CHINA RISUN GP(01907) acquires a stake in Tianjin Binhai Energy & Development, and is fully committed to creating the third growth pole.

On April 29, CHINA RISUN GP (01907) and Tianjin Binhai Energy & Development (000695.SZ) issued announcements, disclosing details of the adjustment of control rights and control under the transaction. According to the announcement, the controlling shareholder of Tianjin Binhai Energy & Development, Xuyang Holdings Limited (hereinafter referred to as "Xuyang Holdings"), signed a "Share Transfer Agreement" and "Consistent Action Agreement" with Xuyang Group, a wholly-owned subsidiary of CHINA RISUN GP. Xuyang Holdings will transfer 14.5% of Tianjin Binhai Energy & Development's shares to Xuyang Group, and the two parties also signed a Consistent Action Agreement. After the transaction is completed, the controlling shareholder of Tianjin Binhai Energy & Development will change to Xuyang Group, with the actual controller remaining as Mr. Yang Xuegang. The transfer of controlling rights under the same actual control, enhances industrial synergy and strengthens competitive advantage. Since Xuyang Holdings took over Tianjin Binhai Energy & Development in 2022, it strategically entered the new energy industry. Starting from lithium battery negative electrode materials, which are highly synergistic with Xuyang Group's coking and chemical business, Tianjin Binhai Energy & Development invested heavily in a 300,000-ton integrated negative electrode material project in Shangdu County, Ulanqab City, Inner Mongolia, and supported it with a scarce 580MW source network load green electricity project. After nearly four years of development, the company has become an important force in the negative electrode industry. As of now, the company, in synergy with Xuyang Holdings, has established a research, production, and sales capacity of 100,000 tons of integrated artificial graphite negative electrode materials; is in the process of building a 200,000-ton integrated negative electrode material project which is expected to be fully operational by December 2026, with shipments of 130,000 tons expected this year; and the 580,000 kW source network load green electricity project is expected to start operation in late May 2026, with full operation by November. Entering 2026, the company's performance has further improved, with first-quarter main business income exceeding 210 million yuan, a year-on-year increase of over 118%, and the net profit attributable to shareholders continuing to improve after excluding the impact of share-based payments (the company completed a restricted stock incentive plan in early 2026, with a monthly cost of approximately 2.6 million shares). Since December last year, the core subsidiary has achieved profitability. The source network load green electricity project is expected to start operation continuously by the end of May 2026, and the company's profitability is expected to gradually increase significantly. Over the past four years, Xuyang Holdings has provided financial resources to support Tianjin Binhai Energy & Development's negative electrode material business, and has also actively taken over debts and assets during the company's divestment of the printing business in the early stage of the company's transformation. Now, handing over the controlling rights to Xuyang Group, behind it is the rational layout of optimizing resources in various industries related to Xuyang Group. Focusing on the new energy industry, Tianjin Binhai Energy & Development establishes rapid growth in its main business. Benefitting from the continuous increase in the global penetration rate of new energy electric vehicles, as well as the irreplaceable role of electrochemical energy storage in energy cleanliness, security, stability, etc., the new energy lithium battery industry is in a stage of rapid growth. According to data from the China Association of Automobile Manufacturers, in 2025, the production and sales of new energy vehicles reached 16.626 million and 16.49 million respectively, with year-on-year growth rates of 29% and 28.2% respectively, and the penetration rate of new energy vehicles reaching 47.9%, a 7 percentage point increase compared to the same period in 2024; in the field of energy storage, according to data from CNESA, in 2025, China's new type of energy storage increased by 66.43GW/189.48GWh, with power and energy scale increasing by 52%/73% year on year; by the end of the "14th Five-Year Plan" period, China's cumulative installed capacity of new energy storage reached 144.7GW, which is 45 times that of the end of the "13th Five-Year Plan". The outbreak of major end-user demand drove the global lithium battery shipment volume to exceed 2TWh in 2025, with the negative electrode material shipment volume exceeding 3 million tons. Based on the continued high prosperity of the industry, the China Securities Co., Ltd. recently revised upward the global demand for lithium batteries in 2026 to 3163GWh, a year-on-year increase of 38.3%; it is estimated that by 2030, global demand for lithium batteries will reach 6281GWh, and therefore the demand for negative electrode materials will reach 7 million tons, with a CAGR of 18.5% from 2025 to 2030, maintaining rapid growth in the long term. Against the backdrop of this high-speed development of the industry, Tianjin Binhai Energy & Development, with its project planning and source network load green electricity resources, is gradually becoming an important player in the field of negative electrode materials. The company's 300,000-ton integrated negative electrode material project in Ulanqab, Inner Mongolia, has significant advantages in terms of latecomer advantages, with large-scale equipment, automated processes, and intelligent control systems laying a solid foundation for reducing costs and increasing efficiency in the production of negative electrode materials. In addition, benefiting from the abundant wind and solar resources in Inner Mongolia, as the first company to provide source network load green electricity for a negative electrode project, the company will play an irreplaceable role in comprehensive benefits. First, the business model of source network load green electricity has significant advantages compared to other green electricity models, and can greatly reduce electricity costs; second, under this model, green electricity can meet the core demands of CBAM for "direct connections", "point-to-point delivery", and "hourly data matching", providing support for downstream and end customers to export products to the European and American markets, helping customers build zero-carbon supply chains; third, in the global context of advancing the "dual carbon" goals, green electricity can effectively offset the energy consumption required by the negative electrode industry, providing its solutions for the development of the negative electrode industry and the practice of "dual carbon" goals. Quickly entering the new energy industry, Xuyang Group is creating the third pillar industry. Xuyang Group is committed to creating a third pillar industry outside of coking and chemical industry. The consideration behind this transaction is that Xuyang Group can quickly enter the new energy industry and empower Tianjin Binhai Energy & Development to continue to grow and strengthen through the acquisition of controlling rights of an A-share listed company. After the transaction is completed, Xuyang Group will consolidate Tianjin Binhai Energy & Development's financial statements. The future new energy business will become a new incremental business for Xuyang Group, helping it achieve rapid growth in its main business. Domestic and international capital linkage supports the long-term development of companies listed in the mainland and Hong Kong. Xuyang Group is a Hong Kong-listed company on the main board. In the new energy industry, with Contemporary Amperex Technology's H shares trading at a premium of about 50% compared to its A shares, international capital first gives higher value recognition to new energy; at the same time, Tianjin Binhai Energy & Development as an A-share listed company can efficiently reach domestic capital and strengthen interaction and communication between various types of capital in the mainland and Xuyang Group. Through this transaction, it is possible to achieve effective linkage between mainland and Hong Kong capital markets and listing platforms. The acquisition of controlling rights of Tianjin Binhai Energy & Development by Xuyang Group in this transaction, on the surface, is a transfer of shares between two entities under the actual control of Mr. Yang Xuegang, but in essence, it is a handover ceremony of the emerging industry nurtured by the Xuyang system. It is an effective integration of resources between the new and old main businesses, and a key measure to build effective linkage between the two listing platforms. This transaction may become another typical case of red-chip companies controlling A-share companies. Through the linkage of capital and industry, the two parties can enhance their overall competitiveness, promote the stable development of both listed companies.