往期推荐 比亚迪出海：发力东南亚 CATL ：储能 市场增长高于动力 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。 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 主机厂电芯采购：兼顾性能和成本 ...

Group 1 - BMW Group collaborates with Solid Power to develop all-solid-state batteries, which are being tested in the BMW i7, utilizing sulfide electrolyte prismatic batteries and redesigned battery modules to fit the existing fifth-generation electric drive platform [1] - Jinlongyu signed a procurement order for high-energy density solid-state battery cells for drones, specifically the EC01 series with an energy density of 500Wh/kg, with an agreement to purchase 100,000 cells within a year [1] - Guoxuan High-Tech currently has a pilot production line for all-solid-state batteries with a capacity of 0.2GWh, and a 2GWh mass production line is expected to be operational in the second half of 2026, with small-scale production anticipated in 2027 [1]

有朋友转发给我一段国内动力电池排行点评，我觉得梳理得很全面，也学习到了不少，这里再加上一些个人观点，一起分享给朋友们。 1.宁德时代： 大哥就是大哥。（全球巨头，我觉得是国内制造业的对外标签，加之港股融资，相比国内二线电池厂，资金和技术的投入规模都比较大，如 果单纯拼成本，其他家都玩不过） 2.比亚迪： 迪子自己有车，怕啥子哦，车卖的好。（有人问我怎么看比亚迪的电池，单论规模和技术投入，可以和宁王掰手腕的存在） 3.中创新航： 或多或少还是有国企的一些背书，订单还好，上市公司轻易不会倒。（还是有些新势力车企订单的，活着应该不难） 4.国轩高科： 海外资本+当地政府背景，海外出口做的好，订单可以，上市公司轻易不会倒。（比较简单，就看大众） 5.亿纬锂能： 多方位开花，目前商用动力超过比亚迪，乘用车动力受哪吒以及一些竞争对手的抢单，业务开发稍显不足（4680电池对亿纬是蛮伤的，国内 主机厂不愿意买单大圆柱） 6.欣旺达： 资本推动，多方位抢订单，订单暂时还可以。（理想和小米的定点，高配宁德低配欣旺达，似乎是潜规则） 7.蜂巢能源： 押宝短刀，目前看技术路线经过多次失败后终于走向正轨，（ 做了理想之后，希望未来能起 ...

【要点提示】 25Q1公司实现收入100.2亿，同比增长187%；毛利率实现14.9%，较去年同期的-1.4%大幅改善，毛利率提升主要系战略合作 影响，整车毛利率环比2024Q4略有回调；归母净亏损为1.3亿元。 业绩会指引： 25Q2销量13-14万、毛利率环比出现一定幅度的回落、全力推动Q2盈亏平衡； 2025全年销量50-60万，毛利率10%-12%，全年盈亏平衡。 Q2车型改款：预计6月上市C16改款车型；7月推出C11改款。产品将实现更好的平台化，LEAP3.5较LEAP3.0，智能化方面从 LEAP3.0的8295+OrinX的方案调整到了LEAP3.5的8295+8650的方案，整体上保证了功能强大的基础上达到成本下降 30%-40%。 海外：4月终端销量是3000台。预计2025年底前启动零跑C10在马来西亚的本地制造项目、2026年中实现欧洲本地化生产（已 进入启动前期）。 智能化：计划在25H2及26H1分别推出城市记忆通勤和城市NOA等智能辅助驾驶功能。 门店：截至2025年3月31日，公司已在全国布局销售门店756家、服务门店449家。预计2025年实现1000门店。 2. 持续推进的 ...

Group 1 - The total number of passenger cars from May 12 to May 18 was 390,000 units, representing a month-on-month decrease of 13.93% [1] - The total number of new energy vehicles (NEVs) sold during the same period was 218,000 units, with a month-on-month decrease of 3.5% [1] - The penetration rate of new energy vehicles reached 55.88% [1] Group 2 - BYD is expanding its market presence in Southeast Asia [8] - CATL is focusing on energy storage, with market growth outpacing that of power batteries [8]

Core Viewpoint - The success of Li Auto is not solely dependent on range-extended technology but rather a combination of precise positioning, technological iteration, user experience, and ecosystem collaboration, transforming the disadvantages of range extension into differentiated advantages [1] Group 1: Market Positioning - Li Auto focuses on the mid-to-high-end family market, positioning its products as "mobile homes" tailored to the needs of families with children, such as the six-seat SUV layout and features like refrigerators and TVs [2] - The company avoids direct competition in the mainstream market by targeting the range-extended technology segment, capturing 70% of the large SUV market with the Li L9 and securing the top two spots in the mid-large SUV segment with the L7 and L8 [3] Group 2: Technological Advantages - Range-extended vehicles address the core pain point of range anxiety for Chinese families, offering a "city electric, long-distance fuel" model that combines electric driving experience with extended range capabilities [4] - The simplicity of the range-extended structure (no transmission) provides a driving experience close to that of electric vehicles, with lower maintenance costs compared to plug-in hybrids [5] Group 3: Smart Technology and Service System - Li Auto's investment in R&D exceeds 10 billion yuan in 2024, with 50% allocated to AI, enhancing its smart driving technology to compete at the top tier [6] - The company operates 467 direct sales stores nationwide, providing standardized services and utilizing advanced AI models to enhance user engagement [7] Group 4: User Preferences and Cost Sensitivity - Users prefer range-extended vehicles over plug-in hybrids due to the consistent driving experience and the absence of the "fuel-electric switch" issue found in hybrids [8] - Li Auto's target demographic, primarily middle-to-high-income families, shows lower sensitivity to fuel prices, with 80% of driving scenarios being urban commutes, thus maintaining a cost advantage [8] Group 5: Supply Chain and Ecosystem Synergy - Li Auto supports local suppliers to build an ecosystem that achieves cost reduction through scale, with the L6 model expected to exceed a monthly production capacity of 20,000 units in 2024 [9]

中科固能 硫化物电解质性能已满足要求、可以制备千米级的稳定大卷。建立全球首条百吨级硫化物生产线，采用湿法 成膜工艺，突破连续制备的成膜技术，硫化物固态电解质卷长最大长度可达1千米，膜厚度＜20μm，硫化物 含量＞97%，离子电导率＞5mS/cm。公司制备电芯能量密度350Wh/kg，循环寿命达1000次，加压水平1- 2MPa，已达车用级水平，后续预计较快突破60Ah级电芯，能量密度预计突破400Wh/kg。 中科深蓝 采用原位聚合工艺、离子电导率接近液态。选用聚合物基全固态路线，电芯尺寸可达65Ah，目前在A样开发 阶段，主要应用于电动车、电动船和evtol，规划双版本产品：①高能量密度版本：能量密度360Wh/kg，循环 寿命1000次，倍率性能不理想；②综合性能版本：能量密度320Wh/kg，3C充电5C放电，循环寿命1000次，实 现无热扩散要求。量产进度看，公司规划1GWh产线（两期），预计25年底投产，26年中批量生产，成本比传 统液态电池高20-30%，未来具备较大降本空间。 国轩高科 硫化物开启装车测试、200MWh中试线已建成。公司发布准固态+全固态产品，整体量产进度超预期，全固态 已搭载星 ...

理想L6:24.98-27.98,理想L7:30.18-35.98,理想L8: 32.18-37.98, 理想L9: 40.98-43.98 问界m5：24.98-27.98,问界m7:24.98-32.98,问界m9:46.98-56.98 （1）m5价格和L6价格重合，但是销量只有L6的1/10，应该是产品定位不一样，这个区间要想实现L6的销 量，问界需要推出对标L6的产品或者对M5进行大改。 （2）m7的价格覆盖在L6和L7之间，问界应该是想用m7去打L6和L7,根据销售信息反馈，购买问界m7的基本 是顶配，因此在实际销售中问界m7只是对标L7，但是M7是油改电产品，其产品力还有很多消费者不认可， 因此只是实现了对L7的小幅度超越。所以2025年全新的问界m7改款推出后，应该会对L7和L6进行市场蚕食。 （3）2025年的拳头产品是m8，华为和赛力斯对m8极其重视。m8的价格应该覆盖了L8和L9,及m8定价在32.18- 43.98，理想的L8,L9目前稳态月销量在1.4万左右，m8发布会应该会抢占该市场份额，同时还有外部的市场， m8大概率是爆款，实现月销量1.5万到2万。 （4）在m8,m9，改款m ...

Group 1 - The core sales target for the second quarter is 1.14 million units, representing a year-on-year increase of approximately 25% [1] - The company aims for an annual sales target of 4.5 million units, focusing on improving product cycles and structural adjustments, particularly in Cadillac, Buick SUVs, and GL8 [1] - Exports will not be pursued blindly for volume; the focus will be on profitable regions, with HEV being a key area in Europe this year [1] Group 2 - The company is making significant structural improvements, leading to stable growth in profitability [1] - BYD is expanding its presence in Southeast Asia, indicating a strategic move towards international markets [6] - CATL is focusing on energy storage, with market growth in this sector outpacing that of power batteries [6]

CATL ：储能 市场增长高于动力 加入社群 往期推荐 主机厂电芯采购：兼顾性能和成本 比亚迪出海：发力东南亚 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。 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 ...