天能股份：探路绿色能源企业高质量发展

Core Viewpoint - TianNeng Co., Ltd. has successfully transitioned from traditional battery manufacturing to a leading enterprise in the new energy sector, focusing on high-quality development through innovation and value creation [5] Group 1: Lithium Battery Production - The lithium battery production line at TianNeng is highly automated, utilizing a sophisticated transportation system and temperature detection technology to ensure quality control [6] - The company has developed 100Ah/150Ah home storage and communication series products, becoming a qualified supplier for companies like ZTE [6] - TianNeng is targeting niche markets such as industrial power, low-speed power, and communication backup energy, rather than competing directly in the passenger vehicle sector [6] Group 2: Lead-Acid Battery Business - TianNeng has established a strong foundation in the lead-acid battery sector, with 11 specialized production bases across six provinces in China [7] - The company is expanding its applications in various fields, including automotive start-stop systems and communication backup power, while also developing lithium-ion, hydrogen fuel, sodium-ion, and solid-state batteries [7] - The upcoming national standard for electric bicycles is expected to boost demand for lead-acid batteries, as it raises the weight limit for electric bicycles using these batteries [8] Group 3: Investor Returns - Since its A-share listing in 2021, TianNeng has distributed a total cash dividend of 2.779 billion yuan, with 1.6 billion yuan in dividends over the past three years, representing 83.39% of the average net profit during that period [9] - The company is exploring diverse methods for returning value to investors, including a stock repurchase plan completed in March 2025, totaling 55 million yuan [9] - TianNeng is committed to maintaining a stable cash dividend strategy while optimizing shareholder return plans based on operational performance and financial conditions [9] Group 4: New Business Developments - TianNeng has made significant advancements in sodium-ion batteries, developing high-performance products with energy densities of 160Wh/kg and 95Wh/kg for electric vehicles and energy storage [10] - The company has also designed two prototype solid-state batteries with energy densities of 300Wh/kg and 400Wh/kg, targeting applications in drones and robotics [10] - Investors have gained a clearer understanding of TianNeng's strategic layout, technological capabilities, and innovation strengths in the new energy power battery sector through site visits [10]