登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688511 证券简称：*ST天微 公告编号：2026-001 四川天微电子股份有限公司 关于股票交易风险提示的公告 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、准确性和完整性依法承担法律责任。 公司的主要产品尚未进行全部审价，且军方对新产品的价格审定过程可能较长，最终审定价格与暂定价 格的差异幅度具有不确定性，可能导致公司的经营业绩在价格差异调整年度内出现波动，在审定价格相 对暂定价格大幅向下调整的情况下，公司的经营业绩将会出现明显下降。 虽公司未来存在大额为负的审价收入情形的可能性较小，但不排除因为特殊原因导致审定价格相较于暂 定价格大幅下滑的情形发生。2025年前三季度，公司主要产品军用灭火抑爆系统尚未完成军品审价，以 暂定价格确认收入的军用灭火抑爆系统产品在未来可能形成审定价格，假设审定价格较暂定价格的差异 在正负5%、10%、15%的情况下，截至2025年前三季度，已累计销售尚未取得军审定价批复的产品涉及 价差调整对营业收入及净利润的影响金额和占2025年前三季度营业收入和净利润比例 ...

*ST天微公告称，截至2026年1月6日，公司股票收盘价31.49元/股，近期涨幅大，市盈率541.99倍，高于 国防装备行业平均的106.09倍。因2024年净利润为负且营收低于1亿元，公司股票于2025年5月起被实施 退市风险警示，若出现规定情形或被终止上市。另外，主要产品军用灭火抑爆系统未完成军品审价，模 拟显示，审定价格较暂定价格差异在±5%、±10%、±15%时，将对营收和净利润产生影响，且暂定价存 调减风险。 ...

Core Viewpoint - The company, Sichuan Tianwei Electronics Co., Ltd., is facing significant financial and operational challenges, particularly related to its military product pricing and potential delisting risks due to financial performance issues [6][7]. Financial Data - The financial report for the third quarter indicates that the financial data has not been audited, and the company has provided key financial metrics in RMB [3][9]. - The company has recognized a total revenue of 53,562,000.00 RMB from sales to a specific client since 2020, with accounts receivable amounting to 13,571,616.00 RMB as of December 31, 2024 [5]. Shareholder Information - The report does not provide any updates on the number of shareholders or changes in major shareholders' holdings [4]. Operational Risks - The company is at risk of delisting due to not meeting the financial performance criteria set by the Shanghai Stock Exchange, specifically if the net profit or total profit is negative and revenue is below 100 million RMB [6]. - There is a risk associated with the pricing of military products, as the company has not completed the pricing review for its main products, which could lead to significant revenue adjustments if the final prices differ from the provisional prices [7][8]. Other Important Information - The company has entered into negotiations regarding the pricing of certain military products, which may lead to a revenue adjustment of 424.46 million RMB, impacting the financial results for the third quarter of 2025 [5]. - The company has received bank acceptance bills totaling 443.28 million RMB, which will be accounted for in the financial statements, affecting the credit impairment losses [5].

Core Viewpoint - Sichuan Tianwei Electronics Co., Ltd. reported a net loss of 34.83 million yuan after non-recurring gains and losses for the first half of 2025, with total operating revenue of 77.76 million yuan, indicating significant financial challenges and potential delisting risks due to low revenue and negative net profit [1][2]. Financial Performance - The company achieved operating revenue of 84.01 million yuan for the first half of 2025, a substantial increase of 87.37% compared to 44.84 million yuan in the same period last year [3]. - The total profit for the period was 33.37 million yuan, with a net profit attributable to shareholders of the listed company amounting to 23.10 million yuan, a significant recovery from a loss of 3.88 million yuan in the previous year [3]. - The net cash flow from operating activities was -93.28 million yuan, reflecting a decline of 198.35% compared to 94.84 million yuan in the same period last year [3]. Risks and Challenges - The company faces delisting risk as it has reported negative net profit and operating revenue below 100 million yuan, which could trigger delisting procedures from the Shanghai Stock Exchange [1]. - A significant portion of the company's revenue is derived from military product sales, particularly in the defense industry. Any reduction in production plans from major clients could adversely impact the company's financial performance [1][2]. - The pricing approval process for military products is lengthy, and the company has not completed the pricing review for its main products, which could lead to revenue fluctuations if final prices differ significantly from provisional prices [2][4].

Group 1 - The core viewpoint of the report is that the information disclosure obligor, Xie Kai, has increased his shareholding in Sichuan Tianwei Electronics Co., Ltd. (*ST Tianwei) to 5,141,457 shares, representing 5.0000% of the total share capital, through secondary market transactions [1][7]. - The purpose of the equity change is to express confidence in Chinese assets and the future of the Chinese capital market, responding to the government's call for increasing long-term capital [4][5]. - The company is recognized as a national high-tech enterprise with a strong focus on the military industry, particularly in the development of fire extinguishing and explosion suppression systems for armored vehicles [4][5]. Group 2 - The company has successfully developed and produced military fire extinguishing and explosion suppression systems, becoming one of the few in the industry with independent research and production capabilities [5]. - The company has a stable control structure, low debt-to-asset ratio, and sufficient cash flow, indicating significant potential for reversing its current challenges [5][6]. - The information disclosure obligor does not rule out the possibility of further increasing his shareholding in the company within the next 12 months [6][10].