9月23日，天玛智控跌1.19%，成交额3713.73万元。两融数据显示，当日天玛智控获融资买入额652.38 万元，融资偿还635.01万元，融资净买入17.38万元。截至9月23日，天玛智控融资融券余额合计1.16亿 元。 分红方面，天玛智控A股上市后累计派现3.16亿元。 责任编辑：小浪快报 融券方面，天玛智控9月23日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量2.33万股，融券余额46.64万元，超过近一年70%分位水平，处于较高位。 资料显示，北京天玛智控科技股份有限公司位于北京市顺义区林河南大街27号(科技创新功能区)，成立 日期2001年7月17日，上市日期2023年6月5日，公司主营业务涉及煤矿无人化智能开采控制技术和装备 的研发、生产、销售和服务。主营业务收入构成为：无人化智能开采控制系统解决方案65.36%，备件 23.96%，运维服务及其他9.38%，智能制造0.72%，其他(补充)0.59%。 截至6月30日，天玛智控股东户数1.42万，较上期减少3.75%；人均流通股13268股，较上期增加5.11%。 2025年1月-6月，天玛智控实现 ...

Investment Rating - The investment rating for Tianma Intelligent Control (688570) is "Buy" [3][7] Core Views - The company reported a revenue of 652 million yuan in the first half of 2025, a year-on-year decrease of 21.21%, and a net profit attributable to shareholders of 70 million yuan, down 65.72% year-on-year [1] - The company is actively expanding its intelligent manufacturing business while strengthening its coal business, focusing on unmanned scenarios and discrete intelligent control industries [3] - The company maintains a strong market position with a market share of 37.7% for its SAC system and 25.4% for its SAM system in the first half of 2025, despite facing increased competition [4] - The national policy continues to support coal mine intelligent construction, indicating significant growth potential in the industry [4] Financial Performance - In the first half of 2025, the company's main business revenue from unmanned intelligent mining control solutions was 426 million yuan, and spare parts revenue was 156 million yuan [4] - The company expects net profits for 2025, 2026, and 2027 to be 168 million yuan, 199 million yuan, and 224 million yuan respectively, with diluted EPS of 0.39 yuan, 0.46 yuan, and 0.52 yuan [7] - The company's gross margin is projected to decline from 45.1% in 2023 to 38.6% in 2025, reflecting competitive pressures [6] Strategic Initiatives - The company is making progress on its fundraising projects, which are expected to lay a solid foundation for the development of new businesses in intelligent manufacturing [5] - The company has completed its smart factory construction project, which is anticipated to create a second growth curve [5] - The company emphasizes shareholder returns, having distributed a cash dividend of 3.3 yuan per 10 shares for the 2024 fiscal year, amounting to 143 million yuan [7]