2025年以来，A股龙头上市公司在港股市场掀起了一轮"A+H"上市热潮。这不，近期又有一家锂电池巨 头公布了自己的"A+H"上市计划。 7月30日，来自广东深圳的欣旺达电子股份有限公司(以下简称"欣旺达")在港交所递交招股书，拟香港 主板上市，高盛、中信证券为其联席保荐人。 该公司于1997年成立，于2011年登陆深交所，是一家全球锂电池科技创新领军企业。其业务贯穿消费电 池、动力电池及储能系统三大领域，尤其在消费电子领域头部优势显著。截止8月7日收盘，欣旺达 (300207)总市值近400亿元。 此次赴港上市，欣旺达有望成为继宁德时代、亿纬锂能之后的又一积极拥抱"A+H"的锂电池巨头。那 么，"A+H"模式之下，欣旺达的投资价值究竟怎么样呢? 手机电池行业"龙头"，年营收达560亿元 据智通财经了解，欣旺达以消费类电池业务起步，逐步拓展到动力类电池、储能系统及其他相关领域， 形成了从电池研发、设计、制造、销售到检测以及回收的全面一体化业务布局。 深耕电池行业近30年，该公司俨然成为行业龙头企业。根据灼识咨询报告，于2024出货量计，欣旺达已 成为全球最大的锂离子电池厂商，欣旺达在全球手机电池市场排名第一，市 ...

Core Viewpoint - Company X is planning to issue H-shares for an IPO on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its global influence, despite facing significant challenges in its battery business and financial health [1][2]. Financial Performance - Company X's revenue from electric vehicle batteries reached 15.139 billion yuan in 2024, a year-on-year increase of 40.24%, with a total shipment of 25.29 GWh, representing a growth of 116.89% [3][5]. - The gross margin for the electric vehicle battery segment was only 8.80% in 2024, a decline of 2.42 percentage points compared to the previous year, which is significantly lower than comparable companies [3][5]. Market Challenges - The average selling price of the company's energy storage batteries dropped by 30% over six months, with prices falling to approximately 0.6 yuan/Wh, impacting profitability [5]. - Sales of major client Li Auto fell by 24.1% year-on-year in June, which raises concerns about the company's future sales and market position [5][6]. Financing and Capital Structure - Since 2018, Company X has attempted multiple rounds of financing through private placements and convertible bonds, but has faced continuous financial strain, leading to a tight cash flow situation [2][6][7]. - Plans to spin off its battery division for a separate listing were halted due to ongoing losses, with the division reporting significant deficits from 2020 to 2023 [9]. Strategic Moves - The company is now seeking to raise funds through a Hong Kong IPO as previous financing efforts, including a planned 4.8 billion yuan capital increase, were unsuccessful [2][9].

Core Viewpoint - Company Xunwanda (300207.SZ) is set to list in Hong Kong to advance its global strategy and enhance its international capital operation platform [1][4][3] Group 1: Company Overview - Xunwanda has been deeply involved in the lithium battery sector for 30 years and has become a leading global player in lithium-ion batteries, integrating into the supply chains of many well-known domestic and international manufacturers [1] - The company has a balanced development in domestic and overseas markets, with overseas revenue accounting for approximately 42% in both 2023 and 2024 [2][8] Group 2: Financial Performance - Xunwanda's total assets have grown significantly from 1.473 billion yuan in 2011 to 90.324 billion yuan by the end of Q1 this year [2] - The company has achieved continuous growth in net profit attributable to shareholders for 12 consecutive years, with net profit reaching 1.468 billion yuan in 2024 [13] Group 3: Research and Development - In 2024, Xunwanda's R&D investment is projected to reach 3.33 billion yuan, with a total of 11.11 billion yuan invested in R&D over the past four years [2][12] - The company emphasizes technological innovation and has established partnerships with several prestigious universities for research collaboration [12] Group 4: Market Expansion - Xunwanda is actively expanding its production capacity with multiple projects, including battery production lines and module expansion for consumer electronics and electric vehicles [2][4] - The company has established manufacturing bases in countries like India, Vietnam, and Hungary, and has plans for further international investments [7][5] Group 5: Business Segments - The company’s core business segments include consumer batteries, electric vehicle batteries, and energy storage systems, all of which have shown significant growth [10][11] - In 2024, the consumer battery segment is expected to generate 30.405 billion yuan in revenue, while the electric vehicle battery segment is projected to see a 116.89% increase in shipment volume [13]

Core Viewpoint - The article highlights the strong performance and growth prospects of XWANDA in the battery industry, showcasing significant revenue and profit increases, along with advancements in technology and global expansion efforts [4][7][34]. Group 1: Financial Performance - The total revenue for 2024 is projected to be 56.021 billion, representing a year-on-year growth of 17.05% compared to 2023 [7]. - The net profit attributable to shareholders is expected to reach 14.68 billion, showing a year-on-year increase of 36.43% [7]. - The net profit after deducting non-recurring gains and losses is forecasted at 16.05 billion, reflecting a substantial growth of 64.99% year-on-year [7]. Group 2: Business Segments Performance - The consumer battery segment generated revenue of 304.05 billion, accounting for 54.27% of total revenue, while the electric vehicle battery segment contributed 151.39 billion, representing 27.02% [9]. - The energy storage system segment reported revenue of 18.89 billion, making up 3.37% of total revenue [9]. - The shipment volume of power batteries reached 25.29 GWh, marking a year-on-year growth of 116.89% [9]. Group 3: Research and Development - The company has invested a total of 129.16 billion in R&D over the past five years, with a current R&D personnel count of 83,897, representing 15.45% of the workforce [11][12][14]. - The company holds over 7,400 cumulative patent applications, with more than 5,200 authorized patents [15][16]. Group 4: Technological Innovations - The silicon-carbon battery for consumer applications has achieved an anode capacity breakthrough of 420-480 mAh/g, with energy density reaching 900 Wh/L [19]. - The fast-charging battery for electric vehicles can charge up to 80% SOC in just 10 minutes, with a peak charging rate of 6C [20]. - The company has developed a 600+ Ah energy storage cell, enhancing energy density by 20% for large-scale storage projects [25]. Group 5: Market Position and Global Expansion - XWANDA ranks 17th among the top 500 global new energy companies and 258th among China's top 500 private enterprises [34]. - The company is expanding its global footprint with the opening of the Zhejiang Lithium Industry Park and several overseas facilities under construction [30]. - The first million HEV hybrid vehicle batteries have been produced, indicating strong market demand and successful partnerships [32].

Group 1: Company Performance Overview - In 2024, the company achieved a revenue of CNY 56.021 billion, representing a year-on-year growth of 17.05% [1] - The net profit attributable to shareholders was CNY 1.468 billion, up 36.43% year-on-year [1] - The net profit excluding non-recurring gains and losses reached CNY 1.605 billion, marking a 64.99% increase [1] Group 2: Revenue Breakdown by Product Category - Consumer batteries generated revenue of CNY 30.405 billion, a growth of 6.52% [1] - Electric vehicle batteries saw revenue of CNY 15.139 billion, increasing by 40.24% [1] - Energy storage systems achieved revenue of CNY 1.889 billion, with a significant growth of 70.19% [1] - Other business segments contributed CNY 8.588 billion, reflecting a 15.83% increase [1] Group 3: Key Growth Drivers - The growth in consumer battery business is attributed to AI applications and increased battery capacity leading to higher ASP [1] - The electric vehicle segment's growth is driven by increased shipments from existing clients and new customer acquisitions [2] - The company plans to adjust the shipment ratio of lithium iron phosphate to ternary batteries, currently at approximately 7:3 [2] Group 4: International Expansion and Dividends - The company is accelerating its overseas expansion with projects in Vietnam, Hungary, and Thailand [2] - A cash dividend of CNY 1.50 per 10 shares is proposed, totaling CNY 274.68 million, which is 49.25% of the net profit attributable to shareholders [2]