Company Overview - Tianao Electronics (002935) is expected to release its financial report for Q4 2025 and the full year in Q1 or Q2 of 2026, with a focus on revenue and net profit stabilization, as well as progress in defense information technology products [1] - The Q3 2025 financial report shows revenue of 536 million yuan, a year-on-year decrease of 7.12%, and a net profit attributable to shareholders of 15.22 million yuan, down 4.51% year-on-year [1] Industry Policy and Environment - Policies related to satellite internet and low-altitude economy may impact the company's business, with Tianao's rubidium clock products already applied in BeiDou navigation satellites and China Star Network projects [2] - Technological breakthroughs and market expansion will require attention to subsequent order releases and changes in industry prosperity, particularly in the military electronics sector driven by national defense information construction [2] Financial Trends - As of February 2, 2026, the financing balance is 309 million yuan, accounting for 3.41% of the circulating market value, which is at a near one-year low; the high margin balance indicates a divergence in market sentiment [3] - The number of shareholders decreased by 10.67% as of the end of September 2025, with Hong Kong Central Clearing Limited entering the top ten circulating shareholders, suggesting a long-term investment intention [3]

证券日报网讯2月10日，天奥电子（002935）在互动平台回答投资者提问时表示，公司重视低轨卫星产 业发展机会，经过多年的发展和技术积累，公司已成为国内时间频率产品实现批量工程应用的成熟企 业，具有一定的技术沉淀与产业化能力。 ...

Group 1 - Tianao Electronics' stock increased by 1.08% on February 2, with a trading volume of 276 million yuan. The financing buy-in amount was 21.50 million yuan, while the financing repayment was 31.86 million yuan, resulting in a net financing buy of -10.36 million yuan. The total financing and securities balance reached 309 million yuan as of February 2 [1] - The financing balance of Tianao Electronics is 309 million yuan, accounting for 3.41% of its circulating market value, which is below the 30th percentile level over the past year, indicating a low position [1] - On the short-selling side, Tianao Electronics repaid 800 shares on February 2, with no shares sold, resulting in a short-selling balance of 900 shares and a short-selling amount of 19,300 yuan, which is above the 80th percentile level over the past year, indicating a high position [1] Group 2 - As of September 30, the number of shareholders of Tianao Electronics was 20,700, a decrease of 10.67% compared to the previous period. The average circulating shares per person increased by 11.95% to 20,055 shares [2] - For the period from January to September 2025, Tianao Electronics reported operating revenue of 536 million yuan, a year-on-year decrease of 7.12%. The net profit attributable to the parent company was 15.22 million yuan, down 4.51% year-on-year [2] - Since its A-share listing, Tianao Electronics has distributed a total of 233 million yuan in dividends, with 91.17 million yuan distributed over the past three years. As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder, holding 2.9434 million shares as a new shareholder [3]

Group 1 - The core viewpoint of the article is that Tian'ao Electronics (002935) is committed to continuously tracking industry demand and seizing opportunities in the aerospace sector related to time-frequency products [1] Group 2 - The company is actively engaging with investors through interactive platforms to address inquiries and provide updates on its strategic focus [1] - The emphasis on the aerospace industry indicates a targeted approach to capitalize on specific market segments [1]

Core Viewpoint - Tianao Electronics experienced a decline of 1.12% in stock price on January 5, with a trading volume of 639 million yuan, indicating a potential concern in market sentiment towards the company [1]. Financing Summary - On January 5, Tianao Electronics had a financing buy-in amount of 94.21 million yuan, with a net financing buy of 26.68 million yuan after repayments [1]. - The total financing and securities balance reached 420 million yuan, accounting for 4.50% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high financing level [1]. - In terms of securities lending, there were no shares repaid, with 5,200 shares sold short, amounting to 114,900 yuan at the closing price, and a securities lending balance of 324,900 yuan, which is above the 90th percentile level over the past year [1]. Company Performance - As of September 30, the number of shareholders for Tianao Electronics was 20,700, a decrease of 10.67% from the previous period, while the average circulating shares per person increased by 11.95% to 20,055 shares [2]. - For the period from January to September 2025, the company reported a revenue of 536 million yuan, a year-on-year decrease of 7.12%, and a net profit attributable to shareholders of 15.22 million yuan, down 4.51% year-on-year [2]. Dividend Information - Since its A-share listing, Tianao Electronics has distributed a total of 233 million yuan in dividends, with 91.17 million yuan distributed over the past three years [3]. Shareholding Structure - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder, holding 2.9434 million shares as a new shareholder [3].

Group 1 - The core viewpoint of the article is that Tian'ao Electronics (002935) is actively responding to customer demands in the low-orbit satellite sector by providing various time-frequency products and is steadily progressing with related orders [1] Group 2 - The company states that its production capacity is sufficient to meet the demands of relevant customers [1]

Group 1 - The company Tianao Electronics (002935.SZ) has indicated that its time frequency products are being applied in low Earth orbit satellite payload equipment [1] - Other commercial aerospace businesses have not yet commenced operations in this area [1]

Core Viewpoint - Tianao Electronics (002935.SZ) is currently focusing on its core business and actively expanding the application of time-frequency products in the commercial aerospace sector, despite the low revenue contribution from low-orbit satellite-related products [1]. Group 1 - The revenue contribution from low-orbit satellite-related products is currently low for the company [1]. - The company plans to concentrate on its main responsibilities and core business [1]. - There is an active effort to expand the application of time-frequency products in the commercial aerospace field [1].

Core Viewpoint - Tianao Electronics (002935.SZ) is currently focusing on its main business and aims to expand the application of time-frequency products in the commercial aerospace sector, despite the low revenue contribution from low-orbit satellite-related products [1] Group 1 - The revenue contribution from low-orbit satellite-related products is currently low for the company [1] - The company plans to actively explore the application of time-frequency products in the commercial aerospace field [1]

Core Viewpoint - Tianao Electronics (002935.SZ) has clarified that it has not conducted research on the application of "ultra-high-speed laser microwave dual-mode receiving technology" and that its time-frequency products do not utilize this technology [1] Company Summary - The company has confirmed that it is not involved in the research of the specified advanced technology [1] - Tianao Electronics' time-frequency products are not based on the mentioned technology [1]