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].

格隆汇8月28日丨天能动力(00819.HK)公布中期业绩，2025年上半年，集团的营业额约为人民币241.92 亿元，较去年同期下降约51.53%。主要是贸易营业额下降。具体而言，制造业营业额人民币211.68亿 元，较去年同期下降约0.20%；贸易营业额30.24亿元，较去年同期下降约89.47%。 报告期内毛利约为人民币25.37亿元，较去年同期下降约0.34%。具体而言，制造业毛利率约11.93%，较 去年同期下降约0.20个百分点。主要是低速动力电池与工业电池毛利率下降。公司拥有人应占期内溢利 为人民币8.20亿元，同比减少11.68%，基本每股盈利为人民币72.80分。 报告期内，集团的经营活动产生的净现金流从去年同期约人民币1.62亿元净现金流出转变至约人民币 8.91亿元净现金流入，主要由于集团加强存货与应付款管理所致。 ...

Group 1 - The company TianNeng Power (00819) reported a revenue of 20.917 billion yuan for the first half of 2025, representing a year-on-year decrease of 3.26% [1] - The net profit attributable to shareholders of the listed company was 869 million yuan, which is a year-on-year decrease of 27.26% [1]

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 ...