（图片系AI生成） 8月27日，天邑股份（300504.SZ）低开震荡，截至收盘，股价报16.01元，大跌4.36%。股价下挫虽有大盘跳水的影响，但更多或还在其前一晚发布的亏损中 报。 数据显示，今年上半年，天邑股份实现营业收入6.69亿元，同比下降36.45%；归属上市公司股东净利润-4170.63万元，同比下降224.95%；扣非净利 润-4763.12万元，同比下降231.38%。 观察君注意到，天邑股份业绩不仅延续2024年的亏损，且经营规模已极速萎缩至上市之前，叠加行业竞争白热化，毛利率全线下挫，公司面临的压力山大。 值得一提的是，虽然公司强调重视研发，但其研发人员和研发费用持续削减，且公司在2025年中报中的专利情况披露明显于2024年报中的数据"对不齐"，专 利数量明明减少公司却"蒙眼"称增长。 主打产品量价持续萎缩 天邑股份主营通信设备相关产品的研发、生产、销售及服务，基于高带宽、高清/超高清、智能安防、无线组网等领域的发展，主要向国内通信运营商提供 产品及服务。产品分为宽带网络终端设备、移动通信网络优化系统设备及系统集成服务、通信网络物理连接与保护设备、热缩制品等四大系列产品，于2018 年 ...

Company Performance - Tianyi Co., Ltd. reported its first loss after seven years of being listed, with a revenue of 1.767 billion yuan in 2024, a decrease of 30.81% year-on-year [2] - The net profit attributable to shareholders was -26.43 million yuan, a decline of 126.24% compared to the previous year [2] - In Q1 2024, the company achieved a revenue of 331 million yuan, with a net profit of -23.27 million yuan, representing a year-on-year decline of 38.55% and 226.79% respectively [2] Product and Market Analysis - The company focuses on the optical and mobile communication industries, providing products and services to domestic telecom operators [3] - Despite a generally high industry outlook, Tianyi Co., Ltd. faced intense competition, leading to a decline in product prices and overall gross margins [4] - The production and sales of broadband network terminal devices fell to 10.82 million and 12.58 million units respectively, down 29.45% and 28.79% year-on-year, with revenue from this segment dropping by 31.70% to 1.627 billion yuan [4] Research and Development - R&D investment decreased by 21.49% to 101 million yuan in 2024, accounting for 5.74% of revenue [7] - The number of R&D personnel reduced by 25.44% to 296, representing 15.67% of total employees [7] - Overall employee count decreased from 2,185 in 2023 to 1,889 in 2024 [7] Compensation and Shareholding - Executive compensation saw significant reductions, with the chairman's salary dropping from 707,000 yuan in 2023 to 432,000 yuan in 2024 [8] - Independent directors' compensation was also halved from 100,000 yuan to 47,800 yuan [8] - Executives and major shareholders engaged in share sell-offs, with several completing a round of share reductions in early 2024 [9]