动力电池业务挤压欣旺达谋港上市补血

Core Viewpoint - The company is seeking to raise funds through a Hong Kong IPO to support its struggling power battery business amid fierce price competition in the Chinese market [2][3]. Group 1: Company Overview - XINWANDA Electronics Co., Ltd. was founded in 1997 and initially focused on consumer batteries, later entering the power battery sector in 2014 [4]. - The company has become a leading player in consumer batteries and has seen significant growth opportunities in the rapidly developing Chinese electric vehicle (EV) market [4]. - XINWANDA's power battery revenue is projected to grow from 12.7 billion yuan in 2022 to 15.1 billion yuan (approximately 2 billion USD) by 2024 [4]. Group 2: Market Position and Challenges - The company currently holds a 2.87% market share in the Chinese EV battery market, ranking seventh, while CATL and BYD dominate with a combined market share of 67% [5]. - Despite maintaining profitability through its consumer battery business, XINWANDA's power battery segment has been struggling, with a gross margin of only 12.9% compared to 20.2% for consumer batteries [5]. - The power battery business has incurred losses, with a reported loss of 1.56 billion yuan in 2023 alone [5]. Group 3: Strategic Initiatives - To navigate the challenging market landscape, XINWANDA plans to accelerate its overseas expansion, particularly as the domestic EV market becomes saturated [6]. - The company has initiated a global production capacity layout, including a significant battery production base in Thailand with an investment exceeding 10 billion yuan [6]. - XINWANDA aims to enhance its competitive edge by increasing R&D investments to create differentiated technology barriers [6].