Gotion High-Tech Company Limited Detailed Research Report ,Financial Performance

Gotion High-Tech (Guoxuan High-Tech, 国軒高科) has experienced robust growth in recent years, establishing itself as a fast-rising player in the battery industry.
In 2023, the company’s annual revenue reached RMB 31.605 billion, marking a 37.11% year-on-year increasem.bjx.com.cn. Operating profit jumped to RMB 975 million, an approximately fourfold rise (+390.92% YoY)m.bjx.com.cn.
Net profit (attributable to shareholders) came in at about RMB 939 million, representing roughly a threefold increase (+201% YoY)en.gotion.com.cnwap.eastmoney.com.
This surge in earnings was accompanied by substantial investment in innovation – R&D expenditure in 2023 was RMB 27.68 billion (approximately $3.8 billion), up 14.57% from the prior yearnews.cnpowder.com.cn and equivalent to around 10% of revenue. Such heavy R&D spending yielded tangible results: Gotion filed over 1,500 new patents globally in 2023 alonenews.cnpowder.com.cn, contributing to a cumulative patent portfolio of more than 10,000 patentsen.gotion.com.cn.
However, rapid expansion also led to increased leverage; the company’s debt-to-asset ratio stood at 71.9% at end-2023, up from 66.3% a year earlierfile.finance.qq.com, reflecting higher debt levels to finance growth.

Growth momentum has continued into 2024. In the first half of 2024, Gotion’s revenue reached RMB 16.79 billion, a 10.2% YoY increase, while net profit was RMB 271 million, up 29.69% YoYfinance.sina.com.cn.
Notably, net profit excluding non-recurring items was only RMB 49 millionfinance.sina.com.cn, indicating very thin underlying margins amid intense price competition in the domestic market.
Indeed, the Chinese battery sector is facing overcapacity and fierce price wars, which have squeezed profit margins industry-wide. Despite bucking the trend with revenue and profit growth, Gotion’s profitability remains modest relative to sales due to high costs and aggressive capacity expansionfinance.sina.com.cnfinance.sina.com.cn.

One bright spot is the booming overseas sales, which significantly bolstered overall performance. In 2023, Gotion’s overseas revenue soared to RMB 6.428 billion (approx. $900 million), more than doubling year-on-year (+115.69%) and accounting for about 20% of total revenuestcn.com.
This share further climbed to 30% in the first half of 2024finance.sina.com.cnfinance.sina.com.cn as Gotion accelerated deliveries to Europe, North America, and Asia-Pacific. Meanwhile, its domestic market share has seen slight declines; in November 2024, Gotion ranked #4 in China with 3.56 GWh of EV battery installations, capturing 5.29% of the domestic marketcnevpost.com.
Globally, for Jan–Oct 2024, Gotion held about 2.6% market share (ranked 8th) among EV battery makerscnevpost.com.
In absolute terms, Gotion’s batteries deployed worldwide in 2023 totaled an estimated 16–17 GWh, and the company delivered over 40 GWh of battery products (including EV and storage batteries) in that year as output ramped upnews.cnpowder.com.cn.

In summary, Gotion High-Tech’s financial health is characterized by rapid top-line growth, heavy R&D investment, and improving (though still relatively low) profitability.
The company’s strategy of reinvesting profits into expansion has yielded strong revenue gains, particularly from international markets, but has kept profit margins slim compared to industry leaders. Going forward, managing costs and improving operational efficiency will be key, as Gotion continues to expand capacity and navigate competitive pressures at home.
Nonetheless, the company’s growth rates and increasing global mix of revenue underscore its rising stature in the battery sector, increasingly positioning it alongside giants like CATL and BYD in terms of scale.