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| Net Profit reached to 461 million RMB Creating A New Record High Performance in Half Year |
HONG KONG, Aug 29, 2017 - (ACN Newswire) - Tianneng Power International Limited ("Tianneng Power" or the "Company"), one of the leading electric vehicle motive battery suppliers in China, together with its subsidiaries, (the "Group") (stock code: 819.HK), today announced its interim results for the 6 months ended 30 June 2017 ("Reporting Period").
In the first half of 2017, the Group continued to adhere to the main theme of making progress while maintaining stability by focusing on quality and efficiency along with innovation drivers to progress further in enterprise platform, intelligentized manufacturing and global market presence, which contributed to a healthy development of each of its principal businesses. For the six months ended June 30 2017, the Group recorded total revenue of approximately RMB11,362 million, representing an increase of 24.8% as compared with the same period last year. Gross profit and gross profit margin is RMB1,438 million and 12.66% respectively. Profit Attributable to shareholders of the company increased RMB41 million to RMB439 million. Basic earnings per share increased about 4 cents to 39 cents. The Board does not recommend the payment of any interim dividend for the reporting period.
Lead Battery Sales Increased by 26.5% YoY
Lead battery has been a legend principal business of the Group. During the Reporting Period, the Group was admitted as a "National System Integration Project of Green Manufacturing", one out of the only two enterprises in the industry. The balance technology invented has been approved as a national patent and certified by the Patent Cooperation Treaty (PCT). The balance technology greatly maximizes the lifespan of a battery by achieving balance in six key areas, enabling various active substances in the battery to make their fullest play. Meanwhile, the Group has expanded the application scope of its lead batteries by addition of production facilities for industrial battery, energy storage battery and start-stop battery production. As forecasted in the Ipsos Industry Reports, the market of electric bicycle and tricycle battery and mini electric car battery in China will be valued over US$10 billion and 9 billion respectively by 2025.
It is worth noting that, in first half of the year, with support of the Group's graphene batteries, the LEVDEO electric car successfully completed its ride along the Great Wall; the Group began to supply electric tricycle batteries to SF Express on an exclusive basis; and the Group's mini electric car battery continued to lead the market. During the Reporting Period, the group achieved sales revenue in the Lead battery with RMB10,098 million, representing an increase of 26.5% as compared with the same period last year.
Lithium Battery Sales Increased by 57.5% YoY
The lithium battery business is one of the most rapidly developed businesses of the Group. In the Reporting Period, Lithium battery sales recorded revenue of RMB455 million, representing an increase of 57.5% as compared with the same period last year. In relation to technical research and development, the Group launched ternary pouch cell products, which support heavy-current charge and discharge with higher power and energy density over 200Wh/kg. In respect of broadening of client base, during the Reporting Period, the Group has supplied its products to various well-known new energy auto companies, such as Chery Automobile Co, and Kandi Electric Vehicles Group, Lifan Motors, and has accumulated 100 client resources ranging from mini electric car manufacturers, high-end electric bicycle manufacturers to shared electric bicycle manufacturers so as to promote its lithium batteries in multiple dimensions and at multiple levels. For production capacity, the Group's newly established new energy vehicle motive (energy storage) lithium battery project in Changxing, Zhejiang Province with a total capacity of 3GWh has commenced production in phases. During the year, the project will continue to make full use of its capacity and aims to reach a total lithium battery production capacity of 5.5GWh.
Meanwhile, the Group has been the only enterprise in the industry with its lithium battery business being selected as a "2017 Manufacturing and Internet Integration Pilot Project" by the MIIT, and the Group led and participated in the preparation of "Standards of Green Design of Lithium Battery Products" with the China Electrical Equipment Industry Association.
Resource Recycling Business Profitability Shows Up
During the Reporting Period, the profitability of the used battery recycling business began to show up and has maintained growth both in economic efficiency and social benefit. The used battery recycling capacity of the Group's bases in Eastern China and Northern China after capacity expansion are expected to reach 300,000 tons and 100,000 tons per annum respectively, totaling 400,000 tons per annum, posing the Group as the largest benchmarking and demonstrating enterprise in waste and used lead battery recycling business in China.
Moreover, the Group established its lead-carbon storage laboratory in 2010, currently with several proprietary intellectual property rights. Nowadays, Electrification of traffic tools has been a rising global trend. Characterized by low price and convenience, electric bicycle becomes a key replacement of motorcycle and has been widely used in developing counties in Southeast Asia and South America. In future, the Group will continue to expand into the overseas market, such as America, Europe, Australia and Asia-Pacific, via "One Belt, One Road" initiative and prepare in aspect of technology, client and production capacity to embrace a booming market growth.
Looking forward, Mr. Zhang, Tianren, Chairman and President said "the Group will continue to adhere to the main theme of making progress while maintaining stability by focus on quality and efficiency to create solutions to advanced lead battery system, high energy lithium battery system, integrated recycling economy industry chain and energy storage battery system. Continuously be driven by the mission of 'New Energy, New World' and determined to become 'a world leading new energy solution provider', the Group will continue to make further reformation and renovation to bring sustainable returns to its shareholders."
About Tianneng Power International Limited
Tianneng Power is one of the leading green power solution providers in China. The Company has been included in 'China Top 500' compiled by Fortune, as a constituent of MSCI Index, Hang Seng Composite Index, the Hang Seng Global Composite Index, Shenzhen Hong Kong Stock Connect Security, and Hang Seng Corporate Sustainability Index. In 2017, Tianneng Power has been accelerating its pace to transform and upgrade our solutions including advanced lead battery system, high-end lithium battery system, integrated recycling economic industry chain, and energy storage battery system, so as to improve economy efficiency, achieve industry upgrade, and enjoy the benefit of market integration. The Company has been awarded 'Best Motive Battery Brand in China Award' by Frost & Sullivan for four consecutive years, 'Leading Brand of Electric Car Motive Battery in China' by IPSOS for four consecutive years, 'Excellent Technology for Electric Vehicles Award' by Society of Automotive Engineers of China for two consecutive years. Tianneng Power has also been ranked the first of '2016 China's Top 100 Battery Industry List'.
Topic: Press release summary
Source: Tianneng Power International Limited
Sectors: Daily Finance, Automotive
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