截至9月30日，天奥电子股东户数2.07万，较上期减少10.67%；人均流通股20055股，较上期增加 11.95%。2025年1月-9月，天奥电子实现营业收入5.36亿元，同比减少7.12%；归母净利润1522.32万元， 同比减少4.51%。 分红方面，天奥电子A股上市后累计派现2.33亿元。近三年，累计派现9116.57万元。 机构持仓方面，截止2025年9月30日，天奥电子十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股294.34万股，为新进股东。 1月5日，天奥电子跌1.12%，成交额6.39亿元。两融数据显示，当日天奥电子获融资买入额9421.21万 元，融资偿还6753.60万元，融资净买入2667.61万元。截至1月5日，天奥电子融资融券余额合计4.20亿 元。 融资方面，天奥电子当日融资买入9421.21万元。当前融资余额4.20亿元，占流通市值的4.50%，融资余 额超过近一年50%分位水平，处于较高位。 融券方面，天奥电子1月5日融券偿还0.00股，融券卖出5200.00股，按当日收盘价计算，卖出金额11.49 万元；融券余量1.47万股，融券余额32.49万元，超过近一 ...

证券日报网讯12月16日，天奥电子（002935）在互动平台回答投资者提问时表示，在低轨卫星领域，公 司主要根据客户的需求提供不同的时间频率产品，目前相关订单正按照客户要求稳步推进，产能可以满 足相关客户需求。 ...

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]

Core Viewpoint - Tianao Electronics is a leading manufacturer of time frequency and BeiDou satellite application products in China, with strong market competitiveness and advanced technology [1] Group 1: Business Performance - In Q3 2025, Tianao Electronics reported revenue of 536 million yuan, ranking 34th among 64 industry companies, with the industry leader AVIC Chengfei achieving 48.286 billion yuan [2] - The net profit for the same period was 15.2232 million yuan, ranking 28th in the industry, with the top performer AVIC Chengfei reporting a net profit of 2.175 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of Tianao Electronics was 44.76%, higher than the previous year's 42.15% and above the industry average of 32.84% [3] - The gross profit margin stood at 22.64%, which is below the industry average [3] Group 3: Corporate Governance - The chairman of Tianao Electronics, Zhao Xiaohu, has been in office since October 2021, while the general manager, Liu Jiang, has held the position since January 2020 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.67% to 20,700, while the average number of circulating A-shares held per shareholder increased by 11.95% to 20,100 [5] - Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 2.9434 million shares as a new shareholder [5] Group 5: Future Outlook - In H1 2025, Tianao Electronics achieved revenue of 318 million yuan and a net profit of 8.3083 million yuan, with expectations for rapid growth in revenue and net profit due to the release of defense construction demand and new product launches [5] - The company has made progress in various new products and business areas, including time frequency devices and RF components, with forecasts for net profits of 100 million yuan, 138 million yuan, and 180 million yuan for 2025-2027 [5]

Core Insights - Tian'ao Electronics reported a revenue of 536 million yuan for the first three quarters of 2025, a year-on-year decrease of 7.12% [1] - The net profit attributable to shareholders was 15.22 million yuan, down 4.51% year-on-year, while the net profit excluding non-recurring items was 9.19 million yuan, a decline of 37.54% [1] - The basic earnings per share stood at 0.04 yuan, with a weighted average return on equity of 0.96% [1] Financial Performance - The gross margin for the first three quarters was 22.64%, a decrease of 3.85 percentage points year-on-year, while the net margin was 2.84%, an increase of 0.08 percentage points compared to the same period last year [1] - In Q3 2025, the gross margin was 20.54%, down 4.20 percentage points year-on-year and 4.37 percentage points quarter-on-quarter, while the net margin was 3.17%, up 2.93 percentage points year-on-year but down 3.34 percentage points from the previous quarter [1] Expense Analysis - Total operating expenses for the company were 96.45 million yuan, a decrease of 25.09 million yuan year-on-year, with an expense ratio of 18.00%, down 3.07 percentage points from the previous year [2] - Sales expenses decreased by 46.45% year-on-year, while management expenses fell by 15.58%. R&D expenses increased by 2.14%, and financial expenses rose by 34.66% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 20,700, a decrease of 2,473 or 10.67% from the end of the previous half-year [2] - The average market value per shareholder increased from 294,500 yuan to 321,100 yuan, reflecting a growth of 9.02% [2] Company Overview - Chengdu Tian'ao Electronics Co., Ltd. was established on January 4, 2004, and went public on September 3, 2018. The company specializes in the research, design, production, and sales of time frequency products and BeiDou satellite application products [2] - The main business revenue composition includes frequency series products (70.61%), time synchronization series products (27.17%), and BeiDou satellite application products (2.22%) [2] - The company is classified under the defense and military industry, specifically in military electronics [2]