Core Viewpoint - Tianai Technology (688116.SH) has announced that as of January 23, 2026, the stock price has triggered the downward adjustment clause for the "Tianai Convertible Bonds" [1] Summary by Sections Company Decision - The company's board of directors has decided not to adjust the conversion price downward at this time [1] - If the downward adjustment clause is triggered again within the next three months (until April 23, 2026), the company will also not propose a downward adjustment plan [1] Future Considerations - Starting from April 24, 2026, the calculation will be reset, and if the downward adjustment clause is triggered again, the board will hold another meeting to decide whether to exercise the downward adjustment rights for the "Tianai Convertible Bonds" [1]

| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2026-008 | | --- | --- | --- | | 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。 "天奈转债"的初始转股价格为 153.67 元/股，因公司实施 2021 年年度 权益分派方案，自 2022 年 7 月 5 日起"天奈转债"转股价格从 153.67 元/股调 整为 153.60 元/股。具体内容详见公司于 2022 年 6 月 25 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关于 2021 年度权益 分派调整可转债转股价格的公告》（公告编号：2022-040）。 因公司已完成了 2020 年限制性股票激励计划预留授予部分第一个归属期和 首次授予部分第二个归属期第一次归属的股份登记手续共 291,630 股，自 2022 年 12 月 21 日起"天奈转债"转股 ...

| 交易日期 | 证券調核 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 类出管业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-21 | 天奈科技 | 68811e | 46.19 | 308.4 | 6.68 | 委常委员会员员 | 2017-02-20 | | 客 | | 2026-01-21 | 天奈科技 | 688116 | 46.19 | 273.6 | 5.92 | 空調查整備品 | 2012-02-2018 | | Ka | 1月21日，天奈科技大宗交易成交12.6万股，成交额582万元，占当日总成交额的1.29%，成交价46.19 元，较市场收盘价49.15元折价6.02%。 ...

Core Viewpoint - The announcement details the interest payment schedule for the convertible bonds issued by Jiangsu Tiannai Technology Co., Ltd., highlighting key dates and financial terms related to the bond issuance and interest payments [1][2][5]. Group 1: Bond Issuance Overview - The company issued 8.3 million convertible bonds on January 27, 2022, with a total value of 830 million yuan [2][3]. - The bonds have a six-year term, maturing on January 26, 2028, with a tiered interest rate structure starting at 0.30% in the first year and reaching 2.00% in the sixth year [2][4]. Group 2: Interest Payment Details - The interest payment for the fourth year will cover the period from January 27, 2025, to January 26, 2026, with a coupon rate of 1.50%, resulting in a payment of 15 yuan per bond (for a face value of 1,000 yuan) [8][10]. - The interest payment date is set for January 27, 2026, with the record date for bondholders being January 26, 2026 [9][10]. Group 3: Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 1.20 yuan per bond after tax [11][12]. - Non-resident enterprises are exempt from corporate income tax on the interest income for this bond period, allowing them to receive the full interest amount of 1.50 yuan per bond [12].

Group 1 - Tianai Technology executed a block trade of 209,000 shares on January 19, with a transaction value of 9.6767 million yuan, accounting for 1.75% of the total trading volume for the day [1] - The transaction price was 46.3 yuan, which represents an 8.08% discount compared to the market closing price of 50.37 yuan [1] Group 2 - The block trade involved multiple buying departments, with transaction amounts varying from 203.72 thousand yuan to 300.95 thousand yuan [2] - The trading date for the transactions was January 19, 2026, and all transactions were conducted at the same price of 46.3 yuan [2]

| 证券代码：688116 | 证券简称：天奈科技 | | --- | --- | | 转债代码：118005 | 债券简称：天奈转债 | | | 公告编号：2026-007 | 江苏天奈科技股份有限公司 关于"天奈转债"2026 年付息的公告 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： 江苏天奈科技股份有限公司（以下简称"公司"或"天奈科技"）于 2022 年 1 月 27 日向不特定对象发行可转换公司债券（以下简称"天奈转债"或"可 转债"），并将于 2026 年 1 月 27 日开始支付自 2025 年 1 月 27 日至 2026 年 1 月 26 日期间的利息。根据《江苏天奈科技股份有限公司向不特定对象发行可转 换公司债券募集说明书》（以下简称"《募集说明书》"）有关条款的规定，现 将有关事项公告如下： 一、可转债发行上市概况 经上海证券交易所自律监管决定书〔2022〕48 号文同意，公司 83,000.00 万 元可转换公司债券于 2022 年 3 月 1 日起在上海证券交易所挂牌交易，债券 ...

Summary of Key Points Core Viewpoint - Tian Nai Technology conducted a total of 8 block trades on January 16, with a total trading volume of 423,300 shares and a total transaction amount of 19.55 million yuan, at a price of 46.19 yuan, which represents an 8.01% discount compared to the closing price of the day [2]. Group 1: Trading Activity - The total transaction amount for the 8 block trades was 19.55 million yuan, with a trading volume of 423,300 shares [2]. - Institutional proprietary seats appeared in 4 of the trades, with a total transaction amount of 10.31 million yuan and a net purchase of 10.31 million yuan [2]. - Over the past three months, the stock has seen a total of 28 block trades, amounting to 117 million yuan [2]. Group 2: Stock Performance - The closing price of Tian Nai Technology on January 16 was 50.21 yuan, reflecting a 1.43% increase, with a daily turnover rate of 3.44% and a total transaction amount of 628 million yuan [2]. - The net inflow of main funds for the day was 12.87 million yuan, and the stock has increased by 2.49% over the past five days, with a total net inflow of 19.57 million yuan [2]. Group 3: Margin Data - The latest margin financing balance for the stock is 1.13 billion yuan, with an increase of 2.30 million yuan over the past five days, representing a growth rate of 0.20% [2].

证券代码：688116 证券简称：天奈科技 公告编号：2026-006 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 关于控股股东、实际控制人及其一致行动人权益变动 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 19.00% | | | | 权益变动后合计比例 | 17.93% | | | | 本次变动是否违反已作出的承 | 是□ | 否 | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息 ...

关于"天奈转债"预计满足转股价格修正条件的提示 | 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2026-005 | | --- | --- | --- | | 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 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。 一、可转债发行上市情况 经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定 对象发行可转换公司债券注册的批复》（证监许可〔2021〕3679 号）同意注册， 江苏天奈科技股份有限公司（以下简称"公司"）于 2022 年 1 月 27 日向不特定 对象共计发行 830.00 万张可转债，每张面值为人民币 100 元，按面值发行，共 计募集资金 83,000 万元，可转换公司债券期限为自发行之日起六年，即 2022 年 1 月 27 日至 2028 年 1 月 26 日。 经上海证券交易所自律监管决定书〔2022〕48 号文同意，公司 83,000 万元 可转债于 2022 年 3 月 1 日起在上 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [5]. Core Insights - In December 2025, the production and sales of new energy vehicles (NEVs) and batteries showed year-on-year growth but a month-on-month decline, primarily due to consumer hesitation during a subsidy policy gap [4]. - The penetration rate of NEVs reached 52.3% in December, a decrease of 0.9 percentage points month-on-month, while the annual penetration rate for 2025 was 47.9%, an increase of 7 percentage points year-on-year [4]. - The battery production and sales in December 2025 saw significant growth, with production at 201.7 GWh (up 14.4% month-on-month, 62.1% year-on-year) and sales at 199.3 GWh (up 11.1% month-on-month, 57.5% year-on-year) [4]. - The demand for power batteries is expected to weaken in the short term due to the traditional off-season for the NEV market and adjustments in the vehicle purchase tax [4]. - The solid-state battery industry is progressing towards commercialization, which will create incremental demand for materials and equipment in the industry chain [4]. Summary by Sections New Energy Vehicle Market - December 2025 saw NEV production and sales of 171.8 million and 171 million units, respectively, with year-on-year growth of 12.3% and 7.2%, but month-on-month declines of 8.6% and 6.2% [4]. - For the entire year of 2025, NEV production and sales reached 16.626 million and 16.49 million units, with year-on-year growth of 29% and 28.2% [4]. Battery Production and Sales - In December 2025, the production of power and energy storage batteries was 201.7 GWh, with a year-on-year increase of 62.1% [4]. - The sales of power batteries accounted for 72.1% of total sales, with a month-on-month increase of 7.3% and a year-on-year increase of 49.2% [4]. Export and Market Dynamics - Battery exports in December 2025 reached 32.6 GWh, with a year-on-year increase of 49.2% [4]. - The report anticipates stable demand in the energy storage market and potential short-term support for demand due to adjustments in export tax policies [4]. Investment Recommendations - The report suggests focusing on the recovery pace of the industry chain and prioritizing sectors benefiting from solid-state battery advancements, including core materials and equipment [4]. - Key stocks to watch include CATL, EVE Energy, and others listed in the report [4].