tianyuan Intelligent's revenue and net profit have consistently decreased, with a revenue of 3.74 billion yuan in the first three quarters of 2025, representing a year-on-year decline of 15.96% [4][12]. - The net profit for the same period was 19.52 million yuan, down 25.26% year-on-year, while the non-recurring net profit fell by 27.58% to 14.74 million yuan [4][12]. - The company's "three expenses" (sales, management, and financial expenses) totaled 34.54 million yuan in the first three quarters of 2025, reflecting a year-on-year increase of approximately 20% [5][13]. Company Background - Tianyuan Intelligent specializes in the manufacturing of autoclaved aerated concrete equipment and has established itself as a leading enterprise in this sector [5]. - The company provides complete production equipment and automation solutions for green building material enterprises, with applications across various industries [5]. Governance and Management - Wu Yizhong, the chairman and general manager, was recently placed under investigation, raising concerns about the company's governance [3][6]. - Despite the investigation, the company has stated that its board of directors and management are functioning normally, and there has been no significant impact on its operations [6][10]. Historical Context - The company has experienced a decline in performance since its peak in 2021, where it achieved a revenue of 1.114 billion yuan, marking a 48.89% increase from the previous year [11]. - The downward trend in revenue and profit has been attributed to low demand in the downstream industry and overall economic conditions [12][14].