Recently, Tianyi Ma (301178.SZ) delivered a report card marked by rising revenue but declining profit. In the first three quarters of this year, the company generated revenue of 342 million yuan, up 50.43% year-on-year; however, net profit attributable to the parent company came in at just 1.9026 million yuan, a year-on-year plunge of 54.59%. New energy power propped up revenue growth, but the company's overall gross margin weakened significantly, and the third quarter even swung to a loss. Securities Star noted that Tianyi Ma's performance has generally been on a downward trend in recent years.

To escape its profitability dilemma, the company has ramped up investment in data elements, its Token Factory, and other businesses, and sustained funding input has intensified financial pressure. At the same time, the company is planning an acquisition to expand into the digital services field of intelligent self-service equipment; once the transaction is completed, it will add 1.013 billion yuan in goodwill. Whether these multiple business expansions can ultimately reverse the performance decline remains to be seen.

01. Q3 Net Profit Attributable to Parent Company Turns Negative

Information shows that Tianyi Ma's main business segments include artificial intelligence, data elements, industry digital intelligence, and new energy power. The 2026 third-quarter report noted that the core driver of the company's revenue growth was the expansion of sales revenue from the new energy power station business. Tianyi Ma's revenue structure is tilting toward the new energy power segment, but this transformation has not brought a simultaneous improvement in profit quality. An analysis of this year's interim report data shows that, by product, new energy power generated revenue of 81.3443 million yuan in the first half of the year, a substantial year-on-year increase of 830.41%, with its revenue share rising to 38.27% to become the largest revenue contributor. In the same period of 2025, this product's revenue was only 8.7429 million yuan.

The problem is that the gross margin of this business, which propped up revenue growth, fell 52.31 percentage points year-on-year to 13.76%. Meanwhile, digital intelligence solutions and sales of computing power and information equipment accounted for 27.78% and 16.83% of revenue, respectively, with gross margins under simultaneous pressure at only 17.94% and 7.41%, shrinking by 14.74 percentage points and 3.49 percentage points year-on-year, respectively. Pressure on the profit side is concentrated in the weakening of the overall gross margin level. In the first three quarters of this year, Tianyi Ma's overall gross margin was 19.23%, down 10.2 percentage points year-on-year; net margin was -0.35%, turning negative year-on-year, compared with 2.56% in the same period of 2025.

Looking at a single quarter, Tianyi Ma showed a loss signal in the third quarter, with quarterly revenue of 130 million yuan, up 58.4% year-on-year; corresponding net profit attributable to the parent company showed a loss of 685,700 yuan, an increase of 63.31% year-on-year; net profit after deducting non-recurring gains and losses was 163,700 yuan, an increase of 106.47% year-on-year, compared with a loss of 2.532 million yuan in the same period of 2025. The divergence between profit before and after deduction was mainly affected by -849,500 yuan in non-recurring gains and losses. However, the quarter-on-quarter gap between third-quarter and second-quarter performance is worth noting. The company's third-quarter revenue increased 106.97% quarter-on-quarter, but net profit attributable to the parent company and net profit after deducting non-recurring gains and losses fell by as much as 140.84% and 91.25%, respectively. While revenue grew substantially, profitability did not rise but fell.

Securities Star learned that Tianyi Ma was listed in 2021 and recorded both revenue and net profit growth in its first year of listing, but afterward performance mostly went downhill, once recording a loss in 2024. From 2022 to 2024, the company's revenue fell from 439 million yuan to 224 million yuan, and net profit attributable to the parent company fell from 39.5627 million yuan to -49.5528 million yuan, decreases of 28.92%, 83.85%, and 875.6%, respectively. In 2025, Tianyi Ma turned a profit, with revenue and net profit attributable to the parent company of 477 million yuan and 7.4896 million yuan, respectively. But the good times did not last long, and the company once again faces pressure of performance decline in the first three quarters of this year.

02. Multi-Line Layout Faces Funding Test

In recent years, Tianyi Ma has focused on three major business segments: artificial intelligence, data elements, and industry digital intelligence. The company is accelerating its layout in emerging artificial intelligence businesses such as its international Token Factory and computing power services, promoting the rapid and steady strategic transformation and upgrading of its data element business toward becoming a "China-wide digital intelligence service provider." Along with the release of the third-quarter report, Tianyi Ma simultaneously disclosed an external investment. According to the company's "AI+" action deployment and business plan, Tianyi Ma plans to jointly invest in and establish Guangdong Tianyi Ma Data Industry (Haojiang) Co., Ltd. The target company has a registered capital of 10 million yuan, of which Tianyi Ma subscribes 8 million yuan, holding 80%. The source of funds for this external investment is entirely self-owned funds.

Tianyi Ma stated that the purpose of this joint venture is to establish a market-oriented operating platform for the data element business, bring economic benefits to both parties, and drive the development of the regional data annotation and other digital economy industries, highly synergizing with the company's Token services and artificial intelligence application innovation segment. In addition, to meet the company's development strategy and business needs and accelerate the implementation of the Token Factory and operations project construction, since September, Tianyi Ma has successively participated in investing in and establishing Guangdong Yilian Token Technology Co., Ltd. and Guangdong Tiansheng Token Factory Technology Co., Ltd.

Guangdong Yilian Token Technology Co., Ltd. has planned total registered capital of 10 million yuan, with Tianyi Ma contributing 4.5 million yuan, accounting for 45% of registered capital; Guangdong Tiansheng Token Factory Technology Co., Ltd. has planned total registered capital of 100 million yuan, with Tianyi Ma contributing 70 million yuan, accounting for 70% of registered capital. Regarding next-step plans, Tianyi Ma stated that the company will continue to increase investment in computing power and industrial supporting facilities based on market demand and business development, expand Token base production capacity, and continue to expand Token business space.

Securities Star noted that a large-scale layout in the artificial intelligence industry requires sustained and substantial funding input, and Tianyi Ma's funding consumption pressure is rapidly emerging. The company's prepayments in the first three quarters were 79.5738 million yuan, up 93.31% year-on-year, mainly prepayments for domestic computing power servers required for Token Factory project construction. On the debt side, Tianyi Ma's short-term borrowings increased from 75 million yuan at the end of 2025 to 125 million yuan at the end of the third quarter of this year, mainly due to increased credit lines for developing Token overseas projects.

It is worth mentioning that the company's interest expenses in the first three quarters of this year were 10.4716 million yuan, more than five times the net profit attributable to the parent company in the same period. While increasing investment in cutting-edge businesses, Tianyi Ma also launched an acquisition to seek breakthroughs. The company plans to purchase 98.5632% equity of Guangdong Xingyun Kaiwu Technology Co., Ltd. (hereinafter referred to as "Xingyun Kaiwu"), with a transaction price of 1.189 billion yuan, of which consideration paid by share issuance and cash is 582 million yuan and 606 million yuan, respectively.

At the same time, the company also plans to issue shares to Ma Xuepei, one of the actual controllers, to raise supporting funds of no more than 155 million yuan. As of the end of the third quarter of this year, the company's monetary funds were only 364 million yuan, and its own cash reserves were clearly insufficient. Xingyun Kaiwu is a digital service provider for intelligent self-service equipment, focusing on providing integrated solutions of "IoT intelligent hardware + SaaS cloud platform."

After the transaction is completed, Tianyi Ma will further expand its business in the digital services field of intelligent self-service equipment. Currently, the transaction is still in progress. Once completed, Tianyi Ma will add goodwill of approximately 1.031 billion yuan. Whether continuous increased layout can ultimately help Tianyi Ma escape its profitability dilemma still needs time to test. (This article was first published by Securities Star, author | Lu Wenyan)

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