Jiangsu Transimage Technology Co., Ltd. (002866)

Equity Research Report | Industry: Consumer Electronics Components and Assembly | Report date: September 13, 2026 | As of the September 11, 2026 close; certain free-float market-cap data was disclosed as of September 10, 2026, while shareholder and institutional holdings data was as of June 30, 2026, and is subject to quarterly disclosure lags.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Transimage Technology remains primarily engaged in consumer electronics components. In 1H2026, electronic information components generated RMB 1.019 billion in revenue, accounting for 97.93%, while sodium-ion batteries and materials generated only RMB 21.48 million, accounting for 2.07%. However, the sodium-ion battery segment’s gross margin was -85.31%, and it remains in the investment phase, weighing on overall profitability. In 1H2026, the company recorded revenue of RMB 1.040 billion, up 3.32% year on year, attributable net profit of RMB 21.5571 million, down 48.86%, and non-GAAP attributable net profit of approximately RMB 11.6955 million, down approximately 57%, representing a clear “revenue growth without profit growth” pattern.

The company’s consumer electronics business mainly covers notebook computer keyboards, tablet folio keyboards, touch modules, mice and FPCs. Input devices and touchpads have together contributed approximately 85%–90% of revenue over the long term and are the core sources of profit and cash flow. The company has certain scale and customer-certification barriers in notebook keyboards and touchpads. Overseas sales account for approximately 54%; in 2025, the overseas gross margin was 27.73%, higher than the domestic gross margin of 16.56%. However, downstream customer concentration is relatively high. Under the caliber used in the sponsor’s report for the private placement, revenue from the top five customers increased to 62.59% in 1H2026. Profitability remains affected by annual price reductions, annual tenders and proactive concessions to customers.

In 2025, the company generated revenue of RMB 2.146 billion, up 9.76% year on year, and attributable net profit of RMB 85.8408 million, returning to profitability. However, the sustainability of the earnings recovery remains to be verified. In 1H2026, gross margin fell to 19.53%, while net operating cash flow fell 49.29% year on year to RMB 77.0084 million. Financial expenses rose sharply year on year, mainly due to foreign-exchange losses. The company plans to raise no more than RMB 871 million through a private placement to build intelligent production lines in Gaoyou and a smart manufacturing center in Chongqing, and to replenish working capital. The plan includes additional notebook-keyboard and tablet-folio-keyboard capacity, but remains subject to review and registration. Additional depreciation and amortization will also increase future operating pressure.

As of the September 11, 2026 close, the company’s share price was RMB 13.98, down approximately 53.4% from the 52-week high of approximately RMB 30.00 and close to the 52-week low of approximately RMB 13.30. The share price was below the MA5, MA10 and MA20, with the moving averages showing a short-term bearish alignment, while MACD momentum was weak. At the same time, RSI6 was approximately 18–20 and the share price was close to the lower Bollinger Band, indicating potential for a short-term technical rebound. However, overall recent fund flows remained net negative and trading activity was below the high-volatility period in May, which is insufficient to confirm a trend reversal.

2. Company Overview

2.1 Basic Information

2.2 Core Businesses and Product Portfolio

• Input devices: notebook/desktop computer keyboards, external tablet keyboards and tablet folio keyboards, touch modules, mice and other products, used in notebooks, tablets and desktop computers. The company states that certain products rank first in their niche markets.
• FPCs (flexible printed circuit boards): communication, consumer electronics and computer boards, used in wearables, automotive electronics, notebooks, mobile phones and tablets.
• Sodium-ion batteries and the new-energy business: cylindrical sodium-ion batteries for low-speed electric vehicles and other applications; prismatic sodium-ion batteries for construction machinery vehicles, energy storage and other applications; cathode, anode and electrolyte materials; self-built PACK lines for electric two-wheelers; and research and development of sodium-ion solid-state batteries.

2.3 Position in the Industry Chain and Cost/Profit Structure

Transimage Technology currently operates two main businesses—“consumer electronics components + new energy (sodium-ion batteries)”—with consumer electronics as the clear core. According to the 2025 annual report and 1H2026 report, the three main segments are input devices, FPCs and sodium-ion batteries. In FY2025, electronic information components generated RMB 2.128 billion in revenue, accounting for 99.20%, with a gross margin of 24.99%; electrical machinery and equipment manufacturing (sodium-ion batteries) generated RMB 17.23 million, accounting for 0.80%, with a gross margin of -279.81%. In 1H2026, electronic information components generated RMB 1.019 billion, accounting for 97.93%, with a gross margin of 21.74%; sodium-ion batteries generated RMB 21.48 million, accounting for 2.07%, with a gross margin of -85.31%. Input devices, primarily keyboards, plus touchpads have historically accounted for approximately 85%–90% of revenue and are the absolute sources of profit and cash flow. Sodium-ion battery revenue accounts for less than 2% and has a deeply negative gross margin, making it a clear investment-stage drag. Overseas sales accounted for approximately 54% in 2025, and the overseas gross margin was significantly higher than the domestic gross margin (27.73% versus 16.56% in 2025).

• The company’s core purchased inputs include plastics, molds and electronic components used in keyboards, mice and other structural parts; FPC substrates, including FCCL, copper foil and coverlay, as well as electroplating chemicals; and cathode and anode materials and electrolyte raw materials used in sodium-ion batteries. The company states that it controls key consumer-electronics processes such as “precision mold design, thin-film circuit etching and composite-material applications.” In sodium-ion batteries, it adopts an “integrated development model covering cells, cathode and anode materials, electrolytes and other core components” to address the immaturity of supporting facilities and unstable raw-material quality in the sodium-ion battery industry chain (sources: the competitive advantages section of the private-placement prospectus and the core competitiveness analysis in the 1H2026 report).
• Pricing power: The private-placement proposal states in its risk disclosures that “if the company’s major raw materials experience supply shortages or substantial price increases in the future, the company’s product costs will rise, adversely affecting production and operations.” This indicates that the company is broadly a price taker upstream, and the company has not expressly claimed that it can fully pass raw-material price increases on to downstream customers.
• Data gap: This review did not obtain a detailed breakdown of the company’s raw-material cost structure, such as “direct materials as a percentage of operating costs,” or the concentration of its top five suppliers. The only available information is that, under the 2020 annual-report caliber, purchases from the top five suppliers totaled RMB 460.9 million, although the percentage was not fully available. This item is therefore treated as “unverified” in this report; no percentage is fabricated. The latest annual report’s “major suppliers” section should be consulted for an update.
• Customer structure disclosed by the company: original equipment manufacturers/contract manufacturers, including Compal Electronics, Wistron and Huaqin Technology; brand manufacturers, including Lenovo, Samsung Electronics, Huawei, Xiaomi, HP, SONY, TOSHIBA, ThinkPad and Honor; and computer-accessory companies, including Darfon Electronics. FPC customers include Foxconn, Huawei, Lenovo, SAMSUNG, technicolor and E Ink (sources: the 2026 sponsor’s report for the private placement and the 2025 annual report summary).
• Customer-concentration figures differ by reporting caliber and must be distinguished. Under the annual-report caliber of “top-five customers as a percentage of total annual sales,” the figures were 51.39% in 2020, 54.14% in 2021 and 51.91% in 2022. The combined sales of the top five customers in 2022 were RMB 1.0374 billion, with the largest customer accounting for 25.24%. The sponsor’s reports for private placements show systematically higher figures, likely because customers under common control are consolidated: the 2023 Dongwu Securities sponsor’s report listed 61.39%, 58.91%, 56.55% and 56.54% for 2020–2022 and 1Q2023; the 2026 private-placement sponsor’s report listed 59.87%, 56.84%, 58.42% and 62.59% for the first three periods, believed to correspond to 2023, 2024 and 2025, and the final period, believed to correspond to 1H2026. The latest figure rose to 62.59%, the highest in recent years. These figures come from annual reports and private-placement sponsor reports, but the two calibers have not been reconciled. The latest annual report should be treated as authoritative.
• Regardless of the caliber used, the top five customers have accounted for approximately 50%–63% of revenue over the long term. Customer concentration is high, and the company itself identifies “the risk of relatively concentrated major customers” as a risk item in its private-placement documents. Given that downstream customers include notebook brands such as Lenovo, HP, Dell and ASUS, as well as contract manufacturers such as Compal, Wistron and Huaqin, the industry has a structurally buyer-led bargaining model characterized by annual price reductions and annual supplier tenders. The 2025 annual report also stated that, in cooperation with Huawei, Honor and other customers, the company “adopts a full-industry-chain service model featuring independent raw-material procurement, independent R&D and design, and independent production and manufacturing, and accelerates the elimination of inefficient industry capacity through a proactive concession strategy.” In other words, the company uses concessions to gain market share rather than raising prices through pricing power.
• The 2024 annual report disclosed that “accounts receivable from the top five customers accounted for 48.35% of total accounts receivable, compared with 52.92% in the comparative period,” providing evidence of working-capital concentration. Exact receivable turnover days and the structure of prepayments/payables were not obtained. Overall, as a notebook-component supplier, the company is positioned such that receivables accumulate at major brand and contract-manufacturing customers, with payment terms dictated by downstream customers.
• Customer concentration: the top five customers have historically accounted for approximately 50%–63% of revenue (2020–2022 annual-report caliber: 51.39%/54.14%/51.91%; 2026 private-placement sponsor-report caliber: 59.87%/56.84%/58.42%/62.59%, with the final period believed to be 1H2026). In 2024, the top five customers’ receivables accounted for 48.35% of total receivables, compared with 52.92% in the comparative period. The data comes from annual reports and private-placement sponsor reports. The two calibers have not been reconciled, the data source is limited and cross-verification was not possible. The latest annual report should be treated as authoritative.

Transimage Technology is positioned in the left-middle portion of the smile curve, in the “precision processing/assembly of key components” segment. It is neither in upstream resources or chips, where resource or technological monopolies can generate premiums, nor a downstream brand with brand premiums. Its gross margin of approximately 22% is essentially stable, contract-manufacturing gross margin supported by its position as an invisible champion in notebook keyboards and touchpads and by certification barriers with high-quality customers. Future gross-margin improvement will not come from price increases, given the downstream buyer-led annual price-reduction model, but from: ① increasing the share of high-margin overseas sales and overseas capacity, including the Vietnam plant, which began production in March 2026; ② upgrading the product mix toward higher-value categories such as touchpads and backlit keyboards; and ③ narrowing losses in the sodium-ion battery business. Sodium-ion batteries are currently a drag on profit rather than a source of profit.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

1H2026 refers to the summary of the 2026 interim report disclosed on 2026-08-15, on a consolidated basis; FY2025 refers to the annual report disclosed on 2026-03-31; 2024 and 2023 are historical comparisons. Non-GAAP attributable net profit was RMB 11.6955 million in 1H2026 (-57.00% YoY) according to the official summary, while the China Securities Journal text stated RMB 11.7626 million, a difference of approximately RMB 0.7 million; the official figure is used. FY2025 non-GAAP attributable net profit was RMB 57.8583 million according to the 2025 financial settlement report, while China Securities Journal stated RMB 58.0985 million, a difference of approximately RMB 0.24 million; the audited annual-report figure is recommended. Basic/diluted EPS in 1H2026 was RMB 0.07 (RMB 0.15 in the prior-year period, -53.33%), weighted-average ROE was 1.03% (2.08% in the prior-year period), and net operating cash flow was RMB 77.0084 million (-49.29%). Total assets at period-end were RMB 3.796 billion, and attributable net assets were RMB 2.098 billion (+0.17% from the prior year-end). Gross margin was 19.53% (-2.67 ppts YoY and -1.60 ppts QoQ), and the debt-to-asset ratio was 47.60%. FY2025 basic EPS was RMB 0.30, weighted-average ROE was 4.19%, net operating cash flow was RMB 251.8 million (+190.73%), total assets were RMB 3.848 billion, attributable net assets were RMB 2.094 billion, and the company proposed a cash dividend of RMB 0.6 per 10 shares. 1Q2026 attributable net profit of approximately RMB 15.30 million and non-GAAP profit of approximately RMB 13.18 million were calculated from the 2Q breakdown. The 2Q breakdown came from China Securities Intelligent Finance, was not separately disclosed in the official summary, and is secondary data that should be checked against the full interim report. Definition note: 1H2026 net profit including non-controlling interests was RMB 14.7327 million, below attributable net profit of RMB 21.5571 million, implying non-controlling interests of approximately negative RMB 6.82 million. The definition must be specified when cited.

Revenue grew modestly by 3.32% in 1H2026, but attributable net profit fell sharply by 48.86% and non-GAAP net profit declined 57.00%. Gross margin fell 2.67 ppts YoY to 19.53%, indicating clear pressure on profitability. On a quarterly basis, 2Q2026 revenue declined both YoY and QoQ (-7.42% and -6.76%), while non-GAAP net profit turned negative at RMB -1.4834 million. The sharp YoY increase in attributable net profit was mainly due to the low base in the prior-year period. FY2025 returned to profitability, with attributable net profit of RMB 85.8408 million (+216.83%), but results fluctuated substantially compared with 2023 attributable net profit of RMB 41.7459 million and the 2024 loss of RMB 73.4741 million. Note that there are two sets of non-GAAP net-profit figures and that net profit including non-controlling interests can easily be confused with attributable net profit. The 2Q2026 breakdown is secondary data.

3.2 Earnings Forecasts

Current sell-side coverage is almost nonexistent. Tonghuashun’s valuation page, updated through 2026-08-14, explicitly states that “no institution has made an earnings forecast for the current year,” with 2026E/2027E both shown as null. Eastmoney’s industry-analysis page, based on the 2026 interim report, shows “--” for 2026E/2027E/2028E EPS growth, revenue growth and PE. Stockstar’s company page provides 2026E–2028E EPS of RMB 0.45/0.93/1.47, but the source is single, no broker is identified, and the figures cannot be cross-verified. The 2026E EPS of RMB 0.45 implies full-year attributable net profit of approximately RMB 130 million, materially inconsistent with 1H2026 EPS of RMB 0.07 and profit of RMB 21.56 million, and therefore has low credibility and should not be directly cited. The company’s own calculation, included in its response to the private-placement review inquiry and based on assumed revenue growth of 10% over the next three years, estimates 2026/2027/2028 attributable net profit at RMB 94.4249 million/RMB 103.8674 million/RMB 114.2541 million, or RMB 312.5464 million in total. The announcement explicitly states that these figures are “used only to calculate the funding gap and the amount of supplementary working capital and do not constitute an earnings forecast or commitment.” Management forecasts used in the impairment test for the sodium-ion battery asset group are separate and are not earnings forecasts: under the 2025 impairment-test caliber, sodium-ion battery revenue is projected at RMB 172.8650 million in 2026, RMB 185.4771 million in 2027, RMB 612.0745 million in 2028, RMB 1,167.0221 million in 2029 and RMB 1,848.6692 million in 2030, with corresponding gross margins of -29.62%/-25.52%/+7.25%/+14.37%/+17.95%. Under management’s assumptions, the sodium-ion battery business would not achieve positive gross margin until 2028. The recoverable amount of the asset group is RMB 882 million. The two sets of internal assumptions use different calibers and must not be combined.

3.3 Valuation and Institutional Ratings

As of the September 11, 2026 close, the share price was RMB 13.98 (-RMB 0.14, -0.99%). Total shares/free-float shares were 290 million/184 million, and total/free-float market capitalization was RMB 4.048 billion/RMB 2.569 billion. Static PE, based on FY2025A EPS of RMB 0.30, was 47.15x; TTM PE was 62.04x; dynamic PE, based on annualized 1H2026 results, was 93.88x; and PB (MRQ) was 1.93x, based on book value per share of RMB 7.245. 1H2026 gross margin/net margin/ROE were 19.53%/1.42%/1.03%. The 52-week range was RMB 13.30–30.00, sourced from Investing.com with an unclear collection date. The share price was approximately 29.96% below the 52-week high according to stockanalysis.com. Performance over the relevant periods was -11.01% over one month, -22.20% over three months, -30.90% over six months and -22.19% year to date, according to Eastmoney’s industry-analysis page based on the interim-report date. There is a valuation-caliber discrepancy: Ping An Securities’ quote page showed dynamic PE of 100.06x, static PE of 50.25x, TTM PE of 66.12x and total market capitalization of RMB 4.313 billion, corresponding to a share price of approximately RMB 14.87. These figures differ from the September 11 data shown by Eastmoney, Securities Times and Sina, likely because of different dates or cached data. The exchange’s closing price on the relevant date should be used. Key uncertainties and data gaps are: ① no valid institutional earnings forecast, with consensus estimates blank on Tonghuashun and Eastmoney; ② the 2026–2028 attributable net-profit figures in the private-placement inquiry response are company calculations based on a 10% growth assumption, explicitly not an earnings forecast, and differ from the sodium-ion battery impairment-test assumptions and must not be combined; ③ two sets of non-GAAP net-profit figures exist (FY2025: RMB 57.8583 million versus RMB 58.0985 million; 1H2026: RMB 11.6955 million versus RMB 11.7626 million), with the official announcement or audited report taking priority; ④ net profit can be misread, as net profit including non-controlling interests was RMB 14.7327 million in 1H2026, below attributable net profit of RMB 21.5571 million; ⑤ no 3Q2026 earnings guidance had been obtained as of September 11, no 2025 segment revenue detail or separate sodium-ion battery revenue was obtained, and no formal 2026 broker report or target price was found; and ⑥ the share price, market capitalization and PE/PB are September 11, 2026 closing snapshots, while FY2025 and 1H2026 figures are official disclosed data. The 52-week high/low range comes from a single source with an unclear collection date.

4. Recent News and Announcements

4.1 Private Placement of A-Shares to Specific Investors

On 2026-05-29, the company disclosed its 2026 private-placement plan for A-shares. It intends to issue shares through competitive bidding to no more than 35 specific investors, with total proceeds of no more than RMB 871 million. The number of shares issued will not exceed 30% of pre-issue total shares, or 86.85676 million shares. The pricing reference date will be the first day of the offering period, and the issue price will be no lower than 80% of the average share price over the preceding 20 trading days. The subscribed shares may not be transferred within six months. The controlling shareholder and actual controller, Zou Weimin and Chen Min, will not change as a result of the issuance. Proceeds will be allocated to the Gaoyou Intelligent Production Line Expansion Project (RMB 260 million), the Chongqing Smart Manufacturing Center Expansion Project (RMB 344 million) and supplementary working capital (RMB 260 million). The two physical projects have combined investment of RMB 679 million, construction periods of nine months each, and are expected to add annual capacity of 31.20 million notebook keyboards and 5.76 million tablet folio keyboards upon reaching full production. After-tax IRRs are 19.24% and 13.08%, respectively. Source: Securities Times Online, 2026-05-29.

4.2 Private-Placement Application Accepted by the Shenzhen Stock Exchange

On 2026-07-10, the company received the Shenzhen Stock Exchange’s “Notice on Accepting the Application Documents for the Private Placement of Shares” (Shenzhen Stock Exchange Review [2026] No. 223). The exchange determined that the application documents were complete and decided to accept the application. Source: AASTOCKS financial news, reported on July 12, single-source transcription.

4.3 Receipt of the Shenzhen Stock Exchange Review Inquiry Letter

On 2026-07-27, the company received the Shenzhen Stock Exchange review inquiry letter (Review Letter [2026] No. 120042).

4.4 Disclosure of the Response to the First-Round Inquiry Letter

On 2026-08-22, the company disclosed its response to the first-round inquiry letter and updated the financial data in the application documents through 1H2026.

4.5 Disclosure of Revised Inquiry Response and Revised Prospectus; Total Proceeds Specified at No More Than RMB 870.5136 Million

On 2026-09-11/09-12, the company disclosed the “Revised Response to the Review Inquiry Letter” and the “Revised Prospectus,” among other documents, under announcement No. 2026-034. Total proceeds were specified at no more than RMB 870.5136 million. Key operating data disclosed in the response, as of the end of July 2026, included notebook-keyboard orders on hand of approximately 16 million units, representing 91.07% of existing annual capacity, and tablet-folio-keyboard orders on hand of approximately 4.43 million units, representing 188.35% of existing annual capacity. In 2025, existing capacity was 17.568 million notebook keyboards and 2.352 million tablet folio keyboards. Capacity utilization at general-purpose production lines was above 90% during most periods and above 100% in certain years. Investment per unit of capacity was RMB 14.22 per unit for Gaoyou and RMB 18.88 per unit for Chongqing, compared with RMB 21.90 per unit for Zhidi Technology and RMB 10.37 per unit for Rapoo Technology. On the customer side, HP’s factory inspection had been passed, and mass-production supply was scheduled to begin in September 2026. Gross margins at full production were 32.51% for the Gaoyou project, compared with 31.54% for the comparable business of the company in 2025, and 25.01% for the Chongqing project, compared with 24.81% for the comparable business in 2025. Rongcheng Certified Public Accountants issued a special report recognizing the key parameters of the projects, including price, output and gross margin, as well as the incremental depreciation and amortization estimates, which would account for approximately 2% of revenue and approximately 14% of net profit at full production, and the necessity of financing. Jiangsu Century Tongren Law Firm issued a supplemental legal opinion on 2026-09-12.

4.6 Private-Placement Risk Disclosure: Approval by the Shenzhen Stock Exchange and Registration with the CSRC Remain Outstanding

The private placement can be implemented only after approval by the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission. The company stated that “whether approval will be obtained and the timing thereof remain uncertain.”

4.7 2025 Earnings Guidance: Expected Return to Profitability

On 2026-01-29, the company disclosed earnings guidance expecting 2025 full-year attributable net profit of RMB 78 million–103 million, returning to profit year on year, and non-GAAP net profit of RMB 50 million–75 million, also returning to profit. The change was attributed to steady growth and improved operating efficiency in the consumer-electronics business and lower impairment losses on sodium-ion battery-related assets. Source: Gelonghui, reproduced by Jiufang Zhitou.

4.8 2025 Annual Report Summary and Profit-Distribution Plan

On 2026-03-31, the company disclosed the 2025 annual report summary (announcement No. 2026-005). The proposed distribution was a cash dividend of RMB 0.6 per 10 shares, based on 289,522,256 shares, with no bonus shares or capitalization of capital reserves.

4.9 2026 Interim Report: Revenue Growth Without Profit Growth

On 2026-08-14/15, the company disclosed its 2026 interim report (announcement No. 2026-031): revenue of RMB 1.040 billion (+3.32% YoY, marking three consecutive years of growth); attributable net profit of RMB 21.5571 million (-48.86% YoY); non-GAAP net profit of RMB 11.7626 million (-56.75% YoY, while another source stated -57.00%, reflecting rounding or caliber differences); net operating cash flow of RMB 77.0084 million (-49.29% YoY); basic EPS of RMB 0.07 (-53.33%); and weighted-average ROE of 1.03%. No interim cash dividend, bonus shares or share conversion was declared. By segment, electronic information components generated RMB 1.019 billion (+2.31%, 97.93% of total revenue), while sodium-ion battery systems and materials generated RMB 21.4844 million (+95.45%, 2.07%). Gross margin fell from 22.20% to 19.52%. Financial expenses rose approximately 338% year on year, from RMB 8.4692 million to RMB 37.1007 million, mainly due to foreign-exchange losses. Overseas sales accounted for 54.64%. Short-term borrowings were RMB 764 million versus period-end cash of RMB 402 million.

4.10 Shareholding-Reduction Plan of the Controlling Shareholder and Actual Controller

Under the 2026 reduction plan, controlling shareholder and actual controller Zou Weimin, who held 140.49 million shares or 48.53%, and acting-in-concert shareholder Chen Min, who held 3.145 million shares or 1.09%, planned to reduce their holdings by no more than 8.6857 million shares, or approximately 3% of total shares, through centralized bidding and block trades between 2026-06-03 and 2026-08-31. The announcement was issued on 2026-05-11. On 2026-05-12, the share price hit the daily limit down at RMB 24.89, with total market capitalization of approximately RMB 7.2 billion. These price and market-cap figures appeared only in one AASTOCKS report and were not independently verified. The interim report also stated that “actual controller Zou Weimin and Chen Min launched a reduction plan in June 2026, intending to reduce their holdings by no more than 8.6857 million shares in total.” The original implementation-progress or result announcement was not obtained. Actual progress should be checked against the latest announcement on CNINFO.

4.11 Historical Previous Shareholding Reduction (For Comparison)

On 2025-03-18, a reduction plan involving Zou Weimin and Ningbo Getong was disclosed. The plan covered 2025-04-09 to 2025-07-08 and involved no more than 8.686 million shares, or 3.00%. Zou Weimin and Ningbo Getong recorded secondary-market and block-trade reductions in May–June 2025. On 2025-04-09, one block trade was completed at an average price of RMB 11.98, a 9.04% discount, involving 392,000 shares and RMB 4.696 million in turnover. Source: Tonghuashun F10.

4.12 Top Ten Shareholders and Pledges in the Interim Report (As of 2026-06-30)

Zou Weimin held 48.53%, of which 105.37386 million shares were pledged; Hong Kong Securities Clearing Company held 3.46%; Wu Xiangwei 1.11%; Chen Min 1.09%; Wang Peimin 0.68%; and Shenzhen Tiandikang Industrial 0.41%, among others. The number of shareholders was 42,105. Note that shares held by Zou Weimin are pledged, including approximately 105 million shares. Source: 2026 interim report summary.

4.13 Governance Announcements: Amendments to the Articles of Association and Governance Policies

On 2025-10-30, the company issued a meeting notice and held the “First Extraordinary General Meeting of Shareholders of 2025” on 2025-11-14. The meeting approved amendments to the Articles of Association and a series of governance policies, including rules of procedure for shareholders’ meetings and board meetings, the independent-director system, management of raised funds, related-party transactions and external guarantees. The resolution announcement was No. 2025-037. The fourth Board’s tenth meeting was held on 2025-11-14 (announcement No. 2025-038), involving the resignation of directors and senior executives, the election of an employee representative director and the by-election of members of specialized board committees.

4.14 Items Not Found: Buybacks and M&A

Buybacks: No recent share-repurchase announcement or plan for 002866 was found in this review. The company should be described as having “no recent relevant announcements.” M&A: Apart from the private placement described above, which is refinancing rather than an acquisition, no major asset acquisition or disposal announcement was found. The private placement should not be mischaracterized as an acquisition. Policy-related news: No company-specific regulatory penalty or inquiry was found apart from the private-placement review inquiry.

4.15 Uncertainties and Limitations

1) Timing reference: the latest available announcement was dated 2026-09-12, concerning the revised response to the private-placement inquiry (announcement No. 2026-034); the original announcement confirming the final implementation of the shareholding reduction was not obtained. 2) Data-caliber differences: the 2026 interim report is described by different media as showing a 56.75% or 57.00% decline in non-GAAP net profit, reflecting the same fact and differences in rounding or reporting caliber. 3) Single-source items: the acceptance number for the 2026 private placement, Shenzhen Stock Exchange Review [2026] No. 223, came from AASTOCKS; the reduction-plan price and market-cap figures of RMB 24.89 and RMB 7.2 billion appeared only in one AASTOCKS report and were not independently verified. 4) Primary-source verification: the announcements on CNINFO—No. 2026-031 for the interim report, No. 2026-034 for the revised private-placement inquiry response, No. 2026-005 for the 2025 annual report, and the shareholding-reduction progress announcements—should be treated as authoritative. All media transcriptions in this report should be checked against the original CNINFO documents.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Transimage Technology closed at RMB 13.98, approximately 53.4% below the 52-week high of approximately RMB 30.00 and close to the 52-week low of approximately RMB 13.30. Technically, the share price was below MA5, MA10 and MA20, with a bearish moving-average alignment. MACD was approximately -0.20 with a bearish signal, while the share price was near the lower Bollinger Band and RSI6 was approximately 18–20, indicating weak short-term momentum but potential for a technical rebound. From a fund-flow perspective, the most recent five trading days recorded net outflows of approximately RMB 32.89 million–32.92 million, while turnover and the turnover ratio had declined materially from the high-volatility period in May. The effectiveness of support levels and whether trading volume can improve require monitoring.

5.3 Short-Term Outlook (Next Week, Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a subjective scenario analysis based on data as of the September 11, 2026 close. It does not constitute investment advice or a definitive forecast of future prices. The scenario weights are subjective judgments based on current technical indicators and fund flows, not statistical probabilities.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Weak range-bound consolidation (relatively higher weight, approximately 50%; subjective judgment, not a statistical probability): Price range of RMB 13.95~14.55. Conditions include support near RMB 13.95, turnover remaining around RMB 40 million–65 million, no material weakening in the consumer-electronics sector, and resistance around RMB 14.40–14.55 without a high-volume breakdown. Low RSI6 and proximity to the lower Bollinger Band support the potential for a technical rebound, but the bearish moving-average alignment and net fund outflows over the past five days limit confirmation of a trend reversal.
• Further weakness (medium weight, approximately 30%; subjective judgment, not a statistical probability): Price range of RMB 13.30~13.95. Conditions include a decisive close below RMB 13.95, single-day turnover materially exceeding recent averages and reaching more than RMB 70 million, continued net outflows from major funds, and simultaneous weakness in the consumer-electronics or PCB sectors. If turnover continues to expand after a break below RMB 13.95, the market could test the recent intraday low near RMB 13.68 and then the annual-low area of RMB 13.30~13.50.
• Stronger rebound (lower weight, approximately 20%; subjective judgment, not a statistical probability): Price range of RMB 14.55~14.90. Conditions include a close back above RMB 14.55, turnover expanding to more than RMB 70 million–80 million and remaining there for at least two consecutive trading days, major-fund flows turning from sustained net outflows to sustained net inflows, and sector-level linkage in consumer electronics, PCBs or AI PCs. A breakout above RMB 14.55 confirmed by volume could lead to a rebound toward RMB 14.70~14.90, although prices above RMB 14.70 would remain close to MA20 and the previous high-volume trading area.

③ Fund-Flow and Liquidity Background

As of September 11, 2026, average turnover over the most recent five days was approximately RMB 49.48 million and the average turnover ratio was approximately 1.89%. Over the most recent 10 trading days, turnover was approximately RMB 39 million–95 million and the turnover ratio was approximately 1.50%–3.54%, materially below the high-volatility period when turnover reached RMB 1.651 billion and the turnover ratio reached 32.20% on May 11, 2026. Shareholder data as of June 30, 2026 showed that controlling shareholder Zou Weimin held 48.53%, the top ten shareholders held 56.37% and the total number of ordinary shareholders was approximately 42,100. Tonghuashun counted 23 major institutions holding approximately 12.2905 million shares, or 6.69% of tradable A-shares, including 21 funds and two general corporate entities. These institutional and shareholder data are subject to quarterly disclosure lags and may differ from the real-time structure in September 2026. In actual trading, if turnover remains around RMB 40 million–60 million, the share price may experience low-level consolidation with moderate liquidity. Turnover above RMB 70 million during a decline would warrant attention to concentrated selling pressure; during a rally, turnover consistently above RMB 70 million–80 million could be an observation signal that funds are re-entering.

A volume-confirmation signal to monitor is the following: if daily turnover exceeds RMB 70 million for two consecutive days during the coming week and the share price simultaneously stands above RMB 14.55, this could be viewed as an observation signal that the short-term rebound has volume confirmation. If the share price breaks below RMB 13.95 while turnover exceeds RMB 70 million, this could be viewed as an observation signal of intensified downside pressure.

④ Key Items to Monitor (Observation Framework Only, Not Trading Instructions)

• Monitor whether the RMB 14.40–14.55 resistance zone can be decisively broken with turnover expanding to more than RMB 70 million–80 million; this is an observation framework, not a trading instruction.
• Monitor whether the RMB 13.95–14.10 first-support zone fails and, if so, whether the RMB 13.30–13.70 strong-support zone attracts buying; this is an observation framework, not a trading instruction.
• Monitor whether a technical rebound from low RSI6 and the lower Bollinger Band is confirmed by improving MACD and a repair of the moving-average structure; this is an observation framework, not a trading instruction.
• Monitor whether turnover exceeds RMB 70 million for two consecutive days and whether fund flows turn from net outflows over the past five days to sustained net inflows; this is an observation framework, not a trading instruction.

The above scenario analysis is based on the September 11, 2026 closing data and historical price and technical-indicator calculations. Short-term share prices may also be affected by news flow, capital flows, market conditions and other factors. Technical indicators are inherently lagging and limited, and the analysis does not guarantee future performance or constitute a buy or sell recommendation. Investors should make independent judgments based on the latest market information and bear investment risks themselves.

6. Industry Structure and Competitor Analysis

6.1 Industry Status

The notebook-keyboard industry has developed a relatively concentrated oligopolistic competitive structure. Leading companies have built high barriers to entry through economies of scale and accumulated technology. Most of the global market is held by Taiwanese-invested Chinese keyboard manufacturers, including Chicony Electronics, Primax Electronics, Lite-On Technology, Darfon Electronics and Lite-On Technology, while Transimage Technology is the only mainland Chinese manufacturer with a meaningful scale share. The company describes its own market position as follows: annual notebook-keyboard shipments of approximately 40 million units, representing more than 20% of global notebook shipments of approximately 170 million units, making it a domestic leader; notebook touchpad sales ranked first in China and among the global top three for three consecutive years. The company’s website and promotional materials cite global and domestic market shares of 20.56% and 40%, respectively. However, those figures come from company promotional materials and local media reports from around 2017 and are outdated. The same materials stated that “75% of products were exported to the United States, Japan and South Korea,” whereas the actual overseas-sales ratio in the 2025 annual report was only 53.5%, indicating that the promotional figures are clearly obsolete and should not be cited as current market share.

6.2 Competitive Landscape

• Notebook-keyboard competition: Most of the global market is held by Taiwanese-invested Chinese keyboard manufacturers, including Chicony Electronics, Primax Electronics, Lite-On Technology, Darfon Electronics and Lite-On Technology. Transimage Technology is the only mainland Chinese manufacturer with a meaningful scale share (source: response to the 2026 private-placement review inquiry).
• Competitive dynamics and capacity expansion: Darfon Electronics’ 2026 capital expenditure is approximately NT$1 billion, with more than half invested in Southeast Asia. Its new Vietnam plant began operations in 1Q2026 and is expected to ramp up in 2H2026. Primax Electronics’ 2025 capital expenditure exceeded NT$2 billion; its new Vietnam plant entered mass production in March 2026, and Southeast Asia is expected to account for no more than approximately 10% of capacity in 2026. Chicony Electronics is expanding its second plant in Thailand, with Thailand revenue expected to rise from 27% to 30%–35% in 2026 and non-China capacity planned to increase to 40%. Lite-On Technology completed phase two in Thailand in January 2026. The collective relocation of Taiwanese-invested manufacturers to Southeast Asia has objectively released market space and customer-resource gaps for mainland keyboard manufacturers, according to the company.
• FPC industry: The company describes FPCs as “electronic components...” (the research memorandum is truncated at this point and a complete description of the industry structure was not obtained).

6.3 Major Competitors

The notebook-keyboard market has an oligopolistic Taiwanese-invested structure comprising Chicony Electronics, Primax Electronics, Lite-On Technology, Darfon Electronics and Lite-On Technology. Transimage Technology is the only mainland Chinese manufacturer with a meaningful scale share and has a relatively strong position as a domestic leader and in touchpads, where it ranks first domestically and among the global top three. However, Taiwanese-invested peers are collectively relocating capacity to Southeast Asia, including Vietnam and Thailand, objectively creating market space and customer-resource gaps for mainland manufacturers. Compared with downstream brands and OEMs such as Lenovo, HP, Samsung, Compal, Wistron and Huaqin, the company operates in a buyer-led environment characterized by annual price reductions and annual tenders, and must use concessions to gain market share. Its bargaining power is weaker than that of downstream customers. Compared with upstream raw-material and component suppliers, the company is generally a price taker, and it has not expressly claimed strong cost-pass-through capabilities. Overall, the company is positioned in the left-middle section of the smile curve, in key-component precision processing and assembly. Profitability improvement depends on overseas capacity, product-mix upgrades and narrowing sodium-ion battery losses, rather than pricing power.

7. Risk Factors

• High consumer-electronics customer concentration. Under the private-placement sponsor-report caliber, the top five customers accounted for 62.59% of revenue in 1H2026. Customers include major brands and OEMs such as Lenovo, HP, Huawei, Samsung, Compal, Wistron and Huaqin. Adjustments to major customer orders, the introduction of alternative suppliers or continued price pressure could materially affect revenue and gross margin.
• Raw-material cost increases and limited cost-pass-through capability. The company purchases plastics, molds, electronic components, FPC substrates, sodium-ion battery cathode and anode materials and electrolytes. Disclosures explicitly warn that supply shortages or substantial raw-material price increases would raise product costs. Under downstream annual price reductions and tendering, the company has not clearly demonstrated the ability to fully pass higher costs on to customers.
• Risk relating to project implementation and capacity absorption. The company plans to raise no more than RMB 871 million for intelligent-manufacturing projects in Gaoyou and Chongqing, adding notebook-keyboard and tablet-folio-keyboard capacity. The private placement still requires approval by the Shenzhen Stock Exchange and registration with the CSRC. Even if implemented, the projects may face construction delays, failure to realize customer orders, ramp-up risks and incremental depreciation and amortization. The projects’ profit parameters at full production do not represent actual operating results.
• Continued losses in sodium-ion batteries. In 1H2026, sodium-ion batteries accounted for only 2.07% of revenue and had a gross margin of -85.31%; the segment’s gross margin was -279.81% in 2025. If product ramp-up falls short, material and manufacturing costs fail to decline sufficiently, or loss reduction is delayed, the business may continue to erode consumer-electronics profits and create impairment pressure.
• Earnings quality and operating-cash-flow volatility. In 1H2026, attributable net profit declined 48.86% year on year, non-GAAP net profit declined approximately 57%, and net operating cash flow declined 49.29%. Gross margin fell to 19.53% while financial expenses increased sharply. If revenue growth does not translate into simultaneous improvement in gross profit, non-GAAP profit and cash flow, the stability of the earnings recovery will be affected.
• Overseas operating and foreign-exchange risks. Overseas sales account for approximately 54%, and the sharp increase in 1H2026 financial expenses was partly due to foreign-exchange losses. Exchange-rate movements, overseas capacity and changes in customer deliveries may continue to affect financial expenses, net profit and the profitability of overseas sales.
• Shareholder reduction and equity-pledge risks. Controlling shareholder Zou Weimin and acting-in-concert shareholder Chen Min planned to reduce their holdings by no more than 8.6857 million shares, approximately 3% of total shares. Approximately 105 million shares held by Zou Weimin are pledged. Actual progress should be checked against the latest announcement. If the reduction is completed or share-price volatility intensifies, market supply and shareholding stability could come under pressure.
• Technical and liquidity risks. As of September 11, 2026, the share price was below MA5, MA10 and MA20. Overall fund flows over the past five trading days were net outflows of approximately RMB 32.89 million–32.92 million, and trading activity was materially below the high-volatility period in May 2026. If support near RMB 13.95 fails with higher volume, the share price may further test RMB 13.30–13.70. Technical indicators reflect historical prices and trading behavior only and cannot replace fundamental analysis.

8. Conclusion and Outlook

The company’s medium-term growth drivers mainly comprise capacity expansion in its consumer-electronics business, expansion among overseas and high-margin customers, and product-mix upgrades involving touchpads, backlit keyboards and other products. Recently disclosed orders on hand included approximately 16 million notebook keyboards and 4.43 million tablet folio keyboards. HP’s factory inspection had been passed, with mass-production supply scheduled for September 2026. If the private placement is completed successfully and capacity reaches production as planned, economies of scale and customer coverage could improve. However, approval, the pace of capacity release and the absorption of additional capacity remain uncertain.

The key to earnings improvement is not significant price increases, but a higher share of high-margin overseas sales, overseas capacity and product-mix optimization, and narrowing losses in sodium-ion batteries. Sodium-ion battery revenue remains small and gross margin deeply negative. Under management’s impairment-test assumptions, the business is not expected to achieve positive gross margin until 2028, so its near-term contribution to overall results should not be overestimated. Although the consumer-electronics business has customer and process advantages, the buyer-led annual price-reduction model, limited cost-pass-through capability and high customer concentration may constrain the extent of gross-margin recovery.

Investors should focus on second-half 2026 consumer-electronics orders and capacity utilization, HP’s mass-production supply and the progress of the private placement. They should also monitor whether gross margin, non-GAAP net profit and operating cash flow improve simultaneously, as well as the pace of sodium-ion battery loss reduction and changes in financial expenses and foreign-exchange gains or losses. There is currently no valid institutional consensus earnings forecast. The profit calculations in the private-placement documents explicitly do not constitute an earnings forecast or commitment. Judgments on future results and valuation therefore require validation against actual operating data.

Data Sources

• Transimage Technology: 2025 Annual Report Summary_ Jiufang Zhitou - Global Indices
• Transimage Technology: 2025 Annual Report Summary - Jiangsu Transimage Technology Co., Ltd. 2025 Annual Report Summary
• Transimage Technology (002866.SZ) Detailed F9-PC_HSF9 Information
• Transimage Technology (sz002866)
• Transimage Technology (002866)_Company Overview_Stock Price_Real-Time Quotes_Charts_News_Research Reports_FinScope-AI
• China Securities Journal - Jiangsu Transimage Technology Co., Ltd. - Information Disclosure
• Transimage Technology Company Information
• Transimage Technology (002866)_Company Announcements_2024 Interim Report Summary
• Transimage Technology (002866.SZ) - US Stocks
• Transimage Technology: 2026 Interim Report Summary
• Transimage Technology (002866) - Compass Market Data
• 002866 Transimage Technology
• SZ.002866 Transimage Technology - A-Share Real-Time Quote - Company Information
• 002866 Transimage Technology - Core Business
• Transimage Technology (002866.SZ) Core Themes
• Transimage Technology (002866) 2026 Interim Management Discussion and Analysis
• Transimage Technology: 2026 Private Placement Prospectus
• Transimage Technology: 2026 Private-Placement Sponsor’s Report
• Transimage Technology: Dongwu Securities Sponsor’s Report for 2023 Private Placement
• Shares subscribed by the issuance recipients may not be transferred within six months
• Transimage Technology: 2024 Annual Report
• Transimage Technology: 2022 Annual Report
• Transimage Technology: 2026 Private-Placement Proposal
• Transimage Technology: 2021 Annual Report
• Transimage Technology: 2020 Annual Report
• Transimage Technology Financial Report Summary
• Transimage Technology (002866) Income Statement
• SZ.002866 Transimage Technology - Company Information
• Transimage Technology (002866.SZ) - Earnings Summary
• Transimage Technology (002866) F10
• Transimage Technology (002866) - Financial Evaluation
• Transimage Technology (002866.SZ) - Earnings Summary)/cnhk/analysis/company-fundamental/earnings-summary?shsymbol=002866)
• Bank of China (Hong Kong)
• Transimage Technology (002866) F10
• Transimage Technology Historical Gross-Margin Changes
• Jiemian News
• Jiangsu Transimage Technology Co., Ltd.
• Transimage Technology: Response to the Shenzhen Stock Exchange Review Inquiry
• Transimage Technology: Response to the Review Inquiry
• Transimage Technology: Response to the Review Inquiry
• Transimage Technology Competitor Capacity Expansion
• Transimage Technology: Sodium-Ion Battery Costs Have Further Room to Decline
• 002866 Transimage Technology
• Transimage Technology (002866.SZ) Company Overview
• Transimage Technology 1H2026 Net Profit RMB 21.5571 Million, Down 48.86%
• Transimage Technology 1H2026 Net Profit RMB 21.5571 Million, Down 48.86%
• Transimage Technology 1H2026 Net Profit RMB 21.5571 Million, Down 48.86%
• Transimage Technology: 2026 Interim Report Summary
• Transimage Technology: 2026 Interim Net Profit RMB 21.5571 Million
• Transimage Technology: 2026 Interim Net Profit RMB 21.5571 Million
• Transimage Technology 1H2026 Net Profit Nearly Halved
• Transimage Technology: 2025 Net Profit RMB 85.8408 Million, Proposed Dividend of RMB 0.6 per 10 Shares
• Transimage Technology Analyst Consensus Estimates
• Jiangsu Transimage Technology Consensus Estimates
• Transimage Technology Institutional Ratings
• Shanxi Securities: Buy Rating for Transimage Technology
• Transimage Technology: Revised Response to the Private-Placement Review Inquiry
• Transimage Technology (002866) - Stockstar
• 002866 Transimage Technology
• Transimage Technology: Private-Placement Inquiry Response and Prospectus Updated
• Transimage Technology: Revised Private-Placement Prospectus Summary
• Transimage Technology: Revised Response to the Review Inquiry Summary
• China Securities Journal: Notice on Updating the Private-Placement Application Documents
• Transimage Technology: Updated Private-Placement Application Documents
• Transimage Technology: 2026 Interim Report Summary
• Financial Report Express: Transimage Technology 1H2026 Results
• Transimage Technology: 1H2026 Net Profit RMB 21.5571 Million
• Transimage Technology Private Placement to Raise No More Than RMB 871 Million
• Transimage Technology Historical Data
• Transimage Technology Historical Trading Data
• Transimage Technology Share Price and News
• Transimage Technology Technical Analysis
• Transimage Technology: 2026 Private-Placement Prospectus

This report was automatically researched, compiled and generated by AI based on publicly available information. Information is current as of the September 11, 2026 close; certain free-float market-cap data was disclosed as of September 10, 2026, while shareholder and institutional holdings data was as of June 30, 2026 and is subject to quarterly disclosure lags. Information may differ in terms of timeliness. Specific data should be checked against the company’s official announcements and authoritative data terminals. This report is for information and research purposes only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.