Core Viewpoint - CATL has launched the "Tianxing II Light Commercial All-Scenario Customization Series Solutions" and the industry's first intelligent battery management application "Battery Butler" Tianxing version, aiming to enhance the efficiency and profitability of light commercial vehicles through a comprehensive ecosystem of hardware, software, and services [1][11]. Group 1: Product Innovations - The Tianxing II series offers four customized solutions targeting various operational scenarios such as urban distribution, intercity transport, last-mile delivery, and cold-region logistics, addressing the need for more precise operational requirements in the light commercial vehicle sector [3]. - The Tianxing II Light Commercial Super Charging Version features significant upgrades in cold resistance, power output, and lifespan, allowing for a 30% reduction in charging time from 20% to 80% in just 30 minutes, and a 30% increase in discharge power [5]. - The Tianxing II Light Commercial Long-Endurance Version boasts a battery capacity of 253 kWh, enabling a range of 800 kilometers, and incorporates a unique hybrid chemical system for enhanced safety and energy density [6]. - The Tianxing II Light Commercial High-Temperature Super Charging Version supports peak charging at 4C, allowing for a 60% charge in just 18 minutes, and features technology that reduces energy consumption by 5% [8]. - The Tianxing II Light Commercial Low-Temperature Version is the first mass-produced sodium-ion battery, maintaining over 92% usable capacity at -20°C and ensuring safety under extreme conditions [9]. Group 2: Intelligent Management Solutions - The "Battery Butler" Tianxing version app provides users with real-time monitoring of battery lifecycle, maximizing profitability and management precision through transparent data visualization [11]. - The app includes proactive risk assessment features, allowing users to receive alerts on potential issues and connect directly with CATL's service network for rapid support [11]. - The app offers three charging modes tailored to different scenarios, including an emergency fast-charging mode to ensure operational continuity during peak demand periods [11]. Group 3: Market Strategy and Future Outlook - CATL is committed to redefining the ecosystem of the light commercial vehicle industry by aligning product development with user needs and real-world applications, as stated by the company's logistics division president [13]. - The company aims to continue leveraging cutting-edge technology to create sustainable, replicable solutions in collaboration with industry partners, driving the electrification of light commercial vehicles towards greater efficiency and reliability [14].

据悉，该款钠电池45度电匹配中小VAN、小微卡多种车型，在零下30℃电芯完全冻透的情况下，可实现 即插即充；在零下40℃，电池依然保有90%可用电量。 北京商报讯（记者 蔺雨葳）1月22日，宁德时代发布天行 II 轻商行业全场景定制化系列解决方案。其 中，轻商低温版采用行业首款量产钠电池。 ...

Core Viewpoint - Ningde Times has launched the "Tianxing II Light Commercial Vehicle Customization Series Solutions" and the industry's first intelligent battery management application "Battery Butler" to enhance the operational efficiency and profitability of light commercial vehicles through a comprehensive ecosystem of hardware, software, and services [1][8]. Group 1: Product Innovations - The Tianxing II series offers four customized solutions tailored for various operational scenarios, including urban distribution, intercity transport, last-mile delivery, and cold-region transportation, addressing the need for precision in energy solutions [3]. - The Tianxing II Light Commercial Super Charging Version features significant upgrades in cold resistance, power output, and lifespan, allowing for a 30% faster charging time from 20% to 80% in just 30 minutes [5][6]. - The Long Range Version of the Tianxing II series incorporates the world's first hybrid chemical system battery, achieving a maximum single-pack capacity of 253 kWh, enabling a range of 800 kilometers, and reducing vehicle weight by over 260 kg [6][7]. Group 2: Technological Advancements - The High-Temperature Super Charging Version is designed for last-mile logistics, supporting peak charging of 4C, allowing for a 60% charge in just 18 minutes, and reducing annual charging costs by 500 yuan [7]. - The Low-Temperature Version is the first mass-produced sodium-ion battery in the light commercial vehicle sector, maintaining over 92% usable capacity at -20°C and ensuring safety under extreme conditions [7]. Group 3: Intelligent Management Solutions - The "Battery Butler" app provides users with real-time monitoring of battery lifecycle, maximizing profitability and enabling precise management of assets [8][9]. - The app features proactive alerts for potential risks, direct connection to official service platforms, and emergency charging modes tailored to operational demands [9][11]. Group 4: Market Strategy and Vision - Ningde Times aims to redefine the ecosystem of the light commercial vehicle industry by aligning product offerings with user needs and enhancing service collaboration [11][13]. - The company is committed to continuously developing sustainable, replicable solutions that leverage cutting-edge technology to drive the electrification of light commercial vehicles towards greater efficiency and reliability [13].

Core Viewpoint - CATL has launched the "Tianxing II Light Commercial All-Scenario Customization Series Solutions" and the industry's first intelligent battery management application "Battery Butler" Tianxing version, aiming to enhance the efficiency and profitability of light commercial vehicles through a comprehensive ecosystem of hardware, software, and services [1][10]. Group 1: Product Innovations - The Tianxing II series offers customized solutions for various operational scenarios, including urban distribution, intercity transport, and cold-region logistics, addressing the limitations of standardized solutions in the light commercial vehicle sector [3][5]. - The Tianxing II Super Charging version features significant upgrades in cold resistance, power output, and lifespan, allowing for a 30-minute charge from 20% to 80% and a 30% increase in discharge power, supporting high-speed driving under full load in cold conditions [5][6]. - The Tianxing II Long Range version incorporates a unique hybrid chemical battery cell, achieving a maximum single-pack capacity of 253 kWh, enabling a range of 800 kilometers, and reducing vehicle weight by over 260 kg [6][8]. - The Tianxing II High-Temperature Super Charging version addresses the volatility in end logistics operations, allowing for a 60% charge in just 18 minutes and reducing annual charging costs by 500 yuan [8][10]. - The Tianxing II Low-Temperature version is the first mass-produced sodium-ion battery in the light commercial sector, maintaining over 92% usable capacity at -20°C and ensuring safety under extreme conditions [8][10]. Group 2: Intelligent Management Solutions - The "Battery Butler" Tianxing version app provides users with real-time monitoring of battery lifecycle, maximizing profitability and management precision [10][12]. - The app features proactive risk alerts and direct connections to CATL's service platform, ensuring quick response times for maintenance and support [10][12]. - The app offers three charging modes tailored to different scenarios, enhancing operational flexibility for users [10][12]. Group 3: Strategic Vision - CATL aims to redefine the ecosystem of the light commercial vehicle industry by aligning product development with user needs and operational scenarios, focusing on sustainable and predictable long-term value [13][15]. - The company plans to continue leveraging cutting-edge technology to create scalable and sustainable solutions in collaboration with industry partners [15].

Core Viewpoint - Guangdong Hengying Energy Technology Co., Ltd. (referred to as "Hengying Energy") is making a push for an IPO on the A-share market, entering the inquiry stage, while experiencing significant fluctuations in net profit during the reporting period [1][3] Financial Performance - Revenue growth has been consistent, with reported revenues of approximately 923 million yuan, 1.105 billion yuan, 1.241 billion yuan, and 595 million yuan for the years 2022 to 2025 H1 respectively [3] - Net profit figures for the same periods were approximately 88.56 million yuan, 114 million yuan, 83.48 million yuan, and 57.01 million yuan, indicating volatility in profitability [3] - The company's asset-liability ratio reached 83.03% by mid-2025, significantly higher than the industry average of 58.5% [4] International Business Expansion - The proportion of overseas business revenue has surged, with overseas income accounting for 80.23% of the main business revenue in the first half of 2025, up from just 0.17% in 2022 [3] - The increase in foreign sales is attributed to early market expansion and significant revenue growth from major overseas clients [3] Client Relationships - Hengying Energy has a close relationship with CATL (Contemporary Amperex Technology Co., Ltd.), which holds approximately 5.96% of the company's shares and has been a major customer [5][6] - In the first half of 2025, ACC became the largest customer, with sales revenue of approximately 474 million yuan, representing 79.72% of total sales [4][6] - The company’s top five customers contributed over 90% of total revenue during the reporting period, indicating a high customer concentration [6][7] Future Funding and Projects - Hengying Energy plans to raise approximately 839 million yuan through the IPO, which will be allocated to the establishment of a lithium battery equipment manufacturing base, a research and development center, and to supplement working capital [4]

Core Viewpoint - The penetration rate of new energy vehicles in the passenger car sector has surpassed 50%, and the transition to new energy in the commercial vehicle sector is accelerating, highlighted by CATL's recent product launch for light commercial vehicles [1]. Group 1: Product Launch and Features - CATL launched customized battery products and solutions for light commercial vehicles, including the industry's first mass-produced sodium-ion battery [2][3]. - The sodium-ion battery has a capacity of 45 kWh, suitable for various models like small vans and micro trucks, with exceptional low-temperature performance, maintaining 90% usable capacity at -40°C [3]. - Other battery versions include a supercharging version that can charge from 0% to 80% in 30 minutes at -15°C, a long-range version with a maximum capacity of 253 kWh and a range of 800 km, and a high-temperature supercharging version that can charge from 0% to 60% in 18 minutes [3]. Group 2: Market Impact and Predictions - Since the launch of the Tianxing light commercial series in July 2024, CATL has partnered with 46 automakers, resulting in 678 models and over 210,000 units shipped [4]. - The company predicts that sales of new energy light commercial vehicles will exceed 900,000 units by 2026, aided by a battery swapping model that reduces initial vehicle purchase costs by 10% and operational costs by another 10% [4]. - Industry analysts note that addressing issues like range limitations, charging efficiency, and environmental adaptability in battery products will enhance the penetration of electric light commercial vehicles in logistics [4].

1月22日，宁德时代（300750）(03750)于广州发布天行II轻商行业全场景定制化系列解决方案，本次发 布的天行II系列覆盖城配、城际、末端城配&自备、寒区四大核心场景，包括超充版、长续航版、高温 超充版以及低温版四款动力电池产品。 本次发布会同时推出行业首款"电池管家"天行版App，具备健康检测、故障预警与三种充电模式等功 能，实现从电池使用到维护的全流程数字化管控，进一步提升运营效率与安全性。 宁德时代物流业务部执行总裁陈光强在发布会上表示，2026年新能源轻型商用车销量预计将突破90万 台。宁德时代通过"车电分离"换电模式，已实现用户初次购车成本降低10%、使用成本再降10%，为小 卡与VAN类车型带来显著增长空间。他指出，宁德时代乘商兼容一体的超级换电站，将成为城市交能 融合的基础设施，助力绿色智慧物流与新型零碳城市建设。 自2024年7月天行轻商系列发布至今，宁德时代已携手46家车企展开合作，累计完成678款车型公告落 地，总出货量突破21万台。随着天行II系列的发布与钠电池实现规模化量产，宁德时代在新能源商用车 全场景解决方案方面的布局更加坚实，也为物流行业迈向低碳化与智能化注入了强劲动能。 ...

智通财经APP获悉，1月22日，宁德时代(03750)于广州发布天行II轻商行业全场景定制化系列解决方 案，本次发布的天行II系列覆盖城配、城际、末端城配&自备、寒区四大核心场景，包括超充版、长续 航版、高温超充版以及低温版四款动力电池产品。 值得注意的是，轻商低温版动力电池采用行业首款量产钠电池，该款钠电池45度电匹配中小VAN、小 微卡多种车型，在零下30℃电芯完全冻透下，可即插即充；在零下40℃，电池依然保有90%可用电量， 显著提升寒区运营可靠性。 本次发布会同时推出行业首款"电池管家"天行版App，具备健康检测、故障预警与三种充电模式等功 能，实现从电池使用到维护的全流程数字化管控，进一步提升运营效率与安全性。 宁德时代物流业务部执行总裁陈光强在发布会上表示，2026年新能源轻型商用车销量预计将突破90万 台。宁德时代通过"车电分离"换电模式，已实现用户初次购车成本降低10%、使用成本再降10%，为小 卡与VAN类车型带来显著增长空间。他指出，宁德时代乘商兼容一体的超级换电站，将成为城市交能 融合的基础设施，助力绿色智慧物流与新型零碳城市建设。 自2024年7月天行轻商系列发布至今，宁德时代已携手4 ...

格隆汇1月22日｜据21财经，宁德时代在广州发布天行 II 轻商行业全场景定制化系列解决方案。其中， 轻商低温版采用行业首款量产钠电池。该款钠电池45kWh适配中小VAN、小微卡多种车型，在零下 30℃，即使电芯完全冻透下，可即插即充；在零下20℃，电池依然保有92%以上的可用电量。 ...

Market Overview - The Shanghai Composite Index rose by 0.14% on January 22, with 22 out of the 28 sectors experiencing gains. The top-performing sectors were building materials and defense, with increases of 4.09% and 3.23% respectively. Conversely, the beauty care and banking sectors saw declines of 0.76% and 0.43% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 21.612 billion yuan across the two markets. However, 12 sectors experienced net inflows, with the telecommunications sector leading at a net inflow of 8.019 billion yuan and a daily increase of 2.83%. The defense sector also performed well, with a net inflow of 5.713 billion yuan and a daily increase of 3.23% [1] Electric Power Equipment Sector Performance - The electric power equipment sector declined by 0.11%, with a net outflow of 7.206 billion yuan. Out of 365 stocks in this sector, 188 rose, 172 fell, and 4 hit the daily limit up while 1 hit the limit down. Notably, 128 stocks had net inflows, with 12 stocks receiving over 100 million yuan in net inflows, led by KOTAI Power with 431 million yuan [2] Top Gainers in Electric Power Equipment - The top gainers in the electric power equipment sector included: - KOTAI Power: +11.20%, 21.69% turnover, 431.07 million yuan inflow - LONGi Green Energy: +2.15%, 2.53% turnover, 353.53 million yuan inflow - Zhongchao Holdings: +10.04%, 4.61% turnover, 353.51 million yuan inflow [2] Top Losers in Electric Power Equipment - The top losers in the electric power equipment sector included: - CATL: -1.15%, 1.08% turnover, -1.444 billion yuan outflow - TBEA: -2.36%, 8.66% turnover, -991 million yuan outflow - Sungrow Power: -1.05%, 3.64% turnover, -909 million yuan outflow [3]