Tianneng Battery Group Co., Ltd. (688819.SS) Bundle
From a modest factory in Huzhou in 1986 to a global battery powerhouse reporting over $11 billion in revenue in 2024, Tianneng Battery Group (688819.SS / 00819.HK) combines scale and strategy-18 production bases across China plus a Vietnam plant, more than 160 subsidiaries and nearly 30,000 employees-while holding a dominant >45% share of China's lead-acid power battery market for electric light vehicles; dual listings (Hong Kong 2007, Shanghai STAR Board 2021) and a diversified shareholder base support expansion as Tianneng invests about 1.5 billion RMB annually in R&D, operates seven R&D centers and fully automated PACK lines, counts energy-storage sales (over 129 million yuan overseas in H1 2024, +34.57% YoY) among revenue drivers, plans an additional 15 GWh lithium capacity, and sits on a balance sheet with total assets above 19 billion yuan-a story of industrial scale, capital access and technology that shapes its current market position (ranked 17th among global new energy firms) and fuels its international ambitions.
Tianneng Battery Group Co., Ltd. (688819.SS): Intro
Tianneng Battery Group Co., Ltd. (688819.SS) traces its origins to 1986 in Huzhou, Zhejiang Province, China, and has expanded from a local battery workshop into a global battery manufacturer and energy solutions provider. The company achieved milestone public listings-on the Hong Kong Stock Exchange in June 2007 and on the Shanghai Stock Exchange Science and Technology Innovation Board (STAR Market) in January 2021-becoming the first in its industry to hold both H‑share and A‑share listings. By 2024 the group reported revenue in excess of $11 billion, operates 18 production bases across seven Chinese provinces plus an overseas manufacturing center in Vietnam, and comprises over 160 subsidiaries with nearly 30,000 employees worldwide.- Founded: 1986, Huzhou, Zhejiang Province, China
- HKEX listing: June 2007
- STAR Market (SSE) listing: January 2021
- 2024 revenue: > $11 billion
- Production footprint: 18 domestic bases (7 provinces) + 1 overseas (Vietnam)
- Subsidiaries: >160 worldwide
- Employees: ~30,000
- Product lines: lead‑acid batteries, lithium‑ion batteries (power and energy storage), motorcycle and electric two‑wheel vehicle batteries, traction batteries for electric vehicles, and battery recycling/reclamation.
- Services: OEM/ODM supply, aftermarket replacement batteries, integrated energy storage solutions, and battery lifecycle management (including recycling).
- Vertical integration: raw material procurement, cell and pack manufacturing, battery management systems (BMS), module/pack assembly, and recycling operations to capture value across the lifecycle.
- Product sales - high-volume supply of lead‑acid and lithium battery cells and packs to vehicle manufacturers, distributors, and aftermarket channels.
- Solutions & projects - revenue from grid and commercial energy storage systems and integrated solutions for fleets and industry.
- OEM/ODM contracts - long‑term supply agreements with vehicle and electric mobility manufacturers.
- Aftermarket & services - replacement batteries, BMS upgrades, warranty and maintenance services.
- Recycling & materials recovery - monetizing end‑of‑life batteries through reclaiming lead, cobalt, lithium, and other materials.
| Year | Milestone | Impact / Note |
|---|---|---|
| 1986 | Company founded | Started in Huzhou, Zhejiang; small battery workshop |
| June 2007 | Listed on Hong Kong Stock Exchange | Access to international capital and investor base |
| 2021 (Jan) | Listed on SSE STAR Market (688819.SS) | First in industry to hold both A‑share and H‑share listings |
| 2024 | Revenue milestone | Reported revenue exceeding $11 billion |
| By 2024 | Global footprint | 18 production bases in 7 Chinese provinces; 1 overseas center in Vietnam; ~160 subsidiaries; ~30,000 employees |
- 2024 reported revenue: > $11 billion
- Employee count: ~30,000
- Subsidiaries: >160
- Production bases: 18 (China) + 1 (Vietnam)
- Primary markets: China (domestic EVs & two‑wheelers), Southeast Asia, emerging markets; growing presence in energy storage and industrial applications
Tianneng Battery Group Co., Ltd. (688819.SS): History
Tianneng Battery Group Co., Ltd. (688819.SS) traces its origins to regional lead-acid and lithium battery manufacturing in China and has expanded into mobility power solutions, energy storage and battery recycling through steady capacity additions and vertical integration. Key milestones include scaling production for two-/three-wheeler vehicle batteries, entering lithium-ion cells and modules, and pursuing technology upgrades and capacity expansions supported by capital markets access.- Founded as part of the privately held Tianneng Holding Group Co., Ltd.; now a subsidiary within that conglomerate.
- Dual-listed: Shanghai Stock Exchange (688819.SS) and Hong Kong Stock Exchange (00819.HK), enhancing capital access and investor breadth.
- As of December 2025 the Shanghai-share price is 32.00 CNY, reflecting market confidence in its industry position.
- Shareholder base combines institutional investors, domestic retail holders and strategic group ownership via Tianneng Holding.
- Ownership and governance are structured to support long-term strategic investments in R&D, capacity and M&A.
| Item | Detail |
|---|---|
| Primary owner | Tianneng Holding Group Co., Ltd. (private conglomerate) |
| Shanghai listing | 688819.SS - Price (Dec 2025): 32.00 CNY |
| Hong Kong listing | 00819.HK |
| Core businesses | EV batteries (two-/three-wheelers), lithium-ion cells/modules, energy storage, recycling |
| Capital strategy | Dual listing to diversify funding sources for expansion and tech development |
- Mission: Provide affordable, reliable power solutions for mobility and stationary storage while improving lifecycle sustainability through recycling and advanced manufacturing.
- How it works: integrates cell production, module/pack assembly, battery management systems (BMS), and downstream distribution to OEMs, aftermarket channels and energy storage integrators.
- Revenue model: product sales (batteries, packs), systems integration services, aftermarket replacement batteries, and value from recycling/refurbishment streams.
- Growth levers: capacity expansions, vertical integration, technology upgrades (higher energy density cells, faster charging), and geographic expansion driven by capital from public markets.
Tianneng Battery Group Co., Ltd. (688819.SS): Ownership Structure
Tianneng Battery Group Co., Ltd. is a leading Chinese battery manufacturer focused on environmentally friendly energy storage and power solutions. The company's mission emphasizes green, low‑carbon applications, continuous innovation and platform-oriented development, supported by significant R&D investment and active participation in national standard setting. See Mission Statement, Vision, & Core Values (2026) of Tianneng Battery Group Co., Ltd.- Mission and values: provide environmentally friendly battery solutions for two‑wheel, four‑wheel, energy storage and industrial applications; prioritize green, low‑carbon product lines and lifecycle sustainability.
- R&D commitment: approximately 1.5 billion RMB invested annually in research and development to boost energy density, safety and cost reduction.
- Strategic approach: three‑wheel-driven development - 'industry + capital + science and technology' - to evolve into a service‑oriented, platform‑oriented enterprise.
- Standards & industry role: active contributor to national/industry standards, with participation in the formulation of over 170 standards.
- Recognition & sustainability listings: recipient of honors including the China Grand Awards for Industry and National Manufacturing Individual Champion; included in more than 40 green manufacturing directories (e.g., National Green Factory, Green Design Product).
| Ownership Category | Representative Holders | Approx. Share (%) |
|---|---|---|
| Controlling Shareholder | Tianneng Investment Group / affiliated entities | ~52% |
| Strategic/Institutional Investors | Domestic & international funds, strategic partners | ~10% |
| Management & Employee Ownership | ESOP and executive holdings | ~8% |
| Public Float (Retail + Other) | Shanghai Stock Exchange investors (A‑share) | ~30% |
- Product manufacturing and sales: lithium‑ion and lead‑acid battery packs for e‑bikes, electric vehicles, energy storage systems and industrial applications - primary revenue driver.
- OEM and component supply: BMS, modules and cells sold to vehicle and energy storage OEMs; margins influenced by scale and technology upgrades.
- Service and platform offerings: after‑sales, battery recycling, second‑life energy storage solutions and platform services under the 'service + platform' push.
- Capital and technological investments: deploying capital into new capacity, automation and strategic JV/partnerships to access downstream EV and ESS markets.
| Metric | Value / Note |
|---|---|
| Annual R&D spend | ≈1.5 billion RMB |
| Standards contributed | >170 national/industry standards |
| Green manufacturing listings | >40 directories (National Green Factory, Green Design Product, etc.) |
| Recognition | China Grand Awards for Industry; National Manufacturing Individual Champion |
Tianneng Battery Group Co., Ltd. (688819.SS): Mission and Values
Tianneng Battery Group is a vertically integrated battery manufacturer focused on power solutions for mobility, energy storage and industrial backup. The company's stated mission centers on safe, long-life energy solutions, technological leadership in electrochemical systems, and nationwide service coverage to accelerate electrification across transportation and stationary applications. How It Works Tianneng combines large-scale manufacturing, multi-disciplinary R&D and an extensive marketing/service network to design, produce and distribute batteries across China and selected overseas markets.- Production footprint: 18 production bases in China and one in Vietnam, enabling localized supply and scale advantages.
- Asset scale: total asset value exceeding 19.0 billion yuan, supporting capital-intensive manufacturing and R&D investment.
- R&D network: seven research and development centers with technology focus areas in lead‑acid batteries, lithium‑ion batteries, hydrogen fuel cells and sodium‑ion batteries.
- Manufacturing technology: fully automatic battery cell and PACK production lines for consistency, higher throughput and lower defect rates.
- Quality & management certifications: ISO9001, TS16949, ISO14001 and OHSAS18001, underpinning systematic quality, environmental and occupational health management.
- Sales & service reach: marketing and after‑sales integration across more than 3,000 dealers and over 400,000 stores covering all 32 provinces in China.
- Electric mobility: two‑/three‑wheelers, light electric vehicles (LEVs), electric bicycles and low‑speed EVs.
- Energy storage: residential and commercial storage systems, grid‑support and peak‑shaving installations.
- Backup power: UPS systems, telecom backup and industrial standby power.
- Emerging: R&D into sodium‑ion and hydrogen fuel cell subsystems for future diversification.
| Metric | Figure / Scope |
|---|---|
| Production bases | 19 (18 China, 1 Vietnam) |
| Total assets | Exceeding ¥19.0 billion |
| R&D centers | 7 (lead‑acid, Li‑ion, Na‑ion, H2 fuel cell) |
| Automated production | Fully automatic cell & PACK lines |
| Dealers & retail | >3,000 dealers; >400,000 stores across 32 provinces |
| Quality certifications | ISO9001, TS16949, ISO14001, OHSAS18001 |
| Primary end markets | Electric vehicles, energy storage, backup power |
- Product sales: revenues driven by scale production and sales of lead‑acid and lithium‑ion battery packs for mobility and stationary storage.
- After‑sales & services: extended warranty, maintenance and parts distribution via the dealer/store network to capture recurring revenue.
- OEM & B2B contracts: supply agreements with vehicle manufacturers, fleet operators and energy integrators for large‑volume orders.
- Technology licensing & solutions: R&D outputs (e.g., PACK designs, cell formulations) used to optimize margins and enable premium product tiers.
- Vertical integration: control over cell, PACK and assembly reduces procurement cost, shortens lead times and preserves margin across product lines.
Tianneng Battery Group Co., Ltd. (688819.SS): How It Works
Tianneng generates revenue by designing, manufacturing and selling a broad range of battery products and integrated power solutions for mobility and stationary applications. Its business model combines large-scale production, channel distribution, OEM partnerships and growing upstream investment in lithium chemistry and energy storage systems.- Primary product lines: lead-acid power batteries, lithium-ion batteries, energy storage systems, and battery-related accessories.
- Channels: OEM supply to EV/light-vehicle makers, aftermarket sales for electric bicycles and scooters, direct project sales for utility and commercial energy storage, and overseas distribution.
- Value-added services: integrated battery packs, BMS (battery management systems), recycling and second-life solutions, and after-sales technical support.
- Manufacturing footprint: multiple production bases for lead-acid and lithium chemistries, with ongoing capacity expansion in lithium cells and packs.
- R&D and vertical integration: in-house R&D on cell chemistry and pack integration, investments into production capacity to capture higher-margin lithium and ESS markets.
| Metric | Value / Detail | Notes |
|---|---|---|
| Lead-acid power battery market share (electric light vehicles) | >45% | Segment leadership in China for e-light vehicle power batteries |
| Overseas sales (H1 2024) | 129 million yuan | Year-on-year increase of 34.57% |
| Lithium battery capacity expansion plan | +15 GWh annual output | Planned investment to meet EV and energy storage demand |
| Energy storage recognition | Included in government work report | Appeared for two consecutive years - indicates strategic policy alignment |
- Key revenue drivers:
- High-volume lead-acid battery sales to electric light-vehicle OEMs and aftermarket
- Growing lithium-ion battery and integrated pack sales to automotive OEMs and new energy vehicles
- Commercial and utility-scale energy storage project sales and services
- Export sales growth via international distribution networks
- Major partnerships and customers:
- BYD - supply relationships for integrated battery solutions
- Geely - strategic supply of battery packs/components for NEVs
- Numerous regional OEMs and aftermarket distributors across China and overseas
- Capacity expansion (15 GWh planned) to capture higher-margin EV battery business.
- Policy tailwinds and government recognition for energy storage, supporting project sales and financing.
- Export growth, evidenced by a 34.57% YoY increase in overseas revenue to 129 million yuan in H1 2024.
Tianneng Battery Group Co., Ltd. (688819.SS): How It Makes Money
Tianneng generates revenue across multiple battery segments, aftermarket services and energy-storage projects, leveraging scale in lead-acid while expanding into lithium-ion and system-level solutions. Key revenue drivers and strategic positioning:- Core product sales: lead-acid batteries for motorcycles, electric two/three-wheelers, UPS and motive power - historically the largest revenue contributor.
- New energy vehicle (NEV) components and lithium-ion packs: growing share through OEM partnerships with major automotive manufacturers.
- Energy storage systems (ESS): grid and commercial/industrial storage projects, EPC and long-term service contracts.
- After-sales, recycling and battery-as-a-service (BaaS) initiatives: spare parts, recycling of battery materials and lifecycle services.
- Global rank: 17th among global new energy enterprises.
- Domestic leadership: holds the top position in China's lead-acid battery market (approximate domestic market share ~20% in lead-acid segment).
- International expansion: production facilities established in Vietnam with additional overseas expansion planned to support export and local-market supply chains.
- R&D commitment: invests ~1.5 billion RMB annually in R&D to advance battery chemistry, management systems and manufacturing automation.
- Policy & demand tailwinds: favorable Chinese and global policies for energy storage and electrification support ESS and NEV growth.
- Strategic OEM partnerships: collaborations with leading automotive manufacturers bolster lithium-ion and EV component sales and accelerate technology adoption.
- Sustainability alignment: increasing emphasis on recycling, green manufacturing and lower-carbon supply chains positions Tianneng with global sustainability trends.
| Metric | Value / Note |
|---|---|
| Annual R&D investment | 1.5 billion RMB |
| Global ranking (new energy) | 17th |
| Position in China (lead-acid) | Market leader (top-ranked) |
| International production | Manufacturing presence in Vietnam; further overseas plans |
| Revenue mix (indicative) | Lead-acid & aftermarket (majority); lithium-ion & ESS (fastest growth) |
- Volume manufacturing margins: scale in lead-acid enables lower per-unit costs and healthy gross margins on high-volume products.
- Value-added systems: ESS and lithium-ion systems command higher ASPs and longer contract durations, improving recurring revenues.
- OEM long-term contracts: multi-year supply agreements with automakers stabilize cash flows and support capacity planning.
- Vertical integration & recycling: recovering materials and internalizing key processes reduce input cost volatility and create secondary revenue streams.
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