On November 29, Tianneng issued the Announcement on the Extension and Termination of Some Fund-raising Projects and the Permanent Supplementary Liquidity of the Surplus Fund-raising Funds, intending to postpone two projects and terminate one project. According to the announcement
of Tianneng Stock Company, based on the principle of prudence, combined with the current market environment, the development trend of the industry and the progress of the implementation of the company's fund-raising investment projects, under the condition that the main body, the purpose and the total amount of the fund-raising investment projects remain unchanged, the company will continue to implement the fund-raising investment projects. It is proposed to adjust the date when part of the projects invested by the raised funds reach the expected usable state:
it is proposed to extend the use period of the raised funds of the project " Huzhou South Taihu Base Annual Output 10GWh Lithium Battery Project ". Extend the date for the project to reach its intended serviceable condition to December 2027;
At the same time, it is proposed to extend the use period of the fund raised by the project " Tianneng Sodium-ion Battery Test Line Technical Renovation Project ", and to extend the date when the project reaches the expected usable state to December 2027.
It is proposed to terminate the investment project " Large Lithium Power Research and Development Platform Construction ", and use the surplus raised funds of 146.2636 million yuan for permanent replenishment of working capital.
Previously, in September 2021, Tianneng announced that it planned to invest in the construction of a 10g Wh lithium battery project in Huzhou South Taihu Base, which was implemented by Huzhou New Energy, a wholly-owned subsidiary, with an estimated total investment of 3.97 billion yuan.
The project is divided into two phases. The first phase of the project intends to upgrade the relevant assets of Zhejiang Aoyou Power System Co., Ltd. through judicial auction, and build a new battery core and PACK production line in the vacant plant. After reaching the production capacity, the annual production capacity of 3GWh lithium iron phosphate batteries will be formed, with an expected construction period of 12 months. The second phase of the project is a new project, which will form an annual production capacity of 7 GWh lithium iron phosphate batteries after reaching production capacity, with an expected construction period of 30 months.
Up to now, the first phase of the annual output of 10g Wh lithium battery project in Huzhou South Taihu Base has been fully completed and the expected goal has been achieved; The core production line of the second phase project has also been completed and put into operation smoothly, and the follow-up production line will accurately match customer needs, plan scientifically and advance step by step. As of October 31, 2025, the investment progress of the raised funds of this project has reached 88.72% .
As for the reasons for the delay of the project, Tianneng shares explained that, based on prudent research and judgment on industry trends, market environment and the logic of the enterprise's own operation, in order to achieve the coordinated landing of the lithium battery business layout and the company's overall strategy, and effectively safeguard the sustainable development of the company and the fundamental interests of investors, Tianneng shares will continue to expand. The company believes that it is necessary to promote the follow-up capacity construction with a more precise rhythm and improve the matching efficiency of resource input and value return, so it has decided to extend the completion period of the project to December 2027.
At the same time, as of October 31, 2025, the amount of funds raised by the " Tianneng Sodium Ion Battery Test Line Technical Renovation Project " has not reached 50% of the planned investment amount. The company has re-demonstrated the necessity and feasibility of the project, and considers that the project is in line with the company's strategic planning, and the project is still necessary and feasible to continue to implement.
In addition, the original plan was to build a large lithium power research and development platform by acquiring 100% equity of Huzhou High-tech Intelligent Terminal Co., Ltd. and relying on its existing site and building layout, so as to consolidate the company's R & D hardware foundation in the field of lithium power. As of October 31, 2025, the large lithium power R & D platform construction project has not used the raised funds . Based on the current macroeconomic situation, the development trend of the industry and the strategic planning of the Company, in order to further optimize the allocation of resources and improve the efficiency of the use of funds, the Company decided to terminate the project after careful study and use the surplus raised funds of the project for permanent replenishment of working capital. According to
public information, Tianneng shares were founded in 1986 and listed on the board in 2021. Its main business is power batteries for electric light vehicles. Up to now, Tianneng has built ten production bases in Zhejiang, Jiangsu, Anhui, Henan and Guizhou provinces, with more than 60 subsidiaries.
The company's quarterly report shows that Tianneng achieved a total operating income of 33.402 billion yuan in the first three quarters of this year, an increase of 1.56% over the same period last year; a net profit of 1.36 billion yuan, a decrease of 7.13% over the same period last year; a net profit of 991 million yuan, a decrease of 2.67% over the same period last year.
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