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
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