德阳天元重工股份有限公司将于7月31日接受北交所上会审核[1]。作为一家装备制造企业，天元重工的业绩表现引发关注。2025年前三季度营收同比下滑15.06%[1]，四季度收入占比高达44.46%，其中张靖皋大桥项目确认收入7962.48万元[1]。若剔除这一单个大型项目，四季度收入占比将回落至31.41%[1]，显示公司业绩对单一工程项目的依赖程度较高。
除了业绩波动外，天元重工的关联交易定价也成为审核焦点。2022年10月27日，公司以1820万元收购实控人唐明及其兄长控制的资机传动91%股权[1]。根据基准日为2022年10月31日的评估报告，资机传动全部权益评估值仅为1056万元[1]，交易价格与评估值存在较大差异，引发北交所对关联交易定价公允性的质疑。实控人唐明通过多层主体合计控制天元重工64.28%股权[1]。从盈利能力看，公司2023年至2025年扣非净利润分别为5138.71万元、5334.29万元、6419.81万元[1]，整体呈上升趋势。
Tianyan Heavy Industry Co., Ltd., a machinery manufacturer based in Deyang, Sichuan Province, is set to undergo Beijing Stock Exchange (BSE) review on July 31st.[1] The company's 2025 full-year performance heavily depends on a single large contract worth 79.62 million yuan for the Zhangjingpi Bridge project, while revenue in the first three quarters declined 15.06 percent year-over-year.[1]
The firm acquired a 91 percent stake in Ziji Transmission, a shell entity controlled by its actual controller Tang Ming and Tang Ming's brother, for 18.2 million yuan in October 2022.[1] However, the transaction has drawn scrutiny from BSE regulators regarding the fairness of the pricing.[1] According to the acquisition terms, the purchase price was set at one yuan per capital contribution, totaling 18.2 million yuan.[1] As of the valuation baseline date of October 31, 2022, Ziji Transmission's total equity was appraised at only 10.56 million yuan, raising questions about whether the pricing reflected fair market value.[1]
Tang Ming maintains control of approximately 64.28 percent of Tianyan Heavy Industry's shares through multiple layered entities.[1] The company's adjusted net profit figures stood at 51.39 million yuan in 2023, 53.34 million yuan in 2024, and 64.20 million yuan in 2025.[1] The fourth quarter of 2025 accounted for 44.46 percent of annual revenue, with the Zhangjingpi Bridge project generating 79.62 million yuan in confirmed income; excluding this single project would reduce the fourth-quarter revenue proportion to 31.41 percent.[1]
