While the controlling shareholder actively participates in private placement subscriptions, key shareholders are reducing their holdings en masse - what signals lie behind Tianjin Guoan Mengguli New Materials Science&Technology Co.,Ltd.'s capital operations?
Recently, Tianjin Guoan Mengguli New Materials Science&Technology Co.,Ltd. released an announcement regarding the expiration and implementation of share reduction plans by shareholders holding more than 5% of shares, with multiple shareholders making significant progress in their divestments.
On September 10, 2025, the company announced a private placement plan to raise no more than 980 million yuan from up to 35 specific investors, including controlling shareholder Hengtong New Energy. However, examining Tianjin Guoan Mengguli New Materials Science&Technology Co.,Ltd.'s performance since its listing in August 2023, this lithium battery cathode material company has frequently engaged in capital operations against a backdrop of continuous performance decline, with major shareholders' reductions coinciding with the company's private placement, raising numerous questions.
The current private placement plan shows the company intends to raise no more than 980 million yuan, with 860 million yuan allocated to the "Annual Production of 30,000 Tons Lithium-ion Battery Cathode Material Project" and 120 million yuan for working capital supplementation. Controlling shareholder Hengtong New Energy has committed to subscribe for 200 million yuan with an 18-month lock-up period.
Since the beginning of this year, key shareholders of Tianjin Guoan Mengguli New Materials Science&Technology Co.,Ltd. have been reducing their holdings. An announcement on September 3 showed that from July 8, 2025 to September 2, 2025, Beijing Yindi Investment Co., Ltd. and its acting-in-concert parties Lianyungang Honglai Enterprise Management Partnership (Limited Partnership) and Yancheng Xinlicheng Technology Co., Ltd. collectively reduced their holdings by 5,378,600 shares through centralized bidding and block trading on the Shenzhen Stock Exchange, representing 1.17% of the company's total share capital.
An announcement on September 23 showed that from September 3, 2025 to September 22, 2025, Beijing Yindi Investment Co., Ltd. and its acting-in-concert parties collectively reduced their holdings by an additional 4,750,900 shares through centralized bidding and block trading, representing 1.03% of the company's total share capital. After this reduction, Beijing Yindi Investment Co., Ltd. and its acting-in-concert parties collectively hold 35,832,124 shares, representing 7.80% of the company's total share capital.
While the company seeks money from the market through private placement, shareholders are simultaneously taking money through share reductions - this contradictory phenomenon naturally raises market doubts about Tianjin Guoan Mengguli New Materials Science&Technology Co.,Ltd.'s true value.
To understand Tianjin Guoan Mengguli New Materials Science&Technology Co.,Ltd.'s capital operations, one must first examine its core business conditions. The company's main business involves lithium-ion battery cathode materials, with primary products including lithium cobalt oxide and ternary materials.
From historical performance, Tianjin Guoan Mengguli New Materials Science&Technology Co.,Ltd. has consistently underperformed since listing. In its first year post-listing (2023), the company's net profit declined 35.01% year-over-year. In 2024, the company posted a loss of 71.6657 million yuan. In the first half of 2025, despite operating revenue growing 23.19% year-over-year to 1.018 billion yuan, net profit attributable to shareholders was only 3.0384 million yuan, down 60.87% year-over-year.
The 35.01% decline in net profit in the listing year, followed by a substantial loss of 71.6657 million yuan in 2024, represents a post-listing performance "face change" that raises questions about whether the company used financial techniques to beautify performance before listing or failed to effectively utilize raised funds for business growth.
Tianjin Guoan Mengguli New Materials Science&Technology Co.,Ltd.'s case reveals a common phenomenon in the A-share market: companies with continuously declining performance can still conduct financing, while original shareholders may leverage information asymmetries and timing choices to maximize their interests through share reductions and other operations.
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