Core Viewpoint - The China Coal Industry Association announced the winners of the 2025 Science and Technology Awards, with China Coal Technology and Engineering Group's Tianma Intelligent Control leading and participating in 10 awarded projects, securing 5 first prizes, 4 second prizes, and 1 third prize, highlighting its core competitiveness in coal technology [1][5]. Group 1: Awarded Projects - The projects that won first prizes include: - Key technology and equipment development for unmanned mining in thin coal seams [2][7]. - Key technology research and application for megawatt-level high-pressure large-flow fracturing pump stations [2][7]. - Efficient production systems for coal mining faces with an annual capacity of 20 million tons [2]. - Key technology and application for directional hole fracturing under thick hard roofs in the Mengxi and Shaanxi mining areas [2]. - Intelligent mining in complex thin coal seams with key technologies and complete equipment [2]. - The second prize projects include: - Research and application of a 5G communication architecture intelligent control system for fully mechanized mining faces [2][7]. - High-lifetime laser cladding manufacturing of hydraulic supports and ultra-long working face cluster self-organizing control key technologies [2]. - Digital twin and decision-making for coal mine excavation operations [2]. - Compilation and research of industry standards for Ethernet/IP communication interfaces and protocols for fully mechanized mining equipment [2]. Group 2: Key Technologies and Innovations - The unmanned mining project for thin coal seams introduced a new mode of unmanned coal mining, featuring surface planning, automatic equipment execution, and in-face unmanned operations, successfully applied in several coal mines [8]. - The megawatt-level high-pressure large-flow fracturing pump station project overcame core technologies related to system stability, long-term reliability, and intelligent precise control, significantly enhancing operational safety and efficiency [9]. - The 5G communication architecture intelligent control system project developed a hydraulic support intelligent control system based on 5G, creating a mining mode suitable for various geological conditions, integrating big data, artificial intelligence, and 5G technology [10]. Group 3: Future Directions - The company emphasizes technological innovation as the core engine for high-quality development, focusing on intelligent mining, high-end equipment manufacturing, and intelligent control systems, while increasing R&D investment and building a deep integration innovation system [10]. - Future plans include implementing the group's overall development strategy and enhancing the role of technological innovation, deepening core technology breakthroughs, accelerating the transformation of scientific achievements, and improving core competitiveness [10].

（来源：天玛智控） 近日，由山东能源集团发布、中国煤科天玛智控牵头揭榜的两项行业重大科技项目——《超千米深井多元灾害煤层安全高效数智化开采关键技术与装备》 与《薄煤层超长工作面无人化高效智能开采关键技术研发与工程示范》启动会顺利召开。本次会议由山东能源集团组织，汇聚了中国工程院赵文智、王国 法、刘泉声三位院士及来自揭榜单位、协作单位的40余位代表与专家学者，共同谋划煤炭安全智能开采新蓝图。 此次启动的两大项目，针对山东能源集团及行业面临的深部资源安全开发与薄煤层高效开采两大关键挑战展开攻关。"超千米深井多元灾害煤层安全高效 数智化开采关键技术与装备"项目，面向超千米深井特有的"高地压、高地温、高瓦斯及强采动扰动"（"三高一扰动"）极端复杂条件，旨在打通"灾害智能 防控—开采数智化—装备强适配"技术链条，为深部煤炭资源安全高效开采提供系统性解决方案。"薄煤层超长工作面无人化高效智能开采关键技术研发与 工程示范"，则聚焦占我国煤炭资源量约20%的薄煤层，通过装备小型化、智能化与超长工作面协同控制技术的深度融合，实现"采、支、运"一体化无人 高效运行，着力破解该类资源开采中长期存在的效率低、成本高、劳动强度大等难题 ...

国家知识产权局信息显示，北京天玛智控科技股份有限公司取得一项名为"一种柱塞泵的故障检测方 法、装置及电子设备"的专利，授权公告号CN115270862B，申请日期为2022年7月。 天眼查资料显示，北京天玛智控科技股份有限公司，成立于2001年，位于北京市，是一家以从事仪器仪 表制造业为主的企业。企业注册资本43300万人民币。通过天眼查大数据分析，北京天玛智控科技股份 有限公司共对外投资了3家企业，参与招投标项目2798次，财产线索方面有商标信息40条，专利信息 1627条，此外企业还拥有行政许可34个。 来源：市场资讯 北京煤科天玛自动化科技有限公司，成立于2013年，位于北京市，是一家以从事科技推广和应用服务业 为主的企业。企业注册资本8000万人民币。通过天眼查大数据分析，北京煤科天玛自动化科技有限公司 参与招投标项目43次，专利信息1355条，此外企业还拥有行政许可59个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

Core Insights - China Coal Science & Technology Group (CCSTG) has implemented the "1245" overall development strategy since the 14th Five-Year Plan, focusing on enhancing core competitiveness and accelerating the development of strategic emerging industries, with revenue from these industries now accounting for 55%, an increase of 17.7 percentage points since 2020 [1] - The group has established numerous national-level R&D platforms, including 4 national key laboratories and 4 national engineering research centers, to drive technological breakthroughs in coal's intelligent and green development [2] - CCSTG is leading a technological revolution in mining through its unmanned intelligent mining project, which has improved coal mining efficiency by over 20% [3] Technological Advancements - The group has developed the world's first 10-meter ultra-high mining technology and equipment, setting multiple mining records, and has created a digital and visual underground geological perception system to enhance safety and efficiency [2] - The introduction of the "Sunstone" model and GeoGPT has integrated AI into mining operations, marking significant advancements in the industry [3] Traditional Industry Upgrade - CCSTG has transformed its manufacturing system through intelligent upgrades, establishing 10 smart factories and 17 smart workshops, with 2 recognized as "excellent" smart factories [4] - The company is expanding into new fields such as information technology, AI, and new materials, fostering new enterprises that contribute to long-term growth [4] Talent Development - The group has implemented a diverse long-term incentive ecosystem, utilizing various incentive tools to enhance employee engagement and performance, covering over 4,000 core personnel [7] - CCSTG has established a competitive talent policy, creating a four-tier talent team that includes academicians and young elites, with over 40% of its workforce being technology talents [7] Future Focus - Looking ahead, CCSTG aims to strengthen its core functions and competitiveness, focusing on innovation-driven strategies and becoming a world-class technology leader in the coal industry [8]

Investment Rating - The investment rating for Tianma Zhikong (688570) is "Buy" [1] Core Views - The strategic investment in the joint venture "Kegong Chengtai Company" aims to enhance long-term high-quality development through collaboration and resource complementarity, focusing on the development of intelligent mining equipment [2][3] - The partnership is expected to significantly expand market space by leveraging synergies between Tianma Zhikong's core products and Kegong Chengtai's focus on high-end hydraulic supports [2] - The joint venture will also facilitate technological innovation and address existing bottlenecks in key technology areas, enhancing Tianma Zhikong's competitive edge in the intelligent mining sector [2][3] Financial Summary - Total revenue for 2023 is projected at 2,206 million, with a year-on-year growth of 12.1%. However, a decline of 15.7% is expected in 2024, followed by a significant drop of 45.5% in 2025 [4] - Net profit attributable to the parent company is forecasted to be 425 million in 2023, decreasing to 340 million in 2024, and further to 107 million in 2025, reflecting a year-on-year decline of 20.0% and 68.4% respectively [4] - The gross margin is expected to decrease from 45.1% in 2023 to 36.3% in 2025, indicating potential pressure on profitability [4] - The company maintains a solid financial position with cash reserves of 2.33 billion as of September 2025, allowing for strategic investments without impacting short-term dividend capabilities [6] - Earnings per share (EPS) is projected to decline from 0.98 in 2023 to 0.25 in 2025, with a gradual recovery expected thereafter [4][6] Strategic Initiatives - The investment in Kegong Chengtai Company is seen as a key move to optimize capital allocation and tap into the intelligent mining equipment sector, potentially leading to stable returns and growth in core business areas [6] - The company is positioned to benefit from the ongoing transformation and high-quality development of the coal industry, with significant opportunities in intelligent mining solutions driven by national policies and market demand [6]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [10][11] - The supply-side constraints that have been in place since July remain, suggesting limited downside risk for coal prices, which are expected to stabilize [10][11] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5%, indicating strong core asset attributes [10][11] - The coal assets are relatively undervalued, with expectations for overall valuation improvement, supported by high premiums in the primary mining rights market [10][11] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with high barriers to entry and strong cash flow characteristics [10][11] Summary by Sections Coal Price Tracking - As of December 13, the market price for Qinhuangdao port thermal coal (Q5500) is 753 CNY/ton, down 38 CNY/ton week-on-week [27] - The international thermal coal offshore price for Newcastle NEWC5500 is 78.0 USD/ton, down 6.0 USD/ton week-on-week [27] - The price for coking coal at Jing Tang port remains stable at 1650 CNY/ton [29] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 92.5%, an increase of 1.0 percentage point week-on-week [44] - The daily coal consumption in inland provinces has increased by 6.20 thousand tons/day (+1.61%) [45] - The daily coal consumption in coastal provinces has increased by 2.00 thousand tons/day (+1.01%) [45] Inventory Situation - As of December 11, coal inventory in inland provinces has decreased by 11.90 thousand tons week-on-week, while coastal provinces saw a reduction of 71.10 thousand tons [45] - The available days of coal in inland provinces have decreased by 0.50 days week-on-week [45] Key Companies to Watch - Focus on stable operators with solid performance such as China Shenhua, Shaanxi Coal, and China Coal Energy [11] - Pay attention to companies with higher elasticity like Yanzhou Coal, Electric Power Energy, and Guanghui Energy [11] - Consider high-quality metallurgical coal companies such as Huaibei Mining and Lu'an Environmental Energy [11]

Core Viewpoint - Tianma Zhikong announced the approval of a capital increase of 450 million yuan to its wholly-owned subsidiary, Meike Tianma, to implement fundraising projects [1] Group 1 - The second board meeting and the seventh supervisory board meeting of the company will be held on December 9, 2025 [1] - The company will use the raised funds to support investment projects through the capital increase [1]

Core Viewpoint - Tianma Zhikong announced a change in its auditing team for the 2025 financial statements and internal control audit, with the appointment of Tian Junjie as a new signing auditor [1] Group 1 - Tianma Zhikong appointed Lixin Certified Public Accountants as the auditing firm for the 2025 financial year [1] - The original signing auditors were Shi Aihong and Yan Baorui, with Yan Baorui being replaced by Tian Junjie due to work schedule changes [1] - The updated signing auditors for the 2025 audit project are Shi Aihong and Tian Junjie [1]

证券代码：688570 证券简称：天玛智控 公告编号：2025-035 北京天玛智控科技股份有限公司 关于 2026 年度日常关联交易预计的公告 1 重要内容提示： 本次日常关联交易预计事项尚需提交公司股东大会审议。 公司与关联人进行的日常关联交易均遵循公平、自愿原则，为开展日常 生产经营活动所需，有利于公司发展，交易价格主要遵循市场原则或通过协商确 定，定价公允，结算时间与方式合理，不存在损害公司和全体股东特别是中小股 东利益的情形，不会对关联人形成较大依赖，不会对公司的独立性构成影响。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 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。 北京天玛智控科技股份有限公司（以下简称"公司"）于 2025 年 12 月 8 日召开第二届董事会独立董事专门会议 2025 年第二次会议，审议通过了《关于 提请审议公司 2026 年度日常关联交易预计的议案》，经公司全体独立董事一致 同意，形成如下意见：公司 2026 年度日常关联交易预计是基于生产经营及业务 发展需要，具备必要 ...

Group 1 - The core point of the article is the appointment of Liu Yuanye as the company's securities affairs representative, which was approved by Tianma Zhikong [1] - For the fiscal year 2024, Tianma Zhikong's revenue composition is heavily weighted towards high-end equipment manufacturing, accounting for 99.57% of total revenue, while other businesses contribute only 0.43% [1] - As of the report date, Tianma Zhikong has a market capitalization of 7.8 billion yuan [1]