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].

Core Viewpoint - Tianeng Power (00819.HK) reported a significant decline in revenue for the first half of 2025, primarily due to a drop in trading revenue, indicating challenges in the market [1] Financial Performance - The group's revenue for the first half of 2025 was approximately RMB 24.192 billion, a decrease of about 51.53% compared to the same period last year [1] - Manufacturing revenue was RMB 21.168 billion, down approximately 0.20% year-on-year, while trading revenue fell to RMB 3.024 billion, a decline of about 89.47% [1] - Gross profit for the period was around RMB 2.537 billion, a slight decrease of about 0.34% year-on-year [1] - The gross margin for manufacturing was approximately 11.93%, down by 0.20 percentage points compared to the previous year, mainly due to lower margins in low-speed power batteries and industrial batteries [1] - The profit attributable to shareholders for the period was RMB 0.820 billion, a year-on-year decrease of 11.68%, with basic earnings per share at RMB 0.728 [1] Cash Flow Management - The net cash flow from operating activities shifted from an outflow of approximately RMB 0.162 billion in the same period last year to an inflow of about RMB 0.891 billion, primarily due to improved management of inventory and payables [1]

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 ...

Financial Performance - The company achieved a manufacturing revenue of approximately RMB 21.168 billion during the reporting period[13]. - The total operating revenue for the reporting period was approximately RMB 24.192 billion, representing a year-on-year decline of about 51.53%[69]. - Manufacturing revenue was RMB 21.168 billion, a slight decrease of approximately 0.20% compared to the same period last year[69]. - Trade revenue fell to RMB 3.024 billion, down approximately 89.47% year-on-year[69]. - The gross profit for the reporting period was approximately RMB 2.537 billion, reflecting a year-on-year decline of about 0.34%[69]. - The gross margin for the manufacturing sector was approximately 11.93%, down by about 0.20 percentage points year-on-year[70]. - Revenue for the six months ended June 30, 2025, was RMB 24,191,916 thousand, a decrease of 51.5% compared to RMB 49,914,629 thousand for the same period in 2024[105]. - Net profit for the six months ended June 30, 2025, was RMB 922,478 thousand, a decrease of 13.4% from RMB 1,065,607 thousand in 2024[105]. - Basic earnings per share for the period was RMB 72.80, down from RMB 82.43 in the previous year, indicating a decline of 11.8%[109]. - The total comprehensive income for the period was RMB 801,198,000, down from RMB 902,998,000 in the previous year[115]. Revenue Breakdown - The high-end environmentally friendly battery business generated revenue of about RMB 18.292 billion, contributing significantly to overall earnings[13]. - The lithium-ion battery business achieved approximately RMB 501 million in revenue, with significant improvements in operational quality and efficiency[31]. - The company's lithium battery product segment saw significant growth, with revenue increasing to RMB 501,247 thousand from RMB 182,549 thousand, representing a growth of 174.5% year-over-year[127]. - The backup power business has shown unexpected growth due to orderly capacity release and refined management, with a focus on optimizing material formulas and processes[25]. - The lead-acid battery recycling business generated external operating revenue of approximately RMB 1.375 billion, demonstrating resilience despite industry challenges[49]. - The company's lithium-ion battery recycling business achieved revenue of approximately RMB 425 million during the reporting period[55]. International Expansion - The company is actively expanding its international presence, establishing local operational teams in Thailand, Vietnam, and Turkey, and developing a network of authorized distributors[11]. - The company is enhancing its industrial battery offerings, focusing on high energy density and long cycle life products to meet the needs of forklifts and automated guided vehicles (AGVs)[27]. - The company is actively expanding its international business network in Southeast Asia, Europe, and Africa, with significant growth in overseas operations and the establishment of a local production base in Vietnam[20]. - The company has strong confidence in the growth of its international business, backed by its deep technical accumulation in the sustainable energy sector[11]. Research and Development - The company is focusing on the development of lithium-ion batteries, solid-state batteries, hydrogen fuel cells, and sodium-ion batteries to enhance its product matrix and market competitiveness[9]. - The company is advancing its research and development strategy by leveraging top-tier innovation platforms to drive product performance upgrades[18]. - The company is implementing a "high technology, multi-scenario, full ecology" development strategy to drive growth in its lithium-ion battery business, focusing on innovation across the entire supply chain[33]. - The company is focusing on sodium-ion battery technology, with new products showcased at industry exhibitions, receiving positive market feedback[46]. - The company is advancing the industrialization of solid-state batteries, focusing on high energy density and long cycle life, with strategic partnerships in the two-wheeler sector[41]. - The company is actively participating in international standards development for solid-state batteries, enhancing its industry influence[39]. Sustainability and Recycling - The company has implemented a standardized recycling system, achieving a leading position in the industry for key material recovery rates[11]. - The company is committed to building a sustainable value system through its circular economy initiatives, which include effective utilization of waste battery resources[11]. - The company is committed to building a comprehensive recycling ecosystem, integrating production, recycling, and reuse across the battery lifecycle[48]. - The recovery rates for cobalt, nickel, and manganese exceeded 98.5%, while lithium recovery rates surpassed 92%, positioning the company at the industry-leading level[59]. - The company is focusing on building a comprehensive recycling network and enhancing resource acquisition capabilities through partnerships with automakers and battery dismantling companies[61]. Financial Position and Liabilities - Total assets as of June 30, 2025, were approximately RMB 55.12 billion, a decrease of about 0.29% from December 31, 2024[78]. - Total liabilities decreased by approximately 2.09% to about RMB 35.61 billion, with current liabilities down by about 1.50% and non-current liabilities down by about 4.51%[78]. - Cash and bank balances were approximately RMB 18.60 billion, down from RMB 21.41 billion as of December 31, 2024[79]. - The debt-to-asset ratio was approximately 31.32%, down from 33.55% as of December 31, 2024[81]. - The company plans to issue corporate bonds totaling up to RMB 2 billion, with a maximum term of five years, pending regulatory approvals[94]. - The company also intends to issue targeted debt financing tools for up to RMB 2 billion, with a similar five-year maximum term, subject to necessary approvals[95]. Corporate Governance - The company maintains a high standard of corporate governance, adhering to the relevant listing rules and codes[98]. - The independent auditor has reviewed the interim financial statements, which were prepared in accordance with Hong Kong Accounting Standard 34[99]. - The company has confirmed compliance with the standards for securities trading by all directors throughout the reporting period[99]. - The company is committed to continuously reviewing its corporate governance structure to enhance operational efficiency[98]. Employee and Management Information - The total number of employees as of June 30, 2025, was 20,709, down from 21,929 a year earlier, with employee costs for the reporting period at approximately RMB 1.335 billion[86]. - The total compensation for directors and key management personnel for the six months ended June 30, 2025, is RMB 2,135,000, an increase from RMB 1,403,000 in the previous year[195]. - The company has granted 41,200,000 shares under the share incentive plan, with 13,959,000 shares subscribed at RMB 7.69 per share[176].