Financial Performance - The company's operating revenue for Q3 2024 was ¥11,265,174,778.10, representing a decrease of 16.59% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥269,994,327.28, down 56.40% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥267,203,404.02, a decrease of 42.15% compared to the same period last year[2]. - The basic earnings per share for Q3 2024 was ¥0.28, reflecting a decline of 56.25% year-on-year[3]. - The net profit for Q3 2024 was CNY 1,500,936,992.27, a decrease of 8.4% compared to CNY 1,638,952,418.57 in Q3 2023[16]. - The total profit for Q3 2024 was CNY 1,879,319,364.51, down 7.0% from CNY 2,021,028,128.09 in Q3 2023[16]. - The total comprehensive income for Q3 2024 was CNY 1,494,518,976.57, compared to CNY 1,638,952,418.57 in Q3 2023, reflecting a decrease of 8.8%[17]. Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥45,446,629,152.13, an increase of 26.83% compared to the end of the previous year[3]. - As of September 30, 2024, total assets reached CNY 45.45 billion, up from CNY 35.83 billion at the end of 2023, representing a growth of approximately 27.5%[12]. - The company's total liabilities increased to CNY 29.21 billion from CNY 20.21 billion, representing a growth of about 44.5%[14]. - Short-term borrowings surged to CNY 7.11 billion, compared to CNY 2.45 billion at the end of 2023, indicating a significant increase of about 189.5%[13]. - Non-current assets totaled CNY 13.68 billion, up from CNY 13.39 billion, showing a slight increase of approximately 2.1%[13]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥2,925,311,508.50, down 4.49% compared to the same period last year[2]. - Cash flow from operating activities for the first three quarters of 2024 was CNY 2,925,311,508.50, down from CNY 3,062,893,822.48 in the same period of 2023, indicating a decline of 4.5%[18]. - The cash inflow from investment activities for the first three quarters of 2024 was CNY 3,532,525,931.05, compared to CNY 3,130,525,500.24 in the same period of 2023, showing an increase of 12.8%[18]. - Cash outflow from investment activities totaled 7,315,669,517.75, an increase from 6,191,237,588.56 in the previous period[19]. - Net cash flow from investment activities was -3,783,143,586.70, compared to -3,060,712,088.32 previously[19]. - Total cash inflow from financing activities reached 23,074,257,006.13, significantly higher than 11,536,655,593.51 in the prior period[19]. - Cash outflow from financing activities amounted to 22,161,854,103.81, up from 10,679,818,325.57[19]. - Net cash flow from financing activities was 912,402,902.32, slightly up from 856,837,267.94[19]. - The net increase in cash and cash equivalents was 52,675,186.14, compared to 866,466,894.01 in the previous period[19]. - The ending balance of cash and cash equivalents was 6,360,430,625.65, down from 7,361,945,182.37[19]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 19,159[8]. - The largest shareholder, Tianneng Holding Group Co., Ltd., holds 796,000,000 shares, accounting for 81.88% of the total shares[8]. - The top ten shareholders include various investment funds, with the second-largest being China Merchants Bank Co., Ltd. - Huaxia SSE Sci-Tech Innovation Board 50 ETF, holding 10,473,033 shares (1.08%) [9]. - The total number of shares held by the top ten unrestricted shareholders is 1,000,000,000 shares[9]. - The company has repurchased a total of 1,163,161 shares, representing 0.12% of the current total share capital, with a total expenditure of approximately RMB 25,718,724.97[11]. - The highest repurchase price was RMB 28.83 per share, while the lowest was RMB 21.34 per share[11]. - The company has not reported any changes in the top ten shareholders due to securities lending or repayment reasons compared to the previous period[10]. - The company has engaged in securities lending activities, with 455,200 shares lent out by China Merchants Bank Co., Ltd. - Huaxia SSE Sci-Tech Innovation Board 50 ETF[10]. Research and Development - Research and development expenses totaled ¥447,756,455.73 in Q3 2024, a decrease of 10.82% year-on-year, while the R&D expense ratio to operating revenue increased by 0.25 percentage points to 3.97%[3]. - Research and development expenses increased to CNY 1,322,450,491.27 in Q3 2024, compared to CNY 1,275,398,259.87 in Q3 2023, reflecting a growth of 3.7%[16]. - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[11]. Financial Challenges - The decline in net profit was primarily attributed to a significant increase in raw material prices and a decrease in sales volume during Q3 2024[6]. - The company recorded a financial expense of CNY -45,536,866.62 in Q3 2024, an improvement from CNY -93,582,567.34 in Q3 2023[16]. - The company remains committed to compliance with relevant laws and regulations regarding share repurchase activities[11].

中信证券股份有限公司关于天能电池集团股份有限公司 核心技术人员变动的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）为天能电池 集团股份有限公司（以下简称"公司"、"天能股份"）首次公开发行股票并上市 的保荐机构。根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板 股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 及《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》等 有关法规和规范性文件的要求，对天能电池集团股份有限公司核心技术人员变动 的事项进行了核查，核查情况及核查意见如下： 一、关于核心技术人员离职的具体情况 公司核心技术人员郭志刚先生于近日因病不幸去世，不再担任公司研究院副 院长职务。 （一）核心技术人员的具体情况 郭志刚先生，1965 年 8 月出生，中国国籍，无境外永久居留权，硕士研究 生学历，应用化学专业，教授级高级工程师。1992 年 3 月至 1999 年 12 月任职 于风帆股份有限公司研究所，1999 年 12 月至 2013 年 8 月担任风帆股份有限公 司密封电池事业部副经理，2013 年 8 月至今担任公 ...

证券代码：688819 证券简称：天能股份 公告编号：2024-051 天能电池集团股份有限公司 关于核心技术人员去世的公告 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。 重要风险提示： 一、 关于核心技术人员的具体情况 公司核心技术人员郭志刚先生于近日因病不幸去世，不再担任 公司研究院副院长职务。郭志刚先生任职期间爱岗敬业，恪尽职守， 勤勉尽责，对公司的经营发展做出了杰出贡献。公司及公司董事会 对郭志刚先生为公司发展所做的努力和贡献深表感谢，对郭志刚先 生的去世表示沉痛的哀悼，并向其家属致以深切的慰问！ 1 天能电池集团股份有限公司（以下简称"天能股份"或"公 司"）核心技术人员郭志刚先生近日因病去世。不再担任公司 研究院副院长一职。 郭志刚先生与公司不存在涉及职务发明专利等知识产权权属 纠纷或潜在纠纷的情形，郭志刚先生的过世不影响公司专利 等知识产权权属的完整性。 郭志刚先生的过世，不会对公司的核心竞争力和持续经营能 力产生实质性影响。 （一）核心技术人员的具体情况 郭志刚先生，1965 年 8 月出生，中国国籍，无 ...

证 券 代 码 ：688819 证 券 简 称 ： 天 能 股 份 天能电池集团股份有限公司投资者关系活动记录表 编号：2024-007 | --- | --- | --- | |--------------|-------------------------|----------------------------------------------------------| | | | 特定对象调研 □分析师会议 | | 投资者关系活 | □ | 媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 路演活动 | | | | □ | 现场参观 □其他（电话会议） | | 参与单位名称 | 资者等 | 国信证券、招商证券、中信资管、中金资管、财通证券、个人投 | | 时间 | 2024 年 9 月 24 | 日-2024 年 10 月 14 日 | | | 1 ）电话会议； | | | 地点 | 2）公司会议室 | | | 上市公司接待 | | 董事、财务总监兼董事会秘书胡敏翔先生 | | 人员姓名 | 证券事务代表佘芳蕾女士 | | | 投资者关系活 | Q1 | ：公司的铅、锂、氢、钠条技术路线是如 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 54.39 based on a 21x PE valuation for 2024 [2][12]. Core Insights - The company is a leader in the lead-acid battery sector, holding over 45% market share in lead-acid power batteries for light electric vehicles. In H1 2024, it achieved revenue of RMB 21.62 billion, a year-on-year increase of 0.30%, and a net profit of RMB 1.19 billion, up 9.32% year-on-year [12][14]. - Favorable industry policies are emerging, such as subsidies for electric bicycle trade-ins and relaxed weight limits for lead-acid battery models, positioning the company to benefit as an industry leader [12][14]. - The company is actively upgrading its product offerings and investing in advanced technologies, including new lead-acid and lithium-ion batteries, hydrogen engine systems, and sodium-ion batteries [12][14]. Financial Summary - Revenue projections for 2024-2026 are RMB 50.87 billion, RMB 54.42 billion, and RMB 58.45 billion, respectively, with year-on-year growth rates of 6.5%, 7.0%, and 7.4% [3][5]. - Net profit forecasts for the same period are RMB 2.51 billion, RMB 3.09 billion, and RMB 3.47 billion, reflecting growth rates of 9.1%, 23.0%, and 12.3% [3][5]. - The gross profit margin is expected to stabilize around 17.5% in 2024, improving to 18.4% by 2026 [3][5]. Product and Market Expansion - The company is enhancing its global strategy, with a new assembly plant in Vietnam expected to reach a capacity of 10 million units annually by 2025. In H1 2024, overseas sales revenue increased by 34.57% year-on-year to RMB 129 million [2][14]. - Continuous product innovation includes the launch of high-performance batteries for electric motorcycles and advanced energy storage systems, indicating a strong commitment to technology leadership [12][14].

天能股份 20241008 摘要 • 2023 年上半年，两轮车行业整体销量下降，雅迪和新日收入分别下降 15.4%和 15%，但 9 号公司和小牛电动车表现较好，收入分别增长 5%和 16%。 行业内不同品牌表现不一，总体趋势显示市场年轻化。 • 三季度是今年最具挑战性的时期，由于新国标尚未明确，大部分门店和经 销商销售情况不佳，消费者购买意愿不强，导致整体表现欠佳。预计今年 全年行业总体将下滑约 10%以上，主要影响一级主机厂。电池行业降幅相 对较小，预计全年降幅在个位数范围内。 • 今年单价有所上涨，但三季度由于铅价下行进行了相应调整，预计单价基 本持平。销量方面可能略有下降。高端产品向高端发展，而普通消费品则 集中在中低端市场，竞争激烈。 • 锂电池和铅酸电池各有其应用场景，锂电池在追求速度的电摩领域占据主 导地位，而铅酸电池在普通消费领域仍占多数。目前锂电池在整个市场中 的占比约为 4%至 5%，实际占比低于 10%。 • 明年行业整体预计增长 10%左右，公司计划实现 15%的增长目标。公司通 过产能布局、成本优化和品牌优势等措施实现比行业更快的发展速度。 • 公司目前大约占据 45%的市场份额， ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is a leader in the lead-acid battery sector, with a market share exceeding 45% in the electric light vehicle lead-acid battery market. The company has established a product system that includes lead-acid batteries, lithium-ion batteries, and new material batteries such as hydrogen fuel cells and sodium-ion batteries. In H1 2024, the company achieved operating revenue of 21.622 billion yuan, a year-on-year increase of 0.30%, and a net profit attributable to the parent company of 1.194 billion yuan, a year-on-year increase of 9.32% [4][5] - The company is expected to benefit from favorable industry policies, including subsidies for replacing old electric bicycles and relaxed weight limits for lead-acid battery models. As an industry leader, the company is well-positioned to take advantage of these policies [5] - The company is actively upgrading its products and investing in cutting-edge technologies, including new lead-acid batteries, lithium battery systems, hydrogen engines, and sodium-ion batteries [5] - The company is advancing its globalization strategy, with a focus on expanding its overseas market presence. As of June 30, 2024, the company had established seven local offices in different countries and signed agreements with over 30 overseas brand distributors [5] Financial Summary - The company is projected to achieve net profits of 2.514 billion yuan, 3.092 billion yuan, and 3.472 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 9.1%, 23.0%, and 12.3% [5][6] - The company's revenue is expected to grow from 47.748 billion yuan in 2023 to 58.446 billion yuan in 2026, with a compound annual growth rate of approximately 7.4% [6][10] - The gross margin is anticipated to improve gradually, reaching 19.2% by 2026 [7][10] Product and Market Outlook - The company expects lead-acid battery shipments to reach 131.16 billion VAh, 141.66 billion VAh, and 152.99 billion VAh from 2024 to 2026, with a stable unit price of 0.37 yuan/VAh [7][8] - The company is also focusing on enhancing its cost control capabilities, which is expected to positively impact its gross margin over the forecast period [7][10]

公司 2023 年年度权益分派实施后，公司以集中竞价交易方式回购股份价格上 限由不超过人民币 41.82 元/股（含）调整为不超过人民币 41.17 元/股（含）。具体 内容详见公司于 2024 年 6 月 21 日披露于上海证券交易所网站（www.sse.com.cn） 的《关于 2023 年年度权益分派实施后调整回购股份价格上限的公告》（公告编号： 2024-041）。 证券代码：688819 证券简称：天能股份 公告编号：2024-051 天能电池集团股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 先生提议 | | 2024/3/19，由公司实际控制人、董事长张天任 | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 18 | 3 月 | 日~2025 年 | 3 月 | 17 | 日 | | 预计回购金额 | 5,000 万元 ...

证 券 代 码 ：688819 证 券 简 称 ： 天 能 股 份 天能电池集团股份有限公司投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |--------------|--------------------------|-----------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | 投资者关系活 | □ 媒体采访 业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □ | 现场参观 □其他（电话会议） | | 参与单位名称 | 参与本次说明会的投资者 | | | 时间 | 2024 年 9 月 25 | 日 | | 地点 | 上证路演中心网络文字互动 | | | | 董事、总经理杨建芬女士 | | | 上市公司接待 | | 董事、财务总监兼董事会秘书胡敏翔先生 | | 人员姓名 | 证券事务代表佘芳蕾女士 | | | 投资者关系活 | Q1: | 近期固态电池较为受到各方关注，请问贵公司固态电池研发 | | 动主要内容介 | | 进 ...

中信证券股份有限公司 关于天能电池集团股份有限公司 2024 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为天能电 池集团股份有限公司（以下简称"天能股份"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人。根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职 责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 7 月 4 日、2024 年 7 月 24 日至 2024 年 7 月 25 日、 2024 年 8 月 22 日至 2024 年 8 月 23 日对公司募投项目等情况进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、 ...