Beijing Tianma Intelligent Control Technology Co. Ltd. A

Tianma Intelligent Control released its 2026 interim report on August 30. During the reporting period, the company achieved operating revenue of 642 million yuan, down 1.52% year-on-year. Net profit attributable to the parent company was 7 million yuan, a sharp year-on-year decline of 90.42%. Net profit attributable to the parent company after deducting non-recurring items was 5 million yuan, down 91.05% year-on-year. The company mainly engages in unmanned intelligent coal mining control systems and supporting services. Although the combined market share of its SAC and SAM systems remained at 38.83%, the company proactively adjusted its pricing strategy due to tightened capital expenditure by downstream customers and intensifying industry competition, leading to a decline in gross margin. Meanwhile, operating costs rose 11.12% year-on-year and administrative expenses rose 19.61% year-on-year, further eroding profit. Net cash flow from operating activities was negative 145 million yuan, with the net outflow widening, mainly due to a decrease in cash received from sales of goods. The company faces sustained pressure on gross profit and the risk of bad debts on accounts receivable. Going forward, attention should be paid to the recovery of capital expenditure by coal enterprises and the improvement of cash flow.