Summary of Tianzhun Technology Conference Call Company Overview - **Company**: Tianzhun Technology - **Industry**: Technology, specifically in the fields of consumer electronics, PCB, robotics, and semiconductor equipment Key Points and Arguments Financial Performance - **Total New Orders**: In the first three quarters, total new orders reached 1.92 billion yuan, a year-on-year increase of 42%, primarily driven by strong demand from customer A in the consumer electronics sector, particularly for foldable smartphones, with an estimated incremental demand of about 30% [2][22] - **Revenue Growth**: Revenue increased by 14.8% year-on-year, but the company reported a loss of 15 million yuan, slightly larger than the previous year, due to increased salary-related expenses and a decline in gross margin [3] - **Gross Margin Decline**: The gross margin decreased by approximately 3 percentage points due to changes in revenue structure and a decline in the gross margin of the photovoltaic business [2][4] - **Operating Cash Flow**: Operating cash flow improved significantly from a negative 140 million yuan to a positive 31 million yuan, indicating a positive cash flow situation [6] Business Segment Performance - **Consumer Electronics**: Orders grew by 46%, primarily for next year's prototype needs, including major upgrades for foldable smartphones [7][20] - **PCB Business**: New orders increased by approximately 30%, with significant growth in LDI (Laser Direct Imaging) and the first bulk order for CO2 laser drilling machines [16] - **Robotics**: Orders surged by about 70%, with a focus on brain controllers for robots [17] - **Semiconductors**: Orders grew by approximately 40%, mainly from contributions from German company Muetter [7] Future Outlook - **2026 Development Prospects**: The company holds an optimistic view for 2026, with more opportunities in prototype development projects than in previous years, although quantifying these opportunities will depend on market competition and project profitability [9] - **AI Detection Equipment**: Expected order volume for AI detection equipment is projected to reach over 100 million yuan, marking significant growth and establishing it as an important emerging business segment [10] Challenges and Risks - **Gross Margin Projections**: The company anticipates a slight decline in gross margin to around 40% over the next couple of years due to lower margins in new businesses like robotics and PCB [4][23] - **Debt and Receivables**: The debt ratio increased from 46% to 51% due to an increase in accounts payable and contract liabilities, reflecting growth in procurement and project prepayments [24] - **Impairment Risks**: Risks mainly stem from the photovoltaic sector, with some long-standing accounts receivable and unverified products, although there is no systemic risk [25] Strategic Initiatives - **Funding Projects**: The company plans to focus on three main areas for fundraising: upgrading existing key products, developing new overlay etching equipment in collaboration with Mutec, and new product development in intelligent driving and robotics [18] - **Supply Chain Strategy**: Investment in Gecang Optoelectronics aims to secure key component supplies, particularly in high-end measurement and semiconductor fields, emphasizing a strategic rather than financial investment approach [27] Market Positioning - **3C Testing Revenue Share**: Initially, 3C testing accounted for about 70% of total revenue, which has decreased to around 40% as new business segments have developed [21] - **Technology Platform**: The company utilizes a unified machine vision platform to support various business segments, ensuring a strong matrix structure and effective management across divisions [28] Additional Notes - **New Product Developments**: The company is working on enhancing technology indicators for 14nm and below nodes, with expectations for prototype samples by the end of 2025 [14] - **Market Competition**: The company is actively engaging with major clients like JD and Meituan in the unmanned logistics vehicle sector, indicating strong competitive positioning [26] This summary encapsulates the key insights from the conference call, highlighting Tianzhun Technology's performance, challenges, and strategic direction in the technology sector.

Core Points - Tianzhun Technology announced the results of the third vesting period of its 2021 restricted stock incentive plan, indicating a focus on employee motivation and retention [2] - The total number of shares available for circulation in this stock listing is 184,000 shares, which reflects the company's commitment to incentivizing its workforce [2] - The shares will be available for trading starting from November 5, 2025, marking a significant future date for the company's stock performance [2]

本次股票上市流通日期为2025 年 11 月 5 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，苏州天准科技股份有限公司（以下简称"公司"） 于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证 明》，公司完成了 2021 年限制性股票激励计划第三个归属期的股份登记工作。现 将有关情况公告如下： 证券代码：688003 证券简称：天准科技 公告编号：2025-058 苏州天准科技股份有限公司 2021 年限制性股票激励计划第三个归属期归属结果 暨股票上市公告 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。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 184,000股。 本次股票上市流通总数为184,000股。 一、本次限制性股票归属的决策程序及相关信息披露 （1）2021 年 9 月 29 日，公司召开第三届董事会第五次会议，会议审议通过 了《关于公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》《关 ...

Group 1 - The core viewpoint of the article highlights that Tianzhun Technology (SH 688003) reported a revenue of approximately 977 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 14.79% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 15.17 million yuan [1] - As of the report, Tianzhun Technology has a market capitalization of 10.5 billion yuan [1]

Group 1 - The core point of the article is that Tianzhun Technology (688003.SH) reported its Q3 financial results, showing a revenue increase but a net loss [1] Group 2 - For the first three quarters of 2025, the company achieved a total operating revenue of 977 million yuan, representing a year-on-year growth of 14.79% [1] - The net profit attributable to shareholders of the parent company was a loss of 15.169 million yuan, which is an increase in loss of 150.13% compared to the same period last year [1] - The basic earnings per share were reported at -0.0788 yuan [1]

Core Insights - The core viewpoint of the articles is that Tianzhun Technology has shown significant improvement in its operational performance, particularly in new order acquisition and cash flow management, despite a slight increase in net losses. Financial Performance - For the first three quarters of 2025, the company's operating revenue reached 977 million, representing a year-on-year growth of 14.79% [1] - The net profit attributable to the parent company was -15.17 million, indicating a slight widening of losses compared to the previous year [1] - The operating cash flow for the first three quarters of 2025 was 31.30 million, a significant improvement from -143 million in the same period last year [1] Order Growth and Business Development - The total new orders signed in the first three quarters amounted to 1.917 billion, reflecting a year-on-year increase of 41.97% [1] - The company has actively pursued a platform strategy, focusing on developing AI-based inspection technologies across various sectors, including AOI, PCB, and semiconductors [1] - Multiple business segments have shown significant growth, with inventory at 1.29 billion, up 14.45% year-on-year, and contract liabilities at 366 million, up 9.49% year-on-year [1] Business Progress - The company has made notable advancements in several business areas, including securing detection needs for foldable screen products from leading consumer electronics clients and receiving a 56 million order for smart energy-related detection equipment [2] - The LDI equipment has seen revenue growth exceeding 50% in the first half of the year, and the humanoid robot controller business secured an initial order of 14 million from a major client [2][3]

Core Viewpoint - Tianzhun Technology is a leading company in the domestic machine vision industry, focusing on industrial vision equipment and leveraging advanced technology and a full industry chain advantage to maintain competitiveness in the market [1] Group 1: Business Performance - In Q3 2025, Tianzhun Technology achieved a revenue of 977 million yuan, ranking 6th among 25 companies in the industry, with the industry leader, Bozhong Precision, generating 3.653 billion yuan [2] - The main business composition includes visual process equipment at 241 million yuan (40.34%), visual measurement equipment at 226 million yuan (37.87%), intelligent driving solutions at 65.27 million yuan (10.93%), and visual inspection equipment at 64.76 million yuan (10.85%) [2] - The net profit for the same period was -15.22 million yuan, ranking 19th in the industry, with the industry leader, Yihua, reporting a net profit of 417 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Tianzhun Technology's asset-liability ratio was 51.38%, higher than the previous year's 48.63% and above the industry average of 35.98% [3] - The gross profit margin for Q3 2025 was 35.61%, down from 39.41% year-on-year but still above the industry average of 33.21% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 18.91% to 13,100, while the average number of circulating A-shares held per shareholder decreased by 15.67% to 14,800 [5] - Notable changes among the top ten circulating shareholders include an increase in holdings by Huaxia CSI Robot ETF and new entries from two funds [5] Group 4: Business Highlights - Tianzhun Technology has become a partner of NVIDIA's Jetson Thor platform, developing domain controllers for various L4 application scenarios, and launched the third-generation humanoid robot controller product, Xingzhi 007 [6] - The PCB business saw over 50% revenue growth in the first half of 2025, with a product layout including LDI, AOI, and CO laser drilling [6] - Significant progress was made in the semiconductor business, with formal orders for defect detection equipment [6]

Core Insights - The company reported significant growth across most business segments in the first three quarters of 2025, with operating cash flow showing improvement [1] - The total revenue for the first three quarters was 977 million yuan, representing a year-on-year increase of 14.79%, while the net profit attributable to shareholders was a loss of 15.17 million yuan, slightly widening the loss compared to the previous year [1] - The company signed new orders totaling 1.917 billion yuan in the first three quarters, marking a year-on-year increase of 41.97%, attributed to the company's platform strategy and expansion into AI-based business areas [1][2] Financial Performance - Revenue for the first three quarters was 977 million yuan, with a year-on-year growth of 14.79% [1] - The net profit attributable to shareholders was a loss of 15.17 million yuan, which is a slight increase in losses compared to the previous year [1] - Operating cash flow improved to 31.30 million yuan from a negative 143 million yuan in the same period last year, with cash received from sales increasing by 34.61% [1] Business Developments - The company has made significant progress in various business areas, including securing detection needs for foldable screen products from leading consumer electronics clients and new orders related to AI applications [2] - The company achieved over 50% revenue growth in LDI equipment and received its first formal order for visual inspection equipment from domestic brands [2] - The humanoid robot controller business secured an initial order of 14 million yuan from a leading humanoid robot client within the first half of the year [2]

Financial Performance - The company's operating revenue for Q3 2025 was ¥380,060,049.37, representing a year-on-year increase of 22.58%[2] - The total profit for the period was a loss of ¥8,987,702.43, with a cumulative loss of ¥42,695,145.12 for the year-to-date[2] - The net profit attributable to shareholders was a loss of ¥976,730.15 for the quarter, with a year-to-date loss of ¥15,169,003.97[2] - Total operating revenue for the first three quarters of 2025 reached ¥976,942,418.55, an increase of 14.8% compared to ¥851,091,088.77 in the same period of 2024[18] - Operating profit for the first three quarters of 2025 was reported at -¥42,678,824.60, slightly worse than -¥42,530,492.10 in the previous year[18][19] - Net loss for the first three quarters of 2025 was -¥15,220,257.84, compared to -¥13,667,701.04 in the same period of 2024, indicating a deterioration in profitability[19] - Basic earnings per share for the first three quarters of 2025 were -¥0.0788, compared to -¥0.0713 in the previous year[20] - The company’s total profit for the first three quarters of 2025 was a loss of ¥52,345,340.92, an improvement from a loss of ¥84,409,509.01 in the same period of 2024[27] Research and Development - Research and development expenses totaled ¥77,711,486.90, accounting for 20.45% of operating revenue, a decrease of 4.62 percentage points year-on-year[3] - Research and development expenses for the first three quarters of 2025 were ¥172,805,518.31, slightly up from ¥169,584,854.38 in the same period of 2024[18] - Research and development expenses decreased to ¥123,038,023.74 in 2025 from ¥149,609,979.22 in 2024, reflecting a 17.8% reduction[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,848,054,403.44, an increase of 6.42% compared to the end of the previous year[3] - The company's total current assets amounted to RMB 2.364 billion, an increase from RMB 2.255 billion at the end of 2024[15] - The total assets as of September 30, 2025, were ¥3,689,587,031.81, an increase from ¥3,478,836,299.19 at the end of 2024, showing a growth of 6.0%[25] - Total liabilities increased to ¥1,977,210,429.83 from ¥1,680,729,482.24, reflecting a growth of 17.7% year-over-year[18] - The total liabilities as of September 30, 2025, were ¥1,996,835,279.22, compared to ¥1,693,756,940.00 at the end of 2024, representing an increase of 17.9%[26] - Total equity decreased to ¥1,870,843,973.61 from ¥1,935,114,641.22, a decline of 3.3% compared to the previous year[18] Cash Flow - The cash flow from operating activities for the year-to-date was ¥31,296,814.47, indicating an increase in sales collections[8] - In the first three quarters of 2025, the cash inflow from operating activities reached ¥1,425,765,372.93, a 34.1% increase compared to ¥1,063,153,027.20 in the same period of 2024[21] - The net cash flow from operating activities was ¥31,296,814.47, a significant recovery from a net outflow of ¥143,084,422.87 in the previous year[21] - Operating cash flow for the first three quarters of 2025 was ¥57,453,239.36, a significant recovery from a negative cash flow of ¥83,713,102.04 in the same period of 2024[30] - The net cash flow from investing activities was -¥175,120,621.95, worsening from -¥102,027,875.80 in the same period last year[22] - The net cash flow from financing activities was -¥101,811,867.67, a decline from a positive cash flow of ¥199,858,989.23 in the previous year[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,090[10] - The company reported a significant increase in long-term equity investments to RMB 38.18 million from RMB 8.85 million at the end of 2024[15] Inventory and Receivables - Accounts receivable decreased to RMB 462.20 million from RMB 623.60 million at the end of 2024[14] - Inventory increased significantly to RMB 1.290 billion from RMB 883.81 million at the end of 2024[14] - The company's inventory increased to ¥1,145,097,478.29, compared to ¥786,300,877.31 at the end of 2024, reflecting a rise of 45.7%[25] Strategic Focus - The company is focusing on platform strategy and expanding into AI-based AOI detection, PCB, semiconductor, and embodied intelligence sectors[13] - The company aims to enhance its operational efficiency through a positive lean management system[13]

Computing - Chuangwei Data reports strong market demand for cloud computing services, with high server rental rates [1] Semiconductor - Tengjing Technology indicates a robust order backlog in the semiconductor equipment sector [1] - Zhongdian Port states that the revenue contribution from the agency of Nexperia semiconductor product line is relatively small [1] - Tianzhun Technology mentions that Suzhou Xihang Semiconductor's inline inspection equipment can be used for quality control in memory chip manufacturing [1] - Glinda has begun mass production of photoresist for semiconductors, supplying leading companies [1] Quantum Technology - Tefa Information currently has no involvement in the quantum technology sector [1] Robotics - Hengfeng Tools has provided tool trial services to over ten humanoid robot component manufacturers [1] Solid-State Batteries - Funeng Technology is steadily constructing its pilot line for solid-state batteries [1] Commercial Aerospace - Zhongji Renjian has not yet initiated any commercial aerospace business [1] Other - Shenling Environment's products are serving a compact fusion energy experimental device project [1] - Shanda Electric Power currently has no business related to controllable nuclear fusion [1] - Sanyuan Bio's intelligent biomass energy project has been terminated due to approval delays [1]