(Yicai Global) Aug. 11 -- Shares of Chinese lithium-ion battery maker Sunwoda Electronic jumped to a historic high after the firm reported an unbelievable profit increase and rising investment in vehicle battery manufacturing.

Shares of Sunwoda [SHE: 300207] rose as much as 16.2 percent to CNY42.71 (USD6.60) intraday, the highest since its listing in 2016.

Net profit surged more than 100 times to CNY617 million (USD95.2 million) in the first half from a year ago, the Shenzhen-based company said in its earnings report on Aug. 9. Revenue climbed 36 percent to almost CNY15.7 billion (USD2.4 billion).

The incredible gain was partly due to property sales. Excluding proceeds from land deals, the company made a net profit of CNY222 million, up more than four times from a year ago.

Most of Sunwoda’s products end up in phones and laptops, according to its financial data. Its electronic device battery business recorded a 43 percent increase in revenue to almost CNY9.4 billion, making up nearly 60 percent of the total.

NEV Batteries 

New energy vehicle batteries are becoming another income growth driver for the firm. 

Sunwoda’s customer structure is expected to improve significantly this year as the company is cooperating with automakers, including Volvo Group, Geely Holding Group, GAC Group, and Xpeng Motors, according to a research report Citic Securities released yesterday.

The battery maker has signed an agreement with the government of Nanchang in eastChina’s Jiangxi province to invest up to CNY20 billion to build a factory that should help it expand its electric vehicle battery output, Sunwoda said on Aug. 9. 

Editor: Emmi Laine, Xiao Yi