On the evening of November 25, Tianyi Shangjia (688033) announced that it received a regulatory work letter issued by the Shanghai Stock Exchange on the same day, involving "listed companies, intermediaries and their related personnel", and the specific reasons were not disclosed. This is the second time that Tianyi Shangjia has received a regulatory work letter in 8 months, and the last time was on March 19, 2024.

According to public information, Tianyi Shangjia was established in November 2009 and landed on A-shares on July 22, 2019. The Company's main business is high-speed rail powder metallurgy brake plate business, as well as photovoltaic new energy, automotive and aerospace. The company's main products are powder metallurgy brakes, synthetic brakes, and brake shoes.

It is worth mentioning that in 2022, Tianyi Shangjia will officially make a cross-border layout in the field of photovoltaic materials. On November 6, 2022, Tianyi Shangjia announced that it plans to use its own funds or self-raised funds totaling 270 million yuan to acquire 90% of the equity of Jiangsu Jingyiyang New Material Technology Co., Ltd. (Jingyiyang, now renamed "Jiangsu Xinyiyang High-tech Materials Co., Ltd.").

In 2023, the photovoltaic new energy business has become the main force of Tianyi Shangjia, accounting for 83% of revenue, becoming the absolute pillar of the company's revenue. However, in 2023, Tianyi Shangjia's performance will show a situation of increasing revenue but not increasing profits, and the deviation between net profit and operating income changes.

According to the 2023 financial report, although Tianyi Shangjia achieved operating income of 2.11 billion yuan, a significant increase of 113.82% year-on-year, the net profit attributable to the parent company fell by 18.9% year-on-year to 144 million yuan, and the net profit after deducting non-attributable to the parent company fell by 41.75% year-on-year to 79.17 million yuan.

Entering 2024, Tianyi Shangjia's operating performance will continue to decline, and the net profit in the first three quarters will suffer a significant loss for the first time. In the first three quarters of this year, the company achieved operating income of 639 million yuan, a year-on-year decrease of 63.82%; net profit attributable to the parent company -587 million yuan, down 348.36% year-on-year; net profit after deducting non-attributable to the parent company was -623 million yuan, a year-on-year decrease of 385.8%.

As for the reasons for the decline in performance, the company explained that it was subject to the cyclical impact of the photovoltaic industry, and the demand for monocrystalline drawn consumables products from downstream customers in the photovoltaic industry chain has not improved significantly, and the company's photovoltaic new energy sector business has been affected; Affected by factors such as low product prices, inventory impairment provisions, depreciation and amortization expenses and increased financing costs, the company's operating income and net profit during the reporting period decreased significantly compared with the same period.

With the continuous decline in performance, Tianyi Shangjia's share price has also hit new lows.

As of November 25, Tianyi Shangjia closed up 1.51% at 6.72 yuan per share, down about 60% during the year. The latest total market capitalization is 3.78 billion yuan.

It is worth noting that in mid-March this year, the supervisory authorities imposed retention in custody measures on Wu Peifang, the actual controller and chairman of the company, and it was not until the end of May this year that the retention was lifted and the duties of the chairman of the company were performed normally.