1 www.leadleo.com 2025年中国移动储能电池行业研究： 新场景催生新需求，移动储能成为能源变革新焦点 China Mobile Energy Storage Battery Industry 中国モバイル蓄電池産業 概览标签：储能电池、固态电池、便携电池 www.leadleo.com 400-072-5588 ©2025 LeadLeo 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均 系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外 ）。 ，任何人不得以任何方式擅自复制 、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述 约定的行为发生，头豹研究院保留采取法律措施，追究相关人员责任 的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹 "的商号、商标，头豹研究院无任何前述名称之外的其他分支机构， 也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 研究目的&摘要 研究目的 本报告为对中国移动储能电池行业进行研 究。将通过探究对中国移动储能电池行业 的市场现状以及产业链关键环节，以了解 中国移动储能电池行业的发展现状和市场 规模。 研究区 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The Chinese PE/VC industry is undergoing a transformation towards long - term value investment, with the accelerated introduction of "patient capital" driven by policies and market changes. The industry is moving from short - term arbitrage to "investing in early - stage, small - scale, and hard - tech" enterprises, and is transitioning to a model of "state - owned capital dominance + industrial synergy" [5][27]. Summary According to the Table of Contents Market Background - **Background**: Policy guidance and market transformation drive the accelerated introduction of "patient capital" in the Chinese PE/VC industry. State - owned long - term funds focus on hard - tech and strategic emerging industries, and institutions like banks, social security funds, and insurance funds increase their equity investment ratios [5]. - **PE/VC and "Patient Capital" Definitions**: PE invests in non - listed enterprises through non - public fundraising and considers exit mechanisms for profit. VC invests in startups and high - growth enterprises. "Patient capital" has a long - term return outlook, high risk tolerance, and focuses on long - term value growth, supporting long - term projects [6]. - **Market Evolution**: The practice of patient capital by Chinese PE/VC institutions started in the 1990s with dollar funds. After 2000, local RMB funds emerged. After 2020, RMB funds became the main force, and after 2023, policies promoted the development of patient capital, emphasizing full - life - cycle support and industrial ecosystem construction [7][9]. Market Status - **Market Scale**: From 2017 to 2024, the total number of PE/VC funds in China increased from 26,199 to 55,416, with a slowdown in growth rate. The proportion of VC funds increased to 45.4% in 2024. The total stock scale increased from 689.88 billion yuan to 1.43469 trillion yuan, and PE funds still accounted for over 75% in 2024 [10]. - **Market Supply and Demand**: - **Supply**: The investors in the Chinese PE/VC market are dominated by state - owned capital, with long - term funds expanding. Government - guided funds, social security funds, insurance funds, and industrial capital play important roles, presenting a diversified support pattern [11]. - **Demand**: The core demanders are hard - tech and specialized, refined, distinctive, and innovative enterprises, with a "early - stage and small - scale investment" trend. Although the overall financing scale decreased by 15.7% year - on - year in 2025, hard - tech sectors are still attractive [12]. Market Competition - **Market Evaluation Dimensions**: The selection of the top ten "patient capital" PE/VC institutions follows a multi - dimensional quantitative evaluation model, with core indicators including the scale of managed funds and the number of IPO exits of invested enterprises in the past two years [14]. - **Market Competition Pattern**: From 2017 to 2024, the number of PE/VC fund managers in China decreased from 13,200 to 12,083. Since 2018, tightened regulatory policies have led to a continuous decline in the number of new PE/VC fund managers [15]. - **Introduction of the Top Ten Institutions**: The top ten institutions include CICC Capital, Hillhouse Capital, Shenzhen Capital Group, Sequoia China, Legend Capital, Tencent Investment, Orient Fortune Capital, Matrix Partners China, IDG Capital, and Fosun Capital. Each has its own investment focus, strategy, and typical investment cases [16][17][18][19][20][21][22][23][24][26]. Development Trends - **Industry Synergy Driven by State - Owned Capital and Policies**: The Chinese PE/VC industry is accelerating the transformation to a "state - owned capital dominance + industrial synergy" model. Government - guided funds strengthen the layout of strategic emerging industries, and industrial capital promotes the transformation from "financial investment" to "strategic investment" [27]. - **Accelerated Introduction of Patient Capital and Long - Term Value Investment Orientation**: With the entry of long - term funds such as banks and insurance into the market, the Chinese PE/VC industry is deepening the "patient capital" era. These funds focus on the long - term value of technology companies, especially in hard - tech fields, and promote the industry to shift from "arbitrage thinking" to "value deep - cultivation" [28].

Investment Rating - The report does not explicitly state an investment rating for the allergic rhinitis drug industry in China. Core Insights - The Chinese allergic rhinitis drug market is projected to grow from CNY 44 billion in 2019 to CNY 81 billion by 2024, with a compound annual growth rate (CAGR) of 12.9%. By 2030, the market is expected to reach CNY 229 billion, reflecting a growth rate of 19.0% [5]. - The report highlights the increasing importance of biological agents in treating moderate to severe allergic diseases, with significant advancements in drug development and clinical applications [20][23]. Summary by Sections Market Overview - The market for allergic rhinitis drugs in China is expected to grow from CNY 422 billion in 2019 to CNY 462.8 billion by 2024, with a CAGR of 1.9%, and is projected to reach CNY 567.7 billion by 2030 [16]. Treatment Landscape - Current treatment options for allergic rhinitis are categorized into first-line, second-line, and third-line therapies. First-line treatments include nasal corticosteroids and second-generation antihistamines [5][11]. - Immunotherapy is recommended as a first-line treatment for the underlying cause of allergic rhinitis, while symptomatic treatments focus on alleviating symptoms [11]. Drug Development - Biological agents, particularly monoclonal antibodies targeting IL-4Rα and IgE, are gaining traction in the treatment of allergic rhinitis. The first approved IL-4Rα biological agent, Suptuizumab, offers a new treatment option for patients [20][23]. - The report notes that the development of new biological agents is ongoing, with several candidates in various stages of clinical trials [20][23]. Patient Demographics and Treatment Needs - The report indicates that the treatment needs of allergic rhinitis patients vary based on the severity of their condition. A significant portion of patients requires comprehensive treatment strategies, especially those with moderate to severe persistent allergic rhinitis [19]. - The high conversion rate between allergic rhinitis and asthma underscores the importance of long-term management and early intervention in treatment [19]. Innovation and Market Dynamics - The report emphasizes the shift towards targeted biological therapies due to the limitations of traditional treatments. The market for anti-IgE antibodies is evolving with new formulations and biosimilars, enhancing treatment options for patients [23][24]. - The report also highlights the maturity of upstream technologies related to the production of antihistamines and biological agents, which supports industry growth [27][29].

Investment Rating - The report indicates a positive outlook for the intelligent logistics vehicle industry, highlighting significant growth potential and technological advancements. Core Insights - The Chinese intelligent logistics vehicle industry is experiencing rapid development driven by digital transformation, with increasing demand for e-commerce logistics and automated delivery solutions [2][3] - The market size is projected to grow from 510 million yuan in 2025 to 8.34 billion yuan by 2030, driven by the expansion of the express delivery sector and the increasing penetration of unmanned delivery vehicles [5][49] - The report emphasizes the importance of balancing technological breakthroughs with cost control for sustainable growth in the industry [2] Summary by Sections Industry Overview - The intelligent logistics vehicle industry is entering a critical commercialization phase in 2025, with ongoing technological iterations and ecosystem collaborations [2] - The logistics industry's total social costs as a percentage of GDP remain high at 14-15%, compared to 7-8% in the US, indicating room for efficiency improvements [3][6] Market Dynamics - The demand for cost reduction and efficiency in logistics is urgent, with the expectation of reducing logistics costs by 300 billion yuan by 2025 [3][8] - The industry has established a complete ecosystem, with leading companies dominating the market and a production capacity exceeding 200,000 units [4] Technological Advancements - The report highlights significant advancements in L4 autonomous driving technology, with costs of key components like ADAS lidar and lithium batteries decreasing substantially, leading to a drop in the overall vehicle price to 20,000 yuan by 2025 [26][28] - The development of a comprehensive policy framework since 2021 has supported the growth of autonomous driving and unmanned delivery technologies [15][16] Competitive Landscape - The market is characterized by a diverse range of products, including unmanned delivery vehicles and intelligent heavy trucks, with a focus on various application scenarios from last-mile delivery to industrial logistics [30][45] - Major players in the market include companies like New Stoneware and KargoBot, which are advancing their autonomous driving capabilities and expanding their product offerings [41][42] Future Outlook - The report anticipates that the demand for unmanned logistics vehicles will increase significantly, with the number of vehicles required expected to rise from 10,000 in 2025 to 163,000 by 2030 [49] - The ongoing optimization of operational efficiency and the rise in delivery volumes are expected to drive this growth, with unmanned vehicles projected to handle half of the express delivery business by 2030 [49]

Investment Rating - The report does not explicitly provide an investment rating for the wind power industry Core Insights - The wind power industry is experiencing rapid growth, with Chinese companies dominating the global market, holding six out of the top ten positions among wind turbine manufacturers [3][4] - In 2024, global wind turbine manufacturers installed a record 127 GW of capacity, with Chinese companies leading the way [3][4] - The report highlights the importance of a strong domestic market, integrated supply chains, technological innovation, and supportive policies as key factors for the success of Chinese wind turbine manufacturers [8][12] Summary by Sections Global Wind Power Market - In 2024, the top four wind turbine manufacturers globally are all Chinese companies, with Goldwind leading at 20.5 GW and a market share of 16.2% [4][5] - Chinese manufacturers installed 5.458 GW of wind turbines overseas in 2024, with 94% of their installations still concentrated in the domestic market [4][11] Advantages of Chinese Wind Power Manufacturers - The strong domestic market provides scale advantages, with China accounting for approximately 70% of global new wind installations in 2024 [8][12] - China has become the largest manufacturing base for wind power equipment, with significant shares in blade, gearbox, and generator production [8][12] - Technological advancements include breakthroughs in floating wind technology and larger turbine capacities, with notable projects achieving capacities of up to 26 MW [9][12] Maintenance and Operations Market - The wind power operation and maintenance (O&M) market in China is projected to grow significantly, with services expected to reach 663 billion yuan by 2025 [26][30] - The shift towards predictive maintenance is highlighted as a key trend, utilizing IoT and AI technologies to enhance operational efficiency and reduce costs [22][27] - The competitive landscape includes wind power developers, turbine manufacturers, and third-party service providers, all vying for market share in the O&M sector [26][27]

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Investment Rating - The report indicates a positive investment outlook for the dental implant industry, projecting a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030, with the market size expected to reach 30.86 billion yuan by 2030 [13][14]. Core Insights - The dental implant market in China is experiencing significant growth driven by increased awareness of oral health, with the number of dental visits reaching 240 million in 2023 and expected to rise to 310 million by 2030 [5][18]. - The introduction of centralized procurement policies has led to a substantial reduction in implant prices, with average price drops of 55%, significantly lowering the financial burden on patients and stimulating demand [14][50]. - The market is characterized by high concentration, with leading foreign brands dominating the high-end segment, while Korean brands capture the mid-to-low end of the market [7][49]. Market Overview - The dental implant industry is projected to grow rapidly, with the market size expected to increase from 10.2 billion yuan in 2024 to 30.86 billion yuan by 2030, reflecting a CAGR of 20.3% [13][14]. - The demand for dental implants is anticipated to rise due to improved dental health awareness and advancements in implant technology, which have increased success rates to over 90% [14][21]. Demand Analysis - The increase in dental health awareness has led to a higher demand for implants, with a notable rise in the repair rate among different age groups, particularly among the elderly [5][18]. - The number of dental implants in China is expected to grow from 3.12 million in 2019 to 28.15 million by 2030, indicating a significant increase in market penetration [21][20]. Supply Analysis - The supply of dental professionals is increasing, with the number of dental practitioners expected to reach 861,000 by 2030, surpassing levels in developed markets [27][22]. - The number of dental medical institutions is also on the rise, with a 10% year-on-year growth expected through 2024 [24]. Industry Chain Analysis - The dental implant industry supply chain includes upstream suppliers of raw materials (bioceramics, metals, composites), midstream manufacturers of implants, and downstream dental service providers [29][30]. - Titanium is identified as the most critical raw material for implants, with a stable supply and increasing production levels [35][32]. Competitive Landscape - The competitive landscape is dominated by foreign brands such as Straumann, Nobel Biocare, and Dentsply, which hold a significant market share in the high-end segment, while Korean brands like Osstem and Dentium lead the mid-range market [49][48]. - The report highlights the importance of training and support provided by leading brands to maintain their competitive edge in the market [50][49].

Investment Rating - The report does not explicitly provide an investment rating for the electric toothbrush industry in China [2]. Core Insights - The electric toothbrush market in China has experienced a decline in sales from 2022 to 2024 due to factors such as severe product homogeneity, unresolved smart features, and a significant reduction in the number of brands from 658 to less than 300 [6][12]. - The children's electric toothbrush segment is identified as a new growth area, with sales increasing by 45% year-on-year in 2024, capturing 11.5% of the market share [12][21]. - The market is dominated by sonic vibration technology, which accounts for 67% of sales, followed by rotating types at 28% [14]. - Online sales channels dominate the market, accounting for 72% of total sales, with significant contributions from live-streaming platforms [18]. Summary by Sections Market Overview - Electric toothbrushes are defined as oral care tools that utilize motor-driven vibrations or rotations to enhance cleaning efficiency compared to manual toothbrushes [3]. - The market saw stable growth from 2020 to 2021, but a contraction occurred from 2022 to 2024 due to various challenges [6]. Product Segmentation - The market is segmented into categories such as adult and children's electric toothbrushes, with adults holding the majority share [11]. - The children's electric toothbrush segment is rapidly growing, driven by increased consumer awareness and demand for smart features [20][24]. Sales Channels - Online sales channels are the primary distribution method, with traditional e-commerce platforms and live-streaming contributing significantly to sales growth [18]. Competitive Landscape - The competitive landscape is characterized by a concentration of brands, with top players like usmile, Philips, and Oral-B leading the market [26][34]. - The first tier of brands focuses on product quality and innovation, while second-tier brands emphasize specific features and competitive pricing [28]. Future Trends - The report highlights a growing trend towards smart features in electric toothbrushes, including connectivity with mobile apps and personalized care recommendations [19][24].

Investment Rating - The report indicates a positive investment outlook for the functional sofa industry, projecting a market size growth from 140.5 billion to 171.3 billion from 2024 to 2028, with a CAGR of 5.1% [39] Core Insights - The functional sofa market in China has experienced rapid growth, with the market size increasing from 6.52 billion in 2019 to 12.59 billion in 2023, achieving a CAGR of 17.9% [39] - The trend of self-indulgent consumption is expected to further drive the growth of the functional sofa market, with projections indicating a market size exceeding 17 billion by 2028 [4][39] - The industry is characterized by low market penetration in China compared to the US, where the penetration rate is around 49% [9] - The report highlights the significant market share held by leading companies such as Minhua Holdings, which reported a revenue of 18.41 billion HKD in 2023, reflecting a year-on-year growth of 6.1% [13] Market Overview - The functional sofa industry is classified under manufacturing and consumer goods, with a focus on soft furniture [4] - The market is segmented based on material types, including leather, fabric, and mixed materials, as well as functionality, distinguishing between manual and electric sofas [6][8] - The industry has evolved through three main phases: the nascent phase, the initiation phase, and the rapid development phase, with the current focus on high-quality development driven by technological innovation and consumer demand for comfort [14] Industry Characteristics - The report notes that the functional sofa market in China has a low penetration rate, with only 4.2% in 2018, expected to rise to 8.7% by 2025 [9] - China is a major global exporter of sofas, although the export scale has contracted recently due to a downturn in overseas consumer markets [12] - Leading companies in the industry, such as Minhua Holdings, have shown significant competitive advantages, with a growing number of retail outlets expanding their market presence [13] Consumer Trends - The report emphasizes the increasing consumer recognition of functional sofas, driven by enhanced product features and competitive pricing, with prices dropping from 8,188 CNY to 6,656 CNY per set, a decrease of 18.7% [41] - The aging population in China is expected to create new growth opportunities for the functional sofa market, as these products cater to the needs of elderly consumers [42] - Technological innovations, including smart features and eco-friendly materials, are becoming key drivers for long-term growth in the industry [43] Competitive Landscape - The functional sofa industry in China is characterized by high concentration, with major players including Ashley, La-Z-Boy, Minhua Holdings, and Gujia Home [46] - The competitive dynamics are shifting, with international brands gaining market share and potentially accelerating the exit of smaller domestic players [48] - The marketing strategies of leading brands have significantly enhanced their visibility and consumer loyalty, contributing to their market dominance [47]

Investment Rating - The report indicates a positive investment outlook for the offshore wind operation and maintenance (O&M) industry, highlighting its long-term growth potential driven by policy support and technological advancements [3][30]. Core Insights - The offshore wind O&M industry focuses on the lifecycle maintenance of offshore wind farms, ensuring the safe and efficient operation of wind turbines while minimizing lifecycle costs. The industry is characterized by high technical and cost requirements, extensive operational scope, and limited working windows [3][4]. - China's offshore wind resources are abundant, and the market is expanding due to strong government support. The installed capacity of offshore wind power in China has seen significant growth over the past decade, with expectations for continued expansion [3][30]. - By 2025, it is projected that China's newly installed capacity will reach 88 GW, indicating a stable increase in market size [30]. Industry Definition - The offshore wind O&M industry encompasses specialized services for the operation, maintenance, repair, and management of offshore wind farms, aiming to maximize generation efficiency and extend equipment lifespan while reducing lifecycle costs [4][5]. Industry Classification - The offshore wind O&M industry can be categorized based on service providers into three types: developer self-operation, manufacturer-contracted operation, and independent third-party operation [4][5]. Industry Characteristics - The industry features high operational technology and cost, extensive operational scope, and short working windows. The complexity of offshore environments leads to higher failure rates for offshore wind turbines compared to onshore ones [5][6][8]. Development History - The offshore wind O&M industry has evolved through four stages: initiation and acceleration (2001-2009), phase adjustment (2010-2013), stable development (2014-2020), and a new growth phase (2021-present) [9][10][12][14]. Market Size - The market size of the offshore wind O&M industry in China grew from 400 million RMB in 2017 to 7.52 billion RMB in 2024, with a compound annual growth rate (CAGR) of 52.06%. It is expected to reach 10.51 billion RMB by 2025 and 19.1 billion RMB by 2026, with a CAGR of 81.73% [27][28]. Future Market Drivers - The growth of the offshore wind O&M market is driven by large-scale offshore wind construction, policy support, and decreasing construction costs. The increasing number of offshore wind turbines reaching the end of their warranty period will also boost demand for O&M services [30][31].