Ningde Times has successfully passed its IPO review, marking a significant milestone for the company. With an annual revenue of 362 billion yuan, a decline of nearly 10% compared to the previous year, the company also announced a substantial 20 billion yuan dividend. This achievement allows Ningde Times to move forward with its listing on the Hong Kong Stock Exchange, establishing an “A+H” share structure. It joins the ranks of other major companies like Midea Group and S.F. Holding that have also surpassed a market value of 100 billion yuan at the Hong Kong Exchange.
The market anticipates that Ningde Times will raise at least 5 billion USD during this fundraising initiative. As of today’s market close, the share price of Ningde Times stands at 258.88 yuan, with a market capitalization of 1.14 trillion yuan.
Ningde Times, officially known as Ningde Times New Energy Technology Co., Ltd. (stock code: 300750), is a pioneering company in the new energy sector, focusing on the research, production, and sales of power batteries and energy storage batteries. The company aims to facilitate the transition from fossil fuels to renewable energy sources, emphasizing electrification and smart technology. Its primary offerings include battery systems and associated battery materials.
The company’s power battery products consist of battery cells, modules, and battery packs. Ningde Times provides a diverse range of chemical systems, including lithium iron phosphate batteries, high-nickel ternary batteries, sodium-ion batteries, M3P batteries, and others that cater to various energy density requirements. These products are designed to support fast charging, long lifespan, extended range, high safety, and wide temperature adaptability.
Ningde Times customizes its products based on application areas and customer requirements through bespoke or collaborative R&D efforts, addressing the specific performance needs of its clients. In the passenger vehicle sector, its products are suitable for BEV, PHEV, and HEV markets, widely utilized in personal and commercial vehicles. For commercial applications, the company’s products are applicable in sectors such as public transportation, urban logistics, heavy-duty transport, and road cleaning vehicles, as well as in engineering machinery like forklifts and excavators, electric boats, and commercial electric aircraft. Additionally, Ningde Times’ products find uses in drones, vacuum cleaners, electric tools, e-vehicles, and various robotic applications.
As of the end of 2024, Ningde Times services nine of the top ten global electric vehicle manufacturers. Its automotive clients include BMW, Mercedes-Benz, Stellantis, Volkswagen, Ford, Toyota, Hyundai, Honda, Volvo, and others, while its energy storage partners include NextEra, Wärtsilä, and several major Chinese energy firms.
According to their financial report, Ningde Times reported a revenue of 362 billion yuan in 2024, a 9.7% decrease from 400.9 billion yuan the previous year. The company’s sales of lithium-ion batteries reached 475 GWh, representing a year-on-year increase of 21.79%. Specifically, the sales of power battery systems reached 381 GWh, up 18.85%, while energy storage battery systems sold 93 GWh, marking a 34.32% increase.
Ningde Times’ net profit for 2024 reached 50.745 billion yuan, a rise of 15% compared to 44.121 billion yuan the previous year. Excluding non-recurring gains, the net profit was 44.99 billion yuan, up 12.23% from 40.092 billion yuan. In the fourth quarter of 2024 alone, the company recorded a revenue of 102.968 billion yuan and a net profit of 14.74 billion yuan.
Ningde Times’ revenue from power battery systems in 2024 was 253.041 billion yuan, reflecting an 11.29% decline year-on-year. Revenue from energy storage battery systems was 57.29 billion yuan, down 4.36%, while income from battery materials and recycling totaled 28.7 billion yuan, a 14.59% decrease. Revenue from battery mineral resources fell to 5.493 billion yuan, down 28.98%.
Dr. Zeng Yuqun, a key executive at Ningde Times, is set to receive 4.654 billion yuan from the recent dividend distribution. Other significant shareholders, including Huang Shilin and Li Ping, will receive 2.116 billion yuan and 916 million yuan respectively. The company has announced a total dividend of 20 billion yuan. The executive team includes Dr. Zeng, who has served as chairman since June 2017, and CFO Zheng Shu, who has been with the company since April 2016.
As of December 31, 2024, major shareholders included Ningbo Meishan Free Trade Port Area Ruiting Investment Co., Ltd. with 23.27%, Hong Kong Central Clearing Ltd. holding 12.3%, and Huang Shilin with 10.58% of the shares. Other significant investors include Ningbo United Innovation New Energy Investment Management Partnership with 6.45% and Li Ping with 4.58%.
