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]

Core Viewpoint - Tianhua New Energy's stock has experienced fluctuations, with a recent decline of 2.03% and a total market capitalization of 18.841 billion yuan, indicating a mixed performance in the market [1] Financial Performance - For the first half of 2025, Tianhua New Energy reported operating 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 cumulatively distributed 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 16, Tianhua New Energy's stock price was 22.68 yuan per share, with a trading volume of 433 million yuan and a turnover rate of 2.80% [1] - The stock has seen a year-to-date increase of 1.02%, a decline of 2.83% over the last five trading days, an increase of 8.52% over the last 20 days, and a rise of 16.55% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 283 million yuan on September 5 [1] Shareholder Information - As of June 30, 2025, Tianhua New Energy had 71,000 shareholders, 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] - Major shareholders include E Fund's ChiNext ETF and Southern CSI 500 ETF, with changes in their holdings noted [3]

Core Viewpoint - Tianhua New Energy plans to acquire 75% of Suzhou Tianhua Times from its controlling shareholder Pei Zhenhua for 1.254 billion yuan, aiming to consolidate lithium resource investments and eliminate potential competition risks [1][2] Company Overview - Suzhou Tianhua Times, established in August 2021, focuses on lithium resource investment and development, which aligns with Tianhua New Energy's lithium battery material business [1] - The largest shareholder of Suzhou Tianhua Times is Pei Zhenhua, holding 75% of the shares, while CATL owns the remaining 25% [1] Historical Context - This is not the first attempt by Tianhua New Energy to acquire Suzhou Tianhua Times; a previous attempt to acquire 60% of the company was halted in April 2024 due to project progress issues [1] Financial Performance - As of June 30, 2023, Suzhou Tianhua Times reported total assets of 1.816 billion yuan and net assets of 1.671 billion yuan, with a net profit of 86.437 million yuan primarily from bad debt recovery and idle fund management [2] - Tianhua New Energy's revenue has significantly declined from 17.03 billion yuan in 2022 to 6.608 billion yuan in 2024, with net profit dropping from 6.586 billion yuan to 848 million yuan during the same period [2] - In the first half of 2023, Tianhua New Energy reported a revenue of approximately 3.458 billion yuan, a year-on-year decrease of 6.88%, and a net loss of 156 million yuan compared to a profit of 835 million yuan in the previous year [2] - The decline in performance is attributed to falling lithium prices, with lithium material products generating about 3.046 billion yuan in revenue, down 8.14% year-on-year, and a gross margin of 2.49%, a decrease of 15.42% from the previous year [2] Shareholding Structure - Pei Zhenhua, the controlling shareholder of Tianhua New Energy, also holds 6.46% of CATL through his company Ningbo Lianchuang, making him the fourth largest shareholder of CATL [2] - CATL is not only a shareholder in Suzhou Tianhua Times but also the seventh largest shareholder of Tianhua New Energy, holding 491,590 shares, which is 0.59% of the total share capital [1]

Core Viewpoint - Tianhua New Energy plans to acquire 75% of Tianhua Times for 1.254 billion yuan, strengthening its partnership with CATL and integrating lithium resources [1][2][3] Group 1: Acquisition Details - Tianhua New Energy announced the acquisition of 75% equity in Tianhua Times from its actual controller Pei Zhenhua for 1.254 billion yuan [2] - The valuation of 100% equity in Tianhua Times is assessed at 1.672 billion yuan as of June 30, 2025 [2][4] - This transaction is classified as a related party transaction due to Pei Zhenhua's role as the controlling shareholder [2][3] Group 2: Historical Context and Financial Performance - Tianhua New Energy has a long-standing relationship with CATL, having acquired a 15% stake in CATL in 2015, which has yielded substantial returns [1][5][6] - The company experienced explosive growth from 2020 to 2022, with revenues increasing from 1.313 billion yuan in 2020 to 17.030 billion yuan in 2022, marking a growth rate of 401.26% [9][10] - However, the company has faced significant declines in revenue and net profit in 2023 and 2024, with 2023 revenue dropping by 38.54% to 10.468 billion yuan and net profit decreasing by 74.81% to 1.659 billion yuan [10][11] Group 3: Strategic Implications - The acquisition aims to integrate Pei Zhenhua's lithium resource investments into the listed company, reducing potential competition [3] - Tianhua Times focuses on overseas lithium resource investments, which aligns with Tianhua New Energy's strategic direction in the lithium battery materials sector [3][8] - The agreement includes a "depreciation compensation" clause, ensuring Pei Zhenhua compensates for any depreciation in the acquired equity before December 31, 2027 [3]

Core Viewpoint - Tianhua New Energy plans to acquire 75% equity of Suzhou Tianhua Times New Energy Industry Investment Co., Ltd. from its actual controller Pei Zhenhua for approximately 1.254 billion yuan, aiming to integrate upstream lithium resource investments into the listed company structure and eliminate potential competition risks [1][3][4]. Group 1: Acquisition Details - The acquisition involves Tianhua New Energy purchasing 75% of Suzhou Tianhua Times, which was previously held by Pei Zhenhua, for about 1.254 billion yuan [1][4]. - Prior to this transaction, Suzhou Tianhua Times had a shareholding structure where Pei Zhenhua held 75% (12 billion yuan) and Ningde Times held 25% (4 billion yuan) [3]. - After the acquisition, Tianhua New Energy will become the largest shareholder of Suzhou Tianhua Times [3]. Group 2: Financial Performance - Tianhua New Energy has experienced significant revenue declines, with revenues of 170.3 billion yuan in 2022, 104.7 billion yuan in 2023, and projected 66 billion yuan in 2024 [5]. - Net profits have also dropped sharply, from 8.8 billion yuan in 2022 to a projected 1.023 billion yuan in 2024, with a loss of 173 million yuan reported in the first half of 2025 [5]. - As of mid-2023, Tianhua New Energy had approximately 2.572 billion yuan in cash [3]. Group 3: Business Strategy - The acquisition is part of Tianhua New Energy's strategy to enhance its upstream lithium resource self-sufficiency, as it has been actively extending its operations into upstream sectors [5]. - The company has received approval from the Australian government to subscribe to shares of Liontown Resources, a leading lithium producer, indicating its commitment to expanding its resource base [5]. - Additionally, Tianhua New Energy's subsidiary has obtained mining rights for lithium-containing ceramic soil in Jiangxi Province, further supporting its resource development efforts [5].

Group 1 - The company, Tianhua New Energy, is engaged in the research and industrialization of lithium sulfide materials, which are core raw materials for sulfide solid electrolytes [1] - The company has sent samples to multiple clients and received positive feedback, indicating a successful initial response to their product [1] - The company is currently in the process of further promoting the volume sampling of their lithium sulfide materials [1]

Core Viewpoint - Tianhua New Energy (300390.SZ) announced the acquisition of 75% equity in Suzhou Tianhua Times New Energy Industry Investment Co., Ltd. from its controlling shareholder Pei Zhenhua, which constitutes a related party transaction [1][2]. Group 1: Acquisition Details - The acquisition involves purchasing 75% of Suzhou Tianhua Times for RMB 125,396.40 million, based on an assessed value of RMB 167,195.20 million for 100% equity as of June 30, 2025 [1][2]. - Prior to the transaction, the ownership structure of Suzhou Tianhua Times was 75% held by Pei Zhenhua and 25% by CATL (300750.SZ) [1][2]. Group 2: Financial Performance of Suzhou Tianhua Times - As of June 30, 2025, Suzhou Tianhua Times reported total assets of RMB 181,639.61 million, net assets of RMB 167,119.82 million, and a net profit of RMB 8,643.70 million, primarily from the reversal of bad debt provisions and idle fund management income [2][3]. - The company had no operating revenue during the same period [2][3]. Group 3: Strategic Implications - The acquisition is expected to enhance the long-term development strategy of Tianhua New Energy and improve future economic benefits, while eliminating potential competition risks within the industry [2][4]. - The transaction is not classified as a major asset restructuring and does not require approval from regulatory authorities [3][4]. Group 4: Historical Context - Tianhua New Energy previously attempted to acquire a 60% stake in Suzhou Tianhua Times in 2023 but terminated the agreement in 2024 due to insufficient progress on lithium mining projects [4][5]. - In 2022, Suzhou Tianhua Times reported zero operating revenue and a net profit of RMB 1,673.01 million [4][5]. Group 5: Tianhua New Energy's Recent Financial Performance - In the first half of 2025, Tianhua New Energy reported a revenue of RMB 3.46 billion, a decrease of 6.88% year-on-year, and a net loss of RMB 1.56 billion [6][7]. - The company has experienced declining revenues and profits over the past two years, with a significant drop in cash flow from operating activities [6][8].

Core Viewpoint - Suzhou Tianhua New Energy Technology Co., Ltd. plans to acquire 75% equity of Suzhou Tianhua Times New Energy Industry Investment Co., Ltd. from its controlling shareholder, Pei Zhenhua, to consolidate lithium resource investments and eliminate potential competition risks [2][3] Group 1: Acquisition Details - The acquisition will result in Tianhua New Energy holding 75% of Suzhou Tianhua Times, while Ningde Times New Energy Technology Co., Ltd. will hold the remaining 25% [2] - The transaction is valued at 125,396.4 million RMB for the 75% stake, based on an asset evaluation report that values 100% of Suzhou Tianhua Times at 167,195.2 million RMB as of June 30, 2025 [3] Group 2: Financial Overview of Suzhou Tianhua Times - Suzhou Tianhua Times was established on August 27, 2021, with a registered capital of 160,000 million RMB, focusing on investment activities, metal ore sales, and import-export [2] - As of June 30, 2025, Suzhou Tianhua Times has total assets of 181,639.61 million RMB and net assets of 167,119.82 million RMB, with reported revenue of 0 and a net profit of 8,643.7 million RMB for the first half of 2025 [2]

Core Viewpoint - Tianhua New Energy plans to acquire 75% equity of Suzhou Tianhua Times New Energy Industry Investment Co., Ltd. from its controlling shareholder for approximately 1.25 billion yuan, despite the target company's zero revenue in the first half of 2025 but a net profit exceeding 86.43 million yuan [1][2]. Group 1: Acquisition Details - The acquisition is aimed at integrating the controlling shareholder's lithium mining assets into the listed company [1]. - The target company, Suzhou Tianhua Times, focuses on overseas lithium resource investment and development, with total assets of approximately 1.816 billion yuan and net assets of about 1.67 billion yuan as of June 30, 2025 [2]. - The net profit of Suzhou Tianhua Times primarily comes from the reversal of bad debt provisions and returns from idle fund investments [2]. Group 2: Financial Aspects - The acquisition price of approximately 1.25 billion yuan is based on a professional valuation, with the total equity of Suzhou Tianhua Times valued at around 1.67 billion yuan [4]. - The payment for the acquisition must be completed within 30 working days after the transaction date [4]. - The controlling shareholder, Pei Zhenhua, has made a commitment for future impairment compensation based on a valuation to be conducted by an accounting firm by December 31, 2027 [5]. Group 3: Corporate Governance - The transaction has been approved by Tianhua New Energy's board and will require further approval from the shareholders' meeting [3]. - The company asserts that the transaction adheres to principles of fairness, voluntariness, and reasonableness, with no harm to the interests of the company and its shareholders [1].