Core Viewpoint - Company Xinda (300207) has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors. The company focuses on the research, design, manufacturing, and sales of lithium batteries, providing comprehensive solutions from battery cells to systems, covering consumer batteries, power batteries, and energy storage systems [1]. Group 1: Market Position - Xinda holds a leading position in the global mobile phone battery market with a market share of 34.3% in 2024, according to ZhiShi Consulting data [1]. - The company is the second-largest manufacturer of batteries for laptops and tablets globally, with a market share of 21.6% [1]. Group 2: Business Development - The company started with consumer battery business and gradually expanded into power batteries and energy storage systems, forming an integrated business layout, with consumer battery revenue accounting for over 50% of total revenue [1]. - As of March 31, 2025, the company has 19 production bases in China and 6 overseas to meet global customer demand [2].

Group 1: Company Developments - Xiwanda has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors [1] - Starbucks CEO Brian Niccol mentioned that over 20 potential buyers have shown interest in acquiring the company's stake in the China market [3] - Starbucks reported third-quarter revenue of $9.5 billion, with same-store sales down 2%, and net profit of $558.3 million, significantly lower than expected [4][15] - Meta Platforms reported second-quarter revenue of $47.52 billion, a 22% year-over-year increase, with net profit of $18.337 billion, up 36% [13] - Adidas reported second-quarter revenue of €5.95 billion, a 2.2% year-over-year increase, with net profit of €369 million, up 94% [14] Group 2: Financial Performance - CATL achieved a net profit of 30.512 billion yuan in the first half of the year, a 33.02% year-over-year increase, with revenue of 178.886 billion yuan, up 7.27% [16] - Luckin Coffee reported second-quarter net revenue of 12.36 billion yuan, a 47% year-over-year increase, with net profit of 1.25 billion yuan, up 44% [16] - Prada's first-half net revenue reached €2.74 billion, an 8% year-over-year increase, with net profit of €386 million [17] - Airbus reported first-half revenue of €29.610 billion, with a net profit of €1.525 billion [17] Group 3: Market Trends - Ryanair announced it will cease operations at three French airports due to high ticket taxes imposed by the French government, which increased by 180% [6] - Mercedes-Benz warned of a significant decline in annual revenue due to tariffs affecting car and truck sales, with expectations of lower sales in 2025 compared to last year [10]

Investment Rating - The industry investment rating is "Overweight" [9][30]. Core Views - The report highlights strong demand for commercial vehicles and favorable conditions for large-scale energy storage in China, leading to a month-on-month increase in lithium battery production in August [1]. - The report anticipates limited price reduction space in the battery and materials segments due to sustained demand growth and improved capacity utilization rates, particularly in Q3 [1]. - The report recommends several companies, including CATL, Yiwei Lithium Energy, and Xinwangda, as well as companies in the 6F and positive electrode materials sectors [1][5]. Summary by Sections Lithium Battery Production - In August, lithium battery production reached 110.3 GWh, a month-on-month increase of 1.5%, with positive and negative electrode production increasing by 2.6% and 2.3%, respectively [1]. - The demand for electric commercial vehicles and large-scale energy storage is driving this growth, indicating a continued upward trend in the lithium battery industry [1]. New Energy Vehicles - In July 2025, domestic retail sales of new energy vehicles reached 1.01 million units, a year-on-year increase of 15%, with a cumulative sales increase of 29.1% for the first seven months [2]. - The penetration rate of new energy heavy trucks in China reached 14.69%, with sales increasing by 186% year-on-year [2]. Energy Storage - The report notes that the profitability model for large-scale energy storage in China is gradually improving, with a significant increase in bidding scale [4]. - In the first half of 2025, the bidding scale for energy storage reached 176.59 GWh, a year-on-year increase of 180.57% [4]. Recommendations - The report recommends the following companies for investment: - CATL (300750 CH) with a target price of 341.24 and a "Buy" rating [7]. - Yiwei Lithium Energy (300014 CH) with a target price of 49.20 and a "Buy" rating [11]. - Xinwangda (300207 CH) with a target price of 23.18 and a "Buy" rating [12]. - Tianci Materials (002709 CH) with a target price of 22.80 and a "Buy" rating [12]. - Fulian Precision (300432 CH) with a target price of 26.77 and a "Buy" rating [14].

Core Viewpoint - XINWANDA (300207.SZ) has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors [1] Company Overview - XINWANDA is a global lithium battery technology enterprise focused on providing green and efficient integrated solutions for new energy [3] - The company engages in the research, design, manufacturing, and sales of lithium batteries, covering consumer batteries, power batteries, and energy storage systems [3] - XINWANDA has established long-term stable partnerships with leading technology companies, including major smartphone manufacturers such as Xiaomi, Lenovo, OPPO, vivo, Honor, and Transsion [3] - As of 2024, XINWANDA holds a 34.3% market share in the global smartphone battery market and is the second-largest manufacturer of batteries for laptops and tablets with a 21.6% market share [3] Financial Performance - XINWANDA's revenue for the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2025, were approximately RMB 52.16 billion, RMB 47.86 billion, RMB 56.02 billion, and RMB 12.29 billion, respectively [5][6] - The company's profit for the same periods was approximately RMB 763 million, RMB 331 million, RMB 534 million, and RMB 30 million [5][6] Customer Dependency - The revenue from the top five customers for the years 2022, 2023, 2024, and the three months ending March 31, 2025, were approximately RMB 30.29 billion, RMB 22.82 billion, RMB 24.84 billion, and RMB 4.95 billion, representing 58.1%, 47.7%, 44.3%, and 40.3% of total revenue, respectively [4] Production Capacity - As of March 31, 2025, XINWANDA has 25 major production bases either operational or under construction, with 19 located in China and six overseas in countries such as India, Vietnam, Thailand, and Hungary [4]

Core Viewpoint - XINWANDA (300207.SZ) has submitted an application for listing on the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors. The company is a global leader in lithium battery technology, focusing on providing integrated green and efficient energy solutions [1]. Group 1: Business Overview - XINWANDA specializes in the research, design, manufacturing, and sales of lithium batteries, offering a comprehensive product matrix that includes consumer batteries, power batteries, and energy storage systems [1]. - The company has established long-term stable partnerships with leading global technology firms, including major smartphone manufacturers such as Xiaomi, Lenovo, OPPO, vivo, Honor, and Transsion. All top ten global smartphone manufacturers by shipment volume in 2024 are clients of the company [1]. - According to ZhiShi Consulting, XINWANDA holds a dominant position in the global smartphone battery market with a market share of 34.3% based on 2024 shipment volume. It is also the second-largest manufacturer of batteries for laptops and tablets, with a market share of 21.6% [1]. Group 2: Revenue and Client Dependency - The company started with consumer batteries and gradually expanded into power batteries, energy storage systems, and other related fields, forming a comprehensive integrated business layout. Consumer batteries are a significant source of revenue, accounting for over 50% of total revenue in 2024 [2]. - The revenue from the top five clients for the years 2022, 2023, 2024, and the three months ending March 31, 2025, were approximately RMB 30.286 billion, RMB 22.818 billion, RMB 24.836 billion, and RMB 4.949 billion, respectively, representing 58.1%, 47.7%, 44.3%, and 40.3% of total revenue for those periods [2]. Group 3: Production Capacity - As of March 31, 2025, XINWANDA has 25 major production bases either operational or under construction, with 19 located in China across various provinces, and six overseas in India, Vietnam, Thailand, and Hungary, enabling the company to respond promptly to domestic and international customer demands [2]. Group 4: Financial Performance - XINWANDA reported revenues of approximately RMB 52.162 billion, RMB 47.862 billion, RMB 56.021 billion, and RMB 12.289 billion for the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively. The corresponding profits for these periods were approximately RMB 0.763 billion, RMB 0.331 billion, RMB 0.534 billion, and RMB 0.299 billion [3].

Group 1 - The company, Xinwanda (300207.SZ), submitted an application for the issuance of overseas listed foreign shares (H shares) to the Hong Kong Stock Exchange on July 30, 2025 [1] - The application materials for this issuance and listing were published on the Hong Kong Stock Exchange website on the same day [1]

欣旺达（300207）(300207.SZ)公告，公司已于2025年7月30日向中国香港联合交易所有限公司递交了发 行境外上市外资股(H股)并在联交所主板挂牌上市的申请，并于同日在联交所网站刊登了本次发行并上 市的申请资料。 ...

Core Viewpoint - XINWANDA (300207.SZ) has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors [1] Company Overview - XINWANDA is a global lithium battery technology enterprise focused on providing green and efficient integrated solutions for new energy [3] - The company engages in the research, design, manufacturing, and sales of lithium batteries, covering a wide product matrix including consumer batteries, power batteries, and energy storage systems [3] - XINWANDA has established long-term stable partnerships with leading technology companies, including major smartphone manufacturers such as Xiaomi, Lenovo, OPPO, vivo, Honor, and Transsion [3] - As of 2024, XINWANDA holds a 34.3% market share in the global smartphone battery market and is the second-largest manufacturer of batteries for laptops and tablets with a 21.6% market share [3] Business Model - The company started with consumer batteries and has gradually expanded into power batteries, energy storage systems, and other related fields, forming a comprehensive integrated business layout from research and design to manufacturing, sales, testing, and recycling [3] - Consumer battery business is a significant revenue source, accounting for over 50% of total revenue in 2024 [3] Customer Dependency - Revenue from the top five customers for the years 2022, 2023, and 2024, as well as for the three months ending March 31, 2025, was approximately RMB 30.286 billion, RMB 22.818 billion, RMB 24.836 billion, and RMB 4.949 billion, representing 58.1%, 47.7%, 44.3%, and 40.3% of total revenue for the respective periods [4] Production Capacity - As of March 31, 2025, XINWANDA has 25 major production bases either operational or under construction, with 19 located in China and six overseas in India, Vietnam, Thailand, and Hungary [4] Financial Performance - XINWANDA's revenue for the fiscal years 2022, 2023, 2024, and for the three months ending March 31, 2025, was approximately RMB 52.162 billion, RMB 47.862 billion, RMB 56.021 billion, and RMB 12.289 billion, respectively [6] - The company's profit for the same periods was approximately RMB 0.763 billion, RMB 0.331 billion, RMB 0.534 billion, and RMB 0.030 billion [6] - The gross profit for 2024 was RMB 8.203 billion, with a gross margin reflecting the company's operational efficiency [7]

Core Viewpoint - XINWANDA (300207.SZ) has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors [1] Company Overview - XINWANDA is a global lithium battery technology company focused on providing green and efficient integrated energy solutions, engaging in the research, design, manufacturing, and sales of lithium batteries, including consumer batteries, power batteries, and energy storage systems [3] - The company has established long-term stable partnerships with leading technology firms, including major smartphone manufacturers such as Xiaomi, Lenovo, OPPO, vivo, Honor, and Transsion, with all top ten global smartphone manufacturers in 2024 being its clients [3] - According to data from ZhiShi Consulting, XINWANDA holds a dominant position in the global smartphone battery market with a market share of 34.3% based on 2024 shipment volume, and it is the second-largest manufacturer of batteries for laptops and tablets with a market share of 21.6% [3] Business Model - The company started with consumer battery business and has gradually expanded into power batteries, energy storage systems, and other related fields, forming a comprehensive integrated business layout from battery research and development to manufacturing, sales, testing, and recycling [3] - Consumer battery business is a significant revenue source, accounting for over 50% of total revenue in 2024 [3] Customer Dependency - The revenue from the top five customers for the years 2022, 2023, and 2024, as well as for the three months ending March 31, 2025, was approximately RMB 30.286 billion, RMB 22.818 billion, RMB 24.836 billion, and RMB 4.949 billion, representing 58.1%, 47.7%, 44.3%, and 40.3% of total revenue for the respective periods [4] Production Capacity - As of March 31, 2025, XINWANDA has 25 major production bases either in operation or under construction, with 19 located in China and six overseas in India, Vietnam, Thailand, and Hungary, enabling timely response to domestic and international customer demands [4] Financial Performance - XINWANDA's revenue for the fiscal years 2022, 2023, 2024, and for the three months ending March 31, 2025, was approximately RMB 52.162 billion, RMB 47.862 billion, RMB 56.021 billion, and RMB 12.289 billion, respectively [6] - The net profit for the same periods was approximately RMB 0.763 billion, RMB 0.331 billion, RMB 0.534 billion, and RMB 0.030 billion [6]

人民财讯7月30日电，欣旺达（300207）7月30日晚间公告，公司已于7月30日向香港联交所递交了发行 境外上市外资股(H股)并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发 行并上市的申请资料。 ...