Revenue tightens, but R&D investment hits a five-year high? Tianming Technology: Proactively adjusting

Originally from: Shell Finance

Beijing News Shell Finance News (Reporter Huang Xinyu) Why would a listed company increase R&D investment in 2025 despite tightening revenue and net profit?

On March 31, Hangzhou Tianming Technology Co., Ltd., listed on the Beijing Stock Exchange (referred to as “Tianming Technology,” 920270.BJ), responded to the above investor question in its latest investor relations activity record.

The official website shows that Tianming Technology was established in 2000, is a professional off-road vehicle equipment company with independent import and export rights, and is also a national-level specialized and innovative “Little Giant” enterprise. According to annual report data, by the end of 2025, Tianming Technology achieved operating revenue of approximately 213 million yuan, a year-on-year decrease of 15.96% (the first decline in three years); net profit attributable to the parent was about 36.07 million yuan, down 42.01% year-on-year.

However, in 2025, R&D expenses accounted for 9.11% of operating revenue, an increase of 8.75 percentage points compared to the previous year. The 9.11% figure is also the highest proportion of R&D expenses to operating revenue in the past five years for the company.

According to Tianming Technology’s management, although the company’s revenue declined in the short term in 2025, this was an active adjustment and a necessary stage toward high-quality development. In Tianming Technology’s view, as a national-level specialized and innovative enterprise, technological innovation is both the foundation of the company’s existence and the key to building long-term competitive barriers and maintaining core competitiveness.

Additionally, according to annual report data, Tianming Technology added 26 new patents in 2025, accounting for nearly 10% of the company’s total patents. The management also stated that they will continue to increase R&D investment and constantly enhance independent innovation capabilities.

Editor: Chen Li Proofreader: Liu Baoqing

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