Tianneng Power International (819) H1 2025 earnings summary

Executive summary

• Maintained lead-acid batteries as core business, with strong market position in light electric vehicles and expansion into UPS, automotive, and industrial batteries.

• Accelerated R&D and commercialization of lithium-ion, solid-state, hydrogen fuel cell, and sodium-ion batteries, building a multi-technology product matrix.

• Advanced circular economy initiatives, achieving high recovery rates in battery recycling and establishing a national-level demonstration project.

• Expanded international presence, with localized teams and distributor networks in Asia-Pacific, Europe, America, Middle East, and Africa; Vietnam production base fully operational.

• Reported revenue of RMB24,192 million for the six months ended 30 June 2025, down 51.53% year-over-year, mainly due to a sharp decline in trading business turnover.

Financial highlights

• Turnover for the period was RMB24,192 million, down 51.53% year-over-year, mainly due to a sharp decline in trading business turnover.

• Manufacturing revenue was RMB21,168 million, nearly flat year-over-year (-0.20%).

• Gross profit was RMB2,537 million, down 0.34% year-over-year; gross margin for manufacturing was 11.93%.

• Net profit attributable to owners was RMB819.8 million, with basic EPS of 72.80 RMB cents (down from 82.43 RMB cents year-over-year).

• Net cash inflow from operating activities was RMB891 million, reversing a net outflow in the prior year.

Outlook and guidance

• Strategic focus on technological innovation, intelligent manufacturing, circular economy, and global expansion.

• Plans to accelerate R&D and market expansion for new energy battery technologies, especially lithium-ion and solid-state batteries.

• Continued investment in recycling infrastructure and international market penetration, particularly in Vietnam and other key regions.

• Focus on consolidating lead-acid battery core business and accelerating R&D and market expansion in new energy battery technologies.

• Continued investment in intelligent manufacturing, digital upgrades, and circular economy initiatives.