Core Viewpoint - The report highlights the significant decline in the company's financial performance for the first half of 2025, primarily due to the continuous drop in coal prices and reduced capital expenditure by clients, leading to a slowdown in equipment procurement and intensified competition [5][19]. Company Overview and Financial Indicators - Company Name: Beijing Tianma Intelligent Control Technology Co., Ltd. [3] - Stock Code: 688570, listed on the Shanghai Stock Exchange [3]. - Major Financial Data for H1 2025: - Revenue: 652 million yuan, down 21.21% year-on-year [4]. - Total Profit: 82 million yuan, down 65.79% year-on-year [4]. - Net Profit attributable to shareholders: 69 million yuan, down 65.72% year-on-year [4]. - Basic Earnings per Share: 0.16 yuan, down 65.96% year-on-year [4]. - Total Assets: 5.68 billion yuan, down 2.58% from the end of the previous year [4]. Industry Development - The coal industry has seen a 15.4% year-on-year decrease in prices due to stable raw coal production and reduced demand for thermal coal as renewable energy sources gain traction [5]. - The Chinese economy showed resilience with a GDP growth of 5.3% in H1 2025, and the equipment manufacturing sector grew by 10.2% [5]. Main Business and Products - The company focuses on the research, development, production, and sales of unmanned intelligent mining control technology and equipment [6]. - Key products include: - SAM System: Automatic mining control system for coordinating various subsystems in coal mining [7]. - SAC System: Hydraulic support control system for ensuring safe operation in mining [9]. - SAP System: Intelligent integrated liquid supply system for hydraulic systems in mining [10]. Market Position - The company holds a leading position in the unmanned intelligent mining control sector, with significant market shares in its product lines: - SAC System: 37.7% market share [18]. - SAM System: 25.4% market share [18]. - SAP System: 16% market share [18]. - The company has established a strong technological foundation and a high-quality talent pool, enabling it to maintain its competitive edge [19]. Future Outlook - The government is actively promoting the development of intelligent mining technologies, with policies aimed at achieving significant advancements in automation and safety in coal mining by 2030 [19].

退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 北京天玛智控科技股份有限公司 （Beijing Tianma Intelligent Control Technology Co., Ltd.） （北京市顺义区林河南大街 27 号（科技创新功能区）） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、 北京天玛智控科技股份有限公司 招股说明书 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 招股说明书 | 九、发行人股本情况 | | --- | | 十、董事、监事、高级管理人员与其他核心人员简介 …………………………………………………………………………………………………………………………………………………………… ...