
Company profile
Jiangsu Zenergy is a leading lithium-ion battery manufacturer in China, providing integrated
solutions covering battery cells, modules, battery clusters and battery management systems
(BMS). The Company focuses primarily on the passenger vehicle EV battery market while
expanding into all-scenario applications across land, sea and air (LISA). Its products cover EV
batteries, energy storage batteries and aviation batteries. By market share, the Company
ranked eighth in China’s EV battery market from January to May 2026, while its ternary
battery installation volume in domestic passenger vehicles rose to fifth place. The Company
primarily enhances manufacturing efficiency through standardised battery cells and
platform-based battery packs, optimizing quality cost control via intelligent manufacturing
and lean management systems to build core competitiveness, thereby building its core
competitiveness. Its customers are concentrated among leading automakers, including
Leapmotor, GAC Toyota, FAW Hongqi, SAIC-GM, SAIC-GM-Wuling and Volkswagen.
Investment Summary
Strong Late-Mover Advantage; Capacity Ramp-Up Drives Rapid Earnings Growth
The Company was established in 2019 through a reorganisation led by the former core team
of Fuyao Glass. It is one of the few top-ten battery manufacturers with roots in the
automotive components industry, and its core management team has deep insights into
production process management and cost control. The Company has a significant late
mover advantage and is well positioned to benefit from expanding battery application
scenarios and rapid technological advances in the battery industry.
The Company completed its IPO and listing on HKEX in April 2025 and completed a placing in
October, raising a total of approximately HK$1.4 billion. The vast majority of the proceeds
was used to expand capacity at its Changshu production base. As of May 2026, the
Company’s capacity reached 35.5 GWh, up 39.2% from 25.5 GWh at end-2025. Capacity is
expected to reach 70 GWh by end-2026 and potentially 120 GWh within the next two to
three years.
The Company adopts a three-pronged operating model integrating “technology-driven
development + intelligent manufacturing + customer integration”. It centres on three
differentiated products: an NCM-LFP blended chemistry, polyanionic sodium-ion batteries
and AS9100D/CAAC dual-certified aviation battery cells. Its self-developed “Three-in-One
Manufacturing” intelligent production lines—Workstation-integrated Logistics,
Manufacturing-integrated Workstations and Quality-integrated Manufacturing—enable
flexible, high-yield mass production. Following the implementation of the MOM system and
ZOE operational excellence platform, its production-line automation rate reached 95%,
while depreciation per unit was the lowest in the industry.
Benefiting from rapid capacity expansion and economies of scale beginning to take effect,
the Company turned profitable for the first time in 2024, and its operations began to move
onto a sound footing. In 2025, the Company reported revenue of RMB8,101 million (RMB,
the same below), up 57.9% yoy, and net profit attributable to the parent company of
RMB809 million, up 788.4% yoy. Its net profit margin reached 10.0%, well above the
industry average, validating its “lean set-up + efficient manufacturing” investment case.
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Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.