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One of China's largest lead-acid battery makers, mainly for electric bikes, expanding into lithium batteries.
One of China's largest lead-acid battery makers, mainly for electric bikes, expanding into lithium batteries.
Sells lead-acid battery packs that wear out within a few years, so replacements bring repeat demand beyond new e-bike sales, and it recycles used lead batteries to supply part of its own lead. Lead prices and the pace at which lithium takes market share are the main swing factors.
Moat: narrow (scale, distribution, brand). Leading share and distribution network in China's e-bike lead-acid battery replacement market.
Headquarters: Huzhou, Zhejiang, China · Founded: 1986 · Employees: 18,933
Size Tianneng Battery (688819.SS) is a China Industrials company (Electrical Products) with a market value of $2.79B, the 917th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥19.15 on 6 Nov 2026.
Performance Over six months the shares fell 37.2%, against -29.7% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 2.4% over the last twelve months (peer median +18.9%); the operating margin is -0.2% (peer median 9.8%).
Valuation It trades at 10.9× forward earnings against a peer median of 19.4× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.6 points below its cost of capital (5.0% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥46.6B | CN¥44.1B | CN¥43.4B | CN¥45.8B | CN¥40.4B |
| Revenue growth | — | +2% | -5% | +13% | — |
| Gross profit | CN¥6.24B | CN¥4.56B | CN¥4.81B | CN¥6.22B | CN¥6.10B |
| EBITDA | n/a | CN¥2.47B | CN¥2.71B | CN¥2.82B | CN¥2.65B |
| Net income | CN¥433M | CN¥1.59B | CN¥1.55B | CN¥2.30B | CN¥1.91B |
| Free cash flow | CN¥6.23B | CN¥4.96B | CN¥4.35B | -CN¥606M | -CN¥871M |
| Capital expenditure | CN¥976M | CN¥1.31B | CN¥2.22B | CN¥3.14B | CN¥2.58B |
| Total debt | CN¥36.1B | CN¥17.8B | CN¥18.8B | CN¥10.2B | CN¥8.99B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tianneng Battery 688819.SS | $2.79B | -37% | +2% | 0% | 10.9× | -7.9% |
| Camel 601311.SS | $1.29B | -26% | -4% | 2% | 12.8× | -0.5% |
| Zhejiang Narada Power Source 300068.SZ | $392M | -67% | -37% | -104% | 4.5× | -7.0% |
| Exide Industries EXIDEIND.NS | $3.20B | -2% | +13% | 8% | 21.7× | 27.5% |
| EnerSys ENS | $5.30B | -36% | +4% | 15% | 11.3× | 0.5% |
| GS Yuasa 6674.T | $2.67B | -33% | +6% | 10% | 9.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688819.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.7% | -8.9% | 11th highest of 21 |
| 6-month return | -37.2% | -29.7% | 5th lowest of 21 |
| Distance from 52-week high | -48.9% | -48.7% | 11th highest of 21 |
| Revenue growth (TTM) | +2.4% | +18.9% | 2nd lowest of 21 |
| Operating margin | -0.2% | 9.8% | 5th lowest of 21 |
| Forward P/E | 10.9× | 19.4× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -7.9% | 13.8% | least demanding of 10 |
| Growth delivered (Del g) | +5.4% | +11.5% | lowest of 10 |
| Hurdle (Req g minus delivered) | -13.3 pp | -1.8 pp | 3rd least demanding of 10 |
| ROIC minus cost of capital | -1.6 pp | -1.4 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianneng Battery 688819.SS | China | $2.79B | -37% | +2% | 0% | 10.9× | -7.9% | +5.4% |
| Shijiazhuang Shangtai Technology 001301.SZ | China | $2.80B | -16% | +34% | 13% | 16.6× | n/a | n/a |
| Shenzhen Senior Technology Material 300568.SZ | China | $2.80B | -23% | +45% | 10% | 27.4× | n/a | n/a |
| Ming Yang Smart Energy 601615.SS | China | $2.80B | -47% | +8% | -4% | 19.4× | n/a | n/a |
| Fortior Technology (Shenzhen) 688279.SS | China | $2.76B | 0% | +46% | 25% | 62.7× | n/a | n/a |
| Mabuchi Motor 6592.T | Japan | $2.84B | +18% | +12% | 12% | 17.9× | 5.8% | +11.5% |
| Qingdao Hanhe Cable 002498.SZ | China | $2.74B | -37% | +21% | 3% | 18.3× | n/a | n/a |
| Time Interconnect Technology 1729.HK | Hong Kong | $2.84B | -57% | +84% | 7% | 10.8× | n/a | n/a |
| Zhongshan Broad-Ocean Motor 002249.SZ | China | $2.73B | -21% | +1% | 6% | n/a | 7.7% | +9.5% |
| Zhuhai CosMX Battery 688772.SS | China | $2.88B | +2% | +18% | -2% | 144.1× | n/a | n/a |
| Daming Electronics 603376.SS | China | $2.71B | -22% | +110% | 9% | n/a | n/a | n/a |
| Schneider Electric Infrastructure SCHNEIDER.NS | India | $2.69B | -21% | +10% | 10% | 76.0× | 56.2% | +17.4% |
| Weihai Guangwei Composites 300699.SZ | China | $2.68B | -35% | +12% | 16% | 45.8× | 13.8% | +6.2% |
| GS Yuasa 6674.T | Japan | $2.67B | -33% | +6% | 10% | 9.9× | n/a | n/a |
| Huaming Power Equipment 002270.SZ | China | $2.66B | -19% | +7% | 32% | 22.3× | 5.9% | +12.3% |
| Baoding Tianwei Baobian Electric 600550.SS | China | $2.65B | -36% | +13% | 4% | n/a | 45.5% | +7.1% |
| Luster LightTech 688400.SS | China | $2.63B | -37% | +10% | 0% | 28.1× | 56.8% | +10.7% |
| TDG 600330.SS | China | $2.96B | -43% | +21% | -19% | 320.4× | n/a | n/a |
| Sanil Electric 062040.KS | South Korea | $2.62B | -56% | +29% | 36% | 17.1× | 15.1% | +50.8% |
| Shenzhen Woer Heat-Shrinkable Material 002130.SZ | China | $2.98B | -37% | +20% | 15% | 16.4× | 1.8% | +15.6% |
| Zhefu 002266.SZ | China | $3.09B | -26% | +27% | 8% | 9.3× | n/a | n/a |