Core Viewpoint - Tian Tong Co., Ltd. has experienced a significant stock price increase of 53.43% year-to-date, but has recently faced a decline of 7.97% over the past five trading days, indicating volatility in its stock performance [1]. Company Overview - Tian Tong Co., Ltd. is located in Haining Economic Development Zone, Zhejiang Province, and was established on February 10, 1999, with its listing date on January 18, 2001. The company specializes in the research, manufacturing, and sales of electronic materials and high-end equipment [2]. - The main revenue composition includes 86.57% from electronic materials sales, 9.38% from specialized equipment manufacturing and installation services, and 4.05% from material sales and others [2]. - The company operates within the electronic industry, specifically in electronic chemicals, and is associated with concepts such as solid-state batteries, sodium batteries, Tesla, lithium batteries, and new energy [2]. Financial Performance - For the first half of 2025, Tian Tong Co., Ltd. achieved a revenue of 1.584 billion yuan, reflecting a year-on-year growth of 1.00%. However, the net profit attributable to shareholders decreased by 33.29% to 52.6073 million yuan [2]. - The company has distributed a total of 623 million yuan in dividends since its A-share listing, with 186 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 1.94% to 89,200, while the average circulating shares per person increased by 1.98% to 13,826 shares [2]. - Notable institutional holdings include Southern CSI 1000 ETF, which is the sixth largest shareholder with 11.3922 million shares, and Hong Kong Central Clearing Limited, the seventh largest with 10.5940 million shares, both showing increases in holdings compared to the previous period [3].

Group 1 - The company TianTong Co., Ltd. (stock code: 600330) reported that as of June 30, 2025, the number of shareholders is 89,206 [1]

证券代码：600330 证券简称：天通股份 公告编号：2025-052 关于为控股子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 保 对 | 被担保人名称 本次担保金额 | 10,000 | 天通凯立科技有限公司 万元 | | | --- | --- | --- | --- | --- | --- | | 担 | | | | | | | | | 实际为其提供的担保余额 | 0 | 万元（未含本次担保） | | | 象 | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 （二）内部决策程序 公司已于 2025 年 4 月 16 日召开的九届十二次董事会，审议通过了《关于 2025 年度对外担保额度预计的议案》，同意公司 2025 年度为下属子公司提供担 保的总额度不超过人民币 70,000 万元，控股子公司（含收购、新设 ...

Core Viewpoint - The company emphasizes its strategic focus on innovation and collaboration with state-owned capital and research institutions to drive industrial upgrades and global expansion [3][11]. Group 1: Future Industry Focus - The company is concentrating on two key areas for future industry incubation: new energy and artificial intelligence [4]. - It is advancing the application research of niobate lithium materials, specifically 1.6T and 3.2T, while enhancing technical innovation collaboration with downstream customers [4]. Group 2: Collaboration and Standards - The company has established partnerships with renowned universities, such as Tsinghua University, and has built a national enterprise technology center [5]. - It actively participates in domestic standard-setting and aims to influence international standards to gain a competitive edge in the global industry [5]. Group 3: Investment Logic - The company prioritizes core capabilities and market demand when selecting new industry projects, emphasizing the importance of innovation as a fundamental driver of development [6]. - It is committed to refining technology and products while advancing its globalization strategy [6]. Group 4: Overcoming Project Challenges - The company believes that maintaining good communication with local governments is essential for overcoming potential policy, funding, and talent barriers [8]. - Long-term investment in research and resources is deemed crucial for ensuring project success [8]. Group 5: Role of State Capital - Since its listing in 2001, the company has maintained close cooperation with state-owned enterprises, leveraging this relationship in its industrial incubation efforts [9]. - The "民资海智" model, which combines private capital with overseas talent, has been recognized by government departments [9]. Group 6: Capital Market Support - The company relies on capital market support for its development and has engaged in multiple rounds of financing through private placements [10]. - It is exploring H-share issuance as part of its international strategy, viewing the stock market as a vital platform for capital operations [10].

Group 1 - The company YN Technology announced that its shareholder Tiantong High-tech Group Co., Ltd. holds 21,500,689 shares, accounting for 13.76% of the company's total share capital [2] - Tiantong High-tech has released a pledge on 2,800,000 shares [2]

Market Overview - The electronic chemicals sector increased by 2.04% on September 19, with Tongyu New Materials leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Key stocks in the electronic chemicals sector showed significant price increases, with Tongyu New Materials rising by 12.14% to a closing price of 212.40 [1] - Other notable performers included Tiantong Co., which increased by 10.03%, and Xilong Science, which rose by 10.02% [1] Capital Flow - The electronic chemicals sector saw a net inflow of 1.073 billion yuan from institutional investors, while retail investors experienced a net outflow of 579 million yuan [2] - Tiantong Co. attracted the highest net inflow from institutional investors at 732 million yuan, while retail investors had a net outflow of 387 million yuan [2] - Xilong Science also saw significant institutional support with a net inflow of approximately 297 million yuan [2]

Core Viewpoint - Silicon carbide (SiC) is emerging as a new solution for chip heat dissipation, with Huawei recently announcing two patents related to SiC thermal management [2][6]. Group 1: Huawei's Patents - Huawei has filed two patents involving SiC for thermal management, aimed at enhancing the thermal conductivity of electronic devices [2]. - The first patent focuses on a thermal composition and its applications in electronic component cooling and chip packaging [2]. - The second patent pertains to a thermal absorbing composition for electronic components and circuit boards [2]. Group 2: Industry Trends - NVIDIA is reportedly switching the intermediate substrate material in its next-generation Rubin processors from silicon to SiC to improve heat dissipation, with large-scale adoption expected by 2027 [6]. - SiC has superior thermal conductivity, with a thermal conductivity of 500 W/mK, compared to silicon's 150 W/mK and ceramic substrates' 200-230 W/mK [7]. - The increasing power of AI chips, such as NVIDIA's GPUs, necessitates improved heat dissipation solutions, as the power of the H200 chip has risen from 700W to 1400W [7]. Group 3: Market Potential - The use of SiC intermediate layers can reduce GPU chip junction temperatures by 20-30°C and lower cooling costs by 30%, preventing performance throttling due to overheating [8]. - The market for SiC applications is expanding from power electronics to packaging and cooling solutions, creating new growth opportunities [9]. - A projection indicates that if NVIDIA's H100 chips were to switch to SiC intermediate layers, it would require approximately 76,190 substrates based on current production metrics [9]. Group 4: Stock Market Response - Following NVIDIA's entry into the SiC cooling sector, related stocks in the A-share market have seen significant increases, with companies like Lushou Technology and Tianyue Advanced rising over 30% since September [11]. - Companies such as Tianyue Advanced and Sanan Optoelectronics are actively pursuing innovations in SiC products for various applications, including power devices and thermal management [11][12]. - Financing data shows that several SiC-related stocks have received substantial investments, with Tongfu Microelectronics leading with an increase of 7.01 billion yuan in financing [14].

Company Overview - Tian Tong Holdings Co., Ltd. is located in Haining Economic Development Zone, Zhejiang Province, established on February 10, 1999, and listed on January 18, 2001 [2] - The company's main business includes the research, manufacturing, and sales of electronic materials (including magnetic materials, sapphire, piezoelectric crystals) and high-end equipment (including specialized equipment for crystal materials, powder materials, and semiconductor displays) [2] - The revenue composition of the main business is as follows: 86.57% from electronic materials sales, 9.38% from specialized equipment manufacturing and installation services, and 4.05% from material sales and others [2] Financial Performance - For the first half of 2025, Tian Tong Holdings achieved operating revenue of 1.584 billion yuan, a year-on-year increase of 1.00%, while the net profit attributable to shareholders decreased by 33.29% to 52.6073 million yuan [2] - The company has cumulatively distributed 623 million yuan since its A-share listing, with 186 million yuan distributed in the last three years [3] Stock Performance - As of September 12, Tian Tong Holdings' stock price was 10.69 yuan per share, with a market capitalization of 13.185 billion yuan [1] - The stock has increased by 51.03% year-to-date, but has seen a decline of 11.65% over the last five trading days [1] - The company has appeared on the trading leaderboard three times this year, with the most recent instance on September 8, where it recorded a net buy of -156 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 89,200, a decrease of 1.94% from the previous period, while the average circulating shares per person increased by 1.98% to 13,826 shares [2] - Notable institutional shareholders include Southern CSI 1000 ETF, holding 11.3922 million shares, and Hong Kong Central Clearing Limited, holding 10.5940 million shares, both of which increased their holdings compared to the previous period [3]

Meeting Overview - The first extraordinary general meeting of shareholders was held on September 10, 2025, at the company's conference room in Haining, Zhejiang Province [1] - The meeting was chaired by the chairman of the board, Mr. Zheng Xiaobin, and utilized a combination of on-site and online voting methods, complying with relevant laws and regulations [1] - A total of 6 out of 7 directors and 2 out of 3 supervisors attended the meeting, with the company secretary present as well [1] Resolutions Passed - The following proposals were approved during the meeting: - Revision of the Articles of Association [2] - Revision of the Rules of Procedure for Shareholders' Meetings [2] - Revision of the Rules of Procedure for Board Meetings [3] - Revision of the Independent Director Work System [3] - Revision of the Related Party Transaction Decision-Making System [3] - Revision of the External Guarantee Management Measures [3] - Revision of the Management Measures for Raised Funds [3] - Revision of the External Investment Management System [3] - Revision of the Asset Write-off Management System [3] - Approval of the Remuneration Management System for Directors and Senior Management [4] - Approval of the Shareholder Return Plan for the Next Three Years (2025-2027) [4] Voting and Legal Compliance - The special resolution regarding the revision of the Articles of Association was passed with more than two-thirds of the valid votes from attending shareholders [4] - All other resolutions were passed with more than half of the valid votes from attending shareholders [4] - The meeting was witnessed by lawyers from Guohao Law Firm (Hangzhou), confirming that the meeting's procedures and resolutions complied with legal requirements [5] Board Changes - Mr. Ye Shijin submitted his resignation from the board due to work adjustments, effective immediately upon delivery of the resignation [8] - The company held an employee representative meeting on September 10, 2025, where Mr. Shu Jiao Jing was elected as the employee representative director, with his term lasting until the end of the current board's term [8][9]

Group 1 - The company announced the resignation of director Ye Shijin due to work adjustment reasons [2] - Ye Shijin submitted a written resignation report to the board of directors [2] - The resignation pertains to the company's ninth board of directors [2]