天箭科技跨期11年审价调整 利润被砍掉2亿 或将“披星戴帽”

Core Viewpoint - Tianjian Technology is expected to report a net loss of 176 to 250 million yuan for 2025, with negative operating revenue, triggering the *ST clause from the Shenzhen Stock Exchange [1] Group 1: Financial Performance - The significant loss is primarily due to the unique pricing mechanism in the military industry, resulting in an 11-year price gap between the company's product pricing and the military's approved prices, necessitating a retrospective adjustment of approximately 260 million yuan in operating revenue for 2025 [1] - The adjustment affects three main product models of Tianjian Technology, with the earliest contracts dating back to 2014 [1] - Historical data shows that military enterprises typically have a pricing adjustment cycle of 3-5 years, with some exceptions like Hengyu Xintong and Galaxy Electronics, which experienced adjustment cycles of 8 and 19 years respectively, leading to significant revenue reductions [1] Group 2: Stock and Market Impact - The company will announce the risk warning for delisting alongside its 2025 annual report, with trading of its stock suspended for one day after the announcement [2] - The future of Tianjian Technology's delisting will depend on its financial performance in 2026, with recent trends showing a continuous decline in operating revenue [2] - The company reported a historical low gross margin of 40% for the first three quarters of 2025, and its contract liabilities decreased by 25.2% from the end of 2023 [2] Group 3: Strategic Response - In response to the challenges posed by the delisting risk, the company plans to focus on the development and mass production of new models and products while accelerating the research and validation of new technologies [2] - The company aims to strengthen its core product competitiveness and improve operational efficiency through strategic planning and management [2] - The fate of Tianjian Technology is not only dependent on its transformation efforts but also on the capital market's ability to price industry risks [2]