New stock news | Sunwoda Electronic (300207.SZ) announced its listing on the Hong Kong Stock Exchange for the second time, making it the world's largest lithium-ion battery manufacturer.

According to the disclosure by the Hong Kong Stock Exchange on January 30th, Sunwoda Electronic Co., Ltd. (abbreviated as Sunwoda Electronic, 300207.SZ) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Goldman Sachs and CITIC SEC as its joint sponsors. This is the company's second submission to the Hong Kong Stock Exchange. With nearly 30 years of experience in the lithium-ion battery industry, Sunwoda Electronic has become the world's largest lithium-ion battery manufacturer based on the total volume of battery shipments for mobile phones, laptops, and tablets by 2024. Company Overview The prospectus shows that Sunwoda Electronic is a leading company in lithium battery technology innovation, dedicated to providing sustainable and efficient new energy integration solutions. The company is mainly engaged in lithium battery research and development, design, manufacturing, and sales, covering a diverse product matrix including consumer batteries, power batteries, and energy storage systems, offering comprehensive solutions from battery cells, modules, systems, to battery testing and recycling for customers. According to data from Zhuoshi Consulting, based on the shipment volume in 2024, the company dominates the global market for mobile phone batteries with a market share of 34.3%. The same data source also shows that the company is the world's second-largest manufacturer of laptop and tablet computer batteries with a market share of 21.6%. Additionally, the company has been actively expanding its business in power batteries and energy storage systems, achieving rapid growth and quickly rising to the forefront of the industry. Sunwoda Electronic initially started with consumer battery business and then gradually expanded to power batteries, energy storage systems, and other related fields, forming a comprehensive business layout from battery research, design, manufacturing, sales, to testing and recycling. The company is also actively developing leading battery technologies, such as high-specific-energy silicon anode batteries, semi-solid-state batteries, solid-state batteries, lithium manganese iron phosphate batteries, sodium-ion batteries, SiP technology modules, etc., aiming to maintain a leading edge in technological development and seize opportunities. The company is customer-oriented, scientifically planning the capacity layout, following the principle of local matching to improve efficiency and resource allocation. As of September 30, 2025, Sunwoda Electronic has 25 major production bases in operation or under construction, with 19 located in China, spread across Guangdong, Zhejiang, Jiangxi, Jiangsu, Shandong, and other provinces, and six located overseas in India, Vietnam, Thailand, and Hungary. The company's layout enables it to respond promptly and meet the product demands of domestic and international customers. The company has established mature standardized, flexible, and intelligent manufacturing capabilities. In addition, the company has set up 11 major overseas marketing and service centers in key global markets, enabling the company to better serve and expand its international customer base. The company has formed localized teams in these regions to provide customers with more efficient and timely support. Financial Information Revenue For the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company achieved revenues of approximately RMB 52.162 billion, RMB 47.862 billion, RMB 56.021 billion, and RMB 43.534 billion, respectively. Gross Profit and Gross Profit Margin For the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company recorded gross profits of approximately RMB 6.285 billion, RMB 6.118 billion, RMB 8.203 billion, and RMB 7.073 billion, with corresponding gross profit margins of 12.0%, 12.8%, 14.6%, and 16.2%, respectively. Net Profit for the Year/Period For the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company recorded net profits for the year/period of approximately RMB 763 million, RMB 331 million, RMB 534 million, and RMB 779 million, respectively. Industry Overview According to data from Zhuoshi Consulting, the global shipment volume of consumer batteries increased from 3.936 billion units in 2020 to 4.159 billion units in 2024, with a compound annual growth rate of 1.4%. The market experienced a brief contraction in 2022 and 2023 due to a decrease in mobile phone demand, but showed strong recovery in 2024, and is expected to increase from 4.468 billion units in 2025 to 5.968 billion units in 2030, with a compound annual growth rate of 6.0%. Mobile phones, laptops, and tablets are widely integrated into daily life and play a core role in modern digital lifestyles. Among them, with the largest shipment volume globally, the shipment volume of mobile phone batteries reached 1.349 billion units in 2024, accounting for 32.4% of the overall consumer battery shipment volume. With continuous technological advancements, the application of consumer batteries is expanding from mainstream consumer electronic products such as mobile phones, laptops, and tablets to innovative emerging devices. Among them, services provided by Siasun Robot&Automation are rapidly penetrating multiple scenarios such as home cleaning, educational companionship, smart security, etc., which often require long-term operation, real-time sensing, and continuous mechanical movement, resulting in high energy consumption and higher performance requirements for batteries in terms of size adaptability, energy density, charge-discharge efficiency, and cycle life. According to Zhuoshi Consulting data, the global shipments of consumer-grade Siasun Robot&Automation batteries are expected to increase from 3 million units in 2030 to 15 million units in 2040, with a compound annual growth rate of approximately 15%, and further reach 61 million units by 2050, with a compound annual growth rate of about 15% from 2040 to 2050. The global shipment volume of power batteries increased from 183 GWh in 2020 to 1,002 GWh in 2024, with a compound annual growth rate of 53.0%, and is expected to further rise from 1,293 GWh in 2025 to 3,237 GWh in 2030, with a compound annual growth rate of 20.1%. China is one of the largest and fastest-growing markets for power batteries globally. China Shipbuilding Industry Group's power battery shipments increased from 68 GWh in 2020 to 521 GWh in 2024, with a compound annual growth rate of 66.5%, and is expected to further rise to 1,612 GWh by 2030, with a compound annual growth rate of 19.2% from 2025 to 2030. Specifically, due to its unique characteristics such as longer range and a flexible combination of electric power and internal combustion engine power, Extended Range Electric Vehicle (EREV) batteries have seen significant growth in recent years. Looking ahead, Fast Charging Battery Electric Vehicles (BEVs) are expected to experience rapid growth, while EREVs and Hybrid Electric Vehicles (HEVs) are also likely to maintain rapid growth, creating a diversified powertrain layout to meet various consumer needs. In contrast, the global adoption rate of New Energy Vehicles (NEVs) lags behind that of China, with overseas NEV sales in 2024 being less than half of those in China. Hybrid Electric Vehicles (HEVs) account for over 60% of total overseas NEV sales, as the lack of charging infrastructure overseas makes HEVs the most common type of NEV currently and in the near future. Long-term, as the focus on environmental sustainability continues to rise, demand for NEVs will continue to grow, driving the market towards a scenario where various power types coexist. The global energy storage battery shipment volume increased from 29 GWh in 2020 to 315 GWh in 2024, with a compound annual growth rate of 82.3%, and is expected to increase to 1,303 GWh by 2030, with a compound annual growth rate of 22.4% from 2025 to 2030. Energy storage batteries serve various applications, including grid-side, data center-side, industrial and commercial, and household scenarios. Different scenarios have significantly different performance requirements for batteries in terms of capacity, cycle life, energy density, and cost. For example, grid-side solutions emphasize rapid response and high capacity, while industrial and commercial applications prioritize energy cost savings and load management. It is worth noting that a new wave of AI and cloud computing is driving rapid growth in global data center energy demand and the need for energy storage systems as backup power sources. Energy storage batteries at data center sites have become the fastest-growing segment, increasing from 1 GWh in 2020 to 9 GWh in 2024, with a compound annual growth rate of 71.1%, and are expected to increase to 294 GWh by 2030, with a compound annual growth rate of 68.6% from 2025 to 2030. China is the world's largest market for energy storage batteries, with a market share of 60.3% in 2024, and is expected to further increase to 732 GWh by 2030, with a compound annual growth rate of 19.5% from 2025 to 2030, driven by large-scale development based on wind energy and CECEP Solar Energy resources, as well as strong government policies promoting "new energy + energy storage." At the same time, overseas markets, especially developed regions like Europe, North America, and the Asia Pacific, are also accelerating the demand for energy storage batteries. The United States is benefiting from tax deductions in the IRA Act and energy storage incentives in key states such as California, driving the continued construction of energy storage systems; Europe is promoting multiple countries to enact mandatory storage policies driven by energy security and increasing the proportion of renewable energy grid connection, rapidly launching the market. Additionally, emerging markets in Southeast Asia, Latin America, the Middle East, etc., are gradually recognizing the strategic significance of energy storage systems in enhancing power resilience and energy independence, transitioning from demonstration to large-scale applications. Board Information After listing, the board of directors will consist of seven members, including three executive directors, one non-executive director, and three independent non-executive directors. The directors' term is three years and they are eligible for re-election after their term expires. Equity Structure Mr. Wang Mingwang holds 19.58% of shares, Mr. Wang Wei holds 7.17%, Dr. Xiao Guangyu holds 0.10%, Mr. Zeng Ji holds 0.05%, Mr. Liu Jie holds 0.02%, Mr. Liang Rui holds 0.01%, and other A-share shareholders collectively hold 73.11%. Mr. Wang Mingwang and Mr. Wang Wei are brothers and the two largest shareholders of the company. Since the establishment of the company, there have been no shareholder groups holding more than the single largest shareholder's stake in the company. As of the last practicable date, the company's issued share capital includes 1,847,462,446 A-shares (including 7,521,629 treasury shares), with a face value of RMB 1.00 per share, all listed on the Shenzhen Stock Exchange. Intermediary Team Joint Sponsors: Goldman Sachs (Asia) LLC, CITIC Securities (Hong Kong) Co., Ltd. Overall coordinators: Goldman Sachs (Asia) LLC, CICC Securities Co., Ltd. Company Legal Counsel: Davis Polk & Wardwell for Hong Kong and U.S. law; Guangdong Xinda Law Firm for Chinese law Joint Sponsor Legal Counsel: Fried, Frank, Harris, Shriver & Jacobson for Hong Kong and U.S. law; Jingtian & Gongcheng Law Firm for Chinese law Reporting Accountant and Independent Auditor: Moore Stephens International Limited Industry Consultant: Zhuoshi Corporate Management Consulting (Shanghai) Co., Ltd. Compliance Consultant: SOMERLEY CAP Holdings Limited