TianNeng Co., Ltd.: Two consecutive years of sluggish performance growth, overseas plant officially put into operation

DoNews March 27 news, according to Tide News, on the evening of March 27, Zhejiang Tianneng Co., Ltd. released its 2025 annual report: the company’s operating revenue was 45.79 billion yuan, up 1.7% year over year; net profit attributable to shareholders of the parent company was 1.59 billion yuan, up 2.4% year over year; after deducting non-recurring gains and losses, net profit was 1.10 billion yuan, up 0.2% year over year; and net operating cash flow was 6.264 billion yuan, down 4.6% year over year.

News reporters found that this is already two consecutive years in which Tianneng’s performance growth has been lackluster. In 2024, the company’s revenue was 45.042 billion yuan, down 5.67% year over year; net profit was 1.555 billion yuan, down 32.54% year over year. Among this, government subsidies contributed a substantial portion of profits; in 2024 and 2025, they were 480 million yuan and 471 million yuan, respectively.

In fact, although 2023 was a performance peak for the company over the past six years, with revenue reaching 47.748 billion yuan and net profit reaching 2.305 billion yuan, the net profit increase was only a little more than 1% compared with 22.8 billion yuan in 2020.

In 2025, the company’s lithium battery business achieved leapfrog growth, generating full-year operating revenue of 1.571 billion yuan. Although the revenue share was only 3.43%, the year-over-year growth rate reached 218.36%. In 2025, the company’s backup power supply business also saw its revenue first break into the 100-million-yuan range, reaching 128 million yuan, up 47.23% year over year, with the overall scale maintaining steady and rapid growth.

In terms of market positioning, in 2025 the company fully expanded the energy storage market, focusing on building a second growth engine and rolling out multiple industry benchmark projects. In the hydrogen fuel cell field, the company broke through the limitations of hydrogen fuel cells’ application in a single transportation scenario, expanding its business footprint into diverse areas such as two-wheeled vehicles, heavy-duty trucks, and hydrogen energy storage power generation systems.

In 2025, Tianneng’s overseas business also made progress. It moved from traditional product exports into a new stage characterized by localized production capacity planning and deep industrial cooperation, becoming one of the core business segments with the fastest growth for the company.

Full-year overseas business revenue was 535 million yuan. Although its share of revenue was only 1.17%, up 0.51 percentage points from the previous year’s 0.66%, the year-over-year growth rate of revenue reached 80.54%.

Of these, Phase I of the Vietnam production base has been successfully put into operation, with capacity being released steadily, laying the foundation for the company to quickly respond to Southeast Asian market demand and improve regional supply assurance capability. The company also implemented residential energy storage projects in Vietnam.