Revenue tightens, but R&D investment hits a five-year high. Tianming Technology: Proactively Adjusting

NightAirdropper · 2026-04-03T08:46:46+00:00

Tianming Technology, despite a decline in revenue and net profit in 2025, increased its R&D investment to 9.11%. The company's management believes this is a necessary measure to lay the foundation for high-quality development and technological innovation, and to enhance core competitiveness. They also plan to continue increasing R&D investment.

NightAirdropper

2026-04-03 08:46:46

Abstract generation in progress

Beijing News Shell Finance reports (Reporter: Huang Xinyu): While a listed company’s revenue and net profit tightened in 2025, it instead increased its R&D investment—what considerations drove this?

On March 31, in the latest investor relations activity record filed by Hangzhou Tianming Technology Co., Ltd. (a Beijing Stock Exchange-listed company; i.e., “Tianming Technology,” 920270.BJ), the company responded to the question raised by investors.

According to the official website, Tianming Technology was established in 2000. It is a professional automotive off-road equipment company with independent import and export rights, and it is also a national-level “little giant” enterprise specializing in niche, innovation, specialization, and newness. The annual report shows that as of the end of 2025, Tianming Technology achieved operating revenue of about RMB 213 million, down 15.96% year over year (the first year-over-year decline in the past three years); it recorded attributable net profit of about RMB 36.0687 million, down 42.01% year over year.

However, in 2025, Tianming Technology’s R&D expenses as a proportion of operating revenue reached 9.11%, up 8.75 percentage points from the previous year. And this 9.11% figure is also the highest ratio of R&D expenses to operating revenue for the company over the past five years.

According to the management of Tianming Technology, although the company’s revenue declined in the short term in 2025, this was also an active adjustment and a necessary stage for moving toward high-quality development. In Tianming Technology’s view, as a national-level specialized and innovative enterprise, technological innovation is not only the foundation for standing on its own, but also the key to building long-term competitive barriers and maintaining core competitiveness.

Also, according to annual report data, in 2025 Tianming Technology added 26 new patents, accounting for nearly 10% of the company’s total patent count. The management of Tianming Technology also said it will continue to increase R&D investment and continuously enhance its independent innovation capability.

Editor: Chen Li Proofreader: Liu Baoqing

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