On April 22nd, Sunwoda Electronic Co., Ltd. (hereinafter referred to as "Sunwoda") issued an announcement stating the termination of two foreign investment projects totaling RMB 14 billion by its subsidiaries, Shenzhen Sunwisdom Electronic Co., Ltd. (hereinafter referred to as "Shenzhen Sunwisdom") and Sunwoda Electric Vehicle Battery Co., Ltd. (hereinafter referred to as "Sunwoda Power").
① Termination of Investment and Construction of the "Sunwisdom Intelligent Hardware Ningxiang Comprehensive Production Base Project"
On February 23, 2022, Shenzhen Sunwisdom and the Ningxiang Economic Development Zone Management Committee (hereinafter referred to as "Ningxiang EDZ") agreed to invest and construct the Ningxiang Project within the jurisdiction of Ningxiang EDZ, with a total investment of RMB 2 billion, divided into two phases. The first phase had a total investment of RMB 500 million, and the second phase had a total investment of RMB 1.5 billion. Currently, Shenzhen Sunwisdom has terminated the above contract with Ningxiang EDZ, and no funds have been invested in this project.
② Termination of Investment and Construction of the "Sunwoda 30GWh Power Battery Production Base Project (Tentative Name)"
On February 28, 2022, Sunwoda Power invested in the construction of the Zhuhai Project within the jurisdiction of the Zhuhai Municipal Government. The project had a planned total investment of approximately RMB 12 billion. Currently, Sunwoda Power intends to negotiate with the Zhuhai Municipal Government to terminate the above contract. The initial investment in this project was relatively small, and no further capital has been continuously invested.
Regarding the reasons for terminating the investment in these two projects, Sunwoda stated that due to changes in the market environment and customer conditions, the projects have not made substantial progress to date, and therefore, the decision was made to terminate the above project investments.
On the same day, Sunwoda released its 2024 annual report. The company achieved operating revenue of RMB 56.02 billion in 2024, a year-on-year increase of 17.06%; net profit attributable to the parent company was RMB 1.468 billion, a year-on-year increase of 36.43%; and net profit attributable to the parent company after deducting non-recurring gains and losses was RMB 1.605 billion, a year-on-year increase of 64.99%.
(1) Consumer Battery Business
During the reporting period, the company's consumer battery business achieved revenue of RMB 30.405 billion, accounting for 54.27% of the total revenue, a year-on-year increase of 6.52%.
Specifically, shipments of mobile phone and digital products significantly increased due to the popularity of AI applications and the phone replacement cycle. The notebook computer business continued to gain customer share, with battery cells entering leading brands, and the increased self-supply ratio drove profit optimization. Overall battery cell shipments in 2024 showed significant growth, and the Vietnam Liwei project progressed, accelerating the globalization of production capacity.
(2) Electric Vehicle Battery Business
During the reporting period, the company's power battery shipments totaled 25.29GWh, a year-on-year increase of 116.89% compared to 2023. Revenue reached RMB 15.139 billion, accounting for 27.02% of total revenue, a year-on-year increase of 40.24%.
The company focuses on square aluminum-case batteries and is expanding into large cylindrical and soft-pack batteries, covering hybrid vehicles, fast charging (6C flash charging batteries capable of replenishing 500-700km in 10 minutes), long-range (LFP Xingshichi batteries with an energy density of 450Wh/L), and low-temperature scenarios (-30℃ cold start). Technological breakthroughs include the world's first low-voltage soft-pack battery (-20℃ pulse discharge), a 625Ah energy storage cell (zero decay over 5 years), as well as forward-looking developments in solid-state batteries (first generation >300Wh/kg) and aviation power batteries (400Wh/kg). In the market, multiple popular models using the company's batteries have been mass-produced domestically, and deep cooperation has been established with major automakers. Internationally, the company has secured a nomination from a leading global automaker, and its 268Ah commercial vehicle fast-charging product has been launched, earning the company the "Innovative Enterprise of the Year" award, among others. By leveraging CTP/CTB/CTC integration solutions and a global production capacity layout, the company is consolidating its technological leadership and market competitiveness.
(3) Energy Storage System Business
During the reporting period, the installed capacity of energy storage systems was 8.88GWh, a year-on-year increase of 107%. Revenue reached RMB 1.889 billion, accounting for 3.37% of total revenue, a year-on-year increase of 70.19%.
The energy storage sector achieved significant success in overseas markets, with bulk orders for key projects delivered in the United States, Australia, Europe, Japan, and the Middle East. Cooperation intentions have been reached with Zhejiang and other provinces in smart energy. R&D progress has been made in 10-meter class 2MWh liquid-cooled mobile energy storage vehicles and 261kWh liquid-cooled outdoor energy storage systems.
Source：https://mp.weixin.qq.com/s/0m0I1Pujf3kmG6dFNGq2cQ
