Sunwoda — 2024 at a Glance

SZSE: 300207 · Founded 1997 · Shenzhen, China
Total revenue
CNY 56.02 B (~$7.7 B)
YoY change
+17.05 %
Net profit
CNY 1.47 B (~$200 M)
YoY change
+36.43 %
Consumer battery revenue
CNY 30.41 B (54.27 %)
EV battery revenue
CNY 15.14 B (27.02 %)
ESS revenue
CNY 1.889 B (3.37 %, +70.19 %)
ESS gross margin
20.39 % — highest segment

Key takeaways

  • Energy storage system revenue reached CNY 1.889 billion (+70.19 %), the highest growth rate of any Sunwoda segment. ESS accounted for 3.37 % of total revenue.
  • ESS carries the highest gross margin of any Sunwoda segment at 20.39 %, up 1.35 percentage points year-on-year, above both consumer batteries (17.65 %) and EV batteries (8.80 %).
  • The company’s consumer battery division was the largest segment at CNY 30.41 billion (54.27 % of revenue).
  • Sunwoda’s auditors flagged a going concern consideration — the lower of net profit before and after non-recurring items has been negative for three consecutive years.
  • R&D spending totaled CNY 3.33 billion (5.94 % of revenue), with work on 25-year lifespan ESS cells, LMFP cathodes, sodium-ion batteries, and solid-state technology.

1. Headline numbers

Sunwoda reported total revenue of CNY 56.02 billion for the year ended December 31, 2024, up 17.05 % from CNY 47.86 billion in 2023. Net profit attributable to shareholders reached CNY 1.47 billion, a 36.43 % increase.

Quarterly revenue rose from CNY 10.98 billion in Q1 to CNY 17.74 billion in Q4.

The company employed 54,292 people at year-end, with 8,389 in R&D roles (15.45 % of headcount). R&D spending reached CNY 3.33 billion, representing 5.94 % of total revenue.

2. Revenue by segment

Revenue breakdown by product:

Segment 2024 Revenue (CNY B) % of Total YoY Change
Consumer battery 30.41 54.27 % +6.52 %
EV battery 15.14 27.02 % +40.24 %
Energy storage system 1.889 3.37 % +70.19 %
Other 8.59 15.33 % —

Consumer batteries — lithium packs for smartphones, laptops, tablets, and wearables — generated more than half of Sunwoda’s total revenue. The company supplies consumer electronics OEMs globally.

EV batteries were the second-fastest growing segment at +40.24 %, reaching CNY 15.14 billion.

Energy storage systems grew the fastest at +70.19 %. At CNY 1.889 billion, ESS revenue is roughly one-sixteenth of the consumer battery business (derived). For comparison, CATL’s ESS revenue in 2025 was RMB 62.4 billion and EVE Energy’s was RMB 24.4 billion.

3. ESS margins: the highest-margin segment at 20.39 %

Energy storage carried the highest gross margin of Sunwoda’s reported segments:

Segment 2024 Gross Margin YoY Change
Energy storage system 20.39 % +1.35 pp
Consumer battery 17.65 % +2.74 pp
EV battery 8.80 % -0.37 pp

ESS gross margin of 20.39 % is more than double the EV battery margin of 8.80 % and roughly three percentage points above consumer batteries. The margin also improved year-on-year, rising 1.35 percentage points.

Sunwoda’s ESS gross margin exceeds EVE Energy’s 12.28 % (FY2025) and falls short of CATL’s 26.71 %.

EV battery gross margin declined 0.37 percentage points to 8.80 % while that segment’s revenue grew 40.24 %.

4. Geographic breakdown

Sunwoda’s revenue splits roughly 60/40 between domestic and international markets:

Region 2024 Revenue (CNY B) % of Total Gross Margin
Domestic (China) 32.59 58.17 % 18.67 %
Overseas 23.43 41.83 % 10.31 %

Sunwoda’s domestic gross margin (18.67 %) was 8.36 percentage points above its overseas margin (10.31 %). CATL and EVE Energy both report higher margins overseas than domestically — CATL’s overseas margin was 31.44 % against 24.00 % domestic in 2025.

The annual report does not break out ESS revenue by geography.

5. ESS subsidiaries and investment

Sunwoda’s energy storage operations are spread across several subsidiaries:

Nanchang Sunwoda — An ESS-focused subsidiary with registered capital of RMB 3.02 billion. The entity reported a net loss for the year.

Huizhou Sunwoda Power — Another ESS-related entity that also reported a net loss in 2024. This subsidiary handles part of the company’s power battery and energy storage operations near the Shenzhen headquarters.

Deyang Sunwoda — Reported a profit in 2024. The entity is located in Sichuan province.

6. R&D and technology roadmap

R&D spending of CNY 3.33 billion (5.94 % of revenue) funds work across multiple technology fronts. Sunwoda employed 8,389 R&D personnel, representing 15.45 % of total headcount.

Energy-storage-relevant R&D areas listed in the annual report:

25-year lifespan ESS cells. Sunwoda is developing lithium iron phosphate cells designed for a 25-year calendar life in stationary storage applications.

LMFP (lithium manganese iron phosphate). Sunwoda is working on LMFP cathode chemistry, which offers higher energy density than standard LFP.

Sodium-ion batteries. The company has sodium-ion battery development underway.

Solid-state batteries. Sunwoda is also pursuing solid-state battery technology.

7. International expansion

Sunwoda established new entities in Thailand and the United States during 2024, in addition to its existing facilities in China, India, and Vietnam.

The annual report does not detail the scope of the US operation.

8. Market context

The global ESS battery market grew approximately 40-50 % in 2024 by shipment volume, across Chinese utility-scale buildout, European grid storage, and US IRA-incentivized projects. Sunwoda’s ESS revenue grew 70.19 % over the same period.

In the Chinese ESS market, cell prices fell below CNY 0.30/Wh for large-format LFP cells in some tenders during the period. Sunwoda’s ESS gross margin was 20.39 %.

CATL, BYD, EVE Energy, and REPT Battero each ship more storage capacity than Sunwoda. Sunwoda offers LFP cells from 102Ah to 684Ah, and its NoahX containerized systems are built in the standard 20-foot container class.

9. Key figures in context

Energy storage recorded the highest revenue growth (+70.19 %) and the highest gross margin (20.39 %) of Sunwoda’s reported segments, at 3.37 % of total revenue. The consumer battery division was the largest segment at CNY 30.41 billion, or 54.27 % of revenue.

Of the three named energy storage subsidiaries, Nanchang Sunwoda and Huizhou Sunwoda Power reported net losses for 2024 and Deyang Sunwoda reported a profit.

The auditors flagged a going concern consideration: the lower of net profit before and after non-recurring items has been negative for three consecutive years. Net cash flow from operating activities was positive at RMB 3.29 billion in 2024, and net profit attributable to shareholders was CNY 1.47 billion.

EVE Energy reported CNY 24.4 billion of ESS revenue in 2025 and CATL RMB 62.4 billion, against Sunwoda’s CNY 1.889 billion in 2024 — a ratio of roughly 13x and 33x respectively (derived).

11. Sources

All data in this article is sourced from Sunwoda Electronic Co., Ltd.’s official Annual Report for the Year Ended December 31, 2024, published on the Shenzhen Stock Exchange via CNINFO.

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