Core Viewpoint - Sichuan Tianwei Electronics Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased demand for its fire extinguishing and explosion suppression systems, which are closely tied to the annual task arrangements of armored vehicle production [14][7]. Financial Performance - The company achieved operating revenue of 84.01 million yuan, a year-on-year increase of 87.37% compared to 44.84 million yuan in the same period last year [6]. - The total profit reached 33.37 million yuan, a substantial increase from 0.15 million yuan in the previous year [6]. - Net profit attributable to shareholders was 30.82 million yuan, up 2,119.12% from 1.39 million yuan in the same period last year [6]. - Basic earnings per share were 0.3010 yuan, reflecting a 1,600.51% increase compared to 0.0177 yuan in the previous year [6]. Business Overview - The company specializes in the research, production, and sales of new fire extinguishing and explosion suppression systems, as well as other electronic protection products [8][9]. - The main products include aviation discharge tubes, special fuses, and new fire extinguishing systems, primarily used in military applications [9][10]. - The company has established long-term stable relationships with major suppliers, ensuring quality and timely delivery of materials [10]. Market Dynamics - The demand for the company's products is closely linked to the annual production schedules of armored vehicles, which have accelerated due to national macro policies [14][7]. - The company reported a significant increase in order volume and revenue due to the faster delivery pace aligned with the production progress of assembly plants [14]. Research and Development - The company has a strong focus on R&D, with a commitment to enhancing the performance and reliability of its products, particularly in the fields of fire extinguishing and electronic protection [15][17]. - R&D investment was 10.09 million yuan, a decrease of 5.97% from the previous year, attributed to the cancellation of share-based payment expenses [15]. - The company is actively exploring the integration of artificial intelligence in its product offerings, aiming to enhance market competitiveness [16][17]. Competitive Advantage - The company has developed a range of core technologies in fire detection and suppression, achieving recognition for its military-grade products [18][19]. - The military fire extinguishing and explosion suppression systems have been recognized in competitive bidding processes, indicating strong market acceptance and technical capability [19].

关于上半年业绩变动的原因，*ST天微说明如下： 公司的主要产品为灭火抑爆系统作为整车的分系统，其需求增减与整车的年度任务安排紧密相关。今年受国家宏观政策推动，整车的年度任务进度加快。受 此影响，产品的交付节奏也随着总装厂生产进度的加快而提速，进而使得公司在2025年上半年的订单量显著增加，收入实现大幅上涨。同时，相较于上年同 期，因取消股权激励导致管理费用下降，减值损失减少等导致2025年半年度归属于母公司所有者的净利润大幅增加。 7月30日，*ST天微发布2025年H1业绩预告称，预计2025年上半年度营业收入为8,400.89万元左右，扣除与主营业务无关的业务收入和不具备商业实质的收入 后的营业收入为8,236.15万元左右。预计2025年上半年度实现利润总额3,248.80万元左右，预计2025年上半年度归属于母公司所有者的净利润为3,006.32万元 左右，扣除非经常性损益后的净利润为2,310.51万元左右。 预计2025年半年度实现归属于母公司所有者的净利润与上年同期相比，将增加2,867.45万元左右，同比增加2,064.85%左右。归属于母公司所有者的扣除非经 常性损益的净利润与上年同期相比， ...

证券代码：688511 证券简称：*ST天微 公告编号：2025-034 四川天微电子股份有限公司 2025年半年度业绩预告的自愿性披露公告 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。 一、本期业绩预告情况 （一）业绩预告期间 （二）每股收益：0.0177元/股。 2025年1月1日至2025年6月30日。 （二）业绩预告情况 （1）经财务部门初步测算，预计2025年半年度实现归属于母公司所有者的净利润与上年同期（法定披 露数据）相比，将增加2,867.45万元左右，同比增加2,064.85%左右。 （2）归属于母公司所有者的扣除非经常性损益的净利润与上年同期（法定披露数据）相比，将增加 2,698.56万元左右。 （3）预计2025年上半年度实现利润总额3,248.80万元左右，预计2025年上半年度归属于母公司所有者的 净利润为3,006.32万元左右，扣除非经常性损益后的净利润为2,310.51万元左右。 （4）预计2025年上半年度营业收入为8,400.89万元左右，扣除与主营业务无关的业务收入和不具备商业 实 ...

证券代码：688511 证券简称：*ST天微 公告编号：2025-034 四川天微电子股份有限公司 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。 （一）利润总额：15.38 万元。归属于母公司所有者的净利润：138.87 万元。 归属于母公司所有者的扣除非经常性损益的净利润：-388.05 万元。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 （1）经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的 净利润与上年同期（法定披露数据）相比，将增加 2,867.45 万元左右，同比增加 （2）归属于母公司所有者的扣除非经常性损益的净利润与上年同期（法定披 露数据）相比，将增加 2,698.56 万元左右。 （3）预计 2025 年上半年度实现利润总额 3,248.80 万元左右，预计 2025 年上 半年度归属于母公司所有者的净利润为 3,006.32 万元左右，扣除非经常性损益后 的净利润为 2,310.51 万元左右。 （4）预计 2025 年上半年度营业收入为 8,400.89 万元左 ...

Core Viewpoint - *ST Tianwei (688511) expects a significant increase in net profit for the first half of 2025, projecting a rise of approximately 28.67 million yuan, or about 2064.85% year-on-year [2] Financial Performance - The company anticipates a total profit of around 32.49 million yuan and a net profit of approximately 30.06 million yuan for the first half of 2025 [2] - The expected operating revenue for the same period is about 84.01 million yuan, with a core operating revenue of approximately 82.36 million yuan after excluding unrelated business income [2] - The estimated net asset value at the end of the first half of 2025 is around 849 million yuan [2] Product and Market Development - *ST Tianwei specializes in the research, production, and sales of fire extinguishing and explosion suppression systems, among other products [2] - The demand for the company's main products is closely linked to the annual task arrangements of the complete vehicle assembly, with increased orders and revenue due to accelerated production schedules driven by national macro policies [3] - The company plans to expand its market for anti-chemical and biological products and enhance the application of optical flame detection systems and infrared detectors in fire suppression systems [4] Technological Advancements - The company has accumulated over 20 years of expertise in high-reliability real-time detection technology and intelligent control technology, aiming to leverage these capabilities to expand into civilian markets while maintaining its military product base [5] - *ST Tianwei intends to explore external growth opportunities through capital market activities, including mergers and acquisitions, to optimize its industrial layout and achieve high-quality development [5]

Group 1 - Anke Detection's actual controller, He Xianing, is planning a share transfer and control change, leading to a stock suspension [2] - Huaneng International reported a net profit of 9.262 billion yuan for the first half of 2025, a year-on-year increase of 24.26%, while revenue decreased by 5.70% to 112.032 billion yuan [3] - Redik announced that some robot customer orders have entered the mass production stage, with plans for two dedicated production lines to be operational by late September to early October 2025 [4] Group 2 - Su Shi Testing reported a net profit of 117 million yuan for the first half of 2025, a year-on-year increase of 14.18%, with revenue of 991 million yuan, up 8.09% [5] - Palm Holdings signed 66 new contracts in the second quarter of 2025, totaling 1.661 billion yuan, with a backlog of 1124 contracts worth 22.582 billion yuan [6] - Fudan Microelectronics expects a net profit decline of 39.67% to 48.29% for the first half of 2025, with revenue projected between 1.82 billion and 1.85 billion yuan [7] Group 3 - Weisheng Information reported a net profit of 305 million yuan for the first half of 2025, a year-on-year increase of 12.24%, with revenue of 1.368 billion yuan [8] - Suzhou Planning's shareholder plans to reduce holdings by up to 2.50% [9] - *ST Tianwei expects a net profit increase of 2065% for the first half of 2025, driven by increased demand for its fire suppression systems [9] Group 4 - Zhongbei Communication terminated the acquisition of a 55% stake in PT.Semesta Energi Services due to unmet conditions [9] - Huayuan Fragrance's controlling shareholder plans to reduce holdings by up to 3% [10] - Jinbei Electric reported a net profit of 296 million yuan for the first half of 2025, a year-on-year increase of 7.46% [11] Group 5 - Nan Fang Road Machine's stock price has significantly outperformed the industry average, with a TTM P/E ratio of 48.16 compared to the industry average of 32.19 [11] - Quzhou Development is planning to issue shares to acquire assets and raise matching funds, leading to a stock suspension [11] - Wei De Information's shareholders plan to transfer 4% of the company's shares [12] Group 6 - YN Holdings plans to invest 1 billion yuan to establish a new subsidiary focused on smart energy [14] - China Merchants Heavy Industry intends to build six Newcastle-type bulk carriers for a total of 3.168 billion yuan [15] - Dao Shi Technology signed a strategic cooperation agreement to enhance the development of humanoid robot components [15] Group 7 - Chang'an Automobile's indirect controlling shareholder will change to China Chang'an Automobile Group, with no change in actual control [17] - Pingmei Co. plans to apply for a loan of 1.344 billion yuan for a digital transformation project [18] - Guangzhi Technology reported a net profit of 23.9988 million yuan for the first half of 2025, a year-on-year increase of 167.77% [19] Group 8 - *ST Yuan Cheng received an administrative sanction from the Zhejiang Securities Regulatory Commission for inaccurate disclosures [20] - Shima Power plans to repurchase shares worth between 300 million and 400 million yuan [21] - Fangbang Co. reported that its sales of removable copper products accounted for less than 0.3% of total revenue [22] Group 9 - Greenland Holdings achieved a contract sales amount of 33.895 billion yuan in the first half of 2025, a year-on-year increase of 6.46% [23] - Xizang Tourism has disclosed multiple abnormal trading announcements due to stock price fluctuations [24] - Xizang Tianlu's convertible bonds experienced significant price deviations, with a closing price of 481.8 yuan per bond [25] Group 10 - Jiahe Meikang's shareholder plans to reduce holdings by up to 3% [26] - Greenland Holdings reported a 31.04% year-on-year decline in infrastructure project amounts for the second quarter of 2025 [27] - Liyuan Technology's actual controller was sentenced to one year in prison for information disclosure violations [28] Group 11 - Huakong Technology plans to acquire a 6% stake in Jinghe Integration for 2.393 billion yuan [29][30] - New Asia Electronics reported that its high-frequency and high-speed copper cable sales accounted for a small portion of total revenue [30] - China Foreign Trade's REIT issuance is expected to increase net profit by approximately 390 million yuan for 2025 [30] Group 12 - Hainan Development's subsidiary has reduced production due to a furnace shutdown [31] - Jianglong Shipbuilding is the first candidate for a 78.55 million yuan transportation project [32] - Dong'an Power's indirect controlling shareholder will change to China Chang'an Automobile Group [33] Group 13 - Enhua Pharmaceutical reported a net profit of 700 million yuan for the first half of 2025, a year-on-year increase of 11.38% [34] - Wantong Intelligent signed an exclusive sales agreement in the embodied intelligence field [34] - China CNR signed contracts totaling approximately 32.92 billion yuan [35] Group 14 - Hunan Tianyan's indirect controlling shareholder will change to China Chang'an Automobile Group [36] - Chenxin Pharmaceutical's stock price has experienced significant fluctuations without undisclosed major information [36] - Anhui Construction won a highway project with an estimated total investment of 3.614 billion yuan [37] Group 15 - Kaimete Gas reported a net profit of 55.8461 million yuan for the first half of 2025, a year-on-year increase of 199.82% [38] - Lifang Pharmaceutical received approval for a raw material drug listing [39] - Shanghai Pharmaceuticals received clinical trial approval for a new indication of B019 [40] Group 16 - Nanya New Materials expects a net profit increase of 44.69% to 71.82% for the first half of 2025 [41] - Baotai expects a net loss reduction for the first half of 2025 [42] - Sains expects a net profit decrease of 57.53% to 60.13% for the first half of 2025 [42] Group 17 - Tian Pharmaceutical's subsidiary passed the consistency evaluation for a dialysis solution [43]

格隆汇7月29日丨*ST天微(688511.SH)公布，（1）经财务部门初步测算，预计2025年半年度实现归属于 母公司所有者的净利润与上年同期（法定披露数据）相比，将增加2,867.45万元左右，同比增加 2,064.85%左右。（2）归属于母公司所有者的扣除非经常性损益的净利润与上年同期（法定披露数据） 相比，将增加2,698.56万元左右。（3）预计2025年上半年度实现利润总额3,248.80万元左右，预计2025 年上半年度归属于母公司所有者的净利润为3,006.32万元左右，扣除非经常性损益后的净利润为2,310.51 万元左右。（4）预计2025年上半年度营业收入为8,400.89万元左右，扣除与主营业务无关的业务收入和 不具备商业实质的收入后的营业收入为8,236.15万元左右。 公司的主要产品为灭火抑爆系统作为整车的分系统，其需求增减与整车的年度任务安排紧密相关。今年 受国家宏观政策推动，整车的年度任务进度加快。受此影响，产品的交付节奏也随着总装厂生产进度的 加快而提速，进而使得公司在2025年上半年的订单量显著增加，收入实现大幅上涨。同时，相较于上年 同期，因取消股权激励导致管理费用下降， ...

公司的主要产品为灭火抑爆系统作为整车的分系统，其需求增减与整车的年度任务安排紧密相关。今年 受国家宏观政策推动，整车的年度任务进度加快。受此影响，产品的交付节奏也随着总装厂生产进度的 加快而提速，进而使得公司在2025年上半年的订单量显著增加，收入实现大幅上涨。同时，相较于上年 同期，因取消股权激励导致管理费用下降，减值损失减少等导致2025年半年度归属于母公司所有者的净 利润大幅增加。此外，公司与某整机厂的某车型配套产品合同暂定价格事项，经双方多次沟通、协商， 变更为谈判确定某车型配套产品结算价格，并于2025年7月19日达成一致意见，于2025年7月21日完成补 充协议签署，约定在未有军审批复价格前按照合同补充协议约定结算价格对某车型配套产品进行结算付 款，该车型配套产品的历史确认价格差异部分计入本期损益。 格隆汇7月29日丨*ST天微(688511.SH)公布，（1）经财务部门初步测算，预计2025年半年度实现归属于 母公司所有者的净利润与上年同期（法定披露数据）相比，将增加2,867.45万元左右，同比增加 2,064.85%左右。（2）归属于母公司所有者的扣除非经常性损益的净利润与上年同期（法定披露 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company successfully completed a private placement of shares, raising a total of 1.02 billion yuan by issuing 7.397 million shares at a price of 13.8 yuan per share, which will facilitate capacity expansion and ensure future performance release [1] - The company is positioned at the core of the special robotics sector, providing integrated optical reconnaissance solutions for unmanned platforms, with products expected to be showcased at the 2024 Zhuhai Airshow [2] - The defense sector is experiencing rapid information technology advancements, with increasing demand for precision-guided munitions, which the company is well-equipped to meet due to its strong technological capabilities in laser guidance systems [3] - The optical materials and components segment is witnessing a shift of the industry towards China, with the company's subsidiary holding a 30% market share in the domestic high-quality optical glass market [4] Financial Summary - Revenue projections for the company are expected to reach 2.3168 billion yuan in 2025, 3.0118 billion yuan in 2026, and 3.7918 billion yuan in 2027, with a compound annual growth rate (CAGR) of 28% from 2025 to 2027 [5] - The net profit attributable to the parent company is forecasted to be 0.86 billion yuan in 2025, 1.129 billion yuan in 2026, and 1.448 billion yuan in 2027, with a CAGR of 30% during the same period [5] - The company is projected to have a revenue of 1.297 billion yuan in 2024, reflecting a 41.1% decrease, followed by a significant recovery in 2025 with a growth of 78.6% [6]

Core Viewpoint - The company is facing pricing disputes with a key client (E Unit) regarding the M03 fire extinguishing system and M29 explosion suppression system, which may impact future revenue and profitability due to potential price adjustments and ongoing negotiations [1][2][3]. Group 1: Pricing Disputes and Financial Impact - The company has not reached an agreement on the pricing for the M03 and M29 systems, leading to delays in contract signing for new products scheduled for 2025 [1]. - As of the end of 2024, the company has recognized a total revenue of 53.56 million yuan from the disputed products, with an additional 2.76 million yuan recognized in 2025 [2]. - If the pricing dispute is resolved with a price reduction, the company will adjust the cumulative differences in pricing to the current period, potentially affecting revenue for that period [2][3]. Group 2: Revenue and Profitability Projections - The company anticipates that reaching an agreement with E Unit will require repayment of previously disputed amounts, which could significantly impact 2025's revenue and net profit [3]. - Various scenarios of price adjustments (ranging from -5% to -25%) have been simulated, indicating potential impacts on revenue and net profit, with the most severe scenario projecting a decrease in net profit by approximately 1.14 million yuan [4][5]. Group 3: Market Development and Risks - The company is focusing on expanding its civilian product market, leveraging military technology to develop customized solutions in various sectors, including smart parks and energy storage [5][7]. - The company has faced challenges in developing civilian products, which may not meet market expectations, leading to risks of continued low revenue and potential delisting if revenues fall below 100 million yuan [7]. Group 4: Investment Project Delays - As of April 30, 2025, the company has invested 179.94 million yuan in fundraising projects, with a progress rate of 35.38%, but has experienced delays due to macroeconomic uncertainties [7]. - The completion of three fundraising projects has been postponed to July 30, 2026, with potential for further delays or changes depending on market conditions and policies [7]. Group 5: Financial Performance and Comparisons - The company's revenue from key products has declined significantly, with a 30.48% drop in total revenue compared to the previous year, primarily due to reduced orders for the fire extinguishing and explosion suppression systems [8][12]. - A comparison with competitors shows that the company has experienced a more significant decline in gross margin, attributed to its reliance on a narrow product range compared to competitors with diversified offerings [13].