Core Viewpoint - TianNeng Power (00819) reported a significant decline in revenue and profit for the first half of 2025, with total revenue of 24.192 billion RMB, a year-on-year decrease of 51.53%, and a net profit attributable to shareholders of 820 million RMB, down 11.68% [1] Group 1: Financial Performance - The company's earnings for the reporting period were 24.192 billion RMB, reflecting a 51.53% year-on-year decrease [1] - Net profit attributable to shareholders was 820 million RMB, a decline of 11.68% compared to the previous year [1] - Basic earnings per share were reported at 72.8 cents [1] Group 2: Product and Innovation - The high-end environmental battery segment, which includes sealed maintenance-free lead-acid batteries, generated approximately 18.292 billion RMB in revenue during the reporting period [1] - The environmental power battery is a key product for the company, widely used in electric light vehicles, and is a significant revenue source [1] - The company has enhanced manufacturing efficiency and supply chain capabilities through smart manufacturing upgrades and technology improvements [1] Group 3: Marketing and Global Expansion - The company has over 3,000 dealers and covers more than 400,000 terminal stores, serving millions of electric light vehicle users [2] - A new integrated online and offline user service platform has been established to enhance marketing and operational efficiency [2] - The company is expanding its international business network in Southeast Asia, Europe, and Africa, with significant growth in overseas operations [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 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） 海外監管公告 本海外監管公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市 規則」）第13.10B條刊發。 請參閱隨附天能電池集團股份有限公司（「天能股份」）於上海證券交易所科創板（「科 創板」）刊發之公告（「該公告」），內容有關其截至其二零二五年第二次臨時股東大會 就註冊發行公司債券之議案的決議。 天能股份為一家於科創板上市之公司。於本公告日期，本公司控制天能股份已發行 股本約86.53%及其業績與本公司財務業績綜合入賬。 香港，二零二五年八月二十九日 於本公告日期，本公司執行董事為張天任博士、張敖根先生、張開紅先生、史伯榮 先生及周建中先生；及本公司獨立非執行董事為黃董良先生、張湧先生 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致之任何損失承擔任何責任。 TIANNENG POWER INTERNATIONAL LIMITED 00819 內幕消息 天能電池集團股份有限公司 截至二零二五年六月三十日止六個月的 未經審核財務資料 本公告乃由天能動力國際有限公司（「本公司」，與其附屬公司統稱「本集團」）根據《香港聯 合交易所有限公司證券上市規則》（「《上市規則》」）第13.09(2)(a)條及《證券及期貨條例》（香 港法例第571章）第XIVA部之內幕消息條文（定義見《上市規則》）而作出。 以下載列天能電池集團股份有限公司（「天能股份」）截至二零二五年六月三十日止六個月 的主要未經審核財務資料。天能股份乃由本公司控制約86.53%權益，其業績與本公司財 務報表綜合入賬。天能股份在上海證券交易所科創板上市。 | | 二零二五年 | 二零二四年 | | | --- | --- | --- | --- | | | 六月三十日 | 十二月三十一日 | 變動 | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 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） 海外監管公告 本海外監管公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」） 第13.10B條刊發。 請參閱隨附天能電池集團股份有限公司（「天能股份」）於上海證券交易所科創板（「科創 板」）刊發之公告（「該公告」），內容有關其截至其截至二零二五年六月三十日止六個月之 未經審計之業績。 天能股份為一家於科創板上市之公司。於本公告日期，本公司控制天能股份已發行股本 約86.53%及其業績與本公司財務業績綜合入賬。 於聯交所網站登載該公告，僅為向香港投資者進行同等的資訊傳達及遵守上市規則第 13.10B條，別無其他目的。 承董事會命 天能動力國際有限公司 主席 張天任 香港，二零二五年八月 ...

中期報 告 2025 INTERIM REPORT 2025 TIA N N E N G P O W E R IN T E R N ATIO N AL LIMIT E D 天 能 動 力 國 際 有 限 公 司 INTERIM REPORT 2025 二零二五年中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 4 | | 企業管治 | 40 | | 簡明綜合財務報表審閱報告 | 41 | | 簡明綜合損益及其他全面收益表 | 43 | | 簡明綜合財務狀況表 | 46 | | 簡明綜合權益變動表 | 49 | | 簡明綜合現金流量表 | 50 | | 簡明綜合財務報表附註 | 52 | 其他資料 82 天能動力國際有限公司 01 頁次 二零二五年中期報告 公司資料 執行董事 張天任博士 （主席） 張敖根先生 史伯榮先生 張開紅先生 周建中先生 中期報告 獨立非執行董事 黃董良先生 張湧先生 肖鋼先生 郭圓濤博士 審核委員會成員 黃董良先生 （主席） 張湧先生 肖鋼先生 薪酬委員會成員 肖鋼先生 （主席） 黃董良先生 張敖根先生 提名委員會成員 張天任博士 （主席） ...

Interim Results Announcement [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=簡明綜合損益及其他全面收益表) The Group's unaudited condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, shows a significant decrease in revenue and profit for the period, with basic earnings per share also declining, while gross profit remained largely stable Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousands) | Metric | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 24,191,916 | 49,914,629 | -51.53% | | Cost of Sales | (21,655,008) | (47,368,947) | -54.29% | | Gross Profit | 2,536,908 | 2,545,682 | -0.34% | | Other Income | 889,227 | 1,241,994 | -28.40% | | Profit Before Tax | 1,103,901 | 1,366,916 | -19.24% | | Income Tax Expense | (181,423) | (301,309) | -39.79% | | Profit for the Period | 922,478 | 1,065,607 | -13.43% | | Profit for the Period Attributable to Owners of the Company | 819,768 | 928,222 | -11.70% | | Basic Earnings Per Share (RMB cents) | 72.80 | 82.43 | -11.68% | | Diluted Earnings Per Share (RMB cents) | 72.80 | 81.24 | -10.39% | - Total comprehensive income for the period was **RMB 903,908 thousand**, a **13.09% decrease** from **RMB 1,040,383 thousand** in the prior year[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=簡明綜合財務狀況表) As of June 30, 2025, the Group's total assets slightly decreased, net current assets increased, and total equity steadily grew, indicating a robust capital structure Key Data from Condensed Consolidated Statement of Financial Position (RMB thousands) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Non-current Assets | 21,345,018 | 22,062,776 | -3.25% | | Current Assets | 33,775,557 | 33,217,779 | +1.68% | | Net Current Assets | 4,943,259 | 3,945,424 | +25.29% | | Total Assets Less Current Liabilities | 26,288,277 | 26,008,200 | +1.08% | | Non-current Liabilities | 6,778,770 | 7,099,277 | -4.51% | | Net Assets | 19,509,507 | 18,908,923 | +3.18% | | Equity Attributable to Owners of the Company | 16,785,358 | 16,160,566 | +3.86% | | Total Equity | 19,509,507 | 18,908,923 | +3.18% | - The increase in current assets was primarily due to higher trade receivables and recoverable VAT; the decrease in non-current assets was mainly due to reduced restricted bank deposits[86](index=86&type=chunk) - The decrease in current liabilities was mainly due to lower bills payable and short-term loans; the decrease in non-current liabilities was primarily due to reduced long-term borrowings[87](index=87&type=chunk) [Notes to the Financial Statements](index=8&type=section&id=財務報表附註) [Basis of Preparation and Accounting Policies](index=8&type=section&id=編製基準與會計政策) The Group's condensed consolidated financial statements are presented in RMB, prepared in accordance with HKAS 34 and HKEX Listing Rules, with no material impact from new HKFRS amendments applied this period - The condensed consolidated financial statements are presented in **RMB** and prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'** issued by the HKICPA and the applicable disclosure requirements of the HKEX Listing Rules[12](index=12&type=chunk) - The application of amendments to Hong Kong Financial Reporting Standards (such as HKAS 21 (Revised) Lack of Exchangeability) during this interim period had no material impact on the Group's financial position or performance for the current and prior periods[14](index=14&type=chunk) [Revenue from Contracts with Customers](index=9&type=section&id=與客戶合約之收益) The Group's revenue primarily derives from manufacturing (lead-acid, renewable, lithium batteries) and trading, with Mainland China as the main market, and revenue recognition predominantly occurs at a point in time Revenue from Contracts with Customers Breakdown (RMB thousands) | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Manufacturing Business** | | | | Lead-acid Battery Products | 18,292,243 | 19,252,492 | | Renewable Resources Products | 1,800,192 | 1,554,325 | | Lithium Battery Products | 501,247 | 182,549 | | Other Manufacturing | 574,554 | 221,601 | | **Trading** | 3,023,680 | 28,703,662 | | **Total Revenue** | 24,191,916 | 49,914,629 | Revenue by Geographical Market (RMB thousands) | Geographical Market | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 23,966,127 | 49,785,894 | | Other | 225,789 | 128,735 | | **Total Revenue** | 24,191,916 | 49,914,629 | - Regarding revenue recognition timing, the vast majority of revenue (**RMB 24,162,283 thousand** in 2025 and **RMB 49,858,818 thousand** in 2024) was recognized at a point in time[15](index=15&type=chunk) [Segment Information](index=10&type=section&id=分部資料) The Group operates in two segments: manufacturing and trading; during the reporting period, manufacturing external sales remained stable, while trading external sales significantly decreased, leading to a notable reduction in total segment revenue Segment Revenue and Results Analysis (RMB thousands) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Segment Revenue** | | | | Manufacturing Business – External Sales | 21,168,236 | 21,210,967 | | Trading – External Sales | 3,023,680 | 28,703,662 | | **Group Revenue** | 24,191,916 | 49,914,629 | | **Segment Results** | | | | Manufacturing Business | 925,629 | 1,115,429 | | Trading | 12,596 | (37,282) | | **Profit for the Period** | 922,478 | 1,065,607 | - The trading segment turned profitable from a loss in the prior period, but its external sales significantly decreased[19](index=19&type=chunk) [Other Income and Gains](index=11&type=section&id=其他收入及收益) The Group's other income, mainly government grants and interest income, decreased during the reporting period, while other gains and losses were significantly impacted by fair value changes in financial assets and commodity derivative contracts Other Income (RMB thousands) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government Grants – Income Related | 675,669 | 850,730 | | Government Grants – Asset Related | 43,378 | 33,786 | | Interest Income | 120,080 | 296,844 | | Scrap Sales | 47,059 | 59,989 | | Dividend Income | 3,041 | 645 | | **Total** | 889,227 | 1,241,994 | Other Gains and Losses (RMB thousands) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair Value Changes in Financial Assets at Fair Value Through Profit or Loss (Gains/Losses) | | | | – Structured Bank Deposits | 34,417 | 8,301 | | – Investments in Listed Equity Securities | 2,944 | (7,865) | | – Forward Exchange Contracts | (15,811) | (1,747) | | – Commodity Derivative Contracts | (21,544) | 173,292 | | Loss on Disposal of Property, Plant and Equipment | (8,659) | (15,671) | | Net Exchange Losses | (2,382) | (35,983) | | Other | 15,094 | 13,783 | | **Total** | 4,059 | 134,110 | - Other income decreased by approximately **28.40%** compared to the prior period, mainly due to lower government grants and interest income[81](index=81&type=chunk) [Income Tax Expense](index=12&type=section&id=所得稅開支) The Group's income tax expense primarily stems from PRC Enterprise Income Tax, with certain high-tech subsidiaries enjoying a preferential 15% rate, and overall income tax expense decreased during the reporting period Income Tax Expense (RMB thousands) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | PRC Enterprise Income Tax – Current Tax | 264,300 | 175,863 | | Deferred Tax – For the Period | (82,877) | 125,446 | | **Total** | 181,423 | 301,309 | - The Group's income tax expense is recognized based on the **PRC Enterprise Income Tax rate of 25%**, with certain subsidiaries classified as high-tech enterprises enjoying a **15%** tax rate[26](index=26&type=chunk) [Profit for the Period](index=13&type=section&id=期內溢利) Profit for the period is derived after deducting items such as depreciation, capitalization of inventories, and write-down of inventories; total depreciation of property, plant, and equipment increased during the reporting period Profit for the Period Adjustment Items (RMB thousands) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 611,529 | 521,925 | | Depreciation of Right-of-use Assets | 17,635 | 17,252 | | **Total Depreciation** | 629,164 | 539,177 | | Capitalization of Inventories | (454,387) | (391,294) | | Write-down of Inventories (Included in Cost of Sales) | 72,562 | 44,963 | [Dividends and Earnings Per Share](index=14&type=section&id=股息及每股盈利) The Board does not recommend an interim dividend for the reporting period; profit attributable to owners of the Company is used to calculate basic and diluted earnings per share, which decreased compared to the prior period Dividends Declared During the Period (RMB thousands) | Dividend Year | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | 2024 Final Dividend (HK$0.17 per share) | 176,406 | – | | 2023 Final Dividend (HK$0.43 per share) | – | 440,832 | Earnings Per Share (RMB cents) | Metric | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic | 72.80 | 82.43 | | Diluted | 72.80 | 81.24 | - The Directors do not recommend an interim dividend for the six months ended June 30, 2025, and June 30, 2024[30](index=30&type=chunk) [Receivables and Payables](index=15&type=section&id=應收及應付賬款) The Group's total bills receivable, trade receivables, and other receivables increased, with the largest portion of trade receivables aged 0-45 days; total bills payable, trade payables, and other payables slightly increased, with bills payable primarily due within 0-180 days Bills Receivable, Trade Receivables and Other Receivables (RMB thousands) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bills Receivable | 1,974,827 | 1,929,737 | | Trade Receivables (Net of Allowance) | 2,172,830 | 1,535,922 | | Other Receivables (Net of Allowance) | 143,410 | 107,661 | | Prepayments for Materials | 312,705 | 217,938 | | Recoverable PRC VAT and Enterprise Income Tax | 1,134,431 | 789,818 | | **Total** | 5,738,203 | 4,581,076 | Ageing Analysis of Trade Receivables (RMB thousands) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 45 days | 1,524,032 | 916,782 | | 46 to 90 days | 481,035 | 389,176 | | 91 to 180 days | 42,846 | 57,194 | | 181 to 365 days | 48,932 | 22,401 | | One to two years | 53,121 | 141,784 | | Over two years | 22,864 | 8,585 | | **Total** | 2,172,830 | 1,535,922 | Bills Payable, Trade Payables and Other Payables (RMB thousands) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 2,650,968 | 2,398,507 | | Bills Payable | 6,526,363 | 6,808,120 | | VAT Payable and Other Taxes Payable | 753,056 | 663,854 | | Staff Salaries and Welfare Payables | 423,311 | 519,600 | | Payables for Purchase of Property, Plant and Equipment | 1,472,018 | 1,759,105 | | Accrued Expenses | 661,786 | 567,859 | | Deposits Received | 612,180 | 363,335 | | Other Payables | 270,291 | 212,514 | | **Total** | 13,369,973 | 13,292,894 | [Share Capital and Share-based Payments](index=18&type=section&id=股本及股份為基礎之付款) The Company's issued and fully paid share capital remained unchanged; the share option scheme expired on June 30, 2024, with no exercises or related expenses this period, while the share award scheme for Tianneng Shares continued, with expenses recognized Share Capital Information | Item | Number of Shares | Amount (RMB thousands) | | :--- | :--- | :--- | | Issued and Fully Paid Ordinary Shares (par value HK$0.10 per share) | 1,126,124,500 | 109,850 | - The Company's share option scheme expired during the six months ended June 30, 2024, with no share options exercised or related expenses recognized during the period[42](index=42&type=chunk)[43](index=43&type=chunk) - The Group recognized expenses of approximately **RMB 750,000** for Tianneng Shares' share award scheme (2024: **RMB 2,107,000**)[45](index=45&type=chunk) [Operating Review](index=20&type=section&id=營運回顧) [Company Profile](index=20&type=section&id=公司簡介) Tianneng Power International Limited, established in 1986, is a leading Chinese new energy battery enterprise, focusing on lead-acid batteries while actively expanding into diverse technologies like lithium-ion, solid-state, hydrogen fuel, and sodium-ion batteries, and building a circular economy industrial chain - The Group was established in **1986** and listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: **00819.HK**) in **2007**[46](index=46&type=chunk) - With lead-acid batteries as its core business, the Group deeply cultivates the electric light vehicle power battery market and expands into diverse fields such as backup power, automotive batteries, and industrial power batteries[46](index=46&type=chunk) - Actively promotes the R&D, production, and sales of lithium-ion batteries, solid-state batteries, hydrogen fuel cells, and sodium-ion batteries, while building a circular economy industrial chain[46](index=46&type=chunk) [Operating Overview](index=20&type=section&id=營運概況) During the reporting period, the Group adhered to a 'industry, technology, capital' driven development, consolidating core competitiveness in lead-acid business, accelerating new energy business expansion, deepening circular system construction, and simultaneously expanding overseas markets for comprehensive and sustainable development - Coordinates the 'industry, technology, capital' three-wheel drive, consolidating core competitiveness in lead-acid business, accelerating new energy business expansion, deepening circular system construction, and simultaneously expanding overseas markets[47](index=47&type=chunk) - Through deep integration of strategic initiatives and structural reforms, market competitive advantages and industry influence have significantly improved, laying a solid foundation for long-term development resilience[47](index=47&type=chunk) [Industry Development and Operating Performance](index=21&type=section&id=行業發展與經營狀況) The Group made progress across its three core business segments: high-end eco-friendly batteries, new energy battery technology matrix, and circular economy industry, with manufacturing revenue of approximately **RMB 21.168 billion**, as business lines focused on technological innovation, market expansion, and internationalization - During the reporting period, the Group achieved manufacturing revenue of approximately **RMB 21.168 billion**[51](index=51&type=chunk) [High-end Eco-friendly Batteries](index=21&type=section&id=高端環保電池) High-end eco-friendly batteries, a strategic cornerstone, include eco-friendly mobility, backup power, automotive, and electric special industrial power batteries, generating approximately **RMB 18.292 billion** in revenue during the reporting period - High-end eco-friendly battery business achieved revenue of approximately **RMB 18.292 billion**[51](index=51&type=chunk) [Eco-friendly Mobility Batteries](index=22&type=section&id=環保出行動力電池) As a key lead-acid battery product, widely used in electric light vehicles, the Group enhances product competitiveness and actively expands overseas markets through smart manufacturing upgrades, technological iterations, and strategic market布局 - China's electric two-wheeler ownership exceeds **420 million units**, with stable replacement demand; the implementation of the new national standard 'Safety Technical Specification for Electric Bicycles' (GB 17761-2024) will consolidate the advantages of leading enterprises[53](index=53&type=chunk) - Fully promotes smart factory construction, deeply integrating **5G**, IoT, and AI technologies to achieve full-process digital and intelligent upgrades; the Puyang City production base in Henan Province was awarded as a national-level '**5G Factory**'[53](index=53&type=chunk) - Possesses over **3,000 distributors**, covering more than **400,000 retail stores**, serving hundreds of millions of electric light vehicle users, and building an integrated online and offline user service platform[55](index=55&type=chunk) - Accelerates the construction of an international business network covering Southeast Asia, Europe, and Africa, with breakthrough growth in overseas business; the Vietnam base construction is progressing in an orderly manner[55](index=55&type=chunk) [Other High-end Eco-friendly Batteries](index=24&type=section&id=其他高端環保電池) Lead-acid batteries are widely applied in backup power, automotive, and electric special industrial power batteries, where the Group has achieved business expansion and technological breakthroughs [Backup Power Supplies](index=24&type=section&id=備用電源) Driven by energy structure transformation and computing infrastructure development, the backup power market is rapidly expanding, with the Group's backup power business showing unexpected growth and accelerating international expansion - The backup power market is rapidly expanding, with lead-acid batteries deeply penetrating scenarios like communication base stations and data centers due to their cost advantage and operational stability[57](index=57&type=chunk) - Backup power business shows unexpected growth, with international expansion accelerating simultaneously, focusing on engaging leading overseas enterprises[58](index=58&type=chunk) [Automotive Batteries and Industrial Power Batteries](index=25&type=section&id=汽車電池與工業動力電池) Automotive battery business focuses on starter and start-stop battery R&D, with leading domestic technology; industrial batteries serve leading engineering machinery enterprises and accelerate global expansion through technological upgrades and market development - Automotive battery business is driven by 'new technology R&D, new material application, and new product development,' breaking through multiple core indicators, with key technologies at a leading domestic level[58](index=58&type=chunk) - Industrial batteries focus on developing products with core advantages of 'high energy density, long cycle life, and fast charging/discharging' to meet the demands of forklifts, AGVs, and smart warehousing equipment[58](index=58&type=chunk) - Serves leading enterprises in the engineering machinery industry, simultaneously accelerating global expansion, and collaborating with international partners to jointly develop European and Asian markets[58](index=58&type=chunk) [New Energy Battery Technology Matrix](index=26&type=section&id=新能源電池技術矩陣) The Group systematically advances R&D, smart manufacturing, and application expansion across diverse technology routes including lithium-ion, solid-state, hydrogen fuel, and sodium-ion batteries, fostering new business growth drivers - Anchored in new energy development, the Group systematically advances R&D, smart manufacturing, and application expansion across diverse technology roadmaps including lithium-ion, solid-state, hydrogen fuel, and sodium-ion batteries[59](index=59&type=chunk) [Lithium-ion Batteries](index=26&type=section&id=鋰離子電池) The Group's lithium-ion battery business primarily focuses on energy storage and low-speed power, achieving significant operational improvement and approximately **RMB 501 million** in revenue during the reporting period, with notable progress in technological innovation and market expansion - Lithium-ion battery business achieved revenue of approximately **RMB 501 million**, with significant improvement in operational quality and efficiency[60](index=60&type=chunk) - Firmly implements a 'high-tech, multi-scenario, full-ecosystem' development strategy, coordinating technological innovation, scenario extension, and overseas expansion[60](index=60&type=chunk) - Focuses on full-chain innovation in lithium-ion battery 'materials, cells, systems, and applications,' building a technology system supporting diverse scenarios, and providing solutions in energy storage, commercial vehicles, and electric special industrial vehicles[61](index=61&type=chunk) - Deepens core market layout, achieving sales breakthroughs in energy storage, backup power, and low-speed power sectors, and promoting brand and ecosystem internationalization[61](index=61&type=chunk) [Solid-state Batteries](index=28&type=section&id=固態電池) The Group made significant progress in solid-state battery industrialization, launching new generation batteries for two-wheelers and a series for low-altitude flight, steadily enhancing industry influence - Leads and participates in the formulation of multiple international, national, and industry standards, focusing on breakthroughs in three major product directions: high specific energy, long cycle life, and high rate performance[63](index=63&type=chunk) - The new generation batteries launched for two-wheelers have garnered widespread industry attention for their excellent safety and higher energy density, establishing strategic partnerships with leading two-wheeler enterprises[63](index=63&type=chunk) - Simultaneously launched a series of solid-state batteries for low-altitude flight, and jointly promotes scenario solution verification with drone and robotics companies[63](index=63&type=chunk) [Hydrogen Fuel Cells](index=28&type=section&id=氫燃料電池) Supported by a full-chain forward R&D system, the Group achieved significant technological and product advancements in hydrogen fuel cells, actively expanding markets and securing orders for fuel cell buses and hydrogen-powered two-wheelers in multiple regions - **80kW/130kW** fuel cell systems and **100kW** graphite plate stacks achieved advanced domestic performance, demonstrating excellent advantages in zero-carbon transportation scenarios like public buses and logistics[65](index=65&type=chunk) - Steadily advances the implementation of core products, completing small-batch delivery of various key components, and initiating iterative development of cutting-edge products such as high-power systems and stacks[65](index=65&type=chunk) - Actively expands cooperation networks with OEMs, logistics companies, and shared mobility platforms, securing orders for fuel cell buses and bulk hydrogen-powered two-wheelers in multiple regions[65](index=65&type=chunk) [Sodium-ion Batteries](index=29&type=section&id=鈉離子電池) Seizing policy and market opportunities, the Group pursues a dual-track approach of 'technological breakthroughs' and 'scenario implementation,' continuously deepening strategic R&D and application deployment for sodium-ion batteries, accelerating development of new square cells and other products - Adheres to the strategy of 'technology reserve, scenario verification, and steady advancement,' focusing on technological breakthroughs at the cell, module, and system levels[66](index=66&type=chunk) - Further focuses on automotive start-stop systems, leveraging an extensive channel network to deeply promote multi-scenario demonstration applications and market promotion[66](index=66&type=chunk) - R&D of new sodium-ion battery square cells and other products is accelerating; sodium-ion automotive battery products debuted at exhibitions like CIBF, receiving positive market feedback for their excellent low-temperature performance[66](index=66&type=chunk) [Circular Economy Industry](index=30&type=section&id=可循環產業) The Group systematically built a full lifecycle industrial chain covering production, recycling, and reuse, forming a dual-track circular industry system for lead-acid and lithium-ion batteries, achieving approximately **RMB 1.8 billion** in external revenue during the reporting period - Circular economy industry achieved external revenue of approximately **RMB 1.8 billion**[68](index=68&type=chunk) [Recycling of High-end Eco-friendly Batteries](index=30&type=section&id=高端環保電池循環利用) As a leading lead-acid battery recycling enterprise with an annual disposal capacity exceeding one million tons, the Group achieved efficient resource regeneration through optimized recycling network and technological innovation, generating approximately **RMB 1.375 billion** in external revenue during the reporting period - Lead-acid battery recycling business achieved external revenue of approximately **RMB 1.375 billion**[69](index=69&type=chunk) - Annual disposal capacity for waste lead-acid batteries now exceeds **one million tons**, positioning it at a leading level in the industry[69](index=69&type=chunk) - Possesses recycling pilot qualifications in provinces such as Zhejiang, Jiangsu, and Anhui, with over **300 cooperative recycling points** covering multiple provinces nationwide[70](index=70&type=chunk) - Through self-developed core technologies like side-blown furnace production enhancement and cost reduction, and refined lead detellurization, production efficiency and cost optimization are achieved, with metal recovery and energy utilization rates at superior industry levels[70](index=70&type=chunk) [Lithium-ion Battery Resource Regeneration](index=32&type=section&id=鋰離子電池資源再生) The Group actively promotes the construction of a lithium-ion battery recycling system, making orderly progress in process improvement, production line enhancement, and channel development, achieving approximately **RMB 425 million** in revenue and industry-leading recycling technology and capacity - Lithium-ion battery recycling business achieved revenue of approximately **RMB 425 million**[71](index=71&type=chunk) - A full-process technical system has been formed, covering retired lithium battery performance testing, crushing and sorting, pyrolysis enrichment, deep reduction, and efficient separation, achieving cobalt, nickel, and manganese recovery rates exceeding **98.5%**, and lithium recovery rate exceeding **92%**[72](index=72&type=chunk) - The self-developed 'Method and Device for Copper-Aluminum Separation from Waste Lithium Batteries' received national patent authorization, and disposal capacity exceeding **70,000 tons** has been established[72](index=72&type=chunk)[73](index=73&type=chunk) - Actively promotes the 'urban mining' development strategy, deploying integrated dry and wet processing bases, regional circular bases, and recycling points, exploring diversified recycling models[73](index=73&type=chunk) [Strategic Planning and Development Direction](index=34&type=section&id=戰略規劃與發展方向) [Multi-technology Synergy](index=34&type=section&id=多元技術協同) The Group will focus on synergistic development across multiple technology routes—lead, lithium, solid-state, hydrogen, and sodium—strengthening independent innovation, concentrating on key technologies like solid-state batteries and hydrogen fuel stacks, and deepening industry-academia-research collaboration - Promotes synergistic development across multiple technology roadmaps—lead, lithium, solid-state, hydrogen, and sodium—systematically strengthening independent innovation capabilities in 'materials, cells, systems, and scenarios'[75](index=75&type=chunk) - Focuses on key technological directions such as solid-state batteries and hydrogen fuel stacks, steadily advancing R&D reserves and application transformation for related technologies[75](index=75&type=chunk) [Digital and Intelligent Transformation](index=34&type=section&id=數智化升級) The Group views smart manufacturing as a key strategic direction, steadily advancing full-process digital management system upgrades and adopting new manufacturing models like '5G factories' to enhance production efficiency, energy utilization, and environmental performance - Steadily advances full-process digital management system upgrades, applying new manufacturing models like '**5G factories**' to enhance production efficiency and energy utilization efficiency[76](index=76&type=chunk) - Promotes the application of clean electricity and the construction of a carbon asset management system, optimizing the environmental performance of manufacturing processes[76](index=76&type=chunk) [Circular Economy System](index=35&type=section&id=循環經濟體系) The Group is committed to building an efficient recycling network with both front-end reach and back-end processing efficiency, promoting dual-track recycling for lead-acid and lithium-ion batteries, and enhancing supply chain integration and synergy - Builds an efficient recycling network with both front-end reach and back-end processing efficiency, promoting dual-track operation for lead-acid battery recycling and lithium-ion battery recycling[77](index=77&type=chunk) - Strengthens differentiated pathway layout for lithium-ion battery recycling, deepens resource linkage in core regions and key scenarios, gradually unleashing the scale advantages and economic value of the circular system[77](index=77&type=chunk) [Global Expansion](index=35&type=section&id=全球化佈局) The Group positions globalization as a key growth engine, accelerating the establishment of localized manufacturing, service, and operating systems in strategic markets like Vietnam, and promoting proprietary technologies and advantageous products to international markets - Accelerates the establishment of localized manufacturing, service, and operating systems in strategic markets like Vietnam, systematically advancing product adaptation, channel construction, and brand penetration[77](index=77&type=chunk) - Promotes proprietary technologies and advantageous products to international markets, gradually integrating into the global industrial system and enhancing global competitiveness[77](index=77&type=chunk) [Financial Review](index=35&type=section&id=財務回顧) [Revenue and Gross Profit](index=35&type=section&id=營業額與毛利) During the reporting period, the Group's revenue decreased by **51.53%** year-on-year, primarily due to a significant decline in trading revenue; gross profit slightly decreased by **0.34%**, and manufacturing gross profit margin marginally fell by **0.20 percentage points** Revenue and Gross Profit Changes (RMB thousands) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Total Revenue | 24,192,000 | 49,915,000 | -51.53% | | Manufacturing Revenue | 21,168,000 | 21,211,000 | -0.20% | | Trading Revenue | 3,024,000 | 28,704,000 | -89.47% | | Gross Profit | 2,537,000 | 2,546,000 | -0.34% | | Manufacturing Gross Profit Margin | 11.93% | 12.13% | -0.20pp | - The decrease in gross profit margin was mainly due to lower gross profit margins for low-speed power batteries and industrial batteries[80](index=80&type=chunk) [Other Income and Expenses](index=36&type=section&id=其他收入及費用) The Group's other income decreased by **28.40%**, mainly due to lower government grants and interest income; distribution and selling expenses, administrative expenses, and finance costs all decreased, while R&D costs remained largely stable Other Income and Expense Changes (RMB thousands) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Other Income | 889,000 | 1,242,000 | -28.40% | | Distribution and Selling Expenses | 592,000 | 643,000 | -7.93% | | Administrative Expenses | 561,000 | 651,000 | -13.83% | | Research and Development Costs | 942,000 | 942,000 | 0.00% | | Finance Costs | 235,000 | 282,000 | -16.67% | - The decrease in distribution and selling expenses was mainly due to lower travel and transportation costs; the decrease in administrative expenses was primarily due to lower employee wages and office expenses[82](index=82&type=chunk)[83](index=83&type=chunk) - The decrease in finance costs was mainly due to reduced loan scale and lower interest rates[85](index=85&type=chunk) [Operating Cash Flow](index=37&type=section&id=經營活動現金流) During the reporting period, the Group's net cash flow from operating activities shifted from a net outflow to a net inflow, primarily due to strengthened inventory and payables management - Net cash flow from operating activities shifted from a net outflow of approximately **RMB 162 million** in the prior period to a net inflow of approximately **RMB 891 million**[86](index=86&type=chunk) - Primarily due to the Group's strengthened inventory and payables management[86](index=86&type=chunk) [Assets, Liabilities and Capital Structure](index=37&type=section&id=資產負債與資本結構) As of June 30, 2025, the Group's total assets slightly decreased, with current assets increasing and non-current assets decreasing; total liabilities decreased, with both current and non-current liabilities showing reductions Assets and Liabilities Changes (RMB thousands) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 55,121,000 | 55,281,000 | -0.29% | | Total Current Assets | 33,776,000 | 33,218,000 | +1.68% | | Total Non-current Assets | 21,345,000 | 22,063,000 | -3.25% | | Total Liabilities | 35,611,000 | 36,372,000 | -2.09% | | Total Current Liabilities | 28,832,000 | 29,272,000 | -1.50% | | Total Non-current Liabilities | 6,779,000 | 7,099,000 | -4.51% | - Equity attributable to owners of the Company was approximately **RMB 16.785 billion**, an increase from approximately **RMB 16.161 billion** as of December 31, 2024[86](index=86&type=chunk) [Borrowings and Liquidity](index=38&type=section&id=借貸與流動性) The Group maintains ample cash and bank balances, with a decrease in total interest-bearing borrowings and substantial unused credit facilities, indicating a healthy and manageable capital structure Borrowings and Liquidity (RMB thousands) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and Bank Balances | 18,598,000 | 21,410,000 | | Interest-bearing Borrowings and Loan Notes Due Within One Year | 12,030,000 | 12,726,000 | | Interest-bearing Loans Due After One Year | 5,235,000 | 5,823,000 | | **Total Interest-bearing Loans** | 17,265,000 | 18,549,000 | - Fixed annual interest rates for RMB loans ranged from approximately **2.11% to 5.50%** (2024: approximately **2.22% to 5.50%**)[88](index=88&type=chunk) - Possesses approximately **RMB 25.215 billion** in unused credit facilities[88](index=88&type=chunk) [Pledged Assets and Gearing Ratio](index=38&type=section&id=資產抵押與資產負債比率) The Group's bank credit and borrowings are secured by bank deposits, bills receivable, property, plant and equipment, and land use rights; the gearing ratio decreased, indicating reduced financial leverage Pledged Assets and Gearing Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Net Book Value of Pledged Assets | RMB 11.085 billion | RMB 14.039 billion | | Gearing Ratio | 31.32% | 33.55% | [Exchange Rate Fluctuation Risk and Contingent Liabilities](index=38&type=section&id=匯率波動風險與或然負債) The Group's operations are primarily in China, transacting in RMB, thus the Board believes there is no significant foreign exchange risk; as of the reporting period end, the Group had no material contingent liabilities - There is no significant foreign exchange rate risk for the Company's operating cash flow and liquidity[91](index=91&type=chunk) - As of June 30, 2025, the Group had no material contingent liabilities[92](index=92&type=chunk) [Capital Commitments and Employee Remuneration](index=39&type=section&id=資本承擔與員工薪酬) The Group has contracted but unprovided capital commitments for the acquisition of property, plant and equipment; during the reporting period, both total employees and employee costs decreased Capital Commitments and Employee Information | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted but Not Provided for Capital Commitments for Acquisition of Property, Plant and Equipment | RMB 1.402 billion | RMB 1.592 billion | | Total Employees | 20,709 persons | 21,929 persons (June 30, 2024) | | Employee Costs | RMB 1.335 billion | RMB 1.601 billion (June 30, 2024) | [Material Investments and Financial Assets](index=39&type=section&id=重大投資與金融資產) The Group held no material investments during the reporting period; financial assets at fair value through profit or loss primarily comprise structured bank deposits and wealth management products purchased from commercial banks, along with a small amount of listed equity securities - As of June 30, 2025, the Group held no material investments[96](index=96&type=chunk) - Financial assets at fair value through profit or loss primarily include unlisted financial products purchased from commercial banks, such as structured bank deposits and wealth management products, with a total fair value of approximately **RMB 3,294,036 thousand**[97](index=97&type=chunk)[99](index=99&type=chunk) [Other Important Matters](index=41&type=section&id=其他重要事項) [Material Acquisitions and Disposals](index=41&type=section&id=重大收購及出售) During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[100](index=100&type=chunk) [Significant Events After the Reporting Period](index=41&type=section&id=自報告期間完結後之重要事件) Tianneng Battery Group Co., Ltd., a subsidiary, proposes to issue corporate bonds up to **RMB 2 billion**, while Tianneng Holding Group Co., Ltd., another subsidiary, proposes to issue targeted debt financing instruments up to **RMB 2 billion** - Tianneng Battery Group Co., Ltd. (an indirect subsidiary of the Company) proposes to apply to the Shanghai Stock Exchange for registration and issuance of corporate bonds with a total principal amount of up to **RMB 2 billion** (inclusive of **RMB 2 billion**)[102](index=102&type=chunk) - Tianneng Holding Group Co., Ltd. (an indirect wholly-owned subsidiary of the Company) proposes to apply to the National Association of Financial Market Institutional Investors for registration and issuance of targeted debt financing instruments with a total principal amount of up to **RMB 2 billion** (inclusive of **RMB 2 billion**)[102](index=102&type=chunk) [Corporate Governance](index=42&type=section&id=企業管治) The Company is committed to high corporate governance standards, adopting and complying with the HKEX Corporate Governance Code, except for Code Provision C.2.1 (Chairman and CEO held by the same person); the Audit Committee reviewed the interim report - The Company has adopted and complied with the code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the HKEX Listing Rules, except for Code Provision C.2.1 (Chairman and Chief Executive Officer held by the same individual)[105](index=105&type=chunk) - The Company's Audit Committee, together with management and independent external auditors, reviewed the Company's 2025 interim report and recommended its adoption by the Board[105](index=105&type=chunk) [Directors and Securities Transactions](index=43&type=section&id=董事及證券交易) All Directors confirmed compliance with the Model Code for securities transactions throughout the reporting period; neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - All Directors confirmed their continuous compliance with the standards for securities transactions as set out in the Model Code throughout the reporting period[107](index=107&type=chunk) - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[108](index=108&type=chunk) [General Information](index=43&type=section&id=一般資料) This section lists the Company's executive and independent non-executive directors as of the announcement date and specifies the publication channels for the announcement - The Company's Executive Directors are Dr. Zhang Tianren, Mr. Zhang Aogen, Mr. Zhang Kaihong, Mr. Shi Borong, and Mr. Zhou Jianzhong[109](index=109&type=chunk) - The Company's Independent Non-executive Directors are Mr. Huang Dongliang, Mr. Zhang Yong, Mr. Xiao Gang, and Dr. Guo Yuantao[109](index=109&type=chunk) - This announcement will be published on the HKEX website www.hkex.com.hk and the Company's website www.tianneng.com.hk[109](index=109&type=chunk)

Core Viewpoint - The article discusses the upcoming 8th Sodium Battery Summit, emphasizing the theme of "Full Chain Technology Capacity Leap and GWH-level Shipment 'True' Year" [1][8]. Event Overview - The event is organized by Qidian Sodium Battery and Qidian Research Institute, with Jin Na Technology as the main sponsor [3]. - The summit will take place on August 28, 2025, at the Venus Royal Hotel in Shenzhen, with an expected attendance of over 600 participants [1][9]. Agenda Highlights - The summit will feature a series of speeches and discussions, including the release of the TOP 60 ranking of sodium battery shipments for the first half of 2025 [2][12]. - Key topics include production challenges in large cylindrical sodium batteries, new electrochemical storage battery developments, and various application scenarios for sodium batteries [2][12][14]. Participating Companies - Numerous companies are involved, including Jin Na Technology, Tian Neng Sodium Battery, Weike Technology, and others, showcasing a collaborative effort in the sodium battery industry [1][2][4]. Registration and Costs - The registration fee for the summit is 2288 yuan per person, which includes conference access, lunch, a conference booklet, and accommodation [17][18].

每经AI快讯，8月18日，截至发稿，天能动力(00819.HK)涨6.46%、天齐锂业(09696.HK)涨2.51%、中创 新航(03931.HK)涨2.13%、赣锋锂业(01772.HK)涨1.88%。 ...

格隆汇8月15日丨天能动力(00819.HK)宣布，谨订于2025年8月28日（星期四）举行董事会会议，以处理 下列事项：1.考虑及批准本公司及其附属公司截至2025年6月30日止六个月的未经审核中期业绩；2.考虑 及批准本公司及其附属公司按照香港联合交易所有限公司证券上市规则规定刊发截至2025年6月30日六 个月未经审核中期业绩公告草拟稿及2025年中期报告草拟稿；3.考虑及批准宣派中期股息（如有）；及 4.处理任何其他事项（如有）。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 董事會會議通知 茲通告天能動力國際有限公司（「本公司」）謹訂於二零二五年八月二十八日（星期四）舉行 董事會（「董事會」）會議，以處理下列事項： 承董事會命 天能動力國際有限公司 主席 張天任 香港，二零二五年八月十五日 於本公佈日期，本公司執行董事為張天任博士、張敖根先生、張開紅先生、史伯榮先生 及周建中先生；及本公司獨立非執行董事為黃董良先生、張湧先生、肖鋼先生及郭圓濤 博士。 TIANNENG POWER INTERNATIONAL LIMITED 00819 1. 考慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之未經審核中 期業績； 2. 考慮及批准本公司及其附屬公司按照香港聯合交易所有限公司證券上市規則規定刊 發截至二零二五年六月三十日止六個月未經審核中期業績公告草擬稿及二零二五年 中期報告草擬稿； 3. 考慮及批准宣派中期股息（如有）；及 4. 處理任何其他事項（如有）。 ...