Tianhua New Energy rushes toward Hong Kong stocks: annual revenue of 7.5 billion, net profit down 56%, Pei Zhenhua and his wife cashed out 2.6 billion last year

Ask AI · Pei Zhenhua and his wife cash out to introduce CATL what is the strategic intention?

Le Di Net Le Jianping April 3

Suzhou Tianhua New Energy Technology Co., Ltd. (referred to as “Tianhua New Energy”) recently submitted a prospectus, preparing for listing on the Hong Kong Stock Exchange.

Tianhua New Energy was listed on the Shenzhen Stock Exchange in 2014. As of today’s midday trading, the stock price is 58.6 yuan, with a market value of 48.7 billion yuan. Once listed, Tianhua New Energy will form an “A+H” stock structure.

Tianhua New Energy’s revenue in 2025 is projected to be 7.5 billion yuan, with the company’s profit declining continuously over the past two years, including a 55.6% decrease in net profit in 2025, and a 9.5 percentage point drop in profit margin for the year.

Tianhua New Energy declared dividends of 831 million yuan, 500 million yuan, and zero for the fiscal years ending December 31, 2023, 2024, and 2025, respectively.

On March 23, 2026, Tianhua New Energy announced receiving a written resignation letter from the company’s Chief Financial Officer, Ms. Luo Cong. Ms. Luo Cong resigned due to personal reasons.

Annual revenue of 7.5 billion, net profit down 55.6% year-over-year

Founded in 1997, Tianhua New Energy mainly focuses on new energy lithium battery materials, anti-static ultra-clean technology, medical devices, and other fields.

The prospectus shows that Tianhua New Energy’s revenue for 2023, 2024, and 2025 was 8B, 6.6 billion, and 10.47B yuan; gross profit was 2.59 billion, 7.55B, and 1.36B yuan, with gross profit margins of 24.7%, 20.6%, and 14%, respectively.

Since 2025, revenue from new energy lithium battery materials has been 1.06B yuan, accounting for 88.3%; revenue from anti-static ultra-clean technology products is 600 million yuan, accounting for 8%; revenue from medical devices is 275 million yuan, accounting for 3.7%.

The net profits for 2023, 2024, and 2025 were 9B, 8B, and 457 million yuan; profit margins for the year were 20.6%, 15.6%, and 6.1%. Tianhua New Energy’s net profit in 2025 decreased by 55.6% year-over-year.

As of December 31, 2025, Tianhua New Energy held cash and cash equivalents of 3.66 billion yuan.

Pei Zhenhua and Rong Jianfen夫妻 cash out 2.6 billion to bring in CATL

The executive directors of Tianhua New Energy are Pei Zhenhua, Lu Jianping, Liu Deguang, Ms. Wang Heng, and Fei Yunchao (formerly Fei Yunchao), with non-executive director Liao Naifeng, and independent non-executive directors Mr. Bu Hao (formerly Bu Xingxing), Ms. Xu Ying, Dr. Cai Xiuling, and Mao Yingxu.

As of December 31, 2025, Pei Zhenhua’s shareholding was 17.77%, CATL (Contemporary Amperex Technology Co., Limited) held 13.54%, China Agricultural Bank Co., Ltd. – Morgan Emerging Power Hybrid Securities Investment Fund held 1.28%, Hong Kong Central Clearing Co., Ltd. held 1.25%, Zhao Yangmin held 1.23%, Rong Jianfen held 1.1%;

As of December 31, 2025, Tianhua New Energy’s shareholding structure was:

China Agricultural Bank Co., Ltd. – CSI 500 ETF held 1.03%, the National Social Security Fund 418 Portfolio held 0.74%, Industrial and Commercial Bank of China Co., Ltd. – GF National Certificate New Energy Vehicle Battery ETF held 0.65%, Yibin Development Venture Capital Co., Ltd. held 0.59%.

The company’s controlling shareholder and actual controller, Pei Zhenhua and Rong Jianfen, are spouses, holding a combined 18.87%.

Pei Zhenhua and Rong Jianfen cashed out heavily in 2025, introducing CATL, which became the second-largest shareholder.

On October 31, 2025, Tianhua New Energy announced that CATL acquired 49,208,960 shares from Pei Zhenhua (representing 5.92% of the company’s total share capital) and 58,373,365 shares from Rong Jianfen (7.03% of total share capital).

Before this transaction, Pei Zhenhua and Rong Jianfen together held 31.82% of the shares, with Pei Zhenhua holding 23.69% and Rong Jianfen 8.12%.

After the change in ownership, CATL holds 112,498,188 shares of Tianhua New Energy, accounting for 13.54% of the total share capital. The combined shareholding of Pei Zhenhua and Rong Jianfen decreased to 18.87%.

The transfer price for Pei Zhenhua and Rong Jianfen was 24.49 yuan per share, totaling approximately 6.67B yuan; Pei Zhenhua received 8B yuan, and Rong Jianfen received 1.43 billion yuan.

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