GOTION(SZ:002074) Chang Jiang Shang Bao·2025-10-27 02:40Core Viewpoint - Guoxuan High-Tech (002074.SZ) reported significant profit growth following the IPO of Chery Automobile, with a net profit increase of 514.35% in the first three quarters of 2025 [2][4]. Financial Performance - In the first three quarters of 2025, Guoxuan High-Tech achieved operating revenue of 29.508 billion yuan, a year-on-year increase of 17.21%, and a net profit of 2.533 billion yuan, up 514.35% [2][4]. - For the third quarter alone, the company reported operating revenue of 10.114 billion yuan, a 20.68% increase year-on-year, and a net profit of 2.167 billion yuan, reflecting a staggering growth of 1434.42% [3][5]. Impact of Chery Automobile's IPO - The substantial increase in net profit is attributed to the rise in fair value from the company's early holdings in Chery Automobile, which went public on the Hong Kong Stock Exchange [3][5]. - Chery Automobile's IPO on September 25, 2025, marked the largest IPO of an automotive company in Hong Kong for the year, with a total market capitalization of 184.09 billion HKD on its first trading day [6]. Market Position and Growth - Guoxuan High-Tech is a key battery supplier for Chery's various brands and has seen its battery installation volume reach 26.27 GWh in the first nine months of 2025, ranking fourth in China with a market share of 5.33% [9]. - The global battery installation volume reached 691.3 GWh from January to August 2025, with Guoxuan's share at 25.1 GWh, marking a 71.8% year-on-year growth and a market share increase to 3.6% [9]. Capacity Expansion - The company is accelerating capacity expansion with the groundbreaking of a new lithium-ion battery manufacturing base in Nanjing, with a total investment of 4 billion yuan [8][9]. - Guoxuan High-Tech plans to invest in two major projects, including a 20 GWh new energy battery base and a new lithium-ion battery smart manufacturing base, each with an investment of up to 4 billion yuan [8]. Strategic Partnerships - Guoxuan High-Tech has been collaborating with Chery Automobile since 2012, with a strategic partnership that has deepened over the years, leading to significant increases in battery supply for various models [6][7]. - The partnership aims to enhance cooperation in electric vehicle projects, focusing on advanced battery technologies and expanding into international markets [7][10].