Thursday, 18 April 2024

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Solid Promotion of New Energy Construction and Technological Innovation Leading Industrial Upgrade By

Benchmark Starts FingerMotion at Buy, Sees 73% Upside

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HONG KONG, Apr 3, 2024 – (ACN Newswire) – – 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…

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