Core Viewpoint - Tianhua New Energy's actual controllers, Pei Zhenhua and Rong Jianfen, plan to transfer approximately 108 million unrestricted circulating shares to CATL for a total consideration of 2.635 billion yuan, representing 12.95% of the company's total share capital, at a price of 24.49 yuan per share, which is about 19% lower than the previous day's closing price of 30.42 yuan [1] Group 1 - After the transfer, Pei Zhenhua and Rong Jianfen's combined shareholding will decrease from 31.82% to 18.87%, maintaining their controlling position [1] - CATL's shareholding in Tianhua New Energy will increase from 0.59% to 13.54%, making it a significant strategic shareholder [2] - CATL will gain the right to nominate one non-independent director and one independent director, without affecting Tianhua New Energy's operational stability [2] Group 2 - The share transfer represents a further binding of equity between the two companies and is a key move for CATL to strengthen its upstream lithium resource layout [3] - CATL is accelerating domestic and international capacity expansion in response to growing energy storage demand, with expansions in Shandong, Jiangxi, and Fujian, and overseas factories in Hungary, Indonesia, and Spain [3] - Recently, CATL gained control of a subsidiary of Fulian Precision Engineering through capital increase, consolidating its upstream advantages in the supply chain [3] Group 3 - Tianhua New Energy's core competitiveness aligns well with CATL's strategic needs, focusing on lithium hydroxide products and advanced lithium extraction technology [4] - The company has established three lithium salt production bases with a total capacity of approximately 165,000 tons per year and has coverage of lithium resources in Brazil, Congo (Kinshasa), and Australia [4] - Tianhua New Energy is also constructing a project for high-nickel ternary cathode materials for solid-state batteries, while CATL prioritizes solid-state battery technology [5] Group 4 - Tianhua New Energy's financial performance has significantly improved due to the rebound in lithium prices, with a revenue of 2.113 billion yuan in the first three quarters of 2025, a year-on-year increase of 21.47%, and a net profit attributable to shareholders of 189 million yuan, up 113.22% year-on-year [5] - The net profit after deducting non-recurring items reached 103 million yuan, reflecting a year-on-year growth of 27.96% [5]