Core Viewpoint - *ST Tianwei, established in 2001 and listed in 2021, operates in the domestic military electronics sector, focusing on high-speed automatic fire extinguishing and explosion suppression systems, showcasing unique products and technological barriers [1] Financial Performance - In Q3 2025, *ST Tianwei reported revenue of 128 million yuan, ranking 59th among 64 companies in the industry, significantly lower than the top performer AVIC Chengfei's 48.286 billion yuan and the second AVIC Optoelectronics' 15.838 billion yuan, as well as below the industry average of 189.8 million yuan and median of 57.5 million yuan [2] - The company's net profit for the same period was 39.097 million yuan, ranking 23rd in the industry, again far below AVIC Chengfei's 2.175 billion yuan and AVIC Optoelectronics' 1.884 billion yuan, but above the industry median of 3.7432 million yuan, though below the average of 94.5076 million yuan [2] Financial Ratios - As of Q3 2025, *ST Tianwei's debt-to-asset ratio was 11.26%, an increase from 10.51% year-on-year, but still significantly lower than the industry average of 32.84%, indicating strong solvency [3] - The gross profit margin for the same period was 55.49%, down from 62.77% year-on-year, yet still substantially higher than the industry average of 34.84%, reflecting strong profitability [3] Executive Compensation - Chairman Ju Wanli's salary for 2024 was 989,200 yuan, a decrease of 62,000 yuan from 2023 [4] - General Manager Zhang Chao's salary for 2024 was 385,600 yuan, down by 32,700 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders for *ST Tianwei decreased by 9.79% to 4,157, while the average number of circulating A-shares held per account increased by 10.85% to 24,700 [5]

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].

Group 1 - The Sci-Tech Innovation Board (STAR Market) was officially launched on July 22, 2019, marking the implementation of the registration system, with a total of 591 companies listed by July 22, 2025, including two that have been delisted [1] - The total funds raised through IPOs on the STAR Market amount to 927.156 billion yuan, with a total market capitalization exceeding 7 trillion yuan [1] - The STAR Market has significantly optimized the industry structure of the A-share market and serves as an important platform for tackling key core technologies under a new type of national system [1] Group 2 - Among the 591 companies listed on the STAR Market, two have been delisted, and three have been subjected to other risk warnings [5] - The underwriting situation shows that Guotai Junan and Haitong Securities lead with a total of 213.777 billion yuan raised through 112 underwriting cases [4][5] - CITIC Securities ranks second with 167.069 billion yuan raised through 99 underwriting cases, while China International Capital Corporation follows with 130.254 billion yuan from 70 cases [4][5] Group 3 - Guojin Securities has underwritten 13 STAR Market IPO projects over six years, with a total underwriting amount of 10.428 billion yuan, ranking 14th in the industry [5] - The company *ST Tianwei, which Guojin Securities sponsored, faced delisting risk due to a significant drop in revenue and net profit [5][6] - The financial performance of *ST Tianwei showed a drastic decline post-IPO, with revenue falling to 0.78 billion yuan in 2024, a year-on-year decrease of 44.65% [6][7] Group 4 - Six out of the 12 IPO projects sponsored by Guojin Securities experienced a decline in revenue or net profit in the year of listing, indicating potential issues with the performance of these companies [7] - The last IPO project sponsored by Guojin Securities, Jiuzhou Yitui, also reported a loss in its first year, raising concerns about the underwriting practices [7]