TJT(SZ:002977) 中国基金报·2025-12-29 16:18Core Viewpoint - Tianjian Technology is facing a significant risk of delisting due to expected negative net profit and revenue below 300 million yuan in 2025, following a price adjustment for military products [2][5]. Financial Performance - In the first half of 2025, the company reported revenue of 67.63 million yuan, a year-on-year decrease of 29.26%, and a net profit attributable to shareholders of -6.58 million yuan, compared to 11.17 million yuan in the same period last year [6]. - By the third quarter of 2025, revenue further declined to 11.41 million yuan, a 71.23% year-on-year drop, with a net profit of -18.98 million yuan, showing a significant deterioration [6]. - The company's net profit has been on a downward trend from 111 million yuan in 2021 to an estimated 16 million yuan in 2024 [8]. Market Context - Despite the company's struggles, the commercial aerospace sector has seen a surge, with the sector's stock prices increasing by 80.10% as of December 25, 2025 [8]. - Tianjian Technology's stock has experienced a notable rise, achieving four trading limits since November and a year-to-date increase of over 60% [8]. Company Background - Established in March 2005 and listed on the Shenzhen Stock Exchange in 2020, Tianjian Technology specializes in the research, production, and sales of high-bandwidth, high-power solid-state microwave front ends, with applications in radar systems, satellite communications, and measurement and control [6][8].