THXN(SZ:300390) Zhong Guo Jing Ji Wang·2025-09-15 07:00Core 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].