各位非登記股東1： TIANNENG POWER INTERNATIONAL LIMITED 天能動力國際有限公司 （於開曼群島註冊成立的有限公司） （股份代號：00819） 附註： 於本公司網站及聯交所網站登載公司通訊之通知 謹此通知 閣下，天能動力國際有限公司（「本公司」）之下述公司通訊2（「本次公司通訊」）之中、英文版本，現已 登載於本公司網站www.tianneng.com.hk（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk（「聯交所網站」）以供閱覽： • 二零二五年中期報告 請於本公司網站「投資者關係」一欄或聯交所網站內讀取本次公司通訊。若閣下早前曾要求收取公司通訊的印刷本，本 次公司通訊的印刷本已隨函附上。 為了支援通過電郵進行電子通訊，建議非登記股東向代其持有股份的銀行、經紀、託管商或代理人（統稱「中介機構」） 提供其有效的電郵地址。如 本公司沒有收到 閣下的中介機構透過香港中央結算（代理人）有限公司提供 閣下的有效的 電郵地址或郵寄地址，本公司將不會向閣下發送登載通知。 若 閣下希望收取本次公司通訊及/或日後公司通訊之印刷版本，請填隨附之申請表格並 ...

TIANNENG POWER INTERNATIONAL LIMITED 天能動力國際有限公司 （於開曼群島註冊成立之有限公司） （股份代號：00819） 各位註冊股東： 於本公司網站及聯交所網站登載公司通訊之通知 謹此通知 閣下，天能動力國際有限公司（「本公司」）之下述公司通訊1（「本次公司通訊」）之中、英文版本， 現已登載於本公司網站www.tianneng.com.hk（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk（「聯交所網站」）以供閱覽： • 二零二五年中期報告 請於本公司網站「投資者關係」一欄或聯交所網站內讀取本次公司通訊。若閣下早前曾要求收取公司通訊的印刷本， 本次公司通訊的印刷本已隨函附上。 為了支援通過電郵進行電子通訊，本公司建議 閣下向本公司香港股份過戶登記分處卓佳證券登記有限公司（「香港 股份過戶登記分處」）（地址為香港夏慤道16號遠東金融中心17樓）發出（不少於7天的）合理書面通知，或發送電 郵至is-ecom@vistra.com向本公司提供 閣下的電郵地址。 承董事會命 天能動力國際有限公司 主席 張天任 2025年9月5日 附件 附註 ...

Market Overview - The market initially showed excitement during the military parade but closed down by 0.60% [1] - The parade showcased significant military assets, including various types of missiles and advanced weaponry, enhancing national security and deterrence capabilities [1] - Despite the positive sentiment from the parade, the stock market struggled, with military-related stocks like China Shipbuilding Defense (00317) dropping nearly 9% [2] Gold and Pharmaceuticals - The World Gold Council is seeking to introduce a digital form of gold, potentially transforming the $900 billion physical gold market [3] - Gold prices reached historical highs, with spot gold rising 1.64% to $3532.405 per ounce and COMEX gold futures up 1.51% to $3599.5 per ounce [3] - Pharmaceutical stocks also saw gains, with companies like Heng Rui Pharmaceutical (01276) and SiHuan Pharmaceutical (00460) rising over 8% [3] Robotics Sector - Yushutech announced plans to submit an IPO application by late 2025, with significant revenue growth reported by MicroPort Robotics (02252) [4] - MicroPort's revenue for the first half of the year reached 1.76 billion RMB, a 77% increase year-on-year, driven by overseas market expansion [4] - The robotics sector is seeing increased investment, with Shou Cheng Holdings (00697) investing further in humanoid robotics [5] Solid-State Battery Market - China's solid-state battery shipments are projected to reach 7 GWh in 2024, with expectations of 18 GWh by 2027 and 30 GWh by 2028 [6] - The market is seeing advancements in semi-solid state batteries, which are now entering mainstream pricing [6] Solar Glass and Power Generation - Xinyi Solar (00968) reported a 17.5% increase in solar glass sales volume, despite a 6.5% decline in revenue for the first half of 2025 [7] - The company's solar power generation business achieved revenue of 1.438 billion RMB, a slight increase of 0.7% year-on-year, with a gross margin of 63.5% [8] - The solar glass sector is adjusting to supply-demand imbalances, leading to a new round of production cuts [8]

Core Viewpoint - TianNeng Power (00819) reported a significant decline in mid-term performance, with revenue dropping by 51.53% year-on-year to 24.192 billion RMB and net profit attributable to shareholders decreasing by 11.68% to 820 million RMB, which fell below market expectations [1] Financial Performance - Revenue for the first half of the year was 24.192 billion RMB, a decrease of 51.53% compared to the previous year [1] - Net profit attributable to shareholders was 820 million RMB, down 11.68% year-on-year [1] Market Dynamics - The decline in revenue was attributed to a contraction in trade business scale and a significant drop in demand in the aftermarket due to macroeconomic conditions and the impact of government subsidy policies [1] - The new national standards and trade-in policies stimulated demand in the two-wheeler front-loading market, leading to good growth in front-loading market shipments [1] - However, the aftermarket experienced weak demand, influenced by macroeconomic conditions and high base effects from the first half of 2024 [1] Cost and Margin Analysis - The fluctuation in lead prices compared to the same period last year significantly narrowed, which improved the gross margin of lead-acid batteries [1] - The company's lithium battery business saw high revenue growth, but the reduction in non-operating income and interest income negatively impacted overall performance [1]

Core Viewpoint - TianNeng Power (00819) reported a significant decline in mid-term performance, with revenue dropping by 51.53% year-on-year to 24.192 billion RMB and net profit attributable to shareholders decreasing by 11.68% to 820 million RMB, which fell below market expectations [1][1][1] Financial Performance - Revenue for the first half of the year was 24.192 billion RMB, a decrease of 51.53% compared to the previous year [1] - Net profit attributable to shareholders was 820 million RMB, down 11.68% year-on-year [1] Market Dynamics - The decline in revenue was attributed to a contraction in trade business scale and a significant drop in demand in the aftermarket due to macroeconomic conditions and reduced government subsidies [1][1] - The new national standards and the trade-in policy stimulated demand in the two-wheeler front-loading market, leading to good growth in front-loading market shipments [1][1] - However, the aftermarket experienced weak demand, influenced by macroeconomic conditions and the trade-in policy, resulting in a year-on-year decline in aftermarket shipments [1][1] Cost and Margin Analysis - The fluctuation in lead prices compared to the same period last year significantly narrowed, which improved the gross margin of lead-acid batteries [1] - The company's lithium battery business saw high revenue growth, but the decrease in non-operating income and interest income negatively impacted overall performance [1][1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Tianneng Power International Limited 天能動力國際有限公司 （於開曼群島註冊成立之有限公司） 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00819 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | ...

Core Viewpoint - CICC has downgraded TianNeng Power's revenue forecasts for 2025 and 2026 by 30% and 28% to 61.21 billion and 65.51 billion yuan respectively, due to a focus on core business and a gradual contraction of trade operations [1] - The firm also lowered net profit forecasts for the same years by 17% to 1.803 billion and 2.157 billion yuan, citing weaker-than-expected recovery in the aftermarket demand and non-operating fluctuations [1] - Despite these downgrades, CICC remains optimistic about the company's position in the two-wheeler market and the potential for growth from lithium battery business and overseas market expansion, maintaining a target price of 8.5 HKD [1] Group 1: Financial Performance - The company reported 1H25 revenue of 24.19 billion yuan, a year-on-year decline of 51.5% and a quarter-on-quarter decline of 9.6% [2] - The net profit attributable to shareholders for 1H25 was 820 million yuan, down 11.7% year-on-year but up 282.7% quarter-on-quarter [2] - The significant revenue drop was attributed to the contraction of trade operations and a slowdown in aftermarket demand, alongside reduced government subsidies and interest income [2] Group 2: Product Performance - The company's lead-acid battery shipments in 1H25 slightly decreased, with a total shipment of 53.5-54 GWh, representing a year-on-year decline of 4.5-5% [2] - Revenue from lead-acid batteries was approximately 18.29 billion yuan, down about 5% year-on-year, but the gross margin improved to an estimated 14.5-15%, an increase of 1.5-2 percentage points year-on-year [2] - The two-wheeler front-mounted market saw a recovery due to new national standards and trade-in policies, while the aftermarket faced challenges from macroeconomic conditions [2] Group 3: Lithium Battery Business - The lithium battery segment achieved revenue of 501 million yuan in 1H25, a year-on-year increase of 174.6%, driven by domestic demand and exports in the new energy sector [3] - The company experienced a significant reduction in losses within the lithium battery business due to improved operational efficiency and scale effects [3] Group 4: Non-Operating Income Impact - Non-operating income decreased significantly, with government subsidies and VAT refunds down by 175 million yuan year-on-year, and futures income reduced by approximately 150 million yuan [4] - Interest income also fell by about 176 million yuan due to lower deposit rates, further impacting the overall profit [4]

Core Viewpoint - CICC has downgraded TianNeng Power's revenue forecasts for 2025 and 2026 by 30% and 28% to 61.21 billion and 65.51 billion yuan respectively, due to a focus on core business and a gradual contraction of trade operations [1] Group 1: Financial Performance - The company's 1H25 performance was below expectations, with revenue of 24.19 billion yuan, a year-on-year decline of 51.5% and a quarter-on-quarter decline of 9.6%. The net profit attributable to shareholders was 820 million yuan, down 11.7% year-on-year but up 282.7% quarter-on-quarter [2] - The company's lead-acid battery shipments in 1H25 slightly decreased year-on-year, but gross margin improved significantly. The total shipments were 53.5-54 GWh, a decline of 4.5-5% year-on-year, generating revenue of 18.29 billion yuan, down approximately 5% [3] - The lithium battery business saw significant revenue growth in 1H25, achieving 501 million yuan, a year-on-year increase of 174.6%, driven by increased demand in the domestic and U.S. markets [4] Group 2: Market Dynamics - The demand in the aftermarket for lead-acid batteries was weak due to macroeconomic conditions and the impact of replacement policies, leading to a decline in shipments despite a recovery in the front-end market [3] - Non-operating income and interest income decreased, impacting overall performance. Government subsidies and VAT refunds were down by 175 million yuan year-on-year, while futures income decreased by approximately 150 million yuan, and interest income fell by about 176 million yuan [5] Group 3: Future Outlook - Despite the downgrades, CICC remains optimistic about the company's position in the two-wheeler market and the potential for growth in lithium battery operations, as well as the company's efforts to expand into overseas markets [1]

Core Viewpoint - The company's 1H25 performance fell short of expectations, with significant declines in revenue and challenges in the trade business, while lithium battery operations showed growth and reduced losses [1][2]. Group 1: Financial Performance - The company reported 1H25 revenue of 24.19 billion yuan, a year-on-year decrease of 51.5% and a quarter-on-quarter decrease of 9.6% [1]. - The net profit attributable to shareholders for 1H25 was 820 million yuan, down 11.7% year-on-year but up 282.7% quarter-on-quarter [1]. - The decline in revenue was attributed to a contraction in trade business scale and reduced demand in the aftermarket, alongside decreased government subsidies and interest income [1]. Group 2: Business Segments - The lead-acid battery segment saw a slight year-on-year decline in shipments in 1H25, with a significant improvement in gross margin, estimated at 14.5-15%, up 1.5-2 percentage points year-on-year [1]. - The company shipped 53.5-54 GWh of lead-acid batteries in 1H25, representing a year-on-year decrease of 4.5-5%, generating revenue of approximately 18.29 billion yuan, down about 5% [1]. - The lithium battery business achieved revenue of 501 million yuan in 1H25, a year-on-year increase of 174.6%, driven by increased demand in the domestic and U.S. markets [2]. Group 3: Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 down by 30% and 28% to 61.21 billion yuan and 65.51 billion yuan, respectively, due to a slower-than-expected recovery in the aftermarket and fluctuations in non-operating income [2]. - Net profit forecasts for 2025 and 2026 have been reduced by 17% to 18.03 billion yuan and 21.57 billion yuan, respectively [2]. - Despite the challenges, the company maintains a positive outlook on its market position in the two-wheeler segment and the potential for growth in lithium battery operations, with a target price of 8.5 HKD per share [2].

Core Viewpoint - The company has reported a significant decline in revenue and profit for the first half of 2025, while emphasizing its advancements in high-end environmentally friendly battery products and global market expansion strategies [4]. Group 1: Business Performance - The company achieved a revenue of approximately RMB 182.92 billion from its high-end environmentally friendly battery business during the reporting period [2]. - For the first half of 2025, the company reported total revenue of RMB 241.92 billion, a year-on-year decrease of 51.53%, and a net profit attributable to shareholders of RMB 8.2 billion, down 11.68% year-on-year [4]. Group 2: Product and Technology Development - The high-end environmentally friendly battery product line includes sealed maintenance-free lead-acid batteries, which are crucial for the company's revenue, particularly in the electric light vehicle sector [2]. - The company has implemented smart manufacturing systems across its production bases, enhancing manufacturing efficiency and supply chain capabilities, with a focus on integrating 5G, IoT, and AI technologies [2]. Group 3: Market Strategy and Global Expansion - The company has over 3,000 dealers and serves more than 400,000 terminal stores, significantly enhancing its market presence and user service system [3]. - The company is actively expanding its international business network in Southeast Asia, Europe, and Africa, with notable growth in overseas operations and the establishment of a base in Vietnam [3].