Guo Ji Jin Rong Bao·2025-07-31 12:03Core Viewpoint - Company Xiwanda Electronics Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, marking it as the third domestic power battery company seeking a dual listing after CATL and EVE Energy [2] Group 1: Company Overview - Founded in December 1997, Xiwanda is headquartered in Shenzhen and was established by brothers Wang Mingwang and Wang Wei [2] - Initially focused on consumer battery Pack business, the company expanded into automotive power batteries in 2008, now offering integrated solutions from battery cells to systems [2] - Xiwanda was listed on the Shenzhen Stock Exchange in 2011, with a market capitalization of 40.8 billion yuan as of July 30, 2023 [2] Group 2: Market Position - Xiwanda holds a dominant position in the global mobile phone battery market with a market share of 34.3% as of 2024 [3] - The company is the second-largest manufacturer of batteries for laptops and tablets, with a market share of 21.6% [3] - Xiwanda is rapidly rising in the power battery and energy storage system sectors, expected to be among the top ten global manufacturers in 2024 [3] Group 3: Financial Performance - Revenue for Xiwanda during the reporting period (2022-2025 Q1) is projected at 52.162 billion yuan, 47.862 billion yuan, 56.021 billion yuan, and 12.289 billion yuan respectively, with corresponding profits of 1.068 billion yuan, 1.076 billion yuan, 1.474 billion yuan, and 0.387 billion yuan [3] - The first quarter of 2025 shows a year-on-year revenue growth of 11.97% and profit growth of 21.23% [3] Group 4: Business Segmentation - In 2024, revenue contributions from consumer batteries, electric vehicle batteries, and energy storage systems are 54.27%, 27.02%, and 3.37% respectively, with other businesses accounting for 15.33% [4] - The highest gross margin is from energy storage systems at 20.39%, followed by consumer batteries at 17.65% [4] Group 5: Recent Developments - In March 2023, Xiwanda announced a 4.8 billion yuan targeted issuance plan, which was later withdrawn in August 2023 for revision [4] - The company plans to spin off its subsidiary, Xiwanda Power Technology Co., Ltd., for an IPO on the Shenzhen Stock Exchange, but progress on this has been slow [4] - Xiwanda has opted for a direct listing of its parent company on the Hong Kong Stock Exchange instead [4]