Financial Performance - The company achieved a revenue of approximately RMB 36.276 billion, an increase of about 60.27% compared to the same period last year[16]. - Net profit for the period was approximately RMB 743 million, a decrease of about 13.58% year-on-year, primarily due to rising raw material prices[16]. - Gross profit for the period was approximately RMB 1.934 billion, a decrease of about 8.57% compared to the same period last year, with a gross margin of 5.33%, down approximately 4.01 percentage points[67]. - Other income increased to approximately RMB 492 million, a rise of about 47.05% year-on-year, primarily due to increased government subsidies[68]. - The total profit for the period was RMB 743,322 thousand, reflecting the company's effective cost management and operational efficiency[138]. - The profit attributable to owners of the company for the first half of 2021 was RMB 660,863,000, down from RMB 836,756,000 in the same period of 2020, representing a decline of 21%[150]. Market Position and Strategy - The company has established production bases and logistics systems in regions with high demand, such as Zhejiang, Anhui, and Henan, and has expanded operations in Vietnam, India, and several African countries[16]. - The company continues to implement its strategy of "intelligent, platform-based, and globalized" operations to achieve solid business results[16]. - TianNeng holds over 40% market share in the domestic lead-acid battery market for electric light vehicles, maintaining a steady annual growth trend[24]. - The company has established a national marketing and after-sales network with over 3,000 dealers, enhancing its market reach and service capabilities[26]. - The company has built three internationally advanced circular economy industrial parks and can process 700,000 tons of waste lead-acid batteries annually, with a metal recovery rate exceeding 99%[59]. Research and Development - The company has developed a three-tier R&D structure and is advancing the industrialization of fuel cells while exploring new battery technologies such as sodium-ion and solid-state batteries[21]. - The company is actively developing new products, including the self-developed high-performance manganese iron lithium battery, to meet market demands[46]. - Research and development costs rose to approximately RMB 616 million, an increase from RMB 533 million in the previous year, driven by a higher number of R&D projects[71]. - The company has formed a research and development team with experts and has established a professional laboratory to support its fuel cell technology advancements[52]. - The company has applied for 23 patents related to lithium battery recycling technology and has participated in the formulation of 36 national standards[59]. Product Development and Innovation - New products launched include high-end environmentally friendly batteries using "nano carbon gold" and "lanthanum alloy," as well as the "Heng Technology" series of manganese iron lithium batteries[21]. - The company launched a new battery using "nano-carbon" and "lanthanum alloy" materials, addressing key issues in lead-acid battery production[27]. - The new product strategy for start-stop batteries includes five new product series, enhancing the product portfolio to meet diverse market demands[33]. - The company has developed multiple fuel cell systems, including a metal plate stack with a rated power of 120 kW and a peak power of 130 kW[52]. - The company launched a high-performance water-cooled stack product, TNFC-LP2020, which has been matched with a sightseeing vehicle for demonstration operations[54]. Financial Position and Liabilities - The total assets of the group as of June 30, 2021, were approximately RMB 33.359 billion, an increase of about 43.79% from RMB 23.200 billion at the end of 2020[72]. - The total liabilities of the group increased to approximately RMB 18.761 billion, a growth of about 36.53% from RMB 13.741 billion at the end of 2020[72]. - The debt-to-asset ratio as of June 30, 2021, was approximately 18.13%, up from 7.06% as of December 31, 2020[77]. - The company maintains a cash and bank balance of approximately RMB 10.027 billion, significantly up from RMB 5.759 billion at the end of 2020[75]. - The total liabilities increased to RMB 16,842,083 thousand as of June 30, 2021, compared to RMB 12,432,288 thousand as of December 31, 2020, indicating a rise of approximately 35.5%[103]. Shareholder Information and Corporate Governance - The company did not recommend declaring an interim dividend for the reporting period, consistent with the previous year[82]. - The company has adopted corporate governance practices in compliance with the Hong Kong Stock Exchange listing rules[89]. - The major shareholder, Prime Leader Global Limited, held 410,355,650 shares, representing 36.44% of the issued share capital as of June 30, 2021[198]. - The company has no significant investments other than those in listed equity securities in Hong Kong and China as of June 30, 2021[82]. - The company did not grant any share options during the six months ended June 30, 2021, and June 30, 2020[178].
天能动力(00819) - 2021 - 中期财报