---
title: "[IPO Frontline] Another lithium battery manufacturer is coming! Can Sunwoda achieve a triple listing?"
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/32561585.md"
description: "The Hong Kong Exchanges and Clearing Limited (HKEX) website shows that Sunwoda Electronic Co., Ltd. (hereinafter referred to as "Sunwoda") recently submitted a listing application to HKEX, intending to list on the main board. Goldman Sachs and CITIC Securities are the joint sponsors for this IPO. It is worth mentioning that Sunwoda is the third domestic lithium battery company to seek a dual listing in both A-share and H-share markets, following $CATL(300750.SZ) $CATL(03750.HK) and $EVE(300014.SZ). With deep roots in the lithium battery sector and a three-market listing strategy, Sunwoda's history dates back to 1997..."
datetime: "2025-08-04T02:53:32.000Z"
locales:
  - [en](https://longbridge.com/en/topics/32561585.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/32561585.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/32561585.md)
author: "[财华社](https://longbridge.com/zh-HK/profiles/11651030.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/32561585.md) | [简体中文](https://longbridge.com/zh-CN/topics/32561585.md)


# [IPO Frontline] Another lithium battery manufacturer is coming! Can Sunwoda achieve a triple listing?

According to the official website of the Hong Kong Stock Exchange, Sunwoda Electronic Co., Ltd. (hereinafter referred to as "Sunwoda") recently submitted a listing application to the Hong Kong Stock Exchange, intending to list on the main board, with Goldman Sachs and CITIC Securities as joint sponsors for this IPO.

It is worth mentioning that Sunwoda is the third domestic lithium battery company seeking "A+H" dual listing after $CATL(300750.SZ) $CATL(03750.HK) and $EVE(300014.SZ).

**Deeply engaged in the lithium battery field, planning for three-location listing**

Sunwoda's history can be traced back to 1997, when the company started its business in Shenzhen, Guangdong, and later restructured into a joint-stock company in 2008. In 2011, Sunwoda successfully landed on the Shenzhen Stock Exchange, **as of the close on August 1, its A-share market value was approximately 39.4 billion RMB.**

Sunwoda (SWD.SIX) also successfully issued GDRs in 2022, listing on the Swiss Stock Exchange, **thus, if the IPO in Hong Kong is successful, Sunwoda is expected to achieve a three-location listing layout.**

In terms of business, Sunwoda started by providing lithium-ion batteries for consumer electronics such as mobile phones, laptops, and tablets, gradually expanding to emerging categories such as smart home, smart wearables, smart travel, and service robots.

According to data from Coresight Consulting, **so far, the top ten global mobile phone manufacturers in terms of sales in 2024 are all Sunwoda's customers, including Xiaomi, OPPO, vivo, etc.** In addition, Sunwoda is also making continuous efforts in the emerging consumer electronics field, supplying to companies like Stone Technology (688169.SH) and Ninebot.

In addition to consumer batteries, Sunwoda's power battery products are not only widely used in the new energy passenger car market but also extend to new energy commercial vehicles and construction machinery.

According to data from Coresight Consulting, **so far, Sunwoda supplies power batteries to eight of the top ten global new energy vehicle manufacturers in terms of sales.**

**Sunwoda also provides integrated energy storage system solutions,** widely covering application scenarios such as grid energy storage, commercial and industrial energy storage, home energy storage, and data center energy storage.

After nearly 30 years of deep cultivation, Sunwoda is one of the leading global lithium battery technology innovation companies, **with a rich product matrix including consumer batteries, power batteries, and energy storage systems, providing comprehensive solutions from battery cells, modules to systems, as well as battery testing and recycling to global customers.**

**Overall performance is impressive, average product prices continue to decline**

In terms of performance, from 2022 to 2024, Sunwoda's revenue was 52.162 billion RMB, 47.862 billion RMB, and 56.021 billion RMB, with a compound annual growth rate of 3.6%; **during the period, the net profit attributable to the company's owners was 1.068 billion RMB, 1.076 billion RMB, and 1.474 billion RMB, with a compound annual growth rate of 17.5%,** significantly exceeding the growth rate of revenue.

Under non-IFRS measurement, from 2022 to 2024, **the adjusted net profit attributable to the company's owners was 1.256 billion RMB, 1.191 billion RMB, and 1.593 billion RMB, with a compound annual growth rate of 12.6% during the period.**

In the first quarter of 2025, Sunwoda's revenue increased by 12.0% year-on-year to 12.289 billion RMB, and the net profit attributable to the company's owners increased by 21.3% year-on-year to 387 million RMB, **the adjusted net profit attributable to the company's owners increased by 25.4% year-on-year to 416 million RMB.**

Additionally, from 2022 to 2024 and the first quarter of 2025, **Sunwoda's gross profit margins were 12.0%, 12.8%, 14.6%, and 15.4%, respectively.**

From the performance level, Sunwoda's overall performance is quite impressive, only experiencing a slight decline in 2023, which is related to sales and average prices. Data shows that **compared to 2022, the sales increase of consumer batteries in 2023 was not significant, but the average price decreased significantly, thus affecting the company's performance.**

By 2024, the average prices of Sunwoda's consumer batteries and power batteries were still declining, but fortunately, sales saw a significant increase, ultimately helping the company achieve performance growth.

However, a concern is that **the average prices of Sunwoda's core products, consumer batteries, and power batteries have been in a downward trend, which is worth investors' attention.**

**High dependence on a few customers and suppliers, inventory situation worth noting**

In the prospectus, Sunwoda also disclosed that from 2022 to 2024 and the first quarter of 2025, the revenue from the top five customers accounted for 58.1%, 47.7%, 44.3%, and 40.3% of the total revenue for the same period, **with the revenue from the largest customer accounting for 28.6%, 24.1%, 20.7%, and 16.5% of the total revenue for the same period.**

From 2022 to 2024 and the first quarter of 2025, the procurement amount from the top five suppliers accounted for 44.8%, 40.6%, 32.2%, and 31.4% of the total procurement amount for the same period, **with the procurement amount from the largest supplier accounting for 18.0%, 18.1%, 15.7%, and 14.8% of the total procurement amount for the same period.**

Although the concentration is continuously decreasing, Sunwoda still has a relatively high dependence on a few customers and suppliers, and the company also highlighted this risk in the prospectus.

In addition, data shows that from 2022 to 2024 and the first quarter of 2025, **Sunwoda's inventory (net of impairment provisions) was approximately 9.875 billion RMB, 7.045 billion RMB, 7.485 billion RMB, and 8.316 billion RMB, respectively, at a relatively high level.**

During each period, **Sunwoda's inventory impairment provisions were 664 million RMB, 738 million RMB, 346 million RMB, and 398 million RMB, respectively.**

Sunwoda stated that the company must maintain a certain level of inventory to ensure smooth production and timely delivery to customers, to smoothly operate the company's business and meet customer needs and expectations. However, Sunwoda also pointed out that **if the company fails to maintain optimal inventory levels and effectively manage inventory, it may incur additional impairments and lead to inventory obsolescence.**

**Conclusion**

Previously, Sunwoda announced that to deeply promote the company's globalization strategy, build an international capital operation platform, enhance international brand image and comprehensive competitiveness, and assist the company's long-term development, it is going public in Hong Kong.

According to the prospectus disclosure, if the IPO is successful, Sunwoda plans to allocate the raised funds to these directions: **to achieve the company's international growth strategy, including expanding new overseas production facilities and global sales and service networks; for research and development; for the digital and intelligent upgrade of company operations; for potential investment or acquisition of upstream and downstream businesses; for working capital and other general corporate purposes.**

Author: Yun Zhifengqi

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