HONG KONG, Mar 28, 2025 - (ACN Newswire) - In 2024, adhering to its vision of “promoting resource-circular and sustainable development to build an efficient energy system”, Tianneng strengthened its strategic confidence with pragmatic determination. It accumulated strength through adversity and pursued breakthroughs through reform and innovation. Amidst transformative tides and complex external challenges, the Company remained committed to high-quality long-term development, continued to create value for society, and demonstrated robust growth momentum. During the track period, the Company achieved a total revenue of approximately RMB76,669 million, with its manufacturing segment generating a revenue of approximately RMB43,559 million. Profit attributable to owners of the Company reached approximately RMB1,142 million, with basic earnings per share of approximately RMB1.01.

Facing environmental fluctuations and market challenges, Tianneng steadfastly advanced the upgrading of its core businesses, consolidating its leading position in the sector of motive lead-acid batteries sector. The Company explored diversified application scenarios to accelerate the implementation of energy storage projects, while optimizing its battery recycling and reuse system to foster the healthy development of a circular economy. It strategically invested in cutting-edge technologies such as solid-state batteries to prepare for future technological iterations in power and energy storage markets. Simultaneously, Tianneng continued to expand its global sales network, prioritizing customer needs to enhance service system development in key markets. Leveraging strategic hubs across global markets and supported by its globalized operational framework and collaborative ecosystem, Tianneng has been comprehensively strengthening cross-border cooperation foundations and pioneering new avenues for sustainable development.

Synergistic Advancement of Core Businesses Driven by Policy Tailwinds and Steady Development

Under the global energy transition and market transformation, Tianneng has actively implemented its initiatives of “business, technology, capital”. While continuing to deepen its presence in traditional competitive sectors, the Group has been accelerating its strategic layout in new energy and green development to drive robust growth across all business segments. In 2024, the Group further leveraged its whole-life industrial ecosystem for lead-acid batteries, solidifying its leadership in markets such as light electric vehicles, backup power supplies for communication base stations, energy storage systems, and automotive start-stop batteries. Concurrently, it expanded the application of lithium batteries in commercial and industrial energy storage and electric special industrial vehicles. By integrating diversified technologies, Tianneng accelerated cross-system collaborative innovation while established a closed-loop battery recycling industry and rapidly expanded into overseas markets to build a low-carbon circular development business framework.

Lead-acid batteries maintain competitive advantages in cost-effectiveness and stable performance. As the mainstream power source for light electric vehicles, their demand has grown steadily alongside China’s expanding light electric vehicle market, and is now stabilizing. Policy support continues to create favorable conditions. On August 24, 2024, Ministry of Commerce of China and four other authorities issued the “Implementation Plan for Promoting the Replacement of Old Electric Bicycles with New Ones”, offering subsidies for trade-ins and proposing enhanced subsidies for consumers who exchange older lithium-ion battery-powered electric bicycles for new lead-acid battery models. In January 2025, Ministry of Industry and Information Technology of China and four other departments released the revised “Technical Safety Standards for Electric Bicycles ”, raising the maximum weight limit for lead-acid battery models from 55 kg to 63 kg. These policy incentives and industry standards have established a more favorable development environment for lead-acid batteries, reinforcing their role in sustainable energy solutions.

As the Company’s largest core business segment, high-end eco-friendly (lead-acid) batteries generated an annual revenue of approximately RMB39,854 million. Among these, motive lead-acid batteries, as one of the Group’s most crucial core products, contributed a revenue of approximately RMB37,181 million. In 2024, the Company proactively responded to evolving market demands by completing comprehensive upgrades to multiple champion-level lead-acid battery products and launching a series of new motive lead-acid battery products. Through deep integration across R&D, production, and recycling processes, we have ensured continuous quality improvement and enhanced market competitiveness. As an industry leader in lead-acid batteries, Tianneng has pioneered whole-life key technologies for lead-acid batteries and established the industry's first smart factory covering the entire industrial chain, demonstrating its commitment to being both a pioneer and practitioner in developing ecological models for the lead-acid battery industry.

Meanwhile, Tianneng has been actively expanding diversified markets for battery products across different technological routes. The Company continued to extend the application of lead-carbon battery technology, while optimizing key lithium-ion battery technologies. Through technological innovation, product diversification and integrated scenario-based solutions, it has concurrently developed battery applications in fields such as backup power for communication base stations, special industrial vehicles and energy storage. In addition, the Company accelerated R&D and production of hydrogen fuel cells, sodium-ion batteries and solid-state batteries, achieving significant breakthroughs across multiple domains. In 2024, Tianneng successfully designed and developed two solid-state battery cell products, launching solid-state battery solutions tailored for high-performance electric motorcycles. Through customized solutions and collaborative development models, the Company actively advanced the commercialization of solid-state batteries in emerging fields like drones and robotics, achieving breakthrough orders.

As a pioneering enterprise in the circular economy sector, Tianneng is committed to ensuring environmentally-friendly treatment of used batteries through standardized recycling processes and reinforced environmental standards. In 2024, the Company’s recycling industry generated a revenue of approximately RMB2,721 million. Tianneng has significantly expanded its battery recycling capacity, with lead-acid battery disposal capacity increasing to approximately 1.2 million tonnes per year and lithium-ion battery disposal capacity exceeding 70,000 tonnes per year. The Company has further upgraded its battery recycling technologies, which have been widely implemented in new production lines, establishing a robust foundation for sustainable development of both lead-acid and lithium battery industries. Emphasizing its social responsibility in battery recycling, Tianneng will, supported by favorable policies and technological advancements, continue to strengthen its influence in sustainable development and environmental protection.

Continuous Innovation Driving Advancement of Industrial Closed-Loop Systems

Looking ahead, Tianneng will continue to uphold the principles of innovation-driven development and sustainability, striving to become a globally leading green energy enterprise. We will concentrate efforts on advancing technological innovation and industrial upgrading, actively explore emerging technology applications, accelerate the construction of a smart energy ecosystem, and refine the whole-life closed-loop industrial system for “lead and lithium” energy solutions, contributing to the global achievement of “dual carbon” goals. In response to new challenges and opportunities, Tianneng will steadfastly advance into a new phase of globalization and high-quality development. By focusing on technological innovation and industrial transformation, we aim to deeply unlock the potential of core businesses, while actively expanding into new scenarios and markets. Committed to robust business growth and strategic implementation, we will work to create sustainable long-term value and ensure steady growth in shareholder returns.

About Tianneng Power International Limited
Tianneng Power International Limited and its subsidiaries (collectively referred to as “Tianneng” or the “Company”) were founded in 1986. It is a leading enterprise in the new energy battery industry in the People's Republic of 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. With nearly 40 years of development, the Company currently focuses on lead-acid batteries as its core business, specifically catering to motive batteries for light electric vehicle market and expanding its application in different fields such as starter and start-stop systems for automobiles and uninterruptible power supply for communication bases. The Company is also committed to conducting research and development, production and sales of lithium-ion batteries, hydrogen fuel cells, sodium-ion batteries and solid-state batteries to encompass the application fields of special industrial vehicles and energy storage systems through a diverse range of battery technology products. Meanwhile, the Company reinforces the circular economy by focusing on its core business. By implementing a dual-track system for lead recycling and lithium recycling, it ensures the efficient reuse of resources, thereby establishing a new energy industry ecological matrix.

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