As of October 30, Sunwoda Electronic Co., Ltd. (Sunwoda) closed at CNY 36.60 per share, up CNY 3.37 or 10.14%, with a total market capitalization of CNY 67.617 billion. On the evening of October 29, Sunwoda released its Q3 2025 financial report and announced a new overseas expansion plan.
According to the announcement, Sunwoda's subsidiaries, Sunwoda Power and Hong Kong Sunwoda Power, plan to invest up to $482 million (approximately CNY 3.419 billion) in the second phase of a green energy lithium battery plant in Thailand (referred to as the "Thailand Phase II Project"). The project will have a total planned capacity of 17.4GWh.
In 2024, Sunwoda established a subsidiary, Sunwoda Power Thailand, and invested $259 million in the Thailand Phase I Project. To date, the Phase I Project has completed overseas investment filings, the subsidiary has been established, and trial production has begun. The latest expansion aims to enhance Sunwoda Power's production layout in Thailand to meet future business growth and overseas market demands.
Earlier this year in March, Sunwoda's Thailand battery project received approval from Thailand’s National Committee on Enhancing Competitiveness in Targeted Industries. The company plans to invest over $1 billion to build a battery production base in Thailand’s Eastern Economic Corridor, manufacturing batteries for electric vehicles (EVs) and energy storage systems (ESS). The first factory will be located in Chonburi Province, integrating R&D and product development while creating 1,000 jobs.
Chonburi and neighboring Rayong Province form Thailand’s largest automotive hub, often called the "Detroit of the East," hosting numerous international automakers and parts manufacturers. Sunwoda’s latest move signals potential future projects in Thailand, further solidifying its global new energy supply chain and leveraging overseas growth opportunities. The company has already established production bases in India, Vietnam, Hungary, Morocco, and Thailand.
**Strong Q3 Performance** Sunwoda reported Q3 2025 revenue of CNY 16.549 billion, up 15.24% YoY, with net profit of CNY 550 million, a 41.51% increase. For the first nine months, revenue rose 13.73% to CNY 43.534 billion, while net profit grew 15.94% to CNY 1.405 billion.
Key business highlights: - Consumer batteries: CNY 13.89 billion revenue (+5.22% YoY). - EV batteries: CNY 7.604 billion revenue (+22.63% YoY). - ESS: CNY 1.004 billion revenue (+68.85% YoY). - Other businesses: CNY 4.486 billion revenue (+14.39% YoY).
H1 2025 power battery shipments surged 93.04% to 16.08GWh, driven by existing and new client demand, while ESS shipments jumped 133.25% to 8.91GWh.
**Innovations and Partnerships** On October 23, Sunwoda launched its polymer-composite all-solid-state battery, "Xin·Bixiao," featuring a 400Wh/kg energy density, 1,200-cycle lifespan, and exceptional safety under extreme conditions. Dr. Xu Zhongling, head of Sunwoda Power’s Central Research Institute, revealed a lab prototype of a 520Wh/kg lithium-metal super battery with 500 cycles and EOL safety, paving the way for next-gen high-energy-density batteries.
In heavy-duty EVs, 200 XCMG megawatt ultra-fast charging trucks equipped with Sunwoda batteries were delivered, marking full-scale commercialization. The company expects growth from expanded partnerships with Volvo and Volkswagen.
For ESS, Sunwoda secured a CNY 67 million policy loan for three energy storage projects, while its Tengzhou ESS factory commenced construction with automated PACK and container lines.
**Joint Venture with Li Auto** On October 28, Zhejiang Li Auto Battery Co., Ltd. was incorporated with CNY 70 million capital, wholly owned by Shandong Li Auto Battery Co., Ltd.—a joint venture between Sunwoda Power and Li Auto. The JV, established on October 13 with CNY 300 million capital, will produce Li Auto’s self-developed batteries, slated for deployment in 2026. Li Auto contributed 5.8% of Sunwoda’s revenue as of March 2025, with further growth anticipated.
Comments