据证券之星公开数据整理，近期天和防务（300397）发布2025年中报。截至本报告期末，公司营业总收 入1.76亿元，同比下降14.72%，归母净利润-5778.08万元，同比下降109.06%。按单季度数据看，第二季 度营业总收入8824.21万元，同比上升22.99%，第二季度归母净利润-2736.22万元，同比上升21.0%。本 报告期天和防务三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达 33.14%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率25.54%，同比减16.45%，净利 率-36.93%，同比减122.6%，销售费用、管理费用、财务费用总计6748.29万元，三费占营收比38.3%， 同比增33.63%，每股净资产2.83元，同比减9.28%，每股经营性现金流-0.16元，同比减34.71%，每股收 益-0.11元，同比减120.0% 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为19.28%、近3年经营性现金流均值/流动负债仅 为-12.26%） 建议关注公司债务状况（有息资产负债率已达25.7%、近3年经营性现金流均值为负） 建议 ...

Group 1: Core Business Lines - The company focuses on the research, production, and delivery of low-altitude short-range defense equipment, emphasizing the development of portable air defense missile intelligence command systems [2][3] - The business layout includes military products primarily through the subsidiary Tianwei Electronics, targeting low-altitude defense and coastal defense, while civilian products are developed through Huayang Communication, focusing on the RF industry [3] Group 2: Military Equipment Business - The military equipment business centers on the new generation of integrated short-range defense systems, including products like portable air defense missile intelligence command systems and underwater unmanned systems [4][6] - The company has signed contracts for the upgrade of portable air defense missile intelligence command systems, with a contract value of approximately 260 million RMB, indicating a potential for ongoing orders [4] Group 3: Anti-Drone Products - The military equipment aims to achieve low-altitude control, with anti-drone capabilities primarily utilizing electronic interference methods [5] Group 4: Underwater Autonomous Vehicles - The subsidiary Tianhe Haifang develops underwater autonomous vehicles (AUVs) for dual-use applications, capable of executing various underwater tasks and conducting marine research [6] Group 5: Fundraising and Financial Strategy - The company is in the process of issuing stocks to specific investors for the fiscal year 2024, with the net proceeds intended to supplement working capital [6]

Business Overview - The company focuses on the research, production, and delivery of low-altitude air defense equipment, emphasizing the development of portable air defense missile intelligence command systems [2][3] - The business layout includes military products through subsidiary Tianwei Electronics and civilian products through subsidiary Huayang Communication, targeting the RF industry chain [3] Military Equipment Business - The core of the military equipment business is the new generation of integrated short-range defense systems, including products like portable air defense missile command systems and smart coastal defense systems [3][4] - Key products include battlefield communication command systems, radar and combat command systems, and underwater unmanned combat systems [3][4] Underwater Business Focus - The underwater business concentrates on underwater sensors for ocean environment monitoring and underwater unmanned autonomous vehicles for reconnaissance and training [4][6] - The underwater autonomous vehicles are primarily aimed at domestic research institutions for underwater research applications [6] Market Trends and Future Expectations - The military market is expected to grow due to increased national defense investment, presenting more opportunities for development [7] - The company plans to enhance its core technology and market share while focusing on military-civilian dual-use product development [7][8] - In 2024, the company aims to strengthen its traditional business advantages and enhance product competitiveness through continuous innovation and upgrades [8][9] Strategic Focus Areas - The company will prioritize military equipment, 5G RF, and the new generation of integrated electronic information (Tianrong Engineering) as its strategic focus [8] - Emphasis will be placed on low-altitude economy, emergency equipment, digital health, and big data in military-civilian dual-use sectors [8][9]