SUNWODA(SZ:300207) IPO日报·2025-07-31 08:43Core Viewpoint - XINWANDA Electronics Co., Ltd. is seeking to list on the Hong Kong Stock Exchange, marking it as the third domestic power battery company to pursue a dual listing after CATL and EVE Energy [1][2]. Company Overview - Founded in December 1997, XINWANDA is headquartered in Shenzhen and was established by brothers Wang Mingwang and Wang Wei. Initially focused on consumer battery Pack business, the company shifted to automotive power batteries in 2008, now offering integrated solutions from cells to systems [2]. - XINWANDA went public on the Shenzhen Stock Exchange in 2011, with a market capitalization of 40.8 billion yuan as of July 30, 2023. The company successfully issued GDRs to list on the Swiss Exchange in 2022 [3]. Market Position - XINWANDA holds a dominant position in the global smartphone battery market with a market share of 34.3% as of 2024. It is also the second-largest manufacturer of batteries for laptops and tablets, with a market share of 21.6%. The company is rapidly rising in the power battery and energy storage sectors, expected to be among the top ten global players in 2024 [3]. Financial Performance - For the years 2022 to 2024 and Q1 2025, XINWANDA reported revenues of 52.162 billion yuan, 47.862 billion yuan, 56.021 billion yuan, and 12.289 billion yuan, respectively. Corresponding profits attributable to shareholders were 1.068 billion yuan, 1.076 billion yuan, 1.474 billion yuan, and 0.387 billion yuan. Q1 2025 saw year-on-year revenue and profit growth of 11.97% and 21.23%, respectively [4]. - In 2024, the revenue breakdown shows that consumer batteries accounted for 54.27%, electric vehicle batteries 27.02%, and energy storage systems 3.37%, with other businesses making up 15.33%. The highest gross margin was from energy storage systems at 20.39%, followed by consumer batteries at 17.65% [4]. Recent Developments - In March 2023, XINWANDA announced a plan for a 4.8 billion yuan private placement to fund various projects, but later withdrew the application in August 2023 to revise the proposal [4][5]. - In July 2023, the company announced plans to spin off its subsidiary, XINWANDA Power Technology Co., Ltd., for an IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, but progress on this front has been slow [5].