Group 1 - Tianhua New Energy's stock increased by 5.36%, reaching 26.92 CNY per share, with a trading volume of 8.81 billion CNY and a turnover rate of 4.98%, resulting in a total market capitalization of 223.64 billion CNY [1] - The company, Suzhou Tianhua New Energy Technology Co., Ltd., was established on November 13, 1997, and went public on July 31, 2014. Its main business involves the production and sales of new energy lithium battery materials, anti-static ultra-clean technology products, and medical devices [1] - The revenue composition of Tianhua New Energy is primarily from lithium battery materials, accounting for 99.10%, while other products contribute 0.90% [1] Group 2 - Among the top ten circulating shareholders of Tianhua New Energy, E Fund's ETF (159915) reduced its holdings by 206.84 million shares in the third quarter, now holding 12.30 million shares, which represents 1.83% of the circulating shares [2] - The E Fund's ETF (159915) was established on September 20, 2011, with a latest scale of 85.54 billion CNY. Year-to-date returns are 49.93%, ranking 579 out of 4219 in its category, while the one-year return is 47.53%, ranking 751 out of 3877 [2]

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Group 1 - Tianhua New Energy (300390.SZ) released its Q3 2025 report on October 25, 2025, with a total of 8 institutional investors holding 43.95 million shares, accounting for 5.29% of the total share capital [1] - The institutional holding ratio decreased by 0.81 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 2 funds increased their holdings, including the GF National Index New Energy Vehicle Battery ETF and the Taixin Development Theme Mixed Fund, with an increase ratio of 0.51% [2] - 3 public funds reduced their holdings, including the E Fund ChiNext ETF, Southern CSI 500 ETF, and Taixin Modern Service Industry Mixed Fund, with a decrease ratio of 0.27% [2] - A total of 252 public funds did not disclose their holdings this quarter, including notable funds such as the Fortune CSI New Energy Vehicle Index A and the Huaxia CSI New Energy Vehicle ETF [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.10% compared to the previous quarter [2]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with no false records or misleading statements [2][3][4] - The quarterly financial report has not been audited [5] Financial Data Summary - The company does not require retrospective adjustments or restatements of previous accounting data [3][4] - There are no non-recurring profit and loss items applicable for the reporting period [3][4] - Significant changes in the balance sheet and income statement items are applicable, but specific details are not provided [4] Shareholder Information - The company confirms the total number of ordinary shareholders and the situation of the top ten shareholders, but specific data is not disclosed [4] Other Important Matters - There are no other significant matters to report for the quarter [4]

Core Insights - Global smartphone shipments are expected to grow by 2% year-on-year in the first half of 2025, with outsourced design orders increasing by 7% [1] - ODM-designed smartphones accounted for 43% of total global shipments, marking the highest level since 2019 [1] Group 1: Industry Trends - The ODM sector is undergoing a restructuring phase, with major players like Huaqin Technology and Longcheer Technology maintaining strong positions [3] - Lixun Precision has acquired assets from Wistron Technology, indicating a trend of mergers and acquisitions within the industry [2][3] - ODM firms are shifting from "scale manufacturing" to "value creation," reflecting a broader industry transformation [3] Group 2: Business Diversification - ODM companies are actively expanding into new business areas such as customized products, LED, and AIoT to mitigate competitive pressures [4] - The rise of 5G and innovations in foldable screens are increasing the demand for advanced technical and design capabilities among ODMs [4] - Companies like Lixun Precision and Longcheer Technology are also venturing into smart automotive, wearables, and robotics, showcasing a strategic shift towards higher growth sectors [5] Group 3: Future Outlook - Analysts predict that smartphone manufacturers will continue to increase outsourcing, providing growth opportunities for ODMs in the coming years [6] - The next three years are seen as a critical period for the transformation and upgrading of the ODM industry [6] - The ability of leading firms to establish a second growth curve in automotive electronics, AIoT, and robotics will shape the competitive landscape [6]

Core Viewpoint - Tianhua New Energy (300390.SZ) reported a slight increase in revenue for the first three quarters of 2025, but a significant decline in net profit, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - The company's operating revenue for the first three quarters reached 5.571 billion yuan, representing a year-on-year increase of 2.17% [1] - The net profit attributable to shareholders of the listed company was 32.8656 million yuan, showing a substantial year-on-year decrease of 96.44% [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses amounted to 97.7499 million yuan [1] - Basic earnings per share were reported at 0.04 yuan [1]

Core Viewpoint - Tianhua New Energy reported a revenue of 5.571 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.17%. However, the net profit attributable to shareholders significantly declined by 96.44% to 33 million yuan, with basic earnings per share dropping by 96.36% to 0.04 yuan [1][1][1] Financial Performance - Revenue for the first three quarters of 2025 reached 5.571 billion yuan, marking a 2.17% increase compared to the previous year [1] - Net profit attributable to shareholders was 33 million yuan, a substantial decrease of 96.44% year-on-year [1] - Basic earnings per share stood at 0.04 yuan, down 96.36% from the same period last year [1]

Group 1 - Tianhua New Energy (SZ 300390) held its 28th meeting of the sixth board of directors on October 24, 2025, to discuss the proposal for designating a delivery warehouse for lithium hydroxide at the Guangzhou Futures Exchange [1] - For the first half of 2025, Tianhua New Energy's revenue composition was 88.08% from the lithium battery materials sector and 11.92% from other businesses [1] - As of the report date, Tianhua New Energy has a market capitalization of 21.2 billion yuan [1] Group 2 - The Chinese innovative drug sector has generated $80 billion in overseas licensing deals this year, indicating a robust market for biopharmaceuticals [1] - Despite the hot secondary market for biopharmaceuticals, fundraising in the primary market is facing challenges, as discussed by Lu Gang, a partner at Chuangdong Investment [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300390 证券简称：天华新能 公告编号：2025-056 苏州天华新能源科技股份有限公司 关于调整使用闲置自有资金购买理财产品相关事项的公告 2、投资金额：公司及控股子公司增加使用额度不超过 10 亿元人民币的闲置自 有资金进行委托理财，增加后公司及控股子公司使用闲置自有资金委托理财额度共 计不超过 30 亿元人民币，其中购买风险等级为 R2 的理财产品总额度不超过人民币 3 亿元。 3、特别风险提示：公司及控股子公司将本着严格控制风险的原则选择安全性高、 流动性好、风险可控的短期理财产品，但委托理财事项可能受到金融市场波动等因 素的影响，投资收益具有不确定性。敬请广大投资者注意投资风险。 苏州天华新能源科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召 开第六届董事会第二十五次会议和第六届监事会第十七次会议，审议通过了《关于 使用闲置自有资金购买理财产品的议案》，同意公司及控股子公司使用闲置自有资 金不超过人民币 20 亿元购买理财产品，在额度内资金可以循环滚动使用，单个投资 ...

关于申请广州期货交易所氢氧化锂指定交割厂库的公告 本次申请氢氧化锂交割厂库事宜尚存在不确定性，最终以广州期货交易所审 核通过为准。公司将持续关注本次申请事宜，并及时履行信息披露义务。 证券代码：300390 证券简称：天华新能 公告编号：2025-055 特此公告。 苏州天华新能源科技股份有限公司董事会 苏州天华新能源科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州天华新能源科技股份有限公司（以下简称"公司"）于2025年10月24日 召开第六届董事会第二十八次会议，审议通过了《关于申请广州期货交易所氢氧 化锂指定交割厂库的议案》，同意公司及控股子公司向广州期货交易所申请氢氧 化锂指定交割厂库的资质，授权公司管理层提交申请材料，并办理其他相关事宜。 本次申请广州期货交易所氢氧化锂指定交割厂库，可充分利用公司现有资源， 提升公司的规范管理水平，同时有利于公司将现货市场、期货市场、交割厂库三 者有机结合，进一步增强公司的抗风险能力和市场竞争力，提高公司的盈利水平。 2025 年10月24日 ...