Recently, Tiangang Corporation (832651) released its 2025 annual report. The report shows that the company's annual operating performance has steadily increased, with both revenue and profit achieving double growth. The total revenue reached 352 million yuan, a year-on-year increase of 17.52%; The net profit attributable to the parent company was 76.813 million yuan, a year-on-year increase of 3.36%; The net profit attributable to non shareholders was 71.6682 million yuan, a year-on-year increase of 7.99%, and the operating quality continued to be strengthened.
Stable core financial indicators and significant improvement in cash flow
In 2025, the company's profitability and cash flow performance will be outstanding, and core financial indicators will maintain a healthy level:
Profitability: Basic earnings per share of 1.26 yuan, weighted average return on equity of 14.87%; Despite the impact of product restructuring, the gross profit margin decreased by 4.52 percentage points year-on-year to 45.51%, and the net profit margin decreased by 2.99 percentage points to 21.81%, the overall profitability level remained relatively high.
Cash flow performance: The net cash flow from operating activities reached 72.9791 million yuan, a significant increase of 83.65% year-on-year, and the ability to realize profits was significantly enhanced, providing sufficient financial support for business expansion.
Asset size: As of the end of 2025, the total assets of the company are 746 million yuan, with shareholder equity of 539 million yuan. The asset structure is stable and the ability to resist risks continues to improve.
Continuous optimization of business structure, high growth in dual core tracks
As a national level "specialized, refined, unique and new" small giant enterprise and a single champion enterprise in the manufacturing industry of Shandong Province, the company deeply cultivates IoT ultrasound
Measuring instrumentFor over 20 years in the field of watches, we have focused on the two core tracks of smart heating and smart water management. By 2025, our product structure will show significant differentiation, and emerging businesses will experience explosive growth.
The company's ultrasonic water meter and flow meter business continues to make efforts, with a revenue of 115 million yuan in 2025, a year-on-year increase of 37.36%, accounting for 32.78% of the total revenue and becoming one of the core growth engines. With the acceleration of the intelligent transformation of the national water supply network, the company's ultrasonic water meters, with their advantages of high precision, low power consumption, and long service life, are suitable for various scenarios such as the renovation of old pipe networks and the construction of new smart communities. Their market share has steadily increased, laying the foundation for the long-term growth of smart water business.
Smart heating: Energy saving heating business explodes, significant breakthrough in Tongliao market
Subsidiary Shandong Tiangang Energy Technology Co., Ltd. focuses on heating energy-saving management projects, achieving a revenue of 45.388 million yuan in 2025, a year-on-year increase of 231.76%, accounting for 12.89% of total revenue, leading the growth rate of the entire business line. During the reporting period, the company actively expanded into the northern heating market, and the revenue from energy-saving management projects for heating in Tongliao market increased significantly, becoming the core driving force for the outbreak of this business. The business model has extended from selling a single measuring instrument to an integrated solution of "measurement+operation and maintenance+energy-saving transformation", resulting in a significant increase in added value.
Traditional business: The basic plate of the ultrasonic heat meter is stable, and the intelligent terminal is under short-term pressure
As the traditional core business of the company, ultrasonic heat meters and systems have a revenue of 129 million yuan in 2025, accounting for 36.59% of the total revenue, a slight decrease of 1.72% year-on-year, but still remain the company's largest source of revenue, with a market share ranking first in China for five consecutive years and a stable basic market.
The intelligent control terminal business is affected by intensified market competition and demand structure adjustment, with a revenue of 29.5744 million yuan in 2025, a year-on-year decrease of 25.16%. The company is promoting the stabilization and recovery of this business through product upgrades and scene expansion.
Outstanding core competitiveness, with strong technological and market barriers
Advanced technology research and development: In 2025, the company will continue to increase research and development investment, and add invention patents such as "Multiple Security Verification Method for Key Data of Ultrasonic Water Meter". The core technology is independently controllable, and the entire series of products have passed the authoritative certification of the European Union, with technical strength comparable to the international top level.
Stable market position: Ultrasonic heat meters have ranked first in the domestic market share for five consecutive years, and ultrasonic water meters have rapidly increased in the field of smart water management; The energy-saving heating business has successfully broken through core markets in northern China such as Tongliao, forming a coordinated development pattern of "instrument sales+engineering services".
Policy dividend support: The country vigorously promotes the intelligent transformation of pipeline networks and the implementation of the "dual carbon" strategy. The market space for smart heating and smart water services continues to expand, providing long-term policy support for the company's business growth.
Generous dividend plan, sincere return to shareholders
To give back to the shareholders, the company has released the 2025 equity distribution plan: a cash dividend of 7.00 yuan (including tax) will be distributed for every 10 shares, demonstrating the company's good profitability and sincerity in returning to shareholders.
Future outlook: Focus on dual tracks to drive high-quality growth
Looking ahead to 2026, Tiangang Group will continue to focus on the two core tracks of smart heating and smart water management:
In the field of smart water management, we will continue to increase our research and market promotion efforts for ultrasonic water meters, seize the opportunity of national pipeline network renovation, and further enhance our market share;
In the field of smart heating, we will replicate the successful experience of the Tongliao market, expand more heating markets in the north, and increase the scale of energy-saving management projects for heating;
At the level of technological innovation, we will strengthen the integration of the Internet of Things, big data, artificial intelligence, and measuring instruments, launch more high value-added products and solutions, and promote the sustained high-quality growth of the company's performance.
Risk Warning: This article is based on the announcements and public information of listed companies and does not constitute investment advice. The market is risky, and investment needs to be cautious.
