分拆、定增计划搁浅，业绩承压，欣旺达赴港上市成色几何？

Core Viewpoint - Company X, a leading lithium-ion battery manufacturer, has submitted an application for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image, despite facing challenges in its financial performance and previous plans for a spin-off that have not progressed due to losses [1][3]. Group 1: Business Overview - Company X was established in 1997 and has developed a comprehensive business model covering research, design, manufacturing, sales, testing, and recycling of lithium batteries [3][5]. - The company has a diverse product matrix including consumer batteries, power batteries, and energy storage systems, serving a wide range of global customers [5][7]. - Company X has established partnerships with major smartphone manufacturers, and as of 2024, it holds a 34.3% market share in the global smartphone battery market, maintaining its position as the largest supplier for five consecutive years [7][8]. Group 2: Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was 521.62 billion, 478.62 billion, and 560.21 billion RMB respectively, with a notable 8.2% decline in 2023 [9][10]. - The net profit decreased from 763.36 million RMB in 2022 to 330.75 million RMB in 2023, before recovering to 534.28 million RMB in 2024, indicating a volatile profit trend [11][12]. - The gross margin has shown a slight improvement from 12.0% in 2022 to 15.4% in Q1 2025, but the net margin has significantly declined, reaching only 0.2% by the end of Q1 2025 [13][14]. Group 3: Financial Challenges - Company X faces significant financial challenges, with accounts receivable increasing by 34.6% to 160.79 billion RMB by the end of 2024, outpacing revenue growth [14][15]. - The company has a cash balance of approximately 107.52 billion RMB but also carries short-term borrowings of 102.97 billion RMB, indicating potential liquidity issues [15][16]. - Previous attempts to raise funds through a spin-off and a private placement have been unsuccessful, and the company has halted several projects due to market conditions [16][18].