SUNWODA(SZ:300207) 智通财经网·2025-07-30 13:33Core 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]