Core Viewpoint - Tianshan Electronics, established in 2005 and listed on the Shenzhen Stock Exchange in 2022, specializes in customized display solutions in the professional display sector, holding a significant position in the market [1] Financial Performance - For Q3 2025, Tianshan Electronics reported revenue of 1.338 billion yuan, ranking 22nd among 38 companies in the industry, while the top company, BOE Technology Group, achieved revenue of 154.548 billion yuan [2] - The net profit for the same period was 113 million yuan, placing the company 11th in the industry, with the leading company, BOE, reporting a net profit of 4.405 billion yuan [2] Financial Ratios - As of Q3 2025, Tianshan Electronics had a debt-to-asset ratio of 34.48%, an increase from 24.18% year-on-year, which is lower than the industry average of 45.77% [3] - The gross profit margin was 20.25%, down from 21.39% year-on-year, but still above the industry average of 14.89% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 48.29% to 24,500, while the average number of circulating A-shares held per shareholder decreased by 32.28% to 5,200.26 [5] - Notably, a new major shareholder, Fortune Innovation Technology Mixed A, entered the top ten shareholders with 1.5001 million shares [5] Business Highlights - The company is diversifying its product offerings, extending from monochrome LCD products to color screens, with certain products like the 25H1 color LCD display module contributing to revenue [5] - Tianshan Electronics is focusing on complex modules and automotive electronic smart terminals, having made progress in R&D and collaborations with leading automotive companies [5] - The company is strategically investing in the ASIC and enterprise-level storage module market to build a comprehensive supply chain [5][6] Future Projections - Forecasts for net profit from 2025 to 2027 are 160 million, 240 million, and 361 million yuan, respectively, with a "buy" rating suggested [5] - Revenue projections for the same period are 1.978 billion, 2.546 billion, and 2.893 billion yuan, respectively, maintaining a "buy" rating [6]

华映科技（集团）股份有限公司 2025 年半年度财务报告 华映科技（集团）股份有限公司 【2025 年 8 月】 华映科技（集团）股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是?否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 编制单位：华映科技（集团）股份有限公司 项目 期末余额 期初余额 流动资产： 货币资金 299,126,229.30 500,257,095.23 结算备付金 拆出资金 交易性金融资产 衍生金融资产 应收票据 应收账款 37,995,572.55 80,946,640.91 应收款项融资 13,421,331.27 11,243,930.33 预付款项 15,358,807.75 12,395,171.12 应收保费 应收分保账款 应收分保合同准备金 其他应收款 50,379,392.91 49,911,236.77 其中：应收利息 应收股利 买入返售金融资产 存货 155,611,946.98 202,499,544.78 其中：数据资源 合同资产 持有待售资产 一年内到期的非流动资产 其他流动资产 13,361,361 ...