Tianneng Battery (SH:688819) Xin Lang Zheng Quan·2025-10-31 12:49Core Viewpoint - TianNeng Co., Ltd. is a leading player in the green energy solutions sector, particularly in the battery industry, with a strong focus on various battery types and significant market share in revenue and profit [1][2]. Group 1: Business Performance - In Q3 2025, TianNeng's revenue reached 33.402 billion yuan, ranking first in the industry, significantly surpassing the second-place Camel Group's 12.142 billion yuan, with the industry average at 6.243 billion yuan [2]. - The net profit for the same period was 1.386 billion yuan, also leading the industry, with the second-place Anfu Technology at 714 million yuan and the industry average at 281 million yuan [2]. Group 2: Financial Ratios - As of Q3 2025, TianNeng's asset-liability ratio was 61.99%, down from 64.27% year-on-year but still above the industry average of 38.83% [3]. - The gross profit margin for the same period was 14.95%, a decline from 16.59% year-on-year and below the industry average of 17.75% [3]. Group 3: Leadership and Compensation - The chairman, Zhang Tianren, has been in his position since 2003, with no disclosed salary information. The general manager, Yang Jianfen, received a salary of 2.088 million yuan in 2024, down from 3.0326 million yuan in 2023 [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.73% to 21,800, while the average number of circulating A-shares held per shareholder decreased by 10.50% to 44,600 [5]. Group 5: Business Highlights - In H1 2025, TianNeng's net profit attributable to shareholders was 869 million yuan, a year-on-year decrease of 27%, with revenue at 20.917 billion yuan, down 3% [6]. - The lead-acid battery business remained stable, generating 19.15 billion yuan in revenue, while lithium battery revenue surged by 193% to 540 million yuan [6]. - The company is advancing its technology with the introduction of solid-state battery prototypes and sodium-ion battery developments [6]. Group 6: Future Projections - According to Southwest Securities, TianNeng's revenue for 2024 is projected at 45.042 billion yuan, a decrease of 5.7%, with a net profit of 1.555 billion yuan, down 32.5% [7]. - The company is expected to see a recovery in lead-acid battery shipments and progress in various battery technologies, including sodium-ion and hydrogen fuel cells [7].