江苏天奈科技股份有限公司 关于股份回购进展的公告 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。 | 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2025-036 | | --- | --- | --- | | 转债代码：118005 | 债券简称：天奈转债 | | | 回购方案首次披露日 | 2025/1/11，由公司控股股东、实际控制人、董事 | | --- | --- | | | 长兼总经理郑涛先生提议 | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 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 | 0万股 | | 累计已回购股数占总股本比例 | 0% | | 累计已回购金额 | 0万元 | | 实际回购价格区间 | 0元/股~0元/股 | 一、 回购股份的基本情况 截至 2025 年 4 月 30 日，公司尚未 ...

天奈科技（688116.SH）2024 年年报及 2025 年一季报点评 碳纳米管领军者，新品产业化顺利 2025 年 05 月 04 日 ➢ 事件。2025 年 4 月 29 日公司发布 2024 年年报及 2025 年一季度报告， 2024 年公司实现营业收入 14.48 亿元，同比增长 3.13%；实现归母净利润 2.50 亿元，同比下滑 15.80%；实现扣非后净利润 2.37 亿元，同比增长 13.60%。2025 年一季度公司实现营业收入 3.35 亿元，同比增长 9.00%；实现归母净利润 0.58 亿元，同比增长 8.10%；实现扣非后净利润 0.52 亿元，同比增长 0.06%。 ➢ 厚积薄发，销量继续高增。公司产品包括碳纳米管粉体、碳纳米管导电浆料、 石墨烯复合导电浆料、碳纳米管导电母粒等。公司碳纳米管产品的相关性能已经 处于国内领先水平。公司不断研发新产品，以满足市场需求。2024 年公司碳纳 米管导电浆料 8.5 万吨，同比增长 55.97%。 ➢ 新品产业化进展顺利。单壁碳纳米管的制备难度较高，目前在全球范围内只 有极少数厂商能够规模化生产。公司已掌握单壁碳纳米管的负载型催化剂的制备 ...

Revenue and Profit - The company achieved total revenue of 335 million yuan in Q1 2025, representing a year-on-year growth of 9.0% [1] - The net profit attributable to shareholders was 58.14 million yuan, up 8.1% year-on-year, while the net profit excluding non-recurring items was 51.68 million yuan, showing a minimal growth of 0.06% [1] Gross Margin and Net Margin - The company's gross margin stood at 33.19%, a decrease of 3.67 percentage points compared to the same period last year [2] - The net margin was 17.25%, down 1.14 percentage points year-on-year, indicating a decline in profitability but still within a reasonable range [2] Expense Control - The company demonstrated good expense control, with total selling, administrative, and financial expenses amounting to 28.59 million yuan, which accounted for 8.54% of revenue, a decrease of 0.23 percentage points year-on-year [3] Accounts Receivable and Cash Flow - Accounts receivable significantly increased to 526 million yuan, reflecting a year-on-year growth of 37.96% [4] - The operating cash flow per share was -0.14 yuan, a decline of 171.09% year-on-year, indicating potential cash flow pressure and the need to monitor accounts receivable recovery [4] Asset and Liability Situation - The company's interest-bearing debt was 1.23 billion yuan, a decrease of 15.26% compared to the same period last year [5] - The interest-bearing asset-liability ratio was 24.81%, suggesting a need for ongoing attention to the company's debt situation [5] Shareholder Equity and Dividends - The net asset per share was 8.36 yuan, an increase of 7.24% year-on-year [6] - Since its listing, the company has raised a total of 1.727 billion yuan and distributed a total of 191 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.11 [6] Business Model and Capital Expenditure - The company's performance is primarily driven by capital expenditures, necessitating close attention to the rationality of capital expenditure projects and any potential funding pressures [7]

公司代码：688116 公司简称：天奈科技 江苏天奈科技股份有限公司2024年年度报告摘要 登录新浪财经APP 搜索【信披】查看更多考评等级 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到上海证券交易所：www.sse.com.cn网站仔细阅读年度报告全文。 2、重大风险提示 公司已在本报告中详细描述可能存在的相关风险，具体内容详见本报告第三节"管理层讨论与分 析"之"四、风险因素"中的内容。 3、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 4、公司全体董事出席董事会会议。 5、天健会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 6、公司上市时未盈利且尚未实现盈利 □是 √否 7、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2024年度利润分配方案为：以实施权益分派股权登记日的总股本为基数实施利润分配，拟向全体股 东每10股派发现金红利人民币1.46元（含税），截至2025年3月31日 ...

Industry Overview - The implementation of China's "dual carbon" strategy has led to the introduction of various policies related to energy storage, creating significant development opportunities for the energy storage lithium battery industry [1][2] - The State Council's "Action Plan for Carbon Peaking Before 2030" sets a target for new energy storage installations to exceed 30 million kilowatts by 2025, transitioning from initial commercialization to large-scale development [1][2] - By 2030, the goal is to achieve comprehensive market-oriented development of new energy storage [1] Market Growth Projections - According to GGII, China's energy storage battery shipments are expected to reach 340 GWh in 2024, representing a 65% year-on-year increase, driven by factors such as increased renewable energy installations and improved cost-effectiveness of lithium batteries [1] - By 2030, the shipment volume of China's energy storage lithium batteries is projected to reach 1,150 GWh, indicating a substantial market potential beyond just power batteries [1][2] Technological Advancements - The demand for carbon nanotube conductive agents is increasing due to the rising performance requirements for batteries in the electric vehicle sector, which necessitates enhancements in energy density and charging speed [3][4] - New battery technologies are further driving the demand for carbon nanotube conductive agents, particularly as the industry shifts towards silicon-based anodes, which offer significantly higher theoretical capacity compared to traditional graphite [4][5] Future Demand and Applications - GGII forecasts that by 2030, the shipment of carbon nanotube conductive agent powder will reach 41,000 tons, with a corresponding market size of 680,000 tons, reflecting a compound annual growth rate of 26.7% from 2024 to 2030 [5] - The growth in demand for carbon nanotubes is attributed to advancements in fast-charging technologies and the increasing application of new battery systems, including solid-state and sodium-ion batteries [5][6] Company Financial Performance - The company reported a revenue of 1,448.16 million yuan for the reporting period, a 3.13% increase year-on-year, while the net profit attributable to shareholders decreased by 15.80% to 250.20 million yuan [8]

Core Viewpoint - The rapid charging industry is poised for significant growth due to the increasing maturity of high-voltage fast charging technology and the ongoing demand for efficient charging solutions in the electric vehicle market [1][3]. Industry Summary - There is a substantial gap in charging infrastructure, with a projected 31.4 million electric vehicles in China by the end of 2024, representing a year-on-year growth of 53.85%. The current vehicle-to-charging pile ratio stands at 2.4:1, indicating a persistent supply-demand gap for charging stations [2]. - Enhancing battery energy density and reducing charging time are critical to alleviating range anxiety among electric vehicle users. High-power fast charging is identified as the most effective solution to address these concerns [2]. - The current public charging infrastructure predominantly features low-power charging stations, highlighting the need for increased fast charging capabilities to unlock the full potential of the electric vehicle market [2]. Technology Summary - High-voltage fast charging technology is emerging as the mainstream solution for rapid energy replenishment, offering advantages such as a larger state of charge (SOC) range, higher peak charging power, lower technical difficulty, and more controllable costs compared to traditional high-current fast charging [1][3]. - The penetration of high-voltage fast charging vehicles in the mid-to-high-end market is steadily increasing, with leading automotive companies accelerating the launch of such models [3]. - The next 2-3 years are expected to see high-voltage platforms become standard in mid-to-high-end electric vehicles, with further penetration into the mainstream market [3]. Infrastructure and Component Upgrades - The development of high-voltage fast charging necessitates systematic upgrades across the entire industry chain, from electric vehicle components to charging stations and the power grid [3]. - Increased demand for high-power charging modules and enhanced thermal management requirements, such as liquid cooling technology, are anticipated at the charging station level [3]. - At the vehicle level, there will be higher demands for high-voltage components, with trends indicating a shift from IGBT to SiC power devices, alongside upgrades in safety performance and battery material systems [3]. Investment Opportunities - The fast charging sector is expected to experience rapid growth driven by strong policy support, technological advancements, and increasing market demand. Key companies to watch in the high-voltage fast charging industry include Shenghong Co., Ltd. (300693), Wolong Nuclear Material (002130), CATL (300750), Tiannai Technology (688116), and Hongfa Technology (600885) [4].

证券研究报告·公司点评报告·电池 天奈科技（688116） 2024 年报及 2025 一季报点评：业绩符合预 期，单壁碳管放量在即 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,404 | 1,448 | 2,174 | 2,902 | 3,867 | | 同比（%） | (23.75) | 3.13 | 50.15 | 33.45 | 33.27 | | 归母净利润（百万元） | 297.16 | 250.20 | 450.04 | 652.68 | 912.76 | | 同比（%） | (29.96) | (15.80) | 79.88 | 45.03 | 39.85 | | EPS-最新摊薄（元/股） | 0.86 | 0.73 | 1.31 | 1.89 | 2.65 | | P/E（现价&最新摊薄） | 47.22 | 56.08 | 31.18 | 21.50 | 15.37 | [Table ...

证券研究报告·公司点评报告·电池 天奈科技（688116） 2024 年报及 2025 一季报点评：业绩符合预 期，单壁碳管放量在即 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,404 | 1,448 | 2,174 | 2,902 | 3,867 | | 同比（%） | (23.75) | 3.13 | 50.15 | 33.45 | 33.27 | | 归母净利润（百万元） | 297.16 | 250.20 | 450.04 | 652.68 | 912.76 | | 同比（%） | (29.96) | (15.80) | 79.88 | 45.03 | 39.85 | | EPS-最新摊薄（元/股） | 0.86 | 0.73 | 1.31 | 1.89 | 2.65 | | P/E（现价&最新摊薄） | 47.22 | 56.08 | 31.18 | 21.50 | 15.37 | [Table ...

中信证券股份有限公司、 中国国际金融股份有限公司 关于 江苏天奈科技股份有限公司 向特定对象发行 A 股股票 发行过程和认购对象合规性的报告 独家保荐人、牵头主承销商：中信证券股份有限公司 联席主承销商：中国国际金融股份有限公司 二〇二五年四月 江苏天奈科技股份有限公司（以下简称"天奈科技"、"发行人"或"公司"） 2022 年度向特定对象发行 A 股股票（以下简称"本次发行"）已获得中国证券 监督管理委员会（以下简称"中国证监会"）证监许可〔2024〕1237 号文同意 注册批复。 中信证券股份有限公司（以下简称"中信证券"或"保荐人（联席主承销商）"） 作为天奈科技本次发行的保荐人（联席主承销商），中国国际金融股份有限公司 （以下简称"中金公司"）作为本次发行的联席主承销商，根据《中华人民共和 国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称 "《证券法》"）《证券发行与承销管理办法》（以下简称"《承销管理办法》"） 《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）《上海 证券交易所上市公司证券发行承销实施细则》（以下简称"《实施细则》"）等 相关法律、法规和规范性文 ...

江苏天奈科技股份有限公司（以下简称"公司"）本次向特定对象发行 A 股股 票（以下简称"本次发行"）发行承销总结相关文件已经上海证券交易所备案通过， 公司将尽快办理本次发行新增股份的登记托管手续。 | 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2025-035 | | --- | --- | --- | | 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 关于向特定对象发行 A 股股票 发行情况报告书披露的提示性公告 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。 本次发行的具体情况详见公司同日在上海证券交易所网站（www.sse.com.cn） 披露的《江苏天奈科技股份有限公司向特定对象发行 A 股股票发行情况报告书》 等相关文件。 特此公告。 江苏天奈科技股份有限公司董事会 2025 年 4 月 30 日 ...