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

Zhitoong Finance APP learned that, according to the Hong Kong Exchanges and Clearing Limited (HKEX) disclosure on April 2, Suzhou Tianhua New Energy Technology Co., Ltd. (300390.SZ) submitted a listing application to HKEX’s Main Board, with Huatai International and CMB International serving as joint sponsors.

According to the prospectus, Tianhua New Energy is a new energy technology company primarily 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 new energy lithium battery materials, anti-static and ultra-clean technology products, and medical devices.

According to information from Frost & Sullivan, based on sales volume and revenue in 2025, 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 also China’s and the global fourth-largest producer of battery-grade lithium compounds.

New energy lithium battery materials are the company’s main source of revenue. As of December 31, 2025, the company has established three major production bases in China, with a maximum combined annual capacity for lithium compounds of 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 flying vehicles, and consumer electronics, among others.

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

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

Revenue

In 2023, 2024, and 2025, the company’s revenue was approximately RMB 10.468 billion, RMB 6.608 billion, and RMB 7.549 billion, respectively.

Profit

In 2023, 2024, and 2025, the company’s profit for the year was approximately RMB 2.158 billion, RMB 1.029 billion, and RMB 0.457 billion, respectively.

Gross margin

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

In terms of product types, battery-grade lithium compounds mainly include battery-grade lithium hydroxide and battery-grade lithium carbonate.

Market size of the global battery-grade lithium compounds industry

Based on sales volume, the global battery-grade lithium compounds industry market size has experienced continuous growth, increasing from 0.6 million 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 increased from RMB 62.2 billion in 2021 to RMB 123.2 billion in 2025, with a CAGR of 18.6%. In 2025, the global market sizes, based on revenue, of battery-grade lithium hydroxide and battery-grade lithium carbonate reached 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, the global market sizes, based on revenue, of battery-grade lithium hydroxide and 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 0.4 million 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 increased from RMB 39.9 billion in 2021 to RMB 76.4 billion in 2025, with a CAGR of 17.6%. In 2025, the market sizes, based on revenue, of battery-grade lithium hydroxide and battery-grade lithium carbonate in China reached 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, the market sizes, based on revenue, of battery-grade lithium hydroxide and battery-grade lithium carbonate in China 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 battery-grade lithium hydroxide manufacturers globally. Based on 2025 global battery-grade lithium hydroxide revenue, the combined share of the world’s top five manufacturers 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 compound manufacturers globally. Based on 2025 global battery-grade lithium compounds revenue, the combined share of the world’s top five manufacturers 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 8.4% market share.

Board information

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

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

Joint sponsors: Huatai Financial Holdings (Hong Kong) Limited, CMB International Capital Limited

Legal counsel: As to Hong Kong and U.S. laws: Davis Polk & Wardwell; As to PRC laws: JunHe (Shanghai) Law Offices

Joint sponsors and legal counsel (as compiling): As to Hong Kong and U.S. laws: Jiarun Lawyers; As to PRC laws: Tian Yuan Law Firm

Reporting accountants and auditors: Rongcheng (Hong Kong) CPA Limited

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch, China

Compliance adviser: Changjiang Securities Financing (Hong Kong) Co., Limited