On the evening of August 26, Tianneng Power International (Tianneng Power, 688819.SH) released its 2026 interim report (uploaded to CNInfo on August 27). In the section 'New Business — Stepwise Breakthroughs in Multi-Technology System', the report makes the progress of the sodium-ion business explicit for the first time in a statutory disclosure: 'For sodium-ion batteries, the company has launched its second-generation sodium-ion vehicle battery, and obtained approval for a 0.5 MW/1.2 MWh commercial & industrial (C&I) energy storage demonstration project, marking the transition of the sodium-ion business from technical validation to commercial demonstration.' The company also confirmed that its multi-technology system of 'Lead + Lithium + Hydrogen + Sodium + Solid-State' is accelerating into shape, with the industrialization process showing a stepwise 'sodium-ion demo validation, solid-state multi-scenario landing, hydrogen fuel commercialization' pattern.
On overall results, the interim report disclosed: Tianneng Power's H1 revenue reached RMB 22.325 billion, up 6.73% YoY; net profit attributable to shareholders was RMB 281 million, down 67.6% YoY; non-GAAP net profit was RMB 150 million, down 74.5% YoY. By segment, the lead-acid battery business achieved revenue of RMB 19.969 billion, up 4.27% YoY, as the company's core base; the lithium battery business achieved revenue of RMB 899 million, up 66.52% YoY, becoming the largest growth highlight — the semi-solid-state 314 Ah cell co-produced with Welion New Energy has achieved large-scale batch delivery and has been successfully applied in grid-side energy storage equipment. The company's overseas business generated revenue of RMB 362 million, up 60.36% YoY, with the Vietnam assembly plant achieving full production and sales. The company's H1 R&D investment totaled RMB 908 million, accounting for 4.07% of revenue.
The relationship between this 'second-generation sodium-ion vehicle battery' statement and the 'Tianneng Sodium-Ion 5.0 vehicle start-stop battery (polyanion system 12V pouch cell, -40℃~80℃ wide temperature range, 20C ultra-high rate discharge)' reported by this project on August 18 (20260818-002 published) has not been clearly articulated in this interim report; the 0.5 MW/1.2 MWh C&I energy storage demonstration project is in an 'approved' state (actual commissioning/grid-connection time, owner, and detailed technical specifications are not disclosed); the company's H1 net profit attributable to shareholders was -67.6% YoY, mainly due to high raw material prices for lead-acid and weaker-than-expected demand recovery, and the sodium-ion business currently contributes limited results.