Gelonghui March 22 | Tianbao Group (01979.HK) announced that revenue for the year ended 31 December 2023 decreased by 12.0% to HK$4.82 billion. Profit attributable to company owners increased by 10.8% to HK$330 million for the year. The board of directors recommended a final dividend of HK9.6 cents per share of the Company's common stock for the year ended 31 December 2023, subject to approval by the company's shareholders at the 2024 Annual General Meeting of Shareholders.

The new energy business developed ideally during the year. As the business continued to grow and expand, the group expanded its new energy business into an independent division during the year. Under the vigorous promotion of policies and rising public awareness of environmental protection, the NEV industry is becoming more mature, and demand continues to grow, which is also driving demand for charging pile core charging modules, various energy storage products, and automotive electronics. In order to plan business development paths more efficiently, the Group has also formulated three new energy product strategies centered on charging modules, energy storage, and automotive electronics applications, and the focus of R&D is also on moving towards power products with higher power and faster charging speed.

Both the consumer power supply segment and the industrial power supply segment were affected by the market's conservative and prudent consumption behavior. However, as the customer's inventory removal progress is ideal during the year, and the Group continues to diversify product types, launch serial product solutions in response to market demand, and expand to the development and manufacture of higher-power fast charging devices, it is believed that the future will bring significant and stable contributions to performance.