Gotion High-Tech scores 143.24% YoY surge in H1 2022 revenue

Shanghai (Gasgoo)- Gotion High-tech Co.,Ltd. (“GOTION”) earned around 8.638 billion yuan ($1.251 billion) in its revenue for the first half of 2022 ("H1 2022"), representing a 143.24% year-on-year hike, according to the company's semi-annual financial results.

During the reporting period, GOTION saw its Jan.-Jun. net profit attributable to shareholders jump 34.15% from a year earlier to 64.623 million yuan ($9.359 million). Nevertheless, excluding the impact of certain non-recurring gains and losses, the company still faced a net loss of 173.085 million yuan ($25.067 million).

Photo credit: Gotion High-Tech

Moreover, GOTION's net cash flow generated by operating activities amounted to around 91.608 million yuan ($13.267 million) for the first six months of the year, growing 6.38% from the year-ago period.GOTION said the robust revenue growth was mainly credited to the rise on sales during the corresponding period. According to the data by the market research company SNE Research, the company recorded a global power battery installed capacity of 5.8GWh in the first half of 2022, accounting for 2.9% of the world's total volume. In the domestic market, the company's power batteries were installed onto roughly 228,000 passenger vehicles during the same period, amounting to a market share of 9.7%.

In the Jan.-Jun. period, GOTION’s R&D investment reached around 510.633 million yuan ($73.953 million), surging 104.97% from the previous year.