固态电池概念股多数走高，天际股份涨停，多氟多涨超6%，杉杉股份、天赐材料、天华新能跟涨。 ...

Market Overview - In Q2 2025, lithium resource clearing was below expectations, with lithium prices continuing to decline to 60,000 yuan/ton [2] - The growth rate of lithium salt production in China slowed down in Q2 2025 [2] - Due to weak demand, social inventory of lithium salt remained high at over 150,000 tons [2] Company Performance - In Q2 2025, listed companies increased revenue by 3% year-on-year by compensating volume for price [3] - Net profit attributable to shareholders decreased by 9% year-on-year due to reduced gross profit and inventory impairment losses [3] - Gross and net profit margins were reported at 22.36% and 9.13%, respectively, indicating a reversal trend [3] - Financial expenses decreased in 2024, while management and sales expenses have limited room for reduction [3] - Capital expenditures remained at a cyclical low [3] - Debt repayment capability remained stable and within a reasonable range [3] Industry Changes - Chinese companies showed a very low willingness to reduce production, with lithium prices dropping from 74,000 yuan/ton to 60,000 yuan/ton, further compressing profit margins [4] - Some companies reported net losses, such as Shengxin Lithium Energy with a net loss of 165 million yuan and Zhongmin (Hong Kong) with a net loss of 210 million yuan in H1 2025 [4] - Despite some companies experiencing losses, their debt repayment capabilities remained relatively stable, with overall leverage still in a safe zone [4] - Capital expenditures have slowed down, with total capital expenditure for sample companies at 4.1 billion yuan, a year-on-year decrease of 8.0%, indicating that the lithium cycle turning point is approaching [5]

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - The lithium mining industry is experiencing a gradual stabilization after a period of clearing out excess inventory, with signs of a cyclical turning point approaching [2][3] - The report highlights that the performance of listed lithium companies is under pressure due to declining lithium prices and increased inventory levels, but there are indications of potential recovery in the second half of 2025 [8][10] Market Analysis - Lithium prices fell to 60,000 yuan/ton in Q2 2025, down from 74,000 yuan/ton, reflecting a continued downward trend due to oversupply [10] - The production growth rate of lithium salts in China slowed, with Q2 2025 production at 299,000 tons, a year-on-year increase of 4% [11] - Social inventory of lithium salts remained high at over 150,000 tons due to weak demand [16] Company Performance - The total operating revenue of the 12 listed lithium companies reached 35.36 billion yuan in Q2 2025, a year-on-year increase of 3% [21] - The net profit attributable to shareholders decreased by 9% year-on-year to 3.227 billion yuan in Q2 2025, impacted by reduced gross profit and inventory impairment losses [25] - The gross margin for the companies was 22.36%, showing a reversal trend, while the net margin was 9.13% [33][36] Financial Metrics - The total expenses for the 12 companies amounted to 2.287 billion yuan in Q2 2025, a decrease of 16.3% year-on-year [40] - Capital expenditures for the companies totaled 11.5 billion yuan in H1 2025, indicating a slowdown in investment as the industry approaches a cyclical bottom [53] - The debt repayment capability remains stable, with an average cash ratio of 0.64 and a debt-to-asset ratio of 26.25% [61][62]

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 Grandall Law Firm (Shanghai) 中国 上海 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼，200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China, 200085 电话/TEL: (8621) 5234-1668 传真/FAX: (8621) 5234-1670 关于苏州天华新能源科技股份有限公司 2025年第三次临时股东大会的法律意见书 致：苏州天华新能源科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受苏州天华新能源科技股份 有限公司（以下简称"公司"）委托，指派本所律师出席公司 2025 年第三次临时 股东大会（以下简称"本次股东大会"或"本次会议"）。本所律师根据《中华人民 共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称 "《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规、部门规章和规范性文件以及《苏州天华新能源科 ...

证券代码：300390 证券简称：天华新能 公告编号：2025-050 苏州天华新能源科技股份有限公司 2025 年第三次临时股东大会决议公告 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。 特别提示： 1、本次股东大会不存在增加、变更、否决议案的情况； 2、本次股东大会不存在变更前次股东大会决议的情况； 3、本次股东大会以现场与网络投票相结合的方式召开。 一、会议召开情况 1、现场会议召开日期和时间：2025 年 9 月 29 日（星期一）下午 14：30。 2、网络投票日期和时间：2025 年 9 月 29 日。通过深圳证券交易所交易系 统进行网络投票的时间为 2025 年 9 月 29 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投票系统投票的时间为 2025 年 9 月 29 日 9:15-15:00。 3、现场会议召开地点：江苏省苏州工业园区双马街 99 号公司三楼会议室。 4、会议召开方式：本次股东大会采取现场表决与网络投票相结合的方式。 5、会议召集人：公司董事会。 6、会议主持人：公司 ...

Core Viewpoint - Tianhua New Energy's stock has shown fluctuations in recent trading, with a current price of 22.95 CNY per share and a market capitalization of 19.066 billion CNY, reflecting a year-to-date increase of 2.23% [1] Financial Performance - For the first half of 2025, Tianhua New Energy reported a revenue of 3.458 billion CNY, a year-on-year decrease of 6.88%, and a net profit attributable to shareholders of -156 million CNY, down 118.65% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 3.093 billion CNY, with 2.611 billion CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 71,000, with an average of 9,478 circulating shares per person, a decrease of 0.66% from the previous period [2] - The top ten circulating shareholders include notable entities such as E Fund's ChiNext ETF and Southern CSI 500 ETF, with changes in their holdings noted [3] Stock Trading Activity - On September 24, 2023, Tianhua New Energy's stock experienced a 2.00% increase, with a trading volume of 267 million CNY and a turnover rate of 1.75% [1] - The stock has seen significant trading activity, including a notable appearance on the "Dragon and Tiger List" on September 5, 2023, with a net buy of 283 million CNY [1]

Core Viewpoint - Tianhua New Energy's stock has experienced fluctuations, with a recent decline of 2.02% and a total market capitalization of 18.916 billion yuan, indicating a mixed performance in the market [1] Financial Performance - For the first half of 2025, Tianhua New Energy reported a revenue of 3.458 billion yuan, a year-on-year decrease of 6.88%, and a net profit attributable to shareholders of -156 million yuan, a significant decline of 118.65% [2] - The company has distributed a total of 3.093 billion yuan in dividends since its A-share listing, with 2.611 billion yuan distributed over the past three years [3] Stock Market Activity - As of September 22, Tianhua New Energy's stock price was 22.77 yuan per share, with a trading volume of 215 million yuan and a turnover rate of 1.39% [1] - The stock has seen a year-to-date increase of 1.43%, a decline of 1.64% over the past five trading days, an increase of 8.58% over the past 20 days, and a rise of 19.40% over the past 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 283 million yuan on September 5 [1] Shareholder Structure - As of June 30, 2025, the number of shareholders for Tianhua New Energy was 71,000, an increase of 0.67% from the previous period, with an average of 9,478 circulating shares per shareholder, a decrease of 0.66% [2] - The top ten circulating shareholders include notable funds such as E Fund's ChiNext ETF and Southern CSI 500 ETF, with varying changes in their holdings [3] Industry Context - Tianhua New Energy operates within the electric equipment sector, specifically in battery and battery chemical products, and is involved in concepts such as solid-state batteries, lithium iron phosphate, and energy storage [2]

Market Overview - The battery sector experienced a slight decline of 0.07% on the previous trading day, with Tianji Co. leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable gainers in the battery sector included: - Xatu Tungsten New Energy (688778) with a closing price of 86.70, up 7.45% and a trading volume of 227,500 shares, totaling 1.973 billion yuan [1] - Zhongyi Technology (301150) closed at 42.00, up 5.53% with a trading volume of 219,100 shares [1] - Yema Battery (605378) closed at 29.29, up 4.98% with a trading volume of 191,800 shares, totaling 556 million yuan [1] - Major decliners included: - Tianji Co. (002759) closed at 15.76, down 9.99% with a trading volume of 1,147,300 shares, totaling 1.862 billion yuan [2] - Shanshan Co. (600884) closed at 14.13, down 7.10% with a trading volume of 1,587,500 shares, totaling 2.292 billion yuan [2] - Yihua Road (688339) closed at 25.95, down 6.05% with a trading volume of 168,800 shares [2] Capital Flow - The battery sector saw a net outflow of 2.157 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.057 billion yuan [2][3] - Key stocks with significant capital flow included: - Ningde Times (300750) with a net inflow of 396 million yuan from institutional investors [3] - Xatu Tungsten New Energy (688778) with a net inflow of 15.2 million yuan from institutional investors [3] - Tianhua New Energy (300390) with a net inflow of 93.886 million yuan from institutional investors [3]

Core Viewpoint - Tianhua New Energy (300390) will disclose the number of shareholders in its periodic reports, with a total of 70,955 shareholders as of June 30, 2025 [1] Group 1 - The company responded to investor inquiries on its interactive platform regarding shareholder information [1] - The total number of shareholders is reported to be 70,955 as of a specific date [1]

9月16日，天华新能盘中下跌2.03%，截至10:32，报22.68元/股，成交4.33亿元，换手率2.80%，总市值 188.41亿元。 资金流向方面，主力资金净流出5642.85万元，特大单买入1986.67万元，占比4.59%，卖出3674.33万 元，占比8.50%；大单买入8899.00万元，占比20.58%，卖出1.29亿元，占比29.72%。 天华新能今年以来股价涨1.02%，近5个交易日跌2.83%，近20日涨8.52%，近60日涨16.55%。 今年以来天华新能已经1次登上龙虎榜，最近一次登上龙虎榜为9月5日，当日龙虎榜净买入2.83亿元； 买入总计4.56亿元 ，占总成交额比19.43%；卖出总计1.73亿元 ，占总成交额比7.38%。 资料显示，苏州天华新能源科技股份有限公司位于江苏省苏州工业园区双马街99号，成立日期1997年11 月13日，上市日期2014年7月31日，公司主营业务涉及新能源锂电材料、防静电超净技术产品、医疗器 械产品的生产和销售。主营业务收入构成为：锂电材料产品99.10%，其他(补充)0.90%。 分红方面，天华新能A股上市后累计派现30.93亿元。近三年，累计派 ...