Tianjin Prine 2025 Annual Report Analysis: Revenue increased by 22.20%, net profit attributable to parent company plummeted by 85.93% to 4.7646 million yuan

Interpretation of Operating Revenue

In 2025, Tianjin Prin achieved operating revenue of 1.379 billion yuan, an increase of 22.20% compared to 1.128 billion yuan in 2024. By region, domestic revenue was 1.046 billion yuan, a year-on-year increase of 33.17%, accounting for 75.87% of total revenue, becoming the core driver of revenue growth; overseas revenue was 333 million yuan, down 2.94%, with the proportion falling to 24.13%.

From the business structure perspective, the company’s revenue all comes from the manufacturing industry of electronic components, specifically the printed circuit board products, indicating a high concentration in its business. The high growth in domestic revenue is mainly due to the release of new production capacity and improvements in product structure, while the decline in overseas revenue may be affected by fluctuations in overseas market demand and exchange rates.

Interpretation of Net Profit

In 2025, the net profit attributable to the shareholders of the listed company was 4.7646 million yuan, a significant decline of 85.93% compared to 33.8644 million yuan in 2024. The substantial decline in net profit was mainly influenced by two factors: first, the increase in commodity prices raised raw material costs, eroding product gross profit; second, the construction of the Zhuhai B line led to increased fixed costs and expenses.

Interpretation of Net Profit Excluding Non-Recurring Items

The net profit attributable to the shareholders of the listed company, excluding non-recurring gains and losses, was 7.1863 million yuan, down 76.45% compared to 30.5187 million yuan in 2024. The decline in net profit excluding non-recurring items was less than that of net profit, mainly because the non-recurring items in 2025 were -2.4217 million yuan, while in 2024 they were 3.3457 million yuan, and the changes in non-recurring items further amplified the decline in net profit.

Interpretation of Basic Earnings Per Share

In 2025, basic earnings per share were 0.02 yuan/share, down 86.67% from 0.15 yuan/share in 2024, with the decline rate being consistent with that of net profit attributable to the parent company, primarily due to the significant decrease in net profit, while the capital stock only increased by 691,400 shares due to the exercise of stock options, having a minor impact on earnings per share.

Interpretation of Net Profit Excluding Non-Recurring Items Per Share

Net profit excluding non-recurring items per share was 0.03 yuan/share, down 75% from 0.12 yuan/share in 2024, with the decline rate matching that of net profit excluding non-recurring items, reflecting a decrease in the core business profitability of the company.

Interpretation of Expenses

In 2025, the company’s total period expenses amounted to 177.8 million yuan, a year-on-year increase of 27.1% compared to 139.9 million yuan in 2024, with the expense growth rate significantly higher than the revenue growth rate, further compressing profit margins. All types of expenses saw varying degrees of increase, with financial expenses and R&D expenses showing significant growth.

Interpretation of Selling Expenses

Selling expenses were 23.8794 million yuan, up 7.40% from 22.2347 million yuan in 2024. In terms of structure, employee compensation accounted for the highest proportion, reaching 73.6%, with a year-on-year increase of 17.1%, which was the main reason for the increase in selling expenses, while other expense items such as business entertainment expenses and travel expenses all declined to varying degrees.

Interpretation of Management Expenses

Management expenses amounted to 83.372 million yuan, up 18.05% from 70.623 million yuan in 2024. The growth was mainly driven by increases in employee compensation, fees for hiring intermediaries, and depreciation and amortization expenses, with employee compensation increasing by 4.8% year-on-year, fees for hiring intermediaries increasing by 41.5%, and depreciation and amortization expenses increasing by 30.3%.

Interpretation of Financial Expenses

Financial expenses were 15.2796 million yuan, up 65.42% from 9.2370 million yuan in 2024, mainly due to the increase in interest expenses on loans during the period, with interest expenses reaching 16.8399 million yuan in 2025, a 33.5% increase from 12.6153 million yuan in 2024, while interest income fell from 1.2042 million yuan to 656,000 yuan, further increasing financial expenses.

Interpretation of R&D Expenses

R&D expenses were 54.3072 million yuan, up 42.39% from 38.1398 million yuan in 2024, mainly due to increased R&D investment at the Zhuhai factory. The proportion of R&D investment to operating revenue increased from 3.38% to 3.94%, as the company increased R&D investment mainly for technological upgrades and product structure optimization to enhance product added value.

Interpretation of R&D Personnel Situation

In 2025, the number of R&D personnel in the company was 151, an increase of 5.59% from 143 in 2024, but the proportion of R&D personnel to total employees decreased from 8.11% to 7.76%. In terms of educational structure, the number of R&D personnel with bachelor’s and master’s degrees increased by 31.25% and 100%, respectively, with a higher proportion of high-educated talent; in terms of age structure, R&D personnel under 30 years old increased by 51.28%, while those over 30 years old decreased by 11.54%, indicating a trend towards a younger R&D team, which is beneficial for enhancing innovation vitality.

Interpretation of Cash Flow

In 2025, the net increase in cash and cash equivalents was 41.2514 million yuan, a significant turnaround from -23.0819 million yuan in 2024, mainly due to a substantial increase in cash flow from operating activities and the net cash flow from financing activities decreasing less than the increase in net cash flow from investment activities.

Interpretation of Net Cash Flow from Operating Activities

The net cash flow from operating activities was 116.9168 million yuan, a year-on-year increase of 241.56% compared to 34.2306 million yuan in 2024, mainly due to an increase in cash receipts from sales. Cash inflow from operating activities increased by 21.57% year-on-year, with cash received from sales of goods and services increasing by 22.1%; cash outflow from operating activities increased by 14.27% year-on-year, lower than the inflow growth rate, which led to a significant increase in net cash flow.

Interpretation of Net Cash Flow from Investing Activities

The net cash flow from investing activities was -210.2792 million yuan, an improvement of 38.74% compared to -343.2423 million yuan in 2024, mainly because there were investment expenditures for acquisition projects in 2024, while in 2025, cash outflows from investing activities were mainly for the purchase and construction of fixed assets, intangible assets, and other long-term asset payments, which reduced by 37.55% compared to 2024.

Interpretation of Net Cash Flow from Financing Activities

The net cash flow from financing activities was 133.4134 million yuan, down 52.97% from 283.6615 million yuan in 2024, mainly due to an increase in loan repayment expenditures, with cash payments for debt repayments reaching 271.3680 million yuan in 2025, a 412.4% increase from 52.9552 million yuan in 2024, while cash received from loans only increased by 14.8%.

Interpretation of Potential Risks

Exchange Rate Fluctuation Risk

The company has a high proportion of foreign sales revenue, with the main settlement currencies being the US dollar and the euro. Exchange rate fluctuations can affect foreign exchange gains and losses, thereby impacting operating performance. The company responds by timely foreign exchange settlements, using foreign exchange derivatives, and negotiating RMB settlements, but still needs to be wary of the risk of significant exchange rate fluctuations.

Risk of Rising Costs and Expenses

Upstream raw material prices fluctuate significantly, posing challenges for cost control, while capacity expansion has also increased fixed costs. The company aims to reduce costs and increase efficiency through optimizing product structure, enhancing intelligence levels, and refined management, but the continued rise in raw material prices may still squeeze profit margins.

Goodwill Impairment Risk

The acquisition of Taihe Circuit in 2023 resulted in a significant amount of goodwill. Although no impairment occurred in 2025, if Taihe Circuit’s operations do not meet expectations in the future, the company may face goodwill impairment risk, adversely affecting performance. The company responds by strengthening management of subsidiaries and leveraging synergy effects but still needs to closely monitor the operational situation of Taihe Circuit.

Interpretation of the Total Pre-Tax Remuneration Received by the Chairman During the Reporting Period

In 2025, the chairman of the company, Lu Zhihong, received no pre-tax remuneration from the company, and his remuneration is paid by the shareholder unit TCL Technology Group (Tianjin) Co., Ltd.

Interpretation of the Total Pre-Tax Remuneration Received by the General Manager During the Reporting Period

The general manager, Pang Dong, received a total pre-tax remuneration of 788,500 yuan from the company during the reporting period. His remuneration is linked to the company’s operating performance; despite a significant decline in net profit in 2025, Pang Dong’s remuneration remains at a high level, reflecting the stability of the company’s remuneration system.

Interpretation of the Total Pre-Tax Remuneration Received by the Vice General Manager During the Reporting Period

The company’s vice general manager, Wang Tai, received a total pre-tax remuneration of 494,800 yuan from the company during the reporting period. As the financial head and vice president, his remuneration level is aligned with the overall remuneration system of the company’s management.

Interpretation of the Total Pre-Tax Remuneration Received by the Financial Director During the Reporting Period

The financial director, Wang Tai, is the same person as the vice general manager, and the total pre-tax remuneration is also 494,800 yuan, covering remuneration for multiple positions held in the company.

Click to view the original announcement>>

Statement: The market carries risks, and investment requires caution. This article is automatically published by an AI model based on a third-party database and does not represent the views of Sina Finance. Any information appearing in this article is for reference only and does not constitute personal investment advice. Please refer to the actual announcement for discrepancies. For inquiries, please contact biz@staff.sina.com.cn.