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Financial Performance - Revenue for the year ended December 31, 2024, was RMB 392,249,000, an increase of 4.2% compared to RMB 374,277,000 in 2023[11] - Gross profit for 2024 was RMB 102,520,000, down 4.3% from RMB 107,802,000 in 2023[11] - The company reported a net loss attributable to owners of RMB 45,383,000 for 2024, compared to a loss of RMB 43,979,000 in 2023[11] - The company achieved a revenue of approximately RMB 392,249,000, representing a year-on-year growth of about 4.80%[20] - The company recorded a loss attributable to shareholders of approximately RMB 45,383,000 in 2024, compared to a loss of approximately RMB 43,979,000 in the previous year[20][21] - Revenue from electric vehicle charging equipment was approximately RMB 224,584,000, an increase of about 8.67% compared to the previous year[23] - Revenue from electric vehicle charging services decreased by approximately 13.27% to RMB 22,998,000, primarily due to reduced charging volumes at certain bus charging stations[24] - The company’s revenue from power DC products was approximately RMB 144,473,000, reflecting a year-on-year increase of about 2.45%[22] - The company reported a significant increase in revenue, with a year-over-year growth of 25% in the last quarter[108] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20%[110] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 1,020,697,000, a decrease of 5.4% from RMB 1,078,847,000 in 2023[12] - Current assets were RMB 798,874,000, down from RMB 853,739,000 in 2023, indicating a decline of 6.4%[12] - The total equity of the group as of December 31, 2024, is approximately RMB 569,011,000, a decrease from RMB 618,637,000 as of December 31, 2023[82] - The group’s total bank balances and cash as of December 31, 2024, are approximately RMB 133,861,000, a decrease from RMB 219,772,000 as of December 31, 2023[82] - The group’s outstanding bank loans and other borrowings as of December 31, 2024, total approximately RMB 209,768,000, an increase from RMB 156,549,000 as of December 31, 2023[83] - The capital debt ratio as of December 31, 2024, is approximately 20.55%[84] Operational Efficiency - The current ratio for 2024 was 2.07, slightly down from 2.16 in 2023[14] - The inventory turnover period increased to 211 days in 2024 from 253 days in 2023[14] - Sales cost increased by approximately 8.73% from RMB 266,475,000 for the year ended December 31, 2023, to RMB 289,729,000 for the year ended December 31, 2024[52] - Gross profit decreased by approximately 4.90% from RMB 107,802,000 for the year ended December 31, 2023, to RMB 102,520,000 for the year ended December 31, 2024, with a gross margin decline from 28.80% to 26.14%[53] - Other income decreased from RMB 15,802,000 for the year ended December 31, 2023, to RMB 4,292,000 for the year ended December 31, 2024, primarily due to reduced government subsidies[55][56] Market and Product Development - In 2024, the number of new energy vehicles sold reached 11,582,000, with a 24.7% year-on-year growth in charging infrastructure[16] - The number of newly added private charging piles increased by approximately 37.0% to 3,368,000 in 2024[16] - The company plans to focus on energy storage business strategies, leveraging advanced power electronics technology and new energy storage systems[18] - The company is actively integrating industry chain resources to build a smart energy ecosystem encompassing vehicles, charging stations, energy storage, and networks[18] - The company launched a new power product—"Remote Nuclear Capacity (Discharge) Product," targeting applications in various sectors including national power grids and new energy vehicle charging stations, with technology currently at a leading domestic level[30] - The company is exploring innovative financing models to support the upgrade of charging infrastructure and enhance user experience in the new energy vehicle sector[47] Research and Development - The company significantly increased R&D investment, focusing on charging technology, energy storage, and integrated energy utilization, resulting in the acquisition of 7 invention patents during the reporting period[37] - The company introduced a new intelligent power scheduling solution for high-power DC charging products, with a single system capable of reaching a maximum power of 960kW and supporting up to 16 charging guns[33] - The company is committed to advancing research and development, focusing on core power electronics technologies and upgrading existing charging products across multiple dimensions[48] - The company is investing in R&D, with a budget increase of 30% for new technology development[110] Corporate Governance - The company complied with all applicable code provisions of the Corporate Governance Code for the year ending December 31, 2024[116] - The board consists of both executive and independent non-executive directors, ensuring diverse oversight[122] - The company emphasizes high standards of corporate governance to enhance stakeholder confidence[116] - The board is committed to reviewing and monitoring its corporate governance practices continuously[118] - The company has established three committees to oversee various aspects of its operations, ensuring high standards of corporate governance[139] Sustainability and ESG - The company is committed to sustainable development and responsible operations, as outlined in its environmental, social, and governance report[178] - The company aims to integrate sustainable development elements into daily operations, focusing on environmental protection and community development[188] - The ESG management framework is led by the board and includes various departments to identify and manage ESG-related risks[192] - The company emphasizes a balanced approach in reporting its sustainable development performance and challenges to stakeholders[186] - The report adheres to the ESG reporting guidelines set by the Hong Kong Stock Exchange[180]

Revenue and Profitability - Revenue increased from approximately RMB 374,277,000 to RMB 392,249,000, representing a growth of about 4%[3] - The group's total revenue for the fiscal year 2024 was RMB 392,249 thousand, an increase from RMB 374,277 thousand in 2023, representing a growth of approximately 4.2%[25] - Revenue from the sale of electronic products, including power DC systems and charging equipment, amounted to RMB 369,057 thousand, up from RMB 354,682 thousand in the previous year, indicating a growth of about 4.0%[32] - The revenue from electric vehicle charging services decreased to RMB 22,998 thousand from RMB 26,517 thousand, reflecting a decline of approximately 13.2%[25] - The group reported a pre-tax loss of RMB 51,935 thousand for the fiscal year, compared to a loss in the previous year, indicating ongoing challenges in profitability[32] - The company reported a pre-tax loss of RMB 51,066,000 for the year ended December 31, 2023[34] - The company reported a loss attributable to shareholders of approximately RMB 45,383,000, compared to a loss of approximately RMB 43,979,000 in the previous year[48] Financial Position - Current assets decreased from RMB 853,739,000 to RMB 798,874,000, a reduction of approximately 6.4%[8] - Total liabilities decreased from RMB 460,210,000 to RMB 451,686,000, a decline of approximately 1.1%[10] - The company's net assets decreased from RMB 618,637,000 to RMB 569,011,000, a reduction of about 8%[10] - The company's total liabilities decreased to RMB 155,765,000 in 2024 from RMB 215,509,000 in 2023, indicating improved financial management[46] - As of December 31, 2024, the total equity of the group reached approximately RMB 569,011,000, a decrease from RMB 618,637,000 as of December 31, 2023[114] - The group's current assets were approximately RMB 798,874,000, down from RMB 853,739,000 as of December 31, 2023, while current liabilities were approximately RMB 386,403,000, slightly reduced from RMB 394,858,000[114] Expenses and Costs - Sales costs rose from RMB 266,475,000 for the year ended December 31, 2023, to RMB 289,729,000 for the year ending December 31, 2024, an increase of approximately 8.73%[81] - Gross profit decreased from RMB 107,802,000 for the year ended December 31, 2023, to RMB 102,520,000 for the year ending December 31, 2024, a decline of about 4.90%[83] - The gross profit margin fell from approximately 28.80% for the year ended December 31, 2023, to about 26.14% for the year ending December 31, 2024, primarily due to intensified market competition and product pricing adjustments[83] - Other income decreased from RMB 15,802,000 for the year ended December 31, 2023, to RMB 4,292,000 for the year ending December 31, 2024, mainly due to a reduction in government subsidies[84] - Financial costs decreased slightly to RMB 8,598,000 in 2024 from RMB 8,815,000 in 2023[37] - Administrative and other expenses rose by approximately 10.75% from RMB 80,016,000 to RMB 88,621,000, representing about 22.59% of revenue, an increase from 21.38%[87] Trade Receivables and Inventory - Trade receivables increased from RMB 306,613,000 to RMB 380,413,000, reflecting a growth of about 24%[8] - The company's trade receivables increased to RMB 483,878,000 in 2024 from RMB 394,773,000 in 2023, reflecting a growth of approximately 22.6%[42] - The impairment loss provision for trade receivables rose to RMB 103,465,000 in 2024 from RMB 88,160,000 in 2023[42] - Inventory decreased from approximately RMB 192,099,000 to RMB 143,082,000, with average inventory turnover days improving from about 253 days to 211 days[97] Strategic Initiatives and Market Position - The company aims to enhance market share by increasing marketing efforts and introducing more competitively priced marketing policies, which has led to a decrease in gross margin[59] - The company successfully secured multiple electric vehicle charging equipment projects across various provinces, including Hubei, Guangdong, and Beijing[62] - The company is advancing its 720kW liquid-cooled ultra-fast charging products, which can operate stably under extreme conditions, significantly reducing charging time[63] - The company plans to enhance its production and sales systems, optimizing manufacturing processes in its factories in Zhuhai and Tangshan, and accelerating the digital transformation of production[73] - The group plans to enhance market penetration and expand overall market share by investing in heavy-duty truck charging and swapping projects[74] - The group intends to strengthen the operation management of charging stations to assist operators in upgrading their infrastructure[76] Dividends and Shareholder Returns - The board of directors does not recommend the payment of any final dividend for the year ended December 31, 2024[3] - The company did not declare any dividends for the year ended December 31, 2024, consistent with the previous year[40] - The group does not recommend any final dividend for the year ending December 31, 2024[134] Employee and Operational Metrics - As of December 31, 2024, the group employed 441 employees, with total employee compensation amounting to approximately RMB 66,920,000, an increase from RMB 61,230,000 in 2023[126] - The average credit period for purchases remained at 90 days for both 2023 and 2024[47] Compliance and Governance - The audit committee has reviewed the group's annual performance for the year ending December 31, 2024, and confirmed compliance with applicable corporate governance codes[142] - There have been no significant events occurring after December 31, 2024, aside from those disclosed in the announcement[143]

Financial Performance - For the six months ended June 30, 2024, China Titans Energy Technology Group recorded a revenue of approximately RMB 148,007,000, representing a growth of about 6.56% compared to the same period last year[7]. - The group reported a loss attributable to the owners of the company of approximately RMB 29,290,000, a decline of about RMB 34,887,000 compared to a profit of RMB 5,597,000 in the previous year[8]. - The company's revenue for the six months ended June 30, 2024, was approximately RMB 148,007,000, representing a growth of about 6.56% compared to RMB 138,891,000 for the same period in 2023[21]. - For the six months ended June 30, 2024, the company recorded a loss attributable to owners of approximately RMB 29,290,000, a decrease of RMB 34,887,000 compared to a profit of RMB 5,597,000 for the same period in 2023[33]. - The basic and diluted loss per share for the six months ended June 30, 2024, was RMB 1.96, compared to a profit of RMB 0.52 per share for the same period in 2023[34]. - The company reported a net loss of RMB 29,564,000 for the six months ended June 30, 2024, compared to a profit of RMB 5,250,000 in the same period of 2023[59]. - The gross profit for the same period was RMB 47,276,000, slightly down from RMB 47,558,000, resulting in a gross margin of approximately 31.9%[58]. Revenue Breakdown - The sales revenue from power DC products was approximately RMB 60,122,000, an increase of about 11.72% from RMB 53,813,000 in the same period last year[9]. - The sales revenue from electric vehicle charging equipment was approximately RMB 75,914,000, reflecting a growth of about 6.31% compared to RMB 71,410,000 in the previous year[10]. - The sales revenue from electric vehicle charging services decreased by approximately 12.66%, amounting to RMB 11,892,000, down from RMB 13,616,000 in the same period last year[11]. - The company’s other business revenue, primarily from electric vehicle-related leasing, was approximately RMB 79,000, marking a growth of about 51.92% from RMB 52,000 in the same period last year[12]. - Revenue from electric vehicle charging services was approximately RMB 11,892,000, a decrease of 12.66% year-on-year due to reduced charging volumes at some bus charging stations[17]. - Revenue from the sale of electronic products reached RMB 147,928,000, with significant contributions from power DC systems (RMB 60,122,000) and charging equipment (RMB 75,914,000)[70]. Cost and Expenses - The cost of sales increased from approximately RMB 91,333,000 for the six months ended June 30, 2023, to approximately RMB 100,731,000 for the same period in 2024, primarily due to increased sales volume[22]. - Gross profit decreased from approximately RMB 47,558,000 in 2023 to approximately RMB 47,276,000 in 2024, with the overall gross margin declining from 34.24% to 31.94%[23][24]. - Selling and distribution expenses increased by approximately 14.99% from RMB 27,957,000 in 2023 to RMB 32,149,000 in 2024, driven by higher sales-related costs[27]. - Administrative expenses rose by approximately 23.67% from RMB 31,328,000 in 2023 to RMB 38,743,000 in 2024, mainly due to increased personnel costs and other operational expenses[28]. - Financial costs increased by approximately 5.41% from RMB 4,196,000 in 2023 to RMB 4,423,000 in 2024, although the percentage of financial costs to revenue decreased from 3.02% to 2.99%[31]. Assets and Liabilities - As of June 30, 2024, the company's short-term bank deposits, bank balances, and cash were approximately RMB 162,354,000, down from RMB 219,772,000 as of December 31, 2023[36]. - The net current assets as of June 30, 2024, were approximately RMB 476,953,000, compared to RMB 458,881,000 as of December 31, 2023[36]. - The total amount of bank and other borrowings as of June 30, 2024, was RMB 213,156,000, an increase of RMB 56,607,000 compared to RMB 156,549,000 as of December 31, 2023[39]. - The company's liquidity ratio (current assets divided by current liabilities) was 2.28 as of June 30, 2024, compared to 2.16 as of December 31, 2023[39]. - Total assets as of June 30, 2024, were RMB 849,990,000, a slight decrease from RMB 853,739,000 as of December 31, 2023[61]. - Current liabilities decreased to RMB 373,037,000 from RMB 394,858,000 at the end of 2023, indicating improved liquidity management[61]. - The total liabilities as of June 30, 2024, were RMB 487,653,000, an increase from RMB 460,210,000 as of December 31, 2023[74]. Investments and Future Plans - The company plans to utilize approximately RMB 94.14 million (50%) of the net proceeds from the subscription for expanding its electric vehicle charging services by the end of 2025[38]. - Approximately RMB 75.32 million (40%) of the net proceeds will be used for expanding the electric vehicle charging equipment business by the end of 2024[38]. - The company plans to enhance production capacity through a new factory in Tangshan, covering approximately 17,400 square meters, and optimize existing facilities in Zhuhai, Guangdong[50]. - The company aims to increase market penetration and share by solidifying existing partnerships and expanding investment in new product promotion[50]. - The company will focus on upgrading charging station operations and management, leveraging past investment experience to improve service levels[51]. - The company is committed to R&D, enhancing core competitiveness by upgrading existing charging products and developing new monitoring systems[52]. Corporate Governance and Compliance - The board has not declared an interim dividend for the six months ending June 30, 2024[54]. - The company has complied with all applicable corporate governance codes during the reporting period[55]. - There were no significant lawsuits or arbitration proceedings during the six months ending June 30, 2024[56]. - The company has no significant contingent liabilities as of June 30, 2024[46]. Shareholder Information - The major shareholder, Tangshan State-owned Assets Supervision and Administration Commission, holds 566,970,000 shares, accounting for 38.00% of the company's issued share capital[114]. - Mr. Li Xin Qing holds 205,709,875 shares, representing approximately 13.79% of the company's issued share capital[111]. - The company has a total of 84,096,000 shares held by both Zhongshan Dayang Electric Co., Ltd. and Mr. Lu Chu Ping, each representing 5.64% of the issued share capital[114]. - As of June 30, 2024, Ms. Zeng Zhen holds 206,309,875 shares, representing approximately 13.83% of the company's issued share capital[114]. Research and Development - The company is committed to R&D, enhancing core competitiveness by upgrading existing charging products and developing new monitoring systems[52]. - Research and development expenses amounted to RMB 11,265,000, a decrease from RMB 13,317,000 in the previous year, reflecting a reduction of 15%[83].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 148,007,000, an increase of 6.4% compared to RMB 138,891,000 for the same period in 2023[2]. - The gross profit for the same period was RMB 47,276,000, slightly down from RMB 47,558,000, resulting in a gross margin of 31.9%[2]. - The company incurred a loss before tax of RMB 31,753,000, compared to a profit of RMB 4,637,000 in the previous year, indicating a significant decline in profitability[2]. - The net loss attributable to the owners of the company for the period was RMB 29,290,000, compared to a profit of RMB 5,597,000 in the same period last year[3]. - Basic and diluted loss per share was reported at RMB 1.96, a decrease from earnings of RMB 0.52 per share in the prior year[3]. - The company reported a loss of RMB 29,290,000 for the six months ended June 30, 2024, compared to a profit of RMB 5,597,000 in the same period of 2023[21]. - The company recorded a loss attributable to owners of approximately RMB 29,290,000 for the six months ended June 30, 2024, compared to a profit of approximately RMB 5,597,000 for the same period in 2023, representing an increase in loss of approximately RMB 34,887,000[53]. Revenue Breakdown - Revenue from the sale of electronic products reached RMB 147,928,000, with specific contributions of RMB 60,122,000 from power DC systems and RMB 75,914,000 from charging equipment[11]. - The revenue from electric vehicle charging services was RMB 11,892,000, a decrease from RMB 13,616,000 in the previous year, indicating a decline of approximately 12.7%[11]. - The company’s total revenue from leasing electric vehicles was RMB 79,000, showing a significant increase from RMB 52,000 in the previous year[11]. - Sales of power DC products reached approximately RMB 60,122,000, an increase of about 11.72% compared to RMB 53,813,000 in the same period last year[31]. - Sales of electric vehicle charging equipment amounted to approximately RMB 75,914,000, reflecting a growth of about 6.31% from RMB 71,410,000 year-on-year[31]. - Titan Group's revenue from electric vehicle charging equipment reached approximately RMB 75,914,000, representing a year-on-year increase of 6.31%[35]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 849,990,000, a slight decrease from RMB 853,739,000 at the end of 2023[4]. - Total assets as of June 30, 2024, amounted to RMB 1,077,665,000, slightly down from RMB 1,078,847,000 as of December 31, 2023[15]. - Total liabilities increased to RMB 487,653,000 as of June 30, 2024, compared to RMB 460,210,000 as of December 31, 2023[15]. - Current liabilities decreased to RMB 373,037,000 from RMB 394,858,000, reflecting improved liquidity management[6]. - The company’s cash and cash equivalents were RMB 162,354,000, down from RMB 219,772,000, indicating a reduction in cash reserves[4]. - Accounts receivable decreased to RMB 272,766,000 as of June 30, 2024, down from RMB 306,613,000 as of December 31, 2023[27]. - Accounts payable decreased to RMB 198,599,000 as of June 30, 2024, compared to RMB 215,509,000 as of December 31, 2023[28]. Operational Strategies - The company plans to expand its electric vehicle leasing and charging services, aiming to capture a larger market share in the renewable energy sector[7]. - The company is focusing on enhancing its financial performance through cost management and operational efficiency improvements[7]. - The company plans to continue focusing on the development of new technologies and market expansion strategies to enhance future performance[16]. - Titan is expanding its marketing efforts by increasing investment in sales teams and establishing new sales channels in market gaps[40]. - The company aims to strengthen the operation management of charging stations, focusing on upgrading facilities in public areas and promoting integrated energy service stations[72]. - The company is committed to increasing R&D investment to enhance core competitiveness, including upgrades to charging pile products and the development of new monitoring systems[73]. Research and Development - Research and development expenses amounted to RMB 11,265,000 in the six months ended June 30, 2024, compared to RMB 13,317,000 in the same period of 2023[19]. - The company achieved five invention patents during the reporting period, focusing on innovations in charging technology and safety measures[39]. - The group has increased its R&D investment, focusing on charging and energy storage technologies, and has made significant progress in this area[38]. Corporate Governance and Compliance - The board of directors did not declare an interim dividend for the six months ending June 30, 2024[75]. - The company has complied with all applicable corporate governance codes during the reporting period[76]. - There were no significant lawsuits or arbitration proceedings involving the company during the reporting period[79]. - The audit committee has reviewed and discussed the accounting principles and practices adopted by the company, as well as risk management and internal control systems[80]. Future Outlook - The company anticipates continued growth in the power DC product segment due to increasing demand from the expanding power system construction[33]. - The company anticipates that the net proceeds from the sale will improve cash flow and provide flexibility for future investment opportunities[61]. - The company anticipates that by 2025, the number of new energy vehicles in China will exceed 40 million, driven by government policies promoting charging infrastructure and collaborative construction[69]. - In June 2024, the government announced a plan to support the electrification of urban buses and the replacement of old diesel trucks, with an allocation of approximately 300 billion yuan for long-term special bonds to facilitate equipment upgrades and consumer goods replacement[70].

Environmental and Social Responsibility - The report covers the environmental and social policies and key performance indicators of three major subsidiaries in China, including Titan Power Electronics, Titan Technology, and Zhuhai Yilian, for the period from January 1, 2023, to December 31, 2023[1]. - The company is committed to sustainable development strategies covering environmental protection, social responsibility, product responsibility, and employment relations[8]. - The company will continue to review its environmental and social performance and consider including more business areas in future reports[1]. - The company aims to enhance the comparability of its sustainability performance indicators across annual reports[3]. - The company encourages electronic communication with shareholders to reduce environmental impact and improve information dissemination[21]. Corporate Governance - The board of directors confirmed the responsibility for presenting a true and fair view of the group's financial position and performance, with no significant uncertainties affecting the company's ability to continue as a going concern[9]. - The audit committee reviewed the accounting principles and practices adopted by the group, discussing internal controls and financial reporting matters, with non-audit service fees amounting to HKD 230,000 for the interim financial report review[13]. - The company ensures independent opinions are obtained for board decisions, with all independent non-executive directors confirmed as independent[29]. - The board will regularly review the diversity criteria for director candidates to enhance governance standards[27]. - The company has adhered to all applicable provisions of the Corporate Governance Code as of December 31, 2023, with no significant deviations reported[188]. Financial Performance - The company recorded a revenue of approximately RMB 374,277,000 for the year, representing an increase of about 8.53% compared to the previous year[52]. - The company reported a loss attributable to owners of approximately RMB 43,979,000 for the year due to decreased gross margin from marketing strategy adjustments, increased administrative and sales expenses, and higher provisions for trade receivables[52]. - The gross profit for 2023 was RMB 107,802,000, a decrease from RMB 110,319,000 in 2022, indicating a decline of about 2.29%[86]. - The company recorded a net loss attributable to shareholders of RMB (43,979,000) in 2023, worsening from a loss of RMB (18,227,000) in 2022[86]. - The total assets increased to RMB 1,078,847,000 in 2023, up from RMB 906,964,000 in 2022, reflecting a growth of approximately 18.91%[86]. Operational Efficiency - The inventory turnover period increased to 253 days in 2023 from 240 days in 2022[61]. - The trade receivables turnover period improved to 261 days in 2023 from 269 days in 2022[61]. - The current ratio increased to 2.16 in 2023 from 1.96 in 2022, indicating improved liquidity[61]. - The capital debt ratio decreased to 14.51% in 2023 from 18.14% in 2022, reflecting a reduction in financial leverage[61]. - The company aims to optimize its supply chain structure to achieve high-quality development[99]. Employee and Workforce Management - As of December 31, 2023, the board consists of 7 male directors and 1 female director, achieving over 10% female representation[27]. - The company's workforce gender ratio is currently 329 males for every 113 females, an improvement from last year's ratio of 287 males for every 109 females[28]. - The total employee compensation for the year ended December 31, 2023, was approximately RMB 61,230,000, an increase from RMB 59,101,000 in 2022[175]. - The company employed 442 staff as of December 31, 2023, an increase from 396 employees in the previous year[175]. - All employees in China are entitled to participate in the basic pension insurance plan, with contributions shared between the group and employees as per local laws[197]. Strategic Development - The company plans to restart investment operations in Tangshan, focusing on building new energy battery swap stations and charging stations[75]. - The company aims to enhance its product technology and expand its business areas in response to national development needs[75]. - The company plans to leverage the unique competitive advantage of combining state-owned and listed company resources to enhance strategic, financial, operational, and management capabilities[81]. - The company has introduced a 38% state-owned capital equity through a targeted placement to enhance strategic, financial, operational, and management capabilities[125]. - The company aims to strengthen its core technology in power electronics and develop new monitoring product systems, including a liquid-cooled ultra-fast charging series with a power output of up to 720 kW and an average efficiency of 96%[123]. Market and Revenue Growth - The revenue from electric vehicle charging services was approximately RMB 26,517,000, reflecting a year-on-year increase of 17.74%[72]. - The company’s electric power DC products generated revenue of approximately RMB 141,021,000, which is a year-on-year increase of about 13.90%[70]. - The sales volume of new energy vehicles in 2023 was 9.495 million units, with a charging infrastructure increase of 3.386 million units, up 30.6% year-on-year[69]. - The electric vehicle market is expected to exceed 40 million units by 2025, indicating a strong growth outlook for the charging infrastructure sector[73]. - The growth in revenue was primarily driven by the recovery of domestic economic order post-COVID-19, with significant increases in electric power DC products by approximately 13.90%, electric vehicle charging equipment by approximately 4.18%, and electric vehicle charging services by approximately 17.74%[126].

Revenue Growth - Revenue increased from approximately RMB 344,848,000 for the year ended December 31, 2022, to approximately RMB 374,277,000 for the year ended December 31, 2023, representing a growth of about 8.53%[5] - The growth in revenue was primarily due to the effective control of the domestic COVID-19 pandemic, leading to a gradual recovery of the domestic economic order and increased market demand[5] - Total revenue for the year 2023 reached RMB 374,199,000, an increase from RMB 344,711,000 in 2022, representing a growth of approximately 8.5%[74] - The company reported a revenue of approximately RMB 374,277,000 for the year ended December 31, 2023, representing an increase of about 8.53% compared to RMB 344,848,000 in the previous year[115] - Revenue from the sale of electric products, including power DC systems and charging equipment, was RMB 347,682,000, up from RMB 322,190,000 in the previous year[78] - Revenue from electric vehicle charging services was RMB 26,517,000, up from RMB 22,521,000, reflecting a growth of about 17.7%[74] - Revenue from electric vehicle charging equipment was approximately RMB 206,661,000, an increase of about 4.18% compared to the previous year[164] - The company's electric power direct current products generated revenue of approximately RMB 141,021,000, a year-on-year increase of about 13.90%[156] Financial Performance - The group reported a loss attributable to non-controlling interests of approximately RMB 2,324,000 for the year ended December 31, 2023, compared to a loss of approximately RMB 374,000 for the year ended December 31, 2022[13] - The company reported a loss before tax of RMB 51,066,000 for the year, compared to a loss of RMB 22,418,000 in 2022, indicating a significant increase in losses[79] - The group reported a basic loss per share of RMB 3.41 for the year ended December 31, 2023, compared to RMB 1.97 in 2022[55] - The diluted loss per share for 2023 was RMB 3.41, compared to RMB 1.97 in 2022, reflecting a worsening financial performance[81] - The loss attributable to the owners of the company for the year was approximately RMB 43,979,000, compared to a loss of RMB 18,227,000 in the previous year[96] - The company reported a total loss attributable to shareholders of approximately RMB 43,979,000 for 2023, an increase of about RMB 25,752,000 compared to a loss of RMB 18,227,000 in 2022[131] - The company reported a total loss of RMB 54,410,000 in comprehensive expenses for 2023, an increase of approximately RMB 32,366,000 from RMB 22,044,000 in 2022[131] Assets and Liabilities - As of December 31, 2023, the group's total assets minus current liabilities amounted to RMB 683,989,000, an increase from RMB 569,099,000 in 2022[56] - The group's net asset value increased to RMB 618,637,000 as of December 31, 2023, compared to RMB 502,603,000 in the previous year[56] - The group's current liabilities totaled RMB 394,858,000 as of December 31, 2023, up from RMB 337,865,000 in 2022[56] - The group’s current assets were approximately RMB 853,739,000, up from RMB 660,740,000 in the previous year, while current liabilities increased to RMB 394,858,000 from RMB 337,865,000[195] - The group’s bank balances and cash amounted to approximately RMB 219,772,000 as of December 31, 2023, significantly higher than RMB 84,713,000 in the previous year[195] - The total equity of the group reached approximately RMB 618,637,000 as of December 31, 2023, compared to RMB 502,603,000 as of December 31, 2022[195] Inventory and Receivables - The group's inventory balance increased from approximately RMB 177,460,000 as of December 31, 2022, to approximately RMB 192,099,000 as of December 31, 2023[16] - The impairment loss on trade receivables was approximately RMB 25,991,000 for the year ended December 31, 2023, compared to approximately RMB 12,940,000 for the year ended December 31, 2022[20] - The company's trade receivables, net of impairment losses, amounted to RMB 306,613,000 in 2023, compared to RMB 299,547,000 in 2022[126] Expenses and Costs - The gross profit for the year was RMB 107,802,000, down from RMB 110,319,000 in the previous year[98] - The gross profit decreased from RMB 110,319,000 to RMB 107,802,000, a reduction of about 2.28%, with the gross margin declining from approximately 31.99% to 28.80%[177] - The company’s total expenses for the year amounted to RMB 56,734,000, up from RMB 22,418,000 in the previous year[104] - Administrative and other expenses increased by approximately 24.41% to RMB 80,016,000, accounting for about 21.38% of revenue, up from 18.65%[179] - Financial costs for the year were RMB 8,815,000, compared to RMB 9,726,000 in the previous year[98] - Financial costs decreased by approximately 9.37% to RMB 8,815,000, with financial costs as a percentage of revenue dropping from about 2.82% to 2.36%[182] Strategic Plans and Investments - The group plans to restart investment operations focusing on Tangshan City, with plans to invest in new energy battery swap stations and charging stations[2] - The company plans to continue expanding its market presence and investing in new technologies to enhance its product offerings[73] - The company plans to expand its electric vehicle charging infrastructure, with a target of adding 3,000 charging piles and 5,000 charging parking spaces in 2024[141] - The company plans to restart investment, construction, and operation of new charging station projects in 2024[172] - The company aims to enhance its product technology and expand its business areas in response to national development needs[171] - The company is focusing on software development delivery and optimizing features that meet market demand, including remote power adjustment and battery status monitoring[167] - The company is developing a new series of liquid-cooled ultra-fast charging products with a power capacity of up to 720 kW and an average efficiency of 96%[173] - The company plans to invest 50% of its funds, approximately HKD 94.14 million, in expanding electric vehicle charging services by the end of 2025[194] - The company has allocated 40% of its funds, approximately HKD 75.32 million, for equipment business expansion, with HKD 24.11 million already utilized[194] Market Position and Collaboration - The group aims to enhance its market position by jointly developing the market and expanding promotional channels with state-owned capital platforms[4] - The company aims to leverage the growing demand for electric vehicle charging services, with projections indicating that the number of new energy vehicles in China will exceed 40 million by 2025[140] - The company is collaborating with state-owned platforms to create better future opportunities[174] Corporate Governance and Compliance - The group has complied with all applicable corporate governance codes without any significant deviations[35] - The audit committee reviewed the group's accounting principles and internal controls for the year ended December 31, 2023[37]

Financial Performance - For the six months ended June 30, 2023, China Titans Energy Technology Group recorded revenue of approximately RMB 138,891,000, representing a year-on-year increase of about 10.90%[12] - The net profit attributable to the owners of the company for the reporting period was approximately RMB 5,597,000, a turnaround from a loss of RMB 11,037,000 in the previous year, representing an increase of approximately RMB 16,634,000[12] - The total revenue for the reporting period was approximately RMB 138,891,000, representing a year-on-year growth of 10.90%[31] - The gross profit increased from approximately RMB 40,988,000 in the previous year to approximately RMB 47,558,000, reflecting a growth of about 16.00%[33] - The overall gross margin improved from approximately 32.73% in the previous year to about 34.24%[35] - The company reported a profit before tax of RMB 4,637,000, a turnaround from a loss of RMB 10,939,000 in the same period last year[104] - Net profit for the period was RMB 5,250,000, compared to a loss of RMB 11,537,000 in the previous year, marking a significant improvement[106] - Basic and diluted earnings per share for the six months ended June 30, 2023, were RMB 0.52, compared to basic and diluted losses per share of RMB 1.19 in the same period of 2022[61] Revenue Breakdown - The sales revenue from power DC products was approximately RMB 53,813,000, an increase of about 16.68% compared to RMB 46,119,000 for the same period last year[14] - The sales revenue from electric vehicle charging equipment was approximately RMB 71,410,000, reflecting a growth of about 5.06% from RMB 67,973,000 in the previous year[15] - The electric vehicle charging services generated sales of approximately RMB 13,616,000, marking a significant increase of about 22.84% compared to RMB 11,084,000 in the same period last year[20] - The revenue breakdown includes RMB 53,813,000 from DC systems, RMB 71,410,000 from charging equipment, and RMB 13,616,000 from charging services and construction[129] Market and Industry Trends - As of June 2023, China's new energy vehicle production and sales reached 3.788 million and 3.747 million units, respectively, with year-on-year growth of 42.4% and 44.1%[17] - The national electricity consumption reached 4,307.6 billion kWh by June 2023, reflecting a year-on-year increase of 5.0%[18] - The charging infrastructure in China saw an increase of 1.442 million units in the first half of 2023, with a total of 6.652 million units, representing a year-on-year increase of 69.8%[24] - The company anticipates continued growth in the electric vehicle sector supported by favorable government policies and a recovering economy[22] Operational Developments - The company successfully won multiple bids for electric vehicle charging equipment projects, including contracts with major state-owned enterprises[27] - The company added 2 new charging infrastructure stations during the reporting period, focusing on redeveloping existing sites to increase effective station numbers[28] - The company plans to enhance product profitability in response to the improving economic conditions and increasing demand for charging services[33] - The company aims to expand its business scale and enhance its corporate image in line with the government's focus on the development of the new energy vehicle industry, supported by multiple policies issued in 2023[89] Financial Position and Liquidity - As of June 30, 2023, the company's listed equity securities amounted to RMB 2,016 million, down from RMB 2,834 million at the end of 2022, reflecting a decrease of approximately 29%[42] - The group’s net current assets were approximately RMB 538,133,000 as of June 30, 2023, compared to RMB 322,875,000 as of December 31, 2022, indicating strong liquidity growth[74] - The current ratio improved to 2.67 as of June 30, 2023, compared to 1.96 on December 31, 2022, while the debt-to-asset ratio decreased to 14.19% from 18.15%[77] - The company recorded a foreign exchange gain of approximately RMB 6,970,000 during the reporting period, compared to none in the same period last year[87] Employee and Management - The company emphasized talent development by providing diverse training programs and skill competitions for employees[29] - The company's short-term employee benefits for executive directors increased to RMB 776,000 in the first half of 2023, compared to RMB 731,000 in the same period of 2022, representing a growth of approximately 6.2%[44] - The group employed 408 staff, a slight increase from 405 staff as of June 30, 2022[62] Shareholder and Capital Structure - The total number of shares outstanding increased to 1,492,026,000 as of June 30, 2023, following the issuance of 566,970,000 new ordinary shares[42] - The company completed the issuance of new ordinary shares at a price of HKD 0.34 per share, with the market price at the time of agreement being HKD 0.33 per share[43] - The company aims to enhance market confidence in its long-term development through the subscription agreement, which is expected to broaden its shareholder base[65] Research and Development - Research and development expenses for the six months ended June 30, 2023, were RMB 13,317,000, up from RMB 10,129,000 in the same period of 2022[138] - The company is focused on the development of new technologies and products in the electric vehicle sector[118] Compliance and Governance - The company maintains compliance with the public float requirements as per the listing rules[181] - The appointment of Mr. Gao Xia as the chairman of the company took effect on May 24, 2023[184]

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，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 China Titans Energy Technology Group Co., Limited 中國泰坦能源技術集團有限公司* （於開曼群島註冊成立的有限公司） （股份代號：2188） 截至二零二三年六月三十日止六個月 中期業績公告 中國泰坦能源技術集團有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公 司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「報告期」） 之中期業績，連同二零二二年同期之比較數字。該等簡明綜合中期財務資料未經 審核，惟已經由本公司審核委員會審閱。 ...

Financial Performance - In 2022, the company's revenue reached RMB 344.848 million, a slight increase of 2.2% compared to RMB 337.344 million in 2021[10]. - The gross profit for 2022 was RMB 110.319 million, down 3.7% from RMB 114.421 million in 2021[10]. - The net loss attributable to shareholders was RMB 18.227 million in 2022, compared to a profit of RMB 18.595 million in 2021[10]. - The company incurred a loss attributable to shareholders of approximately RMB 18,227,000, primarily due to increased costs and expenses, as well as an increase in provisions for receivables due to the pandemic[21][22]. - The total revenue increased from approximately RMB 337,344,000 to about RMB 344,848,000, reflecting a growth of approximately 2.22% due to the recovery of domestic economic order[41]. - The cost of revenue rose from RMB 222,923,000 to RMB 234,529,000, an increase of about 5.20%, primarily due to the growth in revenue[42]. - Gross margin declined from approximately 33.92% in the previous year to about 31.99% in the current year, primarily due to intensified market competition in the direct current power product sales[44]. - The company reported a total comprehensive expense of approximately RMB 22,044,000 for the year ended December 31, 2022, a decrease of approximately RMB 39,225,000 compared to the total comprehensive income of approximately RMB 17,181,000 for the year ended December 31, 2021[55]. Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 906.964 million, an increase from RMB 866.432 million in 2021[11]. - The current ratio decreased to 1.96 in 2022 from 2.17 in 2021, indicating a decline in short-term financial health[13]. - The company reported a capital debt ratio of 18.14% in 2022, slightly down from 18.90% in 2021, indicating improved leverage[13]. - Trade receivables increased from approximately RMB 274,405,000 as of December 31, 2021, to approximately RMB 299,547,000 as of December 31, 2022, primarily due to delayed payment timelines from certain customers affected by the pandemic[61]. - The impairment loss on trade receivables was approximately RMB 12,940,000 for the year ended December 31, 2022, compared to approximately RMB 150,000 for the year ended December 31, 2021[63]. - The company's bank borrowings and other borrowings totaled approximately RMB 164,583,000 as of December 31, 2022, compared to approximately RMB 163,778,000 as of December 31, 2021[68]. - The group's current assets amounted to approximately RMB 660,740,000, an increase from RMB 611,007,000 as of December 31, 2021, while current liabilities rose to approximately RMB 337,865,000 from RMB 282,155,000[71]. Market and Industry Trends - The total number of electric vehicle charging infrastructure units reached 5.21 million by the end of 2022, a year-on-year increase of 99.1%[17]. - The sales of new energy vehicles in China reached 6.887 million units in 2022, marking a year-on-year growth of 93.45%[17]. - The penetration rate of new energy vehicles is expected to continue growing rapidly, benefiting the company’s position in the electric power and electric vehicle charging industry[21]. - The penetration rate of new energy vehicles in China increased from approximately 16% in 2021 to 27% in 2022, indicating a strong growth trend in the electric vehicle market[184]. Strategic Initiatives - The company plans to focus on expanding its market presence in the new energy sector, leveraging the growth in electric vehicle sales and charging infrastructure[17]. - The company is actively seeking strategic partnerships and has signed a share subscription agreement with a subsidiary of the Tangshan Municipal Government[28]. - The company plans to focus on expanding its market in electric power direct current products and electric vehicle charging products, targeting new customer channels in sectors like wind power and railways[37]. - The company aims to enhance its technological capabilities and product quality through continuous innovation and development of new products, including battery swapping and energy storage systems[38]. - The company is investing 50 million in R&D for innovative technologies in renewable energy solutions[91]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[91]. - A strategic acquisition of a local competitor is in progress, expected to increase market penetration by 15%[91]. Governance and Corporate Structure - The company achieved compliance with all applicable code provisions of the Corporate Governance Code as of December 31, 2022[94]. - The board consists of two executive directors and three independent non-executive directors, ensuring diverse oversight[97]. - The management team is responsible for daily operations, while the board oversees financial performance and strategic decisions[104]. - The company has established a clear governance structure, ensuring compliance with regulations and enhancing decision-making processes[116]. - The board aims to achieve gender diversity by appointing at least one female director by December 31, 2024, with a target of over 10% female representation in future years[141]. Sustainability and ESG Initiatives - The group has established a clear sustainable development strategy focusing on environmental protection, resource efficiency, and community engagement, aiming to create value for customers, investors, and employees[164]. - The company is committed to sustainable development by reducing greenhouse gas emissions and improving air quality through the promotion of electric vehicles[183]. - The company has achieved ISO 14001:2015 international standard certification for its environmental management system[199]. - The company identified 29 ESG issues across five categories, with a focus on workplace quality, environmental protection, operational norms, product responsibility, and community contribution[181]. - The company maintains regular communication with stakeholders, including shareholders, customers, and regulatory bodies, to address their expectations and concerns[175]. Operational Performance - The user base of the "Yichongdian Platform" exceeded 410,000, despite the decline in charging service revenue[32]. - The "Yichongdian" mobile application has over 410,000 users as of 2022, offering real-time station status and reservation services[194]. - The company has established efficient public and dedicated charging networks in cities including Zhuhai, Shaoguan, Foshan, Hefei, Shanghai, and Beijing[193]. - The company emphasizes customer satisfaction as a quality goal and has established a 24-hour service hotline for customer complaints[195]. - The company has implemented energy-saving measures in its operations, including eco-friendly designs in new factory constructions[199].