Tianneng Power International (819) H2 2023 earnings summary

Executive summary

• Revenue for 2024 was RMB76,669 million, down 8.61% year-over-year, with profit attributable to owners at RMB1,142 million, a 37.29% decrease from 2023.

• Gross profit fell 17.64% to RMB4,912 million, and gross margin declined to 6.41%.

• The company maintained its leading position in lead-acid batteries, expanded in lithium-ion, hydrogen, and sodium-ion batteries, and advanced global market presence.

• Significant investments in R&D, recycling, and international expansion, especially in Southeast Asia.

Financial highlights

• Revenue: RMB76,669 million (2024), down from RMB83,891 million (2023).

• Net profit attributable to owners: RMB1,142 million (2024), down from RMB1,822 million (2023).

• Basic EPS: RMB1.01 (2024) vs. RMB1.62 (2023).

• Gross profit: RMB4,912 million (2024), gross margin 6.41% (down 0.70pp).

• Proposed final dividend: HK17 cents per share (2023: HK43 cents).

• Total assets: RMB55,281 million (+18.24% YoY); net assets: RMB18,909 million.

Outlook and guidance

• Focus on technological innovation, green and intelligent manufacturing, and global expansion.

• Plans to deepen R&D in lead-acid, lithium-ion, hydrogen, sodium-ion, and solid-state batteries.

• Continued investment in recycling technology and international market penetration.