On October 30, Xinwangda Electronics Co., Ltd. (Hereinafter referred to as "Xinwangda") disclosed the third quarterly report of 2026: the first three quarters achieved revenue of 63.462 billion yuan, an increase of 45.78% over the same period last year; Net profit was 613 million yuan, down 56 from the same period last year.
At the same time, Xinwangda issued two heavy announcements in succession: First, Xiaomi's Hanxing Venture Capital Co., Ltd. (Hereinafter referred to as "Hanxing Venture Capital") will invest 1.7 billion yuan to increase the capital of Xinwangda Power. After the capital increase, the power plate will no longer be included in the scope of consolidated statements of listed companies. Second, the IPO plan of Hong Kong stocks, which has been prepared for more than a year and has been submitted twice, will be terminated. Throw out 3 heavy news
in one breath: increase income without increasing profits, increase capital and change ownership, and sudden termination of IPO. When performance, equity and capital structure change at the same time, what is Xinwangda playing? Xinwangda achieved a revenue of 25.284 billion yuan in the third quarter (a new high in single-quarter revenue), an increase of 52.78% over the same period last year; In contrast, the net profit was only about 10.5671 million yuan (the lowest net profit in a single quarter), which plunged 97.84% annually and 9810.57
million yuan year-on-year, corresponding to 25.3 billion yuan in revenue. According to this calculation, the net profit margin in the third quarter was only 0. In addition, the net operating cash flow also turned from positive to negative. By the end of the third quarter, the net operating cash flow of Xinwangda had dropped to -2.538 billion yuan, down 204.80%
from the same period last year! Ccement. Com/news/2611/richtext/IMG/6af5869c781ec655644.
Xinwangda explained that the downstream demand for consumer electronics is under pressure, and the cost of superimposed materials is rising, which reduces the profit margin; The appreciation of RMB and the decline of export rebate rate have also eroded profits.
In addition to the above external pressures, the power battery sector , which accounts for nearly 40% of revenue, is also pulling down the company's profits.
According to Digital New Energy DataBM.
By the first half of 2026, although the loss of Xinwangda Power narrowed to 324 million yuan, the total liabilities were still as high as 57.24 billion yuan. The total assets are only 681.
In addition, there is an old account that cannot be avoided. In December 2025, Geely's Weirui Electric sued Xinwangda Power for battery quality problems, claiming compensation. In February 2026, the two sides settled, and the compensation pressure was 6.
Under heavy pressure, Xinwangda could only move the knife-the power plate and terminate the IPO of Hong Kong stocks.
Holding shares into shares! The registered capital increased by 9.8 billion yuan, and 5 shares were held after the capital increase.
However, the entry of millet was not unexpected. In September this year, Ideal Automobile had already invested 2.65 billion yuan in capital increase and won 8.
Before that, Sunshine Power Supply and Tianqi Lithium Industry also participated in C + round financing in July this year; Completed in May 16. In just half a year, the total financing of Xinwangda Power has exceeded 6.8 billion yuan .
Capital swarmed in, but Xinwangda's control over the power sector was diluted from 26.38% to 22. More importantly, after Xiaomi's capital increase, Xinwangda will no longer have control. Xinwangda Power will change from a "holding subsidiary" to a "shareholding subsidiary" and withdraw from the consolidated statement.
But in this game, Xinwangda has already calculated clearly. Exchange equity for capital to support the loss-making power business; introduce the upstream and downstream of Ideal, Xiaomi and Tianqi Lithium to deeply bind the supply chain and accelerate the technology iteration and upgrade. At the same time, under the equity binding, the follow-up orders will naturally rise.
From the book point of view, the removal of the continuous bleeding power battery business from the statement will directly ease the pressure of Xinwangda's business performance. According to the announcement, if the value of Xinwangda's remaining equity is re-measured at the fair value on the date of loss of control, it is expected to increase net profit by 3.2-4.5 billion yuan .
In addition, according to the simulation of the annual report data in 2025, the consolidated asset-liability ratio of Xinwangda will drop sharply from 71.25% to 60.
However, we need to be vigilant that the net profit of 3.2-4.5 billion yuan is the book revaluation income after the loss of control, not the real gold and silver. It can not be equated with the improvement of the profitability of the main business.
For ideal, millet and other car companies, this entry is intended to disperse supply chain risks and enhance the voice of battery manufacturing, so as to reduce the https://www.databm. In fact, ideal, millet and other car companies have been trying to "de-Ninghua" by diverting orders. This time, the layout will be raised to the capital level.
Hit the brakes!
In retrospect, in July 2025, Xinwangda launched the "A + H" share plan with the intention of creating an "international" capital operation platform; however, the first application expired in January 2026 due to the expiration of 6 months, and then re-submitted; in July 2026, the updated prospectus expired again in 6 months. This time, after three months, Xinwangda did not rush to submit the form again, but decided to terminate the listing of H shares.
In this regard, Xinwangda explained that it is based on the comprehensive consideration of the market environment and the company's own changes and development plans. On the one hand, the business structure is facing a major adjustment, and at the same time, after the completion of capital transfusion by enterprises such as Ideal and Xiaomi, the urgency of equity financing in Hong Kong stocks has dropped dramatically; on the other hand, the performance is really not bright enough, and the reluctant listing will only lower the valuation .
But that doesn't mean giving up. Xinwangda made it clear that "internationalization is still the company's long-term core strategy, and the termination of listing is only a phased timing choice, not a strategic shift."
consumer battery and energy storage business .
According to the disclosure, Xinwangda shipped 14.7 GWh of energy storage systems in the first half of 2026, a significant increase over the same period last year. The company has locked in 30-35 GWh of overseas energy storage orders in 2026, amounting to about 10-12 billion yuan, accounting for 40% -50% of the annual shipment target.
At the same time, in the 2025 report, Xinwangda disclosed that the main products sold abroad during the reporting period were consumer batteries. Thus, the two major businesses of Xinwangda are deeply bound to overseas markets , which also means that it is only a matter of time before Xinwangda sprints for the IPO of Hong Kong stocks again.
It is noteworthy that in the context of the current slowdown in the growth of consumer batteries, the high gross profit and high growth of energy storage business are making it the core growth engine of Xinwangda. On the
production side, Xinwangda has laid out energy storage core production bases in Nanchang, Deyang, Zaozhuang and overseas Thailand.According to an institutional research summary circulated in the market in February this year, Xinwangda's total new capacity of power and energy storage in 2026 is about 35-40 GWh , of which the energy storage core production line accounts for the vast majority.
But on the other hand, we should also see clearly that in the first half of 2026, the company's energy storage revenue accounted for less than 5% of the total revenue . Although energy storage is the fastest-growing business at the moment, it is far from becoming a revenue pillar. After the stripping of the
power plate, can consumer batteries hold the basic plate?
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