Analysis of Tianmai Technology's Clarification Statement and Bus Digitalization Competitiveness

Based on the collected information, I will analyze the significance of Tianmai Technology’s clarification statement and its competitiveness in the bus digitalization field.

Tianmai Technology clearly clarified that its main business “does not involve the commercial aerospace industry” has important investment guidance significance:

• Avoid Misinterpretation of Concepts
  : As the concept of commercial aerospace gains popularity, investors may easily mistake companies involved in satellite or navigation technologies for commercial aerospace companies. The clarification helps investors accurately identify the company’s business attributes [1]

• Adjustment of Valuation Expectations
  : The commercial aerospace concept often enjoys a high valuation premium; the clarification helps investors make reasonable valuations based on the company’s actual business

The company’s main business is clearly focused on:

• Internet of Vehicles technology
  as the core
• Beidou positioning technology
  as the foundation
• Digital solutions for urban bus operation management
  as the main application scenario [1]

This positioning aligns with the company’s 20 years of technical accumulation and market recognition in transportation informatization.

According to the latest data [3]:

• Operating Revenue
  : From January to September, it achieved 87.6863 million yuan, a year-on-year increase of 57.08%
• Net Profit
  : The net profit attributable to shareholders was -15.3507 million yuan, but it increased by 70.97% year-on-year (the loss narrowed significantly)
• Stock Price Performance
  : It has risen by 62.16% this year, indicating market recognition of the company’s development prospects

The composition of the company’s main business revenue shows its professional positioning [3]:

• Intelligent Dispatching System
  : 49.34% (core product)
• Software Products and Others
  : 29.67%
• Vehicle Remote Monitoring System
  : 9.77%
• Intelligent Bus Cash Register System
  :7.28%
• Taxi Operation Supervision System
  :2.87%
• New Energy Charging Monitoring System
  :1.07%

:

• Data Integration Capability
  : Realizes digital management of all elements such as vehicles, routes, personnel, and stations
• Real-time Dispatching Optimization
  : Intelligent dispatching algorithms based on vehicle-road collaboration improve operational efficiency
• Multi-scenario Adaptation
  : Covers various operation modes such as regular buses, BRT, and customized buses

:

• High-precision Positioning
  : The Beidou system provides centimeter-level positioning accuracy, meeting the needs of refined management
• All-weather Service
  : Not affected by weather, ensuring service continuity
• Cost Advantage
  : Compared with GPS, Beidou has a more favorable cost advantage in domestic applications

:

• Market Size Growth
  : The global Bus Rapid Transit (BRT) market size is expected to grow from USD 2.45 billion in 2025 to USD 4.12 billion in 2032, with a compound annual growth rate of 8.3% [7]
• Accelerated Digital Transformation
  : Smart transportation construction has become a key focus of urban development, and the demand for bus digitalization transformation is strong

:
According to search results, the main competitors in the smart transportation field include [4]:

• Duolun Technology
  : Has built systems such as rural road traffic safety control and integrated situation, command, and execution platforms in the smart transportation sector
• Vedi Co., Ltd.
  : Main products include CAN bus control systems, automotive combination meters, intelligent cockpit systems, etc.
• Soling Co., Ltd.
  : Has a full range of intelligent connected cloud technologies and products, including vehicle networking platforms and new energy monitoring platforms

:

• Focused on the bus field for 20 years, with a deep understanding of industry needs
• The product line fully covers the entire process of bus operation
• The core product, the intelligent dispatching system, accounts for nearly 50% of revenue

:

• Effectively integrates multiple technologies such as Internet of Vehicles, Beidou, and artificial intelligence
• Provides end-to-end digital solutions
• Has the ability to quickly respond to customers’ customized needs

:

• Has established successful cases in many cities across the country
• Has formed a sound technical service and operation support system
• Has established long-term cooperative relationships with local bus groups

• Strong Revenue Growth
  : Revenue in the first three quarters of 2025 increased by 57.08% year-on-year, indicating accelerated business expansion
• Significant Narrowing of Losses
  : Net profit increased by 70.97% year-on-year, indicating continuous improvement in profitability
• Broad Industry Prospects
  : Smart transportation investment continues to increase, and the market space is huge

• Intensified Market Competition
  : Large technology companies entering the smart transportation field may bring competitive pressure
• Technology Iteration Risk
  : New technologies such as autonomous driving may impact existing business models
• Customer Concentration
  : The business mainly relies on local bus groups, with relatively concentrated customers

Tianmai Technology’s clarification statement helps investors better understand the company’s value:

• Value Reassessment
  : Valuate based on the company as a professional service provider in bus digitalization rather than the commercial aerospace concept
• Focus on Core Business
  : Pay attention to the development of core businesses such as intelligent dispatching systems and Internet of Vehicles technology
• Long-term Investment Value
  : Against the backdrop of accelerated smart transportation construction, the company has good long-term growth potential

[1] 证券时报 - 天迈科技：公司主营业务不涉及商业航天产业领域
[2] 新浪财经 - 天迈科技涨2.23%，成交额8407.07万元，主力资金净流入375.81万元
[3] 新浪财经 - 天迈科技2025年1-9月财务数据
[4] 新浪财经 - L3级自动驾驶车获准上路引爆无人驾驶板块！汉鑫科技
[5] 21财经 - 国内首批L3级自动驾驶车型产品获准，关注两大方向
[6] Fortune Business Insights - 快速公交(BRT)市场规模、份额分析
[7] 六安市交通运输"十五五"发展规划（征求意见稿）

: Tianmai Technology’s clarification statement is of great significance for investors to understand the company’s real business scope and helps avoid valuation deviations caused by concept speculation. The company has strong technical accumulation and market position in the bus digitalization field, and its future development prospects are promising against the backdrop of accelerated smart transportation construction.