11月24日，天洋新材盘中上涨2.04%，截至13:18，报7.50元/股，成交4675.31万元，换手率1.55%，总市 值32.45亿元。 分红方面，天洋新材A股上市后累计派现1.45亿元。近三年，累计派现3431.05万元。 资金流向方面，主力资金净流出13.32万元，特大单买入0.00元，占比0.00%，卖出100.05万元，占比 2.14%；大单买入764.61万元，占比16.35%，卖出677.88万元，占比14.50%。 责任编辑：小浪快报 天洋新材今年以来股价涨18.30%，近5个交易日跌10.71%，近20日跌3.47%，近60日跌6.48%。 天洋新材所属申万行业为：基础化工-塑料-其他塑料制品。所属概念板块包括：太阳能、小盘、光伏玻 璃、光伏胶膜、多胎概念等。 截至9月30日，天洋新材股东户数1.66万，较上期减少6.65%；人均流通股24543股，较上期增加7.12%。 2025年1月-9月，天洋新材实现营业收入6.88亿元，同比减少31.24%；归母净利润-1079.16万元，同比增 长62.71%。 今年以来天洋新材已经2次登上龙虎榜，最近一次登上龙虎榜为4月9日，当日龙虎榜净买入 ...

天洋新材今年以来股价涨29.81%，近5个交易日跌3.97%，近20日涨7.30%，近60日涨11.52%。 截至9月30日，天洋新材股东户数1.66万，较上期减少6.65%；人均流通股24543股，较上期增加7.12%。 2025年1月-9月，天洋新材实现营业收入6.88亿元，同比减少31.24%；归母净利润-1079.16万元，同比增 长62.71%。 分红方面，天洋新材A股上市后累计派现1.45亿元。近三年，累计派现3431.05万元。 责任编辑：小浪快报 今年以来天洋新材已经2次登上龙虎榜，最近一次登上龙虎榜为4月9日，当日龙虎榜净买入-1880.13万 元；买入总计3353.72万元 ，占总成交额比11.49%；卖出总计5233.85万元 ，占总成交额比17.93%。 资料显示，天洋新材(上海)科技股份有限公司位于上海市嘉定区南翔镇惠平路505号，成立日期2002年1 月11日，上市日期2017年2月13日，公司主营业务涉及各类热塑性环保粘接材料的研发、生产及销售。 主营业务收入构成为：热熔胶42.28%，光伏封装胶膜32.55%，反应型胶黏剂17.49%，热熔墙布、窗帘 4.92%，其他2.76% ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported a revenue of 870 million yuan for the first three quarters of 2025, a year-on-year decline of 57.62%. The net profit attributable to the parent company was -208 million yuan, showing a reduction in losses compared to the previous year. In Q3 2025, the revenue was 237 million yuan, down 58.03% year-on-year and down 25.44% quarter-on-quarter, with a net profit of -75 million yuan, which was stable compared to the previous quarter [2][6]. Financial Performance - Q3 gross margin was -6.67%, a decrease of 4.88 percentage points, attributed to price reductions in the domestic market following a decline in demand. The company’s operating cash flow for the first three quarters was 275 million yuan, a year-on-year increase of 144.69%. The balance of accounts receivable and inventory has significantly decreased since the beginning of the year, indicating a substantial reduction in operational risks. The asset-liability ratio at the end of Q3 was 51%, which is considered healthy [12][12]. Market Outlook - Since September, the price of photovoltaic films has increased multiple times. If the internal competition leads to a price increase for components, it will create opportunities for profit recovery in the film sector. The company has made significant progress in its PDCLC dimming film technology, securing contracts with major automotive manufacturers and expanding its application scenarios [12][12]. Future Projections - The company’s collaboration with H.B. Fuller on photovoltaic encapsulation film production lines has entered the installation and trial production phase. Equipment for the Turkish project has been shipped and successfully arrived at the port, which will enhance the company's influence in overseas markets. The PDCLC technology is expected to benefit from increased penetration rates in the automotive dimming film market, with further product line expansions anticipated [12][12].

Core Points - Tianyang New Materials' stock price decreased by 2.10% to 8.39 CNY per share, with a market capitalization of 3.63 billion CNY [1] - The company has seen a year-to-date stock price increase of 32.33% and a recent 60-day increase of 14.15% [1] - Tianyang New Materials has been listed on the stock market since February 13, 2017, and specializes in the research, production, and sales of various thermoplastic environmentally friendly adhesive materials [1] Financial Performance - For the period from January to September 2025, Tianyang New Materials reported a revenue of 688 million CNY, a year-on-year decrease of 31.24%, while the net profit attributable to shareholders was -10.79 million CNY, an increase of 62.71% year-on-year [2] - The company has distributed a total of 145 million CNY in dividends since its A-share listing, with 34.31 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, Tianyang New Materials had 16,600 shareholders, a decrease of 6.65% from the previous period, with an average of 24,543 circulating shares per shareholder, an increase of 7.12% [2]

Core Viewpoint - Tianyang New Materials is a significant player in the domestic thermoplastic environmentally friendly adhesive materials sector, showcasing technological advantages and investment potential [1] Group 1: Business Performance - For Q3 2025, Tianyang New Materials reported revenue of 688 million yuan, ranking 14th out of 21 in the industry, significantly lower than the top competitor Wankai New Materials at 12.436 billion yuan and second-place China Resources Materials at 10.296 billion yuan [2] - The main business composition includes hot melt adhesives at 195 million yuan (42.28%), photovoltaic encapsulation adhesive films at 150 million yuan (32.55%), reactive adhesives at 80.75 million yuan (17.49%), and other products [2] - The net profit for the same period was -8.0941 million yuan, ranking 20th in the industry, far behind the leading companies [2] Group 2: Financial Health - As of Q3 2025, Tianyang New Materials had a debt-to-asset ratio of 32.87%, lower than the previous year's 41.65% and below the industry average of 33.77%, indicating good solvency [3] - The gross profit margin for Q3 2025 was 23.14%, an increase from 13.93% in the previous year and above the industry average of 21.93%, reflecting improved profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Tianyang New Materials was 16,600, a decrease of 6.65% from the previous period, while the average number of circulating A-shares held per shareholder increased by 7.12% to 24,500 [5] Group 4: Leadership - The controlling shareholder of Tianyang New Materials is Changzhou Baixing Group, with Zhu Zhengwei serving as the chairman and general manager since 2020, possessing extensive industry experience and holding multiple significant positions [4]

证券代码：603330 证券简称：天洋新材 公告编号：2025-079 天洋新材（上海）科技股份有限公司 2025 年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 天洋新材（上海）科技股份有限公司（以下简称"公司"）根据上海证券交 易所《上市公司行业信息披露指引第十三号—化工》的要求，现将2025年第三季 度主要经营数据披露如下： （光伏封装胶膜/墙布、窗帘单位：元/平方米；其他产品单位：元/公斤） | 主要产品 | 2024 | 年 7-9 | 月平均售价 | 2025 | 年 | 7-9 | 月平均售价 | 变动比例（%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 热熔胶 | | | 22.17 | | | | 22.89 | 3.25 | | 光伏封装胶膜 | | | 4.84 | | | | 4.09 | -15.50 | | 热熔墙布、窗帘 | | | 30.23 | | | | 32.35 | 7.01 ...

Group 1 - Tianyang New Materials' stock price increased by 2.08% on September 24, reaching 7.85 CNY per share, with a total market capitalization of 3.396 billion CNY [1] - The company has seen a year-to-date stock price increase of 23.82%, with a recent decline of 1.88% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on April 9, where it recorded a net buy of -18.8013 million CNY [1] Group 2 - Tianyang New Materials, established on January 11, 2002, specializes in the research, production, and sales of various thermoplastic environmentally friendly adhesive materials [2] - The company's main revenue sources include hot melt adhesives (42.28%), photovoltaic encapsulation films (32.55%), and reactive adhesives (17.49%) [2] - As of June 30, the number of shareholders decreased by 2.03% to 17,800, while the average circulating shares per person increased by 2.07% to 22,912 shares [2] Group 3 - Since its A-share listing, Tianyang New Materials has distributed a total of 145 million CNY in dividends, with 34.31 million CNY distributed over the past three years [3]

Core Viewpoint - Tianyang New Materials (SH:603330) is undergoing a significant ownership change as Li Zhelong steps down and Baixing Group takes control, marking a notable merger in the photovoltaic film industry [1][4]. Company Summary - Li Zhelong has resigned from all positions at Tianyang New Materials, including Chairman and General Manager, with Feng Yanzhao also stepping down from his director role [2][3]. - The new nominees for the board include Ru Zhengwei and Mao Qubo, both associated with Baixing Group, which has a strong presence in the photovoltaic film sector [2][3]. - Tianyang New Materials, founded in 1993, has diversified into four main business segments, with photovoltaic encapsulation films being the largest, accounting for approximately 50% of its revenue since 2022 [3][4]. Industry Context - The acquisition represents a strategic move in the photovoltaic film industry, with Baixing Group aiming to consolidate its position in the market [2][3]. - Tianyang New Materials has faced significant financial challenges, reporting losses for three consecutive years, with a notable loss of 2.13 billion yuan expected in 2024 [9][10]. - The photovoltaic film market has become increasingly competitive, leading to declining profit margins for companies like Tianyang New Materials, which saw its gross margin for photovoltaic films drop to negative figures in recent years [9][10][11]. Financial Overview - Baixing Group, which has a diverse portfolio including industrial manufacturing and real estate, reported a revenue of 25.5 billion yuan in 2020 and ranks 371st among China's top private enterprises [6]. - Tianyang New Materials has been struggling with its photovoltaic film business, which has seen a drastic decline in gross margins, falling to -3.94% in 2023 [9][10]. - The merger is seen as a potential pathway for Baixing Group to achieve a public listing, integrating its assets in the photovoltaic sector [6][14].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company's revenue for H1 2025 was 633 million yuan, a year-on-year decrease of 57.47%, with a net profit attributable to shareholders of -133 million yuan, indicating a narrowing loss [1]. - The profitability of the encapsulation film business is under short-term pressure due to fluctuations in the photovoltaic industry and intense price competition, leading to historically low gross margins [2]. - The automotive materials business is expected to become a new growth driver, with significant progress in the development of self-researched PDCLC instant light-adjustable liquid crystal films, which have been successfully industrialized [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 318 million yuan, a year-on-year decrease of 48.07%, but a quarter-on-quarter increase of 0.66% [1]. - The net profit for Q2 2025 was -76 million yuan, continuing the loss trend [1]. Business Segments - The encapsulation film business faces challenges due to the photovoltaic industry's cyclical adjustments and market competition, prompting the company to adopt a conservative strategy while focusing on innovation [2]. - The automotive business has made substantial advancements, with the successful launch of the PDCLC film in vehicles, and the company is actively expanding production capacity [3]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are estimated at 1.605 billion, 2.840 billion, and 3.993 billion yuan, respectively, with net profits expected to improve from -197 million yuan in 2025 to 227 million yuan in 2027 [4][5]. - The company anticipates a significant increase in revenue driven by the automotive business, with corresponding PE ratios of 76X for 2026 and 18X for 2027 [4].

Core Viewpoint - Tianyang New Materials (603330) reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges and a need for strategic adjustments in operations [1][3]. Financial Performance - Total revenue for the first half of 2025 was 468 million yuan, a decrease of 28.88% year-on-year [1]. - The net profit attributable to shareholders was -10.56 million yuan, down 139.15% compared to the previous year [1]. - The gross margin improved to 22.36%, an increase of 30.42% year-on-year, while the net margin fell to -1.95%, a decrease of 392.48% [1]. - The total of financial, sales, and management expenses reached 79.52 million yuan, accounting for 16.98% of total revenue, which is a 53.05% increase year-on-year [1]. Business Model and Strategy - The company's business model relies heavily on capital expenditure, necessitating careful evaluation of capital projects and their financial viability [3]. - In response to the oversupply in the photovoltaic industry, the company is implementing strategies to enhance operational efficiency and reduce losses, including optimizing production plans and restructuring [7]. - The company aims to focus on high-margin, high-growth applications in the membrane materials market, leveraging over 20 years of expertise in polymer materials [7]. Cash Flow and Debt Management - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 47.45%, and the average operating cash flow over the past three years being negative [4]. - The company has a debt ratio of 23.06% for interest-bearing liabilities, indicating potential financial strain [4]. Market Position and Future Outlook - The company is actively developing specialized encapsulation films for new battery technologies like TOPCon and heterojunction cells, aiming to adapt to market demands [5]. - The electronic glue segment has seen a revenue increase of 30.88% in 2024, with a focus on expanding into sectors such as new energy vehicles and consumer electronics [8].