Chinese battery manufacturer Gotion High-Tech said it expects its net income to more than double in 2025, driven largely by gains linked to the Hong Kong stock market listing of automaker Chery Automobile.
Gotion said in a filing on Friday that net income attributable to shareholders is forecast to reach between 2.5 billion yuan ($360 million) and 3.0 billion yuan in 2025, representing a year-on-year increase of between 107.16% and 148.59%.
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The sharp rise is primarily due to changes in the fair value of Gotion’s equity stake in Chery following the automaker’s Hong Kong initial public offering in September 2025. The listing generated approximately 1.7 billion yuan in non-recurring gains for Gotion, the company said.
Chery’s IPO, which raised HK$9.14 billion ($1.17 billion), was the largest automotive listing on the Hong Kong exchange last year. The automaker currently has a market capitalization of about HK$165 billion, according to market data. Gotion holds a 1.66% stake in Chery through one of its subsidiaries, as disclosed in the automaker’s prospectus.
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After excluding non-recurring gains and losses, Gotion expects its underlying net income for 2025 to be between 350 million yuan and 450 million yuan, reflecting year-on-year growth of 33.31% to 71.40%.
The company said core earnings growth was supported by rising demand from China’s new energy vehicle and energy storage sectors. Sales of its next-generation high-energy-density lithium iron phosphate (LFP) battery products increased sharply during the year.
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Gotion is one of Chery’s key battery suppliers, providing power batteries for several of the automaker’s electric vehicle models, including vehicles under its premium Sterra and Fulwin product lines.
Industry data shows Gotion ranked as China’s fourth-largest EV battery supplier in 2025, with total installations reaching 43.44 gigawatt-hours and a market share of 5.65%, according to figures from the China Automotive Battery Innovation Alliance.
