（二）海外扩张：从 "量增" 到 "份额提升"，成增长新引擎 销量表现：2025 年前三季度海外销量突破 70 万辆，接近全年 80 万辆目标（同比 + 91.8%），在西班牙、法国、泰国、马来西亚等国的单月销量已超过特斯 拉，实现 "从进入市场到抢占份额" 的跨越。 支撑逻辑： ①本地化生产（泰国基地辐射东盟、乌兹别克斯坦基地覆盖中亚）降低关税成本； ②产品矩阵适配（从 10 万元级海豚到 30 万元级腾势，覆盖不同价位）； ③服务网络完善（海外充电设施同步推进），全球化战略从 "单点突破" 进入 "系统作战" 阶段。 （三）技术落地：研发投入转化为 "产品力"，对冲价格战压力 （一）全球销量：连续四季度压制特斯拉，纯电龙头地位稳固 2025Q3 纯电销量 58.25 万辆，远超特斯拉的 49.71 万辆，领先 8.54 万辆，实现 "2024Q4-2025Q3 连续四季度领先"，全球纯电市场份额进一步提升（估算超 18%）。 前三季度新能源汽车（NEV）总销量 326 万辆，其中纯电 160.6 万辆（占比 49.26%），插混 165.4 万辆，产品结构均衡；对照 2025 年 550 万辆的全年目 标 ...

一、利润波动的核心原因：战略性投入大幅增加 三季度净利润略有下滑，主要源于公司在三个关键领域的主动、高强度的投入： 研发费用激增，为未来技术押注 三季度单季研发费用估算约21亿元，相比去年同期的约15亿元，增幅高达40%。 这笔投入主要指向"软件定义汽车"的路线，包括智能驾驶、智能座舱和下一代平台的研发。在智能电动车的决赛圈，技术领先是生存之本。此举是典型的为未来 增长蓄力，短期影响利润，长期构筑最深的护城河。 销售费用高增，夯实品牌与用户生态 三季度单季销售费用估算约70亿元，同比去年的约53亿元增长约30%，净增17亿元。 这背后是新车推广、渠道扩张，以及像"问界大酒店"这类提升车主体验和品牌黏性的增值服务投入。这不再是简单的销售开支，而是构建高价值用户社群和品牌 忠诚度的战略投资。 资本开支摊销，反映扩张决心 资产负债表显示，"在建工程"从年初的2.13亿元增至10.54亿元，"固定资产"也从92.56亿元增长至141.89亿元。 这意味着新的研发中心、体验中心和生产设施正在加速投建。这些项目转固后带来的折旧摊销，会直接计入当期成本费用。这种开支是增长型公司的典型特征， 是为未来更大产出必须承担的前期成 ...

1 、消费：欣旺达电芯自供率已然接近50%，锂威的空间每年25%+的增速是可期的，且其毛利率与自供率开始逐渐出现线性关系，当下的自供率大概在 45%，后续消费电池版块毛利率提升空间在15-20%左右。今年消费电池利润预估25-30亿元，明年30-35亿元，后年35-40亿元 2、动力：Q4实现单月盈亏平衡，26年盈利或超预期。 3、储能：客户端有重大突破，26年客户已知订单指引30-40gwh，供不应求之下有涨价弹性，明年储能盈利有望量价齐升。公司现有产能10gwh，预计年底达 20gwh，且在泰国投资不超过4.8亿美元规划二期17.4gwh。 往 期推荐 主机厂电芯采购：兼顾性能和成本 数据来源：网络 加入社群 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货报告和精准人脉。 比亚迪出海：发力东南亚 CATL ：储能市场增长高于动力 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除。 ...

最近理想MEGA自燃事件闹得沸沸扬扬，真是看得人心里一紧，火势刚冒头，几十秒就把整辆车吞了，最后烧得只剩个空架子。好在车主及时逃出来没受伤， 作为一直盯着新能源赛道的投资者，这事儿绝不能只当热闹看，得好好捋捋，理想汽车是否还值得投资？ 一、成长性：增速放缓但底盘稳，家庭用户的"刚需票"还在 成长性的核心支撑在于对家庭用户刚需的精准把握。中汽协10月数据显示，当前新能源汽车渗透率已达55%，但30-50万价格带的增程/纯电大六座车渗透率仅刚 过12%，市场空间显著。理想的用户画像十分清晰：35-45岁群体，家中有老人和孩子，每年进行2-3次长途自驾，核心需求集中在"无续航焦虑+大空间+智能 化"。这种需求并非单纯靠配置堆砌就能满足，而是源于对用户的深度理解——L系列的后排冰箱、二排座椅按摩功能，乃至第三排可容纳安全座椅且能舒展腿 部的空间设计，均精准击中用户痛点。 增速放缓存在客观因素：一是交付基数扩大后，高增速自然难以为继；二是纯电车型仍处于市场爬坡期，用户对"800V高压快充+百公里加速2.7秒"等技术的接 受需要时间。但长期来看，只要家庭用户的"改善型换车"需求持续存在，理想汽车以"空间+场景"构建的护城 ...

Core Viewpoint - The company is experiencing a high capacity utilization rate and has plans for significant production increases in both power and energy storage sectors in the coming year, while maintaining a strong supply chain management strategy despite rising raw material prices [2][3]. Production Capacity and Utilization - The company's capacity utilization rate is currently around 70%, expected to rise to over 80% by year-end. Plans for next year include adding 30-40 GWh of energy storage capacity and modifying production lines for large cells and mainstream energy storage cells [2]. - The overall output ratio for power and energy storage is approximately 70% and 30% respectively [2]. Supply Chain Management - The company has a strong self-supply ratio for key materials, particularly achieving 100% self-supply for cathode materials, which mitigates cost pressures from raw material price increases [3]. - The company is not facing significant supply chain pressures due to its full industry chain advantages, ensuring stable supplier relationships [3]. Product Development and Market Strategy - The company has not yet made significant updates on the all-solid-state battery production line but has initiated design work for the next phase, expected to be completed by year-end or early next year [4]. - The proportion of high-energy density batteries in the company's shipments has increased from about 10% last year to around 20% in Q3, with a target of 50% for mid-to-high-end models next year [5]. Partnerships and Collaborations - The company has entered the model announcement directory for Volkswagen China, indicating that formal mass production will begin next year, with specific details still under negotiation [6]. - Collaboration with Volkswagen Europe is facilitated through Volkswagen China, focusing on several domestic manufacturers [13]. Energy Storage Capacity and Market Outlook - The effective energy storage capacity is expected to grow next year, although the extent of doubling is uncertain. The company plans to expand capacity based on market demand to avoid oversupply risks [7]. - Strong demand in both domestic and international markets, particularly in Europe and Africa, will guide the company's expansion plans [7]. Financial Performance and Profitability - In Q3, the gross margin improved due to overseas business, with overseas energy storage business margins reaching approximately 20% and power business margins around 15% [9]. - The company anticipates significant growth in overall shipment volumes next year, although specific targets have not yet been set [11]. Overseas Operations and Future Plans - The company’s overseas factories, including those in Vietnam, Morocco, and Slovakia, are progressing well, with expectations to achieve production by 2027 [20]. - The profitability of overseas operations is expected to align with domestic performance within 1-2 years after production begins, aided by subsidies and efficiency improvements [12]. Inventory Management - The increase in inventory by 2 billion is aimed at meeting fourth-quarter orders, ensuring high-quality delivery to achieve volume targets [23]. Future Product Innovations - The company plans to launch semi-solid state batteries next year, with several clients already conducting road tests, focusing on high nickel ternary systems and safety testing [21].

营收： 3Q25营收157.34亿元，同比-22.5%、环比-4.0%（按照3Q25汇率1：193.98换算，下同）；营业利润-30.5亿元，同比-555.0%、环比亏损持续扩 大；营业利润率-19.4%，同比-22.7ppt、环比-6.8ppt。 电池业务：3Q25营收145.38亿元，同比-23.2%、环比-4.8%，营业利润-32.48亿元，同比-1092.1%、环比亏损持续扩大；营业利润率-22.3%，同比-24.1ppt、环 比-7.8ppt。（汇率转化同上） 3Q25业绩变动原因： 电池： 营收环比下滑：主要由于电动汽车电池销售低迷。 利润亏损环比扩大：虽然小型电池业务的亏损有所收窄，但先进制造业生产税收抵免的逐步取消，导致电动汽车电池销量下降，关税对储能系统业务也造成了冲击。 电子材料： 营收环比增长，盈利能力环比改善：主要得益于客户新款智能手机的OLED材料销量，以及AI服务器的半导体材料销量均有所增长。 其他关注要点： （1）订单和产能 ：电动汽车电池⽅⾯ 正在开发LFP和中镍（Mid-Ni）方形电池，目标是在2028年实现量产。目前正与几家全球客户讨论定于2028年进行 的量产项目，预计其 ...

Group 1 - The core viewpoint emphasizes the balance between performance and cost in battery cell procurement for automotive manufacturers [3] - Total sales forecast is approximately 65,000 units [3] - The main driving forces include the basic demand from C and B series models, along with a rebound in orders after the holiday [3] - The production target aims for a monthly sales surge to 70,000 units in the fourth quarter [3] Group 2 - BYD is expanding its presence in Southeast Asia [6] - CATL is experiencing growth in the energy storage market that surpasses that of the power market [6]

Group 1 - The article highlights the sales figures of various electric vehicle brands, with notable mentions including Hongmeng Zhixing at approximately 20,000 units, Leap Motor at 12,000 units, and NIO at 10,300 units [1] - The article also provides insights into the performance of specific models, such as the L90 from Leida with around 3,000 units sold, and the overall performance of NIO with 4,300 units [1] - The data indicates a competitive landscape in the electric vehicle market, with various brands vying for market share [1] Group 2 - The article discusses BYD's expansion efforts in Southeast Asia, indicating a strategic move to tap into new markets [4] - It mentions CATL's focus on the energy storage market, which is experiencing growth at a rate higher than that of the power battery sector [4] - The emphasis on balancing performance and cost in battery cell procurement for main engine manufacturers is also noted, suggesting a trend towards optimizing supply chain efficiency [2]

Core Viewpoint - The company reported a significant increase in net profit for Q3 2025, indicating strong operational performance despite a slight decline in revenue compared to the previous quarter [1]. Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 10.114 billion yuan, a year-on-year increase of 20.68%, but a quarter-on-quarter decline of 2.17% [1]. - The net profit attributable to shareholders reached 2.167 billion yuan, showing a remarkable year-on-year growth of 1,434.42% and a quarter-on-quarter increase of 714.52% [1]. - The non-recurring net profit was 0.013 billion yuan, reflecting a year-on-year increase of 54.19% but a quarter-on-quarter decline of 78.54% [1]. - The gross margin for Q3 2025 was 17.6%, which is an increase of 2.8 percentage points from the previous quarter, returning to a higher profitability level [1]. Group 2: Product and Business Development - The company is accelerating the development of new products and businesses, including the launch of the G垣准 solid-state battery with an energy density of 300 Wh/kg and the first experimental line for the "金石" all-solid-state battery [1]. - The company introduced the world's first LMFP ultra-fast charging cell "启晨二代电芯," with an energy density of 240 Wh/kg and 5C fast charging technology [1]. - In the commercial vehicle sector, the company released the "G行超级重卡标准箱," which has a single package capacity of 116 kWh and achieves 3,000 cycles with "zero degradation" [1]. - In the energy storage segment, the company launched the "乾元智储20MWh energy storage battery system" [1]. Group 3: Market Outlook - The company is upgrading its product and customer structure in the domestic power market, enhancing market share and profitability through partnerships with B-class vehicle customers [2]. - The company is actively promoting capacity layout in overseas markets, with future growth expected from bases in the United States, Czech Republic, and Morocco [2].

Battery - In contrast to previous years, the battery production in Q4 is expected to remain at a high level due to demand pull and raw material stocking. As of November, leading battery manufacturers are maintaining high capacity operations, while small and medium manufacturers may experience slight fluctuations. Recent cobalt price volatility has led to a slight increase in the price of ternary lithium batteries, while lithium iron phosphate batteries remain stable [1] New Energy Vehicles - In the first nine months of 2025, sales of new energy heavy trucks reached 138,714 units, representing a year-on-year increase of 183.30%. Currently, CATL has surpassed 700 chocolate battery swap stations nationwide, aiming for 1,000 stations by the end of 2025. Plans are in place to establish over 2,500 battery swap stations in more than 120 cities across the country by 2026. The Leap D19 model features an 80 kWh range extender with a pure electric range of 500 kilometers, utilizing CATL's "super hybrid battery" [2] Energy Storage - The energy storage cell market prices have remained generally stable this week. CATL announced its Q3 performance, achieving a total shipment of approximately 180 GWh for both power and energy storage batteries, with energy storage batteries accounting for about 20% and power batteries for about 80%. CATL's Jining base is expected to add over 100 GWh of energy storage capacity by 2026, utilizing 587 Ah large capacity cells. Tesla reported a record global energy storage installation of 12.5 GWh in Q3 2025, a 30% increase from 9.6 GWh in Q2. On October 21, Foxconn's energy storage brand "Fuchu Kenen" launched a 9.37 MWh container energy storage system, achieving an 87% improvement in energy density compared to conventional products [3]