Analysis of the Impact of Shareholder Reduction on Tianneng Heavy Industries (300569)

According to public information, Zheng Xu, a specific shareholder of Tianneng Heavy Industries, plans to reduce his shareholding by no more than 19,035,400 shares, accounting for 1.86% of the company’s total share capital. This is a typical shareholder reduction behavior in the A-share market, and its impact needs to be comprehensively evaluated from multiple dimensions.

According to brokerage API data [0], as of January 6, 2026:

• Latest closing price: RMB 5.98
• 30-day price change: 0.00% (basically flat)
• 30-day price range: RMB 5.51 - 6.06, with an amplitude of 9.98%
• Annualized volatility: 26.72% (moderately high)

• Short-term moving averages are in a long position arrangement (MA5 > MA10 > MA20), indicating a short-term upward trend
• The current price of RMB 5.98 is above MA5 (5.83), MA10 (5.82), and MA20 (5.80)
• However, it has not yet broken through MA60 (RMB 6.21), and medium-term pressure remains
• The latest trading volume is 27.45 million shares, an increase of 54% compared to the 5-day average volume (volume ratio 1.54), indicating increased attention

• The reduction ratio is 1.86%, which is a moderate scale among A-share reduction cases
• Based on the current stock price of RMB 5.98, the reduction amount is approximately RMB 114 million
• The average daily trading volume is approximately 17.77 million shares (5-day average volume), and the 19.03 million shares to be reduced is equivalent to about 1 day’s trading volume

1. Short-term Pressure:
   The announcement of a reduction plan usually causes short-term emotional pressure, especially when the reduction price is close to the market price
2. Absorption Capacity:
   The current daily trading activity is high (volume ratio 1.54), and the market has a certain absorption capacity
3. Reduction Method:
   If conducted through block trading, the direct impact on the secondary market is small; if conducted through centralized bidding, the pressure is greater

1. Identity of the Reducing Shareholder:
   • If it is a “specific shareholder” (such as a venture capital institution, pre-IPO investor), the reduction is more of a normal investment exit behavior
   • Such shareholders usually hold shares for a long period, and cashing out after the lock-up period is a common practice
   • The reduction by venture capital shareholders is
     not equivalent
     to a lack of confidence in the company’s future

2. Analysis of Reduction Motivation:
   
   According to online search materials [1], the main reasons for A-share reductions include:
   • 60% due to capital needs (personal financial arrangements, corporate operational needs, debt repayment)
   • 25% due to strategic adjustments (venture capital exit, industrial optimization)
   • Only 15% due to concerns about performance or industry prospects

3. Company Fundamental Situation:
   • Tianneng Heavy Industries is mainly engaged in wind power tower manufacturing, belonging to the new energy equipment industry
   • According to online search materials [2], the wind power industry had a high boom in 2025, with domestic grid-connected capacity increasing by 59% year-on-year
   • However, the company’s asset-liability ratio is high (about 63%), resulting in greater financial pressure
   • From discussions on stock forums, investors are dissatisfied with the company’s performance and believe it has been “marginalized” in the wind power sector [3]

4. Industry Comparison Perspective:
   • Peer companies like Dajin Heavy Industries (002487) saw substantial performance growth in the first three quarters of 2025, with revenue increasing by 99.25% year-on-year and net profit increasing by 214.63% year-on-year [4]
   • Overseas business has become a new growth point for the industry, but Tianneng Heavy Industries’ layout and performance in this regard are not prominent

1. No Over-Interpretation Needed:
   The 1.86% reduction by a specific shareholder (non-controlling shareholder/actual controller) is more of a normal investment exit behavior, and should not be simply equated with a lack of confidence in the company’s prospects

2. Focus on the Company’s Actual Operations:
   Compared to shareholder reductions, more attention should be paid to:
   • The company’s order acquisition situation
   • Progress in overseas market expansion
   • Improvement of the asset-liability ratio
   • Policy changes in the wind power industry

3. Technical Resistance Level:
   RMB 6.21 (MA60) is an important resistance level. If it can break through with heavy volume, the trend will strengthen

4. Industry Boom:
   The wind power industry is generally positive and is expected to continue growing in 2026 [5], but whether the company can benefit depends on its own competitiveness

• Short-term Investors:
  Wait cautiously and pay attention to the implementation of the reduction and market reactions
• Medium- and Long-term Investors:
  • If you are optimistic about the long-term development of the wind power industry, you may consider positioning during panic corrections
  • But you need to closely monitor the company’s performance improvement and changes in its industry position
  • The current stock price is at a relatively low level (still below the 60-day moving average), and the risk-reward ratio is acceptable

• The company’s asset-liability ratio is high, and financial risks need attention
• The wind power industry is highly competitive, and the company faces great pressure to increase its market share
• If the controlling shareholder or actual controller reduces their shareholding, the company’s prospects need to be re-evaluated

[0] Jinling API Data - Real-time Market and Historical Price Data of Tianneng Heavy Industries (300569)

[1] 36Kr - “Under Two Trillion Yuan Trading, a Wave of Share Reductions is Brewing” (https://m.36kr.com/p/3596171169006345)

[2] Jinlei Shares Research Report - 2025 Wind Power Industry Review and 2026 Outlook

[3] Eastmoney.com - Tianneng Heavy Industries (300569) Stock Forum Discussions (https://guba.eastmoney.com/list,300569.html)

[4] China Times - “700 Million Yuan ‘Rashomon’! Wind Power Giant Dajin Heavy Industries Caught in Contract Dispute” (https://caifuhao.eastmoney.com/news/20260102144207960213810)

[5] Reportify - Wind Power Industry Research Report (https://reportify.cn/companies/SZ:300443/documents)