SUNWODA(SZ:300207) Jin Rong Jie·2025-07-30 14:11Core 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].