中国证券监督管理委员会同意注册批复的公告 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。 江苏天奈科技股份有限公司（以下简称"公司"）于近日收到中国证券监督管 理委员会出具的《关于同意江苏天奈科技股份有限公司向特定对象发行股票注册 的批复》（证监许可〔2024〕1237 号）（以下简称"批复文件"），批复文件内容 如下： 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 | 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2024-055 | | --- | --- | --- | | 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 2022 年度向特定对象发行 A 股股票申请获得 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东大会 ...

Group 1: Financial Performance - In the first half of 2024, the company achieved revenue of approximately 647 million, a year-on-year increase of 0.88% [2] - Net profit for the same period was about 116 million, reflecting a year-on-year growth of 28.52% [2] - The net profit after deducting non-operating gains and losses was approximately 111 million, with a year-on-year increase of 45.84% [2] Group 2: Sales and Product Development - In Q2 2024, the company's sales volume increased both year-on-year and quarter-on-quarter, although the net profit per ton decreased due to changes in product mix [2] - The company is actively promoting its single-wall pipe products to leading domestic and international lithium battery manufacturers, highlighting their cost-performance advantages [3] - The company has begun supplying products to leading customers in Japan and is in the process of onboarding mainstream customers in South Korea, with some preliminary sales orders received [3] Group 3: Workforce and Cost Management - Despite the current economic situation, the company has increased its workforce due to rising product sales, while also focusing on continuous development and optimization in R&D, processes, and equipment [3] Group 4: Investor Relations - The investor relations activities conducted by the company do not involve the disclosure of any significant information that should be disclosed [4]

Investment Rating - Buy (Maintained) [1] Core Views - Performance in line with expectations: 24H1 revenue reached 650 million yuan, up 0.9% YoY, with net profit attributable to shareholders of 120 million yuan, up 29% YoY Gross margin was 36.7%, up 5.1 percentage points YoY, and net profit margin attributable to shareholders was 17.9%, up 3.8 percentage points YoY [2] - Q2 shipments increased by approximately 40% sequentially, with full-year shipments expected to grow over 40% YoY: 24H1 carbon nanotube paste shipments were around 36,000 tons, up over 40% YoY, with Q2 shipments of 21,000 tons, up approximately 40% sequentially [2] - Q2 single-ton profit slightly decreased sequentially, but profitability is expected to recover in Q3 due to product mix improvement: Q2 carbon nanotube paste average price was around 18,000 yuan per ton, down 21% sequentially, mainly due to increased proportion of low-price orders and some customers directly providing raw material NMP [2] - Q2 operating cash flow under pressure, capital expenditure slowed: 24H1 operating cash flow was 60 million yuan, down 43% YoY, with Q2 operating cash flow at -10 million yuan, down 121% YoY and 118% sequentially [2] Financial Forecasts and Valuation - Revenue forecast: 2024E revenue expected to be 1,726 million yuan, up 22.91% YoY, with 2025E and 2026E revenues projected at 2,229 million yuan and 2,894 million yuan, respectively, up 29.16% and 29.83% YoY [1] - Net profit forecast: 2024E net profit attributable to shareholders expected to be 298.57 million yuan, up 0.47% YoY, with 2025E and 2026E net profits projected at 364.13 million yuan and 500.33 million yuan, respectively, up 21.96% and 37.41% YoY [1] - EPS forecast: 2024E EPS expected to be 0.87 yuan per share, with 2025E and 2026E EPS projected at 1.06 yuan and 1.45 yuan per share, respectively [1] - Valuation: 2024E P/E ratio of 23.15x, with 2025E and 2026E P/E ratios projected at 18.98x and 13.81x, respectively [1] Financial Performance - 24H1 operating income: 650 million yuan, up 0.9% YoY [2] - 24H1 net profit attributable to shareholders: 120 million yuan, up 29% YoY [2] - 24H1 gross margin: 36.7%, up 5.1 percentage points YoY [2] - 24H1 net profit margin attributable to shareholders: 17.9%, up 3.8 percentage points YoY [2] Market Data - Closing price: 20.06 yuan [5] - 52-week low/high: 15.45 yuan / 34.28 yuan [5] - P/B ratio: 2.59x [5] - Market capitalization: 6,911.93 million yuan [5] Key Financial Ratios - ROIC: 6.72% in 2023A, expected to increase to 7.64% in 2024E, 8.48% in 2025E, and 10.39% in 2026E [10] - ROE: 10.98% in 2023A, expected to be 9.95% in 2024E, 10.93% in 2025E, and 13.20% in 2026E [10] - Debt-to-asset ratio: 43.77% in 2023A, expected to decrease to 42.43% in 2024E, and then increase to 43.43% in 2025E and 45.49% in 2026E [10]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 22.04 [6][7]. Core Views - The company achieved a revenue of RMB 647 million in 1H24, representing a year-on-year increase of 0.88%, while the net profit attributable to the parent company was RMB 116 million, up 28.52% year-on-year. The growth was driven by a significant increase in carbon nanotube sales despite a decline in product prices [1][2]. - The company maintains its profit forecast, expecting net profits of RMB 319 million, RMB 447 million, and RMB 564 million for the years 2024 to 2026, respectively [1]. - The company is advancing its new carbon nanotube project and expanding into overseas markets, collaborating with well-known lithium battery companies in Japan and South Korea [3]. - The mass production of 4680 batteries is imminent, which is expected to increase the demand for single-walled carbon nanotubes, a product with higher profitability compared to multi-walled tubes [4]. Summary by Sections Financial Performance - In 2Q24, the company reported revenue of RMB 340 million, with a year-on-year decrease of 6.29% but a quarter-on-quarter increase of 10.56%. The net profit for the same period was RMB 62 million, showing a year-on-year increase of 23.08% and a quarter-on-quarter increase of 14.76% [2]. - The overall gross margin for 2Q24 was 51.97%, reflecting a significant improvement of 19.85 percentage points year-on-year and 17.52 percentage points quarter-on-quarter [2]. - The company’s operating expenses ratio increased by 0.47 percentage points year-on-year to 16.58% in 1H24, with management expenses rising due to increased professional and management personnel [2]. Project Development - The company is developing a new carbon nanotube cathode material project, aiming for an annual production capacity of 100,000 tons, with an initial target of 20,000 tons [3]. - The company has made progress in expanding its overseas market presence, successfully supplying carbon nanotube conductive slurry to major customers in Japan and South Korea [3]. Market Outlook - The anticipated mass production of 4680 batteries is expected to drive demand for single-walled carbon nanotubes, which are crucial for enhancing the conductivity and cycle life of silicon-based anodes [4]. - The company plans to produce 100 tons of single-walled conductive functional materials and 7,000 tons of single-walled conductive slurry, positioning itself as one of the few global suppliers of single-walled nanotubes [4].

江苏天奈科技股份有限公司 2024 年半年度募集资金存放与使用情况专项报告 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。 | 证券代码：688116 | 证券简称：天奈科技 公告编号：2024-050 | | --- | --- | | 转债代码：118005 | 债券简称：天奈转债 | 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》、《上海 证券交易所科创板上市公司自律监管指引第 1 号——规范运作》和《上海证券交易所科创板 股票上市规则》等有关规定，江苏天奈科技股份有限公司（以下简称"公司"）董事会对 2024 年半年度募集资金存放与使用情况的专项报告说明如下： 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 （1）2019 年公司首次公开发行股票募集资金情况 经中国证券监督管理委员会证监许可〔2019〕1581 号文核准，并经上海证券交易所同 意，本公司由主承销商民生证券股份有限公司（以下简称民生证券）采用询价方式，向社会 公众公开发行人民币普通股（A 股）股票 5,796 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion yuan, representing a 25% year-over-year growth[9]. - The company's operating revenue for the first half of the year reached ¥646,609,005.28, representing a year-on-year increase of 0.88% compared to ¥640,983,600.90[14]. - Net profit attributable to shareholders was ¥115,510,638.26, up 28.52% from ¥89,878,920.30 in the same period last year[16]. - The net profit after deducting non-recurring gains and losses was ¥111,401,274.28, reflecting a significant increase of 45.84% compared to ¥76,387,402.66 from the previous year[16]. - Basic earnings per share for the reporting period was ¥0.34, an increase of 30.77% from ¥0.26 in the same period last year[15]. - The gross margin for the first half of 2024 improved to 35%, up from 30% in the same period last year[9]. - The company's total assets at the end of the reporting period were ¥4,956,328,752.96, a slight increase of 0.42% from ¥4,935,437,278.30 at the end of the previous year[14]. - The company's total equity attributable to shareholders increased to CNY 2,746,658,899.67 from CNY 2,707,361,950.05, an increase of about 1.5%[181]. User and Market Data - User data indicates that the number of active users for the company's products has reached 500,000, up from 400,000 in the previous period, marking a 25% increase[9]. - The company has set a revenue guidance for the second half of 2024, projecting an increase of 30% compared to the first half, aiming for approximately 1.56 billion yuan[9]. - The company's carbon nanotube conductive paste products accounted for 46.7% of the Chinese market share in 2023, maintaining the leading position in the industry[32]. - The demand for lithium-ion batteries is expected to grow significantly due to the rapid development of the new energy vehicle industry, providing a broad market space for the company's products[22]. - The expected global lithium battery shipment volume is projected to reach 2,564 GWh by 2027, indicating significant market growth potential[35]. Research and Development - The company has invested 100 million yuan in R&D for new materials, focusing on graphene and carbon nanotubes, to enhance product performance[9]. - The company’s research and development efforts focus on independent innovation, with R&D bases established in Zhenjiang and Changzhou[29]. - The total R&D investment for the period was approximately ¥50.44 million, an increase of 9.56% compared to the same period last year, representing 7.80% of operating revenue[57][58]. - The company has obtained 30 invention patents and 55 utility model patents in China, along with additional patents in the US, Japan, South Korea, and Taiwan[51]. - The company is developing carbon nanotube powder for solid-state battery applications, with a project budget of RMB 220 million and currently in the research phase[60]. Production and Operations - A strategic acquisition of a smaller competitor is in progress, which is anticipated to increase production capacity by 40%[9]. - The company has established a comprehensive procurement management process, ensuring the quality and reliability of suppliers before inclusion in the qualified supplier system[25]. - The company’s production model adapts to sales forecasts, ensuring alignment between production plans and actual sales conditions[27]. - The company has developed a leading technology for the large-scale preparation of carbon nanotubes using a nano agglomerate fluidized bed, solving the challenge of continuous mass production[49]. - The company has built multiple generations of fluidized bed reactors, ensuring its carbon nanotube production capacity remains world-leading[49]. Environmental and Social Responsibility - The company invested ¥2,898.71 million in environmental protection during the reporting period[116]. - The company has implemented pollution control measures and maintained normal operation of pollution prevention facilities, ensuring compliance with emission standards[118]. - The company has established environmental monitoring plans in accordance with national standards for pollutant discharge[122]. - The company is actively engaged in social responsibility, committing to donate 300,000 yuan annually for five years to support disadvantaged groups[127]. - The company has pledged to donate 1 million yuan annually for six years to establish the Tian Nai Talent Fund at Nanjing University, focusing on talent development[127]. Financial Management and Investments - The company has engaged in cash management with a balance of CNY 1,000.00 million as of the end of the reporting period, with no excess over the authorized limit[150]. - The total amount for the share repurchase plan is between RMB 100 million and RMB 200 million, with a maximum repurchase price of RMB 140 per share[114]. - The company has not provided guarantees for shareholders, actual controllers, or their related parties[144]. - The total planned investment for the carbon nanomaterials research and development center is CNY 8,188.94 million, with CNY 575.24 million invested this year, achieving a cumulative investment progress of 76.48%[148]. - The company reported a total expected related party transaction amount not exceeding 73 million RMB for the year 2024[138]. Risks and Challenges - The company has identified potential risks related to supply chain disruptions, particularly in raw material sourcing, which could impact future production[3]. - The company faces risks related to the potential emergence of superior materials that could replace carbon nanotube conductive paste in the lithium battery sector[83]. - The company faces risks related to market demand fluctuations in the new energy vehicle sector, which could impact the demand for lithium batteries[96]. - The company is closely monitoring international political and economic conditions to mitigate potential impacts on its overseas business operations[97].

江苏天奈科技股份有限公司 第三届董事会第十次会议决议公告 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、董事会会议召开情况 江苏天奈科技股份有限公司（以下简称"公司"或"天奈科技"）第三届董事会 第十次会议（以下简称"本次会议"）于 2024 年 8 月 30 日在公司会议室以现场及 通讯方式召开，本次会议通知及相关材料已于 2024 年 8 月 20 日以电子邮件方式 送达公司全体董事，全体董事对董事会的召集及召开无异议。本次会议应参与表 决董事 9 人，实际参与表决董事 9 人，公司监事和高级管理人员列席了会议。本 次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律法规、规 范性文件和《江苏天奈科技股份有限公司章程》、《江苏天奈科技股份有限公司董 事会议事规则》的有关规定。 二、董事会会议审议情况 经与会董事表决，审议通过以下议案： | 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2024-054 | | --- | --- | --- | | 转债代码：118005 | 债券简称 ...

第三届监事会第七次会议决议公告 | 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2024-053 | | --- | --- | --- | | 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 本公司监事会及全体监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、监事会的召开情况 江苏天奈科技股份有限公司（以下简称"公司"或"天奈科技"）第三届监 事会第七次会议（以下简称"本次会议"）于 2024 年 8 月 30 日在公司会议室以 现场方式召开，本次会议通知及相关材料已于 2024 年 8 月 20 日以电子邮件方式 送达公司全体监事。本次会议应参与表决监事 3 人，实际参与表决监事 3 人。本 次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律法规、规 范性文件和《江苏天奈科技股份有限公司章程》、《江苏天奈科技股份有限公司 监事会议事规则》的有关规定。 二、监事会会议审议情况 经与会监事表决，审议通过如下议案： 表决结果：3 票同意；0 票反对；0 弃权。 1、《关于公司 ...

| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2024-051 | | --- | --- | --- | | 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 关于调整公司组织架构的公告 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。 江苏天奈科技股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开 第三届董事会第十次会议，审议通过了《关于调整公司组织架构的议案》。 为更好地实现公司战略目标，进一步加强和规范公司管理，优化业务管理流 程，构建适应公司战略发展的组织体系，提升公司科学管理水平和运营效率，公 司对组织架构进行调整优化。 本次组织架构调整是对公司内部管理机构的调整，不会对公司生产经营活动 产生重大影响，调整后的公司组织架构图详见附件。 特此公告。 江苏天奈科技股份有限公司董事会 2024 年 8 月 31 日 附件： ...

| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2024-052 | | --- | --- | --- | | 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 重要内容提示： 投资者可于 2024 年 09 月 06 日（星期五）至 09 月 12 日（星期四）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@cnano technology.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 2024 年 8 月 31 日发布 公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年 度经营成果、财务状况，公司计划于 2024 年 09 月 13 日上午 10:00-11:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注 ...