近日，中航工业自主研制的电动载人飞艇AS700D在湖北完成科研首飞，标志着我国在绿色航 空装备领域取得重大突破。该飞艇搭载亿纬锂能专为低空经济领域打造的高性能电池，实现了 零排放、低噪音飞行，最大航速80千米/时，飞行高度达3100米，可载10人。 作为国内首款电动载人飞艇，AS700D基于传统燃油飞艇进行全面电动化升级，搭载亿纬锂能 电池系统，最大支持8C脉冲放电与3C持续输出，满足飞艇复杂工况下的瞬时动力需求；同时 采用双层模组结构与双包并联冗余设计，确保单包失效仍可安全运行。 首飞测试中，飞艇顺利完成四次垂直起降，悬停稳定性与操控性表现优异。飞行员反馈，电动 飞艇操控轻盈，噪音显著降低，驾乘体验舒适。中航工业特飞所总设计师周雷指出，目前测试 表明，亿纬锂能提供的电池使飞艇静平衡状态更稳定，起降操控性大幅提升，可保证AS700D 飞艇良好飞行，适合环保和噪音敏感区域作业。 深圳市联鹏智能装备科技有限公司作为中国新能源设备研发制造新势力，它 的快速崛起,源于盛世中国的政通人和,源于众多客户的信任、理解与支持,源 于集团公司"联得装备"（股票代码：300545）在智能显示、半导体等高速、高精 度智能装备二十六 ...

Core Viewpoint - The cylindrical battery market is experiencing a resurgence driven by technological advancements and diverse market applications, particularly in small cylindrical batteries, which are rapidly evolving and gaining traction in high-rate applications [2][4][12]. Group 1: Market Dynamics - The cylindrical battery market is witnessing significant growth due to the simultaneous emergence of technological innovations and diverse market demands, particularly for small cylindrical batteries (18, 21, 26 series) [2]. - Major battery companies such as New Energy An, BAK Battery, and Yiwei Lithium Energy are launching new small cylindrical battery products targeting consumer markets like drones, eVTOL, humanoid robots, and electric tools [2][4]. - The trend of small cylindrical batteries is extending to large cylindrical batteries, with significant shipment growth expected in the portable energy storage and two-wheeler markets, with over 100% and 150% year-on-year growth anticipated, respectively [2][12]. Group 2: Technological Advancements - The full-tab technology is a key innovation that enhances the performance of small cylindrical batteries, allowing them to excel in high-rate applications [4][8]. - The full-tab structure reduces internal resistance by over 70%, significantly improving battery efficiency and lifespan, with examples including Yiwei Lithium Energy's 21700 cells achieving internal resistance as low as 2-4 mΩ and cycle life of 600-1000 cycles [8][10]. - Manufacturing advancements, including automation and AI-driven processes, are improving production efficiency and yield rates, with some companies achieving production rates of 350 PPM and yield rates climbing from 90% to 97% [11]. Group 3: Competitive Landscape - Companies are engaged in a new round of technological competition centered around small cylindrical batteries, with innovations in structure and materials pushing performance boundaries [6][7]. - The competitive landscape is characterized by rapid product iterations and technological upgrades, with companies like Yiwei Lithium Energy and BAK Battery leading the charge in performance enhancements [7][10]. - The industry is transitioning from consumer electronics to advanced applications in eVTOL and humanoid robots, indicating a shift in market focus and potential for growth [12]. Group 4: Future Outlook - Despite the positive trends, the cylindrical battery market faces challenges, including a slight decline in domestic cylindrical battery installation volumes and the need for successful technology transfer from small to large cylindrical batteries [12]. - The potential impact of emerging technologies such as solid-state and lithium-metal batteries on the cylindrical battery market remains uncertain, raising questions about the sustainability of current growth rates [12].

首飞测试中，飞艇顺利完成四次垂直起降，悬停稳定性与操控性表现优异。飞行员反馈，电动飞艇操控轻盈，噪音显著降低，驾乘体验舒适。 中航工业特飞所总设计师周雷指出，目前测试表明，亿纬锂能提供的电池使飞艇静平衡状态更稳定，起降操控性大幅提升，可保证AS700D飞艇良好飞 行，适合环保和噪音敏感区域作业。 此次首飞全面检验了AS700D电动飞艇的操控和动力特性，为后续产品应用奠定了重要基础。 摘要 亿纬锂能高性能在低空经济领域的又一突破。 低空经济成为2025年政府工作报告当中的"高频词"，配套动力电池的性能及安全也成为行业关注焦点。 近日，中航工业自主研制的电动载人飞艇AS700D在湖北完成科研首飞，标志着我国在绿色航空装备领域取得重大突破。 据悉，该飞艇搭载亿纬锂能专为低空经济领域打造的高性能电池，实现了零排放、低噪音飞行，最大航速80千米/时，飞行高度达3100米，可载10 人。 作为国内首款电动载人飞艇，AS700D基于传统燃油飞艇进行全面电动化升级，搭载亿纬锂能电池系统，最大支持8C脉冲放电与3C持续输出，满足飞 艇复杂工况下的瞬时动力需求；同时采用双层模组结构与双包并联冗余设计，确保单包失效仍可安全运行。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned as a leading second-tier battery manufacturer with significant growth potential across four major segments: energy storage, commercial vehicle batteries, passenger vehicle batteries, and consumer batteries [8] - The company has achieved a strong foothold in the energy storage market, ranking second globally, and is expected to continue expanding its overseas production capacity [8] - The company’s revenue and profit forecasts for 2024-2026 are projected to grow, with net profits expected to reach 40.7 billion, 53.2 billion, and 75.1 billion yuan respectively [8] Summary by Sections Company Overview - The company has a rich history in the lithium battery industry, evolving through three main phases: focusing on lithium primary batteries, expanding into consumer lithium-ion batteries, and entering the power battery market [15][16] - The management team possesses deep technical backgrounds and strategic foresight, contributing to the company's competitive edge [19][20] Business Structure - The company has a balanced development across multiple business lines, with a compound annual growth rate (CAGR) of 54% in revenue over the past seven years [27][30] - The revenue from energy storage and power batteries is expected to exceed 370 billion yuan in 2024, driven by strong demand [30] Energy Storage Batteries - The company has rapidly ascended to the second position in global energy storage battery market share, with a projected shipment of 53 GWh in 2024, representing a 15.5% market share [42][45] - The global energy storage market is anticipated to grow significantly, with the company well-positioned to capitalize on this trend [42][44] Consumer Batteries - The company has a strong presence in the consumer battery market, with stable revenue growth and a focus on expanding overseas production capacity [30][32] - The company’s lithium primary batteries maintain a leading market share in China, contributing to consistent revenue growth [30][32]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned as a leading second-tier battery manufacturer with significant growth potential across four major segments: energy storage, commercial vehicles, passenger vehicles, and consumer batteries [8] - The company has achieved a comprehensive battery technology reserve, ranking second globally in energy storage battery market share, and is expected to see substantial growth through new products and international expansion [8] - The company has a stable leading position in lithium primary batteries and is experiencing high demand in consumer cylindrical batteries, with a strong contribution from its investment in Smoore [8] Summary by Sections Company Overview - The company has a rich product line and has successfully navigated through various industry cycles, focusing on differentiated development strategies in large cylindrical and large iron-lithium batteries [15][16] - The management team has extensive experience in the lithium battery industry, with a strong emphasis on technological advancement and strategic foresight [19][20] Business Structure - The company has achieved a compound annual growth rate (CAGR) of 54% in revenue over the past seven years, driven by balanced growth across multiple business segments [29][30] - The revenue forecast for 2024 is projected at 47.57 billion yuan, with a significant contribution from energy storage and power batteries [1] Energy Storage Batteries - The company has rapidly ascended to the second position in the global energy storage battery market, with a market share of 15.5% in 2024, and is expected to maintain a growth rate of 45% in shipments [42][45] - The global energy storage market is anticipated to grow significantly, with the company well-positioned to capitalize on this trend through its new product offerings and overseas production capabilities [42][44] Consumer Batteries - The company is experiencing robust demand for its consumer cylindrical batteries, with a projected shipment of 1.1 billion units in 2024, reflecting a 70% year-on-year increase [30] - The company maintains a leading position in the lithium primary battery market, with stable revenue growth and high profit margins [30][32]

Investment Rating - The report maintains a "Buy" rating for the industry, particularly highlighting companies such as Ningde Times (300750) and Wanma Co., Ltd. (002276) [8][13]. Core Insights - The demand for new energy vehicles (NEVs) in China is expected to continue its upward trend, with sales projected to reach 12.865 million units in 2024, representing a 35% year-on-year increase. The installed capacity of power batteries is anticipated to be 548.4 GWh, marking a 41% increase [11][12]. - The overall profitability of the industry is showing signs of stabilization and slight improvement, with upstream lithium resources and downstream batteries recovering significantly. However, midstream materials are still affected by the depreciation of lithium carbonate [11][12]. - The solid-state battery technology is gaining traction, with significant advancements expected in the near future. The focus is on sulfide solid electrolytes paired with high-nickel ternary cathodes and silicon-carbon anodes [12][15]. Summary by Sections Industry Overview - The report discusses the ongoing road tests of solid-state batteries by Mercedes-Benz, aiming for a range exceeding 600 miles (approximately 965.61 km) [15][16]. - The second-generation Kirin battery from Ningde Times is being installed in the Xiaomi SU7 Ultra, showcasing high discharge and charge rates [17]. Price Tracking of Battery Materials - Lithium carbonate is priced at 75,000 CNY/ton, showing a decrease of 1.25% from the previous week. Meanwhile, cobalt products have seen price increases, with electrolytic cobalt at 184,000 CNY/ton, up 13.23% [8][37]. - The report provides a comprehensive price tracking table for various battery materials, indicating fluctuations in prices across different categories [37]. Investment Recommendations - The report suggests focusing on companies such as Ningde Times (300750), Shangtai Technology (001301), and Yihua Energy (300014) for potential investment opportunities [13][29].

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-019 惠州亿纬锂能股份有限公司 关于子公司完成工商变更登记的公告 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。 统一社会信用代码：91441300566696617E 类型：有限责任公司（非自然人投资或控股的法人独资） 住所：惠州市仲恺高新区和畅东六路3号厂房 法定代表人：刘金成 惠州亿纬锂能股份有限公司子公司惠州金源智能机器人有限公司因经营管理需要， 对名称和经营范围进行了变更，其他信息不变。具体情况如下： | 变更事项 名称 | 变更前 惠州金源精密自动化设备有限公司 | 变更后 惠州金源智能机器人有限公司 | | --- | --- | --- | | | | 一般项目：智能机器人的研发；智能机器人 销售；服务消费机器人销售；服务消费机器 | | | | 人制造；特殊作业机器人制造；人工智能行 | | | 一般项目：机械设备研发；机械设备销 | 业应用系统集成服务；人工智能硬件销售； | | | 售；机械设备租赁；工业设计服务；工 | 人工智能基础软件开发；人工智能理论与算 | | | 业 ...

宁德时代在安徽成立新公司 近日，时代骐骥新能源科技（宣城）有限公司成立，法定代表人为熊洪瑞，注册资本500万人民币，经营范围含新兴能源技术研发、新能源汽 车换电设施销售、在线能源计量技术研发、合同能源管理、电池销售、信息系统运行维护服务、充电桩销售、机动车充电销售等。 3月1日，福鼎时代锂离子电池生产基地5号超级工厂项目正式封顶。 福鼎时代5号超级工厂项目厂房单体建筑面积达23万平方米，布局了4条国际领先的新能源电池超级生产线及智能制造设备，年产能力将达到 25GWh新能源动力电池。项目于2024年10月21日正式开工，预计2025年8月投产。 亿纬锂能增资锂电材料头部企业 天眼查App显示，近日，贝特瑞新材料科技有限公司发生工商变更，新增亿纬锂能为股东，注册资本由5亿人民币增至6亿人民币，同时，法定 代表人及多位高管均发生变更。 资料显示，贝特瑞（四川）新材料科技有限公司成立于2020年5月，法定代表人为田立斌，经营范围含合成材料制造、合成材料销售、石墨及 碳素制品制造、石墨及碳素制品销售、电池制造、塑料制品制造、电子专用材料制造等。 亿纬锂能与三一重卡合作升级 近日，三一重卡与亿纬锂能2025年战略研讨会 ...

聚集新技术 探索新工艺！2025年2月28日，由起点锂电、起点研究院（SPIR）联合主办的"2025起点锂电圆柱电池技术论坛暨圆柱电池20强排行 榜发布会"在深圳宝安登喜路国际酒店盛大举办，500+圆柱电池产业链嘉宾齐聚现场，共探行业发展新机遇。 论坛上，起点研究院（SPIR）对中国圆柱电池发展进行了深度总结并重磅发布2024中国圆柱电池TOP20排行榜以期为行业提供参考。 起点册究院 全球圆柱电池市场规模（GWh) 2024年全球圆柱电池出货151.2GWh，同比增长24%，预计2025年出货量有望增长到172.4GWh,同比增长14%。 2024年便携式电源、电动三轮车及低速四轮车、电动工具、电动两轮车等领域增长迅速，分别同比增长77%， 75%, 39%, 30%。 180.0 180.0 160.0 160.0 140.0 140.0 120.0 120.0 01:00:00 100.0 80.0 80.0 60.0 60.0 40.0 40 0 20.0 20.0 0.0 0.0 2021 2023 2022 2024 2025 11.5 30 18.1 10.0 12.0 14.4 电动三轮车 及 ...

Core Viewpoint - The article discusses the initiation of the second batch of pilot projects for the electrification of public vehicles in China, aiming to expand the market application of new energy vehicles (NEVs) from 2024 to 2026, with a target of promoting over 250,000 new energy vehicles and constructing over 240,000 charging stations in selected cities [1]. Group 1: Pilot Projects and Market Expansion - The Ministry of Industry and Information Technology, along with other departments, has launched pilot projects in 10 cities, including Tianjin and Xi'an, to promote the electrification of public vehicles [1]. - The pilot projects will support the integration of new technologies such as vehicle-network interaction and smart connectivity, enhancing the market application of NEVs [1]. - The expected outcomes include the promotion of over 250,000 new energy vehicles and the construction of more than 240,000 charging stations in the selected cities [1]. Group 2: Battery Companies' Initiatives - CATL is collaborating with various bus companies to provide high-performance battery products and has launched a series of commercial vehicle batteries suitable for different scenarios [1][2]. - CATL has partnered with Yutong Group to offer a 15-year warranty on long-life batteries and signed a strategic cooperation agreement with Shaanxi Automobile Group to promote the adoption of new energy commercial vehicles [1]. - EVE Energy is working with remote new energy commercial vehicles to supply high-performance batteries for electric buses and has introduced the Omni LMX series batteries for light and heavy trucks [2]. Group 3: Infrastructure Development - CATL has established over 3,000 battery swap stations since 2018 and plans to build 30,000 swap stations in collaboration with partners by 2027 [4]. - The "Chocolate Battery Swap" service brand by CATL operates in multiple cities, providing integrated battery swap solutions [4]. - Guoxuan High-Tech is exploring charging infrastructure with its mobile charging pile product, which offers flexible and rapid charging services for new energy vehicles [4].