SUNWODA(SZ:300207) 3 6 Ke·2025-10-31 12:06Core Viewpoint - XINWANDA, a leading lithium battery manufacturer, reported a revenue of 43.53 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 13.73%, with a net profit of 1.40 billion yuan, up 15.94% from the previous year [1][2]. Financial Performance - The third quarter revenue reached 16.55 billion yuan, reflecting a 15.24% increase year-on-year, while net profit surged to 549.56 million yuan, a remarkable growth of 41.51% [2][3]. - The gross profit margin for the first three quarters was 16.84%, the highest in twelve years, attributed to the increased contribution from high-margin energy storage business [6][4]. Business Segments - The energy storage segment significantly contributed to profitability, with a shipment volume of 8.91 GWh in the first half of the year, representing a year-on-year increase of 133.25% [4][6]. - Contract liabilities rose to 1.30 billion yuan, a 94.82% increase year-on-year, indicating a substantial growth in orders, likely driven by strong demand from energy storage system integrators [6][4]. Capacity Expansion - XINWANDA is actively expanding its production capacity, with construction projects reaching 11.50 billion yuan, a 41.55% increase year-on-year [9][10]. - The company plans to invest up to 481 million USD in a second-phase green energy lithium battery factory in Thailand, aiming to enhance its overseas production capacity [10][9]. Research and Development - R&D expenses for the first three quarters amounted to 3.20 billion yuan, a 41.2% increase from the previous year, reflecting the company's commitment to technological advancement [14][15]. - The focus areas for R&D include solid-state batteries, ultra-fast charging technology, and silicon-carbon anodes, with significant progress reported in these fields [15][14].