Core Viewpoint - Tianrun Industrial (002283) reported a revenue of 1.945 billion yuan for the first half of 2025, reflecting a year-on-year increase of 2.36%, and a net profit of 197 million yuan, up 5.69% year-on-year [1] Financial Performance - The total revenue for Q2 2025 was 944.7 million yuan, a 0.67% increase year-on-year, while the net profit for the same period was 98.47 million yuan, up 4.95% year-on-year [1] - The gross margin was 23.19%, down 1.2% year-on-year, and the net margin was 10.03%, up 2.78% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 95.72 million yuan, accounting for 4.92% of revenue, a decrease of 5.56% year-on-year [1] - Earnings per share (EPS) increased to 0.17 yuan, a rise of 6.25% year-on-year, while operating cash flow per share was 0.44 yuan, up 7.09% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable represented 357.82% of the latest annual net profit, indicating a significant amount of outstanding payments [1][4] - The net increase in cash and cash equivalents saw a dramatic change of 348.59%, attributed to maturing fixed deposits and reduced investment in financial products [3] Investment and Capital Efficiency - The company's return on invested capital (ROIC) was reported at 4.7%, indicating weak capital returns, with a historical median ROIC of 6.29% over the past decade [4] - The company has a healthy cash asset position, with a cash to current liabilities ratio of 96.87% [4] Business Segment Performance - The large horsepower business segment saw a revenue increase of 40%-50% in the first half of the year, with significant growth in crankshaft and connecting rod revenues [7] - New production lines for large connecting rods and crankshafts are under construction, with expected capacity increases of nearly 50% once fully operational [7] Market Sentiment and Analyst Expectations - Analysts project a net profit of 454 million yuan for 2025, with an average EPS forecast of 0.4 yuan [5] - The largest fund holding in Tianrun Industrial is the Xinyuan Zhiyuan Heavy Chemical Stock Selection Mixed A Fund, which has recently increased its position [6]

问：空气悬架今年和明年的业务规划是怎样的？ 证券代码：002283 证券简称：天润工业 天润工业技术股份有限公司投资者关系活动记录表 编号：2025-005 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | 类别 | 现场参观 | | | 其他（电话会议） | | | 会议采用电话会议形式，具体参会人员详见附件。 | | | 上市公司接待人员： | | 活动参与人员 | 董事、董秘、副总经理、财务总监：刘立 | | | 证券办公室部长：冯春 | | | 证券事务代表：吕旭艺 | | 时间 | 2025 年 8 月 22 日（星期五）10:00-10:50 13:30-14:30 | | 地点 | 天润工业技术股份有限公司 | | 形式 | 电话会议 | | | 一、公司简介： 公司董事会秘书刘立女士对公司 2025 年半年度报告 | | 交流内容及具体 | 进行简单解读。 | | | 二、投资者问答： | | 问答记录 | 问：今年上半年公司大马力业务板块的收入是多少， | | | 下半年和 ...