Group 1 - The company Zhejiang Tiantian Technology Co., Ltd. has completed the environmental assessment approval for its project to produce 50,000 sets of liquid cooling systems and 200,000 liquid cooling pipes [2] - The company is focusing on two main business directions: "vibration reduction business" and "lithium-based new energy business" [2] - The company will continuously monitor national policy guidance and market development trends, emphasizing innovation and improving its product system [2]

Core Viewpoint - Tian Tie Technology (300587) is currently constructing a GWh-level production line for Xin Jie Energy, with product shipments expected to commence as the production line becomes operational [1] Company Summary - Tian Tie Technology is actively engaged in the development of a GWh-level production line, indicating a strategic move to enhance its production capacity and meet market demand [1] Industry Summary - The construction of GWh-level production lines is a significant trend in the energy sector, reflecting the industry's shift towards larger-scale production capabilities to support growing energy needs [1]

Market Overview - The rubber sector increased by 1.05% on November 6, with Zhen'an Technology leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Zhen'an Technology (300767) closed at 21.39, with a rise of 2.84% and a trading volume of 104,400 shares, amounting to a transaction value of 220 million yuan [1] - Other notable performers include: - Sanwei Co. (603033) at 11.44, up 1.96% [1] - Quecheng Co. (605183) at 19.41, up 1.94% [1] - Litong Technology (920225) at 39.18, up 1.90% [1] - Tiantie Technology (300587) at 7.41, up 1.65% [1] Capital Flow - The rubber sector experienced a net outflow of 68.88 million yuan from institutional investors, while retail investors saw a net inflow of 51.99 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Zhen'an Technology had a net inflow of 24.94 million yuan from institutional investors, but a net outflow of 18.53 million yuan from retail investors [3] - Tongcheng New Materials (603650) saw a net inflow of 17.44 million yuan from institutional investors and a net outflow of 45.17 million yuan from retail investors [3] - Sanwei Co. (603033) had a net inflow of 6.71 million yuan from institutional investors, while retail investors withdrew 5.34 million yuan [3]

Core Viewpoint - Tian Tie Technology's stock has experienced a significant decline recently, despite a year-to-date increase, indicating potential volatility in its market performance [1][2]. Financial Performance - For the period from January to September 2025, Tian Tie Technology reported a revenue of 1.232 billion yuan, a year-on-year decrease of 30.69% [2]. - The company recorded a net profit attributable to shareholders of -57.9958 million yuan, representing a year-on-year decrease of 340.02% [2]. - Cumulative cash dividends since the company's A-share listing amount to 234 million yuan, with 67.2959 million yuan distributed over the past three years [2]. Stock Market Activity - As of November 5, Tian Tie Technology's stock price was 7.20 yuan per share, with a market capitalization of 9.348 billion yuan [1]. - The stock has increased by 65.02% year-to-date but has seen declines of 6.74% over the past five trading days, 18.37% over the past 20 days, and 9.09% over the past 60 days [1]. - The stock experienced a net outflow of 2.5843 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 11.26% to 22,400, while the average circulating shares per person increased by 15.98% to 46,993 shares [2]. - Hong Kong Central Clearing Limited emerged as the sixth-largest circulating shareholder, holding 11.9493 million shares as a new shareholder [2]. Business Overview - Tian Tie Technology, established on December 26, 2003, specializes in the research, production, and sales of rubber products for rail engineering [1]. - The company's revenue composition includes 36.90% from other products, 27.35% from rail engineering rubber products, 25.99% from lithium compounds, and 9.76% from supplementary products [1]. - The company operates within the basic chemical industry, specifically in rubber and other rubber products, and is involved in sectors such as high-speed rail, railway infrastructure, and specialized technology [1].

Core Insights - Zhejiang Tiantian Technology Co., Ltd. reported a significant increase in Q3 2025 revenue and net profit, with revenue reaching 564 million yuan and net profit of 10.34 million yuan, reflecting year-on-year and quarter-on-quarter growth of 118.62% and 113.15% respectively [1] - The solid-state battery industry is experiencing rapid expansion driven by policy support and market demand, with expectations for mass production to begin by 2027 [1][2] - The company has made key breakthroughs in core materials, including the trial production of a 300-ton copper-lithium composite strip production line, which is crucial for solid-state batteries [2] Financial Performance - In Q3 2025, the company achieved a net profit of 10.34 million yuan, with both year-on-year and quarter-on-quarter increases exceeding 110% for non-recurring net profit [1] - The company’s revenue for the third quarter was 564 million yuan, indicating strong financial performance during its transformation phase [1] Industry Positioning - The company is strategically positioned in the solid-state battery supply chain, focusing on lithium salts, lithium materials, and core negative materials, which are critical for the industry [3] - The company has established a stable partnership with leading battery manufacturers, enhancing its potential to benefit from industry growth [3] Product Development - The company has developed a 5μm ultra-thin lithium strip and plans to commercialize it within a year, indicating a strong focus on innovation in high-value materials [2] - The solid-state electrolyte market is projected to reach 36.62 billion yuan by 2030, highlighting the significant market opportunity for the company’s lithium-based materials [2] Strategic Collaborations - In July, the company signed a 400 million yuan procurement order for copper-lithium composite strips with a subsidiary of Shenzhen Xinjie Energy Technology Co., Ltd. [2] - The company is expanding its customer base by testing samples with multiple battery cell manufacturers, indicating a proactive approach to market expansion [2]

Core Insights - Tian Tie Technology (300587) reported significant growth in Q3 2025, with revenue of 564 million yuan and a net profit of 10.34 million yuan, marking a year-on-year increase of 118.62% and a quarter-on-quarter increase of 113.15% [1] - The solid-state battery industry is experiencing rapid expansion due to supportive policies, with the Ministry of Industry and Information Technology emphasizing solid-state batteries as a key focus area [1][2] - The global solid-state battery market is projected to reach 808 GWh by 2030, with half-solid-state battery demand expected to exceed 650 GWh [2] Company Developments - Tian Tie Technology is accelerating its lithium-based new energy business, having established a production capacity of 53,000 tons of lithium battery chemicals and 2,600 tons of lithium materials [2] - The company has achieved a breakthrough in core materials, with a trial production line for 300 tons of 20-micron thick copper-lithium composite tape, which is essential for solid-state batteries [2][3] - Tian Tie Technology has entered into a 400 million yuan procurement agreement with leading solid-state battery company Xinjie Energy and has invested in Xinjie Energy's 2 GWh solid-state battery production line [3] Industry Trends - Solid-state batteries are recognized as a promising next-generation battery technology, with applications in mobile devices, energy storage, and electric vehicles [2] - The industry is transitioning from laboratory research to commercial production, driven by policy support, market demand, and ongoing technological advancements [3] - Tian Tie Technology's comprehensive supply chain, including lithium salts, lithium materials, and core negative materials, positions the company to benefit from the anticipated growth in the solid-state battery sector [3]

Core Insights - Tian Tie Technology (300587) reported impressive Q3 2025 results with revenue of 564 million yuan and net profit of 10.34 million yuan, showing year-on-year and quarter-on-quarter increases of 118.62% and 113.15% respectively, despite increased R&D investments and significant share-based payments [1] - The solid-state battery industry is experiencing rapid expansion driven by supportive policies, with the Ministry of Industry and Information Technology emphasizing solid-state batteries as a key focus area [1][2] - Solid-state batteries are projected to achieve commercial production by 2030, with global shipments expected to reach 808 GWh, indicating significant market potential [2] Company Developments - Tian Tie Technology has made significant advancements in core materials, with a trial production line for 300 tons of 20μm thick copper-lithium composite tape, a critical material for solid-state batteries [3] - The company has established a comprehensive lithium-based materials layout, including a project capable of producing 53,000 tons of lithium battery chemicals and 2,600 tons of lithium materials [2][4] - In July, Tian Tie Technology signed a 400 million yuan procurement order with Xinjie Energy's subsidiary, indicating strong market demand and collaboration with leading firms in the solid-state battery sector [3] Industry Outlook - The solid-state battery industry is transitioning from laboratory research to commercialization, with significant advantages such as high energy density and safety driving this shift [4] - Research institutions predict that the global solid electrolyte market will reach 36.62 billion yuan by 2030, highlighting the high value of the materials involved [3] - Tian Tie Technology's strategic partnerships and stable collaborations with major battery manufacturers position the company to benefit from the anticipated growth in the solid-state battery market [4]

证券代码：300587 证券简称：天铁科技 公告编号：2025-100 浙江天铁科技股份有限公司 5、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法 律、法规和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事投票表决，审议通过了如下决议： 1、审议通过《关于<公司 2025 年第三季度报告>的议案》 第五届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 1、本次董事会由董事长许孔斌先生召集，会议通知于 2025 年 10 月 26 日通 过电话、现场送达形式送达至各位董事，董事会会议通知中包括会议的相关材料， 同时列明了会议的召开时间、地点、内容和方式。 2、本次董事会于 2025 年 10 月 29 日在公司四楼会议室召开，以现场会议与 通讯会议相结合的形式召开，以记名的方式进行表决。 3、本次董事会应到 7 人，实际出席会议人数为 7 人。 4、本次董事会由董事长许孔斌先生主持，公司高级管理人员列席了本次会 议。 《公司 2025 年第三季度报告》，具体内容详见刊登在中国证监会 ...

Core Insights - Tian Tie Technology reported a third-quarter revenue of 564 million yuan, a year-on-year decrease of 25.85% [1] - The net profit for the third quarter was 10.34 million yuan, showing a year-on-year increase of 118.62% [1] - For the first three quarters, the total revenue was 1.232 billion yuan, down 30.69% year-on-year [1] - The net profit for the first three quarters was a loss of 57.99 million yuan, representing a year-on-year decline of 340.02% [1]

Financial Performance - The company's revenue for Q3 2025 was ¥564,113,370, a decrease of 25.85% compared to the same period last year, and a year-to-date revenue of ¥1,231,585,997, down 30.69% year-on-year [5]. - Net profit attributable to shareholders was ¥10,335,899.93, an increase of 118.62% year-on-year, while the year-to-date net profit was -¥57,995,804.53, a decline of 340.02% [5]. - Total operating revenue for the period was ¥1,231,585,997.03, a decrease of 30.8% compared to ¥1,776,804,733.18 in the previous period [21]. - The company reported a net loss of ¥49,393,876.37, compared to a net profit of ¥20,304,042.68 in the previous period, indicating a significant decline in profitability [22]. - Operating profit was recorded at -¥94,863,856.23, a decrease from ¥18,537,116.34 in the prior period, reflecting operational challenges [22]. - The total comprehensive income attributable to the parent company was -¥57,995,804.53, compared to ¥24,163,198.23 in the previous period, indicating a substantial decrease in overall financial health [22]. Earnings and Shareholder Value - The basic earnings per share for the quarter was ¥0.01, up 120.00% year-on-year, while the diluted earnings per share also stood at ¥0.01, reflecting the same percentage increase [5]. - Basic and diluted earnings per share were both reported at -¥0.05, compared to ¥0.02 in the previous period, highlighting a decline in shareholder value [23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,148,815,613.33, representing a 6.53% increase from the end of the previous year [5]. - The total assets of the company reached ¥6,148,815,613.33, up from ¥5,771,886,305.54, marking an increase of 6.5% [20]. - Total liabilities increased to ¥3,671,662,097.49 from ¥3,288,958,225.54, reflecting a rise of 11.6% [20]. - The company’s total liabilities increased by 172.75% due to the implementation of stock incentives and the addition of restricted stock repurchase obligations [11]. - The company's equity attributable to shareholders decreased to ¥2,396,158,542.96 from ¥2,411,635,688.93, a decline of 0.6% [20]. Cash Flow - Cash flow from operating activities showed a net outflow of -¥44,120,140.96, a decrease of 132.31% compared to the same period last year [10]. - The company experienced a net cash outflow from operating activities of -¥44,120,140.96, contrasting with a positive cash flow of ¥136,533,516.70 in the prior period [24]. - Investment activities resulted in a net cash outflow of -¥266,851,055.25, compared to -¥538,053,586.38 in the previous year, indicating reduced investment expenditures [25]. - Financing activities generated a net cash inflow of ¥275,321,345.50, down from ¥429,295,531.16 in the previous period, reflecting changes in financing strategies [25]. Research and Development - The company reported a significant increase in research and development expenses by 66.34% year-on-year, attributed to the commencement of full production at its subsidiary Anhui Tiantie [10]. - Research and development expenses for the period were ¥66,207,336.31, up from ¥39,801,436.34, indicating a significant increase of 66.5% [21]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 22,383 [12]. - The largest shareholder, Xu Jiding, holds 7.25% of shares, totaling 94,188,452 shares, with 6,337 shares frozen [12]. - Wang Meiyu, the second-largest shareholder, owns 4.55% of shares, amounting to 59,124,648 shares, with 49,500,000 shares pledged [12]. - The total number of restricted shares at the end of the period is 246,402,833, with 29,847,994 shares released during the period [14]. - The company’s total number of restricted shares increased by 131,925,000 during the period [14]. - The top ten shareholders collectively hold a significant portion of the company's equity, with the largest three shareholders holding over 16% [12]. - The total number of shares held by the top ten unrestricted shareholders is 246,402,833 [12]. Strategic Developments - The company plans to change its name and stock abbreviation, with announcements made on December 14, 2024, and January 22, 2025 [15]. - A strategic cooperation framework agreement was signed with Shenzhen Xinjie Energy Technology Co., Ltd. on May 22, 2025 [15].