New Stock News | Tianhua New Energy (300390.SZ) Files Listing Application with HKEX Mainly Engaged in R&D, Production, and Sales of New Energy Lithium Battery Materials

According to an April 2 disclosure by the Hong Kong Exchanges and Clearing Limited (HKEX), Suzhou Tianhua New Energy Technology Co., Ltd. (300390.SZ) filed a listing application with HKEX’s Main Board. Huatai International and CMB International are its joint sponsors.

Company Profile

According to the prospectus, Tianhua New Energy is a new energy technology company principally engaged in the research, production and sales of lithium battery materials for new energy. The company’s business is divided into three major business segments, namely lithium battery materials for new energy, anti-static ultra-clean technology products, and medical devices.

According to information from Frost & Sullivan, based on 2025 sales volume and revenue, Tianhua New Energy is the largest producer of battery-grade lithium hydroxide in China and the world’s third-largest producer of battery-grade lithium hydroxide. In the same year, Tianhua New Energy is China’s and the global fourth-largest producer of battery-grade lithium compounds.

Lithium battery materials for new energy are the company’s primary source of revenue. As of December 31, 2025, the company has established three major production bases in China, with the largest combined annual production capacity of lithium compounds totaling 165,000 tons.

The company’s core products—battery-grade lithium hydroxide and battery-grade lithium carbonate—are key raw materials used to manufacture lithium batteries, and are widely applied across various fields of new energy technologies, such as power batteries for new energy vehicles, energy storage systems, low-altitude aircraft, and consumer electronics, among others.

During the track record period, in each of the respective years, the company’s purchases from its top five suppliers accounted for 71.8%, 39.4% and 36.8% of the company’s total purchases for the years ended December 31, 2023, 2024 and 2025, respectively. The company’s primary suppliers include suppliers of raw materials related to its lithium battery business for new energy (for example, mining and trading companies).

The company’s reliance on large customers has gradually decreased. Customers mainly include leading lithium battery manufacturers, cathode material manufacturers and new energy vehicle OEMs. During the track record period, revenue generated from the top five customers accounted for 68.4%, 59.0% and 55.9% of the company’s total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.

Financial Information

Revenue

In 2023, 2024 and 2025, the company’s revenue was approximately RMB 10.47B, RMB 6.61B and RMB 7.55B, respectively.

Profit

In 2023, 2024 and 2025, the company’s profit for the year was approximately RMB 2.16B, RMB 1.03B and RMB 457M, respectively.

Gross Margin

In 2023, 2024 and 2025, the company’s gross margin was 24.7%, 20.6% and 14%, respectively.

Industry Overview

By product type, battery-grade lithium compounds mainly include battery-grade lithium hydroxide and battery-grade lithium carbonate.

Market size of the battery-grade lithium compounds industry

The global battery-grade lithium compounds industry market size, based on sales volume, has experienced continuous growth, increasing from 600k tons in 2021 to 1.8 million tons in 2025, with a CAGR of 31.6%. It is expected that by 2030, the global battery-grade lithium compounds industry market size, based on sales volume, will reach 3.7 million tons, with a CAGR of 15.5% from 2025 to 2030.

Based on revenue, the global battery-grade lithium compounds industry market size grew from RMB 62.2 billion in 2021 to RMB 123.2 billion in 2025, with a CAGR of 18.6%. In 2025, based on revenue, the market sizes of global battery-grade lithium hydroxide and global battery-grade lithium carbonate were RMB 31.3 billion and RMB 91.9 billion, respectively. The CAGRs from 2021 to 2025 were 15.5% and 19.8%, respectively.

It is expected that by 2030, the global battery-grade lithium compounds industry market size, based on revenue, will reach RMB 736.2 billion, with a CAGR of 43.0% from 2025 to 2030. In the same year, based on revenue, the market sizes of global battery-grade lithium hydroxide and global battery-grade lithium carbonate will reach RMB 180.6 billion and RMB 555.6 billion, respectively, with CAGRs from 2025 to 2030 of 42.0% and 43.3%, respectively.

Based on sales volume, the China battery-grade lithium compounds industry market size has experienced continuous growth, increasing from 400k tons in 2021 to 1.2 million tons in 2025, with a CAGR of 31.6%. It is expected that by 2030, the China battery-grade lithium compounds industry market size, based on sales volume, will reach 2.8 million tons, with a CAGR of 18.5% from 2025 to 2030.

Based on revenue, the China battery-grade lithium compounds industry market size grew from RMB 39.9 billion in 2021 to RMB 76.4 billion in 2025, with a CAGR of 17.6%. In 2025, based on revenue, the market sizes of China battery-grade lithium hydroxide and China battery-grade lithium carbonate were RMB 18.6 billion and RMB 57.8 billion, respectively. The CAGRs from 2021 to 2025 were 36.2% and 13.8%, respectively.

It is expected that by 2030, the China battery-grade lithium compounds industry market size, based on revenue, will reach RMB 528.4 billion, with a CAGR of 47.2% from 2025 to 2030. In the same year, based on revenue, the market sizes of China battery-grade lithium hydroxide and China battery-grade lithium carbonate will reach RMB 123.5 billion and RMB 404.9 billion, respectively, with CAGRs from 2025 to 2030 of 46.0% and 47.6%, respectively.

Competitive Landscape

According to information from Frost & Sullivan, as of December 31, 2025, there are approximately 100 manufacturers of battery-grade lithium hydroxide worldwide. Based on 2025 global battery-grade lithium hydroxide revenue, the combined share of the top five manufacturers worldwide is 66.1%, and the company ranks third globally with a market share of 13.4%. Based on 2025 China battery-grade lithium hydroxide revenue, the combined share of the top five manufacturers in China is 91.7%, and the company ranks first in China with a market share of 22.2%.

As of December 31, 2025, there are approximately 200 battery-grade lithium compounds manufacturers worldwide. Based on 2025 global battery-grade lithium compounds revenue, the combined share of the top five manufacturers worldwide is 40.3%, and the company ranks fourth globally with a market share of 5.3%. Based on 2025 China battery-grade lithium compounds revenue, the combined share of the top five manufacturers in China is 49.4%, and the company ranks fourth in China with a market share of 8.4%.

Board Information

The board consists of 10 directors, including 5 executive directors, 1 non-executive director and 4 independent non-executive directors.

Equity Structure

As of March 25, 2026, Mr. Pei and Ms. Rong together hold approximately 18.87% of the company’s issued share capital, representing the company’s single largest shareholder group. In addition, CATL holds 13.54% of the company’s shares.

Intermediary Team

Joint sponsors: Huatai Financial Holdings (Hong Kong) Co., Ltd., and CMB International Financing Co., Ltd.

Legal advisers: In relation to Hong Kong and U.S. laws: King & Wood Mallesons; in relation to PRC laws: Grandall (Shanghai) Law Firm

Massive information, precise interpretation—available on the Sina Finance App