[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Company Overview and Scope of Report](index=1&type=section&id=Company%20Overview%20and%20Scope%20of%20Report) This announcement from China Titan Energy Technology Group Co., Ltd. discloses unaudited interim results for the six months ended June 30, 2025, reviewed by the audit committee - China Titan Energy Technology Group Co., Ltd. released its interim results announcement for the six months ended June 30, 2025[2](index=2&type=chunk) - The condensed consolidated interim financial information is unaudited but has been reviewed by the company's audit committee[3](index=3&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) [Key Financial Performance](index=2&type=section&id=Key%20Financial%20Performance) For the six months ended June 30, 2025, the Group experienced a year-on-year decrease in turnover, a significant reduction in gross profit, and an expanded loss for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change (RMB thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Turnover | 137,218 | 148,007 | (10,789) | -7.29% | | Cost of sales | (101,486) | (100,731) | (755) | 0.75% | | Gross profit | 35,732 | 47,276 | (11,544) | -24.42% | | Other income and gains | 1,951 | 4,164 | (2,213) | -53.15% | | Selling and distribution expenses | (26,336) | (32,149) | 5,813 | -18.08% | | Administrative and other expenses | (35,187) | (38,743) | 3,556 | -9.18% | | Loss before tax | (29,804) | (31,753) | 1,949 | -6.14% | | Loss for the period | (29,809) | (29,564) | (245) | 0.83% | | Loss for the period attributable to owners of the Company | (29,618) | (29,290) | (328) | 1.12% | | Basic and diluted loss per share | (1.99 cents) | (1.96 cents) | (0.03 cents) | 1.53% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Asset and Liability Structure](index=4&type=section&id=Asset%20and%20Liability%20Structure) As of June 30, 2025, the Group's total assets slightly decreased, with non-current assets increasing while current assets and current liabilities both decreased Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | | Property, plant and equipment | 171,265 | 155,907 | 15,358 | 9.85% | | Interests in associates | 19,455 | 20,392 | (937) | -4.59% | | Total non-current assets | 236,847 | 221,823 | 15,024 | 6.77% | | **Current assets** | | | | | | Inventories | 162,599 | 143,082 | 19,517 | 13.64% | | Trade receivables | 321,705 | 380,413 | (58,708) | -15.43% | | Restricted bank balances | 21,883 | 56,874 | (34,991) | -61.52% | | Bank balances and cash | 154,588 | 133,861 | 20,727 | 15.48% | | Total current assets | 755,088 | 798,874 | (43,786) | -5.48% | | **Current liabilities** | | | | | | Trade and bills payables | 130,280 | 155,765 | (25,485) | -16.36% | | Bank and other borrowings (current) | 209,534 | 155,800 | 53,734 | 34.49% | | Total current liabilities | 379,369 | 386,403 | (7,034) | -1.82% | | Net current assets | 375,719 | 412,471 | (36,752) | -8.91% | | **Non-current liabilities** | | | | | | Bank and other borrowings (non-current) | 60,581 | 53,968 | 6,613 | 12.25% | | Total non-current liabilities | 71,896 | 65,283 | 6,613 | 10.13% | | Net assets | 540,670 | 569,011 | (28,341) | -4.98% | | Total equity | 540,670 | 569,011 | (28,341) | -4.98% | [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [1. General Information](index=6&type=section&id=1.%20General%20Information) This section outlines China Titan Energy Technology Group Co., Ltd.'s registration, listing, ultimate controlling party, main business scope, and presentation currency - The Company was incorporated in the Cayman Islands and its shares are listed on the Hong Kong Stock Exchange[8](index=8&type=chunk) - The ultimate controlling party is the State-owned Assets Supervision and Administration Commission of Tangshan Municipal People's Government, China[8](index=8&type=chunk) - Principal activities include the supply of power electronic products and equipment, sales and leasing of electric vehicles, provision of electric vehicle charging services, and BOT charging pile construction services, with the Company's principal business being investment holding[9](index=9&type=chunk) - The condensed consolidated financial statements are presented in Renminbi[10](index=10&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and applicable disclosure requirements of Appendix D2 to the Listing Rules - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and Appendix D2 to the Listing Rules of the Stock Exchange[11](index=11&type=chunk) [3. Principal Accounting Policies](index=6&type=section&id=3.%20Principal%20Accounting%20Policies) The condensed consolidated financial information is prepared on a historical cost basis, with accounting policies consistent with last year's annual financial statements, and new HKFRS amendments have no material impact - The condensed consolidated financial information is prepared on a historical cost basis, except for certain financial instruments measured at fair value[12](index=12&type=chunk) - The new and revised Hong Kong Financial Reporting Standards (e.g., HKAS 21 amendments) applied for the first time in the current period have no material impact on financial performance and position[13](index=13&type=chunk) [4. Revenue and Segment Information](index=7&type=section&id=4.%20Revenue%20and%20Segment%20Information) Group revenue primarily derives from sales of electronic products, EV charging services, and other businesses, with total revenue decreasing year-on-year due to reduced power DC system and charging service revenue - Turnover primarily derives from sales of electronic products (power DC systems, energy storage equipment, electric vehicle charging equipment), provision of electric vehicle charging services, and other business income such as electric vehicle sales and leasing[14](index=14&type=chunk) Revenue Analysis (For the six months ended June 30) | Principal Product or Service Lines | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change (RMB thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sales of electronic products - Power DC systems | 46,858 | 60,122 | (13,264) | -22.06% | | Sales of electronic products - Charging equipment | 79,053 | 75,914 | 3,139 | 4.13% | | Provision of electric vehicle charging services | 11,130 | 11,892 | (762) | -6.41% | | Other business income such as electric vehicle sales and leasing | 177 | 79 | 98 | 124.05% | | **Total Turnover** | **137,218** | **148,007** | **(10,789)** | **-7.29%** | Segment Results (For the six months ended June 30) | Segment | 2025 Revenue (RMB thousands) | 2025 Results (RMB thousands) | 2024 Revenue (RMB thousands) | 2024 Results (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Power DC systems | 46,858 | 7,356 | 60,122 | 13,893 | | Charging equipment | 79,053 | 26,435 | 75,914 | 24,876 | | Charging services | 11,130 | 849 | 11,892 | 342 | | Unallocated | 177 | 133 | 79 | 25 | | **Total** | **137,218** | **34,773** | **148,007** | **39,136** | Segment Assets and Liabilities (As of June 30) | Segment | 2025 Assets (RMB thousands) | 2024 Assets (RMB thousands) | 2025 Liabilities (RMB thousands) | 2024 Liabilities (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Power DC systems | 263,699 | 290,023 | 55,209 | 94,993 | | Charging equipment | 444,879 | 435,716 | 93,142 | 100,161 | | Charging services | 53,158 | 51,564 | 13,113 | 27,715 | | **Total segments** | **761,736** | **777,303** | **161,464** | **222,869** | | Unallocated | 230,199 | 243,394 | 289,801 | 232,063 | | **Consolidated total** | **991,935** | **1,020,697** | **451,265** | **454,932** | [5. Income Tax (Expense) Credit](index=10&type=section&id=5.%20Income%20Tax%20(Expense)%20Credit) The Group recorded a deferred tax credit of RMB 5 thousand for the period, with no corporate income tax provision due to no taxable profits in Hong Kong and no taxable profits for its high-tech subsidiary in China Income Tax (Expense) Credit (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Deferred tax | (5) | 2,189 | - Hong Kong profits tax is calculated at **16.5%**, but no provision was made as the Group had no income in Hong Kong[22](index=22&type=chunk) - Zhuhai Titan Technology Co., Ltd. is certified as a high-tech enterprise, enjoying a preferential corporate income tax rate of **15%**, but no provision was made due to no taxable profits[22](index=22&type=chunk) [6. Loss for the Period](index=11&type=section&id=6.%20Loss%20for%20the%20Period) The loss for the period was primarily influenced by impairment losses on financial assets, depreciation and amortization, and research and development expenses Components of Loss for the Period (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net impairment losses on financial assets and contract assets | 49 | 8,668 | | Depreciation of property, plant and equipment | 9,169 | 11,759 | | Depreciation of right-of-use assets | 910 | 910 | | Amortisation of intangible assets | 4,243 | 2,443 | | Total depreciation and amortisation | 14,322 | 15,112 | | Cost of inventories recognised as an expense | 77,941 | 77,368 | | Research and development expenses (included in administrative and other expenses) | 13,328 | 11,265 | [7. Dividends](index=11&type=section&id=7.%20Dividends) No dividends were paid or proposed by the Company for the six months ended June 30, 2025 - The Company did not pay or propose any dividends during the reporting period[25](index=25&type=chunk) [8. Loss Per Share](index=12&type=section&id=8.%20Loss%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted loss per share attributable to owners of the Company increased to RMB 1.99 cents from RMB 1.96 cents last year Loss Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the purpose of calculating basic and diluted loss per share (RMB thousands) | (29,618) | (29,290) | | Weighted average number of ordinary shares (thousands of shares) | 1,492,026 | 1,492,026 | | Basic and diluted loss per share | (1.99 cents) | (1.96 cents) | - As the Group incurred a loss, the effect of share options was not included in the diluted loss per share, thus diluted loss per share is the same as basic loss per share[27](index=27&type=chunk) [9. Movements in Property, Plant and Equipment](index=12&type=section&id=9.%20Movements%20in%20Property,%20Plant%20and%20Equipment) During the reporting period, the Group's cost of acquiring property, plant and equipment significantly increased, with a small amount of property, plant and equipment written off - The Group acquired property, plant and equipment at a cost of approximately **RMB 24.8 million**, an increase from RMB 16.194 million in the same period last year[28](index=28&type=chunk) - The Group wrote off approximately **RMB 273 thousand** of property, plant and equipment[28](index=28&type=chunk) [10. Interests in Associates](index=13&type=section&id=10.%20Interests%20in%20Associates) As of June 30, 2025, the Group's interests in associates slightly decreased, maintaining significant influence over Jiangsu Titan Smart Technology Co., Ltd. and Guangdong Titan Intelligent Power Co., Ltd Interests in Associates (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Investment cost in unlisted associates | 17,145 | 17,145 | | Share of post-acquisition results, net of dividends received | 3,007 | 3,944 | | Cumulative impairment losses recognised | (697) | (697) | | **Total** | **19,455** | **20,392** | - The Group has significant influence over Jiangsu Titan Smart Technology Co., Ltd. and Guangdong Titan Intelligent Power Co., Ltd. due to the right to appoint their board members[29](index=29&type=chunk) [11. Trade Receivables](index=14&type=section&id=11.%20Trade%20Receivables) As of June 30, 2025, the Group's trade receivables (net of impairment allowance) significantly decreased, with a notable shift in aging towards older receivables Trade Receivables (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 388,515 | 483,878 | | Less: Impairment loss allowance | (66,810) | (103,465) | | **Net** | **321,705** | **380,413** | Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 90 days | 59,568 | 215,345 | | 91 to 180 days | 54,722 | 38,094 | | 181 to 365 days | 149,353 | 88,850 | | 1 to 2 years | 53,288 | 26,216 | | 2 to 3 years | 4,774 | 11,908 | | **Total** | **321,705** | **380,413** | - The Group grants an average credit period of **90 days** to trade customers, with some payments due after installation and testing, and retention money due at the end of the product warranty period[30](index=30&type=chunk) [12. Trade and Bills Payables](index=15&type=section&id=12.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, the Group's total trade and bills payables decreased, with a shift in aging towards older payables Trade and Bills Payables (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 75,880 | 106,527 | | Bills payables | 54,400 | 49,238 | | **Total** | **130,280** | **155,765** | Aging Analysis of Trade and Bills Payables (As of June 30) | Aging | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 90 days | 77,655 | 121,242 | | 91 to 180 days | 13,472 | 21,368 | | 181 to 365 days | 31,405 | 4,800 | | 1 to 2 years | 3,288 | 7,953 | | Over 2 years | 4,460 | 402 | | **Total** | **130,280** | **155,765** | - The average credit period for purchases of goods is **90 days**[31](index=31&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=16&type=section&id=Business%20Review) For the six months ended June 30, 2025, the Group's turnover decreased by 7.29% year-on-year, primarily due to intensified competition in power DC products and declining gross profit margin, leading to an increased loss attributable to owners of the Company - The Group's turnover was approximately **RMB 137.218 million**, a year-on-year decrease of **7.29%**[32](index=32&type=chunk) - Loss for the period attributable to owners of the Company was approximately **RMB 29.618 million**, an increase of approximately **RMB 328 thousand** compared to the loss in the same period last year[33](index=33&type=chunk) - The increased loss was primarily due to intensified competition in power DC products, leading to decreased turnover and gross profit margin[33](index=33&type=chunk) [Power DC Products](index=17&type=section&id=Power%20DC%20Products) Sales of power DC products decreased by 22.06% year-on-year to approximately RMB 46.858 million, mainly due to intensified market competition - Sales of power DC products decreased by **22.06%** year-on-year to **RMB 46.858 million**[35](index=35&type=chunk) [Electric Vehicle Charging Equipment](index=17&type=section&id=Electric%20Vehicle%20Charging%20Equipment) Sales of electric vehicle charging equipment increased by 4.13% year-on-year to approximately RMB 79.053 million, driven by growing investment demand for charging infrastructure in various regions - Sales of electric vehicle charging equipment increased by **4.13%** year-on-year to **RMB 79.053 million**[36](index=36&type=chunk) - The growth was primarily due to increased investment demand for charging infrastructure projects in various regions[36](index=36&type=chunk) [Electric Vehicle Charging Services](index=17&type=section&id=Electric%20Vehicle%20Charging%20Services) Sales of electric vehicle charging services decreased by 6.41% year-on-year to approximately RMB 11.130 million, mainly due to reduced charging volume at some public bus charging stations - Sales of electric vehicle charging services decreased by **6.41%** year-on-year to **RMB 11.130 million**[37](index=37&type=chunk) - The decrease in revenue was mainly due to reduced charging volume at some public bus charging stations[37](index=37&type=chunk) [Other Businesses](index=17&type=section&id=Other%20Businesses) Other business turnover (including EV sales and leasing) increased by 124.05% year-on-year to approximately RMB 177 thousand, though it is not a principal business of the Group - Other business turnover increased by **124.05%** year-on-year to **RMB 177 thousand**[38](index=38&type=chunk) - This business is not a principal business of the Group[38](index=38&type=chunk) [Key Operating Activities in the First Half of 2025](index=18&type=section&id=Key%20Operating%20Activities%20in%20the%20First%20Half%20of%202025) In the first half of 2025, the new energy vehicle industry saw high-quality development and significant growth in charging infrastructure, while the Group's main business revenue declined, leading to a loss despite strict cost control - In the first half of 2025, domestic sales of new energy vehicles reached **5.878 million units**, and the increase in charging infrastructure was **3.282 million units**, a year-on-year increase of **99.2%**[39](index=39&type=chunk) - The Group's power DC product turnover decreased by **22.06%** year-on-year, mainly due to weak industry demand and intensified competition, which the Group is addressing through direct sales and product iteration[40](index=40&type=chunk) - The Group's electric vehicle charging equipment revenue increased by **4.13%** year-on-year, with Southern Power Grid related projects progressing efficiently, and the launch of four major product series: Titan Core, Titan Heng, Titan Wing, and Titan Leap[41](index=41&type=chunk)[42](index=42&type=chunk) - Electric vehicle charging service revenue decreased by **6.41%** year-on-year, mainly due to the divestment of some self-operated charging stations, with the Group optimizing software and hardware services and expanding its franchise network[45](index=45&type=chunk) - The Group continues to increase R&D investment, obtaining **2 invention patents**, including a device for detecting ring network impedance and a power peak shaving method based on V2G technology and machine learning[45](index=45&type=chunk)[46](index=46&type=chunk) - The Group is building a comprehensive strategic marketing system, optimizing personnel structure, expanding sales channels and partners, and enhancing customer service quality[47](index=47&type=chunk) [Turnover](index=24&type=section&id=Turnover) For the six months ended June 30, 2025, the Group's turnover was RMB 137.218 million, a 7.29% decrease from the prior year, primarily due to intense competition in the power market Turnover Composition (For the six months ended June 30) | Product Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Power DC Products | 46,858 | 60,122 | | Electric Vehicle Charging Equipment | 79,053 | 75,914 | | Electric Vehicle Charging Services | 11,130 | 11,892 | | Other | 177 | 79 | | **Total** | **137,218** | **148,007** | - Total turnover decreased by **7.29%** year-on-year, mainly due to intense competition in the power market[48](index=48&type=chunk) [Cost of Sales](index=24&type=section&id=Cost%20of%20Sales) Cost of sales increased from RMB 100.731 million in the prior year to RMB 101.486 million, primarily due to a lower gross profit margin during the reporting period - Cost of sales increased to **RMB 101.486 million**, a year-on-year increase of **0.75%**[49](index=49&type=chunk) - The increase in cost of sales was mainly due to a lower gross profit margin[49](index=49&type=chunk) [Gross Profit and Gross Profit Margin](index=24&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Group gross profit decreased by RMB 11.544 million to RMB 35.732 million, with the overall gross profit margin declining from 31.94% to 26.04% - Gross profit decreased by **RMB 11.544 million** year-on-year to **RMB 35.732 million**[50](index=50&type=chunk) - The overall gross profit margin decreased from **31.94%** to **26.04%**[51](index=51&type=chunk) Segment Gross Profit Margin (For the six months ended June 30) | Segment | 2025 Gross Profit Margin | 2024 Gross Profit Margin | Change | | :--- | :--- | :--- | :--- | | Power DC Products | 16.48% | 28.89% | -12.41% | | Electric Vehicle Charging Equipment | 34.19% | 38.59% | -4.40% | | Electric Vehicle Charging Services | 7.63% | 4.85% | +2.78% | | Other | 75.10% | 44.37% | +30.73% | [Other Income](index=26&type=section&id=Other%20Income) The Group's other income, primarily comprising exchange gains and government subsidies, decreased by approximately 53.15% from RMB 4.164 million to RMB 1.951 million - Other income decreased by approximately **RMB 2.213 million** to **RMB 1.951 million**[53](index=53&type=chunk) - This primarily includes exchange gains and government subsidies[53](index=53&type=chunk) [Selling and Distribution Expenses](index=26&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by 18.08% year-on-year to RMB 26.336 million, mainly due to reduced sales-related personnel costs, despite increases in some other operational expenses - Selling and distribution expenses decreased by approximately **RMB 5.813 million** or **18.08%** to **RMB 26.336 million**[54](index=54&type=chunk) - This was primarily due to a decrease of approximately **RMB 12.834 million** in sales-related salaries, travel, and entertainment expenses[54](index=54&type=chunk) [Administrative and Other Expenses](index=26&type=section&id=Administrative%20and%20Other%20Expenses) Administrative and other expenses decreased by 9.18% year-on-year to RMB 35.187 million, mainly due to reduced management personnel-related salaries, R&D, and depreciation expenses - Administrative expenses decreased by approximately **RMB 3.556 million** or **9.18%** to **RMB 35.187 million**[55](index=55&type=chunk) - This was primarily due to a decrease of approximately **RMB 3.472 million** in salaries, research and development, and depreciation expenses related to management personnel[55](index=55&type=chunk) [Share of Results of Associates](index=27&type=section&id=Share%20of%20Results%20of%20Associates) During the reporting period, the Group's share of results of associates was a loss, despite profits from Beijing Pangda Yilian and Qingdao Titan, due to losses from Guangdong Titan and Jiangsu Titan - Share of profit from Beijing Pangda Yilian was approximately **RMB 317 thousand**[56](index=56&type=chunk) - Share of profit from Qingdao Titan was approximately **RMB 2 thousand**[56](index=56&type=chunk) - Share of loss from Guangdong Titan was approximately **RMB 183 thousand**[56](index=56&type=chunk) - Share of loss from Jiangsu Titan was approximately **RMB 1.073 million**[57](index=57&type=chunk) [Finance Costs](index=28&type=section&id=Finance%20Costs) Group finance costs increased by 11.06% year-on-year to RMB 4.912 million, rising from 2.99% to 3.58% of turnover, primarily due to increased average borrowing interest expenses - Finance costs increased by approximately **11.06%** to **RMB 4.912 million**[58](index=58&type=chunk) - Finance costs as a percentage of turnover increased from **2.99%** to **3.58%**[58](index=58&type=chunk) - This was primarily due to an increase in average borrowing interest expenses[58](index=58&type=chunk) [Loss Attributable to Non-controlling Interests](index=28&type=section&id=Loss%20Attributable%20to%20Non-controlling%20Interests) Loss attributable to non-controlling interests was approximately RMB 191 thousand, a decrease in loss of approximately RMB 83 thousand compared to the prior year - Loss attributable to non-controlling interests was approximately **RMB 191 thousand**, a decrease in loss of approximately **RMB 83 thousand** compared to the same period last year[59](index=59&type=chunk) [Loss Attributable to Owners of the Company](index=28&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company) Loss attributable to owners of the Company was approximately RMB 29.618 million, an increase in loss of approximately RMB 328 thousand compared to the prior year - Loss attributable to owners of the Company was approximately **RMB 29.618 million**, a year-on-year increase in loss of approximately **RMB 328 thousand**[60](index=60&type=chunk) [Loss Per Share](index=28&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted loss per share were RMB 1.99 cents, an increase from RMB 1.96 cents in the prior year - Basic and diluted loss per share were both **RMB 1.99 cents**, compared to RMB 1.96 cents in the same period last year[61](index=61&type=chunk) [Employees and Remuneration](index=29&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the Group's total number of employees decreased to 416, with total employee remuneration slightly lower year-on-year, while adhering to various employee benefit plans and regulations - As of June 30, 2025, the Group employed a total of **416 employees**, a decrease from **453** in the same period last year[62](index=62&type=chunk) - Total employee remuneration was approximately **RMB 29.534 million**, a decrease from RMB 30.505 million in the same period last year[62](index=62&type=chunk) - The Group participates in pension benefit schemes and medical insurance, complying with China's social insurance regulations[62](index=62&type=chunk) - The Company adopted a share option scheme on December 18, 2020, aimed at rewarding contributions and attracting and retaining talent[63](index=63&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=30&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) The Group's capital structure remained unchanged, funding operations through internal resources and borrowings, with increased bank balances and cash but significantly reduced restricted bank balances, leading to decreased net current assets and liquidity ratio - The Group's capital structure remained unchanged, with capital comprising only ordinary shares[64](index=64&type=chunk) - Bank balances and cash were approximately **RMB 154.588 million**, an increase from RMB 133.861 million as of December 31, 2024[64](index=64&type=chunk) - Restricted bank balances were approximately **RMB 21.883 million**, a significant decrease from RMB 56.874 million as of December 31, 2024[64](index=64&type=chunk) - Net current assets were approximately **RMB 375.719 million**, a decrease from RMB 412.471 million as of December 31, 2024[64](index=64&type=chunk) [Use of Net Proceeds from Subscription](index=30&type=section&id=Use%20of%20Net%20Proceeds%20from%20Subscription) The Group completed a subscription on May 11, 2023, raising approximately HK$188.29 million, with most proceeds used for expanding EV charging equipment business and general working capital, while investment in EV charging services is ongoing - The subscription was completed on May 11, 2023, with net proceeds of approximately **HK$188.29 million**[66](index=66&type=chunk) Use of Net Proceeds from Subscription (As of June 30, 2025) | Purpose | Percentage of Total Amount | Net Proceeds (HK$ million) | Amount Utilized as of December 31, 2024 (HK$ million) | Amount Utilized as of June 30, 2025 (HK$ million) | Unutilized Amount as of June 30, 2025 (HK$ million) | Expected Time of Full Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Investment to expand electric vehicle charging services business | 50% | 94.14 | 42.44 | 53.00 | 41.14 | Before end of 2025 | | Investment to expand electric vehicle charging equipment business | 40% | 75.32 | 75.32 | 75.32 | – | – | | General working capital of the Group | 10% | 18.83 | 18.83 | 18.83 | – | – | | **Total** | **100%** | **188.29** | **136.59** | **147.15** | **41.14** | | [Bank and Other Borrowings](index=31&type=section&id=Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total bank and other borrowings increased to RMB 270.115 million, with a decrease in secured loans, a lower current ratio, and a higher gearing ratio - Total bank and other borrowings were **RMB 270.115 million**, an increase of **RMB 60.347 million** from RMB 209.768 million as of December 31, 2024[67](index=67&type=chunk) - Secured loans were **RMB 104.873 million**, a decrease from RMB 209.768 million as of December 31, 2024[67](index=67&type=chunk) - The current ratio was **1.99**, a decrease from **2.07** as of December 31, 2024[67](index=67&type=chunk) - The gearing ratio was **27.23%**, an increase from **20.55%** as of December 31, 2024[67](index=67&type=chunk) [Material Investments](index=32&type=section&id=Material%20Investments) For the six months ended June 30, 2025, the Group held no material investments other than those disclosed - During the reporting period, the Group held no material investments[68](index=68&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=32&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, 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[69](index=69&type=chunk) [Trade and Bills Receivables](index=32&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, the Group's trade and bills receivables (net of allowance) decreased to RMB 321.705 million, with additional impairment allowance made, and a longer turnover period influenced by accounting policies and project delays - Trade and bills receivables (net of allowance) were approximately **RMB 321.705 million**, a decrease from RMB 380.413 million as of December 31, 2024[70](index=70&type=chunk) - The Group made an additional impairment loss allowance of **RMB 2.28 million** for trade and bills receivables[70](index=70&type=chunk) Aging Analysis of Trade Receivables (Net of Impairment Loss Allowance) | Aging | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 90 days | 59,568 | 215,345 | | 91 to 180 days | 56,722 | 38,094 | | 181 to 365 days | 149,353 | 88,850 | | 1 to 2 years | 53,288 | 26,216 | | 2 to 3 years | 4,774 | 11,908 | | **Total** | **321,705** | **380,413** | - The longer turnover days and higher overdue ratio for trade receivables are mainly due to timing differences in accounting policies, payments made after customer project completion, and project schedule delays[72](index=72&type=chunk) [Pledged Assets](index=33&type=section&id=Pledged%20Assets) As of June 30, 2025, leasehold land and buildings with a carrying value of approximately RMB 103.419 million were pledged to secure bank borrowings and other financing - Leasehold land and buildings with a carrying value of approximately **RMB 103.419 million** were pledged to secure bank borrowings and other financing[74](index=74&type=chunk) [Capital Commitments and Contingent Liabilities](index=33&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had contracted but unprovided capital expenditures of approximately RMB 5.25 million and no material contingent liabilities - The Group had contracted but unprovided capital expenditures of approximately **RMB 5.25 million**[75](index=75&type=chunk) - The Group had no material contingent liabilities[76](index=76&type=chunk) [Foreign Exchange](index=34&type=section&id=Foreign%20Exchange) The Group primarily operates in China with transactions denominated and settled in RMB, thus RMB fluctuations may impact share value, and no foreign exchange hedging arrangements were in place during the period - The Group primarily operates in China, with transactions denominated and settled in Renminbi[77](index=77&type=chunk) - Exchange gains of approximately **RMB 3 thousand** were recorded during the reporting period[77](index=77&type=chunk) - The Group had no hedging arrangements for foreign exchange[77](index=77&type=chunk) [Credit Risk](index=34&type=section&id=Credit%20Risk) The Group mitigates credit risk through continuous credit assessment and monitoring of customer project progress, maintaining close communication to expedite trade receivables collection - The Group strives to mitigate credit risk through continuous credit assessment of customers' financial conditions[78](index=78&type=chunk) - The Group monitors customer project progress and communicates with customers to expedite the collection of trade receivables[78](index=78&type=chunk) [Future Business Prospects and Plans](index=34&type=section&id=Future%20Business%20Prospects%20and%20Plans) [Industry Outlook and National Policies](index=34&type=section&id=Industry%20Outlook%20and%20National%20Policies) In 2025, the new energy vehicle industry is expected to continue its development with accelerating charging infrastructure upgrades, supported by national policies promoting electrification and new power systems - In 2025, new energy vehicles remain a key area for national efforts to boost domestic demand and industrial upgrading[79](index=79&type=chunk) - Five departments, including the Ministry of Industry and Information Technology, will launch the 2025 New Energy Vehicle to the Countryside campaign[80](index=80&type=chunk) - The National Development and Reform Commission and other agencies issued a notice aiming for over **100,000 high-power charging facilities** nationwide by the end of 2027[80](index=80&type=chunk) - Charging infrastructure serves as a crucial bridge between new energy vehicles and new power systems, undertaking functions of energy management and information interaction[80](index=80&type=chunk) [1. Optimize Production and Sales Systems, Actively Expand Market Presence](index=35&type=section&id=1.%20Optimize%20Production%20and%20Sales%20Systems,%20Actively%20Expand%20Market%20Presence) The Group plans to enhance manufacturing capabilities, accelerate digital and intelligent production transformation, optimize sales incentive mechanisms, and expand market penetration through diversified marketing and sales models - The Group will enhance the design and process levels of its manufacturing plants in Zhuhai, Guangdong, and Tangshan, Hebei, accelerating digital and intelligent production transformation[81](index=81&type=chunk) - Sales will optimize incentive mechanisms to enhance market penetration through digital marketing, scenario-based experiences, joint promotions, and stratified customer operations[82](index=82&type=chunk) - Implement a "direct sales + agent" dual-track model, with direct sales focusing on key industries and core regions, and agents covering sinking markets and standardized demand scenarios[82](index=82&type=chunk) - Consolidate leading positions in high-power fast charging and intelligent flexible charging, offering customized solutions for public charging stations, destination charging, highway energy replenishment, and heavy-duty truck charging and swapping scenarios[82](index=82&type=chunk) - Increase investment in the heavy-duty truck charging and swapping sector, strategically deploy intelligent heavy-duty truck charging and swapping stations, and plan to develop industrial and commercial energy storage projects based on BMS and EMS energy management technologies[83](index=83&type=chunk) [2. Strengthen Charging Station Operations Management, Assist Operators in Upgrading](index=37&type=section&id=2.%20Strengthen%20Charging%20Station%20Operations%20Management,%20Assist%20Operators%20in%20Upgrading) The Group will innovate a full ecological closed-loop model of "investment + construction + operation," leveraging its experience, high-performance equipment, and core technologies to provide upgrade services for existing charging stations and build integrated smart energy demonstration projects - The Group will innovate and build a full ecological closed-loop model of "investment + construction + operation," supported by its independently developed high-performance charging equipment and core technologies such as V2G and intelligent scheduling[84](index=84&type=chunk) - Focus on providing full lifecycle services including equipment updates, system upgrades, and energy efficiency management for existing charging stations in urban transportation hubs, commercial complexes, and other public places[84](index=84&type=chunk) - Create integrated "PV-storage-charging-swapping-inspection" smart energy demonstration projects, building a multi-energy complementary integrated energy service system[84](index=84&type=chunk) [3. Emphasize R&D, Enhance Core Product Competitiveness](index=38&type=section&id=3.%20Emphasize%20R%26D,%20Enhance%20Core%20Product%20Competitiveness) The Group will deeply implement an innovation-driven development strategy, continuously making breakthroughs in smart power, monitoring product systems, liquid-cooled and air-cooled supercharging, and promoting the upgrade of standard products and the implementation of new-generation industrial and commercial energy storage systems - The Group will continue to make breakthroughs in smart power, monitoring product systems, liquid-cooled supercharging, and air-cooled supercharging products[85](index=85&type=chunk) - Promote the upgrade of all standard products and the implementation of new-generation industrial and commercial energy storage systems[85](index=85&type=chunk) - Strengthen monitoring product platforms, software platforms, and system integration capabilities to achieve coordinated control of charging, energy storage, and photovoltaics[85](index=85&type=chunk) [4. Optimize Internal Management, Enhance Comprehensive Responsiveness](index=38&type=section&id=4.%20Optimize%20Internal%20Management,%20Enhance%20Comprehensive%20Responsiveness) The Group will optimize its supply chain, upgrade information systems, streamline personnel structure, cultivate versatile talents, and improve assessment mechanisms to build an efficient team - Optimize the supply chain system, upgrade information systems, improve efficiency, and reduce operating costs[85](index=85&type=chunk) - Promote streamlined and optimized personnel structure, cultivate versatile talents, and advance the rejuvenation of cadres[85](index=85&type=chunk) - Improve assessment mechanisms, deepen the integration of KPIs and OKRs, introduce AI office tools, and enhance employee quality and work efficiency[85](index=85&type=chunk) [Other Information](index=39&type=section&id=Other%20Information) [Interim Dividend](index=39&type=section&id=Interim%20Dividend) The Board did not declare an interim dividend for the six months ended June 30, 2025 - The Board did not declare an interim dividend[86](index=86&type=chunk) [Compliance with Corporate Governance Code](index=39&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the reporting period - The Company has complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[87](index=87&type=chunk) [Compliance with Standard Code for Securities Transactions by Directors](index=39&type=section&id=Compliance%20with%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) All Directors confirmed compliance with the required standards of the Standard Code for Securities Transactions by Directors as set out in Appendix C3 to the Listing Rules during the reporting period - All Directors confirmed compliance with the required standards of the Standard Code for Securities Transactions by Directors as set out in Appendix C3 to the Listing Rules during the reporting period[88](index=88&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=39&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period[89](index=89&type=chunk) [Material Litigation and Arbitration Proceedings](index=39&type=section&id=Material%20Litigation%20and%20Arbitration%20Proceedings) The Group had no material litigation or arbitration proceedings during the reporting period - The Group had no material litigation or arbitration during the reporting period[90](index=90&type=chunk) [Review by Audit Committee](index=39&type=section&id=Review%20by%20Audit%20Committee) The Company's Audit Committee reviewed and discussed the Group's accounting principles, risk management, internal control systems, and financial reporting matters, including these interim results - The Audit Committee reviewed and discussed the Group's accounting principles, risk management, internal control systems, and financial reporting matters, including these interim results[91](index=91&type=chunk) [Events After Reporting Period](index=40&type=section&id=Events%20After%20Reporting%20Period) No material events occurred after the reporting period other than those disclosed in this announcement - No material events occurred after the reporting period other than those disclosed in this announcement[92](index=92&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=40&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the Stock Exchange and Company websites, with the interim report to be provided to shareholders and published on the same websites in due course - This results announcement has been published on the Stock Exchange website and the Company's website[93](index=93&type=chunk) - The interim report will be provided to shareholders and published on the aforementioned websites in due course[93](index=93&type=chunk)

Group 1 - Titan Energy Technology (02188.HK) will hold a board meeting on August 29, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1] - The company reported an annual loss of approximately 45.38 million [2]

高峽 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份內容 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） 董事會會議通告 中國泰坦能源技術集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議 將於二零二五年八月二十九日（星期五）於中華人民共和國河北省唐山市曹妃甸工業區人 和路高新技術廠房南區G1棟本公司辦事處會議室舉行，以考慮及批准（其中包括）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中期業績及其發佈，並宣派中期股 息（如有）。 承董事會命 中國泰坦能源技術集團有限公司 主席 香港，二零二五年八月十九日 於本公告日期，本公司執行董事為高峽先生、李欣青先生、畢景峰先生及安慰先生； 本公司非執行董事為陶琛先生，以及本公司獨立非執行董事為李向鋒先生、劉偉先生及 蔣彥女士。 * 僅供識別 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國泰坦能源技術集團有限公司 (於開曼群島註冊成立的成員有限公司) | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02188 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 ...

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]

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].