SUNWODA(SZ:300207) Zhi Tong Cai Jing·2025-07-30 13:43Core 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]