天津膜天膜科技集团股份有限公司2025年年度报告详细解读

一、年度报告要点及投资者需关注事项

• 公司财务状况出现重大变化：2025年度公司营业收入为2.42亿元，同比下降1.48%；归属于上市公司股东的净利润为-3304.13万元，同比下降399.09%，实现由盈转亏；扣除非经常性损益后净利润为-5226.54万元，亏损幅度加大。基本每股收益为-0.11元，稀释每股收益同为-0.11元，加权平均净资产收益率为-5.89%。这反映出公司盈利能力出现严重下滑，可能对公司股价产生负面影响。
• 现金流情况改善：经营活动产生的现金流量净额为1874.57万元，较2024年有显著提升，显示公司在经营层面现金流状况有所好转。
• 母公司未弥补亏损严重：母公司未分配利润高达-7.76亿元，公司2025年度利润分配预案为不派发现金红利、不送红股、不以公积金转增股本，这意味着股东无法获得现金回报，对投资者情绪和股价形成压力。
• 主要业务稳定，市场地位突出：公司持续专注于高性能膜材料及水处理设备的研发、生产和应用，是国内中空纤维膜领域最早且领先的企业之一，产品和技术多次荣获国家级奖项，市场占有率高。2024年和2025年，公司多项技术获国家科技进步奖、专精特新“小巨人”企业，并成功入选天津市首台（套）重大技术装备推广目录。
• 行业政策利好与原材料波动：2025年国家密集出台膜技术及下游应用政策，为公司拓展再生水利用、工业节水等领域提供支撑。同时，PVDF等主要原材料全年价格整体低位，但四季度出现反弹迹象，需持续关注成本端风险。
• 股东结构变动及大股东减持计划：2025年，持股10.21%的华益科技国际（英属维尔京群岛）有限公司和持股7.25%的高新投资发展有限公司均发布减持计划，但华益科技国际最终未实施减持，高新投资发展有限公司则实际减持299.8万股，持股比例降至7.00%。2025年底及2026年初，两大股东再次预披露减持计划，虽然部分未实际减持，但减持意愿持续存在，属于明显的价格敏感信息。
• 公司治理结构重大调整：公司董事会及高管层出现多次人员变动，包括董事长、总经理、技术总监、副总经理等职位更替。2025年11月，公司不再设置监事会，由审计委员会行使监事会职权，这是重大治理架构调整，可能影响公司治理稳定性。
• 重大诉讼进展：公司与西安市临潼区城市投资集团等的股东损害公司债权人利益责任纠纷诉讼，最终胜诉并获得部分执行款项，诉讼终结，对公司财务及资产安全形成利好。
• 内部资产重组及关联交易：公司将膜生产制造相关资产及人员划转至全资孙公司天津膜材料公司，优化业务结构。2025年公司受让膜材料母基金合伙份额、引入京津冀膜材料基金对河北津膜增资1.35亿元，这些举措增强公司资本实力与未来发展潜力。
• 公司名称变更：公司名称由“天津膜天膜科技股份有限公司”变更为“天津膜天膜科技集团股份有限公司”，匹配集团化管理需求。
• 会计师事务所变更：2025年12月，公司变更为中审众环会计师事务所担任财务及内部控制审计机构。

二、对股东及股价影响的分析

• 公司业绩由盈转亏、利润大幅下滑，现金分红方案为零，属于重大价格敏感信息，可能对股价产生持续压力。
• 大股东持续发布减持计划且实际减持股份，显示对公司未来信心不足，可能导致市场情绪波动和股价下行。
• 公司治理结构频繁调整，董事会高层大幅更替，监事会撤销，这对公司管理稳定性和长期战略实施构成挑战。
• 行业政策利好与技术领先地位有助于公司未来发展，但短期内业绩压力和治理波动影响更大。
• 重大诉讼胜诉及内部资产重组、关联交易，增强公司资产安全与资本实力，属于中长期利好。

三、投资者需重点关注的风险及机遇

• 短期内业绩亏损、股东减持、治理架构调整是主要风险点。
• 公司在膜材料及水处理技术领域的领先地位和政策红利为中长期发展提供支撑。
• 原材料价格波动、下游需求变化、行业竞争加剧需持续关注。

四、结论

综上所述，天津膜天膜科技集团股份有限公司2025年年度报告显示公司业绩大幅下滑、股东减持意愿强烈、治理结构重大调整，均为价格敏感信息，投资者需密切关注公司后续业绩表现、治理稳定性及行业政策变化。公司技术与市场地位突出、资产重组及资本运作积极，为未来发展提供支撑，但短期内股价波动风险较大。

免责声明：本文仅为投资者资讯解读，不构成投资建议。请投资者结合自身情况及市场变化，谨慎决策。

English Version:

Detailed Analysis of Tianjin Motimo Membrane Technology Group Co., Ltd. 2025 Annual Report

1. Key Points and Investor Highlights

• Significant Financial Changes: In 2025, the company reported revenue of RMB 242 million, a 1.48% decrease YoY. Net profit attributable to shareholders was RMB -33.04 million, a 399.09% decline, turning from profit to loss. Excluding non-recurring income, net profit was RMB -52.27 million, with losses widening. Basic/diluted EPS was -0.11, and ROE was -5.89%. This signals a sharp drop in profitability, likely negatively affecting share price.
• Improved Operating Cash Flow: Operating cash inflow was RMB 18.75 million, a notable improvement from 2024, indicating better cash management.
• Severe Parent Company Retained Losses: Parent company’s undistributed profits stood at RMB -775.73 million. The 2025 dividend plan is zero payout (no cash, no stock, no capital reserve bonus), meaning shareholders receive no returns, a negative sentiment for investors.
• Stable Business and Leading Market Position: The company remains focused on high-performance membrane materials and water treatment equipment. As one of China’s earliest and leading hollow fiber membrane firms, its products and technologies have won multiple national awards and maintain high market share. In 2024-25, new technologies won national progress awards and “Little Giant” SME recognition, and were included in Tianjin’s major equipment promotion directory.
• Industry Policy Tailwind, Raw Material Price Volatility: In 2025, China issued multiple policies favoring membrane tech and downstream applications, supporting expansion into recycled water and industrial saving. Main raw materials (PVDF) had overall low prices, but saw an uptick in Q4, requiring ongoing cost risk monitoring.
• Shareholder Structure Changes and Major Shareholder Sell-Downs: In 2025, major shareholders (10.21% and 7.25%) both announced sell-down plans. One did not execute, but the other reduced holdings to 7.00%. Both again announced sell-down plans at year-end/early 2026, with mixed execution. Persistent sell-down intentions are price-sensitive information.
• Major Corporate Governance Adjustments: Multiple changes in board and senior management, including Chairman, CEO, CTO, and several VPs. In November 2025, the board abolished the Supervisory Board, assigning its functions to the Audit Committee—a major governance change potentially affecting stability.
• Major Litigation Progress: The company won a key lawsuit against Xi’an Lintong Urban Investment, received partial compensation, and the case concluded positively, securing asset safety.
• Internal Asset Restructuring and Related Transactions: The company transferred membrane production assets and personnel to a wholly-owned subsidiary, optimizing structure. In 2025, it acquired fund partnership shares and brought in RMB 135 million investment in its subsidiary, strengthening capital and long-term growth prospects.
• Company Name Change: The company changed its name from “Tianjin Motimo Membrane Technology Co., Ltd.” to “Tianjin Motimo Membrane Technology Group Co., Ltd.” to match group-level management needs.
• Accounting Firm Change: In December 2025, the company switched auditors to Zhongshen Zhonghuan CPA.

2. Impact on Shareholders and Share Price

• Turnaround to loss, zero dividend, and major shareholder sell-downs are highly price-sensitive and likely to pressure share price.
• Frequent board and management changes, and governance overhaul, may challenge management stability and strategy execution.
• Industry policy tailwinds and technical leadership support long-term development, but short-term risks remain significant.
• Litigation win, asset restructuring, and capital injections are medium- to long-term positives.

3. Risks and Opportunities for Investors

• Short-term risks: losses, shareholder sell-downs, governance instability.
• Long-term opportunities: technical leadership, policy support, capital strength.
• Ongoing risks: raw material price volatility, downstream demand, industry competition.

4. Conclusion

In summary, Tianjin Motimo Membrane Technology Group’s 2025 report reveals sharp profit decline, persistent shareholder sell-down intentions, and major governance changes—all highly price-sensitive. Investors should closely monitor performance, management stability, and industry trends. Technical strength and capital moves support long-term prospects, but short-term share price volatility risk is elevated.

Disclaimer: This article is for investor information only and does not constitute investment advice. Please make decisions prudently based on your own situation and market changes.

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