| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2025-079 | | --- | --- | --- | | 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 2022 年限制性股票激励计划预留授予部分第三个归属期符合归属 条件的公告 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： 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划主要内容 5、具体的归属安排如下： 本次激励计划授予的限制性股票（含预留）的归属期限和归属安排具体如下： | 归属安排 | | 归属时间 | 归属权益数量占授 予权益总量的比例 | | --- | --- | --- | --- | | 第一个归属期 | 自相应授予之日起 12 | 个月后的首个交易日起至相应 | 30% | | | 授予之日起 24 | 个月内的最后一个交易日当日止 | | | 第二个归属期 | 自相应授予之日起 24 | 个月后的首个交易日起至相应 | 30% | | | 授予之日起 36 | 个月 ...

证券简称：天奈科技 证券代码：688116 债券简称：天奈转债 转债代码：118005 上海荣正企业咨询服务（集团）股份有限公司 关于 江苏天奈科技股份有限公司 2022 年限制性股票激励计划 预留授予部分第三个归属期归属条件成就 注：本财务报告中部分合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所造成。 3 / 12 之 独立财务顾问报告 2025 年 10 月 | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、独立财务顾问意见 | 6 | | 五、备查文件及咨询方式 | 12 | 一、释义 | 天奈科技、本公司、 | 指 | 江苏天奈科技股份有限公司 | | --- | --- | --- | | 公司、上市公司 | | | | 本激励计划、本计划 | 指 | 江苏天奈科技股份有限公司 2022 年限制性股票激励计划 | | 限制性股票、第二类 | 指 | 符合本激励计划授予条件的激励对象，在满足相应归属条件后 | | 限制性股票 | | 分次获得并登记的本公司股票 | | 激励对象 | 指 | 按照本激励计划规定，获得限制 ...

北京市中伦律师事务所 关于江苏天奈科技股份有限公司 2022 年限制性股票激励计划 预留授予部分第三个归属期归属条件成就 及部分限制性股票作废事项的 法律意见书 二〇二五年十月 北京市中伦律师事务所 关于江苏天奈科技股份有限公司 2022 年限制性股票激励计划 预留授予部分第三个归属期归属条件成就 及部分限制性股票作废事项的 法律意见书 致：江苏天奈科技股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受江苏天奈科技股份有限公 司（以下简称"天奈科技"或"公司"）委托，就公司 2022 年限制性股票激励计 划（以下简称"2022 年激励计划"）相关事宜担任专项法律顾问，并就公司 2022 年激励计划预留授予部分第三个归属期归属条件成就（以下简称"本次归属"） 及作废 2022 年激励计划预留授予部分已授予尚未归属的限制性股票事项（以下 简称"本次作废部分限制性股票"）出具本法律意见书。 为出具本法律意见书，本所律师审阅了《江苏天奈科技股份有限公司 2022 年限制性股票激励计划（草案）》（以下简称"《2022 年激励计划》"）、公司相关 股东大会、董事会和监事会会议文件、公司书面说明以及本所律师认为需要 ...

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。 江苏天奈科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 证券代码：688116 证券简称：天奈科技 公告编号：2025-082 转债代码：118005 转债简称：天奈转债 重要内容提示： 会议召开时间：2025 年 11 月 26 日（星期三）13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.s seinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 19 日（星期三）至 11 月 25 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@cnanotechnology.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 江苏天奈科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 27 日 发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营 ...

Group 1 - Tianai Technology's stock increased by 5.01%, reaching 57.00 CNY per share, with a trading volume of 568 million CNY and a turnover rate of 2.93%, resulting in a total market capitalization of 20.891 billion CNY [1] - The company, established on January 6, 2011, and listed on September 25, 2019, specializes in the research, production, and sales of nano-scale carbon materials and related products. The main revenue composition includes 98.04% from carbon nanotube conductive pastes, 1.90% from carbon nanotube powders, and 0.06% from other sources [1] Group 2 - Yongying Fund has one fund heavily invested in Tianai Technology, specifically the Yongying Hengxin Stable Pension Target Three-Year Holding Mixed Fund (FOF) A (017146), which held 9,195 shares, accounting for 0.11% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is approximately 25,000 CNY [2] - The Yongying Hengxin Stable Pension Target Three-Year Holding Mixed Fund (FOF) A (017146) was established on March 29, 2023, with a latest scale of 373 million CNY. Year-to-date returns are 9.69%, ranking 654 out of 1,045 in its category; the one-year return is 10.31%, ranking 641 out of 1,015; and since inception, the return is 13.63% [2]

Group 1 - The core material price of electrolyte continues to rise, with lithium hexafluorophosphate reaching 87,000 yuan per ton, a 51% increase over the past month [1] - Lithium carbonate futures have rebounded over 9% in the last six trading days [1] - The CSI New Energy Vehicle Industry Index (930997) has increased by 1.16%, with constituent stocks such as Yahua Group rising by 10.03% and Zhongmin Resources by 6.79% [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index account for 54.61% of the index, including CATL, Huichuan Technology, and BYD [2] - The weightings of the top stocks include CATL at 9.80%, Huichuan Technology at 9.63%, and BYD at 9.10% [4]

Core Viewpoint - Tian Nai Technology's stock has experienced fluctuations, with a year-to-date increase of 36.92% but a recent decline in the last five trading days by 7.37% [1] Group 1: Stock Performance - As of October 22, Tian Nai Technology's stock price was 52.94 CNY per share, with a market capitalization of 19.403 billion CNY [1] - The stock has seen a trading volume of 68.1473 million CNY and a turnover rate of 0.37% [1] - The stock's performance over various periods includes a 5.98% decline over the last 20 days and a 16.71% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Tian Nai Technology reported a revenue of 654 million CNY, reflecting a year-on-year growth of 1.08% [2] - The net profit attributable to shareholders for the same period was 117 million CNY, also showing a year-on-year increase of 1.07% [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased to 23,800, up by 1.28% from the previous period [2] - The average number of circulating shares per shareholder decreased by 1.26% to 14,455 shares [2] - Cumulatively, Tian Nai Technology has distributed 244 million CNY in dividends since its A-share listing, with 179 million CNY distributed over the last three years [3] Group 4: Company Overview - Tian Nai Technology, established on January 6, 2011, specializes in the research, production, and sales of nano-scale carbon materials [1] - The company's main revenue sources include 98.04% from carbon nanotube conductive pastes and 1.90% from carbon nanotube powders [1] - The company is categorized under the power equipment industry, specifically in battery and battery chemicals, and is associated with concepts such as graphene and solid-state batteries [1]

Group 1 - The core stock price of Tian Nai Technology increased by 2.02% to 54.15 CNY per share, with a total market capitalization of 19.847 billion CNY as of October 21 [1] - The company has seen a year-to-date stock price increase of 40.05%, but a decline of 4.80% over the last five trading days [1] - Tian Nai Technology's main business involves the research, production, and sales of nano-level carbon materials, with 98.04% of revenue coming from carbon nanotube conductive pastes [1] Group 2 - As of June 30, 2025, Tian Nai Technology reported a revenue of 654 million CNY, representing a year-on-year growth of 1.08%, and a net profit of 117 million CNY, also showing a growth of 1.07% [2] - The company has distributed a total of 244 million CNY in dividends since its A-share listing, with 179 million CNY distributed over the past three years [3] - As of June 30, 2025, the number of shareholders increased to 23,800, while the average circulating shares per person decreased to 14,455 shares [2][3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The solid-state battery significantly enhances the market potential for carbon nanotubes, with demand for conductive agents in semi-solid batteries expected to increase 2.5 times compared to liquid batteries. The demand for carbon nanotube conductive agents in solid-state batteries is projected to exceed that of semi-solid batteries [1]. - The company is expected to see a rebound in carbon nanotube prices starting in 2024, following a significant decline in previous years. The price of carbon nanotube powder has dropped nearly 70% from 364,300 CNY/ton to 110,200 CNY/ton, with a forecasted increase to approximately 137,700 CNY/ton in Q1 2025 [2][35]. - The company is actively constructing a 450-ton annual production capacity for single-walled carbon nanotubes, with expected shipments of 80-100 tons in 2025 [2][53]. Financial Summary - The company's projected revenues for 2025, 2026, and 2027 are 1.882 billion CNY, 2.541 billion CNY, and 3.050 billion CNY, respectively. The net profit attributable to the parent company is expected to be 352 million CNY, 527 million CNY, and 713 million CNY for the same years [3][4]. - The company experienced a revenue decline of 23.75% in 2023, with a slight recovery of 3.13% in 2024. The net profit attributable to the parent company also saw a decline of 29.96% in 2023, with a forecasted increase of 40.63% in 2025 [4][25]. Company Overview - Jiangsu Tiannai Technology Co., Ltd. was established in 2007 and has become a leading enterprise in carbon nanotube conductive materials, with products widely used in high-end fields such as new energy vehicles and energy storage systems [16]. - The company has a clear strategic layout, with production capacity for carbon nanotube powder increasing from 605.57 tons in 2020 to 3,619.08 tons in 2024, supporting the continuous growth of its main products [28][48]. Industry Analysis - The carbon nanotube industry is experiencing rapid growth, driven by the increasing demand for new energy vehicles and advancements in battery technology. The global market for lithium batteries is expected to reach 1,545.1 GWh in 2024, with a year-on-year growth of 28.5% [56]. - The penetration rate of carbon nanotube conductive agents in lithium batteries has exceeded 70% in China, with a projected market for carbon nanotube slurry expected to reach 680,000 tons by 2030 [66].

Company Overview - Tianai Technology Co., Ltd. is located in Zhenjiang, Jiangsu Province, and was established on January 6, 2011. The company was listed on September 25, 2019. Its main business involves the research, production, and sales of nano-scale carbon materials and related products [1] - The company's revenue composition includes 98.04% from carbon nanotube conductive pastes, 1.90% from carbon nanotube powders, and 0.06% from other products [1] Financial Performance - As of June 30, 2025, Tianai Technology achieved an operating income of 654 million yuan, representing a year-on-year growth of 1.08%. The net profit attributable to the parent company was 117 million yuan, also showing a year-on-year increase of 1.07% [2] - Since its A-share listing, the company has distributed a total of 244 million yuan in dividends, with 179 million yuan distributed over the past three years [3] Stock Performance - On October 16, Tianai Technology's stock price increased by 2.06%, reaching 58.33 yuan per share, with a total market capitalization of 21.379 billion yuan. The trading volume was 96.7719 million yuan, with a turnover rate of 0.48% [1] - Year-to-date, the stock price has risen by 50.86%, but it has decreased by 12.01% over the last five trading days. In the last 20 days, the stock price increased by 5.38%, and over the last 60 days, it rose by 34.43% [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 23,800, up by 1.28% from the previous period. The average number of circulating shares per person decreased by 1.26% to 14,455 shares [2] - Among the top ten circulating shareholders, Jiashi New Energy New Materials Stock A (003984) is the tenth largest shareholder with 3.1641 million shares, marking a new entry. Hong Kong Central Clearing Limited has exited the top ten circulating shareholders [3] Industry Context - Tianai Technology operates within the power equipment sector, specifically in batteries and battery chemicals. The company is associated with concepts such as solid-state batteries, Ningde Times concept, lithium iron phosphate, sodium batteries, and lithium batteries [1]