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]

中国经济网北京9月15日讯天华新能（300390）(300390.SZ)9月13日披露了关于公司收购苏州天华时代 新能源产业投资有限责任公司75%的股权暨关联交易的公告。 天华新能表示，公司拟通过本次收购，将实际控制人在锂矿资源的投资和开发转至上市公司体内，并消 除潜在同业竞争风险。 2025年上半年，苏州天华时代总资产为181,639.61万元，净资产为167,119.82万元，营业收入为0，净利 润为8,643.70万元。 据天华新能公告，公司与裴振华拟签署股权收购协议，公司拟收购裴振华持有的苏州天华时代新能源产 业投资有限责任公司(以下简称"苏州天华时代"或"标的公司")75%的股权。 本次交易对方裴振华为公司控股股东、实际控制人、董事长，根据《深圳证券交易所创业板股票上市规 则》等相关规定，裴振华为公司关联人，本次交易构成关联交易。 根据中水致远资产评估有限公司以2025年6月30日为评估基准日出具的中水致远评报字【2025】第 020689号《资产评估报告》，苏州天华时代100%股权在交易基准日的评估价值为人民币167,195.20万 元。经双方协商确认并同意，裴振华拟将其在苏州天华时代75%的股权 ...

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]

从财务数据来看，截至2025年6月30日，苏州天华时代总资产约18.16亿元，净资产约16.7亿元。今年上 半年，苏州天华时代营业收入为0，净利润却达8643.70万元。 原标题：天华新能拟12.5亿元收购实控人名下公司：标的上半年营业收入为0，净利却超8000万 每经记者｜赵李南 每经编辑｜魏官红 9月12日，天华新能（SZ300390，股价22.83元，市值189.66亿元）发布公告称，其拟以约12.5亿元收购 公司控股股东、实际控制人兼董事长裴振华持有的苏州天华时代新能源产业投资有限责任公司（以下简 称苏州天华时代）75%股权。 《每日经济新闻》记者注意到，苏州天华时代聚焦海外锂矿资源投资开发，2025年上半年营业收入为 0，净利润却达8643.70万元，股权评估价值约16.7亿元。 如上述交易能够顺利完成，苏州天华时代将成为天华新能控股子公司，天华新能借此将实控人旗下锂矿 资产纳入上市公司体系。 "公司本次股权收购暨关联交易事项遵循了公平、自愿、合理的原则，定价公允、结算方式合理，不存 在向关联方输送利益的情形，不存在损害公司及股东利益的情形。"天华新能表示。 标的净利来自闲置资金理财收益等 据天华新 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - The report emphasizes the recovery of the silver-gold ratio and the simultaneous rise in copper and aluminum prices due to both domestic and international factors [5][6] - Weak employment data in the U.S. has led to increased expectations for a 50 basis point rate cut in September, which is expected to boost precious metals [5][6] - The report suggests that while gold remains a focus for investment, the recovery of the silver-gold ratio indicates potential for silver as well [5][6] Summary by Sections Precious Metals - The report highlights the weak performance of the U.S. labor market and its implications for precious metals, particularly gold and silver [5][6] - It suggests that gold stocks may experience a quarterly-level resonance in terms of price, valuation, and style due to anticipated rate cuts [5][6] - For silver, the report advises attention to its potential to converge with gold as inflation expectations rise [5][6] Industrial Metals - Industrial metals have seen a broad increase, with LME copper rising by 1.7% and aluminum by 3.8% [6][27] - The report notes that domestic policies aimed at stabilizing growth are expected to enhance demand outlook [6] - It indicates that while demand for copper and aluminum may decline in the second half of the year, supply constraints will limit the extent of this decline [6] Strategic and Minor Metals - The report discusses the strategic reassessment of rare earths and tungsten, with a focus on their long-term value due to government policies and market dynamics [7] - It highlights the upward price trend for cobalt and nickel, driven by supply constraints and increasing demand in the battery sector [7] - The report also mentions the bottoming out of lithium prices, with a cautious outlook on future price movements [7]

2023年，天华新能也曾筹划收购苏州天华时代60%股权，但最终因交易条件不成熟而终止。 长江商报消息 时隔一年多，天华新能（300390.SZ）再度向实际控制人收购目标公司股权。 9月12日晚间，天华新能发布公告，公司拟与裴振华签署协议，向其收购苏州天华时代新能源产业投资 有限责任公司（以下简称"苏州天华时代"或"标的公司"）75%股权，交易对价约为12.54亿元。 交易对方裴振华系天华新能实际控制人，本次交易构成关联交易。 天华新能称，目标公司聚焦海外锂矿资源投资和开发，通过本次收购，将实际控制人在锂矿资源的投资 和开发转至上市公司体内，并消除潜在同业竞争风险。 备受关注的是，苏州天华时代还有一名股东，那就是全球"动力电池一哥"宁德时代，持股25%。 押注上游，天华新能能否达到预期，有待观察。 近几年，受锂盐产品价格下跌影响，天华新能业绩承压。历经连续2年下降后，2025年上半年，公司实 现的营业收入为34.58亿元，同比下降近7%；归母净利润为-1.56亿元，为近10年来首次中期亏损。 重启收购实控人名下公司 重启收购，天华新能试图将实际控制人裴振华名下公司纳入上市公司体系。 根据最新公告，天华新能拟与裴 ...

Group 1 - Aotewei plans to acquire 8.99% equity in Songci Electromechanical for 144 million yuan, increasing its stake from 73.84% to 82.83% [1] - The acquisition reflects Aotewei's confidence in its core business and aims to enhance control over Songci Electromechanical, optimizing management structure and operational efficiency [1] - The increase in shareholding ratio indicates potential for more concentrated resource investment and collaborative development strategies, signaling a positive outlook for investors [1] Group 2 - Tianhua New Energy intends to acquire 75% equity in Suzhou Tianhua Times for 1.254 billion yuan, with the transaction classified as a related party transaction [2] - This acquisition aims to consolidate the actual controller's lithium resource investment and development into the listed company, mitigating potential competition risks [2] - The transaction is expected to have a positive long-term impact on the company's development by enhancing its influence in the lithium resource sector [2] Group 3 - JinkoSolar's shareholders plan to transfer approximately 4% of the company's total shares, equating to around 400 million shares, due to personal funding needs [3] - The transfer reflects the shareholders' financial requirements, and while the percentage is not large, it may still affect market sentiment [3] - The requirement for the transferee to possess appropriate pricing capability and risk tolerance indicates the company's focus on maintaining stock price stability [3]