在百卅岁月里，天津大学始终以"兴学强国"为魂，用"实事求是"的精神滋养着一代又一代学子。如今， 在资本市场的IPO赛道上，"天大系"正以一种低调却坚定的姿态崭露头角——从人工智能到智能制造， 从工业软件到大数据服务，多位天大校友掌舵的企业正排队叩响上市大门，用硬科技实力书写属于天大 人的资本故事。 十月的海河，波光粼粼映着秋阳；卫津路的梧桐叶，沙沙翻涌着岁月的故事。 10月2日，这座承载着中国近代高等教育荣光的学府——天津大学，迎来了130周年华诞。从1895年盛宣 怀奏设北洋大学堂算起，这座"中国第一所现代大学"始终以"兴学强国"为魂，在烽火中播撒科学火种， 在建设中输送建设栋梁，用"实事求是"的精神刻写下与国同行的壮阔史诗。 若论从这里走出的商业巨擘，天大或许不如某些高校声名显赫。校园里鲜少流传"校友首富"的传奇，财 经版也难见"天大系资本"的高频曝光。但鲜有人知的是，这座低调的学府正以另一种方式深度参与时代 变革：当"科技成果转化"成为国家战略关键词，当"硬科技创业"成为经济增长新引擎，天大正悄然在创 投领域织就一张服务创新的网络，成为高校推动科技与产业深度融合的重要力量。 2024年，这份"低调的进取 ...

Group 1 - This week, three refinancing companies were reviewed, and all were approved, with a total fundraising amount of 2.574 billion yuan [1][2] - Tianzhun Technology focuses on high-end visual equipment products for industries such as electronics, semiconductors, and new energy vehicles, providing advanced measurement and inspection equipment [4][6] - The company reported a net profit of 124.54 million yuan for the last year, with a year-on-year increase of 45.68% [5] Group 2 - Gu Zhong Technology offers comprehensive integrated circuit packaging and testing services, maintaining a leading position in advanced packaging technology [8] - The company reported a net profit of 31.33 million yuan for the last year, with a year-on-year decrease of 38.78% [9] - The company plans to invest 4.191 billion yuan in a micro-sized bump packaging and testing project [10] Group 3 - Dingjie Smart focuses on software sales, hardware sales, and technical services, with a strong emphasis on digital management and AIoT [12] - The company reported a net profit of 15.84 million yuan for the last year, with a year-on-year increase of 2.12% [12] - The company plans to invest in various projects to enhance its technological capabilities and market presence [12]

Core Viewpoint - The Shanghai Stock Exchange has approved Suzhou Tianzhun Technology Co., Ltd.'s issuance of convertible bonds, confirming that it meets the necessary issuance and listing conditions as well as information disclosure requirements [1] Group 1: Issuance Details - The total amount of the proposed convertible bonds to be issued is up to RMB 872 million, which will be used for various R&D and industrialization projects [3] - The projects include: - Industrial vision equipment and precision measurement instruments with a total investment of RMB 401.54 million, of which RMB 400 million will be funded by the raised capital - Semiconductor measurement equipment with a total investment of RMB 308.64 million, with RMB 278 million from the raised capital - Intelligent driving and embodied intelligent controllers with a total investment of RMB 201.10 million, with RMB 194 million from the raised capital [4] - The bonds will be issued at a face value of RMB 100 each and will have a term of 6 years from the date of issuance [4] Group 2: Market and Financial Considerations - The company was questioned about the market competition landscape and the rationality of capacity planning and benefit estimation for the fundraising projects, emphasizing the need for objective evidence regarding strong downstream customer demand and sufficient order reserves [2] - There was also an inquiry regarding the significant discrepancy between net cash flow from operating activities and net profit during the reporting period, requiring clarification on the rationale behind this difference [2]

Company Overview - Tianzhun Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on August 20, 2009. The company went public on July 22, 2019. Its main business involves the research, development, production, and sales of industrial vision equipment [1] - The revenue composition of Tianzhun Technology includes: 40.34% from vision process equipment, 37.87% from vision measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from vision inspection equipment [1] Stock Performance - On September 4, Tianzhun Technology's stock fell by 5.11%, closing at 53.89 CNY per share, with a trading volume of 251 million CNY and a turnover rate of 2.32%. The total market capitalization is 10.462 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of Tianzhun Technology, one fund from Bosera Fund ranks as a significant holder. The Bosera SSE STAR Market Artificial Intelligence ETF (023520) entered the top ten shareholders in the second quarter, holding 968,200 shares, which accounts for 0.5% of the circulating shares. The estimated floating loss today is approximately 2.8078 million CNY [2] - The Bosera SSE STAR Market Artificial Intelligence ETF (023520) was established on March 11, 2025, with a latest scale of 523.336 million CNY and a cumulative return of 22.24% since inception [2] Fund Management - The fund manager of Bosera SSE STAR Market Artificial Intelligence ETF (023520) is Li Qingyang, who has been in the position for 1 year and 216 days. The total asset scale of the fund is 5.997 billion CNY, with the best fund return during his tenure being 121.2% and the worst being 22.06% [3]

Group 1 - The core viewpoint of the news is that Tianzhun Technology's stock has experienced a decline of 5.11%, with a current price of 53.89 yuan per share and a total market capitalization of 10.462 billion yuan [1] - Tianzhun Technology, established on August 20, 2009, and listed on July 22, 2019, specializes in the research, development, production, and sales of industrial vision equipment [1] - The company's main business revenue composition includes: 40.34% from visual process equipment, 37.87% from visual measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from visual inspection equipment [1] Group 2 - From the perspective of fund holdings, only one fund under Furong Fund has a significant position in Tianzhun Technology, specifically the Furong Fuxin Mixed A fund, which holds 842 shares [2] - The Furong Fuxin Mixed A fund has a net asset value proportion of 3.58% in Tianzhun Technology, ranking as the seventh largest holding in the fund [2] - The fund manager, Jiang Fan, has been in position for 1 year and 76 days, with the fund's total asset scale at 19.4021 million yuan [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first half of 2025, the company achieved revenue of 683 million yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 146 million yuan, up 29% year-on-year. The net profit excluding non-recurring items was 132 million yuan, reflecting a 36% increase year-on-year [2][4]. - For Q2 2025, the company reported revenue of 415 million yuan, a 40% year-on-year increase, with a net profit of 88 million yuan, up 57% year-on-year, and a net profit excluding non-recurring items of 78 million yuan, marking a 61% increase year-on-year [2][4]. - The company's performance was bolstered by significant growth in the 3C and lithium battery sectors, with the 3C industry generating revenue of 439 million yuan, a 23.82% increase, and the lithium battery sector achieving revenue of 167 million yuan, a 49.35% increase [8]. - The company's AI-related projects generated revenue of 87.33 million yuan in the first half of 2025, a remarkable growth of 363% compared to the same period last year, indicating a strong market position in industrial AI [8]. - The company aims to become a core supplier of perception solutions for robots, having established a robotics division and focusing on key visual components necessary for robot vision perception [8]. Summary by Sections Financial Performance - The company reported a gross margin of 67.26% in Q2 2025, an increase of 1.88 percentage points year-on-year, and a net profit margin of 21.84%, up 2.88 percentage points year-on-year [8]. - The projected net profits for 2025, 2026, and 2027 are 203 million yuan, 265 million yuan, and 335 million yuan, respectively, with corresponding price-to-earnings ratios of 74, 56, and 45 [8]. Business Strategy - The company has developed a comprehensive product matrix integrating vision, sensing, motion, and AI, enhancing its competitive edge and customer loyalty [8]. - The strategic focus on AI and robotics is expected to drive future growth, with the company leveraging its advanced visual technology in various robotic applications [8].

Group 1 - China's aviation engine "Taihang 2" pure hydrogen gas turbine has achieved a cumulative operation time of over 7000 hours for the first unit and over 5000 hours for the second unit, marking a successful commercialization of the 2MW pure hydrogen gas turbine [2] - The low-altitude economy is driving the popularity of drone pilots, with over 225,000 registered drone pilot licenses in China as of June 2024, and more than 2000 training institutions available [3] - Shenzhen has established its first pharmaceutical and medical device industry overseas joint venture, aiming to create a platform for local companies to connect with global markets [4] Group 2 - China's marine economy has surpassed 10 trillion yuan for the first time, showing a growth of 5.9% compared to the previous year, with the marine engineering equipment manufacturing sector maintaining the largest global market share for seven consecutive years [5] - The first large-scale lithium-sodium hybrid energy storage station in China has been put into operation, with a capacity of 400 MWh and a green energy ratio of 98% [6] - The Yukun high-speed railway's Ningjingli tunnel has been safely completed, contributing to the construction of the railway with 40 tunnels already completed in the Yunnan section [7][8] Group 3 - Yunding Technology has launched an industrial vision intelligent all-in-one machine in collaboration with Ascend, featuring high computing power and supporting over 100 channels of 1080P video processing [9] - A Chinese team has overcome challenges in the large-scale production of third-generation photovoltaic technology, achieving stable mass production of perovskite solar cells [10] - QQ Browser has introduced an AI tool named "AI Gao Kao Tong" to assist students in exam preparation and college application processes [11] Group 4 - Market rumors suggest that Sais Technology's humanoid robot prototype is ready for demonstration, although the company has not confirmed this information [12] - U.S. President Trump has threatened to impose tariffs of 50% on the EU and 25% on Apple, causing declines in Apple stock and U.S. stock futures [13] - Experts have commented on the impracticality of relocating iPhone production to the U.S., citing high costs and potential price increases for consumers [14] Group 5 - Japan's consumer price index for rice has seen a dramatic increase of 98.4% year-on-year in April, marking the highest increase since 1971 [15] - Nissan is considering selling its Yokohama headquarters as part of its restructuring plan, which may incur an additional 60 billion yen (approximately 418 million USD) in costs [16] - Elon Musk praised Google's new AI video generation model, Veo 3, during a developer conference, while also announcing his return to a 24/7 work schedule [17]

Core Insights - The article highlights the rapid development of the new energy and petrochemical industries in Luoyang, with significant projects like CATL's (宁德时代) new energy battery production base and the Henan Refining's ethylene project marking a new industrial landscape by 2025 [1][4]. Group 1: Industry Development - CATL's Luoyang base is set to become a competitive national-level new energy battery industry cluster, with phases three and four of the project underway, aiming for an annual output value exceeding 20 billion yuan [1][4]. - The Henan Refining's ethylene project is part of a larger initiative to create a billion-level petrochemical materials base, contributing to local employment and economic growth [5]. - The strategic focus on "four new industries and one equipment" aims to enhance the scale and quality of major industrial projects in Luoyang [4][5]. Group 2: Innovation and Technology - Luoyang is fostering innovation through high-level platforms that integrate talent cultivation, technological innovation, and industrial incubation, with a notable increase in technology contract transactions reaching 7.033 billion yuan in Q1, up 217.8% year-on-year [3]. - The establishment of high-tech enterprises is a priority, with companies like Luoyang Xin'an New Energy Co. achieving significant advancements in lithium extraction technology [3]. - The high-tech manufacturing sector in Luoyang saw a 92.3% increase in added value in Q1, accounting for 7.8% of the industrial output, reflecting a 3.5 percentage point increase from the previous year [3]. Group 3: Project Execution and Economic Impact - The rapid construction of projects like CATL's battery production lines demonstrates Luoyang's commitment to meeting production targets, with a goal of achieving over 20 billion yuan in output for the year [4]. - The strategic initiatives have led to a 16.3% year-on-year growth in the added value of strategic emerging industries, now representing 12.1% of the industrial output [5]. - The establishment of the largest battery foil production base in the country is underway, with plans to increase production lines from 11 to 18 by the end of the year [6]. Group 4: Reform and Policy Support - Luoyang is implementing significant reforms to enhance the business environment, facilitating rapid project initiation and production [6]. - The introduction of a 10 billion yuan angel fund aims to support early-stage projects, addressing previous investment hesitations [6]. - Reforms in technology transfer and ownership are being pursued to ensure that more research outcomes are commercialized effectively [6].