Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its performance, with a revenue of 654 million yuan in the first half of 2025, representing a year-on-year increase of 1.08%. The net profit attributable to shareholders was 117 million yuan, also up by 1.07%. However, the non-recurring net profit decreased by 6.93% due to an increase in government subsidies and financial income [4] - The traditional multi-wall carbon nanotube business remains solid, with a domestic market share of 53.2% expected in 2024, reinforcing its leading position in the industry. The company has achieved continuous and large-scale production through its self-developed technology, breaking foreign monopolies [5] - The single-wall carbon nanotube business is entering a phase of mass shipment, driven by strong downstream demand. The technology barriers are high, and once scaled, it is expected to become a core profit growth point for the company [6] Financial Summary - The company is projected to achieve net profits of 419 million yuan, 654 million yuan, and 843 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 45, 29, and 22 times [7] - Key financial indicators for 2025E include revenue of 2,045 million yuan, a year-on-year growth of 41.2%, and a gross margin of 32.2% [9] - The return on equity (ROE) is expected to increase from 10.2% in 2025 to 13.2% in 2027, indicating improving profitability [9]

Core Viewpoint - TianNai Technology announced a share buyback of 400,000 shares, representing 0.11% of its total share capital, with a total expenditure of approximately 17.48 million RMB [1] Group 1: Share Buyback - The company completed a share buyback of 400,000 shares through the Shanghai Stock Exchange, with a maximum price of 43.85 RMB per share and a minimum price of 43.46 RMB per share [1] - The total funds used for the buyback amounted to approximately 17.48 million RMB [1] Group 2: Revenue Composition - For the year 2024, the revenue composition of TianNai Technology is as follows: - 67.38% from new energy vehicle power lithium batteries - 20.23% from energy storage lithium batteries - 11.56% from 3C electronic lithium batteries - 0.8% from non-lithium batteries - 0.03% from other businesses [1] Group 3: Market Capitalization - As of the report date, the market capitalization of TianNai Technology is 18.6 billion RMB [1]

| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2025-072 | | --- | --- | --- | | 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 关于股份回购进展的公告 江苏天奈科技股份有限公司（以下简称"公司"）已于 2025 年 1 月 10 日召 开第三届董事会第十六次会议审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，同意公司使用自有资金和/或自筹资金以集中竞价交易方式回购公 司已发行的部分人民币普通股（A 股）股票，并将回购股份在未来适宜时机用于 员工持股计划和/或股权激励。公司本次回购价格不超过人民币 63.47 元/股（含）， 回购资金总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含）， 本次回购期限为自董事会审议通过本次回购股份方案之日起 12 个月内。本事项具 体内容详见公司分别于 2025 年 1 月 11 日、2025 年 2 月 13 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以集中竞价交易方 式回购公司股份方案的公告》（公告 ...

Group 1 - Didi's Q2 orders increased by 15.2% year-on-year, with international business daily orders reaching 11.96 million [4][6] - JD's cross-border e-commerce brand Joybuy launched in France and plans to enter Germany next [4][6] - Temu topped Brazil's e-commerce traffic with 410 million visits, a 70% increase month-on-month [4][6] Group 2 - TikTok Shop upgraded logistics in Southeast Asia to offer next-day delivery services [7] - Leapmotor's European manufacturing base will be established in Zaragoza, Spain, with production expected to start in Q3 2024 [7] - BYD announced plans to build an assembly plant in Malaysia, expected to start production in 2026 [7] Group 3 - Feishu upgraded its overseas solutions and signed contracts with eight companies in South China [8] - Junsheng Electronics partnered with Alibaba Cloud for AI collaboration to develop intelligent robots [8] - DramaWave's annual revenue surpassed $240 million, positioning it as a leader in the overseas short drama market [8] Group 4 - Haicheng Energy's cumulative shipment exceeded 100 GWh, with a global service network covering over 20 countries [9] - Meikaman completed nearly 500 million yuan in financing, with overseas revenue accounting for 50% [10] - AI toy company Haivivi completed 200 million yuan in Series A financing, becoming the world's largest AI toy supplier [10] Group 5 - Hefei Tianyao completed several million yuan in A-round financing to expand overseas markets [10] - Tianxing Exploration completed angel round financing to develop satellite internet services [11] - Weijian Intelligent raised over 100 million yuan in B-round financing, with over 20% of orders coming from exports [11] Group 6 - Amazon's Prime Day will take place globally on October 7-8, covering 16 countries [12] - The Ministry of Commerce announced measures to optimize service export tax declaration processes [13] - New US tariff regulations have led 25 countries to suspend parcel shipments to the US [13]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its proactive development of new products to meet diverse customer needs [4][7]. Core Viewpoints - The company reported a revenue of 654 million yuan for H1 2025, reflecting a year-on-year growth of 1.08%, and a net profit attributable to shareholders of 117 million yuan, up 1.07% year-on-year [1]. - In Q2 2025, the company experienced a revenue decline of 6.08% year-on-year, with a net profit of 59 million yuan, down 5.06% year-on-year [2]. - The main product, carbon nanotube conductive paste, generated 641 million yuan in revenue, a decrease of 1.12% year-on-year, while carbon nanotube powder saw a significant increase in revenue by 269.10% year-on-year [3]. - The company is focusing on customer-driven product development, actively working on single-walled carbon nanotube products to align with industry trends [3]. - R&D investment for H1 2025 reached 49.02 million yuan, accounting for 7.50% of revenue, with a research team of 242 members [3]. Financial Forecasts - The company is projected to achieve revenues of 1.939 billion yuan, 2.691 billion yuan, and 3.619 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 33.9%, 38.8%, and 34.5% [4][6]. - The net profit attributable to shareholders is expected to be 395 million yuan, 559 million yuan, and 761 million yuan for the same years, with growth rates of 57.9%, 41.6%, and 36.1% [4][6]. - The current stock price corresponds to price-to-earnings ratios of 48, 34, and 25 for 2025, 2026, and 2027, respectively [4][6].

Core Viewpoint - Tianai Technology (688116) reported a slight increase in total revenue and net profit for the first half of 2025, but showed a decline in quarterly performance, raising concerns about accounts receivable and overall financial health [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 654 million yuan, a year-on-year increase of 1.08% [1]. - Net profit attributable to shareholders was 117 million yuan, up 1.07% year-on-year [1]. - In Q2 2025, total revenue was 319 million yuan, down 6.08% year-on-year, and net profit was 58.6 million yuan, down 5.06% year-on-year [1]. - Gross margin decreased to 35.04%, down 4.62% year-on-year, while net margin slightly decreased to 17.72%, down 0.33% year-on-year [1]. - The company’s accounts receivable accounted for 184.05% of net profit, indicating a significant amount of outstanding payments [1][4]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 60.65 million yuan, representing 9.28% of revenue, an increase of 5.67% year-on-year [1]. - Earnings per share (EPS) decreased to 0.33 yuan, down 2.94% year-on-year, while operating cash flow per share dropped significantly by 50.01% to 0.08 yuan [1]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 6.43%, indicating average capital returns, with a historical median ROIC of 8.97% since its listing [3]. - The company has shown a healthy cash position, but its reliance on capital expenditures for growth raises concerns about future financial flexibility [3]. Debt and Receivables - The company’s interest-bearing debt reached 1.29 billion yuan, with a debt-to-asset ratio of 22.51% [4]. - The high ratio of accounts receivable to profit suggests potential liquidity issues that need monitoring [4]. Fund Management and Holdings - The company is held by prominent fund managers, including Yan Siqian from Penghua Fund, who has recently increased holdings [5]. - The largest fund holding Tianai Technology is the Jiashi New Energy Materials Stock A fund, with a scale of 2.059 billion yuan and a recent performance increase of 71.3% over the past year [6].

Group 1 - The company, Jiangsu Tiannai Technology Co., Ltd., has announced an increase in the expected amount of daily related transactions for the year 2025, which is necessary for its business development [3][5][32] - The total amount of related transactions with the associated company, Changzhou Silicon Source New Energy Materials Co., Ltd., is expected to not exceed 5 million RMB per year, primarily for leasing factory space and equipment [6][11] - The company has also approved an expected related transaction amount of up to 4 million RMB with its associated company, Zhenjiang Xinna Environmental Materials Co., Ltd. [5][13] Group 2 - The company has established a wholly-owned subsidiary, Changzhou Tiannai Robot Technology Co., Ltd., with an investment of 5 million RMB, aimed at enhancing its competitive edge and expanding into new application areas [46][48] - The subsidiary will focus on the research and development of carbon nanotube applications in robotics, which aligns with the company's long-term strategic development plan [52][48] - This investment does not constitute a related transaction or a major asset restructuring as defined by relevant regulations [47][49] Group 3 - The company has reported on the management and usage of raised funds, detailing the amounts raised from various public offerings and their respective balances as of June 30, 2025 [56][58] - The total raised funds from the initial public offering in 2019 amounted to approximately 928 million RMB, with a net amount of about 829 million RMB after deducting fees [56][57] - The company has established specific accounts for managing these funds, ensuring compliance with regulatory requirements [60][63]

证券日报网讯 8月29日晚间，天奈科技发布公告称，公司于2025年8月29日召开职工代表大会，选举张 美杰先生为公司第三届董事会职工代表董事，任期自职工代表大会通过之日起至第三届董事会任期届满 之日止。 （编辑 李家琪） ...

证券日报网讯 8月29日晚间，天奈科技发布公告称，公司于2025年8月29日召开第三届董事会第二十四 次会议，审议并通过了《关于增加为控股子公司提供担保额度的议案》，同意增加为天奈锦城提供不超 过人民币9，000万元的担保额度。截至本公告披露日，公司及其控股子公司无对外担保情形。公司对子 公司提供的担保总额为50，000万元，占公司最近一期经审计净资产及总资产的比例分别为16.87%、 9.73%。 （编辑 李家琪） ...

江苏天奈科技股份有限公司2025 年半年度报告摘要 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 公司已在本报告中详细描述可能存在的相关风险，敬请查阅本报告"第三节 管理层讨论与分 析"之"四、风险因素"中的内容。 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。 无 □适用 √不适用 第二节 公司基本情况 江苏天奈科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到上海证券交易所：www.sse.com.cn 网站仔细阅读半年度报告全文。 | 电子信箱 | stock@cnanotechnology.com | | stock@cnanotechnology.com | | --- | --- | --- | --- | | | | | 单位：元 币种：人民币 | | | | | 本报告期末比上年度末 | | 本报告期末 | | 上年度末 | | | | | | 增减(%) | | 总资产 | 5,729,585,790.05 | 5,138,739,093.86 | 11.50 | | 归属于上市公司股 | | | | | 东的净资产 | | ...