THXN(SZ:300390) Huan Qiu Lao Hu Cai Jing·2025-09-15 12:19Core 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]