On October 10th, the battery sector experienced significant adjustment, with Gotion High-Tech Co.,Ltd. (002074.SZ) opening higher but closing with a limit down at 44.39 yuan per share. On October 14th, Gotion High-Tech fell nearly 5%, trading at 40.98 yuan per share with a total market capitalization of 74.32 billion yuan. Since the beginning of the year, Gotion High-Tech's stock price has generally maintained an upward trajectory, though the stock performance cannot mask the complex situation of coexisting high growth and high concerns in the company's operations.
**I. Company Overview**
Gotion High-Tech Co.,Ltd. was established in 2006 and listed on the Shenzhen Stock Exchange in 2015. Headquartered in Hefei, Anhui, the company is one of China's earliest enterprises engaged in independent research, development, production, and sales of lithium-ion batteries for new energy vehicles, and a leading global provider of power battery and energy storage battery systems.
The company focuses on the research and manufacturing of lithium power batteries and energy storage batteries, with business covering "power + energy storage" dual main lines. Products are widely applied in new energy vehicles, energy storage stations, electric ships, and other fields. According to industry statistics, Gotion High-Tech ranked seventh globally in energy storage battery shipments in the first half of 2025. Its energy storage business holds a certain market share globally with large-capacity and long-life technology, global layout, and continuously optimized production capacity, shipping approximately 13GWh of energy storage batteries in the first half of 2025.
In the first half of 2025, leveraging technological accumulation and global layout, Gotion High-Tech ranked fourth in power battery installations in the Chinese market and seventh globally.
**II. Senior Management Team**
1. **Li Zhen: Chairman and General Manager (Compensation: 1.857 million yuan)** Born January 1964, Chinese nationality, EMBA from Cheung Kong Graduate School of Business. Previously served as researcher at Hefei Economic Research Center, General Manager of Hefei Economic and Technological Development Company, and Chairman of Hefei Guoxuan Group Co., Ltd. Currently serves as Chairman and General Manager of the company, Chairman of Hefei Guoxuan High-Tech Power Energy Co., Ltd., Executive Director of Nanjing Guoxuan Holdings Group Co., Ltd., and Executive Director of Guoxuan Holdings Group Co., Ltd.
2. **Steven Cai: Director and Vice General Manager (Compensation: 2.072 million yuan)** Born October 1962, American nationality, Master's degree from Wayne State University. Previously served as invited project reviewer for Society of Automotive Engineers, member of Global Patent Review Committee and Electric Vehicle Safety Strategy Review Committee at General Motors, invited expert for China's Ministry of Industry and Information Technology electric vehicle technology seminars, consultant for China's national electric vehicle charging standards, and Engineering Technology Director at CATL. Currently serves as Director, Vice General Manager, and President of Engineering Research Institute.
3. **Wang Qiang: Vice General Manager (Compensation: 1.711 million yuan)** Born April 1981, Chinese nationality, PhD, Senior Engineer in Materials Engineering. Previously served as Materials Application Engineer at Hefei Guoxuan, Technical Director and Chairman & General Manager of Hefei Guoxuan Battery Materials Co., Ltd., Director of the company, and Executive President of Hefei Guoxuan High-Tech Power Energy Co., Ltd. Currently serves as Vice General Manager and Chairman of Hefei Guoxuan Battery Technology Co., Ltd.
4. **Zhang Wei: Vice General Manager (Compensation: 1.45 million yuan)** Born February 1980, Chinese nationality, bachelor's degree. Previously served as Human Resources Manager at Hefei Guoxuan High-Tech Power Energy Co., Ltd., and Director & General Manager of Nanjing Guoxuan Battery Co., Ltd. Currently serves as Vice General Manager and Chairman of Jiangsu Guoxuan New Energy Technology Co., Ltd.
5. **Wang Qisui: Vice General Manager (Compensation: 1.67 million yuan)** Born July 1984, Chinese nationality, PhD from Wuhan University of Technology, Postdoctoral in Materials Chemistry from University of Science and Technology of China, Senior Engineer. Previously served as General Manager of Third Factory, Presidential Assistant, and Vice President at Hefei Guoxuan High-Tech Power Energy Co., Ltd., and Chairman of the company's supervisory board. Currently serves as member of the 15th Hefei Municipal Committee of the Chinese People's Political Consultative Conference, Vice General Manager, and President of China Business Segment.
6. **Sun Aiming: Vice General Manager (Compensation: 1.328 million yuan)** Born July 1981, Chinese nationality, Master's in Business Administration. Previously served as General Manager of Business Division at Compal Electronics (Hefei) Co., Ltd., a subsidiary of Lenovo Group, and General Manager of Smart Office Business Division at Xiaomi Technology Co., Ltd. Currently serves as Vice General Manager and President of Strategic Capital Segment.
7. **Zhang Hongli: Director (Compensation: 1.756 million yuan)** Born September 1981, Chinese nationality, PhD in Materials from Institute of Metal Research, Chinese Academy of Sciences, Postdoctoral from University of California, Santa Barbara. Selected for Hefei's "Hundred Talents Program" and Anhui's "Strategic Emerging Industry Technology Leading Talents," awarded Anhui Science and Technology Progress Award. Previously served as Chief Technology Advisor at LifeCel Battery Company USA, Project Scientist at University of California Santa Barbara, President of Materials Research Institute, Battery Research Institute, and Vice President of Engineering Research Institute. Currently serves as Director and Executive Vice President of Engineering Research Institute.
8. **Olaf Korzinovski: Director** German nationality, born October 1967, Master's in Mechanical Engineering from Wolfenbüttel University of Applied Sciences, Germany. Previously held positions including Planning Manager at Volkswagen AG's Polkowice plant in Poland, Engine Project Manager at Salzgitter plant in Germany, Fuel Vehicle Project Planning Manager at Wolfsburg headquarters, Technical General Manager at Volkswagen Automatic Transmission (Tianjin) Co., Ltd., and General Manager of Kassel plant in Germany. Currently serves as Chief Operating Officer of Components Business at Volkswagen AG, responsible for managing operations of all component plants.
9. **Rainer Ernst Seidl: Director** German nationality, born July 1971, Bachelor's in Industrial Engineering from Munich University of Applied Sciences, Germany. Since joining Volkswagen AG in October 1997, has served in various positions including Engineering Logistics Planning and Financial Control at Audi AG (Ingolstadt plant), Finance Manager at Lamborghini, First (Finance) Vice President at FAW-Volkswagen, and Finance Executive Vice President at Volkswagen (China) Investment Co., Ltd. Currently serves as Head of Group Financial Control at Volkswagen AG.
[Additional management profiles continue with similar detail for remaining executives including Secretary Wang Quan, CFO Zhang Yifei, Supervisory Board Chairman Yang Dafa, and Independent Directors Qiao Yun, Wang Feng, Sun Zhe, and Qiu Xinping]
**III. Business Segments**
Gotion High-Tech's core business focuses on two major segments:
1. **Power Battery Systems (approximately 74% of revenue)** Providing core power solutions for new energy vehicles, including cells, modules, and battery packs. Major customers cover mainstream domestic automakers (such as Chery, JAC, SAIC) and international brands (such as Volkswagen Group, where Gotion is one of its global strategic suppliers).
2. **Energy Storage Battery Systems (approximately 24% of revenue)** Targeting grid storage, commercial & industrial storage, and residential storage scenarios, providing lithium iron phosphate storage batteries and system integration services. In the first half of 2025, the company's energy storage business showed significant growth, benefiting from accelerated global energy transition.
3. **Other Business (approximately 2% of revenue)** Including R&D and sales of power transmission and distribution equipment, battery materials (such as cathode materials, electrolyte), and supporting services like battery recycling and cascading utilization.
**Customer Structure Optimization and Market Development:**
Power Battery Sector: Successfully secured designations for high-end vehicle models including Chery Xingjieyuan, Geely Galaxy, and Leapmotor, promoting increased supply proportion for A-class and above vehicles. Also collaborates with EHang Intelligence to develop eVTOL (electric Vertical Take-Off and Landing aircraft) power battery systems.
Energy Storage Sector: Products cover multiple scenarios including power generation side, grid side, commercial & industrial, and residential energy storage. In 2024, global energy storage battery shipment market share was approximately 6%, ranking seventh globally.
Notably, Gotion High-Tech's sulfide all-solid-state battery "Golden Stone Battery" has achieved energy density of 360Wh/kg and successfully passed 200°C extreme safety tests. It plans to start vehicle installation verification in 2025 and has obtained Volkswagen MEB+ platform certification.
**IV. Major Shareholders**
According to the 2025 interim report, Gotion High-Tech's equity structure shows "founder controlling + institutional investors dispersed shareholding" characteristics. The company's actual controller is Li Zhen (direct shareholding ratio: 5.72%). The top ten shareholders are mainly as shown.
**V. Financial Performance**
In the first half of 2025, Gotion High-Tech continued its growth momentum with both revenue and profit increasing. The company achieved operating revenue of 19.394 billion yuan, up 15.48% year-over-year; net profit attributable to parent company shareholders of 367 million yuan, up 35.22% year-over-year; and net profit attributable to listed company shareholders excluding non-recurring gains and losses of 728.707 million yuan, up 48.53% year-over-year, reaching a historical high.
By business segment, energy storage battery systems achieved revenue of 4.562 billion yuan during the reporting period, accounting for 23.52% of operating revenue, up 5.14% year-over-year, with gross margin of 19.35%, down 3.21 percentage points. Power battery systems achieved operating revenue of 14.034 billion yuan, accounting for 72.37% of operating revenue, up 19.94% year-over-year, with gross margin of 14.24%, up 2.16 percentage points year-over-year.
By region, domestic and overseas revenues were 12.994 billion yuan and 6.4 billion yuan respectively, accounting for 67% and 33% respectively. Overseas revenue proportion increased by 1.9 percentage points compared to the end of 2024.
Latest news: On October 13th, Gotion High-Tech announced on the interactive platform that the company achieved key breakthroughs in all-solid-state battery technology. Its independently developed first-generation all-solid-state Golden Stone Battery has entered pilot mass production stage. The first 0.2GWh pilot production line has been completed with a yield rate of 90%, core equipment achieving 100% localization, and formal initiation of design work for a 2GWh mass production line, marking a key leap from laboratory to industrialization.
Additionally, as of the first half of this year, the company's fixed assets and construction in progress totaled 46.579 billion yuan, expanding five times compared to 2020 before major expansion, and the company's production capacity scale will further expand.
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