又一A股龙头赴港IPO！CFO年薪200万元

Core Viewpoint - The trend of A-share listed companies pursuing dual listings in Hong Kong ("A+H") is becoming a preferred strategy, with several major players in the lithium battery sector, including XINWANDA, announcing their intentions to list in Hong Kong [3][12]. Company Overview - XINWANDA, established in 1997, submitted its H-share listing application to the Hong Kong Stock Exchange on July 30, 2023, aiming to become the second lithium battery company to achieve an "A+H" listing after CATL [3]. - The company has a strong market position in the consumer battery sector, with a projected market share of 34.3% in mobile phone batteries for 2024, leading globally, and 21.6% in laptop and tablet batteries, ranking second [3]. - XINWANDA's revenue from 2022 to 2024 is reported at RMB 521.6 billion, RMB 478.6 billion, and RMB 560.2 billion, respectively, with a compound annual growth rate (CAGR) of 3.6% [3][4]. Financial Performance - The company's gross profit from 2022 to 2024 was RMB 62.8 billion, RMB 61.2 billion, and RMB 82.0 billion, with a CAGR of 14.2% and corresponding gross profit margins of 12.0%, 12.8%, and 14.6% [4]. - XINWANDA's net profit attributable to shareholders for the same period was RMB 10.7 billion, RMB 10.8 billion, and RMB 14.7 billion, with a CAGR of 17.5% and net profit margins of 2.0%, 2.2%, and 2.6% [4]. - In Q1 2025, the company reported a revenue of RMB 122.9 billion, a year-on-year increase of 12.0%, and a net profit of RMB 3.9 billion, up 21.3% [3][4]. Revenue Breakdown - Over 54.3% of XINWANDA's revenue in 2024 came from consumer batteries, while power batteries and energy storage systems accounted for 27.0% and 3.4%, respectively [5]. - Approximately 41.0% of the company's revenue in 2024 was generated from overseas markets [6]. Capital Structure - As of May 31, 2025, XINWANDA had cash and cash equivalents amounting to RMB 85.8 billion, indicating a strong liquidity position [6]. - The company's total current liabilities were RMB 435.0 billion, with a net current asset value of RMB 45.0 billion [6]. Management and Compensation - The financial director and vice general manager, Liu Jie, received a salary of RMB 2.0073 million in 2024 [8][10].