Tianneng Power: Solid Promotion of New Energy Construction and Technological Innovation Leading Industrial Upgrade

HONG KONG, Apr 3, 2024 – (ACN Newswire via SeaPRwire.com) – 2023 is a year full of opportunities and challenges. Tianneng Power International Limited (“Tianneng Power” or the “Company”) closely follows the national “Dual Carbon” strategy, adheres to the three-wheel drive of “industry, technology, and capital”, coordinates development and security, faces difficulties, and advances against the trend, breaking through waves in the high-quality development path, and solidly promotes the construction of the new energy industry. The Group upholds the concept of green and sustainable development and adheres to the full lifecycle management of new energy batteries. During the year ended 31 December 2023 (the “Reporting Period”), the comprehensive revenue was approximately RMB 83.891 billion, an increase of approximately 12.46% compared to the revenue in the previous year. Among them, the cornerstone business of the high-end eco-friendly battery business of the Group recorded an operating income of approximately RMB42,423 million, representing a year-on-year increase of approximately 18.68%. Profit attributable to Shareholders increased by approximately 1.42% to approximately RMB 1.822 billion. The basic earnings per share increased to approximately RMB 1.62.

The Company has always been involved in the development of the world’s new energy industry with a global perspective, and fully utilizes its own advantages to seize opportunities and explore the market. In 2023, we established offices in the Netherlands, Vietnam, Thailand and other places, signed cooperation agreements with more than 20 overseas distributors, and simultaneously expanded our terminal store layout. We established a global research and development (“R&D”) center and a global resource integration center, and worked together with global industrial chain partners to enter the fast lane of overseas business.

Excellent Performance in Main Business Collaboration and Progress

The Company’s main business covers three major sectors, including high-end eco-friendly batteries, new energy batteries, and recycling industries.

As the Company’s largest main business, high-end eco-friendly batteries achieved a revenue of approximately RMB 42,423 million throughout the year, with a year-on-year increase of approximately 18.68%. Among them, motive lead-acid batteries achieved a revenue of approximately RMB 39.152 billion, with a year-on-year increase of approximately 19.32%. Lead-acid batteries have a long history of application in the battery industry, and their stability and reliability have been verified in light electric vehicles and multiple other application fields. As a leader in the lead-acid battery industry, Tianneng leads the key technology of the entire life cycle of lead-acid batteries and has built the industry’s first intelligent factory with a full industry chain, committed to becoming a pioneer and practitioner of the ecological model of the lead-acid battery industry.

In addition, the Company also vigorously develops its new energy battery business, focusing on the R&D, production, and sales of next-generation battery products such as lithium-ion batteries, hydrogen fuel cells, and sodium-ion batteries. The Company achieved a revenue of approximately RMB 882 million throughout the year. With deep accumulation in the new energy battery manufacturing industry, we have further improved our energy storage strategy layout. In 2023, Tianneng Power’s Phase I project of South Taihu Lake Lithium-ion Battery Base with 6GWh capacity in Changxing County, Huzhou City, Zhejiang Province, has been put into operation successfully, and the reserve capacity is ready to be launched. The Company has successfully applied 5 air-cooled modules and 4 liquid cooled modules for two types of lithium-ion batteries, and completed relevant national standards and UL certification. While strengthening technological R&D, the Company is constantly accelerating its market layout and striving to expand its customer base in various application fields of energy storage. Within the year, the Datang Lubei 200MWh energy storage power station was successfully connected to the grid, and a pilot project for the new shared energy storage power station system was signed in Jinchang City, Gansu Province. An energy storage strategic cooperation agreement was also signed with Vietnam BEIN Co., Ltd.

As the world’s largest producer and consumer of lead-acid battery, China’s lead-acid battery recycling industry is showing a steady growth trend. According to data, the amount of discarded lead-acid batteries in China in 2023 was approximately 6 million tons, an increase of 200,000 tons or approximately 3.44% compared to 2022. Tianneng Power has established two major circular economy ecosystems for lead-acid battery and lithium-ion battery, actively fulfilling the extended producer responsibility system, vigorously developing the circular economy, and building a battery full life cycle ecological industry chain that integrates “recycling, smelting, reproduction”, finding a green and eco-friendly treatment mode for the large number of retired motive batteries.

During the reporting period, the Group’s recycling business achieved operating income of approximately RMB 3.60 billion, of which the lead-acid battery recycling business achieved external operating income of approximately RMB 3.069 billion. Since 2009, the Company has been expanding its lead-acid battery recycling business and has obtained recycling pilot qualifications in 15 provinces across the country. The Company has also established battery recycling pilot companies in 22 provinces and cities, and has over 500,000 battery recycling outlets nationwide, establishing a standardized and effective recycling system. Tianneng Power has built four major green circular economy industrial parks with an annual disposal capacity of 1 million tons of waste lead-acid batteries.

Continuously Deepening Industrial Layout and Improving Efficiency in Operation

In 2024, Tianneng Power will deepen its industrial layout, strengthen R&D innovation, further enhance its core competitiveness, and lay a solid foundation for the stable and long-term development of the enterprise. At the same time, the Company will continue to actively respond to the national initiative to jointly build the “the Belt and Road”, continue to advance the globalization strategy in depth, speed up the pace of “going out”, build a global manufacturing center, continue to promote overseas localization strategy, spare no effort to expand new business, and strengthen the influence of the Tianneng brand in the field of new energy overseas.

In the new year, Tianneng Power will continue to deepen its three main businesses, with high-end eco-friendly batteries as its core business, vigorously develop energy storage solutions that combine multiple technological routes of lead, lithium, hydrogen, and sodium, and rely on the construction of battery cycle systems and green intelligent manufacturing upgrades to build a green development ecosystem. In the cornerstone business of lead-acid batteries, Tianneng will achieve steady growth in revenue and sales in 2024, continue to maintain market competitiveness and price advantages, and increase market share. The energy storage industry, as the second growth curve of the Company, Tianneng Power will implement a differentiated competitive route and strive to be a leader in segmented markets. Comprehensively integrating all aspects of the energy storage industry, driving products with technology, promoting the application of energy storage solutions in more scenarios, and creating market competitive advantages. In terms of recycling industry, Tianneng Power will strengthen industrial planning, focus on the vertical integration layout of “battery intelligent manufacturing, recycling, and disposal”, further improve the recycling network, enhance the comprehensive disposal capacity of batteries, explore new paths for efficient resource utilization, and promote new development.

Against the backdrop of global energy transformation and adherence to the “Dual Carbon” goals, Tianneng will uphold the development philosophy of green, innovation, and openness, adhere to the principle of “customer-centric and market-oriented”, and become a leading global green energy solution provider.

About Tianneng Power International Limited

Tianneng Power International Limited (“the Company”, together with its subsidiaries, collectively referred to as the ” Group” or “Tianneng”) was founded in 1986. It is a leading enterprise in the new energy battery industry in the People’s Republic of China (“China”) and also a leading enterprise in China’s light electric vehicle battery industry. Tianneng was listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code 00819. HK) in 2007. After more than 30 years of development, it has become a new energy group mainly focusing on light electric vehicle motive batteries, energy storage batteries, and recycling industry, integrating the research and development, production, and sales of various types of batteries such as automotive start stop batteries and electric special industrial vehicle motive batteries, as well as green intelligent manufacturing and intelligent logistics platforms.

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