Core Insights - The National Development and Reform Commission and the National Energy Administration of China have released a new action plan aiming for a new energy storage capacity of over 180 million kilowatts by 2027, with direct project investments expected to reach approximately 250 billion yuan [2] - As of June 30, 2023, China's new energy storage capacity stood at 94.91 million kilowatts, indicating that the capacity needs to double in the next two and a half years [2] - The China Energy Storage Alliance predicts that by 2030, the cumulative installed capacity of new energy storage in China will reach 236.1 GW in a conservative scenario and exceed 291 GW in an ideal scenario, with a compound annual growth rate exceeding 20% over the next five years [2] Industry Performance - The recent announcement is seen as a catalyst for a new surge in the energy storage industry, with many leading companies in the sector experiencing significant stock price increases [3] - The battery sector has seen a strong market performance, with the Battery 50 ETF (159796) recording net subscriptions exceeding 400 million yuan on September 11, 2023, and over 3 billion yuan in inflows over the past nine days [3] - The upstream supply chain for energy storage cells is facing a "chip shortage" situation, with high demand leading to increased prices for certain battery cells [3] Market Growth - In August 2023, the domestic energy storage market's bidding scale grew by over 500% year-on-year, with a total of 25.8 GW/69.4 GWh of energy storage systems and EPC contracts completed [4] - In the first half of 2023, global energy storage cell shipments reached 240.21 GWh, marking a year-on-year increase of 106.1%, with the second quarter alone surpassing 136.78 GWh, setting a historical peak [5] Company Developments - Leading companies in energy storage cell shipments include CATL, Hicharge, and EVE Energy, with CATL maintaining the top position globally [5] - CATL announced the mass production of a 587Ah large-capacity energy storage cell and the launch of the world's first mass-producible 9MWh ultra-large energy storage system solution [6] - EVE Energy reported a 37.02% year-on-year increase in energy storage battery shipments, with plans for a new production facility in Malaysia expected to be operational by early 2026 [6]

Core Viewpoint - The article highlights the significant growth potential of the new energy storage industry in China, driven by a government action plan aiming for a substantial increase in installed capacity by 2027, which is expected to attract considerable investment [3][4]. Summary by Sections Government Action Plan - The National Development and Reform Commission and the National Energy Administration have issued a plan targeting an installed capacity of over 180 million kilowatts for new energy storage by 2027, with direct project investments estimated at around 250 billion yuan [3][4]. - As of June 2023, the installed capacity was 94.91 million kilowatts, indicating that the capacity needs to double in the next two and a half years [3]. Market Performance - The energy storage sector has recently seen strong performance in the secondary market, with several leading companies reaching historical stock price highs [4]. - The battery 50 ETF experienced net subscriptions exceeding 400 million yuan on September 11, with total inflows surpassing 3 billion yuan over the past nine days [4]. Supply Chain Dynamics - There is a current shortage of energy storage cells, with high demand leading to a situation where some integrators are struggling to secure supplies [5]. - Major cell manufacturers have reported monthly operating rates exceeding 90%, nearing full production capacity [5]. - In August 2025, the domestic energy storage market's bidding scale grew over 500% year-on-year, with a total of 25.8 GW/69.4 GWh of storage systems completed [5]. Global Trends - In the first half of 2025, global energy storage cell shipments reached 240.21 GWh, marking a 106.1% year-on-year increase, with the second quarter alone surpassing the previous record [6]. - Leading companies in energy storage cell shipments include CATL, Haicheng Energy, and EVE Energy, with CATL maintaining the highest production levels globally [6][8]. Technological Advancements - CATL has introduced a 587Ah large-capacity energy storage cell and a 9MWh ultra-large capacity storage system solution, indicating a trend towards larger cell capacities [7]. - EVE Energy has also made strides, being the first to mass-produce 600Ah+ large square lithium iron phosphate storage batteries [8]. Market Outlook - The demand for energy storage cells in the U.S. remains strong despite trade policy challenges, with clear application scenarios and customer needs anticipated for 2026-2027 [8].

Core Insights - The National Development and Reform Commission and the National Energy Administration of China have launched a new action plan aiming for a new energy storage capacity of over 180 million kilowatts by 2027, with direct project investments expected to reach approximately 250 billion yuan [1] - The current installed capacity of new energy storage in China is 94.91 million kilowatts, indicating that the capacity needs to double in the next two and a half years [1] - The China Energy Storage Alliance predicts that by 2030, the cumulative installed capacity of new energy storage in China will reach 236.1 GW in a conservative scenario and exceed 291 GW in an ideal scenario, with a compound annual growth rate of over 20% in the next five years [1] Industry Performance - The energy storage sector is anticipated to experience a new surge following the recent national-level plan, with leading companies in the sector seeing significant stock price increases and record high net subscriptions for energy storage ETFs [2] - The upstream battery cell segment is facing a "chip shortage" situation, with high demand leading to increased prices for battery cells among medium-sized integrators [2] - As of September 12, major battery cell manufacturers have reported monthly operating rates exceeding 90%, nearing full production capacity [2] Market Growth - In August, the domestic energy storage market's bidding scale increased by over 500% year-on-year, with a total of 25.8 GW/69.4 GWh of energy storage systems and EPC contracts completed [3] - The global energy storage battery cell shipment volume reached 240.21 GWh in the first half of 2025, marking a year-on-year increase of 106.1% [4] - The top ten companies in global energy storage battery cell shipments show significant internal tier differentiation, with CATL, Hicharge, and EVE Energy leading the market [4] Technological Advancements - CATL has announced the mass production of a 587Ah large-capacity energy storage battery cell and the launch of the world's first mass-producible 9MWh ultra-large energy storage system solution [5] - EVE Energy has become the first company globally to mass-produce 600Ah+ large square lithium iron phosphate energy storage batteries, with ongoing projects in Malaysia expected to deliver by early 2026 [6] - The demand for energy storage cells in the U.S. market remains strong despite trade policies, with clear application scenarios and customer needs anticipated for 2026-2027 [6]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested EVE Energy Co., Ltd. to provide supplementary materials regarding its debt repayment capabilities as part of its application for listing on the Hong Kong Stock Exchange [1] - EVE Energy submitted its listing application on June 30, 2025, with CITIC Securities as the sole sponsor [1] - The CSRC has outlined specific areas for EVE Energy to clarify, including the historical evolution of the company, the legality of past equity changes, and the impact of stock pledges on the controlling shareholder's status [1][2] Group 2 - EVE Energy is deeply engaged in the lithium battery sector, leveraging a comprehensive R&D and market system that promotes synergy [2] - The company possesses core technologies and comprehensive solutions across consumer batteries, power batteries, and energy storage batteries, demonstrating strong competitiveness in all three business areas [2] - EVE Energy has established a full R&D platform covering materials, battery cells, Battery Management Systems (BMS), and systems, with products widely used in smart living, green transportation, and energy transition [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested EVE Energy Co., Ltd. to provide supplementary materials regarding its debt repayment capabilities and other matters as part of its application for listing on the Hong Kong Stock Exchange [1][2]. Group 1: Regulatory Requirements - The CSRC has asked EVE Energy to clarify the historical evolution of the company from its establishment to its transformation into a joint-stock company, including legal compliance of past equity changes [1]. - EVE Energy is required to provide evidence that stock pledges will not affect the status of its controlling shareholders and actual controllers, considering the reasons for stock pledges and the debt repayment capabilities of relevant parties [1]. - The company must disclose the basic information of its existing shareholders and any relationships or agreements among them, along with reasons if such information cannot be verified [1][2]. Group 2: Business Overview - EVE Energy specializes in the lithium battery sector, leveraging a comprehensive R&D and market system that promotes mutual enhancement and penetration [2]. - The company possesses core technologies and comprehensive solutions across three main business areas: consumer batteries, power batteries, and energy storage batteries, demonstrating strong competitiveness [2]. - EVE Energy has established a full R&D platform covering materials, battery cells, Battery Management Systems (BMS), and systems, with products widely used in smart living, green transportation, and energy transition sectors [2].

Group 1 - The China Securities Regulatory Commission (CSRC) has requested EVE Energy Co., Ltd. to provide supplementary materials regarding its debt repayment capabilities as part of its application for listing on the Hong Kong Stock Exchange [1] - EVE Energy submitted its listing application on June 30, 2025, with CITIC Securities as the sole sponsor [1] - The CSRC has outlined specific areas for EVE Energy to clarify, including the historical evolution of the company, the legality of past equity changes, and the impact of stock pledges on the controlling shareholder's status [1][2] Group 2 - EVE Energy is focused on the lithium battery sector, leveraging a comprehensive R&D and market system that enhances its competitive edge across consumer batteries, power batteries, and energy storage batteries [2] - The company has established a full R&D platform covering materials, battery cells, Battery Management Systems (BMS), and systems, with products widely used in smart living, green transportation, and energy transition [2]

Core Viewpoint - The solid-state battery sector has seen significant capital market interest, with the solid-state battery index rising 77.7% from April to September 2023, despite ongoing uncertainties regarding industrialization [1][4][16]. Industry Overview - Solid-state batteries are defined as batteries that completely lack liquid electrolytes, relying instead on solid electrolytes to facilitate lithium ion conduction [1]. - The industry consensus indicates that solid-state battery industrialization is still in its early exploratory phase, with semi-solid batteries being viewed as more feasible [6][18]. - The technology involves multiple routes based on electrolyte types, primarily including sulfide, oxide, and polymer systems, with most domestic manufacturers favoring sulfide electrolytes [7][18]. Production Challenges - The industry anticipates trial production within two years and mass production in five years, but significant technical hurdles remain, including interface resistance, material stability, and cost control [3][15]. - Current production capabilities for solid-state batteries are limited, with few manufacturers able to produce cells larger than 20Ah, and achieving 50Ah is seen as a critical milestone [9][10]. - Major manufacturers like CATL and BYD are exploring various combinations of materials and technologies, with mass production timelines extending to 2027 or later [11][15]. Market Dynamics - Despite the hype surrounding solid-state batteries, the market is experiencing signs of valuation bubbles, with companies like Xian Dai Intelligent and Li Yuan Heng seeing stock price surges despite the ongoing technological challenges [16][17]. - Some companies not directly involved in solid-state battery production have also benefited from the market's enthusiasm, highlighting the speculative nature of the current investment climate [17][18]. Future Outlook - The solid-state battery technology is expected to take 5-10 years to fully replace liquid batteries, with initial applications likely in specialized fields rather than mainstream automotive use [14][15][18]. - The industry is characterized by a complex interplay between capital market speculation and the slow, methodical pace of technological development and industrial readiness [3][14].

Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including Ningde Times, Yiwei Lithium Energy, Guoxuan High-Tech, and others, with target prices indicating potential upside [2][17]. Core Insights - The battery industry has seen significant growth in energy storage battery shipments in the first half of 2025, with a year-on-year increase of 106.1%, and is expected to reach a total shipment of 460.0 GWh for the year [4]. - The report highlights the strong demand for energy storage batteries and the commencement of new capacity expansions by leading battery companies, driven by robust orders [4]. - The solid-state battery sector is gaining attention as it progresses towards industrialization, with companies like Yiwei Lithium Energy and Guoxuan High-Tech making advancements in production [4]. Summary by Sections Industry Performance - In August 2025, the total installed capacity of power batteries in China reached 62.5 GWh, marking a year-on-year increase of 32.4% [4]. - The market share of lithium iron phosphate batteries remains high, accounting for 82.5% of the total installed capacity [4]. Company Performance - Ningde Times led the power battery installation with 26.5 GWh in August 2025, holding a market share of 42.4% [14]. - Yiwei Lithium Energy and Guoxuan High-Tech also showed strong performance, with significant increases in their energy storage business revenues [4]. Market Trends - The report notes a notable increase in stock prices for key battery companies, driven by sustained high demand for energy storage orders and advancements in solid-state battery technology [4]. - The solid-state battery market is expected to open new opportunities in emerging applications such as low-altitude flight and robotics [4].

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-116 债券代码：123254 债券简称：亿纬转债 惠州亿纬锂能股份有限公司 关于"亿纬转债"回售的第三次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 9、风险提示：投资者选择回售等同于以100. 09元/张（含息、税）卖出持有的"亿 纬转债"。截至本公告披露日的前一个交易日，"亿纬转债"的收盘价格高于本次回 售价格。投资者选择回售可能会带来损失，敬请投资者注意风险。 一、回售条款概述 1、导致回售条款生效的原因 惠州亿纬锂能股份有限公司（以下简称"公司"）于2025年8月21日召开第六届 董事会第五十六次会议、于2025年9月8日召开2025年第三次临时股东会和"亿纬转债" 2025年第一次债券持有人会议，审议通过了《关于部分募投项目变更部分建设内容及 投资总额的议案》。具体内容详见公司于2025年8月22日在创业板信息披露网站巨潮资 讯网披露的《关于部分募投项目变更部分建设内容及投资总额的公告》（公告编号： 1 / 4 1、债券代码：123254；债券简称：亿纬转债 ...

Core Viewpoint - The article highlights the significant growth in the production, sales, and export of power and other batteries in China, particularly in August 2025, indicating a robust demand in the electric vehicle market and advancements in battery technology [4][11][21]. Group 1: Production Data - In August 2025, the total production of power and other batteries reached 139.6 GWh, marking a year-on-year increase of 37.3% and a month-on-month increase of 4.4% [6][4]. - From January to August 2025, the cumulative production of power and other batteries was 970.7 GWh, reflecting a year-on-year growth of 54.3% [6][4]. - The production breakdown by material type in August showed that lithium iron phosphate batteries accounted for 77.8% of the total production, while ternary materials made up 22.1% [8]. Group 2: Sales Data - In August 2025, the sales of power and other batteries totaled 134.5 GWh, with a year-on-year increase of 45.6% and a month-on-month increase of 5.7% [15][11]. - The cumulative sales from January to August 2025 reached 920.7 GWh, representing a year-on-year growth of 58.2% [15][11]. - Power battery sales in August were 98.9 GWh, showing a year-on-year increase of 44.4% [16][11]. Group 3: Export Data - In August 2025, the export volume of power and other batteries was 22.6 GWh, which is a year-on-year increase of 23.9% [21][18]. - The cumulative export from January to August 2025 reached 173.1 GWh, reflecting a year-on-year growth of 48.5% [21][18]. - The export of power batteries in August was 15.1 GWh, with a year-on-year increase of 35.7% [25][22]. Group 4: Battery Installation Data - In August 2025, the installation volume of power batteries was 62.5 GWh, which is a year-on-year increase of 32.4% [43][43]. - The cumulative installation from January to August 2025 was 417.9 GWh, showing a year-on-year growth of 43.1% [43][43]. - Lithium iron phosphate batteries constituted 82.5% of the total installation volume in August, while ternary batteries accounted for 17.5% [47][43]. Group 5: Market Concentration - In August 2025, the top two battery manufacturers accounted for 63.1% of the market share, while the top five and top ten accounted for 81.5% and 95.0%, respectively [53][55]. - The number of battery manufacturers in the market decreased to 33 in August 2025, down from the previous year [55][55].