Company Overview - Tianye Co. received a negative opinion on its internal controls for the 2024 financial report, with inflated procurement amounts of 8.5534 million yuan, leading to a D-class rating from the Beijing Stock Exchange [1] - The company is actively rectifying internal control deficiencies and has warned that if similar issues arise in the 2025 report, it may face delisting risk warnings [1] - Several executives have faced regulatory penalties, yet they were re-elected during the board reshuffle in November 2025 [1] Financial Performance - In the third quarter report of 2025, Tianye Co. reported a revenue of 407 million yuan for the first three quarters, representing a year-on-year growth of 9.79% [2] - The net profit for the same period was 26.3948 million yuan, showing a year-on-year decline of 15.87% [2] - The gross profit margin stood at 21.36% [2] Industry Conditions - The primary customers of the company are new tea beverage brands, but the industry growth is slowing, with the market size growth expected to drop to 12.4% in 2025 [3] - Increased competition from downstream brands building their own supply chains is putting pressure on the company's operations [3] - The half-year report for 2025 indicated that low pricing of products like mango juice led to a decline in gross profit margin, prompting the company to shift focus towards lychee juice and orange juice to optimize its product structure [3]
田野股份内控缺陷整改，行业竞争加剧致业绩承压