Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The hydrogen two-wheeler market is expected to see significant growth driven by policy support, with a projected domestic deployment of nearly 7,000 units in 2024, representing a year-on-year increase of over 230% [4][6] - Hydrogen two-wheelers offer advantages in energy density, range, environmental adaptability, and safety compared to lithium-ion and lead-acid models, making them suitable for B-end applications such as shared mobility and scenic transport [4][24] - The market for hydrogen two-wheelers is projected to grow from 0.9 billion yuan in 2024 to 35 billion yuan by 2030, with a compound annual growth rate (CAGR) of 84% from 2024 to 2030 [5][6] Summary by Sections 1. Policy and Market Dynamics - National top-level design and local demonstrations are accelerating the deployment of hydrogen two-wheelers, with the Ministry of Industry and Information Technology (MIIT) setting clear tasks for the industry [14][15] - Local governments are issuing supportive policies, with projections for the deployment of 20,000, 30,000, and 40,000 hydrogen two-wheelers by 2026, 2028, and 2030 respectively [19][18] 2. Safety and Economic Viability - Hydrogen two-wheelers are expected to be the first to achieve large-scale deployment in B-end applications due to their superior safety features and gradually improving economic viability [20][24] - The cost per kilometer for hydrogen two-wheelers is projected to decrease to 0.1805 yuan, although it currently remains higher than lithium-ion and lead-acid models by 35% and 13% respectively [4][6] 3. Market Potential and Growth - The shared electric vehicle market has a penetration potential of approximately 7 million units, with hydrogen two-wheelers expected to reach a penetration rate of 10% by 2030 [5][6] - The deployment of hydrogen two-wheelers is anticipated to accelerate in 2025, marking a significant year for market entry [18][19] 4. Beneficiary Companies - Key beneficiaries in the hydrogen two-wheeler market include: - Yong'an Xing (603776.SH): Leading in hydrogen two-wheeler deployment [6] - Hupu Co., Ltd. (300471.SZ): Holding a 35% stake in hydrogen technology with solid-state hydrogen storage technology [6] - Tianneng Co., Ltd. (688819.SH): Focusing on fuel cell development and partnerships in hydrogen electric bikes [6] - Shenkai Co., Ltd. (002278.SZ): Involved in hydrogen supply systems with potential for expansion in the two-wheeler sector [6] - Jiangsu Shentong (002438.SZ): Specializing in high-pressure hydrogen valve production with mass production capabilities [6]

Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The hydrogen two-wheeler market is expected to see significant growth driven by policy support, with a projected domestic deployment of nearly 7,000 units in 2024, representing a year-on-year increase of over 230% [4][6] - Hydrogen two-wheelers offer advantages in energy density, range, environmental adaptability, and safety compared to lithium-ion and lead-acid models, making them suitable for B2B applications such as shared mobility and scenic transport [4][24] - The market for hydrogen two-wheelers is projected to grow from 0.9 billion yuan in 2024 to 35 billion yuan by 2030, with a compound annual growth rate (CAGR) of 84% from 2024 to 2030 [5][6] Summary by Sections 1. Policy and Market Dynamics - National top-level design and local demonstrations are accelerating the deployment of hydrogen two-wheelers, with the Ministry of Industry and Information Technology (MIIT) setting clear targets for the industry [14][15] - Local governments are issuing supportive policies, with projections for the deployment of 20,000, 30,000, and 40,000 hydrogen two-wheelers by 2026, 2028, and 2030 respectively [19][18] 2. Safety and Economic Viability - Hydrogen two-wheelers are expected to be the first to achieve large-scale deployment in B2B scenarios due to their superior safety features and gradually improving economic viability [20][24] - The cost per kilometer for hydrogen two-wheelers is projected to decrease to 0.1805 yuan, although they currently remain 35% and 13% more expensive than lithium-ion and lead-acid models respectively [4][6] 3. Market Potential and Growth - The shared electric vehicle market has a penetration potential of approximately 7 million units, with hydrogen two-wheelers expected to capture a market share of 10% by 2030 [5][6] - The deployment of hydrogen two-wheelers is anticipated to accelerate in 2025, supported by various local policies and market demand [18][19] 4. Beneficiary Companies - Key beneficiaries in the hydrogen two-wheeler market include: - Yong'an Xing (603776.SH): Leading in hydrogen two-wheeler deployment [6] - Hupu Co., Ltd. (300471.SZ): Holding a 35% stake in hydrogen technology with competitive solid-state hydrogen storage technology [6] - Tianneng Co., Ltd. (688819.SH): Focusing on fuel cell development and partnerships in hydrogen electric bikes [6] - Shenkai Co., Ltd. (002278.SZ): Involved in hydrogen supply systems with growth potential in the two-wheeler sector [6] - Jiangsu Shentong (002438.SZ): Specializing in high-pressure hydrogen valve production with mass production capabilities [6]

Core Viewpoint - The lithium battery industry in China is experiencing a significant transformation, moving from "barbaric expansion" to "high-quality development," with future competition focusing on technological breakthroughs, global layout, and industry chain collaboration [10]. Group 1: Industry Overview - In 2024, the total operating revenue of 24 listed lithium battery companies in China was approximately 679.5 billion yuan, a year-on-year decrease of 8.7%. The overall net profit (excluding BYD) was 59.8 billion yuan, primarily driven by leading companies like CATL and EVE Energy [5][6]. - The lithium battery shipment volume increased by 32.6% year-on-year to 1175 GWh, despite the decline in revenue, indicating a price war where companies adopted a "volume over price" strategy to mitigate risks from falling prices [5][6]. Group 2: Profitability Analysis - The profitability of the industry shows a stark divide, with CATL achieving a net profit of 50.7 billion yuan, while six companies reported losses and seven experienced significant profit declines. Key factors include scale effects, technological barriers, and supply chain bargaining power [6][7]. - The average gross profit margin for the 24 listed companies was around 20%, with some tail-end companies seeing margins drop below 10%, leading to a vicious cycle of low prices, low profits, and reduced R&D investment [6][7]. Group 3: Accounts Receivable Management - The accounts receivable of the 24 lithium battery companies accounted for 10.57% of total assets, indicating strong overall cash collection capabilities. However, second and third-tier companies may extend payment terms to secure orders, resulting in higher accounts receivable ratios [7].

证券代码：688819 证券简称：天能股份 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，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。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 登录新浪财经APP 搜索【信披】查看更多考评等级 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 注:2024年第一季度确认的增值税加计抵减额113,771,597.08元列示在非经常性损益，2025年第一季度按 照相关会计准则，增值税加计抵减额117,980,229.23元列示为经常性损益。按相同口径，2025年一季度 归属于上市公司股东的扣除非经常性损益的净利润214,436,213.83元，相较于2024年一季度归属于上市 公司股东的扣除非经常性损益的净利润245,171,508.56元，同比 ...

证券代码：688819 证券简称：天能股份 公告编号：2025-032 第三届监事会第一次会议决议公告 天能电池集团股份有限公司 1. 审议并通过《关于选举公司第三届监事会主席的议案》 经与会监事认真审议，一致推举王保平先生为公司第三届监事会主 席，任期与公司第三届监事会任期相同。 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 2. 审议并通过《关于公司<2025 年第一季度报告>的议案》 经与会监事认真审议，认为公司 2025 年第一季度报告的编制和审议 程序规范合法，符合法律、法规、公司章程及监管机构的规定，报告公 允反映了公司报告期内的财务状况和经营成果，所包含的信息从各个方 面真实地反映出公司报告期内的经营管理和财务状况等事项，所披露的 信息真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。未 发现参与公司 2025 年第一季度报告编制和审议的人员有违反保密规定 及损害公司利益的行为。 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、监事会会议召开情况 2025 年 4 月 29 日，天能电池集团 ...

证券代码：688819 证券简称：天能股份 公告编号：2025-031 天能电池集团股份有限公司 关于董事会、监事会完成换届选举 暨聘任高级管理人员及证券事务代表的公告 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。 天能电池集团股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开 2024 年年度股东大会，选举产生了第三届董事会 6 名非独立董事和 3 名独立董事并组成公司第三届董事会，选举产生了第三届监事会 2 名非职 工代表监事，并与公司于 2025 年 3 月 27 日召开的职工代表大会选举并公 示后产生的 1 名职工代表监事共同组成公司第三届监事会。 2025 年 4 月 29 日，公司召开第三届董事会第一次会议、第三届监事会 第一次会议，选举产生了董事长、各专门委员会委员及监事会主席，并聘 任新一届高级管理人员及证券事务代表。 现就相关情况公告如下： 一、董事会换届选举情况 （一）董事选举情况 2025 年 4 月 29 日，公司召开 2024 年年度股东大会，本次股东大会采 用累积投票制的方 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 10,238,532,492.43, representing a 9.76% increase compared to CNY 9,328,480,253.19 in the same period last year[4] - Net profit attributable to shareholders decreased by 16.34% to CNY 420,372,768.45 from CNY 502,489,763.96 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 43.74% to CNY 214,436,213.82, compared to CNY 149,187,420.85 in the previous year[4] - Total revenue for Q1 2025 reached ¥10,238,532,492.43, an increase of 9.76% compared to ¥9,328,480,253.19 in Q1 2024[22] - Net profit for Q1 2025 was ¥427,823,363.63, a decrease of 15.71% from ¥507,635,879.23 in Q1 2024[23] - Total comprehensive income for the first quarter of 2025 was CNY 417,807,870.38, a decrease from CNY 507,635,879.23 in the same period of 2024, representing a decline of approximately 17.6%[24] Cash Flow - The net cash flow from operating activities was negative at CNY -1,386,420,546.01, a decrease of 167.65% from CNY 2,049,507,867.62 in the same period last year[4] - Cash inflows from operating activities totaled CNY 11,439,254,273.08 in Q1 2025, compared to CNY 12,608,511,188.09 in Q1 2024, indicating a decline of about 9.3%[27] - Cash outflows from operating activities increased to CNY 12,825,674,819.09 in Q1 2025, up from CNY 10,559,003,320.47 in Q1 2024, marking an increase of approximately 21.5%[27] - Cash inflows from investing activities were CNY 2,658,856,413.26 in Q1 2025, significantly higher than CNY 1,014,224,797.66 in Q1 2024, representing an increase of about 162.2%[27] - Net cash flow from investing activities was negative CNY 2,443,562,138.63 in Q1 2025, worsening from negative CNY 911,697,620.16 in Q1 2024[27] - Cash inflows from financing activities totaled CNY 5,152,744,097.48 in Q1 2025, down from CNY 7,559,934,944.53 in Q1 2024, indicating a decrease of approximately 31.8%[29] - Net cash flow from financing activities was CNY 1,451,775,237.97 in Q1 2025, compared to CNY 2,896,106,488.99 in Q1 2024, reflecting a decline of about 50.1%[29] - The ending balance of cash and cash equivalents as of the end of Q1 2025 was CNY 4,866,601,890.70, down from CNY 10,342,307,439.38 at the end of Q1 2024, a decrease of approximately 53.0%[29] Assets and Liabilities - Total assets increased by 6.35% to CNY 47,098,070,662.28 from CNY 44,287,963,941.96 at the end of the previous year[5] - Current liabilities rose to ¥27,107,099,780.11 in 2025, compared to ¥24,845,252,125.45 in 2024, marking an increase of 9.09%[18] - The total equity attributable to shareholders increased to ¥16,290,096,421.67 in 2025 from ¥15,889,109,096.95 in 2024, reflecting a growth of 2.53%[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 19,926[11] - The largest shareholder, Tianneng Holding Group Co., Ltd., holds 796,000,000 shares, accounting for 81.88% of total shares[12] - The company plans to repurchase shares using between RMB 50 million and RMB 100 million, with a maximum price of RMB 41.17 per share[13] - As of March 18, 2025, the company has repurchased 2,241,999 shares, representing 0.23% of total share capital, at an average price of RMB 24.54 per share[14] Research and Development - Research and development expenses totaled CNY 421,063,279.36, up 5.32% from CNY 399,776,596.10, accounting for 4.11% of operating revenue[5] - Research and development expenses for Q1 2025 were ¥421,063,279.36, compared to ¥399,776,596.10 in Q1 2024, indicating a year-over-year increase of 5.34%[23] Earnings Per Share - The basic and diluted earnings per share decreased by 17.31% to CNY 0.43 from CNY 0.52 year-on-year[4] - Basic and diluted earnings per share for the first quarter of 2025 were CNY 0.43, down from CNY 0.52 in the first quarter of 2024, reflecting a decrease of 17.3%[24] Investment Income - The company reported a decrease in investment income, with a loss of ¥6,976,069.62 in Q1 2025 compared to a gain of ¥12,525,627.93 in Q1 2024[23]

证券代码：688819 证券简称：天能股份 公告编号：2025-030 天能电池集团股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 29 日 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 116 | | --- | --- | | 普通股股东人数 | 116 | | 2、出席会议的股东所持有的表决权数量 | 852,514,584 | | 普通股股东所持有表决权数量 | 852,514,584 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 87.9010 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 87.9010 | 注:截至股权登记日 2025 年 4 月 23 日，公司总股本为 972,100,00 ...

北京市中伦律师事务所 关于天能电池集团股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年四月 北京市中伦律师事务所 关于天能电池集团股份有限公司 2024 年年度股东大会的 法律意见书 致：天能电池集团股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受天能电池集团股份有限公 司（以下简称"公司"）的委托，指派本所律师列席公司 2024 年年度股东大会， 并出具本法律意见书。 为出具本法律意见书，本所律师列席了公司 2024 年年度股东大会，并根据 《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》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、 《律师事务所从事证券法律业务管理办法》等法律、法规和规范性文件的要求以 及《天能电池集团股份有限公司章程》（以下简称"《公司章程》"），按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，查阅了本所律师认为出具法律意 见所必须查阅的文件，对公司本次股东大会的召集和召开程序、出席会议人员资 格、表决方式、表决程序的合法性、有效性进行了认真核查。 法律意见书 公司已向本所保证其提供为出具 ...

证券代码：688819 证券简称：天能股份 公告编号：2025-029 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 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的问题进行回答。 二、说明会召开的时间、地点 天能电池集团股份有限公司 关于召开 2024 年度业绩暨现金分红说明会的公告 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。 重要内容提示： 投资者可于 2025 年 04 月 15 日（星期二）至 04 月 21 日（星期 一）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 dshbgs@tianneng.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。 天能电池集团股份有限公司（以下简称"公司"）已于 2025 年 3 月 28 日发布公司 2024 年年度报告，为便于广大投资者更全面深 入地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 04 月 22 日（星期二）15:0 ...