Core Viewpoint - Tianai Technology reported that its single-wall product shipments reached approximately 1,600 tons in the third quarter, with an expected increase to around 3,000-4,000 tons in the fourth quarter [1] Company Summary - The company has shown a significant increase in product shipments, indicating strong demand and potential growth in the upcoming quarter [1]

Core Viewpoint - TianNai Technology has established partnerships with numerous well-known universities, focusing on cutting-edge technologies, with specific collaboration details subject to confidentiality agreements. Investors are encouraged to stay updated on the company's developments [1] Group 1 - The company is actively collaborating with prestigious universities to advance its technological capabilities [1] - Specific details regarding these collaborations are confidential, indicating a strategic approach to innovation [1] - Investors are advised to continuously monitor the company's announcements for further information [1]

Core Viewpoint - Tianwei Technology emphasizes the importance of silicon-carbon anodes as a future development trend, indicating the need to incorporate the company's single-walled products into this sector [1] Company Summary - The company's products are primarily procured by lithium battery manufacturers, highlighting its focus on the battery supply chain [1]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [5]. Core Insights - In September 2025, the production and sales of new energy vehicles (NEVs) reached historical highs, with production and sales of 1.617 million and 1.604 million units respectively, representing year-on-year growth of 23.7% and 24.6%, and month-on-month growth of 16.25% and 14.98% [4]. - The penetration rate of NEVs in September was 49.7%, up 0.9 percentage points month-on-month, while the year-to-date penetration rate was 46.1% [4]. - Battery sales also saw significant growth, with total battery production reaching 151.2 GWh in September, a month-on-month increase of 8.3% and a year-on-year increase of 35.4% [4]. - The report highlights strong demand for energy storage in both domestic and international markets, with leading battery companies operating at full capacity [4]. Summary by Sections New Energy Vehicle Market - In September 2025, NEV sales reached 1.604 million units, with pure electric vehicle sales at 1.058 million units, showing a year-on-year increase of 36.4% [4]. - Year-to-date NEV sales totaled 11.224 million units, with pure electric vehicles accounting for 7.22 million units, reflecting a year-on-year growth of 44.7% [4]. Battery Production and Sales - In September, the total battery sales were 146.5 GWh, with power batteries accounting for 110.5 GWh, representing 75.5% of total sales [4]. - The report notes that the export of batteries in September was 26.7 GWh, with power batteries making up 17.6 GWh of that total [4]. Investment Recommendations - The report suggests focusing on leading companies in the lithium battery supply chain, particularly those with technological and production advantages in solid-state electrolytes and new materials [4]. - Key companies to watch include CATL, EVE Energy, and others that are actively developing solid-state battery technologies [4].

Core Viewpoint - Tianai Technology (688116) reported an increase in shipments of single-wall products, with approximately 1,600 tons shipped in the third quarter and an expected shipment of 3,000 to 4,000 tons in the fourth quarter [1] Group 1 - The company shipped about 1,600 tons of single-wall products in Q3 [1] - The expected shipment for Q4 is projected to be between 3,000 and 4,000 tons [1]

Core Viewpoint - The company, Tianai Technology, provided shipment forecasts for its single-wall products for Q3 and Q4, indicating a significant increase in expected shipments in Q4 compared to Q3 [1] Group 1 - The company expects to ship approximately 1,600 tons of single-wall products in Q3 [1] - For Q4, the company anticipates shipments to be around 3,000 to 4,000 tons [1]

Core Points - TianNai Technology announced the adjustment of the conversion price for its convertible bonds "TianNai Convertible Bonds" from 99.11 CNY/share to 99.09 CNY/share, effective from October 16, 2025 [2] - The conversion of "TianNai Convertible Bonds" will be suspended on October 15, 2025, and will resume on October 16, 2025 [2]

证券代码：688116 证券简称：天奈科技 公告编号：2025-078 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 关于可转换公司债券"天奈转债"转股价格调整暨转 股停复牌的公告 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、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因"天奈转债"转股价格调整,本公司的相关证券停复牌情况如下： | 118005 | 天奈转债 | 可转债转股停 | 2025/10/15 | 全天 | 2025/10/15 | 2025/10/16 | | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 停复牌类型 牌 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | 一、转债价格调整依据 江苏天奈科技股份有限公司（以下简称"公司"或"天奈科技"）已于 2025 年 10 月 10 日完成 2022 年限制性股票激励计划（以下简称"2022 年激励计划"） 首次授予部分第三个归属期的归属登记手续，公司总股本由 ...

Core Viewpoint - Tian Nai Technology experienced a 5% decline in stock price, reaching 57.54 CNY per share, with a trading volume of 609 million CNY and a turnover rate of 2.95%, resulting in a total market capitalization of 21.084 billion CNY [1] Company Overview - Jiangsu Tian Nai Technology Co., Ltd. is located at 113 Qinglongshan Road, Zhenjiang New District, Zhenjiang City, Jiangsu Province, and was established on January 6, 2011, with its listing date on September 25, 2019 [1] - The company's main business involves the research, production, and sales of nano-scale carbon materials and related products, with revenue composition as follows: 98.04% from carbon nanotube conductive paste, 1.90% from carbon nanotube powder, and 0.06% from other sources [1] Fund Holdings - Yongying Fund has one fund heavily invested in Tian Nai Technology, specifically the Yongying Hengxin Steady Pension Target Three-Year Holding Mixed Fund (FOF) A (017146), which held 9,195 shares in the second quarter, accounting for 0.11% of the fund's net value, ranking as the ninth largest holding [2] - The fund was established on March 29, 2023, with a current size of 373 million CNY, yielding a return of 10.72% year-to-date, ranking 656 out of 1,046 in its category; over the past year, it achieved a 12% return, ranking 635 out of 1,013 [2] - The fund manager, Li Cheng, has been in the position for 1 year and 15 days, with the fund's total asset size at 373 million CNY, achieving a best return of 10.3% and a worst return of 2.94% during his tenure [2]

Group 1 - Tianai Technology experienced a 5% decline, trading at 57.54 CNY per share, with a transaction volume of 609 million CNY and a turnover rate of 2.95%, resulting in a total market capitalization of 21.084 billion CNY [1] - Jiangsu Tianai Technology Co., Ltd. specializes in the research, production, and sales of nano-scale carbon materials and related products, with 98.04% of its main business revenue coming from carbon nanotube conductive pastes [1] - The company was established on January 6, 2011, and went public on September 25, 2019 [1] Group 2 - Bosera Fund has a significant holding in Tianai Technology, with its Bosera SSE Sci-Tech Innovation Board New Materials ETF (588010) reducing its stake by 89,500 shares in the second quarter, now holding 253,300 shares, which accounts for 4.54% of the fund's net value [2] - The Bosera SSE Sci-Tech Innovation Board New Materials ETF has a current size of 256 million CNY and has achieved a year-to-date return of 57.22%, ranking 323 out of 4220 in its category [2] - The fund manager, Tang Yibing, has been in charge for 3 years and 86 days, with the fund's total assets amounting to 9.874 billion CNY, achieving a best return of 74.71% and a worst return of -41.93% during his tenure [2]