Lead-acid batteries are the company's main source of revenue. The company has reduced capital expenditures in the lithium battery field but increased investment in energy storage, establishing multiple energy storage enterprises during the reporting period. Overseas sales in the first half of the year increased by 34.57% year-on-year. In terms of progress, the Vietnamese assembly plant officially completed trial production in July, with a planned annual production capacity of 10 million lead-acid batteries.
On the evening of August 28, Tian Neng shares released its semi-annual report for 2024.
In the first half of this year, Tian Neng shares achieved a revenue of 21.622 billion yuan, a year-on-year increase of 0.3%. The net profit attributable to shareholders was 1.194 billion yuan, a year-on-year increase of 9.32%.
Looking at the quarterly performance, the company's net profit attributable to shareholders for the second quarter was 0.692 billion yuan, a year-on-year increase of 45.71% and a quarter-on-quarter increase of 37.65%.
Tian Neng shares have now formed a battery product system with coordinated development of lead-acid batteries and lithium-ion batteries, as well as reserves for the development of new material batteries such as hydrogen fuel cells and sodium-ion batteries. Currently, lead-acid batteries are the company's main source of revenue, with lead-acid battery sales revenue of 20.137 billion yuan in the first half of the year.
In the first half of this year, the company's total research and development investment amounted to 0.875 billion yuan, a year-on-year increase of 13.11%. The number of research and development personnel decreased from 2,108 in the same period last year to 1,723.
In terms of achievements, during the reporting period, the company accelerated the development and implementation of 314Ah and other power cell products, and released the new generation 5MWH intelligent liquid-cooled energy storage system.
In the field of hydrogen fuel cells, the company's self-developed 80kW fuel cell system successfully completed sample vehicle debugging and testing at the Wanda Chery factory in Guiyang. In June of this year, the vehicle equipped with the Tian Neng hydrogen-electric 80kW engine system was listed in the 384th batch of products announced by the Ministry of Industry and Information Technology.
In the first half of the year, it released two products in the sodium-ion field: one is the Tianxi T2 battery designed for electric two-wheelers, which adopts a layered oxide technology route; the other is the NFPP poly-anion sodium-ion battery for the energy storage market, meeting the different scene requirements in the energy storage field.
In the institutional research in July, Tianneng shares stated that in terms of capital expenditures, the company has decided to adjust the capital expenditures in the lithium-ion field in phases after careful evaluation to adapt to the current market environment. Compared with 2023, overall capital expenditures are expected to decline.
The Science and Technology Innovation Board Daily noticed that Tianneng shares have continued to increase their investment in the energy storage layout and have invested in the establishment of multiple energy storage companies during the reporting period. In January of this year, the company announced its intention to acquire 40% of the stock of Tianeng Suifude, a controlled subsidiary of Saft Groupe SAS, for 0.21 billion yuan equivalent. After the acquisition, the company will hold 100% of Tianeng Suifude. This change in cooperation with Suifude has reached a preliminary consensus on the intention to purchase 2-3 GWh annually in the future. The semi-annual report shows that the acquisition of 40% minority equity in the energy storage technology has been completed.
In February of this year, Tianneng shares subsidiary Tianneng Energy Storage and Baiyin Nonferrous and Gansu Jinzhuan Silk Road Revitalization Private Equity Fund Management Co., Ltd. planned to establish a joint venture company to invest in the construction of new energy shared energy storage power stations and related supporting industrial projects. As of June 30, 2024, no actual contribution has been made.
Recently, Ningbo Zhongshun New Energy Co., Ltd. was established, with Han Feng as the legal representative and a registered capital of 2 million yuan. Its business scope includes energy storage technology services. Equity penetration shows that the company is indirectly wholly owned by Tianneng shares.
At the same time, the company's overseas income has increased. During the reporting period, its overseas sales revenue was 0.129 billion yuan, an increase of 34.57% year-on-year.
In terms of progress, Tianneng shares stated that the Vietnam assembly plant officially completed trial production in July. At the same time, the construction of its new production base is steadily advancing, with an initial production capacity plan of producing 10 million lead-acid batteries per year. As of June 30, 2024, it has opened and operated 7 local offices in different countries and has signed agreements with more than 30 overseas brand dealers.
As a leading player in the lead-acid battery industry, the price of lead may affect its business costs. Different from other non-ferrous metal prices, the lead futures price has been fluctuating upward since late February. The price per ton has risen from less than 0.0158 million yuan to nearly 0.02 million yuan. According to SMM data, on August 28, the average price of lead ingots was 0.0175 million yuan.
On the same day (August 28), TianNeng Co., Ltd. announced that due to personal reasons, Chen Qinzong has applied to resign from the position of Assistant General Manager of the company. After leaving the company, Chen Qinzong will no longer hold any position in the company.
On the same day (August 28), TianNeng Co., Ltd. announced that due to personal reasons, Chen Qinzong has applied to resign from the position of Assistant General Manager of the company. After leaving the company, Chen Qinzong will no longer hold any position in the company.