Gelonghui, March 26 | Chaowei Power (00951.HK) announced its annual results. For the year ended December 31, 2023, the Group's total revenue increased by about 26.4% to approximately RMB 40.375 billion; the Group's gross profit decreased by about 2.7% to approximately RMB 3.60 billion; the Group's overall gross margin fell to about 8.9%, and the profit attributable to the company's owners was approximately RMB 348 million, a decrease of 16.7% year-on-year. Basic earnings per share are RMB 0.31, and a proposed final dividend of HK$0.053 per share.

According to the announcement, lead-acid power batteries are the Group's main product. With excellent technological strength and excellent product quality, as well as perfect market channels and long-term brand effects, the group maintains its leading position in the lead-acid power battery industry. In 2023, sales revenue of lead-acid power batteries was approximately RMB 25.451 billion, accounting for about 63.0% of the Group's total revenue; of these, sales revenue of electric bicycle batteries was approximately RMB 16.460 billion, accounting for about 40.8% of the Group's total revenue; sales revenue of electric tricycle batteries and special purpose electric vehicle batteries reached approximately RMB 8.991 billion, accounting for about 22.3% of the Group's total revenue.

The Group also sells lithium-ion battery products, adheres to the strategy of concurrent technology routes, combines independent research and development with high-end international and domestic cooperation, continuously improves product quality, and strives to develop new products with different characteristics and different application fields. In 2023, sales revenue of lithium-ion battery products was approximately RMB 217 million.