Core Viewpoint - Tian Nai Technology (688116) reported a mixed financial performance for 2024 and Q1 2025, with revenue growth but a decline in net profit for the full year, while maintaining confidence in future shipment growth and product demand in the carbon nanotube market [2][3][10]. Financial Performance - For 2024, the company achieved a revenue of 1.448 billion yuan, a year-on-year increase of 3.13%, while the net profit attributable to shareholders was 250 million yuan, a decrease of 15.80%. The net profit excluding non-recurring items was 237 million yuan, an increase of 13.60% [2]. - In Q1 2025, the company reported a revenue of 335 million yuan, up 9% year-on-year, and a net profit of 58.14 million yuan, an increase of 8.1%. The net profit excluding non-recurring items was 51.68 million yuan, a slight increase of 0.06% [2][11]. Shipment and Market Outlook - The company experienced a shipment volume growth of approximately 28% in Q1 2025 compared to the same period last year, and it remains confident about the full-year shipment growth for 2025 [3]. - The company is actively expanding its market for single-walled carbon nanotubes, with major domestic and international lithium battery manufacturers as clients, and has seen rapid sales growth in this product category [5][10]. Product Demand and Competitive Advantage - The demand for the company's products in semi-solid and solid battery solutions is increasing, particularly from clients with higher performance requirements [8]. - The company holds a competitive edge in the market as one of the few capable of large-scale production of single-walled carbon nanotubes, benefiting from significant scale and cost advantages, along with proprietary technology [9]. Production and Development - The construction of the company's production facility in the United States is nearing completion, with production expected to commence in 2026 [6]. - The company is also involved in the development of applications for carbon nanotubes in robotics, collaborating with various domestic and international clients [11]. Investment Sentiment - Over the past 90 days, seven institutions have provided ratings for the stock, with six recommending a buy and one recommending an increase in holdings. The average target price set by institutions is 53.3 yuan [12]. Profit Forecast - Various institutions have projected the company's net profit for 2025 to be between 384 million yuan and 495 million yuan, with expectations for continued growth in subsequent years [14]. Financial Metrics - As of the latest report, the company has a debt ratio of 39.0%, investment income of 761,900 yuan, financial expenses of 6.0923 million yuan, and a gross margin of 33.19% [11].

Core Viewpoint - The development of the nanomaterials industry in Jiangsu is crucial for enhancing the province's competitive edge in the global technology landscape, necessitating a comprehensive strategy to build, supplement, strengthen, and extend the industry chain [1][2]. Group 1: Challenges in the Nanomaterials Industry Chain - The Jiangsu nanomaterials industry faces challenges in development cycles, investment, collaborative growth, and independent research and development [2]. - Production efficiency in building the chain is hindered by high technical barriers and long development cycles, leading to insufficient high-end research and homogeneous competition [2]. - Investment in the industry is characterized by "point support," focusing on single projects without creating a synergistic effect across the industry [2]. - Ecological collaboration within the industry chain is limited by regional concentration of innovation resources and disciplinary barriers, resulting in insufficient motivation for common technology research [2]. - There is a lack of standardized databases for design, manufacturing, and evaluation, causing many companies to rely on low-level cycles of technology introduction and OEM production [2]. Group 2: Strategies to Enhance Industry Resilience - Jiangsu needs to reconstruct the building chain mechanism to improve industry development efficiency by increasing financial support and expanding the scope of thematic funds for nanomaterials [3]. - Establishing an integrated R&D system that combines experimentation, pilot testing, and application promotion is essential to address technical development challenges and avoid low-level competition [3]. - The integration of intelligent technology is necessary to shorten development cycles and enhance the foundational support capabilities of new materials [3]. Group 3: Strengthening the Industry Foundation - Implementing a "chain leader system" investment model, where leading enterprises collaborate with upstream and downstream companies and research institutions to secure funding for critical technology areas [4]. - Establishing a dynamic evaluation mechanism to assess the effectiveness of fund usage quarterly and adjust funding distribution based on industry needs [4]. - Providing comprehensive lifecycle services for key enterprises and projects in the nanomaterials industry to facilitate communication and coordination among various stakeholders [4]. Group 4: Promoting Cross-Industry Integration - Forming industry development alliances focused on key sectors such as photolithography, biomedicine, and new materials to foster collaboration and innovation [5]. - Accelerating cross-regional collaborative development by establishing platforms for nanomaterials industry cooperation between southern and northern Jiangsu [5]. - Promoting the integration of nanomaterials with traditional industries to enhance the value and utilization of existing materials [6]. Group 5: Supporting Innovation and Talent Development - Strengthening the intellectual property system for the nanomaterials industry to encourage original and integrated innovations among SMEs [6]. - Establishing joint training bases and enhancing the integration of industry and education to cultivate talent that meets the needs of the nanomaterials sector [6]. - Promoting mergers and acquisitions among leading enterprises to increase industry concentration and foster internationally competitive corporate groups [6].

原标题：中国抵御外部冲击的科技密码 开栏的话创新是引领发展的第一动力。了解科技，才能了解国家发展的底气从何而来；读懂创新，才能 读懂向"新"而行的逻辑指向何处。加快推进高水平科技自立自强，是旷日持久、天翻地覆的山河巨变， 也是无处不在、润物无声的时光寄语。那些不断涌现的新成果、新现象、新热点、新趋势，到底会对我 们的生活产生怎样的改变？又会给经济发展带来哪些影响？本报推出"科技新观察"栏目，从科技创新一 线的火热实践中，从权威专家的深入解析里，为读者寻找答案。今日起刊发首个系列，为您解密抵御外 部冲击的硬核支撑。 ◎本报记者 近一段时间，美国政府所谓"对等关税"政策反复无常。与之相对，中方立场坚定而明确：谈，大门敞 开；打，奉陪到底。 中国底气何来？百年大变局，科技创新是关键变量，也是中国经济抵御外部冲击的硬核支撑。 在8年贸易战的淬炼中，中国经济始终向"新"而行，创新发展动能日益强劲。国际观察人士感叹：当美 国加倍征收关税时，中国在开设更多研发园区，大力推进人工智能驱动的创新，"在中国看到了未来的 样子"。 "建设稀土强国，迫切需要大力推进绿色化、高质化、高效化加工制造，加快形成合理开发、有序生 产、高效利 ...

Core Viewpoint - The company focuses on the research and development of nanomaterials technology, specifically high-performance multifunctional nanofilms, and aims to provide customized coating solutions and equipment to meet diverse customer needs [3][14][29]. Company Overview - The company is engaged in the research and development of nanomaterials technology, primarily producing high-performance multifunctional nanofilms and providing corresponding coating services [3][14]. - The company has developed various models of nanofilm coating equipment, which have been mass-produced and are used for preparing nanofilms [12][14]. Business Model - The company adopts an "order-based production" model for nanofilm preparation, utilizing both external and centralized production methods to meet customer demands [24][25]. - The company’s revenue is generated through customized nanofilm products and coating services, as well as the sale of nanofilm coating equipment [14]. Industry Situation - The new materials industry, including nanomaterials, is a strategic emerging industry in China, with significant government support and a clear development roadmap [29][30]. - The global market for nanofilms is projected to grow from approximately $14.18 billion in 2023 to over $66.35 billion by 2032, with a compound annual growth rate (CAGR) of 18.7% [32][33]. Technological Advantages - The company utilizes PECVD (Plasma-Enhanced Chemical Vapor Deposition) technology, which integrates various advanced techniques to produce high-quality nanofilms, providing a competitive edge in the market [35][36]. - The company has developed a new generation of equipment that combines PECVD and CVD processes, enhancing the stability and performance of the produced films [13][14]. Market Applications - The company’s nanofilms are widely used in consumer electronics, automotive, medical devices, and other industries, addressing diverse protective needs such as waterproofing, corrosion resistance, and surface modification [33][41][44]. - In the automotive sector, the demand for protective coatings is increasing due to the growing complexity of electronic components in electric vehicles [40][41]. Future Development Trends - The company is positioned to benefit from the increasing demand for nanofilms in various applications, particularly in consumer electronics and automotive industries, driven by technological advancements and market growth [39][40]. - The company aims to strengthen its research and development capabilities to maintain its competitive position and expand its market share in the nanomaterials industry [38].