深度｜500亿巨头也“缺钱”？茂名首富，又要赴港IPO了

Core Viewpoint - The company Xiwanda is planning to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its global strategy and financial capabilities amid increasing competition in the lithium battery industry [4][18]. Company Background - Founded in December 1997 by Wang Mingwang and his brother Wang Wei, Xiwanda initially operated as an OEM/ODM supplier for batteries, later expanding into power and energy storage batteries, achieving annual revenues exceeding 50 billion yuan [4][7]. - Wang Mingwang, known as the "richest man in Maoming," has a background of humble beginnings, having worked as a factory worker and self-taught in electronics before starting his entrepreneurial journey [5][6]. Business Segments - Xiwanda's main business segments include consumer batteries, power batteries, and energy storage systems, with respective revenue contributions of 54.27%, 27.02%, and 3.37% in 2024 [8]. - The consumer battery segment leads globally, with a 34.3% market share in mobile phone batteries and 21.6% in laptop and tablet batteries [8]. - The power battery segment has seen significant growth, with a 116.9% increase in output to 25.29 GWh in 2024, contributing 151.39 billion yuan to revenue [8][9]. - The energy storage system segment is emerging as a second growth curve, with a 107% increase in installed capacity and a 70.2% revenue growth in 2024 [10]. Financial Performance - Despite rapid revenue growth, Xiwanda faces challenges with profitability, reporting low gross margins of 12.0% to 14.6% from 2022 to 2024, and a net profit margin around 2-3% [19][20]. - The company has been actively seeking financing through various means, including a planned IPO in Hong Kong, to support its expansion and operational needs [19][20]. Market Challenges - Xiwanda is currently facing legal challenges, including multiple injunctions related to patents, which could impact its product offerings and market expansion [15][16]. - The competitive landscape in the domestic power battery market is intensifying, prompting Xiwanda to explore international markets to improve profit margins [21].