其中作为电解铜箔生产核心装备的阴极辊，技术壁垒极高。过去，这一领域长期被日本新日铁、三船、纽朗等公司垄断，导致国内产能受限且 成本高昂，严重制约了我国电解铜箔及下游产业的发展。2016年，泰金新能成功实现技术突破，不仅研发出高导电效率的电解铜箔阴极辊，更 攻克了工程化应用难题，实现了批量稳定生产。这标志着国产阴极辊正式替代了美日进口产品，对国内铜箔行业的发展具有里程碑意义。 钛电极材料业务 是公司另一重要增长引擎，产品包括铜箔钛阳极、水处理阳极、多元阳极等。其中，铜箔钛阳极与阴极辊共同构成电解铜箔 生产的"心脏"，直接决定着产品的效率和品质。此外，泰金新能还提供从核心设备到整体工艺设计的铜箔生产线整体解决方案，为客户提供一 站式服务。在新兴业务领域，公司开发的多孔钛PEM双极板、扩散层等产品，已成功切入电解水制氢等绿色能源领域，持续拓宽业务边界。 目前，泰金新能在电解铜箔成套装备领域已确立显著领先优势。 2024年，中国电解铜箔阴极辊市场总出货量超过800台，泰金新能以365台的 销量独占45%以上市场份额，稳居国内龙头地位多年。 同期， 其铜箔钛阳极产品也牢牢占据国内市场第一份额，形成了阴极辊与铜箔钛阳 极 ...

Core Viewpoint - Jiangsu Hongtian Technology Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, indicating a focus on related party transactions and cash flow discrepancies [1]. Related Party Transactions - The company reported related party sales to Nord New Materials Co., Ltd. amounting to 263 million, 406 million, and 405 million yuan over the past three years, representing 12%, 18%, and 29% of total annual sales respectively, indicating a continuous growth in related party sales [1]. - The average selling price of lithium battery foil machines and cathode rollers sold to Nord is higher than that sold to non-related parties [1]. - The company’s credit policy for sales to Nord includes 40% prepayment, 35% upon delivery, 20% upon acceptance, and 5% as warranty [1]. Financial Performance - The company’s operating revenues for the past three years were 2.19 billion, 2.24 billion, and 1.37 billion yuan, with cash inflows from operating activities of 1.84 billion, 1.93 billion, and 1.09 billion yuan, showing a significant gap between cash inflows and operating revenues [1]. - The net cash ratio over the past three years was 0.60, 0.02, and 0.21, with a cumulative difference of 336 million yuan between net profit and cash flow from operating activities [1]. Pricing and Cost Analysis - The pricing basis for related party sales includes product cost, expected gross margin, market conditions, technical parameters, and delivery time [2]. - The average selling price for related party sales of lithium battery foil machines is 1.28 million yuan per unit, while the price for non-related parties is 950,000 yuan per unit [2]. - The company’s pricing strategy does not differentiate between related and non-related sales, relying on comprehensive factors for pricing decisions [3]. Product Specifications and Market Position - The company produces the world’s largest diameter lithium battery foil machine, which has led to higher costs and lower gross margins due to ongoing research and development [3]. - The company has pre-ordered a significant number of standard specifications for titanium rings, affecting the pricing of cathode rollers sold to related parties [4].