SUNWODA(SZ:300207) Zhi Tong Cai Jing·2025-07-30 14:17Core 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]