Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [4]. Core Insights - In June 2025, the production and sales of new energy vehicles (NEVs) continued to show rapid growth year-on-year, with production reaching 1.268 million units and sales at 1.329 million units, representing year-on-year growth of 26.4% and 26.7% respectively [3]. - The penetration rate of new energy vehicles in June was 45.8%, a decrease of 2.9 percentage points from the previous month, while the cumulative penetration rate for the first half of the year was 44.3% [3]. - The global power battery installation volume from January to May 2025 was 401.3 GWh, a year-on-year increase of 38.5%, with the top five companies holding a combined market share of 73.9% [3]. - In June 2025, the installation volume of lithium iron phosphate batteries reached 47.4 GWh, a year-on-year increase of 49.7%, accounting for 81.5% of the total installation volume [3]. Summary by Sections New Energy Vehicle Sales - In June 2025, NEV sales reached 1.329 million units, with pure electric vehicle sales at 859,000 units (up 40.4% year-on-year) and plug-in hybrid sales at 470,000 units (up 7.8% year-on-year) [3]. - Cumulatively, from January to June 2025, NEV production and sales were 6.968 million and 6.937 million units, reflecting year-on-year growth of 41.4% and 40.3% respectively [3]. Battery Installation Volume - The total power battery installation volume in June 2025 was 58.2 GWh, with a year-on-year increase of 35.9% [3]. - Cumulatively, from January to June 2025, the total installation volume was 299.6 GWh, representing a year-on-year growth of 47.3% [3]. Export Data - In June 2025, power battery exports reached 15.8 GWh, accounting for 65% of total exports, with a year-on-year increase of 16.6% [3]. - Cumulatively, from January to June 2025, power battery exports totaled 81.6 GWh, reflecting a year-on-year growth of 26.5% [3]. Investment Recommendations - The report suggests focusing on leading companies in the battery and materials sectors that show fundamental improvements, particularly those with technological and capacity advantages in solid-state electrolytes and new types of electrodes [3]. - Key investment targets include CATL, EVE Energy, Keda Technology, and others [3].

Group 1 - The report highlights a steady increase in domestic electrification rates and a strong recovery in European sales, with global sales expected to grow by 21% in 2025 and maintain over 15% growth in 2026 [2][3] - In 2025, domestic electric vehicle sales are projected to reach 5.61 million units, a year-on-year increase of 44%, with an annual growth forecast of 25% [2][5] - The report anticipates a robust demand for lithium batteries, with a revised growth estimate of over 30% in 2025 and nearly 20% in 2026, driven by strong energy storage policies and market dynamics [2][3] Group 2 - The report indicates that the profitability of the industry has begun to recover slightly, with leading companies starting to expand production in an orderly manner, while smaller firms continue to exit the market [2][3] - The report notes a significant disparity in profitability across different segments of the supply chain, with leading battery manufacturers maintaining high profit levels compared to second-tier manufacturers [2][3] - The solid-state battery technology is highlighted as a key area of focus, with advancements expected in sulfide-based materials and core equipment, indicating a rapid acceleration in industrialization [2][3] Group 3 - Investment recommendations emphasize focusing on leading lithium battery companies and those accelerating the industrialization of solid-state technologies, with specific companies identified for potential investment [2][3] - The report suggests that the lithium carbonate price has reached a bottom, making it favorable to invest in companies with quality resources [2][3] - The report identifies several companies in the solid-state battery sector that are expected to benefit from technological advancements and market demand [2][3]

Investment Rating - The industry investment rating is "Overweight" [2][51] Core Insights - In June, the production and sales of new energy vehicles reached 1.268 million and 1.329 million units, respectively, representing year-on-year growth of 26.4% and 26.7% [41][45] - The lithium battery index has shown strong performance, with a 5.27% increase over the past two weeks, outperforming the CSI 300 index by 3.65 percentage points [4][13] - The solid-state battery industrialization process is accelerating, leading to structural incremental demand for materials and equipment in the industry chain [45] Summary by Sections Market Review - As of July 10, 2025, the lithium battery index has increased by 6.69% year-to-date, outperforming the CSI 300 index by 4.78 percentage points [4][13] - The lithium battery industry chain has seen price fluctuations, with battery-grade lithium carbonate averaging 63,400 CNY/ton, up 2.92% in the last two weeks [26][24] Price Changes in the Lithium Battery Industry Chain - As of July 10, 2025, the prices of lithium carbonate and nickel have increased, while lithium hydroxide and cobalt have decreased [24][27] - The average price of lithium hydroxide (LiOH 56.5%) is 63,100 CNY/ton, down 1.25% in the last two weeks [26][27] Industry News - The China Automotive Association reported that in June, the production and sales of new energy vehicles remained stable month-on-month, with a year-on-year growth rate that has slowed compared to previous months [41][45] - The global energy storage battery shipment volume for the first half of 2025 ranked the top ten companies, including CATL and EVE Energy [41] Company Announcements - Companies such as CATL and EVE Energy are focusing on solid-state battery materials and production capabilities, with significant advancements in their respective technologies [46][48] - Enjie Co., Ltd. has reported expected losses for the first half of 2025 due to declining profit margins in lithium battery separators [44] Weekly Insights - The report suggests focusing on leading companies in the battery and materials sectors that have technological and production advantages in solid-state electrolytes and new electrode materials [45][46]

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Summary of Key Points Core Viewpoint - The company, Jiangsu Tiannai Technology Co., Ltd., has announced a share repurchase plan to enhance shareholder value and implement employee stock ownership plans or equity incentives [1][2]. Group 1: Share Repurchase Plan - The share repurchase plan was first disclosed on January 11, 2025, with an implementation period from January 10, 2025, to January 9, 2026 [1]. - The expected repurchase amount ranges from 50 million yuan to 100 million yuan [1]. - The repurchased shares will not be used to reduce registered capital but will be allocated for employee stock ownership plans or equity incentives [1]. Group 2: Repurchase Details - The company has already repurchased 400,000 shares, which accounts for 0.11% of the total share capital [1][2]. - The total amount spent on the repurchase so far is 17.4762 million yuan, with the actual repurchase price ranging from 43.46 yuan to 43.85 yuan per share [1][2]. - The maximum repurchase price was adjusted from 63.47 yuan to 63.32 yuan per share due to the implementation of the 2024 annual equity distribution [2]. Group 3: Compliance and Future Actions - The company will adhere to relevant regulations and guidelines during the repurchase process and will make decisions based on market conditions [2]. - The company commits to timely information disclosure regarding the progress of the share repurchase [2].

江苏天奈科技股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 | 证券代码：688116 | 证券简称：天奈科技 公告编号：2025-060 | | --- | --- | | 转债代码：118005 | 债券简称：天奈转债 | 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： | 回购方案首次披露日 | 2025/1/11 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 1 | 1 | 10 | 日~2026 | 年 | 月 | 日 9 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 40万股 | | | | | | | | 累计已回购股数占 ...

Summary of TianNai Technology Conference Call Industry Overview - Solid-state battery technology primarily includes three routes: sulfide, oxide, and polymer. Sulfide systems have high ionic conductivity but are costly and pose safety risks. Oxide and polymer systems offer advantages in cost and mechanical performance, with domestic commercialization favoring oxide systems. [2][3][4] Key Points - **Market Forecast**: It is expected that all-solid-state batteries will achieve large-scale commercial application by 2030, with oxide and polymer processes likely becoming mainstream due to safety and cost factors in the next five years. Sulfide systems may face challenges. [2][4] - **Technological Advancements**: TianNai Technology enhances the electronic conductivity of liquid lithium-ion batteries using carbon nanotubes and is developing dry processing techniques and composite current collectors. These innovations are significant for the development of solid or semi-solid lithium-ion power systems. [2][3][5] - **Composite Current Collectors**: The introduction of carbon nanotubes as fiber reinforcements in polymer membranes significantly improves strength and conductivity, achieving electronic conduction levels comparable to pure metal current collectors. [6] - **Demand for Single-Walled Carbon Nanotubes**: The demand for single-walled carbon nanotubes is expected to increase significantly in 2026 due to the poor intrinsic electronic conductivity of high-nickel cathode materials and the need for more conductive additives in dry processing. [8] Financial and Operational Insights - **Production Facilities**: TianNai Technology's U.S. factory is expected to commence operations by the end of 2025, while the German factory will start in three months. The U.S. investment tax policy is anticipated to accelerate equipment production. [3][18] - **Collaborations**: The company collaborates with major battery firms like Panasonic and LG, with plans for significant orders from LG in the future, particularly for lithium iron phosphate batteries. [20] Challenges and Risks - **Safety and Cost Issues**: Solid-state battery technology faces challenges related to safety and cost, particularly with sulfide systems. The commercial viability of solid-state systems requires breakthroughs in key materials and processes. [10][16] - **Market Dynamics**: The introduction of porous copper foil and composite current collectors is limited by cost factors, which may hinder widespread adoption until prices become acceptable. [9] Future Outlook - **Growth Projections**: Significant growth in shipment volumes is expected in 2025 and 2026, particularly for high-end products driven by fast-charging technology. Current monthly production capacity is about four tons, with projections of 30,000 tons for single-walled and multi-walled carbon nanotubes by 2026. [22] - **New Cathode Materials**: Progress in new cathode materials is promising, with fast-charging certifications underway. These materials outperform existing products in low-temperature conditions. [23] Competitive Landscape - **Technological Edge**: TianNai Technology possesses a strong technological advantage in fast-charging technology and focuses on continuous R&D to maintain its competitive edge. [25][26] - **Talent Importance**: The company emphasizes the significance of talent in driving technological advancements and achieving a leading position in the industry. [27]

Core Viewpoint - The document outlines the investor relations management system of Jiangsu Tiannai Technology Co., Ltd., emphasizing the importance of communication between the company and its investors to enhance understanding, trust, and long-term relationships [1][2]. Group 1: Objectives and Principles of Investor Relations Management - The primary objectives of investor relations management include establishing mutual respect and understanding between the company and investors, enhancing the company's transparency, and improving its governance structure [2][3]. - The basic principles guiding investor relations management are compliance, equality, proactivity, and honesty [2][3]. Group 2: Content and Methods of Investor Relations Management - The target audience for investor relations management includes registered and potential investors, financial media, securities analysts, and regulatory bodies [3][4]. - Key communication topics with investors encompass the company's development strategy, legal information disclosure, operational management information, and other relevant data [3][6]. Group 3: Communication Channels and Activities - The company is required to utilize multiple channels for investor relations, including the official website, new media platforms, and direct communication methods such as meetings and roadshows [4][5]. - Investor meetings should be organized to facilitate communication, allowing investors to ask questions and provide feedback, with a focus on transparency and accessibility [5][6]. Group 4: Responsibilities and Management Structure - The board of directors is responsible for establishing the investor relations management system, while the board secretary oversees the implementation of this system [10][11]. - The investor relations management department is tasked with coordinating communication with investors, handling inquiries, and maintaining relevant channels [11][12]. Group 5: Compliance and Ethical Standards - The company and its personnel must avoid disclosing undisclosed significant information or misleading data during investor relations activities [12][13]. - There are specific qualifications and training requirements for personnel involved in investor relations management to ensure professionalism and effective communication [13][14].

General Overview - The article outlines the implementation rules for the Audit Committee of Jiangsu Tiannai Technology Co., Ltd, aimed at enhancing the decision-making function of the board and ensuring effective supervision of the management team [1][2]. Composition of the Audit Committee - The Audit Committee consists of three directors, with a majority being independent directors, and is chaired by an independent director with accounting expertise [2][3]. - Committee members are nominated by the chairman or a majority of independent directors and elected by the board [2]. Responsibilities and Authority - The Audit Committee is responsible for tracking the implementation of the company's business strategy, supervising external audit work, evaluating internal audit systems, and ensuring accurate financial reporting [3][4]. - It has the authority to review financial information, supervise internal controls, and assess compliance with laws and regulations [4][5]. Decision-Making Procedures - The Audit Committee must approve certain matters by a majority before submitting them to the board for review, including financial reports and the hiring or dismissal of external auditors [3][4]. - The committee is required to hold regular meetings at least quarterly and can convene special meetings as necessary [8][9]. Information Disclosure - The company must disclose the Audit Committee's annual performance and any significant issues identified during its oversight to the Shanghai Stock Exchange [31][32]. - If the board does not adopt the committee's recommendations, the company must disclose the reasons for this decision [33].

| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2025-058 | | --- | --- | --- | | 转债代码：118005 | 债券简称：天奈转债 | | 江苏天奈科技股份有限公司 关于不向下修正"天奈转债"转股价格的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 截至 2025 年 7 月 4 日，江苏天奈科技股份有限公司（以下简称"公司"） 股价已触发"天奈转债"转股价格向下修正条款。 经公司第三届董事会第二十三次会议审议，公司董事会决定本次不向下 修正转股价格，同时在未来六个月内（即本公告披露日至 2026 年 1 月 4 日）， 如再次触发"天奈转债"转股价格向下修正条款，亦不提出向下修正方案。从 2026 年 1 月 5 日起开始重新计算，若再次触发"天奈转债"转股价格的向下修 正条款，届时公司董事会将再次召开会议决定是否行使"天奈转债"转股价格的 向下修正权利。 一、可转换公司债券基本情况 根据中国证券监督管理委员会《关于同意江苏天奈科技股份有限公司向不特 ...