China New Aviation's revenue and net profit hit record highs in the first half of the year

In the first half of 2024, China New Energy Aviation also achieved new highs in revenue and net profit since its listing. During the reporting period, China New Aviation's revenue reached 12.46 billion yuan, a year-on-year increase of 1.4%. Net profit was 248 million yuan, a year-on-year increase of 70%. China New Energy Aviation is a world-leading supplier of electric vehicle batteries. Its main business is the production of power batteries, which accounts for 78% of its revenue. Although sales of power batteries increased, the revenue of the power battery segment fell by about 6% due to the decline in battery prices. However, Sinotrans' energy storage system product business achieved significant growth, with revenue increasing by 43.2% to RMB 2.74 billion.