文｜创业最前线

jinduanshijian，tansuanliqiyetianhuaxinnenggonggaocheng，sungongsiyichunshengyuanliyeyouxianzerengongsi（yixiajiancheng“yichunshengyuan”）tongguopaimaiyi25.1yiyuandejiagequdejiangxijinzifeng—zuojialitaocitu（hanli）kuangcaikuangquan。

zhidezhuyideshi，gailikuangqipaijiajin28wanyuan，zuizhongchengjiaojiawei25.10yiyuan，yijiajin9000bei。tianhuaxinnengyirucigaodeyijiahuodegaikuangqukaicaiquanyeyinfashichangguanzhu。zaitansuanlijiagechixudimidebeijingxia，tianhuaxinnengweiherengyaohaofeijuzipaixialikuang？

1、深度绑定锂电巨头，实控人投资宁德时代赚翻

congtianhuaxinnengzhuyingyewushourulaikan，qi90%yishangshourujunlaiyuanyulidiancailiao，tianhuaxinnenglidiancailiaozhuyaochanpinweidianchijitansuanlihedianchijiqingyanghuali。

gongsishangyougongyingshangzhuyaoweiliziyuan、yetilushuidengyuancailiao、xiayouzeduiyingzhengjicailiao、lidianchishengchanshangdeng。tianhuaxinnengcicinaxialikuang，zhuyaoshiweilegongsichanpinshengchanchubeiyuancailiao。

congtianhuaxinnengpiludexinxilaikan，zuojialitaocitu（hanli）kuangchubukancha，jinlucaijingjienei（gongyezhibiaolunzhengdezuidikaicaibiaogao+320miyishang）taocitu（hanli）kuangkuangshiliangbiangaoda2.06257yidun，banshengyanghualiliangwei63.8769wandun，pingjunpinwei0.31%，banshengyanghuaruliang30.2888wandun，pingjunpinwei0.15%。

suiranpinweijiaodi，danyouyugaikuangziyuanzongliangjiaoda，nengzhuanhuanchengdetansuanliguimoyezai150wandunyishang。yicijisuan，tianhuaxinnengnaxiagaikuangdejiagebingbugao。

tianhuaxinnengdashoubinaxiagaikuang，yugongsiguoqujinianbuduankuodadechannengjixiaoliangyouhendaguanxi。

2018nianyiqian，tianhuaxinnenghaishiyijiashizhibudao20yiyuandexiaoxingyiliaoqixieqiye。gongsichenggongzhuanxinglidianxingyeyugongsishikongrenpeizhenhuayouhendaguanxi。2015nianpeizhenhualaidaoshanghaizhongouguojigongshangxueyuangongduemba，qijianyudaolaotongxuelihua。

zuoweiningdeshidailianhechuangshiren，zailihuaquanshuoxiapeizhenhuatongguoqixiagongsichuzi8900wanyuantouzileningdeshidai。cihou，guoneixinnengyuanqichexiaoliangbaofa，peizhenhuatouziningdeshidaiyezhengdepenmanboman。

touziningdeshidaibujinrangpeizhenhuagerencaiwufengshou，yeweitianhuaxinnengqierulidiancailiaoxingyemaixiafubi。

2018nian，tianhuaxinnengyuningdeshidaihezichenglitianyiliye，gaiqiyezhuyaocongshidianchijiqingyanghualidenglidianchanpin，shiningdeshidaideshangyougongyingshang。

2019nian，tianyiliyekaigongjianshe2wandundianchijiqingyanghualijianshexiangmu。tongnian，tianyiliyeyuningdeshidaiqianshu《hezuoxieyishu》，yuedingningdeshidaiweilai5nianneiyouxianxiangtianyiliyecaigoutansuanliheqingyanghualichanpin。

2020nianxiabannian，tianhuaxinnenggoumaitianyiliye26%guquan，duitianyiliyechigubilishangshengzhi68%。zainingdeshidaifuchixia，tianyiliyeshourukuaisukuoda。

2023nian，tianyiliyeshixianyingshou95.52yiyuan，shixianjinglirun17.88yiyuan。tongnian，tianhuaxinnengyingshouheguimujinglirunfenbiewei104yiyuan、16.59yiyuan。zheiyeyiweizhe，2023niantianhuaxinnengdabufenyingshouhelirunjunlaizitianyiliye。

图 / 天宜锂业2023年主要财务指标

chucizhiwai，tianhuaxinnenghaitongguodingzengtouzilidiancailiao。jiezhi2023niantianhuaxinnengliyanchannengda16.5wandun，qizhongdianchijiqingyanghualichannengwei13.5wandun/nian，dianchijitansuanlichannengwei3wandun/nian。

zaiyuningdeshidaishenduhezuobeijingxia，tianhuaxinnengyoudiqizaixingyechixuxiaxingshinakuang，tongshiyeweigongsiweilailiyanshengchansuodingleyuancailiaogongying。

2、定增募资扩张，公司资产负债率仅18%

bangdingningdeshidaibujinrangtianhuaxinnengjingyingguimochixukuoda，yerangqizaicaiwushangyouyuqitaliyanqiye。

congfuzhaijiaodueryan，tianhuaxinnengwuyishiliyanqiyedangzhongbiaoxianzuiyouyideqiyezhiyi。jiezhi2024nian9yue30ri，tianhuaxinnengzichanfuzhailvjinwei18.70%，gaizichanfuzhailvzaizhuliuliyanchangshangzhongzuidi。

eryouxifuzhaizhong，tianhuaxinnengdabufenfuzhaiyililvjiaodideduanqijiekuanweizhu。tongqi，gongsiduanqijiekuanjinewei11.07yiyuan，yinianneidaoqifeiliudongfuzhaijizhangqijiekuanfenbiewei1.59yiyuan、4.34yiyuan。gongsizaishouhuobizijinyuegaoda46.07yiyuan，ciwaigongsihaiyou12.45yiyuandejiaoyixingjinrongzichan。

zhidezhuyideshi，guoqujinian，tianhuaxinnengzaizishenhuobizijinjiweichongyudeqingkuangxia，shizhongbaochichao10yiyuandeduanqijiekuan。

weici，「jiemianxinwen·chuangyezuiqianxian」yiyoujianfangshixiangtianhuaxinnengzixun，qibaochidaeduanqijiekuandebiyaoxingzaina？jiezhifagao，weihuotianhuaxinnenghuifu。

youyuzishenhuobizijinchongpei，qieduanqijiekuanlilvjiaodi，guoquyiduanshijiangongsixianjinguanlishourubufei。2024nianqiansanjidu，tianhuaxinnengcaiwufeiyongweiqidailaile5000duowanyuanshouru，ciwaigongsiyongyulicaidezijinyeweiqidailaibufenlixishouru。

tianhuaxinnengzichanfuzhailvdi，zijinchongpeiyuqiqianjinianjingyingxingxianjinliudafuliuruhegongsiliyongguquanrongziyouhendaguanxi。

2021nianzhi2023nian，youyutansuanlijiagedafushangsheng，gongsitansuanlichuhuoliangyezaizengzhang，zailiangjiaqishengdebeijingxiatianhuaxinnengyejichixushangsheng。

tongqi，gongsiguimujinglirunfenbiewei9.11yiyuan、65.86yiyuan、16.59yiyuan。lianxuyingliyehuijigongsidailaichongzudejingyingxingxianjinliu，2021nianzhi2023nian，gongsijingyingxingxianjinliujingliurufenbiewei1.81yiyuan、63.94yiyuan、41.72yiyuan。

cihou，tianhuaxinnengsuiranduocixuanbuduiwaikuozhangchanneng，dangongsichanshengdejingyingxingxianjinliuwanquanfugaileduiwaitouzisuoxuzijin。

shujuxianshi，2021nianzhi2023nian，gongsitouzixingxianjinliuliuchujinefenbiewei7.73yiyuan、21.40yiyuan、26.72yiyuan。

chucizhiwai，gongsihailiyongzibenshichangrongzilaikuochan。

2020nian，tianhuaxinnengdingzengmuzi7.8yiyuanyongyudianchijiqingyanghualierqixiangmujianshe。2022niantianhuaxinnengzaidudingzengmuzi27.66yiyuan，yongyujiansheqingyanghualiheshougouzichanjibuchongliudongzijin。

tongguodingzengmuziherichangjingyingsuodezijin，tianhuaxinnengzaikuochanguochengzhong，zichanfuzhailvbudanmeiyoushangsheng，fanerhaizaixiajiang。

2020nian，tianhuaxinnengzichanfuzhailvwei40.31%，jiezhi2024nian9yue30ri，tianhuaxinnengzichanfuzhailvxiajiangzhi18.70%。

bangdingningdeshidairangtianhuaxinnengyinglinenglidedaobaozhang，qiangdadeyinglinengliyerangtianhuaxinnengzijinchongpei，fuzhaiyalijianxiao，chengweizhuliuliyanqiyedangzhongzichanfuzhailvzuixiaodeqiyezhiyi。

3、困于碳酸锂周期，实控人身家三年蒸发187亿元

suirantianhuaxinnengzhaiwuyalijiaoxiao，danqirengshenshoudaotansuanlizhouqikunrao。

zi2022niantansuanlijiagejiandingyilaibianyiluxiadie。jiezhimuqian，tansuanliqihuojiagezai7.5wanyuan/dunzuoyoupaihuai。2022nian，dianchijitansuanlijiageyiduzhangzhi60wanyuan/dunyishang。

zaitansuanli、qingyanghualijiagedadieyingxiangxia，tianhuaxinnengyejiyechuxianxiahua。2023nian，tianhuaxinnengshixianyingyeshouru104.68yiyuan，tongbixiajiang38.54%，shixianguimujinglirun16.59yiyuan，tongbixiajiang74.81%。

2024nianqiansanjidu，tianhuaxinnengyejizaiduxiahua，shixianyingyeshouru52.52yiyuan，tongbixiajiang38.80%，shixianguimujinglirun9.23yiyuan，tongbixiajiang49.31%。youqishidisanjidu，tianhuaxinnengguimujinglirunjinwei8842.97wanyuan。

tianhuaxinnengdisanjiduyejidafuxiahua，yuqidaejitizichanjianzhiyouhendaguanxi。shujuxianshi，jindisanjidu，tianhuaxinnengzichanjianzhijiti2yiyuan。

duiyugongsizichanjianzhijiti，tianhuaxinnengjichudejieshishiqichuchengbenjiaogaodeyuancailiaozhubuhaoyongsuozhi。gongsiyuanliaozhuyaoweishangyouliziyuan。

zaitansuanlijiagechuzaigaoweishi，tianhuaxinnengchubeilejiaoduoliziyuan，2024niandisanjidutianhuaxinnengduizheibufengaojiagoumaideyuancailiaojizhongjitilejianzhi。

jiezhi2024nianqiansanjidu，gongsicunhuorenggaoda18.73yiyuan。duici，「jiemianxinwen·chuangyezuiqianxian」yiyoujianshituxiangtianhuaxinnenglejie，gongsicunhuozhonggaojiadunjideyuancailiaohaiyouduoshao，weilaishifoucunzaijixujianzhifengxian，jiezhifagao，bingweishoudaotianhuaxinnenghuifu。

qiyeyejixiahua，sunshizuidadewuyishigongsishikongrenpeizhenhua、rongjianfenfufu。youyugongsiyejichixuxiahua，jiashangtouzizhepianhaodebianhua，tianhuaxinnenggujiayidiezaidie。

jiezhi12yue20ri，tianhuaxinnenggujiabaoshou24.99yuan/gu，jiao2021nian9yuegongsigujiadianfeng95.95yuan/guxiadiechao73%。

shikongrenpeizhenhua、rongjianfenfufuchiyougongsi2.64yigu，yicijisuanqisannianshijianshenjiazhengfachao187yiyuan。

weilewanjiubuduanxiadiedegujia，tianhuaxinneng2024niantuichulegufenhuigou。zuizhong，gongsihaozi2.5yiyuanhuigoule1177.72wangu。

zaigujiaxiadieguochengzhong，gongsituichuhuigoujihuayidingchengdushanghuitizhentouzizhexinxin。dangongsigujiazhangqidezhangdiehaishiyaokaoyejizengzhanglaituidong。

muqianlaikan，zaidianchijitansuanlijiagerengweikanjianguaidiandeqingxingxia，tianhuaxinnengyejiduanqineirengnanyoujiaodaqise。

duiyutianhuaxinnengeryan，jiaodidezichanfuzhailvhechongzudexianjinliunengquebaogongsizaizheilunxingyechannengguoshengzhongbuhuichuxianweiji，shendubangdingningdeshidainengranggongsichanpinxiaoliangdedaobaozheng。zhiyugongsijingyingyejiheshifanzhuan，hendachengduyaokantansuanlixingyeheshidiaotouxiangshang。