Analysis of the Impact of Tiandi Science and Technology and Tianma Intelligent Control's Layout of Intelligent Complete Sets of Equipment on Coal Mine Intelligent Investment

According to the latest online search information, on December 26, 2025,

was officially established [1]. The company is jointly held by , , and China Coal Science and Technology Group Shanghai Co., Ltd., with a registered capital of up to . The legal representative of the company is Du Yaobo, and its business scope includes mining machinery manufacturing, mining machinery sales, mechanical equipment R&D, general equipment manufacturing, , , etc. [1]. This marks the official deep transformation of traditional coal machinery equipment enterprises into the intelligent and digital fields.

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is a listed company under China National Coal Mining Engineering Group, with a current market value of approximately (equivalent to 240 billion yuan) and a stock price of 5.80 USD [0]. The company’s core financial indicators are stable:

• Price-to-Earnings Ratio (P/E)
  : 8.62x
• Return on Equity (ROE)
  : 11.03%
• Net Profit Margin
  : 9.60%
• Current Ratio
  : 1.42
• Quick Ratio
  : 1.14 [0]

Tiandi Technology is the controlling shareholder of Tianma Intelligent Control, holding

of its shares [1]. The company has deep technical accumulation and market position in mining machinery manufacturing, coal preparation equipment, automation equipment and other fields, and is one of the leading enterprises in traditional coal machinery equipment.

Tianma Intelligent Control is a Sci-Tech Innovation Board listed company controlled by Tiandi Technology (IPO issue price: 30.26 yuan/share), focusing on the R&D and manufacturing of

[1]. The company’s core advantages include:

• Patent Technology
  : As of 2024, it has more than
  1500 patents
• Operating Revenue
  : Reached
  1.861 billion yuan
  in 2024
• Core Technologies
  : Hydraulic support electro-hydraulic control system, intelligent unmanned coal mining control equipment
• Application Cases
  : Cooperated with Jiayang Group to develop the “thin coal seam ground single-person remote mining” model (“Jiayang Model”) [1]

Tianma Intelligent Control invested

(holding 10% shares) to participate in the establishment of Xi’an Intelligent Complete Equipment Company, focusing on the construction of coal mine intelligent equipment R&D center [1].

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Category	2030 Market Size (100 million yuan)
Intelligent Coal Mine Market	14,105
Intelligent Non-Coal Mine Market	9,107
Total	23,212

The above chart clearly shows the growth trajectory of the intelligent coal mine market, intelligent non-coal mine market, and total market space. The intelligent coal mine market size is expected to increase from approximately 700 billion yuan in 2025 to 1.4105 trillion yuan in 2030; during the same period, the intelligent non-coal mine market size will increase from approximately 400 billion yuan to 910.7 billion yuan; the total market space exceeds 2.3 trillion yuan [2].

According to the industry credit risk outlook report, the total capital expenditure of sample enterprises in the coal industry in the

[3]. Capital expenditure has continued to grow in the past three years, mainly used for capacity expansion construction, intelligent and automated technical transformation, safety and environmental protection investment, etc.

• National Energy Administration, National Development and Reform Commission
  and other departments have issued multiple policies, clarifying the general tone of
  stable and increased production
  in the coal industry in 2025, driving investment in advanced production capacity and intelligence [3]
• New Coal Safety Regulations
  strengthen major disaster management and on-site safety management, forcing an increase in intelligent and automated construction and substantive safety investment [3]
• Guiding Opinions on High-Quality Development of Energy Equipment
  promote the construction of coal mine intelligence, and accelerate the localization and iterative upgrading of high-end coal machinery equipment [3]

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The coal industry is a resource and capital-intensive industry. Under the development trend of intelligence and automation, combined with increasingly strict safety and environmental protection policy requirements,

[3]. The strong alliance between Tiandi Technology and Tianma Intelligent Control will further consolidate their in the intelligent equipment field through deep integration of technology, capital and resources, and promote the steady improvement of industry concentration.

The business scope of the newly established Xi’an Intelligent Complete Equipment Company clearly includes

and [1]. This means:

• Technology Integration
  : Combine Tiandi Technology’s mining machinery manufacturing capabilities with Tianma Intelligent Control’s intelligent control technology to create a
  full-chain intelligent solution
  from perception, control to execution
• Deepening AI Application
  : Artificial intelligence technology will further penetrate into the fields of coal mining and preparation process optimization control, auxiliary decision-making and management, safety monitoring and early warning, etc. [4]
• Exploration of Innovative Models
  : May explore more intelligent application scenarios similar to the “Jiayang Model” (thin coal seam ground single-person remote mining) [1]

The registered capital scale of 2 billion yuan of the joint venture company is a

in the coal machinery equipment industry, sending multiple signals:

• Strategic Determination
  : The parent company’s high attention to coal mine intelligent transformation and long-term investment commitment
• Resource Integration
  : Form large-scale and systematic R&D and production capabilities through centralized capital, technology, talent and other resources
• Industrial Chain Extension
  : Extend from single equipment manufacturing to high-value-added links such as system integration and intelligent equipment R&D center construction

• Upstream
  : Drive investment growth in high-tech segments such as sensors, control systems, AI algorithms, and industrial software
• Midstream
  : Promote the R&D and industrialization of products such as intelligent complete equipment, mining robots, and unmanned mining trucks
• Downstream
  : Promote investment in intelligent transformation of coal mine enterprises, and improve the automation and intelligence level of the entire industry

• Tiandi Technology (600582)
  : As the controlling shareholder and main participant, it is expected to obtain
  valuation improvement
  in the intelligent transformation. Currently, its P/E ratio is only 8.62x and P/B ratio is only 0.94x [0], which may be undervalued
• Tianma Intelligent Control (688570)
  : As a leading intelligent technology enterprise on the Sci-Tech Innovation Board, its technical value will be reflected in larger-scale application scenarios
• Industry Overall
  : The acceleration of intelligent investment will attract more capital to pay attention to listed companies related to the
  smart mine
  industrial chain

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Despite the broad prospects, the following risks still need to be paid attention to:

1. Technology Implementation Cycle
   : It takes time for intelligent equipment from R&D to large-scale application, and it may be difficult to make significant contributions to performance in the short term
2. Investment Willingness of Coal Mine Enterprises
   : The profit level of the coal industry has declined (the total profit of large-scale coal enterprises from January to October 2025 decreased by 49.20% year-on-year) [3], which may affect the intelligent investment capacity of coal mine enterprises
3. Increased Market Competition
   : The trillion-level market space attracts multiple participants, and the competition pattern has not yet been fully solidified
4. Policy Implementation Strength
   : The promotion of intelligence depends on continuous policy support and enforcement, and policy adjustments may affect the promotion speed

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The cross-border layout of intelligent complete equipment by Tiandi Technology and Tianma Intelligent Control this time is a

. Its impacts are mainly reflected in:

1. Market Pattern Reshaping
   : The investment of 2 billion yuan in registered capital will accelerate the resource integration of leading enterprises and promote the improvement of industry concentration
2. Accelerated Technological Breakthrough
   : The deep integration of AI technology and mining equipment will spawn more innovative application scenarios and business models
3. Expanded Investment Scale
   : Driven by both policies and market demand, coal mine intelligent investment is expected to continue to grow rapidly
4. Industrial Chain Value Enhancement
   : Extend from equipment manufacturing to system integration and intelligent services, and improve the added value of the entire industrial chain

: Pay attention to the strategic implementation progress of Tiandi Technology (600582) in intelligent transformation, and the continuous innovation of Tianma Intelligent Control (688570) in the field of coal mine intelligent control technology. At the same time, attention can be paid to relevant investment opportunities in the upstream and downstream of the smart mine industrial chain.

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[0] Jinling API Data - Tiandi Technology (600582) Company Overview, Real-time Quotes and Historical Price Data

[1] Sina Finance - “Tiandi Technology, Tianma Intelligent Control, etc. Established Equipment Company in Xi’an” (https://finance.sina.com.cn/roll/2025-12-29/doc-inhemqav0415313.shtml)

[2] China.com - “Mining Trillion-level Smart Mine, Xidi Zhijia to List on Hong Kong Stock Exchange Soon” (https://m.tech.china.com/digi/articles/20251201/202512011773818.html)

[3] East Money - “2026 Annual Credit Risk Outlook for Coal Industry (December 2025)” (https://caifuhao.eastmoney.com/news/20251223183145634826120)

[4] Sinopec News Network - “Shaping a New Paradigm of Energy Security with ‘AI+’” (http://www.sinopecnews.com.cn/xnews/content/2025-12/23/content_7139570.html)

[5] Baidu Encyclopedia - “Beijing Tianma Intelligent Control Technology Co., Ltd.” (https://baike.baidu.com/item/北京天玛智控科技股份有限公司/61567914)