According to the Star Daily on January 3 (reporter Wu Xuguang), Beijing Tianyishangjia's commercial aerospace rocket fairing products have seen new progress.

Recently, Beijing Tianyishangjia stated on the interaction platform that its subsidiary Tianrendao has completed the static tests and other related work for a commercial aerospace rocket fairing project; simultaneously, the first batch of fuselage structures for a certain model unmanned helicopter project has also been delivered.

It is reported that the commercial aerospace rocket fairing is an important component of the Launch Vehicle, primarily used to protect the Satellite and other payloads from adverse environments such as aerodynamic forces, aerodynamic heating, and acoustic vibrations during flight.

On January 3, a person from the secretariat of Beijing Tianyishangjia told the Star Daily reporter, 'Based on the delivery process of the commercial aerospace rocket fairing project, the next step after completing the static test is to conduct flight tests. If there are no performance issues during the entire process, the project will enter the later stages of contract signing and achieve product commercialization.'

Regarding the timeline for product commercialization, an investor asked Beijing Tianyishangjia on the interaction platform, 'Will the company's aviation and aerospace business sector achieve mass production and confirm revenue by 2025?' To this, Beijing Tianyishangjia denied, stating only that 'the company confirms revenue strictly according to corporate accounting standards and related regulations.'

Beijing Tianyishangjia is a leading supplier of powder metallurgy brake pads for high-speed rail trains in China, and it has recently positioned itself as a platform enterprise developing green energy New Materials and other applications.

Regarding the latest layout of the company’s business sectors, a person from the secretariat of Beijing Tianyishangjia introduced to the Star Daily reporter that the current application areas of the company's products have expanded from a single high-speed rail transit business sector to four major business sectors, including photovoltaic New energy. Among these, photovoltaic new energy is the company's core source of revenue; the aerospace business sector, led by subsidiaries Tianrendao and Ruihe Technology, conducts related businesses, but currently has a relatively low revenue proportion. As of the 2024 semi-annual report, the aerospace business sector accounted for 14.52% of the total revenue.

Tianrendao mainly engages in the research, production, and sales of resin-based carbon fiber composite materials and carbon-based composite material products. As of the latest disclosure of the 2024 semi-annual report, at the end of the reporting period, Tianrendao had total assets of 431.5031 million yuan; net assets of -9.1137 million yuan; achieved a net income of -9.9768 million yuan.

In the photovoltaic new energy main business aspect, Tianyishangjia's performance is under short-term pressure due to sluggish demand in the downstream photovoltaic industry.

The third quarterly report released by Tianyishangjia for 2024 shows that during the reporting period, the company achieved total revenue of 0.639 billion yuan, a year-on-year decrease of 63.82%; realized net income attributable to shareholders of -0.587 billion yuan, a year-on-year decrease of 348.36%, and the net income attributable to shareholders after deducting non-recurring gains and losses was -0.623 billion yuan, a year-on-year decrease of 385.79%. Among them, in the third quarter alone, the revenue was 0.128 billion yuan, a quarter-on-quarter decline of 21.83%; the net income attributable to shareholders was -0.094 billion yuan, and the net income attributable to shareholders after deducting non-recurring gains and losses was -0.115 billion yuan.

However, industry insiders in the photovoltaic new energy sector expressed in an interview with the Star Daily that, "With the stabilization and rebound of photovoltaic component prices, it is expected that by the second half of 2025, the profit levels in various upstream segments will show positive recovery."

The reporter from the Star Daily noticed that recently, Tianyishangjia's initial fundraising projects related to the photovoltaic new energy sector have faced delays.

On December 31, 2024, Tianyishangjia announced that, in light of the actual progress of the current fundraising project, it intends to postpone the production completion dates of the fundraising projects "automation and equipment upgrade project for carbon-carbon material product production lines" and "industrialization construction project for high-performance carbon-ceramic brake discs" respectively from December 31, 2024, to December 31, 2025, without changing the purposes and investment scale of the raised funds.

Regarding the delays in the fundraising projects, Tianyishangjia stated that the "automation and equipment upgrade project for carbon-carbon material product production lines" has taken longer than previously expected in land construction and factory building; the delay in the "industrialization construction project for high-performance carbon-ceramic brake discs" was due to the company's consideration that the existing production capacity for the project can cover the current orders and forecasted new orders for the near future, leading to a moderate slowdown in the construction pace of the project.

As of the close on January 3, Tianyishangjia's stock price was 5.38 yuan/share, down 4.61%, with a total market value of 3.025 billion yuan.